Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | ||
Mar. 31, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | |
Class A Common Stock [Member] | Class B Convertible Common Stock [Member] | ||
Entity Information [Line Items] | ' | ' | ' |
Document Type | '10-Q | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Mar-14 | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'Q1 | ' | ' |
Trading Symbol | 'UA | ' | ' |
Entity Registrant Name | 'UNDER ARMOUR, INC. | ' | ' |
Entity Central Index Key | '0001336917 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 173,959,046 | 39,155,000 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | |||
Assets | ' | ' | ' |
Cash and cash equivalents | $179,926 | $347,489 | $255,722 |
Accounts receivable, net | 331,299 | 209,952 | 246,218 |
Inventories | 472,244 | 469,006 | 323,509 |
Prepaid expenses and other current assets | 100,857 | 63,987 | 37,227 |
Deferred income taxes | 40,831 | 38,377 | 24,765 |
Total current assets | 1,125,157 | 1,128,811 | 887,441 |
Property and equipment, net | 240,721 | 223,952 | 180,591 |
Goodwill | 123,388 | 122,244 | 0 |
Intangible assets, net | 31,571 | 24,097 | 3,842 |
Deferred income taxes | 35,538 | 31,094 | 26,281 |
Other long term assets | 42,641 | 47,543 | 42,333 |
Total assets | 1,599,016 | 1,577,741 | 1,140,488 |
Liabilities and Stockholders' Equity | ' | ' | ' |
Line of Credit Facility, Amount Outstanding | 100,000 | 100,000 | 0 |
Accounts payable | 166,920 | 165,456 | 127,327 |
Accrued expenses | 103,844 | 133,729 | 66,969 |
Current maturities of long term debt | 4,812 | 4,972 | 8,787 |
Other current liabilities | 11,676 | 22,473 | 3,246 |
Total current liabilities | -387,252 | -426,630 | -206,329 |
Long term debt, net of current maturities | 46,846 | 47,951 | 51,658 |
Other long term liabilities | 56,341 | 49,806 | 39,343 |
Total liabilities | 490,439 | 524,387 | 297,330 |
Commitments and contingencies (see Note 4) | ' | ' | ' |
Stockholders' equity | ' | ' | ' |
Additional paid-in capital | 443,132 | 397,248 | 342,118 |
Retained earnings | 664,870 | 653,842 | 500,946 |
Accumulated other comprehensive income | 504 | 2,194 | 24 |
Total stockholders' equity | 1,108,577 | 1,053,354 | 843,158 |
Total liabilities and stockholders' equity | 1,599,016 | 1,577,741 | 1,140,488 |
Class A Common Stock [Member] | ' | ' | ' |
Stockholders' equity | ' | ' | ' |
Common Stock | 58 | 57 | 56 |
Class B Convertible Common Stock [Member] | ' | ' | ' |
Stockholders' equity | ' | ' | ' |
Common Stock | $13 | $13 | $14 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 |
Class A Common Stock [Member] | ' | ' | ' |
Par value | $0.00 | $0.00 | $0.00 |
Shares authorized | 400,000,000 | 400,000,000 | 400,000,000 |
Shares issued | 173,730,570 | 171,628,708 | 168,185,546 |
Shares outstanding | 173,730,570 | 171,628,708 | 168,185,546 |
Class B Convertible Common Stock [Member] | ' | ' | ' |
Par value | $0.00 | $0.00 | $0.00 |
Shares authorized | 39,375,000 | 40,000,000 | 41,950,000 |
Shares issued | 39,375,000 | 40,000,000 | 41,950,000 |
Shares outstanding | 39,375,000 | 40,000,000 | 41,950,000 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Net revenues | $641,607 | $471,608 |
Cost of goods sold | 340,917 | 255,057 |
Gross profit | 300,690 | 216,551 |
Selling, general and administrative expenses | 273,834 | 203,059 |
Income from operations | 26,856 | 13,492 |
Interest Income (Expense), Net | -846 | -725 |
Other income (expense), net | -874 | 240 |
Income before income taxes | 25,136 | 13,007 |
Provision for income taxes | 11,598 | 5,193 |
Net income | $13,538 | $7,814 |
Net income available per common share | ' | ' |
Basic | $0.06 | $0.04 |
Diluted | $0.06 | $0.04 |
Weighted average common shares outstanding | ' | ' |
Basic | 212,383 | 209,796 |
Diluted | 216,912 | 214,192 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Net income | $13,538 | $7,814 |
Other comprehensive income: | ' | ' |
Foreign currency translation adjustment | -1,577 | -2,440 |
Unrealized gain on cash flow hedge, net of tax | -113 | 96 |
Total other comprehensive income | -1,690 | -2,344 |
Comprehensive income | $11,848 | $5,470 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | ($78,000) | $68,000 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Cash flows from operating activities | ' | ' |
Net income | $13,538 | $7,814 |
Adjustments to reconcile net income to net cash used in operating activities | ' | ' |
Depreciation and amortization | 17,320 | 11,842 |
Unrealized foreign currency exchange rate (gains) losses | 655 | 606 |
Stock-based compensation | 13,220 | 11,908 |
Loss on disposal of property and equipment | 52 | 56 |
Deferred Income Taxes and Tax Credits | -6,913 | -5,668 |
Changes in reserves and allowances | 2,282 | 3,617 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | -121,091 | -76,018 |
Inventories | -3,915 | -4,323 |
Prepaid expenses and other assets | -15,479 | 9,559 |
Accounts payable | 7,141 | -10,558 |
Accrued expenses and other liabilities | -25,841 | -11,780 |
Income taxes payable and receivable | -28,505 | -11,591 |
Net cash used in operating activities | -147,536 | -74,536 |
Cash flows from investing activities | ' | ' |
Purchase of property and equipment | -39,715 | -18,329 |
Payments to Acquire Businesses, Net of Cash Acquired | 10,924 | 0 |
Payments to Acquire Productive Assets | -261 | 0 |
Net cash used in investing activities | -50,900 | -18,329 |
Cash flows from financing activities | ' | ' |
Payments on long term debt | -1,265 | -1,443 |
Excess tax benefits from stock-based compensation arrangements | 24,038 | 4,222 |
Proceeds from exercise of stock options and other stock issuances | 8,627 | 4,670 |
Net cash provided by financing activities | 31,400 | 7,449 |
Effect of exchange rate changes on cash and cash equivalents | -527 | -703 |
Net decrease in cash and cash equivalents | -167,563 | -86,119 |
Cash and cash equivalents | ' | ' |
Beginning of period | 347,489 | 341,841 |
End of period | 179,926 | 255,722 |
Noncash or Part Noncash Acquisition, Fixed Assets Acquired | -8,650 | -7,380 |
Noncash or Part Noncash Acquisition, Value of Assets Acquired | $11,233 | $0 |
Description_of_the_Business
Description of the Business | 3 Months Ended |
Mar. 31, 2014 | |
Description of the Business | ' |
Description of the Business | |
Under Armour, Inc. is a developer, marketer and distributor of branded performance apparel, footwear and accessories. These products are sold worldwide and worn by athletes at all levels, from youth to professional on playing fields around the globe, as well as by consumers with active lifestyles. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Summary of Significant Accounting Policies | ' | ||||||||
Summary of Significant Accounting Policies | |||||||||
Basis of Presentation | |||||||||
