x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |
For the quarterly period ended April 2, 2016 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 20-0486586 | |||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) | |||
One Cabela Drive, Sidney, Nebraska | 69160 | |||
(Address of principal executive offices) | (Zip Code) |
Page | |||
PART I - FINANCIAL INFORMATION | |||
Item 1. | Financial Statements | ||
Condensed Consolidated Statements of Income | |||
Condensed Consolidated Statements of Comprehensive Income | |||
Condensed Consolidated Balance Sheets | |||
Condensed Consolidated Statements of Cash Flows | |||
Condensed Consolidated Statements of Stockholders’ Equity | |||
Notes to Condensed Consolidated Financial Statements | |||
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | ||
Item 3. | Quantitative and Qualitative Disclosures About Market Risk | ||
Item 4. | Controls and Procedures | ||
PART II - OTHER INFORMATION | |||
Item 1. | Legal Proceedings | ||
Item 1A. | Risk Factors | ||
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | ||
Item 3. | Defaults Upon Senior Securities | ||
Item 4. | Mine Safety Disclosures | ||
Item 5. | Other Information | ||
Item 6. | Exhibits | ||
SIGNATURES | |||
INDEX TO EXHIBITS |
CABELA’S INCORPORATED AND SUBSIDIARIES | |||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME | |||||||
(Dollars in Thousands Except Earnings Per Share) | |||||||
(Unaudited) | |||||||
Three Months Ended | |||||||
April 2, 2016 | March 28, 2015 | ||||||
Revenue: | |||||||
Merchandise sales | $ | 719,915 | $ | 697,654 | |||
Financial Services revenue | 140,823 | 122,913 | |||||
Other revenue | 3,924 | 6,509 | |||||
Total revenue | 864,662 | 827,076 | |||||
Cost of revenue: | |||||||
Merchandise costs (exclusive of depreciation and amortization) | 487,992 | 466,219 | |||||
Cost of other revenue | 153 | 220 | |||||
Total cost of revenue (exclusive of depreciation and amortization) | 488,145 | 466,439 | |||||
Selling, distribution, and administrative expenses | 329,189 | 316,104 | |||||
Impairment and restructuring charges | 2,972 | — | |||||
Operating income | 44,356 | 44,533 | |||||
Interest expense, net | (9,231 | ) | (3,774 | ) | |||
Other non-operating income, net | 901 | 1,740 | |||||
Income before provision for income taxes | 36,026 | 42,499 | |||||
Provision for income taxes | 13,137 | 15,725 | |||||
Net income | $ | 22,889 | $ | 26,774 | |||
Earnings per basic share | $ | 0.34 | $ | 0.38 | |||
Earnings per diluted share | $ | 0.33 | $ | 0.37 | |||
Basic weighted average shares outstanding | 67,925,173 | 71,272,064 | |||||
Diluted weighted average shares outstanding | 68,687,596 | 71,603,575 |
CABELA’S INCORPORATED AND SUBSIDIARIES | |||||||
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |||||||
(In Thousands) | |||||||
(Unaudited) | |||||||
Three Months Ended | |||||||
April 2, 2016 | March 28, 2015 | ||||||
Net income | $ | 22,889 | $ | 26,774 | |||
Other comprehensive income (loss): | |||||||
Unrealized gain on economic development bonds, net of taxes of $570 and $909 | 564 | 1,244 | |||||
Foreign currency translation adjustments | 14,680 | (15,511 | ) | ||||
Total other comprehensive income (loss) | 15,244 | (14,267 | ) | ||||
Comprehensive income | $ | 38,133 | $ | 12,507 |
CABELA’S INCORPORATED AND SUBSIDIARIES | |||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||||
(Dollars in Thousands Except Par Values) | |||||||||||
(Unaudited) | |||||||||||
April 2, 2016 | January 2, 2016 | March 28, 2015 | |||||||||
ASSETS | |||||||||||
CURRENT | |||||||||||
Cash and cash equivalents | $ | 141,973 | $ | 315,066 | $ | 267,686 | |||||
Restricted cash of the Trust | 40,475 | 40,983 | 30,641 | ||||||||
Accounts receivable, net | 35,450 | 79,330 | 30,699 | ||||||||
Credit card loans (includes restricted credit card loans of the Trust of $4,824,323,$5,066,660, and $4,185,397), net of allowance for loan losses of $74,753,$75,911, and $55,942 | 4,779,153 | 5,035,267 | 4,157,410 | ||||||||
Inventories | 905,122 | 819,271 | 810,633 | ||||||||
Prepaid expenses and other current assets | 120,156 | 117,330 | 101,824 | ||||||||
Income taxes receivable and deferred income taxes (at March 28, 2015, only) | 73,391 | 77,698 | 140,188 | ||||||||
Total current assets | 6,095,720 | 6,484,945 | 5,539,081 | ||||||||
Property and equipment, net | 1,840,530 | 1,811,302 | 1,665,178 | ||||||||
Deferred income taxes | 25,159 | 28,042 | — | ||||||||
Other assets | 139,800 | 138,715 | 122,726 | ||||||||
Total assets | $ | 8,101,209 | $ | 8,463,004 | $ | 7,326,985 | |||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
CURRENT | |||||||||||
Accounts payable, including unpresented checks of $17,958, $23,580, and $10,775 | $ | 266,936 | $ | 281,985 | $ | 264,016 | |||||
Gift instruments, credit card rewards, and loyalty rewards programs | 346,771 | 365,427 | 316,351 | ||||||||
Accrued expenses and other liabilities | 161,537 | 224,733 | 183,747 | ||||||||
Time deposits | 177,052 | 215,306 | 294,849 | ||||||||
Current maturities of secured variable funding obligations of the Trust | 330,000 | 655,000 | — | ||||||||
Current maturities of secured long-term obligations of the Trust, net | 1,189,088 | 509,673 | 212,395 | ||||||||
Current maturities of long-term debt | 8,456 | 223,452 | 8,438 | ||||||||
Total current liabilities | 2,479,840 | 2,475,576 | 1,279,796 | ||||||||
Long-term time deposits | 688,504 | 664,593 | 518,173 | ||||||||
Secured long-term obligations of the Trust, less current maturities, net | 2,042,598 | 2,721,259 | 2,890,661 | ||||||||
Long-term debt, less current maturities, net | 884,099 | 635,898 | 662,927 | ||||||||
Deferred income taxes | — | — | 12,579 | ||||||||
Other long-term liabilities | 133,188 | 137,035 | 130,528 | ||||||||
COMMITMENTS AND CONTINGENCIES | |||||||||||
STOCKHOLDERS’ EQUITY | |||||||||||
Preferred stock, $0.01 par value; Authorized – 10,000,000 shares; Issued – none | — | — | — | ||||||||
Common stock, $0.01 par value: | |||||||||||
Class A Voting, Authorized – 245,000,000 shares | |||||||||||
Issued – 71,595,020, 71,595,020, and 71,575,434 shares | 716 | 716 | 716 | ||||||||
Outstanding – 68,243,858, 67,818,715, and 71,575,434 shares | |||||||||||
Additional paid-in capital | 373,307 | 389,754 | 368,272 | ||||||||
Retained earnings | 1,674,751 | 1,651,862 | 1,489,306 | ||||||||
Accumulated other comprehensive loss | (35,670 | ) | (50,914 | ) | (25,973 | ) | |||||
Treasury stock, at cost – 3,351,162, 3,776,305, and no shares | (140,124 | ) | (162,775 | ) | — | ||||||
Total stockholders’ equity | 1,872,980 | 1,828,643 | 1,832,321 | ||||||||
Total liabilities and stockholders’ equity | $ | 8,101,209 | $ | 8,463,004 | $ | 7,326,985 | |||||
Refer to notes to unaudited condensed consolidated financial statements. |
CABELA’S INCORPORATED AND SUBSIDIARIES | |||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
(In Thousands) | |||||||
(Unaudited) | |||||||
Three Months Ended | |||||||
April 2, 2016 | March 28, 2015 | ||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||
Net income | $ | 22,889 | $ | 26,774 | |||
Adjustments to reconcile net income to net cash flows provided by operating activities: | |||||||
Depreciation and amortization | 35,710 | 31,221 | |||||
Impairment and restructuring charges | 2,972 | — | |||||
Stock-based compensation | 6,442 | 4,760 | |||||
Deferred income taxes | 2,313 | 6,181 | |||||
Provision for loan losses | 22,820 | 13,230 | |||||
Other, net | (1,339 | ) | 642 | ||||
Change in operating assets and liabilities, net: | |||||||
Accounts receivable | 43,699 | 31,074 | |||||
Credit card loans originated from internal operations, net | 80,359 | 73,104 | |||||
Inventories | (81,244 | ) | (54,621 | ) | |||
Prepaid expenses and other current assets | (3,894 | ) | (8,695 | ) | |||
Accounts payable and accrued expenses and other liabilities | (87,152 | ) | (86,627 | ) | |||
Gift instruments, credit card rewards, and loyalty rewards programs | (19,159 | ) | (22,771 | ) | |||
Other long-term liabilities | (3,333 | ) | 5,153 | ||||
Income taxes receivable | 4,307 | (18,910 | ) | ||||
Net cash provided by operating activities | 25,390 | 515 | |||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||
Property and equipment additions | (61,360 | ) | (103,457 | ) | |||
Change in credit card loans originated externally, net | 152,935 | 177,441 | |||||
Change in restricted cash of the Trust, net | 508 | 304,171 | |||||
Other investing changes, net | 505 | 144 | |||||
Net cash provided by investing activities | 92,588 | 378,299 | |||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||
Change in unpresented checks net of bank balances | (5,622 | ) | (28,015 | ) | |||
Change in time deposits, net | (14,343 | ) | 6,966 | ||||
Borrowings on secured obligations of the Trust | 595,000 | 843,750 | |||||
Repayments on secured obligations of the Trust | (920,000 | ) | (1,260,000 | ) | |||
Borrowings on revolving credit facilities and inventory financing | 484,762 | 342,680 | |||||
Repayments on revolving credit facilities and inventory financing | (210,489 | ) | (144,818 | ) | |||
Payments on long-term debt | (223,218 | ) | (8,214 | ) | |||
Tax withholdings on share-based payment awards, net of employee stock option exercises | (1,576 | ) | (2,498 | ) | |||
Excess tax benefit on share-based payment awards | 1,503 | 193 | |||||
Other financing changes, net | — | 2 | |||||
Net cash used in financing activities | (293,983 | ) | (249,954 | ) | |||
Effect of exchange rates on cash and cash equivalents | 2,912 | (3,932 | ) | ||||
Net change in cash and cash equivalents | (173,093 | ) | 124,928 | ||||
Cash and cash equivalents, at beginning of period | 315,066 | 142,758 | |||||
Cash and cash equivalents, at end of period | $ | 141,973 | $ | 267,686 | |||
Refer to notes to unaudited condensed consolidated financial statements. |
CABELA’S INCORPORATED AND SUBSIDIARIES | ||||||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY | ||||||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||
Common Stock Shares | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | Total | ||||||||||||||||||||
Balance, beginning of 2015 | 71,093,216 | $ | 711 | $ | 365,973 | $ | 1,462,532 | $ | (11,706 | ) | $ | — | $ | 1,817,510 | ||||||||||||
Net income | — | — | — | 26,774 | — | — | 26,774 | |||||||||||||||||||
Other comprehensive loss | — | — | — | — | (14,267 | ) | — | (14,267 | ) | |||||||||||||||||
Stock-based compensation | — | — | 4,609 | — | — | — | 4,609 | |||||||||||||||||||
Exercise of employee stock options and tax withholdings on share-based payment awards, net | 482,218 | 5 | (2,503 | ) | — | — | — | (2,498 | ) | |||||||||||||||||
Excess tax benefit on share-based payment awards | — | — | 193 | — | — | — | 193 | |||||||||||||||||||
Balance at March 28, 2015 | 71,575,434 | $ | 716 | $ | 368,272 | $ | 1,489,306 | $ | (25,973 | ) | $ | — | $ | 1,832,321 | ||||||||||||
Balance, beginning of 2016 | 71,595,020 | $ | 716 | $ | 389,754 | $ | 1,651,862 | $ | (50,914 | ) | $ | (162,775 | ) | $ | 1,828,643 | |||||||||||
Net income | — | — | — | 22,889 | — | — | 22,889 | |||||||||||||||||||
Other comprehensive income | — | — | — | — | 15,244 | — | 15,244 | |||||||||||||||||||
Stock-based compensation | — | — | 6,277 | — | — | — | 6,277 | |||||||||||||||||||
Exercise of employee stock options and tax withholdings on share-based payment awards, net | — | — | (24,227 | ) | — | — | 22,651 | (1,576 | ) | |||||||||||||||||
Excess tax benefit on share-based payment awards | — | — | 1,503 | — | — | — | 1,503 | |||||||||||||||||||
Balance at April 2, 2016 | 71,595,020 | $ | 716 | $ | 373,307 | $ | 1,674,751 | $ | (35,670 | ) | $ | (140,124 | ) | $ | 1,872,980 | |||||||||||
Refer to notes to unaudited condensed consolidated financial statements. |
January 2, 2016 | March 28, 2015 | ||||||||||||||||||||||
As Reported | Adjustment | As Adjusted | As Reported | Adjustment | As Adjusted | ||||||||||||||||||
Other assets (including economic development bonds) | $ | 148,214 | $ | (9,499 | ) | $ | 138,715 | $ | 130,806 | $ | (8,080 | ) | $ | 122,726 | |||||||||
Total assets | 8,472,503 | (9,499 | ) | 8,463,004 | 7,335,065 | (8,080 | ) | 7,326,985 | |||||||||||||||
Current maturities of secured long-term obligations of the Trust | 510,000 | (327 | ) | 509,673 | 212,500 | (105 | ) | 212,395 | |||||||||||||||
Total current liabilities | 2,475,903 | (327 | ) | 2,475,576 | 1,279,901 | (105 | ) | 1,279,796 | |||||||||||||||
Secured long-term obligations of the Trust, less current maturities | 2,728,500 | (7,241 | ) | 2,721,259 | 2,898,500 | (7,839 | ) | 2,890,661 | |||||||||||||||
Long-term debt, less current maturities | 637,829 | (1,931 | ) | 635,898 | 663,063 | (136 | ) | 662,927 | |||||||||||||||
