Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended |
Sep. 30, 2014 | |
Entity Information [Line Items] | ' |
Document Type | '10-Q |
Amendment Flag | 'false |
Document Period End Date | 30-Sep-14 |
Document Fiscal Year Focus | '2014 |
Document Fiscal Period Focus | 'Q3 |
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 |
Class A Common Stock [Member] | ' |
Entity Information [Line Items] | ' |
Entity Common Stock, Shares Outstanding | 176,021,944 |
Class B Convertible Common Stock [Member] | ' |
Entity Information [Line Items] | ' |
Entity Common Stock, Shares Outstanding | 37,675,000 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |||
Assets | ' | ' | ' |
Cash and cash equivalents | $249,469 | $347,489 | $186,377 |
Accounts receivable, net | 449,221 | 209,952 | 353,257 |
Inventories | 637,459 | 469,006 | 497,406 |
Prepaid expenses and other current assets | 86,914 | 63,987 | 56,064 |
Deferred income taxes | 40,840 | 38,377 | 29,811 |
Total current assets | 1,463,903 | 1,128,811 | 1,122,915 |
Property and equipment, net | 264,629 | 223,952 | 201,603 |
Goodwill | 123,356 | 122,244 | 0 |
Intangible assets, net | 28,850 | 24,097 | 3,721 |
Deferred income taxes | 47,602 | 31,094 | 26,766 |
Other long term assets | 49,770 | 47,543 | 41,985 |
Total assets | 1,978,110 | 1,577,741 | 1,396,990 |
Liabilities and Stockholders' Equity | ' | ' | ' |
Line of Credit Facility, Amount Outstanding | 0 | 100,000 | 0 |
Accounts payable | 273,687 | 165,456 | 184,405 |
Accrued expenses | 143,299 | 133,729 | 109,344 |
Current maturities of long term debt | 19,524 | 4,972 | 5,034 |
Other current liabilities | 53,969 | 22,473 | 34,201 |
Total current liabilities | 490,479 | 426,630 | 332,984 |
Long term debt, net of current maturities | 172,124 | 47,951 | 49,148 |
Other long term liabilities | 61,366 | 49,806 | 48,403 |
Total liabilities | 723,969 | 524,387 | 430,535 |
Commitments and contingencies (see Note 4) | ' | ' | ' |
Stockholders' equity | ' | ' | ' |
Additional paid-in capital | 490,578 | 397,248 | 373,381 |
Retained earnings | 770,484 | 653,842 | 590,582 |
Accumulated other comprehensive income | -6,993 | 2,194 | 2,422 |
Total stockholders' equity | 1,254,141 | 1,053,354 | 966,455 |
Total liabilities and stockholders' equity | 1,978,110 | 1,577,741 | 1,396,990 |
Class A Common Stock [Member] | ' | ' | ' |
Stockholders' equity | ' | ' | ' |
Common Stock | 59 | 57 | 56 |
Class B Convertible Common Stock [Member] | ' | ' | ' |
Stockholders' equity | ' | ' | ' |
Common Stock | $13 | $13 | $14 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 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 | 174,528,423 | 171,628,708 | 169,488,162 |
Shares outstanding | 174,528,423 | 171,628,708 | 169,488,162 |
Class B Convertible Common Stock [Member] | ' | ' | ' |
Par value | $0.00 | $0.00 | $0.00 |
Shares authorized | 38,750,000 | 40,000,000 | 41,300,000 |
Shares issued | 38,750,000 | 40,000,000 | 41,300,000 |
Shares outstanding | 38,750,000 | 40,000,000 | 41,300,000 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Net revenues | $937,908 | $723,146 | $2,189,169 | $1,649,295 |
Cost of goods sold | 472,608 | 373,011 | 1,123,227 | 862,978 |
Gross profit | 465,300 | 350,135 | 1,065,942 | 786,317 |
Selling, general and administrative expenses | 319,194 | 229,306 | 858,286 | 619,686 |
Income from operations | 146,106 | 120,829 | 207,656 | 166,631 |
Interest Income (Expense), Net | -1,535 | -691 | -3,608 | -2,127 |
Other income (expense), net | -3,355 | -113 | -3,982 | -670 |
Income before income taxes | 141,216 | 120,025 | 200,066 | 163,834 |
Provision for income taxes | 52,111 | 47,241 | 79,733 | 65,670 |
Net income | $89,105 | $72,784 | $120,333 | $98,164 |
Net income available per common share | ' | ' | ' | ' |
Basic | $0.42 | $0.34 | $0.56 | $0.47 |
Diluted | $0.41 | $0.34 | $0.55 | $0.46 |
Weighted average common shares outstanding | ' | ' | ' | ' |
Basic | 213,522 | 211,054 | 213,035 | 210,458 |
Diluted | 217,982 | 215,536 | 217,601 | 214,852 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Net income | $89,105 | $72,784 | $120,333 | $98,164 |
Other comprehensive income: | ' | ' | ' | ' |
Foreign currency translation adjustment | -8,218 | 2,717 | -9,436 | -385 |
Unrealized gain on cash flow hedge, net of tax | 771 | -65 | 249 | 439 |
Total other comprehensive income | -7,447 | 2,652 | -9,187 | 54 |
Comprehensive income | $81,658 | $75,436 | $111,146 | $98,218 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | ($287,000) | $287,000 | ($365,000) | $345,000 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Cash flows from operating activities | ' | ' |
Net income | $120,333 | $98,164 |
Adjustments to reconcile net income to net cash used in operating activities | ' | ' |
Depreciation and amortization | 52,391 | 36,052 |
Unrealized foreign currency exchange rate (gains) losses | 4,881 | 1,021 |
Loss on disposal of property and equipment | 78 | 598 |
Stock-based compensation | 38,965 | 25,586 |
Deferred Income Taxes and Tax Credits | -19,783 | -10,691 |
Changes in reserves and allowances | 10,794 | 12,007 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | -248,256 | -181,100 |
Inventories | -176,770 | -186,276 |
Prepaid expenses and other assets | -20,282 | -7,027 |
Accounts payable | 118,236 | 42,344 |
Accrued expenses and other liabilities | 20,180 | 37,404 |
