GNC 10-Q 30 Jul 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Jul. 24, 2015
Document and Entity Information
Entity Registrant Name	GNC HOLDINGS, INC.
Entity Central Index Key	1,502,034
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		84,977,589
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus (Q1,Q2,Q3,FY)	Q2

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 100,778	$ 133,834
Receivables, net	138,397	136,361
Inventory	566,554	569,132
Prepaids and other current assets	42,176	37,016
Total current assets	847,905	876,343
Long-term assets:
Goodwill	672,891	672,293
Brands	720,000	720,000
Other intangible assets, net	128,006	132,992
Property, plant and equipment, net	227,373	232,397
Other long-term assets	42,388	43,775
Total long-term assets	1,790,658	1,801,457
Total assets	2,638,563	2,677,800
Current liabilities:
Accounts payable	144,975	129,064
Current portion of long-term debt	4,637	4,740
Deferred revenue and other current liabilities	119,143	106,539
Total current liabilities	268,755	240,343
Long-term liabilities:
Long-term debt	1,335,711	1,337,638
Deferred tax liabilities, net	283,421	282,842
Other long-term liabilities	58,857	60,934
Total long-term liabilities	1,677,989	1,681,414
Total liabilities	$ 1,946,744	$ 1,921,757
Contingencies
Stockholders’ equity:
Common stock	$ 114	$ 113
Paid-in capital	884,285	879,655
Retained earnings	998,102	898,574
Treasury stock, at cost	(1,183,691)	(1,018,470)
Accumulated other comprehensive loss	(6,991)	(3,829)
Total stockholders’ equity	691,819	756,043
Total liabilities and stockholders’ equity	$ 2,638,563	$ 2,677,800

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income Statement [Abstract]
Revenue	$ 678,520	$ 675,216	$ 1,348,767	$ 1,349,673
Cost of sales, including warehousing, distribution and occupancy	422,188	416,636	843,002	837,374
Gross profit	256,332	258,580	505,765	512,299
Selling, general and administrative	140,090	140,844	279,858	275,456
Other income, net	(1,396)	(3,315)	(1,336)	(5,463)
Operating income	117,638	121,051	227,243	242,306
Interest expense, net	11,644	11,675	23,159	23,206
Income before income taxes	105,994	109,376	204,084	219,100
Income tax expense	38,637	39,489	73,457	79,310
Net income	$ 67,357	$ 69,887	$ 130,627	$ 139,790
Earnings per share:
Basic (in dollars per share)	$ 0.79	$ 0.77	$ 1.51	$ 1.52
Diluted (in dollars per share)	$ 0.79	$ 0.77	$ 1.50	$ 1.52
Weighted average common shares outstanding:
Basic (in shares)	85,501	90,414	86,677	91,687
Diluted (in shares)	85,777	90,931	86,934	92,265
Dividends declared per share: (in dollars per share)	$ 0.18	$ 0.16	$ 0.36	$ 0.32

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Statement of Comprehensive Income [Abstract]
Net income	$ 67,357	$ 69,887	$ 130,627	$ 139,790
Other comprehensive income (loss):
Foreign currency translation gain (loss)	2,149	1,598	(3,162)	817
Comprehensive income	$ 69,506	$ 71,485	$ 127,465	$ 140,607

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Treasury Stock	Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income/(Loss)
Beginning balance (in shares) at Dec. 31, 2013		93,989
Beginning balance at Dec. 31, 2013	$ 815,579	$ 112	$ (734,482)	$ 847,886	$ 700,108	$ 1,955
Increase (Decrease) in Stockholders' Equity
Comprehensive income (loss)	140,607				139,790	817
Repurchase of treasury stock (in shares)		(4,233)
Repurchase of treasury stock	190,153		190,153
Common stock dividends	(29,108)				(29,108)
Conversions to common stock (in shares)		129
Conversions to common stock	3,094	$ 1		3,093
Non-cash stock-based compensation	3,351			3,351
Ending balance (in shares) at Jun. 30, 2014		89,885
Ending balance at Jun. 30, 2014	743,370	$ 113	(924,635)	854,330	810,790	2,772
Beginning balance (in shares) at Dec. 31, 2014		88,335
Beginning balance at Dec. 31, 2014	756,043	$ 113	(1,018,470)	879,655	898,574	(3,829)
Increase (Decrease) in Stockholders' Equity
Comprehensive income (loss)	127,465				130,627	(3,162)
Repurchase of treasury stock (in shares)		(3,668)
Repurchase of treasury stock	165,221		165,221
Common stock dividends	(31,099)				(31,099)
Conversions to common stock (in shares)		74
Conversions to common stock	1,551	$ 1		1,550
Non-cash stock-based compensation	3,080			3,080
Ending balance (in shares) at Jun. 30, 2015		84,741
Ending balance at Jun. 30, 2015	$ 691,819	$ 114	$ (1,183,691)	$ 884,285	$ 998,102	$ (6,991)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities:
Net income	$ 130,627	$ 139,790
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	28,628	27,401
Amortization of debt costs	925	895
Increase in provision for inventory losses	10,304	10,395
Gain on sale of company-owned stores to franchisees	(1,491)	(2,282)
(Increase) decrease in receivables	(459)	1,562
Increase in inventory	(10,652)	(49,791)
(Increase) decrease in prepaid and other assets	(4,624)	3,512
Increase in accounts payable	17,549	12,348
Increase (decrease) in deferred revenue and other liabilities	11,687	(167)
Other operating activities	1,701	9,165
Net cash provided by operating activities	184,195	152,828
Cash flows from investing activities:
Capital expenditures	(20,131)	(36,100)
Cash paid for acquisitions, net of cash acquired	0	(6,402)
Other investing activities	89	350
Net cash used in investing activities	(20,042)	(42,152)
Cash flows from financing activities:
Dividends paid to shareholders	(31,017)	(28,960)
Payments on long-term debt	(2,400)	(3,040)
Proceeds from exercised stock options	1,075	1,908
Excess tax benefits from stock-based compensation	475	1,546
Repurchase of treasury stock	(165,221)	(190,153)
Net cash used in financing activities	(197,088)	(218,699)
Effect of exchange rate on cash and cash equivalents	(121)	351
Net decrease in cash and cash equivalents	(33,056)	(107,672)
Beginning balance, cash and cash equivalents	133,834	226,217
Ending balance, cash and cash equivalents	$ 100,778	$ 118,545