Total liabilities and stockholders’ equity | 8,472,503 | (9,499 | ) | 8,463,004 | 7,335,065 | (8,080 | ) | 7,326,985 | |||||||||||||||
April 2, 2016 | January 2, 2016 | March 28, 2015 | |||||||||
Consolidated assets: | |||||||||||
Restricted credit card loans, net of allowance of $74,510, $75,450, and $55,750 | $ | 4,749,813 | $ | 4,991,210 | $ | 4,129,647 | |||||
Restricted cash | 40,475 | 40,983 | 30,641 | ||||||||
Total | $ | 4,790,288 | $ | 5,032,193 | $ | 4,160,288 | |||||
Consolidated liabilities: | |||||||||||
Secured variable funding obligations | $ | 330,000 | $ | 655,000 | $ | — | |||||
Secured obligations, net of debt issuance costs of $6,814, $7,568, and $7,944 | 3,231,686 | 3,230,932 | 3,103,056 | ||||||||
Interest due to third party investors | 2,722 | 2,682 | 2,170 | ||||||||
Total | $ | 3,564,408 | $ | 3,888,614 | $ | 3,105,226 |
April 2, 2016 | January 2, 2016 | March 28, 2015 | |||||||||
Restricted credit card loans of the Trust (restricted for repayment of secured obligations of the Trust) | $ | 4,824,323 | $ | 5,066,660 | $ | 4,185,397 | |||||
Unrestricted credit card loans | 24,034 | 38,278 | 22,944 | ||||||||
Total credit card loans | 4,848,357 | 5,104,938 | 4,208,341 | ||||||||
Allowance for loan losses | (74,753 | ) | (75,911 | ) | (55,942 | ) | |||||
Deferred credit card origination costs | 5,549 | 6,240 | 5,011 | ||||||||
Credit card loans, net | $ | 4,779,153 | $ | 5,035,267 | $ | 4,157,410 |
Three Months Ended | |||||||||||||||||||||||
April 2, 2016 | March 28, 2015 | ||||||||||||||||||||||
Credit Card Loans | Restructured Credit Card Loans | Total Credit Card Loans | Credit Card Loans | Restructured Credit Card Loans | Total Credit Card Loans | ||||||||||||||||||
Balance, beginning of period | $ | 67,653 | $ | 8,258 | $ | 75,911 | $ | 48,832 | $ | 7,740 | $ | 56,572 | |||||||||||
Provision for loan losses | 20,826 | 1,994 | 22,820 | 10,768 | 2,462 | 13,230 | |||||||||||||||||
Charge-offs | (26,969 | ) | (2,709 | ) | (29,678 | ) | (17,208 | ) | (3,781 | ) | (20,989 | ) | |||||||||||
Recoveries | 4,921 | 779 | 5,700 | 5,880 | 1,249 | 7,129 | |||||||||||||||||
Net charge-offs | (22,048 | ) | (1,930 | ) | (23,978 | ) | (11,328 | ) | (2,532 | ) | (13,860 | ) | |||||||||||
Balance, end of period | $ | 66,431 | $ | 8,322 | $ | 74,753 | $ | 48,272 | $ | 7,670 | $ | 55,942 |
FICO Score of Credit Card Loans Segment | Restructured Credit Card Loans Segment (1) | ||||||||||||||||||
April 2, 2016: | 691 and Below | 692 - 758 | 759 and Above | Total | |||||||||||||||
Credit card loan status: | |||||||||||||||||||
Current | $ | 825,756 | $ | 1,634,674 | $ | 2,261,728 | $ | 30,402 | $ | 4,752,560 | |||||||||
1 to 29 days past due | 28,082 | 15,441 | 12,310 | 2,455 | 58,288 | ||||||||||||||
30 to 59 days past due | 10,883 | 1,657 | 408 | 1,780 | 14,728 | ||||||||||||||
60 or more days past due | 19,509 | 220 | 72 | 2,980 | 22,781 | ||||||||||||||
Total past due | 58,474 | 17,318 | 12,790 | 7,215 | 95,797 | ||||||||||||||
Total credit card loans | $ | 884,230 | $ | 1,651,992 | $ | 2,274,518 | $ | 37,617 | $ | 4,848,357 | |||||||||
90 days or more past due and still accruing | $ | 10,133 | $ | 57 | $ | 22 | $ | 1,313 | $ | 11,525 | |||||||||
Non-accrual | — | — | — | 7,278 | 7,278 |
January 2, 2016: | |||||||||||||||||||
Credit card loan status: | |||||||||||||||||||
Current | $ | 782,885 | $ | 1,676,541 | $ | 2,516,420 | $ | 28,322 | $ | 5,004,168 | |||||||||
1 to 29 days past due | 28,472 | 16,245 | 14,229 | 2,820 | 61,766 | ||||||||||||||
30 to 59 days past due | 10,931 | 1,713 | 506 | 1,716 | 14,866 | ||||||||||||||
60 or more days past due | 20,307 | 536 | 111 | 3,184 | 24,138 | ||||||||||||||
Total past due | 59,710 | 18,494 | 14,846 | 7,720 | 100,770 | ||||||||||||||
Total credit card loans | $ | 842,595 | $ | 1,695,035 | $ | 2,531,266 | $ | 36,042 | $ | 5,104,938 | |||||||||
90 days or more past due and still accruing | $ | 10,292 | $ | 111 | $ | 34 | $ | 1,217 | $ | 11,654 | |||||||||
Non-accrual | — | — | — | 7,059 | 7,059 | ||||||||||||||
March 28, 2015: | |||||||||||||||||||
Credit card loan status: | |||||||||||||||||||
Current | $ | 639,828 | $ | 1,406,953 | $ | 2,055,672 | $ | 28,795 | $ | 4,131,248 | |||||||||
1 to 29 days past due | 20,925 | 13,529 | 12,191 | 2,497 | 49,142 | ||||||||||||||
30 to 59 days past due | 7,999 | 1,282 | 559 | 1,304 | 11,144 | ||||||||||||||
60 or more days past due | 14,286 | 176 | 42 | 2,303 | 16,807 | ||||||||||||||
Total past due | 43,210 | 14,987 | 12,792 | 6,104 | 77,093 | ||||||||||||||
Total credit card loans | $ | 683,038 | $ | 1,421,940 | $ | 2,068,464 | $ | 34,899 | $ | 4,208,341 | |||||||||
90 days or more past due and still accruing | $ | 7,461 | $ | 53 | $ | 25 | $ | 962 | $ | 8,501 | |||||||||
Non-accrual | — | — | — | 5,444 | 5,444 | ||||||||||||||
(1) | Included in the allowance for loan losses were specific allowances for loan losses of $8 million at April 2, 2016, January 2, 2016, and March 28, 2015. |
April 2, 2016: | |||||||||||||||||||||||
Series | Expected Maturity Date | Fixed Rate Obligations | Interest Rate | Variable Rate Obligations | Interest Rate | Total Obligations | Interest Rate | ||||||||||||||||
Series 2011-II | June 2016 | $ | 155,000 | 2.39 | % | $ | 100,000 | 1.04 | % | $ | 255,000 | 1.86 | % | ||||||||||
Series 2011-IV | October 2016 | 165,000 | 1.90 | 90,000 | 0.99 | 255,000 | 1.58 | ||||||||||||||||
Series 2012-I | February 2017 | 275,000 | 1.63 | 150,000 | 0.97 | 425,000 | 1.40 | ||||||||||||||||
Series 2012-II | June 2017 | 300,000 | 1.45 | 125,000 | 0.92 | 425,000 | 1.29 | ||||||||||||||||
Series 2013-I | February 2023 | 327,250 | 2.71 | — | — | 327,250 | 2.71 | ||||||||||||||||
Series 2013-II | August 2018 | 100,000 | 2.17 | 197,500 | 1.09 | 297,500 | 1.45 | ||||||||||||||||
Series 2014-I | March 2017 | — | — | 255,000 | 0.79 | 255,000 | 0.79 | ||||||||||||||||
Series 2014-II | July 2019 | — | — | 340,000 | 0.89 | 340,000 | 0.89 | ||||||||||||||||
Series 2015-I | March 2020 | 218,750 | 2.26 | 100,000 | 0.98 | 318,750 | 1.86 | ||||||||||||||||
Series 2015-II | July 2020 | 240,000 | 2.25 | 100,000 | 1.11 | 340,000 | 1.91 | ||||||||||||||||
Secured obligations of the Trust | 1,781,000 | 1,457,500 | 3,238,500 | ||||||||||||||||||||
Less unamortized debt issuance costs | (3,938 | ) | (2,876 | ) | (6,814 | ) | |||||||||||||||||
Secured obligations of the Trust, net | 1,777,062 | 1,454,624 | 3,231,686 | ||||||||||||||||||||
Less current maturities of secured long-term obligations of the Trust, net | (594,650 | ) | (594,438 | ) | (1,189,088 | ) | |||||||||||||||||
Secured long-term obligations of the Trust, less current maturities, net | $ | 1,182,412 | $ | 860,186 | $ | 2,042,598 |
January 2, 2016: | |||||||||||||||||||||||
Series | Expected Maturity Date | Fixed Rate Obligations | Interest Rate | Variable Rate Obligations | Interest Rate | Total Obligations | Interest Rate | ||||||||||||||||
Series 2011-II | June 2016 | $ | 155,000 | 2.39 | % | $ | 100,000 | 0.93 | % | $ | 255,000 | 1.82 | % | ||||||||||
Series 2011-IV | October 2016 | 165,000 | 1.90 | 90,000 | 0.88 | 255,000 | 1.54 | ||||||||||||||||
Series 2012-I | February 2017 | 275,000 | 1.63 | 150,000 | 0.86 | 425,000 | 1.36 | ||||||||||||||||
Series 2012-II | June 2017 | 300,000 | 1.45 | 125,000 | 0.81 | 425,000 | 1.26 | ||||||||||||||||
Series 2013-I | February 2023 | 327,250 | 2.71 | — | — | 327,250 | 2.71 | ||||||||||||||||
Series 2013-II | August 2018 | 100,000 | 2.17 | 197,500 | 0.98 | 297,500 | 1.38 | ||||||||||||||||
Series 2014-I | March 2017 | — | — | 255,000 | 0.68 | 255,000 | 0.68 | ||||||||||||||||
Series 2014-II | July 2019 | — | — | 340,000 | 0.78 | 340,000 | 0.78 | ||||||||||||||||
Series 2015-I | March 2020 | 218,750 | 2.26 | 100,000 | 0.87 | 318,750 | 1.82 | ||||||||||||||||
Series 2015-II | July 2020 | 240,000 | 2.25 | 100,000 | 1.00 | 340,000 | 1.88 | ||||||||||||||||
Secured obligations of the Trust | 1,781,000 | 1,457,500 | 3,238,500 | ||||||||||||||||||||
Less unamortized debt issuance costs | (4,317 | ) | (3,251 | ) | (7,568 | ) | |||||||||||||||||
Secured obligations of the Trust, net | 1,776,683 | 1,454,249 | 3,230,932 | ||||||||||||||||||||
Less current maturities of secured long-term obligations of the Trust, net | (319,793 | ) | (189,880 | ) | (509,673 | ) | |||||||||||||||||
Secured long-term obligations of the Trust, less current maturities, net | $ | 1,456,890 | $ | 1,264,369 | $ | 2,721,259 |
March 28, 2015: | |||||||||||||||||||||||
Series | Expected Maturity Date | Fixed Rate Obligations | Interest Rate | Variable Rate Obligations | Interest Rate | Total Obligations | Interest Rate | ||||||||||||||||
Series 2010-II | September 2015 | $ | 127,500 | 2.29 | % | $ | 85,000 | 0.87 | % | $ | 212,500 | 1.72 | % | ||||||||||
Series 2011-II | June 2016 | 155,000 | 2.39 | 100,000 | 0.77 | 255,000 | 1.76 | ||||||||||||||||
Series 2011-IV | October 2016 | 165,000 | 1.90 | 90,000 | 0.72 | 255,000 | 1.49 | ||||||||||||||||
Series 2012-I | February 2017 | 275,000 | 1.63 | 150,000 | 0.70 | 425,000 | 1.30 | ||||||||||||||||
Series 2012-II | June 2017 | 300,000 | 1.45 | 125,000 | 0.65 | 425,000 | 1.22 | ||||||||||||||||
Series 2013-I | February 2023 | 327,250 | 2.71 | — | — | 327,250 | 2.71 | ||||||||||||||||
Series 2013-II | August 2018 | 100,000 | 2.17 | 197,500 | 0.82 | 297,500 | 1.28 | ||||||||||||||||
Series 2014-I | March 2017 | — | — | 255,000 | 0.52 | 255,000 | 0.52 | ||||||||||||||||
Series 2014-II | July 2019 | — | — | 340,000 | 0.62 | 340,000 | 0.62 | ||||||||||||||||
Series 2015-I | March 2020 | 218,750 | 2.26 | 100,000 | 0.76 | 318,750 | 1.79 | ||||||||||||||||
Secured obligations of the Trust | 1,668,500 | 1,442,500 | 3,111,000 | ||||||||||||||||||||
Less unamortized debt issuance costs | (4,118 | ) | (3,826 | ) | (7,944 | ) | |||||||||||||||||
Secured obligations of the Trust, net | 1,664,382 | 1,438,674 | 3,103,056 | ||||||||||||||||||||
Less current maturities of secured long-term obligations of the Trust, net | (127,437 | ) | (84,958 | ) | (212,395 | ) | |||||||||||||||||
Secured long-term obligations of the Trust, less current maturities, net | $ | 1,536,945 | $ | 1,353,716 | $ | 2,890,661 |
April 2, 2016 | January 2, 2016 | March 28, 2015 | |||||||||
Unsecured $775 million revolving credit facility | $ | 256,366 | $ | — | $ | 360,000 | |||||
Unsecured senior notes due 2017 with interest at 6.08% | 60,000 | 60,000 | 60,000 | ||||||||
Unsecured senior notes due 2016-2018 with interest at 7.20% | 16,286 | 24,428 | 24,428 | ||||||||
Unsecured senior notes due 2020, 2022, and 2025; with interest rates ranging from 3.23% to 4.11% | 550,000 | 550,000 | — | ||||||||
Capital lease obligations payable through 2036 | 11,777 | 11,853 | 12,073 | ||||||||
Unsecured notes due 2016 with interest at 5.99% | — | 215,000 | 215,000 | ||||||||
Total debt | 894,429 | 861,281 | 671,501 | ||||||||
Less current portion of debt | (8,456 | ) | (223,452 | ) | (8,438 | ) | |||||
Less unamortized debt issuance costs | (1,874 | ) | (1,931 | ) | (136 | ) | |||||
Long-term debt, less current maturities, net | $ | 884,099 | $ | 635,898 | $ | 662,927 |
Three Months Ended | |||||||
April 2, 2016 | March 28, 2015 | ||||||
Impairment losses on other property | $ | 141 | $ | — | |||
Restructuring charges for severance and related benefits | 2,831 | — | |||||
Total | $ | 2,972 | $ | — |
Three Months Ended | |||||||
April 2, 2016 | March 28, 2015 | ||||||
Balance, beginning of period | $ | 2,799 | $ | — | |||
Charges for severance and related benefits | 2,831 | — | |||||
Payments | (1,899 | ) | — | ||||
Balance, end of period | $ | 3,731 | $ | — |
For the nine months ending December 31, 2016 | $ | 17,096 | |
For the fiscal years ending: | |||
2017 | 23,454 | ||
2018 | 23,159 | ||
2019 | 22,753 | ||
2020 | 22,100 | ||
Thereafter | 290,504 | ||
Total | $ | 399,066 |
10. | STOCKHOLDERS’ EQUITY AND DIVIDEND RESTRICTIONS |
April 2, 2016 | January 2, 2016 | March 28, 2015 | |||||||||
Accumulated net unrealized holding gains on economic development bonds | $ | 10,661 | $ | 10,097 | $ | 10,765 | |||||
Cumulative foreign currency translation adjustments | (46,331 | ) | (61,011 | ) | (36,738 | ) | |||||
Total accumulated other comprehensive loss | $ | (35,670 | ) | $ | (50,914 | ) | $ | (25,973 | ) |
Three Months Ended | |||||
April 2, 2016 | March 28, 2015 | ||||
Balance, beginning of period | 3,776,305 | — | |||
Treasury shares issued on exercise of stock options and share-based payment awards | (425,143 | ) | — | ||
Balance, end of period | 3,351,162 | — |
Three Months Ended | |||||
April 2, 2016 | March 28, 2015 | ||||
Common shares – basic | 67,925,173 | 71,272,064 | |||
Effect of incremental dilutive securities: | |||||
Stock options and nonvested stock units | 762,423 | 331,511 | |||
