3 unchanged sentences
($ thousands)
−Removed: April 30, 2022
+Added: July 30, 2022
+Added: July 31, 2021
January 29, 2022
13 unchanged sentences
Borrowings under revolving credit agreement
+Added: Current portion of long-term debt
Mandatory purchase obligation - Blowfish Malibu
20 unchanged sentences
Thirteen Weeks Ended
+Added: Twenty-Six Weeks Ended
($ thousands, except per share amounts)
−Removed: April 30, 2022
+Added: July 30, 2022
+Added: July 31, 2021
+Added: July 30, 2022
+Added: July 31, 2021
Cost of goods sold
6 unchanged sentences
Income tax provision
−Removed: Net (loss) earnings attributable to noncontrolling interests
+Added: Net earnings (loss) attributable to noncontrolling interests
Net earnings attributable to Caleres, Inc.
5 unchanged sentences
Thirteen Weeks Ended
+Added: Twenty-Six Weeks Ended
($ thousands)
−Removed: April 30, 2022
+Added: July 30, 2022
+Added: July 31, 2021
+Added: July 30, 2022
+Added: July 31, 2021
Other comprehensive income (loss) ("OCI"), net of tax:
8 unchanged sentences
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
−Removed: Thirteen Weeks Ended
+Added: Twenty-Six Weeks Ended
($ thousands)
−Removed: April 30, 2022
+Added: July 30, 2022
+Added: July 31, 2021
Operating Activities
7 unchanged sentences
Impairment charges for property, equipment, and lease right-of-use assets
−Removed: Provision/adjustment for expected credit losses
+Added: Adjustment to expected credit losses
Deferred income taxes
16 unchanged sentences
Contributions by noncontrolling interests
−Removed: Net cash used for financing activities
+Added: Net cash provided by (used for) financing activities
Effect of exchange rate changes on cash and cash equivalents
−Removed: Increase in cash and cash equivalents
+Added: Increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
3 unchanged sentences
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
+Added: Caleres, Inc.
+Added: Comprehensive
+Added: Shareholders’
+Added: ($ thousands, except number of shares and per share amounts)
+Added: Paid-In Capital
+Added: BALANCE APRIL 30, 2022
+Added: Foreign currency translation adjustment
+Added: Pension and other postretirement benefits adjustments, net of tax of $ 190
+Added: Comprehensive income (loss)
+Added: Dividends ($ 0.07 per share)
+Added: Acquisition of treasury stock
+Added: ( 1,083,496 )
+Added: Issuance of common stock under share-based plans, net
+Added: Share-based compensation expense
+Added: BALANCE JULY 30, 2022
+Added: BALANCE MAY 1, 2021
+Added: Foreign currency translation adjustment
+Added: Pension and other postretirement benefits adjustments, net of tax of $ 85
+Added: Comprehensive income
+Added: Dividends ($ 0.07 per share)
+Added: Issuance of common stock under share-based plans, net
+Added: Share-based compensation expense
+Added: BALANCE JULY 31, 2021
Total Caleres, Inc.
3 unchanged sentences
Paid-In Capital
−Removed: BALANCE AS OF JANUARY 29, 2022
+Added: BALANCE JANUARY 29, 2022
Net earnings (loss)
5 unchanged sentences
Acquisition of treasury stock
+Added: ( 1,784,820 )
Issuance of common stock under share-based plans, net
Share-based compensation expense
−Removed: BALANCE APRIL 30, 2022
+Added: BALANCE JULY 30, 2022
BALANCE JANUARY 30, 2021
5 unchanged sentences
Share-based compensation expense
−Removed: BALANCE MAY 1, 2021
+Added: BALANCE JULY 31, 2021
See notes to condensed consolidated financial statements.
16 unchanged sentences
The Company and Brand Investment Holding are each 50 % owners of the joint venture, which is named CLT Brand Solutions (“CLT”).
−Removed: During the first quarter of 2022, CLT accrued capital contributions of $ 3.0 million, including $ 1.5 million of funding received from Brand Investment Holding.
−Removed: Net sales and operating losses were $ 2.9 million and $ 0.9 million, respectively, for the thirteen weeks ended April 30, 2022.
−Removed: Net sales and operating earnings (loss) were not significant during the thirteen weeks ended May 1, 2021.
+Added: During the twenty-six weeks ended July 30, 2022, capital contributions of $ 3.0 million were made to CLT, including $ 1.5 million received from Brand Investment Holding.
+Added: Net sales were $ 4.8 million and $ 7.7 million for the thirteen and twenty-six weeks ended July 30, 2022, respectively.
+Added: Operating earnings were $ 0.5 million and operating losses were $ 0.3 million for the thirteen and twenty-six weeks ended July 30, 2022, respectively.
+Added: Net sales and operating earnings were not significant during the thirteen or twenty-six weeks ended July 31, 2021.
The Company had a joint venture agreement with a subsidiary of C.
3 unchanged sentences
The Company consolidates CLT and B&H Footwear into its condensed consolidated financial statements.
−Removed: Net (loss) earnings attributable to noncontrolling interests represents the share of net earnings or losses that is attributable to Brand Investment Holding and CBI.
+Added: Net earnings (loss) attributable to noncontrolling interests represents the share of net earnings or losses that is attributable to Brand Investment Holding and CBI.
Transactions between the Company and the joint ventures have been eliminated in the condensed consolidated financial statements.
2 unchanged sentences
Actual results could differ from those estimates.
−Removed: COVID-19, Supply Chain Disruptions and Inflationary Pressures
−Removed: The coronavirus (“COVID-19”) continues to adversely impact the United States and global economies.
−Removed: During 2021, our business operations were impacted by the delayed receipt of inventory attributable to temporary factory shutdowns, border closures, port congestion and shipping vessel and container availability.
−Removed: While inventory receipts improved during the first quarter of 2022, supply chain disruptions continue to impact our business operations and financial results.
−Removed: We experienced higher transportation costs throughout 2021 and continue to experience inflationary pressures for freight and other product costs.
On March 27, 2020, the Coronavirus Aid, Relief and Economic Security ("CARES") Act was enacted.
1 unchanged sentence
During 2020, the Company deferred approximately $ 9.4 million of employer social security payroll taxes.
−Removed: As of April 30, 2022, employer social security payroll taxes totaling $ 5.0 million, which are payable by December 31, 2022, are presented in other accrued expenses on the condensed consolidated balance sheet.