NATURE OF BUSINESS

NATURE OF BUSINESS	6 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
NATURE OF BUSINESS	NATURE OF BUSINESS GNC Holdings, Inc., a Delaware corporation (“Holdings,” and collectively with its subsidiaries and, unless the context requires otherwise, its and their respective predecessors, the “Company”), is a global specialty retailer of health, wellness and performance products, including vitamins, minerals and herbal supplements, sports nutrition products, diet products and other wellness products. The Company is vertically integrated, as its operations consist of purchasing raw materials, formulating and manufacturing products and selling the finished products through its three segments, which are Retail, Franchising and Manufacturing/Wholesale. Corporate retail store operations are located in the United States, Canada, Puerto Rico and beginning with the acquisition of THSD d/b/a The Health Store ("The Health Store") in 2014, Ireland. In addition, the Company offers products domestically through GNC.com, LuckyVitamin.com, Drugstore.com, and beginning with the acquisition of A1 Sports Limited d/b/a DiscountSupplements in 2013, internationally through DiscountSupplements.co.uk. Franchise locations exist in the United States and more than 50 other countries. The Company operates its primary manufacturing facility in South Carolina and distribution centers in Arizona, Indiana, Pennsylvania and South Carolina. The Company manufactures the majority of its branded products, but also merchandises various third-party products. Additionally, the Company licenses the use of its trademarks and trade names. The processing, formulation, packaging, labeling and advertising of the Company’s products are subject to regulation by various federal agencies, including the Food and Drug Administration, the Federal Trade Commission, the Consumer Product Safety Commission, the United States Department of Agriculture and the Environmental Protection Agency. These activities are also regulated by various agencies of the states and localities in which the Company’s products are sold.

BASIS OF PRESENTATION

BASIS OF PRESENTATION	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION The accompanying unaudited consolidated financial statements, which have been prepared in accordance with the applicable rules of the Securities and Exchange Commission, include all adjustments (consisting of a normal and recurring nature) that management considers necessary to fairly state the Company's results of operations, financial position and cash flows. The December 31, 2014 consolidated balance sheet was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America (“U.S. GAAP”). These interim consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s audited financial statements in its Annual Report on Form 10-K for the year ended December 31, 2014 . Interim results are not necessarily indicative of the results that may be expected for the remainder of the year ending December 31, 2015 . Correction of Immaterial Error. During the quarter ended March 31, 2015, the Company identified a $2.8 million error relating to prior periods in the calculation of the portion of the accrued payroll liability relating to certain amounts paid to store employees. The impact of this error was not material to any prior period. In addition, the cumulative impact of the correction was not material to the Company's consolidated financial statements for the quarter ended March 31, 2015 or the six months ended June 30, 2015. Consequently, the Company has corrected the error in the first quarter of 2015 by increasing selling, general and administrative expense on the consolidated statement of income and deferred revenue and other current liabilities on the consolidated balance sheet by $2.8 million . The impact to net income was a decrease of $1.8 million for the six months ended June 30, 2015. This correction had no impact on cash flows from operations for the current six-month period. Revision. Certain amounts in the consolidated financial statements for prior year periods have been revised to conform to the current period's presentation with no impact on previously reported operating income, net income or stockholders' equity. Specifically, the gains resulting from the sales of company-owned stores are presented in "Other income, net" on the consolidated statements of income and the related cash proceeds are presented in "Other investing activities" as an investing cash inflow on the consolidated statements of cash flows. These gains were previously presented in “Gross profit” on the consolidated statements of income with the related cash proceeds being presented as an operating activity in the consolidated statements of cash flows. Certain other amounts in the consolidated financial statements of prior year periods have been revised to conform to the current period’s presentation. None of these revisions are material to prior periods. Recent Accounting Pronouncements . In April 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("ASU") 2015-03, which requires an entity to present debt issuance costs related to a recognized debt liability as a direct deduction from the carrying amount of that debt liability, consistent with the treatment of debt discounts. This standard does not affect the recognition and measurement guidance for debt issuance costs. This standard is effective for fiscal years beginning after December 15, 2015. The impact of this guidance will not have a material effect on the Company's consolidated financial statements. In June 2014, the FASB issued ASU 2014-12, which updates guidance on performance stock awards. The update states that for any award that has a performance target that affects vesting and that could be achieved after the requisite period, that performance target should still be treated as a performance condition. This standard is effective for fiscal years beginning after December 15, 2015. The Company is currently evaluating the impact this guidance will have on the consolidated financial statements but does not expect the effect to be material. In May 2014, the FASB issued ASU 2014-09, which updates revenue recognition guidance relating to contracts with customers. This standard states that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In July 2015, the FASB voted to approve a one-year deferral of the effective date, making the standard effective for fiscal years beginning after December 15, 2017. The Company is currently evaluating the impact this guidance will have on the consolidated financial statements.