Common shares – diluted | 68,687,596 | 71,603,575 | |||
Stock options outstanding considered anti-dilutive excluded from calculation | 1,591,206 | 446,712 |
April 2, 2016 | March 28, 2015 | ||||||
Non-cash financing and investing activities: | |||||||
Accrued property and equipment additions (1) | $ | 6,446 | $ | 33,866 | |||
Other cash flow information: | |||||||
Interest paid (2) | $ | 30,414 | $ | 21,927 | |||
Capitalized interest | (1,567 | ) | (3,224 | ) | |||
Interest paid, net of capitalized interest | $ | 28,847 | $ | 18,703 | |||
Income taxes paid, net of refunds | $ | 8,206 | $ | 23,783 | |||
(1) | Accrued property and equipment additions are recognized in the condensed consolidated statements of cash flows in the period they are paid. |
(2) | Includes interest paid by the Financial Services segment totaling $19 million and $16 million, respectively. |
• | Employee compensation and benefits, advertising and marketing costs, depreciation, and retail store related occupancy costs. |
• | Costs relating to receiving, distribution, and storage of inventory; and merchandising, order processing, and quality assurance costs. |
• | Corporate headquarters occupancy costs, other general and administrative costs, and costs relating to operations of various ancillary subsidiaries such as real estate. |
• | Advertising and promotion, license fees, third party services for processing credit card transactions, employee compensation and benefits, and other general and administrative costs. |
• | Land, buildings, fixtures, and leasehold improvements, including corporate headquarters and facilities. |
• | In-store inventory, receivables, and prepaid expenses. |
• | Merchandise distribution inventory, technology infrastructure and related information technology systems, corporate cash and cash equivalents, economic development bonds, deferred income taxes, and other corporate long-lived assets. |
• | Cash, credit card loans, restricted cash, receivables, property and equipment, and other assets. |
Financial Services | |||||||||||
Three Months Ended April 2, 2016: | Merchandising | Total | |||||||||
Merchandise sales | $ | 719,915 | $ | — | $ | 719,915 | |||||
Non-merchandise revenue: | |||||||||||
Financial Services | — | 135,996 | 135,996 | ||||||||
Other | 3,924 | — | 3,924 | ||||||||
Total revenue before intersegment eliminations | 723,839 | 135,996 | 859,835 | ||||||||
Intersegment revenue eliminated in consolidation | — | 4,827 | 4,827 | ||||||||
Total revenue as reported | $ | 723,839 | $ | 140,823 | $ | 864,662 | |||||
Operating income (loss) | $ | (16,395 | ) | $ | 60,751 | $ | 44,356 | ||||
Operating income (loss) as a percentage of revenue | (2.3 | )% | 44.7 | % | 5.1 | % | |||||
Depreciation and amortization | $ | 35,294 | $ | 416 | $ | 35,710 | |||||
Assets | 3,078,888 | 5,022,321 | 8,101,209 | ||||||||
Property and equipment additions including accrued amounts | 54,404 | 216 | 54,620 | ||||||||
Three Months Ended March 28, 2015: | |||||||||||
Merchandise sales | $ | 697,654 | $ | — | $ | 697,654 | |||||
Non-merchandise revenue: | |||||||||||
Financial Services | — | 118,436 | 118,436 | ||||||||
Other | 6,509 | — | 6,509 | ||||||||
Total revenue before intersegment eliminations | 704,163 | 118,436 | 822,599 | ||||||||
Intersegment revenue eliminated in consolidation | — | 4,477 | 4,477 | ||||||||
Total revenue as reported | $ | 704,163 | $ | 122,913 | $ | 827,076 | |||||
Operating income (loss) | $ | (3,944 | ) | $ | 48,477 | $ | 44,533 | ||||
Operating income (loss) as a percentage of revenue | (0.6 | )% | 40.9 | % | 5.4 | % | |||||
Depreciation and amortization | $ | 30,802 | $ | 419 | $ | 31,221 | |||||
Assets | 2,811,482 | 4,515,503 | 7,326,985 | ||||||||
Property and equipment additions including accrued amounts | 96,829 | 591 | 97,420 |
Three Months Ended | |||||||
April 2, 2016 | March 28, 2015 | ||||||
Interest and fee income | $ | 139,748 | $ | 111,928 | |||
Interest expense | (19,873 | ) | (15,619 | ) | |||
Provision for loan losses | (22,820 | ) | (13,230 | ) | |||
Net interest income, net of provision for loan losses | 97,055 | 83,079 | |||||
Non-interest income: | |||||||
Interchange income | 94,996 | 87,694 | |||||
Other non-interest income | 670 | 682 | |||||
Total non-interest income | 95,666 | 88,376 | |||||
Less: Customer rewards costs | (51,898 | ) | (48,542 | ) | |||
Financial Services revenue | $ | 140,823 | $ | 122,913 |
April 2, 2016 | March 28, 2015 | ||||
Hunting Equipment | 49.6 | % | 48.7 | % | |
General Outdoors | 31.5 | 29.5 | |||
Clothing and Footwear | 18.9 | 21.8 | |||
Total | 100.0 | % | 100.0 | % |
14. | FAIR VALUE MEASUREMENTS |
• | Level 1 – Quoted market prices in active markets for identical assets or liabilities. |
• | Level 2 – Observable inputs other than quoted market prices. |
• | Level 3 – Unobservable inputs corroborated by little, if any, market data. Level 3 is comprised of financial instruments whose fair value is estimated based on internally developed models or methodologies utilizing significant inputs that are primarily unobservable from objective sources. |
April 2, 2016 | January 2, 2016 | March 28, 2015 | |||||||||||||||||||||
Carrying Value | Estimated Fair Value | Carrying Value | Estimated Fair Value | Carrying Value | Estimated Fair Value | ||||||||||||||||||
Financial Assets: | |||||||||||||||||||||||
Credit card loans, net | $ | 4,779,153 | $ | 4,779,153 | $ | 5,035,267 | $ | 5,035,267 | $ | 4,157,410 | $ | 4,157,410 | |||||||||||
Financial Liabilities: | |||||||||||||||||||||||
Time deposits | 865,556 | 879,451 | 879,899 | 879,197 | 813,022 | 818,939 | |||||||||||||||||
Secured variable funding obligations of the Trust | 330,000 | 330,000 | 655,000 | 655,000 | — | — | |||||||||||||||||
Secured obligations of the Trust, net of unamortized debt issuance costs | 3,231,686 | 3,206,108 | 3,230,932 | 3,179,767 | 3,103,056 | 3,092,412 | |||||||||||||||||
Long-term debt | 892,555 | 918,643 | 859,350 | 892,425 | 671,365 | 689,812 |
Item 2. | Management's Discussion and Analysis of Financial Condition and Results of Operations |
• | our exploration and evaluation of strategic alternatives may not result in the successful identification or completion |
• | the state of the economy and the level of discretionary consumer spending, including changes in consumer preferences, demand for firearms and ammunition, and demographic trends; |
• | adverse changes in the capital and credit markets or the availability of capital and credit; |
• | our ability to successfully execute our omni-channel strategy; |
• | increasing competition in the outdoor sporting goods industry and for credit card products and reward programs; |
• | the cost of our products, including increases in fuel prices; |
• | the availability of our products due to political or financial instability in countries where the goods we sell are manufactured; |
• | supply and delivery shortages or interruptions, and other interruptions or disruptions to our systems, processes, or controls, caused by system changes or other factors; |
• | increased or adverse government regulations, including regulations relating to firearms and ammunition; |
• | our ability to protect our brand, intellectual property, and reputation; |
• | our ability to prevent cybersecurity breaches and mitigate cybersecurity risks; |
• | the outcome of litigation, administrative, and/or regulatory matters (including the ongoing audits by tax authorities and compliance examinations by the Federal Deposit Insurance Corporation (“FDIC”)); |
• | our ability to manage credit, liquidity, interest rate, operational, legal, regulatory capital, and compliance risks; |
• | our ability to increase credit card receivables while managing credit quality; |
• | our ability to securitize our credit card receivables at acceptable rates or access the deposits market at acceptable rates; |
• | the impact of legislation, regulation, and supervisory regulatory actions in the financial services industry; and |
• | other risks, relevant factors, and uncertainties identified in our filings with the Securities and Exchange Commission (“SEC”) (including the information set forth in the “Risk Factors” section of our Annual Report on Form 10-K for the fiscal year ended January 2, 2016, and in Part II, Item 1A, of this report), which filings are available at the SEC’s website at www.sec.gov. |
• | Lexington, Kentucky; and League City, Texas; in March; and |
• | Short Pump, Virginia; Centerville, Ohio; and Farmington, Utah; in April. |
Three Months Ended | ||||||||||||||
April 2, 2016 | March 28, 2015 | Increase (Decrease) | % Change | |||||||||||
(Dollars in Thousands Except Earnings Per Diluted Share) | ||||||||||||||
Revenue: | ||||||||||||||
Merchandise sales | $ | 719,915 | $ | 697,654 | $ | 22,261 | 3.2 | % | ||||||
Financial Services | 140,823 | 122,913 | 17,910 | 14.6 | ||||||||||
Other revenue | 3,924 | 6,509 | (2,585 | ) | (39.7 | ) | ||||||||
Total revenue | $ | 864,662 | $ | 827,076 | $ | 37,586 | 4.5 | |||||||
Operating income | $ | 44,356 | $ | 44,533 | $ | (177 | ) | (0.4 | ) | |||||
Net income | $ | 22,889 | $ | 26,774 | $ | (3,885 | ) | (14.5 | ) | |||||
Earnings per diluted share | $ | 0.33 | $ | 0.37 | $ | (0.04 | ) | (10.8 | ) |
• | An increase of $65 million due to the addition of new retail stores. |
• | Comparable store sales on a consolidated basis for the three months ended April 2, 2016, on a shift-adjusted calendar basis, decreased $21 million, or 4.3%, compared to the three months ended March 28, 2015. The adjustment of comparable store sales on a shift-adjusted calendar basis provides a more accurate performance of our comparable store sales by aligning the weeks of operation in the current fiscal year to the most comparable weeks in the prior fiscal year. The decrease in comparable store sales comparing the respective periods was driven by a decrease in the number of transactions of 10.1% partially offset by an increase in the average sales per transaction of 7.3%. In addition, the timing of Easter Sunday negatively effected our comparable store sales by approximately 140 basis points comparing the respective periods. |
• | A decrease of $18 million, or 10.2%, in Internet and catalog sales, which was due to decreases in each of our three major product categories comparing the respective periods, but mostly in the hunting equipment product and clothing and footwear product categories. |
• | consulting fees and certain expenses primarily related to our corporate restructuring initiatives and the review of strategic alternatives totaling $4 million for the three months ended April 2, 2016; |
• | a charge recognized on a preliminary settlement totaling $4 million relating to a lawsuit in California state court (a “preliminary lawsuit settlement”) for the three months ended April 2, 2016; |
• | incremental expenses related to the transition and closing of the Company’s distribution center in Canada in the three months ended March 28, 2015; and |
• | impairment and restructuring charges totaling $3 million for the three months ended April 2, 2016. |
Reconciliation of GAAP Reported to Non-GAAP Adjusted Financial Measures (1) | |||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||
April 2, 2016 | March 28, 2015 | ||||||||||||||||||||||
GAAP Basis as Reported | Non-GAAP Adjustments | Non-GAAP Amounts | GAAP Basis as Reported | Non-GAAP Adjustments | Non-GAAP Amounts | ||||||||||||||||||
(Dollars in Thousands Except Earnings Per Share) | |||||||||||||||||||||||
SD&A expenses (2) | $ | 329,189 | $ | (7,503 | ) | $ | 321,686 | $ | 316,104 | $ | (1,207 | ) | $ | 314,897 | |||||||||
SD&A expenses as a percentage of total revenue | 38.1 | % | (0.9 | )% | 37.2 | % | 38.2 | % | (0.1 | )% | 38.1 | % | |||||||||||
Impairment and restructuring charges (3) | $ | 2,972 | $ | (2,972 | ) | $ | — | $ | — | $ | — | $ | — | ||||||||||
Operating income (2) (3) | $ | 44,356 | $ | 10,475 | $ | 54,831 | $ | 44,533 | $ | 1,207 | $ | 45,740 | |||||||||||
Operating income as a percentage of total revenue | 5.1 | % | 1.2 | % | 6.3 | % | 5.4 | % | 0.1 | % | 5.5 | % | |||||||||||
Merchandising segment: | |||||||||||||||||||||||
Operating loss (2) (3) | $ | (16,395 | ) | $ | 10,475 | $ | (5,920 | ) | $ | (3,944 | ) | $ | 1,207 | $ | (2,737 | ) | |||||||
Operating loss as a percentage of total segment revenue | (2.3 | )% | 1.5 | % | (0.8 | )% | (0.6 | )% | 0.2 | % | (0.4 | )% | |||||||||||
(1) | The presentation includes non-GAAP financial measures. These non-GAAP financial measures are not prepared under any comprehensive set of accounting rules or principles, and do not reflect all of the amounts associated with the Company's results of operations as determined in accordance with GAAP. |