The accompanying consolidated financial statements include the accounts of Under Armour, Inc. and its wholly owned subsidiaries (the “Company”). Certain information in footnote disclosures normally included in annual financial statements was condensed or omitted for the interim periods presented in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”) and accounting principles generally accepted in the United States of America for interim consolidated financial statements. In the opinion of management, all adjustments consisting of normal, recurring adjustments considered necessary for a fair statement of the financial position and results of operations were included. All intercompany balances and transactions were eliminated. The consolidated balance sheet as of December 31, 2013 is derived from the audited financial statements included in the Company’s Annual Report on Form 10-K filed with the SEC for the year ended December 31, 2013 (the “2013 Form 10-K”), which should be read in conjunction with these consolidated financial statements. The results for the three months ended March 31, 2014 are not necessarily indicative of the results to be expected for the year ending December 31, 2014 or any other portions thereof. | |||||||||
On December 6, 2013, the Company acquired 100% of the outstanding equity of MapMyFitness, Inc. ("MapMyFitness"), a digital connected fitness platform, for $150.0 million. During the three months ended March 31, 2014, the Company finalized its valuation of the assets acquired and liabilities assumed as of the acquisition date and no adjustments were made to the preliminary purchase price allocation. | |||||||||
On March 17, 2014 the Board of Directors declared a two-for-one stock split of the Company’s Class A and Class B common stock, which was effected in the form of a 100% common stock dividend distributed on April 14, 2014. Stockholders' equity and all references to share and per share amounts in the accompanying consolidated financial statements have been retroactively adjusted to reflect the two-for-one stock split for all periods presented. | |||||||||
Concentration of Credit Risk | |||||||||
Financial instruments that subject the Company to a significant concentration of credit risk consist primarily of accounts receivable. The majority of the Company’s accounts receivable are due from large sporting goods retailers. Credit is extended based on an evaluation of the customer’s financial condition and collateral is generally not required. The most significant customers that accounted for a large portion of net revenues and accounts receivable were as follows: | |||||||||
Customer | Customer | Customer | |||||||
A | B | C | |||||||
Net revenues | |||||||||
Three months ended March 31, 2014 | 16.7 | % | 5.4 | % | 5.2 | % | |||
Three months ended March 31, 2013 | 17.6 | % | 5.8 | % | 5.4 | % | |||
Accounts receivable | |||||||||
As of March 31, 2014 | 30.9 | % | 8.8 | % | 6.2 | % | |||
As of December 31, 2013 | 27.1 | % | 9.1 | % | 5.1 | % | |||
As of March 31, 2013 | 27.4 | % | 8.5 | % | 7.5 | % | |||
Allowance for Doubtful Accounts | |||||||||
As of March 31, 2014, December 31, 2013 and March 31, 2013, the allowance for doubtful accounts was $3.4 million, $2.9 million and $3.3 million, respectively. | |||||||||
Shipping and Handling Costs | |||||||||
The Company charges certain customers shipping and handling fees. These fees are recorded in net revenues. The Company includes the majority of outbound handling costs as a component of selling, general and administrative expenses. Outbound handling costs include costs associated with preparing goods to ship to customers and certain costs to operate the Company’s distribution facilities. These costs, included within selling, general and administrative expenses, were $11.3 million and $9.0 million for the three months ended March 31, 2014 and 2013, respectively. The Company includes outbound freight costs associated with shipping goods to customers as a component of cost of goods sold. | |||||||||
Management Estimates | |||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. | |||||||||
Recently Adopted Accounting Standards | |||||||||
In July 2013, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update which requires that an unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, with certain exceptions. This guidance is effective for annual and interim reporting periods beginning after December 15, 2013, with early adoption permitted. The adoption of this pronouncement did not have a material impact on the Company's consolidated financial statements. | |||||||||
In February 2013, the FASB issued an Accounting Standards Update which requires companies to present either in a single note or parenthetically on the face of the financial statements, the effect of significant amounts reclassified from each component of accumulated other comprehensive income based on its source and the income statement line items affected by the reclassification. This guidance is effective for annual and interim reporting periods beginning after December 15, 2012. The adoption of this pronouncement did not have a material impact on the Company's consolidated financial statements. |
Credit_Facility_and_Long_Term_
Credit Facility and Long Term Debt | 3 Months Ended |
Mar. 31, 2014 | |
Credit Facility and Long Term Debt | ' |
Credit Facility and Long Term Debt | |
Credit Facility | |
The Company has a credit facility with certain lending institutions. The credit facility has a term of four years through March 2015 and provides for a committed revolving credit line of up to $300.0 million. The commitment amount under the revolving credit facility may be increased by an additional $50.0 million, subject to certain conditions and approvals as set forth in the credit agreement. | |
The credit facility may be used for working capital and general corporate purposes and is secured by a first priority lien on substantially all of the assets of the Company and the assets of certain of its domestic subsidiaries (other than trademarks and the land and buildings comprising the Company’s corporate headquarters) and by a pledge of the equity interests of certain of its domestic subsidiaries and 65% of the equity interests of certain of the Company’s foreign subsidiaries. Up to $5.0 million of the facility may be used to support letters of credit, of which none were outstanding as of March 31, 2014 and 2013. The Company is required to maintain a certain leverage ratio and interest coverage ratio as set forth in the credit agreement. As of March 31, 2014, the Company was in compliance with these ratios. The credit agreement also provides the lenders with the ability to reduce the credit line amount, even if the Company is in compliance with all conditions of the credit agreement, upon a material adverse change to the business, properties, assets, financial condition or results of operations of the Company. The credit agreement contains a number of restrictions that limit the Company’s ability, among other things, and subject to certain limited exceptions, to incur additional indebtedness, pledge its assets as security, guaranty obligations of third parties, make investments, undergo a merger or consolidation, dispose of assets, or materially change its line of business. In addition, the credit agreement includes a cross default provision whereby an event of default under other debt obligations, as defined in the credit agreement, will be considered an event of default under the credit agreement. | |