INVENTORY

INVENTORY	6 Months Ended
	Jun. 30, 2015
Inventory Disclosure [Abstract]
INVENTORY	INVENTORY The net realizable value of inventory consisted of the following: June 30, 2015 December 31, 2014 (in thousands) Finished product ready for sale $ 488,254 $ 501,027 Work-in-process, bulk product and raw materials 70,314 60,911 Packaging supplies 7,986 7,194 Total inventory $ 566,554 $ 569,132

LONG-TERM DEBT

LONG-TERM DEBT	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
LONG-TERM DEBT	LONG-TERM DEBT Long-term debt consisted of the following: June 30, December 31, (in thousands) Term Loan Facility $ 1,340,261 $ 1,342,165 Other 87 213 Total debt 1,340,348 1,342,378 Less: current maturities (4,637 ) (4,740 ) Long-term debt $ 1,335,711 $ 1,337,638 The Company maintains a $1.4 billion term loan facility (the “Term Loan Facility”) that matures in March 2019. The Company also maintains a $130.0 million revolving credit facility (the “Revolving Credit Facility” and, together with the Term Loan Facility, the “Senior Credit Facility”) that matures in March 2017. For each of the three and six month periods ended June 30, 2015 and 2014 , net interest expense was approximately $11.6 million and $23.2 million , respectively, the substantial majority of which consisted of interest on outstanding borrowings under the Term Loan Facility. At June 30, 2015 and December 31, 2014 , the interest rate under the Term Loan Facility was 3.25% . The Revolving Credit Facility was undrawn and had outstanding letters of credit of $1.1 million at June 30, 2015 and December 31, 2014 . At June 30, 2015 and December 31, 2014 , the commitment fee on the undrawn portion of the Revolving Credit Facility was 0.5% , and the fee on outstanding letters of credit was 2.50% . As of June 30, 2015 , the Company is in compliance with all covenants under the Senior Credit Facility.

FAIR VALUE MEASUREMENTS AND FIN

FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS	FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS Fair value is defined as a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the standard establishes a three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value as follows: Level 1 — observable inputs such as quoted prices in active markets for identical assets and liabilities; Level 2 — observable inputs such as quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, other inputs that are observable, or can be corroborated by observable market data; and Level 3 — unobservable inputs for which there are little or no market data, which require the reporting entity to develop its own assumptions. The following table presents the Company's financial assets and liabilities that were accounted for at fair value on a recurring basis as of June 30, 2015 by level within the fair value hierarchy: Fair Value Measurements Using Level 1 Level 2 Level 3 (in thousands) Cash equivalents $ 28,397 $ — $ — Other long-term assets — 8,313 — The following table presents the Company's financial assets and liabilities that were accounted for at fair value on a recurring basis as of December 31, 2014 by level within the fair value hierarchy: Fair Value Measurements Using Level 1 Level 2 Level 3 (in thousands) Cash equivalents $ 43,365 $ — $ — Other long-term assets — 7,814 — Other long-term assets consist of assets related to the Company's non-qualified deferred compensation plan. The assets related to this plan are adjusted based on changes in the fair value of the underlying investments. Since the fair value of the investments is based on quoted prices of similar items in active markets, the assets are classified within Level 2 on the fair value hierarchy. The actual and estimated fair values of the Company's financial instruments were as follows: June 30, 2015 December 31, 2014 Carrying Fair Carrying Fair (in thousands) Cash and cash equivalents $ 100,778 $ 100,778 $ 133,834 $ 133,834 Receivables, net 138,397 138,397 136,361 136,361 Franchise notes receivable, net 16,547 16,547 17,722 17,722 Accounts payable 144,975 144,975 129,064 129,064 Long-term debt (including current portion) 1,340,348 1,316,892 1,342,378 1,288,683 The carrying amounts of cash and cash equivalents, receivables and accounts payable approximate their respective fair values because of the short maturities of these instruments. Based on the interest rates currently available and their underlying risk, the carrying value of the franchise notes receivable approximates its fair value. As considerable judgment is required to determine these estimates, changes in the assumptions or methodologies may have an effect on these estimates. The Company determined the estimated fair value of its debt by using Level 2 inputs, which consist of the instrument's trading value in markets that are not active.

