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Restructuring Initiatives | 9 Months Ended
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Nov. 02, 2013
Restructuring Initiatives [Abstract] |
Portfolio Realignment |
Note 6 | Restructuring Initiatives
Portfolio Realignment The Company's portfolio realignment efforts include the sale of ASG; the sale of the AND 1 division; exiting certain women’s specialty and private label brands; exiting the children’s wholesale business; the sale and closure of sourcing and supply chain assets; closing or relocating numerous underperforming or poorly aligned retail stores; the termination of the Etienne Aigner license agreement; the election not to renew the Vera Wang license in accordance with agreement terms, and other infrastructure changes. These portfolio realignment efforts began in 2011 and are substantially complete. The following is a summary of the Company’s portfolio realignment expense for our continuing and discontinued operations:
|  | Thirteen Weeks Ended |  |  |  | Thirty-nine Weeks Ended
($ millions, except per share data) |  | Pre-tax Expense |  | After-tax Expense |  |  | Loss Per Diluted Share |  | Pre-tax Expense |  |  | After-tax Expense |  |  | Loss Per Diluted Share
November 2, 2013 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Continuing Operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business exits and cost reductions | $ | – | $ | – |  | $ | – | $ | 1.2 |  | $ | 0.8 |  | $ | 0.02
Non-cash impairments/dispositions |  | – |  | – |  |  | – |  | 4.7 |  |  | 4.7 |  |  | 0.11
Total Continuing Operations |  | – |  | – |  |  | – |  | 5.9 |  |  | 5.5 |  |  | 0.13
Discontinued Operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business exits and cost reductions |  | – |  | – |  |  | – |  | 13.3 |  |  | 6.4 |  |  | 0.13
Non-cash impairments/dispositions |  | – |  | – |  |  | – |  | 11.5 |  |  | 11.5 |  |  | 0.28
Total Discontinued Operations |  | – |  | – |  |  | – |  | 24.8 |  | 17.9 |  |  | 0.41
Total | $ | – | $ | – |  | $ | – | $ | 30.7 | $ | 23.4 |  | $ | 0.54
October 27, 2012 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Continuing Operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business exits and cost reductions | $ | 2.3 | $ | 1.4 |  | $ | 0.04 | $ | 18.9 |  | $ | 12.4 |  | $ | 0.29
Non-cash impairments/dispositions |  | – |  | – |  |  | – |  | – |  |  | – |  |  | –
Total Continuing Operations |  | 2.3 |  | 1.4 |  |  | 0.04 |  | 18.9 |  | 12.4 |  |  | 0.29
Discontinued Operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business exits and cost reductions |  | 0.3 |  | 0.2 |  |  | – |  | 8.1 |  |  | 5.0 |  |  | 0.12
Non-cash impairments/dispositions |  | – |  | – |  |  | – |  | – |  |  | – |  |  | –
Total Discontinued Operations |  | 0.3 |  | 0.2 |  |  | – |  | 8.1 |  | 5.0 |  |  | 0.12
Total | $ | 2.6 | $ | 1.6 |  | $ | 0.04 | $ | 27.0 | $ | 17.4 |  | $ | 0.41
The business exits and cost reductions of the Company’s continuing operations were recorded within restructuring and other special charges, net and cost of goods sold in the condensed consolidated statements of earnings. The business exits and cost reductions of the Company’s discontinued operations were recorded within earnings (loss) from discontinued operations, net of tax, in the condensed consolidated statements of earnings. The non-cash impairments/dispositions of the Company’s continuing operations were recorded within impairment of assets held for sale in the condensed consolidated statements of earnings. The non-cash impairments/dispositions of the Company’s discontinued operations were recorded within impairment of net assets/disposition of discontinued operations in