−Removed: As of May 1, 2021, approximately $ 4.7 million of deferred employer social security payroll taxes was recorded in other accrued expenses and $ 4.7 million was recorded in other liabilities on the condensed consolidated balance sheet.
+Added: As of July 30, 2022, employer social security payroll taxes totaling $ 5.0 million, which are payable by December 31, 2022, are presented in other accrued expenses on the condensed
+Added: consolidated balance sheet.
+Added: As of July 31, 2021, approximately $ 4.7 million of deferred employer social security payroll taxes was recorded in other accrued expenses and $ 4.7 million was recorded in other liabilities on the condensed consolidated balance sheet.
P roperty and Equipment, Held for Sale
2 unchanged sentences
During the first quarter of 2022, the Company continued its negotiations and an agreement for the sale of the Campus was signed on April 27, 2022, subject to certain closing conditions.
−Removed: The sale of the Campus is expected to close and qualify as a completed sale during the second quarter of 2022.
−Removed: Accordingly, the Campus has been classified as property and equipment, held for sale on the condensed consolidated balance sheet as of April 30, 2022 and is reflected within the Eliminations and Other category.
+Added: The sale of the Campus is expected to close and qualify as a completed sale during fiscal 2022.
+Added: Accordingly, the Campus has been classified as property and equipment, held for sale on the condensed consolidated balance sheet as of July 30, 2022 and is reflected within the Eliminations and Other category.
The Company evaluated the Campus asset group for impairment indicators and determined that no indicators were present.
The Company intends to execute a lease agreement for a portion of a new office building to be built on a parcel of the headquarters campus, as well as a lease agreement for the existing headquarters building during the period of construction.
−Removed: These lease agreements are expected to be finalized during the second quarter of 2022.
+Added: These lease agreements are expected to be finalized during fiscal 2022.
Note 2 Impact of New Accounting Pronouncements
2 unchanged sentences
Disaggregation of Revenues
−Removed: The following table disaggregates revenue by segment and major source for the periods ended April 30, 2022 and May 1, 2021:
−Removed: Thirteen Weeks Ended April 30, 2022
+Added: The following table disaggregates revenue by segment and major source for the periods ended July 30, 2022 and July 31, 2021:
+Added: Thirteen Weeks Ended July 30, 2022
Eliminations and
3 unchanged sentences
Retail stores
−Removed: Landed wholesale - e-commerce - drop ship (1)
E-commerce - Company websites (1)
+Added: E-commerce - wholesale drop ship (1)
Total direct-to-consumer sales
Wholesale - e-commerce (1)
−Removed: Landed wholesale
−Removed: First-cost wholesale
+Added: Wholesale - landed
+Added: Wholesale - first cost
Licensing and royalty
−Removed: Thirteen Weeks Ended May 1, 2021
+Added: Thirteen Weeks Ended July 31, 2021
Eliminations and
3 unchanged sentences
Retail stores
−Removed: Landed wholesale - e-commerce - drop ship (1)
E-commerce - Company websites (1)
+Added: E-commerce - wholesale drop ship (1)
Total direct-to-consumer sales
Wholesale - e-commerce (1)
−Removed: Landed wholesale
−Removed: First-cost wholesale
+Added: Wholesale - landed
+Added: Wholesale - first cost
Licensing and royalty
+Added: Twenty-Six Weeks Ended July 30, 2022
+Added: Eliminations and
+Added: ($ thousands)
+Added: Famous Footwear
+Added: Brand Portfolio
+Added: Retail stores
+Added: E-commerce - Company websites (1)
+Added: E-commerce - wholesale drop ship (1)
+Added: Total direct-to-consumer sales
+Added: Wholesale - e-commerce (1)
+Added: Wholesale - landed
+Added: Wholesale - first cost
+Added: Licensing and royalty
+Added: Total net sales
+Added: Twenty-Six Weeks Ended July 31, 2021
+Added: Eliminations and
+Added: ($ thousands)
+Added: Famous Footwear
+Added: Brand Portfolio
+Added: Retail stores
+Added: E-commerce - Company websites (1)
+Added: E-commerce - wholesale drop ship (1)
+Added: Total direct-to-consumer sales
+Added: Wholesale - e-commerce (1)
+Added: Wholesale - landed
+Added: Wholesale - first cost
+Added: Licensing and royalty
(1) Collectively referred to as "e-commerce"
10 unchanged sentences
The revenue associated with the initial merchandise purchased is recognized immediately and the value assigned to the points is deferred until the points are redeemed, forfeited or expired.
−Removed: The Company also generates revenue from sales on websites maintained by the Company that are shipped from the Company’s distribution centers or retail stores directly to the consumer, picked up directly by the consumer from the Company’s stores and e-commerce sales from the Company’s wholesale customers’ websites that are fulfilled on a drop-ship or first-cost basis (collectively referred to as "e-commerce").
+Added: The Company generates revenue from sales on websites maintained by the Company that are shipped from the Company’s distribution centers or retail stores directly to the consumer, or picked up directly by the consumer from the Company’s stores (“e-commerce – Company websites”);
+Added: sales from the Company’s wholesale customers’ websites that are fulfilled on a drop-ship basis (“e-commerce – wholesale drop ship”);
+Added: and other e-commerce sales (“wholesale – e-commerce”), collectively referred to as "e-commerce".
The Company transfers control and recognizes revenue for merchandise sold that is shipped directly to an individual consumer upon delivery to the consumer.
19 unchanged sentences
($ thousands)
−Removed: April 30, 2022
+Added: July 30, 2022
+Added: July 31, 2021
January 29, 2022
4 unchanged sentences
Changes in contract balances with customers generally reflect differences in relative sales volume for the periods presented.
−Removed: In addition, during the thirteen weeks ended April 30, 2022, the loyalty programs liability increased $ 7.6 million due to points and material rights earned on purchases and decreased $ 8.2 million due to expirations and redemptions.
−Removed: During the thirteen weeks ended May 1, 2021, the loyalty programs liability increased $ 9.3 million due to points and material rights earned on purchases and decreased $ 7.1 million due to expirations and redemptions.
−Removed: The following table summarizes the activity in the Company’s allowance for expected credit losses during the thirteen weeks ended April 30, 2022 and May 1, 2021:
−Removed: Thirteen Weeks Ended
+Added: In addition, during the twenty-six weeks ended July 30, 2022, the loyalty programs liability increased $ 24.5 million due to points and material rights earned on purchases and decreased $ 25.8 million due to expirations and redemptions.
