Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 05, 2013 | |
Document and Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Entity Registrant Name | 'INTER PARFUMS INC | ' |
Entity Central Index Key | '0000822663 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 30,803,039 |
CONSOLIDATED_BALANCE_SHEET
CONSOLIDATED BALANCE SHEET (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $137,153 | $307,335 |
Short-term investments | 150,486 | ' |
Accounts receivable, net | 116,465 | 149,340 |
Inventories | 110,484 | 142,614 |
Receivables, other | 2,115 | 2,534 |
Other current assets | 4,495 | 5,897 |
Income tax receivable | 243 | 1,968 |
Deferred tax assets | 8,395 | 13,132 |
Total current assets | 529,836 | 622,820 |
Equipment and leasehold improvements, net | 10,094 | 12,289 |
Goodwill | 973 | 954 |
Trademarks, licenses and other intangible assets, net | 112,477 | 113,041 |
Other assets | 11,475 | 10,816 |
Total assets | 664,855 | 759,920 |
Current liabilities: | ' | ' |
Loans payable - banks | 265 | 27,776 |
Accounts payable - trade | 48,844 | 73,113 |
Accrued expenses | 51,455 | 68,768 |
Income taxes payable | 7,598 | 84,030 |
Dividends payable | 3,695 | 2,453 |
Total current liabilities | 111,857 | 256,140 |
Deferred tax liability | 3,505 | 3,799 |
Inter Parfums, Inc. shareholders' equity: | ' | ' |
Preferred stock, $.001 par; authorized 1,000,000 shares; none issued | ' | ' |
Common stock, $.001 par; authorized 100,000,000 shares; outstanding 30,797,014 and 30,680,634 shares at September 30, 2013 and December 31, 2012, respectively | 31 | 31 |
Additional paid-in capital | 56,365 | 54,679 |
Retained earnings | 382,087 | 349,672 |
Accumulated other comprehensive income | 19,347 | 12,498 |
Treasury stock, at cost, 9,976,524 common shares at September 30, 2013 and December 31, 2012 | -35,404 | -35,404 |
Total Inter Parfums, Inc. shareholders' equity | 422,426 | 381,476 |
Noncontrolling interest | 127,067 | 118,505 |
Total equity | 549,493 | 499,981 |
Total liabilities and equity | $664,855 | $759,920 |
CONSOLIDATED_BALANCE_SHEET_Par
CONSOLIDATED BALANCE SHEET (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
CONSOLIDATED BALANCE SHEET [Abstract] | ' | ' |
Preferred stock, par | $0.00 | $0.00 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par | $0.00 | $0.00 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares outstanding | 30,797,014 | 30,680,634 |
Treasury shares, shares | 9,976,524 | 9,976,524 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
CONSOLIDATED STATEMENTS OF INCOME [Abstract] | ' | ' | ' | ' |
Net sales | $126,753 | $166,264 | $458,048 | $477,187 |
Cost of sales | 56,746 | 65,146 | 189,791 | 181,535 |
Gross margin | 70,007 | 101,118 | 268,257 | 295,652 |
Selling, general and administrative expenses | 55,360 | 79,039 | 178,735 | 229,190 |
Income from operations | 14,647 | 22,079 | 89,522 | 66,462 |
Other expenses (income): | ' | ' | ' | ' |
Interest expense | 354 | 391 | 1,228 | 1,195 |
Loss on foreign currency | 176 | 1,405 | 1,158 | 2,584 |
Interest income | -1,218 | -52 | -3,472 | -887 |
Nonoperating expense (income) | -688 | 1,744 | -1,086 | 2,892 |
Income before income taxes | 15,335 | 20,335 | 90,608 | 63,570 |
Income taxes | 5,432 | 7,158 | 33,242 | 22,658 |
Net income | 9,903 | 13,177 | 57,366 | 40,912 |
Less: Net income attributable to the noncontrolling interest | 2,049 | 3,159 | 14,001 | 9,389 |
Net income attributable to Inter Parfums, Inc. | $7,854 | $10,018 | $43,365 | $31,523 |
Net income attributable to Inter Parfums, Inc. common shareholders: | ' | ' | ' | ' |
Basic | $0.26 | $0.33 | $1.41 | $1.03 |
Diluted | $0.25 | $0.33 | $1.40 | $1.03 |
Weighted average number of shares outstanding: | ' | ' | ' | ' |
Basic | 30,796 | 30,570 | 30,743 | 30,561 |
Diluted | 30,986 | 30,717 | 30,928 | 30,697 |
Dividends declared per share | $0.12 | $0.08 | $0.36 | $0.24 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Comprehensive income: | ' | ' | ' | ' |
Net income | $9,903 | $13,177 | $57,366 | $40,912 |
Other comprehensive income: | ' | ' | ' | ' |
Net derivative instrument loss, net of tax | ' | -91 | ' | -45 |
Reclassification from OCI into earnings, net | ' | ' | -327 | ' |
Translation adjustments, net of tax | 15,012 | 8,279 | 10,033 | 152 |
Comprehensive income | 24,915 | 21,365 | 67,072 | 41,019 |
Comprehensive income attributable to the noncontrolling interests: | ' | ' | ' | ' |
Net income | 2,049 | 3,159 | 14,001 | 9,389 |
Other comprehensive income: | ' | ' | ' | ' |
Net derivative instrument loss, net of tax | ' | -26 | ' | -10 |
Reclassification from OCI into earnings, net | ' | ' | -87 | ' |
Translation adjustments, net of tax | 4,042 | 2,142 | 2,944 | 10 |
Comprehensive income attributable to the noncontrolling interests | 6,091 | 5,275 | 16,858 | 9,389 |
Comprehensive income attributable to Inter Parfums, Inc. | $18,824 | $16,090 | $50,214 | $31,630 |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (USD $) | Total | Common stock [Member] | Additional paid-in Capital [Member] | Retained earnings [Member] | Accumulated other comprehensive income [Member] | Treasury stock [Member] | Noncontrolling interest [Member] |
In Thousands | |||||||
Beginning Balance at Dec. 31, 2011 | ' | $31 | $50,883 | $228,164 | $7,747 | ($34,151) | $71,676 |
Net income | 40,912 | ' | ' | 31,523 | ' | ' | 9,389 |
Shares issued upon exercise of stock options | ' | ' | 416 | ' | ' | ' | ' |
Foreign currency translation adjustment | 152 | ' | ' | ' | 142 | ' | 10 |
Net derivative instrument loss, net of tax | -45 | ' | ' | ' | -35 | ' | -10 |
Sale of subsidiary shares to noncontrolling interests | 737 | ' | 737 | ' | ' | ' | 2,547 |
Dividends | ' | ' | ' | -7,336 | ' | ' | -3,333 |
Stock-based compensation | ' | ' | 372 | 120 | ' | ' | 44 |
Ending Balance at Sep. 30, 2012 | 358,936 | 31 | 52,408 | 252,471 | 7,854 | -34,151 | 80,323 |
Beginning Balance at Dec. 31, 2012 | 499,981 | 31 | 54,679 | 349,672 | 12,498 | -35,404 | 118,505 |
Net income | 57,366 | ' | ' | 43,365 | ' | ' | 14,001 |
Shares issued upon exercise of stock options | ' | ' | 1,319 | ' | ' | ' | ' |
Foreign currency translation adjustment | 10,033 | ' | ' | ' | 7,089 | ' | 2,944 |
Net derivative instrument loss, net of tax | ' | ' | ' | ' | -240 | ' | -87 |
Sale of subsidiary shares to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' |
Dividends | ' | ' | ' | -11,074 | ' | ' | -8,341 |
Stock-based compensation | ' | ' | 367 | 124 | ' | ' | 45 |