the condensed consolidated statements of earnings. The non-cash impairments/dispositions are included in Other in the following table. During the third quarter of 2013, no expenses for portfolio realignment were incurred. Of the $2.3 million of continuing operations costs incurred during the third quarter of 2012, $1.5 million is included in the Wholesale Operations segment, $0.4 million is included in the Famous Footwear segment, $0.3 million is included in the Specialty Retail segment, and $0.1 million is included in the Other segment. All of the $5.9 million of expenses for portfolio realignment that were recorded in continuing operations during the thirty-nine weeks ended November 2, 2013 were included in the Wholesale Operations segment. Of the $18.9 million incurred during the thirty-nine weeks ended October 27, 2012, $7.7 million is included in the Famous Footwear segment, $6.5 million is included in the Wholesale Operations segment, $3.9 million is included in the Specialty Retail segment, and $0.8 million is included in the Other segment. The following is a summary of the charges and settlements by category of costs:
|  |  |  |  |  |  |  |  |  |  |  |  |  | Total by Classification
($ millions) |  | Employee |  | Markdowns and Royalty Shortfalls |  |  | Facility |  |  | Other |  |  | Total |  |  | Continuing Operations |  |  | Discontinued Operations
Reserve balance at January 28, 2012 | $ | 5.8 |  | $ | 1.6 |  | $ | 1.3 |  | $ | 1.3 |  | $ | 10.0 |  | $ | 10.0 |  | $ | –
Additional charges in 2012 |  | 6.0 |  |  | 3.1 |  |  | 11.4 |  |  | 9.4 |  |  | 29.9 |  |  | 21.9 |  |  | 8.0
Amounts settled in 2012 |  | (10.1) |  |  | (4.5) |  |  | (9.4) |  |  | (10.4) |  |  | (34.4) |  |  | (26.6) |  |  | (7.8)
Reserve balance at February 2, 2013 | $ | 1.7 |  | $ | 0.2 |  | $ | 3.3 |  | $ | 0.3 |  | $ | 5.5 |  | $ | 5.3 |  | $ | 0.2
Additional charges in first quarter 2013 |  | 0.4 |  |  | 3.0 |  |  | 0.1 |  |  | 25.3 |  |  | 28.8 |  |  | 5.2 |  |  | 23.6
Amounts settled in first quarter 2013 |  | (1.0) |  |  | (2.8) |  |  | (0.8) |  |  | (18.2) |  |  | (22.8) |  |  | (7.0) |  |  | (15.8)
Reserve balance at May 4, 2013 | $ | 1.1 |  | $ | 0.4 |  | $ | 2.6 |  | $ | 7.4 |  | $ | 11.5 |  | $ | 3.5 |  | $ | 8.0
Additional charges (recoveries) in second quarter 2013 |  | 2.3 |  |  | (0.4) |  |  | – |  |  | (0.1) |  |  | 1.8 |  |  | 0.7 |  |  | 1.1
Amounts settled in second quarter 2013 |  | (1.0) |  |  | 0.3 |  |  | (0.6) |  |  | (7.0) |  |  | (8.3) |  |  | (1.8) |  |  | (6.5)
Reserve balance at August 3, 2013 | $ | 2.4 |  | $ | 0.3 |  | $ | 2.0 |  | $ | 0.3 |  | $ | 5.0 |  | $ | 2.4 |  | $ | 2.6
Additional charges in third quarter 2013 |  | – |  |  | – |  |  | – |  |  | – |  |  | – |  |  | – |  |  | –
Amounts settled in third quarter 2013 |  | (0.3) |  |  | (0.3) |  |  | (0.3) |  |  | (0.3) |  |  | (1.2) |  |  | (0.4) |  |  | (0.8)
Reserve balance at November 2, 2013 | $ | 2.1 |  | $ | – |  | $ | 1.7 |  | $ | – |  | $ | 3.8 |  | $ | 2.0 |  | $ | 1.8
Integration Related Costs During the thirty-nine weeks ended October 27, 2012, the Company incurred integration costs related to the acquisition of ASG of $0.7 million ($0.4 million after-tax, or $0.01 per diluted share). These costs were recognized as earnings (loss) from discontinued operations. Organizational Change During the thirty-nine weeks ended October 27, 2012, the Company incurred costs of $2.3 million ($1.4 million on an after-tax basis, or $0.03 per diluted share) related to an organizational change at the corporate headquarters. These costs were recognized as restructuring and other special charges, net and included in the Other segment.

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