Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended |
Jul. 31, 2013 | |
Document Information [Line Items] | |
Document Type | S-4/A |
Amendment Flag | TRUE |
Amendment Description | The XBRL is amended to reflect most recently reported quarterly information for the period ending July 31, 2013. |
Document Period End Date | 31-Jul-13 |
Trading Symbol | ZQK |
Entity Registrant Name | QUIKSILVER INC |
Entity Central Index Key | 805305 |
Entity Filer Category | Accelerated Filer |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
In Thousands, except Per Share data, unless otherwise specified | Jul. 31, 2013 | Jul. 31, 2012 | Jul. 31, 2013 | Jul. 31, 2012 | Oct. 31, 2012 | Oct. 31, 2011 | Oct. 31, 2010 |
Revenues, net | $495,764 | $512,439 | $1,385,530 | $1,454,273 | $2,013,239 | $1,953,061 | $1,837,620 |
Cost of goods sold | 250,989 | 258,951 | 709,912 | 730,686 | 1,032,893 | 929,227 | 870,372 |
Gross profit | 244,775 | 253,488 | 675,618 | 723,587 | 980,346 | 1,023,834 | 967,248 |
Selling, general and administrative expense | 216,579 | 225,788 | 660,042 | 680,213 | 916,144 | 895,949 | 832,066 |
Asset impairments | 2,152 | 141 | 10,652 | 556 | 7,234 | 86,373 | 11,657 |
Operating income | 26,044 | 27,559 | 4,924 | 42,818 | 56,968 | 41,512 | 123,525 |
Interest expense | 20,195 | 14,834 | 50,991 | 45,464 | 60,823 | 73,808 | 114,109 |
Foreign currency loss/(gain) | 4,074 | -2,242 | 4,629 | -4,701 | -1,669 | -111 | -5,917 |
(Loss)/income before provision (benefit) for income taxes | 1,775 | 14,967 | -50,696 | 2,055 | -2,186 | -32,185 | 15,333 |
(Benefit)/provision for income taxes | -49 | 2,508 | 10,322 | 14,913 | 7,557 | -14,315 | 23,433 |
(Loss)/income from continuing operations | -9,743 | -17,870 | -8,100 | ||||
Income from discontinued operations, net of tax | 1,830 | ||||||
Net (loss)/income | 1,824 | 12,459 | -61,018 | -12,858 | -9,743 | -17,870 | -6,270 |
Net (loss)/income attributable to non-controlling interest | 247 | 151 | -435 | -2,257 | -1,013 | -3,388 | -3,414 |
Net (loss)/income attributable to Quiksilver, Inc. | 2,071 | 12,610 | -61,453 | -15,115 | -10,756 | -21,258 | -9,684 |
Loss per share from continuing operations attributable to Quiksilver, Inc. | ($0.07) | ($0.13) | ($0.09) | ||||
Income per share from discontinued operations attributable to Quiksilver, Inc. | $0.01 | ||||||
Net (loss)/income per share attributable to Quiksilver, Inc., basic | $0.01 | $0.08 | ($0.37) | ($0.09) | ($0.07) | ($0.13) | ($0.07) |
Loss per share from continuing operations attributable to Quiksilver, Inc., assuming dilution | ($0.07) | ($0.13) | ($0.09) | ||||
Income per share from discontinued operations attributable to Quiksilver, Inc., assuming dilution | $0.01 | ||||||
Net (loss)/income per share attributable to Quiksilver, Inc., diluted | $0.01 | $0.07 | ($0.37) | ($0.09) | ($0.07) | ($0.13) | ($0.07) |
Weighted average common shares outstanding, basic | 167,624 | 164,518 | 166,735 | 163,930 | 164,245 | 162,430 | 135,334 |
Weighted average common shares outstanding, diluted | 190,568 | 173,899 | 166,735 | 163,930 | 164,245 | 162,430 | 135,334 |
Amounts attributable to Quiksilver, Inc.: | |||||||
Loss from continuing operations | -10,756 | -21,258 | -11,514 | ||||
Income from discontinued operations, net of tax | 1,830 | ||||||
Net (loss)/income attributable to Quiksilver, Inc. | $2,071 | $12,610 | ($61,453) | ($15,115) | ($10,756) | ($21,258) | ($9,684) |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Loss) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Jul. 31, 2013 | Jul. 31, 2012 | Jul. 31, 2013 | Jul. 31, 2012 | Oct. 31, 2012 | Oct. 31, 2011 | Oct. 31, 2010 |
Net income (loss) | $1,824 | $12,459 | ($61,018) | ($12,858) | ($9,743) | ($17,870) | ($6,270) |
Other comprehensive (loss)/income: | |||||||
Foreign currency translation adjustment | -522 | -34,141 | -7,066 | -66,192 | -43,574 | 9,295 | 2,984 |
Net unrealized gain/(loss) on derivative instruments | -1,618 | 6,021 | -3,687 | 17,041 | 13,859 | -6,850 | 15,302 |
Comprehensive (loss)/income | -316 | -15,661 | -71,771 | -62,009 | -39,458 | -15,425 | 12,016 |
Comprehensive (loss)/income attributable to non-controlling interest | 247 | 151 | -435 | -2,257 | -1,013 | -3,388 | -3,414 |
Comprehensive (loss)/income attributable to Quiksilver, Inc. | ($69) | ($15,510) | ($72,206) | ($64,266) | ($40,471) | ($18,813) | $8,602 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Jul. 31, 2013 | Jul. 31, 2012 | Jul. 31, 2013 | Jul. 31, 2012 | Oct. 31, 2012 | Oct. 31, 2011 | Oct. 31, 2010 |
Tax on unrealized gain/(loss) on derivative instruments | ($607) | $3,080 | $1,575 | $9,388 | $6,435 | ($3,089) | $7,334 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Jul. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 |
In Thousands, unless otherwise specified | |||
Current assets: | |||
Cash and cash equivalents | $62,383 | $41,823 | $109,753 |
Restricted cash | 409,167 | ||
Trade accounts receivable, net | 418,189 | 433,743 | 397,089 |
Other receivables | 24,980 | 32,818 | 23,190 |
Income taxes receivable | 2,779 | 4,265 | |
Inventories | 399,162 | 344,746 | 347,757 |
Deferred income taxes | 28,086 | 26,368 | 32,808 |
Prepaid expenses and other current assets | 35,819 | 26,371 | 25,429 |
Total current assets | 1,380,565 | 905,869 | 940,291 |
Fixed assets, net | 227,997 | 238,313 | 238,107 |
Intangible assets, net | 138,384 | 139,449 | 138,143 |
Goodwill | 272,417 | 273,167 | 268,589 |
Other assets | 54,561 | 47,789 | 55,814 |
Deferred income taxes | 118,603 | 113,653 | 123,279 |
Total assets | 2,192,527 | 1,718,240 | 1,764,223 |
Current liabilities: | |||
Lines of credit | 18,147 | 18,335 | |
Accounts payable | 238,311 | 203,572 | 203,023 |
Accrued liabilities | 107,001 | 114,891 | 132,944 |
Current portion of long-term debt | 43,153 | 18,647 | 4,628 |
Debt to be redeemed | 409,167 | ||
Income taxes payable | 1,359 | ||
Total Current Liabilities | 797,632 | 356,616 | 358,930 |
Long-term debt, net of current portion | 807,094 | 721,175 | 724,723 |
Other long-term liabilities | 34,976 | 38,213 | 57,948 |
Total liabilities | 1,639,702 | 1,116,004 | 1,141,601 |
Commitments and contingencies | |||
Equity: | |||
Preferred stock | |||
Common stock | 1,712 | 1,691 | 1,681 |
Additional paid-in capital | 567,601 | 545,306 | 531,633 |
Treasury stock | -6,778 | -6,778 | -6,778 |
Accumulated deficit | -104,774 | -43,321 | -32,565 |
Accumulated other comprehensive income | 75,659 | 86,412 | 116,127 |
Total Quiksilver, Inc. Stockholders' Equity | 533,420 | 583,310 | 610,098 |
Non-controlling interest | 19,405 | 18,926 | 12,524 |
Total Equity | 552,825 | 602,236 | 622,622 |
Total liabilities and equity | $2,192,527 | $1,718,240 | $1,764,223 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Jul. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 |
In Thousands, except Share data, unless otherwise specified | |||
Allowances for trade accounts receivable | $59,593 | $59,132 | $48,670 |
Fixed assets accumulated depreciation and amortization | $257,838 | $233,441 | $255,267 |
Preferred stock, par value | $0.01 | $0.01 | $0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 | 0 |
Common stock, par value | $0.01 | $0.01 | $0.01 |
Common stock, shares authorized | 285,000,000 | 285,000,000 | 285,000,000 |
Common stock, shares issued | 171,247,866 | 169,066,161 | 168,053,744 |
Treasury stock, shares | 2,885,200 | 2,885,200 | 2,885,200 |
Consolidated_Statements_Of_Cha
Consolidated Statements Of Changes In Equity (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Income [Member] | Non-controlling Interest [Member] |
In Thousands, except Share data | |||||||
Beginning Balance at Oct. 31, 2009 | $464,033 | $1,315 | $368,285 | ($6,778) | ($1,623) | $95,396 | $7,438 |
Beginning balance, shares at Oct. 31, 2009 | 131,484,000 | ||||||
Exercise of stock options | 2,737 | 7 | 2,730 | ||||
Exercise of stock options, shares | 713,062 | 713,000 | |||||
Stock compensation expense | 12,831 | 12,831 | |||||
Restricted stock, shares | 3,050,000 | ||||||
Restricted stock | 31 | -31 | |||||
Employee stock purchase plan, shares | 509,000 | ||||||
Employee stock purchase plan | 902 | 5 | 897 | ||||
Common stock issued in debt-for-equity exchange, shares | 31,111,000 | ||||||
Common stock issued in debt-for-equity exchange | 132,250 | 311 | 131,939 | ||||
Transactions with non-controlling interest holders | -5,174 | -3,549 | -1,625 | ||||
Net loss and other comprehensive (loss)/income | 12,016 | -9,684 | 18,286 | 3,414 | |||
Ending balance at Oct. 31, 2010 | 619,595 | 1,669 | 513,102 | -6,778 | -11,307 | 113,682 | 9,227 |
Ending balance, shares at Oct. 31, 2010 | 166,867,000 | ||||||
Exercise of stock options | 2,964 | 8 | 2,956 | ||||
Exercise of stock options, shares | 757,538 | 756,000 | |||||
Stock compensation expense | 14,414 | 14,414 | |||||
Restricted stock, shares | 120,000 | ||||||
Restricted stock | 1 | -1 | |||||
Employee stock purchase plan, shares | 311,000 | ||||||
Employee stock purchase plan | 1,165 | 3 | 1,162 | ||||
Transactions with non-controlling interest holders | -91 | -91 | |||||
Net loss and other comprehensive (loss)/income | -15,425 | -21,258 | 2,445 | 3,388 | |||
Ending balance at Oct. 31, 2011 | 622,622 | 1,681 | 531,633 | -6,778 | -32,565 | 116,127 | 12,524 |
Ending balance, shares at Oct. 31, 2011 | 168,054,000 | ||||||
Exercise of stock options | 1,127 | 5 | 1,122 | ||||
Exercise of stock options, shares | 506,329 | 506,000 | |||||
Stock compensation expense | 22,552 | 22,552 | |||||
Restricted stock, shares | 45,000 | ||||||
Employee stock purchase plan, shares | 461,000 | ||||||
Employee stock purchase plan | 1,114 | 5 | 1,109 | ||||
Transactions with non-controlling interest holders | -17,585 | -11,110 | -6,475 | ||||
Business acquisitions | 11,864 | 11,864 | |||||
Net loss and other comprehensive (loss)/income | -39,458 | -10,756 | -29,715 | 1,013 | |||
Ending balance at Oct. 31, 2012 | $602,236 | $1,691 | $545,306 | ($6,778) | ($43,321) | $86,412 | $18,926 |
Ending balance, shares at Oct. 31, 2012 | 169,066,000 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Jul. 31, 2013 | Jul. 31, 2012 | Oct. 31, 2012 | Oct. 31, 2011 | Oct. 31, 2010 |
Cash flows from operating activities: | |||||
Net loss | ($61,018) | ($12,858) | ($9,743) | ($17,870) | ($6,270) |
Adjustments to reconcile net loss to net cash (used in)/provided by operating activities: | |||||
Income from discontinued operations | -1,830 | ||||
Depreciation and Amortization | 38,018 | 39,437 | 53,232 | 55,259 | 53,861 |
Stock-based compensation | 16,195 | 17,272 | 22,552 | 14,414 | 12,831 |
Provision for doubtful accounts | 4,511 | 1,601 | 4,594 | 8,732 | 15,307 |
Loss (gain) on disposal of fixed assets | 23 | 178 | -6,366 | -5,822 | -464 |
Foreign currency (gain)/loss | 621 | -2,472 | -133 | 156 | -3,078 |
Asset impairments | 10,652 | 556 | 7,234 | 86,373 | 11,657 |
Non-cash interest expense | 5,877 | 2,814 | 3,685 | 19,112 | 56,695 |
Equity in earnings | 247 | -19 | 282 | -355 | -524 |
Deferred income taxes | -281 | 9,349 | -8,582 | -28,248 | 8,029 |
Changes in operating assets and liabilities, net of the effects from business acquisitions: | |||||
Trade accounts receivable | 9,444 | -25,705 | -53,405 | -33,985 | 39,846 |
Other receivables | 365 | 11,043 | -204 | 13,827 | -15,049 |
Inventories | -62,540 | -55,684 | -4,978 | -70,706 | 4,505 |
Prepaid expenses and other current assets | -13,554 | -11,068 | -5,069 | -4,799 | 7,103 |
Other assets | 2,323 | 885 | 1,752 | -4,586 | 8,958 |
Accounts payable | 37,011 | 33,845 | 1,964 | 24,839 | 15,412 |
Accrued liabilities and other long-term liabilities | 4,354 | -17,099 | -5,260 | 9,320 | 9,276 |
Income taxes receivable/payable | -4,765 | -8,956 | -15,094 | -11,512 | -16,568 |
Cash (used in)/provided by operating activities of continuing operations | -13,539 | 54,149 | 199,697 | ||
Cash provided by operating activities of discontinued operations | 3,785 | ||||
Net cash (used in)/provided by operating activities | -12,517 | -16,881 | -13,539 | 54,149 | 203,482 |
Cash flows from investing activities: | |||||
Capital expenditures | -39,366 | -47,177 | -66,081 | -89,590 | -47,797 |
Business acquisitions, net of cash acquired | -9,117 | -9,117 | -5,578 | ||
Proceeds from the sale of properties and equipment | 8,198 | 12,546 | 4,662 | ||
Changes in restricted cash | -409,167 | 52,706 | |||
Net cash (used in)/provided by investing activities | -448,533 | -56,294 | -67,000 | -82,622 | 9,571 |
Cash flows from financing activities: | |||||
Borrowings on lines of credit | 6,157 | 11,377 | 15,139 | 30,070 | 16,581 |
Payments on lines of credit | -22,561 | -12,326 | -12,641 | -35,303 | -27,021 |
Borrowings on long-term debt | 646,876 | 127,034 | 140,035 | 315,330 | 59,353 |
Payments on long-term debt | -142,121 | -57,513 | -112,841 | -284,676 | -220,566 |
Stock option exercises and employee stock purchases | 6,165 | 1,335 | 2,241 | 4,129 | 3,639 |
Transactions with non-controlling interest owners | -11,000 | -11,000 | -5,174 | ||
Payments of debt and equity issuance costs | -13,087 | -6,391 | -9,573 | ||
Net cash provided by financing activities | 481,429 | 58,907 | 20,933 | 23,159 | -182,761 |
Effect of exchange rate changes on cash | 181 | -13,582 | -8,324 | -5,526 | -9,215 |
Net increase/(decrease) in cash and cash equivalents | 20,560 | -27,850 | -67,930 | -10,840 | 21,077 |
Cash and cash equivalents, beginning of period | 41,823 | 109,753 | 109,753 | 120,593 | 99,516 |
Cash and cash equivalents, end of period | 62,383 | 81,903 | 41,823 | 109,753 | 120,593 |
Cash paid during the period for: | |||||
Interest | 42,035 | 38,836 | 54,788 | 47,055 | 54,023 |
Income taxes | 11,126 | 13,100 | 25,733 | 20,356 | 15,916 |
Non-cash investing activities: | |||||
Capital expenditures accrued at period end | 6,181 | 3,291 | 6,026 | 3,246 | 6,681 |
Common stock issued in debt-for-equityexchange | $132,250 |
Significant_Accounting_Policie
Significant Accounting Policies | 12 Months Ended | ||||||||||||
Oct. 31, 2012 | |||||||||||||
Significant Accounting Policies | Note 1—Significant Accounting Policies | ||||||||||||
Company Business | |||||||||||||
Quiksilver, Inc. and its subsidiaries (the “Company”) design, develop and distribute branded apparel, footwear, accessories and related products. The Company’s apparel and footwear brands represent a casual lifestyle for young-minded people that connect with its boardriding culture and heritage. The Company’s Quiksilver, Roxy, DC, Lib Tech and Hawk brands are synonymous with the heritage and culture of surfing, skateboarding and snowboarding. The Company makes snowboarding equipment under its DC, Roxy, Lib Technologies and Gnu labels. The Company’s products are sold in over 90 countries in a wide range of distribution channels, including surf shops, skate shops, snow shops, its proprietary concept stores, other specialty stores and select department stores. Distribution is primarily in the United States, Europe and Australia. | |||||||||||||
Principles of Consolidation | |||||||||||||
The accompanying consolidated financial statements include the accounts of Quiksilver, Inc. and subsidiaries, including QS Wholesale, Inc. and subsidiaries (“Quiksilver Americas”), Pilot, SAS and subsidiaries (“Quiksilver EMEA”) and Quiksilver Australia Pty Ltd. and subsidiaries (“Quiksilver APAC”). Intercompany accounts and transactions have been eliminated in consolidation. | |||||||||||||
Basis of Presentation | |||||||||||||
The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America. References to any particular fiscal year refer to the year ended October 31 of that year (for example, “fiscal 2012” refers to the year ended October 31, 2012). | |||||||||||||
Cash Equivalents | |||||||||||||
Certificates of deposit and highly liquid short-term investments purchased with original maturities of three months or less are considered cash equivalents. Carrying values approximate fair value. | |||||||||||||
Inventories | |||||||||||||
Inventories are valued at the lower of cost (first-in, first-out and moving average, depending on entity) or market. Management regularly reviews the inventory quantities on hand and adjusts inventory values for excess and obsolete inventory based primarily on estimated forecasts of product demand and market value. | |||||||||||||
Fixed Assets | |||||||||||||
Furniture and other equipment, computer equipment, manufacturing equipment and buildings are recorded at cost and depreciated on a straight-line basis over their estimated useful lives, which generally range from two to twenty years. Leasehold improvements are recorded at cost and amortized over their estimated useful lives or related lease term, whichever is shorter. Land use rights for certain leased retail locations are amortized to estimated residual value. | |||||||||||||
Long-Lived Assets | |||||||||||||
The Company accounts for the impairment and disposition of long-lived assets in accordance with Accounting Standards Codification (“ASC”) 360, “Property, Plant, and Equipment.” In accordance with ASC 360, management assesses potential impairments of its long-lived assets whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. An impairment loss is recognized when the carrying value exceeds the undiscounted future cash flows estimated to result from the use and eventual disposition of the asset. The Company recorded approximately $7 million in fixed asset impairments related to its retail stores during fiscal 2012 and $12 million in each of fiscal 2011 and 2010, respectively, to write-down the carrying value to their estimated fair values. Fair value is determined using a discounted cash flow model which requires “Level 3” inputs, as defined in ASC 820, “Fair Value Measurements and Disclosures.” On an individual retail store basis, these inputs typically include annual revenue growth assumptions ranging from (15)% to 20% per year depending upon the location, life cycle and current economics of a specific store, as well as modest gross margin and expense improvement assumptions. The impairment charges reduced the carrying amounts of the respective long-lived assets as follows: | |||||||||||||
Year Ended October 31, | |||||||||||||
In thousands | 2012 | 2011 | 2010 | ||||||||||
Carrying value of long-lived assets | $ | 7,933 | $ | 13,592 | $ | 14,865 | |||||||
Less: Impairment charges | (7,234 | ) | (12,228 | ) | (11,657 | ) | |||||||
Fair value of long-lived assets | $ | 699 | $ | 1,364 | $ | 3,208 | |||||||
Goodwill and Intangible Assets | |||||||||||||
The Company accounts for goodwill and intangible assets in accordance with ASC 350, “Intangibles—Goodwill and Other.” Under ASC 350, goodwill and intangible assets with indefinite lives are not amortized but are tested for impairment annually and also in the event of an impairment indicator. The annual impairment test is a fair value test as prescribed by ASC 350 which includes assumptions such as projected annual revenue growth ranging from 0% to 8% per year, annual gross margin improvements ranging from 0 to 230 basis points per year, and SG&A expense improvements ranging from 0 to 310 basis points per year as a percentage of net revenues, and discount rates. No goodwill impairments were recorded in fiscal 2012. However, due to the natural disasters that occurred in the Company’s APAC reporting unit during the first half of fiscal 2011 and their resulting impact on the Company’s business, the Company recorded a goodwill impairment charge of approximately $74 million in fiscal 2011. | |||||||||||||
As of October 31, 2012, the fair value of the Americas reporting unit substantially exceeded its carrying value. The fair values of the EMEA and APAC reporting units exceeded their carrying values by 6% and 5%, respectively. Goodwill amounted to $191 million for EMEA and $6 million for APAC as of October 31, 2012. Based on the uncertainty of future revenue growth rates, gross profit and expense performance, and other assumptions used to estimate goodwill recoverability in the Company’s reporting units, future reductions in the Company’s expected cash flows for a reporting unit as a result of any variation between projected and actual results could cause a material impairment of goodwill. | |||||||||||||
Revenue Recognition | |||||||||||||
Revenues are recognized upon the transfer of title and risk of ownership to customers. Allowances for estimated returns and doubtful accounts are provided when revenues are recorded. Returns and allowances are reported as reductions in revenues, whereas allowances for bad debts are reported as a component of selling, general and administrative expense. Royalty income is recorded as earned. The Company performs ongoing credit evaluations of its customers and generally does not require collateral. | |||||||||||||
Revenues in the Consolidated Statements of Operations include the following: | |||||||||||||
Year Ended October 31, | |||||||||||||
In thousands | 2012 | 2011 | 2010 | ||||||||||
Product sales, net | $ | 1,993,668 | $ | 1,926,941 | $ | 1,825,807 | |||||||
Royalty income | 19,571 | 26,120 | 11,813 | ||||||||||
$ | 2,013,239 | $ | 1,953,061 | $ | 1,837,620 | ||||||||
Promotion and Advertising | |||||||||||||
The Company’s promotion and advertising efforts include athlete sponsorships, world-class boardriding contests, websites, magazine advertisements, retail signage, television programs, co-branded products, surf camps, social media and other events. For fiscal 2012, 2011 and 2010, these expenses totaled $111 million, $124 million and $107 million, respectively. Advertising costs are expensed when incurred. | |||||||||||||
Income Taxes | |||||||||||||
The Company accounts for income taxes using the asset and liability approach as promulgated by the authoritative guidance included in ASC 740, “Income Taxes.” Deferred income tax assets and liabilities are established for temporary differences between the financial reporting bases and the tax bases of the Company’s assets and liabilities at tax rates expected to be in effect when such assets or liabilities are realized or settled. Deferred income tax assets are reduced by a valuation allowance if, in the judgment of the Company’s management, it is more likely than not that such assets will not be realized. | |||||||||||||
ASC 740 also clarifies the accounting for uncertainty in income taxes recognized in the financial statements. This guidance provides that a tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits of the tax position. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as a component of its provision for income taxes. The application of this guidance can create significant variability in the effective tax rate from period to period based upon changes in or adjustments to the Company’s uncertain tax positions. | |||||||||||||
Stock-Based Compensation Expense | |||||||||||||
The Company recognizes compensation expense for all stock-based payments net of an estimated forfeiture rate and only recognizes compensation cost for those shares expected to vest using the graded vested method over the requisite service period of the award. For option valuations, the Company determines the fair value at the grant date using the Black-Scholes option-pricing model which requires the input of certain assumptions, including the expected life of the stock-based payment awards, stock price volatility and interest rates. For performance based equity awards with stock price contingencies, the Company determines the fair value using a Monte-Carlo simulation, which creates a normal distribution of future stock prices, which is then used to value the awards based on their individual terms. | |||||||||||||
Net Loss per Share | |||||||||||||
The Company reports basic and diluted earnings per share (“EPS”). Basic EPS is based on the weighted average number of shares outstanding during the period, while diluted EPS additionally includes the dilutive effect of the Company’s outstanding stock options, warrants and shares of restricted stock computed using the treasury stock method. | |||||||||||||
The table below sets forth the reconciliation of the denominator of each net loss per share calculation: | |||||||||||||
Fiscal year ended | |||||||||||||
October 31, | |||||||||||||
In thousands | 2012 | 2011 | 2010 | ||||||||||
Shares used in computing basic net loss per share | 164,245 | 162,430 | 135,334 | ||||||||||
Dilutive effect of stock options and restricted stock(1) | — | — | — | ||||||||||
Dilutive effect of stock warrants(1) | — | — | — | ||||||||||
Shares used in computing diluted net income per share | 164,245 | 162,430 | 135,334 | ||||||||||
(1) | For fiscal 2012, 2011 and 2010, the shares used in computing diluted net loss per share do not include 3,103,000,4,887,000, and 4,099,000 dilutive stock options and shares of restricted stock, respectively, nor 11,559,000, 14,732,000, and 12,521,000 dilutive warrant shares respectively, as the effect is anti-dilutive given the Company’s loss. For fiscal 2012, 2011 and 2010, additional stock options outstanding of 10,559,000, 10,862,000, and 11,474,000, respectively, and additional warrant shares outstanding of 14,095,000, 10,922,000, and 13,133,000, respectively, were excluded from the calculation of diluted EPS, as their effect would have been anti-dilutive based on the application of the treasury stock method. | ||||||||||||
Foreign Currency and Derivatives | |||||||||||||
The Company’s reporting currency is the U.S. dollar, while Quiksilver EMEA’s functional currency is primarily the euro, and Quiksilver APAC’s functional currencies are primarily the Australian dollar and the Japanese yen. Assets and liabilities of the Company denominated in foreign currencies are translated at the rate of exchange on the balance sheet date. Revenues and expenses are translated using the average exchange rate for the period. | |||||||||||||
Derivative financial instruments are recognized as either assets or liabilities on the balance sheet and are measured at fair value. The accounting for changes in the fair value of a derivative depends on the use and type of the derivative. The Company’s derivative financial instruments principally consist of foreign currency exchange rate contracts, which the Company uses to manage its exposure to the risk of changes in foreign currency exchange rates. The Company’s objectives are to reduce the volatility of earnings and cash flows associated with changes in foreign currency exchange rates. The Company does not enter into derivative financial instruments for speculative or trading purposes. | |||||||||||||
Comprehensive Income or Loss | |||||||||||||
Comprehensive income or loss includes all changes in stockholders’ equity except those resulting from investments by, and distributions to, stockholders. Accordingly, the Company’s Consolidated Statements of Comprehensive Income/(Loss) include its net loss, the foreign currency adjustments that arise from the translation of the financial statements of Quiksilver EMEA, Quiksilver APAC and the foreign entities within the Americas segment into U.S. dollars, and fair value gains and losses on certain derivative instruments. | |||||||||||||
Use of 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. Such estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||||||
Fair Value of Financial Instruments | |||||||||||||
The carrying value of the Company’s trade accounts receivable and accounts payable approximates fair value due to their short-term nature. For fair value disclosures related to the Company’s cash and debt, see the section above entitled, “Cash Equivalents” and note 7, respectively. | |||||||||||||
New Accounting Pronouncements | |||||||||||||
In June 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2011-05, “Presentation of Comprehensive Income.” ASU 2011-05 requires the components of net income and other comprehensive income to be either presented in one continuous statement, referred to as the statement of comprehensive income, or in two separate, but consecutive statements. An entity is also required to present on the face of the financial statements reclassification adjustments for items that are reclassified from other comprehensive income to net income in the statement(s) where the components of net income and the components of other comprehensive income are presented. While the new guidance changes the presentation of comprehensive income, there are no changes to the components that are recognized in net income or other comprehensive income under current accounting guidance. This new guidance is effective for the Company beginning November 1, 2012 and requires retrospective application. As this guidance only amends the presentation of the components of comprehensive income, the adoption will not have an impact on the Company’s consolidated financial position or results of operations. | |||||||||||||
In September 2011, the FASB issued ASU 2011-08, “Testing Goodwill for Impairment.” ASU 2011-08 allows entities testing goodwill for impairment the option of performing a qualitative assessment to determine the likelihood of goodwill impairment and whether it is necessary to perform the two-step impairment test currently required. The updated guidance is effective for the Company on November 1, 2012, however early adoption is permitted. Based on the Company’s evaluation of this ASU, the adoption of this standard is not expected to have a material impact on the Company’s consolidated financial position or results of operations. |
Business_Acquisitions
Business Acquisitions | 12 Months Ended |
Oct. 31, 2012 | |
Business Acquisitions | Note 2—Business Acquisitions |
The Company paid cash of approximately $9 million during fiscal 2012 to expand its e-commerce business and $6 million during fiscal 2011 related to business acquisitions that are not considered material to consolidated results of operations. |
Allowance_for_Doubtful_Account
Allowance for Doubtful Accounts | 12 Months Ended | ||||||||||||
Oct. 31, 2012 | |||||||||||||
Allowance for Doubtful Accounts | Note 3—Allowance for Doubtful Accounts | ||||||||||||
The allowance for doubtful accounts, which includes bad debts as well as sales returns and allowances, consisted of the following as of the dates indicated: | |||||||||||||
Year Ended October 31, | |||||||||||||
In thousands | 2012 | 2011 | 2010 | ||||||||||
Balance, beginning of year | $ | 48,670 | $ | 48,043 | $ | 47,211 | |||||||
Provision for doubtful accounts | 4,594 | 8,732 | 15,307 | ||||||||||
Deductions | (8,117 | ) | (8,105 | ) | (14,475 | ) | |||||||
Balance, end of year | $ | 45,147 | $ | 48,670 | $ | 48,043 | |||||||
The provision for doubtful accounts represents charges to selling, general and administrative expense for estimated bad debts, whereas the provision for sales returns and allowances is reported as a reduction of revenues. |
Inventories
Inventories | 9 Months Ended | 12 Months Ended | ||||||||||||||||
Jul. 31, 2013 | Oct. 31, 2012 | |||||||||||||||||
Inventories | 5. Inventories | Note 4—Inventories, net | ||||||||||||||||
Inventories consist of the following as of the dates indicated: | Inventories consisted of the following as of the dates indicated: | |||||||||||||||||
In thousands | July 31, | October 31, | October 31, | |||||||||||||||
2013 | 2012 | In thousands | 2012 | 2011 | ||||||||||||||
Raw materials | $ | 6,871 | $ | 6,736 | Raw materials | $ | 6,736 | $ | 9,130 | |||||||||
Work in-process | 545 | 1,969 | Work in process | 1,969 | 2,647 | |||||||||||||
Finished goods | 391,746 | 336,041 | Finished goods | 336,041 | 335,980 | |||||||||||||
$ | 399,162 | $ | 344,746 | $ | 344,746 | $ | 347,757 | |||||||||||
Fixed_Assets_net
Fixed Assets, net | 12 Months Ended | ||||||||
Oct. 31, 2012 | |||||||||
Fixed Assets, net | Note 5—Fixed Assets, net | ||||||||
Fixed assets consisted of the following as of the dates indicated: | |||||||||
October 31, | |||||||||
In thousands | 2012 | 2011 | |||||||
Furniture & other equipment(1) | $ | 158,406 | $ | 160,559 | |||||
Leasehold improvements, gross(1) | 137,370 | 167,149 | |||||||
Computer software & equipment(1) | 109,138 | 107,238 | |||||||
Land use rights | 34,953 | 40,213 | |||||||
Land and buildings(1) | 9,459 | 2,492 | |||||||
Construction in progress(1) | 22,428 | 15,723 | |||||||
471,754 | 493,374 | ||||||||
Accumulated depreciation and amortization | (233,441 | ) | (255,267 | ) | |||||
$ | 238,313 | $ | 238,107 | ||||||
(1) | Certain prior year amounts have been reclassified to “Construction in progress” in order to be consistent with the current year presentation. | ||||||||
During fiscal 2012, 2011 and 2010, the Company recorded approximately $7 million, $12 million and $12 million, respectively, in fixed asset impairments, primarily related to underperforming retail stores. These stores were not generating positive cash flows and are not expected to become profitable in the future. As a result, the Company is working to close these stores as soon as practicable. Any charges associated with future rent commitments, net of expected sublease income, will be charged to future earnings upon store closure. |
Intangible_Assets_and_Goodwill
Intangible Assets and Goodwill | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
Jul. 31, 2013 | Oct. 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||
Intangible Assets and Goodwill | 6. Intangible Assets and Goodwill | Note 6—Intangible Assets and Goodwill | ||||||||||||||||||||||||||||||||||||||||||||||||
A summary of intangible assets is as follows as of the dates indicated: | A summary of intangible assets as of the dates indicated is as follows: | |||||||||||||||||||||||||||||||||||||||||||||||||
July 31, 2013 | October 31, 2012 | October 31, | ||||||||||||||||||||||||||||||||||||||||||||||||
In thousands | Gross | Amortization | Net | Gross | Amortization | Net | 2012 | 2011 | ||||||||||||||||||||||||||||||||||||||||||
Amount | Book | Amount | Book | In thousands | Gross | Amorti- | Net Book | Gross | Amorti- | Net Book | ||||||||||||||||||||||||||||||||||||||||
Value | Value | Amount | zation | Value | Amount | zation | Value | |||||||||||||||||||||||||||||||||||||||||||
Non-amortizable trademarks | $ | 124,068 | $ | — | $ | 124,068 | $ | 124,053 | $ | — | $ | 124,053 | Non-amortizable trademarks | $ | 124,053 | $ | — | $ | 124,053 | $ | 123,151 | $ | — | $ | 123,151 | |||||||||||||||||||||||||
Amortizable trademarks | 24,046 | (12,020 | ) | 12,026 | 23,543 | (10,866 | ) | 12,677 | Amortizable trademarks | 23,543 | (10,866 | ) | 12,677 | 20,174 | (9,782 | ) | 10,392 | |||||||||||||||||||||||||||||||||
Amortizable licenses | 12,228 | (12,228 | ) | — | 13,919 | (13,803 | ) | 116 | Amortizable licenses | 13,919 | (13,803 | ) | 116 | 14,380 | (12,822 | ) | 1,558 | |||||||||||||||||||||||||||||||||
Other amortizable intangibles | 8,133 | (5,843 | ) | 2,290 | 8,083 | (5,480 | ) | 2,603 | Other amortizable intangibles | 8,083 | (5,480 | ) | 2,603 | 9,029 | (5,987 | ) | 3,042 | |||||||||||||||||||||||||||||||||
$ | 168,475 | $ | (30,091 | ) | $ | 138,384 | $ | 169,598 | $ | (30,149 | ) | $ | 139,449 | $ | 169,598 | $ | (30,149 | ) | $ | 139,449 | $ | 166,734 | $ | (28,591 | ) | $ | 138,143 | |||||||||||||||||||||||
Certain trademarks will continue to be amortized by the Company using estimated useful lives of 10 to 25 years with no residual values. Intangible amortization expense for each of the nine months ended July 31, 2013 and 2012 was approximately $2 million. Annual amortization expense is estimated to be approximately $2 million through fiscal 2018. Licenses have been fully amortized. | The change in non-amortizable trademarks is due primarily to foreign currency exchange fluctuations. Other amortizable intangibles primarily include non-compete agreements, patents and customer relationships. These amortizable intangibles are amortized on a straight-line basis over their estimated useful lives. Certain trademarks and licenses will continue to be amortized using estimated useful lives of 10 to 25 years with no residual values. Intangible amortization expense was approximately $3 million for each of fiscal 2012, 2011, and 2010. Based on the Company’s amortizable intangible assets as of October 31, 2012, annual amortization expense is estimated to be approximately $2 million in fiscal 2013 through fiscal 2017. | |||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill related to the Company’s operating segments is as follows as of the dates indicated: | Due to the natural disasters that occurred in the Asia/Pacific region and their resulting impact on the Company’s business, the Company remeasured the value of its intangible assets in its APAC segment in fiscal 2011 in accordance with ASC 350. As a result, the Company noted that the carrying value of these assets was in excess of their estimated fair value, and therefore, the Company recorded related goodwill impairment charges of approximately $74 million during fiscal 2011. The fair value of assets was estimated using a combination of a discounted cash flow approach and market approach. The value implied by the test was affected by (1) a reduction in near-term future cash flows expected for the APAC segment, (2) the discount rates which were applied to future cash flows, and (3) current market estimates of value. The projected future cash flows, discount rates applied and current estimates of market value have all been impacted by the aforementioned natural disasters that occurred throughout the Asia/Pacific region, contributing to the estimated decline in value. Goodwill in the APAC segment arose primarily from the acquisition of the Company’s Australian and Japanese distributors and certain Australian retail store locations several years ago. | |||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill recorded by the Company arose primarily from the acquisitions of Quiksilver EMEA, Quiksilver APAC and DC Shoes, Inc. (see note 14 for information on goodwill by segment). Goodwill increased approximately $5 million during fiscal 2012, primarily due to a small business acquisition by Quiksilver EMEA partially offset by the effect of changes in foreign currency exchange rates. For fiscal 2011, goodwill decreased approximately $64 million, primarily due to the APAC goodwill impairment charge of $74 million partially offset by increases from acquisitions and foreign currency exchange rates. | ||||||||||||||||||||||||||||||||||||||||||||||||||
In thousands | July 31, | October 31, | ||||||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||
EMEA | $ | 191,123 | $ | 190,986 | ||||||||||||||||||||||||||||||||||||||||||||||
Americas | 75,087 | 75,974 | ||||||||||||||||||||||||||||||||||||||||||||||||
APAC | 6,207 | 6,207 | ||||||||||||||||||||||||||||||||||||||||||||||||
$ | 272,417 | $ | 273,167 | |||||||||||||||||||||||||||||||||||||||||||||||
Goodwill decreased approximately $0.8 million during the nine months ended July 31, 2013 primarily due to changes in foreign currency exchange rates. |
Debt
Debt | 9 Months Ended | 12 Months Ended | ||||||||||||||||
Jul. 31, 2013 | Oct. 31, 2012 | |||||||||||||||||
Debt | 9. Debt | Note 7—Lines of Credit and Long-term Debt | ||||||||||||||||
A summary of borrowings under lines of credit and long-term debt as of the dates indicated is as follows: | A summary of lines of credit and long-term debt as of the dates indicated is as follows: | |||||||||||||||||
In thousands | July 31, | October 31, | October 31, | |||||||||||||||
2013 | 2012 | In thousands | 2012 | 2011 | ||||||||||||||
Debt to be redeemed/U.S. senior notes 2015 | $ | 409,167 | $ | 400,000 | APAC Credit Facility | $ | 18,147 | $ | 18,335 | |||||||||
U.S. senior secured notes 2018 | 278,576 | — | Americas Credit Facility | 46,700 | 21,042 | |||||||||||||
U.S. senior notes 2020 | 222,200 | — | Americas Term Loan | 15,500 | 18,500 | |||||||||||||
European senior notes | 265,252 | 258,732 | EMEA lines of credit | 7,742 | 2,306 | |||||||||||||
ABL credit facility | 39,559 | — | Senior Notes | 400,000 | 400,000 | |||||||||||||
EMEA credit facilities | 35,591 | 7,742 | European Senior Notes | 258,732 | 282,925 | |||||||||||||
Americas credit facility | — | 46,700 | Capital lease obligations and other borrowings | 11,148 | 4,578 | |||||||||||||
Americas term loan | — | 15,500 | ||||||||||||||||
APAC credit facility | — | 18,147 | $ | 757,969 | $ | 747,686 | ||||||||||||
Capital lease obligations and other borrowings | 9,069 | 11,148 | ||||||||||||||||
At October 31, 2012, the Company’s credit facilities allowed for total maximum cash borrowings and letters of credit of $360 million. The total maximum borrowings and actual availability fluctuate with the amount of assets comprising the borrowing base under certain of the credit facilities. At October 31, 2012, the Company had a total of $73 million of direct borrowings and $86 million in letters of credit outstanding. The amount of availability for borrowings remaining as of October 31, 2012 was $154 million, $71 million of which could also be used for letters of credit in the United States. In addition to the $154 million of availability for borrowings, the Company also had $47 million in additional capacity for letters of credit in EMEA and APAC as of October 31, 2012. A description of each of the Company’s credit arrangements in the table above follows: | ||||||||||||||||||
$ | 1,259,414 | $ | 757,969 | APAC Credit Facility: | ||||||||||||||
In September 2011, the Company entered into a new $21 million ($20 million Australian dollars) credit facility specifically for APAC operations. The maturity date of this credit facility is October 31, 2013. Combined with certain remaining uncommitted borrowings, APAC has $31 million of aggregate borrowing capacity. At October 31, 2012, there were $18 million of direct borrowings (at an average interest rate of 5.3%) and $8 million in letters of credit outstanding. This facility contains customary default provisions and restrictive covenants for facilities of its type. As of October 31, 2012, the Company was in compliance with such covenants. | ||||||||||||||||||
As of July 31, 2013, the Company’s credit facilities allowed for total cash borrowings and letters of credit of $351 million. The total maximum borrowings and actual availability fluctuate with the amount of assets comprising the borrowing base under certain of the credit facilities. At July 31, 2013, the Company had a total of $75 million of direct borrowings and $66 million in letters of credit outstanding. As of July 31, 2013, the effective availability for borrowings remaining under the Company’s credit facilities was $152 million, $108 million of which could also be used for letters of credit in the United States and APAC. In addition to the $152 million of effective availability for borrowings, the Company also had $57 million in additional capacity for letters of credit in EMEA as of July 31, 3013. Many of the Company’s debt agreements contain customary default provisions and restrictive covenants. The Company is currently in compliance with such covenants. | Americas Credit Facility: | |||||||||||||||||
U.S. Senior Notes Refinancing | In July 2009, the Company entered into a $200 million asset-based credit facility for its Americas’ operations. On August 27, 2010, the Company entered into an amendment to this credit facility (as amended, the “Americas Credit Facility”). The Americas Credit Facility is a $150 million facility (with the option to expand the facility to $250 million on certain conditions) and the amendment, among other things, extended the maturity date of the Americas Credit Facility to August 27, 2014. The Americas Credit Facility includes a $103 million sublimit for letters of credit and bears interest at a rate of LIBOR plus a margin of 2.5% to 3.0% (currently at 4.4%), depending upon usage. At October 31, 2012, there were $47 million of direct borrowings and $31 million in letters of credit outstanding under the Americas Credit Facility. | |||||||||||||||||
On July 16, 2013, Quiksilver, Inc. and its wholly-owned subsidiary, QS Wholesale, Inc. (collectively, the “Issuers”) issued (i) $280 million aggregate principal amount of their 7.875% Senior Secured Notes due 2018 (the “2018 Notes”), and (ii) $225 million aggregate principal amount of their 10.000% Senior Notes due 2020 (the “2020 Notes” and, together with the 2018 Notes, the “Notes”). The Notes are general senior obligations of the Issuers and are fully and unconditionally guaranteed on a senior basis by certain of the Company’s current and future U.S. subsidiaries. | The Americas Credit Facility is guaranteed by Quiksilver, Inc. and certain of its domestic and Canadian subsidiaries. The Americas Credit Facility is secured by a first priority interest in the Company’s U.S. and Canadian accounts receivable, inventory, certain intangibles, a second priority interest in substantially all other personal property and a second priority pledge of shares of certain of its domestic subsidiaries. The borrowing base is limited to certain percentages of eligible accounts receivable and inventory from participating subsidiaries. The Americas Credit Facility contains customary default provisions, including cross default provisions against the Americas Term Loan and other material indebtedness, and restrictive covenants for facilities of its type. As of October 31, 2012, the Company was in compliance with such covenants in the Americas Credit Facility and had obtained a waiver for one covenant in the Americas Term Loan where we were not in compliance. | |||||||||||||||||
The Issuers received net proceeds from the offering of the Notes of approximately $493 million after deducting initial purchaser discounts, but before offering expenses. The Company used a portion of the net proceeds to irrevocably deposit with the trustee for its senior notes due in 2015 (“2015 Notes”) an amount sufficient to redeem all of the 2015 Notes, including accrued interest ($409 million). Such amount is reflected in the Company’s July 31, 2013 balance sheet as “Debt to be Redeemed” and “Restricted Cash.” The redemption of the 2015 Notes was completed on August 15, 2013. The Company also used portions of the net proceeds to repay in full and terminate its Americas term loan, to pay down a portion of the then outstanding amounts under the amended and restated asset-based revolving credit facility (the “ABL Credit Facility”) and to pay related fees and expenses. Overall, the Company has approximately $9 million in unamortized debt issuance costs related to the Notes included in prepaid expenses and other assets as of July 31, 2013. | Americas term loan: | |||||||||||||||||
The 2018 Notes will mature on August 1, 2018 and bear interest at the rate of 7.875% per annum. The offering price of the 2018 Notes was 99.483% of the principal amount. The 2018 Notes and the related guarantees are secured by (1) a second-priority security interest in the current assets of the Issuers and the subsidiary guarantors party thereto (the “Guarantors”), together with all related general intangibles (excluding intellectual property rights) and other property related to such assets, including the proceeds thereof, which assets secure the Company’s ABL Credit Facility on a first-priority basis; and (2) a first-priority security interest in substantially all other property (including intellectual property rights) of the Issuers and the Guarantors and a first-priority pledge of 100% of the equity interests of certain subsidiaries directly owned by the Issuers and the Guarantors (but excluding equity interests of applicable foreign subsidiaries of the Issuers and the Guarantors possessing more than 65% of the total combined voting power of all classes of equity interests of such applicable foreign subsidiaries entitled to vote) and the proceeds of the foregoing. | In October 2010, the Company entered into a $20 million term loan for its Americas’ operations. The maturity date of this term loan is August 27, 2014. The term loan has minimum principal repayments of $1.5 million due on June 30 and December 31 of each year, until the principal balance is reduced to $14 million. The term loan bears interest at LIBOR plus 5.0% (currently 5.3%). The term loan is guaranteed by Quiksilver, Inc. and secured by a first priority interest in substantially all assets, excluding accounts receivable and inventory, of certain of its domestic subsidiaries and a second priority interest in the accounts receivable and inventory of certain of its domestic subsidiaries, in which the lenders under the Americas Credit Facility have a first-priority security interest. The term loan contains customary default provisions and restrictive covenants for loans of its type. As of October 31, 2012, the Company was in compliance with certain of these covenants and obtained the appropriate waiver for one covenant where we were not in compliance. The balance outstanding on the Americas term loan at October 31, 2012 was $15.5 million. | |||||||||||||||||
The 2020 Notes will mature on August 1, 2020 and bear interest at the rate of 10.000% per annum. The offering price of the 2020 Notes was 98.757% of the principal amount. The 2020 Notes are not secured. | EMEA lines of credit: | |||||||||||||||||
The Company may redeem some or all of the Notes at fixed redemption prices as set forth in the indenture related to such Notes. | The Company has various lines of credit from several banks in Europe that provide up to $89 million of available capacity for borrowings and an additional $89 million of available capacity for letters of credit. At October 31, 2012, there were $8 million of direct borrowings (at an average borrowing rate of 1%) and $47 million in letters of credit outstanding under these lines of credit. | |||||||||||||||||
The Notes indentures include covenants that limit the Company’s ability to, among other things: incur additional debt; issue certain preferred shares; pay dividends on its capital stock or repurchase capital stock; make certain investments; enter into certain types of transactions with affiliates; cause its restricted subsidiaries to pay dividends or make other payments to the Company; use assets as security in other transactions; and sell certain assets or merge with or into other companies. As of July 31, 2013, the Company was in compliance with these covenants. | Senior Notes: | |||||||||||||||||
ABL Credit Facility | In July 2005, the Company issued the Senior Notes, which bear a coupon interest rate of 6.875%, were issued at par value, and are due April 15, 2015. The Senior Notes are guaranteed on a senior unsecured basis by each of the Company’s domestic subsidiaries that guarantee any of its indebtedness or its subsidiaries’ indebtedness, or are obligors under the Americas Credit Facility (the “Guarantors”). The Company may redeem some or all of the Senior Notes at fixed redemption prices as set forth in the indenture related to such Senior Notes. | |||||||||||||||||
On May 24, 2013, Quiksilver, Inc., as a guarantor, QS Wholesale, Inc., as lead borrower, and certain other U.S., Canadian, Australian and Japanese subsidiaries of Quiksilver, Inc., as borrowers (collectively, the “Borrower”) and/or as guarantors, entered into the ABL Credit Facility with Bank of America, N.A. and a syndicate of lenders, which amended and restated the existing asset-based credit facility for Quiksilver, Inc.’s Americas operations. On July 16, 2013, the Company entered into an amendment to the ABL Credit Facility to provide for certain mechanical changes required in connection with the issuance of the Notes. | The Senior Notes indenture includes covenants that limit the Company’s ability to, among other things: incur additional debt; pay dividends on its capital stock or repurchase its capital stock; make certain investments; enter into certain types of transactions with affiliates; cause its restricted subsidiaries to pay dividends or make other payments to the Company; use assets as security in other transactions; and sell certain assets or merge with or into other companies. If the Company experiences a change of control (as defined in the indenture), it will be required to offer to purchase the Senior Notes at a purchase price equal to 101% of their principal amount, plus accrued and unpaid interest. As of October 31, 2012, the Company was in compliance with these covenants. In addition, the Company has approximately $3 million in unamortized debt issuance costs related to the Senior Notes included in other assets as of October 31, 2012. | |||||||||||||||||
Under the ABL Credit Facility, borrowings are limited to the lesser of (i) $230 million in aggregate, with sublimits for specific subsidiaries (with an option to expand the aggregate commitments by up to an additional $125 million on certain conditions) and (ii) a borrowing base calculated upon designated percentages of eligible accounts receivable, eligible inventory and, in the case of U.S. and Canadian borrowers, certain eligible credit card receivables. The ABL Credit Facility includes a $145 million total sublimit for letters of credit, with smaller sublimits applicable to specific subsidiaries. The interest rate on borrowings under the ABL Credit Facility is determined, at the Borrower’s option, as either: (i) an adjusted London Inter-Bank Offer (“LIBO”) rate plus a spread of 1.75% to 2.25%; or (ii) a Base Rate (as defined for each of the U.S., Canadian, Australian and Japanese borrowers) plus a spread of 0.75% to 1.75%. The ABL Credit Facility has a term of five years. The ABL Credit Facility Facility is guaranteed by Quiksilver, Inc. and certain domestic, Canadian, Australian and Japanese subsidiaries, except that the Canadian, Australian and Japanese subsidiaries do not guarantee the obligations of the Company’s domestic loan parties. The obligations under the ABL Credit Facility are, subject to certain exceptions, generally secured by (i) a first priority security interest in the domestic, Canadian, Australian and Japanese borrowers’ inventory and accounts receivable, (ii) a security interest in substantially all of the Company’s other domestic, Canadian, Australian and Japanese borrowers’ personal property (which security interest is a second priority security interest in the case of the domestic loan parties) and (iii) a pledge of the shares of certain of our subsidiaries, except that the assets of our Canadian, Australian and Japanese subsidiaries do not secure the obligations of the domestic loan parties. | European Senior Notes: | |||||||||||||||||
The ABL Credit Facility contains customary default provisions and provides that, upon the occurrence of an event of default relating to the bankruptcy or insolvency of the Borrower or other subsidiaries, the unpaid balance of the principal and accrued interest under the ABL Credit Facility and all other obligations of the Borrower under the loan documents will become immediately due and payable without any action under the ABL Credit Facility. Upon the occurrence of any other event of default (which would include a default under other material indebtedness), the Agent may, by written notice, declare the unpaid balance of the principal and accrued interest under the ABL Credit Facility and all other obligations under the loan documents immediately due and payable without any further action. | In December 2010, the Company issued the European Senior Notes, which bear a coupon interest rate of 8.875% and are due December 15, 2017. The European Senior Notes were issued at par value in a private offering that was exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”). The European Senior Notes were offered within the United States only to qualified institutional buyers in accordance with Rule 144A under the Securities Act and outside the United States only to non-U.S. investors in accordance with Regulation S under the Securities Act. The European Senior Notes will not be registered under the Securities Act or the securities laws of any other jurisdiction. | |||||||||||||||||
The ABL Credit Facility also includes certain representations and warranties and restrictive covenants usual for facilities and transactions of this type. The ABL Credit Facility does not have a financial maintenance covenant, other than a minimum fixed charge coverage ratio of 1.0 to 1.0 that would only apply if aggregate excess availability under the ABL Credit Facility is less than the greater of (a) $15 million and (b) 10% of the lesser of the borrowing base and the aggregate ABL Credit Facility commitments at such time; provided that, for such purposes Australian excess availability and Japanese excess availability shall not account for more than 40% of aggregate excess availability. The Borrower paid customary agency, arrangement and upfront fees in connection with the ABL Credit Facility. | The European Senior Notes are general senior obligations and are fully and unconditionally guaranteed on a senior unsecured basis by Quiksilver, Inc. and certain of its current and future U.S. and non-U.S. subsidiaries, subject to certain exceptions. The Company may redeem some or all of the European Senior Notes at fixed redemption prices as set forth in the indenture related to such European Senior Notes. The European Senior Notes indenture includes covenants that limit the Company’s ability to, among other things: incur additional debt; pay dividends on its capital stock or repurchase its capital stock; make certain investments; enter into certain types of transactions with affiliates; cause its restricted subsidiaries to pay dividends or make other payments to Quiksilver, Inc.; use assets as security in other transactions; and sell certain assets or merge with or into other companies. As of October 31, 2012, the Company was in compliance with these covenants. | |||||||||||||||||
The estimated fair value of the Company’s borrowings under lines of credit and long-term debt as of July 31, 2013 was $1.27 billion, compared to carrying value of $1.26 billion. The fair value of the Company’s long-term debt is calculated based on the issuance price of the Company’s newly issued 2018 Notes and 2020 Notes and the trading price of the Company’s European senior notes, both of which are Level 1 inputs, as well as the carrying values of the Company’s other debt obligations. | The Company used the proceeds from the European Senior Notes to repay its then existing European term loans and to pay related fees and expenses. As a result, the Company recognized non-cash, non-operating charges during the fiscal year ended October 31, 2011 of approximately $14 million, included in interest expense, to write-off the deferred debt issuance costs related to such term loans. The Company capitalized approximately $6 million of debt issuance costs associated with the issuance of the European Senior Notes, which are being amortized into interest expense over the seven-year term of the European Senior Notes. | |||||||||||||||||
The carrying value of the Company’s trade accounts receivable and accounts payable approximates fair value due to their short-term nature. The fair value of the fixed assets is determined using a discounted cash flow model which requires Level 3 inputs. | In July 2009, the Company entered into the $153 million five-year senior secured term loans with Rhône Capital LLC (“Rhône”). In connection with these term loans, the Company issued warrants to purchase approximately 25.7 million shares of its common stock, representing 19.99% of the outstanding equity of the Company at the time, with an exercise price of $1.86 per share. In June 2010, the Company entered into a debt-for-equity exchange agreement with Rhône. Pursuant to such agreement, a combined total of $140 million of principal balance outstanding under the Rhône senior secured term loans was exchanged for 31.1 million shares of the Company’s common stock, which represents an exchange price of $4.50 per share. The exchange closed in August 2010, which reduced the outstanding balance under the Rhône senior secured term loans to approximately $24 million. Upon closing of the $20 million term loan in its Americas segment, the Company used the proceeds from such term loan, together with cash on hand, to repay the remaining amounts outstanding under the Rhône senior secured term loans. As a result of the debt-for-equity exchange and the subsequent repayment of the remaining amounts outstanding under the Rhône senior secured term loans, the Company recognized approximately $33 million in interest expense during fiscal 2010 to write-off the deferred debt issuance costs capitalized in connection with the issuance of the Rhône senior secured term loans, as well as the debt discount recorded upon the issuance of the warrants associated with such senior secured term loans. | |||||||||||||||||
The Company also had approximately $11 million in capital leases and other borrowings as of October 31, 2012. | ||||||||||||||||||
Principal payments on all long-term debt obligations, including capital leases, are due by fiscal year according to the table below. | ||||||||||||||||||
In thousands | ||||||||||||||||||
2013 | $ | 36,794 | ||||||||||||||||
2014 | 60,934 | |||||||||||||||||
2015 | 400,510 | |||||||||||||||||
2016 | 999 | |||||||||||||||||
2017 | — | |||||||||||||||||
Thereafter | 258,732 | |||||||||||||||||
$ | 757,969 | |||||||||||||||||
The estimated fair values of the Company’s lines of credit and long-term debt are as follows: | ||||||||||||||||||
October 31, 2012 | ||||||||||||||||||
In thousands | Carrying | Fair Value | ||||||||||||||||
Amount | ||||||||||||||||||
Lines of credit | $ | 18,147 | $ | 18,147 | ||||||||||||||
Long-term debt | 739,822 | 737,525 | ||||||||||||||||
$ | 757,969 | $ | 755,672 | |||||||||||||||
The fair value of the Company’s long-term debt is calculated based on the market price of the Company’s publicly traded Senior Notes, the trading price of the Company’s European Senior Notes and the carrying values of the Company’s other debt obligations. |
Accrued_Liabilities
Accrued Liabilities | 12 Months Ended | ||||||||
Oct. 31, 2012 | |||||||||
Accrued Liabilities | Note 8—Accrued Liabilities | ||||||||
Accrued liabilities consisted of the following as of the dates indicated: | |||||||||
October 31, | |||||||||
In thousands | 2012 | 2011 | |||||||
Accrued employee compensation and benefits | $ | 57,251 | $ | 56,236 | |||||
Accrued sales and payroll taxes | 11,988 | 14,187 | |||||||
Accrued interest | 10,264 | 10,782 | |||||||
Derivative liability | 3,860 | 12,297 | |||||||
Other liabilities | 31,528 | 39,442 | |||||||
$ | 114,891 | $ | 132,944 | ||||||
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||
Oct. 31, 2012 | |||||
Commitments and Contingencies | Note 9—Commitments and Contingencies | ||||
Operating Leases | |||||
The Company leases certain land and buildings under long-term operating lease agreements. The following is a schedule of future minimum lease payments by fiscal year required under such leases as of October 31, 2012: | |||||
In thousands | |||||
2013 | $ | 101,720 | |||
2014 | 87,632 | ||||
2015 | 71,949 | ||||
2016 | 58,536 | ||||
2017 | 40,684 | ||||
Thereafter | 99,152 | ||||
$ | 459,673 | ||||
Total rent expense was approximately $135 million in fiscal 2012 and $127 million in each of fiscal 2011 and 2010. | |||||
Professional Athlete Sponsorships | |||||
The Company establishes relationships with professional athletes in order to promote its products and brands. The Company has entered into endorsement agreements with professional athletes in sports such as surfing, skateboarding, snowboarding, BMX and motocross. Many of these contracts provide incentives for magazine exposure and competitive victories while wearing or using the Company’s products. Such expenses are an ordinary part of the Company’s operations and are expensed as incurred. The following is a schedule of future estimated minimum payments required under such endorsement agreements as of October 31, 2012: | |||||
In thousands | |||||
2013 | $ | 29,184 | |||
2014 | 20,610 | ||||
2015 | 13,409 | ||||
2016 | 8,985 | ||||
2017 | 5,679 | ||||
Thereafter | 137 | ||||
$ | 78,004 | ||||
Litigation | |||||
As part of its global operations, the Company may be involved in legal claims involving trademarks, intellectual property, licensing, employment matters, compliance, contracts and other matters incidental to its business. The Company believes the resolution of any such matter currently threatened or pending will not have a material adverse effect on its financial condition, results of operations or liquidity. | |||||
Indemnities and Guarantees | |||||
During its normal course of business, the Company has made certain indemnities, commitments and guarantees under which it may be required to make payments in relation to certain transactions. These include (i) intellectual property indemnities to the Company’s customers and licensees in connection with the use, sale and/or license of Company products, (ii) indemnities to various lessors in connection with facility leases for certain claims arising from such facilities or leases, (iii) indemnities to vendors and service providers pertaining to claims based on the negligence or willful misconduct of the Company, and (iv) indemnities involving the accuracy of representations and warranties in certain contracts. The duration of these indemnities, commitments and guarantees varies and, in certain cases, may be indefinite. The majority of these indemnities, commitments and guarantees do not provide for any limitation of the maximum potential for future payments the Company could be obligated to make. The Company has not recorded any liability for these indemnities, commitments and guarantees in the accompanying consolidated balance sheets. |
Stockholders_Equity
Stockholders' Equity | 12 Months Ended | ||||||||||||||||||||||||
Oct. 31, 2012 | |||||||||||||||||||||||||
Stockholders' Equity | Note 10—Stockholders’ Equity | ||||||||||||||||||||||||
In March 2000, the Company’s stockholders approved the Company’s 2000 Stock Incentive Plan (the “2000 Plan”), which generally replaced the Company’s previous stock option plans. Under the 2000 Plan as amended, 43,744,836 shares are reserved for issuance over its term, consisting of 12,944,836 shares authorized under predecessor plans plus an additional 30,800,000 shares. The plan was amended in March 2007 to allow for the issuance of restricted stock and restricted stock units. The maximum number of shares that may be reserved for issuance of restricted stock or restricted stock unit awards is 11,100,000. Nonqualified and incentive options may be granted to officers and employees selected by the plan’s administrative committee at an exercise price not less than the fair market value of the underlying shares on the date of grant. Options vest over a period of time, generally three years, as designated by the committee and are subject to such other terms and conditions as the committee determines. The Company issues new shares for stock option exercises and restricted stock grants. | |||||||||||||||||||||||||
For non-performance based options, the Company uses the Black-Scholes option-pricing model to value stock-based compensation expense. Forfeitures are estimated at the date of grant based on historical rates and reduce the compensation expense recognized. The expected term of options granted is derived from historical data on employee exercises. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the date of grant. Expected volatility is based on the historical volatility of the Company’s stock. The fair value of each option grant was estimated as of the grant date using the Black-Scholes option-pricing model for the years ended October 31, 2012, 2011, and 2010, assuming risk-free interest rates of 1.1%, 1.9%, and 2.7%, respectively; volatility of 76.5%, 82.4%, and 73.6%, respectively; zero dividend yield; and expected lives of 7.1 years, 5.3 years, and 6.4 years, respectively. The weighted average fair value of options granted was $2.58, $3.39, and $1.04 for the years ended October 31, 2012, 2011, and 2010, respectively. The Company records stock-based compensation expense using the graded vested method over the vesting period, which is generally three years. As of October 31, 2012, the Company had approximately $2 million of unrecognized compensation expense, for non-performance based options, expected to be recognized over a weighted average period of approximately 1.5 years. Compensation expense was included as selling, general and administrative expense for fiscal 2012, 2011, and 2010. | |||||||||||||||||||||||||
Changes in shares under option, excluding performance based options, are summarized as follows: | |||||||||||||||||||||||||
Year Ended October 31, | |||||||||||||||||||||||||
2012 | 2011 | 2010 | |||||||||||||||||||||||
In thousands | Shares | Weighted | Shares | Weighted | Shares | Weighted | |||||||||||||||||||
Average | Average | Average | |||||||||||||||||||||||
Price | Price | Price | |||||||||||||||||||||||
Outstanding, beg. of year | 13,399,381 | $ | 4.4 | 12,731,430 | $ | 4.48 | 15,909,101 | $ | 7.32 | ||||||||||||||||
Granted | 375,000 | 3.66 | 2,315,000 | 5.01 | 4,403,407 | 3.83 | |||||||||||||||||||
Exercised | (506,329 | ) | 2.23 | (757,538 | ) | 3.92 | (713,062 | ) | 3.84 | ||||||||||||||||
Canceled/Forfeited | (942,553 | ) | 4.08 | (889,511 | ) | 7.63 | (6,868,016 | ) | 10.69 | ||||||||||||||||
Outstanding, end of year | 12,325,499 | 4.49 | 13,399,381 | 4.4 | 12,731,430 | 4.48 | |||||||||||||||||||
Exercisable, end of year | 7,903,327 | 4.94 | 6,042,873 | 5.64 | 4,892,680 | 6.7 | |||||||||||||||||||
The aggregate intrinsic value of options exercised, outstanding and exercisable as of October 31, 2012 is $1 million, $6 million and $4 million, respectively. The weighted average life of options outstanding and exercisable as of October 31, 2012 is 5.2 years and 4.2 years, respectively. | |||||||||||||||||||||||||
Outstanding stock options, excluding performance based options, at October 31, 2012 consist of the following: | |||||||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||||||
Range of Exercise Prices | Shares | Weighted | Weighted | Shares | Weighted | ||||||||||||||||||||
Average | Average | Average | |||||||||||||||||||||||
Remaining | Exercise | Exercise | |||||||||||||||||||||||
Life | Price | Price | |||||||||||||||||||||||
(Years) | |||||||||||||||||||||||||
$1.04 - $2.34 | 3,490,755 | 6.1 | $ | 1.97 | 2,424,005 | $ | 1.99 | ||||||||||||||||||
$2.35 - $4.60 | 2,706,750 | 7.2 | 3.07 | 1,392,489 | 3.24 | ||||||||||||||||||||
$4.61 - $6.64 | 3,684,156 | 5.6 | 5.1 | 1,642,995 | 5.11 | ||||||||||||||||||||
$6.65 - $8.70 | 1,074,338 | 0.3 | 6.83 | 1,074,338 | 6.83 | ||||||||||||||||||||
$8.71 - $10.75 | 962,000 | 2 | 8.87 | 962,000 | 8.87 | ||||||||||||||||||||
$10.76 - $16.36 | 407,500 | 1.9 | 13.43 | 407,500 | 13.43 | ||||||||||||||||||||
12,325,499 | 5.2 | 4.49 | 7,903,327 | 4.94 | |||||||||||||||||||||
Changes in non-vested shares under option, excluding performance based options, for the year ended October 31, 2012 are as follows: | |||||||||||||||||||||||||
Shares | Wtd. Avg. | ||||||||||||||||||||||||
Grant Date | |||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||
Non-vested, beginning of year | 7,356,508 | $ | 1.81 | ||||||||||||||||||||||
Granted | 375,000 | 2.58 | |||||||||||||||||||||||
Vested | (3,176,993 | ) | 1.72 | ||||||||||||||||||||||
Canceled | (132,343 | ) | 2.41 | ||||||||||||||||||||||
Non-vested, end of year | 4,422,172 | 1.92 | |||||||||||||||||||||||
Of the 4.4 million non-vested shares under option as of October 31, 2012, approximately 4.3 million are expected to vest over their respective lives. | |||||||||||||||||||||||||
As of October 31, 2012, there were 2,359,606 shares of common stock that were available for future grant. Of these shares, 2,141,295 were available for issuance of restricted stock. | |||||||||||||||||||||||||