+Added: During the twenty-six weeks ended July 31, 2021, the loyalty programs liability increased $ 17.1 million due to points and material rights earned on purchases and decreased $ 13.3 million due to expirations and redemptions.
+Added: The liability for loyalty programs is presented within other accrued expenses when earned and is generally expected to be recognized as revenue within one year.
+Added: The gift card liability is established upon the sale of a gift card and revenue is recognized either upon redemption of the gift card by the consumer or based upon the gift card breakage rate, which is generally within the 24-month period following the sale of the gift card.
+Added: The following table summarizes the activity in the Company’s allowance for expected credit losses during the twenty-six weeks ended July 30, 2022 and July 31, 2021:
+Added: Twenty-Six Weeks Ended
($ thousands)
−Removed: April 30, 2022
+Added: July 30, 2022
+Added: July 31, 2021
Balance, beginning of period
−Removed: Provision/adjustment for expected credit losses
+Added: Adjustment to expected credit losses
Uncollectible accounts written off, net of recoveries
3 unchanged sentences
shareholders.
−Removed: In periods of net loss, no effect is given to the Company’s participating securities since they do not contractually participate in the losses of the Company.
+Added: In periods of net loss, no effect is given to the Company’s participating securities since they do not contractually participate in the losses of
The following table sets forth the computation of basic and diluted earnings per common share attributable to Caleres, Inc.
−Removed: shareholders for the periods ended April 30, 2022 and May 1, 2021:
+Added: shareholders for the periods ended July 30, 2022 and July 31, 2021:
Thirteen Weeks Ended
+Added: Twenty-Six Weeks Ended
($ thousands, except per share amounts)
−Removed: April 30, 2022
−Removed: Net loss (earnings) attributable to noncontrolling interests
+Added: July 30, 2022
+Added: July 31, 2021
+Added: July 30, 2022
+Added: July 31, 2021
+Added: Net (earnings) loss attributable to noncontrolling interests
Net earnings attributable to Caleres, Inc.
7 unchanged sentences
Diluted earnings per common share attributable to Caleres, Inc.
−Removed: Options to purchase 16,667 shares of common stock for both the thirteen weeks ended April 30, 2022 and May 1, 2021 were not included in the denominator for diluted earnings per common share attributable to Caleres, Inc.
+Added: Options to purchase 16,667 shares of common stock for both the thirteen and twenty-six weeks ended July 30, 2022 and July 31, 2021 were not included in the denominator for diluted earnings per common share attributable to Caleres, Inc.
shareholders because the effect would be anti-dilutive.
−Removed: During the thirteen weeks ended April 30, 2022, the Company repurchased 701,324 shares under the 2019 publicly announced share repurchase program, which permits repurchases of up to 5.0 million shares.
−Removed: The Company did no t repurchase any shares under share repurchase programs during the thirteen weeks ended May 1, 2021.
+Added: During the thirteen and twenty-six weeks ended July 30, 2022, the Company repurchased 1,083,496 and 1,784,820 shares, respectively, under the 2019 and 2022 publicly announced share repurchase programs, which permit repurchases of up to 5.0 million and 7.0 million shares, respectively.
+Added: The Company did no t repurchase any shares under the share repurchase programs during the twenty-six weeks ended July 31, 2021.
Refer to further discussion in Item 2, Unregistered Sales of Equity Securities and Use of Proceeds .
−Removed: Subsequent to quarter-end, the Company has repurchased approximately 905,000 shares at an aggregate price of $ 22.0 million, bringing our fiscal year-to-date total to approximately 1,606,000 shares at an aggregate price of $ 36.7 million.
+Added: Subsequent to quarter-end, the Company has repurchased approximately 538,000 shares of shares at an aggregate price of $ 13.9 million, bringing our fiscal year-to-date total to approximately 2.3 million shares at an aggregate price of $ 55.6 million.
Note 5 Restructuring and Other Special Charges
Brand Portfolio – Business Exits
−Removed: During the thirteen weeks ended May 1, 2021, the Company incurred costs of $ 13.5 million ( $ 11.9 million on an after-tax basis, or $ 0.31 per diluted share) related to the strategic realignment of the Naturalizer retail store operations.
+Added: During the twenty-six weeks ended July 31, 2021, the Company incurred costs of $ 13.5 million ( $ 11.9 million on an after-tax basis, or $ 0.31 per diluted share) related to the strategic realignment of the Naturalizer retail store operations.
These costs primarily represented lease termination and other store closure costs, including employee severance, for the 73 stores that were closed during the first quarter of 2021.
−Removed: These charges are presented in restructuring and special charges on the condensed consolidated statement of earnings within the Brand Portfolio segment for the thirteen weeks ended May 1, 2021.
−Removed: There were no corresponding charges during the thirteen weeks ended April 30, 2022.
−Removed: As of April 30, 2022 and May 1, 2021, reserves of $ 0.1 million and $ 5.2 million, respectively, were included on the condensed consolidated balance sheets.
+Added: These charges are presented in restructuring and special charges on the condensed consolidated statement of earnings within the Brand Portfolio segment for the twenty-six weeks ended July 31, 2021.
+Added: There were no corresponding charges during the twenty-six weeks ended July 30, 2022.
+Added: As of July 30, 2022 and July 31, 2021, reserves of $ 0.0 million and $ 3.3 million, respectively, were included on the condensed consolidated balance sheets.
Blowfish Mandatory Purchase Obligation
2 unchanged sentences
Approximately $ 9.0 million was initially assigned to the mandatory purchase obligation and fair value adjustments were recorded as interest expense.
−Removed: The fair value adjustments on the mandatory purchase obligation totaled $ 6.4 million ($ 4.7 million on an after-tax basis, or $ 0.13 per diluted share) for the thirteen weeks ended May 1, 2021.
−Removed: There were no corresponding charges during the thirteen weeks ended April 30, 2022.
+Added: The fair value adjustments on the mandatory purchase obligation totaled $ 7.1 million ($ 5.3 million on an after-tax basis, or $ 0.14 per diluted share) and $ 13.5 million ($ 10.0 million on an after-tax basis, or $ 0.26 per diluted share) for the thirteen and
+Added: twenty-six weeks ended July 31, 2021.