Ending Balance at Sep. 30, 2013 | $549,493 | $31 | $56,365 | $382,087 | $19,347 | ($35,404) | $127,067 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flows from operating activities: | ' | ' |
Net income | $57,366 | $40,912 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ' | ' |
Depreciation and amortization | 8,451 | 11,408 |
Provision for doubtful accounts | 409 | 8 |
Noncash stock compensation | 631 | 627 |
Deferred tax (benefit) | 4,542 | -2,798 |
Change in fair value of derivatives | ' | -68 |
Changes in: | ' | ' |
Accounts receivable | 34,589 | 7,819 |
Inventories | 33,945 | 2,904 |
Other assets | 1,222 | -1,161 |
Accounts payable and accrued expenses | -44,649 | -44,347 |
Income taxes, net | -74,974 | 7,136 |
Net cash provided by operating activities | 21,532 | 22,440 |
Cash flows from investing activities: | ' | ' |
Purchases of short-term investments | -253,969 | ' |
Proceeds from sale of short-term investments | 106,904 | ' |
Purchases of equipment and leasehold improvements | -3,726 | -7,633 |
Payment for licenses, trademarks, and other intangible assets acquired | -2,145 | -2,690 |
Proceeds from sale of equipment | 2,801 | ' |
Net cash used in investing activities | -150,135 | -10,323 |
Cash flows from financing activities: | ' | ' |
Repayments of loans payable - banks, net | -27,526 | -10,328 |
Repayment of long-term debt | ' | -4,364 |
Proceeds from exercise of options | 1,319 | 416 |
Proceeds from sale of stock of subsidiary | ' | 3,284 |
Dividends paid | -9,831 | -7,336 |
Dividends paid to noncontrolling interest | -8,341 | -3,333 |
Net cash used in financing activities | -44,379 | -21,661 |
Effect of exchange rate changes on cash | 2,800 | -461 |
Net decrease in cash and cash equivalents | -170,182 | -10,005 |
Cash and cash equivalents - beginning of period | 307,335 | 35,856 |
Cash and cash equivalents - end of period | 137,153 | 25,851 |
Supplemental disclosure of cash flow information: | ' | ' |
Interest | 1,322 | 1,315 |
Income taxes | $103,737 | $12,136 |
Significant_Accounting_Policie
Significant Accounting Policies | 9 Months Ended | ||
Sep. 30, 2013 | |||
Significant Accounting Policies [Abstract] | ' | ||
Significant Accounting Policies | ' | ||
1 | Significant Accounting Policies: | ||
The accounting policies we follow are set forth in the notes to our financial statements included in our Form 10-K, which was filed with the Securities and Exchange Commission for the year ended December 31, 2012. We also discuss such policies in Part I, Item 2, Management's Discussion and Analysis of Financial Condition and Results of Operations, included in this Form 10-Q. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 9 Months Ended | |
Sep. 30, 2013 | ||
Recent Accounting Pronouncements [Abstract] | ' | |
Recent Accounting Pronouncements | ' | |
2 | Recent Accounting Pronouncements: | |
In July 2013, new accounting guidance was issued regarding financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit exists. This guidance is effective for interim and annual periods beginning after December 15, 2014. The adoption of this new guidance is not expected to have a material effect on the Company's financial position, results of operations or cash flows. | ||
There are no other recent accounting pronouncements issued but not yet adopted that would have a material effect on our consolidated financial statements. |
Termination_of_Burberry_Licens
Termination of Burberry License | 9 Months Ended | ||
Sep. 30, 2013 | |||
Termination of Burberry License [Abstract] | ' | ||
Termination of Burberry License | ' | ||
3 | Termination of Burberry License: | ||
Burberry exercised its option to buy-out the license rights effective December 31, 2012. On October 11, 2012, the Company and Burberry entered into a transition agreement that provided for certain license rights and obligations to continue through March 31, 2013. The Company continued to operate certain aspects of the business for the brand including product development, testing, and distribution. The transition agreement provided for non-exclusivity for manufacturing, a cap on sales of Burberry products, a reduced advertising requirement and no minimum royalty amounts. | |||
The transition agreement provided that Burberry inventories at March 31, 2013 should be less than $20.0 million in the aggregate. Actual Burberry inventory as of March 31, 2013 aggregated approximately $18 million. During the second quarter of 2013, the Company and Burberry reached an agreement regarding inventory and Burberry agreed to purchase $7.8 million of inventory at cost. Remaining inventories were sold off in the ordinary course of business pursuant to our sell-off rights, destroyed or given to Burberry at no charge. | |||
As of September 30, 2013, the $10 million inventory reserve, recorded in December upon recognition of the license termination gain of $198.8 million, was fully consumed by the costs incurred for inventories given to Burberry at no charge, sold below cost and destroyed, together with commercial rebates and free merchandise given to customers over the sell-off period. | |||
Accounts receivables and accounts payables were collected and paid in the ordinary course of business. In addition, Burberry purchased fixed assets for $2.8 million as agreed in the transition agreement. |
Inventories
Inventories | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Inventories [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
4 | Inventories: | ||||||||
Inventories consist of the following: | |||||||||
(In thousands) | September 30, | December 31, | |||||||
2013 | 2012 | ||||||||
Raw materials and component parts | $ | 35,795 | $ | 47,732 | |||||
Finished goods | 74,689 | 94,882 | |||||||
$ | 110,484 | $ | 142,614 |
Fair_Value_Measurement
Fair Value Measurement | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Fair Value Measurement [Abstract] | ' | ||||||||||||||||
Fair Value Measurement | ' | ||||||||||||||||
5 | Fair Value Measurement: | ||||||||||||||||
The following tables present our financial assets that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy. The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value. | |||||||||||||||||
(In thousands) | Fair Value Measurements at September 30, 2013 | ||||||||||||||||
Quoted Prices in | Significant Other | Significant | |||||||||||||||
Active Markets for | Observable | Unobservable | |||||||||||||||
Identical Assets | Inputs | Inputs | |||||||||||||||