In April 2010, the Company commenced a tender offer for employees and consultants of the Company, other than the Company’s executive officers and members of its board of directors, to exchange some or all of their outstanding eligible stock options to purchase shares of the Company’s common stock for new stock options with a lower exercise price. Eligible stock options were those with an exercise price greater than $7.71 per share and granted prior to October 19, 2008. The terms of the offer were such that an eligible optionee would receive one new stock option for every one and one-half surrendered stock options with an exercise price of $7.72 to $10.64 per share and one new stock option for every two surrendered stock options with an exercise price of $10.65 per share and above. These exchange ratios were designed so that the stock compensation expense associated with the new options to be granted, calculated using the Black-Scholes option-pricing model, was equal to the unrecognized compensation expense on the options to be surrendered. Pursuant to the tender offer, 3,754,352 eligible stock options were surrendered. On May 18, 2010, the Company granted an aggregate of 2,058,007 new stock options in exchange for the eligible stock options surrendered, at an exercise price of $5.08 per share, which was the closing price of the Company’s common stock on that date. The remaining 1,696,345 canceled shares are not eligible for re-grant. | |||||||||||||||||||||||||
In June 2011, the Company granted performance based options and performance based restricted stock units to certain key employees and executives. In addition to a required service period, the vesting of the options is contingent upon a combination of the Company’s achievement of specified annual performance targets and specified common stock price thresholds, while the vesting of the restricted stock units is contingent upon a required service period as well as the Company’s achievement of a specified common stock price threshold. The Company believes that the granting of these awards serves to further align the interests of its employees and executives with those of its stockholders. Based on the vesting contingencies in the awards, the Company used a Monte-Carlo simulation in order to determine the grant date fair values of the awards. The assumptions used in the Monte-Carlo simulation for the options and restricted stock units included a risk-free interest rate of 3.0% and 1.7%, respectively, volatility of 67.3% and 82.0%, respectively, and zero dividend yield. The exercise price of the performance based options is $4.65. Additionally, the options were assumed to be voluntarily exercised, or canceled if underwater, at the midpoint of vesting and the contractual term. The weighted average fair value of the options was $3.21 and the weighted average fair value of the restricted stock units was $3.88. | |||||||||||||||||||||||||
In 2012, the Company granted additional performance based restricted stock units. The Company used a Monte-Carlo simulation to determine the grant date fair values of the awards. The assumptions used in the Monte-Carlo simulation for the restricted stock units included risk-free interest rates of 0.7% and 0.6%, volatility of 91.4% and 93.1%, and zero dividend yield. The weighted average fair value of all restricted stock units granted during 2012 was $2.27. | |||||||||||||||||||||||||
Activity related to performance based options and performance based restricted stock units for the fiscal year ended October 31, 2012 is as follows: | |||||||||||||||||||||||||
Performance | Performance | ||||||||||||||||||||||||
Options | Restricted | ||||||||||||||||||||||||
Stock Units | |||||||||||||||||||||||||
Non-vested, October 31, 2011 | 936,000 | 7,520,000 | |||||||||||||||||||||||
Granted | — | 1,100,000 | |||||||||||||||||||||||
Vested | — | — | |||||||||||||||||||||||
Canceled | (80,000 | ) | (690,625 | ) | |||||||||||||||||||||
Non-vested, October 31, 2012 | 856,000 | 7,929,375 | |||||||||||||||||||||||
As of October 31, 2012, the Company had approximately $2 million and $5 million of unrecognized compensation expense, net of estimated forfeitures, related to the performance options and the performance restricted stock units, respectively. This unrecognized compensation expense is expected to be recognized over a weighted average period of approximately 2.9 years and 0.8 years, respectively. | |||||||||||||||||||||||||
In March 2006, the Company’s stockholders approved the 2006 Restricted Stock Plan and in March 2007, the Company’s stockholders approved an amendment to the 2000 Stock Incentive Plan whereby restricted stock and restricted stock units can be issued from such plan. Stock issued under these plans generally vests from three to five years. In March 2010, the Company’s stockholders approved a grant of 3 million shares of restricted stock to a Company sponsored athlete, Kelly Slater. In accordance with the terms of the related restricted stock agreement, 2,400,000 shares have already vested, with the remaining 600,000 shares to vest in April 2013. In March 2011 and 2010, the Company’s stockholders approved amendments to the 2000 Stock Incentive Plan that increased the maximum number of total shares and the maximum number of restricted shares issuable under the plan by 10,000,000 shares and 300,000 shares, respectively. | |||||||||||||||||||||||||
Changes in restricted stock are as follows: | |||||||||||||||||||||||||
Year Ended October 31, | |||||||||||||||||||||||||
2012 | 2011 | 2010 | |||||||||||||||||||||||
Outstanding, beginning of year | 1,911,669 | 2,842,004 | 1,022,003 | ||||||||||||||||||||||
Granted | 105,000 | 120,000 | 3,110,000 | ||||||||||||||||||||||
Vested | (1,155,002 | ) | (1,050,335 | ) | (1,229,998 | ) | |||||||||||||||||||
Forfeited | (60,000 | ) | — | (60,001 | ) | ||||||||||||||||||||
Outstanding, end of year | 801,667 | 1,911,669 | 2,842,004 | ||||||||||||||||||||||
Compensation expense for restricted stock is determined using the intrinsic value method and forfeitures are estimated at the date of grant based on historical rates and reduce the compensation expense recognized. The Company monitors the probability of meeting the restricted stock performance criteria, if any, and will adjust the amortization period as appropriate. As of October 31, 2012, there had been no acceleration of the amortization period. As of October 31, 2012, the Company had approximately $0.5 million of unrecognized compensation expense expected to be recognized over a weighted average period of approximately one year. | |||||||||||||||||||||||||
The Company began the Quiksilver Employee Stock Purchase Plan (the “ESPP”) in fiscal 2001, which provides a method for employees of the Company to purchase common stock at a 15% discount from fair market value as of the beginning or end of each purchasing period of six months, whichever is lower. The ESPP covers substantially all full-time domestic and Australian employees who have at least five months of service with the Company. Since the adoption of guidance within ASC 718, “Stock Compensation,” compensation expense has been recognized for shares issued under the ESPP. During fiscal 2012, 2011 and 2010, 461,088, 310,700, and 508,592 shares of stock were issued under the plan with proceeds to the Company of approximately $1 million per year. | |||||||||||||||||||||||||
During fiscal 2012, 2011 and 2010, the Company recognized total compensation expense related to options, restricted stock, performance based options, performance based restricted stock units and ESPP shares of approximately $23 million, $14 million, and $13 million, respectively. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 9 Months Ended | 12 Months Ended | ||||||||||||||||
Jul. 31, 2013 | Oct. 31, 2012 | |||||||||||||||||
Accumulated Other Comprehensive Income | 13. Accumulated Other Comprehensive Income | Note 11—Accumulated Other Comprehensive Income | ||||||||||||||||
The components of accumulated other comprehensive income include changes in fair value of derivative instruments qualifying as cash flow hedges and foreign currency translation adjustments. The components of accumulated other comprehensive income, net of tax, are as follows: | The components of accumulated other comprehensive income include changes in fair value of derivative instruments qualifying as cash flow hedges and foreign currency translation adjustments. The components of accumulated other comprehensive income, net of tax, are as follows: | |||||||||||||||||
In thousands | July 31, | October 31, | October 31, | |||||||||||||||
2013 | 2012 | In thousands | 2012 | 2011 | ||||||||||||||
Foreign currency translation adjustment | $ | 73,590 | $ | 80,656 | Foreign currency translation adjustment | $ | 80,656 | $ | 124,230 | |||||||||
Gain on cash flow hedges | 2,069 | 5,756 | Gain/(loss) on cash flow hedges | 5,756 | (8,103 | ) | ||||||||||||
$ | 75,659 | $ | 86,412 | $ | 86,412 | $ | 116,127 | |||||||||||
Income_Taxes
Income Taxes | 9 Months Ended | 12 Months Ended | ||||||||||||
Jul. 31, 2013 | Oct. 31, 2012 | |||||||||||||
Income Taxes | 7. Income Taxes | Note 12—Income Taxes | ||||||||||||
Each reporting period, the Company evaluates the realizability of all of its deferred tax assets in each tax jurisdiction. As of July 31, 2013, the Company continued to maintain a full valuation allowance against its net deferred tax assets in the United States as well as certain jurisdictions in its APAC and Corporate Operations segments. As a result of the valuation allowances recorded, no tax benefits have been recognized for losses incurred in those tax jurisdictions. | A summary of the provision for income taxes from continuing operations is as follows: | |||||||||||||
On July 31, 2013, the Company’s liability for uncertain tax positions was approximately $11 million resulting from unrecognized tax benefits, excluding interest and penalties. | ||||||||||||||
If the Company’s positions are favorably sustained by the relevant taxing authority, approximately $10 million, excluding interest and penalties, of uncertain tax position liabilities would favorably impact the Company’s effective tax rate in future periods. | ||||||||||||||
During the next twelve months, it is reasonably possible that the Company’s liability for uncertain tax positions may change by a significant amount as a result of the resolution or payment of uncertain tax positions related to intercompany transactions between foreign affiliates and certain foreign withholding tax exposures. Conclusion of these matters could result in settlement for different amounts than the Company has accrued as uncertain tax benefits. If a position that the Company concluded was more likely than not is subsequently reversed, the Company would need to accrue and ultimately pay an additional amount. Conversely, the Company could settle positions with the tax authorities for amounts lower than have been accrued or extinguish a position through payment. The Company believes the outcomes which are reasonably possible within the next twelve months range from a reduction of the liability for unrecognized tax benefits of $8 million to an increase in the liability of $2 million, excluding penalties and interest, for its existing tax positions. | Year Ended October 31, | |||||||||||||
In thousands | 2012 | 2011 | 2010 | |||||||||||
Current: | ||||||||||||||
Federal | $ | 263 | $ | 512 | $ | (1,502 | ) | |||||||
State | 408 | (132 | ) | 1,140 | ||||||||||
Foreign | 14,585 | 13,248 | 18,090 | |||||||||||
15,256 | 13,628 | 17,728 | ||||||||||||
Deferred: | ||||||||||||||
Federal | 152 | (181 | ) | (2,872 | ) | |||||||||
State | 322 | (33 | ) | (1,087 | ) | |||||||||
Foreign | (8,173 | ) | (27,729 | ) | 9,664 | |||||||||
(7,699 | ) | (27,943 | ) | 5,705 | ||||||||||
Provision (benefit) for income taxes | $ | 7,557 | $ | (14,315 | ) | $ | 23,433 | |||||||
A reconciliation of the effective income tax rate to a computed “expected” statutory federal income tax rate is as follows: | ||||||||||||||
Year Ended October 31, | ||||||||||||||
2012 | 2011 | 2010 | ||||||||||||
Computed “expected” statutory federal income tax rate | 35 | % | 35 | % | 35 | % | ||||||||
State income taxes, net of federal income tax benefit | (18.7 | ) | 0.4 | (10.0 | ) | |||||||||
Foreign tax rate differential | (72.4 | ) | (16.4 | ) | 15.7 | |||||||||
Foreign tax exempt income | 224.6 | 18.8 | (38.2 | ) | ||||||||||
Goodwill impairment | — | (76.5 | ) | — | ||||||||||
Stock-based compensation | (152.0 | ) | (5.7 | ) | 4.2 | |||||||||
Uncertain tax positions | 76.4 | 215.5 | (3.1 | ) | ||||||||||
Valuation allowance | (513.2 | ) | (118.4 | ) | 133.1 | |||||||||
Other | 74.6 | (8.2 | ) | 16.1 | ||||||||||
Effective income tax rate | (345.7 | )% | 44.5 | % | 152.8 | % | ||||||||
The components of net deferred income taxes are as follows: | ||||||||||||||
October 31, | ||||||||||||||
In thousands | 2012 | 2011 | ||||||||||||
Deferred income tax assets: | ||||||||||||||
Allowance for doubtful accounts | $ | 7,532 | $ | 8,431 | ||||||||||
Unrealized gains and losses | 5,541 | 12,946 | ||||||||||||
Tax loss carry forwards | 342,529 | 253,611 | ||||||||||||
Accruals and other | 79,037 | 70,515 | ||||||||||||
434,639 | 345,503 | |||||||||||||
Deferred income tax liabilities: | ||||||||||||||
Depreciation and amortization | (12,909 | ) | (7,041 | ) | ||||||||||
Intangibles | (27,218 | ) | (26,310 | ) | ||||||||||
(40,127 | ) | (33,351 | ) | |||||||||||
Deferred income taxes | 394,512 | 312,152 | ||||||||||||
Valuation allowance | (254,491 | ) | (156,065 | ) | ||||||||||
Net deferred income taxes | $ | 140,021 | $ | 156,087 | ||||||||||
Income/(Loss) before provision for income taxes from continuing operations includes $32 million, ($4) million and $93 million of income/(loss) from foreign jurisdictions for the fiscal years ended October 31, 2012, 2011 and 2010, respectively. The Company does not provide for the U.S. federal, state or additional foreign income tax effects on certain foreign earnings that management intends to permanently reinvest. As of October 31, 2012, foreign earnings earmarked for permanent reinvestment totaled approximately $151 million. Determination of the amount of any unrecognized deferred income tax liability on this temporary difference is not practicable. | ||||||||||||||
As of October 31, 2012, the Company has federal net operating loss carry forwards of approximately $186 million and state net operating loss carry forwards of approximately $207 million, which will expire on various dates through 2032. The company has recorded a valuation allowance against the entire amount of these tax loss carry forwards. In addition, the Company has foreign tax loss carry forwards of approximately $820 million as of October 31, 2012. Approximately $766 million will be carried forward until fully utilized, with the remaining $54 million expiring on various dates through 2032. The Company has recorded a valuation allowance against $360 million of the foreign tax loss carry forwards. As of October 31, 2012, the Company has capital loss carry forwards of approximately $42 million which will expire in 2014. The Company has recorded a valuation allowance against the entire amount of the capital loss carry forwards. | ||||||||||||||
Each reporting period, the Company evaluates the realizability of all of its deferred tax assets in each tax jurisdiction. Due to sustained taxable losses, the Company maintains a valuation allowance against its net deferred tax assets in the United States and in certain jurisdictions in the APAC and Corporate Operations segments. | ||||||||||||||
The following table summarizes the activity related to the Company’s unrecognized tax benefits (excluding interest and penalties and related tax carry forwards): | ||||||||||||||
Year ended October 31, | ||||||||||||||
In thousands | 2012 | 2011 | ||||||||||||
Balance, beginning of year | $ | 10,401 | $ | 144,923 | ||||||||||
Gross increases related to current year tax positions | 1,166 | 262 | ||||||||||||
Settlements | — | (134,190 | ) | |||||||||||
Lapse in statute of limitation | (598 | ) | (545 | ) | ||||||||||
Foreign exchange and other | (182 | ) | (49 | ) | ||||||||||
Balance, end of year | $ | 10,787 | $ | 10,401 | ||||||||||
If the Company’s positions are sustained by the relevant taxing authority, approximately $10 million (excluding interest and penalties) of uncertain tax position liabilities as of October 31, 2012 would favorably impact the Company’s effective tax rate in future periods. | ||||||||||||||
During fiscal 2011, the Company released approximately $134 million of uncertain tax positions as a result of the positions becoming effectively settled, primarily due to the completion of the Company’s tax audit in France. The settled positions included positions on losses on asset dispositions, intercompany transactions and withholding taxes. | ||||||||||||||
The Company includes interest and penalties related to unrecognized tax benefits in its provision for income taxes in the accompanying consolidated statements of operations, which is included in current tax expense in the summary of income tax provision table shown above. As of October 31, 2012, the Company had recognized a liability for interest and penalties of $7 million. | ||||||||||||||
During the next 12 months, it is reasonably possible that the Company’s liability for uncertain tax positions may change by a significant amount as a result of the resolution or payment of uncertain tax positions related to intercompany transactions between foreign affiliates and certain foreign withholding tax exposures. Conclusion of these matters could result in settlement for different amounts than the Company has accrued as uncertain tax benefits. If a position that the Company concluded was more likely than not is subsequently reversed, the Company would need to accrue and ultimately pay an additional amount. Conversely, the Company could settle positions with the tax authorities for amounts lower than have been accrued or extinguish a position through payment. The Company believes the outcomes which are reasonably possible within the next 12 months range from a reduction of the liability for unrecognized tax benefits of $8 million to an increase of the liability of $2 million, excluding penalties and interest for its existing tax positions. | ||||||||||||||
The Company is generally subject to examination in the United States and its significant foreign tax jurisdictions, including France, Australia and Canada for fiscal 2008 and thereafter. |
Employee_Plans
Employee Plans | 12 Months Ended |
Oct. 31, 2012 | |
Employee Plans | Note 13—Employee Plans |
The Company maintains the Quiksilver 401(k) Employee Savings Plan and Trust (the “401(k) Plan”). This plan is generally available to all domestic employees with six months of service and is funded by employee contributions and periodic discretionary contributions from the Company, which are approved by the Company’s Board of Directors. The Company made contributions of zero, $1 million, and zero to the 401(k) Plan in fiscal 2012, 2011, and 2010 respectively. | |
Employees of the Company’s French subsidiary, Na Pali SAS, with three months of service are covered under the French Profit Sharing Plan (the “French Profit Sharing Plan”), which is mandated by law. Compensation is earned under the French Profit Sharing Plan based on statutory computations with an additional discretionary component. Funds are maintained by the Company and become fully vested with the employees after five years, although earlier disbursement is optional if certain personal events occur or upon the termination of employment. Compensation expense of $0.4 million, $3 million, and $3 million was recognized related to the French Profit Sharing Plan for the fiscal years ended October 31, 2012, 2011 and 2010, respectively. |
Segment_and_Geographic_Informa
Segment and Geographic Information | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||
Jul. 31, 2013 | Oct. 31, 2012 | |||||||||||||||||||||
Segment and Geographic Information | 3. Segment Information | Note 14—Segment and Geographic Information | ||||||||||||||||||||
Operating segments are defined as components of an enterprise which separate financial information is available that is evaluated regularly by the Company’s chief operating decision maker in deciding how to allocate resources and in assessing performance. The Company operates in the outdoor market of the action sports industry in which the Company designs, markets and distributes apparel, footwear, accessories and related products. The Company currently operates in four segments: the Americas, EMEA, and APAC, each of which sells a full range of the Company’s products, as well as Corporate Operations. The Americas segment, consisting of North, South and Central America, includes revenues primarily from the United States, Canada, Brazil and Mexico. The EMEA segment, consisting of Europe, the Middle East and Africa, includes revenues primarily from continental Europe, the United Kingdom, Russia, and South Africa. The APAC segment, consisting of Australia, New Zealand, and Asia, includes revenues primarily from Australia, Japan, New Zealand and Indonesia. Royalties earned from various licensees in other international territories are categorized in Corporate Operations, along with revenues from sourcing services to Company’s licensees. | Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the Company’s management in deciding how to allocate resources and in assessing performance. The Company operates in the outdoor market of the action sports industry in which the Company designs, markets and distributes apparel, footwear, accessories and related products. The Company currently operates in four segments: the Americas, EMEA, APAC and Corporate Operations. The Americas segment includes revenues primarily from the United States, Canada, Brazil and Mexico. The EMEA segment includes revenues primarily from continental Europe, the United Kingdom, and South Africa. The APAC segment includes revenues primarily from Australia, Japan, New Zealand and Indonesia. Costs that support all segments, including trademark protection, trademark maintenance and licensing functions, are part of Corporate Operations. Corporate Operations also includes sourcing income and gross profit earned from the Company’s licensees. The Company’s largest customer accounted for approximately 3% of the Company’s net revenues for fiscal 2012, 2011 and 2010. | |||||||||||||||||||||
Information related to the Company’s operating segments is as follows: | The Company sells a full range of its products within each geographical segment. The percentages of net revenues attributable to each of the Company’s major product categories are as follows: | |||||||||||||||||||||
Three Months Ended July 31, | Percentage of Net Revenues | |||||||||||||||||||||
In thousands | 2013 | 2012 | 2012 | 2011 | 2010 | |||||||||||||||||
Revenues, net: | Apparel | 63 | % | 61 | % | 64 | % | |||||||||||||||
Americas | $ | 267,997 | $ | 286,136 | Footwear | 24 | 23 | 21 | ||||||||||||||
EMEA | 163,796 | 154,076 | Accessories and related products | 13 | 16 | 15 | ||||||||||||||||
APAC | 63,356 | 71,623 | ||||||||||||||||||||
Corporate operations | 615 | 604 | 100 | % | 100 | % | 100 | % | ||||||||||||||
$ | 495,764 | $ | 512,439 | |||||||||||||||||||
Information related to the Company’s operating segments is as follows: | ||||||||||||||||||||||
Gross profit: | ||||||||||||||||||||||
Americas | $ | 114,327 | $ | 126,101 | ||||||||||||||||||
EMEA | 97,161 | 88,136 | Year Ended October 31, | |||||||||||||||||||
APAC | 32,432 | 39,258 | In thousands | 2012 | 2011 | 2010 | ||||||||||||||||
Corporate operations | 855 | (7 | ) | Revenues, net: | ||||||||||||||||||
Americas | $ | 991,625 | $ | 914,406 | $ | 843,078 | ||||||||||||||||
$ | 244,775 | $ | 253,488 | EMEA | 710,852 | 761,100 | 728,952 | |||||||||||||||
APAC | 307,141 | 272,479 | 260,578 | |||||||||||||||||||
SG&A expense: | Corporate operations | 3,621 | 5,076 | 5,012 | ||||||||||||||||||
Americas | $ | 78,752 | $ | 92,781 | ||||||||||||||||||
EMEA | 88,845 | 80,862 | Consolidated | $ | 2,013,239 | $ | 1,953,061 | $ | 1,837,620 | |||||||||||||
APAC | 33,881 | 37,747 | ||||||||||||||||||||
Corporate operations | 15,101 | 14,398 | Gross profit/(loss): | |||||||||||||||||||
Americas | $ | 429,868 | $ | 425,607 | $ | 390,249 | ||||||||||||||||
$ | 216,579 | $ | 225,788 | EMEA | 393,944 | 453,727 | 436,088 | |||||||||||||||
APAC | 156,833 | 144,815 | 141,197 | |||||||||||||||||||
Asset impairments: | Corporate operations | (299 | ) | (315 | ) | (286 | ) | |||||||||||||||
Americas | $ | 1,086 | $ | 141 | ||||||||||||||||||
EMEA | 1,066 | — | Consolidated | $ | 980,346 | $ | 1,023,834 | $ | 967,248 | |||||||||||||
APAC | — | — | ||||||||||||||||||||
Corporate operations | — | — | SG&A expense: | |||||||||||||||||||
Americas | $ | 362,322 | $ | 360,921 | $ | 324,683 | ||||||||||||||||
$ | 2,152 | $ | 141 | EMEA | 337,535 | 340,387 | 340,138 | |||||||||||||||
APAC | 157,247 | 147,949 | 128,207 | |||||||||||||||||||
Operating income/(loss): | Corporate operations | 59,040 | 46,692 | 39,038 | ||||||||||||||||||
Americas | $ | 34,489 | $ | 33,179 | ||||||||||||||||||
EMEA | 7,250 | 7,274 | Consolidated | $ | 916,144 | $ | 895,949 | $ | 832,066 | |||||||||||||
APAC | (1,449 | ) | 1,511 | |||||||||||||||||||
Corporate operations | (14,246 | ) | (14,405 | ) | Asset impairments: | |||||||||||||||||
Americas | $ | 5,267 | $ | 3,891 | $ | 8,686 | ||||||||||||||||
$ | 26,044 | $ | 27,559 | EMEA | 560 | 1,331 | 1,785 | |||||||||||||||
APAC | 1,407 | 81,151 | 1,186 | |||||||||||||||||||
Corporate operations | — | — | — | |||||||||||||||||||
Nine Months Ended July 31, | Consolidated | $ | 7,234 | $ | 86,373 | $ | 11,657 | |||||||||||||||
In thousands | 2013 | 2012 | ||||||||||||||||||||
Revenues, net: | Operating income/(loss): | |||||||||||||||||||||
Americas | $ | 682,984 | $ | 712,519 | Americas | $ | 62,279 | $ | 60,795 | $ | 56,880 | |||||||||||
EMEA | 500,160 | 518,504 | EMEA | 55,849 | 112,009 | 94,165 | ||||||||||||||||
APAC | 200,132 | 220,242 | APAC | (1,821 | ) | (84,285 | ) | 11,804 | ||||||||||||||
Corporate operations | 2,254 | 3,008 | Corporate operations | (59,339 | ) | (47,007 | ) | (39,324 | ) | |||||||||||||
$ | 1,385,530 | $ | 1,454,273 | Consolidated | $ | 56,968 | $ | 41,512 | $ | 123,525 | ||||||||||||
Gross profit: | Identifiable assets: | |||||||||||||||||||||
Americas | $ | 287,882 | $ | 311,738 | Americas | $ | 576,179 | $ | 577,643 | $ | 535,580 | |||||||||||
EMEA | 284,011 | 298,905 | EMEA | 718,537 | 750,378 | 704,306 | ||||||||||||||||
APAC | 103,343 | 113,361 | APAC | 224,149 | 231,879 | 298,503 | ||||||||||||||||
Corporate operations | 382 | (417 | ) | Corporate operations | 199,375 | 204,323 | 157,732 | |||||||||||||||
$ | 675,618 | $ | 723,587 | Consolidated | $ | 1,718,240 | $ | 1,764,223 | $ | 1,696,121 | ||||||||||||
SG&A expense: | Goodwill: | |||||||||||||||||||||
Americas | $ | 251,825 | $ | 270,669 | Americas | $ | 75,974 | $ | 76,048 | $ | 75,051 | |||||||||||
EMEA | 253,055 | 250,160 | EMEA | 190,986 | 186,334 | 181,555 | ||||||||||||||||
APAC | 108,843 | 114,988 | APAC | 6,207 | 6,207 | 75,882 | ||||||||||||||||
Corporate operations | 46,319 | 44,396 | ||||||||||||||||||||
Consolidated | $ | 273,167 | $ | 268,589 | $ | 332,488 | ||||||||||||||||
$ | 660,042 | $ | 680,213 | |||||||||||||||||||
France accounted for 30%, 29%, and 28% of EMEA net revenues to unaffiliated customers for the years ended October 31, 2012, 2011 and 2010, respectively, while Spain accounted for 16%, 18%, and 19%, respectively, and the United Kingdom accounted for 11%, 8%, and 8%, respectively. Identifiable assets in the United States totaled $547 million as of October 31, 2012. | ||||||||||||||||||||||
Asset impairments: | ||||||||||||||||||||||
Americas | $ | 8,029 | $ | 556 | ||||||||||||||||||
EMEA | 2,623 | — | ||||||||||||||||||||
APAC | — | — | ||||||||||||||||||||
Corporate operations | — | — | ||||||||||||||||||||
$ | 10,652 | $ | 556 | |||||||||||||||||||
Operating income (loss): | ||||||||||||||||||||||
Americas | $ | 28,028 | $ | 40,513 | ||||||||||||||||||
EMEA | 28,333 | 48,745 | ||||||||||||||||||||
APAC | (5,500 | ) | (1,627 | ) | ||||||||||||||||||
Corporate operations | (45,937 | ) | (44,813 | ) | ||||||||||||||||||
$ | 4,924 | $ | 42,818 | |||||||||||||||||||
July 31, | October 31, | |||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||
Identifiable assets: | ||||||||||||||||||||||
Americas | $ | 573,680 | $ | 576,179 | ||||||||||||||||||
EMEA | 783,567 | 718,537 | ||||||||||||||||||||
APAC | 207,273 | 224,149 | ||||||||||||||||||||
Corporate operations | 628,007 | 199,375 | ||||||||||||||||||||
$ | 2,192,527 | $ | 1,718,240 | |||||||||||||||||||
Derivative_Financial_Instrumen
Derivative Financial Instruments | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||
Jul. 31, 2013 | Oct. 31, 2012 | |||||||||||||||||||||||||||||||||
Derivative Financial Instruments | 10. Derivative Financial Instruments | Note 15—Derivative Financial Instruments | ||||||||||||||||||||||||||||||||
The Company is exposed to gains and losses resulting from fluctuations in foreign currency exchange rates relating to certain sales, royalty income and product purchases of its international subsidiaries that are denominated in currencies other than their functional currencies. The Company is also exposed to foreign currency gains and losses resulting from domestic transactions that are not denominated in U.S. dollars. Furthermore, the Company is exposed to gains and losses resulting from the effect that fluctuations in foreign currency exchange rates have on the reported results in the Company’s consolidated financial statements due to the translation of the operating results and financial position of the Company’s international subsidiaries. As part of its overall strategy to manage the level of exposure to the risk of fluctuations in foreign currency exchange rates, the Company uses various foreign currency exchange contracts and intercompany loans. | The Company is exposed to gains and losses resulting from fluctuations in foreign currency exchange rates relating to certain sales, royalty income, and product purchases of its international subsidiaries that are denominated in currencies other than their functional currencies. The Company is also exposed to foreign currency gains and losses resulting from domestic transactions that are not denominated in U.S. dollars. Furthermore, the Company is exposed to gains and losses resulting from the effect that fluctuations in foreign currency exchange rates have on the reported results in the Company’s consolidated financial statements due to the translation of the operating results and financial position of the Company’s international subsidiaries. As part of its overall strategy to manage the level of exposure to the risk of fluctuations in foreign currency exchange rates, the Company uses various foreign currency exchange contracts and intercompany loans. | |||||||||||||||||||||||||||||||||
The Company accounts for all of its cash flow hedges under ASC 815, “Derivatives and Hedging,” which requires companies to recognize all derivative instruments as either assets or liabilities at fair value in the consolidated balance sheet. In accordance with ASC 815, the Company designates forward contracts as cash flow hedges of forecasted purchases of commodities. | The Company accounts for all of its cash flow hedges under ASC 815, “Derivatives and Hedging,” which requires companies to recognize all derivative instruments as either assets or liabilities at fair value in the consolidated balance sheet. In accordance with ASC 815, the Company designates forward contracts as cash flow hedges of forecasted purchases of commodities. | |||||||||||||||||||||||||||||||||
For derivative instruments that are designated and qualify as cash flow hedges, the effective portion of the gain or loss on the derivative is reported as a component of other comprehensive income (“OCI”) and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Gains and losses on the derivative representing either hedge ineffectiveness or hedge components excluded from the assessment of effectiveness are recognized in current earnings. As of July 31, 2013, the Company had hedged forecasted transactions expected to occur through October 2014. Assuming July 31, 2013 exchange rates remain constant, $2 million of gains, net of tax, related to hedges of these transactions are expected to be reclassified into earnings over the next fifteen months. | For derivative instruments that are designated and qualify as cash flow hedges, the effective portion of the gain or loss on the derivative is reported as a component of other comprehensive income (“OCI”) and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Gains and losses on the derivative representing either hedge ineffectiveness or hedge components excluded from the assessment of effectiveness are recognized in current earnings. As of October 31, 2012, the Company was hedging forecasted transactions expected to occur through October 2013. Assuming October 31, 2012 exchange rates remain constant, $6 million of gains, net of tax, related to hedges of these transactions are expected to be reclassified into earnings over the next twelve months. | |||||||||||||||||||||||||||||||||
For the years ended October 31, 2012, 2011, and 2010 the effective portions of gains and losses on derivative instruments in the consolidated statements of operations and the consolidated statements of comprehensive income/(loss) were as follows: | ||||||||||||||||||||||||||||||||||
For the nine months ended July 31, 2013 and 2012, the effective portions of gains and losses on derivative instruments in the condensed consolidated statements of operations and the condensed consolidated statements of comprehensive income/(loss) were as follows: | ||||||||||||||||||||||||||||||||||
Year Ended October 31, | ||||||||||||||||||||||||||||||||||
Nine Months Ended | In thousands | 2012 | 2011 | 2010 | Location | |||||||||||||||||||||||||||||
July 31, | Gain/(loss) recognized in OCI on derivatives | $ | 17,397 | $ | (18,149 | ) | $ | 15,039 | Other comprehensive (loss)/income | |||||||||||||||||||||||||
In thousands | 2013 | 2012 | Location | Gain/(loss) reclassified from accumulated OCI into income | $ | 929 | $ | (8,513 | ) | $ | (5,712 | ) | Cost of goods sold | |||||||||||||||||||||
Amount | Loss reclassified from accumulated OCI into income | $ | — | $ | (1,033 | ) | $ | — | Interest expense | |||||||||||||||||||||||||
Gain recognized in OCI on derivatives | $ | 3,517 | $ | 23,613 | Other comprehensive income | (Loss)/gain reclassified from accumulated OCI into income | $ | (1,031 | ) | $ | 137 | $ | (894 | ) | Foreign currency gain | |||||||||||||||||||
Gain/(loss) reclassified from accumulated OCI into income | $ | 7,355 | $ | (1,377 | ) | Cost of goods sold | Loss recognized in income on derivatives | $ | (271 | ) | $ | — | $ | (816 | ) | Foreign currency gain | ||||||||||||||||||
Gain/(loss) reclassified from accumulated OCI into income | $ | 98 | $ | (480 | ) | Foreign currency gain | On the date the Company enters into a derivative contract, management designates the derivative as a hedge of the identified exposure. Before entering into various hedge transactions, the Company formally documents all relationships between hedging instruments and hedged items, as well as the risk management objective and strategy. In this documentation, the Company identifies the asset, liability, firm commitment, or forecasted transaction that has been designated as a hedged item and indicates how the hedging instrument is expected to hedge the risks related to the hedged item. The Company formally measures effectiveness of its hedging relationships both at the hedge inception and on an ongoing basis in accordance with its risk management policy. | |||||||||||||||||||||||||||
Loss recognized in income on derivatives | $ | — | $ | (271 | ) | Foreign currency gain | The Company would discontinue hedge accounting prospectively (i) if management determines that the derivative is no longer effective in offsetting changes in the cash flows of a hedged item, (ii) when the derivative expires or is sold, terminated, or exercised, (iii) if it becomes probable that the forecasted transaction being hedged by the derivative will not occur, (iv) if a hedged firm commitment no longer meets the definition of a firm commitment, or (v) if management determines that designation of the derivative as a hedge instrument is no longer appropriate. | |||||||||||||||||||||||||||
On the date the Company enters into a derivative contract, management designates the derivative as a hedge of the identified exposure. Before entering into various hedge transactions, the Company formally documents all relationships between hedging instruments and hedged items, as well as the risk-management objective and strategy. In this documentation, the Company identifies the asset, liability, firm commitment, or forecasted transaction that has been designated as a hedged item and indicates how the hedging instrument is expected to hedge the risks related to the hedged item. The Company formally measures effectiveness of its hedging relationships both at the hedge inception and on an ongoing basis in accordance with its risk management policy. The Company would discontinue hedge accounting prospectively (i) if management determines that the derivative is no longer effective in offsetting changes in the cash flows of a hedged item, (ii) when the derivative expires or is sold, terminated, or exercised, (iii) if it becomes probable that the forecasted transaction being hedged by the derivative will not occur, (iv) because a hedged firm commitment no longer meets the definition of a firm commitment, or (v) if management determines that designation of the derivative as a hedge instrument is no longer appropriate. | The Company enters into forward exchange and other derivative contracts with major banks and is exposed to exchange rate losses in the event of nonperformance by these banks. The Company anticipates, however, that these banks will be able to fully satisfy their obligations under the contracts. Accordingly, the Company does not require collateral or other security to support the contracts. | |||||||||||||||||||||||||||||||||
The Company enters into forward exchange and other derivative contracts with major banks and is exposed to exchange rate losses in the event of nonperformance by these banks. The Company anticipates, however, that these banks will be able to fully satisfy their obligations under the contracts. Accordingly, the Company does not require collateral or other security to support the contracts. | As of October 31, 2012, the Company had the following outstanding derivative contracts that were entered into to hedge forecasted purchases and future cash receipts: | |||||||||||||||||||||||||||||||||
As of July 31, 2013, the Company had the following outstanding derivative contracts that were entered into to hedge forecasted purchases and future cash receipts: | ||||||||||||||||||||||||||||||||||
In thousands | Commodity | Notional | Maturity | Fair Value | ||||||||||||||||||||||||||||||
In thousands | Commodity | Notional | Maturity | Fair Value | Amount | |||||||||||||||||||||||||||||
Amount | United States dollar | Inventory | $ | 262,798 | Nov 2012 – Oct 2013 | $ | 7,906 | |||||||||||||||||||||||||||
British pounds | Accounts receivable | 16,857 | Nov 2012 – Oct 2013 | (410 | ) | |||||||||||||||||||||||||||||
United States dollars | Inventory | $ | 100,549 | Aug 2013 - Oct 2014 | $ | 3,181 | ||||||||||||||||||||||||||||
British pounds | Accounts receivable | 4,132 | Aug 2013 - Oct 2013 | 243 | $ | 279,655 | $ | 7,496 | ||||||||||||||||||||||||||
$ | 104,681 | $ | 3,424 | ASC 820, “Fair Value Measurements and Disclosures,” defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 requires that valuation techniques maximize the use of observable inputs and minimize the use of unobservable inputs. ASC 820 also establishes a fair value hierarchy which prioritizes the valuation inputs into three broad levels. Based on the underlying inputs, each fair value measurement in its entirety is reported in one of the three levels. These levels are: | ||||||||||||||||||||||||||||||
ASC 820, “Fair Value Measurements and Disclosures,” defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 requires that valuation techniques maximize the use of observable inputs and minimize the use of unobservable inputs. ASC 820 also establishes a fair value hierarchy which prioritizes the valuation inputs into three broad levels. Based on the underlying inputs, each fair value measurement in its entirety is reported in one of the three levels. These levels are: | • | Level 1—Valuation is based upon quoted prices for identical instruments traded in active markets. Level 1 assets and liabilities include debt and equity securities traded in an active exchange market, as well as U.S. Treasury securities. | ||||||||||||||||||||||||||||||||
• | Level 1 – Valuation is based upon quoted prices for identical instruments traded in active markets. Level 1 assets and liabilities include debt and equity securities traded in an active exchange market, as well as U.S. Treasury securities. | • | Level 2—Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | |||||||||||||||||||||||||||||||
• | Level 2 – Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | • | Level 3—Valuation is determined using model-based techniques with significant assumptions not observable in the market. These unobservable assumptions reflect the Company’s own estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include the use of third party pricing services, option pricing models, discounted cash flow models and similar techniques. | |||||||||||||||||||||||||||||||
The Company’s derivative assets and liabilities include foreign exchange derivatives that are measured at fair value using observable market inputs such as forward rates, interest rates, the Company’s credit risk and the Company’s counterparties’ credit risks. Based on these inputs, the Company’s derivative assets and liabilities are classified within Level 2 of the valuation hierarchy. | ||||||||||||||||||||||||||||||||||
• | Level 3 – Valuation is determined using model-based techniques with significant assumptions not observable in the market. These unobservable assumptions reflect the Company’s own estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include the use of third party pricing services, option pricing models, discounted cash flow models and similar techniques. | |||||||||||||||||||||||||||||||||
The Company’s derivative assets and liabilities include foreign exchange derivatives that are measured at fair value using observable market inputs such as forward rates, interest rates, the Company’s credit risk and the Company’s counterparties’ credit risks. Based on these inputs, the Company’s derivative assets and liabilities are classified within Level 2 of the valuation hierarchy. | The following tables reflect the fair values of assets and liabilities measured and recognized at fair value on a recurring basis on the accompanying consolidated balance sheet: | |||||||||||||||||||||||||||||||||
The following tables reflect the fair values of assets and liabilities measured and recognized at fair value on a recurring basis on the accompanying condensed consolidated balance sheets: | ||||||||||||||||||||||||||||||||||
Fair Value Measurements Using | Assets (Liabilities) | |||||||||||||||||||||||||||||||||
Fair Value Measurements Using | In thousands | Level 1 | Level 2 | Level 3 | at Fair Value | |||||||||||||||||||||||||||||
In thousands | Level 1 | Level 2 | Level 3 | Fair Value | October 31, 2012: | |||||||||||||||||||||||||||||
July 31, 2013 | Derivative assets: | |||||||||||||||||||||||||||||||||
Derivative assets: | Other receivables | $ | — | $ | 11,356 | $ | — | $ | 11,356 | |||||||||||||||||||||||||
Other receivables | $ | — | $ | 3,471 | $ | — | $ | 3,471 | Derivative liabilities: | |||||||||||||||||||||||||
Other assets | — | 293 | — | 293 | Accrued liabilities | — | (3,860 | ) | — | (3,860 | ) | |||||||||||||||||||||||
Derivative liabilities: | ||||||||||||||||||||||||||||||||||
Accrued liabilities | — | (340 | ) | — | (340 | ) | Total fair value | $ | — | $ | 7,496 | $ | — | $ | 7,496 | |||||||||||||||||||
Other long-term liabilities | — | — | — | — | ||||||||||||||||||||||||||||||
Total fair value | $ | — | $ | 3,424 | $ | — | $ | 3,424 | October 31, 2011: | |||||||||||||||||||||||||
Derivative assets: | ||||||||||||||||||||||||||||||||||
October 31, 2012 | Other receivables | $ | — | $ | 1,031 | $ | — | $ | 1,031 | |||||||||||||||||||||||||
Derivative assets: | Other assets | — | 1,610 | — | 1,610 | |||||||||||||||||||||||||||||
Other receivables | $ | — | $ | 11,356 | $ | — | $ | 11,356 | Derivative liabilities: | |||||||||||||||||||||||||
Derivative liabilities: | Accrued liabilities | — | (12,297 | ) | — | (12,297 | ) | |||||||||||||||||||||||||||
Accrued liabilities | — | (3,860 | ) | — | (3,860 | ) | Other long-term liabilities | — | (688 | ) | — | (688 | ) | |||||||||||||||||||||
Total fair value | $ | — | $ | 7,496 | $ | — | $ | 7,496 | Total fair value | $ | — | $ | (10,344 | ) | $ | — | $ | (10,344 | ) | |||||||||||||||
Quarterly_Financial_Data
Quarterly Financial Data | 12 Months Ended | ||||||||||||||||
Oct. 31, 2012 | |||||||||||||||||
Quarterly Financial Data | Note 16—Quarterly Financial Data (Unaudited) | ||||||||||||||||
A summary of quarterly financial data (unaudited) is as follows: | |||||||||||||||||
Quarter Ended | |||||||||||||||||
In thousands, except per share amounts | January 31 | April 30 | July 31 | October 31 | |||||||||||||
Year ended October 31, 2012: | |||||||||||||||||
Revenues, net | $ | 449,621 | $ | 492,213 | $ | 512,439 | $ | 558,966 | |||||||||
Gross profit | 227,950 | 242,149 | 253,488 | 256,759 | |||||||||||||
Net (loss)/income attributable to Quiksilver, Inc. | (22,605 | ) | (5,120 | ) | 12,610 | 4,359 | |||||||||||
Net (loss)/income per share attributable to Quiksilver, Inc., assuming dilution | (0.14 | ) | (0.03 | ) | 0.07 | 0.02 | |||||||||||
Trade accounts receivable | 321,785 | 370,974 | 398,522 | 433,743 | |||||||||||||
Inventories | 412,291 | 358,915 | 391,052 | 344,746 | |||||||||||||
Year ended October 31, 2011: | |||||||||||||||||
Revenues, net | $ | 426,450 | $ | 478,093 | $ | 503,317 | $ | 545,201 | |||||||||
Gross profit | 223,470 | 262,169 | 255,118 | 283,077 | |||||||||||||
Net (loss)/income attributable to Quiksilver, Inc. | (16,268 | ) | (83,325 | ) | 10,437 | 67,898 | |||||||||||
Net (loss)/income per share attributable to Quiksilver, Inc., assuming dilution | (0.10 | ) | (0.51 | ) | 0.06 | 0.38 | |||||||||||
Trade accounts receivable | 287,458 | 341,781 | 385,927 | 397,089 | |||||||||||||
Inventories | 309,561 | 289,538 | 364,833 | 347,757 |
Restructuring_Charges
Restructuring Charges | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||
Jul. 31, 2013 | Oct. 31, 2012 | |||||||||||||||||||||||||
Restructuring Charges | 8. Restructuring Charges | Note 17—Restructuring Charges | ||||||||||||||||||||||||
In connection with the globalization of its organizational structure and core processes, as well as its overall cost reduction efforts, the Company formulated the Fiscal 2013 Profit Improvement Plan (the “2013 Plan”). The 2013 Plan covers the global operations of the Company, and as the Company continues to evaluate its structure, processes and costs, additional charges may be incurred in the future under the 2013 Plan that are not yet determined. The 2013 Plan is, in effect, a continuation and acceleration of the Company’s Fiscal 2011 Cost Reduction Plan (the “2011 Plan”). The Company will no longer incur any new charges under the 2011 Plan, but will continue to make cash payments on amounts previously accrued under the 2011 Plan. All amounts charged to expense under the 2013 Plan and 2011 Plan were recorded in selling, general and administrative expense in the Company’s condensed consolidated statements of operations. | In connection with its cost reduction efforts, the Company formulated the Fiscal 2011 Cost Reduction Plan (the “2011 Plan”). The 2011 Plan covers the global operations of the Company, but is primarily concentrated in the United States. During the fiscal year ended October 31, 2012, the Company recorded approximately $4 million of facility charges, primarily related to lease loss accruals and an additional $10 million in severance charges. The Company continues to evaluate its facilities, as well as its overall cost structure, and may incur future charges. | |||||||||||||||||||||||||
Activity and liability balances recorded as part of the 2013 Plan and 2011 Plan were as follows: | ||||||||||||||||||||||||||
Activity and liability balances recorded as part of the 2011 Plan are as follows: | ||||||||||||||||||||||||||
In thousands | Workforce | Facility | Total | |||||||||||||||||||||||
& Other | In thousands | Workforce | Facility | Total | ||||||||||||||||||||||
Balance, November 1, 2010 | $ | — | $ | — | $ | — | & Other | |||||||||||||||||||
Charged to expense | 1,389 | 6,649 | 8,038 | Balance November 1, 2010 | $ | — | $ | — | $ | — | ||||||||||||||||
Cash payments | (313 | ) | (417 | ) | (730 | ) | Charged to expense | 1,389 | 6,649 | 8,038 | ||||||||||||||||
Cash payments | (313 | ) | (417 | ) | (730 | ) | ||||||||||||||||||||
Balance, October 31, 2011 | $ | 1,076 | $ | 6,232 | $ | 7,308 | ||||||||||||||||||||
Balance November 1, 2011 | $ | 1,076 | $ | 6,232 | $ | 7,308 | ||||||||||||||||||||
Charged to expense | 9,721 | 3,881 | 13,602 | Charged to expense | 9,721 | 3,881 | 13,602 | |||||||||||||||||||
Cash payments | (5,462 | ) | (3,257 | ) | (8,719 | ) | Cash payments | (5,462 | ) | (3,257 | ) | (8,719 | ) | |||||||||||||
Balance, October 31, 2012 | $ | 5,335 | $ | 6,856 | $ | 12,191 | Balance, October 31, 2012 | $ | 5,335 | $ | 6,856 | $ | 12,191 | |||||||||||||
Charged to expense | 15,801 | 1,630 | 17,431 | In fiscal 2009, the Company formulated the Fiscal 2009 Cost Reduction Plan (the “2009 Plan”). The 2009 Plan covered the global operations of the Company, but was primarily concentrated in the United States. During the fiscal year ended October 31, 2011, the Company determined that it would utilize certain facilities in the United States that were previously vacated, and reversed approximately $2 million of previously recognized lease loss accruals. The Company completed the payout of the remaining liabilities accrued under the 2009 Plan and terminated the 2009 Plan as of October 31, 2011. | ||||||||||||||||||||||
Cash payments | (10,101 | ) | (4,157 | ) | (14,258 | ) | Activity and liability balances recorded as part of the 2009 Plan are as follows: | |||||||||||||||||||
Adjustments to accrual | — | (553 | ) | (553 | ) | |||||||||||||||||||||
Balance, July 31, 2013 | $ | 11,035 | $ | 3,776 | $ | 14,811 | In thousands | Workforce | Facility | Total | ||||||||||||||||
& Other | ||||||||||||||||||||||||||
Of the amounts charged to expense during the nine months ended July 31, 2013, approximately $7.6 million, $6.3 million, $0.8 million and $2.7 million were related to the Americas segment, EMEA segment, APAC segment and Corporate Operations segment, respectively. | Balance November 1, 2009 | $ | 9,958 | $ | 3,951 | $ | 13,909 | |||||||||||||||||||
In addition to the restructuring charges noted above, the Company also recorded approximately $3 million of additional inventory reserves within cost of goods sold and approximately $2 million of additional expenses within selling, general and administrative expense (“SG&A”) during the nine months ended July 31, 2013 related to certain non-core brands and peripheral product categories that have been discontinued, which are not reflected in the table above. | Charged to expense | 8,339 | 1,676 | 10,015 | ||||||||||||||||||||||
Additionally, the Company recorded severance charges of approximately $3 million within SG&A during the first quarter of fiscal 2013 which were unrelated to the 2013 Plan or the 2011 Plan. | Cash payments | (13,020 | ) | (2,226 | ) | (15,246 | ) | |||||||||||||||||||
Adjustments to accrual | (425 | ) | — | (425 | ) | |||||||||||||||||||||
Foreign currency translation | 66 | — | 66 | |||||||||||||||||||||||
Balance, October 31, 2010 | 4,918 | 3,401 | 8,319 | |||||||||||||||||||||||
Charged to expense | 816 | 232 | 1,048 | |||||||||||||||||||||||
Cash payments | (5,757 | ) | (1,517 | ) | (7,274 | ) | ||||||||||||||||||||
Adjustments to accrual | — | (2,118 | ) | (2,118 | ) | |||||||||||||||||||||
Foreign currency translation | 23 | 2 | 25 | |||||||||||||||||||||||
Balance, October 31, 2011 | $ | — | $ | — | $ | — | ||||||||||||||||||||
Condensed_Consolidating_Financ
Condensed Consolidating Financial Information | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Jul. 31, 2013 | Jul. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Notes Due Two Thousand Fifteen [Member] | Senior Notes Due Two Thousand Twenty [Member] | Quiksilver Inc [Member] | Quiksilver, Inc. and QS Wholesale, Inc. [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Financial Information | 15. Condensed Consolidating Financial Information — 2015 Notes | 14. Condensed Consolidating Financial Information – 2020 Notes | Note 18—Condensed Consolidating Financial Information | Note 19—Condensed Consolidating Financial Information | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As of July 31, 2013, the Company had $400 million of its publicly registered 2015 Notes. Obligations under the Company’s 2015 Notes are fully and unconditionally guaranteed by certain of its existing domestic subsidiaries. | In July 2013, the Company issued $225 million aggregate principal amount of its 2020 Notes. The Company has filed a registration statement on From S-4 with the Securities and Exchange Commission for the purposes of commencing an exchange offer to exchange the 2020 Notes for publicly registered notes with identical terms. Obligations under the Company’s 2020 Notes are fully and unconditionally guaranteed by certain of its domestic subsidiaries. The Company is required to present condensed consolidating financial information for Quiksilver, Inc. and its domestic subsidiaries within the notes to the condensed consolidated financial statements in accordance with the criteria established for parent companies in the SEC’s Regulation S-X, Rule 3-10(f). The following condensed consolidating financial information presents the results of operations, financial position and cash flows of Quiksilver, Inc., QS Wholesale, Inc., the guarantor subsidiaries, the non-guarantor subsidiaries and the eliminations necessary to arrive at the information for the Company on a consolidated basis as of July 31, 2013 and October 31, 2012 and for the three and nine month periods ended July 31, 2013 and 2012. The principal elimination entries eliminate investments in subsidiaries and intercompany balances and transactions. The Company has applied the estimated consolidated annual effective income tax rate to both the guarantor and non-guarantor subsidiaries, adjusting for any discrete items, for interim reporting purposes. In the Company’s consolidated financial statements for the fiscal year ending October 31, 2013, management will apply the actual income tax rates to both the guarantor and non-guarantor subsidiaries. These interim tax rates may differ from the actual annual effective income tax rates for both the guarantor and non-guarantor subsidiaries. | In December 2005, the Company completed an exchange offer to exchange its Senior Notes for publicly registered notes with identical terms. Obligations under the Company’s Senior Notes are fully and unconditionally guaranteed by certain of its existing domestic subsidiaries. | Obligations under Quiksilver, Inc.’s and QS Wholesale, Inc.’s senior notes issued on July 16, 2013 (see Note 20—Subsequent Events) are fully and unconditionally guaranteed by certain of the Company’s existing 100% owned domestic subsidiaries. As a result of the subsequent registration of these notes, the Company is required to present condensed consolidating financial information for Quiksilver, Inc., QS Wholesale, Inc., and the Company’s subsidiaries within the notes to the consolidated financial statements in accordance with the criteria established for parent companies in the SEC’s Regulation S-X, Rule 3-10(f). | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company is required to present condensed consolidating financial information for Quiksilver, Inc. and its domestic subsidiaries within the notes to the condensed consolidated financial statements in accordance with the criteria established for parent companies in the SEC’s Regulation S-X, Rule 3-10(f). The following condensed consolidating financial information presents the results of operations, financial position and cash flows of Quiksilver, Inc., its 100% owned guarantor subsidiaries, its non-guarantor subsidiaries and the eliminations necessary to arrive at the information for the Company on a consolidated basis as of July 31, 2013 and October 31, 2012 and for the three and nine month periods ended July 31, 2013 and 2012. The principal elimination entries eliminate investments in subsidiaries and intercompany balances and transactions. The Company has applied the estimated consolidated annual effective income tax rate to both the guarantor and non-guarantor subsidiaries, adjusting for any discrete items, for interim reporting purposes. In the Company’s consolidated financial statements for the fiscal year ending October 31, 2013, management will apply the actual income tax rates to both the guarantor and non-guarantor subsidiaries. These interim tax rates may differ from the actual annual effective income tax rates for both the guarantor and non-guarantor subsidiaries. | In the accompanying October 31, 2012 condensed consolidating balance sheet, the Company has made certain corrections, in the classification of amounts in the intercompany balances, investment in subsidiaries and stockholders’/invested equity accounts, from amounts previously reported. These corrections resulted in an aggregate increase (decrease) in total assets of $31.6 million, ($45.6 million), and ($32.5 million) in the QS Wholesale, Guarantor Subsidiaries and Non-Guarantor Subsidiaries columns, respectively, with a $46.5 million increase in the Eliminations column, along with offsetting amounts in total liabilities and equity. The correction within the QS Wholesale column included an increase in Intercompany balances (current assets) and Stockholders’/invested equity of $178.6 million and $31.6 million, respectively, with a corresponding decrease in Investment in subsidiaries of $147.1 million. The correction within the Guarantor Subsidiaries column included a decrease in Intercompany balances (current assets) and Stockholders’/invested equity of $45.6 million and $114.3 million, respectively, with a corresponding increase in Intercompany balances (current liability) of $68.7 million. The correction within Non-Guarantor Subsidiaries column included a decrease in Intercompany balances (current assets) and Stockholders’/invested equity of $32.5 million and $64.4 million, respectively, with a corresponding increase in Intercompany balances (current liability) of $31.9 million. The effect of these corrections did not impact the Company’s previously reported consolidated financial results. | The Company is required to present condensed consolidating financial information for Quiksilver, Inc. and its domestic subsidiaries within the notes to the consolidated financial statements in accordance with the criteria established for parent companies in the SEC’s Regulation S-X, Rule 3-10(f). The following condensed consolidating financial information presents the results of operations, financial position and cash flows of Quiksilver Inc., its 100% owned Guarantor subsidiaries, its non-Guarantor subsidiaries and the eliminations necessary to arrive at the information for the Company on a consolidated basis as of October 31, 2012 and 2011 and for each of fiscal 2012, 2011 and 2010. The principal elimination entries eliminate investments in subsidiaries and intercompany balances and transactions. Certain immaterial balances have been reclassified in the prior year financial statements to conform to the current year presentation. As a result of the adoption of ASU 2011-05, the Company has updated the following condensed consolidated statements of operations to include other comprehensive (loss)/income. | The following condensed consolidating financial information presents the results of operations, financial position and cash flows of Quiksilver, Inc., QS Wholesale, Inc., Quiksilver, Inc’s 100% owned guarantor subsidiaries, its non-guarantor subsidiaries and the eliminations necessary to arrive at the information for the Company on a consolidated basis as of October 31, 2012 and 2011 and for each of fiscal 2012, 2011 and 2010. The principal elimination entries eliminate investments in subsidiaries and intercompany balances and transactions. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
On July 16, 2013, the Company irrevocably deposited with the trustee for the 2015 Notes an amount sufficient to redeem all of the 2015 Notes, including accrued interest ($409 million). The redemption of the 2015 Notes was completed on August 15, 2013, and therefore, the 2015 Notes are no longer outstanding. | In the accompanying October 31, 2012 and 2011 condensed consolidating balance sheets, the Company has made certain corrections, in the classification of amounts in the intercompany balances, investment in subsidiaries and stockholders’/invested equity accounts, from amounts previously reported. In the October 31, 2012 condensed consolidating balance sheet, these corrections resulted in an aggregate increase/(decrease) in total assets of $31.6 million, ($45.6 million), and ($32.5 million) in the QS Wholesale, Guarantor Subsidiaries and Non-Guarantor Subsidiaries columns, respectively, with a $46.5 million increase in the Eliminations column, along with offsetting amounts in total liabilities and equity. The correction within the QS Wholesale column included an increase in Intercompany balances (current assets) and Stockholders’/invested equity of $178.6 million and $31.6 million, respectively, with a corresponding decrease in Investment in subsidiaries of $147.1 million. The correction within the Guarantor Subsidiaries column included a decrease in Intercompany balances (current assets) and Stockholders’/invested equity of $45.6 million and $114.3 million, respectively, with a corresponding increase in Intercompany balances (current liability) of $68.7 million. The correction within Non-Guarantor Subsidiaries column included a decrease in Intercompany balances (current assets) and Stockholders’/invested equity of $32.5 million and $64.4 million, respectively, with a corresponding increase in Intercompany balances (current liability) of $31.9 million. In the October 31, 2011 condensed consolidating balance sheet, these corrections resulted in an aggregate increase/(decrease) in total assets of $19.6 million, ($67.1 million), and ($65.6 million) in the QS Wholesale, Guarantor Subsidiaries and Non-Guarantor Subsidiaries columns, respectively, with a $113.1 million increase in the Eliminations column, along with offsetting amounts in total liabilities and equity. The correction within the QS Wholesale column included an increase in Intercompany balances (current assets) and Stockholders’/invested equity of $166.7 million and $59.7 million, respectively, with a corresponding decrease in Intercompany balances (current liability) and Investment in subsidiaries of $40.1 million and $147.1 million, respectively. The correction within the Guarantor Subsidiaries column included a decrease in Intercompany balances (current assets) and Stockholders’/invested equity of $67.1 million and $139.7 million, respectively, with a corresponding increase in Intercompany balances (current liability) of $72.7 million. The correction within Non-Guarantor Subsidiaries column included a decrease in Intercompany balances (current assets) and Stockholders’/invested equity of $65.6 million and $67.1 million, respectively, with a corresponding increase in Intercompany balances (current liability) of $1.5 million. The effect of these corrections did not impact the Company’s previously reported consolidated financial results for either 2012 or 2011, and the Company believes that the corrections are immaterial to the consolidated financial statements. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Operations | Third Quarter Ended July 31, 2013 | Year Ended October 31, 2012 | Condensed Consolidating Statement of Operations | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Third Quarter Ended July 31, 2013 | Year Ended October 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In thousands | Quiksilver, Inc. | QS Wholesale, | Guarantor | Non-Guarantor | Eliminations | Consolidated | In thousands | Quiksilver, | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In thousands | Quiksilver, Inc. | Guarantor | Non- | Eliminations | Consolidated | Inc. | Subsidiaries | Subsidiaries | Inc. | Subsidiaries | Guarantor | In thousands | Quiksilver, | QS Wholesale, | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsidiaries | Guarantor | Revenues, net | $ | 116 | $ | 123,731 | $ | 164,367 | $ | 287,539 | $ | (79,989 | ) | $ | 495,764 | Subsidiaries | Inc. | Inc. | Subsidiaries | Guarantor | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsidiaries | Cost of goods sold | — | 73,392 | 107,406 | 129,953 | (59,762 | ) | 250,989 | Revenues, net | $ | 469 | $ | 854,754 | $ | 1,262,757 | $ | (104,741 | ) | $ | 2,013,239 | Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues, net | $ | 116 | $ | 235,831 | $ | 287,539 | $ | (27,722 | ) | $ | 495,764 | Cost of goods sold | — | 505,420 | 602,115 | (74,642 | ) | 1,032,893 | Revenues, net | $ | 469 | $ | 453,532 | $ | 573,826 | $ | 1,262,757 | $ | (277,345 | ) | $ | 2,013,239 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of goods sold | — | 140,902 | 129,953 | (19,866 | ) | 250,989 | Gross profit | 116 | 50,339 | 56,961 | 157,586 | (20,227 | ) | 244,775 | Cost of goods sold | — | 275,179 | 373,016 | 602,115 | (217,417 | ) | 1,032,893 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Selling, general and administrative expense | 11,426 | 30,817 | 35,573 | 146,211 | (7,448 | ) | 216,579 | Gross profit | 469 | 349,334 | 660,642 | (30,099 | ) | 980,346 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross profit | 116 | 94,929 | 157,586 | (7,856 | ) | 244,775 | Asset impairments | — | — | 925 | 1,227 | — | 2,152 | Selling, general and administrative expense | 56,983 | 311,886 | 577,868 | (30,593 | ) | 916,144 | Gross profit | 469 | 178,353 | 200,810 | 660,642 | (59,928 | ) | 980,346 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Selling, general and administrative expense | 11,426 | 66,390 | 146,211 | (7,448 | ) | 216,579 | Asset impairments | — | 5,162 | 2,072 | — | 7,234 | Selling, general and administrative expense | 56,983 | 147,684 | 164,202 | 577,868 | (30,593 | ) | 916,144 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset impairments | — | 925 | 1,227 | — | 2,152 | Operating (loss)/income | (11,310 | ) | 19,522 | 20,463 | 10,148 | (12,779 | ) | 26,044 | Asset impairments | — | 11 | 5,151 | 2,072 | — | 7,234 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense, net | 12,251 | 1,420 | (28 | ) | 6,552 | — | 20,195 | Operating (loss)/income | (56,514 | ) | 32,286 | 80,702 | 494 | 56,968 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating (loss)/income | (11,310 | ) | 27,614 | 10,148 | (408 | ) | 26,044 | Foreign currency (gain)/loss | (91 | ) | (63 | ) | (56 | ) | 4,284 | — | 4,074 | Interest expense | 28,987 | 5,351 | 26,485 | — | 60,823 | Operating (loss)/income | (56,514 | ) | 30,658 | 31,457 | 80,702 | (29,335 | ) | 56,968 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense, net | 12,251 | 1,392 | 6,552 | — | 20,195 | Equity in earnings | (25,541 | ) | (331 | ) | — | — | 25,872 | — | Foreign currency gain | (173 | ) | (35 | ) | (1,461 | ) | — | (1,669 | ) | Interest expense, net | 28,987 | 5,352 | (1 | ) | 26,485 | — | 60,823 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency (gain)/loss | (91 | ) | (119 | ) | 4,284 | — | 4,074 | Equity in earnings | (74,572 | ) | 4,674 | — | 69,898 | — | Foreign currency (gain)/loss | (173 | ) | (148 | ) | 113 | (1,461 | ) | — | (1,669 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity in earnings | (25,964 | ) | (330 | ) | — | 26,294 | — | Income/(loss) before provision/(benefit) for income taxes | 2,071 | 18,496 | 20,547 | (688 | ) | (38,651 | ) | 1,775 | Equity in earnings | (74,572 | ) | 4,674 | — | — | 69,898 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision/(benefit) for income taxes | — | (206 | ) | — | 157 | — | (49 | ) | (Loss)/income before provision for income taxes | (10,756 | ) | 22,296 | 55,678 | (69,404 | ) | (2,186 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income/(loss) before provision/(benefit) for income taxes | 2,493 | 26,671 | (688 | ) | (26,702 | ) | 1,775 | Provision for income taxes | — | 1,144 | 6,413 | — | 7,557 | (Loss)/income before provision for income taxes | (10,756 | ) | 20,780 | 31,345 | 55,678 | (99,233 | ) | (2,186 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision/(benefit) for income taxes | 422 | (628 | ) | 157 | — | (49 | ) | Net income/(loss) | 2,071 | 18,702 | 20,547 | (845 | ) | (38,651 | ) | 1,824 | Provision for income taxes | — | 1,144 | — | 6,413 | — | 7,557 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss attributable to non-controlling interest | — | — | — | 247 | — | 247 | Net (loss)/income | (10,756 | ) | 21,152 | 49,265 | (69,404 | ) | (9,743 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income/(loss) | 2,071 | 27,299 | (845 | ) | (26,702 | ) | 1,824 | Less: net income attributable to non-controlling interest | — | — | (1,013 | ) | — | (1,013 | ) | Net (loss)/income | (10,756 | ) | 19,636 | 31,345 | 49,265 | (99,233 | ) | (9,743 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss attributable to non-controlling interest | — | — | 247 | — | 247 | Net income/(loss) attributable to Quiksilver, Inc. | 2,071 | 18,702 | 20,547 | (598 | ) | (38,651 | ) | 2,071 | Less: Net income attributable to non-controlling interest | — | — | — | (1,013 | ) | — | (1,013 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | (2,140 | ) | — | — | (2,140 | ) | 2,140 | (2,140 | ) | Net (loss)/income attributable to Quiksilver, Inc. | (10,756 | ) | 21,152 | 48,252 | (69,404 | ) | (10,756 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income/(loss) attributable to Quiksilver, Inc. | 2,071 | 27,299 | (598 | ) | (26,702 | ) | 2,071 | Net (loss)/income attributable to Quiksilver, Inc | (10,756 | ) | 19,636 | 31,345 | 48,252 | (99,233 | ) | (10,756 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | (2,140 | ) | — | (2,140 | ) | 2,140 | (2,140 | ) | Comprehensive (loss)/income attributable to Quiksilver, Inc. | $ | (69 | ) | $ | 18,702 | $ | 20,547 | $ | (2,738 | ) | $ | (36,511 | ) | $ | (69 | ) | Other Comprehensive Loss | -29,715 | — | -29,715 | 29,715 | -29,715 | Other comprehensive loss | (29,715 | ) | — | — | (29,715 | ) | 29,715 | (29,715 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive (loss)/income attributable to Quiksilver, Inc. | $ | (69 | ) | $ | 27,299 | $ | (2,738 | ) | $ | (24,562 | ) | $ | (69 | ) | Comprehensive (loss)/income attributable to | ($40,471) | $21,152 | $18,537 | ($39,689) | ($40,471) | Comprehensive (loss)/income attributable to Quiksilver, Inc. | $ | (40,471 | ) | $ | 19,636 | $ | 31,345 | $ | 18,537 | $ | (69,518 | ) | $ | (40,471 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | Quiksilver, Inc. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Third Quarter Ended July 31, 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Operations | Condensed Consolidating Statement of Operations | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Third Quarter Ended July 31, 2012 | CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | Year Ended October 31, 2011 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In thousands | Quiksilver, Inc. | QS Wholesale, | Guarantor | Non-Guarantor | Eliminations | Consolidated | Year Ended October 31, 2011 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inc. | Subsidiaries | Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In thousands | Quiksilver, Inc. | Guarantor | Non- | Eliminations | Consolidated | Revenues, net | $ | 117 | $ | 111,519 | $ | 180,380 | $ | 285,858 | $ | (65,435 | ) | $ | 512,439 | In thousands | Quiksilver, | QS Wholesale, | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsidiaries | Guarantor | Cost of goods sold | — | 66,365 | 118,882 | 130,167 | (56,463 | ) | 258,951 | In thousands | Quiksilver, | Guarantor | Non- | Eliminations | Consolidated | Inc. | Inc. | Subsidiaries | Guarantor | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsidiaries | Inc. | Subsidiaries | Guarantor | Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues, net | $ | 117 | $ | 258,595 | $ | 285,858 | $ | (32,131 | ) | $ | 512,439 | Gross profit | 117 | 45,154 | 61,498 | 155,691 | (8,972 | ) | 253,488 | Subsidiaries | Revenues, net | $ | 464 | $ | 440,088 | $ | 479,559 | $ | 1,270,320 | $ | (237,370 | ) | $ | 1,953,061 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of goods sold | — | 152,405 | 130,167 | (23,621 | ) | 258,951 | Selling, general and administrative expense | 13,533 | 38,731 | 42,775 | 137,695 | (6,946 | ) | 225,788 | Revenues, net | $ | 464 | $ | 736,110 | $ | 1,270,320 | $ | (53,833 | ) | $ | 1,953,061 | Cost of goods sold | — | 268,361 | 291,972 | 554,593 | (185,699 | ) | 929,227 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset impairments | — | — | 141 | — | — | 141 | Cost of goods sold | — | 399,493 | 554,593 | (24,859 | ) | 929,227 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross profit | 117 | 106,190 | 155,691 | (8,510 | ) | 253,488 | Gross profit | 464 | 171,727 | 187,587 | 715,727 | (51,671 | ) | 1,023,834 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Selling, general and administrative expense | 13,533 | 81,506 | 137,695 | (6,946 | ) | 225,788 | Operating (loss)/income | (13,416 | ) | 6,423 | 18,582 | 17,996 | (2,026 | ) | 27,559 | Gross profit | 464 | 336,617 | 715,727 | (28,974 | ) | 1,023,834 | Selling, general and administrative expense | 43,045 | 139,530 | 172,310 | 566,703 | (25,639 | ) | 895,949 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset impairments | — | 141 | — | — | 141 | Interest expense, net | 7,253 | 1,247 | (2 | ) | 6,336 | — | 14,834 | Selling, general and administrative expense | 43,045 | 311,840 | 566,703 | (25,639 | ) | 895,949 | Asset impairments | — | 1,778 | 1,621 | 82,974 | — | 86,373 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency (gain)/loss | (185 | ) | (8 | ) | 30 | (2,079 | ) | — | (2,242 | ) | Asset impairments | — | 3,399 | 82,974 | — | 86,373 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating (loss)/income | (13,416 | ) | 24,543 | 17,996 | (1,564 | ) | 27,559 | Equity in earnings | (33,094 | ) | 457 | — | — | 32,637 | — | Operating (loss)/income | (42,581 | ) | 30,419 | 13,656 | 66,050 | (26,032 | ) | 41,512 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense, net | 7,253 | 1,245 | 6,336 | — | 14,834 | Operating (loss)/income | (42,581 | ) | 21,378 | 66,050 | (3,335 | ) | 41,512 | Interest expense, net | 28,871 | 3,795 | (10 | ) | 41,152 | — | 73,808 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency (gain)/loss | (185 | ) | 22 | (2,079 | ) | — | (2,242 | ) | Income before provision for income taxes | 12,610 | 4,727 | 18,554 | 13,739 | (34,663 | ) | 14,967 | Interest expense | 28,871 | 3,785 | 41,152 | — | 73,808 | Foreign currency loss/(gain) | 30 | (229 | ) | 189 | (101 | ) | — | (111 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity in earnings | (33,094 | ) | 457 | — | 32,637 | — | Provision for income taxes | — | 513 | — | 1,995 | — | 2,508 | Foreign currency loss/(gain) | 30 | (40 | ) | (101 | ) | — | (111 | ) | Equity in earnings | (50,224 | ) | (836 | ) | — | — | 51,060 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity in earnings | (50,224 | ) | (836 | ) | — | 51,060 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income before provision for income taxes | 12,610 | 22,819 | 13,739 | (34,201 | ) | 14,967 | Net income | 12,610 | 4,214 | 18,554 | 11,744 | (34,663 | ) | 12,459 | (Loss)/income before provision/(benefit) for income taxes | (21,258 | ) | 27,689 | 13,477 | 24,999 | (77,092 | ) | (32,185 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for income taxes | — | 513 | 1,995 | — | 2,508 | Net loss attributable to non-controlling interest | — | — | — | 151 | — | 151 | (Loss)/income before provision/(benefit) for income taxes | (21,258 | ) | 18,469 | 24,999 | (54,395 | ) | (32,185 | ) | Provision/(benefit) for income taxes | — | 165 | — | (14,480 | ) | — | (14,315 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision/(benefit) for income taxes | — | 165 | (14,480 | ) | — | (14,315 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | 12,610 | 22,306 | 11,744 | (34,201 | ) | 12,459 | Net income attributable to Quiksilver, Inc. | 12,610 | 4,214 | 18,554 | 11,895 | (34,663 | ) | 12,610 | Net (loss)/income | (21,258 | ) | 27,524 | 13,477 | 39,479 | (77,092 | ) | (17,870 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss attributable to non-controlling interest | — | — | 151 | — | 151 | Other comprehensive loss | (28,120 | ) | — | — | (28,120 | ) | 28,120 | (28,120 | ) | Net (loss)/income | (21,258 | ) | 18,304 | 39,479 | (54,395 | ) | (17,870 | ) | Less: Net income attributable to non-controlling interest | — | — | — | (3,388 | ) | — | (3,388 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: net income attributable to non-controlling interest | — | — | (3,388 | ) | — | (3,388 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to Quiksilver, Inc. | 12,610 | 22,306 | 11,895 | (34,201 | ) | 12,610 | Comprehensive (loss)/income attributable to Quiksilver, Inc. | $ | (15,510 | ) | $ | 4,214 | $ | 18,554 | $ | (16,225 | ) | $ | (6,543 | ) | $ | (15,510 | ) | Net (loss)/income attributable to Quiksilver, Inc. | (21,258 | ) | 18,304 | 36,091 | (54,395 | ) | (21,258 | ) | Net (loss)/income attributable to Quiksilver, Inc | (21,258 | ) | 27,524 | 13,477 | 36,091 | (77,092 | ) | (21,258 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | (28,120 | ) | — | (28,120 | ) | 28,120 | (28,120 | ) | Other comprehensive income | 2,445 | — | 2,445 | (2,445 | ) | 2,445 | Other comprehensive income | 2,445 | — | — | 2,445 | (2,445 | ) | 2,445 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive (loss)/income attributable to Quiksilver, Inc. | $ | (15,510 | ) | $ | 22,306 | $ | (16,225 | ) | $ | (6,081 | ) | $ | (15,510 | ) | CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | Comprehensive (loss)/income attributable to Quiksilver, Inc. | $ | (18,813 | ) | $ | 18,304 | $ | 38,536 | $ | (56,840 | ) | $ | (18,813 | ) | Comprehensive (loss)/income attributable to Quiksilver, Inc. | $ | (18,813 | ) | $ | 27,524 | $ | 13,477 | $ | 38,536 | $ | (79,537 | ) | $ | (18,813 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended July 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Operations | CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | Condensed Consolidating Statement of Operations | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended July 31, 2013 | In thousands | Quiksilver, Inc. | QS Wholesale, | Guarantor | Non-Guarantor | Eliminations | Consolidated | Year Ended October 31, 2010 | Year Ended October 31, 2010 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inc. | Subsidiaries | Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues, net | $ | 348 | $ | 317,643 | $ | 387,084 | $ | 874,994 | $ | (194,539 | ) | $ | 1,385,530 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In thousands | Quiksilver, Inc. | Guarantor | Non- | Eliminations | Consolidated | Cost of goods sold | — | 191,351 | 267,351 | 407,709 | (156,499 | ) | 709,912 | In thousands | Quiksilver, | Guarantor | Non- | Eliminations | Consolidated | In thousands | Quiksilver, | QS Wholesale, | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsidiaries | Guarantor | Inc. | Subsidiaries | Guarantor | Inc. | Inc. | Subsidiaries | Guarantor | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsidiaries | Gross profit | 348 | 126,292 | 119,733 | 467,285 | (38,040 | ) | 675,618 | Subsidiaries | Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues, net | $ | 348 | $ | 591,842 | $ | 874,994 | $ | (81,654 | ) | $ | 1,385,530 | Selling, general and administrative expense | 39,154 | 102,946 | 110,631 | 429,647 | (22,336 | ) | 660,042 | Revenues, net | $ | 376 | $ | 683,767 | $ | 1,195,536 | $ | (42,059 | ) | $ | 1,837,620 | Revenues, net | $ | 376 | $ | 418,623 | $ | 421,759 | $ | 1,195,536 | $ | (198,674 | ) | $ | 1,837,620 | |||||||||||||||||||||||||||||||||||||||||||||||