+Added: There were no corresponding charges during the twenty-six weeks ended July 30, 2022.
The mandatory purchase obligation was settled for $ 54.6 million on November 4, 2021.
1 unchanged sentence
Note 6 Business Segment Information
−Removed: Following is a summary of certain key financial measures for the Company’s business segments for the periods ended April 30, 2022 and May 1, 2021:
+Added: Following is a summary of certain key financial measures for the Company’s business segments for the periods ended July 30, 2022 and July 31, 2021:
($ thousands)
−Removed: Thirteen Weeks Ended April 30, 2022
+Added: Thirteen Weeks Ended July 30, 2022
Intersegment sales (1)
1 unchanged sentence
Segment assets
−Removed: Thirteen Weeks Ended May 1, 2021
+Added: Thirteen Weeks Ended July 31, 2021
Intersegment sales (1)
1 unchanged sentence
Segment assets
+Added: Twenty-Six Weeks Ended July 30, 2022
+Added: Intersegment sales (1)
+Added: Operating earnings (loss)
+Added: Twenty-Six Weeks Ended July 31, 2021
+Added: Intersegment sales (1)
+Added: Operating earnings (loss)
(1) Included in net sales in the Brand Portfolio segment and eliminated in the Eliminations and Other category.
2 unchanged sentences
Thirteen Weeks Ended
+Added: Twenty-Six Weeks Ended
($ thousands)
−Removed: April 30, 2022
+Added: July 30, 2022
+Added: July 31, 2021
+Added: July 30, 2022
+Added: July 31, 2021
Operating earnings
5 unchanged sentences
($ thousands)
−Removed: April 30, 2022
+Added: July 30, 2022
+Added: July 31, 2021
January 29, 2022
6 unchanged sentences
($ thousands)
−Removed: April 30, 2022
+Added: July 30, 2022
+Added: July 31, 2021
January 29, 2022
8 unchanged sentences
Goodwill and intangible assets, net
−Removed: (1) The carrying amount of goodwill as of April 30, 2022, May 1, 2021 and January 29, 2022 is presented net of accumulated impairment charges of $ 415.7 million.
−Removed: The Company’s intangible assets as of April 30, 2022, May 1, 2021 and January 29, 2022 were as follows:
+Added: (1) The carrying amount of goodwill as of July 30, 2022, July 31, 2021 and January 29, 2022 is presented net of accumulated impairment charges of $ 415.7 million.
+Added: The Company’s intangible assets as of July 30, 2022, July 31, 2021 and January 29, 2022 were as follows:
($ thousands)
−Removed: April 30, 2022
+Added: July 30, 2022
Estimated Useful Lives
1 unchanged sentence
Customer relationships
+Added: July 31, 2021
Estimated Useful Lives
5 unchanged sentences
Customer relationships
−Removed: Amortization expense related to intangible assets was $ 3.0 million and $ 3.1 million for the thirteen weeks ended April 30, 2022 and May 1, 2021, respectively.
+Added: Amortization expense related to intangible assets was $ 3.0 million and $ 3.1 million for the thirteen weeks ended July 30, 2022 and July 31, 2021, respectively, and $ 6.1 million and $ 6.3 million for the twenty-six weeks ended July 30, 2022 and July 31, 2021, respectively.
The Company estimates that amortization expense related to intangible assets will be approximately $ 12.1 million in 2022, $ 11.9 million in 2023 and $ 11.0 million in each of the fiscal years 2024, 2025 and 2026 .
Goodwill is tested for impairment at least annually, or more frequently if events or circumstances indicate it might be impaired, using either the qualitative assessment or a quantitative fair value-based test.
−Removed: The Company recorded no goodwill impairment charges during the thirteen weeks ended April 30, 2022 or May 1, 2021.
+Added: The Company recorded no goodwill impairment charges during the twenty-six weeks ended July 30, 2022 or July 31, 2021.
Indefinite-lived intangible assets are tested for impairment as of the first day of the fourth quarter of each fiscal year unless events or circumstances indicate an interim test is required.
−Removed: The Company recorded no impairment charges for indefinite-lived intangible assets during the thirteen weeks ended April 30, 2022 or May 1, 2021.
+Added: The Company recorded no impairment charges for indefinite-lived intangible assets during the twenty-six weeks ended July 30, 2022 or July 31, 2021.
Note 9 Leases
4 unchanged sentences
The majority of the Company’s leases do not provide an implicit rate and therefore, the Company uses an incremental borrowing rate based on information available at the commencement date to determine the present value of future payments.
−Removed: Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term.
+Added: For operating leases, lease expense for minimum lease payments is recognized on a straight-line basis over the lease term.
Variable lease payments are expensed as incurred.
−Removed: The Company regularly analyzes the results of all of its stores and assesses the viability of underperforming stores to determine whether events or circumstances exist that indicate the stores should be closed or whether the carrying amount of their long-lived assets may not be recoverable.
−Removed: After allowing for an appropriate start-up period and consideration of any unusual nonrecurring events, property and equipment at stores and the lease right-of-use assets indicated as impaired are written down to fair value as calculated using a discounted cash flow
+Added: The Company regularly analyzes the results of all of its stores and assesses the viability of underperforming stores to determine whether events or circumstances exist that indicate the stores should be closed or whether the carrying amount of their long-lived assets may not be
+Added: After allowing for an appropriate start-up period and consideration of any unusual nonrecurring events, property and equipment at stores and the lease right-of-use assets indicated as impaired are written down to fair value as calculated using a discounted cash flow method.
The fair value of the lease right-of-use assets is determined utilizing projected cash flows for each store location, discounted using a risk-adjusted discount rate, subject to a market floor based on current market lease rates.
−Removed: The Company recorded asset impairment charges of $ 1.8 million and $ 1.9 million during the thirteen weeks ended April 30, 2022 and May 1, 2021, respectively.
−Removed: The impairment charges are primarily related to software and underperforming retail stores.
+Added: The Company recorded asset impairment charges of $ 0.2 million and $ 0.4 million during the thirteen weeks and $ 2.0 million and $ 2.3 million during the twenty-six weeks ended July 30, 2022 and July 31, 2021, respectively.
+Added: The impairment charges are primarily related to capitalized software and underperforming retail stores.
Refer to Note 14 to the condensed consolidated financial statements for further discussion on these impairment charges.
3 unchanged sentences
The Company made a policy election to account for rent abatements as variable rent.