CONTINGENCIES

CONTINGENCIES	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
CONTINGENCIES	CONTINGENCIES Litigation The Company is engaged in various legal actions, claims and proceedings arising in the normal course of business, including claims related to breach of contracts, product liabilities, intellectual property matters and employment-related matters resulting from the Company's business activities. The Company records accruals for outstanding legal matters when it believes it is probable that a loss will be incurred and the amount of such loss can be reasonably estimated. The Company evaluates, on a quarterly basis, developments in legal matters that could affect the amount of any accrual and developments that would make a loss contingency both probable and reasonably estimable. If a loss contingency is not both probable and estimable, the Company does not establish an accrued liability. If the Company ultimately is required to make a payment exceeding amounts accrued in connection with an adverse outcome in any of the matters discussed below, it is possible that it could have a material adverse effect on the Company's business, financial condition, results of operations or cash flows. The Company's contingencies are subject to substantial uncertainties, including for each such contingency the following, among other factors: (i) the procedural status of the case; (ii) whether the case has or may be certified as a class action suit; (iii) the outcome of preliminary motions; (iv) the impact of discovery; (v) whether there are significant factual issues to be determined or resolved; (vi) whether the proceedings involve a large number of parties and/or parties and claims in multiple jurisdictions or jurisdictions in which the relevant laws are complex or unclear; (vii) the extent of potential damages, which are often unspecified or indeterminate; and (viii) the status of settlement discussions, if any, and the settlement posture of the parties. Consequently, except as otherwise noted below with regard to a particular matter, the Company cannot predict with any reasonable certainty the timing or outcome of the legal matters described below, and the Company is unable to estimate a possible loss or range of loss. As a manufacturer and retailer of nutritional supplements and other consumer products that are ingested by consumers or applied to their bodies, the Company has been and is currently subjected to various product liability claims. Although the effects of these claims to date have not been material to the Company, it is possible that current and future product liability claims could have a material adverse effect on its business or financial condition, results of operations or cash flows. The Company currently maintains product liability insurance with a deductible/retention of $4.0 million per claim with an aggregate annual cap on retained loss of $10.0 million . The Company typically seeks and has obtained contractual indemnification from most parties that supply raw materials for its products or that manufacture or market products it sells. The Company also typically seeks to be added, and has been added, as an additional insured under most of such parties’ insurance policies. The Company is also entitled to indemnification by Numico for certain losses arising from claims related to products containing ephedra or Kava Kava sold prior to December 5, 2003. However, any such indemnification or insurance is limited by its terms and any such indemnification, as a practical matter, is limited to the creditworthiness of the indemnifying party and its insurer, and the absence of significant defenses by the insurers. Consequently, the Company may incur material product liability claims, which could increase its costs and adversely affect its reputation, revenue and operating income. DMAA / Aegeline Claims . Prior to December 2013, the Company sold products manufactured by third parties that contained derivatives from geranium known as 1.3-dimethylpentylamine/dimethylamylamine/13-dimethylamylamine, or “DMAA,” which were recalled from its stores in November 2013, and/or Aegeline, a compound extracted from bael trees. As of June 30, 2015 , the Company was named in 30 personal injury lawsuits involving products containing DMAA and/or Aegeline. One of the personal injury suits in which the Company is named, Leanne Sparling and Michael Sparling on behalf of Michael Sparling, deceased v. USPLabs, GNC Corporation, et al., Superior Court of California, County of San Diego (Case No. 2013-00034663-CU-PL-CTL), filed February 13, 2013, is the subject of pending motions for summary judgment filed by the Company, while the trial previously scheduled for June 2015 has been postponed until February 2016. As a general matter, the proceedings associated with these cases, which generally seek indeterminate money damages, are in the early stages, and any liabilities that may arise from these matters are not probable or reasonably estimable at this time. The Company is contractually entitled to indemnification by its third-party vendor with regard to these matters, although the Company’s ability to obtain full recovery in respect of any such claims against it is dependent upon the creditworthiness of the vendor and/or its insurance coverage and the absence of any significant defenses available to its insurer. California Wage and Break Claims. In November 2008, 98 plaintiffs filed individual claims against the Company in the Superior Court of the State of California for the County of Orange, which was removed to the U.S. District Court, Central District of California in February 2009. Each of the plaintiffs had previously been a member of a purported class in a lawsuit filed against the Company in 2007 and resolved in September 2009. The plaintiffs alleged that they were not provided all of the rest and meal periods to which they were entitled under California law, and further alleged that the Company failed to pay them split shift and overtime compensation to which they were entitled under California law. The plaintiffs also alleged derivative claims for inaccurate wage statements, failure to pay wages due at termination, and penalty claims under the California Labor Code. In June 2013, a trial was conducted with respect to the claims of seven of the plaintiffs. The jury returned a verdict in favor of the Company on all claims submitted to the jury, and the Court entered an order in favor of the Company on the one claim submitted to the Court. A number of other plaintiffs were dismissed from the action pursuant to stipulation and/or Court order. The remaining plaintiffs entered into a settlement agreement with the Company in December 2014 and the Court subsequently entered a final order dismissing the action with prejudice. In July 2011, Charles Brewer, on behalf of himself and all others similarly situated, sued General Nutrition Corporation in federal court, alleging state and federal wage and hour claims (U.S. District Court, Northern District of California, Case No. 11CV3587). In October 2011, plaintiff filed an eight -count amended complaint alleging, inter alia , meal, rest break and overtime violations on behalf of sales associates and assistant store managers, and the Company filed a motion to dismiss the complaint. In January 2013, the Court conditionally certified a Fair Labor Standards Act class with respect to one of Plaintiff's claims, and in November 2014, the Court granted in part and denied in part Plaintiff’s Motion to Certify a California class, and granted Defendant’s Motion for Decertification of FLSA Collective Action. A mediation conducted in April 2015 was unsuccessful in resolving the Plaintiff's claims, and motions for summary judgment are pending hearing, which currently is scheduled to occur in August 2015. As of June 30, 2015, an immaterial liability has been accrued in the accompanying financial statements. In February 2012, former Senior Store Manager, Elizabeth Naranjo, individually and on behalf of all others similarly situated sued General Nutrition Corporation in the Superior Court of the State of California for the County of Alameda (Case No. RG 12619626). The complaint contains eight causes of action, alleging, inter alia, meal, rest break, and overtime violations. In October 2014, the Court granted Plaintiff’s Motion to Certify a Class of approximately 900 current and former managers. A mediation conducted in April 2015 was unsuccessful in resolving the Plaintiff's claims. As of June 30, 2015, an immaterial liability has been accrued in the accompanying financial statements. Jason Olive v. General Nutrition Corp. In April 2012, Jason Olive filed a complaint in the Superior Court of California, County of Los Angeles (Case No. BC482686), for misappropriation of likeness in which he alleges that the Company continued to use his image in stores after the expiration of the license to do so in violation of common law and California statutes. Mr. Olive is seeking compensatory, punitive and statutory damages and attorneys’ fees and costs. The trial in this matter previously scheduled for December 2014 was postponed and no new trial date has been set. As of June 30, 2015, an immaterial liability has been accrued in the accompanying financial statements. Environmental Compliance In March 2008, the South Carolina Department of Health and Environmental Control (the "DHEC") requested that the Company investigate contamination associated with historical activities at its South Carolina facility. These investigations have identified chlorinated solvent impacts in soils and groundwater that extend offsite from the facility. The Company entered into a Voluntary Cleanup Contract with the DHEC regarding the matter on September 24, 2012. Pursuant to such contract, the Company is completing additional investigations with the DHEC's approval. At this stage of the investigation, however, it is not possible to estimate the timing and extent of any remedial action that may be required, the ultimate cost of remediation, or the amount of the Company's potential liability, therefore no liability is recorded. In addition to the foregoing, the Company is subject to numerous federal, state, local and foreign environmental and health and safety laws and regulations governing its operations, including the handling, transportation and disposal of the Company's non-hazardous and hazardous substances and wastes, as well as emissions and discharges from its operations into the environment, including discharges to air, surface water and groundwater. Failure to comply with such laws and regulations could result in costs for remedial actions, penalties or the imposition of other liabilities. New laws, changes in existing laws or the interpretation thereof, or the development of new facts or changes in their processes could also cause the Company to incur additional capital and operating expenditures to maintain compliance with environmental laws and regulations and environmental permits. The Company is also subject to laws and regulations that impose liability and cleanup responsibility for releases of hazardous substances into the environment without regard to fault or knowledge about the condition or action causing the liability. Under certain of these laws and regulations, such liabilities can be imposed for cleanup of previously owned or operated properties, or for properties to which substances or wastes that were sent in connection with current or former operations at its facilities. The presence of contamination from such substances or wastes could also adversely affect the Company's ability to sell or lease its properties, or to use them as collateral for financing. From time to time, the Company has incurred costs and obligations for correcting environmental and health and safety noncompliance matters and for remediation at or relating to certain of the Company's properties or properties at which the Company's waste has been disposed. However, compliance with the provisions of national, state and local environmental laws and regulations has not had a material effect upon the Company's capital expenditures, earnings, financial position, liquidity or competitive position. The Company believes it has complied with, and is currently complying with, its environmental obligations pursuant to environmental and health and safety laws and regulations and that any liabilities for noncompliance will not have a material adverse effect on its business, financial performance or cash flows. However, it is difficult to predict future liabilities and obligations, which could be material.