Total | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||
Assets: | |||||||||||||||||
Short-term investments | $ | 150,486 | $ | - | $ | 150,486 | $ | - | |||||||||
Foreign currency forward exchange contracts not accounted for using hedge accounting | 11 | - | 11 | - | |||||||||||||
$ | 150,497 | $ | - | $ | 150,497 | $ | - | ||||||||||
(In thousands) | Fair Value Measurements at December 31, 2012 | ||||||||||||||||
Quoted Prices in | Significant Other | Significant | |||||||||||||||
Active Markets for | Observable | Unobservable | |||||||||||||||
Identical Assets | Inputs | Inputs | |||||||||||||||
Total | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||
Assets: | |||||||||||||||||
Foreign currency forward exchange contracts not accounted for using hedge accounting | $ | 784 | $ | - | $ | 784 | $ | - | |||||||||
The carrying amount of cash and cash equivalents including money market funds, short-term investments, accounts receivable, other receivables, accounts payable and accrued expenses approximates fair value due to the short terms to maturity of these instruments. The carrying amount of loans payable approximates fair value as the interest rates on the Company's indebtedness approximate current market rates. | |||||||||||||||||
Foreign currency forward exchange contracts are valued based on quotations from financial institutions. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 9 Months Ended | ||||||||||
Sep. 30, 2013 | |||||||||||
Derivative Financial Instruments [Abstract] | ' | ||||||||||
Derivative Financial Instruments | ' | ||||||||||
6 | Derivative Financial Instruments: | ||||||||||
The Company enters into foreign currency forward exchange contracts to hedge exposure related to receivables denominated in a foreign currency and occasionally to manage risks related to future sales expected to be denominated in a foreign currency. The Company had no cash flow hedges during the three and nine month periods ended September 30, 2013 and 2012. | |||||||||||
The following table presents gains and losses in derivatives not designated as hedges and the location of those gains and losses in the financial statements (in thousands): | |||||||||||
Derivatives Not Designated | Location of Gain (Loss) | Nine months ended | Nine months ended | ||||||||
as Hedging Instruments | recognized in Income on | 30-Sep-13 | 30-Sep-12 | ||||||||
Derivative | |||||||||||
Interest rate swaps | Interest expense | $ | - | $ | 68 | ||||||
Foreign exchange contracts | Gain (loss) on foreign currency | $ | (12 | ) | $ | (590 | ) | ||||
Derivatives Not Designated | Location of Gain (Loss) | Three months ended | Three months ended | ||||||||
as Hedging Instruments | recognized in Income on | 30-Sep-13 | 30-Sep-12 | ||||||||
Derivative | |||||||||||
Interest rate swaps | Interest expense | $ | - | $ | 12 | ||||||
Foreign exchange contracts | Gain (loss) on foreign currency | $ | (27 | ) | $ | (733 | ) | ||||
All derivative instruments are reported as either assets or liabilities on the balance sheet measured at fair value. The valuation of foreign currency forward exchange contracts not accounted for using hedge accounting as of September 30, 2013 and December 31, 2012, resulted in an asset and is included in other current assets on the accompanying balance sheets. Generally, increases or decreases in the fair value of derivative instruments will be recognized as gains or losses in earnings in the period of change. If the derivative instrument is designated and qualifies as a cash flow hedge, the changes in fair value of the derivative instrument will be recorded as a separate component of shareholders' equity. | |||||||||||
At September 30, 2013, we had foreign currency contracts in the form of forward exchange contracts in the amount of approximately U.S. $11 million and GB pounds £6.5 million which all have maturities of less than one year. |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Goodwill and Other Intangible Assets [Abstract] | ' | ||||||||||||||||
Goodwill and Other Intangible Assets | ' | ||||||||||||||||
7 | Goodwill and Other Intangible Assets: | ||||||||||||||||
The following table presents our assets and liabilities that are measured at fair value on a nonrecurring basis and are categorized using the fair value hierarchy. | |||||||||||||||||
Fair Value Measurements at September 30, 2013 | |||||||||||||||||
Quoted Prices in | Significant Other | Significant | |||||||||||||||
Active Markets for | Observable | Unobservable | |||||||||||||||
Identical Assets | Inputs | Inputs | |||||||||||||||
Total | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||
Description | |||||||||||||||||
Trademark - Nickel | $ | 2,362 | $ | - | $ | - | $ | 2,362 | |||||||||
Goodwill | $ | 973 | $ | - | $ | - | $ | 973 | |||||||||
Fair Value Measurements at December 31, 2012 | |||||||||||||||||
Quoted Prices in | Significant Other | Significant | |||||||||||||||
Active Markets for | Observable | Unobservable | |||||||||||||||
Identical Assets | Inputs | Inputs | |||||||||||||||
Total | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||
Description | |||||||||||||||||
Trademark - Nickel | $ | 2,308 | $ | - | $ | - | $ | 2,308 | |||||||||
Goodwill | $ | 954 | $ | - | $ | - | $ | 954 | |||||||||
The goodwill and trademarks referred to above relate to the Company's Nickel skin care business which is primarily a component of our European operations. The Company has determined that it may be inclined to sell the Nickel business within the next few years. As a result, the Company has determined that as of December 31, 2012, the carrying amount of the goodwill exceeded fair value resulting in an impairment loss of $1.8 million. Accumulated impairment losses relating to goodwill aggregated $6.1 million as of December 31, 2012. | |||||||||||||||||
To determine fair value of indefinite-lived intangible assets, the Company uses an income approach, including the relief-from-royalty method. This method assumes that, in lieu of ownership, a third party would be willing to pay a royalty in order to obtain the rights to use the comparable asset. The relief-from-royalty calculations require us to make a number of assumptions and estimates concerning future sales levels, market royalty rates, future tax rates and discount rates. The Company uses this method to determine if an impairment charge is required relating to the Nickel trademarks. Although impairment charges have been taken in the past, no impairment charge relating to the Nickel trademarks was required in 2012, 2011 or 2010. The Company assumed a market royalty rate of 6% and a discount rate of 7.6%. |