Borrowings under the credit facility bear interest based on the daily balance outstanding at LIBOR (with no rate floor) plus an applicable margin (varying from 1.25% to 1.75%) or, in certain cases a base rate (based on a certain lending institution’s Prime Rate or as otherwise specified in the credit agreement, with no rate floor) plus an applicable margin (varying from 0.25% to 0.75%). The credit facility also carries a commitment fee equal to the unused borrowings multiplied by an applicable margin (varying from 0.25% to 0.35%). The applicable margins are calculated quarterly and vary based on the Company’s leverage ratio as set forth in the credit agreement. | |
In December 2013, the Company borrowed $100.0 million under the revolving credit facility to partially fund the acquisition of MapMyFitness, Inc. The interest rate under the revolving credit facility was 1.5% during the three months ended March 31, 2014. No balance was outstanding under the revolving credit facility as of March 31, 2013. | |
Long Term Debt | |
The Company has long term debt agreements with various lenders to finance the acquisition or lease of qualifying capital investments. Loans under these agreements are collateralized by a first lien on the related assets acquired. As these agreements are not committed facilities, each advance is subject to approval by the lenders. Additionally, these agreements include a cross default provision whereby an event of default under other debt obligations, including the Company’s credit facility, will be considered an event of default under these agreements. These agreements require a prepayment fee if the Company pays outstanding amounts ahead of the scheduled terms. The terms of the credit facility limit the total amount of additional financing under these agreements to $40.0 million, of which $18.0 million was available for additional financing as of March 31, 2014. At March 31, 2014, December 31, 2013 and March 31, 2013, the outstanding principal balance under these agreements was $4.2 million, $4.9 million and $10.9 million, respectively. Currently, advances under these agreements bear interest rates which are fixed at the time of each advance. The weighted average interest rates on outstanding borrowings were 3.2% and 2.3% for the three months ended March 31, 2014 and 2013, respectively. | |
In December 2012, the Company entered into a $50.0 million recourse loan collateralized by the land, buildings and tenant improvements comprising the Company's corporate headquarters. The loan has a seven year term and maturity date of December 2019. The loan bears interest at one month LIBOR plus a margin of 1.50%, and allows for prepayment without penalty. The Company is required to maintain the same leverage ratio and interest coverage ratio as set forth in the credit facility. As of March 31, 2014, the Company was in compliance with these ratios. The loan contains a number of restrictions that limit the Company’s ability, among other things, and subject to certain limited exceptions, to incur additional indebtedness, pledge its assets as a security, guaranty obligations of third parties, make investments, undergo a merger or consolidation, dispose of assets, or materially change its line of business. The loan requires prior approval of the lender for certain matters related to the property, including transfers of any interest in the property. In addition, the loan includes a cross default provision similar to the cross default provision in the credit facility discussed above. As of March 31, 2014, December 31, 2013 and March 31, 2013, the outstanding balance on the loan was $47.5 million, $48.0 million and $49.5 million, respectively. The weighted average interest rate on the loan was 1.7% for the three months ended March 31, 2014 and 2013. | |
Interest expense, net was $0.8 million and $0.7 million for the three months ended March 31, 2014 and 2013, respectively. Interest expense includes the amortization of deferred financing costs and interest expense under the credit and long term debt facilities. | |
The Company monitors the financial health and stability of its lenders under the revolving credit and long term debt facilities, however during any period of significant instability in the credit markets lenders could be negatively impacted in their ability to perform under these facilities. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2014 | |
Commitments and Contingencies | ' |
Commitments and Contingencies | |
There were no significant changes to the contractual obligations reported in the 2013 Form 10-K other than those which occur in the normal course of business. | |
From time to time, the Company is involved in litigation and other proceedings, including matters related to commercial disputes and intellectual property, as well as trade, regulatory and other claims related to its business. The Company believes that all current proceedings are routine in nature and incidental to the conduct of its business, and that the ultimate resolution of any such proceedings will not have a material adverse effect on its consolidated financial position, results of operations or cash flows. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||||||
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). The fair value accounting guidance outlines a valuation framework, creates a fair value hierarchy in order to increase the consistency and comparability of fair value measurements and the related disclosures, and prioritizes the inputs used in measuring fair value as follows: | |||||||||||||||||||||||||
Level 1: | Observable inputs such as quoted prices in active markets; | ||||||||||||||||||||||||
Level 2: | Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and | ||||||||||||||||||||||||
Level 3: | Unobservable inputs for which there is little or no market data, which require the reporting entity to develop its own assumptions. | ||||||||||||||||||||||||
Financial assets and (liabilities) measured at fair value are set forth in the table below: | |||||||||||||||||||||||||
31-Mar-14 | 31-Mar-13 | ||||||||||||||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
Derivative foreign currency forward contracts (see Note 7) | $ | — | $ | 62 | $ | — | $ | — | $ | (16 | ) | $ | — | ||||||||||||
