Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2023 | Apr. 27, 2023 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Title of 12(b) Security | Class A Common Stock, par value $0.001 per share | |
Trading Symbol | SKX | |
Security Exchange Name | NYSE | |
Entity Registrant Name | SKECHERS USA INC | |
Entity Central Index Key | 0001065837 | |
Entity Current Reporting Status | Yes | |
Current Fiscal Year End Date | --12-31 | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Filer Category | Large Accelerated Filer | |
Entity File Number | 001-14429 | |
Entity Tax Identification Number | 95-4376145 | |
Entity Address, Address Line One | 228 Manhattan Beach Blvd. | |
Entity Address, City or Town | Manhattan Beach | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 90266 | |
City Area Code | 310 | |
Local Phone Number | 318-3100 | |
Entity Interactive Data Current | Yes | |
Entity Incorporation, State or Country Code | DE | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Class A Common Stock [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 134,270,786 | |
Class B Common Stock [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 20,463,521 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Current assets | ||
Cash and cash equivalents | $ 760,040 | $ 615,733 |
Short-term investments | 89,507 | 102,166 |
Trade accounts receivable, less allowances of $61,984 and $59,472 | 1,052,687 | 848,287 |
Other receivables | 82,948 | 86,036 |
Inventory | 1,502,247 | 1,818,016 |
Prepaid expenses and other | 222,556 | 176,035 |
Total current assets ($1,061,021 and $1,014,962 related to VIEs) | 3,709,985 | 3,646,273 |
Property, plant and equipment, net | 1,377,588 | 1,345,370 |
Operating lease right-of-use assets | 1,239,222 | 1,200,565 |
Deferred tax assets | 461,614 | 454,190 |
Long-term investments | 80,743 | 70,498 |
Goodwill | 93,497 | 93,497 |
Other assets, net | 81,822 | 83,094 |
Total non-current assets ($608,819 and $598,973 related to VIEs) | 3,334,486 | 3,247,214 |
TOTAL ASSETS | 7,044,471 | 6,893,487 |
Current liabilities | ||
Accounts payable | 892,057 | 957,384 |
Accrued expenses | 269,225 | 294,143 |
Operating lease liabilities | 247,411 | 238,694 |
Current installments of long-term borrowings | 100,469 | 103,184 |
Short-term borrowings | 30,471 | 19,635 |
Total current liabilities ($538,025 and $568,158 related to VIEs) | 1,539,633 | 1,613,040 |
Long-term operating lease liabilities | 1,092,711 | 1,063,672 |
Long-term borrowings | 230,275 | 216,488 |
Deferred tax liabilities | 8,722 | 8,656 |
Other long-term liabilities | 126,835 | 120,045 |
Total non-current liabilities ($310,148 and $293,726 related to VIEs) | 1,458,543 | 1,408,861 |
Total liabilities | 2,998,176 | 3,021,901 |
Commitments and contingencies (Note 10) | 0 | 0 |
Stockholders’ equity | ||
Preferred Stock, $0.001 par value; 10,000 shares authorized; none issued and outstanding | 0 | 0 |
Additional paid-in capital | 383,540 | 403,799 |
Accumulated other comprehensive loss | (80,217) | (84,897) |
Retained earnings | 3,411,374 | 3,250,931 |
Skechers U.S.A., Inc. equity | 3,714,851 | 3,569,988 |
Noncontrolling interests | 331,444 | 301,598 |
Total stockholders' equity | 4,046,295 | 3,871,586 |
TOTAL LIABILITIES AND EQUITY | 7,044,471 | 6,893,487 |
Class A Common Stock [Member] | ||
Stockholders’ equity | ||
Common Stock | 134 | 134 |
Class B Common Stock [Member] | ||
Stockholders’ equity | ||
Common Stock | $ 20 | $ 21 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Trade accounts receivable, allowances | $ 61,984 | $ 59,472 |
Current assets related to VIEs | 3,709,985 | 3,646,273 |
Non-current assets related to VIEs | 3,334,486 | 3,247,214 |
Current liabilities related to VIEs | 1,539,633 | 1,613,040 |
Non-current liabilities related to VIEs | $ 1,458,543 | $ 1,408,861 |
Preferred Stock, par value | $ 0.001 | $ 0.001 |
Preferred Stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred Stock, shares issued | 0 | 0 |
Preferred Stock, shares outstanding | 0 | 0 |
Variable interest entity, primary beneficiary [Member] | ||
Current assets related to VIEs | $ 1,061,021 | $ 1,014,962 |
Non-current assets related to VIEs | 608,819 | 598,973 |
Current liabilities related to VIEs | 538,025 | 568,158 |
Non-current liabilities related to VIEs | $ 310,148 | $ 293,726 |
Class A Common Stock [Member] | ||
Common Stock, par value | $ 0.001 | $ 0.001 |
Common Stock, shares authorized | 500,000,000 | 500,000,000 |
Common Stock, shares issued | 134,259,000 | 134,473,000 |
Common Stock, shares outstanding | 134,259,000 | 134,473,000 |
Class B Common Stock [Member] | ||
Common Stock, par value | $ 0.001 | $ 0.001 |
Common Stock, shares authorized | 75,000,000 | 75,000,000 |
Common Stock, shares issued | 20,474,000 | 20,810,000 |
Common Stock, shares outstanding | 20,474,000 | 20,810,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Earnings - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Statement [Abstract] | ||
Sales | $ 2,001,928 | $ 1,819,594 |
Cost of sales | 1,023,349 | 995,431 |
Gross profit | 978,579 | 824,163 |
Operating expenses | ||
Selling | 128,560 | 108,209 |
General and administrative | 626,442 | 540,050 |
Total operating expenses | 755,002 | 648,259 |
Earnings from operations | 223,577 | 175,904 |
Other income (expense) | 9,923 | (5,746) |
Earnings before income taxes | 233,500 | 170,158 |
Income tax expense | 43,216 | 33,992 |
Net earnings | 190,284 | 136,166 |
Less: Net earnings attributable to noncontrolling interests | 29,841 | 14,943 |
Net earnings attributable to Skechers U.S.A., Inc. | $ 160,443 | $ 121,223 |
Net earnings per share attributable to Skechers U.S.A., Inc. | ||
Basic | $ 1.03 | $ 0.78 |
Diluted | $ 1.02 | $ 0.77 |
Weighted-average shares used in calculating net earnings per share attributable to Skechers U.S.A., Inc. | ||
Basic | 155,140 | 155,996 |
Diluted | 156,755 | 157,448 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net earnings | $ 190,284 | $ 136,166 |
Other comprehensive income, net of tax | ||
Net unrealized (loss) gain on derivative contract | (1,416) | 5,843 |
Gain on foreign currency translation adjustment | 6,851 | 1,489 |
Comprehensive income | 195,719 | 143,498 |
Less: Comprehensive income attributable to noncontrolling interests | 30,596 | 20,021 |
Comprehensive income attributable to Skechers U.S.A., Inc. | $ 165,123 | $ 123,477 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Equity - USD ($) $ in Thousands | Total | Class A Common Stock [Member] | Class B Common Stock [Member] | Common Stock [Member] Class A Common Stock [Member] | Common Stock [Member] Class B Common Stock [Member] | Additional Paid-in-Capital [Member] | Accumulated Other Comprehensive Loss [Member] | Retained Earnings [Member] | Skechers U.S.A., Inc. Equity [Member] | Noncontrolling Interests [Member] |
Beginning Balance at Dec. 31, 2021 | $ 3,542,072 | $ 135 | $ 21 | $ 429,608 | $ (48,323) | $ 2,877,903 | $ 3,259,344 | $ 282,728 | ||
Beginning Balance, Shares at Dec. 31, 2021 | 135,107,000 | 20,939,000 | ||||||||
Net earnings | 136,166 | 121,223 | 121,223 | 14,943 | ||||||
Foreign currency translation adjustment | 1,489 | 1,501 | 1,501 | (12) | ||||||
Distributions to noncontrolling interests | (4,650) | (4,650) | ||||||||
Net unrealized gain (loss) on derivative contract | 5,843 | 753 | 753 | 5,090 | ||||||
Stock compensation expense | 17,967 | 17,967 | 17,967 | |||||||
Shares issued under the incentive award plan | $ 1 | (1) | ||||||||
Shares issued under the incentive award plan, Shares | 566,000 | |||||||||
Shares redeemed for employee tax withholdings | (7,971) | (7,971) | (7,971) | |||||||
Shares redeemed for employee tax withholdings, Shares | (192,000) | |||||||||
Repurchases of common stock | $ (25,000) | $ (1) | (24,999) | (25,000) | ||||||
Repurchases of common stock, Shares | (651,774) | (652,000) | ||||||||
Ending Balance at Mar. 31, 2022 | $ 3,665,916 | $ 135 | $ 21 | 415,357 | (46,822) | 2,999,126 | 3,367,817 | 298,099 | ||
Ending Balance, Shares at Mar. 31, 2022 | 134,829,000 | 20,939,000 | ||||||||
Beginning Balance at Dec. 31, 2022 | 3,871,586 | $ 134 | $ 21 | 403,799 | (84,897) | 3,250,931 | 3,569,988 | 301,598 | ||
Beginning Balance, Shares at Dec. 31, 2022 | 134,473,000 | 20,810,000 | 134,473,000 | 20,810,000 | ||||||
Net earnings | 190,284 | 160,443 | 160,443 | 29,841 | ||||||
Foreign currency translation adjustment | 6,851 | 4,680 | 4,680 | 2,171 | ||||||
Distributions to noncontrolling interests | (750) | (750) | ||||||||
Net unrealized gain (loss) on derivative contract | (1,416) | (1,416) | ||||||||
Stock compensation expense | 14,252 | 14,252 | 14,252 | |||||||
Shares issued under the incentive award plan, Shares | 225,000 | |||||||||
Shares redeemed for employee tax withholdings | (4,498) | (4,498) | (4,498) | |||||||