Accrued_Expenses
Accrued Expenses | 9 Months Ended | ||
Sep. 30, 2013 | |||
Accrued Expenses [Abstract] | ' | ||
Accrued Expenses | ' | ||
8 | Accrued Expenses: | ||
Accrued expenses include approximately $16.6 million and $24.4 million in advertising liabilities as of September 30, 2013 and December 31, 2012, respectively. |
ShareBased_Payments
Share-Based Payments | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Share-Based Payments [Abstract] | ' | ||||||||
Share-Based Payments | ' | ||||||||
9 | Share-Based Payments: | ||||||||
The Company maintains a stock option program for key employees, executives and directors. The plans, all of which have been approved by shareholder vote, provide for the granting of both nonqualified and incentive options. Options granted under the plans typically have a six year term and vest over a four to five year period. The fair value of shares vested during the nine months ended September 30, 2013 and 2012 aggregated $0.04 million and $0.52 million, respectively. Compensation cost is recognized on a straight-line basis over the requisite service period for the entire award. It is generally our policy to issue new shares upon exercise of stock options. | |||||||||
The following table sets forth information with respect to nonvested options for the nine month period ended September 30, 2013: | |||||||||
Number of Shares | Weighted Average | ||||||||
Grant Date Fair Value | |||||||||
Nonvested options - beginning of period | 346,075 | $ | 5.02 | ||||||
Nonvested options granted | 9,000 | $ | 6.17 | ||||||
Nonvested options vested or forfeited | (12,855 | ) | $ | 4.29 | |||||
Nonvested options - end of period | 342,220 | $ | 5.07 | ||||||
Share-based payment expense decreased income before income taxes by $0.21 million and $0.63 million for the three and nine month periods ended September 30, 2013, respectively, as compared to $0.20 million and $0.63 million for the corresponding periods of the prior year. Share-based payment expense decreased income attributable to Inter Parfums, Inc. by $0.12 million and $0.34 million for the three and nine month periods ended September 30, 2013 respectively, as compared to $0.11 million and $0.35 million for the corresponding periods of the prior year. | |||||||||
The following table summarizes stock option information as of September 30, 2013: | |||||||||
Shares | Weighted Average | ||||||||
Exercise Price | |||||||||
Outstanding at January 1, 2013 | 716,235 | $ | 14.41 | ||||||
Options granted | 9,000 | 21.95 | |||||||
Options cancelled | (2,500 | ) | 16.99 | ||||||
Options exercised | (116,380 | ) | 11.33 | ||||||
Outstanding at September 30, 2013 | 606,355 | $ | 15.1 | ||||||
Options exercisable | 264,135 | $ | 12.64 | ||||||
Options available for future grants | 586,175 | ||||||||
As of September 30, 2013, the weighted average remaining contractual life of options outstanding is 2.94 years (1.49 years for options exercisable), the aggregate intrinsic value of options outstanding and options exercisable is $9.0 million and $4.6 million, respectively and unrecognized compensation cost related to stock options outstanding of Inter Parfums, Inc. aggregated $1.3 million. The amount of unrecognized compensation cost related to stock options outstanding of our majority-owned subsidiary, Interparfums SA, was $0.19 million. Options under Interparfums SA plans vest over a four-year period. | |||||||||
Cash proceeds, tax benefits and intrinsic value related to stock options exercised during the nine months ended September 30, 2013 and September 30, 2012 were as follows: | |||||||||
(In thousands) | September 30, | September 30, | |||||||
2013 | 2012 | ||||||||
Cash proceeds from stock options exercised | $ | 1,319 | $ | 416 | |||||
Tax benefits | 317 | 55 | |||||||
Intrinsic value of stock options exercised | 1,963 | 154 | |||||||
The weighted average fair values of the options granted by Inter Parfums, Inc. during the nine months ended September 30, 2013 and 2012 were $6.17 and $4.99 per share, respectively, on the date of grant using the Black-Scholes option pricing model to calculate the fair value of options granted. The assumptions used in the Black-Scholes pricing model for the periods ended September 30, 2013 and 2012 are set forth in the following table: | |||||||||
September 30, | September 30, | ||||||||
2013 | 2012 | ||||||||
Weighted-average expected stock-price volatility | 38 | % | 40 | % | |||||
Weighted-average expected option life | 5 years | 4.5 years | |||||||
Weighted-average risk-free interest rate | 0.89 | % | 0.84 | % | |||||
Weighted-average dividend yield | 2 | % | 1.7 | % | |||||
Expected volatility is estimated based on historic volatility of the Company's common stock. The expected term of the option is estimated based on historic data. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of the grant of the option and the dividend yield reflects the assumption that the dividend payout as authorized by the Board of Directors would increase as the earnings of the Company and its stock price increases. |
Net_Income_Attributable_to_Int
Net Income Attributable to Inter Parfums, Inc. Common Shareholders | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Net Income Attributable to Inter Parfums, Inc. Common Shareholders [Abstract] | ' | ||||||||||||||||
Net Income Attributable to Inter Parfums, Inc. Common Shareholders | ' | ||||||||||||||||
10 | Net Income Attributable to Inter Parfums, Inc. Common Shareholders: | ||||||||||||||||
Net income attributable to Inter Parfums, Inc. per common share ("basic EPS") is computed by dividing net earnings attributable to Inter Parfums, Inc. by the weighted-average number of shares outstanding. Net earnings attributable to Inter Parfums, Inc. per share assuming dilution ("diluted EPS"), is computed using the weighted average number of shares outstanding, plus the incremental shares outstanding assuming the exercise of dilutive stock options using the treasury stock method. | |||||||||||||||||
The reconciliation between the numerators and denominators of the basic and diluted EPS computations is as follows: | |||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
(In thousands) | September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Numerator: | |||||||||||||||||