Interest rate swap contract (see Note 7) | — | 896 | — | — | 23 | — | |||||||||||||||||||
TOLI policies held by the Rabbi Trust | — | 4,638 | — | — | 4,375 | — | |||||||||||||||||||
Deferred Compensation Plan obligations | — | (3,995 | ) | — | — | (3,013 | ) | — | |||||||||||||||||
Fair values of the financial assets and liabilities listed above are determined using inputs that use as their basis readily observable market data that are actively quoted and are validated through external sources, including third-party pricing services and brokers. The foreign currency forward contracts represent gains and losses on derivative contracts, which is the net difference between the U.S. dollar value to be received or paid at the contracts’ settlement date and the U.S. dollar value of the foreign currency to be sold or purchased at the current forward exchange rate. The interest rate swap contract represents gains and losses on the derivative contract, which is the net difference between the fixed interest to be paid and variable interest to be received over the term of the contract based on current market rates. The fair value of the trust owned life insurance (“TOLI”) policies held by the Rabbi Trust is based on the cash-surrender value of the life insurance policies, which are invested primarily in mutual funds and a separately managed fixed income fund. These investments are initially made in the same funds and purchased in substantially the same amounts as the selected investments of participants in the Under Armour, Inc. Deferred Compensation Plan (the “Deferred Compensation Plan”), which represent the underlying liabilities to participants in the Deferred Compensation Plan. Liabilities under the Deferred Compensation Plan are recorded at amounts due to participants, based on the fair value of participants’ selected investments. | |||||||||||||||||||||||||
The carrying value of the Company's long term debt approximated its fair value as of March 31, 2014 and 2013. The fair value of the Company's long term debt was estimated based upon quoted prices for similar instruments (Level 2 input). |
StockBased_Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2014 | |
Stock-Based Compensation | ' |
Stock-Based Compensation | |
In February 2014, 0.4 million performance-based restricted stock units were awarded to certain officers and key employees under the Company's Amended and Restated 2005 Omnibus Long-Term Incentive Plan. The awards have vesting conditions tied to the achievement of certain combined annual operating income targets for 2014 and 2015. Upon the achievement of the targets, one third of the restricted stock units will vest each in February 2016, February 2017 and February 2018. If certain lower levels of combined operating income for 2014 and 2015 are achieved, fewer or no restricted stock units will vest and the remaining restricted stock units will be forfeited. The Company deemed the achievement of certain combined operating income targets for 2014 and 2015 probable during the three months ended March 31, 2014. The Company assesses the probability of the achievement of the remaining operating income targets at the end of each reporting period. If it becomes probable that any remaining performance targets related to these performance-based restricted stock units will be achieved, a cumulative adjustment will be recorded as if ratable stock-based compensation expense had been recorded since the grant date. Additional stock based compensation of up to $1.1 million would have been recorded during the three months ended March 31, 2014, for these performance-based restricted stock units had the achievement of the remaining operating income targets been deemed probable. | |
During 2012 and 2013, the Company granted performance-based restricted stock units with vesting conditions tied to the achievement of certain combined annual operating income targets for 2013 and 2014. As of March 31, 2014 and 2013, the Company deemed the achievement of certain combined operating income targets for 2013 and 2014 probable and recorded cumulative adjustments of $6.6 million and $4.8 million for a portion of these awards during the three months ended March 31, 2014 and 2013, respectively. | |
During 2011, the Company granted performance-based restricted stock units with vesting conditions tied to the achievement of certain combined annual operating income targets for 2012 and 2013. As of March 31, 2013, the Company deemed the achievement of certain combined operating income targets for 2012 and 2013 probable and recorded a cumulative adjustment of $4.6 million for a portion of these awards during the three months ended March 31, 2013. |
Risk_Management_and_Derivative
Risk Management and Derivatives | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Foreign Currency Risk Management and Derivatives | ' | |||||||
Risk Management and Derivatives | ||||||||
Foreign Currency Risk Management | ||||||||
The Company is exposed to gains and losses resulting from fluctuations in foreign currency exchange rates relating to transactions generated by its international subsidiaries in currencies other than their local currencies. These gains and losses are primarily driven by intercompany transactions. From time to time, the Company may elect to enter into foreign currency forward contracts to reduce the risk associated with foreign currency exchange rate fluctuations on intercompany transactions and projected inventory purchases for its international subsidiaries. As the Company continues to grow internationally, it may expand the current hedging program to include additional currency pairs and instruments. | ||||||||
As of March 31, 2014, the aggregate notional value of the Company's outstanding foreign currency forward contracts was $37.8 million, which was comprised of Euro/U.S. Dollar and Pound Sterling/Euro currency pairs with contract maturities of 1 month. The foreign currency forward contracts are not designated as cash flow hedges, and accordingly, changes in their fair value are recorded in earnings. The fair values of the Company's foreign currency forward contracts were assets of $62.0 thousand and $12.1 thousand as of March 31, 2014 and December 31, 2013, respectively, and were included in prepaid expenses and other current assets on the consolidated balance sheet. The fair values of the Company's foreign currency forward contracts were liabilities of $16.3 thousand as of March 31, 2013, and were included in accrued expenses on the consolidated balance sheet. Refer to Note 5 for a discussion of the fair value measurements. Included in other income (expense), net were the following amounts related to changes in foreign currency exchange rates and derivative foreign currency forward contracts: | ||||||||
Three Months Ended March 31, | ||||||||
(In thousands) | 2014 | 2013 | ||||||