Shares redeemed for employee tax withholdings, Shares | (99,000) | |||||||||
Repurchases of common stock | $ (30,014) | $ (1) | (30,013) | (30,014) | ||||||
Repurchases of common stock, Shares | (676,190) | (676,000) | ||||||||
Conversion of Class B Common Stock into Class A Common Stock | $ 1 | $ (1) | ||||||||
Conversion of Class B Common Stock into Class A Common Stock, Shares | 336,000 | (336,000) | ||||||||
Ending Balance at Mar. 31, 2023 | $ 4,046,295 | $ 134 | $ 20 | $ 383,540 | $ (80,217) | $ 3,411,374 | $ 3,714,851 | $ 331,444 | ||
Ending Balance, Shares at Mar. 31, 2023 | 134,259,000 | 20,474,000 | 134,259,000 | 20,474,000 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cash flows from operating activities | ||
Net earnings | $ 190,284 | $ 136,166 |
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities | ||
Depreciation and amortization | 41,424 | 36,516 |
Provision for bad debts and returns | 9,792 | 14,024 |
Stock compensation | 14,252 | 17,967 |
Deferred income taxes | (6,146) | 5,365 |
Net foreign currency adjustments | (9,605) | 2,281 |
Changes in operating assets and liabilities | ||
Receivables | (185,430) | (280,334) |
Inventory | 325,478 | 24,012 |
Other assets | (76,533) | 3,515 |
Accounts payable | (70,945) | (65,404) |
Other liabilities | 2,549 | (28,871) |
Net cash provided by (used in) operating activities | 235,120 | (134,763) |
Cash flows from investing activities | ||
Capital expenditures | (71,213) | (89,398) |
Purchases of investments | (37,942) | (17,992) |
Proceeds from sales and maturities of investments | 40,356 | 32,178 |
Net cash used in investing activities | (68,799) | (75,212) |
Cash flows from financing activities | ||
Repayments on long-term borrowings | (3,875) | (18,642) |
Proceeds from long-term borrowings | 14,947 | 2,247 |
Net proceeds from short-term borrowings | 10,836 | 49,050 |
Payments for employee taxes related to stock compensation | (4,498) | (7,971) |
Repurchases of common stock | (30,014) | (25,000) |
Distributions to noncontrolling interests | (750) | (4,650) |
Net cash used in financing activities | (13,354) | (4,966) |
Effect of exchange rate changes on cash and cash equivalents | (8,660) | 8,566 |
Net change in cash and cash equivalents | 144,307 | (206,375) |
Cash and cash equivalents at beginning of the period | 615,733 | 796,283 |
Cash and cash equivalents at end of the period | 760,040 | 589,908 |
Cash paid during the period for | ||
Interest | 4,910 | 4,402 |
Income taxes, net | 25,687 | 29,213 |
Non-cash transactions | ||
Right-of-use assets exchanged for lease liabilities | $ 86,643 | $ 61,451 |
General
General | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
General | (1) General Basis of Presentation The accompanying unaudited condensed consolidated financial statements of Skechers U.S.A., Inc. (the “Company”) have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”), for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S‑X. In the opinion of management, all normal adjustments and accruals considered necessary to provide a fair statement of the results of operations for the interim periods presented have been included. The December 31, 2022 balance sheet data was derived from audited financial statements; however, the accompanying notes to condensed consolidated financial statements do not include all of the annual disclosures required under GAAP and should be read in conjunction with the Company’s 2022 Annual Report on Form 10-K. Certain reclassifications have been made to the condensed consolidated financial statements in prior years to conform to the current year presentation. Noncontrolling Interests The Company has equity interests in several joint ventures that were established either to exclusively distribute the Company’s products throughout Mexico, Asia and the Middle East or to construct the Company’s domestic distribution facility. These joint ventures are variable interest entities (“VIE”), and the Company is considered the primary beneficiary. This determination is based on the relationships between the Company and the VIE, including management agreements, governance documents and other contractual arrangements. Specifically, the Company has both of the following characteristics: (a) the power to direct the activities of the entity that most significantly impact the entity’s economic performance; and (b) the obligation to absorb losses of the entity that could potentially be significant to the VIE, or the right to receive benefits from the entity that could potentially be significant to the VIE. The assets and liabilities and results of operations of these entities are included in the Company’s condensed consolidated financial statements, even though the Company may not hold a majority equity interest. The Company continues to reassess these relationships quarterly. The assets of these joint ventures are restricted, as they are not available for general business use outside the context of such joint ventures. The holders of the liabilities of each joint venture have no recourse to the Company. FAIR VALUE OF FINANCIAL INSTRUMENTS The fair value hierarchy as defined by applicable accounting standards prioritizes the use of inputs used in valuation techniques into the following three levels: • Level 1: Quoted market prices in active markets for identical assets or liabilities. • Level 2: Other observable market-based inputs or unobservable inputs that are corroborated by market data. • Level 3: Unobservable inputs that cannot be corroborated by market data that reflect the reporting entity’s own assumptions. The Company’s Level 1 investments primarily include money market funds, United States (“U.S.”) Treasury securities and actively traded mutual funds; Level 2 investments primarily include corporate notes and bonds, asset-backed securities and U.S. Agency securities; and the Company does not currently have any Level 3 assets or liabilities. The Company has one Level 2 derivative instrument which is an interest rate swap related to the refinancing of its U.S. distribution center (see Note 4 – Financial Commitments) classified as other assets, net . The fair value of the interest rate swap was determined using the market standard methodology of netting the discounted future fixed cash payments and the discounted expected variable cash receipts. The variable cash receipt was based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. Credit valuation adjustments were incorporated to appropriately reflect both the Company’s nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. The carrying amount of receivables, payables and other amounts arising out of the normal course of business approximates fair value because of the relatively short maturity of such instruments. The carrying amount of the Company’s short-term and long-term borrowings, which are considered Level 2 liabilities, approximates fair value based on current rates and terms available to the Company for similar debt. DERIVATIVE INSTRUMENTS The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage exposure to interest rate movements fails to perform under the terms of the derivative contract. To mitigate this risk, the Company enters into derivative contracts with major financial institutions based upon credit ratings and other factors. The Company continually assesses the creditworthiness of its counterparties. As of March 31, 2023 , all counterparties to the interest rate swap had performed in accordance with their contractual obligations. Recent Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04 Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, |
Cash, Cash Equivalents, Short-T
Cash, Cash Equivalents, Short-Term And Long-Term Investments | 3 Months Ended |
Mar. 31, 2023 | |
Cash Cash Equivalents And Short Term And Long Term Investments [Abstract] | |