Income taxes payable and receivable | 26,737 | 19,577 |
Net cash used in operating activities | -72,496 | -112,341 |
Cash flows from investing activities | ' | ' |
Purchase of property and equipment | -96,596 | -62,058 |
Payments to Acquire Businesses, Net of Cash Acquired | -10,924 | 0 |
Payments to Acquire Productive Assets | -724 | -475 |
Change in loans receivable | 0 | -1,700 |
Net cash used in investing activities | -108,244 | -64,233 |
Cash flows from financing activities | ' | ' |
Payments on revolving credit facility | -100,000 | 0 |
Proceeds From Term Loan | 150,000 | 0 |
Payments on long term debt | -11,275 | -4,212 |
Excess tax benefits from stock-based compensation arrangements | 33,056 | 13,770 |
Proceeds from exercise of stock options and other stock issuances | 14,060 | 12,727 |
Payments of deferred financing costs | -1,714 | 0 |
Net cash provided by financing activities | 84,127 | 22,285 |
Effect of exchange rate changes on cash and cash equivalents | -1,407 | -1,175 |
Net decrease in cash and cash equivalents | -98,020 | -155,464 |
Cash and cash equivalents | ' | ' |
Beginning of period | 347,489 | 341,841 |
End of period | 249,469 | 186,377 |
Noncash or Part Noncash Acquisition, Fixed Assets Acquired | -10,601 | -6,289 |
Noncash or Part Noncash Acquisition, Value of Assets Acquired | $11,233 | $0 |
Description_of_the_Business
Description of the Business | 9 Months Ended |
Sep. 30, 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 | 9 Months Ended | ||||||||
Sep. 30, 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 nine months ended September 30, 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 | |||||||||
Nine months ended September 30, 2014 | 15 | % | 4.7 | % | 4.8 | % | |||
Nine months ended September 30, 2013 | 17.2 | % | 5.5 | % | 5.2 | % | |||
Accounts receivable | |||||||||
As of September 30, 2014 | 24.7 | % | 7.1 | % | 6.2 | % | |||
As of December 31, 2013 | 27.1 | % | 9.1 | % | 5.1 | % | |||
As of September 30, 2013 | 27.5 | % | 8.3 | % | 5.5 | % | |||
Allowance for Doubtful Accounts | |||||||||
As of September 30, 2014, December 31, 2013 and September 30, 2013, the allowance for doubtful accounts was $3.5 million, $2.9 million and $2.9 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 $16.7 million and $13.8 million for the three months ended September 30, 2014 and 2013, respectively, and $39.7 million and $33.3 million for the nine months ended September 30, 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 Issued Accounting Standards | |||||||||
In May 2014, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update which supersedes the most current revenue recognition requirements. The new revenue recognition standard requires entities to recognize revenue in a way that depicts the transfer of goods or services to customers in an amount that reflects the consideration which the entity expects to be entitled to in exchange for those goods or services. This guidance is effective for annual and interim reporting periods beginning after December 15, 2016, with early adoption not permitted. The Company is currently evaluating the standard to determine the impact of its adoption on the Company's consolidated financial statements. |
Credit_Facility_and_Long_Term_
Credit Facility and Long Term Debt | 9 Months Ended |
Sep. 30, 2014 | |
Credit Facility and Long Term Debt | ' |
Credit Facility and Other Long Term Debt | |
Credit Facility | |
In May 2014, the Company entered into a new unsecured $650.0 million credit facility and terminated its prior $325.0 million secured revolving credit facility. The credit agreement has a term of five years through May 2019, with permitted extensions under certain circumstances. The credit agreement provides for a committed revolving credit facility of $400.0 million, in addition to an aggregate term loan commitment of $250.0 million, consisting of a $150.0 million initial term loan, which was drawn in full at the closing of the credit agreement, and $100.0 million of delayed draw term loans available to be borrowed prior to November 28, 2014. The Company plans to draw the $100.0 million delayed draw term loan in full in November 2014 for general corporate purposes. At the Company's request and the lenders' consent, the revolving credit facility or term loans may be increased by up to an additional $150.0 million. Borrowings under the revolving credit facility may be made in U.S. Dollars, Euros, Pounds Sterling, Japanese Yen and Canadian Dollars. Up to $50.0 million of the facility may be used for the issuance of letters of credit and up to $50.0 million of the facility may be used for the issuance of swingline loans. There were no letters of credit or swingline loans outstanding as of September 30, 2014. | |
The credit agreement contains negative covenants that, subject to significant exceptions, limit the ability of the Company and its subsidiaries to, among other things, incur additional indebtedness, make restricted payments, pledge their assets as security, make investments, loans, advances, guarantees and acquisitions, undergo fundamental changes and enter into transactions with affiliates. The Company is also required to maintain a ratio of consolidated EBITDA, as defined in the credit agreement, to consolidated interest expense of not less than 3.50 to 1.00 and is not permitted to allow the ratio of consolidated total indebtedness to consolidated EBITDA to be greater than 3.25 to 1.00 ("consolidated leverage ratio"). As of September 30, 2014, the Company was in compliance with these ratios. In addition, the credit agreement contains events of default that are customary for a facility of this nature, and includes a cross default provision whereby an event of default under other material indebtedness, as defined in the credit agreement, will be considered an event of default under the credit agreement. | |