Net income attributable to Inter Parfums, Inc. | $ | 7,854 | $ | 10,018 | $ | 43,365 | $ | 31,523 | |||||||||
Effect of dilutive securities of consolidated subsidiary | - | (31 | ) | (176 | ) | (31 | ) | ||||||||||
Numerator for diluted earnings per share | $ | 7,854 | $ | 9,987 | $ | 43,189 | $ | 31,492 | |||||||||
Denominator: | |||||||||||||||||
Weighted average shares | 30,796 | 30,570 | 30,743 | 30,561 | |||||||||||||
Effect of dilutive securities: | |||||||||||||||||
Stock options | 190 | 147 | 185 | 136 | |||||||||||||
Denominator for diluted earnings per share | 30,986 | 30,717 | 30,928 | 30,697 | |||||||||||||
Earnings per share: | |||||||||||||||||
Net income attributable to Inter Parfums, Inc. common shareholders: | |||||||||||||||||
Basic | $ | 0.26 | $ | 0.33 | $ | 1.41 | $ | 1.03 | |||||||||
Diluted | 0.25 | 0.33 | 1.4 | 1.03 | |||||||||||||
Not included in the above computations is the effect of antidilutive potential common shares which consist of outstanding options to purchase 0.04 million shares of common stock for the nine month periods ended September 30, 2013, and 0.23 million shares of common stock for both the three and nine month periods ended September 30, 2012. |
Net_Income_Attributable_to_Int1
Net Income Attributable to Inter Parfums, Inc. and Transfers From the Noncontrolling Interest | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Net Income Attributable to Inter Parfums, Inc. and Transfers From the Noncontrolling Interest [Abstract] | ' | ||||||||||||||||
Net Income Attributable to Inter Parfums, Inc. and Transfers From the Noncontrolling Interest | ' | ||||||||||||||||
11 | Net Income Attributable to Inter Parfums, Inc. and Transfers From the Noncontrolling Interest: | ||||||||||||||||
(In thousands) | Three months ended | Nine months ended | |||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net income attributable to Inter Parfums, Inc. | $ | 7,854 | $ | 10,018 | $ | 43,365 | $ | 31,523 | |||||||||
Increase in Inter Parfums, Inc.'s additional paid-in capital for subsidiary share transactions | - | - | - | 737 | |||||||||||||
Change from net income attributable to Inter Parfums, Inc. and transfers from noncontrolling interest | $ | 7,854 | $ | 10,018 | $ | 43,365 | $ | 32,260 |
Segment_and_Geographic_Areas
Segment and Geographic Areas | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Segment and Geographic Areas [Abstract] | ' | ||||||||||||||||
Segment and Geographic Aeas | ' | ||||||||||||||||
12 | Segment and Geographic Areas: | ||||||||||||||||
The Company manufactures and distributes one product line, fragrances and fragrance related products. The Company manages its business in two segments, European based operations and United States based operations. The European assets are located, and operations are primarily conducted, in France. European operations primarily represent the sale of prestige brand name fragrances and United States operations primarily represent the sale of prestige brand and specialty retail fragrance and fragrance related products. Information on our operations by geographical areas is as follows: | |||||||||||||||||
(In thousands) | Three months ended | Nine months ended | |||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net sales: | |||||||||||||||||
United States | $ | 28,686 | $ | 17,817 | $ | 72,040 | $ | 59,066 | |||||||||
Europe | 98,136 | 148,610 | 386,116 | 419,423 | |||||||||||||
Eliminations | (69 | ) | (163 | ) | (108 | ) | (1,302 | ) | |||||||||
$ | 126,753 | $ | 166,264 | $ | 458,048 | $ | 477,187 | ||||||||||
Net income attributable to Inter Parfums, Inc.: | |||||||||||||||||
United States | $ | 2,156 | $ | 733 | $ | 4,359 | $ | 3,218 | |||||||||
Europe | 5,698 | 9,278 | 38,993 | 28,300 | |||||||||||||
Eliminations of intercompany profits | - | 7 | 13 | 5 | |||||||||||||
$ | 7,854 | $ | 10,018 | $ | 43,365 | $ | 31,523 | ||||||||||
September 30, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Total Assets: | |||||||||||||||||
United States | $ | 81,913 | $ | 64,278 | |||||||||||||
Europe | 592,024 | 704,464 | |||||||||||||||
Eliminations of investment in subsidiary | (9,082 | ) | (8,822 | ) | |||||||||||||
$ | 664,855 | $ | 759,920 |
New_License_Agreements
New License Agreements | 9 Months Ended | |
Sep. 30, 2013 | ||
New License Agreements [Abstract] | ' | |
New License Agreements | ' | |
13 | New License Agreements: | |
In July 2013, the Company created a wholly-owned Hong Kong subsidiary, Inter Parfums USA Hong Kong Limited, which entered into a 12-year exclusive worldwide license to create, produce and distribute perfumes and related products under China's leading luxury brand, Shanghai Tang. The agreement commenced on July 1, 2013 and is subject to certain minimum sales, advertising expenditures and royalty payments as are customary in our industry. The Company plans to launch its first fragrance under the Shanghai Tang brand in Spring 2014. | ||
In July 2013, the Company entered into a 10.5-year exclusive worldwide license to create, produce and distribute perfumes and related products under London-based luxury lingerie brand, Agent Provocateur. The agreement commenced on August 1, 2013 and is subject to certain minimum advertising expenditures as is customary in our industry. The Company plans to launch its first fragrance under the Agent Provocateur brand in 2014. In addition, Inter Parfums has taken over distribution of selected fragrances within the brand's current perfume portfolio, and plans to revitalize the Agent Provocateur signature scent. | ||
In October 2013, the Company entered into a 12-year exclusive worldwide license to create, produce and distribute perfumes and related products under the Oscar de la Renta brand. The agreement is expected to close on December 2, 2013 and is subject to certain minimum advertising expenditures as is customary in our industry. The Company has agreed to purchase certain inventories and has paid an up-front entry fee of $5.0 million. The Company will take over distribution of fragrances within the brand's current perfume portfolio, and plans to launch its first fragrance under the Oscar de la Renta brand in 2014. |
Inventories_Tables
Inventories (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Inventories [Abstract] | ' | ||||||||
Schedule of Inventories | ' | ||||||||
(In thousands) | September 30, | December 31, | |||||||
2013 | 2012 | ||||||||
Raw materials and component parts | $ | 35,795 | $ | 47,732 | |||||