(2) | Consists of the following for the respective periods: |
Three Months Ended | |||||||
April 2, 2016 | March 28, 2015 | ||||||
Charge related to a preliminary lawsuit settlement | $ | 3,850 | $ | — | |||
Consulting fees and certain expenses primarily related to the Company’s corporate restructuring initiative and the review of strategic alternatives | 3,653 | — | |||||
Incremental expenses related to the transition and closing of the Company’s distribution center in Canada | — | 1,207 | |||||
$ | 7,503 | $ | 1,207 |
(3) | Consists of the following for the respective periods: |
Three Months Ended | |||||||
April 2, 2016 | March 28, 2015 | ||||||
Charges for employee severance agreements and termination benefits related to a corporate restructure and reduction in the number of personnel | $ | 2,831 | $ | — | |||
Impairment losses recognized on a parcel of land | 141 | — | |||||
$ | 2,972 | $ | — |
• | total merchandise sales and other revenue increased $20 million, or 2.8%, to $724 million; |
• | operating loss increased $12 million to $16 million; and |
• | operating loss as a percentage of Merchandising segment revenue increased 170 basis points to 2.3%. |
• | the average number of active accounts increased 7.4%, to 2.0 million, and the average balance per active account increased $165; |
• | the average balance of our credit card loans increased 15.3%, to $4.9 billion; |
• | net purchases on credit card accounts increased 7.8% to $4.8 billion; and |
• | net charge-offs as a percentage of average credit card loans increased 72 basis points to 2.25%. |
Three Months Ended | |||||
April 2, 2016 | March 28, 2015 | ||||
Revenue | 100.00 | % | 100.00 | % | |
Cost of revenue | 56.46 | 56.40 | |||
Gross profit (exclusive of depreciation and amortization) | 43.54 | 43.60 | |||
Selling, distribution, and administrative expenses | 38.07 | 38.22 | |||
Impairment and restructuring charges | 0.34 | — | |||
Operating income | 5.13 | 5.38 | |||
Other income (expense): | |||||
Interest expense, net | (1.06 | ) | (0.45 | ) | |
Other income, net | 0.10 | 0.21 | |||
Total other income (expense), net | (0.96 | ) | (0.24 | ) | |
Income before provision for income taxes | 4.17 | 5.14 | |||
Provision for income taxes | 1.52 | 1.90 | |||
Net income | 2.65 | % | 3.24 | % |
April 2, 2016 | March 28, 2015 | Increase (Decrease) | % Change | |||||||||||||||||
% | % | |||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||
Merchandise sales | $ | 719,915 | 83.3 | % | $ | 697,654 | 84.4 | % | $ | 22,261 | 3.2 | % | ||||||||
Financial Services | 140,823 | 16.3 | 122,913 | 14.9 | 17,910 | 14.6 | ||||||||||||||
Other | 3,924 | 0.4 | 6,509 | 0.7 | (2,585 | ) | (39.7 | ) | ||||||||||||
Total | $ | 864,662 | 100.0 | % | $ | 827,076 | 100.0 | % | $ | 37,586 | 4.5 |
April 2, 2016 | March 28, 2015 | Increase (Decrease) | % Change | |||||||||||||||||
% | % | |||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||
Retail store sales | $ | 564,205 | 78.4 | % | $ | 524,175 | 75.1 | % | $ | 40,030 | 7.6 | % | ||||||||
Internet and catalog sales | 155,710 | 21.6 | 173,479 | 24.9 | (17,769 | ) | (10.2 | ) | ||||||||||||
Total merchandise sales | $ | 719,915 | 100.0 | % | $ | 697,654 | 100.0 | % | $ | 22,261 | 3.2 |
April 2, 2016 | March 28, 2015 | ||||
Hunting Equipment | 49.6 | % | 48.7 | % | |
General Outdoors | 31.5 | 29.5 | |||
Clothing and Footwear | 18.9 | 21.8 | |||
Total | 100.0 | % | 100.0 | % |
April 2, 2016 | March 28, 2015 | Increase (Decrease) | % Change | |||||||||||
(Dollars in Thousands) | ||||||||||||||
Comparable stores sales on a consolidated basis (1) | $ | 473,640 | $ | 494,924 | $ | (21,284 | ) | (4.3 | )% | |||||
Comparable stores sales - United States stores only | 450,042 | 468,059 | (18,017 | ) | (3.8 | ) | ||||||||
Comparable stores sales on a constant currency basis (2) | (3.8 | ) | ||||||||||||
(1) Calculated on a shift-adjusted calendar basis. | ||||||||||||||
(2) Reflects the elimination of fluctuations in foreign currency exchange rates. |
April 2, 2016 | March 28, 2015 | Increase (Decrease) | % Change | |||||||||||
(Dollars in Thousands) | ||||||||||||||
Interest and fee income | $ | 139,748 | $ | 111,928 | $ | 27,820 | 24.9 | % | ||||||
Interest expense | (19,873 | ) | (15,619 | ) | 4,254 | 27.2 | ||||||||
Provision for loan losses | (22,820 | ) | (13,230 | ) | 9,590 | 72.5 | ||||||||
Net interest income, net of provision for loan losses | 97,055 | 83,079 | 13,976 | 16.8 | ||||||||||
Non-interest income: | ||||||||||||||
Interchange income | 94,996 | 87,694 | 7,302 | 8.3 | ||||||||||
Other non-interest income | 670 | 682 | (12 | ) | (1.8 | ) | ||||||||
Total non-interest income | 95,666 | 88,376 | 7,290 | 8.2 | ||||||||||
Less: Customer rewards costs | (51,898 | ) | (48,542 | ) | 3,356 | 6.9 | ||||||||
Financial Services revenue | $ | 140,823 | $ | 122,913 | $ | 17,910 | 14.6 |
April 2, 2016 | March 28, 2015 | ||||
Interest and fee income | 11.5 | % | 10.6 | % | |
Interest expense | (1.6 | ) | (1.5 | ) | |
Provision for loan losses | (1.9 | ) | (1.3 | ) | |
Interchange income | 7.8 | 8.3 | |||
Other non-interest income | 0.1 | 0.1 | |||
Customer rewards costs | (4.3 | ) | (4.6 | ) | |
Financial Services revenue | 11.6 | % | 11.6 | % |
April 2, 2016 | March 28, 2015 | Increase (Decrease) | % Change | |||||||||||
(Dollars in Thousands Except Average Balance per Active Account ) | ||||||||||||||
Average balance of credit card loans (1) | $ | 4,867,758 | $ | 4,220,546 | $ | 647,212 | 15.3 | % | ||||||
Average number of active credit card accounts | 2,026,054 | 1,886,045 | 140,009 | 7.4 | ||||||||||
Average balance per active credit card account (1) | $ | 2,403 | $ | 2,238 | $ | 165 | 7.4 | |||||||
Purchases on credit card accounts, net | 4,826,619 | 4,477,012 | 349,607 | 7.8 | ||||||||||
Net charge-offs on credit card loans (1) | 27,373 | 16,176 | 11,197 | 69.2 | ||||||||||
Net charge-offs as a percentage of average credit card loans (1) | 2.25 | % | 1.53 | % | 0.72 | % | ||||||||
(1) Includes accrued interest and fees |
April 2, 2016 | March 28, 2015 | Increase (Decrease) | % Change | |||||||||||
(Dollars in Thousands) | ||||||||||||||
Merchandise sales | $ | 719,915 | $ | 697,654 | $ | 22,261 | 3.2 | % | ||||||
Merchandise gross profit | 231,923 | 231,435 | 488 | 0.2 | ||||||||||
Merchandise gross profit as a percentage of merchandise sales | 32.2 | % | 33.2 | % | (1.0 | )% |
April 2, 2016 | March 28, 2015 | Increase (Decrease) | % Change | |||||||||||
(Dollars in Thousands) | ||||||||||||||
SD&A expenses | $ | 329,189 | $ | 316,104 | $ | 13,085 | 4.1 | % | ||||||
SD&A expenses as a percentage of total revenue | 38.1 | % | 38.2 | % | (0.1 | )% | ||||||||
Retail store pre-opening costs | $ | 3,850 | $ | 7,088 | $ | (3,238 | ) | (45.7 | ) | |||||
Non-GAAP amounts: | ||||||||||||||
SD&A expenses on a non-GAAP basis | $ | 321,686 | $ | 314,897 | $ | 6,789 | 2.2 | % | ||||||
SD&A expenses as a percentage of total revenue on a non-GAAP basis | 37.2 | % | 38.1 | % | (0.9 | )% |
• | An increase of $4 million in building costs and depreciation primarily due to additional costs from increases in the number of new stores and the operations and maintenance of our existing retail stores and corporate offices. |
• | An increase of $4 million related to corporate restructuring initiatives and the review of strategic alternatives. |
• | An increase of $4 million related to a charge recognized on a preliminary lawsuit settlement. |
• | A decrease of $2 million in advertising and promotional costs. |
• | An increase of $3 million in employee compensation, benefits, and contract labor to support our credit card operations. |
April 2, 2016 | March 28, 2015 | Increase (Decrease) | % Change | |||||||||||
(Dollars in Thousands) | ||||||||||||||
Operating income | $ | 44,356 | $ | 44,533 | $ | (177 | ) | (0.4 | )% | |||||
Operating income as a percentage of total revenue | 5.1 | % | 5.4 | % | (0.3 | )% | ||||||||
Non-GAAP amounts: | ||||||||||||||
Operating income on a non-GAAP basis | $ | 54,831 | $ | 45,740 | 9,091 | 19.9 | % | |||||||
Operating income as a percentage of total revenue on a non-GAAP basis | 6.3 | % | 5.5 | % | 0.8 | % | ||||||||
Operating income (loss) by business segment: | ||||||||||||||
Merchandising | $ | (16,395 | ) | $ | (3,944 | ) | $ | 12,451 | 315.7 | |||||
Financial Services | 60,751 | 48,477 | 12,274 | 25.3 | ||||||||||
Operating income (loss) as a percentage of segment revenue: | ||||||||||||||
Merchandising | (2.3 | )% | (0.6 | )% | (1.7 | )% | ||||||||
Financial Services | 44.7 | 40.9 | 3.8 |
April 2, 2016 | January 2, 2016 | March 28, 2015 | ||||||
Number of days delinquent: | ||||||||
Greater than 30 days | 0.83 | % | 0.82 | % | 0.71 | % | ||
Greater than 60 days | 0.51 | 0.51 | 0.43 | |||||
Greater than 90 days | 0.27 | 0.26 | 0.23 |
April 2, 2016 | January 2, 2016 | March 28, 2015 | ||||||
Number of days delinquent and still accruing (excludes non-accrual and restructured loans which are presented below): | ||||||||
Greater than 30 days | 0.73 | % | 0.72 | % | 0.62 | % | ||
Greater than 60 days | 0.45 | 0.45 | 0.38 | |||||
Greater than 90 days | 0.23 | 0.23 | 0.20 | |||||
Non-accrual | 0.15 | 0.14 | 0.13 | |||||
Restructured | 0.63 | 0.57 | 0.70 |
Three Months Ended | |||||||
April 2, 2016 | March 28, 2015 | ||||||
(Dollars in Thousands) | |||||||
Balance, beginning of period | $ | 75,911 | $ | 56,572 | |||
Provision for loan losses | 22,820 | 13,230 | |||||
Charge-offs | (29,678 | ) | (20,989 | ) | |||
Recoveries | 5,700 | 7,129 | |||||
Net charge-offs | (23,978 | ) | (13,860 | ) | |||
Balance, end of period | $ | 74,753 | $ | 55,942 | |||
Net charge-offs on credit card loans | $ | (23,978 | ) | $ | (13,860 | ) | |
Charge-offs of accrued interest and fees (recorded as a reduction in interest and fee income) | (3,395 | ) | (2,316 | ) | |||
Total net charge-offs including accrued interest and fees | $ | (27,373 | ) | $ | (16,176 | ) | |
Net charge-offs, including accrued interest and fees, as a percentage of average credit card loans, including accrued interest and fees | 2.25 | % | 1.53 | % |
Series | Type | Total Available Capacity | Third Party Investor Available Capacity | Third Party Investor Outstanding | Interest Rate | Expected Maturity | ||||||||||||
(Dollars in Thousands) | ||||||||||||||||||
2011-II | Term | $ | 200,000 | $ | 155,000 | $ | 155,000 | Fixed | June 2016 | |||||||||
2011-II | Term | 100,000 | 100,000 | 100,000 | Floating | June 2016 | ||||||||||||
2011-IV | Term | 210,000 | 165,000 | 165,000 | Fixed | October 2016 | ||||||||||||
2011-IV | Term | 90,000 | 90,000 | 90,000 | Floating | October 2016 | ||||||||||||
2012-I | Term | 350,000 | 275,000 | 275,000 | Fixed | February 2017 | ||||||||||||
2012-I | Term | 150,000 | 150,000 | 150,000 | Floating | February 2017 | ||||||||||||
2012-II | Term | 375,000 | 300,000 | 300,000 | Fixed | June 2017 | ||||||||||||
2012-II | Term | 125,000 | 125,000 | 125,000 | Floating | June 2017 | ||||||||||||
2013-I | Term | 385,000 | 327,250 | 327,250 | Fixed | February 2023 | ||||||||||||
2013-II | Term | 152,500 | 100,000 | 100,000 | Fixed | August 2018 | ||||||||||||
2013-II | Term | 197,500 | 197,500 | 197,500 | Floating | August 2018 | ||||||||||||
2014-I | Term | 45,000 | — | — | Fixed | March 2017 | ||||||||||||
2014-I | Term | 255,000 | 255,000 | 255,000 | Floating | March 2017 | ||||||||||||
2014-II | Term | 60,000 | — | — | Fixed | July 2019 | ||||||||||||
2014-II | Term | 340,000 | 340,000 | 340,000 | Floating | July 2019 | ||||||||||||
2015-I | Term | 275,000 | 218,750 | 218,750 | Fixed | March 2020 | ||||||||||||
2015-I | Term | 100,000 | 100,000 | 100,000 | Floating | March 2020 | ||||||||||||
2015-II | Term | 300,000 | 240,000 | 240,000 | Fixed | July 2020 | ||||||||||||
2015-II | Term | 100,000 | 100,000 | 100,000 | Floating | July 2020 | ||||||||||||
Total term | 3,810,000 | 3,238,500 | 3,238,500 | |||||||||||||||
2008-III | Variable Funding | 346,821 | 300,000 | — | Floating | March 2018 | ||||||||||||
2011-I | Variable Funding | 352,941 | 500,000 | — | Floating | March 2019 | ||||||||||||
2011-III | Variable Funding | 588,235 | 500,000 | 330,000 | Floating | March 2017 | ||||||||||||
Total variable | 1,287,997 | 1,300,000 | 330,000 | |||||||||||||||
Total available | $ | 5,097,997 | $ | 4,538,500 | $ | 3,568,500 |
April 2, 2016 | March 28, 2015 | ||||||
(In Thousands) | |||||||
Net cash provided by operating activities | $ | 25,390 | $ | 515 | |||
Net cash provided by investing activities | 92,588 | 378,299 | |||||
Net cash used in financing activities | (293,983 | ) | (249,954 | ) |
April 2, 2016 | March 28, 2015 | ||||||
(In Thousands) | |||||||
Borrowings on revolving credit facilities and inventory financing, net | $ | 274,273 | $ | 197,862 | |||