Borrowings under the credit agreement bear interest at a rate per annum equal to, at the Company’s option, either (a) an alternate base rate, or (b) a rate based on the rates applicable for deposits in the interbank market for U.S. Dollars or the applicable currency in which the loans are made (“adjusted LIBOR”), plus in each case an applicable margin. The applicable margin for loans will be adjusted by reference to a grid (the “Pricing Grid”) based on the consolidated leverage ratio and ranges between 1.00% to 1.25% for adjusted LIBOR loans and 0.00% to 0.25% for alternate base rate loans. The interest rate under the initial term loan was 1.2% during the three months ended September 30, 2014. No balance was outstanding under the Company’s revolving credit facility as of September 30, 2014. Additionally, the Company pays a commitment fee on the average daily unused amount of the revolving credit facility, a ticking fee on the undrawn amounts under the delayed draw term loan and certain fees with respect to letters of credit. As of September 30, 2014, the commitment fee was 12.5 basis points. | |
The Company used $100.0 million of the proceeds from the initial term loan to repay the $100.0 million outstanding under the Company's prior revolving credit facility. The Company incurred and capitalized $1.7 million in deferred financing costs in connection with the credit facility. No penalties or other early termination fees were incurred in connection with the termination of the prior revolving credit facility. | |
Other 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. At September 30, 2014, December 31, 2013 and September 30, 2013, the outstanding principal balance under these agreements was $2.6 million, $4.9 million and $5.7 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 3.0% and 3.2% for the three months ended September 30, 2014 and 2013, respectively, and 3.2% and 2.6% for the nine months ended September 30, 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 loan includes covenants and events of default substantially consistent with the new credit agreement discussed above. The loan also requires prior approval of the lender for certain matters related to the property, including transfers of any interest in the property. As of September 30, 2014, December 31, 2013 and September 30, 2013, the outstanding balance on the loan was $46.5 million, $48.0 million and $48.5 million, respectively. The weighted average interest rate on the loan was 1.7% for the three and nine months ended September 30, 2014 and 2013. | |
Interest expense, net was $1.5 million and $0.7 million for the three months ended September 30, 2014 and 2013, respectively, and $3.6 million and $2.1 million for the nine months ended September 30, 2014 and 2013, respectively. Interest expense includes the amortization of deferred financing costs and interest expense under the credit and other long term debt facilities. | |
The Company monitors the financial health and stability of its lenders under the credit and other 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 | 9 Months Ended |
Sep. 30, 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 and intellectual property disputes, 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 | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 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: | |||||||||||||||||||||||||
30-Sep-14 | 30-Sep-13 | ||||||||||||||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
Derivative foreign currency forward contracts (see Note 7) | $ | — | $ | 8 | $ | — | $ | — | $ | (55 | ) | $ | — | ||||||||||||
Interest rate swap contracts (see Note 7) | — | 1,182 | — | — | 835 | — | |||||||||||||||||||
TOLI policies held by the Rabbi Trust | — | 4,665 | — | — | 4,469 | — | |||||||||||||||||||
Deferred Compensation Plan obligations | — | (4,252 | ) | — | — | (3,112 | ) | — | |||||||||||||||||
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 contracts represent gains and losses on the derivative contracts, 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 September 30, 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 | 9 Months Ended |
Sep. 30, 2014 | |
Stock-Based Compensation | ' |
Stock-Based Compensation | |
During the nine months ended September 30, 2014, 1.0 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 annual 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 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. During the three months ended September 30, 2014, the Company deemed the achievement of certain additional operating income targets for 2014 and 2015 probable and recorded a cumulative adjustment of $3.8 million. Additional stock based compensation of up to $1.9 million would have been recorded during the nine months ended September 30, 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. During the three months ended March 31, 2013, the Company deemed the achievement of certain operating income targets for 2013 and 2014 probable and recorded a cumulative adjustment of $4.8 million. During the three months ended March 31, 2014, the Company deemed the achievement of the remaining operating income targets for 2013 and 2014 probable and recorded a cumulative adjustment of $6.6 million. | |