STOCK-BASED COMPENSATION PLANS

STOCK-BASED COMPENSATION PLANS AND SHARE REPURCHASE PROGRAM	6 Months Ended
	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
STOCK-BASED COMPENSATION PLANS AND SHARE REPURCHASE PROGRAM	STOCK-BASED COMPENSATION PLANS AND SHARE REPURCHASE PROGRAM Stock and Incentive Plans The Company has outstanding stock-based compensation awards that were granted by the Compensation and Organizational Development Committee (the “Compensation Committee”) of Holdings’ board of directors (the "Board") under the following stock-based employee compensation plans: • the GNC Holdings, Inc. 2015 Stock and Incentive Plan (the "2015 Stock Plan"); • the GNC Holdings, Inc. 2011 Stock and Incentive Plan (the “2011 Stock Plan”); and • the GNC Acquisition Holdings Inc. 2007 Stock Incentive Plan (as amended, the “2007 Stock Plan”). Each plan allows for the grant of stock options, restricted stock and other stock-based awards to eligible employees, directors, consultants or advisers as determined by the Compensation Committee. Stock options under the 2007 Stock Plan and 2011 Stock Plan were granted with exercise prices at or above fair market value on the date of grant, typically vest over a four - or five -year period, and expire seven or ten years from the date of grant. The Company will grant future awards under the 2015 Stock Plan, under which approximately 9 million shares were authorized for grant at June 30, 2015, which include 5.4 million shares that were previously available for issuance under the 2011 Stock Plan. Stock-Based Compensation Activity During the six months ended June 30, 2015, the Company granted the following share-based compensation awards (in thousands): Time-based stock options 29 Time-based restricted stock awards 136 Performance-based restricted stock 101 Total 266 Time-based stock options vest 25% per year over a period of four years and the fair value was determined using the Black-Scholes model. Time-based restricted stock awards vest one-third per year over a period of three years. Performance-based restricted stock vests at the end of a three -year performance period based on the Company's achievement of pre-determined earnings per share and revenue growth targets; based on the extent to which the targets are achieved, vested shares may range from 0% to 200% of the original target grant. Compensation cost related to performance-based stock will be adjusted as necessary to reflect changes in probability that the vesting criteria will be achieved. The above awards will result in compensation expense of $11.3 million , net of expected forfeitures, over the requisite service period assuming the performance-based units vest at 100% of the original target award. The Company recognized $1.8 million and $1.3 million of total non-cash stock-based compensation for the three months ended June 30, 2015 and 2014, respectively. For the six months ended June 30, 2015 and 2014, the Company recognized $3.1 million and $3.4 million , respectively, of total non-cash stock-based compensation. At June 30, 2015 , there was approximately $14.7 million of total unrecognized compensation cost related to non-vested stock-based compensation for all awards previously made that are expected to be recognized over a weighted average period of approximately 2.0 years . Share Repurchase Program In August 2014, the Board approved a multi-year program to repurchase up to an aggregate of $500.0 million of Holdings' common stock. Holdings repurchased $164.8 million of common stock during the six months ended June 30, 2015 and has utilized $258.0 million of the current repurchase program. As of June 30, 2015, $242.0 million remains available for purchase under the program.

SEGMENTS

SEGMENTS	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
SEGMENTS	SEGMENTS The Company aggregates its operating segments into three reportable segments, which include Retail, Franchising, and Manufacturing/Wholesale. The Retail reportable segment includes the Company's corporate store operations in the United States, Canada, Puerto Rico, Ireland and its websites GNC.com, LuckyVitamin.com, and DiscountSupplements.co.uk. The Franchise reportable segment represents the Company's franchise operations, both domestically and internationally. The Manufacturing/Wholesale reportable segment represents the Company's manufacturing operations in South Carolina and the Wholesale business. This segment supplies the Retail and Franchise segments, along with various third parties, with finished products for sale. The Company's chief operating decision maker evaluates segment operating results based primarily on performance indicators, including revenue and operating income. Operating income of each reportable segment excludes certain items that are managed at the consolidated level, such as warehousing, distribution and other corporate costs. The following table represents key financial information for each of the Company's reportable segments: Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 (in thousands) Revenue: Retail $ 503,846 $ 505,508 $ 1,007,312 $ 1,014,506 Franchise 118,441 110,142 229,698 213,657 Manufacturing/Wholesale: Intersegment revenues 72,984 63,858 139,238 132,616 Third-party 56,233 59,566 111,757 121,510 Subtotal Manufacturing/Wholesale 129,217 123,424 250,995 254,126 Subtotal segment revenues 751,504 739,074 1,488,005 1,482,289 Elimination of intersegment revenues (72,984 ) (63,858 ) (139,238 ) (132,616 ) Total revenue $ 678,520 $ 675,216 $ 1,348,767 $ 1,349,673 Operating income: Retail $ 96,947 $ 95,123 $ 189,309 $ 189,869 Franchise 40,646 40,418 80,329 79,999 Manufacturing/Wholesale 22,087 22,932 43,209 46,443 Unallocated corporate and other costs: Warehousing and distribution costs (18,495 ) (17,047 ) (36,280 ) (32,981 ) Corporate costs (23,547 ) (20,375 ) (49,324 ) (41,024 ) Subtotal unallocated corporate and other costs (42,042 ) (37,422 ) (85,604 ) (74,005 ) Total operating income 117,638 121,051 227,243 242,306 Interest expense, net 11,644 11,675 23,159 23,206 Income before income taxes $ 105,994 $ 109,376 $ 204,084 $ 219,100