−Removed: Accordingly, during the thirteen weeks ended May 1, 2021, the Company recorded $ 1.3 million in lease concessions as a reduction of rent expense within selling and administrative expenses in the condensed consolidated statements of earnings.
+Added: Accordingly, during the thirteen and twenty-six weeks ended July 31, 2021, the Company recorded $ 0.3 million and $ 1.6 million, respectively, in lease concessions as a reduction of rent expense within selling and administrative expenses in the condensed consolidated statements of earnings.
Rent concessions for leases that were extended were recognized as a lease modification.
−Removed: During the thirteen weeks ended April 30, 2022, the Company entered into new or amended leases that resulted in the recognition of right-of-use assets and lease obligations of $ 37.0 million on the condensed consolidated balance sheets.
−Removed: As of April 30, 2022, the Company has entered into lease commitments for four retail locations for which the leases have not yet commenced.
−Removed: The Company anticipates that two leases will begin in the current fiscal year and two leases will begin in the next fiscal year.
+Added: During the twenty-six weeks ended July 30, 2022, the Company entered into new or amended leases that resulted in the recognition of right-of-use assets and lease obligations of $ 87.8 million on the condensed consolidated balance sheets.
+Added: As of July 30, 2022, the Company has entered into lease commitments for five retail locations for which the leases have not yet commenced.
+Added: The Company anticipates that three leases will begin in the current fiscal year and two leases will begin in the next fiscal year.
Upon commencement, right-of-use assets and lease liabilities of approximately $ 2.7 million will be recorded in the current fiscal year and $ 2.0 million will be recorded in the next fiscal year on the condensed consolidated balance sheets.
−Removed: In addition, as further discussed in Note 1 to the condensed consolidated financial statements, the Company intends to execute a lease agreement during the second quarter of 2022 for a portion of a new office building to be built on a parcel of the headquarters campus, as well as a lease agreement for the existing headquarters building during the period of construction.
−Removed: The components of lease expense for the thirteen weeks ended April 30, 2022 and May 1, 2021 were as follows:
+Added: In addition, as further discussed in Note 1 to the condensed consolidated financial statements, the Company intends to execute a lease agreement during the second half of 2022 for a portion of a new office building to be built on a parcel of the headquarters campus, as well as a lease agreement for the existing headquarters building during the period of construction.
+Added: The components of lease expense for the thirteen and twenty-six weeks ended July 30, 2022 and July 31, 2021 were as follows:
Thirteen Weeks Ended
($ thousands)
−Removed: April 30, 2022
+Added: July 30, 2022
+Added: July 31, 2021
Operating lease expense
3 unchanged sentences
Total lease expense
+Added: Twenty-Six Weeks Ended
+Added: ($ thousands)
+Added: July 30, 2022
+Added: July 31, 2021
+Added: Operating lease expense
+Added: Variable lease expense
+Added: Short-term lease expense
+Added: Sublease income
+Added: Total lease expense
Supplemental cash flow information related to leases is as follows:
−Removed: Thirteen Weeks Ended
+Added: Twenty-Six Weeks Ended
($ thousands)
−Removed: April 30, 2022
+Added: July 30, 2022
+Added: July 31, 2021
Cash paid for lease liabilities (1)
Cash received from sublease income
−Removed: (1) Cash paid for lease liabilities for the thirteen weeks ended May 1, 2021 includes payment of certain lease payments deferred in 2020, as described above, as well as lease termination costs associated with the Naturalizer retail store closings, as further discussed in Note 5 to the condensed consolidated financial statements.
+Added: (1) Cash paid for lease liabilities for the twenty-six weeks ended July 31, 2021 includes payment of certain lease payments deferred in 2020, as described above, as well as lease termination costs associated with the Naturalizer retail store closings, as further discussed in Note 5 to the condensed consolidated financial statement s.
Note 10 Financing Arrangements
3 unchanged sentences
On April 8, 2022, Blowfish, LLC was joined to the Credit Agreement as a co-borrower and guarantor.
−Removed: On October 5, 2021, the Company entered into a Fifth Amendment to Fourth Amended and Restated Credit Agreement (as so amended, the "Credit Agreement") which, among other modifications, decreased the amount available under the revolving credit facility by $ 100.0 million to an aggregate amount of up to $ 500.0 million, subject to borrowing base restrictions, and may be further increased by up to $ 250.0 million.
+Added: On October 5, 2021, the Company entered into a Fifth Amendment to Fourth Amended and Restated Credit Agreement (as so amended, the "Credit Agreement") which, among other modifications, decreased the amount available under the revolving credit facility by $ 100.0 million to an aggregate amount of up to $ 500.0 million, subject to borrowing base restrictions, and may be increased by up to $ 250.0 million.
The Credit Agreement also decreased the spread applied to the London Interbank Offered Rate (“LIBOR”) or prime rate by a total of 75 basis points.
9 unchanged sentences
The Credit Agreement also contains certain other covenants and restrictions.
−Removed: The Company was in compliance with all covenants and restrictions under the Credit Agreement as of April 30, 2022.
−Removed: At April 30, 2022, the Company had $ 305.0 million of borrowings outstanding and $ 10.8 million in letters of credit outstanding under the Credit Agreement.
−Removed: Total additional borrowing availability was $ 184.2 million at April 30, 2022.
+Added: The Company was in compliance with all covenants and restrictions under the Credit Agreement as of July 30, 2022.
+Added: At July 30, 2022, the Company had $ 348.5 million of borrowings outstanding and $ 10.8 million in letters of credit outstanding under the Credit Agreement.
+Added: Total additional borrowing availability was $ 140.7 million at July 30, 2022.
On July 27, 2015, the Company issued $ 200.0 million aggregate principal amount of senior notes due on August 15, 2023 (the "Senior Notes").