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. During the three months ended March 31, 2013, the Company deemed the achievement of certain operating income targets for 2012 and 2013 probable and recorded a cumulative adjustment of $4.6 million for a portion of these awards. |
Risk_Management_and_Derivative
Risk Management and Derivatives | 9 Months Ended | |||||||||||||||
Sep. 30, 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 and inventory purchases denominated in currencies other than the functional currency of the purchasing entity. 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 expands its international business, it may expand the current hedging program to include additional currency pairs and instruments. | ||||||||||||||||
As of September 30, 2014, the aggregate notional value of the Company's outstanding foreign currency forward contracts was $70.4 million, which was comprised of Canadian Dollar/U.S. Dollar, Euro/U.S. Dollar, and Pound Sterling/Euro currency pairs with contract maturities ranging from one to two months. The majority of the Company's foreign currency forward contracts are not designated as cash flow hedges, and accordingly, changes in their fair value are recorded in earnings. During the second quarter of 2014, the Company began entering into foreign currency forward contracts designated as cash flow hedges. For foreign currency forward contracts designated as cash flow hedges, changes in fair value, excluding any ineffective portion, are recorded in other comprehensive income until net income is affected by the variability in cash flows of the hedged transaction. The effective portion is generally released to net income after the maturity of the related derivative and is classified in the same manner as the underlying exposure. During the three and nine months ended September 30, 2014, the Company reclassified $0.2 million from other comprehensive income to cost of goods sold related to foreign currency forward contracts designated as cash flow hedges. The fair values of the Company's foreign currency forward contracts were assets of $8.0 thousand and $12.1 thousand as of September 30, 2014 and December 31, 2013, respectively, and were included in prepaid expenses and other current assets on the consolidated balance sheet. The fair value of the Company's foreign currency forward contracts were liabilities of $55.5 thousand as of September 30, 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 expense, net were the following amounts related to changes in foreign currency exchange rates and derivative foreign currency forward contracts: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Unrealized foreign currency exchange rate gains (losses) | $ | (4,981 | ) | $ | 596 | $ | (4,881 | ) | $ | (1,021 | ) | |||||
Realized foreign currency exchange rate gains (losses) | 81 | 374 | 303 | 168 | ||||||||||||
Unrealized derivative gains (losses) | (134 | ) | (35 | ) | (152 | ) | (61 | ) | ||||||||
Realized derivative gains (losses) | 1,679 | (1,048 | ) | 748 | 244 | |||||||||||
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. The Company utilizes interest rate swap contracts to convert a portion of variable rate debt to fixed rate debt. The contracts pay fixed and receive variable rates of interest. The interest rate swap contracts are accounted for as cash flow hedges and accordingly, the effective portion of the changes in their 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 September 30, 2014, the notional value of the Company's outstanding interest rate swap contracts was $167.5 million. During the three months ended September 30, 2014 and 2013, the Company recorded a $0.6 million and $0.1 million increase in interest expense, respectively, representing the effective portion of the contract reclassified from accumulated other comprehensive income. During the nine months ended September 30, 2014 and 2013, the Company recorded a $1.0 million and $0.3 million 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 contracts was an asset of $1.2 million, $1.1 million and $0.8 million as of September 30, 2014, December 31, 2013 and September 30, 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 | 9 Months Ended |
Sep. 30, 2014 | |
Provision for Income Taxes | ' |
Provision for Income Taxes | |
The effective rates for income taxes were 39.9% and 40.1% for the nine months ended September 30, 2014 and 2013, respectively. The Company’s annual 2014 effective tax rate is expected to be approximately 40.0%. |
Earnings_per_Share
Earnings per Share | 9 Months Ended | |||||||||||||||
Sep. 30, 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 September 30, | Nine Months Ended September 30, | |||||||||||||||
(In thousands, except per share amounts) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Numerator | ||||||||||||||||