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2015
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company recognized $38.6 million of income tax expense (or 36.5% of pre-tax income) during the three months ended June 30, 2015 compared to $39.5 million (or 36.1% of pre-tax income) in the prior year quarter. The Company recognized $73.5 million of income tax expense (or 36.0% of pre-tax income) during the six months ended June 30, 2015 compared to $79.3 million (or 36.2% of pre-tax income) for the same period in 2014 . At June 30, 2015 and December 31, 2014 , the Company had $11.0 million and $11.7 million of unrecognized tax benefits, respectively, excluding interest and penalties. As of June 30, 2015 , the Company is not aware of any tax positions for which it is reasonably possible that the amounts of unrecognized tax benefits will significantly increase or decrease within the next 12 months. The amount of unrecognized tax benefits excluding interest and penalties that, if recognized, would affect the effective tax rate is approximately $11.0 million . The Company recognizes accrued interest and penalties related to unrecognized tax benefits in income tax expense. The Company had accrued approximately $4.0 million and $4.2 million at June 30, 2015 and December 31, 2014 , respectively, for potential interest and penalties associated with uncertain tax positions. To the extent interest and penalties are not assessed with respect to the ultimate settlement of uncertain tax positions, amounts previously accrued will be reversed as a reduction to income tax expense. The Company files a consolidated U.S. federal tax return and various consolidated and separate tax returns as prescribed by the tax laws of the state, local and international jurisdictions in which it operates. The Company’s 2010 and 2011 federal income tax returns have been examined by the Internal Revenue Service. The Internal Revenue Service closed the examination without making any material adjustments to the returns. The Company has various state, local and international jurisdiction tax years open to possible examination (the earliest open period is generally 2010), and the Company also has certain state and local jurisdictions currently under audit.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2015
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS On July 23, 2015, the Board authorized and declared a cash dividend for the third quarter of 2015 of $0.18 per share of common stock, payable on or about September 25, 2015 to stockholders of record as of the close of business on September 11, 2015.

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements . In April 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("ASU") 2015-03, which requires an entity to present debt issuance costs related to a recognized debt liability as a direct deduction from the carrying amount of that debt liability, consistent with the treatment of debt discounts. This standard does not affect the recognition and measurement guidance for debt issuance costs. This standard is effective for fiscal years beginning after December 15, 2015. The impact of this guidance will not have a material effect on the Company's consolidated financial statements. In June 2014, the FASB issued ASU 2014-12, which updates guidance on performance stock awards. The update states that for any award that has a performance target that affects vesting and that could be achieved after the requisite period, that performance target should still be treated as a performance condition. This standard is effective for fiscal years beginning after December 15, 2015. The Company is currently evaluating the impact this guidance will have on the consolidated financial statements but does not expect the effect to be material.

INVENTORY (Tables)

INVENTORY (Tables)	6 Months Ended
	Jun. 30, 2015
Inventory Disclosure [Abstract]
Schedule of Net Carrying Value of Inventories	The net realizable value of inventory consisted of the following: June 30, 2015 December 31, 2014 (in thousands) Finished product ready for sale $ 488,254 $ 501,027 Work-in-process, bulk product and raw materials 70,314 60,911 Packaging supplies 7,986 7,194 Total inventory $ 566,554 $ 569,132

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Schedule of Long-term Debt	Long-term debt consisted of the following: June 30, December 31, (in thousands) Term Loan Facility $ 1,340,261 $ 1,342,165 Other 87 213 Total debt 1,340,348 1,342,378 Less: current maturities (4,637 ) (4,740 ) Long-term debt $ 1,335,711 $ 1,337,638

FAIR VALUE MEASUREMENTS AND F20

FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Schedule of Financial Assets and Liabilities Accounted for at Fair Value on a Recurring Basis	The following table presents the Company's financial assets and liabilities that were accounted for at fair value on a recurring basis as of June 30, 2015 by level within the fair value hierarchy: Fair Value Measurements Using Level 1 Level 2 Level 3 (in thousands) Cash equivalents $ 28,397 $ — $ — Other long-term assets — 8,313 — The following table presents the Company's financial assets and liabilities that were accounted for at fair value on a recurring basis as of December 31, 2014 by level within the fair value hierarchy: Fair Value Measurements Using Level 1 Level 2 Level 3 (in thousands) Cash equivalents $ 43,365 $ — $ — Other long-term assets — 7,814 —
Schedule of Actual and Estimated Fair Values of the Financial Instruments	The actual and estimated fair values of the Company's financial instruments were as follows: June 30, 2015 December 31, 2014 Carrying Fair Carrying Fair (in thousands) Cash and cash equivalents $ 100,778 $ 100,778 $ 133,834 $ 133,834 Receivables, net 138,397 138,397 136,361 136,361 Franchise notes receivable, net 16,547 16,547 17,722 17,722 Accounts payable 144,975 144,975 129,064 129,064 Long-term debt (including current portion) 1,340,348 1,316,892 1,342,378 1,288,683

STOCK-BASED COMPENSATION PLAN21

STOCK-BASED COMPENSATION PLANS AND SHARE REPURCHASE PROGRAM (Tables)	6 Months Ended
	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Share-Based Compensation Awards	During the six months ended June 30, 2015, the Company granted the following share-based compensation awards (in thousands): Time-based stock options 29 Time-based restricted stock awards 136 Performance-based restricted stock 101 Total 266

SEGMENTS (Tables)