Finished goods | 74,689 | 94,882 | |||||||
$ | 110,484 | $ | 142,614 |
Fair_Value_Measurement_Tables
Fair Value Measurement (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Fair Value Measurement [Abstract] | ' | ||||||||||||||||
Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | ' | ||||||||||||||||
(In thousands) | Fair Value Measurements at September 30, 2013 | ||||||||||||||||
Quoted Prices in | Significant Other | Significant | |||||||||||||||
Active Markets for | Observable | Unobservable | |||||||||||||||
Identical Assets | Inputs | Inputs | |||||||||||||||
Total | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||
Assets: | |||||||||||||||||
Short-term investments | $ | 150,486 | $ | - | $ | 150,486 | $ | - | |||||||||
Foreign currency forward exchange contracts not accounted for using hedge accounting | 11 | - | 11 | - | |||||||||||||
$ | 150,497 | $ | - | $ | 150,497 | $ | - | ||||||||||
(In thousands) | Fair Value Measurements at December 31, 2012 | ||||||||||||||||
Quoted Prices in | Significant Other | Significant | |||||||||||||||
Active Markets for | Observable | Unobservable | |||||||||||||||
Identical Assets | Inputs | Inputs | |||||||||||||||
Total | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||
Assets: | |||||||||||||||||
Foreign currency forward exchange contracts not accounted for using hedge accounting | $ | 784 | $ | - | $ | 784 | $ | - |
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 9 Months Ended | ||||||||||
Sep. 30, 2013 | |||||||||||
Derivative Financial Instruments [Abstract] | ' | ||||||||||
Schedule of Derivative Financial Instruments | ' | ||||||||||
Derivatives Not Designated | Location of Gain (Loss) | Nine months ended | Nine months ended | ||||||||
as Hedging Instruments | recognized in Income on | 30-Sep-13 | 30-Sep-12 | ||||||||
Derivative | |||||||||||
Interest rate swaps | Interest expense | $ | - | $ | 68 | ||||||
Foreign exchange contracts | Gain (loss) on foreign currency | $ | (12 | ) | $ | (590 | ) | ||||
Derivatives Not Designated | Location of Gain (Loss) | Three months ended | Three months ended | ||||||||
as Hedging Instruments | recognized in Income on | 30-Sep-13 | 30-Sep-12 | ||||||||
Derivative | |||||||||||
Interest rate swaps | Interest expense | $ | - | $ | 12 | ||||||
Foreign exchange contracts | Gain (loss) on foreign currency | $ | (27 | ) | $ | (733 | ) |
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Goodwill and Other Intangible Assets [Abstract] | ' | ||||||||||||||||
Schedule of Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | ' | ||||||||||||||||
Fair Value Measurements at September 30, 2013 | |||||||||||||||||
Quoted Prices in | Significant Other | Significant | |||||||||||||||
Active Markets for | Observable | Unobservable | |||||||||||||||
Identical Assets | Inputs | Inputs | |||||||||||||||
Total | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||
Description | |||||||||||||||||
Trademark - Nickel | $ | 2,362 | $ | - | $ | - | $ | 2,362 | |||||||||
Goodwill | $ | 973 | $ | - | $ | - | $ | 973 | |||||||||
Fair Value Measurements at December 31, 2012 | |||||||||||||||||
Quoted Prices in | Significant Other | Significant | |||||||||||||||
Active Markets for | Observable | Unobservable | |||||||||||||||
Identical Assets | Inputs | Inputs | |||||||||||||||
Total | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||
Description | |||||||||||||||||
Trademark - Nickel | $ | 2,308 | $ | - | $ | - | $ | 2,308 | |||||||||
Goodwill | $ | 954 | $ | - | $ | - | $ | 954 |
ShareBased_Payments_Tables
Share-Based Payments (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Share-Based Payments [Abstract] | ' | ||||||||
Schedule of Nonvested Option Activity | ' | ||||||||
Number of Shares | Weighted Average | ||||||||
Grant Date Fair Value | |||||||||
Nonvested options - beginning of period | 346,075 | $ | 5.02 | ||||||
Nonvested options granted | 9,000 | $ | 6.17 | ||||||
Nonvested options vested or forfeited | (12,855 | ) | $ | 4.29 | |||||
Nonvested options - end of period | 342,220 | $ | 5.07 | ||||||
Schedule of Stock Option Activity | ' | ||||||||
Shares | Weighted Average | ||||||||
Exercise Price | |||||||||
Outstanding at January 1, 2013 | 716,235 | $ | 14.41 | ||||||
Options granted | 9,000 | 21.95 | |||||||
Options cancelled | (2,500 | ) | 16.99 | ||||||
Options exercised | (116,380 | ) | 11.33 | ||||||
Outstanding at September 30, 2013 | 606,355 | $ | 15.1 | ||||||
Options exercisable | 264,135 | $ | 12.64 | ||||||
Options available for future grants | 586,175 | ||||||||
Summary of Options Exercised | ' | ||||||||
(In thousands) | September 30, | September 30, | |||||||
2013 | 2012 | ||||||||
Cash proceeds from stock options exercised | $ | 1,319 | $ | 416 | |||||
Tax benefits | 317 | 55 | |||||||
Intrinsic value of stock options exercised | 1,963 | 154 | |||||||
Schedule of Assumptions Used to Estimate Fair Value of Stock Options | ' | ||||||||
September 30, | September 30, | ||||||||
2013 | 2012 | ||||||||
Weighted-average expected stock-price volatility | 38 | % | 40 | % | |||||
Weighted-average expected option life | 5 years | 4.5 years | |||||||
Weighted-average risk-free interest rate | 0.89 | % | 0.84 | % | |||||
Weighted-average dividend yield | 2 | % | 1.7 | % |
Net_Income_Attributable_to_Int2
Net Income Attributable to Inter Parfums, Inc. Common Shareholders (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Net Income Attributable to Inter Parfums, Inc. Common Shareholders [Abstract] | ' | ||||||||||||||||
Computation of Basic and Diluted Earnings Per Share | ' | ||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
(In thousands) | September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Numerator: | |||||||||||||||||
Net income attributable to Inter Parfums, Inc. | $ | 7,854 | $ | 10,018 | $ | 43,365 | $ | 31,523 | |||||||||
Effect of dilutive securities of consolidated subsidiary | - | (31 | ) | (176 | ) | (31 | ) | ||||||||||
Numerator for diluted earnings per share | $ | 7,854 | $ | 9,987 | $ | 43,189 | $ | 31,492 | |||||||||
Denominator: | |||||||||||||||||
Weighted average shares | 30,796 | 30,570 | 30,743 | 30,561 | |||||||||||||
Effect of dilutive securities: | |||||||||||||||||
Stock options | 190 | 147 | 185 | 136 | |||||||||||||
Denominator for diluted earnings per share | 30,986 | 30,717 | 30,928 | 30,697 | |||||||||||||
Earnings per share: | |||||||||||||||||
Net income attributable to Inter Parfums, Inc. common shareholders: | |||||||||||||||||