Net income | $ | 89,105 | $ | 72,784 | $ | 120,333 | $ | 98,164 | ||||||||
Denominator | ||||||||||||||||
Weighted average common shares outstanding | 213,522 | 211,054 | 213,035 | 210,458 | ||||||||||||
Effect of dilutive securities | 4,460 | 4,482 | 4,566 | 4,394 | ||||||||||||
Weighted average common shares and dilutive securities outstanding | 217,982 | 215,536 | 217,601 | 214,852 | ||||||||||||
Earnings per share - basic | $ | 0.42 | $ | 0.34 | $ | 0.56 | $ | 0.47 | ||||||||
Earnings per share - diluted | $ | 0.41 | $ | 0.34 | $ | 0.55 | $ | 0.46 | ||||||||
Effects of potentially dilutive securities are presented only in periods in which they are dilutive. Stock options and restricted stock units representing 5.2 thousand and 5.6 thousand shares of common stock outstanding for the three months ended September 30, 2014 and 2013, respectively, were excluded from the computation of diluted earnings per share because their effect would have been anti-dilutive. Stock options and restricted stock units representing 27.0 thousand and 95.8 thousand shares of common stock outstanding for the nine months ended September 30, 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 | 9 Months Ended | |||||||||||||||
Sep. 30, 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 period, 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 September 30, | Nine Months Ended September 30, | |||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Net revenues | ||||||||||||||||
North America | $ | 847,563 | $ | 678,894 | $ | 1,988,156 | $ | 1,548,621 | ||||||||
Other foreign countries and businesses | 90,345 | 44,252 | 201,013 | 100,674 | ||||||||||||
Total net revenues | $ | 937,908 | $ | 723,146 | $ | 2,189,169 | $ | 1,649,295 | ||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Operating income (loss) | ||||||||||||||||
North America | $ | 146,034 | $ | 117,978 | $ | 221,411 | $ | 168,050 | ||||||||
Other foreign countries and businesses | 72 | 2,851 | (13,755 | ) | (1,419 | ) | ||||||||||
Total operating income | 146,106 | 120,829 | 207,656 | 166,631 | ||||||||||||
Interest expense, net | (1,535 | ) | (691 | ) | (3,608 | ) | (2,127 | ) | ||||||||
Other expense, net | (3,355 | ) | (113 | ) | (3,982 | ) | (670 | ) | ||||||||
Income before income taxes | $ | 141,216 | $ | 120,025 | $ | 200,066 | $ | 163,834 | ||||||||
Net revenues by product category are as follows: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Apparel | $ | 704,557 | $ | 560,899 | $ | 1,583,834 | $ | 1,216,645 | ||||||||
Footwear | 121,597 | 81,024 | 345,177 | 243,458 | ||||||||||||
Accessories | 84,949 | 64,373 | 196,434 | 151,480 | ||||||||||||
Total net sales | 911,103 | 706,296 | 2,125,445 | 1,611,583 | ||||||||||||
License and other revenues | 26,805 | 16,850 | 63,724 | 37,712 | ||||||||||||
Total net revenues | $ | 937,908 | $ | 723,146 | $ | 2,189,169 | $ | 1,649,295 | ||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 9 Months Ended | ||||||||
Sep. 30, 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 | |||||||||
Nine months ended September 30, 2014 | 15 | % | 4.7 | % | 4.8 | % | |||
Nine months ended September 30, 2013 | 17.2 | % | 5.5 | % | 5.2 | % | |||
Accounts receivable | |||||||||
As of September 30, 2014 | 24.7 | % | 7.1 | % | 6.2 | % | |||
As of December 31, 2013 | 27.1 | % | 9.1 | % | 5.1 | % | |||
As of September 30, 2013 | 27.5 | % | 8.3 | % | 5.5 | % | |||
Allowance For Doubtful Accounts | ' | ||||||||
Allowance for Doubtful Accounts | |||||||||
As of September 30, 2014, December 31, 2013 and September 30, 2013, the allowance for doubtful accounts was $3.5 million, $2.9 million and $2.9 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 $16.7 million and $13.8 million for the three months ended September 30, 2014 and 2013, respectively, and $39.7 million and $33.3 million for the nine months ended September 30, 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) | 9 Months Ended | ||||||||
Sep. 30, 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 | |||||||||
Nine months ended September 30, 2014 | 15 | % | 4.7 | % | 4.8 | % | |||
Nine months ended September 30, 2013 | 17.2 | % | 5.5 | % | 5.2 | % | |||
Accounts receivable | |||||||||
As of September 30, 2014 | 24.7 | % | 7.1 | % | 6.2 | % | |||
As of December 31, 2013 | 27.1 | % | 9.1 | % | 5.1 | % | |||
As of September 30, 2013 | 27.5 | % | 8.3 | % | 5.5 | % |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Financial Assets And (Liabilities) Measured At Fair Value | ' | ||||||||||||||||||||||||
Financial assets and (liabilities) measured at fair value are set forth in the table below: | |||||||||||||||||||||||||
30-Sep-14 | 30-Sep-13 | ||||||||||||||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
Derivative foreign currency forward contracts (see Note 7) | $ | — | $ | 8 | $ | — | $ | — | $ | (55 | ) | $ | — | ||||||||||||
Interest rate swap contracts (see Note 7) | — | 1,182 | — | — | 835 | — | |||||||||||||||||||
TOLI policies held by the Rabbi Trust | — | 4,665 | — | — | 4,469 | — | |||||||||||||||||||
Deferred Compensation Plan obligations | — | (4,252 | ) | — | — | (3,112 | ) | — | |||||||||||||||||
Risk_Management_and_Derivative1
Risk Management and Derivatives (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Changes in Foreign Currency Exchange Rates and Derivative Foreign Currency Forward Contracts | ' | |||||||||||||||