SEGMENTS (Tables)	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Schedule of Key Financial Information of the Segments	The following table represents key financial information for each of the Company's reportable segments: Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 (in thousands) Revenue: Retail $ 503,846 $ 505,508 $ 1,007,312 $ 1,014,506 Franchise 118,441 110,142 229,698 213,657 Manufacturing/Wholesale: Intersegment revenues 72,984 63,858 139,238 132,616 Third-party 56,233 59,566 111,757 121,510 Subtotal Manufacturing/Wholesale 129,217 123,424 250,995 254,126 Subtotal segment revenues 751,504 739,074 1,488,005 1,482,289 Elimination of intersegment revenues (72,984 ) (63,858 ) (139,238 ) (132,616 ) Total revenue $ 678,520 $ 675,216 $ 1,348,767 $ 1,349,673 Operating income: Retail $ 96,947 $ 95,123 $ 189,309 $ 189,869 Franchise 40,646 40,418 80,329 79,999 Manufacturing/Wholesale 22,087 22,932 43,209 46,443 Unallocated corporate and other costs: Warehousing and distribution costs (18,495 ) (17,047 ) (36,280 ) (32,981 ) Corporate costs (23,547 ) (20,375 ) (49,324 ) (41,024 ) Subtotal unallocated corporate and other costs (42,042 ) (37,422 ) (85,604 ) (74,005 ) Total operating income 117,638 121,051 227,243 242,306 Interest expense, net 11,644 11,675 23,159 23,206 Income before income taxes $ 105,994 $ 109,376 $ 204,084 $ 219,100

NATURE OF BUSINESS (Details)

NATURE OF BUSINESS (Details) - Jun. 30, 2015	countrysegment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of primary segments | segment	3
Number of international countries in which franchise stores are located (more than 50 countries)	50

BASIS OF PRESENTATION (Details)

BASIS OF PRESENTATION (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Error Corrections and Prior Period Adjustments Restatement
Net income	$ 67,357	$ 69,887	$ 130,627	$ 139,790
Immaterial Error Correction
Error Corrections and Prior Period Adjustments Restatement
Accrued payroll liability error in prior periods	2,800		2,800
Immaterial Error Correction | Deferred Revenue and Other Current Liabilities
Error Corrections and Prior Period Adjustments Restatement
Accrued payroll liability error in prior periods	2,800		2,800
Immaterial Error Correction | Selling, General and Administrative Expenses
Error Corrections and Prior Period Adjustments Restatement
Accrued payroll liability error in prior periods	$ 2,800		2,800
Adjustment | Immaterial Error Correction
Error Corrections and Prior Period Adjustments Restatement
Net income			$ (1,800)

INVENTORY (Details)

INVENTORY (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Inventory Disclosure [Abstract]
Finished product ready for sale	$ 488,254	$ 501,027
Work-in-process, bulk product and raw materials	70,314	60,911
Packaging supplies	7,986	7,194
Total inventory	$ 566,554	$ 569,132

LONG-TERM DEBT (Details)

LONG-TERM DEBT (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Long-term Debt
Interest expense, net	$ 11,644,000	$ 11,675,000	$ 23,159,000	$ 23,206,000
Revolving Credit Facility
Long-term Debt
Maximum borrowing capacity	130,000,000		$ 130,000,000
Commitment fee on undrawn portion of revolving credit facility (as a percent)			0.50%		0.50%
Letter Of Credit
Long-term Debt
Outstanding letters of credit	1,100,000		$ 1,100,000		$ 1,100,000
Outstanding letters of credit fee (as a percent)			2.50%		2.50%
Term Loan Facility
Long-term Debt
Maximum borrowing capacity	$ 1,400,000,000		$ 1,400,000,000
Interest rate (as a percent)	3.25%		3.25%		3.25%

LONG-TERM DEBT - Schedule of Lo

LONG-TERM DEBT - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Debt Instrument
Total debt	$ 1,340,348	$ 1,342,378
Less: current maturities	(4,637)	(4,740)
Long-term debt	1,335,711	1,337,638
Term Loan Facility
Debt Instrument
Total debt	1,340,261	1,342,165
Other
Debt Instrument
Total debt	$ 87	$ 213

FAIR VALUE MEASUREMENTS AND F28

FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS - Schedule of Assets and Liabilites Accounted for on a Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other long-term assets	$ 42,388	$ 43,775
Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	28,397	43,365
Other long-term assets	0	0
Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Other long-term assets	8,313	7,814
Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Other long-term assets	$ 0	$ 0

FAIR VALUE MEASUREMENTS AND F29

FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS - Schedule of Carrying Amount and Estimated Fair Values of the Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Carrying Amount
Actual and estimated fair values of the financial instruments
Cash and cash equivalents	$ 100,778	$ 133,834
Receivables, net	138,397	136,361
Franchise notes receivable, net	16,547	17,722
Accounts payable	144,975	129,064
Long-term debt (including current portion)	1,340,348	1,342,378
Fair Value
Actual and estimated fair values of the financial instruments
Cash and cash equivalents	100,778	133,834
Receivables, net	138,397	136,361
Franchise notes receivable, net	16,547	17,722
Accounts payable	144,975	129,064
Long-term debt (including current portion)	$ 1,316,892	$ 1,288,683

CONTINGENCIES (Details)

CONTINGENCIES (Details)	1 Months Ended					6 Months Ended
	Jun. 30, 2013claimplaintiff	Jan. 31, 2013claim	Feb. 29, 2012claim	Oct. 31, 2011claim	Nov. 30, 2008plaintiff	Jun. 30, 2015USD ($)managerlawsuit
Commitments and contingencies
Accrual for environmental loss | $						$ 0
California Wage and Break Claims
Commitments and contingencies
Number of plaintiffs who filed individual claims against the company | plaintiff	7				98
Number of claims of settled	1
Charles Brewer, California Wage and Break Claims
Commitments and contingencies
Number of claims filed				8
Number of claims certified		1
Elizabeth Naranjo, California Wage and Break Claims
Commitments and contingencies
Number of claims filed			8
Number of current and former managers Involved In class action case | manager						900
Product Liability
Commitments and contingencies
Deductible/retention per claim out of total product liability insurance | $						$ 4,000,000
Aggregate cap on retained loss for deductible/retention per claim out of total product liability insurance | $						$ 10,000,000
Product Liability | DMAA Claims
Commitments and contingencies
Number of pending lawsuits in which company is named | lawsuit						30