Cost of goods sold | — | 362,122 | 407,709 | (59,919 | ) | 709,912 | Asset impairments | — | 1,646 | 5,602 | 3,404 | — | 10,652 | Cost of goods sold | — | 373,740 | 511,777 | (15,145 | ) | 870,372 | Cost of goods sold | — | 261,491 | 240,660 | 511,777 | (143,556 | ) | 870,372 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross profit | 348 | 229,720 | 467,285 | (21,735 | ) | 675,618 | Operating (loss)/income | (38,806 | ) | 21,700 | 3,500 | 34,234 | (15,704 | ) | 4,924 | Gross profit | 376 | 310,027 | 683,759 | (26,914 | ) | 967,248 | Gross profit | 376 | 157,132 | 181,099 | 683,759 | (55,118 | ) | 967,248 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Selling, general and administrative expense | 39,154 | 213,577 | 429,647 | (22,336 | ) | 660,042 | Interest expense, net | 26,789 | 4,329 | (83 | ) | 19,956 | — | 50,991 | Selling, general and administrative expense | 36,867 | 283,347 | 537,153 | (25,301 | ) | 832,066 | Selling, general and administrative expense | 36,867 | 133,730 | 149,617 | 537,153 | (29,817 | ) | 832,066 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset impairments | — | 7,248 | 3,404 | — | 10,652 | Foreign currency loss | 35 | 23 | 221 | 4,350 | — | 4,629 | Asset impairments | — | 7,585 | 4,072 | — | 11,657 | Asset impairments | — | 667 | 6,918 | 4,072 | — | 11,657 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity in earnings | (4,599 | ) | (1,018 | ) | — | — | 5,617 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating (loss)/income | (38,806 | ) | 8,895 | 34,234 | 601 | 4,924 | Operating (loss)/income | (36,491 | ) | 19,095 | 142,534 | (1,613 | ) | 123,525 | Operating (loss)/income | (36,491 | ) | 22,735 | 24,564 | 142,534 | (29,817 | ) | 123,525 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense, net | 26,789 | 4,246 | 19,956 | — | 50,991 | (Loss)/income before provision/(benefit) for income taxes | (61,031 | ) | 18,366 | 3,362 | 9,928 | (21,321 | ) | (50,696 | ) | Interest expense, net | 28,721 | 55,070 | 30,318 | — | 114,109 | Interest expense, net | 28,721 | 55,070 | — | 30,318 | — | 114,109 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency loss | 35 | 244 | 4,350 | — | 4,629 | Provision/(benefit) for income taxes | 422 | (161 | ) | — | 10,061 | — | 10,322 | Foreign currency gain | (285 | ) | (124 | ) | (5,508 | ) | — | (5,917 | ) | Foreign currency gain | (285 | ) | (113 | ) | (11 | ) | (5,508 | ) | — | (5,917 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity in earnings | (4,599 | ) | (1,018 | ) | — | 5,617 | — | Equity in earnings and other (income)/expense | (50,399 | ) | (1,482 | ) | — | 51,881 | — | Equity in earnings and other (income)/expense | (50,399 | ) | (1,482 | ) | — | — | 51,881 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (loss)/income | (61,453 | ) | 18,527 | 3,362 | (133 | ) | (21,321 | ) | (61,018 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Loss)/income before provision/(benefit) for income taxes | (61,031 | ) | 5,423 | 9,928 | (5,016 | ) | (50,696 | ) | Net income attributable to non-controlling interest | — | — | — | (435 | ) | — | (435 | ) | (Loss)/income before (benefit)/provision for income taxes | (14,528 | ) | (34,369 | ) | 117,724 | (53,494 | ) | 15,333 | (Loss)/income before (benefit)/provision for income taxes | (14,528 | ) | (30,740 | ) | 24,575 | 117,724 | (81,698 | ) | 15,333 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision/(benefit) for income taxes | 422 | (161 | ) | 10,061 | — | 10,322 | (Benefit)/provision for income taxes | (4,844 | ) | 522 | 27,755 | — | 23,433 | (Benefit)/provision for income taxes | (4,844 | ) | 522 | — | 27,755 | — | 23,433 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (loss)/income attributable to Quiksilver, Inc | (61,453 | ) | 18,527 | 3,362 | (568 | ) | (21,321 | ) | (61,453 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (loss)/income | (61,453 | ) | 5,584 | (133 | ) | (5,016 | ) | (61,018 | ) | Other comprehensive loss | (10,753 | ) | — | — | (10,753 | ) | 10,753 | (10,753 | ) | (Loss)/income from continuing operations | (9,684 | ) | (34,891 | ) | 89,969 | (53,494 | ) | (8,100 | ) | (Loss)/income from continuing operations | (9,684 | ) | (31,262 | ) | 24,575 | 89,969 | (81,698 | ) | (8,100 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to non-controlling interest | — | — | (435 | ) | — | (435 | ) | Income from discontinued operations | — | 1,485 | 345 | — | 1,830 | Income from discontinued operations | — | — | 1,485 | 345 | — | 1,830 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive (loss)/income attributable to Quiksilver, Inc. | $ | (72,206 | ) | $ | 18,527 | $ | 3,362 | $ | (11,321 | ) | $ | (10,568 | ) | $ | (72,206 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (loss)/income attributable to Quiksilver, Inc | (61,453 | ) | 5,584 | (568 | ) | (5,016 | ) | (61,453 | ) | Net (loss)/income | (9,684 | ) | (33,406 | ) | 90,314 | (53,494 | ) | (6,270 | ) | Net (loss)/income | (9,684 | ) | (31,262 | ) | 26,060 | 90,314 | (81,698 | ) | (6,270 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | (10,753 | ) | — | (10,753 | ) | 10,753 | (10,753 | ) | Less: net income attributable to non-controlling interest | — | — | (3,414 | ) | — | (3,414 | ) | Less: Net income attributable to non-controlling interest | — | — | — | (3,414 | ) | — | (3,414 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive (loss)/income attributable to Quiksilver, Inc. | $ | (72,206 | ) | $ | 5,584 | $ | (11,321 | ) | $ | 5,737 | $ | (72,206 | ) | Nine Months Ended July 31, 2012 | Net (loss)/income attributable to Quiksilver, Inc. | (9,684 | ) | (33,406 | ) | 86,900 | (53,494 | ) | (9,684 | ) | Net (loss) income attributable to Quiksilver, Inc | (9,684 | ) | (31,262 | ) | 26,060 | 86,900 | (81,698 | ) | (9,684 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | 18,286 | — | 18,286 | (18,286 | ) | 18,286 | Other comprehensive income | 18,286 | — | — | 18,286 | (18,286 | ) | 18,286 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Operations | In thousands | Quiksilver, Inc. | QS Wholesale, | Guarantor | Non-Guarantor | Eliminations | Consolidated | Comprehensive income/(loss) attributable to Quiksilver, Inc. | $ | 8,602 | $ | (33,406 | ) | $ | 105,186 | $ | (71,780 | ) | $ | 8,602 | Comprehensive income/(loss) attributable to Quiksilver, Inc. | $ | 8,602 | $ | (31,262 | ) | $ | 26,060 | $ | 105,186 | $ | (99,984 | ) | $ | 8,602 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended July 31, 2012 | Inc. | Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues, net | $ | 353 | $ | 344,468 | $ | 406,531 | $ | 919,474 | $ | (216,553 | ) | $ | 1,454,273 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of goods sold | — | 212,651 | 269,473 | 422,012 | (173,450 | ) | 730,686 | CONDENSED CONSOLIDATING BALANCE SHEET | Condensed Consolidating Balance Sheet | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In thousands | Quiksilver, Inc. | Guarantor | Non- | Eliminations | Consolidated | At October 31, 2012 | October 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsidiaries | Guarantor | Gross profit | 353 | 131,817 | 137,058 | 497,462 | (43,103 | ) | 723,587 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsidiaries | Selling, general and administrative expense | 43,318 | 112,420 | 121,517 | 425,162 | (22,204 | ) | 680,213 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues, net | $ | 353 | $ | 615,658 | $ | 919,474 | $ | (81,212 | ) | $ | 1,454,273 | Asset impairments | — | — | 556 | — | — | 556 | In thousands | Quiksilver, | Guarantor | Non- | Eliminations | Consolidated | In thousands | Quiksilver, | QS Wholesale, | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of goods sold | — | 366,655 | 422,012 | (57,981 | ) | 730,686 | Inc. | Subsidiaries | Guarantor | Inc. | Inc. | Subsidiaries | Guarantor | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating (loss)/income | (42,965 | ) | 19,397 | 14,985 | 72,300 | (20,899 | ) | 42,818 | Subsidiaries | Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross profit | 353 | 249,003 | 497,462 | (23,231 | ) | 723,587 | Interest expense, net | 21,732 | 3,932 | (2 | ) | 19,802 | — | 45,464 | ASSETS | ASSETS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Selling, general and administrative expense | 43,318 | 233,937 | 425,162 | (22,204 | ) | 680,213 | Foreign currency (gain)/loss | (298 | ) | (132 | ) | 163 | (4,434 | ) | — | (4,701 | ) | Current assets: | Current assets: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset impairments | — | 556 | — | — | 556 | Equity in earnings | (49,284 | ) | 2,190 | — | — | 47,094 | — | Cash and cash equivalents | $ | 324 | $ | 135 | $ | 41,364 | $ | — | $ | 41,823 | Cash and cash equivalents | $ | 324 | $ | 1,966 | $ | (1,831 | ) | $ | 41,364 | $ | — | $ | 41,823 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade accounts receivable, net | — | 181,945 | 251,798 | — | 433,743 | Trade accounts receivable, net | — | 80,522 | 101,423 | 251,798 | — | 433,743 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating (loss)/income | (42,965 | ) | 14,510 | 72,300 | (1,027 | ) | 42,818 | (Loss)/income before provision for income taxes | (15,115 | ) | 13,407 | 14,824 | 56,932 | (67,993 | ) | 2,055 | Other receivables | 20 | 6,158 | 26,640 | — | 32,818 | Other receivables | 20 | 2,767 | 3,391 | 26,640 | — | 32,818 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense, net | 21,732 | 3,930 | 19,802 | 45,464 | Provision for income taxes | — | 945 | — | 13,968 | — | 14,913 | Inventories | — | 107,722 | 237,465 | (441 | ) | 344,746 | Income taxes receivable | — | 117 | — | — | (117 | ) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency (gain)/loss | (298 | ) | 31 | (4,434 | ) | (4,701 | ) | Deferred income taxes | — | 5,209 | 21,159 | — | 26,368 | Inventories | — | 32,156 | 97,522 | 237,465 | (22,397 | ) | 344,746 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity in earnings | (49,284 | ) | 2,190 | — | 47,094 | — | Net (loss)/income | (15,115 | ) | 12,462 | 14,824 | 42,964 | (67,993 | ) | (12,858 | ) | Prepaid expenses and other current assets | 2,277 | 9,548 | 14,546 | — | 26,371 | Deferred income taxes | — | 26,617 | — | 21,159 | (21,408 | ) | 26,368 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: Net income attributable to non-controlling interest | — | — | — | (2,257 | ) | — | (2,257 | ) | Prepaid expenses and other current assets | 2,277 | 4,463 | 5,085 | 14,546 | — | 26,371 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Loss)/income before provision for income taxes | (15,115 | ) | 8,359 | 56,932 | (48,121 | ) | 2,055 | Total current assets | 2,621 | 310,717 | 592,972 | (441 | ) | 905,869 | Intercompany balances | 218,896 | — | — | (218,896 | ) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for income taxes | — | 945 | 13,968 | — | 14,913 | Net (loss)/income attributable to Quiksilver, Inc | (15,115 | ) | 12,462 | 14,824 | 40,707 | (67,993 | ) | (15,115 | ) | Fixed assets, net | 18,802 | 64,496 | 155,015 | — | 238,313 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | (49,151 | ) | — | — | (49,151 | ) | 49,151 | (49,151 | ) | Intangible assets, net | 3,228 | 47,746 | 88,475 | — | 139,449 | Total current assets | 2,621 | 367,504 | 205,590 | 592,972 | (262,818 | ) | 905,869 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (loss)/income | (15,115 | ) | 7,414 | 42,964 | (48,121 | ) | (12,858 | ) | Goodwill | — | 112,216 | 160,951 | — | 273,167 | Fixed assets, net | 18,802 | 39,175 | 25,321 | 155,015 | — | 238,313 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: Net income attributable to non-controlling interest | — | — | (2,257 | ) | — | (2,257 | ) | Comprehensive (loss)/income attributable to Quiksilver, Inc. | $ | (64,266 | ) | $ | 12,462 | $ | 14,824 | $ | (8,444 | ) | $ | (18,842 | ) | $ | (64,266 | ) | Other assets | 2,753 | 2,677 | 42,359 | — | 47,789 | Intangible assets, net | 3,228 | 45,547 | 2,199 | 88,475 | — | 139,449 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred income taxes long-term | — | (23,550 | ) | 137,203 | — | 113,653 | Goodwill | — | 103,880 | 8,336 | 160,951 | — | 273,167 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (loss)/income attributable to Quiksilver, Inc | (15,115 | ) | 7,414 | 40,707 | (48,121 | ) | (15,115 | ) | Investment in subsidiaries | 1,087,924 | 5,028 | — | (1,092,952 | ) | — | Other assets | 2,753 | 2,083 | 594 | 42,359 | — | 47,789 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | (49,151 | ) | — | (49,151 | ) | 49,151 | (49,151 | ) | CONDENSED CONSOLIDATING BALANCE SHEET | Deferred income taxes long-term | 20,387 | — | — | 138,502 | (45,236 | ) | 113,653 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
July 31, 2013 | Total assets | $ | 1,115,328 | $ | 519,330 | $ | 1,176,975 | $ | (1,093,393 | ) | $ | 1,718,240 | Investment in subsidiaries | 1,087,924 | 12,180 | — | — | (1,100,104 | ) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive (loss)/income attributable to Quiksilver, Inc. | $ | (64,266 | ) | $ | 7,414 | $ | (8,444 | ) | $ | 1,030 | $ | (64,266 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LIABILITIES AND EQUITY | Total assets | $ | 1,135,715 | $ | 570,369 | $ | 242,040 | $ | 1,178,274 | $ | (1,408,158 | ) | $ | 1,718,240 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In thousands | Quiksilver, Inc. | QS Wholesale, | Guarantor | Non-Guarantor | Eliminations | Consolidated | Current liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | Inc. | Subsidiaries | Subsidiaries | Lines of credit | $ | — | $ | — | $ | 18,147 | $ | — | $ | 18,147 | LIABILITIES AND EQUITY | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
July 31, 2013 | ASSETS | Accounts payable | 6,995 | 95,355 | 101,222 | — | 203,572 | Current liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current assets: | Accrued liabilities | 6,189 | 28,343 | 80,359 | — | 114,891 | Lines of credit | — | $ | — | $ | — | $ | 18,147 | $ | — | $ | 18,147 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 1 | $ | 2,041 | $ | (1,761 | ) | $ | 62,102 | $ | — | $ | 62,383 | Current portion of long-term debt | — | 8,594 | 10,053 | — | 18,647 | Accounts payable | 6,995 | 39,542 | 55,813 | 101,222 | — | 203,572 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In thousands | Quiksilver, Inc. | Guarantor | Non- | Eliminations | Consolidated | Restricted cash | 409,167 | — | — | — | — | 409,167 | Income taxes payable | — | (117 | ) | 1,476 | — | 1,359 | Accrued liabilities | 6,189 | 15,699 | 12,644 | 80,359 | — | 114,891 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsidiaries | Guarantor | Trade accounts receivable, net | — | 84,780 | 82,734 | 250,675 | — | 418,189 | Intercompany balances | 118,834 | (95,809 | ) | (23,025 | ) | — | — | Current portion of long-term debt | — | 8,594 | — | 10,053 | — | 18,647 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsidiaries | Other receivables | 19 | 2,252 | 3,345 | 19,364 | — | 24,980 | Income taxes payable | — | — | 1,476 | (117 | ) | 1,359 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ASSETS | Income taxes receivable | 422 | 255 | — | 2,102 | — | 2,779 | Total current liabilities | 132,018 | 36,366 | 188,232 | — | 356,616 | Deferred income taxes | 20,902 | — | 506 | — | (21,408 | ) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current assets: | Inventories | — | 39,453 | 104,942 | 277,868 | (23,101 | ) | 399,162 | Long-term debt, net of current portion | 400,000 | 60,700 | 260,475 | — | 721,175 | Intercompany balances | 118,319 | — | 68,707 | 31,870 | (218,896 | ) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 1 | $ | 280 | $ | 62,102 | $ | — | $ | 62,383 | Deferred income taxes | — | 26,617 | — | 22,877 | (21,408 | ) | 28,086 | Other long-term liabilities | — | 25,241 | 12,972 | — | 38,213 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted cash | 409,167 | — | — | — | 409,167 | Prepaid expenses and other current assets | 2,961 | 3,822 | 4,672 | 24,364 | — | 35,819 | Total current liabilities | 152,405 | 63,835 | 137,670 | 243,127 | (240,421 | ) | 356,616 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade accounts receivable, net | — | 167,514 | 250,675 | — | 418,189 | Intercompany balances | — | 174,387 | — | — | (174,387 | ) | — | Total liabilities | 532,018 | 122,307 | 461,679 | — | 1,116,004 | Long-term debt | 400,000 | 60,700 | — | 260,475 | — | 721,175 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other receivables | 19 | 5,597 | 19,364 | — | 24,980 | Stockholders’/invested equity | 583,310 | 397,023 | 696,370 | (1,093,393 | ) | 583,310 | Deferred income taxes long-term | — | 42,951 | 2,285 | — | (45,236 | ) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income taxes receivable | 422 | 255 | 2,102 | — | 2,779 | Total current assets | 412,570 | 333,607 | 193,932 | 659,352 | (218,896 | ) | 1,380,565 | Non-controlling interest | — | — | 18,926 | — | 18,926 | Other long-term liabilities | — | 5,413 | 9,048 | 23,752 | — | 38,213 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | — | 120,697 | 277,868 | 597 | 399,162 | Fixed assets, net | 20,261 | 33,315 | 23,344 | 151,077 | — | 227,997 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred income taxes | — | 26,111 | 22,877 | (20,902 | ) | 28,086 | Intangible assets, net | 3,816 | 44,829 | 2,094 | 87,645 | — | 138,384 | Total liabilities and equity | $ | 1,115,328 | $ | 519,330 | $ | 1,176,975 | $ | (1,093,393 | ) | $ | 1,718,240 | Total liabilities | 552,405 | 172,899 | 149,003 | 527,354 | (285,657 | ) | 1,116,004 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prepaid expenses and other current assets | 2,961 | 8,494 | 24,364 | — | 35,819 | Goodwill | — | 103,880 | 7,675 | 160,862 | — | 272,417 | Stockholders’/invested equity: | 583,310 | 397,470 | 93,037 | 631,994 | (1,122,501 | ) | 583,310 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intercompany balances | — | 115,906 | — | (115,906 | ) | — | Other assets | 8,373 | 5,873 | 1,086 | 39,229 | — | 54,561 | Non-controlling interest | — | — | — | 18,926 | — | 18,926 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred income taxes long-term | 20,387 | — | 143,452 | (45,236 | ) | 118,603 | CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total current assets | 412,570 | 444,854 | 659,352 | (136,211 | ) | 1,380,565 | Investment in subsidiaries | 1,092,524 | 12,815 | — | — | (1,105,339 | ) | — | At October 31, 2011 | Total liabilities and equity | $ | 1,135,715 | $ | 570,369 | $ | 242,040 | $ | 1,178,274 | $ | (1,408,158 | ) | $ | 1,718,240 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed assets, net | 20,261 | 56,659 | 151,077 | — | 227,997 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible assets, net | 3,816 | 46,923 | 87,645 | — | 138,384 | Total assets | $ | 1,557,931 | $ | 534,319 | $ | 228,131 | $ | 1,241,617 | $ | (1,369,471 | ) | $ | 2,192,527 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill | — | 111,555 | 160,862 | — | 272,417 | In thousands | Quiksilver, | Guarantor | Non- | Eliminations | Consolidated | Condensed Consolidating Balance Sheet | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets | 8,373 | 6,959 | 39,229 | — | 54,561 | LIABILITIES AND EQUITY | Inc. | Subsidiaries | Guarantor | October 31, 2011 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred income taxes long-term | 20,387 | — | 143,452 | (45,236 | ) | 118,603 | Current liabilities: | Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment in subsidiaries | 1,092,524 | 6,863 | — | (1,099,387 | ) | — | Accounts payable | $ | 3,374 | $ | 42,374 | $ | 51,524 | $ | 141,039 | $ | — | $ | 238,311 | ASSETS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued liabilities | 6,320 | 12,947 | 9,753 | 77,981 | — | 107,001 | Current assets: | In thousands | Quiksilver, | QS Wholesale, | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 1,557,931 | $ | 673,813 | $ | 1,241,617 | $ | (1,280,834 | ) | $ | 2,192,527 | Current portion of long-term debt | — | 6,094 | — | 37,059 | — | 43,153 | Cash and cash equivalents | $ | 17 | $ | 1,331 | $ | 108,405 | $ | — | $ | 109,753 | Inc. | Inc. | Subsidiaries | Guarantor | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt to be redeemed | 409,167 | — | — | — | — | 409,167 | Trade accounts receivable, net | — | 150,782 | 246,307 | — | 397,089 | Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LIABILITIES AND EQUITY | Deferred income taxes | 20,902 | — | 506 | — | (21,408 | ) | — | Other receivables | 122 | 5,918 | 17,150 | — | 23,190 | ASSETS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current liabilities: | Intercompany balances | 83,972 | — | 58,481 | 31,934 | (174,387 | ) | — | Income taxes receivable | — | 21,338 | (17,073 | ) | — | 4,265 | Current assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts payable | $ | 3,374 | $ | 93,898 | $ | 141,039 | $ | — | $ | 238,311 | Inventories | — | 115,456 | 234,266 | (1,965 | ) | 347,757 | Cash and cash equivalents | $ | 17 | $ | 4,972 | $ | (3,641 | ) | $ | 108,405 | $ | — | $ | 109,753 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued liabilities | 6,320 | 22,700 | 77,981 | — | 107,001 | Total current liabilities | 523,735 | 61,415 | 120,264 | 288,013 | (195,795 | ) | 797,632 | Deferred income taxes | — | (1,182 | ) | 33,990 | — | 32,808 | Trade accounts receivable, net | — | 72,533 | 78,249 | 246,307 | — | 397,089 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current portion of long-term debt | — | 6,094 | 37,059 | — | 43,153 | Long-term debt | 500,776 | 9,000 | — | 297,318 | — | 807,094 | Prepaid expenses and other current assets | 2,378 | 8,525 | 14,526 | — | 25,429 | Other receivables | 122 | 3,024 | 2,894 | 17,150 | — | 23,190 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt to be redeemed | 409,167 | — | — | — | 409,167 | Deferred income taxes long-term | — | 42,951 | 2,285 | — | (45,236 | ) | — | Income taxes receivable | — | 390 | — | 3,875 | — | 4,265 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred income taxes | 20,902 | — | — | (20,902 | ) | — | Other long-term liabilities | — | 4,954 | 9,183 | 20,839 | — | 34,976 | Total current assets | 2,517 | 302,168 | 637,571 | (1,965 | ) | 940,291 | Inventories | — | 57,862 | 74,754 | 234,266 | (19,125 | ) | 347,757 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intercompany balances | 83,972 | — | 31,934 | (115,906 | ) | — | Fixed assets, net | 17,602 | 64,943 | 155,562 | — | 238,107 | Deferred income taxes | — | 15,111 | — | 33,990 | (16,293 | ) | 32,808 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | 1,024,511 | 118,320 | 131,732 | 606,170 | (241,031 | ) | 1,639,702 | Intangible assets, net | 3,007 | 48,743 | 86,393 | — | 138,143 | Prepaid expenses and other current assets | 2,378 | 3,507 | 5,018 | 14,526 | — | 25,429 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total current liabilities | 523,735 | 122,692 | 288,013 | (136,808 | ) | 797,632 | Stockholders’/invested equity: | 533,420 | 415,999 | 96,399 | 616,042 | (1,128,440 | ) | 533,420 | Goodwill | — | 112,216 | 156,373 | — | 268,589 | Intercompany balances | — | 166,707 | — | — | (166,707 | ) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt | 500,776 | 9,000 | 297,318 | — | 807,094 | Non-controlling interest | — | — | — | 19,405 | — | 19,405 | Other assets | 4,457 | 3,936 | 47,421 | — | 55,814 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred income taxes long-term | — | 45,236 | (45,236 | ) | — | Deferred income taxes long-term | — | (16,682 | ) | 139,961 | — | 123,279 | Total current assets | 2,517 | 324,106 | 157,274 | 658,519 | (202,125 | ) | 940,291 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other long-term liabilities | — | 14,137 | 20,839 | — | 34,976 | Total liabilities and equity | $ | 1,557,931 | $ | 534,319 | $ | 228,131 | $ | 1,241,617 | $ | (1,369,471 | ) | $ | 2,192,527 | Investment in subsidiaries | 1,084,745 | 8,929 | — | (1,093,674 | ) | — | Fixed assets, net | 17,602 | 36,493 | 28,450 | 155,562 | — | 238,107 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible assets, net | 3,007 | 46,510 | 2,233 | 86,393 | — | 138,143 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | 1,024,511 | 191,065 | 606,170 | (182,044 | ) | 1,639,702 | Total assets | $ | 1,112,328 | $ | 524,253 | $ | 1,223,281 | $ | (1,095,639 | ) | $ | 1,764,223 | Goodwill | — | 103,880 | 8,336 | 156,373 | — | 268,589 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders’/invested equity: | 533,420 | 482,748 | 616,042 | (1,098,790 | ) | 533,420 | CONDENSED CONSOLIDATING BALANCE SHEET | Other assets | 4,457 | 3,377 | 559 | 47,421 | — | 55,814 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-controlling interest | — | — | 19,405 | — | 19,405 | October 31, 2012 | LIABILITIES AND EQUITY | Deferred income taxes long-term | 11,531 | — | 1,577 | 141,554 | (31,383 | ) | 123,279 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current liabilities: | Investment in subsidiaries | 1,084,745 | 16,082 | — | — | (1,100,827 | ) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 1,557,931 | $ | 673,813 | $ | 1,241,617 | $ | (1,280,834 | ) | $ | 2,192,527 | Lines of credit | $ | — | $ | — | $ | 18,335 | $ | — | $ | 18,335 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In thousands | Quiksilver, Inc. | QS Wholesale, | Guarantor | Non-Guarantor | Eliminations | Consolidated | Accounts payable | 2,510 | 88,280 | 112,233 | — | 203,023 | Total assets | $ | 1,123,859 | $ | 530,448 | $ | 198,429 | $ | 1,245,822 | $ | (1,334,335 | ) | $ | 1,764,223 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inc. | Subsidiaries | Subsidiaries | Accrued liabilities | 6,673 | 30,088 | 96,183 | — | 132,944 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | ASSETS | Current portion of long-term debt | — | 3,000 | 1,628 | — | 4,628 | LIABILITIES AND EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
October 31, 2012 | Current assets: | Intercompany balances | 93,047 | (34,611 | ) | (58,436 | ) | — | — | Current liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 324 | $ | 1,966 | $ | (1,831 | ) | $ | 41,364 | $ | — | $ | 41,823 | Lines of credit | — | — | — | 18,335 | — | 18,335 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade accounts receivable, net | — | 80,522 | 101,423 | 251,798 | — | 433,743 | Total current liabilities | 102,230 | 86,757 | 169,943 | — | 358,930 | Accounts payable | 2,510 | 50,858 | 37,422 | 112,233 | — | 203,023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In thousands | Quiksilver, Inc. | Guarantor | Non- | Eliminations | Consolidated | Other receivables | 20 | 2,767 | 3,391 | 26,640 | — | 32,818 | Long-term debt, net of current portion | 400,000 | 36,542 | 288,181 | — | 724,723 | Accrued liabilities | 6,673 | 12,666 | 17,422 | 96,183 | — | 132,944 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsidiaries | Guarantor | Income taxes receivable | — | 117 | — | — | (117 | ) | — | Other long-term liabilities | — | 41,219 | 16,729 | — | 57,948 | Current portion of long-term debt | — | 3,000 | — | 1,628 | — | 4,628 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsidiaries | Inventories | — | 32,156 | 97,522 | 237,465 | (22,397 | ) | 344,746 | Income taxes payable | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ASSETS | Deferred income taxes | — | 26,617 | — | 21,159 | (21,408 | ) | 26,368 | Total liabilities | 502,230 | 164,518 | 474,853 | — | 1,141,601 | Deferred income taxes | 11,998 | — | 4,295 | — | (16,293 | ) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current assets: | Prepaid expenses and other current assets | 2,277 | 4,463 | 5,085 | 14,546 | — | 26,371 | Stockholders’/invested equity | 610,098 | 359,735 | 735,904 | (1,095,639 | ) | 610,098 | Intercompany balances | 92,580 | — | 72,661 | 1,466 | (166,707 | ) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 324 | $ | 135 | $ | 41,364 | $ | — | $ | 41,823 | Intercompany balances | — | 218,896 | — | — | (218,896 | ) | — | Non-controlling interest | — | — | 12,524 | — | 12,524 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade accounts receivable, net | — | 181,945 | 251,798 | — | 433,743 | Total current liabilities | 113,761 | 66,524 | 131,800 | 229,845 | (183,000 | ) | 358,930 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other receivables | 20 | 6,158 | 26,640 | — | 32,818 | Total current assets | 2,621 | 367,504 | 205,590 | 592,972 | (262,818 | ) | 905,869 | Total liabilities and equity | $ | 1,112,328 | $ | 524,253 | $ | 1,223,281 | $ | (1,095,639 | ) | $ | 1,764,223 | Long-term debt | 400,000 | 36,542 | — | 288,181 | — | 724,723 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income taxes receivable | — | 117 | — | (117 | ) | — | Fixed assets, net | 18,802 | 39,175 | 25,321 | 155,015 | — | 238,313 | Deferred income taxes long-term | — | 31,383 | — | — | (31,383 | ) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | — | 107,722 | 237,465 | (441 | ) | 344,746 | Intangible assets, net | 3,228 | 45,547 | 2,199 | 88,475 | — | 139,449 | Other long-term liabilities | — | 6,546 | 4,937 | 46,465 | — | 57,948 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred income taxes | — | 5,209 | 21,159 | — | 26,368 | Goodwill | — | 103,880 | 8,336 | 160,951 | — | 273,167 | CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prepaid expenses and other current assets | 2,277 | 9,548 | 14,546 | — | 26,371 | Other assets | 2,753 | 2,083 | 594 | 42,359 | — | 47,789 | Year Ended October 31, 2012 | Total liabilities | 513,761 | 140,995 | 136,737 | 564,491 | (214,383 | ) | 1,141,601 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intercompany balances | — | 95,809 | 23,025 | (118,834 | ) | — | Deferred income taxes long-term | 20,387 | — | — | 138,502 | (45,236 | ) | 113,653 | Stockholders’/invested equity: | 610,098 | 389,453 | 61,692 | 668,807 | (1,119,952 | ) | 610,098 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment in subsidiaries | 1,087,924 | 12,180 | — | — | (1,100,104 | ) | — | Non-controlling interest | — | — | — | 12,524 | — | 12,524 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total current assets | 2,621 | 406,643 | 615,997 | (119,392 | ) | 905,869 | In thousands | Quiksilver, | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed assets, net | 18,802 | 64,496 | 155,015 | — | 238,313 | Total assets | $ | 1,135,715 | $ | 570,369 | $ | 242,040 | $ | 1,178,274 | $ | (1,408,158 | ) | $ | 1,718,240 | Inc. | Subsidiaries | Guarantor | Total liabilities and equity | $ | 1,123,859 | $ | 530,448 | $ | 198,429 | $ | 1,245,822 | $ | (1,334,335 | ) | $ | 1,764,223 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible assets, net | 3,228 | 47,746 | 88,475 | — | 139,449 | Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill | — | 112,216 | 160,951 | — | 273,167 | LIABILITIES AND EQUITY | Cash flows from operating activities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets | 2,753 | 2,677 | 42,359 | — | 47,789 | Current liabilities: | Net (loss)/income | $ | (10,756 | ) | $ | 21,152 | $ | 49,265 | $ | (69,404 | ) | $ | (9,743 | ) | Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred income taxes long-term | — | — | 137,203 | (23,550 | ) | 113,653 | Lines of credit | $ | — | $ | — | $ | — | $ | 18,147 | $ | — | $ | 18,147 | Adjustments to reconcile net (loss)/income to net cash (used in)/provided by operating activities: | Year Ended October 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment in subsidiaries | 1,087,924 | 5,028 | — | (1,092,952 | ) | — | Accounts payable | 6,995 | 39,542 | 55,813 | 101,222 | — | 203,572 | Depreciation and amortization | 2,088 | 18,002 | 33,142 | — | 53,232 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued liabilities | 6,189 | 15,699 | 12,644 | 80,359 | — | 114,891 | Stock-based compensation | 22,552 | — | — | — | 22,552 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 1,115,328 | $ | 638,806 | $ | 1,200,000 | $ | (1,235,894 | ) | $ | 1,718,240 | Current portion of long-term debt | — | 8,594 | — | 10,053 | — | 18,647 | Provision for doubtful accounts | — | (1,642 | ) | 6,236 | — | 4,594 | In thousands | Quiksilver, | QS Wholesale, | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income taxes payable | — | — | — | 1,476 | (117 | ) | 1,359 | Asset impairments | — | 5,162 | 2,072 | — | 7,234 | Inc. | Inc. | Subsidiaries | Guarantor | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LIABILITIES AND EQUITY | Deferred income taxes | 20,902 | — | 506 | — | (21,408 | ) | — | Equity in earnings | (74,572 | ) | 4,674 | 282 | 69,898 | 282 | Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current liabilities: | Intercompany balances | 118,319 | — | 68,707 | 31,870 | (218,896 | ) | — | Non-cash interest expense | 1,490 | 1,506 | 689 | — | 3,685 | Cash flows from operating activities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lines of credit | — | — | 18,147 | — | 18,147 | Deferred income taxes | — | 474 | (9,056 | ) | — | (8,582 | ) | Net (loss)/income | $ | (10,756 | ) | $ | 19,636 | $ | 31,345 | $ | 49,265 | $ | (99,233 | ) | $ | (9,743 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts payable | 6,995 | 95,355 | 101,222 | — | 203,572 | Total current liabilities | 152,405 | 63,835 | 137,670 | 243,127 | (240,421 | ) | 356,616 | Other adjustments to reconcile net (loss)/income | (443 | ) | 36 | (6,092 | ) | — | (6,499 | ) | Adjustments to reconcile net (loss)/income to net cash (used in)/provided by operating activities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued liabilities | 6,189 | 28,343 | 80,359 | — | 114,891 | Long-term debt | 400,000 | 60,700 | — | 260,475 | — | 721,175 | Changes in operating assets and liabilities: | Depreciation and Amortization | 2,088 | 11,314 | 6,688 | 33,142 | — | 53,232 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current portion of long-term debt | — | 8,594 | 10,053 | — | 18,647 | Deferred income taxes long-term | — | 42,951 | 2,285 | — | (45,236 | ) | — | Trade accounts receivable | — | (29,521 | ) | (23,884 | ) | — | (53,405 | ) | Stock based compensation | 22,552 | — | — | — | 22,552 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income taxes payable | — | — | 1,476 | (117 | ) | 1,359 | Other long-term liabilities | — | 5,413 | 9,048 | 23,752 | — | 38,213 | Inventories | — | 7,195 | (11,679 | ) | (494 | ) | (4,978 | ) | Provision for doubtful accounts | — | (763 | ) | (879 | ) | 6,236 | — | 4,594 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intercompany balances | 118,834 | — | — | (118,834 | ) | — | Other operating assets and liabilities | 10,255 | 2,233 | (34,399 | ) | — | (21,911 | ) | Asset impairments | — | 11 | 5,151 | 2,072 | — | 7,234 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | 552,405 | 172,899 | 149,003 | 527,354 | (285,657 | ) | 1,116,004 | Equity in earnings | (74,572 | ) | 4,674 | 282 | 69,898 | 282 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total current liabilities | 132,018 | 132,292 | 211,257 | (118,951 | ) | 356,616 | Stockholders’/invested equity: | 583,310 | 397,470 | 93,037 | 631,994 | (1,122,501 | ) | 583,310 | Net cash (used in)/provided by operating activities | (49,386 | ) | 29,271 | 6,576 | — | (13,539 | ) | Non-cash interest expense | 1,490 | 1,506 | — | 689 | — | 3,685 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt | 400,000 | 60,700 | 260,475 | — | 721,175 | Non-controlling interest | — | — | — | 18,926 | — | 18,926 | Cash flows from investing activities: | Deferred income taxes | — | 62 | 412 | (9,056 | ) | — | (8,582 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred income taxes long-term | — | 23,550 | — | (23,550 | ) | — | Proceeds from the sale of properties and equipment | — | 45 | 8,153 | — | 8,198 | Other adjustments to reconcile net (loss)/income | (443 | ) | (94 | ) | 130 | (6,092 | ) | — | (6,499 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other long-term liabilities | — | 25,241 | 12,972 | — | 38,213 | Total liabilities and equity | $ | 1,135,715 | $ | 570,369 | $ | 242,040 | $ | 1,178,274 | $ | (1,408,158 | ) | $ | 1,718,240 | Capital expenditures | (4,388 | ) | (22,580 | ) | (39,113 | ) | — | (66,081 | ) | Changes in operating assets and liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business acquisitions, net of cash acquired | — | — | (9,117 | ) | — | (9,117 | ) | Trade accounts receivable | — | (7,227 | ) | (22,294 | ) | (23,884 | ) | — | (53,405 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | 532,018 | 241,783 | 484,704 | (142,501 | ) | 1,116,004 | Inventories | — | 23,444 | (46,078 | ) | (11,679 | ) | 29,335 | (4,978 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders’/invested equity: | 583,310 | 397,023 | 696,370 | (1,093,393 | ) | 583,310 | CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | Net cash used in investing activities | (4,388 | ) | (22,535 | ) | (40,077 | ) | — | (67,000 | ) | Other operating assets and liabilities | 5,918 | (9,589 | ) | 16,159 | (34,399 | ) | — | (21,911 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-controlling interest | — | — | 18,926 | — | 18,926 | Nine Months Ended July 31, 2013 | Cash flows from financing activities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transactions with non-controlling interest owners | — | (11,000 | ) | — | — | (11,000 | ) | Net cash (used in)/provided by operating activities | (53,723 | ) | 42,974 | (9,366 | ) | 6,576 | — | (13,539 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 1,115,328 | $ | 638,806 | $ | 1,200,000 | $ | (1,235,894 | ) | $ | 1,718,240 | Borrowings on lines of credit | — | — | 15,139 | — | 15,139 | Cash flows from investing activities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In thousands | Quiksilver, Inc. | QS Wholesale, | Guarantor | Non-Guarantor | Eliminations | Consolidated | Payments on lines of credit | — | — | (12,641 | ) | — | (12,641 | ) | Proceeds from the sale of properties and equipment | — | 43 | 2 | 8,153 | — | 8,198 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inc. | Subsidiaries | Subsidiaries | Borrowings on long-term debt | — | 93,500 | 46,535 | — | 140,035 | Capital expenditures | (4,388 | ) | (13,744 | ) | (8,836 | ) | (39,113 | ) | — | (66,081 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | Cash flows from operating activities: | Payments on long-term debt | — | (70,800 | ) | (42,041 | ) | — | (112,841 | ) | Business acquisitions, net of cash acquired | — | — | — | (9,117 | ) | — | (9,117 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended July 31, 2013 | Net (loss)/income | $ | (61,453 | ) | $ | 18,527 | $ | 3,362 | $ | (133 | ) | $ | (21,321 | ) | $ | (61,018 | ) | Stock option exercises and employee stock purchases | 2,241 | — | — | — | 2,241 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustments to reconcile net (loss)/income to net cash (used in)/provided by operating activities: | Intercompany | 51,840 | (19,632 | ) | (32,208 | ) | — | — | Net cash used in investing activities | (4,388 | ) | (13,701 | ) | (8,834 | ) | (40,077 | ) | — | (67,000 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and Amortization | 1,651 | 8,710 | 4,454 | 23,203 | — | 38,018 | Cash flows from financing activities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In thousands | Quiksilver, Inc. | Guarantor | Non- | Eliminations | Consolidated | Stock based compensation | 16,195 | — | — | — | — | 16,195 | Net cash provided by/(used in) financing activities | 54,081 | (7,932 | ) | (25,216 | ) | — | 20,933 | Borrowings on lines of credit | — | — | — | 15,139 | — | 15,139 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsidiaries | Guarantor | Provision for doubtful accounts | — | (257 | ) | (1,287 | ) | 6,055 | — | 4,511 | Effect of exchange rate changes on cash | — | — | (8,324 | ) | — | (8,324 | ) | Payments on lines of credit | — | — | — | (12,641 | ) | — | (12,641 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsidiaries | Asset impairments | — | 1,646 | 5,602 | 3,404 | — | 10,652 | Borrowings on long-term debt | — | 93,500 | — | 46,535 | — | 140,035 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash flows from operating activities: | Equity in earnings | (4,599 | ) | (1,018 | ) | — | 247 | 5,617 | 247 | Net increase/(decrease) in cash and cash equivalents | 307 | (1,196 | ) | (67,041 | ) | — | (67,930 | ) | Payments on long-term debt | — | (70,800 | ) | — | (42,041 | ) | — | (112,841 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (loss)/income | $ | (61,453 | ) | $ | 5,584 | $ | (133 | ) | $ | (5,016 | ) | $ | (61,018 | ) | Non-cash interest expense | 4,223 | 1,081 | — | 573 | — | 5,877 | Cash and cash equivalents, beginning of period | 17 | 1,331 | 108,405 | — | 109,753 | Stock option exercises and employee stock purchases | 2,241 | — | — | — | — | 2,241 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustments to reconcile net (loss)/income to net cash (used in)/provided by operating activities: | Deferred income taxes | — | — | (281 | ) | — | (281 | ) | Transactions with non-controlling interest owners | — | (11,000 | ) | — | — | — | (11,000 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and Amortization | 1,651 | 13,164 | 23,203 | — | 38,018 | Other adjustments to reconcile net (loss)/income | 35 | — | (124 | ) | 733 | — | 644 | Cash and cash equivalents, end of period | $ | 324 | $ | 135 | $ | 41,364 | — | $ | 41,823 | Intercompany | 56,177 | (43,979 | ) | 20,010 | (32,208 | ) | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock based compensation | 16,195 | — | — | — | 16,195 | Changes in operating assets and liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for doubtful accounts | — | (1,544 | ) | 6,055 | — | 4,511 | Trade accounts receivable | — | (4,000 | ) | 19,975 | (6,531 | ) | — | 9,444 | Net cash provided by/(used in) financing activities | 58,418 | (32,279 | ) | 20,010 | (25,216 | ) | — | 20,933 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset impairments | — | 7,248 | 3,404 | — | 10,652 | Inventories | — | (7,297 | ) | (5,544 | ) | (65,403 | ) | 15,704 | (62,540 | ) | CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | Effect of exchange rate changes on cash | — | — | — | (8,324 | ) | — | (8,324 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity in earnings | (4,599 | ) | (1,018 | ) | 247 | 5,617 | 247 | Other operating assets and liabilities | 6,867 | 341 | (7,391 | ) | 25,917 | — | 25,734 | Year Ended October 31, 2011 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-cash interest expense | 4,223 | 1,081 | 573 | — | 5,877 | Net increase/(decrease) in cash and cash equivalents | 307 | (3,006 | ) | 1,810 | (67,041 | ) | — | (67,930 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred income taxes | — | — | (281 | ) | — | (281 | ) | Net cash (used in)/provided by operating activities | (37,081 | ) | 17,733 | 19,047 | (12,216 | ) | — | (12,517 | ) | Cash and cash equivalents, beginning of period | 17 | 4,972 | (3,641 | ) | 108,405 | — | 109,753 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other adjustments to reconcile net (loss)/income | 35 | (124 | ) | 733 | — | 644 | Cash flows from investing activities: | In thousands | Quiksilver, | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in operating assets and liabilities: | Changes in restricted cash | (409,167 | ) | — | — | — | — | (409,167 | ) | Inc. | Subsidiaries | Guarantor | Cash and cash equivalents, end of period | $ | 324 | $ | 1,966 | $ | (1,831 | ) | $ | 41,364 | $ | — | $ | 41,823 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade accounts receivable | — | 15,975 | (6,531 | ) | — | 9,444 | Capital expenditures | (5,327 | ) | (3,908 | ) | (7,251 | ) | (22,880 | ) | — | (39,366 | ) | Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | — | (12,841 | ) | (49,098 | ) | (601 | ) | (62,540 | ) | Cash flows from operating activities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other operating assets and liabilities | 6,867 | (7,050 | ) | 25,917 | — | 25,734 | Net cash used in investing activities | (414,494 | ) | (3,908 | ) | (7,251 | ) | (22,880 | ) | — | (448,533 | ) | Net (loss)/income | $ | (21,258 | ) | $ | 18,304 | $ | 39,479 | $ | (54,395 | ) | $ | (17,870 | ) | Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash flows from financing activities: | Adjustments to reconcile net (loss)/income to net cash (used in)/provided by operating activities: | Year Ended October 31, 2011 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net cash (used in)/provided by operating activities | (37,081 | ) | 20,475 | 4,089 | — | (12,517 | ) | Borrowings on lines of credit | — | — | — | 6,157 | — | 6,157 | Depreciation and amortization | 1,735 | 20,445 | 33,079 | — | 55,259 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash flows from investing activities: | Payments on lines of credit | — | — | — | (22,561 | ) | — | (22,561 | ) | Stock-based compensation | 14,414 | — | — | — | 14,414 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in restricted cash | (409,167 | ) | — | — | — | (409,167 | ) | Borrowings on long-term debt | 500,776 | 59,829 | — | 86,271 | — | 646,876 | Provision for doubtful accounts | — | 1,363 | 7,369 | — | 8,732 | In thousands | Quiksilver, | QS Wholesale, | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital expenditures | (5,327 | ) | (11,159 | ) | (22,880 | ) | — | (39,366 | ) | Payments on long-term debt | — | (114,029 | ) | — | (28,092 | ) | — | (142,121 | ) | Asset impairments | — | 3,399 | 82,974 | — | 86,373 | Inc. | Inc. | Subsidiaries | Guarantor | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payments of debt issuance costs | (8,775 | ) | (4,312 | ) | — | — | — | (13,087 | ) | Equity in earnings | (50,224 | ) | (994 | ) | (197 | ) | 51,060 | (355 | ) | Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net cash used in investing activities | (414,494 | ) | (11,159 | ) | (22,880 | ) | — | (448,533 | ) | Stock option exercises and employee stock purchases | 6,165 | — | — | — | — | 6,165 | Non-cash interest expense | 1,387 | 1,808 | 15,917 | — | 19,112 | Cash flows from operating activities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash flows from financing activities: | Intercompany | (46,914 | ) | 44,762 | (11,726 | ) | 13,878 | — | — | Deferred income taxes | — | 3,703 | (31,951 | ) | — | (28,248 | ) | Net (loss)/income | $ | (21,258 | ) | $ | 27,524 | $ | 13,477 | $ | 39,479 | $ | (77,092 | ) | $ | (17,870 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings on lines of credit | — | — | 6,157 | — | 6,157 | Other adjustments to reconcile net (loss)/income | 72 | 481 | (6,219 | ) | — | (5,666 | ) | Adjustments to reconcile net (loss)/income to net cash (used in)/provided by operating activities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payments on lines of credit | — | — | (22,561 | ) | — | (22,561 | ) | Net cash provided by/(used in) financing activities | 451,252 | (13,750 | ) | (11,726 | ) | 55,653 | — | 481,429 | Changes in operating assets and liabilities: | Depreciation and Amortization | 1,735 | 13,191 | 7,254 | 33,079 | — | 55,259 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings on long-term debt | 500,776 | 59,829 | 86,271 | — | 646,876 | Effect of exchange rate changes on cash | — | — | — | 181 | — | 181 | Trade accounts receivable | — | (22,106 | ) | (11,879 | ) | — | (33,985 | ) | Stock based compensation | 14,414 | — | — | — | — | 14,414 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payments on long-term debt | — | (114,029 | ) | (28,092 | ) | — | (142,121 | ) | Inventories | — | (23,322 | ) | (50,719 | ) | 3,335 | (70,706 | ) | Provision for doubtful accounts | — | 225 | 1,138 | 7,369 | — | 8,732 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payments of debt issuance costs | (8,775 | ) | (4,312 | ) | — | — | (13,087 | ) | Net (decrease)/increase in cash and cash equivalents | (323 | ) | 75 | 70 | 20,738 | — | 20,560 | Other operating assets and liabilities | 1,090 | (4,275 | ) | 30,274 | — | 27,089 | Asset impairments | — | 1,778 | 1,621 | 82,974 | — | 86,373 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock option exercises and employee stock purchases | 6,165 | — | — | — | 6,165 | Cash and cash equivalents, beginning of period | 324 | 1,966 | (1,831 | ) | 41,364 | — | 41,823 | Equity in earnings | (50,224 | ) | (994 | ) | — | (197 | ) | 51,060 | (355 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intercompany | (46,914 | ) | 49,341 | (2,427 | ) | — | — | Net cash (used in)/provided by operating activities | (52,784 | ) | (1,194 | ) | 108,127 | — | 54,149 | Non-cash interest expense | 1,387 | 1,808 | — | 15,917 | — | 19,112 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents, end of period | $ | 1 | $ | 2,041 | $ | (1,761 | ) | $ | 62,102 | $ | — | $ | 62,383 | Cash flows from investing activities: | Deferred income taxes | — | 93 | 3,610 | (31,951 | ) | — | (28,248 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net cash provided by/(used in) financing activities | 451,252 | (9,171 | ) | 39,348 | — | 481,429 | Proceeds from the sale of properties and equipment | — | 15 | 12,531 | — | 12,546 | Other adjustments to reconcile net (loss)/income | 72 | 351 | 130 | (6,219 | ) | — | (5,666 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effect of exchange rate changes on cash | — | — | 181 | — | 181 | Capital expenditures | (12,570 | ) | (34,624 | ) | (42,396 | ) | — | (89,590 | ) | Changes in operating assets and liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | Business acquisitions, net of cash acquired | — | (528 | ) | (5,050 | ) | — | (5,578 | ) | Trade accounts receivable | — | (8,811 | ) | (13,295 | ) | (11,879 | ) | — | (33,985 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (decrease)/increase in cash and cash equivalents | (323 | ) | 145 | 20,738 | — | 20,560 | Nine Months Ended July 31, 2012 | Inventories | — | (49,448 | ) | 3,429 | (50,719 | ) | 26,032 | (70,706 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents, beginning of period | 324 | 135 | 41,364 | — | 41,823 | Net cash used in investing activities | (12,570 | ) | (35,137 | ) | (34,915 | ) | — | (82,622 | ) | Other operating assets and liabilities | (17,134 | ) | 5,146 | 8,803 | 30,274 | — | 27,089 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents, end of period | $ | 1 | $ | 280 | $ | 62,102 | $ | — | $ | 62,383 | In thousands | Quiksilver, Inc. | QS Wholesale, | Guarantor | Non-Guarantor | Eliminations | Consolidated | Borrowings on lines of credit | — | — | 30,070 | — | 30,070 | Net cash (used in)/provided by operating activities | (71,008 | ) | (9,137 | ) | 26,167 | 108,127 | — | 54,149 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inc. | Subsidiaries | Subsidiaries | Payments on lines of credit | — | — | (35,303 | ) | — | (35,303 | ) | Cash flows from investing activities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash flows from operating activities: | Borrowings on long-term debt | — | 44,500 | 270,830 | — | 315,330 | Proceeds from the sale of properties and equipment | — | 5 | 10 | 12,531 | — | 12,546 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | Net (loss)/income | $ | (15,115 | ) | $ | 12,462 | $ | 14,824 | $ | 42,964 | $ | (67,993 | ) | $ | (12,858 | ) | Payments on long-term debt | — | (25,524 | ) | (259,152 | ) | — | (284,676 | ) | Capital expenditures | (12,570 | ) | (21,726 | ) | (12,898 | ) | (42,396 | ) | — | (89,590 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended July 31, 2012 | Adjustments to reconcile net (loss)/income to net cash (used in)/provided by operating activities: | Payments of debt issuance costs | — | — | (6,391 | ) | — | (6,391 | ) | Business acquisitions, net of cash acquired | — | — | (528 | ) | (5,050 | ) | — | (5,578 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and Amortization | 1,598 | 8,420 | 4,918 | 24,501 | — | 39,437 | Stock option exercises and employee stock purchases | 4,129 | — | — | — | 4,129 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock based compensation | 17,272 | — | — | — | — | 17,272 | Intercompany | 61,078 | (20,486 | ) | (40,592 | ) | — | — | Net cash used in investing activities | (12,570 | ) | (21,721 | ) | (13,416 | ) | (34,915 | ) | — | (82,622 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In thousands | Quiksilver, Inc. | Guarantor | Non- | Eliminations | Consolidated | Provision for doubtful accounts | — | (1,127 | ) | (1,403 | ) | 4,131 | — | 1,601 | Cash flows from financing activities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsidiaries | Guarantor | Asset impairments | — | — | 556 | — | — | 556 | Net cash provided by/(used in) financing activities | 65,207 | (1,510 | ) | (40,538 | ) | — | 23,159 | Borrowings on lines of credit | — | — | — | 30,070 | — | 30,070 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsidiaries | Equity in earnings | (49,284 | ) | 2,190 | — | (19 | ) | 47,094 | (19 | ) | Effect of exchange rate changes on cash | — | — | (5,526 | ) | — | (5,526 | ) | Payments on lines of credit | — | — | — | (35,303 | ) | — | (35,303 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash flows from operating activities: | Non-cash interest expense | 1,111 | 1,190 | — | 513 | — | 2,814 | Borrowings on long-term debt | — | 44,500 | — | 270,830 | — | 315,330 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (loss)/income | $ | (15,115 | ) | $ | 7,414 | $ | 42,964 | $ | (48,121 | ) | $ | (12,858 | ) | Deferred income taxes | — | — | 9,349 | — | 9,349 | Net (decrease)/increase in cash and cash equivalents | (147 | ) | (37,841 | ) | 27,148 | — | (10,840 | ) | Payments on long-term debt | — | (25,524 | ) | — | (259,152 | ) | — | (284,676 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustments to reconcile net (loss)/income to net cash (used in)/provided by operating activities: | Other adjustments to reconcile net (loss)/income | (322 | ) | — | 36 | (2,008 | ) | — | (2,294 | ) | Cash and cash equivalents, beginning of period | 164 | 39,172 | 81,257 | — | 120,593 | Payments of debt issuance costs | — | — | — | (6,391 | ) | — | (6,391 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and Amortization | 1,598 | 13,338 | 24,501 | — | 39,437 | Changes in operating assets and liabilities: | Stock option exercises and employee stock purchases | 4,129 | — | — | — | — | 4,129 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock based compensation | 17,272 | — | — | — | 17,272 | Trade accounts receivable | — | (5,442 | ) | (14,215 | ) | (6,048 | ) | — | (25,705 | ) | Cash and cash equivalents, end of period | $ | 17 | $ | 1,331 | $ | 108,405 | — | $ | 109,753 | Intercompany | 79,302 | (21,853 | ) | (16,857 | ) | (40,592 | ) | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for doubtful accounts | — | (2,530 | ) | 4,131 | — | 1,601 | Inventories | — | 47,239 | (50,334 | ) | (73,488 | ) | 20,899 | (55,684 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset impairments | — | 556 | — | — | 556 | Other operating assets and liabilities | 4,623 | (14,661 | ) | 15,077 | 3,611 | — | 8,650 | Net cash provided by/(used in) financing activities | 83,431 | (2,877 | ) | (16,857 | ) | (40,538 | ) | — | 23,159 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity in earnings | (49,284 | ) | 2,190 | (19 | ) | 47,094 | (19 | ) | CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | Effect of exchange rate changes on cash | — | — | — | (5,526 | ) | — | (5,526 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-cash interest expense | 1,111 | 1,190 | 513 | — | 2,814 | Net cash (used in)/provided by operating activities | (40,117 | ) | 50,271 | (30,541 | ) | 3,506 | — | (16,881 | ) | Year Ended October 31, 2010 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred income taxes | — | — | 9,349 | — | 9,349 | Cash flows from investing activities: | Net (decrease)/increase in cash and cash equivalents | (147 | ) | (33,735 | ) | (4,106 | ) | 27,148 | — | (10,840 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other adjustments to reconcile net (loss)/income | (322 | ) | 36 | (2,008 | ) | — | (2,294 | ) | Capital expenditures | (2,861 | ) | (11,548 | ) | (7,188 | ) | (25,580 | ) | — | (47,177 | ) | Cash and cash equivalents, beginning of period | 164 | 38,707 | 465 | 81,257 | — | 120,593 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in operating assets and liabilities: | Business acquisitions, net of cash acquired | — | — | — | (9,117 | ) | — | (9,117 | ) | In thousands | Quiksilver, | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade accounts receivable | — | (19,657 | ) | (6,048 | ) | — | (25,705 | ) | Inc. | Subsidiaries | Guarantor | Cash and cash equivalents, end of period | $ | 17 | $ | 4,972 | $ | (3,641 | ) | $ | 108,405 | $ | — | $ | 109,753 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | — | (3,095 | ) | (53,616 | ) | 1,027 | (55,684 | ) | Net cash used in investing activities | (2,861 | ) | (11,548 | ) | (7,188 | ) | (34,697 | ) | — | (56,294 | ) | Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other operating assets and liabilities | 4,623 | 416 | 3,611 | — | 8,650 | Cash flows from financing activities: | Cash flows from operating activities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings on lines of credit | — | — | — | 11,377 | — | 11,377 | Net (loss)/income | $ | (9,684 | ) | $ | (33,406 | ) | $ | 90,314 | $ | (53,494 | ) | $ | (6,270 | ) | Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net cash (used in)/provided by operating activities | (40,117 | ) | (142 | ) | 23,378 | — | (16,881 | ) | Payments on lines of credit | — | — | — | (12,326 | ) | — | (12,326 | ) | Adjustments to reconcile net (loss)/income to net cash (used in)/provided by operating activities: | Year Ended October 31, 2010 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash flows from investing activities: | Borrowings on long-term debt | — | 80,500 | — | 46,534 | — | 127,034 | Income from discontinued operations | — | (1,485 | ) | (345 | ) | — | (1,830 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital expenditures | (2,861 | ) | (18,736 | ) | (25,580 | ) | — | (47,177 | ) | Payments on long-term debt | — | (43,856 | ) | — | (13,657 | ) | — | (57,513 | ) | Depreciation and amortization | 1,519 | 21,494 | 30,848 | — | 53,861 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business acquisitions, net of cash acquired | — | — | (9,117 | ) | — | (9,117 | ) | Stock option exercises and employee stock purchases | 1,335 | — | — | — | — | 1,335 | Stock-based compensation | 12,831 | — | — | — | 12,831 | In thousands | Quiksilver, | QS Wholesale, | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transactions with non-controlling interest owners | — | (11,000 | ) | — | — | — | (11,000 | ) | Provision for doubtful accounts | — | 4,360 | 10,947 | — | 15,307 | Inc. | Inc. | Subsidiaries | Guarantor | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net cash used in investing activities | (2,861 | ) | (18,736 | ) | (34,697 | ) | — | (56,294 | ) | Intercompany | 41,641 | (64,598 | ) | 39,050 | (16,093 | ) | — | — | Equity in earnings | (50,399 | ) | (1,482 | ) | (524 | ) | 51,881 | (524 | ) | Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash flows from financing activities: | Asset impairments | — | 8,403 | 3,254 | — | 11,657 | Cash flows from operating activities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings on lines of credit | — | — | 11,377 | — | 11,377 | Net cash provided by/(used in) financing activities | 42,976 | (38,954 | ) | 39,050 | 15,835 | — | 58,907 | Non-cash interest expense | 1,292 | 42,740 | 12,663 | — | 56,695 | Net (loss)/income | $ | (9,684 | ) | $ | (31,262 | ) | $ | 26,060 | $ | 90,314 | $ | (81,698 | ) | $ | (6,270 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payments on lines of credit | — | — | (12,326 | ) | — | (12,326 | ) | Effect of exchange rate changes on cash | — | — | — | (13,582 | ) | — | (13,582 | ) | Deferred taxes | — | (5,652 | ) | 13,681 | — | 8,029 | Adjustments to reconcile net (loss)/income to net cash (used in)/provided by operating activities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings on long-term debt | — | 80,500 | 46,534 | — | 127,034 | Other adjustments to reconcile net (loss)/income | (195 | ) | (1,455 | ) | (1,892 | ) | — | (3,542 | ) | Income from discontinued operations | — | — | (1,485 | ) | (345 | ) | — | (1,830 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payments on long-term debt | — | (43,856 | ) | (13,657 | ) | — | (57,513 | ) | Net (decrease)/increase in cash and cash equivalents | (2 | ) | (231 | ) | 1,321 | (28,938 | ) | — | (27,850 | ) | Changes in operating assets and liabilities: | Depreciation and Amortization | 1,519 | 12,134 | 9,360 | 30,848 | — | 53,861 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock option exercises and employee stock purchases | 1,335 | — | — | — | 1,335 | Cash and cash equivalents, beginning of period | 17 | 4,972 | (3,641 | ) | 108,405 | — | 109,753 | Trade accounts receivable | — | 15,735 | 24,111 | — | 39,846 | Stock based compensation | 12,831 | — | — | — | — | 12,831 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transactions with non-controlling interest owners | — | (11,000 | ) | — | — | (11,000 | ) | Inventories | — | (5,075 | ) | 7,967 | 1,613 | 4,505 | Provision for doubtful accounts | — | 2,982 | 1,378 | 10,947 | — | 15,307 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intercompany | 41,641 | (5,676 | ) | (35,965 | ) | — | — | Cash and cash equivalents, end of period | $ | 15 | $ | 4,741 | $ | (2,320 | ) | $ | 79,467 | $ | — | $ | 81,903 | Other operating assets and liabilities | 16,733 | 7,960 | (15,561 | ) | — | 9,132 | Equity in earnings | (50,399 | ) | (1,482 | ) | — | (524 | ) | 51,881 | (524 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset impairments | — | 667 | 6,918 | 4,072 | — | 11,657 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net cash provided by/(used in) financing activities | 42,976 | 19,968 | (4,037 | ) | — | 58,907 | Cash (used in)/provided by operating activities of continuing operations | (27,903 | ) | 52,137 | 175,463 | — | 199,697 | Non-Cash interest expense | 1,292 | 42,740 | — | 12,663 | — | 56,695 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effect of exchange rate changes on cash | — | — | (13,582 | ) | — | (13,582 | ) | Cash provided by operating activities of discontinued operations | — | 1,507 | 2,278 | — | 3,785 | Deferred taxes | — | (2,203 | ) | (3,449 | ) | 13,681 | — | 8,029 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other adjustments to reconcile net (loss)/income | (195 | ) | (1,225 | ) | (230 | ) | (1,892 | ) | — | (3,542 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (decrease)/increase in cash and cash equivalents | (2 | ) | 1,090 | (28,938 | ) | — | (27,850 | ) | Net cash (used in)/provided by operating activities | (27,903 | ) | 53,644 | 177,741 | — | 203,482 | Changes in operating assets and liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents, beginning of period | 17 | 1,331 | 108,405 | — | 109,753 | Cash flows from investing activities: | Trade accounts receivable | — | 10,464 | 5,271 | 24,111 | — | 39,846 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from the sale of properties and equipment | 34 | 4,519 | 109 | — | 4,662 | Inventories | — | (27,021 | ) | (6,258 | ) | 7,967 | 29,817 | 4,505 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents, end of period | $ | 15 | $ | 2,421 | $ | 79,467 | $ | — | $ | 81,903 | Capital expenditures | (4,194 | ) | (10,730 | ) | (32,873 | ) | — | (47,797 | ) | Other operating assets and liabilities | 8,350 | 7,975 | 8,368 | (15,561 | ) | — | 9,132 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in restricted cash | — | — | 52,706 | — | 52,706 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash (used in)/provided by operating activities of continuing operations | (36,286 | ) | 13,769 | 45,933 | 176,281 | — | 199,697 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net cash (used in)/provided by investing activities | (4,160 | ) | (6,211 | ) | 19,942 | — | 9,571 | Cash provided by operating activities of discontinued operations | — | — | 1,507 | 2,278 | — | 3,785 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings on lines of credit | — | — | 16,581 | — | 16,581 | Net cash (used in)/provided by operating activities | (36,286 | ) | 13,769 | 47,440 | 178,559 | — | 203,482 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payments on lines of credit | — | — | (27,021 | ) | — | (27,021 | ) | Cash flows from investing activities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings on long-term debt | — | 42,735 | 16,618 | — | 59,353 | Proceeds from the sale of properties and equipment | 34 | 4,500 | 19 | 109 | — | 4,662 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payments on long-term debt | — | (51,489 | ) | (169,077 | ) | — | (220,566 | ) | Capital expenditures | (4,194 | ) | (6,901 | ) | (3,829 | ) | (32,873 | ) | — | (47,797 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payments of debt and equity issuance costs | (7,750 | ) | — | (1,823 | ) | — | (9,573 | ) | Changes in restricted cash | — | — | — | 52,706 | — | 52,706 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from stock option exercises | 3,639 | — | — | — | 3,639 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transactions with non-controlling interests owners | — | (1,542 | ) | (3,632 | ) | — | (5,174 | ) | Net cash (used in)/provided by investing activities | (4,160 | ) | (2,401 | ) | (3,810 | ) | 19,942 | — | 9,571 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intercompany | 36,017 | 900 | (36,917 | ) | — | — | Cash flows from financing activities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings on lines of credit | — | — | — | 16,581 | — | 16,581 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net cash provided by/(used in) financing activities | 31,906 | (9,396 | ) | (205,271 | ) | — | (182,761 | ) | Payments on lines of credit | — | — | — | (27,021 | ) | — | (27,021 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effect of exchange rate changes on cash | — | — | (9,215 | ) | — | (9,215 | ) | Borrowings on long-term debt | — | 42,735 | — | 16,618 | — | 59,353 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payments on long-term debt | — | (51,489 | ) | — | (169,077 | ) | — | (220,566 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (decrease)/increase in cash and cash equivalents | (157 | ) | 38,037 | (16,803 | ) | — | 21,077 | Payments of debt and equity issuance costs | (7,750 | ) | — | — | (1,823 | ) | — | (9,573 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents, beginning of period | 321 | 1,135 | 98,060 | — | 99,516 | Proceeds from stock option exercises | 3,639 | — | — | — | — | 3,639 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transactions with non-controlling interest owners | — | (1,542 | ) | — | (3,632 | ) | — | (5,174 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents, end of period | $ | 164 | $ | 39,172 | $ | 81,257 | — | $ | 120,593 | Intercompany | 44,400 | 36,553 | (43,218 | ) | (37,735 | ) | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net cash provided by/(used in) financing activities | 40,289 | 26,257 | (43,218 | ) | (206,089 | ) | — | (182,761 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effect of exchange rate changes on cash | — | — | — | (9,215 | ) | — | (9,215 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (decrease)/increase in cash and cash equivalents | (157 | ) | 37,625 | 412 | (16,803 | ) | — | 21,077 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents, beginning of period | 321 | 1,082 | 53 | 98,060 | — | 99,516 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents, end of period | $ | 164 | $ | 38,707 | $ | 465 | $ | 81,257 | $ | — | $ | 120,593 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsequent_Events