Included in other expense, net were the following amounts related to changes in foreign currency exchange rates and derivative foreign currency forward contracts: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Unrealized foreign currency exchange rate gains (losses) | $ | (4,981 | ) | $ | 596 | $ | (4,881 | ) | $ | (1,021 | ) | |||||
Realized foreign currency exchange rate gains (losses) | 81 | 374 | 303 | 168 | ||||||||||||
Unrealized derivative gains (losses) | (134 | ) | (35 | ) | (152 | ) | (61 | ) | ||||||||
Realized derivative gains (losses) | 1,679 | (1,048 | ) | 748 | 244 | |||||||||||
Earnings_per_Share_Tables
Earnings per Share (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 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 September 30, | Nine Months Ended September 30, | |||||||||||||||
(In thousands, except per share amounts) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Numerator | ||||||||||||||||
Net income | $ | 89,105 | $ | 72,784 | $ | 120,333 | $ | 98,164 | ||||||||
Denominator | ||||||||||||||||
Weighted average common shares outstanding | 213,522 | 211,054 | 213,035 | 210,458 | ||||||||||||
Effect of dilutive securities | 4,460 | 4,482 | 4,566 | 4,394 | ||||||||||||
Weighted average common shares and dilutive securities outstanding | 217,982 | 215,536 | 217,601 | 214,852 | ||||||||||||
Earnings per share - basic | $ | 0.42 | $ | 0.34 | $ | 0.56 | $ | 0.47 | ||||||||
Earnings per share - diluted | $ | 0.41 | $ | 0.34 | $ | 0.55 | $ | 0.46 | ||||||||
Segment_Data_and_Related_Infor1
Segment Data and Related Information (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Reconciliation of Revenue from Segments to Consolidated | ' | |||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Net revenues | ||||||||||||||||
North America | $ | 847,563 | $ | 678,894 | $ | 1,988,156 | $ | 1,548,621 | ||||||||
Other foreign countries and businesses | 90,345 | 44,252 | 201,013 | 100,674 | ||||||||||||
Total net revenues | $ | 937,908 | $ | 723,146 | $ | 2,189,169 | $ | 1,649,295 | ||||||||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | ' | |||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Operating income (loss) | ||||||||||||||||
North America | $ | 146,034 | $ | 117,978 | $ | 221,411 | $ | 168,050 | ||||||||
Other foreign countries and businesses | 72 | 2,851 | (13,755 | ) | (1,419 | ) | ||||||||||
Total operating income | 146,106 | 120,829 | 207,656 | 166,631 | ||||||||||||
Interest expense, net | (1,535 | ) | (691 | ) | (3,608 | ) | (2,127 | ) | ||||||||
Other expense, net | (3,355 | ) | (113 | ) | (3,982 | ) | (670 | ) | ||||||||
Income before income taxes | $ | 141,216 | $ | 120,025 | $ | 200,066 | $ | 163,834 | ||||||||
Net Revenues by Product Category | ' | |||||||||||||||
Net revenues by product category are as follows: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Apparel | $ | 704,557 | $ | 560,899 | $ | 1,583,834 | $ | 1,216,645 | ||||||||
Footwear | 121,597 | 81,024 | 345,177 | 243,458 | ||||||||||||
Accessories | 84,949 | 64,373 | 196,434 | 151,480 | ||||||||||||
Total net sales | 911,103 | 706,296 | 2,125,445 | 1,611,583 | ||||||||||||
License and other revenues | 26,805 | 16,850 | 63,724 | 37,712 | ||||||||||||
Total net revenues | $ | 937,908 | $ | 723,146 | $ | 2,189,169 | $ | 1,649,295 | ||||||||
Recovered_Sheet1
Summary Of Significant Accounting Policies (Schedule Of Customers That Accounted For A Large Portion Of Net Revenues And Accounts Receivable) (Detail) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Customer A [Member] | Net Revenues [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration risk | 15.00% | 17.20% | ' |
Customer A [Member] | Accounts Receivable [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration risk | 24.70% | 27.50% | 27.10% |
Customer B [Member] | Net Revenues [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration risk | 4.70% | 5.50% | ' |
Customer B [Member] | Accounts Receivable [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration risk | 7.10% | 8.30% | 9.10% |
Customer C [Member] | Net Revenues [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration risk | 4.80% | 5.20% | ' |
Customer C [Member] | Accounts Receivable [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration risk | 6.20% | 5.50% | 5.10% |
Recovered_Sheet2
Summary Of Significant Accounting Policies (Narrative) (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | |||
In Millions, except Share data, unless otherwise specified | Apr. 14, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 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 | ' | 3.5 | 2.9 | 3.5 | 2.9 | 2.9 | ' |
Shipping and handling costs | ' | $16.70 | $13.80 | $39.70 | $33.30 | ' | ' |
Recovered_Sheet3
Credit Facility And Long Term Debt (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | 29-May-14 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | |
LIBOR Rate [Member] | Prime Rate [Member] | Term Loan Facility [Member] | Term Loan Facility [Member] | Initial Term Loan [Member] | Delayed Draw Term Loan [Member] | Prior Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Letter of Credit [Member] | Swingline Loan [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Line of Credit [Member] | Debt [Member] | EBITDA [Member] | EBITDA [Member] | Interest Expense [Member] | ||||||||