Unrealized foreign currency exchange rate gains (losses) | $ | (655 | ) | $ | (606 | ) | ||
Realized foreign currency exchange rate gains (losses) | 451 | (594 | ) | |||||
Unrealized derivative gains (losses) | 70 | (21 | ) | |||||
Realized derivative gains (losses) | (740 | ) | 1,461 | |||||
Interest Rate Risk Management | ||||||||
In order to maintain liquidity and fund business operations, the Company enters into long term debt arrangements with various lenders which bear a range of fixed and variable rates of interest. The nature and amount of the Company's long-term debt can be expected to vary as a result of future business requirements, market conditions and other factors. The Company may elect to enter into interest rate swap contracts to reduce the impact associated with interest rate fluctuations. In December 2012, the Company began utilizing an interest rate swap contract to convert a portion of variable rate debt under the $50.0 million loan to fixed rate debt. The contract pays fixed and receives variable rates of interest based on one-month LIBOR and has a maturity date of December 2019. The interest rate swap contract is accounted for as a cash flow hedge and accordingly, the effective portion of the changes in fair value are recorded in other comprehensive income and reclassified into interest expense over the life of the underlying debt obligation. Refer to Note 3 for a discussion of long term debt. | ||||||||
As of March 31, 2014, the notional value of the Company's outstanding interest rate swap contract was $25.0 million. During the three months ended March 31, 2014 and 2013, the Company recorded a $68.9 thousand and $66.4 thousand increase in interest expense, respectively, representing the effective portion of the contract reclassified from accumulated other comprehensive income. The fair value of the interest rate swap contract was an asset of $0.9 million, $1.1 million and $22.6 thousand as of March 31, 2014, December 31, 2013 and March 31, 2013, respectively, and was included in other long term assets on the consolidated balance sheets. | ||||||||
The Company enters into derivative contracts with major financial institutions with investment grade credit ratings and is exposed to credit losses in the event of non-performance by these financial institutions. This credit risk is generally limited to the unrealized gains in the foreign currency forward contracts. However, the Company monitors the credit quality of these financial institutions and considers the risk of counterparty default to be minimal. |
Provision_for_Income_Taxes
Provision for Income Taxes | 3 Months Ended |
Mar. 31, 2014 | |
Provision for Income Taxes | ' |
Provision for Income Taxes | |
The effective rates for income taxes were 46.1% and 39.9% for the three months ended March 31, 2014 and 2013, respectively. The effective tax rate for the three months ended March 31, 2014 was higher than the effective tax rate for the three months ended March 31, 2013 due to a research and development tax credit recorded in the first quarter of 2013, along with increased international investments in 2014 primarily associated with our market entries in Brazil and Chile. The Company’s annual 2014 effective tax rate is expected to be approximately 40.0%. |
Earnings_per_Share
Earnings per Share | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Earnings per Share | ' | |||||||
Earnings per Share | ||||||||
The following represents a reconciliation from basic earnings per share to diluted earnings per share: | ||||||||
Three Months Ended March 31, | ||||||||
(In thousands, except per share amounts) | 2014 | 2013 | ||||||
Numerator | ||||||||
Net income | $ | 13,538 | $ | 7,814 | ||||
Denominator | ||||||||
Weighted average common shares outstanding | 212,383 | 209,796 | ||||||
Effect of dilutive securities | 4,529 | 4,396 | ||||||
Weighted average common shares and dilutive securities outstanding | 216,912 | 214,192 | ||||||
Earnings per share - basic | $ | 0.06 | $ | 0.04 | ||||
Earnings per share - diluted | $ | 0.06 | $ | 0.04 | ||||
Effects of potentially dilutive securities are presented only in periods in which they are dilutive. Stock options and restricted stock units representing 16.8 thousand and 248.1 thousand shares of common stock outstanding for the three months ended March 31, 2014 and 2013, respectively, were excluded from the computation of diluted earnings per share because their effect would have been anti-dilutive. |
Segment_Data_and_Related_Infor
Segment Data and Related Information | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Segment Data and Related Information | ' | |||||||
Segment Data and Related Information | ||||||||
The Company’s operating segments are based on how the Chief Operating Decision Maker (“CODM”) makes decisions about allocating resources and assessing performance. As such, the CODM receives discrete financial information for the Company's principal business by geographic region based on the Company’s strategy to become a global brand. These geographic regions include North America; Latin America; Europe, the Middle East and Africa (“EMEA”); and Asia-Pacific. Each geographic segment operates exclusively in one industry: the development, marketing and distribution of branded performance apparel, footwear and accessories. Beginning in the fourth quarter of 2013, the CODM also receives discrete financial information for the Company's acquired MapMyFitness business. Due to the insignificance of the Latin America, EMEA, Asia-Pacific and MapMyFitness operating segments, they have been combined into other foreign countries and businesses for disclosure purposes. | ||||||||
The net revenues and operating income (loss) associated with the Company's segments are summarized in the following tables. Net revenues represent sales to external customers for each segment. In addition to net revenues, operating income (loss) is a primary financial measure used by the Company to evaluate performance of each segment. Intercompany balances were eliminated for separate disclosure. The majority of corporate services costs within North America have not been allocated to other foreign countries and businesses; however, certain corporate services costs, included within North America in the prior periode, have been allocated to other foreign countries and businesses in the current period. Prior period segment data has been recast within the tables below to conform to current period presentation. | ||||||||
Three Months Ended March 31, | ||||||||
(In thousands) | 2014 | 2013 | ||||||
Net revenues | ||||||||
North America | $ | 582,552 | $ | 440,868 | ||||
Other foreign countries and businesses | 59,055 | 30,740 | ||||||
Total net revenues | $ | 641,607 | $ | 471,608 | ||||
Three Months Ended March 31, | ||||||||
(In thousands) | 2014 | 2013 | ||||||
Operating income (loss) | ||||||||