Subsequent Events | 12 Months Ended |
Oct. 31, 2012 | |
Subsequent Events | Note 20—Subsequent Events |
On July 16, 2013, Quiksilver, Inc. and QS Wholesale, Inc. (the “Issuers”) issued (i) $280,000,000 aggregate principal amount of their 7.875% Senior Secured Notes due 2018 (the “Senior Secured Notes”) pursuant to the indenture (the “2018 Indenture”), dated as of July 16, 2013, by and among the Issuers, the subsidiary guarantors party thereto and Wells Fargo Bank, National Association, as trustee and as collateral agent, and (ii) $225,000,000 aggregate principal amount of their 10.000% Senior Notes due 2020 (the “Senior Notes”) pursuant to the indenture (the “2020 Indenture”), dated as of July 16, 2013, by and among the Issuers, the guarantors party thereto and Wells Fargo Bank, National Association, as trustee (together, the “Notes Offerings”). | |
Quiksilver, Inc. used the net proceeds from the Notes Offerings to redeem all of its outstanding 6.875% Senior Notes due April 15, 2015 (the “2015 Notes”) on August 15, 2013. On the closing date of the Notes Offerings, Quiksilver, Inc. deposited with the trustee of the 2015 Notes funds sufficient to redeem all of the 2015 Notes in order to discharge the indenture governing the 2015 Notes. Quiksilver, Inc. also used the net proceeds from the Notes Offerings to repay in full and terminate its Americas Term Loan and to pay down a portion of the outstanding amounts under its asset-based credit facility (the “ABL”). | |
The Senior Secured Notes are guaranteed on a senior secured basis and the Senior Notes are guaranteed on a senior unsecured basis by each of Quiksilver, Inc.’s U.S. subsidiaries (other than QS Wholesale, Inc.) that guarantees any of its debt or is an obligor under the ABL. | |
The Senior Secured Notes and the related guarantees are secured, subject to certain exceptions, by (1) a second-priority security interest in the current assets of the Issuers and the guarantors, together with all related general intangibles (excluding intellectual property rights) and other property related to such assets, including the proceeds thereof, which assets secure the ABL on a first-priority basis; and (2) a first-priority security interest in substantially all other property (including intellectual property rights) of the Issuers and the guarantors and a first-priority pledge of 100% of the equity interests of certain subsidiaries directly owned by the Issuers and the guarantors (but excluding equity interests of applicable foreign subsidiaries of the Issuers and the guarantors possessing more than 65% of the total combined voting power of all classes of equity interests of such applicable foreign subsidiaries entitled to vote) and the proceeds of the foregoing. The Senior Notes are not secured. | |
On or after February 1, 2016 and prior to the maturity date of August 1, 2018, the Issuers may redeem some or all of the Senior Secured Notes at any time at the redemption prices described in the 2018 Indenture, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. Before February 1, 2016, the Issuers may redeem some or all of the Senior Secured Notes at any time at a redemption price of 100% of the principal amount of the Senior Secured Notes redeemed, plus a “make-whole” premium described in the 2018 Indenture, and accrued and unpaid interest, if any, to, but excluding, the redemption date. Before February 1, 2016, the Issuers may redeem up to 35% of the aggregate principal amount of the Senior Secured Notes with the proceeds from certain equity offerings at the redemption price described in the 2018 Indenture, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. | |
On or after August 1, 2016 and prior to the maturity date of August 1, 2020, the Issuers may redeem some or all of the Senior Notes at any time at the redemption prices described in the 2020 Indenture, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. Before August 1, 2016, the Issuers may redeem some or all of the Senior Notes at any time at a redemption price of 100% of the principal amount of the Senior Notes redeemed, plus a “make-whole” premium described in the 2020 Indenture, and accrued and unpaid interest, if any, to, but excluding, the redemption date. Before August 1, 2016, the Issuers may redeem up to 35% of the aggregate principal amount of the Senior Notes with the proceeds from certain equity offerings at the redemption price described in the 2020 Indenture, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. | |
Both the 2018 Indenture and the 2020 Indenture include covenants that limit Quiksilver, Inc.’s ability to, among other things: incur additional debt; pay dividends on its capital stock or repurchase its capital stock; make certain investments; enter into certain types of transactions with affiliates; cause its restricted subsidiaries to pay dividends or make other payments to Quiksilver, Inc.; use assets as security in other transactions; and sell certain assets or merge with or into other companies. If Quiksilver, Inc. experiences a change of control (as defined in the applicable indenture), Quiksilver, Inc. will be required to offer to purchase the Senior Secured Notes and the Senior Notes at a purchase price equal to 101% of their respective principal amount, plus accrued and unpaid interest. |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Jul. 31, 2013 | |
Basis of Presentation | 1. Basis of Presentation |
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statement presentation. | |
Quiksilver, Inc. and its subsidiaries (the “Company”) has included all adjustments, consisting only of normal and recurring adjustments, necessary for a fair presentation of the results of operations for both the third quarter (three months) and nine months ended July 31, 2013 and 2012. References to any particular fiscal year refer to the year ended October 31 of that year (for example, “fiscal 2013” refers to the year ending October 31, 2013). The condensed consolidated financial statements and notes thereto should be read in conjunction with the audited financial statements and notes for the fiscal year ended October 31, 2012 included in the Company’s most recent Annual Report on Form 10-K. Interim results are not necessarily indicative of results for the full year. |
New_Accounting_Pronouncements
New Accounting Pronouncements | 9 Months Ended |
Jul. 31, 2013 | |
New Accounting Pronouncements | 2. New Accounting Pronouncements |
In February 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2013-02, “Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income.” ASU 2013-02 requires presentation, either on the face of the financial statements or in the notes, of amounts reclassified out of accumulated other comprehensive income by component and by net income line item. This new guidance is effective on a prospective basis for the Company on November 1, 2013. As this guidance only impacts the presentation and disclosure of amounts reclassified out of accumulated other comprehensive income, the adoption will not have an impact on the Company’s consolidated financial position or results of operations. | |
In September 2011, the FASB issued ASU 2011-08, “Testing Goodwill for Impairment.” ASU 2011-08 allows entities testing goodwill for impairment the option of performing a qualitative assessment to determine the likelihood of goodwill impairment and whether it is necessary to perform the two-step impairment test currently required. The updated guidance became effective for the Company on November 1, 2012. The adoption of this standard did not have a material impact on the Company’s consolidated financial position or results of operations. | |
In June 2011, the FASB issued ASU 2011-05, “Presentation of Comprehensive Income.” ASU 2011-05 requires the components of net income and other comprehensive income to be either presented in one continuous statement, referred to as the statement of comprehensive income, or in two separate, but consecutive statements. In December 2011, the FASB issued ASU 2011-12, which indefinitely defers the requirement to present on the face of the financial statements reclassification adjustments for items that are reclassified from other comprehensive income to net income in the statement(s) where the components of net income and the components of other comprehensive income are presented, while the FASB further deliberated this aspect of the proposal. While the new guidance changes the presentation of comprehensive income, there are no changes to the components that are recognized in net income or other comprehensive income under current accounting guidance. Both issuances on the presentation of comprehensive income became effective for the Company on November 1, 2012. As this guidance only amends the presentation of the components of comprehensive income, the adoption did not have an impact on the Company’s consolidated financial position or results of operations. |
Earnings_per_Share_and_StockBa
Earnings per Share and Stock-Based Compensation | 9 Months Ended | ||||||||||||||||
Jul. 31, 2013 | |||||||||||||||||
Earnings per Share and Stock-Based Compensation | 4. Earnings per Share and Stock-Based Compensation | ||||||||||||||||
The Company reports basic and diluted earnings per share (“EPS”). Basic EPS is based on the weighted average number of shares outstanding during the period, while diluted EPS additionally includes the dilutive effect of the Company’s outstanding stock options, warrants and shares of restricted stock computed using the treasury stock method. | |||||||||||||||||
The table below sets forth the reconciliation of the denominator of each net income/(loss) per share calculation: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
July 31, | July 31, | ||||||||||||||||
In thousands | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Shares used in computing basic net income/(loss) per share | 167,624 | 164,518 | 166,735 | 163,930 | |||||||||||||
Dilutive effect of stock options and restricted stock(1) | 4,200 | 1,918 | — | — | |||||||||||||
Dilutive effect of stock warrants(1) | 18,744 | 7,463 | — | — | |||||||||||||
Shares used in computing diluted net income/(loss) per share | 190,568 | 173,899 | 166,735 | 163,930 | |||||||||||||
(1) | For the three months ended July 31, 2013 and 2012, additional stock options outstanding of 5,763,000 and 11,958,000, respectively, and additional warrant shares outstanding of 6,910,000 and 18,191,000, respectively, were excluded from the calculation of diluted EPS, as their effect would have been anti-dilutive based on the application of the treasury stock method. For the nine months ended July 31, 2013 and 2012, the shares used in computing diluted net loss per share do not include 4,016,000 and 3,345,000, respectively, of dilutive stock options and shares of restricted stock, nor 17,596,000 and 11,826,000, respectively, of dilutive warrant shares as the effect is anti-dilutive given the Company’s loss. For the nine months ended July 31, 2013 and 2012, additional stock options outstanding of 6,286,000 and 10,995,000, respectively, and additional warrant shares outstanding of 8,058,000 and 13,828,000, respectively, were excluded from the calculation of diluted EPS, as their effect would have been anti-dilutive based on the application of the treasury stock method. | ||||||||||||||||
The Company accounts for stock-based compensation under the fair value recognition provisions of ASC 718 “Stock Compensation.” Stock-based compensation expense is included as selling, general and administrative expense for the period. | |||||||||||||||||
The Company has granted performance based restricted stock units and options to certain key employees and executives. The vesting of the restricted stock units is contingent upon a required service period as well as the Company’s achievement of a specified common stock price threshold. The vesting of the options is contingent upon a required service period as well as a combination of the Company’s achievement of specified annual performance targets and specified common stock price thresholds. The Company believes that the granting of these awards serves to further align the interests of its employees and executives with those of its stockholders. Based on the vesting contingencies in the awards, the Company uses a Monte-Carlo simulation in order to determine the grant date fair values of the awards. For the nine months ended July 31, 2013 and 2012, the assumptions used in the Monte-Carlo simulations for the restricted stock units granted included a risk-free interest rate of 0.4% to 0.8% (2013) and 0.7% (2012), volatility of 59% to 89% (2013) and 91% (2012), and zero dividend yield. The weighted average fair value of the restricted stock units granted for the nine months ended July 31, 2013 and 2012 was $4.19 and $2.27, respectively. There were no performance based options granted during the nine months ended July 31, 2013 or 2012. | |||||||||||||||||
Activity related to performance based options and performance based restricted stock units for the nine months ended July 31, 2013 is as follows: | |||||||||||||||||
Performance | Performance | ||||||||||||||||
Based | Based | ||||||||||||||||
Options | Restricted | ||||||||||||||||
Stock Units | |||||||||||||||||
Non-vested, October 31, 2012 | 856,000 | 7,929,375 | |||||||||||||||
Granted | — | 6,250,000 | |||||||||||||||
Vested | — | — | |||||||||||||||
Canceled | (168,000 | ) | (2,141,093 | ) | |||||||||||||
Non-vested, July 31, 2013 | 688,000 | 12,038,282 | |||||||||||||||
As of July 31, 2013, the Company had approximately $1 million and $13 million of unrecognized compensation expense, net of estimated forfeitures, related to the performance based options and the performance based restricted stock units, respectively. This unrecognized compensation expense is expected to be recognized over a weighted average period of approximately 2.3 years and 0.8 years, respectively. | |||||||||||||||||
For non-performance based options, the Company uses the Black-Scholes option-pricing model to value compensation expense. Expected forfeitures are estimated at the date of grant based on historical rates and reduce the compensation expense recognized. The expected term of options granted is derived from historical data on employee exercises. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the date of grant. Expected volatility is based on the historical volatility of the Company’s stock. For the nine months ended July 31, 2013 and 2012, options were valued assuming a risk-free interest rate of 1.6% and 1.1%, respectively, volatility of 78.1% and 76.5%, respectively, zero dividend yield, and an expected life of 7.1 years. The weighted average fair value of options granted was $4.77 and $2.58 for the nine months ended July 31, 2013 and 2012, respectively. The Company records stock-based compensation expense using the graded vested method over the vesting period, which is generally three years. As of July 31, 2013, the Company had approximately $2.7 million of unrecognized compensation expense, for non-performance based options, expected to be recognized over a weighted average period of approximately 1.9 years. | |||||||||||||||||
Changes in shares under option, excluding performance based options, for the nine months ended July 31, 2013 are as follows: | |||||||||||||||||
Dollar amounts in thousands, | Shares | Weighted | Weighted | Aggregate | |||||||||||||
except per share amounts | Average | Average | Intrinsic | ||||||||||||||
Price | Life | Value | |||||||||||||||
Outstanding, October 31, 2012 | 12,325,499 | $ | 4.49 | ||||||||||||||
Granted | 625,000 | 6.65 | |||||||||||||||
Exercised | (1,654,476 | ) | 3.02 | $ | 4,621 | ||||||||||||
Canceled | (1,517,672 | ) | 7.09 | ||||||||||||||
Outstanding, July 31, 2013 | 9,778,351 | $ | 4.47 | 5.4 | $ | 22,346 | |||||||||||
Options exercisable, July 31, 2013 | 7,034,274 | $ | 4.49 | 4.9 | $ | 16,984 | |||||||||||
Of the 2.7 million non-vested shares under option as of July 31, 2013, approximately 2.6 million are expected to vest over their respective lives. These shares have a weighted average exercise price of approximately $4.43, a weighted average life of approximately 6.9 years and an aggregate intrinsic value of approximately $5.4 million. | |||||||||||||||||
Changes in non-vested shares under option, excluding performance based options, for the nine months ended July 31, 2013 are as follows: | |||||||||||||||||
Shares | Weighted- | ||||||||||||||||
Average Grant | |||||||||||||||||
Date Fair Value | |||||||||||||||||
Non-vested, October 31, 2012 | 4,422,172 | $ | 1.92 | ||||||||||||||
Granted | 625,000 | 4.77 | |||||||||||||||
Vested | (2,069,593 | ) | 2.24 | ||||||||||||||
Canceled | (233,502 | ) | 1.95 | ||||||||||||||
Non-vested, July 31, 2013 | 2,744,077 | $ | 2.42 | ||||||||||||||
The Company also grants restricted stock and restricted stock units under its 2013 Performance Incentive Plan, which was approved by the Company’s stockholders in March 2013. Prior to March 2013, the Company issued restricted stock and restricted stock units under the Company’s 2000 Stock Incentive Plan. Stock issued under both plans generally vests in three years. In March 2010, the Company’s stockholders approved a grant of three million shares of restricted stock to a Company sponsored athlete, Kelly Slater. In accordance with the terms of the related restricted stock agreement, the final 600,000 shares vested in April 2013. | |||||||||||||||||
Changes in restricted stock for the nine months ended July 31, 2013 are as follows: | |||||||||||||||||
Shares | |||||||||||||||||
Outstanding, October 31, 2012 | 801,667 | ||||||||||||||||
Granted | 105,000 | ||||||||||||||||
Vested | (685,000 | ) | |||||||||||||||
Forfeited | (26,667 | ) | |||||||||||||||
Outstanding, July 31, 2013 | 195,000 | ||||||||||||||||
Compensation expense for restricted stock is determined using the intrinsic value method and forfeitures are estimated at the date of grant based on historical rates and reduce the compensation expense recognized. The Company monitors the probability of meeting the restricted stock performance criteria, if any, and adjusts the amortization period as appropriate. As of July 31, 2013, there had been no acceleration of amortization periods and the Company had approximately $0.5 million of unrecognized compensation expense expected to be recognized over a weighted average period of approximately 1.6 years. |
Stockholders_Equity_and_Noncon
Stockholders' Equity and Non-controlling Interest | 9 Months Ended | ||||||||||||
Jul. 31, 2013 | |||||||||||||
Stockholders' Equity and Non-controlling Interest | 11. Stockholders’ Equity and Non-controlling Interest | ||||||||||||
The following tables summarize the changes in equity attributable to Quiksilver, Inc. and the non-controlling interests of its consolidated subsidiaries: | |||||||||||||
In thousands | Attributable to | Non- | Total | ||||||||||
For the nine months ended July 31, 2013: | Quiksilver, Inc. | controlling | Stockholders’ | ||||||||||
Interest | Equity | ||||||||||||
Balance, October 31, 2012 | $ | 583,310 | $ | 18,926 | $ | 602,236 | |||||||
Stock compensation expense | 16,195 | — | 16,195 | ||||||||||
Exercise of stock options | 4,990 | — | 4,990 | ||||||||||
Employee stock purchase plan | 1,175 | — | 1,175 | ||||||||||
Transactions with non-controlling interest holders | (44 | ) | 44 | — | |||||||||
Net loss and other comprehensive (loss)/income | (72,206 | ) | 435 | (71,771 | ) | ||||||||
Balance, July 31, 2013 | $ | 533,420 | $ | 19,405 | $ | 552,825 | |||||||
For the nine months ended July 31, 2012: | Attributable to | Non- | Total | ||||||||||
Quiksilver, Inc. | controlling | Stockholders’ | |||||||||||
Interest | Equity | ||||||||||||
Balance, October 31, 2011 | $ | 610,098 | $ | 12,524 | $ | 622,622 | |||||||
Stock compensation expense | 17,272 | — | 17,272 | ||||||||||
Exercise of stock options | 224 | — | 224 | ||||||||||
Employee stock purchase plan | 1,111 | — | 1,111 | ||||||||||
Business acquisitions | (11,110 | ) | (5,034 | ) | (16,144 | ) | |||||||
Net loss and other comprehensive (loss)/income | (64,266 | ) | 2,257 | (62,009 | ) | ||||||||
Balance, July 31, 2012 | $ | 553,329 | $ | 9,747 | $ | 563,076 | |||||||
Litigation_Indemnities_and_Gua
Litigation, Indemnities and Guarantees | 9 Months Ended |
Jul. 31, 2013 | |
Litigation, Indemnities and Guarantees | 12. Litigation, Indemnities and Guarantees |
As part of its global operations, the Company may be involved in legal claims involving trademarks, intellectual property, licensing, employment matters, compliance, contracts and other matters incidental to its business. The Company believes the resolution of any such matter currently threatened or pending will not have a material effect on its financial condition, results of operations or liquidity. | |
During its normal course of business, the Company has made certain indemnities, commitments and guarantees under which it may be required to make payments in relation to certain transactions. These include (i) intellectual property indemnities to the Company’s customers and licensees in connection with the use, sale and/or license of the Company’s products, (ii) indemnities to various lessors in connection with facility leases for certain claims arising from such facilities or leases, (iii) indemnities to vendors and service providers pertaining to claims based on the negligence or willful misconduct of the Company, and (iv) indemnities involving the accuracy of representations and warranties in certain contracts. The duration of these indemnities, commitments and guarantees varies and, in certain cases, may be indefinite. The majority of these indemnities, commitments and guarantees do not provide for any limitation of the maximum potential for future payments the Company could be obligated to make. The Company has not recorded any liability for these indemnities, commitments and guarantees in the accompanying consolidated balance sheets. |
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 9 Months Ended | 12 Months Ended | |||||||||||||||
Jul. 31, 2013 | Oct. 31, 2012 | ||||||||||||||||
Company Business | Company Business | ||||||||||||||||
Quiksilver, Inc. and its subsidiaries (the “Company”) design, develop and distribute branded apparel, footwear, accessories and related products. The Company’s apparel and footwear brands represent a casual lifestyle for young-minded people that connect with its boardriding culture and heritage. The Company’s Quiksilver, Roxy, DC, Lib Tech and Hawk brands are synonymous with the heritage and culture of surfing, skateboarding and snowboarding. The Company makes snowboarding equipment under its DC, Roxy, Lib Technologies and Gnu labels. The Company’s products are sold in over 90 countries in a wide range of distribution channels, including surf shops, skate shops, snow shops, its proprietary concept stores, other specialty stores and select department stores. Distribution is primarily in the United States, Europe and Australia. | |||||||||||||||||
Principles of Consolidation | Principles of Consolidation | ||||||||||||||||
The accompanying consolidated financial statements include the accounts of Quiksilver, Inc. and subsidiaries, including QS Wholesale, Inc. and subsidiaries (“Quiksilver Americas”), Pilot, SAS and subsidiaries (“Quiksilver EMEA”) and Quiksilver Australia Pty Ltd. and subsidiaries (“Quiksilver APAC”). Intercompany accounts and transactions have been eliminated in consolidation. | |||||||||||||||||
Basis of Presentation | The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statement presentation. | Basis of Presentation | |||||||||||||||
The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America. References to any particular fiscal year refer to the year ended October 31 of that year (for example, “fiscal 2012” refers to the year ended October 31, 2012). | |||||||||||||||||
Cash Equivalents | Cash Equivalents | ||||||||||||||||
Certificates of deposit and highly liquid short-term investments purchased with original maturities of three months or less are considered cash equivalents. Carrying values approximate fair value. | |||||||||||||||||
Inventories | Inventories | ||||||||||||||||
Inventories are valued at the lower of cost (first-in, first-out and moving average, depending on entity) or market. Management regularly reviews the inventory quantities on hand and adjusts inventory values for excess and obsolete inventory based primarily on estimated forecasts of product demand and market value. | |||||||||||||||||
Fixed Assets | Fixed Assets | ||||||||||||||||
Furniture and other equipment, computer equipment, manufacturing equipment and buildings are recorded at cost and depreciated on a straight-line basis over their estimated useful lives, which generally range from two to twenty years. Leasehold improvements are recorded at cost and amortized over their estimated useful lives or related lease term, whichever is shorter. Land use rights for certain leased retail locations are amortized to estimated residual value. | |||||||||||||||||
Long-Lived Assets | Long-Lived Assets | ||||||||||||||||
The Company accounts for the impairment and disposition of long-lived assets in accordance with Accounting Standards Codification (“ASC”) 360, “Property, Plant, and Equipment.” In accordance with ASC 360, management assesses potential impairments of its long-lived assets whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. An impairment loss is recognized when the carrying value exceeds the undiscounted future cash flows estimated to result from the use and eventual disposition of the asset. The Company recorded approximately $7 million in fixed asset impairments related to its retail stores during fiscal 2012 and $12 million in each of fiscal 2011 and 2010, respectively, to write-down the carrying value to their estimated fair values. Fair value is determined using a discounted cash flow model which requires “Level 3” inputs, as defined in ASC 820, “Fair Value Measurements and Disclosures.” On an individual retail store basis, these inputs typically include annual revenue growth assumptions ranging from (15)% to 20% per year depending upon the location, life cycle and current economics of a specific store, as well as modest gross margin and expense improvement assumptions. The impairment charges reduced the carrying amounts of the respective long-lived assets as follows: | |||||||||||||||||
Year Ended October 31, | |||||||||||||||||
In thousands | 2012 | 2011 | 2010 | ||||||||||||||
Carrying value of long-lived assets | $ | 7,933 | $ | 13,592 | $ | 14,865 | |||||||||||
Less: Impairment charges | (7,234 | ) | (12,228 | ) | (11,657 | ) | |||||||||||
Fair value of long-lived assets | $ | 699 | $ | 1,364 | $ | 3,208 | |||||||||||
Goodwill and Intangible Assets | Goodwill and Intangible Assets | ||||||||||||||||
The Company accounts for goodwill and intangible assets in accordance with ASC 350, “Intangibles—Goodwill and Other.” Under ASC 350, goodwill and intangible assets with indefinite lives are not amortized but are tested for impairment annually and also in the event of an impairment indicator. The annual impairment test is a fair value test as prescribed by ASC 350 which includes assumptions such as projected annual revenue growth ranging from 0% to 8% per year, annual gross margin improvements ranging from 0 to 230 basis points per year, and SG&A expense improvements ranging from 0 to 310 basis points per year as a percentage of net revenues, and discount rates. No goodwill impairments were recorded in fiscal 2012. However, due to the natural disasters that occurred in the Company’s APAC reporting unit during the first half of fiscal 2011 and their resulting impact on the Company’s business, the Company recorded a goodwill impairment charge of approximately $74 million in fiscal 2011. | |||||||||||||||||
As of October 31, 2012, the fair value of the Americas reporting unit substantially exceeded its carrying value. The fair values of the EMEA and APAC reporting units exceeded their carrying values by 6% and 5%, respectively. Goodwill amounted to $191 million for EMEA and $6 million for APAC as of October 31, 2012. Based on the uncertainty of future revenue growth rates, gross profit and expense performance, and other assumptions used to estimate goodwill recoverability in the Company’s reporting units, future reductions in the Company’s expected cash flows for a reporting unit as a result of any variation between projected and actual results could cause a material impairment of goodwill. | |||||||||||||||||
Revenue Recognition | Revenue Recognition | ||||||||||||||||
Revenues are recognized upon the transfer of title and risk of ownership to customers. Allowances for estimated returns and doubtful accounts are provided when revenues are recorded. Returns and allowances are reported as reductions in revenues, whereas allowances for bad debts are reported as a component of selling, general and administrative expense. Royalty income is recorded as earned. The Company performs ongoing credit evaluations of its customers and generally does not require collateral. | |||||||||||||||||
Revenues in the Consolidated Statements of Operations include the following: | |||||||||||||||||
Year Ended October 31, | |||||||||||||||||
In thousands | 2012 | 2011 | 2010 | ||||||||||||||
Product sales, net | $ | 1,993,668 | $ | 1,926,941 | $ | 1,825,807 | |||||||||||
Royalty income | 19,571 | 26,120 | 11,813 | ||||||||||||||
$ | 2,013,239 | $ | 1,953,061 | $ | 1,837,620 | ||||||||||||
Promotion and Advertising | Promotion and Advertising | ||||||||||||||||
The Company’s promotion and advertising efforts include athlete sponsorships, world-class boardriding contests, websites, magazine advertisements, retail signage, television programs, co-branded products, surf camps, social media and other events. For fiscal 2012, 2011 and 2010, these expenses totaled $111 million, $124 million and $107 million, respectively. Advertising costs are expensed when incurred. | |||||||||||||||||
Income Taxes | Income Taxes | ||||||||||||||||
The Company accounts for income taxes using the asset and liability approach as promulgated by the authoritative guidance included in ASC 740, “Income Taxes.” Deferred income tax assets and liabilities are established for temporary differences between the financial reporting bases and the tax bases of the Company’s assets and liabilities at tax rates expected to be in effect when such assets or liabilities are realized or settled. Deferred income tax assets are reduced by a valuation allowance if, in the judgment of the Company’s management, it is more likely than not that such assets will not be realized. | |||||||||||||||||
ASC 740 also clarifies the accounting for uncertainty in income taxes recognized in the financial statements. This guidance provides that a tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits of the tax position. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as a component of its provision for income taxes. The application of this guidance can create significant variability in the effective tax rate from period to period based upon changes in or adjustments to the Company’s uncertain tax positions. | |||||||||||||||||
Stock-Based Compensation Expense | Stock-Based Compensation Expense | ||||||||||||||||
The Company recognizes compensation expense for all stock-based payments net of an estimated forfeiture rate and only recognizes compensation cost for those shares expected to vest using the graded vested method over the requisite service period of the award. For option valuations, the Company determines the fair value at the grant date using the Black-Scholes option-pricing model which requires the input of certain assumptions, including the expected life of the stock-based payment awards, stock price volatility and interest rates. For performance based equity awards with stock price contingencies, the Company determines the fair value using a Monte-Carlo simulation, which creates a normal distribution of future stock prices, which is then used to value the awards based on their individual terms. | |||||||||||||||||
Net Loss per Share | The Company reports basic and diluted earnings per share (“EPS”). Basic EPS is based on the weighted average number of shares outstanding during the period, while diluted EPS additionally includes the dilutive effect of the Company’s outstanding stock options, warrants and shares of restricted stock computed using the treasury stock method. | Net Loss per Share | |||||||||||||||
The Company reports basic and diluted earnings per share (“EPS”). Basic EPS is based on the weighted average number of shares outstanding during the period, while diluted EPS additionally includes the dilutive effect of the Company’s outstanding stock options, warrants and shares of restricted stock computed using the treasury stock method. | |||||||||||||||||
The table below sets forth the reconciliation of the denominator of each net loss per share calculation: | |||||||||||||||||
Fiscal year ended | |||||||||||||||||
October 31, | |||||||||||||||||
In thousands | 2012 | 2011 | 2010 | ||||||||||||||
Shares used in computing basic net loss per share | 164,245 | 162,430 | 135,334 | ||||||||||||||
Dilutive effect of stock options and restricted stock(1) | — | — | — | ||||||||||||||
Dilutive effect of stock warrants(1) | — | — | — | ||||||||||||||
Shares used in computing diluted net income per share | 164,245 | 162,430 | 135,334 | ||||||||||||||
(1) | For fiscal 2012, 2011 and 2010, the shares used in computing diluted net loss per share do not include 3,103,000,4,887,000, and 4,099,000 dilutive stock options and shares of restricted stock, respectively, nor 11,559,000, 14,732,000, and 12,521,000 dilutive warrant shares respectively, as the effect is anti-dilutive given the Company’s loss. For fiscal 2012, 2011 and 2010, additional stock options outstanding of 10,559,000, 10,862,000, and 11,474,000, respectively, and additional warrant shares outstanding of 14,095,000, 10,922,000, and 13,133,000, respectively, were excluded from the calculation of diluted EPS, as their effect would have been anti-dilutive based on the application of the treasury stock method. | ||||||||||||||||
Foreign Currency and Derivatives | Foreign Currency and Derivatives | ||||||||||||||||
The Company’s reporting currency is the U.S. dollar, while Quiksilver EMEA’s functional currency is primarily the euro, and Quiksilver APAC’s functional currencies are primarily the Australian dollar and the Japanese yen. Assets and liabilities of the Company denominated in foreign currencies are translated at the rate of exchange on the balance sheet date. Revenues and expenses are translated using the average exchange rate for the period. | |||||||||||||||||
Derivative financial instruments are recognized as either assets or liabilities on the balance sheet and are measured at fair value. The accounting for changes in the fair value of a derivative depends on the use and type of the derivative. The Company’s derivative financial instruments principally consist of foreign currency exchange rate contracts, which the Company uses to manage its exposure to the risk of changes in foreign currency exchange rates. The Company’s objectives are to reduce the volatility of earnings and cash flows associated with changes in foreign currency exchange rates. The Company does not enter into derivative financial instruments for speculative or trading purposes. | |||||||||||||||||
Comprehensive Income or Loss | Comprehensive Income or Loss | ||||||||||||||||
Comprehensive income or loss includes all changes in stockholders’ equity except those resulting from investments by, and distributions to, stockholders. Accordingly, the Company’s Consolidated Statements of Comprehensive Income/(Loss) include its net loss, the foreign currency adjustments that arise from the translation of the financial statements of Quiksilver EMEA, Quiksilver APAC and the foreign entities within the Americas segment into U.S. dollars, and fair value gains and losses on certain derivative instruments. | |||||||||||||||||
Use of Estimates | Use of 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. Such estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||||||||||
Fair Value of Financial Instruments | Fair Value of Financial Instruments | ||||||||||||||||
The carrying value of the Company’s trade accounts receivable and accounts payable approximates fair value due to their short-term nature. For fair value disclosures related to the Company’s cash and debt, see the section above entitled, “Cash Equivalents” and note 7, respectively. | |||||||||||||||||
New Accounting Pronouncements | In February 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2013-02, “Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income.” ASU 2013-02 requires presentation, either on the face of the financial statements or in the notes, of amounts reclassified out of accumulated other comprehensive income by component and by net income line item. This new guidance is effective on a prospective basis for the Company on November 1, 2013. As this guidance only impacts the presentation and disclosure of amounts reclassified out of accumulated other comprehensive income, the adoption will not have an impact on the Company’s consolidated financial position or results of operations. | New Accounting Pronouncements | |||||||||||||||
In September 2011, the FASB issued ASU 2011-08, “Testing Goodwill for Impairment.” ASU 2011-08 allows entities testing goodwill for impairment the option of performing a qualitative assessment to determine the likelihood of goodwill impairment and whether it is necessary to perform the two-step impairment test currently required. The updated guidance became effective for the Company on November 1, 2012. The adoption of this standard did not have a material impact on the Company’s consolidated financial position or results of operations. | In June 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2011-05, “Presentation of Comprehensive Income.” ASU 2011-05 requires the components of net income and other comprehensive income to be either presented in one continuous statement, referred to as the statement of comprehensive income, or in two separate, but consecutive statements. An entity is also required to present on the face of the financial statements reclassification adjustments for items that are reclassified from other comprehensive income to net income in the statement(s) where the components of net income and the components of other comprehensive income are presented. While the new guidance changes the presentation of comprehensive income, there are no changes to the components that are recognized in net income or other comprehensive income under current accounting guidance. This new guidance is effective for the Company beginning November 1, 2012 and requires retrospective application. As this guidance only amends the presentation of the components of comprehensive income, the adoption will not have an impact on the Company’s consolidated financial position or results of operations. | ||||||||||||||||
In June 2011, the FASB issued ASU 2011-05, “Presentation of Comprehensive Income.” ASU 2011-05 requires the components of net income and other comprehensive income to be either presented in one continuous statement, referred to as the statement of comprehensive income, or in two separate, but consecutive statements. In December 2011, the FASB issued ASU 2011-12, which indefinitely defers the requirement to present on the face of the financial statements reclassification adjustments for items that are reclassified from other comprehensive income to net income in the statement(s) where the components of net income and the components of other comprehensive income are presented, while the FASB further deliberated this aspect of the proposal. While the new guidance changes the presentation of comprehensive income, there are no changes to the components that are recognized in net income or other comprehensive income under current accounting guidance. Both issuances on the presentation of comprehensive income became effective for the Company on November 1, 2012. As this guidance only amends the presentation of the components of comprehensive income, the adoption did not have an impact on the Company’s consolidated financial position or results of operations. | In September 2011, the FASB issued ASU 2011-08, “Testing Goodwill for Impairment.” ASU 2011-08 allows entities testing goodwill for impairment the option of performing a qualitative assessment to determine the likelihood of goodwill impairment and whether it is necessary to perform the two-step impairment test currently required. The updated guidance is effective for the Company on November 1, 2012, however early adoption is permitted. Based on the Company’s evaluation of this ASU, the adoption of this standard is not expected to have a material impact on the Company’s consolidated financial position or results of operations. | ||||||||||||||||
Derivatives and Hedging | The Company accounts for all of its cash flow hedges under ASC 815, “Derivatives and Hedging,” which requires companies to recognize all derivative instruments as either assets or liabilities at fair value in the consolidated balance sheet. In accordance with ASC 815, the Company designates forward contracts as cash flow hedges of forecasted purchases of commodities. | The Company accounts for all of its cash flow hedges under ASC 815, “Derivatives and Hedging,” which requires companies to recognize all derivative instruments as either assets or liabilities at fair value in the consolidated balance sheet. In accordance with ASC 815, the Company designates forward contracts as cash flow hedges of forecasted purchases of commodities. | |||||||||||||||
Fair Value Measurements | ASC 820, “Fair Value Measurements and Disclosures,” defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 requires that valuation techniques maximize the use of observable inputs and minimize the use of unobservable inputs. ASC 820 also establishes a fair value hierarchy which prioritizes the valuation inputs into three broad levels. Based on the underlying inputs, each fair value measurement in its entirety is reported in one of the three levels. These levels are: | ||||||||||||||||
• | Level 1 – Valuation is based upon quoted prices for identical instruments traded in active markets. Level 1 assets and liabilities include debt and equity securities traded in an active exchange market, as well as U.S. Treasury securities. | ||||||||||||||||
• | Level 2 – Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | ||||||||||||||||
• | Level 3 – Valuation is determined using model-based techniques with significant assumptions not observable in the market. These unobservable assumptions reflect the Company’s own estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include the use of third party pricing services, option pricing models, discounted cash flow models and similar techniques. | ||||||||||||||||
The Company’s derivative assets and liabilities include foreign exchange derivatives that are measured at fair value using observable market inputs such as forward rates, interest rates, the Company’s credit risk and the Company’s counterparties’ credit risks. Based on these inputs, the Company’s derivative assets and liabilities are classified within Level 2 of the valuation hierarchy. |
Significant_Accounting_Policie2
Significant Accounting Policies (Tables) | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||
Jul. 31, 2013 | Oct. 31, 2012 | |||||||||||||||||||||||||||||
Impairment Charges Reduced Carrying Amounts Respective Long-Lived Assets | The impairment charges reduced the carrying amounts of the respective long-lived assets as follows: | |||||||||||||||||||||||||||||
Year Ended October 31, | ||||||||||||||||||||||||||||||
In thousands | 2012 | 2011 | 2010 | |||||||||||||||||||||||||||
Carrying value of long-lived assets | $ | 7,933 | $ | 13,592 | $ | 14,865 | ||||||||||||||||||||||||
Less: Impairment charges | (7,234 | ) | (12,228 | ) | (11,657 | ) | ||||||||||||||||||||||||
Fair value of long-lived assets | $ | 699 | $ | 1,364 | $ | 3,208 | ||||||||||||||||||||||||
Revenues in Consolidated Statements of Operations | Revenues in the Consolidated Statements of Operations include the following: | |||||||||||||||||||||||||||||
Year Ended October 31, | ||||||||||||||||||||||||||||||
In thousands | 2012 | 2011 | 2010 | |||||||||||||||||||||||||||
Product sales, net | $ | 1,993,668 | $ | 1,926,941 | $ | 1,825,807 | ||||||||||||||||||||||||
Royalty income | 19,571 | 26,120 | 11,813 | |||||||||||||||||||||||||||
$ | 2,013,239 | $ | 1,953,061 | $ | 1,837,620 | |||||||||||||||||||||||||
Reconciliation of Denominator of Each Net Income/(Loss) Per Share | The table below sets forth the reconciliation of the denominator of each net income/(loss) per share calculation: | The table below sets forth the reconciliation of the denominator of each net loss per share calculation: | ||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | Fiscal year ended | ||||||||||||||||||||||||||||
July 31, | July 31, | October 31, | ||||||||||||||||||||||||||||
In thousands | 2013 | 2012 | 2013 | 2012 | In thousands | 2012 | 2011 | 2010 | ||||||||||||||||||||||
Shares used in computing basic net income/(loss) per share | 167,624 | 164,518 | 166,735 | 163,930 | Shares used in computing basic net loss per share | 164,245 | 162,430 | 135,334 | ||||||||||||||||||||||
Dilutive effect of stock options and restricted stock(1) | 4,200 | 1,918 | — | — | Dilutive effect of stock options and restricted stock(1) | — | — | — | ||||||||||||||||||||||
Dilutive effect of stock warrants(1) | 18,744 | 7,463 | — | — | Dilutive effect of stock warrants(1) | — | — | — | ||||||||||||||||||||||
Shares used in computing diluted net income/(loss) per share | 190,568 | 173,899 | 166,735 | 163,930 | Shares used in computing diluted net income per share | 164,245 | 162,430 | 135,334 | ||||||||||||||||||||||
(1) | For the three months ended July 31, 2013 and 2012, additional stock options outstanding of 5,763,000 and 11,958,000, respectively, and additional warrant shares outstanding of 6,910,000 and 18,191,000, respectively, were excluded from the calculation of diluted EPS, as their effect would have been anti-dilutive based on the application of the treasury stock method. For the nine months ended July 31, 2013 and 2012, the shares used in computing diluted net loss per share do not include 4,016,000 and 3,345,000, respectively, of dilutive stock options and shares of restricted stock, nor 17,596,000 and 11,826,000, respectively, of dilutive warrant shares as the effect is anti-dilutive given the Company’s loss. For the nine months ended July 31, 2013 and 2012, additional stock options outstanding of 6,286,000 and 10,995,000, respectively, and additional warrant shares outstanding of 8,058,000 and 13,828,000, respectively, were excluded from the calculation of diluted EPS, as their effect would have been anti-dilutive based on the application of the treasury stock method. | (1) | For fiscal 2012, 2011 and 2010, the shares used in computing diluted net loss per share do not include 3,103,000,4,887,000, and 4,099,000 dilutive stock options and shares of restricted stock, respectively, nor 11,559,000, 14,732,000, and 12,521,000 dilutive warrant shares respectively, as the effect is anti-dilutive given the Company’s loss. For fiscal 2012, 2011 and 2010, additional stock options outstanding of 10,559,000, 10,862,000, and 11,474,000, respectively, and additional warrant shares outstanding of 14,095,000, 10,922,000, and 13,133,000, respectively, were excluded from the calculation of diluted EPS, as their effect would have been anti-dilutive based on the application of the treasury stock method. |
Allowance_for_Doubtful_Account1
Allowance for Doubtful Accounts (Tables) | 12 Months Ended | ||||||||||||
Oct. 31, 2012 | |||||||||||||
Allowance for Doubtful Accounts, Includes Bad Debts as Well as Returns and Allowances | The allowance for doubtful accounts, which includes bad debts as well as sales returns and allowances, consisted of the following as of the dates indicated: | ||||||||||||
Year Ended October 31, | |||||||||||||
In thousands | 2012 | 2011 | 2010 | ||||||||||
Balance, beginning of year | $ | 48,670 | $ | 48,043 | $ | 47,211 | |||||||
Provision for doubtful accounts | 4,594 | 8,732 | 15,307 | ||||||||||
Deductions | (8,117 | ) | (8,105 | ) | (14,475 | ) | |||||||
Balance, end of year | $ | 45,147 | $ | 48,670 | $ | 48,043 | |||||||
Inventories_Tables
Inventories (Tables) | 9 Months Ended | 12 Months Ended | ||||||||||||||||
Jul. 31, 2013 | Oct. 31, 2012 | |||||||||||||||||
Inventories | Inventories consist of the following as of the dates indicated: | Inventories consisted of the following as of the dates indicated: | ||||||||||||||||
In thousands | July 31, | October 31, | October 31, | |||||||||||||||
2013 | 2012 | In thousands | 2012 | 2011 | ||||||||||||||
Raw materials | $ | 6,871 | $ | 6,736 | Raw materials | $ | 6,736 | $ | 9,130 | |||||||||
Work in-process | 545 | 1,969 | Work in process | 1,969 | 2,647 | |||||||||||||
Finished goods | 391,746 | 336,041 | Finished goods | 336,041 | 335,980 | |||||||||||||
$ | 399,162 | $ | 344,746 | $ | 344,746 | $ | 347,757 | |||||||||||
Fixed_Assets_net_Tables
Fixed Assets, net (Tables) | 12 Months Ended | ||||||||
Oct. 31, 2012 | |||||||||
Summary of Fixed Assets | Fixed assets consisted of the following as of the dates indicated: | ||||||||
October 31, | |||||||||
In thousands | 2012 | 2011 | |||||||
Furniture & other equipment(1) | $ | 158,406 | $ | 160,559 | |||||
Leasehold improvements, gross(1) | 137,370 | 167,149 | |||||||
Computer software & equipment(1) | 109,138 | 107,238 | |||||||
Land use rights | 34,953 | 40,213 | |||||||
Land and buildings(1) | 9,459 | 2,492 | |||||||
Construction in progress(1) | 22,428 | 15,723 | |||||||
471,754 | 493,374 | ||||||||
Accumulated depreciation and amortization | (233,441 | ) | (255,267 | ) | |||||
$ | 238,313 | $ | 238,107 | ||||||
(1) | Certain prior year amounts have been reclassified to “Construction in progress” in order to be consistent with the current year presentation. |
Intangible_Assets_and_Goodwill1
Intangible Assets and Goodwill (Tables) | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
Jul. 31, 2013 | Oct. 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||
Intangible Assets | A summary of intangible assets is as follows as of the dates indicated: | A summary of intangible assets as of the dates indicated is as follows: | ||||||||||||||||||||||||||||||||||||||||||||||||
July 31, 2013 | October 31, 2012 | October 31, | ||||||||||||||||||||||||||||||||||||||||||||||||
In thousands | Gross | Amortization | Net | Gross | Amortization | Net | 2012 | 2011 | ||||||||||||||||||||||||||||||||||||||||||
Amount | Book | Amount | Book | In thousands | Gross | Amorti- | Net Book | Gross | Amorti- | Net Book | ||||||||||||||||||||||||||||||||||||||||
Value | Value | Amount | zation | Value | Amount | zation | Value | |||||||||||||||||||||||||||||||||||||||||||
Non-amortizable trademarks | $ | 124,068 | $ | — | $ | 124,068 | $ | 124,053 | $ | — | $ | 124,053 | Non-amortizable trademarks | $ | 124,053 | $ | — | $ | 124,053 | $ | 123,151 | $ | — | $ | 123,151 | |||||||||||||||||||||||||
Amortizable trademarks | 24,046 | (12,020 | ) | 12,026 | 23,543 | (10,866 | ) | 12,677 | Amortizable trademarks | 23,543 | (10,866 | ) | 12,677 | 20,174 | (9,782 | ) | 10,392 | |||||||||||||||||||||||||||||||||
Amortizable licenses | 12,228 | (12,228 | ) | — | 13,919 | (13,803 | ) | 116 | Amortizable licenses | 13,919 | (13,803 | ) | 116 | 14,380 | (12,822 | ) | 1,558 | |||||||||||||||||||||||||||||||||
Other amortizable intangibles | 8,133 | (5,843 | ) | 2,290 | 8,083 | (5,480 | ) | 2,603 | Other amortizable intangibles | 8,083 | (5,480 | ) | 2,603 | 9,029 | (5,987 | ) | 3,042 | |||||||||||||||||||||||||||||||||
$ | 168,475 | $ | (30,091 | ) | $ | 138,384 | $ | 169,598 | $ | (30,149 | ) | $ | 139,449 | $ | 169,598 | $ | (30,149 | ) | $ | 139,449 | $ | 166,734 | $ | (28,591 | ) | $ | 138,143 | |||||||||||||||||||||||
Goodwill Related to Operating Segments | Goodwill related to the Company’s operating segments is as follows as of the dates indicated: | |||||||||||||||||||||||||||||||||||||||||||||||||
In thousands | July 31, | October 31, | ||||||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||
EMEA | $ | 191,123 | $ | 190,986 | ||||||||||||||||||||||||||||||||||||||||||||||
Americas | 75,087 | 75,974 | ||||||||||||||||||||||||||||||||||||||||||||||||
APAC | 6,207 | 6,207 | ||||||||||||||||||||||||||||||||||||||||||||||||
$ | 272,417 | $ | 273,167 | |||||||||||||||||||||||||||||||||||||||||||||||
Debt_Tables
Debt (Tables) | 9 Months Ended | 12 Months Ended | ||||||||||||||||
Jul. 31, 2013 | Oct. 31, 2012 | |||||||||||||||||
Summary of Borrowings under Lines of Credit and Long-Term Debt | A summary of borrowings under lines of credit and long-term debt as of the dates indicated is as follows: | A summary of lines of credit and long-term debt as of the dates indicated is as follows: | ||||||||||||||||
In thousands | July 31, | October 31, | October 31, | |||||||||||||||
2013 | 2012 | In thousands | 2012 | 2011 | ||||||||||||||
Debt to be redeemed/U.S. senior notes 2015 | $ | 409,167 | $ | 400,000 | APAC Credit Facility | $ | 18,147 | $ | 18,335 | |||||||||
U.S. senior secured notes 2018 | 278,576 | — | Americas Credit Facility | 46,700 | 21,042 | |||||||||||||
U.S. senior notes 2020 | 222,200 | — | Americas Term Loan | 15,500 | 18,500 | |||||||||||||
European senior notes | 265,252 | 258,732 | EMEA lines of credit | 7,742 | 2,306 | |||||||||||||
ABL credit facility | 39,559 | — | Senior Notes | 400,000 | 400,000 | |||||||||||||
EMEA credit facilities | 35,591 | 7,742 | European Senior Notes | 258,732 | 282,925 | |||||||||||||
Americas credit facility | — | 46,700 | Capital lease obligations and other borrowings | 11,148 | 4,578 | |||||||||||||
Americas term loan | — | 15,500 | ||||||||||||||||
APAC credit facility | — | 18,147 | $ | 757,969 | $ | 747,686 | ||||||||||||
Capital lease obligations and other borrowings | 9,069 | 11,148 | ||||||||||||||||
$ | 1,259,414 | $ | 757,969 | |||||||||||||||
Summary of Principal Payments on All Long-term Debt Obligations, Including Capital Leases Due | Principal payments on all long-term debt obligations, including capital leases, are due by fiscal year according to the table below. | |||||||||||||||||
In thousands | ||||||||||||||||||
2013 | $ | 36,794 | ||||||||||||||||
2014 | 60,934 | |||||||||||||||||
2015 | 400,510 | |||||||||||||||||
2016 | 999 | |||||||||||||||||
2017 | — | |||||||||||||||||
Thereafter | 258,732 | |||||||||||||||||
$ | 757,969 | |||||||||||||||||
Estimated Fair Values of Lines of Credit and Long-term Debt | The estimated fair values of the Company’s lines of credit and long-term debt are as follows: | |||||||||||||||||
October 31, 2012 | ||||||||||||||||||
In thousands | Carrying | Fair Value | ||||||||||||||||
Amount | ||||||||||||||||||
Lines of credit | $ | 18,147 | $ | 18,147 | ||||||||||||||
Long-term debt | 739,822 | 737,525 | ||||||||||||||||
$ | 757,969 | $ | 755,672 | |||||||||||||||
Accrued_Liabilities_Tables
Accrued Liabilities (Tables) | 12 Months Ended | ||||||||
Oct. 31, 2012 | |||||||||
Schedule of Accrued Liabilites | Accrued liabilities consisted of the following as of the dates indicated: | ||||||||
October 31, | |||||||||
In thousands | 2012 | 2011 | |||||||
Accrued employee compensation and benefits | $ | 57,251 | $ | 56,236 | |||||
Accrued sales and payroll taxes | 11,988 | 14,187 | |||||||
Accrued interest | 10,264 | 10,782 | |||||||
Derivative liability | 3,860 | 12,297 | |||||||
Other liabilities | 31,528 | 39,442 | |||||||
$ | 114,891 | $ | 132,944 | ||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Oct. 31, 2012 | |||||
Schedule of Future Minimum Lease Payments | The following is a schedule of future minimum lease payments by fiscal year required under such leases as of October 31, 2012: | ||||
In thousands | |||||
2013 | $ | 101,720 | |||
2014 | 87,632 | ||||
2015 | 71,949 | ||||
2016 | 58,536 | ||||
2017 | 40,684 | ||||
Thereafter | 99,152 | ||||
$ | 459,673 | ||||
Schedule of Future Estimated Minimum Payments | The following is a schedule of future estimated minimum payments required under such endorsement agreements as of October 31, 2012: | ||||
In thousands | |||||
2013 | $ | 29,184 | |||
2014 | 20,610 | ||||
2015 | 13,409 | ||||
2016 | 8,985 | ||||
2017 | 5,679 | ||||
Thereafter | 137 | ||||
$ | 78,004 | ||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Jul. 31, 2013 | Oct. 31, 2012 | |||||||||||||||||||||||||||||||||||||||||
Schedule of Changes in Shares Under Option, Excluding Performance Based Options | Changes in shares under option, excluding performance based options, for the nine months ended July 31, 2013 are as follows: | Changes in shares under option, excluding performance based options, are summarized as follows: | ||||||||||||||||||||||||||||||||||||||||
Dollar amounts in thousands, | Shares | Weighted | Weighted | Aggregate | Year Ended October 31, | |||||||||||||||||||||||||||||||||||||
except per share amounts | Average | Average | Intrinsic | 2012 | 2011 | 2010 | ||||||||||||||||||||||||||||||||||||
Price | Life | Value | In thousands | Shares | Weighted | Shares | Weighted | Shares | Weighted | |||||||||||||||||||||||||||||||||
Outstanding, October 31, 2012 | 12,325,499 | $ | 4.49 | Average | Average | Average | ||||||||||||||||||||||||||||||||||||
Granted | 625,000 | 6.65 | Price | Price | Price | |||||||||||||||||||||||||||||||||||||
Exercised | (1,654,476 | ) | 3.02 | $ | 4,621 | Outstanding, beg. of year | 13,399,381 | $ | 4.4 | 12,731,430 | $ | 4.48 | 15,909,101 | $ | 7.32 | |||||||||||||||||||||||||||
Canceled | (1,517,672 | ) | 7.09 | Granted | 375,000 | 3.66 | 2,315,000 | 5.01 | 4,403,407 | 3.83 | ||||||||||||||||||||||||||||||||
Exercised | (506,329 | ) | 2.23 | (757,538 | ) | 3.92 | (713,062 | ) | 3.84 | |||||||||||||||||||||||||||||||||
Outstanding, July 31, 2013 | 9,778,351 | $ | 4.47 | 5.4 | $ | 22,346 | Canceled/Forfeited | (942,553 | ) | 4.08 | (889,511 | ) | 7.63 | (6,868,016 | ) | 10.69 | ||||||||||||||||||||||||||
Options exercisable, July 31, 2013 | 7,034,274 | $ | 4.49 | 4.9 | $ | 16,984 | Outstanding, end of year | 12,325,499 | 4.49 | 13,399,381 | 4.4 | 12,731,430 | 4.48 | |||||||||||||||||||||||||||||
Exercisable, end of year | 7,903,327 | 4.94 | 6,042,873 | 5.64 | 4,892,680 | 6.7 | ||||||||||||||||||||||||||||||||||||
Schedule of Outstanding Stock Options, Excluding Performance Based Options | Outstanding stock options, excluding performance based options, at October 31, 2012 consist of the following: | |||||||||||||||||||||||||||||||||||||||||
Options Outstanding | Options Exercisable | |||||||||||||||||||||||||||||||||||||||||
Range of Exercise Prices | Shares | Weighted | Weighted | Shares | Weighted | |||||||||||||||||||||||||||||||||||||
Average | Average | Average | ||||||||||||||||||||||||||||||||||||||||
Remaining | Exercise | Exercise | ||||||||||||||||||||||||||||||||||||||||
Life | Price | Price | ||||||||||||||||||||||||||||||||||||||||
(Years) | ||||||||||||||||||||||||||||||||||||||||||
$1.04 - $2.34 | 3,490,755 | 6.1 | $ | 1.97 | 2,424,005 | $ | 1.99 | |||||||||||||||||||||||||||||||||||
$2.35 - $4.60 | 2,706,750 | 7.2 | 3.07 | 1,392,489 | 3.24 | |||||||||||||||||||||||||||||||||||||
$4.61 - $6.64 | 3,684,156 | 5.6 | 5.1 | 1,642,995 | 5.11 | |||||||||||||||||||||||||||||||||||||
$6.65 - $8.70 | 1,074,338 | 0.3 | 6.83 | 1,074,338 | 6.83 | |||||||||||||||||||||||||||||||||||||
$8.71 - $10.75 | 962,000 | 2 | 8.87 | 962,000 | 8.87 | |||||||||||||||||||||||||||||||||||||
$10.76 - $16.36 | 407,500 | 1.9 | 13.43 | 407,500 | 13.43 | |||||||||||||||||||||||||||||||||||||
12,325,499 | 5.2 | 4.49 | 7,903,327 | 4.94 | ||||||||||||||||||||||||||||||||||||||
Schedule of Changes in Non-Vested Shares Under Option, Excluding Performance Based Options | Changes in non-vested shares under option, excluding performance based options, for the nine months ended July 31, 2013 are as follows: | Changes in non-vested shares under option, excluding performance based options, for the year ended October 31, 2012 are as follows: | ||||||||||||||||||||||||||||||||||||||||
Shares | Weighted- | Shares | Wtd. Avg. | |||||||||||||||||||||||||||||||||||||||
Average Grant | Grant Date | |||||||||||||||||||||||||||||||||||||||||
Date Fair Value | Fair Value | |||||||||||||||||||||||||||||||||||||||||
Non-vested, October 31, 2012 | 4,422,172 | $ | 1.92 | Non-vested, beginning of year | 7,356,508 | $ | 1.81 | |||||||||||||||||||||||||||||||||||
Granted | 625,000 | 4.77 | Granted | 375,000 | 2.58 | |||||||||||||||||||||||||||||||||||||
Vested | (2,069,593 | ) | 2.24 | Vested | (3,176,993 | ) | 1.72 | |||||||||||||||||||||||||||||||||||
Canceled | (233,502 | ) | 1.95 | Canceled | (132,343 | ) | 2.41 | |||||||||||||||||||||||||||||||||||
Non-vested, July 31, 2013 | 2,744,077 | $ | 2.42 | Non-vested, end of year | 4,422,172 | 1.92 | ||||||||||||||||||||||||||||||||||||
Schedule of Activity Related to Performance Based Options and Performance Based Restricted Stock Units | Activity related to performance based options and performance based restricted stock units for the fiscal year ended October 31, 2012 is as follows: | |||||||||||||||||||||||||||||||||||||||||
Performance | Performance | |||||||||||||||||||||||||||||||||||||||||
Options | Restricted | |||||||||||||||||||||||||||||||||||||||||
Stock Units | ||||||||||||||||||||||||||||||||||||||||||
Non-vested, October 31, 2011 | 936,000 | 7,520,000 | ||||||||||||||||||||||||||||||||||||||||
Granted | — | 1,100,000 | ||||||||||||||||||||||||||||||||||||||||
Vested | — | — | ||||||||||||||||||||||||||||||||||||||||
Canceled | (80,000 | ) | (690,625 | ) | ||||||||||||||||||||||||||||||||||||||
Non-vested, October 31, 2012 | 856,000 | 7,929,375 | ||||||||||||||||||||||||||||||||||||||||
Schedule of Changes in Restricted Stock Units | Changes in restricted stock are as follows: | |||||||||||||||||||||||||||||||||||||||||
Year Ended October 31, | ||||||||||||||||||||||||||||||||||||||||||
2012 | 2011 | 2010 | ||||||||||||||||||||||||||||||||||||||||
Outstanding, beginning of year | 1,911,669 | 2,842,004 | 1,022,003 | |||||||||||||||||||||||||||||||||||||||
Granted | 105,000 | 120,000 | 3,110,000 | |||||||||||||||||||||||||||||||||||||||
Vested | (1,155,002 | ) | (1,050,335 | ) | (1,229,998 | ) | ||||||||||||||||||||||||||||||||||||
Forfeited | (60,000 | ) | — | (60,001 | ) | |||||||||||||||||||||||||||||||||||||
Outstanding, end of year | 801,667 | 1,911,669 | 2,842,004 | |||||||||||||||||||||||||||||||||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 9 Months Ended | 12 Months Ended | ||||||||||||||||
Jul. 31, 2013 | Oct. 31, 2012 | |||||||||||||||||
Components of Accumulated Other Comprehensive Income | The components of accumulated other comprehensive income, net of tax, are as follows: | The components of accumulated other comprehensive income, net of tax, are as follows: | ||||||||||||||||
In thousands | July 31, | October 31, | October 31, | |||||||||||||||
2013 | 2012 | In thousands | 2012 | 2011 | ||||||||||||||
Foreign currency translation adjustment | $ | 73,590 | $ | 80,656 | Foreign currency translation adjustment | $ | 80,656 | $ | 124,230 | |||||||||
Gain on cash flow hedges | 2,069 | 5,756 | Gain/(loss) on cash flow hedges | 5,756 | (8,103 | ) | ||||||||||||
$ | 75,659 | $ | 86,412 | $ | 86,412 | $ | 116,127 | |||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Oct. 31, 2012 | |||||||||||||
Summary of Provision for Income Taxes from Continuing Operations | A summary of the provision for income taxes from continuing operations is as follows: | ||||||||||||
Year Ended October 31, | |||||||||||||
In thousands | 2012 | 2011 | 2010 | ||||||||||
Current: | |||||||||||||
Federal | $ | 263 | $ | 512 | $ | (1,502 | ) | ||||||
State | 408 | (132 | ) | 1,140 | |||||||||
Foreign | 14,585 | 13,248 | 18,090 | ||||||||||
15,256 | 13,628 | 17,728 | |||||||||||
Deferred: | |||||||||||||
Federal | 152 | (181 | ) | (2,872 | ) | ||||||||
State | 322 | (33 | ) | (1,087 | ) | ||||||||
Foreign | (8,173 | ) | (27,729 | ) | 9,664 | ||||||||
(7,699 | ) | (27,943 | ) | 5,705 | |||||||||
Provision (benefit) for income taxes | $ | 7,557 | $ | (14,315 | ) | $ | 23,433 | ||||||
Schedule of Effective Federal Income Tax Rates, Computed and Expected | A reconciliation of the effective income tax rate to a computed “expected” statutory federal income tax rate is as follows: | ||||||||||||
Year Ended October 31, | |||||||||||||
2012 | 2011 | 2010 | |||||||||||
Computed “expected” statutory federal income tax rate | 35 | % | 35 | % | 35 | % | |||||||
State income taxes, net of federal income tax benefit | (18.7 | ) | 0.4 | (10.0 | ) | ||||||||
Foreign tax rate differential | (72.4 | ) | (16.4 | ) | 15.7 | ||||||||
Foreign tax exempt income | 224.6 | 18.8 | (38.2 | ) | |||||||||
Goodwill impairment | — | (76.5 | ) | — | |||||||||
Stock-based compensation | (152.0 | ) | (5.7 | ) | 4.2 | ||||||||
Uncertain tax positions | 76.4 | 215.5 | (3.1 | ) | |||||||||
Valuation allowance | (513.2 | ) | (118.4 | ) | 133.1 | ||||||||
Other | 74.6 | (8.2 | ) | 16.1 | |||||||||
Effective income tax rate | (345.7 | )% | 44.5 | % | 152.8 | % | |||||||
Components of Net Deferred Income Taxes | The components of net deferred income taxes are as follows: | ||||||||||||
October 31, | |||||||||||||
In thousands | 2012 | 2011 | |||||||||||
Deferred income tax assets: | |||||||||||||
Allowance for doubtful accounts | $ | 7,532 | $ | 8,431 | |||||||||
Unrealized gains and losses | 5,541 | 12,946 | |||||||||||
Tax loss carry forwards | 342,529 | 253,611 | |||||||||||
Accruals and other | 79,037 | 70,515 | |||||||||||
434,639 | 345,503 | ||||||||||||
Deferred income tax liabilities: | |||||||||||||
Depreciation and amortization | (12,909 | ) | (7,041 | ) | |||||||||