LIBOR Rate [Member] | |||||||||||||||||||||||||||||
Debt Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Facility Term Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '7 years | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.50% | ' | ' | ' | ' | ' |
Credit facility maximum borrowing capacity | ' | $650,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | $250,000,000 | $150,000,000 | $100,000,000 | $325,000,000 | $400,000,000 | $50,000,000 | $50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Covenant Terms | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3.25 | '1.00 | '3.50 | '1.00 |
Additional increase under credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from revolving credit facility | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments on revolving credit facility | ' | 0 | ' | -100,000,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Finance Costs, Net | ' | ' | ' | ' | ' | 1.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate margin, minimum | ' | ' | ' | ' | ' | ' | ' | 1.00% | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate margin, maximum | ' | ' | ' | ' | ' | ' | ' | 1.25% | 0.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitment fee as percentage of the committed line amount less outstanding borrowings and letters of credit | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Amount Outstanding | 0 | ' | 0 | 0 | 0 | ' | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long term debt agreements principal outstanding | 2,600,000 | ' | 5,700,000 | 2,600,000 | 5,700,000 | ' | 4,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average interest rate on outstanding borrowings | 3.00% | ' | 3.20% | 3.20% | 2.60% | ' | ' | ' | ' | 1.20% | ' | ' | ' | ' | ' | ' | ' | ' | 1.70% | 1.70% | 1.70% | 1.70% | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Maturity Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Dec-19 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of Long-term Debt | ' | ' | ' | 11,275,000 | 4,212,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Secured Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000,000 | 46,500,000 | 48,500,000 | 46,500,000 | 48,500,000 | 48,000,000 | ' | ' | ' | ' | ' | ' |
Interest Income (Expense), Net | ($1,535,000) | ' | ($691,000) | ($3,608,000) | ($2,127,000) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair_Value_Measurements_Financ
Fair Value Measurements (Financial Assets And (Liabilities) Measured At Fair Value) (Detail) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Foreign Exchange Forward [Member] | Foreign Exchange Forward [Member] | Foreign Exchange Forward [Member] | Foreign Exchange Forward [Member] | Foreign Exchange Forward [Member] | Foreign Exchange Forward [Member] | Foreign Exchange Forward [Member] | Foreign Exchange Forward [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Income, Net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $650,000 | $89,500 | $1,016,600 | $250,000 | ' | ' | ' | ' | ' | ' | ' |
Foreign Currency Contract, Asset, Fair Value Disclosure | ' | ' | ' | ' | ' | ' | 8,000 | 12,100 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Rate Derivatives, at Fair Value, Net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 1,182,000 | 1,100,000 | 835,000 | 0 | 0 |
Derivative foreign currency forward contracts (refer to Note 8) | ' | ' | ' | ' | ' | ' | ' | ' | -56,000 | 0 | 0 | 55,000 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
TOLI policies held by the Rabbi Trust | 0 | 0 | 4,665,000 | 4,469,000 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Compensation Plan obligations | $0 | $0 | $4,252,000 | $3,112,000 | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair_Value_Measurements_Narrat
Fair Value Measurements (Narrative) (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 |
In Millions, unless otherwise specified | |||
Debt Instrument [Line Items] | ' | ' | ' |
Debt instrument, carrying value | $2.60 | $4.90 | $5.70 |
StockBased_Compensation_Detail
Stock-Based Compensation (Detail) (USD $) | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 |
Performance-Based Restricted Stock Units Granted in 2013 [Member] | Performance Based Restricted Stock Units Granted In 2014 [Member] | Performance Based Restricted Stock Units Granted In 2012 & 2013 [Member] | Performance Based Restricted Stock Units Granted In 2012 & 2013 [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 | 1 | ' | ' | ' | ' | ' | ' | ' |
Allocated Share-based Compensation Expense, Cumulative Adjustment | ' | $3.80 | $6.60 | $4.80 | $4.60 | ' | ' | ' |
Additional stock-based compensation that would have been recorded if operating income targets had been deemed probable | $1.90 | ' | ' | ' | ' | ' | ' | ' |
Recovered_Sheet4
Risk Management And Derivatives (Narrative) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||
Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | |
Foreign Exchange Forward [Member] | Foreign Exchange Forward [Member] | Foreign Exchange Forward [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Foreign Exchange Forward [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | ||||||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Rate Derivatives, at Fair Value, Net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,182,000 | $1,100,000 | $835,000 |