North America | $ | 31,145 | $ | 14,666 | ||||
Other foreign countries and businesses | (4,289 | ) | (1,174 | ) | ||||
Total operating income | 26,856 | 13,492 | ||||||
Interest expense, net | (846 | ) | (725 | ) | ||||
Other income (expense), net | (874 | ) | 240 | |||||
Income before income taxes | $ | 25,136 | $ | 13,007 | ||||
Net revenues by product category are as follows: | ||||||||
Three Months Ended March 31, | ||||||||
(In thousands) | 2014 | 2013 | ||||||
Apparel | $ | 459,249 | $ | 345,526 | ||||
Footwear | 114,044 | 80,783 | ||||||
Accessories | 51,553 | 36,082 | ||||||
Total net sales | 624,846 | 462,391 | ||||||
License and other revenues | 16,761 | 9,217 | ||||||
Total net revenues | $ | 641,607 | $ | 471,608 | ||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Concentration of Credit Risk | ' | ||||||||
Concentration of Credit Risk | |||||||||
Financial instruments that subject the Company to a significant concentration of credit risk consist primarily of accounts receivable. The majority of the Company’s accounts receivable are due from large sporting goods retailers. Credit is extended based on an evaluation of the customer’s financial condition and collateral is generally not required. The most significant customers that accounted for a large portion of net revenues and accounts receivable were as follows: | |||||||||
Customer | Customer | Customer | |||||||
A | B | C | |||||||
Net revenues | |||||||||
Three months ended March 31, 2014 | 16.7 | % | 5.4 | % | 5.2 | % | |||
Three months ended March 31, 2013 | 17.6 | % | 5.8 | % | 5.4 | % | |||
Accounts receivable | |||||||||
As of March 31, 2014 | 30.9 | % | 8.8 | % | 6.2 | % | |||
As of December 31, 2013 | 27.1 | % | 9.1 | % | 5.1 | % | |||
As of March 31, 2013 | 27.4 | % | 8.5 | % | 7.5 | % | |||
Allowance For Doubtful Accounts | ' | ||||||||
Allowance for Doubtful Accounts | |||||||||
As of March 31, 2014, December 31, 2013 and March 31, 2013, the allowance for doubtful accounts was $3.4 million, $2.9 million and $3.3 million, respectively. | |||||||||
Shipping and Handling Costs | ' | ||||||||
Shipping and Handling Costs | |||||||||
The Company charges certain customers shipping and handling fees. These fees are recorded in net revenues. The Company includes the majority of outbound handling costs as a component of selling, general and administrative expenses. Outbound handling costs include costs associated with preparing goods to ship to customers and certain costs to operate the Company’s distribution facilities. These costs, included within selling, general and administrative expenses, were $11.3 million and $9.0 million for the three months ended March 31, 2014 and 2013, respectively. The Company includes outbound freight costs associated with shipping goods to customers as a component of cost of goods sold. | |||||||||
Management Estimates | ' | ||||||||
Management Estimates | |||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Schedule Of Customers That Accounted For A Large Portion Of Net Revenues And Accounts Receivable | ' | ||||||||
The most significant customers that accounted for a large portion of net revenues and accounts receivable were as follows: | |||||||||
Customer | Customer | Customer | |||||||
A | B | C | |||||||
Net revenues | |||||||||
Three months ended March 31, 2014 | 16.7 | % | 5.4 | % | 5.2 | % | |||
Three months ended March 31, 2013 | 17.6 | % | 5.8 | % | 5.4 | % | |||
Accounts receivable | |||||||||
As of March 31, 2014 | 30.9 | % | 8.8 | % | 6.2 | % | |||
As of December 31, 2013 | 27.1 | % | 9.1 | % | 5.1 | % | |||
As of March 31, 2013 | 27.4 | % | 8.5 | % | 7.5 | % |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Financial Assets And (Liabilities) Measured At Fair Value | ' | ||||||||||||||||||||||||
Financial assets and (liabilities) measured at fair value are set forth in the table below: | |||||||||||||||||||||||||
31-Mar-14 | 31-Mar-13 | ||||||||||||||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
Derivative foreign currency forward contracts (see Note 7) | $ | — | $ | 62 | $ | — | $ | — | $ | (16 | ) | $ | — | ||||||||||||
Interest rate swap contract (see Note 7) | — | 896 | — | — | 23 | — | |||||||||||||||||||
TOLI policies held by the Rabbi Trust | — | 4,638 | — | — | 4,375 | — | |||||||||||||||||||
Deferred Compensation Plan obligations | — | (3,995 | ) | — | — | (3,013 | ) | — | |||||||||||||||||
Risk_Management_and_Derivative1
Risk Management and Derivatives (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Changes in Foreign Currency Exchange Rates and Derivative Foreign Currency Forward Contracts | ' | |||||||
Included in other income (expense), net were the following amounts related to changes in foreign currency exchange rates and derivative foreign currency forward contracts: | ||||||||
Three Months Ended March 31, | ||||||||
(In thousands) | 2014 | 2013 | ||||||
Unrealized foreign currency exchange rate gains (losses) | $ | (655 | ) | $ | (606 | ) | ||
Realized foreign currency exchange rate gains (losses) | 451 | (594 | ) | |||||
Unrealized derivative gains (losses) | 70 | (21 | ) | |||||
Realized derivative gains (losses) | (740 | ) | 1,461 | |||||
Earnings_per_Share_Tables
Earnings per Share (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Schedule of Reconciliation of Basic Earnings per Share to Diluted Earnings per Share | ' | |||||||
The following represents a reconciliation from basic earnings per share to diluted earnings per share: | ||||||||
Three Months Ended March 31, | ||||||||
(In thousands, except per share amounts) | 2014 | 2013 | ||||||
Numerator | ||||||||
Net income | $ | 13,538 | $ | 7,814 | ||||
Denominator | ||||||||
Weighted average common shares outstanding | 212,383 | 209,796 | ||||||
Effect of dilutive securities | 4,529 | 4,396 | ||||||
Weighted average common shares and dilutive securities outstanding | 216,912 | 214,192 | ||||||
Earnings per share - basic | $ | 0.06 | $ | 0.04 | ||||
Earnings per share - diluted | $ | 0.06 | $ | 0.04 | ||||
Segment_Data_and_Related_Infor1
Segment Data and Related Information (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Reconciliation of Revenue from Segments to Consolidated | ' | |||||||
Three Months Ended March 31, | ||||||||
(In thousands) | 2014 | 2013 | ||||||
Net revenues | ||||||||
North America | $ | 582,552 | $ | 440,868 | ||||
Other foreign countries and businesses | 59,055 | 30,740 | ||||||
Total net revenues | $ | 641,607 | $ | 471,608 | ||||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | ' | |||||||
Three Months Ended March 31, | ||||||||
(In thousands) | 2014 | 2013 | ||||||
Operating income (loss) | ||||||||
North America | $ | 31,145 | $ | 14,666 | ||||
Other foreign countries and businesses | (4,289 | ) | (1,174 | ) | ||||
Total operating income | 26,856 | 13,492 | ||||||
Interest expense, net | (846 | ) | (725 | ) | ||||