Cash, Cash Equivalents, Short-Term and Long-Term Investments | (2) Cash, Cash Equivalents, Short-term and Long-term Investments The following tables show the Company’s cash, cash equivalents, short-term and long-term investments by significant investment category: As of March 31, 2023 (in thousands) Adjusted Cost Fair Value Cash and Cash Equivalents Short-Term Investments Long-Term Investments Cash $ 680,416 $ 680,416 $ 680,416 $ — $ — Level 1 Money market funds 73,375 73,375 73,375 — — U.S. Treasury securities 17,552 17,552 6,249 11,303 — Mutual funds N/A 5,268 — — 5,268 Total level 1 90,927 96,195 79,624 11,303 5,268 Level 2 Corporate notes and bonds 97,425 97,425 — 76,066 21,359 Asset-backed securities 4,669 4,669 — 135 4,534 U.S. Agency securities 3,013 3,013 — 2,003 1,010 Total level 2 105,107 105,107 — 78,204 26,903 Total $ 876,450 $ 881,718 $ 760,040 $ 89,507 $ 32,171 As of December 31, 2022 (in thousands) Adjusted Cost Fair Value Cash and Cash Equivalents Short-Term Investments Long-Term Investments Cash $ 539,730 $ 539,730 $ 539,730 $ — $ — Level 1 Money market funds 71,503 71,503 71,503 — — U.S. Treasury securities 18,201 18,201 2,000 16,201 — Mutual funds N/A 5,893 — — 5,893 Total level 1 89,704 95,597 73,503 16,201 5,893 Level 2 Corporate notes and bonds 101,959 101,959 2,500 85,731 13,728 Asset-backed securities 4,641 4,641 — 234 4,407 Total level 2 106,600 106,600 2,500 85,965 18,135 Total $ 736,034 $ 741,927 $ 615,733 $ 102,166 $ 24,028 The Company’s investments consist of U.S. Treasury securities, corporate notes and bonds and asset-backed securities, which the Company has the intent and ability to hold to maturity and therefore are classified as held-to-maturity. The Company holds mutual funds in its deferred compensation plan which are classified as trading securities. The Company may sell certain of its investments prior to their stated maturities for strategic reasons including, but not limited to, anticipation of credit deterioration and duration management. The maturities of the Company’s long-term investments are less than two years. The Company minimizes the potential risk of principal loss by investing in highly-rated securities and limiting the amount of credit exposure to any one issuer. Fair values were determined for each individual security in the investment portfolio. Included in long-term investments re company owned life insurance contracts of $ million and $46.5 million as of Interest income was $ million and $1.2 million for three months ended March 31, 2023 and . When evaluating an investment for its current expected credit losses, the Company reviews factors such as historical experience with defaults, losses, credit ratings, term and macroeconomic trends, including current conditions and forecasts to the extent they are reasonable and supportable. |
Accrued Expenses
Accrued Expenses | 3 Months Ended |
Mar. 31, 2023 | |
Payables And Accruals [Abstract] | |
Accrued Expenses | (3) Accrued Expenses Accrued expenses were as follows: As of As of (in thousands) March 31, 2023 December 31, 2022 Accrued payroll, taxes, and other $ 172,822 $ 143,664 Return reserve liability 66,338 60,482 Accrued inventory purchases 30,065 89,997 Accrued expenses $ 269,225 $ 294,143 |
Financial Commitments
Financial Commitments | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Financial Commitments | (4) Financial Commitments The Company had $2.7 million outstanding letters of credit as of March 31, 2023 and December 31, 2022, and approximately $30.5 million and $19.6 million in short-term borrowings as of March 31, 2023 and December 31, 2022. Interest expense was $5.1 million and $4.5 million for the three months ended March 31, 2023 and 2022. Long-term borrowings were as follows: As of As of (in thousands) March 31, 2023 December 31, 2022 HF-T1 Distribution Center Loan $ 129,505 $ 129,505 HF-T2 Distribution Center Construction Loan 73,017 72,098 China Distribution Center Construction Loan 38,569 41,329 China Distribution Center Expansion Construction Loan 27,452 14,507 China Operational Loans 53,910 54,361 Other 8,291 7,872 Subtotal 330,744 319,672 Less: Current installments 100,469 103,184 Total long-term borrowings $ 230,275 $ 216,488 Revolving Credit Facility The Company maintains a revolving credit facility to manage liquidity, including working capital and capital expenditures. On December 15, 2021, the Company amended its $500.0 million senior, unsecured revolving credit agreement dated November 21, 2019 (the “Amended Credit Agreement”). The Amended Credit Agreement expands its senior, unsecured credit facility to $750.0 million, which may be increased by up to $250.0 million under certain conditions and provides for the issuance of letters of credit up to a maximum of $100.0 million and swingline loans up to a maximum of $50.0 million. The Amended Credit Agreement extends the maturity date of the credit agreement, which was due to expire on November 21, 2024, to December 15, 2026 . As of revolving credit facility. The unused credit capacity was $747.3 million as of , 2022. The Company is required to maintain a maximum total adjusted net leverage ratio of 3.75:1, except in the event of an acquisition in which case the March 31, 2023 In addition, the Company had $30.5 million and $19.6 million outstanding under short-term borrowings as of March 31, 2023 and December 31, 2022. Included in these amounts are $25.0 million and $14.5 million as of March 31, 2023 HF-T1 Distribution Center Loan To finance construction and improvements to the Company’s North American distribution center, t he Company’s joint venture with HF Logistics I, LLC (“HF”), HF Logistics-SKX, LLC (the “JV”) , through a wholly-owned subsidiary of the JV (“HF - T1”), entered into a $129.5 million construction loan agreement which matures on March 18, 2025 (the “HF-T1 2020 Loan”) with interest of LIBOR Daily Floating Rate plus a margin of 1.75% per annum. HF-T1 also entered into an ISDA master agreement (together with the schedule related thereto, the “Swap Agreement”) with Bank of America, N.A. to govern derivative and/or hedging transactions that HF-T1 concurrently entered into with Bank of America, N.A. Pursuant to the Swap Agreement, on August 14, 2015, HF-T1 entered into a confirmation of swap transactions (the “Interest Rate Swap”) as amended (the “Swap Agreement Amendment”) on March 18, 2020 with Bank of America, N.A with a maturity date of March 18, 2025. The Swap Agreement Amendment fixes the effective interest rate on the HF-T1 2020 Loan at 2.55% per annum. The HF-T1 2020 Loan and Swap Agreement Amendment are subject to customary covenants and events of default. Bank of America, N.A. also acts as a lender and syndication agent under the Company’s revolving credit facility. The obligations of the JV under this loan are guaranteed by HF. The Interest Rate Swap involves the receipt of variable amounts from a counterparty in exchange for making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. As of both March 31, 2023 and December 31, 2022, the Interest Rate Swap had an aggregate notional amount of $ . HF-T2 Distribution Center Construction Loan To finance the expansion of the Company’s North American distribution center, the JV, through HF Logistics-SKX T2, LLC, a wholly-owned subsidiary of the JV (“HF-T2”) entered into a construction loan agreement of up to $73.0 million which matures on April 3, 2025. Under the 2020 Construction Loan Agreement, the interest rate per annum on the HF-T2 2020 Construction Loan based on the Bloomberg Short-Term Bank Yield Index (“BSBY”) Daily Floating Rate (as defined therein) plus a margin of 190 basis points, reducing to 175 basis points upon substantial completion of the construction and certain other conditions being satisfied. The weighted-average annual interest rate on borrowings under the HF-T2 Distribution Center Construction Loan was approximately 6.42% during the three months ended March 31, 2023 China Distribution Center Construction Loan T he Company entered into a 700.0 Beginning China Distribution Center Expansion Construction Loan On October 18, 2022, t March 31, 2023 China Operational Loans The Company has certain secured credit facilities to support the operations of its China joint venture. The balance of working capital loans was approximately $53.9 million with interest rates ranging from 2.90% to 3.05% as of December 31, 2022 was approximately $54.4 million with interest rates ranging from 2.90% to 3.41% per annum. As of March 31, 2023 and December 31, 2022, the outstanding balances under these working capital loans included $53.9 and $54.4 million classified as current borrowings in the Company’s condensed consolidated balance sheets. |
Stockholders Equity and Stock C
Stockholders Equity and Stock Compensation | 3 Months Ended |