Maturity of foreign currency forward contract | ' | '2 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign Currency Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign Currency Contracts, Liability, Fair Value Disclosure | ' | ' | ' | ' | 56,000 | ' | ' | ' | ' | -55,000 | ' | ' | ' |
Foreign Currency Contract, Asset, Fair Value Disclosure | ' | ' | 8,000 | 12,100 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional Amount of Interest Rate Derivatives | 70,400,000 | 70,400,000 | ' | ' | ' | 167,500,000 | ' | 167,500,000 | ' | ' | ' | ' | ' |
Derivative, Lower Remaining Maturity Range | ' | '1 month | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Income, Net | ' | ' | ' | ' | ' | $650,000 | $89,500 | $1,016,600 | $250,000 | ' | ' | ' | ' |
Recovered_Sheet5
Risk Management And Derivatives (Changes In Foreign Currency Exchange Rates And Derivative Foreign Currency Forward Contracts) (Detail) (USD $) | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
Foreign Currency Exchange Rates [Member] | Foreign Currency Exchange Rates [Member] | Foreign Currency Exchange Rates [Member] | Foreign Currency Exchange Rates [Member] | Foreign Currency Forward Contracts [Member] | Foreign Currency Forward Contracts [Member] | Foreign Currency Forward Contracts [Member] | Foreign Currency Forward Contracts [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] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign Currency Contract, Asset, Fair Value Disclosure | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $8,000 | $12,100 | ' | ' |
Maturity of foreign currency forward contract | '2 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized foreign currency exchange rate gains (losses) | -4,881,000 | -1,021,000 | -4,981,000 | 596,000 | -4,881,000 | -1,021,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Realized foreign currency exchange rate gains (losses) | ' | ' | 81,000 | 374,000 | 303,000 | 168,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized derivative gains (losses) | ' | ' | ' | ' | ' | ' | -134,000 | -35,000 | -152,000 | -61,000 | ' | ' | ' | ' |
Realized derivative gains (losses) | ' | ' | ' | ' | ' | ' | -1,679,000 | 1,048,000 | -748,000 | -244,000 | ' | ' | ' | ' |
Foreign Currency Contracts, Liability, Fair Value Disclosure | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $56,000 | ($55,000) |
Provision_For_Income_Taxes_Det
Provision For Income Taxes (Detail) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2014 | |
Scenario, Forecast [Member] | |||
Provision For Income Taxes [Line Items] | ' | ' | ' |
Effective tax rate | 39.90% | 40.10% | ' |
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 | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' |
Net income | $89,105 | $72,784 | $120,333 | $98,164 |
Weighted average common shares outstanding | 213,522 | 211,054 | 213,035 | 210,458 |
Effect of dilutive securities | 4,460 | 4,482 | 4,566 | 4,394 |
Weighted average common shares and dilutive securities outstanding | 217,982 | 215,536 | 217,601 | 214,852 |
Earnings per share - basic | $0.42 | $0.34 | $0.56 | $0.47 |
Earnings per share - diluted | $0.41 | $0.34 | $0.55 | $0.46 |
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 | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' |
Basic weighted average common shares outstanding | 213,522 | 211,054 | 213,035 | 210,458 |
Basic weighted average common shares outstanding and participating securities | 213,522 | 211,054 | 213,035 | 210,458 |
Earnings_Per_Share_Narrative_D
Earnings Per Share (Narrative) (Detail) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive shares excluded from the computation of diluted earnings per share | 5,200 | 5,600 | 27,000 | 95,800 |
Recovered_Sheet6
Segment Data And Related Information (Geographic Distribution Of The Company's Net Revenues And Operating Income) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total net revenues | $937,908 | $723,146 | $2,189,169 | $1,649,295 |
Total operating income | 146,106 | 120,829 | 207,656 | 166,631 |
Interest Income (Expense), Net | -1,535 | -691 | -3,608 | -2,127 |
Other income (expense), net | -3,355 | -113 | -3,982 | -670 |
Income before income taxes | 141,216 | 120,025 | 200,066 | 163,834 |
North America [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total net revenues | 847,563 | 678,894 | 1,988,156 | 1,548,621 |
Total operating income | 146,034 | 117,978 | 221,411 | 168,050 |
Other Foreign Countries & Businesses [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total net revenues | 90,345 | 44,252 | ' | 100,674 |
Total operating income | $72 | $2,851 | ($13,755) | ($1,419) |
Recovered_Sheet7
Segment Data And Related Information (Net Revenues By Product Category) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total net sales | $911,103 | $706,296 | $2,125,445 | $1,611,583 |
License revenues | 26,805 | 16,850 | 63,724 | 37,712 |
Total net revenues | 937,908 | 723,146 | 2,189,169 | 1,649,295 |
Apparel [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total net sales | 704,557 | 560,899 | 1,583,834 | 1,216,645 |
Footwear [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total net sales | 121,597 | 81,024 | 345,177 | 243,458 |
Accessories [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total net sales | $84,949 | $64,373 | $196,434 | $151,480 |