Other income (expense), net | (874 | ) | 240 | |||||
Income before income taxes | $ | 25,136 | $ | 13,007 | ||||
Net Revenues by Product Category | ' | |||||||
Net revenues by product category are as follows: | ||||||||
Three Months Ended March 31, | ||||||||
(In thousands) | 2014 | 2013 | ||||||
Apparel | $ | 459,249 | $ | 345,526 | ||||
Footwear | 114,044 | 80,783 | ||||||
Accessories | 51,553 | 36,082 | ||||||
Total net sales | 624,846 | 462,391 | ||||||
License and other revenues | 16,761 | 9,217 | ||||||
Total net revenues | $ | 641,607 | $ | 471,608 | ||||
Recovered_Sheet1
Summary Of Significant Accounting Policies (Schedule Of Customers That Accounted For A Large Portion Of Net Revenues And Accounts Receivable) (Detail) | 3 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Customer A [Member] | Net Revenues [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration risk | 16.70% | 17.60% | ' |
Customer A [Member] | Accounts Receivable [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration risk | 30.90% | 27.10% | 27.40% |
Customer B [Member] | Net Revenues [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration risk | 5.40% | 5.80% | ' |
Customer B [Member] | Accounts Receivable [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration risk | 8.80% | 9.10% | 8.50% |
Customer C [Member] | Net Revenues [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration risk | 5.20% | 5.40% | ' |
Customer C [Member] | Accounts Receivable [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration risk | 6.20% | 5.10% | 7.50% |
Recovered_Sheet2
Summary Of Significant Accounting Policies (Narrative) (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 0 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Apr. 14, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 06, 2013 |
MapMyFitness [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' |
Business Combination, Step Acquisition, Equity Interest in Acquiree, Percentage | ' | ' | ' | ' | 100.00% |
Payments to Acquire Businesses, Gross | ' | ' | ' | ' | $150 |
Stock Issued During Period, Shares, Stock Splits | 1 | ' | ' | ' | ' |
Allowance for doubtful accounts receivable | ' | 3.4 | 3.3 | 2.9 | ' |
Shipping and handling costs | ' | $11.30 | $9 | ' | ' |
Recovered_Sheet3
Credit Facility And Long Term Debt (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | ||||||||
Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2014 | |
Minimum [Member] | Maximum [Member] | LIBOR Rate [Member] | Prime Rate [Member] | Line of Credit [Member] | Letter of Credit [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Line of Credit [Member] | ||||
LIBOR Rate [Member] | |||||||||||||||
Debt Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Facility Term Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | '7 years | ' | ' | ' | ' | '4 years |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.50% | ' |
Credit facility maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | $300,000,000 | $5,000,000 | ' | ' | ' | ' | ' | ' |
Additional increase under credit facility | ' | ' | ' | ' | ' | ' | ' | 50,000,000 | ' | ' | ' | ' | ' | ' | ' |
Proceeds from revolving credit facility | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of equity interest in foreign subsidiaries pledged for revolving credit facility | ' | 65.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate margin, minimum | ' | ' | ' | ' | ' | 1.25% | 0.25% | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate margin, maximum | ' | ' | ' | ' | ' | 1.75% | 0.75% | ' | ' | ' | ' | ' | ' | ' | ' |
Commitment fee as percentage of the committed line amount less outstanding borrowings and letters of credit | ' | ' | ' | 0.25% | 0.35% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Amount Outstanding | 100,000,000 | 100,000,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate of credit facility | ' | 1.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total additional finance under long term debt agreements | ' | 40,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Remaining borrowing capacity under long term debt agreements | ' | 18,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long term debt agreements principal outstanding | 4,900,000 | 4,200,000 | 10,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average interest rate on outstanding borrowings | ' | 3.20% | 2.30% | ' | ' | ' | ' | ' | ' | ' | 1.70% | 1.70% | ' | ' | ' |
Debt Instrument, Maturity Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Dec-19 | ' | ' | ' | ' | ' |
Repayments of Long-term Debt | ' | 1,265,000 | 1,443,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Secured Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000,000 | 47,500,000 | 49,500,000 | 48,000,000 | ' | ' |
Interest Income (Expense), Net | ' | ($846,000) | ($725,000) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair_Value_Measurements_Financ
Fair Value Measurements (Financial Assets And (Liabilities) Measured At Fair Value) (Detail) (USD $) | 3 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
Fair Value, Inputs, Level 1 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
TOLI policies held by the Rabbi Trust | $0 | $0 | ' |
Deferred Compensation Plan obligations | 0 | 0 | ' |
Fair Value, Inputs, Level 2 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
TOLI policies held by the Rabbi Trust | 4,638,000 | 4,375,000 | ' |
Deferred Compensation Plan obligations | 3,995,000 | 3,013,000 | ' |
Fair Value, Inputs, Level 3 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
TOLI policies held by the Rabbi Trust | 0 | 0 | ' |
Deferred Compensation Plan obligations | 0 | 0 | ' |
Foreign Exchange Forward [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Foreign Currency Contract, Asset, Fair Value Disclosure | 62,000 | ' | 12,100 |
Derivative foreign currency forward contracts (refer to Note 8) | ' | -16,300 | ' |
Foreign Exchange Forward [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Derivative foreign currency forward contracts (refer to Note 8) | 0 | 0 | ' |
Foreign Exchange Forward [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Derivative foreign currency forward contracts (refer to Note 8) | ' | 16,000 | ' |
Foreign Exchange Forward [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Derivative foreign currency forward contracts (refer to Note 8) | 0 | 0 | ' |
Interest Rate Swap [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Income, Net | 68,900 | 66,400 | ' |
Interest Rate Derivative Assets, at Fair Value | 896,000 | 0 | 1,100,000 |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Interest Rate Derivatives, at Fair Value, Net | 0 | 0 | ' |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Interest Rate Derivatives, at Fair Value, Net | $0 | $0 | ' |
Fair_Value_Measurements_Narrat
Fair Value Measurements (Narrative) (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 |