Intangibles | (27,218 | ) | (26,310 | ) | |||||||||
(40,127 | ) | (33,351 | ) | ||||||||||
Deferred income taxes | 394,512 | 312,152 | |||||||||||
Valuation allowance | (254,491 | ) | (156,065 | ) | |||||||||
Net deferred income taxes | $ | 140,021 | $ | 156,087 | |||||||||
Summary of Unrecognized Tax Benefits (Excluding Interest and Penalties and Related Tax Carryforwards) | The following table summarizes the activity related to the Company’s unrecognized tax benefits (excluding interest and penalties and related tax carry forwards): | ||||||||||||
Year ended October 31, | |||||||||||||
In thousands | 2012 | 2011 | |||||||||||
Balance, beginning of year | $ | 10,401 | $ | 144,923 | |||||||||
Gross increases related to current year tax positions | 1,166 | 262 | |||||||||||
Settlements | — | (134,190 | ) | ||||||||||
Lapse in statute of limitation | (598 | ) | (545 | ) | |||||||||
Foreign exchange and other | (182 | ) | (49 | ) | |||||||||
Balance, end of year | $ | 10,787 | $ | 10,401 | |||||||||
Segment_and_Geographic_Informa1
Segment and Geographic Information (Tables) | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||
Jul. 31, 2013 | Oct. 31, 2012 | |||||||||||||||||||||
Percentages of Revenues Attributable to Company's Major Product Categories | The Company sells a full range of its products within each geographical segment. The percentages of net revenues attributable to each of the Company’s major product categories are as follows: | |||||||||||||||||||||
Percentage of Net Revenues | ||||||||||||||||||||||
2012 | 2011 | 2010 | ||||||||||||||||||||
Apparel | 63 | % | 61 | % | 64 | % | ||||||||||||||||
Footwear | 24 | 23 | 21 | |||||||||||||||||||
Accessories and related products | 13 | 16 | 15 | |||||||||||||||||||
100 | % | 100 | % | 100 | % | |||||||||||||||||
Information Related to Company's Operating Segments | Information related to the Company’s operating segments is as follows: | Information related to the Company’s operating segments is as follows: | ||||||||||||||||||||
Three Months Ended July 31, | Year Ended October 31, | |||||||||||||||||||||
In thousands | 2013 | 2012 | In thousands | 2012 | 2011 | 2010 | ||||||||||||||||
Revenues, net: | Revenues, net: | |||||||||||||||||||||
Americas | $ | 267,997 | $ | 286,136 | Americas | $ | 991,625 | $ | 914,406 | $ | 843,078 | |||||||||||
EMEA | 163,796 | 154,076 | EMEA | 710,852 | 761,100 | 728,952 | ||||||||||||||||
APAC | 63,356 | 71,623 | APAC | 307,141 | 272,479 | 260,578 | ||||||||||||||||
Corporate operations | 615 | 604 | Corporate operations | 3,621 | 5,076 | 5,012 | ||||||||||||||||
$ | 495,764 | $ | 512,439 | Consolidated | $ | 2,013,239 | $ | 1,953,061 | $ | 1,837,620 | ||||||||||||
Gross profit: | Gross profit/(loss): | |||||||||||||||||||||
Americas | $ | 114,327 | $ | 126,101 | Americas | $ | 429,868 | $ | 425,607 | $ | 390,249 | |||||||||||
EMEA | 97,161 | 88,136 | EMEA | 393,944 | 453,727 | 436,088 | ||||||||||||||||
APAC | 32,432 | 39,258 | APAC | 156,833 | 144,815 | 141,197 | ||||||||||||||||
Corporate operations | 855 | (7 | ) | Corporate operations | (299 | ) | (315 | ) | (286 | ) | ||||||||||||
$ | 244,775 | $ | 253,488 | Consolidated | $ | 980,346 | $ | 1,023,834 | $ | 967,248 | ||||||||||||
SG&A expense: | SG&A expense: | |||||||||||||||||||||
Americas | $ | 78,752 | $ | 92,781 | Americas | $ | 362,322 | $ | 360,921 | $ | 324,683 | |||||||||||
EMEA | 88,845 | 80,862 | EMEA | 337,535 | 340,387 | 340,138 | ||||||||||||||||
APAC | 33,881 | 37,747 | APAC | 157,247 | 147,949 | 128,207 | ||||||||||||||||
Corporate operations | 15,101 | 14,398 | Corporate operations | 59,040 | 46,692 | 39,038 | ||||||||||||||||
$ | 216,579 | $ | 225,788 | Consolidated | $ | 916,144 | $ | 895,949 | $ | 832,066 | ||||||||||||
Asset impairments: | Asset impairments: | |||||||||||||||||||||
Americas | $ | 1,086 | $ | 141 | Americas | $ | 5,267 | $ | 3,891 | $ | 8,686 | |||||||||||
EMEA | 1,066 | — | EMEA | 560 | 1,331 | 1,785 | ||||||||||||||||
APAC | — | — | APAC | 1,407 | 81,151 | 1,186 | ||||||||||||||||
Corporate operations | — | — | Corporate operations | — | — | — | ||||||||||||||||
$ | 2,152 | $ | 141 | Consolidated | $ | 7,234 | $ | 86,373 | $ | 11,657 | ||||||||||||
Operating income/(loss): | Operating income/(loss): | |||||||||||||||||||||
Americas | $ | 34,489 | $ | 33,179 | Americas | $ | 62,279 | $ | 60,795 | $ | 56,880 | |||||||||||
EMEA | 7,250 | 7,274 | EMEA | 55,849 | 112,009 | 94,165 | ||||||||||||||||
APAC | (1,449 | ) | 1,511 | APAC | (1,821 | ) | (84,285 | ) | 11,804 | |||||||||||||
Corporate operations | (14,246 | ) | (14,405 | ) | Corporate operations | (59,339 | ) | (47,007 | ) | (39,324 | ) | |||||||||||
$ | 26,044 | $ | 27,559 | Consolidated | $ | 56,968 | $ | 41,512 | $ | 123,525 | ||||||||||||
Identifiable assets: | ||||||||||||||||||||||
Americas | $ | 576,179 | $ | 577,643 | $ | 535,580 | ||||||||||||||||
Nine Months Ended July 31, | EMEA | 718,537 | 750,378 | 704,306 | ||||||||||||||||||
In thousands | 2013 | 2012 | APAC | 224,149 | 231,879 | 298,503 | ||||||||||||||||
Revenues, net: | Corporate operations | 199,375 | 204,323 | 157,732 | ||||||||||||||||||
Americas | $ | 682,984 | $ | 712,519 | ||||||||||||||||||
EMEA | 500,160 | 518,504 | Consolidated | $ | 1,718,240 | $ | 1,764,223 | $ | 1,696,121 | |||||||||||||
APAC | 200,132 | 220,242 | ||||||||||||||||||||
Corporate operations | 2,254 | 3,008 | Goodwill: | |||||||||||||||||||
Americas | $ | 75,974 | $ | 76,048 | $ | 75,051 | ||||||||||||||||
$ | 1,385,530 | $ | 1,454,273 | EMEA | 190,986 | 186,334 | 181,555 | |||||||||||||||
APAC | 6,207 | 6,207 | 75,882 | |||||||||||||||||||
Gross profit: | ||||||||||||||||||||||
Americas | $ | 287,882 | $ | 311,738 | Consolidated | $ | 273,167 | $ | 268,589 | $ | 332,488 | |||||||||||
EMEA | 284,011 | 298,905 | ||||||||||||||||||||
APAC | 103,343 | 113,361 | ||||||||||||||||||||
Corporate operations | 382 | (417 | ) | |||||||||||||||||||
$ | 675,618 | $ | 723,587 | |||||||||||||||||||
SG&A expense: | ||||||||||||||||||||||
Americas | $ | 251,825 | $ | 270,669 | ||||||||||||||||||
EMEA | 253,055 | 250,160 | ||||||||||||||||||||
APAC | 108,843 | 114,988 | ||||||||||||||||||||
Corporate operations | 46,319 | 44,396 | ||||||||||||||||||||
$ | 660,042 | $ | 680,213 | |||||||||||||||||||
Asset impairments: | ||||||||||||||||||||||
Americas | $ | 8,029 | $ | 556 | ||||||||||||||||||
EMEA | 2,623 | — | ||||||||||||||||||||
APAC | — | — | ||||||||||||||||||||
Corporate operations | — | — | ||||||||||||||||||||
$ | 10,652 | $ | 556 | |||||||||||||||||||
Operating income (loss): | ||||||||||||||||||||||
Americas | $ | 28,028 | $ | 40,513 | ||||||||||||||||||
EMEA | 28,333 | 48,745 | ||||||||||||||||||||
APAC | (5,500 | ) | (1,627 | ) | ||||||||||||||||||
Corporate operations | (45,937 | ) | (44,813 | ) | ||||||||||||||||||
$ | 4,924 | $ | 42,818 | |||||||||||||||||||
July 31, | October 31, | |||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||
Identifiable assets: | ||||||||||||||||||||||
Americas | $ | 573,680 | $ | 576,179 | ||||||||||||||||||
EMEA | 783,567 | 718,537 | ||||||||||||||||||||
APAC | 207,273 | 224,149 | ||||||||||||||||||||
Corporate operations | 628,007 | 199,375 | ||||||||||||||||||||
$ | 2,192,527 | $ | 1,718,240 | |||||||||||||||||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||
Jul. 31, 2013 | Oct. 31, 2012 | |||||||||||||||||||||||||||||||||
Gains and Losses on Derivative Instruments | For the nine months ended July 31, 2013 and 2012, the effective portions of gains and losses on derivative instruments in the condensed consolidated statements of operations and the condensed consolidated statements of comprehensive income/(loss) were as follows: | For the years ended October 31, 2012, 2011, and 2010 the effective portions of gains and losses on derivative instruments in the consolidated statements of operations and the consolidated statements of comprehensive income/(loss) were as follows: | ||||||||||||||||||||||||||||||||
Nine Months Ended | Year Ended October 31, | |||||||||||||||||||||||||||||||||
July 31, | In thousands | 2012 | 2011 | 2010 | Location | |||||||||||||||||||||||||||||
In thousands | 2013 | 2012 | Location | Gain/(loss) recognized in OCI on derivatives | $ | 17,397 | $ | (18,149 | ) | $ | 15,039 | Other comprehensive (loss)/income | ||||||||||||||||||||||
Amount | Gain/(loss) reclassified from accumulated OCI into income | $ | 929 | $ | (8,513 | ) | $ | (5,712 | ) | Cost of goods sold | ||||||||||||||||||||||||
Gain recognized in OCI on derivatives | $ | 3,517 | $ | 23,613 | Other comprehensive income | Loss reclassified from accumulated OCI into income | $ | — | $ | (1,033 | ) | $ | — | Interest expense | ||||||||||||||||||||
Gain/(loss) reclassified from accumulated OCI into income | $ | 7,355 | $ | (1,377 | ) | Cost of goods sold | (Loss)/gain reclassified from accumulated OCI into income | $ | (1,031 | ) | $ | 137 | $ | (894 | ) | Foreign currency gain | ||||||||||||||||||
Gain/(loss) reclassified from accumulated OCI into income | $ | 98 | $ | (480 | ) | Foreign currency gain | Loss recognized in income on derivatives | $ | (271 | ) | $ | — | $ | (816 | ) | Foreign currency gain | ||||||||||||||||||
Loss recognized in income on derivatives | $ | — | $ | (271 | ) | Foreign currency gain | ||||||||||||||||||||||||||||
Outstanding Derivative Contracts Entered into Hedge Forecasted Purchases and Future Cash Receipts | As of July 31, 2013, the Company had the following outstanding derivative contracts that were entered into to hedge forecasted purchases and future cash receipts: | As of October 31, 2012, the Company had the following outstanding derivative contracts that were entered into to hedge forecasted purchases and future cash receipts: | ||||||||||||||||||||||||||||||||
In thousands | Commodity | Notional | Maturity | Fair Value | In thousands | Commodity | Notional | Maturity | Fair Value | |||||||||||||||||||||||||
Amount | Amount | |||||||||||||||||||||||||||||||||
United States dollar | Inventory | $ | 262,798 | Nov 2012 – Oct 2013 | $ | 7,906 | ||||||||||||||||||||||||||||
United States dollars | Inventory | $ | 100,549 | Aug 2013 - Oct 2014 | $ | 3,181 | British pounds | Accounts receivable | 16,857 | Nov 2012 – Oct 2013 | (410 | ) | ||||||||||||||||||||||
British pounds | Accounts receivable | 4,132 | Aug 2013 - Oct 2013 | 243 | ||||||||||||||||||||||||||||||
$ | 279,655 | $ | 7,496 | |||||||||||||||||||||||||||||||
$ | 104,681 | $ | 3,424 | |||||||||||||||||||||||||||||||
Fair Values of Assets and Liabilities Measured and Recognized at Fair Value | The following tables reflect the fair values of assets and liabilities measured and recognized at fair value on a recurring basis on the accompanying condensed consolidated balance sheets: | The following tables reflect the fair values of assets and liabilities measured and recognized at fair value on a recurring basis on the accompanying consolidated balance sheet: | ||||||||||||||||||||||||||||||||
Fair Value Measurements Using | Fair Value Measurements Using | Assets (Liabilities) | ||||||||||||||||||||||||||||||||
In thousands | Level 1 | Level 2 | Level 3 | Fair Value | In thousands | Level 1 | Level 2 | Level 3 | at Fair Value | |||||||||||||||||||||||||
July 31, 2013 | October 31, 2012: | |||||||||||||||||||||||||||||||||
Derivative assets: | Derivative assets: | |||||||||||||||||||||||||||||||||
Other receivables | $ | — | $ | 3,471 | $ | — | $ | 3,471 | Other receivables | $ | — | $ | 11,356 | $ | — | $ | 11,356 | |||||||||||||||||
Other assets | — | 293 | — | 293 | Derivative liabilities: | |||||||||||||||||||||||||||||
Derivative liabilities: | Accrued liabilities | — | (3,860 | ) | — | (3,860 | ) | |||||||||||||||||||||||||||
Accrued liabilities | — | (340 | ) | — | (340 | ) | ||||||||||||||||||||||||||||
Other long-term liabilities | — | — | — | — | Total fair value | $ | — | $ | 7,496 | $ | — | $ | 7,496 | |||||||||||||||||||||
Total fair value | $ | — | $ | 3,424 | $ | — | $ | 3,424 | ||||||||||||||||||||||||||
October 31, 2011: | ||||||||||||||||||||||||||||||||||
October 31, 2012 | Derivative assets: | |||||||||||||||||||||||||||||||||
Derivative assets: | Other receivables | $ | — | $ | 1,031 | $ | — | $ | 1,031 | |||||||||||||||||||||||||
Other receivables | $ | — | $ | 11,356 | $ | — | $ | 11,356 | Other assets | — | 1,610 | — | 1,610 | |||||||||||||||||||||
Derivative liabilities: | Derivative liabilities: | |||||||||||||||||||||||||||||||||
Accrued liabilities | — | (3,860 | ) | — | (3,860 | ) | Accrued liabilities | — | (12,297 | ) | — | (12,297 | ) | |||||||||||||||||||||
Other long-term liabilities | — | (688 | ) | — | (688 | ) | ||||||||||||||||||||||||||||
Total fair value | $ | — | $ | 7,496 | $ | — | $ | 7,496 | ||||||||||||||||||||||||||
Total fair value | $ | — | $ | (10,344 | ) | $ | — | $ | (10,344 | ) | ||||||||||||||||||||||||
Quarterly_Financial_Data_Table
Quarterly Financial Data (Tables) | 12 Months Ended | ||||||||||||||||
Oct. 31, 2012 | |||||||||||||||||
Summary of Quarterly Financial Data | A summary of quarterly financial data (unaudited) is as follows: | ||||||||||||||||
Quarter Ended | |||||||||||||||||
In thousands, except per share amounts | January 31 | April 30 | July 31 | October 31 | |||||||||||||
Year ended October 31, 2012: | |||||||||||||||||
Revenues, net | $ | 449,621 | $ | 492,213 | $ | 512,439 | $ | 558,966 | |||||||||
Gross profit | 227,950 | 242,149 | 253,488 | 256,759 | |||||||||||||
Net (loss)/income attributable to Quiksilver, Inc. | (22,605 | ) | (5,120 | ) | 12,610 | 4,359 | |||||||||||
Net (loss)/income per share attributable to Quiksilver, Inc., assuming dilution | (0.14 | ) | (0.03 | ) | 0.07 | 0.02 | |||||||||||
Trade accounts receivable | 321,785 | 370,974 | 398,522 | 433,743 | |||||||||||||
Inventories | 412,291 | 358,915 | 391,052 | 344,746 | |||||||||||||
Year ended October 31, 2011: | |||||||||||||||||
Revenues, net | $ | 426,450 | $ | 478,093 | $ | 503,317 | $ | 545,201 | |||||||||
Gross profit | 223,470 | 262,169 | 255,118 | 283,077 | |||||||||||||
Net (loss)/income attributable to Quiksilver, Inc. | (16,268 | ) | (83,325 | ) | 10,437 | 67,898 | |||||||||||
Net (loss)/income per share attributable to Quiksilver, Inc., assuming dilution | (0.10 | ) | (0.51 | ) | 0.06 | 0.38 | |||||||||||
Trade accounts receivable | 287,458 | 341,781 | 385,927 | 397,089 | |||||||||||||
Inventories | 309,561 | 289,538 | 364,833 | 347,757 |
Restructuring_Charges_Tables
Restructuring Charges (Tables) | 9 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||
Jul. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2012 | |||||||||||||||||||||||||||||||||||||
Restructuring Plan 2011 [Member] | Restructuring Plan 2009 [Member] | ||||||||||||||||||||||||||||||||||||||
Activity and Liability Balances | Activity and liability balances recorded as part of the 2013 Plan and 2011 Plan were as follows: | Activity and liability balances recorded as part of the 2011 Plan are as follows: | Activity and liability balances recorded as part of the 2009 Plan are as follows: | ||||||||||||||||||||||||||||||||||||
In thousands | Workforce | Facility | Total | In thousands | Workforce | Facility | Total | In thousands | Workforce | Facility | Total | ||||||||||||||||||||||||||||
& Other | & Other | & Other | |||||||||||||||||||||||||||||||||||||
Balance, November 1, 2010 | $ | — | $ | — | $ | — | Balance November 1, 2010 | $ | — | $ | — | $ | — | Balance November 1, 2009 | $ | 9,958 | $ | 3,951 | $ | 13,909 | |||||||||||||||||||
Charged to expense | 1,389 | 6,649 | 8,038 | Charged to expense | 1,389 | 6,649 | 8,038 | Charged to expense | 8,339 | 1,676 | 10,015 | ||||||||||||||||||||||||||||
Cash payments | (313 | ) | (417 | ) | (730 | ) | Cash payments | (313 | ) | (417 | ) | (730 | ) | Cash payments | (13,020 | ) | (2,226 | ) | (15,246 | ) | |||||||||||||||||||
Adjustments to accrual | (425 | ) | — | (425 | ) | ||||||||||||||||||||||||||||||||||
Balance, October 31, 2011 | $ | 1,076 | $ | 6,232 | $ | 7,308 | Balance November 1, 2011 | $ | 1,076 | $ | 6,232 | $ | 7,308 | Foreign currency translation | 66 | — | 66 | ||||||||||||||||||||||
Charged to expense | 9,721 | 3,881 | 13,602 | ||||||||||||||||||||||||||||||||||||
Charged to expense | 9,721 | 3,881 | 13,602 | Cash payments | (5,462 | ) | (3,257 | ) | (8,719 | ) | Balance, October 31, 2010 | 4,918 | 3,401 | 8,319 | |||||||||||||||||||||||||
Cash payments | (5,462 | ) | (3,257 | ) | (8,719 | ) | Charged to expense | 816 | 232 | 1,048 | |||||||||||||||||||||||||||||
Balance, October 31, 2012 | $ | 5,335 | $ | 6,856 | $ | 12,191 | Cash payments | (5,757 | ) | (1,517 | ) | (7,274 | ) | ||||||||||||||||||||||||||
Balance, October 31, 2012 | $ | 5,335 | $ | 6,856 | $ | 12,191 | Adjustments to accrual | — | (2,118 | ) | (2,118 | ) | |||||||||||||||||||||||||||
Foreign currency translation | 23 | 2 | 25 | ||||||||||||||||||||||||||||||||||||
Charged to expense | 15,801 | 1,630 | 17,431 | ||||||||||||||||||||||||||||||||||||
Cash payments | (10,101 | ) | (4,157 | ) | (14,258 | ) | Balance, October 31, 2011 | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||
Adjustments to accrual | — | (553 | ) | (553 | ) | ||||||||||||||||||||||||||||||||||
Balance, July 31, 2013 | $ | 11,035 | $ | 3,776 | $ | 14,811 | |||||||||||||||||||||||||||||||||
Condensed_Consolidating_Financ1
Condensed Consolidating Financial Information (Tables) | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Jul. 31, 2013 | Jul. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Notes 2020 [Member] | Senior Notes 2015 [Member] | Quiksilver Inc [Member] | Quiksilver, Inc. and QS Wholesale, Inc. [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidated Statement of Operations | CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | Condensed Consolidating Statement of Operations | CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | Condensed Consolidating Statement of Operations | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Third Quarter Ended July 31, 2013 | Third Quarter Ended July 31, 2013 | Year Ended October 31, 2012 | Year Ended October 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In thousands | Quiksilver, Inc. | QS Wholesale, | Guarantor | Non-Guarantor | Eliminations | Consolidated | In thousands | Quiksilver, Inc. | Guarantor | Non- | Eliminations | Consolidated | In thousands | Quiksilver, | Guarantor | Non- | Eliminations | Consolidated | In thousands | Quiksilver, | QS Wholesale, | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inc. | Subsidiaries | Subsidiaries | Subsidiaries | Guarantor | Inc. | Subsidiaries | Guarantor | Inc. | Inc. | Subsidiaries | Guarantor | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues, net | $ | 116 | $ | 123,731 | $ | 164,367 | $ | 287,539 | $ | (79,989 | ) | $ | 495,764 | Subsidiaries | Subsidiaries | Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of goods sold | — | 73,392 | 107,406 | 129,953 | (59,762 | ) | 250,989 | Revenues, net | $ | 116 | $ | 235,831 | $ | 287,539 | $ | (27,722 | ) | $ | 495,764 | Revenues, net | $ | 469 | $ | 854,754 | $ | 1,262,757 | $ | (104,741 | ) | $ | 2,013,239 | Revenues, net | $ | 469 | $ | 453,532 | $ | 573,826 | $ | 1,262,757 | $ | (277,345 | ) | $ | 2,013,239 | |||||||||||||||||||||||||||||||||||||||||||||||
Cost of goods sold | — | 140,902 | 129,953 | (19,866 | ) | 250,989 | Cost of goods sold | — | 505,420 | 602,115 | (74,642 | ) | 1,032,893 | Cost of goods sold | — | 275,179 | 373,016 | 602,115 | (217,417 | ) | 1,032,893 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross profit | 116 | 50,339 | 56,961 | 157,586 | (20,227 | ) | 244,775 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Selling, general and administrative expense | 11,426 | 30,817 | 35,573 | 146,211 | (7,448 | ) | 216,579 | Gross profit | 116 | 94,929 | 157,586 | (7,856 | ) | 244,775 | Gross profit | 469 | 349,334 | 660,642 | (30,099 | ) | 980,346 | Gross profit | 469 | 178,353 | 200,810 | 660,642 | (59,928 | ) | 980,346 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset impairments | — | — | 925 | 1,227 | — | 2,152 | Selling, general and administrative expense | 11,426 | 66,390 | 146,211 | (7,448 | ) | 216,579 | Selling, general and administrative expense | 56,983 | 311,886 | 577,868 | (30,593 | ) | 916,144 | Selling, general and administrative expense | 56,983 | 147,684 | 164,202 | 577,868 | (30,593 | ) | 916,144 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset impairments | — | 925 | 1,227 | — | 2,152 | Asset impairments | — | 5,162 | 2,072 | — | 7,234 | Asset impairments | — | 11 | 5,151 | 2,072 | — | 7,234 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating (loss)/income | (11,310 | ) | 19,522 | 20,463 | 10,148 | (12,779 | ) | 26,044 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense, net | 12,251 | 1,420 | (28 | ) | 6,552 | — | 20,195 | Operating (loss)/income | (11,310 | ) | 27,614 | 10,148 | (408 | ) | 26,044 | Operating (loss)/income | (56,514 | ) | 32,286 | 80,702 | 494 | 56,968 | Operating (loss)/income | (56,514 | ) | 30,658 | 31,457 | 80,702 | (29,335 | ) | 56,968 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency (gain)/loss | (91 | ) | (63 | ) | (56 | ) | 4,284 | — | 4,074 | Interest expense, net | 12,251 | 1,392 | 6,552 | — | 20,195 | Interest expense | 28,987 | 5,351 | 26,485 | — | 60,823 | Interest expense, net | 28,987 | 5,352 | (1 | ) | 26,485 | — | 60,823 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity in earnings | (25,541 | ) | (331 | ) | — | — | 25,872 | — | Foreign currency (gain)/loss | (91 | ) | (119 | ) | 4,284 | — | 4,074 | Foreign currency gain | (173 | ) | (35 | ) | (1,461 | ) | — | (1,669 | ) | Foreign currency (gain)/loss | (173 | ) | (148 | ) | 113 | (1,461 | ) | — | (1,669 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity in earnings | (25,964 | ) | (330 | ) | — | 26,294 | — | Equity in earnings | (74,572 | ) | 4,674 | — | 69,898 | — | Equity in earnings | (74,572 | ) | 4,674 | — | — | 69,898 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income/(loss) before provision/(benefit) for income taxes | 2,071 | 18,496 | 20,547 | (688 | ) | (38,651 | ) | 1,775 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision/(benefit) for income taxes | — | (206 | ) | — | 157 | — | (49 | ) | Income/(loss) before provision/(benefit) for income taxes | 2,493 | 26,671 | (688 | ) | (26,702 | ) | 1,775 | (Loss)/income before provision for income taxes | (10,756 | ) | 22,296 | 55,678 | (69,404 | ) | (2,186 | ) | (Loss)/income before provision for income taxes | (10,756 | ) | 20,780 | 31,345 | 55,678 | (99,233 | ) | (2,186 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision/(benefit) for income taxes | 422 | (628 | ) | 157 | — | (49 | ) | Provision for income taxes | — | 1,144 | 6,413 | — | 7,557 | Provision for income taxes | — | 1,144 | — | 6,413 | — | 7,557 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income/(loss) | 2,071 | 18,702 | 20,547 | (845 | ) | (38,651 | ) | 1,824 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss attributable to non-controlling interest | — | — | — | 247 | — | 247 | Net income/(loss) | 2,071 | 27,299 | (845 | ) | (26,702 | ) | 1,824 | Net (loss)/income | (10,756 | ) | 21,152 | 49,265 | (69,404 | ) | (9,743 | ) | Net (loss)/income | (10,756 | ) | 19,636 | 31,345 | 49,265 | (99,233 | ) | (9,743 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss attributable to non-controlling interest | — | — | 247 | — | 247 | Less: net income attributable to non-controlling interest | — | — | (1,013 | ) | — | (1,013 | ) | Less: Net income attributable to non-controlling interest | — | — | — | (1,013 | ) | — | (1,013 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income/(loss) attributable to Quiksilver, Inc. | 2,071 | 18,702 | 20,547 | (598 | ) | (38,651 | ) | 2,071 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | (2,140 | ) | — | — | (2,140 | ) | 2,140 | (2,140 | ) | Net income/(loss) attributable to Quiksilver, Inc. | 2,071 | 27,299 | (598 | ) | (26,702 | ) | 2,071 | Net (loss)/income attributable to Quiksilver, Inc. | (10,756 | ) | 21,152 | 48,252 | (69,404 | ) | (10,756 | ) | Net (loss)/income attributable to Quiksilver, Inc | (10,756 | ) | 19,636 | 31,345 | 48,252 | (99,233 | ) | (10,756 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | (2,140 | ) | — | (2,140 | ) | 2,140 | (2,140 | ) | Other comprehensive loss | (29,715 | ) | — | — | (29,715 | ) | 29,715 | (29,715 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive (loss)/income attributable to Quiksilver, Inc. | $ | (69 | ) | $ | 18,702 | $ | 20,547 | $ | (2,738 | ) | $ | (36,511 | ) | $ | (69 | ) | Other Comprehensive Loss | -29,715 | — | -29,715 | 29,715 | -29,715 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive (loss)/income attributable to Quiksilver, Inc. | $ | (69 | ) | $ | 27,299 | $ | (2,738 | ) | $ | (24,562 | ) | $ | (69 | ) | Comprehensive (loss)/income attributable to Quiksilver, Inc. | $ | (40,471 | ) | $ | 19,636 | $ | 31,345 | $ | 18,537 | $ | (69,518 | ) | $ | (40,471 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive (loss)/income attributable to | ($40,471) | $21,152 | $18,537 | ($39,689) | ($40,471) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | Quiksilver, Inc. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Third Quarter Ended July 31, 2012 | Condensed Consolidating Statement of Operations | Condensed Consolidating Statement of Operations | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Third Quarter Ended July 31, 2012 | Year Ended October 31, 2011 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In thousands | Quiksilver, Inc. | QS Wholesale, | Guarantor | Non-Guarantor | Eliminations | Consolidated | Year Ended October 31, 2011 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inc. | Subsidiaries | Subsidiaries | In thousands | Quiksilver, Inc. | Guarantor | Non- | Eliminations | Consolidated | In thousands | Quiksilver, | QS Wholesale, | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues, net | $ | 117 | $ | 111,519 | $ | 180,380 | $ | 285,858 | $ | (65,435 | ) | $ | 512,439 | Subsidiaries | Guarantor | Inc. | Inc. | Subsidiaries | Guarantor | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of goods sold | — | 66,365 | 118,882 | 130,167 | (56,463 | ) | 258,951 | Subsidiaries | In thousands | Quiksilver, | Guarantor | Non- | Eliminations | Consolidated | Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues, net | $ | 117 | $ | 258,595 | $ | 285,858 | $ | (32,131 | ) | $ | 512,439 | Inc. | Subsidiaries | Guarantor | Revenues, net | $ | 464 | $ | 440,088 | $ | 479,559 | $ | 1,270,320 | $ | (237,370 | ) | $ | 1,953,061 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross profit | 117 | 45,154 | 61,498 | 155,691 | (8,972 | ) | 253,488 | Cost of goods sold | — | 152,405 | 130,167 | (23,621 | ) | 258,951 | Subsidiaries | Cost of goods sold | — | 268,361 | 291,972 | 554,593 | (185,699 | ) | 929,227 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Selling, general and administrative expense | 13,533 | 38,731 | 42,775 | 137,695 | (6,946 | ) | 225,788 | Revenues, net | $ | 464 | $ | 736,110 | $ | 1,270,320 | $ | (53,833 | ) | $ | 1,953,061 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset impairments | — | — | 141 | — | — | 141 | Gross profit | 117 | 106,190 | 155,691 | (8,510 | ) | 253,488 | Cost of goods sold | — | 399,493 | 554,593 | (24,859 | ) | 929,227 | Gross profit | 464 | 171,727 | 187,587 | 715,727 | (51,671 | ) | 1,023,834 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Selling, general and administrative expense | 13,533 | 81,506 | 137,695 | (6,946 | ) | 225,788 | Selling, general and administrative expense | 43,045 | 139,530 | 172,310 | 566,703 | (25,639 | ) | 895,949 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating (loss)/income | (13,416 | ) | 6,423 | 18,582 | 17,996 | (2,026 | ) | 27,559 | Asset impairments | — | 141 | — | — | 141 | Gross profit | 464 | 336,617 | 715,727 | (28,974 | ) | 1,023,834 | Asset impairments | — | 1,778 | 1,621 | 82,974 | — | 86,373 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense, net | 7,253 | 1,247 | (2 | ) | 6,336 | — | 14,834 | Selling, general and administrative expense | 43,045 | 311,840 | 566,703 | (25,639 | ) | 895,949 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency (gain)/loss | (185 | ) | (8 | ) | 30 | (2,079 | ) | — | (2,242 | ) | Operating (loss)/income | (13,416 | ) | 24,543 | 17,996 | (1,564 | ) | 27,559 | Asset impairments | — | 3,399 | 82,974 | — | 86,373 | Operating (loss)/income | (42,581 | ) | 30,419 | 13,656 | 66,050 | (26,032 | ) | 41,512 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity in earnings | (33,094 | ) | 457 | — | — | 32,637 | — | Interest expense, net | 7,253 | 1,245 | 6,336 | — | 14,834 | Interest expense, net | 28,871 | 3,795 | (10 | ) | 41,152 | — | 73,808 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency (gain)/loss | (185 | ) | 22 | (2,079 | ) | — | (2,242 | ) | Operating (loss)/income | (42,581 | ) | 21,378 | 66,050 | (3,335 | ) | 41,512 | Foreign currency loss/(gain) | 30 | (229 | ) | 189 | (101 | ) | — | (111 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income before provision for income taxes | 12,610 | 4,727 | 18,554 | 13,739 | (34,663 | ) | 14,967 | Equity in earnings | (33,094 | ) | 457 | — | 32,637 | — | Interest expense | 28,871 | 3,785 | 41,152 | — | 73,808 | Equity in earnings | (50,224 | ) | (836 | ) | — | — | 51,060 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for income taxes | — | 513 | — | 1,995 | — | 2,508 | Foreign currency loss/(gain) | 30 | (40 | ) | (101 | ) | — | (111 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income before provision for income taxes | 12,610 | 22,819 | 13,739 | (34,201 | ) | 14,967 | Equity in earnings | (50,224 | ) | (836 | ) | — | 51,060 | — | (Loss)/income before provision/(benefit) for income taxes | (21,258 | ) | 27,689 | 13,477 | 24,999 | (77,092 | ) | (32,185 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | 12,610 | 4,214 | 18,554 | 11,744 | (34,663 | ) | 12,459 | Provision for income taxes | — | 513 | 1,995 | — | 2,508 | Provision/(benefit) for income taxes | — | 165 | — | (14,480 | ) | — | (14,315 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss attributable to non-controlling interest | — | — | — | 151 | — | 151 | (Loss)/income before provision/(benefit) for income taxes | (21,258 | ) | 18,469 | 24,999 | (54,395 | ) | (32,185 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | 12,610 | 22,306 | 11,744 | (34,201 | ) | 12,459 | Provision/(benefit) for income taxes | — | 165 | (14,480 | ) | — | (14,315 | ) | Net (loss)/income | (21,258 | ) | 27,524 | 13,477 | 39,479 | (77,092 | ) | (17,870 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to Quiksilver, Inc. | 12,610 | 4,214 | 18,554 | 11,895 | (34,663 | ) | 12,610 | Net loss attributable to non-controlling interest | — | — | 151 | — | 151 | Less: Net income attributable to non-controlling interest | — | — | — | (3,388 | ) | — | (3,388 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | (28,120 | ) | — | — | (28,120 | ) | 28,120 | (28,120 | ) | Net (loss)/income | (21,258 | ) | 18,304 | 39,479 | (54,395 | ) | (17,870 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to Quiksilver, Inc. | 12,610 | 22,306 | 11,895 | (34,201 | ) | 12,610 | Less: net income attributable to non-controlling interest | — | — | (3,388 | ) | — | (3,388 | ) | Net (loss)/income attributable to Quiksilver, Inc | (21,258 | ) | 27,524 | 13,477 | 36,091 | (77,092 | ) | (21,258 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive (loss)/income attributable to Quiksilver, Inc. | $ | (15,510 | ) | $ | 4,214 | $ | 18,554 | $ | (16,225 | ) | $ | (6,543 | ) | $ | (15,510 | ) | Other comprehensive loss | (28,120 | ) | — | (28,120 | ) | 28,120 | (28,120 | ) | Net (loss)/income attributable to Quiksilver, Inc. | (21,258 | ) | 18,304 | 36,091 | (54,395 | ) | (21,258 | ) | Other comprehensive income | 2,445 | — | — | 2,445 | (2,445 | ) | 2,445 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | 2,445 | — | 2,445 | (2,445 | ) | 2,445 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive (loss)/income attributable to Quiksilver, Inc. | $ | (15,510 | ) | $ | 22,306 | $ | (16,225 | ) | $ | (6,081 | ) | $ | (15,510 | ) | Comprehensive (loss)/income attributable to Quiksilver, Inc. | $ | (18,813 | ) | $ | 27,524 | $ | 13,477 | $ | 38,536 | $ | (79,537 | ) | $ | (18,813 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | Comprehensive (loss)/income attributable to Quiksilver, Inc. | $ | (18,813 | ) | $ | 18,304 | $ | 38,536 | $ | (56,840 | ) | $ | (18,813 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended July 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Operations | Condensed Consolidating Statement of Operations | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended July 31, 2013 | CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | Year Ended October 31, 2010 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In thousands | Quiksilver, Inc. | QS Wholesale, | Guarantor | Non-Guarantor | Eliminations | Consolidated | Year Ended October 31, 2010 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inc. | Subsidiaries | Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues, net | $ | 348 | $ | 317,643 | $ | 387,084 | $ | 874,994 | $ | (194,539 | ) | $ | 1,385,530 | In thousands | Quiksilver, Inc. | Guarantor | Non- | Eliminations | Consolidated | In thousands | Quiksilver, | QS Wholesale, | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of goods sold | — | 191,351 | 267,351 | 407,709 | (156,499 | ) | 709,912 | Subsidiaries | Guarantor | In thousands | Quiksilver, | Guarantor | Non- | Eliminations | Consolidated | Inc. | Inc. | Subsidiaries | Guarantor | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsidiaries | Inc. | Subsidiaries | Guarantor | Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross profit | 348 | 126,292 | 119,733 | 467,285 | (38,040 | ) | 675,618 | Revenues, net | $ | 348 | $ | 591,842 | $ | 874,994 | $ | (81,654 | ) | $ | 1,385,530 | Subsidiaries | Revenues, net | $ | 376 | $ | 418,623 | $ | 421,759 | $ | 1,195,536 | $ | (198,674 | ) | $ | 1,837,620 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Selling, general and administrative expense | 39,154 | 102,946 | 110,631 | 429,647 | (22,336 | ) | 660,042 | Cost of goods sold | — | 362,122 | 407,709 | (59,919 | ) | 709,912 | Revenues, net | $ | 376 | $ | 683,767 | $ | 1,195,536 | $ | (42,059 | ) | $ | 1,837,620 | Cost of goods sold | — | 261,491 | 240,660 | 511,777 | (143,556 | ) | 870,372 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset impairments | — | 1,646 | 5,602 | 3,404 | — | 10,652 | Cost of goods sold | — | 373,740 | 511,777 | (15,145 | ) | 870,372 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross profit | 348 | 229,720 | 467,285 | (21,735 | ) | 675,618 | Gross profit | 376 | 157,132 | 181,099 | 683,759 | (55,118 | ) | 967,248 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating (loss)/income | (38,806 | ) | 21,700 | 3,500 | 34,234 | (15,704 | ) | 4,924 | Selling, general and administrative expense | 39,154 | 213,577 | 429,647 | (22,336 | ) | 660,042 | Gross profit | 376 | 310,027 | 683,759 | (26,914 | ) | 967,248 | Selling, general and administrative expense | 36,867 | 133,730 | 149,617 | 537,153 | (29,817 | ) | 832,066 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense, net | 26,789 | 4,329 | (83 | ) | 19,956 | — | 50,991 | Asset impairments | — | 7,248 | 3,404 | — | 10,652 | Selling, general and administrative expense | 36,867 | 283,347 | 537,153 | (25,301 | ) | 832,066 | Asset impairments | — | 667 | 6,918 | 4,072 | — | 11,657 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency loss | 35 | 23 | 221 | 4,350 | — | 4,629 | Asset impairments | — | 7,585 | 4,072 | — | 11,657 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity in earnings | (4,599 | ) | (1,018 | ) | — | — | 5,617 | — | Operating (loss)/income | (38,806 | ) | 8,895 | 34,234 | 601 | 4,924 | Operating (loss)/income | (36,491 | ) | 22,735 | 24,564 | 142,534 | (29,817 | ) | 123,525 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense, net | 26,789 | 4,246 | 19,956 | — | 50,991 | Operating (loss)/income | (36,491 | ) | 19,095 | 142,534 | (1,613 | ) | 123,525 | Interest expense, net | 28,721 | 55,070 | — | 30,318 | — | 114,109 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Loss)/income before provision/(benefit) for income taxes | (61,031 | ) | 18,366 | 3,362 | 9,928 | (21,321 | ) | (50,696 | ) | Foreign currency loss | 35 | 244 | 4,350 | — | 4,629 | Interest expense, net | 28,721 | 55,070 | 30,318 | — | 114,109 | Foreign currency gain | (285 | ) | (113 | ) | (11 | ) | (5,508 | ) | — | (5,917 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision/(benefit) for income taxes | 422 | (161 | ) | — | 10,061 | — | 10,322 | Equity in earnings | (4,599 | ) | (1,018 | ) | — | 5,617 | — | Foreign currency gain | (285 | ) | (124 | ) | (5,508 | ) | — | (5,917 | ) | Equity in earnings and other (income)/expense | (50,399 | ) | (1,482 | ) | — | — | 51,881 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity in earnings and other (income)/expense | (50,399 | ) | (1,482 | ) | — | 51,881 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (loss)/income | (61,453 | ) | 18,527 | 3,362 | (133 | ) | (21,321 | ) | (61,018 | ) | (Loss)/income before provision/(benefit) for income taxes | (61,031 | ) | 5,423 | 9,928 | (5,016 | ) | (50,696 | ) | (Loss)/income before (benefit)/provision for income taxes | (14,528 | ) | (30,740 | ) | 24,575 | 117,724 | (81,698 | ) | 15,333 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to non-controlling interest | — | — | — | (435 | ) | — | (435 | ) | Provision/(benefit) for income taxes | 422 | (161 | ) | 10,061 | — | 10,322 | (Loss)/income before (benefit)/provision for income taxes | (14,528 | ) | (34,369 | ) | 117,724 | (53,494 | ) | 15,333 | (Benefit)/provision for income taxes | (4,844 | ) | 522 | — | 27,755 | — | 23,433 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Benefit)/provision for income taxes | (4,844 | ) | 522 | 27,755 | — | 23,433 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (loss)/income attributable to Quiksilver, Inc | (61,453 | ) | 18,527 | 3,362 | (568 | ) | (21,321 | ) | (61,453 | ) | Net (loss)/income | (61,453 | ) | 5,584 | (133 | ) | (5,016 | ) | (61,018 | ) | (Loss)/income from continuing operations | (9,684 | ) | (31,262 | ) | 24,575 | 89,969 | (81,698 | ) | (8,100 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | (10,753 | ) | — | — | (10,753 | ) | 10,753 | (10,753 | ) | Net income attributable to non-controlling interest | — | — | (435 | ) | — | (435 | ) | (Loss)/income from continuing operations | (9,684 | ) | (34,891 | ) | 89,969 | (53,494 | ) | (8,100 | ) | Income from discontinued operations | — | — | 1,485 | 345 | — | 1,830 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income from discontinued operations | — | 1,485 | 345 | — | 1,830 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive (loss)/income attributable to Quiksilver, Inc. | $ | (72,206 | ) | $ | 18,527 | $ | 3,362 | $ | (11,321 | ) | $ | (10,568 | ) | $ | (72,206 | ) | Net (loss)/income attributable to Quiksilver, Inc | (61,453 | ) | 5,584 | (568 | ) | (5,016 | ) | (61,453 | ) | Net (loss)/income | (9,684 | ) | (31,262 | ) | 26,060 | 90,314 | (81,698 | ) | (6,270 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | (10,753 | ) | — | (10,753 | ) | 10,753 | (10,753 | ) | Net (loss)/income | (9,684 | ) | (33,406 | ) | 90,314 | (53,494 | ) | (6,270 | ) | Less: Net income attributable to non-controlling interest | — | — | — | (3,414 | ) | — | (3,414 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: net income attributable to non-controlling interest | — | — | (3,414 | ) | — | (3,414 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | Comprehensive (loss)/income attributable to Quiksilver, Inc. | $ | (72,206 | ) | $ | 5,584 | $ | (11,321 | ) | $ | 5,737 | $ | (72,206 | ) | Net (loss) income attributable to Quiksilver, Inc | (9,684 | ) | (31,262 | ) | 26,060 | 86,900 | (81,698 | ) | (9,684 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended July 31, 2012 | Net (loss)/income attributable to Quiksilver, Inc. | (9,684 | ) | (33,406 | ) | 86,900 | (53,494 | ) | (9,684 | ) | Other comprehensive income | 18,286 | — | — | 18,286 | (18,286 | ) | 18,286 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | 18,286 | — | 18,286 | (18,286 | ) | 18,286 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Operations | Comprehensive income/(loss) attributable to Quiksilver, Inc. | $ | 8,602 | $ | (31,262 | ) | $ | 26,060 | $ | 105,186 | $ | (99,984 | ) | $ | 8,602 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In thousands | Quiksilver, Inc. | QS Wholesale, | Guarantor | Non-Guarantor | Eliminations | Consolidated | Nine Months Ended July 31, 2012 | Comprehensive income/(loss) attributable to Quiksilver, Inc. | $ | 8,602 | $ | (33,406 | ) | $ | 105,186 | $ | (71,780 | ) | $ | 8,602 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inc. | Subsidiaries | Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues, net | $ | 353 | $ | 344,468 | $ | 406,531 | $ | 919,474 | $ | (216,553 | ) | $ | 1,454,273 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of goods sold | — | 212,651 | 269,473 | 422,012 | (173,450 | ) | 730,686 | In thousands | Quiksilver, Inc. | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsidiaries | Guarantor | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross profit | 353 | 131,817 | 137,058 | 497,462 | (43,103 | ) | 723,587 | Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Selling, general and administrative expense | 43,318 | 112,420 | 121,517 | 425,162 | (22,204 | ) | 680,213 | Revenues, net | $ | 353 | $ | 615,658 | $ | 919,474 | $ | (81,212 | ) | $ | 1,454,273 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset impairments | — | — | 556 | — | — | 556 | Cost of goods sold | — | 366,655 | 422,012 | (57,981 | ) | 730,686 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating (loss)/income | (42,965 | ) | 19,397 | 14,985 | 72,300 | (20,899 | ) | 42,818 | Gross profit | 353 | 249,003 | 497,462 | (23,231 | ) | 723,587 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense, net | 21,732 | 3,932 | (2 | ) | 19,802 | — | 45,464 | Selling, general and administrative expense | 43,318 | 233,937 | 425,162 | (22,204 | ) | 680,213 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency (gain)/loss | (298 | ) | (132 | ) | 163 | (4,434 | ) | — | (4,701 | ) | Asset impairments | — | 556 | — | — | 556 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity in earnings | (49,284 | ) | 2,190 | — | — | 47,094 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating (loss)/income | (42,965 | ) | 14,510 | 72,300 | (1,027 | ) | 42,818 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Loss)/income before provision for income taxes | (15,115 | ) | 13,407 | 14,824 | 56,932 | (67,993 | ) | 2,055 | Interest expense, net | 21,732 | 3,930 | 19,802 | 45,464 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for income taxes | — | 945 | — | 13,968 | — | 14,913 | Foreign currency (gain)/loss | (298 | ) | 31 | (4,434 | ) | (4,701 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity in earnings | (49,284 | ) | 2,190 | — | 47,094 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (loss)/income | (15,115 | ) | 12,462 | 14,824 | 42,964 | (67,993 | ) | (12,858 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: Net income attributable to non-controlling interest | — | — | — | (2,257 | ) | — | (2,257 | ) | (Loss)/income before provision for income taxes | (15,115 | ) | 8,359 | 56,932 | (48,121 | ) | 2,055 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for income taxes | — | 945 | 13,968 | — | 14,913 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (loss)/income attributable to Quiksilver, Inc | (15,115 | ) | 12,462 | 14,824 | 40,707 | (67,993 | ) | (15,115 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | (49,151 | ) | — | — | (49,151 | ) | 49,151 | (49,151 | ) | Net (loss)/income | (15,115 | ) | 7,414 | 42,964 | (48,121 | ) | (12,858 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: Net income attributable to non-controlling interest | — | — | (2,257 | ) | — | (2,257 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive (loss)/income attributable to Quiksilver, Inc. | $ | (64,266 | ) | $ | 12,462 | $ | 14,824 | $ | (8,444 | ) | $ | (18,842 | ) | $ | (64,266 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (loss)/income attributable to Quiksilver, Inc | (15,115 | ) | 7,414 | 40,707 | (48,121 | ) | (15,115 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | (49,151 | ) | — | (49,151 | ) | 49,151 | (49,151 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive (loss)/income attributable to Quiksilver, Inc. | $ | (64,266 | ) | $ | 7,414 | $ | (8,444 | ) | $ | 1,030 | $ | (64,266 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | CONDENSED CONSOLIDATING BALANCE SHEET | Condensed Consolidating Balance Sheet | CONDENSED CONSOLIDATING BALANCE SHEET | Condensed Consolidating Balance Sheet | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
July 31, 2013 | July 31, 2013 | At October 31, 2012 | October 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In thousands | Quiksilver, Inc. | QS Wholesale, | Guarantor | Non-Guarantor | Eliminations | Consolidated | In thousands | Quiksilver, Inc. | Guarantor | Non- | Eliminations | Consolidated | In thousands | Quiksilver, | Guarantor | Non- | Eliminations | Consolidated | In thousands | Quiksilver, | QS Wholesale, | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inc. | Subsidiaries | Subsidiaries | Subsidiaries | Guarantor | Inc. | Subsidiaries | Guarantor | Inc. | Inc. | Subsidiaries | Guarantor | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ASSETS | Subsidiaries | Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current assets: | ASSETS | ASSETS | ASSETS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 1 | $ | 2,041 | $ | (1,761 | ) | $ | 62,102 | $ | — | $ | 62,383 | Current assets: | Current assets: | Current assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted cash | 409,167 | — | — | — | — | 409,167 | Cash and cash equivalents | $ | 1 | $ | 280 | $ | 62,102 | $ | — | $ | 62,383 | Cash and cash equivalents | $ | 324 | $ | 135 | $ | 41,364 | $ | — | $ | 41,823 | Cash and cash equivalents | $ | 324 | $ | 1,966 | $ | (1,831 | ) | $ | 41,364 | $ | — | $ | 41,823 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Trade accounts receivable, net | — | 84,780 | 82,734 | 250,675 | — | 418,189 | Restricted cash | 409,167 | — | — | — | 409,167 | Trade accounts receivable, net | — | 181,945 | 251,798 | — | 433,743 | Trade accounts receivable, net | — | 80,522 | 101,423 | 251,798 | — | 433,743 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other receivables | 19 | 2,252 | 3,345 | 19,364 | — | 24,980 | Trade accounts receivable, net | — | 167,514 | 250,675 | — | 418,189 | Other receivables | 20 | 6,158 | 26,640 | — | 32,818 | Other receivables | 20 | 2,767 | 3,391 | 26,640 | — | 32,818 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income taxes receivable | 422 | 255 | — | 2,102 | — | 2,779 | Other receivables | 19 | 5,597 | 19,364 | — | 24,980 | Inventories | — | 107,722 | 237,465 | (441 | ) | 344,746 | Income taxes receivable | — | 117 | — | — | (117 | ) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | — | 39,453 | 104,942 | 277,868 | (23,101 | ) | 399,162 | Income taxes receivable | 422 | 255 | 2,102 | — | 2,779 | Deferred income taxes | — | 5,209 | 21,159 | — | 26,368 | Inventories | — | 32,156 | 97,522 | 237,465 | (22,397 | ) | 344,746 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred income taxes | — | 26,617 | — | 22,877 | (21,408 | ) | 28,086 | Inventories | — | 120,697 | 277,868 | 597 | 399,162 | Prepaid expenses and other current assets | 2,277 | 9,548 | 14,546 | — | 26,371 | Deferred income taxes | — | 26,617 | — | 21,159 | (21,408 | ) | 26,368 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prepaid expenses and other current assets | 2,961 | 3,822 | 4,672 | 24,364 | — | 35,819 | Deferred income taxes | — | 26,111 | 22,877 | (20,902 | ) | 28,086 | Prepaid expenses and other current assets | 2,277 | 4,463 | 5,085 | 14,546 | — | 26,371 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intercompany balances | — | 174,387 | — | — | (174,387 | ) | — | Prepaid expenses and other current assets | 2,961 | 8,494 | 24,364 | — | 35,819 | Total current assets | 2,621 | 310,717 | 592,972 | (441 | ) | 905,869 | Intercompany balances | 218,896 | — | — | (218,896 | ) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intercompany balances | — | 115,906 | — | (115,906 | ) | — | Fixed assets, net | 18,802 | 64,496 | 155,015 | — | 238,313 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total current assets | 412,570 | 333,607 | 193,932 | 659,352 | (218,896 | ) | 1,380,565 | Intangible assets, net | 3,228 | 47,746 | 88,475 | — | 139,449 | Total current assets | 2,621 | 367,504 | 205,590 | 592,972 | (262,818 | ) | 905,869 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed assets, net | 20,261 | 33,315 | 23,344 | 151,077 | — | 227,997 | Total current assets | 412,570 | 444,854 | 659,352 | (136,211 | ) | 1,380,565 | Goodwill | — | 112,216 | 160,951 | — | 273,167 | Fixed assets, net | 18,802 | 39,175 | 25,321 | 155,015 | — | 238,313 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible assets, net | 3,816 | 44,829 | 2,094 | 87,645 | — | 138,384 | Fixed assets, net | 20,261 | 56,659 | 151,077 | — | 227,997 | Other assets | 2,753 | 2,677 | 42,359 | — | 47,789 | Intangible assets, net | 3,228 | 45,547 | 2,199 | 88,475 | — | 139,449 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill | — | 103,880 | 7,675 | 160,862 | — | 272,417 | Intangible assets, net | 3,816 | 46,923 | 87,645 | — | 138,384 | Deferred income taxes long-term | — | (23,550 | ) | 137,203 | — | 113,653 | Goodwill | — | 103,880 | 8,336 | 160,951 | — | 273,167 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets | 8,373 | 5,873 | 1,086 | 39,229 | — | 54,561 | Goodwill | — | 111,555 | 160,862 | — | 272,417 | Investment in subsidiaries | 1,087,924 | 5,028 | — | (1,092,952 | ) | — | Other assets | 2,753 | 2,083 | 594 | 42,359 | — | 47,789 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred income taxes long-term | 20,387 | — | 143,452 | (45,236 | ) | 118,603 | Other assets | 8,373 | 6,959 | 39,229 | — | 54,561 | Deferred income taxes long-term | 20,387 | — | — | 138,502 | (45,236 | ) | 113,653 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment in subsidiaries | 1,092,524 | 12,815 | — | — | (1,105,339 | ) | — | Deferred income taxes long-term | 20,387 | — | 143,452 | (45,236 | ) | 118,603 | Total assets | $ | 1,115,328 | $ | 519,330 | $ | 1,176,975 | $ | (1,093,393 | ) | $ | 1,718,240 | Investment in subsidiaries | 1,087,924 | 12,180 | — | — | (1,100,104 | ) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment in subsidiaries | 1,092,524 | 6,863 | — | (1,099,387 | ) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 1,557,931 | $ | 534,319 | $ | 228,131 | $ | 1,241,617 | $ | (1,369,471 | ) | $ | 2,192,527 | LIABILITIES AND EQUITY | Total assets | $ | 1,135,715 | $ | 570,369 | $ | 242,040 | $ | 1,178,274 | $ | (1,408,158 | ) | $ | 1,718,240 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 1,557,931 | $ | 673,813 | $ | 1,241,617 | $ | (1,280,834 | ) | $ | 2,192,527 | Current liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LIABILITIES AND EQUITY | Lines of credit | $ | — | $ | — | $ | 18,147 | $ | — | $ | 18,147 | LIABILITIES AND EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current liabilities: | LIABILITIES AND EQUITY | Accounts payable | 6,995 | 95,355 | 101,222 | — | 203,572 | Current liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts payable | $ | 3,374 | $ | 42,374 | $ | 51,524 | $ | 141,039 | $ | — | $ | 238,311 | Current liabilities: | Accrued liabilities | 6,189 | 28,343 | 80,359 | — | 114,891 | Lines of credit | — | $ | — | $ | — | $ | 18,147 | $ | — | $ | 18,147 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued liabilities | 6,320 | 12,947 | 9,753 | 77,981 | — | 107,001 | Accounts payable | $ | 3,374 | $ | 93,898 | $ | 141,039 | $ | — | $ | 238,311 | Current portion of long-term debt | — | 8,594 | 10,053 | — | 18,647 | Accounts payable | 6,995 | 39,542 | 55,813 | 101,222 | — | 203,572 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current portion of long-term debt | — | 6,094 | — | 37,059 | — | 43,153 | Accrued liabilities | 6,320 | 22,700 | 77,981 | — | 107,001 | Income taxes payable | — | (117 | ) | 1,476 | — | 1,359 | Accrued liabilities | 6,189 | 15,699 | 12,644 | 80,359 | — | 114,891 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt to be redeemed | 409,167 | — | — | — | — | 409,167 | Current portion of long-term debt | — | 6,094 | 37,059 | — | 43,153 | Intercompany balances | 118,834 | (95,809 | ) | (23,025 | ) | — | — | Current portion of long-term debt | — | 8,594 | — | 10,053 | — | 18,647 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred income taxes | 20,902 | — | 506 | — | (21,408 | ) | — | Debt to be redeemed | 409,167 | — | — | — | 409,167 | Income taxes payable | — | — | 1,476 | (117 | ) | 1,359 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intercompany balances | 83,972 | — | 58,481 | 31,934 | (174,387 | ) | — | Deferred income taxes | 20,902 | — | — | (20,902 | ) | — | Total current liabilities | 132,018 | 36,366 | 188,232 | — | 356,616 | Deferred income taxes | 20,902 | — | 506 | — | (21,408 | ) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intercompany balances | 83,972 | — | 31,934 | (115,906 | ) | — | Long-term debt, net of current portion | 400,000 | 60,700 | 260,475 | — | 721,175 | Intercompany balances | 118,319 | — | 68,707 | 31,870 | (218,896 | ) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total current liabilities | 523,735 | 61,415 | 120,264 | 288,013 | (195,795 | ) | 797,632 | Other long-term liabilities | — | 25,241 | 12,972 | — | 38,213 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt | 500,776 | 9,000 | — | 297,318 | — | 807,094 | Total current liabilities | 523,735 | 122,692 | 288,013 | (136,808 | ) | 797,632 | Total current liabilities | 152,405 | 63,835 | 137,670 | 243,127 | (240,421 | ) | 356,616 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred income taxes long-term | — | 42,951 | 2,285 | — | (45,236 | ) | — | Long-term debt | 500,776 | 9,000 | 297,318 | — | 807,094 | Total liabilities | 532,018 | 122,307 | 461,679 | — | 1,116,004 | Long-term debt | 400,000 | 60,700 | — | 260,475 | — | 721,175 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other long-term liabilities | — | 4,954 | 9,183 | 20,839 | — | 34,976 | Deferred income taxes long-term | — | 45,236 | (45,236 | ) | — | Stockholders’/invested equity | 583,310 | 397,023 | 696,370 | (1,093,393 | ) | 583,310 | Deferred income taxes long-term | — | 42,951 | 2,285 | — | (45,236 | ) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other long-term liabilities | — | 14,137 | 20,839 | — | 34,976 | Non-controlling interest | — | — | 18,926 | — | 18,926 | Other long-term liabilities | — | 5,413 | 9,048 | 23,752 | — | 38,213 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | 1,024,511 | 118,320 | 131,732 | 606,170 | (241,031 | ) | 1,639,702 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders’/invested equity: | 533,420 | 415,999 | 96,399 | 616,042 | (1,128,440 | ) | 533,420 | Total liabilities | 1,024,511 | 191,065 | 606,170 | (182,044 | ) | 1,639,702 | Total liabilities and equity | $ | 1,115,328 | $ | 519,330 | $ | 1,176,975 | $ | (1,093,393 | ) | $ | 1,718,240 | Total liabilities | 552,405 | 172,899 | 149,003 | 527,354 | (285,657 | ) | 1,116,004 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-controlling interest | — | — | — | 19,405 | — | 19,405 | Stockholders’/invested equity: | 533,420 | 482,748 | 616,042 | (1,098,790 | ) | 533,420 | Stockholders’/invested equity: | 583,310 | 397,470 | 93,037 | 631,994 | (1,122,501 | ) | 583,310 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-controlling interest | — | — | 19,405 | — | 19,405 | Non-controlling interest | — | — | — | 18,926 | — | 18,926 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 1,557,931 | $ | 534,319 | $ | 228,131 | $ | 1,241,617 | $ | (1,369,471 | ) | $ | 2,192,527 | CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 1,557,931 | $ | 673,813 | $ | 1,241,617 | $ | (1,280,834 | ) | $ | 2,192,527 | At October 31, 2011 | Total liabilities and equity | $ | 1,135,715 | $ | 570,369 | $ | 242,040 | $ | 1,178,274 | $ | (1,408,158 | ) | $ | 1,718,240 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
October 31, 2012 | Condensed Consolidating Balance Sheet | In thousands | Quiksilver, | Guarantor | Non- | Eliminations | Consolidated | Condensed Consolidating Balance Sheet | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
October 31, 2012 | Inc. | Subsidiaries | Guarantor | October 31, 2011 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In thousands | Quiksilver, Inc. | QS Wholesale, | Guarantor | Non-Guarantor | Eliminations | Consolidated | ASSETS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inc. | Subsidiaries | Subsidiaries | In thousands | Quiksilver, Inc. | Guarantor | Non- | Eliminations | Consolidated | Current assets: | In thousands | Quiksilver, | QS Wholesale, | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ASSETS | Subsidiaries | Guarantor | Cash and cash equivalents | $ | 17 | $ | 1,331 | $ | 108,405 | $ | — | $ | 109,753 | Inc. | Inc. | Subsidiaries | Guarantor | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current assets: | Subsidiaries | Trade accounts receivable, net | — | 150,782 | 246,307 | — | 397,089 | Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 324 | $ | 1,966 | $ | (1,831 | ) | $ | 41,364 | $ | — | $ | 41,823 | ASSETS | Other receivables | 122 | 5,918 | 17,150 | — | 23,190 | ASSETS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade accounts receivable, net | — | 80,522 | 101,423 | 251,798 | — | 433,743 | Current assets: | Income taxes receivable | — | 21,338 | (17,073 | ) | — | 4,265 | Current assets: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other receivables | 20 | 2,767 | 3,391 | 26,640 | — | 32,818 | Cash and cash equivalents | $ | 324 | $ | 135 | $ | 41,364 | $ | — | $ | 41,823 | Inventories | — | 115,456 | 234,266 | (1,965 | ) | 347,757 | Cash and cash equivalents | $ | 17 | $ | 4,972 | $ | (3,641 | ) | $ | 108,405 | $ | — | $ | 109,753 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income taxes receivable | — | 117 | — | — | (117 | ) | — | Trade accounts receivable, net | — | 181,945 | 251,798 | — | 433,743 | Deferred income taxes | — | (1,182 | ) | 33,990 | — | 32,808 | Trade accounts receivable, net | — | 72,533 | 78,249 | 246,307 | — | 397,089 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | — | 32,156 | 97,522 | 237,465 | (22,397 | ) | 344,746 | Other receivables | 20 | 6,158 | 26,640 | — | 32,818 | Prepaid expenses and other current assets | 2,378 | 8,525 | 14,526 | — | 25,429 | Other receivables | 122 | 3,024 | 2,894 | 17,150 | — | 23,190 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred income taxes | — | 26,617 | — | 21,159 | (21,408 | ) | 26,368 | Income taxes receivable | — | 117 | — | (117 | ) | — | Income taxes receivable | — | 390 | — | 3,875 | — | 4,265 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prepaid expenses and other current assets | 2,277 | 4,463 | 5,085 | 14,546 | — | 26,371 | Inventories | — | 107,722 | 237,465 | (441 | ) | 344,746 | Total current assets | 2,517 | 302,168 | 637,571 | (1,965 | ) | 940,291 | Inventories | — | 57,862 | 74,754 | 234,266 | (19,125 | ) | 347,757 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intercompany balances | — | 218,896 | — | — | (218,896 | ) | — | Deferred income taxes | — | 5,209 | 21,159 | — | 26,368 | Fixed assets, net | 17,602 | 64,943 | 155,562 | — | 238,107 | Deferred income taxes | — | 15,111 | — | 33,990 | (16,293 | ) | 32,808 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prepaid expenses and other current assets | 2,277 | 9,548 | 14,546 | — | 26,371 | Intangible assets, net | 3,007 | 48,743 | 86,393 | — | 138,143 | Prepaid expenses and other current assets | 2,378 | 3,507 | 5,018 | 14,526 | — | 25,429 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total current assets | 2,621 | 367,504 | 205,590 | 592,972 | (262,818 | ) | 905,869 | Intercompany balances | — | 95,809 | 23,025 | (118,834 | ) | — | Goodwill | — | 112,216 | 156,373 | — | 268,589 | Intercompany balances | — | 166,707 | — | — | (166,707 | ) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed assets, net | 18,802 | 39,175 | 25,321 | 155,015 | — | 238,313 | Other assets | 4,457 | 3,936 | 47,421 | — | 55,814 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible assets, net | 3,228 | 45,547 | 2,199 | 88,475 | — | 139,449 | Total current assets | 2,621 | 406,643 | 615,997 | (119,392 | ) | 905,869 | Deferred income taxes long-term | — | (16,682 | ) | 139,961 | — | 123,279 | Total current assets | 2,517 | 324,106 | 157,274 | 658,519 | (202,125 | ) | 940,291 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill | — | 103,880 | 8,336 | 160,951 | — | 273,167 | Fixed assets, net | 18,802 | 64,496 | 155,015 | — | 238,313 | Investment in subsidiaries | 1,084,745 | 8,929 | — | (1,093,674 | ) | — | Fixed assets, net | 17,602 | 36,493 | 28,450 | 155,562 | — | 238,107 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets | 2,753 | 2,083 | 594 | 42,359 | — | 47,789 | Intangible assets, net | 3,228 | 47,746 | 88,475 | — | 139,449 | Intangible assets, net | 3,007 | 46,510 | 2,233 | 86,393 | — | 138,143 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred income taxes long-term | 20,387 | — | — | 138,502 | (45,236 | ) | 113,653 | Goodwill | — | 112,216 | 160,951 | — | 273,167 | Total assets | $ | 1,112,328 | $ | 524,253 | $ | 1,223,281 | $ | (1,095,639 | ) | $ | 1,764,223 | Goodwill | — | 103,880 | 8,336 | 156,373 | — | 268,589 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment in subsidiaries | 1,087,924 | 12,180 | — | — | (1,100,104 | ) | — | Other assets | 2,753 | 2,677 | 42,359 | — | 47,789 | Other assets | 4,457 | 3,377 | 559 | 47,421 | — | 55,814 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred income taxes long-term | — | — | 137,203 | (23,550 | ) | 113,653 | LIABILITIES AND EQUITY | Deferred income taxes long-term | 11,531 | — | 1,577 | 141,554 | (31,383 | ) | 123,279 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 1,135,715 | $ | 570,369 | $ | 242,040 | $ | 1,178,274 | $ | (1,408,158 | ) | $ | 1,718,240 | Investment in subsidiaries | 1,087,924 | 5,028 | — | (1,092,952 | ) | — | Current liabilities: | Investment in subsidiaries | 1,084,745 | 16,082 | — | — | (1,100,827 | ) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lines of credit | $ | — | $ | — | $ | 18,335 | $ | — | $ | 18,335 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LIABILITIES AND EQUITY | Total assets | $ | 1,115,328 | $ | 638,806 | $ | 1,200,000 | $ | (1,235,894 | ) | $ | 1,718,240 | Accounts payable | 2,510 | 88,280 | 112,233 | — | 203,023 | Total assets | $ | 1,123,859 | $ | 530,448 | $ | 198,429 | $ | 1,245,822 | $ | (1,334,335 | ) | $ | 1,764,223 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current liabilities: | Accrued liabilities | 6,673 | 30,088 | 96,183 | — | 132,944 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lines of credit | $ | — | $ | — | $ | — | $ | 18,147 | $ | — | $ | 18,147 | LIABILITIES AND EQUITY | Current portion of long-term debt | — | 3,000 | 1,628 | — | 4,628 | LIABILITIES AND EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts payable | 6,995 | 39,542 | 55,813 | 101,222 | — | 203,572 | Current liabilities: | Intercompany balances | 93,047 | (34,611 | ) | (58,436 | ) | — | — | Current liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued liabilities | 6,189 | 15,699 | 12,644 | 80,359 | — | 114,891 | Lines of credit | — | — | 18,147 | — | 18,147 | Lines of credit | — | — | — | 18,335 | — | 18,335 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current portion of long-term debt | — | 8,594 | — | 10,053 | — | 18,647 | Accounts payable | 6,995 | 95,355 | 101,222 | — | 203,572 | Total current liabilities | 102,230 | 86,757 | 169,943 | — | 358,930 | Accounts payable | 2,510 | 50,858 | 37,422 | 112,233 | — | 203,023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income taxes payable | — | — | — | 1,476 | (117 | ) | 1,359 | Accrued liabilities | 6,189 | 28,343 | 80,359 | — | 114,891 | Long-term debt, net of current portion | 400,000 | 36,542 | 288,181 | — | 724,723 | Accrued liabilities | 6,673 | 12,666 | 17,422 | 96,183 | — | 132,944 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred income taxes | 20,902 | — | 506 | — | (21,408 | ) | — | Current portion of long-term debt | — | 8,594 | 10,053 | — | 18,647 | Other long-term liabilities | — | 41,219 | 16,729 | — | 57,948 | Current portion of long-term debt | — | 3,000 | — | 1,628 | — | 4,628 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intercompany balances | 118,319 | — | 68,707 | 31,870 | (218,896 | ) | — | Income taxes payable | — | — | 1,476 | (117 | ) | 1,359 | Income taxes payable | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intercompany balances | 118,834 | — | — | (118,834 | ) | — | Total liabilities | 502,230 | 164,518 | 474,853 | — | 1,141,601 | Deferred income taxes | 11,998 | — | 4,295 | — | (16,293 | ) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total current liabilities | 152,405 | 63,835 | 137,670 | 243,127 | (240,421 | ) | 356,616 | Stockholders’/invested equity | 610,098 | 359,735 | 735,904 | (1,095,639 | ) | 610,098 | Intercompany balances | 92,580 | — | 72,661 | 1,466 | (166,707 | ) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt | 400,000 | 60,700 | — | 260,475 | — | 721,175 | Total current liabilities | 132,018 | 132,292 | 211,257 | (118,951 | ) | 356,616 | Non-controlling interest | — | — | 12,524 | — | 12,524 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred income taxes long-term | — | 42,951 | 2,285 | — | (45,236 | ) | — | Long-term debt | 400,000 | 60,700 | 260,475 | — | 721,175 | Total current liabilities | 113,761 | 66,524 | 131,800 | 229,845 | (183,000 | ) | 358,930 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other long-term liabilities | — | 5,413 | 9,048 | 23,752 | — | 38,213 | Deferred income taxes long-term | — | 23,550 | — | (23,550 | ) | — | Total liabilities and equity | $ | 1,112,328 | $ | 524,253 | $ | 1,223,281 | $ | (1,095,639 | ) | $ | 1,764,223 | Long-term debt | 400,000 | 36,542 | — | 288,181 | — | 724,723 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other long-term liabilities | — | 25,241 | 12,972 | — | 38,213 | Deferred income taxes long-term | — | 31,383 | — | — | (31,383 | ) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | 552,405 | 172,899 | 149,003 | 527,354 | (285,657 | ) | 1,116,004 | Other long-term liabilities | — | 6,546 | 4,937 | 46,465 | — | 57,948 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders’/invested equity: | 583,310 | 397,470 | 93,037 | 631,994 | (1,122,501 | ) | 583,310 | Total liabilities | 532,018 | 241,783 | 484,704 | (142,501 | ) | 1,116,004 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-controlling interest | — | — | — | 18,926 | — | 18,926 | Stockholders’/invested equity: | 583,310 | 397,023 | 696,370 | (1,093,393 | ) | 583,310 | Total liabilities | 513,761 | 140,995 | 136,737 | 564,491 | (214,383 | ) | 1,141,601 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-controlling interest | — | — | 18,926 | — | 18,926 | Stockholders’/invested equity: | 610,098 | 389,453 | 61,692 | 668,807 | (1,119,952 | ) | 610,098 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 1,135,715 | $ | 570,369 | $ | 242,040 | $ | 1,178,274 | $ | (1,408,158 | ) | $ | 1,718,240 | Non-controlling interest | — | — | — | 12,524 | — | 12,524 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 1,115,328 | $ | 638,806 | $ | 1,200,000 | $ | (1,235,894 | ) | $ | 1,718,240 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 1,123,859 | $ | 530,448 | $ | 198,429 | $ | 1,245,822 | $ | (1,334,335 | ) | $ | 1,764,223 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidated Statement of Cash Flows | CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | Condensed Consolidating Statement of Cash Flows | CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended July 31, 2013 | Nine Months Ended July 31, 2013 | Year Ended October 31, 2012 | Year Ended October 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In thousands | Quiksilver, Inc. | QS Wholesale, | Guarantor | Non-Guarantor | Eliminations | Consolidated | In thousands | Quiksilver, Inc. | Guarantor | Non- | Eliminations | Consolidated | In thousands | Quiksilver, | Guarantor | Non- | Eliminations | Consolidated | In thousands | Quiksilver, | QS Wholesale, | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inc. | Subsidiaries | Subsidiaries | Subsidiaries | Guarantor | Inc. | Subsidiaries | Guarantor | Inc. | Inc. | Subsidiaries | Guarantor | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash flows from operating activities: | Subsidiaries | Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (loss)/income | $ | (61,453 | ) | $ | 18,527 | $ | 3,362 | $ | (133 | ) | $ | (21,321 | ) | $ | (61,018 | ) | Cash flows from operating activities: | Cash flows from operating activities: | Cash flows from operating activities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustments to reconcile net (loss)/income to net cash (used in)/provided by operating activities: | Net (loss)/income | $ | (61,453 | ) | $ | 5,584 | $ | (133 | ) | $ | (5,016 | ) | $ | (61,018 | ) | Net (loss)/income | $ | (10,756 | ) | $ | 21,152 | $ | 49,265 | $ | (69,404 | ) | $ | (9,743 | ) | Net (loss)/income | $ | (10,756 | ) | $ | 19,636 | $ | 31,345 | $ | 49,265 | $ | (99,233 | ) | $ | (9,743 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and Amortization | 1,651 | 8,710 | 4,454 | 23,203 | — | 38,018 | Adjustments to reconcile net (loss)/income to net cash (used in)/provided by operating activities: | Adjustments to reconcile net (loss)/income to net cash (used in)/provided by operating activities: | Adjustments to reconcile net (loss)/income to net cash (used in)/provided by operating activities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock based compensation | 16,195 | — | — | — | — | 16,195 | Depreciation and Amortization | 1,651 | 13,164 | 23,203 | — | 38,018 | Depreciation and amortization | 2,088 | 18,002 | 33,142 | — | 53,232 | Depreciation and Amortization | 2,088 | 11,314 | 6,688 | 33,142 | — | 53,232 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for doubtful accounts | — | (257 | ) | (1,287 | ) | 6,055 | — | 4,511 | Stock based compensation | 16,195 | — | — | — | 16,195 | Stock-based compensation | 22,552 | — | — | — | 22,552 | Stock based compensation | 22,552 | — | — | — | 22,552 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset impairments | — | 1,646 | 5,602 | 3,404 | — | 10,652 | Provision for doubtful accounts | — | (1,544 | ) | 6,055 | — | 4,511 | Provision for doubtful accounts | — | (1,642 | ) | 6,236 | — | 4,594 | Provision for doubtful accounts | — | (763 | ) | (879 | ) | 6,236 | — | 4,594 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity in earnings | (4,599 | ) | (1,018 | ) | — | 247 | 5,617 | 247 | Asset impairments | — | 7,248 | 3,404 | — | 10,652 | Asset impairments | — | 5,162 | 2,072 | — | 7,234 | Asset impairments | — | 11 | 5,151 | 2,072 | — | 7,234 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-cash interest expense | 4,223 | 1,081 | — | 573 | — | 5,877 | Equity in earnings | (4,599 | ) | (1,018 | ) | 247 | 5,617 | 247 | Equity in earnings | (74,572 | ) | 4,674 | 282 | 69,898 | 282 | Equity in earnings | (74,572 | ) | 4,674 | 282 | 69,898 | 282 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred income taxes | — | — | (281 | ) | — | (281 | ) | Non-cash interest expense | 4,223 | 1,081 | 573 | — | 5,877 | Non-cash interest expense | 1,490 | 1,506 | 689 | — | 3,685 | Non-cash interest expense | 1,490 | 1,506 | — | 689 | — | 3,685 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other adjustments to reconcile net (loss)/income | 35 | — | (124 | ) | 733 | — | 644 | Deferred income taxes | — | — | (281 | ) | — | (281 | ) | Deferred income taxes | — | 474 | (9,056 | ) | — | (8,582 | ) | Deferred income taxes | — | 62 | 412 | (9,056 | ) | — | (8,582 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in operating assets and liabilities: | Other adjustments to reconcile net (loss)/income | 35 | (124 | ) | 733 | — | 644 | Other adjustments to reconcile net (loss)/income | (443 | ) | 36 | (6,092 | ) | — | (6,499 | ) | Other adjustments to reconcile net (loss)/income | (443 | ) | (94 | ) | 130 | (6,092 | ) | — | (6,499 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade accounts receivable | — | (4,000 | ) | 19,975 | (6,531 | ) | — | 9,444 | Changes in operating assets and liabilities: | Changes in operating assets and liabilities: | Changes in operating assets and liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | — | (7,297 | ) | (5,544 | ) | (65,403 | ) | 15,704 | (62,540 | ) | Trade accounts receivable | — | 15,975 | (6,531 | ) | — | 9,444 | Trade accounts receivable | — | (29,521 | ) | (23,884 | ) | — | (53,405 | ) | Trade accounts receivable | — | (7,227 | ) | (22,294 | ) | (23,884 | ) | — | (53,405 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other operating assets and liabilities | 6,867 | 341 | (7,391 | ) | 25,917 | — | 25,734 | Inventories | — | (12,841 | ) | (49,098 | ) | (601 | ) | (62,540 | ) | Inventories | — | 7,195 | (11,679 | ) | (494 | ) | (4,978 | ) | Inventories | — | 23,444 | (46,078 | ) | (11,679 | ) | 29,335 | (4,978 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other operating assets and liabilities | 6,867 | (7,050 | ) | 25,917 | — | 25,734 | Other operating assets and liabilities | 10,255 | 2,233 | (34,399 | ) | — | (21,911 | ) | Other operating assets and liabilities | 5,918 | (9,589 | ) | 16,159 | (34,399 | ) | — | (21,911 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net cash (used in)/provided by operating activities | (37,081 | ) | 17,733 | 19,047 | (12,216 | ) | — | (12,517 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash flows from investing activities: | Net cash (used in)/provided by operating activities | (37,081 | ) | 20,475 | 4,089 | — | (12,517 | ) | Net cash (used in)/provided by operating activities | (49,386 | ) | 29,271 | 6,576 | — | (13,539 | ) | Net cash (used in)/provided by operating activities | (53,723 | ) | 42,974 | (9,366 | ) | 6,576 | — | (13,539 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in restricted cash | (409,167 | ) | — | — | — | — | (409,167 | ) | Cash flows from investing activities: | Cash flows from investing activities: | Cash flows from investing activities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital expenditures | (5,327 | ) | (3,908 | ) | (7,251 | ) | (22,880 | ) | — | (39,366 | ) | Changes in restricted cash | (409,167 | ) | — | — | — | (409,167 | ) | Proceeds from the sale of properties and equipment | — | 45 | 8,153 | — | 8,198 | Proceeds from the sale of properties and equipment | — | 43 | 2 | 8,153 | — | 8,198 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital expenditures | (5,327 | ) | (11,159 | ) | (22,880 | ) | — | (39,366 | ) | Capital expenditures | (4,388 | ) | (22,580 | ) | (39,113 | ) | — | (66,081 | ) | Capital expenditures | (4,388 | ) | (13,744 | ) | (8,836 | ) | (39,113 | ) | — | (66,081 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net cash used in investing activities | (414,494 | ) | (3,908 | ) | (7,251 | ) | (22,880 | ) | — | (448,533 | ) | Business acquisitions, net of cash acquired | — | — | (9,117 | ) | — | (9,117 | ) | Business acquisitions, net of cash acquired | — | — | — | (9,117 | ) | — | (9,117 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash flows from financing activities: | Net cash used in investing activities | (414,494 | ) | (11,159 | ) | (22,880 | ) | — | (448,533 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings on lines of credit | — | — | — | 6,157 | — | 6,157 | Cash flows from financing activities: | Net cash used in investing activities | (4,388 | ) | (22,535 | ) | (40,077 | ) | — | (67,000 | ) | Net cash used in investing activities | (4,388 | ) | (13,701 | ) | (8,834 | ) | (40,077 | ) | — | (67,000 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payments on lines of credit | — | — | — | (22,561 | ) | — | (22,561 | ) | Borrowings on lines of credit | — | — | 6,157 | — | 6,157 | Cash flows from financing activities: | Cash flows from financing activities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings on long-term debt | 500,776 | 59,829 | — | 86,271 | — | 646,876 | Payments on lines of credit | — | — | (22,561 | ) | — | (22,561 | ) | Transactions with non-controlling interest owners | — | (11,000 | ) | — | — | (11,000 | ) | Borrowings on lines of credit | — | — | — | 15,139 | — | 15,139 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payments on long-term debt | — | (114,029 | ) | — | (28,092 | ) | — | (142,121 | ) | Borrowings on long-term debt | 500,776 | 59,829 | 86,271 | — | 646,876 | Borrowings on lines of credit | — | — | 15,139 | — | 15,139 | Payments on lines of credit | — | — | — | (12,641 | ) | — | (12,641 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payments of debt issuance costs | (8,775 | ) | (4,312 | ) | — | — | — | (13,087 | ) | Payments on long-term debt | — | (114,029 | ) | (28,092 | ) | — | (142,121 | ) | Payments on lines of credit | — | — | (12,641 | ) | — | (12,641 | ) | Borrowings on long-term debt | — | 93,500 | — | 46,535 | — | 140,035 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock option exercises and employee stock purchases | 6,165 | — | — | — | — | 6,165 | Payments of debt issuance costs | (8,775 | ) | (4,312 | ) | — | — | (13,087 | ) | Borrowings on long-term debt | — | 93,500 | 46,535 | — | 140,035 | Payments on long-term debt | — | (70,800 | ) | — | (42,041 | ) | — | (112,841 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intercompany | (46,914 | ) | 44,762 | (11,726 | ) | 13,878 | — | — | Stock option exercises and employee stock purchases | 6,165 | — | — | — | 6,165 | Payments on long-term debt | — | (70,800 | ) | (42,041 | ) | — | (112,841 | ) | Stock option exercises and employee stock purchases | 2,241 | — | — | — | — | 2,241 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intercompany | (46,914 | ) | 49,341 | (2,427 | ) | — | — | Stock option exercises and employee stock purchases | 2,241 | — | — | — | 2,241 | Transactions with non-controlling interest owners | — | (11,000 | ) | — | — | — | (11,000 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net cash provided by/(used in) financing activities | 451,252 | (13,750 | ) | (11,726 | ) | 55,653 | — | 481,429 | Intercompany | 51,840 | (19,632 | ) | (32,208 | ) | — | — | Intercompany | 56,177 | (43,979 | ) | 20,010 | (32,208 | ) | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effect of exchange rate changes on cash | — | — | — | 181 | — | 181 | Net cash provided by/(used in) financing activities | 451,252 | (9,171 | ) | 39,348 | — | 481,429 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effect of exchange rate changes on cash | — | — | 181 | — | 181 | Net cash provided by/(used in) financing activities | 54,081 | (7,932 | ) | (25,216 | ) | — | 20,933 | Net cash provided by/(used in) financing activities | 58,418 | (32,279 | ) | 20,010 | (25,216 | ) | — | 20,933 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (decrease)/increase in cash and cash equivalents | (323 | ) | 75 | 70 | 20,738 | — | 20,560 | Effect of exchange rate changes on cash | — | — | (8,324 | ) | — | (8,324 | ) | Effect of exchange rate changes on cash | — | — | — | (8,324 | ) | — | (8,324 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents, beginning of period | 324 | 1,966 | (1,831 | ) | 41,364 | — | 41,823 | Net (decrease)/increase in cash and cash equivalents | (323 | ) | 145 | 20,738 | — | 20,560 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents, beginning of period | 324 | 135 | 41,364 | — | 41,823 | Net increase/(decrease) in cash and cash equivalents | 307 | (1,196 | ) | (67,041 | ) | — | (67,930 | ) | Net increase/(decrease) in cash and cash equivalents | 307 | (3,006 | ) | 1,810 | (67,041 | ) | — | (67,930 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents, end of period | $ | 1 | $ | 2,041 | $ | (1,761 | ) | $ | 62,102 | $ | — | $ | 62,383 | Cash and cash equivalents, beginning of period | 17 | 1,331 | 108,405 | — | 109,753 | Cash and cash equivalents, beginning of period | 17 | 4,972 | (3,641 | ) | 108,405 | — | 109,753 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents, end of period | $ | 1 | $ | 280 | $ | 62,102 | $ | — | $ | 62,383 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents, end of period | $ | 324 | $ | 135 | $ | 41,364 | — | $ | 41,823 | Cash and cash equivalents, end of period | $ | 324 | $ | 1,966 | $ | (1,831 | ) | $ | 41,364 | $ | — | $ | 41,823 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended July 31, 2012 | Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended July 31, 2012 | CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended October 31, 2011 | Year Ended October 31, 2011 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In thousands | Quiksilver, Inc. | QS Wholesale, | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inc. | Subsidiaries | Subsidiaries | In thousands | Quiksilver, Inc. | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash flows from operating activities: | Subsidiaries | Guarantor | In thousands | Quiksilver, | Guarantor | Non- | Eliminations | Consolidated | In thousands | Quiksilver, | QS Wholesale, | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (loss)/income | $ | (15,115 | ) | $ | 12,462 | $ | 14,824 | $ | 42,964 | $ | (67,993 | ) | $ | (12,858 | ) | Subsidiaries | Inc. | Subsidiaries | Guarantor | Inc. | Inc. | Subsidiaries | Guarantor | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustments to reconcile net (loss)/income to net cash (used in)/provided by operating activities: | Cash flows from operating activities: | Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and Amortization | 1,598 | 8,420 | 4,918 | 24,501 | — | 39,437 | Net (loss)/income | $ | (15,115 | ) | $ | 7,414 | $ | 42,964 | $ | (48,121 | ) | $ | (12,858 | ) | Cash flows from operating activities: | Cash flows from operating activities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock based compensation | 17,272 | — | — | — | — | 17,272 | Adjustments to reconcile net (loss)/income to net cash (used in)/provided by operating activities: | Net (loss)/income | $ | (21,258 | ) | $ | 18,304 | $ | 39,479 | $ | (54,395 | ) | $ | (17,870 | ) | Net (loss)/income | $ | (21,258 | ) | $ | 27,524 | $ | 13,477 | $ | 39,479 | $ | (77,092 | ) | $ | (17,870 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for doubtful accounts | — | (1,127 | ) | (1,403 | ) | 4,131 | — | 1,601 | Depreciation and Amortization | 1,598 | 13,338 | 24,501 | — | 39,437 | Adjustments to reconcile net (loss)/income to net cash (used in)/provided by operating activities: | Adjustments to reconcile net (loss)/income to net cash (used in)/provided by operating activities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset impairments | — | — | 556 | — | — | 556 | Stock based compensation | 17,272 | — | — | — | 17,272 | Depreciation and amortization | 1,735 | 20,445 | 33,079 | — | 55,259 | Depreciation and Amortization | 1,735 | 13,191 | 7,254 | 33,079 | — | 55,259 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity in earnings | (49,284 | ) | 2,190 | — | (19 | ) | 47,094 | (19 | ) | Provision for doubtful accounts | — | (2,530 | ) | 4,131 | — | 1,601 | Stock-based compensation | 14,414 | — | — | — | 14,414 | Stock based compensation | 14,414 | — | — | — | — | 14,414 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-cash interest expense | 1,111 | 1,190 | — | 513 | — | 2,814 | Asset impairments | — | 556 | — | — | 556 | Provision for doubtful accounts | — | 1,363 | 7,369 | — | 8,732 | Provision for doubtful accounts | — | 225 | 1,138 | 7,369 | — | 8,732 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred income taxes | — | — | 9,349 | — | 9,349 | Equity in earnings | (49,284 | ) | 2,190 | (19 | ) | 47,094 | (19 | ) | Asset impairments | — | 3,399 | 82,974 | — | 86,373 | Asset impairments | — | 1,778 | 1,621 | 82,974 | — | 86,373 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other adjustments to reconcile net (loss)/income | (322 | ) | — | 36 | (2,008 | ) | — | (2,294 | ) | Non-cash interest expense | 1,111 | 1,190 | 513 | — | 2,814 | Equity in earnings | (50,224 | ) | (994 | ) | (197 | ) | 51,060 | (355 | ) | Equity in earnings | (50,224 | ) | (994 | ) | — | (197 | ) | 51,060 | (355 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in operating assets and liabilities: | Deferred income taxes | — | — | 9,349 | — | 9,349 | Non-cash interest expense | 1,387 | 1,808 | 15,917 | — | 19,112 | Non-cash interest expense | 1,387 | 1,808 | — | 15,917 | — | 19,112 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade accounts receivable | — | (5,442 | ) | (14,215 | ) | (6,048 | ) | — | (25,705 | ) | Other adjustments to reconcile net (loss)/income | (322 | ) | 36 | (2,008 | ) | — | (2,294 | ) | Deferred income taxes | — | 3,703 | (31,951 | ) | — | (28,248 | ) | Deferred income taxes | — | 93 | 3,610 | (31,951 | ) | — | (28,248 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | — | 47,239 | (50,334 | ) | (73,488 | ) | 20,899 | (55,684 | ) | Changes in operating assets and liabilities: | Other adjustments to reconcile net (loss)/income | 72 | 481 | (6,219 | ) | — | (5,666 | ) | Other adjustments to reconcile net (loss)/income | 72 | 351 | 130 | (6,219 | ) | — | (5,666 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other operating assets and liabilities | 4,623 | (14,661 | ) | 15,077 | 3,611 | — | 8,650 | Trade accounts receivable | — | (19,657 | ) | (6,048 | ) | — | (25,705 | ) | Changes in operating assets and liabilities: | Changes in operating assets and liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | — | (3,095 | ) | (53,616 | ) | 1,027 | (55,684 | ) | Trade accounts receivable | — | (22,106 | ) | (11,879 | ) | — | (33,985 | ) | Trade accounts receivable | — | (8,811 | ) | (13,295 | ) | (11,879 | ) | — | (33,985 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net cash (used in)/provided by operating activities | (40,117 | ) | 50,271 | (30,541 | ) | 3,506 | — | (16,881 | ) | Other operating assets and liabilities | 4,623 | 416 | 3,611 | — | 8,650 | Inventories | — | (23,322 | ) | (50,719 | ) | 3,335 | (70,706 | ) | Inventories | — | (49,448 | ) | 3,429 | (50,719 | ) | 26,032 | (70,706 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash flows from investing activities: | Other operating assets and liabilities | 1,090 | (4,275 | ) | 30,274 | — | 27,089 | Other operating assets and liabilities | (17,134 | ) | 5,146 | 8,803 | 30,274 | — | 27,089 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital expenditures | (2,861 | ) | (11,548 | ) | (7,188 | ) | (25,580 | ) | — | (47,177 | ) | Net cash (used in)/provided by operating activities | (40,117 | ) | (142 | ) | 23,378 | — | (16,881 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business acquisitions, net of cash acquired | — | — | — | (9,117 | ) | — | (9,117 | ) | Cash flows from investing activities: | Net cash (used in)/provided by operating activities | (52,784 | ) | (1,194 | ) | 108,127 | — | 54,149 | Net cash (used in)/provided by operating activities | (71,008 | ) | (9,137 | ) | 26,167 | 108,127 | — | 54,149 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital expenditures | (2,861 | ) | (18,736 | ) | (25,580 | ) | — | (47,177 | ) | Cash flows from investing activities: | Cash flows from investing activities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net cash used in investing activities | (2,861 | ) | (11,548 | ) | (7,188 | ) | (34,697 | ) | — | (56,294 | ) | Business acquisitions, net of cash acquired | — | — | (9,117 | ) | — | (9,117 | ) | Proceeds from the sale of properties and equipment | — | 15 | 12,531 | — | 12,546 | Proceeds from the sale of properties and equipment | — | 5 | 10 | 12,531 | — | 12,546 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash flows from financing activities: | Capital expenditures | (12,570 | ) | (34,624 | ) | (42,396 | ) | — | (89,590 | ) | Capital expenditures | (12,570 | ) | (21,726 | ) | (12,898 | ) | (42,396 | ) | — | (89,590 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings on lines of credit | — | — | — | 11,377 | — | 11,377 | Net cash used in investing activities | (2,861 | ) | (18,736 | ) | (34,697 | ) | — | (56,294 | ) | Business acquisitions, net of cash acquired | — | (528 | ) | (5,050 | ) | — | (5,578 | ) | Business acquisitions, net of cash acquired | — | — | (528 | ) | (5,050 | ) | — | (5,578 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payments on lines of credit | — | — | — | (12,326 | ) | — | (12,326 | ) | Cash flows from financing activities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings on long-term debt | — | 80,500 | — | 46,534 | — | 127,034 | Borrowings on lines of credit | — | — | 11,377 | — | 11,377 | Net cash used in investing activities | (12,570 | ) | (35,137 | ) | (34,915 | ) | — | (82,622 | ) | Net cash used in investing activities | (12,570 | ) | (21,721 | ) | (13,416 | ) | (34,915 | ) | — | (82,622 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payments on long-term debt | — | (43,856 | ) | — | (13,657 | ) | — | (57,513 | ) | Payments on lines of credit | — | — | (12,326 | ) | — | (12,326 | ) | Cash flows from financing activities: | Cash flows from financing activities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock option exercises and employee stock purchases | 1,335 | — | — | — | — | 1,335 | Borrowings on long-term debt | — | 80,500 | 46,534 | — | 127,034 | Borrowings on lines of credit | — | — | 30,070 | — | 30,070 | Borrowings on lines of credit | — | — | — | 30,070 | — | 30,070 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transactions with non-controlling interest owners | — | (11,000 | ) | — | — | — | (11,000 | ) | Payments on long-term debt | — | (43,856 | ) | (13,657 | ) | — | (57,513 | ) | Payments on lines of credit | — | — | (35,303 | ) | — | (35,303 | ) | Payments on lines of credit | — | — | — | (35,303 | ) | — | (35,303 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intercompany | 41,641 | (64,598 | ) | 39,050 | (16,093 | ) | — | — | Stock option exercises and employee stock purchases | 1,335 | — | — | — | 1,335 | Borrowings on long-term debt | — | 44,500 | 270,830 | — | 315,330 | Borrowings on long-term debt | — | 44,500 | — | 270,830 | — | 315,330 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transactions with non-controlling interest owners | — | (11,000 | ) | — | — | (11,000 | ) | Payments on long-term debt | — | (25,524 | ) | (259,152 | ) | — | (284,676 | ) | Payments on long-term debt | — | (25,524 | ) | — | (259,152 | ) | — | (284,676 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net cash provided by/(used in) financing activities | 42,976 | (38,954 | ) | 39,050 | 15,835 | — | 58,907 | Intercompany | 41,641 | (5,676 | ) | (35,965 | ) | — | — | Payments of debt issuance costs | — | — | (6,391 | ) | — | (6,391 | ) | Payments of debt issuance costs | — | — | — | (6,391 | ) | — | (6,391 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effect of exchange rate changes on cash | — | — | — | (13,582 | ) | — | (13,582 | ) | Stock option exercises and employee stock purchases | 4,129 | — | — | — | 4,129 | Stock option exercises and employee stock purchases | 4,129 | — | — | — | — | 4,129 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net cash provided by/(used in) financing activities | 42,976 | 19,968 | (4,037 | ) | — | 58,907 | Intercompany | 61,078 | (20,486 | ) | (40,592 | ) | — | — | Intercompany | 79,302 | (21,853 | ) | (16,857 | ) | (40,592 | ) | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (decrease)/increase in cash and cash equivalents | (2 | ) | (231 | ) | 1,321 | (28,938 | ) | — | (27,850 | ) | Effect of exchange rate changes on cash | — | — | (13,582 | ) | — | (13,582 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents, beginning of period | 17 | 4,972 | (3,641 | ) | 108,405 | — | 109,753 | Net cash provided by/(used in) financing activities | 65,207 | (1,510 | ) | (40,538 | ) | — | 23,159 | Net cash provided by/(used in) financing activities | 83,431 | (2,877 | ) | (16,857 | ) | (40,538 | ) | — | 23,159 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (decrease)/increase in cash and cash equivalents | (2 | ) | 1,090 | (28,938 | ) | — | (27,850 | ) | Effect of exchange rate changes on cash | — | — | (5,526 | ) | — | (5,526 | ) | Effect of exchange rate changes on cash | — | — | — | (5,526 | ) | — | (5,526 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents, end of period | $ | 15 | $ | 4,741 | $ | (2,320 | ) | $ | 79,467 | $ | — | $ | 81,903 | Cash and cash equivalents, beginning of period | 17 | 1,331 | 108,405 | — | 109,753 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (decrease)/increase in cash and cash equivalents | (147 | ) | (37,841 | ) | 27,148 | — | (10,840 | ) | Net (decrease)/increase in cash and cash equivalents | (147 | ) | (33,735 | ) | (4,106 | ) | 27,148 | — | (10,840 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents, end of period | $ | 15 | $ | 2,421 | $ | 79,467 | $ | — | $ | 81,903 | Cash and cash equivalents, beginning of period | 164 | 39,172 | 81,257 | — | 120,593 | Cash and cash equivalents, beginning of period | 164 | 38,707 | 465 | 81,257 | — | 120,593 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents, end of period | $ | 17 | $ | 1,331 | $ | 108,405 | — | $ | 109,753 | Cash and cash equivalents, end of period | $ | 17 | $ | 4,972 | $ | (3,641 | ) | $ | 108,405 | $ | — | $ | 109,753 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended October 31, 2010 | Year Ended October 31, 2010 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In thousands | Quiksilver, | Guarantor | Non- | Eliminations | Consolidated | In thousands | Quiksilver, | QS Wholesale, | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inc. | Subsidiaries | Guarantor | Inc. | Inc. | Subsidiaries | Guarantor | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash flows from operating activities: | Cash flows from operating activities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (loss)/income | $ | (9,684 | ) | $ | (33,406 | ) | $ | 90,314 | $ | (53,494 | ) | $ | (6,270 | ) | Net (loss)/income | $ | (9,684 | ) | $ | (31,262 | ) | $ | 26,060 | $ | 90,314 | $ | (81,698 | ) | $ | (6,270 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustments to reconcile net (loss)/income to net cash (used in)/provided by operating activities: | Adjustments to reconcile net (loss)/income to net cash (used in)/provided by operating activities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income from discontinued operations | — | (1,485 | ) | (345 | ) | — | (1,830 | ) | Income from discontinued operations | — | — | (1,485 | ) | (345 | ) | — | (1,830 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 1,519 | 21,494 | 30,848 | — | 53,861 | Depreciation and Amortization | 1,519 | 12,134 | 9,360 | 30,848 | — | 53,861 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | 12,831 | — | — | — | 12,831 | Stock based compensation | 12,831 | — | — | — | — | 12,831 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for doubtful accounts | — | 4,360 | 10,947 | — | 15,307 | Provision for doubtful accounts | — | 2,982 | 1,378 | 10,947 | — | 15,307 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity in earnings | (50,399 | ) | (1,482 | ) | (524 | ) | 51,881 | (524 | ) | Equity in earnings | (50,399 | ) | (1,482 | ) | — | (524 | ) | 51,881 | (524 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset impairments | — | 8,403 | 3,254 | — | 11,657 | Asset impairments | — | 667 | 6,918 | 4,072 | — | 11,657 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-cash interest expense | 1,292 | 42,740 | 12,663 | — | 56,695 | Non-Cash interest expense | 1,292 | 42,740 | — | 12,663 | — | 56,695 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred taxes | — | (5,652 | ) | 13,681 | — | 8,029 | Deferred taxes | — | (2,203 | ) | (3,449 | ) | 13,681 | — | 8,029 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other adjustments to reconcile net (loss)/income | (195 | ) | (1,455 | ) | (1,892 | ) | — | (3,542 | ) | Other adjustments to reconcile net (loss)/income | (195 | ) | (1,225 | ) | (230 | ) | (1,892 | ) | — | (3,542 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in operating assets and liabilities: | Changes in operating assets and liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade accounts receivable | — | 15,735 | 24,111 | — | 39,846 | Trade accounts receivable | — | 10,464 | 5,271 | 24,111 | — | 39,846 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | — | (5,075 | ) | 7,967 | 1,613 | 4,505 | Inventories | — | (27,021 | ) | (6,258 | ) | 7,967 | 29,817 | 4,505 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other operating assets and liabilities | 16,733 | 7,960 | (15,561 | ) | — | 9,132 | Other operating assets and liabilities | 8,350 | 7,975 | 8,368 | (15,561 | ) | — | 9,132 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash (used in)/provided by operating activities of continuing operations | (27,903 | ) | 52,137 | 175,463 | — | 199,697 | Cash (used in)/provided by operating activities of continuing operations | (36,286 | ) | 13,769 | 45,933 | 176,281 | — | 199,697 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash provided by operating activities of discontinued operations | — | 1,507 | 2,278 | — | 3,785 | Cash provided by operating activities of discontinued operations | — | — | 1,507 | 2,278 | — | 3,785 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net cash (used in)/provided by operating activities | (27,903 | ) | 53,644 | 177,741 | — | 203,482 | Net cash (used in)/provided by operating activities | (36,286 | ) | 13,769 | 47,440 | 178,559 | — | 203,482 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash flows from investing activities: | Cash flows from investing activities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from the sale of properties and equipment | 34 | 4,519 | 109 | — | 4,662 | Proceeds from the sale of properties and equipment | 34 | 4,500 | 19 | 109 | — | 4,662 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital expenditures | (4,194 | ) | (10,730 | ) | (32,873 | ) | — | (47,797 | ) | Capital expenditures | (4,194 | ) | (6,901 | ) | (3,829 | ) | (32,873 | ) | — | (47,797 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in restricted cash | — | — | 52,706 | — | 52,706 | Changes in restricted cash | — | — | — | 52,706 | — | 52,706 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net cash (used in)/provided by investing activities | (4,160 | ) | (6,211 | ) | 19,942 | — | 9,571 | Net cash (used in)/provided by investing activities | (4,160 | ) | (2,401 | ) | (3,810 | ) | 19,942 | — | 9,571 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash flows from financing activities: | Cash flows from financing activities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings on lines of credit | — | — | 16,581 | — | 16,581 | Borrowings on lines of credit | — | — | — | 16,581 | — | 16,581 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payments on lines of credit | — | — | (27,021 | ) | — | (27,021 | ) | Payments on lines of credit | — | — | — | (27,021 | ) | — | (27,021 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings on long-term debt | — | 42,735 | 16,618 | — | 59,353 | Borrowings on long-term debt | — | 42,735 | — | 16,618 | — | 59,353 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payments on long-term debt | — | (51,489 | ) | (169,077 | ) | — | (220,566 | ) | Payments on long-term debt | — | (51,489 | ) | — | (169,077 | ) | — | (220,566 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payments of debt and equity issuance costs | (7,750 | ) | — | (1,823 | ) | — | (9,573 | ) | Payments of debt and equity issuance costs | (7,750 | ) | — | — | (1,823 | ) | — | (9,573 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from stock option exercises | 3,639 | — | — | — | 3,639 | Proceeds from stock option exercises | 3,639 | — | — | — | — | 3,639 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transactions with non-controlling interests owners | — | (1,542 | ) | (3,632 | ) | — | (5,174 | ) | Transactions with non-controlling interest owners | — | (1,542 | ) | — | (3,632 | ) | — | (5,174 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intercompany | 36,017 | 900 | (36,917 | ) | — | — | Intercompany | 44,400 | 36,553 | (43,218 | ) | (37,735 | ) | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net cash provided by/(used in) financing activities | 31,906 | (9,396 | ) | (205,271 | ) | — | (182,761 | ) | Net cash provided by/(used in) financing activities | 40,289 | 26,257 | (43,218 | ) | (206,089 | ) | — | (182,761 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effect of exchange rate changes on cash | — | — | (9,215 | ) | — | (9,215 | ) | Effect of exchange rate changes on cash | — | — | — | (9,215 | ) | — | (9,215 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (decrease)/increase in cash and cash equivalents | (157 | ) | 38,037 | (16,803 | ) | — | 21,077 | Net (decrease)/increase in cash and cash equivalents | (157 | ) | 37,625 | 412 | (16,803 | ) | — | 21,077 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents, beginning of period | 321 | 1,135 | 98,060 | — | 99,516 | Cash and cash equivalents, beginning of period | 321 | 1,082 | 53 | 98,060 | — | 99,516 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents, end of period | $ | 164 | $ | 39,172 | $ | 81,257 | — | $ | 120,593 | Cash and cash equivalents, end of period | $ | 164 | $ | 38,707 | $ | 465 | $ | 81,257 | $ | — | $ | 120,593 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings_per_Share_and_StockBa1
Earnings per Share and Stock-Based Compensation (Tables) | 9 Months Ended | ||||||||
Jul. 31, 2013 | |||||||||
Schedule of Performance Based Options and Performance Based Restricted Stock Units | Activity related to performance based options and performance based restricted stock units for the nine months ended July 31, 2013 is as follows: | ||||||||
Performance | Performance | ||||||||
Based | Based | ||||||||
Options | Restricted | ||||||||
Stock Units | |||||||||
Non-vested, October 31, 2012 | 856,000 | 7,929,375 | |||||||
Granted | — | 6,250,000 | |||||||
Vested | — | — | |||||||
Canceled | (168,000 | ) | (2,141,093 | ) | |||||
Non-vested, July 31, 2013 | 688,000 | 12,038,282 | |||||||
Changes in Restricted Stock | Changes in restricted stock for the nine months ended July 31, 2013 are as follows: | ||||||||
Shares | |||||||||
Outstanding, October 31, 2012 | 801,667 | ||||||||
Granted | 105,000 | ||||||||
Vested | (685,000 | ) | |||||||
Forfeited | (26,667 | ) | |||||||
Outstanding, July 31, 2013 | 195,000 | ||||||||
Stockholders_Equity_and_Noncon1
Stockholders' Equity and Non-controlling Interest (Tables) | 9 Months Ended | ||||||||||||
Jul. 31, 2013 | |||||||||||||
Summary of Changes in Equity | The following tables summarize the changes in equity attributable to Quiksilver, Inc. and the non-controlling interests of its consolidated subsidiaries: | ||||||||||||
In thousands | Attributable to | Non- | Total | ||||||||||
For the nine months ended July 31, 2013: | Quiksilver, Inc. | controlling | Stockholders’ | ||||||||||
Interest | Equity | ||||||||||||
Balance, October 31, 2012 | $ | 583,310 | $ | 18,926 | $ | 602,236 | |||||||
Stock compensation expense | 16,195 | — | 16,195 | ||||||||||
Exercise of stock options | 4,990 | — | 4,990 | ||||||||||
Employee stock purchase plan | 1,175 | — | 1,175 | ||||||||||
Transactions with non-controlling interest holders | (44 | ) | 44 | — | |||||||||
Net loss and other comprehensive (loss)/income | (72,206 | ) | 435 | (71,771 | ) | ||||||||
Balance, July 31, 2013 | $ | 533,420 | $ | 19,405 | $ | 552,825 | |||||||
For the nine months ended July 31, 2012: | Attributable to | Non- | Total | ||||||||||
Quiksilver, Inc. | controlling | Stockholders’ | |||||||||||
Interest | Equity | ||||||||||||
Balance, October 31, 2011 | $ | 610,098 | $ | 12,524 | $ | 622,622 | |||||||
Stock compensation expense | 17,272 | — | 17,272 | ||||||||||
Exercise of stock options | 224 | — | 224 | ||||||||||
Employee stock purchase plan | 1,111 | — | 1,111 | ||||||||||
Business acquisitions | (11,110 | ) | (5,034 | ) | (16,144 | ) | |||||||
Net loss and other comprehensive (loss)/income | (64,266 | ) | 2,257 | (62,009 | ) | ||||||||
Balance, July 31, 2012 | $ | 553,329 | $ | 9,747 | $ | 563,076 | |||||||
Significant_Accounting_Policie3
Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | |||
Oct. 31, 2012 | Oct. 31, 2011 | Oct. 31, 2010 | Jul. 31, 2013 | |
Country | ||||
Number of countries in wide range of distribution channels | 90 | |||
Fixed asset impairments | $7,000,000 | $12,000,000 | $12,000,000 | |
Goodwill impairment losses in continuing operations | 74,000,000 | |||
Goodwill | 273,167,000 | 268,589,000 | 332,488,000 | 272,417,000 |
Advertising costs | 111,000,000 | 124,000,000 | 107,000,000 | |
EMEA [Member] | ||||
Excess of fair value of good will over carrying value | 6.00% | |||
Goodwill | 191,000,000 | |||
APAC credit facility [Member] | ||||
Excess of fair value of good will over carrying value | 5.00% | |||
Goodwill | $6,000,000 | |||
Minimum [Member] | ||||
Estimated useful lives | 2 years | |||
Improvements, basis points range | 0 | |||
Improvements, basis points range | 0 | |||
Minimum [Member] | Long-Lived Assets [Member] | ||||
Fair value inputs, annual revenue growth rate | -15.00% | |||
Minimum [Member] | Goodwill and Intangible Assets [Member] | ||||
Fair value inputs, annual revenue growth rate | 0.00% | |||
Maximum [Member] | ||||
Estimated useful lives | 20 years | |||
Improvements, basis points range | 230 | |||
Improvements, basis points range | 310 | |||
Maximum [Member] | Long-Lived Assets [Member] | ||||
Fair value inputs, annual revenue growth rate | 20.00% | |||
Maximum [Member] | Goodwill and Intangible Assets [Member] | ||||
Fair value inputs, annual revenue growth rate | 8.00% |
Significant_Accounting_Policie4
Significant Accounting Policies - Impairment Charges Reduced Carrying Amounts Respective Long-Lived Assets (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 31, 2012 | Oct. 31, 2011 | Oct. 31, 2010 |
Carrying value of long-lived assets | $7,933 | $13,592 | $14,865 |
Less: Impairment charges | -7,234 | -12,228 | -11,657 |
Fair value of long-lived assets | $699 | $1,364 | $3,208 |
Significant_Accounting_Policie5
Significant Accounting Policies - Revenues in Consolidated Statements of Operations (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Jul. 31, 2013 | Oct. 31, 2012 | Jul. 31, 2012 | Apr. 30, 2012 | Jan. 31, 2012 | Oct. 31, 2011 | Jul. 31, 2011 | Apr. 30, 2011 | Jan. 31, 2011 | Jul. 31, 2013 | Jul. 31, 2012 | Oct. 31, 2012 | Oct. 31, 2011 | Oct. 31, 2010 |
Product sales, net | $1,993,668 | $1,926,941 | $1,825,807 | |||||||||||
Royalty income | 19,571 | 26,120 | 11,813 | |||||||||||
Revenue net | $495,764 | $558,966 | $512,439 | $492,213 | $449,621 | $545,201 | $503,317 | $478,093 | $426,450 | $1,385,530 | $1,454,273 | $2,013,239 | $1,953,061 | $1,837,620 |
Significant_Accounting_Policie6
Significant Accounting Policies - Reconciliation of Denominator of Each Net Income/(Loss) Per Share (Detail) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Jul. 31, 2013 | Jul. 31, 2012 | Jul. 31, 2013 | Jul. 31, 2012 | Oct. 31, 2012 | Oct. 31, 2011 | Oct. 31, 2010 |
Dilutive Securities Included And Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||
Shares used in computing basic net income/(loss) per share | 167,624 | 164,518 | 166,735 | 163,930 | 164,245 | 162,430 | 135,334 |
Dilutive effect of stock options and restricted stock | 4,200 | 1,918 | |||||
Dilutive effect of stock warrants | 18,744 | 7,463 | |||||
Shares used in computing diluted net income/(loss) per share | 190,568 | 173,899 | 166,735 | 163,930 | 164,245 | 162,430 | 135,334 |
Significant_Accounting_Policie7
Significant Accounting Policies - Reconciliation of Denominator of Each Net Income/(Loss) Per Share (Parenthetical) (Detail) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Jul. 31, 2013 | Jul. 31, 2012 | Jul. 31, 2013 | Jul. 31, 2012 | Oct. 31, 2012 | Oct. 31, 2011 | Oct. 31, 2010 | |
Dilutive stock options and restricted stock [Member] | |||||||
Dilutive Securities Included And Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||
Shares outstanding excluded from the calculation of diluted EPS | 4,016,000 | 3,345,000 | 3,103,000 | 4,887,000 | 4,099,000 | ||
Additional shares outstanding were excluded from calculation of diluted EPS | 5,763,000 | 11,958,000 | 6,286,000 | 10,995,000 | 10,559,000 | 10,862,000 | 11,474,000 |
Dilutive stock warrants [Member] | |||||||
Dilutive Securities Included And Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||
Shares outstanding excluded from the calculation of diluted EPS | 17,596,000 | 11,826,000 | 11,559,000 | 14,732,000 | 12,521,000 | ||
Additional shares outstanding were excluded from calculation of diluted EPS | 6,910,000 | 18,191,000 | 8,058,000 | 13,828,000 | 14,095,000 | 10,922,000 | 13,133,000 |
Business_Acquisitions_Addition
Business Acquisitions - Additional Information (Detail) (USD $) | 9 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Jul. 31, 2012 | Oct. 31, 2012 | Oct. 31, 2011 |
Cash paid | $9,117 | $9,117 | $5,578 |
Allowance_for_Doubtful_Account2
Allowance for Doubtful Accounts - Allowance for Doubtful Accounts, Includes Bad Debts as Well as Returns and Allowances (Detail) (USD $) | 9 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Jul. 31, 2013 | Jul. 31, 2012 | Oct. 31, 2012 | Oct. 31, 2011 | Oct. 31, 2010 |
Finance Receivable Transferred To Held For Sale [Line Items] | |||||
Balance, beginning of year | $59,132 | $48,670 | $48,670 | $48,043 | $47,211 |
Provision for doubtful accounts | 4,511 | 1,601 | 4,594 | 8,732 | 15,307 |
Deductions | -8,117 | -8,105 | -14,475 | ||
Balance, end of year | $59,593 | $59,132 | $48,670 | $48,043 |
Inventories_Inventories_Detail
Inventories - Inventories (Detail) (USD $) | Jul. 31, 2013 | Oct. 31, 2012 | Jul. 31, 2012 | Apr. 30, 2012 | Jan. 31, 2012 | Oct. 31, 2011 | Jul. 31, 2011 | Apr. 30, 2011 | Jan. 31, 2011 |
In Thousands, unless otherwise specified | |||||||||
Inventory [Line Items] | |||||||||
Raw materials | $6,871 | $6,736 | $9,130 | ||||||
Work in-process | 545 | 1,969 | 2,647 | ||||||
Finished goods | 391,746 | 336,041 | 335,980 | ||||||
Inventory, net | $399,162 | $344,746 | $391,052 | $358,915 | $412,291 | $347,757 | $364,833 | $289,538 | $309,561 |
Fixed_Assets_net_Summary_of_Fi
Fixed Assets, net - Summary of Fixed Assets (Detail) (USD $) | Jul. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | ||
In Thousands, unless otherwise specified | |||||
Property, Plant and Equipment [Line Items] | |||||
Fixed assets gross | $471,754 | $493,374 | |||
Accumulated depreciation and amortization | -257,838 | -233,441 | -255,267 | ||
Fixed assets net | 227,997 | 238,313 | 238,107 | ||
Furniture & other equipment [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Fixed assets gross | 158,406 | [1] | 160,559 | [1] | |
Leasehold improvements gross [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Fixed assets gross | 137,370 | [1] | 167,149 | [1] | |
Computer software & equipment [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Fixed assets gross | 109,138 | [1] | 107,238 | [1] | |
Land use rights [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Fixed assets gross | 34,953 | 40,213 | |||
Land and buildings [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Fixed assets gross | 9,459 | [1] | 2,492 | [1] | |
Construction in progress [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Fixed assets gross | $22,428 | [1] | $15,723 | [1] | |
[1] | Certain prior year amounts have been reclassified to "Construction in progress" in order to be consistent with the current year presentation. |
Fixed_Assets_net_Additional_In
Fixed Assets, net - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Oct. 31, 2012 | Oct. 31, 2011 | Oct. 31, 2010 |
Property, Plant and Equipment [Line Items] | |||
Fixed asset impairments related to retail stores | $7 | $12 | $12 |
Intangible_Assets_and_Goodwill2
Intangible Assets and Goodwill - Intangible Assets (Detail) (USD $) | Jul. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 |
In Thousands, unless otherwise specified | |||
Indefinite Lived Intangible Assets And Goodwill By Major Class [Line Items] | |||
Gross Amount, Total | $168,475 | $169,598 | $166,734 |
Amortization | -30,091 | -30,149 | -28,591 |
Intangible assets, net | 138,384 | 139,449 | 138,143 |
Amortizable trademarks [Member] | |||
Indefinite Lived Intangible Assets And Goodwill By Major Class [Line Items] | |||
Gross Amount | 24,046 | 23,543 | 20,174 |
Amortization | -12,020 | -10,866 | -9,782 |
Net Book Value | 12,026 | 12,677 | 10,392 |
Amortizable licenses [Member] | |||
Indefinite Lived Intangible Assets And Goodwill By Major Class [Line Items] | |||
Gross Amount | 12,228 | 13,919 | 14,380 |
Amortization | -12,228 | -13,803 | -12,822 |
Net Book Value | 116 | 1,558 | |
Other amortizable intangibles [Member] | |||
Indefinite Lived Intangible Assets And Goodwill By Major Class [Line Items] | |||
Gross Amount | 8,133 | 8,083 | 9,029 |
Amortization | -5,843 | -5,480 | -5,987 |
Net Book Value | 2,290 | 2,603 | 3,042 |
Non-amortizable trademarks [Member] | |||
Indefinite Lived Intangible Assets And Goodwill By Major Class [Line Items] | |||
Gross Amount | 124,068 | 124,053 | 123,151 |
Net Book Value | $124,068 | $124,053 | $123,151 |
Intangible_Assets_and_Goodwill3
Intangible Assets and Goodwill - Additional Information (Detail) (USD $) | 9 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Jul. 31, 2013 | Jul. 31, 2012 | Oct. 31, 2012 | Oct. 31, 2011 | Oct. 31, 2010 |
Revenue, Major Customer [Line Items] | |||||
Intangible amortization expense | $2 | $2 | $3 | $3 | $3 |
Estimated annual amortization expense fiscal 2013 | 2 | 2 | |||
Estimated annual amortization expense fiscal 2014 | 2 | 2 | |||
Estimated annual amortization expense fiscal 2015 | 2 | 2 | |||
Estimated annual amortization expense fiscal 2016 | 2 | 2 | |||
Estimated annual amortization expense fiscal 2017 | 2 | 2 | |||
Goodwill impairment charges | 74 | ||||
Goodwill partially offset related to acquisition | 5 | ||||
Decrease in goodwill | 0.8 | 64 | |||
Estimated annual amortization expense fiscal 2018 | $2 | ||||
Minimum [Member] | |||||
Revenue, Major Customer [Line Items] | |||||
Estimated useful life of trademarks | 10 years | 10 years | |||
Maximum [Member] | |||||
Revenue, Major Customer [Line Items] | |||||
Estimated useful life of trademarks | 25 years | 25 years |
Lines_of_Credit_and_Longterm_D
Lines of Credit and Long-term Debt - Summary of Borrowings under Lines of Credit and Long-Term Debt (Detail) (USD $) | Jul. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 |
In Thousands, unless otherwise specified | |||
Debt Instrument [Line Items] | |||
Direct borrowings | $75,000 | $73,000 | |
Capital lease obligations and other borrowings | 9,069 | 11,148 | 4,578 |
Lines of credit and long-term debt | 1,259,414 | 757,969 | 747,686 |
Senior notes [Member] | |||
Debt Instrument [Line Items] | |||
Lines of credit and long-term debt | 400,000 | 400,000 | |
Senior Notes 2015 [Member] | |||
Debt Instrument [Line Items] | |||
Lines of credit and long-term debt | 400,000 | ||
APAC credit facility [Member] | |||
Debt Instrument [Line Items] | |||
Direct borrowings | 18,147 | 18,335 | |
Americas [Member] | |||
Debt Instrument [Line Items] | |||
Direct borrowings | 46,700 | 21,042 | |
Lines of credit and long-term debt | 15,500 | 18,500 | |
EMEA [Member] | |||
Debt Instrument [Line Items] | |||
Direct borrowings | 8,000 | ||
Credit facility | 7,742 | 2,306 | |
European [Member] | Senior notes [Member] | |||
Debt Instrument [Line Items] | |||
Lines of credit and long-term debt | 258,732 | 282,925 | |
U.S. [Member] | Senior Notes 2015 [Member] | |||
Debt Instrument [Line Items] | |||
Lines of credit and long-term debt | 409,167 | 400,000 | |
U.S. [Member] | Senior secured notes 2018 [Member] | |||
Debt Instrument [Line Items] | |||
Lines of credit and long-term debt | 278,576 | ||
U.S. [Member] | Senior Notes 2020 [Member] | |||
Debt Instrument [Line Items] | |||
Lines of credit and long-term debt | 222,200 | ||
Europe [Member] | Senior notes [Member] | |||
Debt Instrument [Line Items] | |||
Lines of credit and long-term debt | 265,252 | 258,732 | |
ABL credit facility [Member] | |||
Debt Instrument [Line Items] | |||
Direct borrowings | 39,559 | ||
EMEA [Member] | |||
Debt Instrument [Line Items] | |||
Credit facility | $35,591 | $7,742 |
Lines_of_Credit_and_Longterm_D1
Lines of Credit and Long-term Debt - Additional Information (Detail) | 9 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 1 Months Ended | ||||||||||||||||||||||||||
Share data in Millions, except Per Share data, unless otherwise specified | Jul. 31, 2013 | Jul. 31, 2012 | Oct. 31, 2012 | Oct. 31, 2011 | Oct. 31, 2010 | Oct. 31, 2012 | Oct. 31, 2011 | Jul. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | Oct. 27, 2010 | Oct. 31, 2012 | Aug. 27, 2010 | Oct. 31, 2012 | Jul. 31, 2009 | Aug. 27, 2010 | Aug. 27, 2010 | Jul. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2012 | Dec. 31, 2010 | Jun. 30, 2010 | Jul. 31, 2009 | Oct. 31, 2012 | Oct. 31, 2010 | Jul. 31, 2013 | Aug. 31, 2010 | Jul. 31, 2013 | Jul. 31, 2013 | Jul. 16, 2013 | Jul. 31, 2013 | Jul. 16, 2013 | Jul. 31, 2013 | Jul. 31, 2013 | Jul. 31, 2013 | Jul. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2012 | Sep. 30, 2011 | Sep. 30, 2011 | Oct. 31, 2012 |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Senior notes [Member] | Senior notes [Member] | Senior Notes 2015 [Member] | Americas [Member] | Americas [Member] | Americas [Member] | Americas [Member] | Americas [Member] | Americas [Member] | Americas [Member] | Americas [Member] | Americas [Member] | EMEA [Member] | EMEA [Member] | EMEA [Member] | Europe [Member] | Europe [Member] | Europe [Member] | Europe [Member] | Europe [Member] | Europe [Member] | Europe [Member] | U.S. and APAC [Member] | Senior secured notes 2018 [Member] | Senior secured notes 2018 [Member] | Senior Notes 2020 [Member] | Senior Notes 2020 [Member] | ABL credit facility [Member] | ABL credit facility [Member] | ABL credit facility [Member] | ABL credit facility [Member] | U.S. [Member] | EMEA and APAC [Member] | APAC credit facility [Member] | APAC credit facility [Member] | APAC credit facility [Member] | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Term loan [Member] | Term loan [Member] | Asset-based credit facility [Member] | Asset-based credit facility [Member] | Asset-based credit facility [Member] | Minimum [Member] | Maximum [Member] | USD ($) | USD ($) | Letters of credit [Member] | Senior notes [Member] | Senior notes [Member] | Senior notes [Member] | Senior notes [Member] | Senior notes [Member] | Senior notes [Member] | Senior notes [Member] | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | U.S. borrowers [Member] | Minimum [Member] | Maximum [Member] | USD ($) | USD ($) | USD ($) | AUD | USD ($) | |||||||
USD ($) | USD ($) | USD ($) | USD ($) | Asset-based credit facility [Member] | Asset-based credit facility [Member] | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Ratio | USD ($) | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Credit facility, maximum borrowing capacity | $351,000,000 | $360,000,000 | $20,000,000 | $250,000,000 | $200,000,000 | $230,000,000 | |||||||||||||||||||||||||||||||||||
Direct borrowings | 75,000,000 | 73,000,000 | 46,700,000 | 21,042,000 | 15,500,000 | 47,000,000 | 8,000,000 | 39,559,000 | 18,000,000 | ||||||||||||||||||||||||||||||||
Letters of credit outstanding | 66,000,000 | 86,000,000 | 31,000,000 | 47,000,000 | 8,000,000 | ||||||||||||||||||||||||||||||||||||
Amount availability of remaining borrowings | 152,000,000 | 154,000,000 | 14,000,000 | ||||||||||||||||||||||||||||||||||||||
Amount of remaining borrowing capacity available for letters of credit | 57,000,000 | 108,000,000 | 71,000,000 | ||||||||||||||||||||||||||||||||||||||
Additional borrowing capacity | 6,157,000 | 11,377,000 | 15,139,000 | 30,070,000 | 16,581,000 | 89,000,000 | 125,000,000 | 47,000,000 | |||||||||||||||||||||||||||||||||
Credit facility specifically available for APAC operations | 21,000,000 | 20,000,000 | |||||||||||||||||||||||||||||||||||||||
Credit facility maturity date | 27-Aug-14 | 27-Aug-14 | 31-Oct-13 | 31-Oct-13 | |||||||||||||||||||||||||||||||||||||
Credit facility, current borrowing capacity | 150,000,000 | 89,000,000 | 31,000,000 | ||||||||||||||||||||||||||||||||||||||
Average borrowing rate | 1.00% | 5.30% | |||||||||||||||||||||||||||||||||||||||
Credit facility, sub limit for letters of credit | 103,000,000 | ||||||||||||||||||||||||||||||||||||||||
Credit facility interest rate | 5.00% | 5.30% | 4.40% | 2.50% | 3.00% | ||||||||||||||||||||||||||||||||||||
Minimum principal repayments | 1,500,000 | ||||||||||||||||||||||||||||||||||||||||
Credit facility, frequency of payments | June 30 and December 31 of each year | ||||||||||||||||||||||||||||||||||||||||
Coupon interest rate of Senior Notes | 6.88% | 8.88% | 7.88% | 7.88% | 10.00% | 10.00% | |||||||||||||||||||||||||||||||||||
Due date of Senior Notes | 15-Apr-15 | 15-Dec-17 | 1-Aug-18 | 1-Aug-20 | |||||||||||||||||||||||||||||||||||||
Percentage of purchase price of Senior Notes | 101.00% | ||||||||||||||||||||||||||||||||||||||||
Unamortized debt issuance costs | 3,000,000 | 9,000,000 | |||||||||||||||||||||||||||||||||||||||
Recognized non-cash and non-operating charges of loans included in interest expense | 14,000,000 | ||||||||||||||||||||||||||||||||||||||||
Debt issuance costs capitalized | 6,000,000 | ||||||||||||||||||||||||||||||||||||||||
Debt issuance costs amortization period | 7 years | ||||||||||||||||||||||||||||||||||||||||
Senior secured term loans | 153,000,000 | ||||||||||||||||||||||||||||||||||||||||
Senior secured term loans, maturity period | 5 years | ||||||||||||||||||||||||||||||||||||||||
Warrants issued to purchase of common stock | 25.7 | ||||||||||||||||||||||||||||||||||||||||
Percentage of outstanding equity | 19.99% | ||||||||||||||||||||||||||||||||||||||||
Common stock exercise price per share | $1.86 | ||||||||||||||||||||||||||||||||||||||||
Principal balance outstanding under debt-for-equity exchange agreement | 140,000,000 | ||||||||||||||||||||||||||||||||||||||||
Common stock shares issued for exchange of senior secured term loans | 31.1 | ||||||||||||||||||||||||||||||||||||||||
Senior secured term loans, exchange price per common stock | $4.50 | ||||||||||||||||||||||||||||||||||||||||
Reduced amount of senior secured term loan after debt for equity exchange agreement | 24,000,000 | ||||||||||||||||||||||||||||||||||||||||
Interest expense recognized under senior secured term loans | 33,000,000 | ||||||||||||||||||||||||||||||||||||||||
Capital leases and other borrowings | 9,069,000 | 11,148,000 | 4,578,000 | ||||||||||||||||||||||||||||||||||||||
Carrying value of borrowings under lines of credit and long-term debt | 1,259,414,000 | 757,969,000 | 747,686,000 | 400,000,000 | 400,000,000 | 400,000,000 | 15,500,000 | 18,500,000 | 258,732,000 | 265,252,000 | 280,000,000 | 225,000,000 | |||||||||||||||||||||||||||||
Net proceeds from offering of Senior Secured Notes | 493,000,000 | ||||||||||||||||||||||||||||||||||||||||
Long term debt including accrued interest | 409,000,000 | ||||||||||||||||||||||||||||||||||||||||
Public offering price | 99.48% | 98.76% | |||||||||||||||||||||||||||||||||||||||
Percent of equity interest in subsidiaries by Issuer and Guarantors | 100.00% | ||||||||||||||||||||||||||||||||||||||||
Percent of equity interest in foreign subsidiaries by Issuer and Guarantors | 65.00% | ||||||||||||||||||||||||||||||||||||||||
Sublimit for letters of credit under Revolving Facility | 145,000,000 | ||||||||||||||||||||||||||||||||||||||||
LIBOR rate plus a spread, minimum percentage | 1.75% | ||||||||||||||||||||||||||||||||||||||||
LIBOR rate plus a spread, maximum percentage | 2.25% | ||||||||||||||||||||||||||||||||||||||||
Base Rate plus a spread, percentage | 0.75% | 1.75% | |||||||||||||||||||||||||||||||||||||||
Credit Facility term | 5 years | ||||||||||||||||||||||||||||||||||||||||
Fixed charge coverage ratio, minimum | 1 | ||||||||||||||||||||||||||||||||||||||||
Fixed charge coverage ratio, maximum | 1 | ||||||||||||||||||||||||||||||||||||||||
Aggregate excess availability under the Revolving Facility, amount | 15,000,000 | ||||||||||||||||||||||||||||||||||||||||
Aggregate excess availability under the Revolving Facility, as a percentage | 10.00% | 40.00% | |||||||||||||||||||||||||||||||||||||||
Estimated fair value of borrowings under lines of credit and long-term debt | $1,270,000,000 |
Lines_of_Credit_and_Longterm_D2
Lines of Credit and Long-term Debt - Summary of Principal Payments on All Long-term Debt Obligations, Including Capital Leases Due (Detail) (USD $) | Jul. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 |
In Thousands, unless otherwise specified | |||
Scheduled Principal Payments For Borrowings [Line Items] | |||
2013 | $36,794 | ||
2014 | 60,934 | ||
2015 | 400,510 | ||
2016 | 999 | ||
2017 | |||
Thereafter | 258,732 | ||
Debt | $1,259,414 | $757,969 | $747,686 |
Lines_of_Credit_and_Longterm_D3
Lines of Credit and Long-term Debt - Estimated Fair Values of Lines of Credit and Long-term Debt (Detail) (USD $) | Jul. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2012 |
In Thousands, unless otherwise specified | Carrying Amount [Member] | Fair Value [Member] | |
Debt Instrument [Line Items] | |||
Lines of credit | $18,147 | $18,147 | |
Long-term debt | 739,822 | 737,525 | |
Liabilities, Total | $1,270,000 | $757,969 | $755,672 |
Accrued_Liabilities_Schedule_o
Accrued Liabilities - Schedule of Accrued Liabilities (Detail) (USD $) | Jul. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 |
In Thousands, unless otherwise specified | |||
Schedule Of Accrued Liabilities [Line Items] | |||
Accrued employee compensation and benefits | $57,251 | $56,236 | |
Accrued sales and payroll taxes | 11,988 | 14,187 | |
Accrued interest | 10,264 | 10,782 | |
Derivative liability | 3,860 | 12,297 | |
Other liabilities | 31,528 | 39,442 | |
Accrued liabilities | $107,001 | $114,891 | $132,944 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Schedule of Future Minimum Lease Payments (Detail) (USD $) | Oct. 31, 2012 |
In Thousands, unless otherwise specified | |
Operating Leases Future Minimum Payments Due [Line Items] | |
2013 | $101,720 |
2014 | 87,632 |
2015 | 71,949 |
2016 | 58,536 |
2017 | 40,684 |
Thereafter | 99,152 |
Future minimum lease payments | $459,673 |
Commitments_and_Contingencies_2
Commitments and Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Oct. 31, 2012 | Oct. 31, 2011 | Oct. 31, 2010 |
Contingencies And Commitments [Line Items] | |||
Total rent expense | $135 | $127 | $127 |
Commitments_and_Contingencies_3
Commitments and Contingencies - Schedule of Future Estimated Minimum Payments (Detail) (USD $) | Oct. 31, 2012 |
In Thousands, unless otherwise specified | |
Commitments [Line Items] | |
2013 | $29,184 |
2014 | 20,610 |
2015 | 13,409 |
2016 | 8,985 |
2017 | 5,679 |
Thereafter | 137 |
Future estimated minimum payments | $78,004 |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Detail) (USD $) | 1 Months Ended | 9 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 1 Months Ended | |||||||||||||||||||||
In Millions, except Share data, unless otherwise specified | 18-May-10 | Jul. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | Oct. 31, 2010 | Oct. 31, 2012 | Oct. 31, 2012 | Oct. 31, 2012 | Oct. 31, 2012 | Oct. 31, 2012 | Oct. 31, 2012 | Jun. 30, 2011 | Oct. 31, 2012 | Oct. 31, 2012 | Oct. 31, 2012 | Oct. 31, 2012 | Oct. 31, 2012 | Oct. 31, 2012 | Oct. 31, 2012 | Oct. 31, 2012 | Oct. 31, 2012 | Oct. 31, 2012 | Jun. 30, 2011 | Jul. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2012 | Oct. 31, 2012 | Oct. 31, 2012 | Oct. 31, 2012 | Jul. 31, 2013 | Jul. 31, 2012 | Oct. 31, 2012 | Jun. 30, 2011 | Jun. 30, 2011 |
Predecessor Plans [Member] | Additional Issuances [Member] | 2006 Employee Stock Incentive Plan [Member] | Restricted Stock Agreement [Member] | Two Thousand Stock Incentive Plan [Member] | Black-Scholes Stock Price Valuation Model [Member] | Based on Monte Carlo Simulation [Member] | Performance Options [Member] | Performance Based Restricted Stock Units [Member] | Performance Option [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Non-performance based options [Member] | Non-performance based options [Member] | Non-performance based options [Member] | Options Held [Member] | Performance Based Options [Member] | ||||||
Kelly Slater [Member] | Kelly Slater [Member] | 2006 Employee Stock Incentive Plan [Member] | Dilutive stock options and restricted stock [Member] | Dilutive stock options and restricted stock [Member] | Dilutive stock options and restricted stock [Member] | 2006 Employee Stock Incentive Plan [Member] | Dilutive stock options and restricted stock [Member] | Two Thousand Stock Incentive Plan [Member] | Group One [Member] | Group Two [Member] | Minimum [Member] | |||||||||||||||||||||||
One new stock for every one and one-half surrendered stock options [Member] | One new stock option for every two surrendered stock options [Member] | One new stock for every one and one-half surrendered stock options [Member] | ||||||||||||||||||||||||||||||||
Stockholders' Equity [Line Items] | ||||||||||||||||||||||||||||||||||
Amount of common stock available for issuance | 43,744,836 | 12,944,836 | 30,800,000 | 2,359,606 | 11,100,000 | 2,141,295 | ||||||||||||||||||||||||||||
Risk-free interest rates | 1.10% | 1.90% | 2.70% | 1.70% | 0.70% | 0.60% | 1.60% | 1.10% | 3.00% | |||||||||||||||||||||||||
Volatility rates | 76.50% | 82.40% | 73.60% | 82.00% | 91.40% | 93.10% | 78.10% | 76.50% | 67.30% | |||||||||||||||||||||||||
Expected lives | 7 years 1 month 6 days | 5 years 3 months 18 days | 6 years 4 months 24 days | 7 years 1 month 6 days | 7 years 1 month 6 days | |||||||||||||||||||||||||||||
Weighted average fair value of the options | $2.58 | $3.39 | $1.04 | $3.88 | $2.27 | $3.21 | ||||||||||||||||||||||||||||
Vesting period of options | 3 years | 3 years | 3 years | |||||||||||||||||||||||||||||||
Unrecognized compensation expense | $2 | $5 | $0.50 | $0.50 | $2.70 | $2 | ||||||||||||||||||||||||||||
Unrecognized compensation expense , weighted average period | 9 months 18 days | 2 years 10 months 24 days | 1 year 7 months 6 days | 1 year | 1 year 10 months 24 days | 1 year 6 months | ||||||||||||||||||||||||||||
Aggregate intrinsic value of options exercised | 1 | |||||||||||||||||||||||||||||||||
Aggregate intrinsic value of options, outstanding | 5.4 | 6 | ||||||||||||||||||||||||||||||||
Aggregate intrinsic value of options, exercisable | 4 | |||||||||||||||||||||||||||||||||
Weighted average life of options outstanding | 5 years 2 months 12 days | |||||||||||||||||||||||||||||||||
Weighted average life of options exercisable | 4 years 2 months 12 days | |||||||||||||||||||||||||||||||||
Non-vested shares under option | 2,700,000 | 4,422,172 | 7,356,508 | 2,744,077 | 4,422,172 | |||||||||||||||||||||||||||||
Shares expected to vest | 2,600,000 | 4,300,000 | ||||||||||||||||||||||||||||||||
Exercise price of options | $7.71 | $10.65 | $4.65 | |||||||||||||||||||||||||||||||
Exercise price of eligible stock options | $7.72 | |||||||||||||||||||||||||||||||||
Exercise price of eligible stock options | $10.64 | |||||||||||||||||||||||||||||||||
Price valuation model used | Black-Scholes option-pricing model | Monte-Carlo simulation | ||||||||||||||||||||||||||||||||
Eligible stock options surrendered | 3,754,352 | |||||||||||||||||||||||||||||||||
Amount of shares converted in exchange of eligible stock options | 2,058,007 | |||||||||||||||||||||||||||||||||
Exercise price of new stock options granted | $5.08 | |||||||||||||||||||||||||||||||||
Forfeited, Shares | 1,696,345 | 1,517,672 | 942,553 | 889,511 | 6,868,016 | 26,667 | ||||||||||||||||||||||||||||
Dividend yield | 0.00% | 0.00% | 0.00% | |||||||||||||||||||||||||||||||
Stocks, expected to vest, years | 3 years | 5 years | ||||||||||||||||||||||||||||||||
Shares of restricted stock to a Company sponsored athlete, Kelly Slater | 3,000,000 | |||||||||||||||||||||||||||||||||
Shares vested under the restrictive stock plan | 2,400,000 | |||||||||||||||||||||||||||||||||
Shares to be vested under the restrictive stock plan | 600,000 | |||||||||||||||||||||||||||||||||
Increase in the shares issuable under the Stock Incentive Plan | 10,000,000 | 300,000 | ||||||||||||||||||||||||||||||||
Percent of discount from the market price | 15.00% | |||||||||||||||||||||||||||||||||
Shares issued under the plan | 461,088 | 310,700 | 508,592 | |||||||||||||||||||||||||||||||
Proceeds from stock plans | 1 | 1 | 1 | |||||||||||||||||||||||||||||||
Total compensation expense | $23 | $14 | $13 |
Stockholders_Equity_Schedule_o
Stockholders' Equity - Schedule of Changes in Shares Under Option, Excluding Performance Based Options (Detail) (USD $) | 1 Months Ended | 9 Months Ended | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | 18-May-10 | Jul. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | Oct. 31, 2010 |
Stockholders' Equity [Line Items] | |||||
Outstanding shares, beginning balance | 12,325,499 | 13,399,381 | 12,731,430 | 15,909,101 | |
Granted, Shares | 625,000 | 375,000 | 2,315,000 | 4,403,407 | |
Exercised, Shares | -1,654,476 | -506,329 | -757,538 | -713,062 | |
Forfeited, Shares | -1,696,345 | -1,517,672 | -942,553 | -889,511 | -6,868,016 |
Outstanding shares, ending balance | 9,778,351 | 12,325,499 | 13,399,381 | 12,731,430 | |
Options exercisable, ending balance | 7,034,274 | 7,903,327 | 6,042,873 | 4,892,680 | |
Outstanding, Weighted Average Price, beginning balance | $4.49 | $4.40 | $4.48 | $7.32 | |
Granted, Weighted Average Price | $6.65 | $3.66 | $5.01 | $3.83 | |
Exercised, Weighted Average Price | $3.02 | $2.23 | $3.92 | $3.84 | |
Canceled/Forfeited, Weighted Average Price | $7.09 | $4.08 | $7.63 | $10.69 | |
Outstanding, Weighted Average Price, ending balance | $4.47 | $4.49 | $4.40 | $4.48 | |
Options exercisable, Weighted Average Price, ending balance | $4.49 | $4.94 | $5.64 | $6.70 | |
Outstanding, Weighted Average Life | 5 years 4 months 24 days | ||||
Options exercisable, Weighted Average Life, ending balance | 4 years 10 months 24 days | ||||
Granted, Aggregate Intrinsic Value | |||||
Exercised, Aggregate Intrinsic Value | 4,621 | ||||
Canceled, Aggregate Intrinsic Value | |||||
Outstanding, Aggregate Intrinsic Value, ending balance | 22,346 | ||||
Options exercisable, Aggregate Intrinsic Value | $16,984 |
Stockholders_Equity_Summary_of
Stockholders' Equity - Summary of Stock Option Activity (Detail) (USD $) | 12 Months Ended | ||||
Oct. 31, 2012 | Jul. 31, 2013 | Oct. 31, 2011 | Oct. 31, 2010 | Oct. 31, 2009 | |
Schedule Of Stock Option Activity [Line Items] | |||||
Options Outstanding, Shares | 12,325,499 | 9,778,351 | 13,399,381 | 12,731,430 | 15,909,101 |
Options Outstanding, Weighted Average Remaining Life | 5 years 2 months 12 days | ||||
Options Outstanding, Weighted Average Exercise Price | $4.49 | $4.47 | $4.40 | $4.48 | $7.32 |
Option Exercisable, Shares | 7,903,327 | 7,034,274 | 6,042,873 | 4,892,680 | |
Options Exercisable, Weighted Average Exercise Price | $4.94 | $4.49 | $5.64 | $6.70 | |
Range One [Member] | |||||
Schedule Of Stock Option Activity [Line Items] | |||||
Options Outstanding, Shares | 3,490,755 | ||||
Options Outstanding, Weighted Average Remaining Life | 6 years 1 month 6 days | ||||
Options Outstanding, Weighted Average Exercise Price | $1.97 | ||||
Option Exercisable, Shares | 2,424,005 | ||||
Options Exercisable, Weighted Average Exercise Price | $1.99 | ||||
Range One [Member] | Minimum [Member] | |||||
Schedule Of Stock Option Activity [Line Items] | |||||
Range of Exercise Prices, Minimum | $1.04 | ||||
Range One [Member] | Maximum [Member] | |||||
Schedule Of Stock Option Activity [Line Items] | |||||
Range of Exercise Prices, Maximum | $2.34 | ||||
Range Two [Member] | |||||
Schedule Of Stock Option Activity [Line Items] | |||||
Options Outstanding, Shares | 2,706,750 | ||||
Options Outstanding, Weighted Average Remaining Life | 7 years 2 months 12 days | ||||
Options Outstanding, Weighted Average Exercise Price | $3.07 | ||||
Option Exercisable, Shares | 1,392,489 | ||||
Options Exercisable, Weighted Average Exercise Price | $3.24 | ||||
Range Two [Member] | Minimum [Member] | |||||
Schedule Of Stock Option Activity [Line Items] | |||||
Range of Exercise Prices, Minimum | $2.35 | ||||
Range Two [Member] | Maximum [Member] | |||||
Schedule Of Stock Option Activity [Line Items] | |||||
Range of Exercise Prices, Maximum | $4.60 | ||||
Range Three [Member] | |||||
Schedule Of Stock Option Activity [Line Items] | |||||
Options Outstanding, Shares | 3,684,156 | ||||
Options Outstanding, Weighted Average Remaining Life | 5 years 7 months 6 days | ||||
Options Outstanding, Weighted Average Exercise Price | $5.10 | ||||
Option Exercisable, Shares | 1,642,995 | ||||
Options Exercisable, Weighted Average Exercise Price | $5.11 | ||||
Range Three [Member] | Minimum [Member] | |||||
Schedule Of Stock Option Activity [Line Items] | |||||
Range of Exercise Prices, Minimum | $4.61 | ||||
Range Three [Member] | Maximum [Member] | |||||
Schedule Of Stock Option Activity [Line Items] | |||||
Range of Exercise Prices, Maximum | $6.64 | ||||
Range Four [Member] | |||||
Schedule Of Stock Option Activity [Line Items] | |||||
Options Outstanding, Shares | 1,074,338 | ||||
Options Outstanding, Weighted Average Remaining Life | 3 months 18 days | ||||
Options Outstanding, Weighted Average Exercise Price | $6.83 | ||||
Option Exercisable, Shares | 1,074,338 | ||||
Options Exercisable, Weighted Average Exercise Price | $6.83 | ||||
Range Four [Member] | Minimum [Member] | |||||
Schedule Of Stock Option Activity [Line Items] | |||||
Range of Exercise Prices, Minimum | $6.65 | ||||
Range Four [Member] | Maximum [Member] | |||||
Schedule Of Stock Option Activity [Line Items] | |||||
Range of Exercise Prices, Maximum | $8.70 | ||||
Range Five [Member] | |||||
Schedule Of Stock Option Activity [Line Items] | |||||
Options Outstanding, Shares | 962,000 | ||||
Options Outstanding, Weighted Average Remaining Life | 2 years | ||||
Options Outstanding, Weighted Average Exercise Price | $8.87 | ||||
Option Exercisable, Shares | 962,000 | ||||
Options Exercisable, Weighted Average Exercise Price | $8.87 | ||||
Range Five [Member] | Minimum [Member] | |||||
Schedule Of Stock Option Activity [Line Items] | |||||
Range of Exercise Prices, Minimum | $8.71 | ||||
Range Five [Member] | Maximum [Member] | |||||
Schedule Of Stock Option Activity [Line Items] | |||||
Range of Exercise Prices, Maximum | $10.75 | ||||
Range Six [Member] | |||||
Schedule Of Stock Option Activity [Line Items] | |||||
Options Outstanding, Shares | 407,500 | ||||
Options Outstanding, Weighted Average Remaining Life | 1 year 10 months 24 days | ||||
Options Outstanding, Weighted Average Exercise Price | $13.43 | ||||
Option Exercisable, Shares | 407,500 | ||||
Options Exercisable, Weighted Average Exercise Price | $13.43 | ||||
Range Six [Member] | Minimum [Member] | |||||
Schedule Of Stock Option Activity [Line Items] | |||||
Range of Exercise Prices, Minimum | $10.76 | ||||
Range Six [Member] | Maximum [Member] | |||||
Schedule Of Stock Option Activity [Line Items] | |||||
Range of Exercise Prices, Maximum | $16.36 |
Stockholders_Equity_Schedule_o1
Stockholders' Equity - Schedule of Changes in Non-Vested Shares Under Option, Excluding Performance Based Options (Detail) (USD $) | 12 Months Ended | 9 Months Ended | |
Oct. 31, 2012 | Jul. 31, 2013 | Jul. 31, 2013 | |
Non-performance based options [Member] | |||
Nonvested Share Activity [Line Items] | |||
Non-vested, Beginning Balance | 7,356,508 | 2,700,000 | 4,422,172 |
Granted, Shares | 375,000 | 625,000 | |
Vested, Shares | -3,176,993 | -2,069,593 | |
Canceled, Shares | -132,343 | -233,502 | |
Non-vested, Ending Balance | 4,422,172 | 2,700,000 | 2,744,077 |
Non-vested, Weighted-Average Grant Date Fair Value, beginning balance | $1.81 | $1.92 | |
Granted, Weighted-Average Grant Date Fair Value | $2.58 | $4.77 | |
Vested, Weighted-Average Grant Date Fair Value | $1.72 | $2.24 | |
Canceled, Weighted-Average Grant Date Fair Value | $2.41 | $1.95 | |
Non-vested, Weighted-Average Grant Date Fair Value, ending balance | $1.92 | $2.42 |
Recovered_Sheet1
Stockholders' Equity - Schedule Of Activity Related To Performance Based Options And Performance Based Restricted Stock Units (Detail) | 9 Months Ended | 12 Months Ended |
Jul. 31, 2013 | Oct. 31, 2012 | |
Performance Restricted Stock Units [Line Items] | ||
Non-vested, Beginning Balance | 7,356,508 | |
Granted | 375,000 | |
Vested | 3,176,993 | |
Canceled | -132,343 | |
Non-vested, Ending Balance | 2,700,000 | 4,422,172 |
Performance Based Options [Member] | ||
Performance Restricted Stock Units [Line Items] | ||
Non-vested, Beginning Balance | 856,000 | 936,000 |
Granted | ||
Vested | ||
Canceled | -168,000 | -80,000 |
Non-vested, Ending Balance | 688,000 | 856,000 |
Performance Based Restricted Stock Units [Member] | ||
Performance Restricted Stock Units [Line Items] | ||
Non-vested, Beginning Balance | 7,929,375 | 7,520,000 |
Granted | 6,250,000 | 1,100,000 |
Vested | ||
Canceled | -2,141,093 | -690,625 |
Non-vested, Ending Balance | 12,038,282 | 7,929,375 |
Recovered_Sheet2
Stockholders' Equity - Schedule Of Changes In Restricted Stock Units (Detail) | 1 Months Ended | 9 Months Ended | 12 Months Ended | ||
18-May-10 | Jul. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | Oct. 31, 2010 | |
Schedule Of Restricted Stock Granted [Line Items] | |||||
Outstanding shares, beginning balance | 12,325,499 | 13,399,381 | 12,731,430 | 15,909,101 | |
Granted | 625,000 | 375,000 | 2,315,000 | 4,403,407 | |
Forfeited, Shares | -1,696,345 | -1,517,672 | -942,553 | -889,511 | -6,868,016 |
Outstanding shares, ending balance | 9,778,351 | 12,325,499 | 13,399,381 | 12,731,430 | |
Restricted Stock [Member] | |||||
Schedule Of Restricted Stock Granted [Line Items] | |||||
Outstanding shares, beginning balance | 801,667 | ||||
Granted | 105,000 | ||||
Vested | -685,000 | ||||
Forfeited, Shares | -26,667 | ||||
Outstanding shares, ending balance | 195,000 | ||||
Restricted Stock Unit [Member] | |||||
Schedule Of Restricted Stock Granted [Line Items] | |||||
Outstanding shares, beginning balance | 1,911,669 | 2,842,004 | 1,022,003 | ||
Granted | 105,000 | 120,000 | 3,110,000 | ||
Vested | -1,155,002 | -1,050,335 | -1,229,998 | ||
Forfeited, Shares | -60,000 | -60,001 | |||