Mar. 31, 2023 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stockholders Equity and Stock Compensation | ( 5 ) Stockholders Equity and Stock Compensation SHARE REPURCHASE PROGRAM On January 31, 2022, the Company’s Board of Directors authorized a share repurchase program (the “Share Repurchase Program”), pursuant to which the Company may, from time to time, purchase shares of its Class A common stock, for an aggregate repurchase price not to exceed $500 million. The Share Repurchase Program expires on January 31, 2025 and does not obligate the Company to acquire any particular amount of shares. As of March 31, 2023 , there was $395.7 million remaining to repurchase shares under the Share Repurchase Program. The following table provides a summary the Company’s stock repurchase activities: Three Months Ended March 31, 2023 2022 Shares repurchased 676,190 651,774 Average cost per share $ 44.39 $ 38.36 Total cost of shares repurchased (in thousands) $ 30,014 $ 25,000 INCENTIVE AWARD PLAN In the three months ended March 31, 2023 , the Company granted restricted stock with time-based vesting as well as performance-based awards. The performance-based awards include a market condition tied to the Company’s total shareholder return in relation to its peer companies as well as a financial performance condition tied to annual earnings per share (“EPS”) growth. The vesting and ultimate payout of performance awards is determined at the end of the three-year The Company issued the following stock-based instruments: Three Months Ended March 31, 2023 2022 Granted Weighted-Average Grant-Date Fair Value Granted Weighted-Average Grant-Date Fair Value Restricted stock 300,970 $ 43.77 1,221,950 $ 38.58 Performance-based restricted stock 121,225 $ 43.34 116,250 $ 42.46 Market-based restricted stock 121,225 $ 59.71 116,250 $ 58.85 A summary of the status and changes of the Company’s unvested shares is presented below: Shares Weighted-Average Grant-Date Fair Value Unvested at December 31, 2022 3,423,902 $ 40.62 Granted 543,420 47.23 Vested (224,750 ) 38.82 Cancelled (7,500 ) 43.36 Unvested at March 31, 2023 3,735,072 $ 41.68 The Company determines the fair value of restricted stock awards and any performance-related components based on the closing market price of the Company’s common stock on the date of grant. For share-based awards with a performance-based vesting requirement, the Company evaluates the probability of achieving the performance criteria throughout the performance period and will adjust stock compensation expense up or down based on its estimated probable outcome. Certain performance-based awards contain market condition components which are valued on the date of grant using a Monte Carlo simulation model. For the three months ended March 31, 2023 and 2022, the Company recognized $13.5 million and $17.2 million of incentive stock compensation expense. As of March 31, 2023, the unamortized stock compensation of $102.3 million is expected to be recognized over a weighted-average period of 1.77 years. STOCK PURCHASE PLAN A total of 5,000,000 shares of Class A Common Stock are available for sale under the 2018 Employee Stock Purchase Plan (“2018 ESPP”). The 2018 ESPP provides eligible employees of the Company and its subsidiaries the opportunity to purchase shares of the Company’s Class A Common Stock at a purchase price equal to 85% of the fair market value on the first trading day or last trading day of each purchase period, whichever is lower. Eligible employees can invest up to 15% of their compensation through payroll deductions during each purchase period. The purchase price discount and the look-back feature cause the 2018 ESPP to be compensatory and the Company recognizes compensation expense, which is computed using the Black-Scholes valuation model. For the three months ended March 31, 2023 and 2022 March 31, 2023 |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | (6) Earnings Per Share Basic EPS and diluted EPS are calculated by dividing net earnings by the following: for basic EPS, the weighted-average number of common shares outstanding for the period; and for diluted EPS, the sum of the weighted-average number of both outstanding common shares and potentially dilutive common shares using the treasury stock method . The calculation of EPS is as follows: Three Months Ended March 31, (in thousands, except per share data) 2023 2022 Net earnings attributable to Skechers U.S.A., Inc. $ 160,443 $ 121,223 Weighted-average common shares outstanding, basic 155,140 155,996 Dilutive effect of nonvested shares 1,615 1,452 Weighted-average common shares outstanding, diluted 156,755 157,448 Anti-dilutive common shares excluded above 10 27 Net earnings per share attributable to Skechers U.S.A., Inc. Basic $ 1.03 $ 0.78 Diluted $ 1.02 $ 0.77 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | (7) Income Taxes The tax provisions for the three months ended March 31, 2023 applicable March 31, 2023 primarily due to |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | ( 8 ) Related Party Transactions The Skechers Foundation (the “Foundation”) is a 501(c)(3) non-profit entity and not a subsidiary or otherwise affiliated with the Company. The Company does not have a financial interest in the Foundation. However, two officers and directors of the Company, Michael Greenberg, the Company’s President, and David Weinberg, the Company’s Chief Operating Officer, are officers and directors of the Foundation. During the three months ended March 31, 2023, the Board of Directors approved a contribution of $0.5 million. For the three months ended March 31, 2022, the Company made contributions of $0.5 million. |
Segment and Geographic Informat
Segment and Geographic Information | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Segment and Geographic Information | (9) Segment and Geographic Information The Company has two reportable segments, Wholesale and Direct-to-Consumer. Management evaluates segment performance based primarily on sales and gross margin. Other costs and expenses of the Company are analyzed on an aggregate basis and not allocated to the segments. The following summarizes the Company’s operations by segment and geographic area: Segment Information Three Months Ended March 31, (in thousands) 2023 2022 Wholesale sales $ 1,294,558 $ 1,251,306 Gross profit 511,999 454,960 Gross margin 39.6 % 36.4 % Direct-to-Consumer sales $ 707,370 $ 568,288 Gross profit 466,580 369,203 Gross margin 66.0 % 65.0 % Total sales $ 2,001,928 $ 1,819,594 Gross profit 978,579 824,163 Gross margin 48.9 % 45.3 % (in thousands) As of March 31, 2023 As of December 31, 2022 Identifiable assets Wholesale $ 3,759,816 $ 3,682,860 Direct-to-Consumer 3,284,655 3,210,627 Total $ 7,044,471 $ 6,893,487 Three Months Ended March 31, (in thousands) 2023 2022 Additions to property, plant and equipment Wholesale $ 51,516 $ 64,698 Direct-to-Consumer 19,697 24,700 Total $ 71,213 $ 89,398 Geographic Information Three Months Ended March 31, (in thousands) 2023 2022 Geographic sales Domestic Wholesale $ 441,903 $ 538,569 Domestic Direct-to-Consumer 298,963 239,448 Total domestic sales 740,866 778,017 International Wholesale 852,655 712,737 International Direct-to-Consumer 408,407 328,840 Total international sales 1,261,062 1,041,577 Total sales $ 2,001,928 $ 1,819,594 Regional Sales Americas (AMER) $ 945,931 $ 946,886 Europe, Middle East & Africa (EMEA) 534,494 441,201 Asia Pacific (APAC) 521,503 431,507 Total sales $ 2,001,928 $ 1,819,594 China sales $ 281,953 $ 273,031 (in thousands) As of March 31, 2023 As of December 31, 2022 Property, plant and equipment, net Domestic $ 882,901 $ 870,924 International 494,687 474,446 Total $ 1,377,588 $ 1,345,370 China property plant and equipment, net $ 274,149 $ 264,422 The Company’s sales to its five largest customers accounted for approximately 8.0% and 10.0% of total sales for the three months ended March 31, 2023 and 2022. Assets located outside the U.S. consist primarily of cash, accounts receivable, inventory, property, plant and equipment, and other assets. Net assets held outside the U.S. were $4.6 billion and $4.4 billion at March 31, 2023 and December 31, 2022. Goodwill of $93.5 million is included in the Wholesale segment. The Company performs regular evaluations concerning the ability of customers to satisfy their obligations and provides for estimated doubtful accounts. Domestic accounts receivable generally do not require collateral. Foreign accounts receivable are generally collateralized by letters of credit. The Company’s additions to the provision for expected credit losses for the three months ended March 31, 2023 and 2022 were $0.7 million and $0.3 million. The Company’s accounts receivables, excluding allowances for bad debts and chargebacks, by geography are summarized as follows: (in thousands) As of March 31, 2023 As of December 31, 2022 Domestic Accounts Receivable $ 394,760 $ 310,138 International Accounts Receivable 719,911 597,621 The Company’s top five manufacturers produced the following: Three Months Ended March 31, (percentage of total production) 2023 2022 Manufacturer #1 23.2 17.8 Manufacturer #2 6.1 5.2 Manufacturer #3 5.8 5.0 Manufacturer #4 5.8 4.8 Manufacturer #5 5.3 4.4 Total 46.2 37.2 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2023 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | ( 10 ) Commitments and Contingencies In accordance with GAAP, the Company records a liability in its condensed consolidated financial statements for loss contingencies when a loss is known or considered probable and the amount can be reasonably estimated. When determining the estimated loss or range of loss, significant judgment is required to estimate the amount and timing of a loss to be recorded. Estimates of probable losses resulting from litigation and governmental proceedings are inherently difficult to predict, particularly when the matters are in the procedural stages or with unspecified or indeterminate claims for damages, potential penalties, or fines. Accordingly, the Company cannot determine the final amount, if any, of its liability beyond the amount accrued in the condensed consolidated financial statements as of March 31, 2023, nor is it possible to estimate what litigation-related costs will be in the future; however, the Company believes that the likelihood that claims related to litigation would result in a material loss to the Company, either individually or in the aggregate, is remote. |