5 unchanged sentences
Accumulated Other Comprehensive Loss
−Removed: The following table sets forth the changes in accumulated other comprehensive loss (OCL) by component for the periods ended April 30, 2022 and May 1, 2021:
+Added: The following table sets forth the changes in accumulated other comprehensive loss (OCL) by component for the periods ended July 30, 2022 and July 31, 2021:
Postretirement
1 unchanged sentence
($ thousands)
+Added: Transactions (1)
(Loss) Income
+Added: Balance at April 30, 2022
+Added: Other comprehensive income before reclassifications
+Added: Reclassifications:
+Added: Amounts reclassified from accumulated other comprehensive loss
+Added: Net reclassifications
+Added: Other comprehensive income
+Added: Balance at July 30, 2022
+Added: Balance at May 1, 2021
+Added: Other comprehensive income before reclassifications
+Added: Reclassifications:
+Added: Amounts reclassified from accumulated other comprehensive loss
+Added: Net reclassifications
+Added: Other comprehensive income
+Added: Balance at July 31, 2021
Balance at January 29, 2022
−Removed: Other comprehensive loss before reclassifications
+Added: Other comprehensive income before reclassifications
Reclassifications:
1 unchanged sentence
Net reclassifications
−Removed: Other comprehensive (loss) income
−Removed: Balance at April 30, 2022
+Added: Other comprehensive income
+Added: Balance at July 30, 2022
Balance at January 30, 2021
4 unchanged sentences
Other comprehensive (loss) income
−Removed: Balance at May 1, 2021
+Added: Balance at July 31, 2021
(1) Amounts reclassified are included in other income, net.
1 unchanged sentence
Note 12 Share-Based Compensation
−Removed: The Company recognized share-based compensation expense of $ 3.8 million and $ 2.4 million during the thirteen weeks ended April 30, 2022 and May 1, 2021, respectively.
−Removed: The Company had net issuances of 512,508 and 327,268 shares of common stock during the thirteen weeks ended April 30, 2022 and May 1, 2021, respectively, for restricted stock grants, stock performance awards issued to employees and common and restricted stock grants issued to non-employee directors, net of forfeitures and shares withheld to satisfy the tax withholding requirement.
+Added: The Company recognized share-based compensation expense of $ 4.4 million and $ 3.0 million during the thirteen weeks and $ 8.2 million and $ 5.4 million during the twenty-six weeks ended July 30, 2022 and July 31, 2021, respectively.
+Added: The Company had net issuances (repurchases) of 87,947 and ( 25,408 ) shares of common stock during the thirteen weeks ended July 30, 2022 and July 31, 2021, respectively, for restricted stock grants, stock performance awards issued to employees and common and restricted stock grants issued to non-employee directors, net of forfeitures and shares withheld to satisfy the tax withholding requirement.
+Added: During the twenty-six weeks ended July 30, 2022 and July 31, 2021, the Company had net issuances of 600,455 and 301,860 shares of common stock, respectively, related to share-based plans.
Restricted Stock
−Removed: The following table summarizes restricted stock activity for the periods ended April 30, 2022 and May 1, 2021:
+Added: The following table summarizes restricted stock activity for the periods ended July 30, 2022 and July 31, 2021:
Thirteen Weeks Ended
Thirteen Weeks Ended
+Added: July 30, 2022
+Added: July 31, 2021
+Added: of Restricted
+Added: of Restricted
April 30, 2022
+Added: July 30, 2022
+Added: July 31, 2021
+Added: Twenty-Six Weeks Ended
+Added: Twenty-Six Weeks Ended
+Added: July 30, 2022
+Added: July 31, 2021
of Restricted
2 unchanged sentences
January 30, 2021
−Removed: April 30, 2022
−Removed: The Company granted 671,200 restricted shares during the thirteen weeks ended April 30, 2022, which have a graded-vesting term of three years , with 50 % vesting after two years and 50 % after three years .
−Removed: Of the 562,506 restricted shares granted during the thirteen weeks ended May 1, 2021, 542,506 shares have a graded-vesting term of three years , with 50 % vesting after two years and 50 % after three years and 20,000 shares have a cliff-vesting term of two years .
+Added: July 30, 2022
+Added: July 31, 2021
+Added: The Company granted 10,470 restricted shares during the thirteen weeks ended July 30, 2022, which have a cliff-vesting term of one year .
+Added: Of the 681,670 restricted shares granted during the twenty-six weeks ended July 30, 2022, 671,200 restricted shares have a graded-vesting term of three years , with 50 % vesting after two years and 50 % after three years , and 10,470 shares have a cliff-vesting term of one year .
+Added: Of the 6,410 restricted shares granted during the thirteen weeks ended July 31, 2021, 4,910 shares have a cliff-vesting term of one year and 1,500 shares have a graded-vesting term of three years , with 50 % vesting after two years and 50 % after three years .
+Added: Of the 568,916 restricted shares granted during the twenty-six weeks ended July 31, 2021, 544,006 shares have a graded-vesting term of three years , with 50 % vesting after two years and 50 % after three years , 20,000 shares have a cliff-vesting term of two years and 4,910 shares have a cliff-vesting term of one year .
Share-based compensation expense for graded-vesting grants is recognized ratably over the respective vesting periods.
Performance Awards
−Removed: During the thirteen weeks ended April 30, 2022, the Company granted performance share awards for a targeted 87,750 shares, with a weighted-average grant date fair value of $ 20.99 in connection with the 2020 performance award.
−Removed: During the thirteen weeks ended May 1, 2021, the Company granted performance share awards for a targeted 175,500 shares, with a weighted-average grant date fair value of $ 18.63 .
+Added: During the twenty-six weeks ended July 30, 2022, the Company granted performance share awards for a targeted 87,750 shares, with a weighted-average grant date fair value of $ 20.99 in connection with the 2020 performance award.
+Added: During the twenty-six weeks ended July 31, 2021, the Company granted performance share awards for a targeted 175,500 shares, with a weighted-average grant date fair value of $ 18.63 .
+Added: There were no performance-based share awards granted by the Company during the thirteen weeks ended July 30, 2022 or July 31, 2021.
Vesting of performance-based awards is generally dependent upon the financial performance of the Company and the attainment of certain financial goals during the three-year period following the grant.
1 unchanged sentence
Compensation expense is recognized based on the fair value of the award and the anticipated number of shares or units to be awarded for each tranche in accordance with the vesting schedule of the units over the three-year service period.
−Removed: During the thirteen weeks ended April 30, 2022, the Company granted long-term incentive awards payable in cash for the 2022-2024 performance period, with a target value of $ 8.3 million and a maximum value of $ 16.6 million.
−Removed: During the thirteen weeks ended May 1, 2021, the Company granted long-term incentive awards payable in cash for the 2021-2023 performance period, with a target value of $ 6.5 million and a maximum value of $ 13.0 million.
+Added: During the twenty-six weeks ended July 30, 2022, the Company granted long-term incentive awards payable in cash for the 2022-2024 performance period, with a target value of $ 8.3 million and a maximum value of $ 16.6 million.