Outstanding shares, ending balance | 801,667 | 1,911,669 | 2,842,004 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income - Components of Accumulated Other Comprehensive Income (Detail) (USD $) | Jul. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 |
In Thousands, unless otherwise specified | |||
Accumulated Other Comprehensive Income Loss Net Of Tax [Line Items] | |||
Foreign currency translation adjustment | $73,590 | $80,656 | $124,230 |
Gain/(loss) on cash flow hedges | 2,069 | 5,756 | -8,103 |
Accumulated other comprehensive income, net of tax | $75,659 | $86,412 | $116,127 |
Income_Taxes_Summary_of_Provis
Income Taxes - Summary of Provision for Income Taxes from Continuing Operations (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Jul. 31, 2013 | Jul. 31, 2012 | Jul. 31, 2013 | Jul. 31, 2012 | Oct. 31, 2012 | Oct. 31, 2011 | Oct. 31, 2010 |
Current: | |||||||
Federal | $263 | $512 | ($1,502) | ||||
State | 408 | -132 | 1,140 | ||||
Foreign | 14,585 | 13,248 | 18,090 | ||||
Current income taxes | 15,256 | 13,628 | 17,728 | ||||
Deferred: | |||||||
Federal | 152 | -181 | -2,872 | ||||
State | 322 | -33 | -1,087 | ||||
Foreign | -8,173 | -27,729 | 9,664 | ||||
Deferred income taxes | -7,699 | -27,943 | 5,705 | ||||
Provision (benefit) for income taxes | ($49) | $2,508 | $10,322 | $14,913 | $7,557 | ($14,315) | $23,433 |
Income_Taxes_Schedule_of_Effec
Income Taxes - Schedule of Effective Federal Income Tax Rates, Computed and Expected (Detail) | 12 Months Ended | ||
Oct. 31, 2012 | Oct. 31, 2011 | Oct. 31, 2010 | |
Reconciliation Of Effective Income Tax Rate [Line Items] | |||
Computed "expected" statutory federal income tax rate | 35.00% | 35.00% | 35.00% |
State income taxes, net of federal income tax benefit | -18.70% | 0.40% | -10.00% |
Foreign tax rate differential | -72.40% | -16.40% | 15.70% |
Foreign tax exempt income | 224.60% | 18.80% | -38.20% |
Goodwill impairment | -76.50% | ||
Stock-based compensation | -152.00% | -5.70% | 4.20% |
Uncertain tax positions | 76.40% | 215.50% | -3.10% |
Valuation allowance | -513.20% | -118.40% | 133.10% |
Other | 74.60% | -8.20% | 16.10% |
Effective income tax rate | -345.70% | 44.50% | 152.80% |
Income_Taxes_Components_of_Net
Income Taxes - Components of Net Deferred Income Taxes (Detail) (USD $) | Oct. 31, 2012 | Oct. 31, 2011 |
In Thousands, unless otherwise specified | ||
Components Of Deferred Tax Assets And Liabilities [Line Items] | ||
Allowance for doubtful accounts | $7,532 | $8,431 |
Unrealized gains and losses | 5,541 | 12,946 |
Tax loss carry forwards | 342,529 | 253,611 |
Accruals and other | 79,037 | 70,515 |
Deferred income tax assets | 434,639 | 345,503 |
Depreciation and amortization | -12,909 | -7,041 |
Intangibles | -27,218 | -26,310 |
Deferred income tax liabilities | -40,127 | -33,351 |
Deferred income taxes | 394,512 | 312,152 |
Valuation allowance | -254,491 | -156,065 |
Net deferred income taxes | $140,021 | $156,087 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 9 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Jul. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | Oct. 31, 2010 |
Income Taxes [Line Items] | ||||
Income (loss) before provision for income taxes from continuing operations | $32 | ($4) | $93 | |
Foreign earnings earmarked for permanent reinvestment total | 151 | |||
Operating loss carry forwards, expire date | 2032 | |||
Capital loss carry forwards | 42 | |||
Capital loss carry forwards, expire date | 2014 | |||
Uncertain tax position liabilities potentially having a favorable impact on effective tax rate in future periods | 10 | 10 | ||
Release of uncertain tax positions | 134 | |||
Liability for uncertain tax positions | 11 | 7 | ||
Range of outcomes reasonably possible within the next 12 months - reduction of liability for unrecognized tax benefits | -8 | 8 | ||
Range of outcomes reasonably possible within the next 12 months - increase of the liability, excluding penalties and interest for its existing tax positions | 2 | 2 | ||
Federal [Member] | ||||
Income Taxes [Line Items] | ||||
Operating loss carry forwards | 186 | |||
State [Member] | ||||
Income Taxes [Line Items] | ||||
Operating loss carry forwards | 207 | |||
Foreign [Member] | ||||
Income Taxes [Line Items] | ||||
Operating loss carry forwards | 820 | |||
Valuation allowance of foreign tax loss carry forwards | 360 | |||
Utilized [Member] | Foreign [Member] | ||||
Income Taxes [Line Items] | ||||
Operating loss carry forwards | 766 | |||
2031 [Member] | Foreign [Member] | ||||
Income Taxes [Line Items] | ||||
Operating loss carry forwards | $54 |
Income_Taxes_Summary_of_Unreco
Income Taxes - Summary of Unrecognized Tax Benefits (Excluding Interest and Penalties and Related Tax Carryforwards) (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Oct. 31, 2012 | Oct. 31, 2011 |
Income Taxes [Line Items] | ||
Balance, beginning of year | $10,401 | $144,923 |
Gross increases related to current year tax positions | 1,166 | 262 |
Settlements | -134,190 | |
Lapse in statute of limitation | -598 | -545 |
Foreign exchange and other | -182 | -49 |
Balance, end of year | $10,787 | $10,401 |
Employee_Plans_Additional_Info
Employee Plans - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Oct. 31, 2012 | Oct. 31, 2011 | Oct. 31, 2010 |
Defined Benefit Plan Disclosure [Line Items] | |||
Contributions by company relating to the 401(k) Plan | $0 | $1 | $0 |
Compensation expense related to the French Profit Sharing Plan | $0.40 | $3 | $3 |
Segment_and_Geographic_Informa2
Segment and Geographic Information - Additional Information (Detail) (USD $) | 9 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||
In Thousands, unless otherwise specified | Jul. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | Oct. 31, 2010 | Oct. 31, 2012 | Oct. 31, 2012 | Oct. 31, 2011 | Oct. 31, 2010 | Oct. 31, 2012 | Oct. 31, 2011 | Oct. 31, 2010 | Oct. 31, 2012 | Oct. 31, 2011 | Oct. 31, 2010 | Oct. 31, 2012 | Oct. 31, 2011 | Oct. 31, 2010 |
Segment | Segment | United States [Member] | EMEA [Member] | EMEA [Member] | EMEA [Member] | EMEA [Member] | EMEA [Member] | EMEA [Member] | EMEA [Member] | EMEA [Member] | EMEA [Member] | Largest customer [Member] | Largest customer [Member] | Largest customer [Member] | |||
France [Member] | France [Member] | France [Member] | Spain [Member] | Spain [Member] | Spain [Member] | United Kingdom [Member] | United Kingdom [Member] | United Kingdom [Member] | |||||||||
Segment Information [Line Items] | |||||||||||||||||
Number of segments | 4 | 4 | |||||||||||||||
Percentage of net revenues from continuing operations | 30.00% | 29.00% | 28.00% | 16.00% | 18.00% | 19.00% | 11.00% | 8.00% | 8.00% | 3.00% | 3.00% | 3.00% | |||||
Identifiable assets | $2,192,527 | $1,718,240 | $1,764,223 | $1,696,121 | $547,000 |
Segment_and_Geographic_Informa3
Segment and Geographic Information - Percentages of Revenues Attributable to Company's Major Product Categories (Detail) | 12 Months Ended | ||
Oct. 31, 2012 | Oct. 31, 2011 | Oct. 31, 2010 | |
Revenue from External Customer [Line Items] | |||
Percentage of net revenues | 100.00% | 100.00% | 100.00% |
Apparel [Member] | |||
Revenue from External Customer [Line Items] | |||
Percentage of net revenues | 63.00% | 61.00% | 64.00% |
Footwear [Member] | |||
Revenue from External Customer [Line Items] | |||
Percentage of net revenues | 24.00% | 23.00% | 21.00% |
Accessories and related products [Member] | |||
Revenue from External Customer [Line Items] | |||
Percentage of net revenues | 13.00% | 16.00% | 15.00% |
Segment_and_Geographic_Informa4
Segment and Geographic Information - Information Related to Company's Operating Segments (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Jul. 31, 2013 | Oct. 31, 2012 | Jul. 31, 2012 | Apr. 30, 2012 | Jan. 31, 2012 | Oct. 31, 2011 | Jul. 31, 2011 | Apr. 30, 2011 | Jan. 31, 2011 | Jul. 31, 2013 | Jul. 31, 2012 | Oct. 31, 2012 | Oct. 31, 2011 | Oct. 31, 2010 |
Revenues, net: | ||||||||||||||
Revenues, net | $495,764 | $558,966 | $512,439 | $492,213 | $449,621 | $545,201 | $503,317 | $478,093 | $426,450 | $1,385,530 | $1,454,273 | $2,013,239 | $1,953,061 | $1,837,620 |
Gross profit: | ||||||||||||||
Gross profit | 244,775 | 256,759 | 253,488 | 242,149 | 227,950 | 283,077 | 255,118 | 262,169 | 223,470 | 675,618 | 723,587 | 980,346 | 1,023,834 | 967,248 |
SG&A expense: | ||||||||||||||
SG&A expense | 216,579 | 225,788 | 660,042 | 680,213 | 916,144 | 895,949 | 832,066 | |||||||
Asset impairments: | ||||||||||||||
Asset impairments | 2,152 | 141 | 10,652 | 556 | 7,234 | 86,373 | 11,657 | |||||||
Operating income/ (loss): | ||||||||||||||
Operating (loss)/income | 26,044 | 27,559 | 4,924 | 42,818 | 56,968 | 41,512 | 123,525 | |||||||
Identifiable assets: | ||||||||||||||
Identifiable assets | 2,192,527 | 1,718,240 | 1,764,223 | 2,192,527 | 1,718,240 | 1,764,223 | 1,696,121 | |||||||
Goodwill | 272,417 | 273,167 | 268,589 | 272,417 | 273,167 | 268,589 | 332,488 | |||||||
Operating Segments [Member] | Americas [Member] | ||||||||||||||
Revenues, net: | ||||||||||||||
Revenues, net | 267,997 | 286,136 | 682,984 | 712,519 | 991,625 | 914,406 | 843,078 | |||||||
Gross profit: | ||||||||||||||
Gross profit | 114,327 | 126,101 | 287,882 | 311,738 | 429,868 | 425,607 | 390,249 | |||||||
SG&A expense: | ||||||||||||||
SG&A expense | 78,752 | 92,781 | 251,825 | 270,669 | 362,322 | 360,921 | 324,683 | |||||||
Asset impairments: | ||||||||||||||
Asset impairments | 1,086 | 141 | 8,029 | 556 | 5,267 | 3,891 | 8,686 | |||||||
Operating income/ (loss): | ||||||||||||||
Operating (loss)/income | 34,489 | 33,179 | 28,028 | 40,513 | 62,279 | 60,795 | 56,880 | |||||||
Identifiable assets: | ||||||||||||||
Identifiable assets | 573,680 | 576,179 | 577,643 | 573,680 | 576,179 | 577,643 | 535,580 | |||||||
Goodwill | 75,087 | 75,974 | 76,048 | 75,087 | 75,974 | 76,048 | 75,051 | |||||||
Operating Segments [Member] | EMEA [Member] | ||||||||||||||
Revenues, net: | ||||||||||||||
Revenues, net | 163,796 | 154,076 | 500,160 | 518,504 | 710,852 | 761,100 | 728,952 | |||||||
Gross profit: | ||||||||||||||
Gross profit | 97,161 | 88,136 | 284,011 | 298,905 | 393,944 | 453,727 | 436,088 | |||||||
SG&A expense: | ||||||||||||||
SG&A expense | 88,845 | 80,862 | 253,055 | 250,160 | 337,535 | 340,387 | 340,138 | |||||||
Asset impairments: | ||||||||||||||
Asset impairments | 1,066 | 2,623 | 560 | 1,331 | 1,785 | |||||||||
Operating income/ (loss): | ||||||||||||||
Operating (loss)/income | 7,250 | 7,274 | 28,333 | 48,745 | 55,849 | 112,009 | 94,165 | |||||||
Identifiable assets: | ||||||||||||||
Identifiable assets | 783,567 | 718,537 | 750,378 | 783,567 | 718,537 | 750,378 | 704,306 | |||||||
Goodwill | 191,123 | 190,986 | 186,334 | 191,123 | 190,986 | 186,334 | 181,555 | |||||||
Operating Segments [Member] | APAC [Member] | ||||||||||||||
Revenues, net: | ||||||||||||||
Revenues, net | 63,356 | 71,623 | 200,132 | 220,242 | 307,141 | 272,479 | 260,578 | |||||||
Gross profit: | ||||||||||||||
Gross profit | 32,432 | 39,258 | 103,343 | 113,361 | 156,833 | 144,815 | 141,197 | |||||||
SG&A expense: | ||||||||||||||
SG&A expense | 33,881 | 37,747 | 108,843 | 114,988 | 157,247 | 147,949 | 128,207 | |||||||
Asset impairments: | ||||||||||||||
Asset impairments | 1,407 | 81,151 | 1,186 | |||||||||||
Operating income/ (loss): | ||||||||||||||
Operating (loss)/income | -1,449 | 1,511 | -5,500 | -1,627 | -1,821 | -84,285 | 11,804 | |||||||
Identifiable assets: | ||||||||||||||
Identifiable assets | 207,273 | 224,149 | 231,879 | 207,273 | 224,149 | 231,879 | 298,503 | |||||||
Goodwill | 6,207 | 6,207 | 6,207 | 6,207 | 6,207 | 6,207 | 75,882 | |||||||
Operating Segments [Member] | Corporate Operations [Member] | ||||||||||||||
Revenues, net: | ||||||||||||||
Revenues, net | 615 | 604 | 2,254 | 3,008 | 3,621 | 5,076 | 5,012 | |||||||
Gross profit: | ||||||||||||||
Gross profit | 855 | -7 | 382 | -417 | -299 | -315 | -286 | |||||||
SG&A expense: | ||||||||||||||
SG&A expense | 15,101 | 14,398 | 46,319 | 44,396 | 59,040 | 46,692 | 39,038 | |||||||
Asset impairments: | ||||||||||||||
Asset impairments | ||||||||||||||
Operating income/ (loss): | ||||||||||||||
Operating (loss)/income | -14,246 | -14,405 | -45,937 | -44,813 | ||||||||||
Identifiable assets: | ||||||||||||||
Identifiable assets | 628,007 | 199,375 | 204,323 | 628,007 | 199,375 | 204,323 | 157,732 | |||||||
Operating Segments [Member] | Corporate operations [Member] | ||||||||||||||
Operating income/ (loss): | ||||||||||||||
Operating (loss)/income | ($59,339) | ($47,007) | ($39,324) |
Derivative_Financial_Instrumen2
Derivative Financial Instruments - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Jul. 31, 2013 | Oct. 31, 2012 |
Financial Instruments And Derivatives [Line Items] | ||
Gains (losses) relating to hedging activities, net of tax | $2 | $6 |
Derivative_Financial_Instrumen3
Derivative Financial Instruments - Gains and Losses on Derivative Instruments (Detail) (USD $) | 9 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Jul. 31, 2013 | Jul. 31, 2012 | Oct. 31, 2012 | Oct. 31, 2011 | Oct. 31, 2010 |
Other comprehensive income [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain recognized in OCI on derivatives | $3,517 | $23,613 | $17,397 | ($18,149) | $15,039 |
Cost of goods sold [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain/(loss) reclassified from accumulated OCI into income | 7,355 | -1,377 | 929 | -8,513 | -5,712 |
Interest expense [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Loss reclassified from accumulated OCI into income | -1,033 | ||||
Foreign currency gain [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
(Loss)/gain reclassified from accumulated OCI into income | -1,031 | 137 | -894 | ||
Loss recognized in income on derivatives | -271 | -816 | |||
Gain/(loss) reclassified from accumulated OCI into income | 98 | -480 | |||
Loss recognized in income on derivatives | ($271) |
Derivative_Financial_Instrumen4
Derivative Financial Instruments - Outstanding Derivative Contracts Entered into Hedge Forecasted Purchases and Future Cash Receipts (Detail) (USD $) | Jul. 31, 2013 | Oct. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Notional Amount | $104,681 | $279,655 |
Fair Value | 3,424 | 7,496 |
Inventory Commodity [Member] | United States dollars [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Notional Amount | 100,549 | 262,798 |
Fair Value | 3,181 | 7,906 |
Inventory Commodity [Member] | Minimum [Member] | United States dollars [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Maturity | 2013-08 | 2012-11 |
Inventory Commodity [Member] | Maximum [Member] | United States dollars [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Maturity | 2014-10 | 2013-10 |
Accounts receivable Commodity [Member] | British pounds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Notional Amount | 4,132 | 16,857 |
Fair Value | $243 | ($410) |
Accounts receivable Commodity [Member] | Minimum [Member] | British pounds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Maturity | 2013-08 | 2012-11 |
Accounts receivable Commodity [Member] | Maximum [Member] | British pounds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Maturity | 2013-10 | 2013-10 |
Derivative_Financial_Instrumen5
Derivative Financial Instruments - Fair Values of Assets and Liabilities Measured and Recognized at Fair Value (Detail) (USD $) | Jul. 31, 2013 | Oct. 31, 2012 | Jul. 31, 2012 | Oct. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Derivative assets: | ||||
Derivative assets | $3,424 | $7,496 | ||
Derivative liabilities: | ||||
Derivative liabilities | -3,860 | -12,297 | ||
Fair Value, Measurements, Recurring [Member] | ||||
Derivative liabilities: | ||||
Total fair value | 3,424 | 7,496 | 7,496 | -10,344 |
Fair Value, Measurements, Recurring [Member] | Other receivables [Member] | ||||
Derivative assets: | ||||
Derivative assets | 3,471 | 11,356 | 11,356 | 1,031 |
Fair Value, Measurements, Recurring [Member] | Accrued liabilities [Member] | ||||
Derivative liabilities: | ||||
Derivative liabilities | -340 | -3,860 | -3,860 | -12,297 |
Fair Value, Measurements, Recurring [Member] | Other assets [Member] | ||||
Derivative assets: | ||||
Derivative assets | 293 | 1,610 | ||
Fair Value, Measurements, Recurring [Member] | Other long-term liabilities [Member] | ||||
Derivative liabilities: | ||||
Derivative liabilities | -688 | |||
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ||||
Derivative liabilities: | ||||
Total fair value | ||||
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Other receivables [Member] | ||||
Derivative assets: | ||||
Derivative assets | ||||
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Accrued liabilities [Member] | ||||
Derivative liabilities: | ||||
Derivative liabilities | ||||
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Other assets [Member] | ||||
Derivative assets: | ||||
Derivative assets | ||||
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Other long-term liabilities [Member] | ||||
Derivative liabilities: | ||||
Derivative liabilities | ||||
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||||
Derivative liabilities: | ||||
Total fair value | 3,424 | 7,496 | 7,496 | -10,344 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Other receivables [Member] | ||||
Derivative assets: | ||||
Derivative assets | 3,471 | 11,356 | 11,356 | 1,031 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Accrued liabilities [Member] | ||||
Derivative liabilities: | ||||
Derivative liabilities | -340 | -3,860 | -3,860 | -12,297 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Other assets [Member] | ||||
Derivative assets: | ||||
Derivative assets | 293 | 1,610 | ||
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Other long-term liabilities [Member] | ||||
Derivative liabilities: | ||||
Derivative liabilities | -688 | |||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ||||
Derivative liabilities: | ||||
Total fair value | ||||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Other receivables [Member] | ||||
Derivative assets: | ||||
Derivative assets | ||||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Accrued liabilities [Member] | ||||
Derivative liabilities: | ||||
Derivative liabilities | ||||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Other assets [Member] | ||||
Derivative assets: | ||||
Derivative assets | ||||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Other long-term liabilities [Member] | ||||
Derivative liabilities: | ||||
Derivative liabilities |
Quarterly_Financial_Data_Summa
Quarterly Financial Data - Summary of Quarterly Financial Data (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
In Thousands, except Per Share data, unless otherwise specified | Jul. 31, 2013 | Oct. 31, 2012 | Jul. 31, 2012 | Apr. 30, 2012 | Jan. 31, 2012 | Oct. 31, 2011 | Jul. 31, 2011 | Apr. 30, 2011 | Jan. 31, 2011 | Jul. 31, 2013 | Jul. 31, 2012 | Oct. 31, 2012 | Oct. 31, 2011 | Oct. 31, 2010 |
Quarterly Financial Information [Line Items] | ||||||||||||||
Revenues, net | $495,764 | $558,966 | $512,439 | $492,213 | $449,621 | $545,201 | $503,317 | $478,093 | $426,450 | $1,385,530 | $1,454,273 | $2,013,239 | $1,953,061 | $1,837,620 |
Gross profit | 244,775 | 256,759 | 253,488 | 242,149 | 227,950 | 283,077 | 255,118 | 262,169 | 223,470 | 675,618 | 723,587 | 980,346 | 1,023,834 | 967,248 |
Net (loss)/income attributable to Quiksilver, Inc. | 2,071 | 4,359 | 12,610 | -5,120 | -22,605 | 67,898 | 10,437 | -83,325 | -16,268 | -61,453 | -15,115 | -10,756 | -21,258 | -9,684 |
Net (loss)/income per share attributable to Quiksilver, Inc., assuming dilution | $0.01 | $0.02 | $0.07 | ($0.03) | ($0.14) | $0.38 | $0.06 | ($0.51) | ($0.10) | ($0.37) | ($0.09) | ($0.07) | ($0.13) | ($0.07) |
Trade accounts receivable | 418,189 | 433,743 | 398,522 | 370,974 | 321,785 | 397,089 | 385,927 | 341,781 | 287,458 | 418,189 | 398,522 | 433,743 | 397,089 | |
Inventories | $399,162 | $344,746 | $391,052 | $358,915 | $412,291 | $347,757 | $364,833 | $289,538 | $309,561 | $399,162 | $391,052 | $344,746 | $347,757 |
Restructuring_Charges_Addition
Restructuring Charges - Additional Information (Detail) (USD $) | 9 Months Ended | 12 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||
Jul. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | Jul. 31, 2013 | Jul. 31, 2013 | Jul. 31, 2013 | Jul. 31, 2013 | Jan. 31, 2013 | Jul. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | Oct. 31, 2011 | Oct. 31, 2010 | Oct. 31, 2011 | |
Americas [Member] | EMEA [Member] | APAC [Member] | Corporate Operations [Member] | Restructuring Plan 2011 [Member] | Restructuring Plan 2011 [Member] | Restructuring Plan 2011 [Member] | Restructuring Plan 2011 [Member] | Restructuring Plan 2009 [Member] | Restructuring Plan 2009 [Member] | Restructuring Plan 2009 [Member] | ||||
Accrual Adjustment [Member] | ||||||||||||||
Restructuring Reserve Disclosures [Abstract] | ||||||||||||||
Facility charges | $4,000,000 | ($2,000,000) | ||||||||||||
Severance charges | 3,000,000 | 3,000,000 | 10,000,000 | |||||||||||
Charged to expense | 17,431,000 | 13,602,000 | 8,038,000 | 7,600,000 | 6,300,000 | 800,000 | 2,700,000 | 13,602,000 | 8,038,000 | 1,048,000 | 10,015,000 | |||
Additional inventory reserves | 3,000,000 | |||||||||||||
Additional selling, general and administrative expense | $2,000,000 |
Restructuring_Charges_Activity
Restructuring Charges - Activity and Liability Balances (Detail) (USD $) | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||||
In Thousands, unless otherwise specified | Jul. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | Oct. 31, 2012 | Oct. 31, 2011 | Oct. 31, 2011 | Oct. 31, 2010 | Jul. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | Oct. 31, 2012 | Oct. 31, 2011 | Oct. 31, 2011 | Oct. 31, 2010 | Jul. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | Oct. 31, 2012 | Oct. 31, 2011 | Oct. 31, 2011 | Oct. 31, 2010 |
Restructuring Plan 2011 [Member] | Restructuring Plan 2011 [Member] | Restructuring Plan 2009 [Member] | Restructuring Plan 2009 [Member] | Workforce [Member] | Workforce [Member] | Workforce [Member] | Workforce [Member] | Workforce [Member] | Workforce [Member] | Workforce [Member] | Facility & Other [Member] | Facility & Other [Member] | Facility & Other [Member] | Facility & Other [Member] | Facility & Other [Member] | Facility & Other [Member] | Facility & Other [Member] | ||||
Restructuring Plan 2011 [Member] | Restructuring Plan 2011 [Member] | Restructuring Plan 2009 [Member] | Restructuring Plan 2009 [Member] | Restructuring Plan 2011 [Member] | Restructuring Plan 2011 [Member] | Restructuring Plan 2009 [Member] | Restructuring Plan 2009 [Member] | ||||||||||||||
Restructuring Reserve Disclosures [Abstract] | |||||||||||||||||||||
Beginning Balance | $12,191 | $7,308 | $7,308 | $8,319 | $13,909 | $5,335 | $1,076 | $1,076 | $4,918 | $9,958 | $6,856 | $6,232 | $6,232 | $3,401 | $3,951 | ||||||
Charged to expense | 17,431 | 13,602 | 8,038 | 13,602 | 8,038 | 1,048 | 10,015 | 15,801 | 9,721 | 1,389 | 9,721 | 1,389 | 816 | 8,339 | 1,630 | 3,881 | 6,649 | 3,881 | 6,649 | 232 | 1,676 |
Cash payments | -14,258 | -8,719 | -730 | -8,719 | -730 | -7,274 | -15,246 | -10,101 | -5,462 | -313 | -5,462 | -313 | -5,757 | -13,020 | -4,157 | -3,257 | -417 | -3,257 | -417 | -1,517 | -2,226 |
Adjustments to accrual | -553 | -2,118 | -425 | -425 | -553 | -2,118 | |||||||||||||||
Foreign currency translation | 25 | 66 | 23 | 66 | 2 | ||||||||||||||||
Ending Balance | $14,811 | $12,191 | $7,308 | $12,191 | $7,308 | $8,319 | $11,035 | $5,335 | $1,076 | $5,335 | $1,076 | $4,918 | $3,776 | $6,856 | $6,232 | $6,856 | $6,232 | $3,401 |
Condensed_Consolidating_Financ2
Condensed Consolidating Financial Information - Quiksilver, Inc. - Condensed Consolidating Statement of Operations (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Jul. 31, 2013 | Oct. 31, 2012 | Jul. 31, 2012 | Apr. 30, 2012 | Jan. 31, 2012 | Oct. 31, 2011 | Jul. 31, 2011 | Apr. 30, 2011 | Jan. 31, 2011 | Jul. 31, 2013 | Jul. 31, 2012 | Oct. 31, 2012 | Oct. 31, 2011 | Oct. 31, 2010 |
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Revenues, net | $495,764 | $558,966 | $512,439 | $492,213 | $449,621 | $545,201 | $503,317 | $478,093 | $426,450 | $1,385,530 | $1,454,273 | $2,013,239 | $1,953,061 | $1,837,620 |
Cost of goods sold | 250,989 | 258,951 | 709,912 | 730,686 | 1,032,893 | 929,227 | 870,372 | |||||||
Gross profit | 244,775 | 256,759 | 253,488 | 242,149 | 227,950 | 283,077 | 255,118 | 262,169 | 223,470 | 675,618 | 723,587 | 980,346 | 1,023,834 | 967,248 |
Selling, general and administrative expense | 216,579 | 225,788 | 660,042 | 680,213 | 916,144 | 895,949 | 832,066 | |||||||
Asset impairments | 2,152 | 141 | 10,652 | 556 | 7,234 | 86,373 | 11,657 | |||||||
Operating (loss)/income | 26,044 | 27,559 | 4,924 | 42,818 | 56,968 | 41,512 | 123,525 | |||||||
Interest expense, net | 20,195 | 14,834 | 50,991 | 45,464 | 60,823 | 73,808 | 114,109 | |||||||
Foreign currency loss/(gain) | 4,074 | -2,242 | 4,629 | -4,701 | -1,669 | -111 | -5,917 | |||||||
(Loss)/income before provision/(benefit) for income taxes | 1,775 | 14,967 | -50,696 | 2,055 | -2,186 | -32,185 | 15,333 | |||||||
Provision/(benefit) for income taxes | -49 | 2,508 | 10,322 | 14,913 | 7,557 | -14,315 | 23,433 | |||||||
(Loss)/income from continuing operations | -9,743 | -17,870 | -8,100 | |||||||||||
Net (loss)/income | 1,824 | 12,459 | -61,018 | -12,858 | -9,743 | -17,870 | -6,270 | |||||||
Net (income) loss attributable to non-controlling interest | 247 | 151 | -435 | -2,257 | -1,013 | -3,388 | -3,414 | |||||||
Net (loss)/income attributable to Quiksilver, Inc. | 2,071 | 4,359 | 12,610 | -5,120 | -22,605 | 67,898 | 10,437 | -83,325 | -16,268 | -61,453 | -15,115 | -10,756 | -21,258 | -9,684 |
Other comprehensive income (loss) | -2,140 | -28,120 | -10,753 | -49,151 | ||||||||||
Comprehensive (loss)/income attributable to Quiksilver, Inc. | -69 | -15,510 | -72,206 | -64,266 | -40,471 | -18,813 | 8,602 | |||||||
Quiksilver Inc [Member] | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Revenues, net | 2,013,239 | 1,953,061 | 1,837,620 | |||||||||||
Cost of goods sold | 1,032,893 | 929,227 | 870,372 | |||||||||||
Gross profit | 980,346 | 1,023,834 | 967,248 | |||||||||||
Selling, general and administrative expense | 916,144 | 895,949 | 832,066 | |||||||||||
Asset impairments | 7,234 | 86,373 | 11,657 | |||||||||||
Operating (loss)/income | 56,968 | 41,512 | 123,525 | |||||||||||
Interest expense, net | 60,823 | 73,808 | 114,109 | |||||||||||
Foreign currency loss/(gain) | -1,669 | -111 | -5,917 | |||||||||||
(Loss)/income before provision/(benefit) for income taxes | -2,186 | -32,185 | 15,333 | |||||||||||
Provision/(benefit) for income taxes | 7,557 | -14,315 | 23,433 | |||||||||||
(Loss)/income from continuing operations | -8,100 | |||||||||||||
Income from discontinued operations | 1,830 | |||||||||||||
Net (loss)/income | -9,743 | -17,870 | -6,270 | |||||||||||
Net (income) loss attributable to non-controlling interest | -1,013 | -3,388 | -3,414 | |||||||||||
Net (loss)/income attributable to Quiksilver, Inc. | -10,756 | -21,258 | -9,684 | |||||||||||
Other comprehensive income (loss) | -29,715 | 2,445 | 18,286 | |||||||||||
Comprehensive (loss)/income attributable to Quiksilver, Inc. | -40,471 | -18,813 | 8,602 | |||||||||||
Quiksilver Inc [Member] | Quiksilver, Inc. [Member] | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Revenues, net | 469 | 464 | 376 | |||||||||||
Gross profit | 469 | 464 | 376 | |||||||||||
Selling, general and administrative expense | 56,983 | 43,045 | 36,867 | |||||||||||
Operating (loss)/income | -56,514 | -42,581 | -36,491 | |||||||||||
Interest expense, net | 28,987 | 28,871 | 28,721 | |||||||||||
Foreign currency loss/(gain) | -173 | 30 | -285 | |||||||||||
Equity in earnings and other (income)/expense | -74,572 | -50,224 | -50,399 | |||||||||||
(Loss)/income before provision/(benefit) for income taxes | -10,756 | -21,258 | -14,528 | |||||||||||
Provision/(benefit) for income taxes | -4,844 | |||||||||||||
(Loss)/income from continuing operations | -9,684 | |||||||||||||
Net (loss)/income | -10,756 | -21,258 | -9,684 | |||||||||||
Net (loss)/income attributable to Quiksilver, Inc. | -10,756 | -21,258 | -9,684 | |||||||||||
Other comprehensive income (loss) | -29,715 | 2,445 | 18,286 | |||||||||||
Comprehensive (loss)/income attributable to Quiksilver, Inc. | -40,471 | -18,813 | 8,602 | |||||||||||
Quiksilver Inc [Member] | Guarantor Subsidiaries [Member] | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Revenues, net | 854,754 | 736,110 | 683,767 | |||||||||||
Cost of goods sold | 505,420 | 399,493 | 373,740 | |||||||||||
Gross profit | 349,334 | 336,617 | 310,027 | |||||||||||
Selling, general and administrative expense | 311,886 | 311,840 | 283,347 | |||||||||||
Asset impairments | 5,162 | 3,399 | 7,585 | |||||||||||
Operating (loss)/income | 32,286 | 21,378 | 19,095 | |||||||||||
Interest expense, net | 5,351 | 3,785 | 55,070 | |||||||||||
Foreign currency loss/(gain) | -35 | -40 | -124 | |||||||||||
Equity in earnings and other (income)/expense | 4,674 | -836 | -1,482 | |||||||||||
(Loss)/income before provision/(benefit) for income taxes | 22,296 | 18,469 | -34,369 | |||||||||||
Provision/(benefit) for income taxes | 1,144 | 165 | 522 | |||||||||||
(Loss)/income from continuing operations | -34,891 | |||||||||||||
Income from discontinued operations | 1,485 | |||||||||||||
Net (loss)/income | 21,152 | 18,304 | -33,406 | |||||||||||
Net (loss)/income attributable to Quiksilver, Inc. | 21,152 | 18,304 | -33,406 | |||||||||||
Comprehensive (loss)/income attributable to Quiksilver, Inc. | 21,152 | 18,304 | -33,406 | |||||||||||
Quiksilver Inc [Member] | Non-Guarantor Subsidiaries [Member] | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Revenues, net | 1,262,757 | 1,270,320 | 1,195,536 | |||||||||||
Cost of goods sold | 602,115 | 554,593 | 511,777 | |||||||||||
Gross profit | 660,642 | 715,727 | 683,759 | |||||||||||
Selling, general and administrative expense | 577,868 | 566,703 | 537,153 | |||||||||||
Asset impairments | 2,072 | 82,974 | 4,072 | |||||||||||
Operating (loss)/income | 80,702 | 66,050 | 142,534 | |||||||||||
Interest expense, net | 26,485 | 41,152 | 30,318 | |||||||||||
Foreign currency loss/(gain) | -1,461 | -101 | -5,508 | |||||||||||
(Loss)/income before provision/(benefit) for income taxes | 55,678 | 24,999 | 117,724 | |||||||||||
Provision/(benefit) for income taxes | 6,413 | -14,480 | 27,755 | |||||||||||
(Loss)/income from continuing operations | 89,969 | |||||||||||||
Income from discontinued operations | 345 | |||||||||||||
Net (loss)/income | 49,265 | 39,479 | 90,314 | |||||||||||
Net (income) loss attributable to non-controlling interest | -1,013 | -3,388 | -3,414 | |||||||||||
Net (loss)/income attributable to Quiksilver, Inc. | 48,252 | 36,091 | 86,900 | |||||||||||
Other comprehensive income (loss) | -29,715 | 2,445 | 18,286 | |||||||||||
Comprehensive (loss)/income attributable to Quiksilver, Inc. | 18,537 | 38,536 | 105,186 | |||||||||||
Quiksilver Inc [Member] | Eliminations [Member] | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Revenues, net | -104,741 | -53,833 | -42,059 | |||||||||||
Cost of goods sold | -74,642 | -24,859 | -15,145 | |||||||||||
Gross profit | -30,099 | -28,974 | -26,914 | |||||||||||
Selling, general and administrative expense | -30,593 | -25,639 | -25,301 | |||||||||||
Operating (loss)/income | 494 | -3,335 | -1,613 | |||||||||||
Equity in earnings and other (income)/expense | 69,898 | 51,060 | 51,881 | |||||||||||
(Loss)/income before provision/(benefit) for income taxes | -69,404 | -54,395 | -53,494 | |||||||||||
(Loss)/income from continuing operations | -53,494 | |||||||||||||
Net (loss)/income | -69,404 | -54,395 | -53,494 | |||||||||||
Net (loss)/income attributable to Quiksilver, Inc. | -69,404 | -54,395 | -53,494 | |||||||||||
Other comprehensive income (loss) | 29,715 | -2,445 | -18,286 | |||||||||||
Comprehensive (loss)/income attributable to Quiksilver, Inc. | ($39,689) | ($56,840) | ($71,780) |
Condensed_Consolidating_Financ3
Condensed Consolidating Financial Information - Quiksilver, Inc. - Condensed Consolidating Balance Sheet (Detail) (USD $) | Jul. 31, 2013 | Oct. 31, 2012 | Jul. 31, 2012 | Apr. 30, 2012 | Jan. 31, 2012 | Oct. 31, 2011 | Jul. 31, 2011 | Apr. 30, 2011 | Jan. 31, 2011 | Oct. 31, 2010 | Oct. 31, 2009 |
In Thousands, unless otherwise specified | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $62,383 | $41,823 | $81,903 | $109,753 | $120,593 | $99,516 | |||||
Trade accounts receivable, net | 418,189 | 433,743 | 398,522 | 370,974 | 321,785 | 397,089 | 385,927 | 341,781 | 287,458 | ||
Other receivables | 24,980 | 32,818 | 23,190 | ||||||||
Income taxes receivable | 2,779 | 4,265 | |||||||||
Inventories | 399,162 | 344,746 | 391,052 | 358,915 | 412,291 | 347,757 | 364,833 | 289,538 | 309,561 | ||
Deferred income taxes, short-term | 28,086 | 26,368 | 32,808 | ||||||||
Prepaid expenses and other current assets | 35,819 | 26,371 | 25,429 | ||||||||
Total current assets | 1,380,565 | 905,869 | 940,291 | ||||||||
Fixed assets, net | 227,997 | 238,313 | 238,107 | ||||||||
Intangible assets, net | 138,384 | 139,449 | 138,143 | ||||||||
Goodwill | 272,417 | 273,167 | 268,589 | 332,488 | |||||||
Other assets | 54,561 | 47,789 | 55,814 | ||||||||
Deferred income taxes, long-term | 118,603 | 113,653 | 123,279 | ||||||||
Total assets | 2,192,527 | 1,718,240 | 1,764,223 | 1,696,121 | |||||||
Current liabilities: | |||||||||||
Lines of credit | 18,147 | 18,335 | |||||||||
Accounts payable | 238,311 | 203,572 | 203,023 | ||||||||
Accrued liabilities | 107,001 | 114,891 | 132,944 | ||||||||
Long-term debt, current portion | 43,153 | 18,647 | 4,628 | ||||||||
Income taxes payable | 1,359 | ||||||||||
Total Current Liabilities | 797,632 | 356,616 | 358,930 | ||||||||
Long-term debt, net of current portion | 807,094 | 721,175 | 724,723 | ||||||||
Other long-term liabilities | 34,976 | 38,213 | 57,948 | ||||||||
Total liabilities | 1,639,702 | 1,116,004 | 1,141,601 | ||||||||
Stockholders'/invested equity | 533,420 | 583,310 | 610,098 | ||||||||
Non-controlling interest | 19,405 | 18,926 | 12,524 | ||||||||
Total liabilities and equity | 2,192,527 | 1,718,240 | 1,764,223 | ||||||||
Quiksilver Inc [Member] | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | 41,823 | 109,753 | 120,593 | 99,516 | |||||||
Trade accounts receivable, net | 433,743 | 397,089 | |||||||||
Other receivables | 32,818 | 23,190 | |||||||||
Income taxes receivable | 4,265 | ||||||||||
Inventories | 344,746 | 347,757 | |||||||||
Deferred income taxes, short-term | 26,368 | 32,808 | |||||||||
Prepaid expenses and other current assets | 26,371 | 25,429 | |||||||||
Total current assets | 905,869 | 940,291 | |||||||||
Fixed assets, net | 238,313 | 238,107 | |||||||||
Intangible assets, net | 139,449 | 138,143 | |||||||||
Goodwill | 273,167 | 268,589 | |||||||||
Other assets | 47,789 | 55,814 | |||||||||
Deferred income taxes, long-term | 113,653 | 123,279 | |||||||||
Total assets | 1,718,240 | 1,764,223 | |||||||||
Current liabilities: | |||||||||||
Lines of credit | 18,147 | 18,335 | |||||||||
Accounts payable | 203,572 | 203,023 | |||||||||
Accrued liabilities | 114,891 | 132,944 | |||||||||
Long-term debt, current portion | 18,647 | 4,628 | |||||||||
Income taxes payable | 1,359 | ||||||||||
Total Current Liabilities | 356,616 | 358,930 | |||||||||
Long-term debt, net of current portion | 721,175 | 724,723 | |||||||||
Other long-term liabilities | 38,213 | 57,948 | |||||||||
Total liabilities | 1,116,004 | 1,141,601 | |||||||||
Stockholders'/invested equity | 583,310 | 610,098 | |||||||||
Non-controlling interest | 18,926 | 12,524 | |||||||||
Total liabilities and equity | 1,718,240 | 1,764,223 | |||||||||
Quiksilver Inc [Member] | Quiksilver, Inc. [Member] | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | 324 | 17 | 164 | 321 | |||||||
Other receivables | 20 | 122 | |||||||||
Prepaid expenses and other current assets | 2,277 | 2,378 | |||||||||
Total current assets | 2,621 | 2,517 | |||||||||
Fixed assets, net | 18,802 | 17,602 | |||||||||
Intangible assets, net | 3,228 | 3,007 | |||||||||
Other assets | 2,753 | 4,457 | |||||||||
Investment in subsidiaries | 1,087,924 | 1,084,745 | |||||||||
Total assets | 1,115,328 | 1,112,328 | |||||||||
Current liabilities: | |||||||||||
Accounts payable | 6,995 | 2,510 | |||||||||
Accrued liabilities | 6,189 | 6,673 | |||||||||
Intercompany balances | 118,834 | 93,047 | |||||||||
Total Current Liabilities | 132,018 | 102,230 | |||||||||
Long-term debt, net of current portion | 400,000 | 400,000 | |||||||||
Total liabilities | 532,018 | 502,230 | |||||||||
Stockholders'/invested equity | 583,310 | 610,098 | |||||||||
Total liabilities and equity | 1,115,328 | 1,112,328 | |||||||||
Quiksilver Inc [Member] | Guarantor Subsidiaries [Member] | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | 135 | 1,331 | 39,172 | 1,135 | |||||||
Trade accounts receivable, net | 181,945 | 150,782 | |||||||||
Other receivables | 6,158 | 5,918 | |||||||||
Income taxes receivable | 21,338 | ||||||||||
Inventories | 107,722 | 115,456 | |||||||||
Deferred income taxes, short-term | 5,209 | -1,182 | |||||||||
Prepaid expenses and other current assets | 9,548 | 8,525 | |||||||||
Total current assets | 310,717 | 302,168 | |||||||||
Fixed assets, net | 64,496 | 64,943 | |||||||||
Intangible assets, net | 47,746 | 48,743 | |||||||||
Goodwill | 112,216 | 112,216 | |||||||||
Other assets | 2,677 | 3,936 | |||||||||
Deferred income taxes, long-term | -23,550 | -16,682 | |||||||||
Investment in subsidiaries | 5,028 | 8,929 | |||||||||
Total assets | 519,330 | 524,253 | |||||||||
Current liabilities: | |||||||||||
Accounts payable | 95,355 | 88,280 | |||||||||
Accrued liabilities | 28,343 | 30,088 | |||||||||
Long-term debt, current portion | 8,594 | 3,000 | |||||||||
Income taxes payable | -117 | ||||||||||
Intercompany balances | -95,809 | -34,611 | |||||||||
Total Current Liabilities | 36,366 | 86,757 | |||||||||
Long-term debt, net of current portion | 60,700 | 36,542 | |||||||||
Other long-term liabilities | 25,241 | 41,219 | |||||||||
Total liabilities | 122,307 | 164,518 | |||||||||
Stockholders'/invested equity | 397,023 | 359,735 | |||||||||
Total liabilities and equity | 519,330 | 524,253 | |||||||||
Quiksilver Inc [Member] | Non-Guarantor Subsidiaries [Member] | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | 41,364 | 108,405 | 81,257 | 98,060 | |||||||
Trade accounts receivable, net | 251,798 | 246,307 | |||||||||
Other receivables | 26,640 | 17,150 | |||||||||
Income taxes receivable | -17,073 | ||||||||||
Inventories | 237,465 | 234,266 | |||||||||
Deferred income taxes, short-term | 21,159 | 33,990 | |||||||||
Prepaid expenses and other current assets | 14,546 | 14,526 | |||||||||
Total current assets | 592,972 | 637,571 | |||||||||
Fixed assets, net | 155,015 | 155,562 | |||||||||
Intangible assets, net | 88,475 | 86,393 | |||||||||
Goodwill | 160,951 | 156,373 | |||||||||
Other assets | 42,359 | 47,421 | |||||||||
Deferred income taxes, long-term | 137,203 | 139,961 | |||||||||
Total assets | 1,176,975 | 1,223,281 | |||||||||
Current liabilities: | |||||||||||
Lines of credit | 18,147 | 18,335 | |||||||||
Accounts payable | 101,222 | 112,233 | |||||||||
Accrued liabilities | 80,359 | 96,183 | |||||||||
Long-term debt, current portion | 10,053 | 1,628 | |||||||||
Income taxes payable | 1,476 | ||||||||||
Intercompany balances | -23,025 | -58,436 | |||||||||
Total Current Liabilities | 188,232 | 169,943 | |||||||||
Long-term debt, net of current portion | 260,475 | 288,181 | |||||||||
Other long-term liabilities | 12,972 | 16,729 | |||||||||
Total liabilities | 461,679 | 474,853 | |||||||||
Stockholders'/invested equity | 696,370 | 735,904 | |||||||||
Non-controlling interest | 18,926 | 12,524 | |||||||||
Total liabilities and equity | 1,176,975 | 1,223,281 | |||||||||
Quiksilver Inc [Member] | Eliminations [Member] | |||||||||||
Current assets: | |||||||||||
Inventories | -441 | -1,965 | |||||||||
Total current assets | -441 | -1,965 | |||||||||
Investment in subsidiaries | -1,092,952 | -1,093,674 | |||||||||
Total assets | -1,093,393 | -1,095,639 | |||||||||
Current liabilities: | |||||||||||
Stockholders'/invested equity | -1,093,393 | -1,095,639 | |||||||||
Total liabilities and equity | ($1,093,393) | ($1,095,639) |
Condensed_Consolidating_Financ4
Condensed Consolidating Financial Information - Quiksilver, Inc. - Condensed Consolidating Statement of Cash Flows (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 31, 2012 | Oct. 31, 2011 | Oct. 31, 2010 |
Cash flows from operating activities: | |||
Net (loss)/income | ($9,743) | ($17,870) | ($6,270) |
Adjustments to reconcile net (loss)/income to net cash (used in)/provided by operating activities: | |||
Depreciation and Amortization | 53,232 | 55,259 | 53,861 |
Stock-based compensation | 22,552 | 14,414 | 12,831 |
Provision for doubtful accounts | 4,594 | 8,732 | 15,307 |
Equity in earnings | 282 | -355 | -524 |
Asset impairments | 7,000 | 12,000 | 12,000 |
Non-cash interest expense | 3,685 | 19,112 | 56,695 |
Deferred income taxes | -8,582 | -28,248 | 8,029 |
Changes in operating assets and liabilities: | |||
Trade accounts receivable | -53,405 | -33,985 | 39,846 |
Inventories | -4,978 | -70,706 | 4,505 |
Cash (used in)/provided by operating activities of continuing operations | -13,539 | 54,149 | 199,697 |
Cash provided by operating activities of discontinued operations | 3,785 | ||
Net cash (used in)/provided by operating activities | -13,539 | 54,149 | 203,482 |
Cash flows from investing activities: | |||
Proceeds from the sale of properties and equipment | 8,198 | 12,546 | 4,662 |
Capital expenditures | -66,081 | -89,590 | -47,797 |
Changes in restricted cash | 52,706 | ||
Business acquisitions, net of cash acquired | -9,117 | -5,578 | |
Net cash (used in)/provided by investing activities | -67,000 | -82,622 | 9,571 |
Cash flows from financing activities: | |||
Borrowings on lines of credit | 15,139 | 30,070 | 16,581 |
Payments on lines of credit | -12,641 | -35,303 | -27,021 |
Borrowings on long-term debt | 140,035 | 315,330 | 59,353 |
Payments on long-term debt | -112,841 | -284,676 | -220,566 |
Payments of debt and equity issuance costs | -6,391 | -9,573 | |
Stock option exercises and employee stock purchases | 2,241 | 4,129 | 3,639 |
Transactions with non-controlling interest owners | -11,000 | -5,174 | |
Net cash provided by/(used in) financing activities | 20,933 | 23,159 | -182,761 |
Effect of exchange rate changes on cash | -8,324 | -5,526 | -9,215 |
Net increase/(decrease) in cash and cash equivalents | -67,930 | -10,840 | 21,077 |
Cash and cash equivalents, beginning of period | 109,753 | 120,593 | 99,516 |
Cash and cash equivalents, end of period | 41,823 | 109,753 | 120,593 |
Quiksilver Inc [Member] | |||
Cash flows from operating activities: | |||
Net (loss)/income | -9,743 | -17,870 | -6,270 |
Adjustments to reconcile net (loss)/income to net cash (used in)/provided by operating activities: | |||
Income from discontinued operations | -1,830 | ||
Depreciation and Amortization | 53,232 | 55,259 | 53,861 |
Stock-based compensation | 22,552 | 14,414 | 12,831 |
Provision for doubtful accounts | 4,594 | 8,732 | 15,307 |
Equity in earnings | 282 | -355 | -524 |
Asset impairments | 7,234 | 86,373 | 11,657 |
Non-cash interest expense | 3,685 | 19,112 | 56,695 |
Deferred income taxes | -8,582 | -28,248 | 8,029 |
Other adjustments to reconcile net (loss)/income | -6,499 | -5,666 | -3,542 |
Changes in operating assets and liabilities: | |||
Trade accounts receivable | -53,405 | -33,985 | 39,846 |
Inventories | -4,978 | -70,706 | 4,505 |
Other operating assets and liabilities | -21,911 | 27,089 | 9,132 |
Cash (used in)/provided by operating activities of continuing operations | 199,697 | ||
Cash provided by operating activities of discontinued operations | 3,785 | ||
Net cash (used in)/provided by operating activities | -13,539 | 54,149 | 203,482 |
Cash flows from investing activities: | |||
Proceeds from the sale of properties and equipment | 8,198 | 12,546 | 4,662 |
Capital expenditures | -66,081 | -89,590 | -47,797 |
Changes in restricted cash | 52,706 | ||
Business acquisitions, net of cash acquired | -9,117 | -5,578 | |
Net cash (used in)/provided by investing activities | -67,000 | -82,622 | 9,571 |
Cash flows from financing activities: | |||
Borrowings on lines of credit | 15,139 | 30,070 | 16,581 |
Payments on lines of credit | -12,641 | -35,303 | -27,021 |
Borrowings on long-term debt | 140,035 | 315,330 | 59,353 |
Payments on long-term debt | -112,841 | -284,676 | -220,566 |
Payments of debt and equity issuance costs | -6,391 | -9,573 | |
Stock option exercises and employee stock purchases | 2,241 | 4,129 | 3,639 |
Transactions with non-controlling interest owners | -11,000 | -5,174 | |
Net cash provided by/(used in) financing activities | 20,933 | 23,159 | -182,761 |
Effect of exchange rate changes on cash | -8,324 | -5,526 | -9,215 |
Net increase/(decrease) in cash and cash equivalents | -67,930 | -10,840 | 21,077 |
Cash and cash equivalents, beginning of period | 109,753 | 120,593 | 99,516 |
Cash and cash equivalents, end of period | 41,823 | 109,753 | 120,593 |
Quiksilver Inc [Member] | Quiksilver, Inc. [Member] | |||
Cash flows from operating activities: | |||
Net (loss)/income | -10,756 | -21,258 | -9,684 |
Adjustments to reconcile net (loss)/income to net cash (used in)/provided by operating activities: | |||
Depreciation and Amortization | 2,088 | 1,735 | 1,519 |
Stock-based compensation | 22,552 | 14,414 | 12,831 |
Equity in earnings | -74,572 | -50,224 | -50,399 |
Non-cash interest expense | 1,490 | 1,387 | 1,292 |
Other adjustments to reconcile net (loss)/income | -443 | 72 | -195 |
Changes in operating assets and liabilities: | |||
Other operating assets and liabilities | 10,255 | 1,090 | 16,733 |
Cash (used in)/provided by operating activities of continuing operations | -27,903 | ||
Net cash (used in)/provided by operating activities | -49,386 | -52,784 | -27,903 |
Cash flows from investing activities: | |||
Proceeds from the sale of properties and equipment | 34 | ||
Capital expenditures | -4,388 | -12,570 | -4,194 |
Net cash (used in)/provided by investing activities | -4,388 | -12,570 | -4,160 |
Cash flows from financing activities: | |||
Payments of debt and equity issuance costs | -7,750 | ||
Stock option exercises and employee stock purchases | 2,241 | 4,129 | 3,639 |
Intercompany | 51,840 | 61,078 | 36,017 |
Net cash provided by/(used in) financing activities | 54,081 | 65,207 | 31,906 |
Net increase/(decrease) in cash and cash equivalents | 307 | -147 | -157 |
Cash and cash equivalents, beginning of period | 17 | 164 | 321 |
Cash and cash equivalents, end of period | 324 | 17 | 164 |
Quiksilver Inc [Member] | Guarantor Subsidiaries [Member] | |||
Cash flows from operating activities: | |||
Net (loss)/income | 21,152 | 18,304 | -33,406 |
Adjustments to reconcile net (loss)/income to net cash (used in)/provided by operating activities: | |||
Income from discontinued operations | -1,485 | ||
Depreciation and Amortization | 18,002 | 20,445 | 21,494 |
Provision for doubtful accounts | -1,642 | 1,363 | 4,360 |
Equity in earnings | 4,674 | -994 | -1,482 |
Asset impairments | 5,162 | 3,399 | 8,403 |
Non-cash interest expense | 1,506 | 1,808 | 42,740 |
Deferred income taxes | 474 | 3,703 | -5,652 |
Other adjustments to reconcile net (loss)/income | 36 | 481 | -1,455 |
Changes in operating assets and liabilities: | |||
Trade accounts receivable | -29,521 | -22,106 | 15,735 |
Inventories | 7,195 | -23,322 | -5,075 |
Other operating assets and liabilities | 2,233 | -4,275 | 7,960 |
Cash (used in)/provided by operating activities of continuing operations | 52,137 | ||
Cash provided by operating activities of discontinued operations | 1,507 | ||
Net cash (used in)/provided by operating activities | 29,271 | -1,194 | 53,644 |
Cash flows from investing activities: | |||
Proceeds from the sale of properties and equipment | 45 | 15 | 4,519 |
Capital expenditures | -22,580 | -34,624 | -10,730 |
Business acquisitions, net of cash acquired | -528 | ||
Net cash (used in)/provided by investing activities | -22,535 | -35,137 | -6,211 |
Cash flows from financing activities: | |||
Borrowings on long-term debt | 93,500 | 44,500 | 42,735 |
Payments on long-term debt | -70,800 | -25,524 | -51,489 |
Transactions with non-controlling interest owners | -11,000 | -1,542 | |
Intercompany | -19,632 | -20,486 | 900 |
Net cash provided by/(used in) financing activities | -7,932 | -1,510 | -9,396 |
Net increase/(decrease) in cash and cash equivalents | -1,196 | -37,841 | 38,037 |
Cash and cash equivalents, beginning of period | 1,331 | 39,172 | 1,135 |
Cash and cash equivalents, end of period | 135 | 1,331 | 39,172 |
Quiksilver Inc [Member] | Non-Guarantor Subsidiaries [Member] | |||
Cash flows from operating activities: | |||
Net (loss)/income | 49,265 | 39,479 | 90,314 |
Adjustments to reconcile net (loss)/income to net cash (used in)/provided by operating activities: | |||
Income from discontinued operations | -345 | ||
Depreciation and Amortization | 33,142 | 33,079 | 30,848 |
Provision for doubtful accounts | 6,236 | 7,369 | 10,947 |
Equity in earnings | 282 | -197 | -524 |
Asset impairments | 2,072 | 82,974 | 3,254 |
Non-cash interest expense | 689 | 15,917 | 12,663 |
Deferred income taxes | -9,056 | -31,951 | 13,681 |
Other adjustments to reconcile net (loss)/income | -6,092 | -6,219 | -1,892 |
Changes in operating assets and liabilities: | |||
Trade accounts receivable | -23,884 | -11,879 | 24,111 |
Inventories | -11,679 | -50,719 | 7,967 |
Other operating assets and liabilities | -34,399 | 30,274 | -15,561 |
Cash (used in)/provided by operating activities of continuing operations | 175,463 | ||
Cash provided by operating activities of discontinued operations | 2,278 | ||
Net cash (used in)/provided by operating activities | 6,576 | 108,127 | 177,741 |
Cash flows from investing activities: | |||
Proceeds from the sale of properties and equipment | 8,153 | 12,531 | 109 |
Capital expenditures | -39,113 | -42,396 | -32,873 |
Changes in restricted cash | 52,706 | ||
Business acquisitions, net of cash acquired | -9,117 | -5,050 | |
Net cash (used in)/provided by investing activities | -40,077 | -34,915 | 19,942 |
Cash flows from financing activities: | |||
Borrowings on lines of credit | 15,139 | 30,070 | 16,581 |
Payments on lines of credit | -12,641 | -35,303 | -27,021 |
Borrowings on long-term debt | 46,535 | 270,830 | 16,618 |
Payments on long-term debt | -42,041 | -259,152 | -169,077 |
Payments of debt and equity issuance costs | -6,391 | -1,823 | |
Transactions with non-controlling interest owners | -3,632 | ||
Intercompany | -32,208 | -40,592 | -36,917 |
Net cash provided by/(used in) financing activities | -25,216 | -40,538 | -205,271 |
Effect of exchange rate changes on cash | -8,324 | -5,526 | -9,215 |
Net increase/(decrease) in cash and cash equivalents | -67,041 | 27,148 | -16,803 |
Cash and cash equivalents, beginning of period | 108,405 | 81,257 | 98,060 |
Cash and cash equivalents, end of period | 41,364 | 108,405 | 81,257 |
Quiksilver Inc [Member] | Eliminations [Member] | |||
Cash flows from operating activities: | |||
Net (loss)/income | -69,404 | -54,395 | -53,494 |
Adjustments to reconcile net (loss)/income to net cash (used in)/provided by operating activities: | |||
Equity in earnings | 69,898 | 51,060 | 51,881 |
Changes in operating assets and liabilities: | |||
Inventories | ($494) | $3,335 | $1,613 |
Condensed_Consolidating_Financ5
Condensed Consolidating Financial Information - Quiksilver, Inc. and QS Wholesale, Inc. - Additional Information (Detail) (USD $) | Jul. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | Oct. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Parent Company Only Financial Information [Line Items] | ||||
Total assets | $2,192,527 | $1,718,240 | $1,764,223 | $1,696,121 |
Stockholders'/invested equity: | 533,420 | 583,310 | 610,098 | |
QS Wholesale, Inc [Member] | Adjustments For Error Correction [Member] | ||||
Parent Company Only Financial Information [Line Items] | ||||
Total assets | 31,600 | 19,600 | ||
Intercompany balances | 178,600 | 166,700 | ||
Stockholders'/invested equity: | 31,600 | 59,700 | ||
Investment in subsidiaries | 147,100 | 147,100 | ||
Intercompany balances | 40,100 | |||
Guarantor Subsidiaries [Member] | Adjustments For Error Correction [Member] | ||||
Parent Company Only Financial Information [Line Items] | ||||
Total assets | -45,600 | -67,100 | ||
Intercompany balances | 45,600 | 67,100 | ||
Stockholders'/invested equity: | 114,300 | 139,700 | ||
Intercompany balances | 68,700 | 72,700 | ||
Non-Guarantor Subsidiaries [Member] | Adjustments For Error Correction [Member] | ||||
Parent Company Only Financial Information [Line Items] | ||||
Total assets | -32,500 | -65,600 | ||
Intercompany balances | 32,500 | 65,600 | ||
Stockholders'/invested equity: | 64,400 | 67,100 | ||
Intercompany balances | 31,900 | 1,500 | ||
Eliminations [Member] | Adjustments For Error Correction [Member] | ||||
Parent Company Only Financial Information [Line Items] | ||||
Total assets | $46,500 | $113,100 |
Condensed_Consolidating_Financ6
Condensed Consolidating Financial Information - Quiksilver, Inc. and QS Wholesale, Inc. - Condensed Consolidating Statement of Operations (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Jul. 31, 2013 | Oct. 31, 2012 | Jul. 31, 2012 | Apr. 30, 2012 | Jan. 31, 2012 | Oct. 31, 2011 | Jul. 31, 2011 | Apr. 30, 2011 | Jan. 31, 2011 | Jul. 31, 2013 | Jul. 31, 2012 | Oct. 31, 2012 | Oct. 31, 2011 | Oct. 31, 2010 |
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Revenues, net | $495,764 | $558,966 | $512,439 | $492,213 | $449,621 | $545,201 | $503,317 | $478,093 | $426,450 | $1,385,530 | $1,454,273 | $2,013,239 | $1,953,061 | $1,837,620 |
Cost of goods sold | 250,989 | 258,951 | 709,912 | 730,686 | 1,032,893 | 929,227 | 870,372 | |||||||
Gross profit | 244,775 | 256,759 | 253,488 | 242,149 | 227,950 | 283,077 | 255,118 | 262,169 | 223,470 | 675,618 | 723,587 | 980,346 | 1,023,834 | 967,248 |
Selling, general and administrative expense | 216,579 | 225,788 | 660,042 | 680,213 | 916,144 | 895,949 | 832,066 | |||||||
Asset impairments | 2,152 | 141 | 10,652 | 556 | 7,234 | 86,373 | 11,657 | |||||||
Operating (loss)/income | 26,044 | 27,559 | 4,924 | 42,818 | 56,968 | 41,512 | 123,525 | |||||||
Interest expense, net | 20,195 | 14,834 | 50,991 | 45,464 | 60,823 | 73,808 | 114,109 | |||||||
Foreign currency (gain)/loss | 4,074 | -2,242 | 4,629 | -4,701 | -1,669 | -111 | -5,917 | |||||||
(Loss)/income before provision (benefit) for income taxes | 1,775 | 14,967 | -50,696 | 2,055 | -2,186 | -32,185 | 15,333 | |||||||
Provision/(benefit) for income taxes | -49 | 2,508 | 10,322 | 14,913 | 7,557 | -14,315 | 23,433 | |||||||
(Loss)/income from continuing operations | -9,743 | -17,870 | -8,100 | |||||||||||
Net (loss)/income | 1,824 | 12,459 | -61,018 | -12,858 | -9,743 | -17,870 | -6,270 | |||||||
Net (income) loss attributable to non-controlling interest | 247 | 151 | -435 | -2,257 | -1,013 | -3,388 | -3,414 | |||||||
Net (loss)/income attributable to Quiksilver, Inc. | 2,071 | 4,359 | 12,610 | -5,120 | -22,605 | 67,898 | 10,437 | -83,325 | -16,268 | -61,453 | -15,115 | -10,756 | -21,258 | -9,684 |
Other comprehensive income (loss) | -2,140 | -28,120 | -10,753 | -49,151 | ||||||||||
Comprehensive (loss)/income attributable to Quiksilver, Inc. | -69 | -15,510 | -72,206 | -64,266 | -40,471 | -18,813 | 8,602 | |||||||
Quiksilver, Inc. and QS Wholesale, Inc. [Member] | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Revenues, net | 2,013,239 | 1,953,061 | 1,837,620 | |||||||||||
Cost of goods sold | 1,032,893 | 929,227 | 870,372 | |||||||||||
Gross profit | 980,346 | 1,023,834 | 967,248 | |||||||||||
Selling, general and administrative expense | 916,144 | 895,949 | 832,066 | |||||||||||
Asset impairments | 7,234 | 86,373 | 11,657 | |||||||||||
Operating (loss)/income | 56,968 | 41,512 | 123,525 | |||||||||||
Interest expense, net | 60,823 | 73,808 | 114,109 | |||||||||||
Foreign currency (gain)/loss | -1,669 | -111 | -5,917 | |||||||||||
(Loss)/income before provision (benefit) for income taxes | -2,186 | -32,185 | 15,333 | |||||||||||
Provision/(benefit) for income taxes | 7,557 | -14,315 | 23,433 | |||||||||||
(Loss)/income from continuing operations | -8,100 | |||||||||||||
Income from discontinued operations | 1,830 | |||||||||||||
Net (loss)/income | -9,743 | -17,870 | -6,270 | |||||||||||
Net (income) loss attributable to non-controlling interest | -1,013 | -3,388 | -3,414 | |||||||||||
Net (loss)/income attributable to Quiksilver, Inc. | -10,756 | -21,258 | -9,684 | |||||||||||
Other comprehensive income (loss) | -29,715 | 2,445 | 18,286 | |||||||||||
Comprehensive (loss)/income attributable to Quiksilver, Inc. | -40,471 | -18,813 | 8,602 | |||||||||||
Quiksilver, Inc. and QS Wholesale, Inc. [Member] | Quiksilver, Inc. [Member] | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Revenues, net | 469 | 464 | 376 | |||||||||||
Gross profit | 469 | 464 | 376 | |||||||||||
Selling, general and administrative expense | 56,983 | 43,045 | 36,867 | |||||||||||
Operating (loss)/income | -56,514 | -42,581 | -36,491 | |||||||||||
Interest expense, net | 28,987 | 28,871 | 28,721 | |||||||||||
Foreign currency (gain)/loss | -173 | 30 | -285 | |||||||||||
Equity in earnings and other (income)/expense | -74,572 | -50,224 | -50,399 | |||||||||||
(Loss)/income before provision (benefit) for income taxes | -10,756 | -21,258 | -14,528 | |||||||||||
Provision/(benefit) for income taxes | -4,844 | |||||||||||||
(Loss)/income from continuing operations | -9,684 | |||||||||||||
Net (loss)/income | -10,756 | -21,258 | -9,684 | |||||||||||
Net (loss)/income attributable to Quiksilver, Inc. | -10,756 | -21,258 | -9,684 | |||||||||||
Other comprehensive income (loss) | -29,715 | 2,445 | 18,286 | |||||||||||
Comprehensive (loss)/income attributable to Quiksilver, Inc. | -40,471 | -18,813 | 8,602 | |||||||||||
Quiksilver, Inc. and QS Wholesale, Inc. [Member] | QS Wholesale, Inc [Member] | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Revenues, net | 453,532 | 440,088 | 418,623 | |||||||||||
Cost of goods sold | 275,179 | 268,361 | 261,491 | |||||||||||
Gross profit | 178,353 | 171,727 | 157,132 | |||||||||||
Selling, general and administrative expense | 147,684 | 139,530 | 133,730 | |||||||||||
Asset impairments | 11 | 1,778 | 667 | |||||||||||
Operating (loss)/income | 30,658 | 30,419 | 22,735 | |||||||||||
Interest expense, net | 5,352 | 3,795 | 55,070 | |||||||||||
Foreign currency (gain)/loss | -148 | -229 | -113 | |||||||||||
Equity in earnings and other (income)/expense | 4,674 | -836 | -1,482 | |||||||||||
(Loss)/income before provision (benefit) for income taxes | 20,780 | 27,689 | -30,740 | |||||||||||
Provision/(benefit) for income taxes | 1,144 | 165 | 522 | |||||||||||
(Loss)/income from continuing operations | -31,262 | |||||||||||||
Net (loss)/income | 19,636 | 27,524 | -31,262 | |||||||||||
Net (loss)/income attributable to Quiksilver, Inc. | 19,636 | 27,524 | -31,262 | |||||||||||
Comprehensive (loss)/income attributable to Quiksilver, Inc. | 19,636 | 27,524 | -31,262 | |||||||||||
Quiksilver, Inc. and QS Wholesale, Inc. [Member] | Guarantor Subsidiaries [Member] | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Revenues, net | 573,826 | 479,559 | 421,759 | |||||||||||
Cost of goods sold | 373,016 | 291,972 | 240,660 | |||||||||||
Gross profit | 200,810 | 187,587 | 181,099 | |||||||||||
Selling, general and administrative expense | 164,202 | 172,310 | 149,617 | |||||||||||
Asset impairments | 5,151 | 1,621 | 6,918 | |||||||||||
Operating (loss)/income | 31,457 | 13,656 | 24,564 | |||||||||||
Interest expense, net | -1 | -10 | ||||||||||||
Foreign currency (gain)/loss | 113 | 189 | -11 | |||||||||||
(Loss)/income before provision (benefit) for income taxes | 31,345 | 13,477 | 24,575 | |||||||||||
(Loss)/income from continuing operations | 24,575 | |||||||||||||
Income from discontinued operations | 1,485 | |||||||||||||
Net (loss)/income | 31,345 | 13,477 | 26,060 | |||||||||||
Net (loss)/income attributable to Quiksilver, Inc. | 31,345 | 13,477 | 26,060 | |||||||||||
Comprehensive (loss)/income attributable to Quiksilver, Inc. | 31,345 | 13,477 | 26,060 | |||||||||||
Quiksilver, Inc. and QS Wholesale, Inc. [Member] | Non-Guarantor Subsidiaries [Member] | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Revenues, net | 1,262,757 | 1,270,320 | 1,195,536 | |||||||||||
Cost of goods sold | 602,115 | 554,593 | 511,777 | |||||||||||
Gross profit | 660,642 | 715,727 | 683,759 | |||||||||||
Selling, general and administrative expense | 577,868 | 566,703 | 537,153 | |||||||||||
Asset impairments | 2,072 | 82,974 | 4,072 | |||||||||||
Operating (loss)/income | 80,702 | 66,050 | 142,534 | |||||||||||
Interest expense, net | 26,485 | 41,152 | 30,318 | |||||||||||
Foreign currency (gain)/loss | -1,461 | -101 | -5,508 | |||||||||||
(Loss)/income before provision (benefit) for income taxes | 55,678 | 24,999 | 117,724 | |||||||||||
Provision/(benefit) for income taxes | 6,413 | -14,480 | 27,755 | |||||||||||
(Loss)/income from continuing operations | 89,969 | |||||||||||||
Income from discontinued operations | 345 | |||||||||||||
Net (loss)/income | 49,265 | 39,479 | 90,314 | |||||||||||
Net (income) loss attributable to non-controlling interest | -1,013 | -3,388 | -3,414 | |||||||||||
Net (loss)/income attributable to Quiksilver, Inc. | 48,252 | 36,091 | 86,900 | |||||||||||
Other comprehensive income (loss) | -29,715 | 2,445 | 18,286 | |||||||||||
Comprehensive (loss)/income attributable to Quiksilver, Inc. | 18,537 | 38,536 | 105,186 | |||||||||||
Quiksilver, Inc. and QS Wholesale, Inc. [Member] | Eliminations [Member] | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Revenues, net | -277,345 | -237,370 | -198,674 | |||||||||||
Cost of goods sold | -217,417 | -185,699 | -143,556 | |||||||||||
Gross profit | -59,928 | -51,671 | -55,118 | |||||||||||
Selling, general and administrative expense | -30,593 | -25,639 | -29,817 | |||||||||||
Operating (loss)/income | -29,335 | -26,032 | -29,817 | |||||||||||
Equity in earnings and other (income)/expense | 69,898 | 51,060 | 51,881 | |||||||||||
(Loss)/income before provision (benefit) for income taxes | -99,233 | -77,092 | -81,698 | |||||||||||
(Loss)/income from continuing operations | -81,698 | |||||||||||||
Net (loss)/income | -99,233 | -77,092 | -81,698 | |||||||||||
Net (loss)/income attributable to Quiksilver, Inc. | -99,233 | -77,092 | -81,698 | |||||||||||
Other comprehensive income (loss) | 29,715 | -2,445 | -18,286 | |||||||||||
Comprehensive (loss)/income attributable to Quiksilver, Inc. | ($69,518) | ($79,537) | ($99,984) |
Condensed_Consolidating_Financ7
Condensed Consolidating Financial Information - Quiksilver, Inc. and QS Wholesale, Inc. - Condensed Consolidating Balance Sheet (Detail) (USD $) | Jul. 31, 2013 | Oct. 31, 2012 | Jul. 31, 2012 | Apr. 30, 2012 | Jan. 31, 2012 | Oct. 31, 2011 | Jul. 31, 2011 | Apr. 30, 2011 | Jan. 31, 2011 | Oct. 31, 2010 | Oct. 31, 2009 |
In Thousands, unless otherwise specified | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $62,383 | $41,823 | $81,903 | $109,753 | $120,593 | $99,516 | |||||
Trade accounts receivable, net | 418,189 | 433,743 | 398,522 | 370,974 | 321,785 | 397,089 | 385,927 | 341,781 | 287,458 | ||
Other receivables | 24,980 | 32,818 | 23,190 | ||||||||
Income taxes receivable | 2,779 | 4,265 | |||||||||
Inventories | 399,162 | 344,746 | 391,052 | 358,915 | 412,291 | 347,757 | 364,833 | 289,538 | 309,561 | ||
Deferred income taxes | 28,086 | 26,368 | 32,808 | ||||||||
Prepaid expenses and other current assets | 35,819 | 26,371 | 25,429 | ||||||||
Total current assets | 1,380,565 | 905,869 | 940,291 | ||||||||
Fixed assets, net | 227,997 | 238,313 | 238,107 | ||||||||
Intangible assets, net | 138,384 | 139,449 | 138,143 | ||||||||
Goodwill | 272,417 | 273,167 | 268,589 | 332,488 | |||||||
Other assets | 54,561 | 47,789 | 55,814 | ||||||||
Deferred income taxes long-term | 118,603 | 113,653 | 123,279 | ||||||||
Total assets | 2,192,527 | 1,718,240 | 1,764,223 | 1,696,121 | |||||||
Current liabilities: | |||||||||||
Lines of credit | 18,147 | 18,335 | |||||||||
Accounts payable | 238,311 | 203,572 | 203,023 | ||||||||
Accrued liabilities | 107,001 | 114,891 | 132,944 | ||||||||
Current portion of long-term debt | 43,153 | 18,647 | 4,628 | ||||||||
Income taxes payable | 1,359 | ||||||||||
Total Current Liabilities | 797,632 | 356,616 | 358,930 | ||||||||
Long-term debt | 807,094 | 721,175 | 724,723 | ||||||||
Other long-term liabilities | 34,976 | 38,213 | 57,948 | ||||||||
Total liabilities | 1,639,702 | 1,116,004 | 1,141,601 | ||||||||
Stockholders'/invested equity: | 533,420 | 583,310 | 610,098 | ||||||||
Non-controlling interest | 19,405 | 18,926 | 12,524 | ||||||||
Total liabilities and equity | 2,192,527 | 1,718,240 | 1,764,223 | ||||||||
Quiksilver, Inc. and QS Wholesale, Inc. [Member] | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | 41,823 | 109,753 | 120,593 | 99,516 | |||||||
Trade accounts receivable, net | 433,743 | 397,089 | |||||||||
Other receivables | 32,818 | 23,190 | |||||||||
Income taxes receivable | 4,265 | ||||||||||
Inventories | 344,746 | 347,757 | |||||||||
Deferred income taxes | 26,368 | 32,808 | |||||||||
Prepaid expenses and other current assets | 26,371 | 25,429 | |||||||||
Total current assets | 905,869 | 940,291 | |||||||||
Fixed assets, net | 238,313 | 238,107 | |||||||||
Intangible assets, net | 139,449 | 138,143 | |||||||||
Goodwill | 273,167 | 268,589 | |||||||||
Other assets | 47,789 | 55,814 | |||||||||
Deferred income taxes long-term | 113,653 | 123,279 | |||||||||
Total assets | 1,718,240 | 1,764,223 | |||||||||
Current liabilities: | |||||||||||
Lines of credit | 18,147 | 18,335 | |||||||||
Accounts payable | 203,572 | 203,023 | |||||||||
Accrued liabilities | 114,891 | 132,944 | |||||||||
Current portion of long-term debt | 18,647 | 4,628 | |||||||||
Income taxes payable | 1,359 | ||||||||||
Total Current Liabilities | 356,616 | 358,930 | |||||||||
Long-term debt | 721,175 | 724,723 | |||||||||
Other long-term liabilities | 38,213 | 57,948 | |||||||||
Total liabilities | 1,116,004 | 1,141,601 | |||||||||
Stockholders'/invested equity: | 583,310 | 610,098 | |||||||||
Non-controlling interest | 18,926 | 12,524 | |||||||||
Total liabilities and equity | 1,718,240 | 1,764,223 | |||||||||
Quiksilver, Inc. and QS Wholesale, Inc. [Member] | Quiksilver, Inc. [Member] | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | 324 | 17 | 164 | 321 | |||||||
Other receivables | 20 | 122 | |||||||||
Prepaid expenses and other current assets | 2,277 | 2,378 | |||||||||
Total current assets | 2,621 | 2,517 | |||||||||
Fixed assets, net | 18,802 | 17,602 | |||||||||
Intangible assets, net | 3,228 | 3,007 | |||||||||
Other assets | 2,753 | 4,457 | |||||||||
Deferred income taxes long-term | 20,387 | 11,531 | |||||||||
Investment in subsidiaries | 1,087,924 | 1,084,745 | |||||||||
Total assets | 1,135,715 | 1,123,859 | |||||||||
Current liabilities: | |||||||||||
Accounts payable | 6,995 | 2,510 | |||||||||
Accrued liabilities | 6,189 | 6,673 | |||||||||
Deferred income taxes | 20,902 | 11,998 | |||||||||
Intercompany balances | 118,319 | 92,580 | |||||||||
Total Current Liabilities | 152,405 | 113,761 | |||||||||
Long-term debt | 400,000 | 400,000 | |||||||||
Total liabilities | 552,405 | 513,761 | |||||||||
Stockholders'/invested equity: | 583,310 | 610,098 | |||||||||
Total liabilities and equity | 1,135,715 | 1,123,859 | |||||||||
Quiksilver, Inc. and QS Wholesale, Inc. [Member] | QS Wholesale, Inc [Member] | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | 1,966 | 4,972 | 38,707 | 1,082 | |||||||
Trade accounts receivable, net | 80,522 | 72,533 | |||||||||
Other receivables | 2,767 | 3,024 | |||||||||
Income taxes receivable | 117 | 390 | |||||||||
Inventories | 32,156 | 57,862 | |||||||||
Deferred income taxes | 26,617 | 15,111 | |||||||||
Prepaid expenses and other current assets | 4,463 | 3,507 | |||||||||
Intercompany balances | 218,896 | 166,707 | |||||||||
Total current assets | 367,504 | 324,106 | |||||||||
Fixed assets, net | 39,175 | 36,493 | |||||||||
Intangible assets, net | 45,547 | 46,510 | |||||||||
Goodwill | 103,880 | 103,880 | |||||||||
Other assets | 2,083 | 3,377 | |||||||||
Investment in subsidiaries | 12,180 | 16,082 | |||||||||
Total assets | 570,369 | 530,448 | |||||||||
Current liabilities: | |||||||||||
Accounts payable | 39,542 | 50,858 | |||||||||
Accrued liabilities | 15,699 | 12,666 | |||||||||
Current portion of long-term debt | 8,594 | 3,000 | |||||||||
Total Current Liabilities | 63,835 | 66,524 | |||||||||
Long-term debt | 60,700 | 36,542 | |||||||||
Deferred income taxes long-term | 42,951 | 31,383 | |||||||||
Other long-term liabilities | 5,413 | 6,546 | |||||||||
Total liabilities | 172,899 | 140,995 | |||||||||
Stockholders'/invested equity: | 397,470 | 389,453 | |||||||||
Total liabilities and equity | 570,369 | 530,448 | |||||||||
Quiksilver, Inc. and QS Wholesale, Inc. [Member] | Guarantor Subsidiaries [Member] | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | -1,831 | -3,641 | 465 | 53 | |||||||
Trade accounts receivable, net | 101,423 | 78,249 | |||||||||
Other receivables | 3,391 | 2,894 | |||||||||
Inventories | 97,522 | 74,754 | |||||||||
Prepaid expenses and other current assets | 5,085 | 5,018 | |||||||||
Total current assets | 205,590 | 157,274 | |||||||||
Fixed assets, net | 25,321 | 28,450 | |||||||||
Intangible assets, net | 2,199 | 2,233 | |||||||||
Goodwill | 8,336 | 8,336 | |||||||||
Other assets | 594 | 559 | |||||||||
Deferred income taxes long-term | 1,577 | ||||||||||
Total assets | 242,040 | 198,429 | |||||||||
Current liabilities: | |||||||||||
Accounts payable | 55,813 | 37,422 | |||||||||
Accrued liabilities | 12,644 | 17,422 | |||||||||
Deferred income taxes | 506 | 4,295 | |||||||||
Intercompany balances | 68,707 | 72,661 | |||||||||
Total Current Liabilities | 137,670 | 131,800 | |||||||||
Deferred income taxes long-term | 2,285 | ||||||||||
Other long-term liabilities | 9,048 | 4,937 | |||||||||
Total liabilities | 149,003 | 136,737 | |||||||||
Stockholders'/invested equity: | 93,037 | 61,692 | |||||||||
Total liabilities and equity | 242,040 | 198,429 | |||||||||
Quiksilver, Inc. and QS Wholesale, Inc. [Member] | Non-Guarantor Subsidiaries [Member] | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | 41,364 | 108,405 | 81,257 | 98,060 | |||||||
Trade accounts receivable, net | 251,798 | 246,307 | |||||||||
Other receivables | 26,640 | 17,150 | |||||||||
Income taxes receivable | 3,875 | ||||||||||
Inventories | 237,465 | 234,266 | |||||||||
Deferred income taxes | 21,159 | 33,990 | |||||||||
Prepaid expenses and other current assets | 14,546 | 14,526 | |||||||||
Total current assets | 592,972 | 658,519 | |||||||||
Fixed assets, net | 155,015 | 155,562 | |||||||||
Intangible assets, net | 88,475 | 86,393 | |||||||||
Goodwill | 160,951 | 156,373 | |||||||||
Other assets | 42,359 | 47,421 | |||||||||
Deferred income taxes long-term | 138,502 | 141,554 | |||||||||
Total assets | 1,178,274 | 1,245,822 | |||||||||
Current liabilities: | |||||||||||
Lines of credit | 18,147 | 18,335 | |||||||||
Accounts payable | 101,222 | 112,233 | |||||||||
Accrued liabilities | 80,359 | 96,183 | |||||||||
Current portion of long-term debt | 10,053 | 1,628 | |||||||||
Income taxes payable | 1,476 | ||||||||||
Intercompany balances | 31,870 | 1,466 | |||||||||
Total Current Liabilities | 243,127 | 229,845 | |||||||||
Long-term debt | 260,475 | 288,181 | |||||||||
Other long-term liabilities | 23,752 | 46,465 | |||||||||
Total liabilities | 527,354 | 564,491 | |||||||||