General (Policies)
General (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements of Skechers U.S.A., Inc. (the “Company”) have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”), for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S‑X. In the opinion of management, all normal adjustments and accruals considered necessary to provide a fair statement of the results of operations for the interim periods presented have been included. The December 31, 2022 balance sheet data was derived from audited financial statements; however, the accompanying notes to condensed consolidated financial statements do not include all of the annual disclosures required under GAAP and should be read in conjunction with the Company’s 2022 Annual Report on Form 10-K. Certain reclassifications have been made to the condensed consolidated financial statements in prior years to conform to the current year presentation. |
Noncontrolling Interests | Noncontrolling Interests The Company has equity interests in several joint ventures that were established either to exclusively distribute the Company’s products throughout Mexico, Asia and the Middle East or to construct the Company’s domestic distribution facility. These joint ventures are variable interest entities (“VIE”), and the Company is considered the primary beneficiary. This determination is based on the relationships between the Company and the VIE, including management agreements, governance documents and other contractual arrangements. Specifically, the Company has both of the following characteristics: (a) the power to direct the activities of the entity that most significantly impact the entity’s economic performance; and (b) the obligation to absorb losses of the entity that could potentially be significant to the VIE, or the right to receive benefits from the entity that could potentially be significant to the VIE. The assets and liabilities and results of operations of these entities are included in the Company’s condensed consolidated financial statements, even though the Company may not hold a majority equity interest. The Company continues to reassess these relationships quarterly. The assets of these joint ventures are restricted, as they are not available for general business use outside the context of such joint ventures. The holders of the liabilities of each joint venture have no recourse to the Company. |
Fair Value of Financial Instruments | FAIR VALUE OF FINANCIAL INSTRUMENTS The fair value hierarchy as defined by applicable accounting standards prioritizes the use of inputs used in valuation techniques into the following three levels: • Level 1: Quoted market prices in active markets for identical assets or liabilities. • Level 2: Other observable market-based inputs or unobservable inputs that are corroborated by market data. • Level 3: Unobservable inputs that cannot be corroborated by market data that reflect the reporting entity’s own assumptions. The Company’s Level 1 investments primarily include money market funds, United States (“U.S.”) Treasury securities and actively traded mutual funds; Level 2 investments primarily include corporate notes and bonds, asset-backed securities and U.S. Agency securities; and the Company does not currently have any Level 3 assets or liabilities. The Company has one Level 2 derivative instrument which is an interest rate swap related to the refinancing of its U.S. distribution center (see Note 4 – Financial Commitments) classified as other assets, net . The fair value of the interest rate swap was determined using the market standard methodology of netting the discounted future fixed cash payments and the discounted expected variable cash receipts. The variable cash receipt was based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. Credit valuation adjustments were incorporated to appropriately reflect both the Company’s nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. The carrying amount of receivables, payables and other amounts arising out of the normal course of business approximates fair value because of the relatively short maturity of such instruments. The carrying amount of the Company’s short-term and long-term borrowings, which are considered Level 2 liabilities, approximates fair value based on current rates and terms available to the Company for similar debt. |
Derivative Instruments | DERIVATIVE INSTRUMENTS The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage exposure to interest rate movements fails to perform under the terms of the derivative contract. To mitigate this risk, the Company enters into derivative contracts with major financial institutions based upon credit ratings and other factors. The Company continually assesses the creditworthiness of its counterparties. As of March 31, 2023 , all counterparties to the interest rate swap had performed in accordance with their contractual obligations. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04 Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, |
Cash, Cash Equivalents, Short_2
Cash, Cash Equivalents, Short-Term And Long-Term Investments (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Cash Cash Equivalents And Short Term And Long Term Investments [Abstract] | |
Summary of Cash, Cash Equivalents, Short-Term and Long-Term Investments by Significant Investment Category | The following tables show the Company’s cash, cash equivalents, short-term and long-term investments by significant investment category: As of March 31, 2023 (in thousands) Adjusted Cost Fair Value Cash and Cash Equivalents Short-Term Investments Long-Term Investments Cash $ 680,416 $ 680,416 $ 680,416 $ — $ — Level 1 Money market funds 73,375 73,375 73,375 — — U.S. Treasury securities 17,552 17,552 6,249 11,303 — Mutual funds N/A 5,268 — — 5,268 Total level 1 90,927 96,195 79,624 11,303 5,268 Level 2 Corporate notes and bonds 97,425 97,425 — 76,066 21,359 Asset-backed securities 4,669 4,669 — 135 4,534 U.S. Agency securities 3,013 3,013 — 2,003 1,010 Total level 2 105,107 105,107 — 78,204 26,903 Total $ 876,450 $ 881,718 $ 760,040 $ 89,507 $ 32,171 As of December 31, 2022 (in thousands) Adjusted Cost Fair Value Cash and Cash Equivalents Short-Term Investments Long-Term Investments Cash $ 539,730 $ 539,730 $ 539,730 $ — $ — Level 1 Money market funds 71,503 71,503 71,503 — — U.S. Treasury securities 18,201 18,201 2,000 16,201 — Mutual funds N/A 5,893 — — 5,893 Total level 1 89,704 95,597 73,503 16,201 5,893 Level 2 Corporate notes and bonds 101,959 101,959 2,500 85,731 13,728 Asset-backed securities 4,641 4,641 — 234 4,407 Total level 2 106,600 106,600 2,500 85,965 18,135 Total $ 736,034 $ 741,927 $ 615,733 $ 102,166 $ 24,028 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Payables And Accruals [Abstract] | |
Summary of Accrued Expenses | Accrued expenses were as follows: As of As of (in thousands) March 31, 2023 December 31, 2022 Accrued payroll, taxes, and other $ 172,822 $ 143,664 Return reserve liability 66,338 60,482 Accrued inventory purchases 30,065 89,997 Accrued expenses $ 269,225 $ 294,143 |
Financial Commitments (Tables)
Financial Commitments (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Long-Term Borrowings | Long-term borrowings were as follows: As of As of (in thousands) March 31, 2023 December 31, 2022 HF-T1 Distribution Center Loan $ 129,505 $ 129,505 HF-T2 Distribution Center Construction Loan 73,017 72,098 China Distribution Center Construction Loan 38,569 41,329 China Distribution Center Expansion Construction Loan 27,452 14,507 China Operational Loans 53,910 54,361 Other 8,291 7,872 Subtotal 330,744 319,672 Less: Current installments 100,469 103,184 Total long-term borrowings $ 230,275 $ 216,488 |
Stockholders Equity and Stock_2