+Added: During the twenty-six weeks ended July 31, 2021, the Company granted long-term incentive awards payable in cash for the 2021-2023 performance period, with a target value of $ 6.5 million and a maximum value of $ 13.0 million.
+Added: There were no performance-based share awards granted by the Company during the thirteen weeks ended July 30, 2022 or July 31, 2021.
These awards, which vest after a three-year period, are dependent upon the attainment of certain financial goals of the Company for each of the three years and individual achievement of strategic initiatives over the cumulative period of the award.
8 unchanged sentences
Gains and losses resulting from changes in the fair value of the RSUs payable in cash subsequent to the vesting period and through the settlement date are recognized in the Company’s condensed consolidated statements of earnings.
−Removed: The Company granted 1,907 and 1,712 for dividend equivalents during the thirteen weeks ended April 30, 2022 and May 1, 2021, respectively, with weighted-average grant date fair values of $ 20.64 and $ 20.91 , respectively.
+Added: The Company granted 38,104 and 40,729 RSUs to non-employee directors, including 1,459 and 1,449 for dividend equivalents, during the thirteen weeks ended July 30, 2022 and July 31, 2021, respectively, with weighted-average grant date fair values of $ 27.66 and $ 27.48 , respectively.
+Added: The Company granted 40,011 and 42,441 RSUs to non-employee directors, including 3,366 and 3,161 for dividend equivalents, during the twenty-six weeks ended July 30, 2022 and July 31, 2021, respectively, with weighted-average grant date fair values of $ 27.33 and $ 27.21 , respectively.
Note 13 Retirement and Other Benefit Plans
5 unchanged sentences
($ thousands)
−Removed: April 30, 2022
−Removed: April 30, 2022
+Added: July 30, 2022
+Added: July 31, 2021
+Added: July 30, 2022
+Added: July 31, 2021
Interest cost
4 unchanged sentences
Total net periodic benefit income
+Added: Pension Benefits
+Added: Other Postretirement Benefits
+Added: Twenty-Six Weeks Ended
+Added: Twenty-Six Weeks Ended
+Added: ($ thousands)
+Added: July 30, 2022
+Added: July 31, 2021
+Added: July 30, 2022
+Added: July 31, 2021
+Added: Interest cost
+Added: Expected return on assets
+Added: Amortization of:
+Added: Actuarial loss (gain)
+Added: Prior service income
+Added: Total net periodic benefit income
The non-service cost components of net periodic benefit income are included in other income, net in the condensed consolidated statements of earnings.
21 unchanged sentences
The Deferred Compensation Plan permits the deferral of up to 50 % of base salary and 100 % of compensation received under the Company’s annual incentive plan.
−Removed: The deferrals are held
−Removed: in a separate trust, which has been established by the Company to administer the Deferred Compensation Plan.
+Added: The deferrals are held in a separate trust, which has been established by the Company to administer the Deferred Compensation Plan.
The assets of the trust are subject to the claims of the Company’s creditors in the event that the Company becomes insolvent.
Consequently, the trust qualifies as a grantor trust for income tax purposes (i.e., a “Rabbi Trust”).
−Removed: The liabilities of the Deferred Compensation Plan are presented in other accrued expenses and the assets held by the trust are classified within prepaid expenses and other current assets in the accompanying condensed consolidated balance sheets.
+Added: The liabilities of the Deferred Compensation Plan are presented in other accrued expenses and the assets held by the trust are classified within prepaid expenses and other current assets in the condensed consolidated balance sheets.
Changes in deferred compensation plan assets and liabilities are charged to selling and administrative expenses.
4 unchanged sentences
Dividend equivalents are paid on PSUs at the same rate as dividends on the Company’s common stock and are re-invested in additional PSUs at the next fiscal quarter-end.
−Removed: The liabilities of the plan are based on the fair value of the outstanding PSUs and are presented in other accrued expenses (current portion) or other liabilities in the accompanying condensed consolidated balance sheets.
+Added: The liabilities of the plan are based on the fair value of the outstanding PSUs and are presented in other accrued expenses (current portion) or other liabilities in the condensed consolidated balance sheets.
Gains and losses resulting from changes in the fair value of the PSUs are presented in selling and administrative expenses in the Company’s condensed consolidated statements of earnings.
9 unchanged sentences
Fair value adjustments on the mandatory purchase obligation were recorded as interest expense.
−Removed: During the thirteen weeks ended May 1, 2021, the Company recorded fair value adjustments of $ 6.4 million.
−Removed: The mandatory purchase obligation of $ 54.6 million was paid on November 4, 2021 and therefore, there were no corresponding fair value adjustments during the thirteen weeks ended April 30, 2022.
+Added: During the thirteen and twenty-six weeks ended July 31, 2021, the Company recorded fair value adjustments of $ 7.1 million and $ 13.5 million, respectively.
+Added: The mandatory purchase obligation of $ 54.6 million was paid on November 4, 2021 and therefore, there were no corresponding fair value adjustments during the twenty-six weeks ended July 30, 2022.
Refer to further discussion of the mandatory purchase obligation in Note 5 to the condensed consolidated financial statements.
−Removed: The following table presents the Company’s assets and liabilities that are measured at fair value on a recurring basis at April 30, 2022, May 1, 2021 and January 29, 2022.
−Removed: During the thirteen weeks ended April 30, 2022 and May 1, 2021, there were no transfers into or out of Level 3.
+Added: The following table presents the Company’s assets and liabilities that are measured at fair value on a recurring basis at July 30, 2022, July 31, 2021 and January 29, 2022.
+Added: During the twenty-six weeks ended July 30, 2022 and July 31, 2021, there were no transfers into or out of Level 3.
Fair Value Measurements
1 unchanged sentence
Asset (Liability)
−Removed: April 30, 2022:
+Added: July 30, 2022:
Non-qualified deferred compensation plan assets
2 unchanged sentences
Restricted stock units for non-employee directors
+Added: July 31, 2021:
Cash equivalents – money market funds
14 unchanged sentences
Certain factors, such as estimated store sales and expenses, used for this nonrecurring fair value measurement are considered Level 3 inputs as defined by FASB ASC Topic 820, Fair Value Measurement .
−Removed: Long-lived assets held and used with a carrying amount of $ 503.6 million and $ 571.5 million at April 30, 2022 and May 1, 2021, respectively, were assessed for indicators of impairment.