Repayments of secured obligations of the Trust | (325,000 | ) | (416,250 | ) | |||
Repayments of long-term debt | (223,218 | ) | (8,214 | ) | |||
Borrowings, net of repayments | $ | (273,945 | ) | $ | (226,602 | ) |
April 2, 2016 | March 28, 2015 | ||||||
(In Thousands) | |||||||
Amounts available for borrowing under credit facilities (1) | $ | 775,000 | $ | 775,000 | |||
Principal amounts outstanding | (256,366 | ) | (360,000 | ) | |||
Outstanding letters of credit and standby letters of credit | (22,975 | ) | (28,571 | ) | |||
Remaining borrowing capacity, excluding the Financial Services segment facilities | $ | 495,659 | $ | 386,429 | |||
(1) | Consists of our revolving credit facility which expires on June 18, 2019. |
(In Thousands) | |||
Letters of credit (1) | $ | 11,765 | |
Standby letters of credit (1) | 11,210 | ||
Revolving line of credit for boat and all-terrain vehicle inventory (2) | 35,811 | ||
Cabela’s issued letters of credit | 39,887 | ||
Total | $ | 98,673 | |
(1) | Our credit agreement permits the issuance of letters of credit up to $75 million and swing line loans up to $30 million. |
(2) | The line of credit for boat and all-terrain vehicles financing is limited by the $775 million revolving line of credit to $75 million of secured collateral. |
• | a fixed charge coverage ratio (as defined) of no less than 2.00 to 1 as of the last day of any fiscal quarter for the most recently ended four fiscal quarters (as defined); |
• | a leverage ratio (as defined) of no more than 3.00 to 1 as of the last day of any fiscal quarter; and |
• | a minimum consolidated net worth standard (as defined) as of the last day of each fiscal quarter. |
Item 4. | Controls and Procedures |
Item 1. | Legal Proceedings. |
Item 1A. | Risk Factors. |
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds. |
Item 3. | Defaults Upon Senior Securities. |
Item 4. | Mine Safety Disclosures. |
Item 5. | Other Information. |
Item 6. | Exhibits. |
CABELA’S INCORPORATED | |||
Dated: | April 28, 2016 | By: | /s/ Thomas L. Millner |
Thomas L. Millner | |||
Chief Executive Officer | |||
Dated: | April 28, 2016 | By: | /s/ Ralph W. Castner |
Ralph W. Castner | |||
Executive Vice President and Chief Financial Officer |
Exhibit Number | Description | |||
31.1 | Certification of CEO Pursuant to Rule 13a-14(a) under the Exchange Act | |||
31.2 | Certification of CFO Pursuant to Rule 13a-14(a) under the Exchange Act | |||
32.1 | Certifications Pursuant to 18 U.S.C. Section 1350 | |||
101.INS | XBRL Instance Document | Filed with this report. | ||
101.SCH | XBRL Taxonomy Extension Schema Document | Submitted electronically with this report. | ||
101.CAL | XBRL Taxonomy Calculation Linkbase Document | Submitted electronically with this report. | ||
101.LAB | XBRL Taxonomy Label Linkbase Document | Submitted electronically with this report. | ||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | Submitted electronically with this report. | ||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | Submitted electronically with this report. |
1. | I have reviewed this quarterly report on Form 10-Q of Cabela's Incorporated; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors: |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Dated: | April 28, 2016 | /s/ Thomas L. Millner |
Thomas L. Millner Chief Executive Officer |
1. | I have reviewed this quarterly report on Form 10-Q of Cabela's Incorporated; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors: |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Dated: | April 28, 2016 | /s/ Ralph W. Castner |
Ralph W. Castner Executive Vice President and Chief Financial Officer |
Dated: | April 28, 2016 | |
/s/ Thomas L. Millner | ||
Thomas L. Millner | ||
Chief Executive Officer | ||
/s/ Ralph W. Castner | ||
Ralph W. Castner | ||
Executive Vice President and Chief Financial Officer |
Document and Entity Information Document - shares |
3 Months Ended | |
---|---|---|
Apr. 02, 2016 |
Apr. 25, 2016 |
|
Entity Information [Line Items] | ||
Entity Registrant Name | CABELAS INC | |
Entity Central Index Key | 0001267130 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Apr. 02, 2016 | |
Document Fiscal Year Focus | 2016 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 68,265,274 | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes |
Condensed Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Apr. 02, 2016 |
Mar. 28, 2015 |
|
Net Income (Loss) Attributable to Parent | $ 22,889 | $ 26,774 |
Unrealized gain on economic development bonds, net of taxes of $570 and $909 | 564 | 1,244 |
Foreign currency translation adjustments | 14,680 | (15,511) |
Total other comprehensive income (loss) | 15,244 | (14,267) |
Comprehensive income | $ 38,133 | $ 12,507 |
Condensed Consolidated Statement of Comprehensive Income Parentheticals - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Apr. 02, 2016 |
Mar. 28, 2015 |
|
Taxes on unrealized loss on economic development bonds | $ 570 | $ 909 |
Condensed Consolidated Balance Sheets Parentheticals - USD ($) $ in Thousands |
Apr. 02, 2016 |
Jan. 02, 2016 |
Mar. 28, 2015 |
---|---|---|---|
Restricted credit card loans of the Trust | $ 4,824,323 | $ 5,066,660 | $ 4,185,397 |
Allowance for loan losses | 74,753 | 75,911 | 55,942 |
Unpresented checks | $ 17,958 | $ 23,580 | $ 10,775 |
Common stock, par value | $ 0.01 | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 245,000,000 | 245,000,000 | 245,000,000 |
Common stock, shares issued | 71,595,020 | 71,595,020 | 71,575,434 |
Preferred stock, par value | 68,243,858 | 67,818,715 | 71,575,434 |
Preferred stock, shares authorized | $ 0.01 | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | 10,000,000 |
Preferred Stock, Shares Issued | 0 | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 | 0 |
Treasury Stock, Carrying Basis | 3,351,162 | 3,776,305 | 0 |
Management Representations |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Management Representations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | MANAGEMENT REPRESENTATIONS Principles of Consolidation – The condensed consolidated financial statements included herein are unaudited and have been prepared by management of Cabela’s Incorporated and its wholly-owned subsidiaries (“Cabela’s,” “Company,” “we,” or “our”) pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted pursuant to such rules and regulations. The Company’s condensed consolidated balance sheet as of January 2, 2016, was derived from the Company’s audited consolidated balance sheet as of that date. All other condensed consolidated financial statements contained herein are unaudited and reflect all adjustments which are, in the opinion of management, necessary to summarize fairly our financial position and results of operations, comprehensive income, and cash flows for the periods presented. All of these adjustments are of a normal recurring nature. All intercompany accounts and transactions have been eliminated in consolidation. World’s Foremost Bank (“WFB,” “Financial Services segment,” or “Cabela’s CLUB”), a wholly-owned bank subsidiary of Cabela’s, is the primary beneficiary of the Cabela’s Master Credit Card Trust and related entities (collectively referred to as the “Trust”). The Trust was consolidated for all reporting periods of Cabela’s in this report. Because of the seasonal nature of the Company’s operations, results of operations of any single reporting period should not be considered as indicative of results for a full year. These condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements for the fiscal year ended January 2, 2016. Cash and Cash Equivalents – Cash and cash equivalents of the Financial Services segment were $72 million, $157 million, and $216 million at April 2, 2016, January 2, 2016, and March 28, 2015, respectively. Due to regulatory restrictions on WFB, the Company cannot use WFB’s cash for non-banking operations. Segment Reporting – Effective the beginning of fiscal year 2016, the Company realigned its organizational structure and updated its reportable operating segments. The Company now accounts for its operations as two operating segments: Merchandising and Financial Services. For more information on this change in segments see Note 13 “Segment Reporting” of the Notes to Condensed Consolidated Financial Statements. Reporting Periods – Unless otherwise stated, the fiscal periods referred to in the notes to these condensed consolidated financial statements are the 13 weeks ended April 2, 2016 (“three months ended April 2, 2016”), the 13 weeks ended March 28, 2015 (“three months ended March 28, 2015”), and the 53 weeks ended January 2, 2016 (“fiscal year ended 2015”). WFB follows a calendar fiscal period and, accordingly, the respective three month periods ended on March 31, 2016 and 2015, and the fiscal year ended on December 31, 2015. Adoption of New Accounting Principles – In the three months ended April 2, 2016, we adopted the guidance of Accounting Standards Update (“ASU”) 2015-03, “Simplifying the Presentation of Debt Issuance Costs,” which required 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. The following table summarizes the effects of this new guidance on amounts previously reported in our condensed consolidated balance sheets at the periods ended:
In addition, effective in fiscal year ended 2015, we adopted on a prospective basis the provisions of ASU 2015-17 “Balance Sheet Classification of Deferred Taxes.” This standard simplified the presentation of deferred income taxes and required that deferred tax liabilities and assets be classified as non current in the Company’s consolidated balance sheets. Prior periods were not retrospectively adjusted; therefore, deferred income taxes of $13 million were presented as current assets in our condensed consolidated balance sheets at March 28, 2015. |
Cabela's Master Credit Card Trust |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Apr. 02, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cabela's Master Credit Card Trust [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | CABELA’S MASTER CREDIT CARD TRUST The Financial Services segment utilizes the Trust for the purpose of routinely securitizing credit card loans and issuing beneficial interest to investors. The Trust issues variable funding facilities and long-term notes (collectively referred to herein as “secured obligations of the Trust”), each of which has an undivided interest in the assets of the Trust. The Financial Services segment owns notes issued by the Trust from some of the securitizations, which in some cases may be subordinated to other notes issued. The following table presents the components of the consolidated assets and liabilities of the Trust at the periods ended:
CREDIT CARD LOANS AND ALLOWANCE FOR LOAN LOSSES The following table reflects the composition of the credit card loans at the periods ended:
Allowance for Loan Losses: The following table reflects the activity in the allowance for loan losses by credit card segment for the periods presented:
Credit Quality Indicators, Delinquent, and Non-Accrual Loans: The following table provides information on current, non-accrual, past due, and restructured credit card loans by class using the respective quarter Fair Isaac Corporation (“FICO”) score at the periods ended:
|
Credit Card Loans and Allowance For Loan Losses |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Apr. 02, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FICO SCores Credit Card Loans [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | CABELA’S MASTER CREDIT CARD TRUST The Financial Services segment utilizes the Trust for the purpose of routinely securitizing credit card loans and issuing beneficial interest to investors. The Trust issues variable funding facilities and long-term notes (collectively referred to herein as “secured obligations of the Trust”), each of which has an undivided interest in the assets of the Trust. The Financial Services segment owns notes issued by the Trust from some of the securitizations, which in some cases may be subordinated to other notes issued. The following table presents the components of the consolidated assets and liabilities of the Trust at the periods ended:
CREDIT CARD LOANS AND ALLOWANCE FOR LOAN LOSSES The following table reflects the composition of the credit card loans at the periods ended:
Allowance for Loan Losses: The following table reflects the activity in the allowance for loan losses by credit card segment for the periods presented:
Credit Quality Indicators, Delinquent, and Non-Accrual Loans: The following table provides information on current, non-accrual, past due, and restructured credit card loans by class using the respective quarter Fair Isaac Corporation (“FICO”) score at the periods ended:
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Borrowings of Financial Services Segment |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Borrowings of Financial Services Subsidiary [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Text Block] | BORROWINGS OF FINANCIAL SERVICES SEGMENT The Trust issues fixed and floating (variable) rate term securitizations, which are considered secured obligations backed by restricted credit card loans. A summary of the secured fixed and variable rate obligations of the Trust by series, the expected maturity dates, and the respective weighted average interest rates are presented in the following tables at the periods ended:
The Trust issues variable funding facilities which are considered secured obligations backed by restricted credit card loans. At April 2, 2016, the Trust had three variable funding facilities with $1.3 billion in total capacity and $330 million outstanding. On March 24, 2016, the Trust increased one of its $300 million variable funding facilities to $500 million and extended the maturity date from March 2016 to March 2019. Maturities for the variable funding facilities are now scheduled in March of 2017 ($500 million), 2018 ($300 million), and 2019 ($500 million). Each of these variable funding facilities includes an option to renew subject to certain terms and conditions. Variable rate note interest is priced at a benchmark rate, London Interbank Offered Rate, or commercial paper rate, plus a spread, which ranges from 0.50% to 0.85%. The variable rate notes provide for a fee ranging from 0.25% to 0.50% on the unused portion of the facilities. During the three months ended April 2, 2016, and March 28, 2015, the daily average balance outstanding on these notes was $329 million and $185 million, with a weighted average interest rate of 1.18% and 0.78%, respectively. The Financial Services segment has unsecured federal funds purchase agreements with two financial institutions. The maximum amount that can be borrowed is $100 million. There were no amounts outstanding at April 2, 2016, January 2, 2016, or March 28, 2015. |
Long-Term Debt and Capital Leases |
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Long Term Debt and Capital Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt and Capital Leases Disclosures [Text Block] | LONG-TERM DEBT AND CAPITAL LEASES Long-term debt, including revolving credit facilities and capital leases, consisted of the following at the periods ended:
The Company’s credit agreement provides for an unsecured $775 million revolving credit facility and permits the issuance of letters of credit up to $75 million and swing line loans up to $30 million. The credit facility may be increased to $800 million subject to certain terms and conditions. The term of the credit facility expires on June 18, 2019. During the three months ended April 2, 2016, and March 28, 2015, the daily average principal balance outstanding on the line of credit was $114 million and $289 million, respectively, and the weighted average interest rate was 1.81% and 1.42%, respectively. Letters of credit and standby letters of credit totaling $23 million and $29 million were outstanding at April 2, 2016, and March 28, 2015, respectively. The daily average outstanding amount of total letters of credit during the three months ended April 2, 2016, and March 28, 2015, was $10 million and $16 million, respectively. On February 27, 2016, we repaid our unsecured notes for $215 million from the proceeds of the private placement sale of unsecured senior notes in August 2015 for $550 million. The Company also has an unsecured $20 million Canadian (“CAD”) revolving credit facility for its operations in Canada. Borrowings are payable on demand with interest payable monthly. This credit facility permits the issuance of letters of credit up to $10 million CAD in the aggregate, which reduces the overall available credit limit. There were no amounts outstanding at April 2, 2016, January 2, 2016, or March 28, 2015. At April 2, 2016, the Company was in compliance with the financial covenant requirements of its $775 million credit agreement with a fixed charge coverage ratio of 7.98 to 1 (minimum requirement is 2.00 to 1), a leverage ratio of 1.82 to 1 (requirement is no more than 3.00 to 1), and a consolidated net worth that was $583 million in excess of the minimum. At April 2, 2016, the Company was in compliance with all financial covenants under its credit agreements and unsecured notes. We anticipate that we will continue to be in compliance with all financial covenants under our credit agreements and unsecured senior notes through at least the next 12 months. |
Income Taxes |
3 Months Ended |
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Apr. 02, 2016 | |
Income Taxes [Abstract] | |
Income Tax Disclosure [Text Block] | INCOME TAXES The effective income tax rate was 36.5% for the three months ended April 2, 2016, compared to 37.0% for the three months ended March 28, 2015. At April 2, 2016, unrecognized tax benefits totaling $70 million were included in other long-term liabilities in our condensed consolidated balance sheets compared to $73 million at January 2, 2016. At March 28, 2015, unrecognized tax benefits totaling $47 million were included in current liabilities (accrued expenses and other liabilities) and $60 million in other long-term liabilities in our condensed consolidated balance sheets. The changes compared to the balances at March 28, 2015, were due primarily to our assessments of uncertain tax positions related to prior period tax positions and settlement of our 2007 and 2008 Internal Revenue Service examinations. Since the Company is routinely under audit by various taxing authorities, it is reasonably possible that the amount of unrecognized tax benefits will change during the next 12 months. However, we do not expect the change, if any, to have a material effect on the Company’s consolidated financial condition or results of operations within the next 12 months. |
Commitments and Contingencies |
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Commitments and Contingencies [Abstract] | |||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Text Block] | COMMITMENTS AND CONTINGENCIES The Company leases various buildings, computer and other equipment, and storage space under operating leases which expire on various dates through January 2041. Rent expense on these leases, as well as other month to month rentals, was $6 million in the three months ended April 2, 2016, compared to $5 million in the three months ended March 28, 2015. The following is a schedule of future minimum rental payments under operating leases at April 2, 2016:
The Company leases six retail stores and owns 24 stores subject to ground leases. Certain of these leases include tenant allowances that are amortized over the life of the lease. No tenant allowances were received in the three months ended April 2, 2016, or March 28, 2015. The Company does not expect to receive any tenant allowances under leases during the remainder of fiscal year 2016. The Company has entered into real estate purchase, construction, and/or economic incentive agreements for various new retail store site locations. At April 2, 2016, the Company estimated it had total cash commitments of approximately $168 million outstanding for projected expenditures related to the development, construction, and completion of new retail stores. This amount excludes any estimated costs associated with new stores where the Company does not have a commitment as of April 2, 2016. We expect to fund these estimated capital expenditures over the next 12 months with funds from operations and borrowings. In the past, we have received grant funding in exchange for commitments, such as assurance of agreed employment and wage levels at the retail store or that the retail store will remain open, made by us to the state or local government providing the funding. If we failed to maintain the commitments during the applicable period, the funds received may have to be repaid or other adverse consequences may arise, which could affect the Company’s cash flows and profitability. At April 2, 2016, and March 28, 2015, the total amount of grant funding subject to a specific contractual remedy was $42 million and $43 million, respectively. No grant funding subject to contractual remedy was received in the three months ended April 2, 2016, or March 28, 2015. At April 2, 2016, we had recorded $17 million in the condensed consolidated balance sheets relating to these grants with $16 million in current liabilities and $1 million in long-term liabilities. At January 2, 2016, and March 28, 2015, the amount the Company had recorded in current liabilities in the condensed consolidated balance sheets relating to these grants was $17 million, and $23 million, respectively. The Company operates an open account document instructions program, which provides for Cabela’s-issued letters of credit. We had obligations to pay participating vendors $40 million, $34 million, and $75 million at April 2, 2016, January 2, 2016, and March 28, 2015, respectively. The Financial Services segment enters into financial instruments with off-balance sheet risk in the normal course of business through the origination of unsecured credit card loans. Unsecured credit card accounts are commitments to extend credit and totaled $35 billion, $35 billion, and $30 billion at April 2, 2016, January 2, 2016, and March 28, 2015, respectively. These commitments are in addition to any current outstanding balances of a cardholder. Unsecured credit card loans involve, to varying degrees, elements of credit risk in excess of the amount recognized in the condensed consolidated balance sheets. The principal amounts of these instruments reflect the Financial Services segment’s maximum related exposure. The Financial Services segment has the right to reduce or cancel the available lines of credit at any time, and has not experienced, and does not anticipate, that all customers will exercise the entire available line of credit at any given point in time. Litigation and Claims – The Company is party to various legal proceedings arising in the ordinary course of business. These actions include commercial, intellectual property, employment, regulatory, and product liability claims. Some of these actions involve complex factual and legal issues and are subject to uncertainties. The activities of WFB are subject to complex federal and state laws and regulations. WFB's regulators are authorized to conduct compliance examinations and impose penalties for violations of these laws and regulations and, in some cases, to order WFB to pay restitution. The Company cannot predict with assurance the outcome of the actions brought against it. Accordingly, adverse developments, settlements, or resolutions may occur and have a material effect on the Company's results of operations for the period in which such development, settlement, or resolution occurs. However, the Company does not believe that the outcome of any current legal proceedings will have a material effect on its results of operations, cash flows, or financial position taken as a whole. The SEC recently announced a settlement with the Company and its Executive Vice President and Chief Financial Officer, Mr. Ralph Castner, that resolves the previously disclosed SEC investigation into certain disclosures, reserves, and accruals from fiscal year 2012. As part of the settlement, the SEC entered an administrative cease-and-desist order that directs the Company and Mr. Castner to comply with the disclosure, books and records, and internal control provisions of the federal securities laws going forward. The Company and Mr. Castner neither admitted nor denied the allegations related to the settlement. The penalty of $1 million associated with the Company’s settlement was recognized as a liability that was accrued for and expensed by the Company in the third quarter of fiscal year 2015. The Company is party to a lawsuit in California state court alleging that the Company violated the California Invasion of Privacy Act by recording various telephone calls from California consumers without their consent. The Company has reached a preliminary settlement in this lawsuit, which is subject to court approval. In connection with this lawsuit the Company recognized a liability of $3.85 million in the three months ended April 2, 2016. |
Stock-Based Compensation Plans and Employee Benefit Plans |