Stockholders Equity and Stock Compensation (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Summary of Stock Repurchase Activities | The following table provides a summary the Company’s stock repurchase activities: Three Months Ended March 31, 2023 2022 Shares repurchased 676,190 651,774 Average cost per share $ 44.39 $ 38.36 Total cost of shares repurchased (in thousands) $ 30,014 $ 25,000 |
Summary of Stock-Based Instruments | The Company issued the following stock-based instruments: Three Months Ended March 31, 2023 2022 Granted Weighted-Average Grant-Date Fair Value Granted Weighted-Average Grant-Date Fair Value Restricted stock 300,970 $ 43.77 1,221,950 $ 38.58 Performance-based restricted stock 121,225 $ 43.34 116,250 $ 42.46 Market-based restricted stock 121,225 $ 59.71 116,250 $ 58.85 |
Summary of Unvested Shares | A summary of the status and changes of the Company’s unvested shares is presented below: Shares Weighted-Average Grant-Date Fair Value Unvested at December 31, 2022 3,423,902 $ 40.62 Granted 543,420 47.23 Vested (224,750 ) 38.82 Cancelled (7,500 ) 43.36 Unvested at March 31, 2023 3,735,072 $ 41.68 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Summary of Calculation of EPS | The calculation of EPS is as follows: Three Months Ended March 31, (in thousands, except per share data) 2023 2022 Net earnings attributable to Skechers U.S.A., Inc. $ 160,443 $ 121,223 Weighted-average common shares outstanding, basic 155,140 155,996 Dilutive effect of nonvested shares 1,615 1,452 Weighted-average common shares outstanding, diluted 156,755 157,448 Anti-dilutive common shares excluded above 10 27 Net earnings per share attributable to Skechers U.S.A., Inc. Basic $ 1.03 $ 0.78 Diluted $ 1.02 $ 0.77 |
Segment and Geographic Inform_2
Segment and Geographic Information (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Segment Reporting Information | Segment Information Three Months Ended March 31, (in thousands) 2023 2022 Wholesale sales $ 1,294,558 $ 1,251,306 Gross profit 511,999 454,960 Gross margin 39.6 % 36.4 % Direct-to-Consumer sales $ 707,370 $ 568,288 Gross profit 466,580 369,203 Gross margin 66.0 % 65.0 % Total sales $ 2,001,928 $ 1,819,594 Gross profit 978,579 824,163 Gross margin 48.9 % 45.3 % (in thousands) As of March 31, 2023 As of December 31, 2022 Identifiable assets Wholesale $ 3,759,816 $ 3,682,860 Direct-to-Consumer 3,284,655 3,210,627 Total $ 7,044,471 $ 6,893,487 Three Months Ended March 31, (in thousands) 2023 2022 Additions to property, plant and equipment Wholesale $ 51,516 $ 64,698 Direct-to-Consumer 19,697 24,700 Total $ 71,213 $ 89,398 |
Geographic Information | Geographic Information Three Months Ended March 31, (in thousands) 2023 2022 Geographic sales Domestic Wholesale $ 441,903 $ 538,569 Domestic Direct-to-Consumer 298,963 239,448 Total domestic sales 740,866 778,017 International Wholesale 852,655 712,737 International Direct-to-Consumer 408,407 328,840 Total international sales 1,261,062 1,041,577 Total sales $ 2,001,928 $ 1,819,594 Regional Sales Americas (AMER) $ 945,931 $ 946,886 Europe, Middle East & Africa (EMEA) 534,494 441,201 Asia Pacific (APAC) 521,503 431,507 Total sales $ 2,001,928 $ 1,819,594 China sales $ 281,953 $ 273,031 (in thousands) As of March 31, 2023 As of December 31, 2022 Property, plant and equipment, net Domestic $ 882,901 $ 870,924 International 494,687 474,446 Total $ 1,377,588 $ 1,345,370 China property plant and equipment, net $ 274,149 $ 264,422 |
Summary of Accounts Receivables Excluding the Allowance for Bad Debts and Chargebacks | The Company’s accounts receivables, excluding allowances for bad debts and chargebacks, by geography are summarized as follows: (in thousands) As of March 31, 2023 As of December 31, 2022 Domestic Accounts Receivable $ 394,760 $ 310,138 International Accounts Receivable 719,911 597,621 |
Company's Top Five Manufacturers Produced | The Company’s top five manufacturers produced the following: Three Months Ended March 31, (percentage of total production) 2023 2022 Manufacturer #1 23.2 17.8 Manufacturer #2 6.1 5.2 Manufacturer #3 5.8 5.0 Manufacturer #4 5.8 4.8 Manufacturer #5 5.3 4.4 Total 46.2 37.2 |
General - Additional Informatio
General - Additional Information (Detail) | Mar. 31, 2023 Derivative |
Interest Rate Swap [Member] | Level 2 [Member] | |
Schedule Of Organization And Summary Of Significant Accounting Policies [Line Items] | |
Number of derivative instrument | 1 |
Cash, Cash Equivalents, Short_3
Cash, Cash Equivalents, Short-Term and Long-Term Investments - Summary of Cash, Cash Equivalents, Short-Term and Long-Term Investments by Significant Investment Category (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Cash Cash Equivalents Short Term And Long Term Investments [Line Items] | ||
Cash and Cash Equivalents | $ 760,040 | $ 615,733 |
Short-Term Investments | 89,507 | 102,166 |
Long-Term Investments | 32,171 | 24,028 |
Adjusted Cost | 876,450 | 736,034 |
Fair Value | 881,718 | 741,927 |
Level 1 [Member] | ||
Cash Cash Equivalents Short Term And Long Term Investments [Line Items] | ||
Cash and Cash Equivalents | 79,624 | 73,503 |
Fair Value | 96,195 | 95,597 |
Short-Term Investments | 11,303 | 16,201 |
Long-Term Investments | 5,268 | 5,893 |
Adjusted Cost | 90,927 | 89,704 |
Level 2 [Member] | ||
Cash Cash Equivalents Short Term And Long Term Investments [Line Items] | ||
Cash and Cash Equivalents | 0 | 2,500 |
Fair Value | 105,107 | 106,600 |
Short-Term Investments | 78,204 | 85,965 |
Long-Term Investments | 26,903 | 18,135 |
Adjusted Cost | 105,107 | 106,600 |
Money market funds [Member] | Level 1 [Member] | ||
Cash Cash Equivalents Short Term And Long Term Investments [Line Items] | ||
Cash and Cash Equivalents | 73,375 | 71,503 |
Fair Value | 73,375 | 71,503 |
Short-Term Investments | 0 | 0 |
Long-Term Investments | 0 | 0 |
Adjusted Cost | 73,375 | 71,503 |
U.S. Treasury Securities [Member] | Level 1 [Member] | ||
Cash Cash Equivalents Short Term And Long Term Investments [Line Items] | ||
Cash and Cash Equivalents | 6,249 | 2,000 |
Fair Value | 17,552 | 18,201 |
Short-Term Investments | 11,303 | 16,201 |
Long-Term Investments | 0 | 0 |
Adjusted Cost | 17,552 | 18,201 |
Mutual Funds [Member] | Level 2 [Member] | ||
Cash Cash Equivalents Short Term And Long Term Investments [Line Items] | ||
Cash and Cash Equivalents | 0 | 0 |
Fair Value | 5,268 | 5,893 |
Short-Term Investments | 0 | 0 |
Long-Term Investments | 5,268 | 5,893 |
Adjusted Cost | 0 | 0 |
Corporate Notes and Bonds [Member] | Level 2 [Member] | ||
Cash Cash Equivalents Short Term And Long Term Investments [Line Items] | ||
Cash and Cash Equivalents | 0 | 2,500 |
Fair Value | 97,425 | 101,959 |
Short-Term Investments | 76,066 | 85,731 |
Long-Term Investments | 21,359 | 13,728 |
Adjusted Cost | 97,425 | 101,959 |
Asset-backed Securities [Member] | Level 2 [Member] | ||
Cash Cash Equivalents Short Term And Long Term Investments [Line Items] | ||
Cash and Cash Equivalents | 0 | 0 |
Fair Value | 4,669 | 4,641 |
Short-Term Investments | 135 | 234 |
Long-Term Investments | 4,534 | 4,407 |
Adjusted Cost | 4,669 | 4,641 |
Cash [Member] | ||
Cash Cash Equivalents Short Term And Long Term Investments [Line Items] | ||
Cash and Cash Equivalents | 680,416 | 539,730 |
Fair Value | 680,416 | |
Short-Term Investments | 0 | 0 |
Long-Term Investments | 0 | 0 |
Fair Value | $ 539,730 | |
U.S. Agency securities [Member] | Level 2 [Member] | ||
Cash Cash Equivalents Short Term And Long Term Investments [Line Items] | ||
Cash and Cash Equivalents | 0 | |
Fair Value | 3,013 | |
Short-Term Investments | 2,003 | |
Long-Term Investments | 1,010 | |
Adjusted Cost | $ 3,013 |
Cash, Cash Equivalents, Short_4
Cash, Cash Equivalents, Short-Term and Long-Term Investments - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Cash Cash Equivalents Short Term And Long Term Investments [Line Items] | |||
Interest income | $ 2,600 | $ 1,200 | |
Company owned life insurance contracts | 80,743 | $ 70,498 | |
Life Insurance Contracts [Member] | |||
Cash Cash Equivalents Short Term And Long Term Investments [Line Items] | |||
Company owned life insurance contracts | $ 48,600 | $ 46,500 | |
Maximum [Member] | |||
Cash Cash Equivalents Short Term And Long Term Investments [Line Items] | |||
Long-term investments maturity period | 2 years |
Accrued Expenses - Summary of A
Accrued Expenses - Summary of Accrued Expenses (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Payables And Accruals [Abstract] | ||
Accrued payroll, taxes, and other | $ 172,822 | $ 143,664 |
Return reserve liability | 66,338 | 60,482 |
Accrued inventory purchases | 30,065 | 89,997 |
Accrued expenses | $ 269,225 | $ 294,143 |
Financial Commitments - Additio
Financial Commitments - Additional Information (Detail) ¥ in Millions | 3 Months Ended | |||||||
Oct. 18, 2022 CNY (¥) | Dec. 15, 2021 USD ($) | Mar. 18, 2020 | Nov. 21, 2019 USD ($) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | Mar. 31, 2023 CNY (¥) | Dec. 31, 2022 USD ($) | |