Basic | $ | 0.26 | $ | 0.33 | $ | 1.41 | $ | 1.03 | |||||||||
Diluted | 0.25 | 0.33 | 1.4 | 1.03 |
Net_Income_Attributable_to_Int3
Net Income Attributable to Inter Parfums, Inc. and Transfers From the Noncontrolling Interest (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Net Income Attributable to Inter Parfums, Inc. and Transfers From the Noncontrolling Interest [Abstract] | ' | ||||||||||||||||
Schedule of Net Income Attributable to Inter Parfums, Inc. and Transfers from Noncontrolling Interest | ' | ||||||||||||||||
(In thousands) | Three months ended | Nine months ended | |||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net income attributable to Inter Parfums, Inc. | $ | 7,854 | $ | 10,018 | $ | 43,365 | $ | 31,523 | |||||||||
Increase in Inter Parfums, Inc.'s additional paid-in capital for subsidiary share transactions | - | - | - | 737 | |||||||||||||
Change from net income attributable to Inter Parfums, Inc. and transfers from noncontrolling interest | $ | 7,854 | $ | 10,018 | $ | 43,365 | $ | 32,260 |
Segment_and_Geographic_Areas_T
Segment and Geographic Areas (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Segment and Geographic Areas [Abstract] | ' | ||||||||||||||||
Summary of Operations by Geographical Area | ' | ||||||||||||||||
(In thousands) | Three months ended | Nine months ended | |||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net sales: | |||||||||||||||||
United States | $ | 28,686 | $ | 17,817 | $ | 72,040 | $ | 59,066 | |||||||||
Europe | 98,136 | 148,610 | 386,116 | 419,423 | |||||||||||||
Eliminations | (69 | ) | (163 | ) | (108 | ) | (1,302 | ) | |||||||||
$ | 126,753 | $ | 166,264 | $ | 458,048 | $ | 477,187 | ||||||||||
Net income attributable to Inter Parfums, Inc.: | |||||||||||||||||
United States | $ | 2,156 | $ | 733 | $ | 4,359 | $ | 3,218 | |||||||||
Europe | 5,698 | 9,278 | 38,993 | 28,300 | |||||||||||||
Eliminations of intercompany profits | - | 7 | 13 | 5 | |||||||||||||
$ | 7,854 | $ | 10,018 | $ | 43,365 | $ | 31,523 | ||||||||||
September 30, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Total Assets: | |||||||||||||||||
United States | $ | 81,913 | $ | 64,278 | |||||||||||||
Europe | 592,024 | 704,464 | |||||||||||||||
Eliminations of investment in subsidiary | (9,082 | ) | (8,822 | ) | |||||||||||||
$ | 664,855 | $ | 759,920 |
Termination_of_Burberry_Licens1
Termination of Burberry License (Details) (Burberry [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
Burberry [Member] | ' | ' | ' | ' |
Licensing Agreements [Line Items] | ' | ' | ' | ' |
Estimated inventory | ' | ' | $20 | ' |
Inventory | ' | ' | 18 | ' |
Inventory purchased by Burberry at cost | 7.8 | ' | ' | ' |
Inventory reserves | ' | 0 | ' | 10 |
Gain on license termination | ' | 198.8 | ' | ' |
Proceeds from sale of fixed assets | ' | $2.80 | ' | ' |
Inventories_Details
Inventories (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Inventories [Abstract] | ' | ' |
Raw materials and component parts | $35,795 | $47,732 |
Finished goods | 74,689 | 94,882 |
Inventories | $110,484 | $142,614 |
Fair_Value_Measurement_Details
Fair Value Measurement (Details) (Fair Value, Measurements, Recurring [Member], USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets: | ' | ' |
Short-term investments | $150,486 | ' |
Foreign currency forward exchange contracts not accounted for using hedge accounting | 11 | 784 |
Assets | 150,497 | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' |
Assets: | ' | ' |
Short-term investments | ' | ' |
Foreign currency forward exchange contracts not accounted for using hedge accounting | ' | ' |
Assets | ' | ' |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Assets: | ' | ' |
Short-term investments | 150,486 | ' |
Foreign currency forward exchange contracts not accounted for using hedge accounting | 11 | 784 |
Assets | 150,497 | ' |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Assets: | ' | ' |
Short-term investments | ' | ' |
Foreign currency forward exchange contracts not accounted for using hedge accounting | ' | ' |
Assets | ' | ' |
Derivative_Financial_Instrumen2
Derivative Financial Instruments (Details) | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Foreign exchange contracts [Member] | Foreign exchange contracts [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | |
USD ($) | GBP (£) | Interest rate swaps [Member] | Interest rate swaps [Member] | Interest rate swaps [Member] | Interest rate swaps [Member] | Foreign exchange contracts [Member] | Foreign exchange contracts [Member] | Foreign exchange contracts [Member] | Foreign exchange contracts [Member] | |
Interest expense [Member] | Interest expense [Member] | Interest expense [Member] | Interest expense [Member] | Gain (loss) on foreign currency [Member] | Gain (loss) on foreign currency [Member] | Gain (loss) on foreign currency [Member] | Gain (loss) on foreign currency [Member] | |||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of gain (loss) recognized in income on derivative | ' | ' | ' | $12,000 | ' | $68,000 | ($27,000) | ($733,000) | ($12,000) | ($590,000) |
Notional amount | $11,000,000 | £ 6,500,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum maturity period | '1 year | '1 year | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets (Schedule of Assets and Liabilites Measured at Fair Value on a Nonrecurring Basis) (Details) (Fair Value, Measurements, Nonrecurring [Member], USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Trademark - Nickel | $2,362 | $2,308 |
Goodwill | 973 | 954 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Trademark - Nickel | ' | ' |
Goodwill | ' | ' |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Trademark - Nickel | ' | ' |
Goodwill | ' | ' |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Trademark - Nickel | 2,362 | 2,308 |
Goodwill | $973 | $954 |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets (Narrative) (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Goodwill and Other Intangible Assets [Abstract] | ' | ' |
Goodwill impairment loss | ' | $1.80 |
Accumulated impairment loss | ' | $6.10 |
Market royalty rate, used to calculate fair value of indefinite-lived intangible assets | 6.00% | ' |
Discount rate, used to calculate fair value of indefinite-lived intangible assets | 7.60% | ' |
Accrued_Expenses_Details
Accrued Expenses (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Accrued Expenses [Abstract] | ' | ' |