STOCK-BASED COMPENSATION PLAN31

STOCK-BASED COMPENSATION PLANS AND SHARE REPURCHASE PROGRAM (Details) - USD ($) shares in Millions	3 Months Ended		6 Months Ended		8 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Mar. 31, 2015	Aug. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award
Vesting rights percentage			100.00%
Non-cash stock-based compensation expense	$ 1,800,000	$ 1,300,000	$ 3,100,000	$ 3,400,000
Total unrecognized compensation cost related to non-vested stock awards	14,700,000		$ 14,700,000
Weighted average period over which compensation cost is expected to be recognized			2 years
Authorized amount of stock to be repurchased (in usd)						$ 500,000,000
Stock repurchased during period (in usd)			$ 164,800,000		$ 258,000,000
Remaining authorized repurchase amount (in usd)	242,000,000		$ 242,000,000
Time-Based Stock Options
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period			4 years
Time-Based Stock Options | Year 1
Share-based Compensation Arrangement by Share-based Payment Award
Vesting rights (percentage per year)			25.00%
Time-Based Stock Options | Year 2
Share-based Compensation Arrangement by Share-based Payment Award
Vesting rights (percentage per year)			25.00%
Time-Based Stock Options | Year 3
Share-based Compensation Arrangement by Share-based Payment Award
Vesting rights (percentage per year)			25.00%
Time-Based Stock Options | Year 4
Share-based Compensation Arrangement by Share-based Payment Award
Vesting rights (percentage per year)			25.00%
Time-Based Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period			3 years
Time-Based Restricted Stock Awards | Year 1
Share-based Compensation Arrangement by Share-based Payment Award
Vesting rights (percentage per year)			33.30%
Time-Based Restricted Stock Awards | Year 2
Share-based Compensation Arrangement by Share-based Payment Award
Vesting rights (percentage per year)			33.30%
Time-Based Restricted Stock Awards | Year 3
Share-based Compensation Arrangement by Share-based Payment Award
Vesting rights (percentage per year)			33.30%
Performance-Based Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period			3 years
Performance-Based Restricted Stock | Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Vesting rights percentage			0.00%
Performance-Based Restricted Stock | Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Vesting rights percentage			200.00%
Time Based and Performance Based Compensation Awards
Share-based Compensation Arrangement by Share-based Payment Award
Total unrecognized compensation cost related to non-vested stock awards	$ 11,300,000		$ 11,300,000
2007 Stock Plan | Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period			4 years
Expiration period			7 years
2007 Stock Plan | Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period			5 years
Expiration period			10 years
2011 Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award
Number of remaining shares available for issue	5.4		5.4
2011 Stock Plan | Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period			4 years
Expiration period			7 years
2011 Stock Plan | Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period			5 years
Expiration period			10 years
2015 Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award
Number of shares authorized for issuance	9		9

STOCK-BASED COMPENSATION PLAN32

STOCK-BASED COMPENSATION PLANS AND SHARE REPURCHASE PROGRAM - Schedule of Share-Based Compensation Expense (Details)	6 Months Ended
	Jun. 30, 2015shares
Share-based Compensation Arrangement by Share-based Payment Award
Total	266
Time-Based Stock Options
Share-based Compensation Arrangement by Share-based Payment Award
Time-based stock options	29
Time-Based Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award
Time-based restricted stock and performance-based restricted stock awards	136
Performance-Based Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award
Time-based restricted stock and performance-based restricted stock awards	101

SEGMENTS (Details)

SEGMENTS (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)segment	Jun. 30, 2014USD ($)
Segment Reporting [Abstract]
Number of reportable segments | segment			3
Revenue:
Revenue	$ 678,520	$ 675,216	$ 1,348,767	$ 1,349,673
Operating income:
Operating income	117,638	121,051	227,243	242,306
Interest expense, net	11,644	11,675	23,159	23,206
Income before income taxes	105,994	109,376	204,084	219,100
Manufacturing/ Wholesale
Revenue:
Revenue	56,233	59,566	111,757	121,510
Operating Segment
Revenue:
Revenue	751,504	739,074	1,488,005	1,482,289
Operating Segment | Retail
Revenue:
Revenue	503,846	505,508	1,007,312	1,014,506
Operating income:
Operating income	96,947	95,123	189,309	189,869
Operating Segment | Franchise
Revenue:
Revenue	118,441	110,142	229,698	213,657
Operating income:
Operating income	40,646	40,418	80,329	79,999
Operating Segment | Manufacturing/ Wholesale
Revenue:
Revenue	129,217	123,424	250,995	254,126
Operating income:
Operating income	22,087	22,932	43,209	46,443
Intersegment Eliminations
Revenue:
Revenue	(72,984)	(63,858)	(139,238)	(132,616)
Intersegment Eliminations | Manufacturing/ Wholesale
Revenue:
Revenue	(72,984)	(63,858)	(139,238)	(132,616)
Corporate, Non-Segment
Operating income:
Warehousing and distribution costs	(18,495)	(17,047)	(36,280)	(32,981)
Corporate costs	(23,547)	(20,375)	(49,324)	(41,024)
Subtotal unallocated corporate and other costs	$ (42,042)	$ (37,422)	$ (85,604)	$ (74,005)

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Income tax expense	$ 38,637	$ 39,489	$ 73,457	$ 79,310
Effective income tax rate (as a percent)	36.50%	36.10%	36.00%	36.20%
Unrecognized tax benefits	$ 11,000		$ 11,000		$ 11,700
Unrecognized tax benefits that would affect the effective tax rate	11,000		11,000
Interest and penalties accrued related to unrecognized tax benefits	$ 4,000		$ 4,000		$ 4,200

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details)	Jul. 23, 2015$ / shares
Subsequent Event
Subsequent Event
Dividends declared per share (in dollars per share)	$ 0.18