Debt Instrument [Line Items] | ||||||||
Outstanding letters of credit | $ 2,700,000 | $ 2,700,000 | ||||||
Short-term borrowings | 30,471,000 | 19,635,000 | ||||||
Interest Expense | $ 5,100,000 | $ 4,500,000 | ||||||
Weighted-average annual interest rate | 8.60% | 8.60% | ||||||
Interest Rate Swap [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Aggregate notional amount | $ 129,500,000 | $ 129,500,000 | ||||||
Weighted-average fixed rate | 0.795% | 0.795% | 0.795% | |||||
Derivative, fixed interest rate | 4.08% | 4.08% | 4.08% | |||||
China Distribution Center Construction Loan [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum amount of credit facility | ¥ | ¥ 700 | |||||||
Debt instrument maturity date | Sep. 28, 2023 | |||||||
Debt instrument variable rate | 4% | 4% | ||||||
Line of credit facility, frequency of payment and payment term | 0 | |||||||
Outstanding balance | $ 38,600,000 | $ 41,300,000 | ||||||
Loan amount | ¥ | ¥ 1,100 | |||||||
Debt instrument rate | 3.40% | 3.40% | ||||||
Debt instrument, term | 10 years | |||||||
Other China Operational Loans [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum amount of credit facility | $ 53,900,000 | 54,400,000 | ||||||
Other China Operational Loans [Member] | Working Capital Loans [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Outstanding balance | $ 53,900,000 | 54,400,000 | ||||||
Joint Venture with HF Logistics [Member] | 2020 Construction Loan Agreement [Member] | HF-T2 Distribution Center Construction Loan [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Weighted-average annual interest rate | 6.42% | 6.42% | ||||||
Debt instrument maturity date | Apr. 03, 2025 | |||||||
Interest rate of line of credit agreement | 1.90% | |||||||
Debt instrument basis spread on variable rate | 0 | |||||||
Debt instrument, decrease in basis points | 1.75% | |||||||
Interest Rate Swap [Member] | Joint Venture with HF Logistics [Member] | 2020 Amendment Loan [Member] | LIBOR Loans [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument basis spread on variable rate | LIBOR Daily Floating Rate plus a margin of 1.75% per annum. | |||||||
Interest Rate Swap [Member] | Joint Venture with HF Logistics [Member] | Construction Loan Agreement [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate swap agreement date | Aug. 14, 2015 | |||||||
India [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Short-term borrowings | $ 25,000,000 | 14,500,000 | ||||||
Maximum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit | 36,400,000 | |||||||
Maximum [Member] | Joint Venture with HF Logistics [Member] | 2020 Construction Loan Agreement [Member] | HF-T2 Distribution Center Construction Loan [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Borrowing under loan agreement | 73,000,000 | |||||||
Amended Credit Agreement [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument unused credit capacity | 747,300,000 | $ 747,300,000 | ||||||
Amended Credit Agreement [Member] | Unsecured Revolving Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum amount of credit facility | $ 750,000,000 | $ 500,000,000 | ||||||
Maturity date of credit agreement | Dec. 15, 2026 | Nov. 21, 2024 | ||||||
Amended Credit Agreement [Member] | Line of Credit [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Increase in leverage ratio | 4.25% | |||||||
Amended Credit Agreement [Member] | Line of Credit [Member] | Maximum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit, increase | $ 250,000,000 | |||||||
Adjusted net leverage ratio | 3.75 | |||||||
Amended Credit Agreement [Member] | Letters of Credit [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum amount of credit facility | $ 100,000,000 | |||||||
Amended Credit Agreement [Member] | Swingline Loans [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum amount of credit facility | $ 50,000,000 | |||||||
Amended Credit Agreement [Member] | Revolving Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Short-term borrowings | $ 0 | |||||||
HF-T1 Distribution Center Loan [Member] | Joint Venture with HF Logistics [Member] | 2020 Amendment Loan [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument maturity date | Mar. 18, 2025 | |||||||
HF-T1 Distribution Center Loan [Member] | Interest Rate Swap [Member] | Joint Venture with HF Logistics [Member] | 2020 Amendment Loan [Member] | LIBOR Loans [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate of line of credit agreement | 1.75% | |||||||
HF-T1 Distribution Center Loan [Member] | Interest Rate Swap [Member] | Joint Venture with HF Logistics [Member] | Construction Loan Agreement [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Derivative maturity date | Mar. 18, 2025 | |||||||
Effective fixed interest rate of loan with swap | 2.55% | |||||||
HF-T1 Distribution Center Loan [Member] | Minimum [Member] | 2020 Amendment Loan [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Borrowing under loan agreement | $ 129,500,000 | |||||||
Interests at a Range of 1.30% to 3.50% per Annum [Member] | Maximum [Member] | Other China Operational Loans [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument variable rate | 3.05% | 3.05% | ||||||
Interests at a Range of 1.30% to 3.50% per Annum [Member] | Minimum [Member] | Other China Operational Loans [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument variable rate | 2.90% | 2.90% | ||||||
Interests at a Range of 1.00% to 3.70% per Annum [Member] | Maximum [Member] | Other China Operational Loans [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument variable rate | 3.41% | |||||||
Interests at a Range of 1.00% to 3.70% per Annum [Member] | Minimum [Member] | Other China Operational Loans [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument variable rate | 2.90% |
Financial Commitments - Long-Te
Financial Commitments - Long-Term Borrowings (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Long-term borrowings | $ 330,744 | $ 319,672 |
Current installments of long-term borrowings | 100,469 | 103,184 |
Long-term borrowings | 230,275 | 216,488 |
China Operational Loans [Member] | ||
Debt Instrument [Line Items] | ||
Long-term borrowings | 53,910 | 54,361 |
China Distribution Center Construction Loan [Member] | ||
Debt Instrument [Line Items] | ||
Long-term borrowings | 38,569 | 41,329 |
China Distribution Center Expansion Construction Loan | ||
Debt Instrument [Line Items] | ||
Long-term borrowings | 27,452 | 14,507 |
Other [Member] | ||
Debt Instrument [Line Items] | ||
Long-term borrowings | 8,291 | 7,872 |
HF-T1 Distribution Center Loan [Member] | ||
Debt Instrument [Line Items] | ||
Long-term borrowings | 129,505 | 129,505 |
HF-T2 Distribution Center Construction Loan [Member] | ||
Debt Instrument [Line Items] | ||
Long-term borrowings | $ 73,017 | $ 72,098 |
Stockholders Equity and Stock_3
Stockholders Equity and Stock Compensation - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Jan. 31, 2022 | |
Class Of Stock [Line Items] | |||
Stock repurchase program expiration date | Jan. 31, 2025 | ||
Remaining to repurchase shares under Share Repurchase Program | $ 395.7 | ||
Recognized stock compensation expense | 13.5 | $ 17.2 | |
Unrecognized compensation cost related to nonvested common shares | $ 102.3 | ||
Weighted average period for recognition of cost | 1 year 9 months 7 days | ||
ESPP | |||
Class Of Stock [Line Items] | |||
Recognized stock compensation expense | $ 0.7 | $ 0.8 | |
Performance-Based Awards [Member] | |||
Class Of Stock [Line Items] | |||
Performance period | 3 years | ||
Performance-Based Awards [Member] | Minimum [Member] | |||
Class Of Stock [Line Items] | |||
Payout percentage of performance awards | 0% | ||
Performance-Based Awards [Member] | Maximum [Member] | |||
Class Of Stock [Line Items] | |||
Payout percentage of performance awards | 200% | ||
Two Thousand Seventeen Plan | Performance-Based Awards [Member] | |||
Class Of Stock [Line Items] | |||
Number of shares that remain available for grant | 2,213,612 | ||
Two Thousand Seventeen Plan | Performance-Based Awards [Member] | Maximum [Member] | |||
Class Of Stock [Line Items] | |||
Number of shares that remain available for grant | 1,271,162 | ||
2018 ESPP [Member] | |||
Class Of Stock [Line Items] | |||
Number of shares available for sale under employee stock purchase plan | 3,815,746 | ||
Percentage of price of common stock purchased | 85% | ||
Maximum percentage of employee's compensation to purchase common stock | 15% | ||
Class A Common Stock [Member] | |||
Class Of Stock [Line Items] | |||
Stock repurchase program authorized amount | $ 500 | ||
Class A Common Stock [Member] | 2018 ESPP [Member] | |||