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Apr. 02, 2016 | |
Stock Award Plans [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | STOCK-BASED COMPENSATION PLANS AND EMPLOYEE BENEFIT PLANS Stock-Based Compensation – The Company recognized total stock-based compensation expense of $6 million for the three months ended April 2, 2016, and $5 million for the three months ended March 28, 2015. Compensation expense related to the Company’s stock-based payment awards is recognized in selling, distribution, and administrative expenses in the condensed consolidated statements of income. At April 2, 2016, the total unrecognized deferred stock-based compensation balance for all equity awards issued, net of expected forfeitures, was $37 million, net of tax, which is expected to be amortized over a weighted average period of 3.0 years. Employee Stock Plans – Since June 5, 2013, all awards are granted under the Cabela’s Incorporated 2013 Stock Plan (the “2013 Stock Plan”) and have a term of no greater than ten years from the grant date and become exercisable under the vesting schedule determined at the time of grant. As of April 2, 2016, the maximum number of shares available for awards under the 2013 Stock Plan was 2,000,310. As of April 2, 2016, there were 1,748,720 awards outstanding under the 2013 Stock Plan and 1,349,018 awards outstanding under the Cabela’s Incorporated 2004 Stock Plan. To the extent available, we will issue treasury shares for the exercise of stock options before issuing new shares. Option Awards. During the three months ended April 2, 2016, there were 163,000 non-statutory stock options (“NSOs”) granted to employees at an exercise price of $48.40 per share. These options have an eight-year term and vest over four years. In addition, on March 2, 2016, the Company issued 64,000 premium-priced NSOs to its Chief Executive Officer at an exercise price of $55.66 (which was equal to 115% of the closing price of the Company's common stock on the New York Stock Exchange on March 2, 2016). The premium-priced NSOs vest in three equal annual installments beginning on March 2, 2017, and expire on March 2, 2024. During the three months ended April 2, 2016, there were 223,781 options exercised. The aggregate intrinsic value of all awards exercised was $22 million and $23 million during the three months ended April 2, 2016, and March 28, 2015, respectively. Based on the Company’s closing stock price of $49.52 at April 2, 2016, the total number of in-the-money awards exercisable as of April 2, 2016, was 1,084,980. Nonvested Stock and Stock Unit Awards. During the three months ended April 2, 2016, there were 420,707 units of nonvested stock issued to employees at a weighted average fair value of $47.31 per unit. These nonvested stock awards vest evenly over four years on the grant date anniversary based on the passage of time. On March 2, 2016, the Company also issued 92,500 units of performance-based restricted stock units to certain executives at a fair value of $48.40 per unit. These performance-based restricted stock units will begin vesting in four equal annual installments on March 2, 2017, if the performance criterion is achieved. Employee Stock Purchase Plan – During the three months ended April 2, 2016, there were 21,299 shares issued under the Cabela’s Incorporated 2013 Employee Stock Purchase Plan with 1,790,996 shares of common stock authorized and available for issuance as of April 2, 2016. |
Stockholders' Equity and Dividend Restrictions |
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Shareholders' Equity and Dividend Restrictions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity Note Disclosure [Text Block] | STOCKHOLDERS’ EQUITY AND DIVIDEND RESTRICTIONS Retained Earnings – The most significant restrictions on the payment of dividends by the Company to stockholders are contained within the covenants under its revolving credit and unsecured senior notes purchase agreements. Also, Nebraska banking laws govern the amount of dividends that WFB can pay to Cabela’s. On February 11, 2016, WFB paid a dividend of $40 million to Cabela’s. At April 2, 2016, the Company had unrestricted retained earnings of $225 million available for dividends. However, the Company has never declared or paid any cash dividends on its common stock, and does not anticipate paying any cash dividends in the foreseeable future. Accumulated Other Comprehensive Loss – The components of accumulated other comprehensive loss, net of related taxes, are as follows for the periods ended:
Treasury Stock – On September 1, 2015, we announced that our Board of Directors approved a share repurchase program authorizing the Company to repurchase up to $500 million of its common stock over a two-year period. This authorization was in addition to the standing annual authorization to repurchase shares to offset dilution resulting from equity-based awards issued under the Company’s equity compensation plans. This share repurchase program does not obligate us to repurchase any outstanding shares of our common stock, and the program may be limited or terminated at any time. There is no guarantee as to the exact number of shares that we will repurchase. In addition, the total amount of share repurchases that we can make in a year is limited to 75% of the Company’s prior year consolidated earnings before interest, taxes, depreciation and amortization, as defined, pursuant to a covenant requirement of its credit agreement. We did not engage in any stock repurchase activity in the three months ended April 2, 2016. As of April 2, 2016, we can repurchase up to $425.8 million of our common stock under this program. The following table reconciles the Company’s treasury stock activity for the periods presented.
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Earnings Per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Text Block] | EARNINGS PER SHARE The following table reconciles the weighted average number of shares utilized in the earnings per share calculations for the periods presented.
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Supplemental Cash Flow Information |
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Cash Flow, Supplemental Disclosures [Text Block] | SUPPLEMENTAL CASH FLOW INFORMATION The following table sets forth non-cash financing and investing activities and other cash flow information for the three months ended:
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Segment Reporting |
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Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Disclosure [Text Block] | SEGMENT REPORTING Guidance under Accounting Standards Codification Topic 280, “Segment Reporting,” requires companies to evaluate their reportable operating segments periodically and when certain events occur. Recent changes in our executive management structure and responsibilities resulted in a change in the Company’s chief operating decision maker function. As a result of these changes, as well as the finalization and implementation of our Vision 2020 strategic plan and operational changes in our organizational structure, the Company updated its reportable segments effective the beginning of fiscal year 2016. The Company now accounts for its operations as two reportable segments: Merchandising and Financial Services. The Merchandising segment sells products and services through the Company’s retail stores, our e-commerce websites (Cabelas.com and Cabelas.ca), and our catalogs. The United States merchandising and Canada merchandising operating segments have been aggregated into our reportable Merchandising segment. We are an omni-channel retailer with capabilities that allow a customer to use more than one channel when making a purchase, including retail stores, online, and mobile channels, and have it fulfilled, in most cases, either through in-store customer pickup or by direct shipment to the customer from one of our distribution centers, retail stores, or vendor drop-ship. Other non-merchandise revenue included in our Merchandising segment primarily includes the value of unredeemed points earned that are associated with the Company’s loyalty rewards programs for Cabela’s CLUB issued credit cards, net of the estimated costs of the points; real estate rental income; and real estate land sales. The Financial Services segment issues co-branded credit cards which are available through all of our channels. Our Cabela’s CLUB cardholders also earn points from our loyalty rewards programs that can be redeemed through all of our customer shopping channels. Results for the three months ended March 28, 2015, presented in the tables below and in Management’s Discussion and Analysis of Financial Condition and Results of Operations - Three Months Ended April 2, 2016, Compared to March 28, 2015, presented herein, have been recast to reflect these new segments. Primary operating costs by segment are summarized below. Merchandising Segment:
Financial Services Segment:
Segment assets are those directly used in each operating segment’s operations. Depreciation, amortization, and property and equipment expenditures are recognized as directly expensed and used in each respective segment. Major assets by segment are summarized below. Merchandising Segment:
Financial Services Segment:
Under an Intercompany Agreement, the Financial Services segment pays to the Merchandising segment a fixed license fee that includes 70 basis points on all originated charge volume of the Cabela’s CLUB Visa credit card portfolio. In addition, among other items, the agreement requires the Financial Services segment to reimburse the Merchandising segment for certain promotional costs, which are recorded as a reduction to Financial Services segment revenue and as a reduction to merchandise costs associated with the Merchandising segment. This reimbursement from our Financial Services segment to our Merchandising segment for certain promotional costs was eliminated in consolidation. Also, if the total risk-based capital ratio of WFB is greater than 13% at any quarter end, the Financial Services segment must pay an additional license fee to the Merchandising segment equal to 50% of the amount that the total risk-based capital ratio exceeds 13%. No additional license fee was paid in either the three months ended April 2, 2016, or the three months ended March 28, 2015. Financial information for our two segments is presented in the following table for the periods presented:
The components and amounts of total revenue for the Financial Services segment were as follows for the periods presented:
The following table sets forth the percentage of our merchandise revenue contributed by major product categories for our Merchandising segment for the three months ended:
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Fair Value Measurements |
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Fair Value Measurements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Text Block] | nancial instrument assets and liabilities measured and reported at fair value are classified and disclosed in one of the following categories:
At April 2, 2016, the financial instruments carried on our condensed consolidated balance sheets subject to fair value measurements consisted of economic development bonds (included in other assets) and were classified as Level 3 for valuation purposes. For the three months ended April 2, 2016, and March 28, 2015, there were no transfers in or out of Levels 1, 2, or 3. There were no significant changes in the fair value of the economic development bonds which are measured on a recurring basis using significant unobservable inputs (Level 3) for the three months ended April 2, 2016, compared to the fiscal year ended 2015 or the three months ended March 28, 2015. There were no other than temporary fair value adjustments of economic development bonds and no adjustments of deferred grant income related to economic development bonds in the three months ended April 2, 2016, or March 28, 2015. In the three months ended April 2, 2016, we recognized an impairment loss of $0.1 million on a parcel of unimproved land based on a sales contract. The value of the property adjusted for selling costs was $1.3 million and its carrying value was $1.4 million. This impairment was recognized in the Merchandising segment. The table below presents the estimated fair values of the Company’s financial instruments that are not carried at fair value on our condensed consolidated balance sheets at the periods indicated. The fair values of all financial instruments listed below were estimated based on internally developed models or methodologies utilizing observable inputs (Level 2).