Stockholders'/invested equity: | 631,994 | 668,807 | |||||||||
Non-controlling interest | 18,926 | 12,524 | |||||||||
Total liabilities and equity | 1,178,274 | 1,245,822 | |||||||||
Quiksilver, Inc. and QS Wholesale, Inc. [Member] | Eliminations [Member] | |||||||||||
Current assets: | |||||||||||
Income taxes receivable | -117 | ||||||||||
Inventories | -22,397 | -19,125 | |||||||||
Deferred income taxes | -21,408 | -16,293 | |||||||||
Intercompany balances | -218,896 | -166,707 | |||||||||
Total current assets | -262,818 | -202,125 | |||||||||
Deferred income taxes long-term | -45,236 | -31,383 | |||||||||
Investment in subsidiaries | -1,100,104 | -1,100,827 | |||||||||
Total assets | -1,408,158 | -1,334,335 | |||||||||
Current liabilities: | |||||||||||
Income taxes payable | -117 | ||||||||||
Deferred income taxes | -21,408 | -16,293 | |||||||||
Intercompany balances | -218,896 | -166,707 | |||||||||
Total Current Liabilities | -240,421 | -183,000 | |||||||||
Deferred income taxes long-term | -45,236 | -31,383 | |||||||||
Total liabilities | -285,657 | -214,383 | |||||||||
Stockholders'/invested equity: | -1,122,501 | -1,119,952 | |||||||||
Total liabilities and equity | ($1,408,158) | ($1,334,335) |
Condensed_Consolidating_Financ8
Condensed Consolidating Financial Information - Quiksilver, Inc. and QS Wholesale, Inc. - Condensed Consolidating Statement of Cash Flows (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 31, 2012 | Oct. 31, 2011 | Oct. 31, 2010 |
Cash flows from operating activities: | |||
Net (loss)/income | ($9,743) | ($17,870) | ($6,270) |
Adjustments to reconcile net (loss)/income to net cash (used in)/provided by operating activities: | |||
Depreciation and Amortization | 53,232 | 55,259 | 53,861 |
Stock based compensation | 22,552 | 14,414 | 12,831 |
Provision for doubtful accounts | 4,594 | 8,732 | 15,307 |
Equity in earnings | 282 | -355 | -524 |
Asset impairments | 7,234 | 86,373 | 11,657 |
Non-cash interest expense | 3,685 | 19,112 | 56,695 |
Deferred income taxes | -8,582 | -28,248 | 8,029 |
Changes in operating assets and liabilities: | |||
Trade accounts receivable | -53,405 | -33,985 | 39,846 |
Inventories | -4,978 | -70,706 | 4,505 |
Cash (used in)/provided by operating activities of continuing operations | -13,539 | 54,149 | 199,697 |
Cash provided by operating activities of discontinued operations | 3,785 | ||
Net cash (used in)/provided by operating activities | -13,539 | 54,149 | 203,482 |
Cash flows from investing activities: | |||
Proceeds from the sale of properties and equipment | 8,198 | 12,546 | 4,662 |
Capital expenditures | -66,081 | -89,590 | -47,797 |
Changes in restricted cash | 52,706 | ||
Business acquisitions, net of cash acquired | -9,117 | -5,578 | |
Net cash (used in)/provided by investing activities | -67,000 | -82,622 | 9,571 |
Cash flows from financing activities: | |||
Borrowings on lines of credit | 15,139 | 30,070 | 16,581 |
Payments on lines of credit | -12,641 | -35,303 | -27,021 |
Borrowings on long-term debt | 140,035 | 315,330 | 59,353 |
Payments on long-term debt | -112,841 | -284,676 | -220,566 |
Payments of debt and equity issuance costs | -6,391 | -9,573 | |
Stock option exercises and employee stock purchases | 2,241 | 4,129 | 3,639 |
Transactions with non-controlling interest owners | -11,000 | -5,174 | |
Net cash provided by/(used in) financing activities | 20,933 | 23,159 | -182,761 |
Effect of exchange rate changes on cash | -8,324 | -5,526 | -9,215 |
Net increase/(decrease) in cash and cash equivalents | -67,930 | -10,840 | 21,077 |
Cash and cash equivalents, beginning of period | 109,753 | 120,593 | 99,516 |
Cash and cash equivalents, end of period | 41,823 | 109,753 | 120,593 |
Quiksilver, Inc. and QS Wholesale, Inc. [Member] | |||
Cash flows from operating activities: | |||
Net (loss)/income | -9,743 | -17,870 | -6,270 |
Adjustments to reconcile net (loss)/income to net cash (used in)/provided by operating activities: | |||
Income from discontinued operations | -1,830 | ||
Depreciation and Amortization | 53,232 | 55,259 | 53,861 |
Stock based compensation | 22,552 | 14,414 | 12,831 |
Provision for doubtful accounts | 4,594 | 8,732 | 15,307 |
Equity in earnings | 282 | -355 | -524 |
Asset impairments | 7,234 | 86,373 | 11,657 |
Non-cash interest expense | 3,685 | 19,112 | 56,695 |
Deferred income taxes | -8,582 | -28,248 | 8,029 |
Other adjustments to reconcile net (loss)/income | -6,499 | -5,666 | -3,542 |
Changes in operating assets and liabilities: | |||
Trade accounts receivable | -53,405 | -33,985 | 39,846 |
Inventories | -4,978 | -70,706 | 4,505 |
Other operating assets and liabilities | -21,911 | 27,089 | 9,132 |
Cash (used in)/provided by operating activities of continuing operations | 199,697 | ||
Cash provided by operating activities of discontinued operations | 3,785 | ||
Net cash (used in)/provided by operating activities | -13,539 | 54,149 | 203,482 |
Cash flows from investing activities: | |||
Proceeds from the sale of properties and equipment | 8,198 | 12,546 | 4,662 |
Capital expenditures | -66,081 | -89,590 | -47,797 |
Changes in restricted cash | 52,706 | ||
Business acquisitions, net of cash acquired | -9,117 | -5,578 | |
Net cash (used in)/provided by investing activities | -67,000 | -82,622 | 9,571 |
Cash flows from financing activities: | |||
Borrowings on lines of credit | 15,139 | 30,070 | 16,581 |
Payments on lines of credit | -12,641 | -35,303 | -27,021 |
Borrowings on long-term debt | 140,035 | 315,330 | 59,353 |
Payments on long-term debt | -112,841 | -284,676 | -220,566 |
Payments of debt and equity issuance costs | -6,391 | -9,573 | |
Stock option exercises and employee stock purchases | 2,241 | 4,129 | 3,639 |
Transactions with non-controlling interest owners | -11,000 | -5,174 | |
Net cash provided by/(used in) financing activities | 20,933 | 23,159 | -182,761 |
Effect of exchange rate changes on cash | -8,324 | -5,526 | -9,215 |
Net increase/(decrease) in cash and cash equivalents | -67,930 | -10,840 | 21,077 |
Cash and cash equivalents, beginning of period | 109,753 | 120,593 | 99,516 |
Cash and cash equivalents, end of period | 41,823 | 109,753 | 120,593 |
Quiksilver, Inc. and QS Wholesale, Inc. [Member] | Quiksilver, Inc. [Member] | |||
Cash flows from operating activities: | |||
Net (loss)/income | -10,756 | -21,258 | -9,684 |
Adjustments to reconcile net (loss)/income to net cash (used in)/provided by operating activities: | |||
Depreciation and Amortization | 2,088 | 1,735 | 1,519 |
Stock based compensation | 22,552 | 14,414 | 12,831 |
Equity in earnings | -74,572 | -50,224 | -50,399 |
Non-cash interest expense | 1,490 | 1,387 | 1,292 |
Other adjustments to reconcile net (loss)/income | -443 | 72 | -195 |
Changes in operating assets and liabilities: | |||
Other operating assets and liabilities | 5,918 | -17,134 | 8,350 |
Cash (used in)/provided by operating activities of continuing operations | -36,286 | ||
Net cash (used in)/provided by operating activities | -53,723 | -71,008 | -36,286 |
Cash flows from investing activities: | |||
Proceeds from the sale of properties and equipment | 34 | ||
Capital expenditures | -4,388 | -12,570 | -4,194 |
Net cash (used in)/provided by investing activities | -4,388 | -12,570 | -4,160 |
Cash flows from financing activities: | |||
Payments of debt and equity issuance costs | -7,750 | ||
Stock option exercises and employee stock purchases | 2,241 | 4,129 | 3,639 |
Intercompany | 56,177 | 79,302 | 44,400 |
Net cash provided by/(used in) financing activities | 58,418 | 83,431 | 40,289 |
Net increase/(decrease) in cash and cash equivalents | 307 | -147 | -157 |
Cash and cash equivalents, beginning of period | 17 | 164 | 321 |
Cash and cash equivalents, end of period | 324 | 17 | 164 |
Quiksilver, Inc. and QS Wholesale, Inc. [Member] | QS Wholesale, Inc [Member] | |||
Cash flows from operating activities: | |||
Net (loss)/income | 19,636 | 27,524 | -31,262 |
Adjustments to reconcile net (loss)/income to net cash (used in)/provided by operating activities: | |||
Depreciation and Amortization | 11,314 | 13,191 | 12,134 |
Provision for doubtful accounts | -763 | 225 | 2,982 |
Equity in earnings | 4,674 | -994 | -1,482 |
Asset impairments | 11 | 1,778 | 667 |
Non-cash interest expense | 1,506 | 1,808 | 42,740 |
Deferred income taxes | 62 | 93 | -2,203 |
Other adjustments to reconcile net (loss)/income | -94 | 351 | -1,225 |
Changes in operating assets and liabilities: | |||
Trade accounts receivable | -7,227 | -8,811 | 10,464 |
Inventories | 23,444 | -49,448 | -27,021 |
Other operating assets and liabilities | -9,589 | 5,146 | 7,975 |
Cash (used in)/provided by operating activities of continuing operations | 13,769 | ||
Net cash (used in)/provided by operating activities | 42,974 | -9,137 | 13,769 |
Cash flows from investing activities: | |||
Proceeds from the sale of properties and equipment | 43 | 5 | 4,500 |
Capital expenditures | -13,744 | -21,726 | -6,901 |
Net cash (used in)/provided by investing activities | -13,701 | -21,721 | -2,401 |
Cash flows from financing activities: | |||
Borrowings on long-term debt | 93,500 | 44,500 | 42,735 |
Payments on long-term debt | -70,800 | -25,524 | -51,489 |
Transactions with non-controlling interest owners | -11,000 | -1,542 | |
Intercompany | -43,979 | -21,853 | 36,553 |
Net cash provided by/(used in) financing activities | -32,279 | -2,877 | 26,257 |
Net increase/(decrease) in cash and cash equivalents | -3,006 | -33,735 | 37,625 |
Cash and cash equivalents, beginning of period | 4,972 | 38,707 | 1,082 |
Cash and cash equivalents, end of period | 1,966 | 4,972 | 38,707 |
Quiksilver, Inc. and QS Wholesale, Inc. [Member] | Guarantor Subsidiaries [Member] | |||
Cash flows from operating activities: | |||
Net (loss)/income | 31,345 | 13,477 | 26,060 |
Adjustments to reconcile net (loss)/income to net cash (used in)/provided by operating activities: | |||
Income from discontinued operations | -1,485 | ||
Depreciation and Amortization | 6,688 | 7,254 | 9,360 |
Provision for doubtful accounts | -879 | 1,138 | 1,378 |
Asset impairments | 5,151 | 1,621 | 6,918 |
Deferred income taxes | 412 | 3,610 | -3,449 |
Other adjustments to reconcile net (loss)/income | 130 | 130 | -230 |
Changes in operating assets and liabilities: | |||
Trade accounts receivable | -22,294 | -13,295 | 5,271 |
Inventories | -46,078 | 3,429 | -6,258 |
Other operating assets and liabilities | 16,159 | 8,803 | 8,368 |
Cash (used in)/provided by operating activities of continuing operations | 45,933 | ||
Cash provided by operating activities of discontinued operations | 1,507 | ||
Net cash (used in)/provided by operating activities | -9,366 | 26,167 | 47,440 |
Cash flows from investing activities: | |||
Proceeds from the sale of properties and equipment | 2 | 10 | 19 |
Capital expenditures | -8,836 | -12,898 | -3,829 |
Business acquisitions, net of cash acquired | -528 | ||
Net cash (used in)/provided by investing activities | -8,834 | -13,416 | -3,810 |
Cash flows from financing activities: | |||
Intercompany | 20,010 | -16,857 | -43,218 |
Net cash provided by/(used in) financing activities | 20,010 | -16,857 | -43,218 |
Net increase/(decrease) in cash and cash equivalents | 1,810 | -4,106 | 412 |
Cash and cash equivalents, beginning of period | -3,641 | 465 | 53 |
Cash and cash equivalents, end of period | -1,831 | -3,641 | 465 |
Quiksilver, Inc. and QS Wholesale, Inc. [Member] | Non-Guarantor Subsidiaries [Member] | |||
Cash flows from operating activities: | |||
Net (loss)/income | 49,265 | 39,479 | 90,314 |
Adjustments to reconcile net (loss)/income to net cash (used in)/provided by operating activities: | |||
Income from discontinued operations | -345 | ||
Depreciation and Amortization | 33,142 | 33,079 | 30,848 |
Provision for doubtful accounts | 6,236 | 7,369 | 10,947 |
Equity in earnings | 282 | -197 | -524 |
Asset impairments | 2,072 | 82,974 | 4,072 |
Non-cash interest expense | 689 | 15,917 | 12,663 |
Deferred income taxes | -9,056 | -31,951 | 13,681 |
Other adjustments to reconcile net (loss)/income | -6,092 | -6,219 | -1,892 |
Changes in operating assets and liabilities: | |||
Trade accounts receivable | -23,884 | -11,879 | 24,111 |
Inventories | -11,679 | -50,719 | 7,967 |
Other operating assets and liabilities | -34,399 | 30,274 | -15,561 |
Cash (used in)/provided by operating activities of continuing operations | 176,281 | ||
Cash provided by operating activities of discontinued operations | 2,278 | ||
Net cash (used in)/provided by operating activities | 6,576 | 108,127 | 178,559 |
Cash flows from investing activities: | |||
Proceeds from the sale of properties and equipment | 8,153 | 12,531 | 109 |
Capital expenditures | -39,113 | -42,396 | -32,873 |
Changes in restricted cash | 52,706 | ||
Business acquisitions, net of cash acquired | -9,117 | -5,050 | |
Net cash (used in)/provided by investing activities | -40,077 | -34,915 | 19,942 |
Cash flows from financing activities: | |||
Borrowings on lines of credit | 15,139 | 30,070 | 16,581 |
Payments on lines of credit | -12,641 | -35,303 | -27,021 |
Borrowings on long-term debt | 46,535 | 270,830 | 16,618 |
Payments on long-term debt | -42,041 | -259,152 | -169,077 |
Payments of debt and equity issuance costs | -6,391 | -1,823 | |
Transactions with non-controlling interest owners | -3,632 | ||
Intercompany | -32,208 | -40,592 | -37,735 |
Net cash provided by/(used in) financing activities | -25,216 | -40,538 | -206,089 |
Effect of exchange rate changes on cash | -8,324 | -5,526 | -9,215 |
Net increase/(decrease) in cash and cash equivalents | -67,041 | 27,148 | -16,803 |
Cash and cash equivalents, beginning of period | 108,405 | 81,257 | 98,060 |
Cash and cash equivalents, end of period | 41,364 | 108,405 | 81,257 |
Quiksilver, Inc. and QS Wholesale, Inc. [Member] | Eliminations [Member] | |||
Cash flows from operating activities: | |||
Net (loss)/income | -99,233 | -77,092 | -81,698 |
Adjustments to reconcile net (loss)/income to net cash (used in)/provided by operating activities: | |||
Equity in earnings | 69,898 | 51,060 | 51,881 |
Changes in operating assets and liabilities: | |||
Inventories | $29,335 | $26,032 | $29,817 |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended | ||
Oct. 31, 2012 | Jul. 16, 2013 | Jul. 16, 2013 | Aug. 15, 2013 | |
Senior notes [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |
SevenPointEightSevenFivePercentSeniorNotesDueTwoThousandFifteen [Member] | Ten Percentage Senior Notes Due Two Thousand And Twenty [Member] | Extinguished Debt [Member] | ||
Senior notes [Member] | ||||
Subsequent Event [Line Items] | ||||
Debt instrument, aggregate principal amount | $280,000,000 | $225,000,000 | ||
Debt instrument, interest rate stated percentage | 6.88% | 7.88% | 10.00% | 6.88% |
Debt instrument, maturity year | 2018 | 2020 | 2015 | |
Debt instrument, maturity date | 15-Apr-15 | 15-Apr-15 |
Earnings_per_Share_and_StockBa2
Earnings per Share and Stock-Based Compensation - Additional Information (Detail) (USD $) | 9 Months Ended | 12 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
In Millions, except Share data, unless otherwise specified | Jul. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | Oct. 31, 2010 | Jul. 31, 2013 | Jul. 31, 2013 | Jul. 31, 2012 | Jun. 30, 2011 | Jul. 31, 2013 | Oct. 31, 2012 | Apr. 30, 2013 | Mar. 31, 2010 | Jul. 31, 2013 | Jul. 31, 2012 | Oct. 31, 2012 |
Performance Based Options [Member] | Performance Based Restricted Stock Units [Member] | Performance Based Restricted Stock Units [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Non-performance based options [Member] | Non-performance based options [Member] | Non-performance based options [Member] | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||||||
Percentage of risk-free interest, minimum | 0.40% | ||||||||||||||
Percentage of risk-free interest, maximum | 0.80% | ||||||||||||||
Percentage of risk-free interest | 1.10% | 1.90% | 2.70% | 0.70% | 1.70% | 1.60% | 1.10% | ||||||||
Percentage of volatility, minimum | 59.00% | ||||||||||||||
Percentage of volatility, maximum | 89.00% | ||||||||||||||
Percentage of volatility | 76.50% | 82.40% | 73.60% | 91.00% | 82.00% | 78.10% | 76.50% | ||||||||
Amount for dividend yield | 0.00% | 0.00% | 0.00% | ||||||||||||
Weighted average fair value of the restricted stock units | $1.92 | $1.81 | $4.19 | $2.27 | $2.42 | $1.92 | |||||||||
Total unrecognized compensation expenses | $1 | $13 | $0.50 | $0.50 | $2.70 | $2 | |||||||||
Unrecognized compensation expenses expected to be recognized over weighted average period | 2 years 3 months 18 days | 9 months 18 days | 1 year 7 months 6 days | 1 year | 1 year 10 months 24 days | 1 year 6 months | |||||||||
Period for expected life | 7 years 1 month 6 days | 5 years 3 months 18 days | 6 years 4 months 24 days | 7 years 1 month 6 days | 7 years 1 month 6 days | ||||||||||
Weighted average fair value of options granted | $4.77 | $2.58 | |||||||||||||
Period for stock issued vested in plan | 3 years | 3 years | 3 years | ||||||||||||
Non-vested shares under option | 2,700,000 | 4,422,172 | 7,356,508 | 2,744,077 | 4,422,172 | ||||||||||
Shares expected to vest | 2,600,000 | 4,300,000 | |||||||||||||
Shares expected to vest, weighted average exercise price | $4.43 | ||||||||||||||
Shares expected to vest, weighted average life | 6 years 10 months 24 days | ||||||||||||||
Shares expected to vest, aggregate intrinsic value | $5.40 | $6 | |||||||||||||
Stockholders approved shares of restricted stock | 3,000,000 | ||||||||||||||
Shares vested under terms of related restricted stock agreement | 7,034,274 | 7,903,327 | 6,042,873 | 4,892,680 | 600,000 |
Stockholders_Equity_and_Noncon2
Stockholders' Equity and Non-controlling Interest - Summary of Changes in Equity (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Jul. 31, 2013 | Jul. 31, 2012 | Jul. 31, 2013 | Jul. 31, 2012 | Oct. 31, 2012 | Oct. 31, 2011 | Oct. 31, 2010 |
Schedule Of Stockholders Equity [Line Items] | |||||||
Beginning Balance | $602,236 | $622,622 | $622,622 | $619,595 | $464,033 | ||
Stock compensation expense | 16,195 | 17,272 | 22,552 | 14,414 | 12,831 | ||
Exercise of stock options | 4,990 | 224 | 1,127 | 2,964 | 2,737 | ||
Employee stock purchase plan | 1,175 | 1,111 | 1,114 | 1,165 | 902 | ||
Transactions with non-controlling interest holders | |||||||
Business acquisitions | -16,144 | -17,585 | -91 | -5,174 | |||
Net loss and other comprehensive (loss)/income | -316 | -15,661 | -71,771 | -62,009 | -39,458 | -15,425 | 12,016 |
Ending balance | 552,825 | 563,076 | 552,825 | 563,076 | 602,236 | 622,622 | 619,595 |
Quiksilver, Inc. [Member] | |||||||
Schedule Of Stockholders Equity [Line Items] | |||||||
Beginning Balance | 583,310 | 610,098 | 610,098 | ||||
Stock compensation expense | 16,195 | 17,272 | |||||
Exercise of stock options | 4,990 | 224 | |||||
Employee stock purchase plan | 1,175 | 1,111 | |||||
Transactions with non-controlling interest holders | -44 | ||||||
Business acquisitions | -11,110 | ||||||
Net loss and other comprehensive (loss)/income | -72,206 | -64,266 | |||||
Ending balance | 533,420 | 553,329 | 533,420 | 553,329 | |||
Non-controlling Interest [Member] | |||||||
Schedule Of Stockholders Equity [Line Items] | |||||||
Beginning Balance | 18,926 | 12,524 | 12,524 | ||||
Stock compensation expense | |||||||
Exercise of stock options | |||||||
Employee stock purchase plan | |||||||
Transactions with non-controlling interest holders | 44 | ||||||
Business acquisitions | -5,034 | ||||||
Net loss and other comprehensive (loss)/income | 435 | 2,257 | |||||
Ending balance | $19,405 | $9,747 | $19,405 | $9,747 |
Condensed_Consolidating_Financ9
Condensed Consolidating Financial Information- 2020 Notes - Additional Information (Detail) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Jul. 31, 2013 |
QS Wholesale, Inc. [Member] | Aggregate increase (decrease) in total assets [Member] | |
Parent Company Only Financial Information [Line Items] | |
Corrections in intercompany balances classification | $31.60 |
QS Wholesale, Inc. [Member] | Increase (decrease) in Intercompany balances current assets [Member] | |
Parent Company Only Financial Information [Line Items] | |
Corrections in intercompany balances classification | 178.6 |
QS Wholesale, Inc. [Member] | Increase (decrease) in Intercompany balances Stockholders/invested equity [Member] | |
Parent Company Only Financial Information [Line Items] | |
Corrections in intercompany balances classification | 31.6 |
QS Wholesale, Inc. [Member] | Decrease in Investment in subsidiaries [Member] | |
Parent Company Only Financial Information [Line Items] | |
Corrections in intercompany balances classification | 147.1 |
Guarantor Subsidiaries [Member] | Aggregate increase (decrease) in total assets [Member] | |
Parent Company Only Financial Information [Line Items] | |
Corrections in intercompany balances classification | -45.6 |
Guarantor Subsidiaries [Member] | Increase (decrease) in Intercompany balances current assets [Member] | |
Parent Company Only Financial Information [Line Items] | |
Corrections in intercompany balances classification | 45.6 |
Guarantor Subsidiaries [Member] | Increase (decrease) in Intercompany balances Stockholders/invested equity [Member] | |
Parent Company Only Financial Information [Line Items] | |
Corrections in intercompany balances classification | 114.3 |
Guarantor Subsidiaries [Member] | Increase (decrease) in Intercompany balances current liability [Member] | |
Parent Company Only Financial Information [Line Items] | |
Corrections in intercompany balances classification | 68.7 |
Non-Guarantor Subsidiaries [Member] | Aggregate increase (decrease) in total assets [Member] | |
Parent Company Only Financial Information [Line Items] | |
Corrections in intercompany balances classification | -32.5 |
Non-Guarantor Subsidiaries [Member] | Increase (decrease) in Intercompany balances current assets [Member] | |
Parent Company Only Financial Information [Line Items] | |
Corrections in intercompany balances classification | 32.5 |
Non-Guarantor Subsidiaries [Member] | Increase (decrease) in Intercompany balances Stockholders/invested equity [Member] | |
Parent Company Only Financial Information [Line Items] | |
Corrections in intercompany balances classification | 64.4 |
Non-Guarantor Subsidiaries [Member] | Increase (decrease) in Intercompany balances current liability [Member] | |
Parent Company Only Financial Information [Line Items] | |
Corrections in intercompany balances classification | 31.9 |
Eliminations [Member] | Offsetting amounts in total liabilities and equity [Member] | |
Parent Company Only Financial Information [Line Items] | |
Corrections in intercompany balances classification | $46.50 |
Recovered_Sheet3
Condensed Consolidating Financial Information - 2020 Notes - Condensed Consolidating Statement of Operations (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Jul. 31, 2013 | Oct. 31, 2012 | Jul. 31, 2012 | Apr. 30, 2012 | Jan. 31, 2012 | Oct. 31, 2011 | Jul. 31, 2011 | Apr. 30, 2011 | Jan. 31, 2011 | Jul. 31, 2013 | Jul. 31, 2012 | Oct. 31, 2012 | Oct. 31, 2011 | Oct. 31, 2010 |
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Revenues, net | $495,764 | $558,966 | $512,439 | $492,213 | $449,621 | $545,201 | $503,317 | $478,093 | $426,450 | $1,385,530 | $1,454,273 | $2,013,239 | $1,953,061 | $1,837,620 |
Cost of goods sold | 250,989 | 258,951 | 709,912 | 730,686 | 1,032,893 | 929,227 | 870,372 | |||||||
Gross profit | 244,775 | 256,759 | 253,488 | 242,149 | 227,950 | 283,077 | 255,118 | 262,169 | 223,470 | 675,618 | 723,587 | 980,346 | 1,023,834 | 967,248 |
Selling, general and administrative expense | 216,579 | 225,788 | 660,042 | 680,213 | 916,144 | 895,949 | 832,066 | |||||||
Asset impairments | 2,152 | 141 | 10,652 | 556 | 7,234 | 86,373 | 11,657 | |||||||
Operating (loss)/income | 26,044 | 27,559 | 4,924 | 42,818 | 56,968 | 41,512 | 123,525 | |||||||
Interest expense, net | 20,195 | 14,834 | 50,991 | 45,464 | 60,823 | 73,808 | 114,109 | |||||||
Foreign currency (gain)/loss | 4,074 | -2,242 | 4,629 | -4,701 | -1,669 | -111 | -5,917 | |||||||
(Loss)/income before provision/(benefit) for income taxes | 1,775 | 14,967 | -50,696 | 2,055 | -2,186 | -32,185 | 15,333 | |||||||
Provision/(benefit) for income taxes | -49 | 2,508 | 10,322 | 14,913 | 7,557 | -14,315 | 23,433 | |||||||
Net (loss)/income | 1,824 | 12,459 | -61,018 | -12,858 | -9,743 | -17,870 | -6,270 | |||||||
Net (income) loss attributable to non-controlling interest | 247 | 151 | -435 | -2,257 | -1,013 | -3,388 | -3,414 | |||||||
Net (loss)/income attributable to Quiksilver, Inc | 2,071 | 4,359 | 12,610 | -5,120 | -22,605 | 67,898 | 10,437 | -83,325 | -16,268 | -61,453 | -15,115 | -10,756 | -21,258 | -9,684 |
Other comprehensive income (loss) | -2,140 | -28,120 | -10,753 | -49,151 | ||||||||||
Comprehensive (loss)/income attributable to Quiksilver, Inc. | -69 | -15,510 | -72,206 | -64,266 | -40,471 | -18,813 | 8,602 | |||||||
Senior Notes 2020 [Member] | Quiksilver, Inc. [Member] | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Revenues, net | 116 | 117 | 348 | 353 | ||||||||||
Cost of goods sold | ||||||||||||||
Gross profit | 116 | 117 | 348 | 353 | ||||||||||
Selling, general and administrative expense | 11,426 | 13,533 | 39,154 | 43,318 | ||||||||||
Asset impairments | ||||||||||||||
Operating (loss)/income | -11,310 | -13,416 | -38,806 | -42,965 | ||||||||||
Interest expense, net | 12,251 | 7,253 | 26,789 | 21,732 | ||||||||||
Foreign currency (gain)/loss | -91 | -185 | 35 | -298 | ||||||||||
Equity in earnings | -25,541 | -33,094 | -4,599 | -49,284 | ||||||||||
(Loss)/income before provision/(benefit) for income taxes | 2,071 | 12,610 | -61,031 | -15,115 | ||||||||||
Provision/(benefit) for income taxes | 422 | |||||||||||||
Net (loss)/income | 2,071 | 12,610 | -61,453 | -15,115 | ||||||||||
Net (income) loss attributable to non-controlling interest | ||||||||||||||
Net (loss)/income attributable to Quiksilver, Inc | 2,071 | 12,610 | -61,453 | -15,115 | ||||||||||
Other comprehensive income (loss) | -2,140 | -28,120 | -10,753 | -49,151 | ||||||||||
Comprehensive (loss)/income attributable to Quiksilver, Inc. | -69 | -15,510 | -72,206 | -64,266 | ||||||||||
Senior Notes 2020 [Member] | QS Wholesale, Inc. [Member] | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Revenues, net | 123,731 | 111,519 | 317,643 | 344,468 | ||||||||||
Cost of goods sold | 73,392 | 66,365 | 191,351 | 212,651 | ||||||||||
Gross profit | 50,339 | 45,154 | 126,292 | 131,817 | ||||||||||
Selling, general and administrative expense | 30,817 | 38,731 | 102,946 | 112,420 | ||||||||||
Asset impairments | 1,646 | |||||||||||||
Operating (loss)/income | 19,522 | 6,423 | 21,700 | 19,397 | ||||||||||
Interest expense, net | 1,420 | 1,247 | 4,329 | 3,932 | ||||||||||
Foreign currency (gain)/loss | -63 | -8 | 23 | -132 | ||||||||||
Equity in earnings | -331 | 457 | -1,018 | 2,190 | ||||||||||
(Loss)/income before provision/(benefit) for income taxes | 18,496 | 4,727 | 18,366 | 13,407 | ||||||||||
Provision/(benefit) for income taxes | -206 | 513 | -161 | 945 | ||||||||||
Net (loss)/income | 18,702 | 4,214 | 18,527 | 12,462 | ||||||||||
Net (income) loss attributable to non-controlling interest | ||||||||||||||
Net (loss)/income attributable to Quiksilver, Inc | 18,702 | 4,214 | 18,527 | 12,462 | ||||||||||
Other comprehensive income (loss) | ||||||||||||||
Comprehensive (loss)/income attributable to Quiksilver, Inc. | 18,702 | 4,214 | 18,527 | 12,462 | ||||||||||
Senior Notes 2020 [Member] | Guarantor Subsidiaries [Member] | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Revenues, net | 164,367 | 180,380 | 387,084 | 406,531 | ||||||||||
Cost of goods sold | 107,406 | 118,882 | 267,351 | 269,473 | ||||||||||
Gross profit | 56,961 | 61,498 | 119,733 | 137,058 | ||||||||||
Selling, general and administrative expense | 35,573 | 42,775 | 110,631 | 121,517 | ||||||||||
Asset impairments | 925 | 141 | 5,602 | 556 | ||||||||||
Operating (loss)/income | 20,463 | 18,582 | 3,500 | 14,985 | ||||||||||
Interest expense, net | -28 | -2 | -83 | -2 | ||||||||||
Foreign currency (gain)/loss | -56 | 30 | 221 | 163 | ||||||||||
(Loss)/income before provision/(benefit) for income taxes | 20,547 | 18,554 | 3,362 | 14,824 | ||||||||||
Net (loss)/income | 20,547 | 18,554 | 3,362 | 14,824 | ||||||||||
Net (income) loss attributable to non-controlling interest | ||||||||||||||
Net (loss)/income attributable to Quiksilver, Inc | 20,547 | 18,554 | 3,362 | 14,824 | ||||||||||
Comprehensive (loss)/income attributable to Quiksilver, Inc. | 20,547 | 18,554 | 3,362 | 14,824 | ||||||||||
Senior Notes 2020 [Member] | Non-Guarantor Subsidiaries [Member] | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Revenues, net | 287,539 | 285,858 | 874,994 | 919,474 | ||||||||||
Cost of goods sold | 129,953 | 130,167 | 407,709 | 422,012 | ||||||||||
Gross profit | 157,586 | 155,691 | 467,285 | 497,462 | ||||||||||
Selling, general and administrative expense | 146,211 | 137,695 | 429,647 | 425,162 | ||||||||||
Asset impairments | 1,227 | 3,404 | ||||||||||||
Operating (loss)/income | 10,148 | 17,996 | 34,234 | 72,300 | ||||||||||
Interest expense, net | 6,552 | 6,336 | 19,956 | 19,802 | ||||||||||
Foreign currency (gain)/loss | 4,284 | -2,079 | 4,350 | -4,434 | ||||||||||
(Loss)/income before provision/(benefit) for income taxes | -688 | 13,739 | 9,928 | 56,932 | ||||||||||
Provision/(benefit) for income taxes | 157 | 1,995 | 10,061 | 13,968 | ||||||||||
Net (loss)/income | -845 | 11,744 | -133 | 42,964 | ||||||||||
Net (income) loss attributable to non-controlling interest | 247 | 151 | -435 | -2,257 | ||||||||||
Net (loss)/income attributable to Quiksilver, Inc | -598 | 11,895 | -568 | 40,707 | ||||||||||
Other comprehensive income (loss) | -2,140 | -28,120 | -10,753 | -49,151 | ||||||||||
Comprehensive (loss)/income attributable to Quiksilver, Inc. | -2,738 | -16,225 | -11,321 | -8,444 | ||||||||||
Senior Notes 2020 [Member] | Eliminations [Member] | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Revenues, net | -79,989 | -65,435 | -194,539 | -216,553 | ||||||||||
Cost of goods sold | -59,762 | -56,463 | -156,499 | -173,450 | ||||||||||
Gross profit | -20,227 | -8,972 | -38,040 | -43,103 | ||||||||||
Selling, general and administrative expense | -7,448 | -6,946 | -22,336 | -22,204 | ||||||||||
Operating (loss)/income | -12,779 | -2,026 | -15,704 | -20,899 | ||||||||||
Equity in earnings | 25,872 | 32,637 | 5,617 | 47,094 | ||||||||||
(Loss)/income before provision/(benefit) for income taxes | -38,651 | -34,663 | -21,321 | -67,993 | ||||||||||
Net (loss)/income | -38,651 | -34,663 | -21,321 | -67,993 | ||||||||||
Net (loss)/income attributable to Quiksilver, Inc | -38,651 | -34,663 | -21,321 | -67,993 | ||||||||||
Other comprehensive income (loss) | 2,140 | 28,120 | 10,753 | 49,151 | ||||||||||
Comprehensive (loss)/income attributable to Quiksilver, Inc. | ($36,511) | ($6,543) | ($10,568) | ($18,842) |
Recovered_Sheet4
Condensed Consolidating Financial Information - 2020 Notes - Condensed Consolidating Balance Sheet (Detail) (USD $) | Jul. 31, 2013 | Oct. 31, 2012 | Jul. 31, 2012 | Apr. 30, 2012 | Jan. 31, 2012 | Oct. 31, 2011 | Jul. 31, 2011 | Apr. 30, 2011 | Jan. 31, 2011 | Oct. 31, 2010 | Oct. 31, 2009 |
In Thousands, unless otherwise specified | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $62,383 | $41,823 | $81,903 | $109,753 | $120,593 | $99,516 | |||||
Restricted cash | 409,167 | ||||||||||
Trade accounts receivable, net | 418,189 | 433,743 | 398,522 | 370,974 | 321,785 | 397,089 | 385,927 | 341,781 | 287,458 | ||
Other receivables | 24,980 | 32,818 | 23,190 | ||||||||
Income taxes receivable | 2,779 | 4,265 | |||||||||
Inventories | 399,162 | 344,746 | 391,052 | 358,915 | 412,291 | 347,757 | 364,833 | 289,538 | 309,561 | ||
Deferred income taxes | 28,086 | 26,368 | 32,808 | ||||||||
Prepaid expenses and other current assets | 35,819 | 26,371 | 25,429 | ||||||||
Total current assets | 1,380,565 | 905,869 | 940,291 | ||||||||
Fixed assets, net | 227,997 | 238,313 | 238,107 | ||||||||
Intangible assets, net | 138,384 | 139,449 | 138,143 | ||||||||
Goodwill | 272,417 | 273,167 | 268,589 | 332,488 | |||||||
Other assets | 54,561 | 47,789 | 55,814 | ||||||||
Deferred income taxes long-term | 118,603 | 113,653 | 123,279 | ||||||||
Total assets | 2,192,527 | 1,718,240 | 1,764,223 | 1,696,121 | |||||||
Current liabilities: | |||||||||||
Lines of credit | 18,147 | 18,335 | |||||||||
Accounts payable | 238,311 | 203,572 | 203,023 | ||||||||
Accrued liabilities | 107,001 | 114,891 | 132,944 | ||||||||
Current portion of long-term debt | 43,153 | 18,647 | 4,628 | ||||||||
Debt to be redeemed | 409,167 | ||||||||||
Income taxes payable | 1,359 | ||||||||||
Total current liabilities | 797,632 | 356,616 | 358,930 | ||||||||
Long-term debt | 807,094 | 721,175 | 724,723 | ||||||||
Other long-term liabilities | 34,976 | 38,213 | 57,948 | ||||||||
Total liabilities | 1,639,702 | 1,116,004 | 1,141,601 | ||||||||
Stockholders'/invested equity: | 533,420 | 583,310 | 610,098 | ||||||||
Non-controlling interest | 19,405 | 18,926 | 12,524 | ||||||||
Total liabilities and equity | 2,192,527 | 1,718,240 | 1,764,223 | ||||||||
Senior Notes 2020 [Member] | Quiksilver, Inc. [Member] | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | 1 | 324 | 15 | 17 | |||||||
Restricted cash | 409,167 | ||||||||||
Other receivables | 19 | 20 | |||||||||
Income taxes receivable | 422 | ||||||||||
Prepaid expenses and other current assets | 2,961 | 2,277 | |||||||||
Total current assets | 412,570 | 2,621 | |||||||||
Fixed assets, net | 20,261 | 18,802 | |||||||||
Intangible assets, net | 3,816 | 3,228 | |||||||||
Other assets | 8,373 | 2,753 | |||||||||
Deferred income taxes long-term | 20,387 | 20,387 | |||||||||
Investment in subsidiaries | 1,092,524 | 1,087,924 | |||||||||
Total assets | 1,557,931 | 1,135,715 | |||||||||
Current liabilities: | |||||||||||
Accounts payable | 3,374 | 6,995 | |||||||||
Accrued liabilities | 6,320 | 6,189 | |||||||||
Debt to be redeemed | 409,167 | ||||||||||
Deferred income taxes | 20,902 | 20,902 | |||||||||
Intercompany balances | 83,972 | 118,319 | |||||||||
Total current liabilities | 523,735 | 152,405 | |||||||||
Long-term debt | 500,776 | 400,000 | |||||||||
Total liabilities | 1,024,511 | 552,405 | |||||||||
Stockholders'/invested equity: | 533,420 | 583,310 | |||||||||
Total liabilities and equity | 1,557,931 | 1,135,715 | |||||||||
Senior Notes 2020 [Member] | QS Wholesale, Inc. [Member] | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | 2,041 | 1,966 | 4,741 | 4,972 | |||||||
Trade accounts receivable, net | 84,780 | 80,522 | |||||||||
Other receivables | 2,252 | 2,767 | |||||||||
Income taxes receivable | 255 | 117 | |||||||||
Inventories | 39,453 | 32,156 | |||||||||
Deferred income taxes | 26,617 | 26,617 | |||||||||
Prepaid expenses and other current assets | 3,822 | 4,463 | |||||||||
Intercompany balances | 174,387 | 218,896 | |||||||||
Total current assets | 333,607 | 367,504 | |||||||||
Fixed assets, net | 33,315 | 39,175 | |||||||||
Intangible assets, net | 44,829 | 45,547 | |||||||||
Goodwill | 103,880 | 103,880 | |||||||||
Other assets | 5,873 | 2,083 | |||||||||
Investment in subsidiaries | 12,815 | 12,180 | |||||||||
Total assets | 534,319 | 570,369 | |||||||||
Current liabilities: | |||||||||||
Accounts payable | 42,374 | 39,542 | |||||||||
Accrued liabilities | 12,947 | 15,699 | |||||||||
Current portion of long-term debt | 6,094 | 8,594 | |||||||||
Total current liabilities | 61,415 | 63,835 | |||||||||
Long-term debt | 9,000 | 60,700 | |||||||||
Deferred income taxes long-term | 42,951 | 42,951 | |||||||||
Other long-term liabilities | 4,954 | 5,413 | |||||||||
Total liabilities | 118,320 | 172,899 | |||||||||
Stockholders'/invested equity: | 415,999 | 397,470 | |||||||||
Total liabilities and equity | 534,319 | 570,369 | |||||||||
Senior Notes 2020 [Member] | Guarantor Subsidiaries [Member] | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | -1,761 | -1,831 | -2,320 | -3,641 | |||||||
Trade accounts receivable, net | 82,734 | 101,423 | |||||||||
Other receivables | 3,345 | 3,391 | |||||||||
Inventories | 104,942 | 97,522 | |||||||||
Prepaid expenses and other current assets | 4,672 | 5,085 | |||||||||
Total current assets | 193,932 | 205,590 | |||||||||
Fixed assets, net | 23,344 | 25,321 | |||||||||
Intangible assets, net | 2,094 | 2,199 | |||||||||
Goodwill | 7,675 | 8,336 | |||||||||
Other assets | 1,086 | 594 | |||||||||
Total assets | 228,131 | 242,040 | |||||||||
Current liabilities: | |||||||||||
Accounts payable | 51,524 | 55,813 | |||||||||
Accrued liabilities | 9,753 | 12,644 | |||||||||
Deferred income taxes | 506 | 506 | |||||||||
Intercompany balances | 58,481 | 68,707 | |||||||||
Total current liabilities | 120,264 | 137,670 | |||||||||
Deferred income taxes long-term | 2,285 | 2,285 | |||||||||
Other long-term liabilities | 9,183 | 9,048 | |||||||||
Total liabilities | 131,732 | 149,003 | |||||||||
Stockholders'/invested equity: | 96,399 | 93,037 | |||||||||
Total liabilities and equity | 228,131 | 242,040 | |||||||||
Senior Notes 2020 [Member] | Non-Guarantor Subsidiaries [Member] | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | 62,102 | 41,364 | 79,467 | 108,405 | |||||||
Trade accounts receivable, net | 250,675 | 251,798 | |||||||||
Other receivables | 19,364 | 26,640 | |||||||||
Income taxes receivable | 2,102 | ||||||||||
Inventories | 277,868 | 237,465 | |||||||||
Deferred income taxes | 22,877 | 21,159 | |||||||||
Prepaid expenses and other current assets | 24,364 | 14,546 | |||||||||
Total current assets | 659,352 | 592,972 | |||||||||
Fixed assets, net | 151,077 | 155,015 | |||||||||
Intangible assets, net | 87,645 | 88,475 | |||||||||
Goodwill | 160,862 | 160,951 | |||||||||
Other assets | 39,229 | 42,359 | |||||||||
Deferred income taxes long-term | 143,452 | 138,502 | |||||||||
Total assets | 1,241,617 | 1,178,274 | |||||||||
Current liabilities: | |||||||||||
Lines of credit | 18,147 | ||||||||||
Accounts payable | 141,039 | 101,222 | |||||||||
Accrued liabilities | 77,981 | 80,359 | |||||||||
Current portion of long-term debt | 37,059 | 10,053 | |||||||||
Income taxes payable | 1,476 | ||||||||||
Intercompany balances | 31,934 | 31,870 | |||||||||
Total current liabilities | 288,013 | 243,127 | |||||||||
Long-term debt | 297,318 | 260,475 | |||||||||
Other long-term liabilities | 20,839 | 23,752 | |||||||||
Total liabilities | 606,170 | 527,354 | |||||||||
Stockholders'/invested equity: | 616,042 | 631,994 | |||||||||
Non-controlling interest | 19,405 | 18,926 | |||||||||
Total liabilities and equity | 1,241,617 | 1,178,274 | |||||||||
Senior Notes 2020 [Member] | Eliminations [Member] | |||||||||||
Current assets: | |||||||||||
Income taxes receivable | -117 | ||||||||||
Inventories | -23,101 | -22,397 | |||||||||
Deferred income taxes | -21,408 | -21,408 | |||||||||
Intercompany balances | -174,387 | -218,896 | |||||||||
Total current assets | -218,896 | -262,818 | |||||||||
Deferred income taxes long-term | -45,236 | -45,236 | |||||||||
Investment in subsidiaries | -1,105,339 | -1,100,104 | |||||||||
Total assets | -1,369,471 | -1,408,158 | |||||||||
Current liabilities: | |||||||||||
Income taxes payable | -117 | ||||||||||
Deferred income taxes | -21,408 | -21,408 | |||||||||
Intercompany balances | -174,387 | -218,896 | |||||||||
Total current liabilities | -195,795 | -240,421 | |||||||||
Deferred income taxes long-term | -45,236 | -45,236 | |||||||||
Total liabilities | -241,031 | -285,657 | |||||||||
Stockholders'/invested equity: | -1,128,440 | -1,122,501 | |||||||||
Total liabilities and equity | ($1,369,471) | ($1,408,158) |
Recovered_Sheet5
Condensed Consolidating Financial Information - 2020 Notes - Condensed Consolidating Statement of Cash Flows (Detail) (USD $) | 9 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Jul. 31, 2013 | Jul. 31, 2012 | Oct. 31, 2012 | Oct. 31, 2011 | Oct. 31, 2010 |
Cash flows from operating activities: | |||||
Net (loss)/income | ($61,018) | ($12,858) | ($9,743) | ($17,870) | ($6,270) |
Adjustments to reconcile net (loss)/income to net cash (used in)/provided by operating activities: | |||||
Depreciation and Amortization | 38,018 | 39,437 | 53,232 | 55,259 | 53,861 |
Stock based compensation | 16,195 | 17,272 | 22,552 | 14,414 | 12,831 |
Provision for doubtful accounts | 4,511 | 1,601 | 4,594 | 8,732 | 15,307 |
Asset impairments | 10,652 | 556 | 7,234 | 86,373 | 11,657 |
Equity in earnings | 247 | -19 | 282 | -355 | -524 |
Non-cash interest expense | 5,877 | 2,814 | 3,685 | 19,112 | 56,695 |
Deferred income taxes | -281 | 9,349 | -8,582 | -28,248 | 8,029 |
Other adjustments to reconcile net (loss)/income | 644 | -2,294 | |||
Changes in operating assets and liabilities: | |||||
Trade accounts receivable | 9,444 | -25,705 | -53,405 | -33,985 | 39,846 |
Inventories | -62,540 | -55,684 | -4,978 | -70,706 | 4,505 |
Other operating assets and liabilities | 25,734 | 8,650 | |||
Net cash (used in)/provided by operating activities | -12,517 | -16,881 | -13,539 | 54,149 | 203,482 |
Cash flows from investing activities: | |||||
Changes in restricted cash | -409,167 | 52,706 | |||
Capital expenditures | -39,366 | -47,177 | -66,081 | -89,590 | -47,797 |
Business acquisitions, net of cash acquired | -9,117 | -9,117 | -5,578 | ||
Net cash (used in)/provided by investing activities | -448,533 | -56,294 | -67,000 | -82,622 | 9,571 |
Cash flows from financing activities: | |||||
Borrowings on lines of credit | 6,157 | 11,377 | 15,139 | 30,070 | 16,581 |
Payments on lines of credit | -22,561 | -12,326 | -12,641 | -35,303 | -27,021 |
Borrowings on long-term debt | 646,876 | 127,034 | 140,035 | 315,330 | 59,353 |
Payments on long-term debt | -142,121 | -57,513 | -112,841 | -284,676 | -220,566 |
Payments of debt issuance costs | -13,087 | -6,391 | -9,573 | ||
Stock option exercises and employee stock purchases | 6,165 | 1,335 | 2,241 | 4,129 | 3,639 |
Transactions with non-controlling interest owners | -11,000 | -11,000 | -5,174 | ||
Net cash provided by/(used in) financing activities | 481,429 | 58,907 | 20,933 | 23,159 | -182,761 |
Effect of exchange rate changes on cash | 181 | -13,582 | -8,324 | -5,526 | -9,215 |
Net (decrease)/increase in cash and cash equivalents | 20,560 | -27,850 | -67,930 | -10,840 | 21,077 |
Cash and cash equivalents, beginning of period | 41,823 | 109,753 | 109,753 | 120,593 | 99,516 |
Cash and cash equivalents, end of period | 62,383 | 81,903 | 41,823 | 109,753 | 120,593 |
Senior Notes 2020 [Member] | Quiksilver, Inc. [Member] | |||||
Cash flows from operating activities: | |||||
Net (loss)/income | -61,453 | -15,115 | |||
Adjustments to reconcile net (loss)/income to net cash (used in)/provided by operating activities: | |||||
Depreciation and Amortization | 1,651 | 1,598 | |||
Stock based compensation | 16,195 | 17,272 | |||
Equity in earnings | -4,599 | -49,284 | |||
Non-cash interest expense | 4,223 | 1,111 | |||
Other adjustments to reconcile net (loss)/income | 35 | -322 | |||
Changes in operating assets and liabilities: | |||||
Other operating assets and liabilities | 6,867 | 4,623 | |||
Net cash (used in)/provided by operating activities | -37,081 | -40,117 | |||
Cash flows from investing activities: | |||||
Changes in restricted cash | -409,167 | ||||
Capital expenditures | -5,327 | -2,861 | |||
Net cash (used in)/provided by investing activities | -414,494 | -2,861 | |||
Cash flows from financing activities: | |||||
Borrowings on long-term debt | 500,776 | ||||
Payments of debt issuance costs | -8,775 | ||||
Stock option exercises and employee stock purchases | 6,165 | 1,335 | |||
Intercompany | -46,914 | 41,641 | |||
Net cash provided by/(used in) financing activities | 451,252 | 42,976 | |||
Net (decrease)/increase in cash and cash equivalents | -323 | -2 | |||
Cash and cash equivalents, beginning of period | 324 | 17 | 17 | ||
Cash and cash equivalents, end of period | 1 | 15 | |||
Senior Notes 2020 [Member] | QS Wholesale, Inc. [Member] | |||||
Cash flows from operating activities: | |||||
Net (loss)/income | 18,527 | 12,462 | |||
Adjustments to reconcile net (loss)/income to net cash (used in)/provided by operating activities: | |||||
Depreciation and Amortization | 8,710 | 8,420 | |||
Provision for doubtful accounts | -257 | -1,127 | |||
Asset impairments | 1,646 | ||||
Equity in earnings | -1,018 | 2,190 | |||
Non-cash interest expense | 1,081 | 1,190 | |||
Changes in operating assets and liabilities: | |||||
Trade accounts receivable | -4,000 | -5,442 | |||
Inventories | -7,297 | 47,239 | |||
Other operating assets and liabilities | 341 | -14,661 | |||
Net cash (used in)/provided by operating activities | 17,733 | 50,271 | |||
Cash flows from investing activities: | |||||
Capital expenditures | -3,908 | -11,548 | |||
Net cash (used in)/provided by investing activities | -3,908 | -11,548 | |||
Cash flows from financing activities: | |||||
Borrowings on long-term debt | 59,829 | 80,500 | |||
Payments on long-term debt | -114,029 | -43,856 | |||
Payments of debt issuance costs | -4,312 | ||||
Transactions with non-controlling interest owners | -11,000 | ||||
Intercompany | 44,762 | -64,598 | |||
Net cash provided by/(used in) financing activities | -13,750 | -38,954 | |||
Net (decrease)/increase in cash and cash equivalents | 75 | -231 | |||
Cash and cash equivalents, beginning of period | 1,966 | 4,972 | 4,972 | ||
Cash and cash equivalents, end of period | 2,041 | 4,741 | |||
Senior Notes 2020 [Member] | Guarantor Subsidiaries [Member] | |||||
Cash flows from operating activities: | |||||
Net (loss)/income | 3,362 | 14,824 | |||
Adjustments to reconcile net (loss)/income to net cash (used in)/provided by operating activities: | |||||
Depreciation and Amortization | 4,454 | 4,918 | |||
Provision for doubtful accounts | -1,287 | -1,403 | |||
Asset impairments | 5,602 | 556 | |||
Other adjustments to reconcile net (loss)/income | -124 | 36 | |||
Changes in operating assets and liabilities: | |||||
Trade accounts receivable | 19,975 | -14,215 | |||
Inventories | -5,544 | -50,334 | |||
Other operating assets and liabilities | -7,391 | 15,077 | |||
Net cash (used in)/provided by operating activities | 19,047 | -30,541 | |||
Cash flows from investing activities: | |||||
Capital expenditures | -7,251 | -7,188 | |||
Net cash (used in)/provided by investing activities | -7,251 | -7,188 | |||
Cash flows from financing activities: | |||||
Intercompany | -11,726 | 39,050 | |||
Net cash provided by/(used in) financing activities | -11,726 | 39,050 | |||
Net (decrease)/increase in cash and cash equivalents | 70 | 1,321 | |||
Cash and cash equivalents, beginning of period | -1,831 | -3,641 | -3,641 | ||
Cash and cash equivalents, end of period | -1,761 | -2,320 | |||
Senior Notes 2020 [Member] | Non-Guarantor Subsidiaries [Member] | |||||
Cash flows from operating activities: | |||||
Net (loss)/income | -133 | 42,964 | |||
Adjustments to reconcile net (loss)/income to net cash (used in)/provided by operating activities: | |||||
Depreciation and Amortization | 23,203 | 24,501 | |||
Provision for doubtful accounts | 6,055 | 4,131 | |||
Asset impairments | 3,404 | ||||
Equity in earnings | 247 | -19 | |||
Non-cash interest expense | 573 | 513 | |||
Deferred income taxes | -281 | 9,349 | |||
Other adjustments to reconcile net (loss)/income | 733 | -2,008 | |||
Changes in operating assets and liabilities: | |||||
Trade accounts receivable | -6,531 | -6,048 | |||
Inventories | -65,403 | -73,488 | |||
Other operating assets and liabilities | 25,917 | 3,611 | |||
Net cash (used in)/provided by operating activities | -12,216 | 3,506 | |||
Cash flows from investing activities: | |||||
Capital expenditures | -22,880 | -25,580 | |||
Business acquisitions, net of cash acquired | -9,117 | ||||
Net cash (used in)/provided by investing activities | -22,880 | -34,697 | |||
Cash flows from financing activities: | |||||
Borrowings on lines of credit | 6,157 | 11,377 | |||
Payments on lines of credit | -22,561 | -12,326 | |||
Borrowings on long-term debt | 86,271 | 46,534 | |||
Payments on long-term debt | -28,092 | -13,657 | |||
Intercompany | 13,878 | -16,093 | |||
Net cash provided by/(used in) financing activities | 55,653 | 15,835 | |||
Effect of exchange rate changes on cash | 181 | -13,582 | |||
Net (decrease)/increase in cash and cash equivalents | 20,738 | -28,938 | |||
Cash and cash equivalents, beginning of period | 41,364 | 108,405 | 108,405 | ||
Cash and cash equivalents, end of period | 62,102 | 79,467 | |||
Senior Notes 2020 [Member] | Eliminations [Member] | |||||
Cash flows from operating activities: | |||||
Net (loss)/income | -21,321 | -67,993 | |||
Adjustments to reconcile net (loss)/income to net cash (used in)/provided by operating activities: | |||||
Equity in earnings | 5,617 | 47,094 | |||
Changes in operating assets and liabilities: | |||||
Inventories | $15,704 | $20,899 |
Recovered_Sheet6
Condensed Consolidating Financial Information - 2015 Notes - Additional information (Detail) (USD $) | Jul. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 |
Parent Company Only Financial Information [Line Items] | |||
Long term debt | $1,259,414,000 | $757,969,000 | $747,686,000 |
Percentage of ownership owned by parent in guarantor subsidiaries | 100.00% | ||
Senior Notes 2015 [Member] | |||
Parent Company Only Financial Information [Line Items] | |||
Long term debt | 400,000,000 | ||
Long term debt including accrued interest | $409,000,000 |
Recovered_Sheet7
Condensed Consolidating Financial Information - 2015 Notes - Condensed Consolidating Statement of Operations (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Jul. 31, 2013 | Oct. 31, 2012 | Jul. 31, 2012 | Apr. 30, 2012 | Jan. 31, 2012 | Oct. 31, 2011 | Jul. 31, 2011 | Apr. 30, 2011 | Jan. 31, 2011 | Jul. 31, 2013 | Jul. 31, 2012 | Oct. 31, 2012 | Oct. 31, 2011 | Oct. 31, 2010 |
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Revenues, net | $495,764 | $558,966 | $512,439 | $492,213 | $449,621 | $545,201 | $503,317 | $478,093 | $426,450 | $1,385,530 | $1,454,273 | $2,013,239 | $1,953,061 | $1,837,620 |
Cost of goods sold | 250,989 | 258,951 | 709,912 | 730,686 | 1,032,893 | 929,227 | 870,372 | |||||||
Gross profit | 244,775 | 256,759 | 253,488 | 242,149 | 227,950 | 283,077 | 255,118 | 262,169 | 223,470 | 675,618 | 723,587 | 980,346 | 1,023,834 | 967,248 |
Selling, general and administrative expense | 216,579 | 225,788 | 660,042 | 680,213 | 916,144 | 895,949 | 832,066 | |||||||
Asset impairments | 2,152 | 141 | 10,652 | 556 | 7,234 | 86,373 | 11,657 | |||||||
Operating (loss)/income | 26,044 | 27,559 | 4,924 | 42,818 | 56,968 | 41,512 | 123,525 | |||||||
Interest expense, net | 20,195 | 14,834 | 50,991 | 45,464 | 60,823 | 73,808 | 114,109 | |||||||
Foreign currency (gain)/loss | 4,074 | -2,242 | 4,629 | -4,701 | -1,669 | -111 | -5,917 | |||||||
(Loss)/income before provision (benefit) for income taxes | 1,775 | 14,967 | -50,696 | 2,055 | -2,186 | -32,185 | 15,333 | |||||||
Provision/(benefit) for income taxes | -49 | 2,508 | 10,322 | 14,913 | 7,557 | -14,315 | 23,433 | |||||||
Net (loss)/income | 1,824 | 12,459 | -61,018 | -12,858 | -9,743 | -17,870 | -6,270 | |||||||
Net (income) loss attributable to non-controlling interest | 247 | 151 | -435 | -2,257 | -1,013 | -3,388 | -3,414 | |||||||
Net (loss)/income attributable to Quiksilver, Inc | 2,071 | 4,359 | 12,610 | -5,120 | -22,605 | 67,898 | 10,437 | -83,325 | -16,268 | -61,453 | -15,115 | -10,756 | -21,258 | -9,684 |
Other comprehensive loss | -2,140 | -28,120 | -10,753 | -49,151 | ||||||||||
Comprehensive (loss)/income attributable to Quiksilver, Inc. | -69 | -15,510 | -72,206 | -64,266 | -40,471 | -18,813 | 8,602 | |||||||
Senior Notes 2015 [Member] | Quiksilver, Inc. [Member] | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Revenues, net | 116 | 117 | 348 | 353 | ||||||||||
Gross profit | 116 | 117 | 348 | 353 | ||||||||||
Selling, general and administrative expense | 11,426 | 13,533 | 39,154 | 43,318 | ||||||||||
Operating (loss)/income | -11,310 | -13,416 | -38,806 | -42,965 | ||||||||||
Interest expense, net | 12,251 | 7,253 | 26,789 | 21,732 | ||||||||||
Foreign currency (gain)/loss | -91 | -185 | 35 | -298 | ||||||||||
Equity in earnings | -25,964 | -33,094 | -4,599 | -49,284 | ||||||||||
(Loss)/income before provision (benefit) for income taxes | 2,493 | 12,610 | -61,031 | -15,115 | ||||||||||
Provision/(benefit) for income taxes | 422 | 422 | ||||||||||||
Net (loss)/income | 2,071 | 12,610 | -61,453 | -15,115 | ||||||||||
Net (loss)/income attributable to Quiksilver, Inc | 2,071 | 12,610 | -61,453 | -15,115 | ||||||||||
Other comprehensive loss | -2,140 | -28,120 | -10,753 | -49,151 | ||||||||||
Comprehensive (loss)/income attributable to Quiksilver, Inc. | -69 | -15,510 | -72,206 | -64,266 | ||||||||||
Senior Notes 2015 [Member] | Guarantor Subsidiaries [Member] | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Revenues, net | 235,831 | 258,595 | 591,842 | 615,658 | ||||||||||
Cost of goods sold | 140,902 | 152,405 | 362,122 | 366,655 | ||||||||||
Gross profit | 94,929 | 106,190 | 229,720 | 249,003 | ||||||||||
Selling, general and administrative expense | 66,390 | 81,506 | 213,577 | 233,937 | ||||||||||
Asset impairments | 925 | 141 | 7,248 | 556 | ||||||||||
Operating (loss)/income | 27,614 | 24,543 | 8,895 | 14,510 | ||||||||||
Interest expense, net | 1,392 | 1,245 | 4,246 | 3,930 | ||||||||||
Foreign currency (gain)/loss | -119 | 22 | 244 | 31 | ||||||||||
Equity in earnings | -330 | 457 | -1,018 | 2,190 | ||||||||||
(Loss)/income before provision (benefit) for income taxes | 26,671 | 22,819 | 5,423 | 8,359 | ||||||||||
Provision/(benefit) for income taxes | -628 | 513 | -161 | 945 | ||||||||||
Net (loss)/income | 27,299 | 22,306 | 5,584 | 7,414 | ||||||||||
Net (loss)/income attributable to Quiksilver, Inc | 27,299 | 22,306 | 5,584 | 7,414 | ||||||||||
Comprehensive (loss)/income attributable to Quiksilver, Inc. | 27,299 | 22,306 | 5,584 | 7,414 | ||||||||||
Senior Notes 2015 [Member] | Non-Guarantor Subsidiaries [Member] | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Revenues, net | 287,539 | 285,858 | 874,994 | 919,474 | ||||||||||
Cost of goods sold | 129,953 | 130,167 | 407,709 | 422,012 | ||||||||||
Gross profit | 157,586 | 155,691 | 467,285 | 497,462 | ||||||||||
Selling, general and administrative expense | 146,211 | 137,695 | 429,647 | 425,162 | ||||||||||
Asset impairments | 1,227 | 3,404 | ||||||||||||
Operating (loss)/income | 10,148 | 17,996 | 34,234 | 72,300 | ||||||||||
Interest expense, net | 6,552 | 6,336 | 19,956 | 19,802 | ||||||||||
Foreign currency (gain)/loss | 4,284 | -2,079 | 4,350 | -4,434 | ||||||||||
(Loss)/income before provision (benefit) for income taxes | -688 | 13,739 | 9,928 | 56,932 | ||||||||||
Provision/(benefit) for income taxes | 157 | 1,995 | 10,061 | 13,968 | ||||||||||
Net (loss)/income | -845 | 11,744 | -133 | 42,964 | ||||||||||
Net (income) loss attributable to non-controlling interest | 247 | 151 | -435 | -2,257 | ||||||||||
Net (loss)/income attributable to Quiksilver, Inc | -598 | 11,895 | -568 | 40,707 | ||||||||||
Other comprehensive loss | -2,140 | -28,120 | -10,753 | -49,151 | ||||||||||
Comprehensive (loss)/income attributable to Quiksilver, Inc. | -2,738 | -16,225 | -11,321 | -8,444 | ||||||||||
Senior Notes 2015 [Member] | Eliminations [Member] | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Revenues, net | -27,722 | -32,131 | -81,654 | -81,212 | ||||||||||
Cost of goods sold | -19,866 | -23,621 | -59,919 | -57,981 | ||||||||||
Gross profit | -7,856 | -8,510 | -21,735 | -23,231 | ||||||||||
Selling, general and administrative expense | -7,448 | -6,946 | -22,336 | -22,204 | ||||||||||
Operating (loss)/income | -408 | -1,564 | 601 | -1,027 | ||||||||||
Equity in earnings | 26,294 | 32,637 | 5,617 | 47,094 | ||||||||||
(Loss)/income before provision (benefit) for income taxes | -26,702 | -34,201 | -5,016 | -48,121 | ||||||||||
Net (loss)/income | -26,702 | -34,201 | -5,016 | -48,121 | ||||||||||
Net (loss)/income attributable to Quiksilver, Inc | -26,702 | -34,201 | -5,016 | -48,121 | ||||||||||
Other comprehensive loss | 2,140 | 28,120 | 10,753 | 49,151 | ||||||||||
Comprehensive (loss)/income attributable to Quiksilver, Inc. | ($24,562) | ($6,081) | $5,737 | $1,030 |
Recovered_Sheet8
Condensed Consolidating Financial Information - 2015 Notes - Condensed Consolidating Balance Sheet (Detail) (USD $) | Jul. 31, 2013 | Oct. 31, 2012 | Jul. 31, 2012 | Apr. 30, 2012 | Jan. 31, 2012 | Oct. 31, 2011 | Jul. 31, 2011 | Apr. 30, 2011 | Jan. 31, 2011 | Oct. 31, 2010 | Oct. 31, 2009 |
In Thousands, unless otherwise specified | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $62,383 | $41,823 | $81,903 | $109,753 | $120,593 | $99,516 | |||||
Restricted cash | 409,167 | ||||||||||
Trade accounts receivable, net | 418,189 | 433,743 | 398,522 | 370,974 | 321,785 | 397,089 | 385,927 | 341,781 | 287,458 | ||
Other receivables | 24,980 | 32,818 | 23,190 | ||||||||
Income taxes receivable | 2,779 | 4,265 | |||||||||
Inventories | 399,162 | 344,746 | 391,052 | 358,915 | 412,291 | 347,757 | 364,833 | 289,538 | 309,561 | ||
Deferred income taxes | 28,086 | 26,368 | 32,808 | ||||||||
Prepaid expenses and other current assets | 35,819 | 26,371 | 25,429 | ||||||||
Total current assets | 1,380,565 | 905,869 | 940,291 | ||||||||
Fixed assets, net | 227,997 | 238,313 | 238,107 | ||||||||
Intangible assets, net | 138,384 | 139,449 | 138,143 | ||||||||
Goodwill | 272,417 | 273,167 | 268,589 | 332,488 | |||||||
Other assets | 54,561 | 47,789 | 55,814 | ||||||||
Deferred income taxes long-term | 118,603 | 113,653 | 123,279 | ||||||||
Total assets | 2,192,527 | 1,718,240 | 1,764,223 | 1,696,121 | |||||||
Current liabilities: | |||||||||||
Lines of credit | 18,147 | 18,335 | |||||||||
Accounts payable | 238,311 | 203,572 | 203,023 | ||||||||
Accrued liabilities | 107,001 | 114,891 | 132,944 | ||||||||
Current portion of long-term debt | 43,153 | 18,647 | 4,628 | ||||||||
Debt to be redeemed | 409,167 | ||||||||||
Income taxes payable | 1,359 | ||||||||||
Total Current Liabilities | 797,632 | 356,616 | 358,930 | ||||||||
Long-term debt, net of current portion | 807,094 | 721,175 | 724,723 | ||||||||
Other long-term liabilities | 34,976 | 38,213 | 57,948 | ||||||||
Total liabilities | 1,639,702 | 1,116,004 | 1,141,601 | ||||||||
Stockholders'/invested equity: | 533,420 | 583,310 | 610,098 | ||||||||
Non-controlling interest | 19,405 | 18,926 | 12,524 | ||||||||
Total liabilities and equity | 2,192,527 | 1,718,240 | 1,764,223 | ||||||||
Senior Notes 2015 [Member] | Quiksilver, Inc. [Member] | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | 1 | 324 | 15 | 17 | |||||||
Restricted cash | 409,167 | ||||||||||
Other receivables | 19 | 20 | |||||||||
Income taxes receivable | 422 | ||||||||||
Prepaid expenses and other current assets | 2,961 | 2,277 | |||||||||
Total current assets | 412,570 | 2,621 | |||||||||
Fixed assets, net | 20,261 | 18,802 | |||||||||
Intangible assets, net | 3,816 | 3,228 | |||||||||
Other assets | 8,373 | 2,753 | |||||||||
Deferred income taxes long-term | 20,387 | ||||||||||
Investment in subsidiaries | 1,092,524 | 1,087,924 | |||||||||
Total assets | 1,557,931 | 1,115,328 | |||||||||
Current liabilities: | |||||||||||
Accounts payable | 3,374 | 6,995 | |||||||||
Accrued liabilities | 6,320 | 6,189 | |||||||||
Debt to be redeemed | 409,167 | ||||||||||
Deferred income taxes | 20,902 | ||||||||||
Intercompany balances | 83,972 | 118,834 | |||||||||
Total Current Liabilities | 523,735 | 132,018 | |||||||||
Long-term debt, net of current portion | 500,776 | 400,000 | |||||||||
Total liabilities | 1,024,511 | 532,018 | |||||||||
Stockholders'/invested equity: | 533,420 | 583,310 | |||||||||
Total liabilities and equity | 1,557,931 | 1,115,328 | |||||||||
Senior Notes 2015 [Member] | Guarantor Subsidiaries [Member] | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | 280 | 135 | 2,421 | 1,331 | |||||||
Trade accounts receivable, net | 167,514 | 181,945 | |||||||||
Other receivables | 5,597 | 6,158 | |||||||||
Income taxes receivable | 255 | 117 | |||||||||
Inventories | 120,697 | 107,722 | |||||||||
Deferred income taxes | 26,111 | 5,209 | |||||||||
Prepaid expenses and other current assets | 8,494 | 9,548 | |||||||||
Intercompany balances | 115,906 | 95,809 | |||||||||
Total current assets | 444,854 | 406,643 | |||||||||
Fixed assets, net | 56,659 | 64,496 | |||||||||
Intangible assets, net | 46,923 | 47,746 | |||||||||
Goodwill | 111,555 | 112,216 | |||||||||
Other assets | 6,959 | 2,677 | |||||||||
Investment in subsidiaries | 6,863 | 5,028 | |||||||||
Total assets | 673,813 | 638,806 | |||||||||
Current liabilities: | |||||||||||
Accounts payable | 93,898 | 95,355 | |||||||||
Accrued liabilities | 22,700 | 28,343 | |||||||||
Current portion of long-term debt | 6,094 | 8,594 | |||||||||
Total Current Liabilities | 122,692 | 132,292 | |||||||||
Long-term debt, net of current portion | 9,000 | 60,700 | |||||||||
Deferred income taxes long-term | 45,236 | 23,550 | |||||||||
Other long-term liabilities | 14,137 | 25,241 | |||||||||
Total liabilities | 191,065 | 241,783 | |||||||||
Stockholders'/invested equity: | 482,748 | 397,023 | |||||||||
Total liabilities and equity | 673,813 | 638,806 | |||||||||
Senior Notes 2015 [Member] | Non-Guarantor Subsidiaries [Member] | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | 62,102 | 41,364 | 79,467 | 108,405 | |||||||
Trade accounts receivable, net | 250,675 | 251,798 | |||||||||
Other receivables | 19,364 | 26,640 | |||||||||
Income taxes receivable | 2,102 | ||||||||||
Inventories | 277,868 | 237,465 | |||||||||
Deferred income taxes | 22,877 | 21,159 | |||||||||
Prepaid expenses and other current assets | 24,364 | 14,546 | |||||||||
Intercompany balances | 23,025 | ||||||||||
Total current assets | 659,352 | 615,997 | |||||||||
Fixed assets, net | 151,077 | 155,015 | |||||||||
Intangible assets, net | 87,645 | 88,475 | |||||||||
Goodwill | 160,862 | 160,951 | |||||||||
Other assets | 39,229 | 42,359 | |||||||||
Deferred income taxes long-term | 143,452 | 137,203 | |||||||||
Total assets | 1,241,617 | 1,200,000 | |||||||||
Current liabilities: | |||||||||||
Lines of credit | 18,147 | ||||||||||
Accounts payable | 141,039 | 101,222 | |||||||||
Accrued liabilities | 77,981 | 80,359 | |||||||||
Current portion of long-term debt | 37,059 | 10,053 | |||||||||
Income taxes payable | 1,476 | ||||||||||
Intercompany balances | 31,934 | ||||||||||
Total Current Liabilities | 288,013 | 211,257 | |||||||||
Long-term debt, net of current portion | 297,318 | 260,475 | |||||||||
Other long-term liabilities | 20,839 | 12,972 | |||||||||
Total liabilities | 606,170 | 484,704 | |||||||||
Stockholders'/invested equity: | 616,042 | 696,370 | |||||||||
Non-controlling interest | 19,405 | 18,926 | |||||||||
Total liabilities and equity | 1,241,617 | 1,200,000 | |||||||||
Senior Notes 2015 [Member] | Eliminations [Member] | |||||||||||
Current assets: | |||||||||||
Income taxes receivable | -117 | ||||||||||
Inventories | 597 | -441 | |||||||||
Deferred income taxes | -20,902 | ||||||||||
Intercompany balances | -115,906 | -118,834 | |||||||||
Total current assets | -136,211 | -119,392 | |||||||||
Deferred income taxes long-term | -45,236 | -23,550 | |||||||||
Investment in subsidiaries | -1,099,387 | -1,092,952 | |||||||||
Total assets | -1,280,834 | -1,235,894 | |||||||||
Current liabilities: | |||||||||||
Income taxes payable | -117 | ||||||||||
Deferred income taxes | -20,902 | ||||||||||
Intercompany balances | -115,906 | -118,834 | |||||||||
Total Current Liabilities | -136,808 | -118,951 | |||||||||
Deferred income taxes long-term | -45,236 | -23,550 | |||||||||
Total liabilities | -182,044 | -142,501 | |||||||||
Stockholders'/invested equity: | -1,098,790 | -1,093,393 | |||||||||
Total liabilities and equity | ($1,280,834) | ($1,235,894) |
Recovered_Sheet9
Condensed Consolidating Financial Information - 2015 Notes - Condensed Consolidating Statement of Cash Flows (Detail) (USD $) | 9 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Jul. 31, 2013 | Jul. 31, 2012 | Oct. 31, 2012 | Oct. 31, 2011 | Oct. 31, 2010 |
Cash flows from operating activities: | |||||
Net (loss)/income | ($61,018) | ($12,858) | ($9,743) | ($17,870) | ($6,270) |
Adjustments to reconcile net (loss)/income to net cash (used in)/provided by operating activities: | |||||
Depreciation and Amortization | 38,018 | 39,437 | 53,232 | 55,259 | 53,861 |
Stock based compensation | 16,195 | 17,272 | 22,552 | 14,414 | 12,831 |
Provision for doubtful accounts | 4,511 | 1,601 | 4,594 | 8,732 | 15,307 |
Asset impairments | 10,652 | 556 | 7,234 | 86,373 | 11,657 |
Equity in earnings | 247 | -19 | 282 | -355 | -524 |
Non-cash interest expense | 5,877 | 2,814 | 3,685 | 19,112 | 56,695 |
Deferred income taxes | -281 | 9,349 | -8,582 | -28,248 | 8,029 |
Other adjustments to reconcile net (loss)/income | 644 | -2,294 | |||
Changes in operating assets and liabilities: | |||||
Trade accounts receivable | 9,444 | -25,705 | -53,405 | -33,985 | 39,846 |
Inventories | -62,540 | -55,684 | -4,978 | -70,706 | 4,505 |
Other operating assets and liabilities | 25,734 | 8,650 | |||
Net cash (used in)/provided by operating activities | -12,517 | -16,881 | -13,539 | 54,149 | 203,482 |
Cash flows from investing activities: | |||||
Changes in restricted cash | -409,167 | 52,706 | |||
Capital expenditures | -39,366 | -47,177 | -66,081 | -89,590 | -47,797 |
Business acquisitions, net of cash acquired | -9,117 | -9,117 | -5,578 | ||
Net cash (used in)/provided by investing activities | -448,533 | -56,294 | -67,000 | -82,622 | 9,571 |
Cash flows from financing activities: | |||||
Borrowings on lines of credit | 6,157 | 11,377 | 15,139 | 30,070 | 16,581 |
Payments on lines of credit | -22,561 | -12,326 | -12,641 | -35,303 | -27,021 |
Borrowings on long-term debt | 646,876 | 127,034 | 140,035 | 315,330 | 59,353 |
Payments on long-term debt | -142,121 | -57,513 | -112,841 | -284,676 | -220,566 |
Payments of debt issuance costs | -13,087 | -6,391 | -9,573 | ||
Stock option exercises and employee stock purchases | 6,165 | 1,335 | 2,241 | 4,129 | 3,639 |
Transactions with non-controlling interest owners | -11,000 | -11,000 | -5,174 | ||
Net cash provided by financing activities | 481,429 | 58,907 | 20,933 | 23,159 | -182,761 |
Effect of exchange rate changes on cash | 181 | -13,582 | -8,324 | -5,526 | -9,215 |
Net (decrease)/increase in cash and cash equivalents | 20,560 | -27,850 | -67,930 | -10,840 | 21,077 |
Cash and cash equivalents, beginning of period | 41,823 | 109,753 | 109,753 | 120,593 | 99,516 |
Cash and cash equivalents, end of period | 62,383 | 81,903 | 41,823 | 109,753 | 120,593 |
Senior Notes 2015 [Member] | Quiksilver, Inc. [Member] | |||||
Cash flows from operating activities: | |||||
Net (loss)/income | -61,453 | -15,115 | |||
Adjustments to reconcile net (loss)/income to net cash (used in)/provided by operating activities: | |||||
Depreciation and Amortization | 1,651 | 1,598 | |||
Stock based compensation | 16,195 | 17,272 | |||
Equity in earnings | -4,599 | -49,284 | |||
Non-cash interest expense | 4,223 | 1,111 | |||
Other adjustments to reconcile net (loss)/income | 35 | -322 | |||
Changes in operating assets and liabilities: | |||||
Other operating assets and liabilities | 6,867 | 4,623 | |||
Net cash (used in)/provided by operating activities | -37,081 | -40,117 | |||
Cash flows from investing activities: | |||||
Changes in restricted cash | -409,167 | ||||
Capital expenditures | -5,327 | -2,861 | |||
Net cash (used in)/provided by investing activities | -414,494 | -2,861 | |||
Cash flows from financing activities: | |||||
Borrowings on long-term debt | 500,776 | ||||
Payments of debt issuance costs | -8,775 | ||||
Stock option exercises and employee stock purchases | 6,165 | 1,335 | |||
Intercompany | -46,914 | 41,641 | |||
Net cash provided by financing activities | 451,252 | 42,976 | |||
Net (decrease)/increase in cash and cash equivalents | -323 | -2 | |||
Cash and cash equivalents, beginning of period | 324 | 17 | 17 | ||
Cash and cash equivalents, end of period | 1 | 15 | |||
Senior Notes 2015 [Member] | Guarantor Subsidiaries [Member] | |||||
Cash flows from operating activities: | |||||
Net (loss)/income | 5,584 | 7,414 | |||
Adjustments to reconcile net (loss)/income to net cash (used in)/provided by operating activities: | |||||
Depreciation and Amortization | 13,164 | 13,338 | |||
Provision for doubtful accounts | -1,544 | -2,530 | |||
Asset impairments | 7,248 | 556 | |||
Equity in earnings | -1,018 | 2,190 | |||
Non-cash interest expense | 1,081 | 1,190 | |||
Other adjustments to reconcile net (loss)/income | -124 | 36 | |||
Changes in operating assets and liabilities: | |||||
Trade accounts receivable | 15,975 | -19,657 | |||
Inventories | -12,841 | -3,095 | |||
Other operating assets and liabilities | -7,050 | 416 | |||
Net cash (used in)/provided by operating activities | 20,475 | -142 | |||
Cash flows from investing activities: | |||||
Capital expenditures | -11,159 | -18,736 | |||
Net cash (used in)/provided by investing activities | -11,159 | -18,736 | |||
Cash flows from financing activities: | |||||
Borrowings on long-term debt | 59,829 | 80,500 | |||
Payments on long-term debt | -114,029 | -43,856 | |||
Payments of debt issuance costs | -4,312 | ||||
Transactions with non-controlling interest owners | -11,000 | ||||
Intercompany | 49,341 | -5,676 | |||
Net cash provided by financing activities | -9,171 | 19,968 | |||
Net (decrease)/increase in cash and cash equivalents | 145 | 1,090 | |||
Cash and cash equivalents, beginning of period | 135 | 1,331 | 1,331 | ||
Cash and cash equivalents, end of period | 280 | 2,421 | |||
Senior Notes 2015 [Member] | Non-Guarantor Subsidiaries [Member] | |||||
Cash flows from operating activities: | |||||
Net (loss)/income | -133 | 42,964 | |||
Adjustments to reconcile net (loss)/income to net cash (used in)/provided by operating activities: | |||||
Depreciation and Amortization | 23,203 | 24,501 | |||
Provision for doubtful accounts | 6,055 | 4,131 | |||
Asset impairments | 3,404 | ||||
Equity in earnings | 247 | -19 | |||
Non-cash interest expense | 573 | 513 | |||
Deferred income taxes | -281 | 9,349 | |||
Other adjustments to reconcile net (loss)/income | 733 | -2,008 | |||
Changes in operating assets and liabilities: | |||||
Trade accounts receivable | -6,531 | -6,048 | |||
Inventories | -49,098 | -53,616 | |||
Other operating assets and liabilities | 25,917 | 3,611 | |||
Net cash (used in)/provided by operating activities | 4,089 | 23,378 | |||
Cash flows from investing activities: | |||||
Capital expenditures | -22,880 | -25,580 | |||
Business acquisitions, net of cash acquired | -9,117 | ||||
Net cash (used in)/provided by investing activities | -22,880 | -34,697 | |||
Cash flows from financing activities: | |||||
Borrowings on lines of credit | 6,157 | 11,377 | |||
Payments on lines of credit | -22,561 | -12,326 | |||
Borrowings on long-term debt | 86,271 | 46,534 | |||
Payments on long-term debt | -28,092 | -13,657 | |||
Intercompany | -2,427 | -35,965 | |||
Net cash provided by financing activities | 39,348 | -4,037 | |||
Effect of exchange rate changes on cash | 181 | -13,582 | |||
Net (decrease)/increase in cash and cash equivalents | 20,738 | -28,938 | |||
Cash and cash equivalents, beginning of period | 41,364 | 108,405 | 108,405 | ||
Cash and cash equivalents, end of period | 62,102 | 79,467 | |||
Senior Notes 2015 [Member] | Eliminations [Member] | |||||
Cash flows from operating activities: | |||||
Net (loss)/income | -5,016 | -48,121 | |||
Adjustments to reconcile net (loss)/income to net cash (used in)/provided by operating activities: | |||||
Equity in earnings | 5,617 | 47,094 | |||
Changes in operating assets and liabilities: | |||||
Inventories | ($601) | $1,027 |