−Removed: This assessment resulted in the following impairment charges, primarily for software and operating lease right-of-use assets, leasehold improvements and furniture and fixtures in the Company’s retail stores.
+Added: Long-lived assets held and used with a carrying amount of $ 555.0 million and $ 551.8 million at July 30, 2022 and July 31, 2021, respectively, were assessed for indicators of impairment.
+Added: This assessment resulted in the
+Added: following impairment charges, primarily for capitalized software and operating lease right-of-use assets, leasehold improvements and furniture and fixtures in the Company’s retail stores.
Thirteen Weeks Ended
+Added: Twenty-Six Weeks Ended
($ thousands)
−Removed: April 30, 2022
+Added: July 30, 2022
+Added: July 31, 2021
+Added: July 30, 2022
+Added: July 31, 2021
Long-Lived Asset Impairment Charges
5 unchanged sentences
The carrying amounts and fair values of the Company’s other financial instruments subject to fair value disclosures are as follows:
−Removed: April 30, 2022
+Added: July 30, 2022
+Added: July 31, 2021
January 29, 2022
($ thousands)
+Added: Carrying Value (1)
+Added: Carrying Value (1)
+Added: Carrying Value (1)
Borrowings under revolving credit agreement
+Added: Current portion of long-term debt
Long-term debt
(1) Excludes unamortized debt issuance costs and debt discount
−Removed: The fair value of the borrowings under revolving credit agreement approximates its carrying value due to its short-term nature (Level 1).
−Removed: The fair value of the Company’s long-term debt was based upon quoted prices in an inactive market as of May 1, 2021 (Level 2).
+Added: The fair values of borrowings under revolving credit agreement and current portion of long-term debt approximate their carrying values due to the short-term nature of these borrowings (Level 1).
+Added: The fair value of the Company’s long-term debt was based upon quoted prices in an inactive market as of July 31, 2021 (Level 2).
Note 15 Income Taxes
The Company’s consolidated effective tax rate can vary considerably from period to period, depending on a number of factors.
−Removed: The Company’s consolidated effective tax rates were 25.7 % and 35.5 % for the thirteen weeks ended April 30, 2022 and May 1, 2021, respectively.
−Removed: The higher effective tax rate for the first quarter of 2021 primarily reflects the non-deductibility of losses at the Company’s Canadian division, which were driven by exit-related costs associated with Naturalizer retail stores.
−Removed: This impact was partially offset by discrete tax benefits totaling $ 1.2 million in the first quarter of 2021.
−Removed: As of April 30, 2022, no deferred taxes have been provided on the accumulated unremitted earnings of the Company’s foreign subsidiaries that are not subject to United States income tax, beyond the amounts recorded for the one-time transition tax for the mandatory deemed repatriation of cumulative foreign earnings, as required by the Tax Cuts and Jobs Act.
+Added: The Company’s consolidated effective tax rates were 25.3 % and 30.3 % for the thirteen weeks ended July 30, 2022 and July 31, 2021, respectively.
+Added: The higher effective tax rate for the thirteen weeks ended July 31, 2021 was driven by discrete tax adjustments of $ 2.9 million, inclusive of $ 3.3 million of incremental valuation allowances for our deferred tax assets, as we are in a full valuation allowance position for federal, state and certain international jurisdictions.
+Added: The Company’s consolidated effective tax rate was 25.5 % for the twenty-six weeks ended July 30, 2022, compared to 31.1 % for the six months ended July 31, 2021.
+Added: The higher effective tax rate for the twenty-six weeks ended July 31, 2021 primarily reflects the incremental valuation allowances recorded in the thirteen weeks ended July 31, 2021, as described above, and the non-deductibility of losses at the Company’s Canadian division, which were driven by exit-related costs associated with Naturalizer retail stores.
+Added: As of July 30, 2022, no deferred taxes have been provided on the accumulated unremitted earnings of the Company’s foreign subsidiaries that are not subject to United States income tax, beyond the amounts recorded for the one-time transition tax for the mandatory deemed repatriation of cumulative foreign earnings, as required by the Tax Cuts and Jobs Act.
The Company periodically evaluates its international investment opportunities and plans, as well as its international working capital needs, to determine the level of investment required and, accordingly, determines the level of international earnings that is considered indefinitely reinvested.
12 unchanged sentences
The modified work plan for addressing this condition includes converting the off-site bioremediation system into a monitoring well network and employing different remediation methods in these recalcitrant areas.
−Removed: In accordance with the work plan, a pilot test was conducted of certain groundwater remediation methods and the results of that test were used to develop more detailed plans
−Removed: for remedial activities in the off-site areas, which were approved by the authorities and are being implemented in a phased manner.
+Added: In accordance with the work plan, a pilot test was conducted of certain groundwater remediation methods and the results of that test were used to develop more detailed plans for remedial activities in the off-site areas, which were approved by the authorities and are being implemented in a phased manner.
The results of groundwater monitoring are being used to evaluate the effectiveness of these activities.
4 unchanged sentences
The Company also continues to work with the oversight authorities on the off-site work plan.
−Removed: The cumulative expenditures for both on-site and off-site remediation through April 30, 2022 were $ 32.6 million.
+Added: The cumulative expenditures for both on-site and off-site remediation through July 30, 2022 were $ 32.7 million.
The Company has recovered a portion of these expenditures from insurers and other third parties.
−Removed: The reserve for the anticipated future remediation activities at April 30, 2022 is $ 9.8 million, of which $ 8.8 million is recorded within other liabilities and $ 1.0 million is recorded within other accrued expenses.
+Added: The reserve for the anticipated future remediation activities at July 30, 2022 is $ 9.9 million, of which $ 8.9 million is recorded within other liabilities and $ 1.0 million is recorded within other accrued expenses.
Of the total $ 9.9 million reserve, $ 5.1 million is for off-site remediation and $ 4.8 million is for on-site remediation.
The liability for the on-site remediation was discounted at 4.8 %.
−Removed: On an undiscounted basis, the on-site remediation liability would be $ 13.4 million as of April 30, 2022.
+Added: On an undiscounted basis, the on-site remediation liability would be $ 13.4 million as of July 30, 2022.
The Company expects to spend approximately $ 0.6 million in 2022, $ 0.1 million in each of the following four years and $ 12.4 million in the aggregate thereafter related to the on-site remediation.
8 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.