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Impairment and Restructuring Charges (Notes) |
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Impairment and Restructuring Charges [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring, Impairment, and Other Activities Disclosure [Text Block] | IMPAIRMENT AND RESTRUCTURING CHARGES Impairment and restructuring charges consisted of the following for the periods ended:
Impairment – We evaluate the recoverability of economic development bonds, property (including existing store locations and future retail store sites), equipment, goodwill, other property, and other intangibles whenever indicators of impairment exist. In the three months ended April 2, 2016, we recognized an impairment loss of $0.1 million on a parcel of unimproved land based on a sales contract. The value of the property adjusted for selling costs was $1.3 million and its carrying value was $1.4 million. This impairment was recognized in the Merchandising segment. We did not recognize any impairment during the three months ended March 28, 2015. Local economic trends, government regulations, and other restrictions where we own properties may impact management projections that could change undiscounted cash flows in future periods which could trigger possible future write downs. Restructuring Charges – In the three months ended April 2, 2016, we incurred charges totaling $3 million for severance and related benefits primarily attributable to a corporate restructuring and reduction in the number of personnel. The charges were recognized in the Merchandising segment. The activity relating to the liability for these severance benefits, which was included in accrued expenses and other liabilities in our condensed consolidated balance sheets, is summarized in the following table for the periods presented:
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Accounting Pronouncements (Notes) |
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Apr. 02, 2016 | |
Accounting Pronouncements [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | ACCOUNTING PRONOUNCEMENTS The following accounting standards are grouped by their effective date applicable to the Company: First quarter of fiscal year 2017: In July 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-11, “Inventory (Topic 330): Simplifying the Measurement of Inventory” (“ASU 2015-11”). Under this standard, inventory will be measured at the “lower of cost and net realizable value” and options that currently exist for “market value” will be eliminated. ASU 2015-11 defines net realizable value as the “estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation.” ASU 2015-11 is effective for interim and annual periods beginning after December 15, 2016. Early application is permitted and should be applied prospectively. We are evaluating the provisions of this statement, including which period to adopt, and have not determined what impact the adoption of ASU 2015-11 will have on the Company’s consolidated financial position or results of operations. In March 2016, the FASB issued ASU 2016-09, “Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting” (“ASU 2016-09”). This standard is intended to simplify several aspects of the accounting for share-based payment award transactions, including the income tax consequences, classification of awards as either equity or liabilities, an option to recognize gross stock compensation expense with actual forfeitures recognized as they occur, and classifications in the statement of cash flows. ASU 2016-09 is effective for interim and annual periods beginning after December 15, 2016. Early adoption is permitted. We are evaluating the provisions of this statement and do not intend to apply early adoption. We have not determined what impact the adoption of ASU 2016-09 will have on the Company’s consolidated financial position or results of operations. First quarter of fiscal year 2018: In May 2014, the FASB issued ASU 2014-09 “Revenue from Contracts with Customers (Topic 606)” (“ASU 2014-09”). ASU 2014-09 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. In adopting ASU 2014-09, companies may use either a full retrospective or a modified retrospective approach. ASU 2014-09 is effective for the first interim period within annual reporting periods beginning after December 15, 2017. Early adoption is permitted. We are evaluating the provisions of this statement and do not intend to apply early adoption. We have not determined what impact the adoption of ASU 2014-09 will have on the Company’s consolidated financial position or results of operations. First quarter of fiscal year 2019: In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842)” (“ASU 2016-02”). Under this standard, operating and finance leases with a lease term of more than 12 months will be recorded in the balance sheet as right-of-use assets with offsetting lease liabilities based on the present value of future lease payments. The standard also requires qualitative and quantitative disclosures designed to assess the amount, timing, and uncertainty of cash flows arising from leases. ASU 2016-02 is effective for interim and annual periods beginning after December 15, 2018. Early adoption is permitted and requires the use of a modified retrospective transition approach, which includes a number of optional practical expedients that entities may elect to apply. We are evaluating the provisions of this statement, including which period to adopt, and have not determined what impact the adoption of ASU 2016-02 will have on the Company’s consolidated financial position or results of operations. |
Cabela's Master Credit Card Trust (Tables) |
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Cabela's Master Credit Card Trust [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated Assets and Liabilities of the Trust [Table Text Block] | The following table presents the components of the consolidated assets and liabilities of the Trust at the periods ended:
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Credit Card Loans and Allowance For Loan Losses Credit Card Loans (Tables) |
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Credit Card Loans [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Card Loans [Table Text Block] | The following table reflects the composition of the credit card loans at the periods ended:
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Allowance for Credit Losses on Financing Receivables [Table Text Block] | The following table reflects the activity in the allowance for loan losses by credit card segment for the periods presented:
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Financing Receivable Credit Quality Indicators [Table Text Block] | The following table provides information on current, non-accrual, past due, and restructured credit card loans by class using the respective quarter Fair Isaac Corporation (“FICO”) score at the periods ended:
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Borrowings of Financial Services Segment (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Borrowings of Financial Services Subsidiary [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Assets and Associated Liabilities Accounted for as Secured Borrowings [Table Text Block] |
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Long-Term Debt and Capital Leases (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt [Table Text Block] | Long-term debt, including revolving credit facilities and capital leases, consisted of the following at the periods ended:
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Income Taxes (Tables) |
3 Months Ended |
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Apr. 02, 2016 | |
Income Taxes [Abstract] | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The effective income tax rate was 36.5% for the three months ended April 2, 2016, compared to 37.0% for the three months ended March 28, 2015. |
Commitments and Contingencies (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||
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Apr. 02, 2016 | |||||||||||||||||||||||||||||||||||||||||
Future Minimum Lease Payments [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | The following is a schedule of future minimum rental payments under operating leases at April 2, 2016:
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Stockholders' Equity and Dividend Restrictions (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Apr. 02, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders' Equity and Dividend Restrictions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Treasury Stock Activity [Table Text Block] | The following table reconciles the Company’s treasury stock activity for the periods presented.
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Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The components of accumulated other comprehensive loss, net of related taxes, are as follows for the periods ended:
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Earnings Per Share (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Apr. 02, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following table reconciles the weighted average number of shares utilized in the earnings per share calculations for the periods presented.
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Supplemental Cash Flow Information (Tables) |
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Supplemental Cash Flow Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | The following table sets forth non-cash financing and investing activities and other cash flow information for the three months ended:
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Segment Reporting (Tables) |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Components of Financial Services Segment [Table Text Block] | periods presented:
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Revenue from External Customers by Products and Services [Table Text Block] |
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Fair Value Measurements (Tables) |
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Fair Value Measurements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis [Table Text Block] |
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Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] |
Impairment and Restructuring Charges (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Apr. 02, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impairment and Restructuring Charges [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Costs [Table Text Block] |
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Cabela's Master Credit Card Trust (Details) - USD ($) $ in Thousands |
Apr. 02, 2016 |
Jan. 02, 2016 |
Mar. 28, 2015 |
---|---|---|---|
Consolidated assets: [Abstract] | |||
Restricted credit card loans, net of allowance of $74,510, $75,450, and $55,750 | $ 4,749,813 | $ 4,991,210 | $ 4,129,647 |
Restricted cash of the Trust | 40,475 | 40,983 | 30,641 |
Total Consolidated Assets of the Trust | 4,790,288 | 5,032,193 | 4,160,288 |
Consolidated liabilities: [Abstract] | |||
Secured variable funding obligations | 330,000 | 655,000 | 0 |
Secured obligations, net of debt issuance costs of $6,814, $7,568, and $7,944 | 3,231,686 | 3,230,932 | 3,103,056 |
Interest due to third party investors | 2,722 | 2,682 | 2,170 |
Total Consolidated liabilities of the Trust | 3,564,408 | 3,888,614 | 3,105,226 |
Unamortized Debt Issuance Expense | 1,874 | 1,931 | 136 |
Cabela's Master Credit Card Trust [Member] | |||
Consolidated assets: [Abstract] | |||
Allowance for loan losses | 74,510 | 75,450 | 55,750 |
Secured Debt [Member] | |||
Consolidated liabilities: [Abstract] | |||
Unamortized Debt Issuance Expense | $ 6,814 | $ 7,568 | $ 7,944 |
Income Taxes (Details) - USD ($) $ in Millions |
3 Months Ended | ||
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Apr. 02, 2016 |
Mar. 28, 2015 |
Jan. 02, 2016 |
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Unrecognized Tax Benefits | $ 70 | ||
Effective Income Tax Rate, Continuing Operations | 36.50% | 37.00% | |
Unrecognized Tax Benefit, Current | $ 47 | ||
Unrecognized Tax Benefit, Non-current | $ 60 | $ 73 |
Stockholders' Equity and Dividend Restrictions (Details) - USD ($) $ in Thousands |
3 Months Ended | ||||
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Apr. 02, 2016 |
Mar. 28, 2015 |
Jan. 02, 2016 |
Sep. 01, 2015 |
Dec. 27, 2014 |
|
Cash Dividends Paid to Parent Company by Consolidated Subsidiaries | $ 40,000 | ||||
Treasury Stock, Number of Shares Held | 3,351,162 | 0 | 3,776,305 | 0 | |
Stock Repurchased During Period, Shares | 0 | 0 | |||
Stock Issued During Period, Shares, Treasury Stock Reissued | (425,143) | 0 | |||
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments | $ 225,000 | ||||
Stock Repurchase Program, Authorized Amount | $ 500,000 | ||||
Cumulative foreign currency translation adjustments | $ (46,331) | $ (36,738) | (61,011) | ||
Accumulated other comprehensive loss | (35,670) | (25,973) | (50,914) | ||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | 425,800 | ||||
Available-for-sale Securities [Member] | |||||
Accumulated net unrealized holding gains on economic development bonds | $ 10,661 | $ 10,765 | $ 10,097 |
Earnings Per Share (Details) - shares |
3 Months Ended | |
---|---|---|
Apr. 02, 2016 |
Mar. 28, 2015 |
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Basic weighted average shares outstanding | 67,925,173 | 71,272,064 |
Stock options and nonvested stock units | 762,423 | 331,511 |
Diluted weighted average shares outstanding | 68,687,596 | 71,603,575 |
Stock options outstanding considered anti-dilutive excluded from calculation | 1,591,206 | 446,712 |
Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Apr. 02, 2016 |
Mar. 28, 2015 |
|
Supplemental Cash Flow Information [Abstract] | ||
Interest Paid By Subsidiary | $ 19,000 | $ 16,000 |
Accrued property and equipment additions (1) | 6,446 | 33,866 |
Interest Paid | 30,414 | 21,927 |
Interest Paid, Capitalized | 1,567 | 3,224 |
Interest paid (2) | 28,847 | 18,703 |
Income taxes paid, net of refunds | $ 8,206 | $ 23,783 |
Impairment and Restructuring Charges (Details) - USD ($) $ in Thousands |
3 Months Ended | |||
---|---|---|---|---|
Apr. 02, 2016 |
Mar. 28, 2015 |
Jan. 02, 2016 |
Dec. 27, 2014 |
|
Restructuring Cost and Reserve [Line Items] | ||||
Supplemental Unemployment Benefits, Severance Benefits | $ 3,731 | $ 0 | $ 2,799 | $ 0 |
Payments for Restructuring | (1,899) | 0 | ||
Impairment of Long-Lived Assets to be Disposed of | 141 | 0 | ||
Severance Costs | 2,831 | 0 | ||
Restructuring Costs and Asset Impairment Charges | 2,972 | $ 0 | ||
Carrying Value, Land Held For Sale and Other Assets | 1,300 | $ 1,300 | ||
Carrying value, land held for sale and other assets, before impairment | $ 1,400 |
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