Class Of Stock [Line Items] | |||
Number of shares available for sale under employee stock purchase plan | 5,000,000 |
Stockholders Equity and Stock_4
Stockholders Equity and Stock Compensation - Summary of Stock Repurchase Activities (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Shares repurchased | 676,190 | 651,774 |
Average cost per share | $ 44.39 | $ 38.36 |
Total cost of shares repurchased (in thousands) | $ 30,014 | $ 25,000 |
Stockholders Equity and Stock_5
Stockholders Equity and Stock Compensation - Summary of Stock-Based Instruments (Detail) - $ / shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Granted, shares | 543,420 | |
Weighted-Average Grant-Date Fair Value, shares | $ 47.23 | |
Restricted Stock [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Granted, shares | 300,970 | 1,221,950 |
Weighted-Average Grant-Date Fair Value, shares | $ 43.77 | $ 38.58 |
Performance-Based Restricted Stock [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Granted, shares | 121,225 | 116,250 |
Weighted-Average Grant-Date Fair Value, shares | $ 43.34 | $ 42.46 |
Market-Based Restricted Stock [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Granted, shares | 121,225 | 116,250 |
Weighted-Average Grant-Date Fair Value, shares | $ 59.71 | $ 58.85 |
Stockholders Equity and Stock_6
Stockholders Equity and Stock Compensation - Summary of Unvested Shares (Detail) | 3 Months Ended |
Mar. 31, 2023 $ / shares shares | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Unvested, Shares, Beginning of Period | shares | 3,423,902 |
Granted, Shares | shares | 543,420 |
Vested, Shares | shares | (224,750) |
Cancelled, Shares | shares | (7,500) |
Unvested, Shares, End of Period | shares | 3,735,072 |
Unvested, Weighted Average Grant-Date Fair Value, Beginning of Period | $ / shares | $ 40.62 |
Granted, Weighted Average Grant-Date Fair Value | $ / shares | 47.23 |
Vested, Weighted Average Grant-Date Fair Value | $ / shares | 38.82 |
Cancelled, Weighted Average Grant-Date Fair Value | $ / shares | 43.36 |
Unvested, Weighted Average Grant-Date Fair Value, End of Period | $ / shares | $ 41.68 |
Earnings Per Share - Summary of
Earnings Per Share - Summary of Calculation of EPS (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Earnings Per Share [Abstract] | ||
Net earnings attributable to Skechers U.S.A., Inc. | $ 160,443 | $ 121,223 |
Weighted-average common shares outstanding, basic | 155,140 | 155,996 |
Dilutive effect of nonvested shares | 1,615 | 1,452 |
Weighted-average common shares outstanding, diluted | 156,755 | 157,448 |
Anti-dilutive common shares excluded above | 10 | 27 |
Net earnings per share attributable to Skechers U.S.A., Inc. | ||
Basic | $ 1.03 | $ 0.78 |
Diluted | $ 1.02 | $ 0.77 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Schedule Of Income Taxes [Line Items] | ||
U.S. federal and state statutory rate | 25% | |
Effective tax rate | 18.50% | 20% |
Non-U.S jurisdictions [Member] | Minimum [Member] | ||
Schedule Of Income Taxes [Line Items] | ||
Statutory federal rate | 0% | |
Non-U.S jurisdictions [Member] | Maximum [Member] | ||
Schedule Of Income Taxes [Line Items] | ||
Statutory federal rate | 35% |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Related Party Transactions [Abstract] | ||
Contributions to Skechers Foundation for various charitable purposes | $ 0.5 | $ 0.5 |
Segment and Geographic Inform_3
Segment and Geographic Information - Segment Reporting Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Segment Reporting Information [Line Items] | |||
Sales | $ 2,001,928 | $ 1,819,594 | |
Gross profit | $ 978,579 | $ 824,163 | |
Gross margin | 48.90% | 45.30% | |
Identifiable assets | $ 7,044,471 | $ 6,893,487 | |
Additions to property, plant and equipment | 71,213 | $ 89,398 | |
Wholesale [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales | 1,294,558 | 1,251,306 | |
Gross profit | $ 511,999 | $ 454,960 | |
Gross margin | 39.60% | 36.40% | |
Identifiable assets | $ 3,759,816 | 3,682,860 | |
Additions to property, plant and equipment | 51,516 | $ 64,698 | |
Direct-to-Consumer [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales | 707,370 | 568,288 | |
Gross profit | $ 466,580 | $ 369,203 | |
Gross margin | 66% | 65% | |
Identifiable assets | $ 3,284,655 | $ 3,210,627 | |
Additions to property, plant and equipment | $ 19,697 | $ 24,700 |
Segment and Geographic Inform_4
Segment and Geographic Information - Geographic Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Segment Reporting Information [Line Items] | |||
Sales | $ 2,001,928 | $ 1,819,594 | |
Property, plant and equipment, net | |||
Property, plant and equipment, net | 1,377,588 | $ 1,345,370 | |
Wholesale [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales | 1,294,558 | 1,251,306 | |
Direct-to-Consumer [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales | 707,370 | 568,288 | |
Domestic [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales | 740,866 | 778,017 | |
Property, plant and equipment, net | |||
Property, plant and equipment, net | 882,901 | 870,924 | |
Domestic [Member] | Wholesale [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales | 441,903 | 538,569 | |
Domestic [Member] | Direct-to-Consumer [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales | 298,963 | 239,448 | |
Americas (AMER) [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales | 945,931 | 946,886 | |
Europe, Middle East & Africa (EMEA) [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales | 534,494 | 441,201 | |
Asia Pacific (APAC) [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales | 521,503 | 431,507 | |
China Operational Loans [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales | 281,953 | 273,031 | |
Property, plant and equipment, net | |||
Property, plant and equipment, net | 274,149 | 264,422 | |
International [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales | 1,261,062 | 1,041,577 | |
Property, plant and equipment, net | |||
Property, plant and equipment, net | 494,687 | $ 474,446 | |
International [Member] | Wholesale [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales | 852,655 | 712,737 | |
International [Member] | Direct-to-Consumer [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales | $ 408,407 | $ 328,840 |
Segment and Geographic Inform_5
Segment and Geographic Information - Additional Information (Detail) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 USD ($) Customer | Mar. 31, 2022 USD ($) Customer | Dec. 31, 2022 USD ($) | |
Segment Reporting Information [Line Items] | |||
Goodwill | $ 93,497 | $ 93,497 | |
Provision for expected credit losses | 9,792 | $ 14,024 | |
Wholesale [Member] | |||
Segment Reporting Information [Line Items] | |||
Goodwill | 93,500 | ||
International [Member] | |||
Segment Reporting Information [Line Items] | |||
Net assets held outside the United States | 4,600,000 | $ 4,400,000 | |
Provision for expected credit losses | $ 700 | $ 300 | |
Sales [Member] | Customer Concentration Risk [Member] | |||
Segment Reporting Information [Line Items] | |||
Number of largest customers | Customer | 5 | 0 | |
Sales [Member] | Customer Concentration Risk [Member] | Five Largest Customers [Member] | |||
Segment Reporting Information [Line Items] | |||
Percentage of concentration risk | 8% | 10% |
Segment and Geographic Inform_6
Segment and Geographic Information - Summary of Accounts Receivables Excluding the Allowance for Bad Debts and Chargebacks (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Domestic [Member] | ||
Segment Reporting Information [Line Items] | ||
Accounts receivable | $ 394,760 | $ 310,138 |
International [Member] | ||
Segment Reporting Information [Line Items] | ||
Accounts receivable | $ 719,911 | $ 597,621 |
Segment and Geographic Inform_7
Segment and Geographic Information - Company's Top Five Manufacturers Produced (Detail) - Cost of Goods, Total [Member] - Supplier Concentration Risk [Member] | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Manufacturer One [Member] | ||
Segment Reporting Information [Line Items] | ||
Percentage of Total Production | 23.20% | 17.80% |
Manufacturer Two [Member] | ||
Segment Reporting Information [Line Items] | ||
Percentage of Total Production | 6.10% | 5.20% |
Manufacturer Three [Member] | ||
Segment Reporting Information [Line Items] | ||
Percentage of Total Production | 5.80% | 5% |
Manufacturer Four [Member] | ||
Segment Reporting Information [Line Items] | ||
Percentage of Total Production | 5.80% | 4.80% |
Manufacturer Five [Member] | ||
Segment Reporting Information [Line Items] | ||
Percentage of Total Production | 5.30% | 4.40% |
Top Five Manufacturers [Member] | ||
Segment Reporting Information [Line Items] | ||
Percentage of Total Production | 46.20% | 37.20% |