Accrued advertising liabilities | $16.60 | $24.40 |
ShareBased_Payments_Narrative_
Share-Based Payments (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Term of employee stock options | ' | ' | '6 years | ' |
Fair value of shares vested | ' | ' | $0.04 | $0.52 |
Decrease in income before income tax due to share-based payment expense | 0.21 | 0.2 | 0.63 | 0.63 |
Decrease in income attributable to Inter Parfums, Inc due to share-based payment expense | 0.12 | 0.11 | 0.34 | 0.35 |
Weighted average remaining contractual life of options outstanding | ' | ' | '2 years 11 months 9 days | ' |
Weighted average remaining contractual life of options exercisable | ' | ' | '1 year 5 months 27 days | ' |
Aggregate intrinsic value of options outstanding | 9 | ' | 9 | ' |
Aggregate intrinsic value of exercisable options | 4.6 | ' | 4.6 | ' |
Unrecognized compensation cost related to stock options | 1.3 | ' | 1.3 | ' |
Weighted average fair values of options granted | ' | ' | $6.17 | $4.99 |
Minimum [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Vesting period | ' | ' | '4 years | ' |
Maximum [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Vesting period | ' | ' | '5 years | ' |
Interparfums SA [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Vesting period | ' | ' | '4 years | ' |
Unrecognized compensation cost related to stock options | $0.19 | ' | $0.19 | ' |
ShareBased_Payments_Schedule_o
Share-Based Payments (Schedule of Nonvested Option Activity) (Details) | 9 Months Ended |
Sep. 30, 2013 | |
Number of Shares | ' |
Nonvested options, beginning balance | 346,075 |
Nonvested options granted | 9,000 |
Nonvested options vested or forfeited | -12,855 |
Nonvested options, ending balance | 342,220 |
Weighted Average Grant Date Fair Value | ' |
Nonvested options, beginning blance | 5.02 |
Nonvested options granted | 6.17 |
Nonvested options vested or forfeited | 4.29 |
Nonvested options, ending balance | 5.07 |
ShareBased_Payments_Schedule_o1
Share-Based Payments (Schedule of Stock Option Activity) (Details) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Shares | ' |
Outstanding, beginning balance | 716,235 |
Options granted | 9,000 |
Options cancelled | -2,500 |
Options exercised | -116,380 |
Outstanding, ending balance | 606,355 |
Options exercisable | 264,135 |
Options available for future grants | 586,175 |
Weighted Average Exercise Price | ' |
Outstanding, beginning balance | $14.41 |
Options granted | $21.95 |
Options cancelled | $16.99 |
Options exercised | $11.33 |
Outstanding, ending balance | $15.10 |
Options exercisable | $12.64 |
ShareBased_Payments_Summary_of
Share-Based Payments (Summary of Stock Options Exercised) (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Share-Based Payments [Abstract] | ' | ' |
Proceeds from exercise of options | $1,319 | $416 |
Tax benefits | 317 | 55 |
Intrinsic value of stock options exercised | $1,963 | $154 |
ShareBased_Payments_Schedule_o2
Share-Based Payments (Schedule of Assumptions Used to Estimate Fair Value of Stock Options) (Details) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Share-Based Payments [Abstract] | ' | ' |
Weighted-average expected stock-price volatility | 38.00% | 40.00% |
Employee stock options, term | '5 years | '4 years 6 months |
Weighted-average risk-free interest rate | 0.89% | 0.84% |
Weighted-average dividend yield | 2.00% | 1.70% |
Net_Income_Attributable_to_Int4
Net Income Attributable to Inter Parfums, Inc. Common Shareholders (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Numerator: | ' | ' | ' | ' |
Net income attributable to Inter Parfums, Inc. | $7,854 | $10,018 | $43,365 | $31,523 |
Effect of dilutive securities of consolidated subsidiary | ' | -31 | -176 | -31 |
Numerator for diluted earnings per share | $7,854 | $9,987 | $43,189 | $31,492 |
Denominator: | ' | ' | ' | ' |
Weighted average shares | 30,796,000 | 30,570,000 | 30,743,000 | 30,561,000 |
Effect of dilutive securities, stock options | 190,000 | 147,000 | 185,000 | 136,000 |
Denominator for diluted earnings per share | 30,986,000 | 30,717,000 | 30,928,000 | 30,697,000 |
Earnings per share: | ' | ' | ' | ' |
Basic | $0.26 | $0.33 | $1.41 | $1.03 |
Diluted | $0.25 | $0.33 | $1.40 | $1.03 |
Antidilutive potential common shares excluded from computation of earnings per share | ' | 230,000 | 40,000 | 230,000 |
Net_Income_Attributable_to_Int5
Net Income Attributable to Inter Parfums, Inc. and Transfers From the Noncontrolling Interest (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Net Income Attributable to Inter Parfums, Inc. and Transfers From the Noncontrolling Interest [Abstract] | ' | ' | ' | ' |
Net income attributable to Inter Parfums, Inc. | $7,854 | $10,018 | $43,365 | $31,523 |
Increase in Inter Parfums, Inc.'s additional paid-in capital for subsidiary share transactions | ' | ' | ' | 737 |
Change from net income attributable to Inter Parfums, Inc. and transfers from noncontrolling interest | $7,854 | $10,018 | $43,365 | $32,260 |
Segment_and_Geographic_Areas_D
Segment and Geographic Areas (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net sales | $126,753 | $166,264 | $458,048 | $477,187 | ' |
Net income attributable to Inter Parfums, Inc. | 7,854 | 10,018 | 43,365 | 31,523 | ' |
Total Assets | 664,855 | ' | 664,855 | ' | 759,920 |
United States [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net sales | 28,686 | 17,817 | 72,040 | 59,066 | ' |
Net income attributable to Inter Parfums, Inc. | 2,156 | 733 | 4,359 | 3,218 | ' |
Total Assets | 81,913 | ' | 81,913 | ' | 64,278 |
Europe [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net sales | 98,136 | 148,610 | 386,116 | 419,423 | ' |
Net income attributable to Inter Parfums, Inc. | 5,698 | 9,278 | 38,993 | 28,300 | ' |
Total Assets | 592,024 | ' | 592,024 | ' | 704,464 |
Eliminations [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net sales | -69 | -163 | -108 | -1,302 | ' |
Net income attributable to Inter Parfums, Inc. | ' | 7 | 13 | 5 | ' |
Total Assets | ($9,082) | ' | ($9,082) | ' | ($8,822) |
New_License_Agreements_Details
New License Agreements (Details) (USD $) | 1 Months Ended | ||
In Millions, unless otherwise specified | Jul. 31, 2013 | Jul. 31, 2013 | Oct. 31, 2013 |
Shanghai Tang [Member] | Agent Provocateur [Member] | Oscar de la Renta [Member] | |
Licensing Agreements [Line Items] | ' | ' | ' |
License term | '12 years | '10 years 6 months | '12 years |
License fee | ' | ' | $5 |