In Millions, unless otherwise specified | |||
Debt Instrument [Line Items] | ' | ' | ' |
Debt instrument, carrying value | $4.20 | $4.90 | $10.90 |
StockBased_Compensation_Detail
Stock-Based Compensation (Detail) (USD $) | 3 Months Ended | |||||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 |
Performance-Based Restricted Stock Units Granted in 2013 [Member] | Performance-Based Restricted Stock Units Granted In 2012 [Member] | Performance-Based Restricted Stock Units Granted In 2011 [Member] | Performance Based Restricted Stock Units [Member] | Performance Based Restricted Stock Units [Member] | Performance Based Restricted Stock Units [Member] | |
Stock Vesting On February Two Thousand Sixteen [Member] | Stock Vesting On February Two Thousand Seventeen [Member] | Stock Vesting In February Two Thousand Eighteen [Domain] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Annual Vesting Percentage | ' | ' | ' | 33.33% | 33.33% | 33.33% |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 0.4 | ' | ' | ' | ' | ' |
Allocated Share-based Compensation Expense, Cumulative Adjustment | $6.60 | $4.80 | $4.60 | ' | ' | ' |
Additional stock-based compensation that would have been recorded if operating income targets had been deemed probable | $1.10 | ' | ' | ' | ' | ' |
Recovered_Sheet4
Risk Management And Derivatives (Narrative) (Detail) (USD $) | 3 Months Ended | 1 Months Ended | 3 Months Ended | |||||||
Mar. 31, 2014 | Dec. 31, 2012 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Foreign Exchange Forward [Member] | Foreign Exchange Forward [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | ||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Secured Debt | ' | $50,000,000 | $47,500,000 | $48,000,000 | $49,500,000 | ' | ' | ' | ' | ' |
Debt Instrument, Maturity Date | ' | 1-Dec-19 | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Rate Derivative Assets, at Fair Value | ' | ' | ' | ' | ' | ' | ' | 896,000 | 0 | 1,100,000 |
Maturity of foreign currency forward contract | '1 month | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign Currency Contract, Asset, Fair Value Disclosure | ' | ' | ' | ' | ' | 62,000 | 12,100 | ' | ' | ' |
Notional Amount of Interest Rate Derivatives | 37,800,000 | ' | ' | ' | ' | ' | ' | 25,000,000 | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Income, Net | ' | ' | ' | ' | ' | ' | ' | $68,900 | $66,400 | ' |
Recovered_Sheet5
Risk Management And Derivatives (Changes In Foreign Currency Exchange Rates And Derivative Foreign Currency Forward Contracts) (Detail) (USD $) | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2013 | |
Foreign Currency Exchange Rates [Member] | Foreign Currency Exchange Rates [Member] | Foreign Currency Forward Contracts [Member] | Foreign Currency Forward Contracts [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Foreign Exchange Forward [Member] | Foreign Exchange Forward [Member] | Foreign Exchange Forward [Member] | Foreign Exchange Forward [Member] | |||
Fair Value, Inputs, Level 2 [Member] | |||||||||||||
Foreign Currency Exchange Gain Loss [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Rate Derivative Assets, at Fair Value | ' | ' | ' | ' | ' | ' | $896,000 | $1,100,000 | $0 | ' | ' | ' | ' |
Foreign Currency Contract, Asset, Fair Value Disclosure | ' | ' | ' | ' | ' | ' | ' | ' | ' | 62,000 | 12,100 | ' | ' |
Maturity of foreign currency forward contract | '1 month | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized foreign currency exchange rate gains (losses) | -655,000 | -606,000 | -655,000 | -606,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Realized foreign currency exchange rate gains (losses) | ' | ' | 451,000 | -594,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized derivative gains (losses) | ' | ' | ' | ' | 70,000 | -21,000 | ' | ' | ' | ' | ' | ' | ' |
Realized derivative gains (losses) | ' | ' | ' | ' | 740,000 | -1,461,000 | ' | ' | ' | ' | ' | ' | ' |
Foreign Currency Contracts, Liability, Fair Value Disclosure | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $16,300 | ($16,000) |
Provision_For_Income_Taxes_Det
Provision For Income Taxes (Detail) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Provision For Income Taxes [Line Items] | ' | ' |
Effective tax rate | 46.10% | 39.90% |
Expected Effective Income Tax Rate Continuing Operations | 40.00% | ' |
Earnings_Per_Share_Schedule_Of
Earnings Per Share (Schedule Of Reconciliation Of Basic Earnings Per Share To Diluted Earnings Per Share) (Detail) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' |
Net income | $13,538 | $7,814 |
Weighted average common shares outstanding | 212,383 | 209,796 |
Effect of dilutive securities | 4,529 | 4,396 |
Weighted average common shares and dilutive securities outstanding | 216,912 | 214,192 |
Earnings per share - basic | $0.06 | $0.04 |
Earnings per share - diluted | $0.06 | $0.04 |
Earnings_Per_Share_Schedule_Of1
Earnings Per Share (Schedule Of Reconciliation Of Basic Earnings Per Share To Diluted Earnings Per Share) (Parenthetical) (Detail) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' |
Basic weighted average common shares outstanding | 212,383 | 209,796 |
Basic weighted average common shares outstanding and participating securities | 212,383 | 209,796 |
Earnings_Per_Share_Narrative_D
Earnings Per Share (Narrative) (Detail) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Antidilutive shares excluded from the computation of diluted earnings per share | 16,800 | 248,100 |
Recovered_Sheet6
Segment Data And Related Information (Geographic Distribution Of The Company's Net Revenues And Operating Income) (Detail) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total net revenues | $641,607 | $471,608 | ' |
Total operating income | 26,856 | 13,492 | ' |
Interest Income (Expense), Net | -846 | -725 | ' |
Other income (expense), net | -874 | 240 | ' |
Income before income taxes | 25,136 | 13,007 | ' |
Total assets | 1,599,016 | 1,140,488 | 1,577,741 |
North America [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total net revenues | 582,552 | 440,868 | ' |
Total operating income | 31,145 | 14,666 | ' |
Other Foreign Countries [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total net revenues | 59,055 | 30,740 | ' |
Total operating income | ($4,289) | ($1,174) | ' |
Recovered_Sheet7
Segment Data And Related Information (Net Revenues By Product Category) (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' |
Total net sales | $624,846 | $462,391 |
License revenues | 16,761 | 9,217 |
Total net revenues | 641,607 | 471,608 |
Apparel [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total net sales | 459,249 | 345,526 |
Footwear [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total net sales | 114,044 | 80,783 |
Accessories [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total net sales | $51,553 | $36,082 |