Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Mar. 10, 2017 | Jun. 30, 2016 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | INTER PARFUMS INC | ||
Entity Central Index Key | 822,663 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Public Float | $ 484,864,067 | ||
Trading Symbol | IPAR | ||
Entity Common Stock, Shares Outstanding | 31,147,238 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 161,828 | $ 176,967 |
Short-term investments | 94,202 | 82,847 |
Accounts receivable, net | 104,819 | 95,082 |
Inventories | 96,977 | 98,346 |
Receivables, other | 7,433 | 2,422 |
Other current assets | 6,240 | 5,811 |
Income taxes receivable | 626 | 100 |
Deferred tax assets | 8,090 | 7,182 |
Total current assets | 480,215 | 468,757 |
Equipment and leasehold improvements, net | 10,076 | 9,333 |
Trademarks, licenses and other intangible assets, net | 183,868 | 201,335 |
Other assets | 8,250 | 8,234 |
Total assets | 682,409 | 687,659 |
Current liabilities: | ||
Current portion of long-term debt | 21,498 | 22,163 |
Accounts payable - trade | 49,507 | 50,636 |
Accrued expenses | 62,609 | 46,890 |
Income taxes payable | 3,331 | 7,359 |
Dividends payable | 5,293 | 4,035 |
Total current liabilities | 142,238 | 131,083 |
Long-term debt, less current portion | 53,064 | 76,443 |
Deferred tax liability | 3,449 | 3,746 |
Commitments and contingencies Equity: | ||
Inter Parfums, Inc. shareholders’ equity: | ||
Preferred stock, $0.001 par value. Authorized 1,000,000 shares; none issued | 0 | 0 |
Common stock, $0.001 par value. Authorized 100,000,000 shares; outstanding, 31,138,318 and 31,037,915 shares at December 31, 2016 and 2015, respectively | 31 | 31 |
Additional paid-in capital | 63,103 | 62,030 |
Retained earnings | 402,714 | 388,434 |
Accumulated other comprehensive loss | (57,982) | (48,091) |
Treasury stock, at cost, 9,864,805 and 9,880,058 common shares at December 31, 2016 and 2015, respectively | (37,475) | (36,817) |
Total Inter Parfums, Inc. shareholders’ equity | 370,391 | 365,587 |
Noncontrolling interest | 113,267 | 110,800 |
Total equity | 483,658 | 476,387 |
Total liabilities and equity | $ 682,409 | $ 687,659 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2016 | Dec. 31, 2015 |
Preferred stock, par | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares outstanding | 31,138,318 | 31,037,915 |
Treasury shares, shares | 9,864,805 | 9,880,058 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net sales | $ 521,072 | $ 468,540 | $ 499,261 |
Cost of sales | 194,601 | 179,069 | 212,224 |
Gross margin | 326,471 | 289,471 | 287,037 |
Selling, general, and administrative expenses | 258,787 | 228,268 | 233,634 |
Gain on buyout of license | (4,652) | 0 | 0 |
Impairment loss | 5,658 | 0 | 0 |
Income from operations | 66,678 | 61,203 | 53,403 |
Other expenses (income): | |||
Interest expense | 2,340 | 2,826 | 1,478 |
(Gain) loss on foreign currency | 595 | 876 | (902) |
Interest and dividend income | (3,331) | (2,995) | (3,888) |
Other expenses (income) | (396) | 707 | (3,312) |
Income before income taxes | 67,074 | 60,496 | 56,715 |
Income taxes | 23,826 | 21,527 | 19,370 |
Net income | 43,248 | 38,969 | 37,345 |
Less: Net income attributable to the noncontrolling interest | 9,917 | 8,532 | 7,909 |
Net income attributable to Inter Parfums, Inc. | $ 33,331 | $ 30,437 | $ 29,436 |
Net income attributable to Inter Parfums, Inc. common shareholders: | |||
Basic | $ 1.07 | $ 0.98 | $ 0.95 |
Diluted | $ 1.07 | $ 0.98 | $ 0.95 |
Weighted average number of shares outstanding: | |||
Basic | 31,072,328 | 30,996,137 | 30,931,308 |
Diluted | 31,175,598 | 31,100,215 | 31,060,326 |
Dividends declared per share | $ 0.62 | $ 0.52 | $ 0.48 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Comprehensive income: (loss) | |||
Net income | $ 43,248 | $ 38,969 | $ 37,345 |
Other comprehensive income (loss): | |||
Net derivative instrument loss, net of tax | (22) | 0 | 0 |
Translation adjustments, net of tax | (13,153) | (44,346) | (57,806) |
Other comprehensive income (loss) | (13,175) | (44,346) | (57,806) |
Comprehensive income (loss) | 30,073 | (5,377) | (20,461) |
Comprehensive income (loss) attributable to noncontrolling interests: | |||
Net income | 9,917 | 8,532 | 7,909 |
Net derivative instrument loss, net of tax | (5) | 0 | 0 |
Translation adjustments, net of tax | (3,279) | (12,078) | (16,123) |
Comprehensive income (loss) attributable to the noncontrolling interests | 6,633 | (3,546) | (8,214) |
Comprehensive income (loss) attributable to Inter Parfums Inc.: | $ 23,440 | $ (1,831) | $ (12,247) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Total | Common stock [Member] | Additional paid-in capital [Member] | Retained earnings [Member] | Accumulated other comprehensive income (loss) [Member] | Treasury stock [Member] | Noncontrolling interest [Member] |
Balance at Dec. 31, 2013 | $ 57,877 | $ 359,459 | $ 25,860 | $ (36,016) | $ 128,145 | ||
Shares issued upon exercise of stock options | 1,981 | 219 | |||||
Sale of subsidiary shares to noncontrolling interest | (335) | 1,365 | |||||
Purchase of subsidiary shares from noncontrolling interests | 0 | 0 | |||||
Net income | $ 37,345 | 29,436 | 7,909 | ||||
Dividends | (14,855) | (4,667) | |||||
Stock-based compensation | 677 | 81 | 30 | ||||
Translation adjustments, net of tax | (57,806) | (41,683) | (16,123) | ||||
Net derivative instrument gain, net of tax | 0 | 0 | |||||
Shares received as proceeds of option exercises | (667) | ||||||
Balance at Dec. 31, 2014 | 498,724 | $ 31 | 60,200 | 374,121 | (15,823) | (36,464) | 116,659 |
Shares issued upon exercise of stock options | 1,234 | 140 | |||||
Sale of subsidiary shares to noncontrolling interest | (192) | 1,523 | |||||
Purchase of subsidiary shares from noncontrolling interests | 0 | 0 | |||||
Net income | 38,969 | 30,437 | 8,532 | ||||
Dividends | (16,124) | (3,836) | |||||
Stock-based compensation | 788 | 0 | 0 | ||||
Translation adjustments, net of tax | (44,346) | (32,268) | (12,078) | ||||
Net derivative instrument gain, net of tax | 0 | 0 | |||||
Shares received as proceeds of option exercises | (493) | ||||||
Balance at Dec. 31, 2015 | 476,387 | 31 | 62,030 | 388,434 | (48,091) | (36,817) | 110,800 |
Shares issued upon exercise of stock options | 2,160 | 142 | |||||
Sale of subsidiary shares to noncontrolling interest | (173) | 1,738 | |||||
Purchase of subsidiary shares from noncontrolling interests | (1,753) | (1,188) | |||||
Net income | 43,248 | 33,331 | 9,917 | ||||
Dividends | (19,273) | (4,863) | |||||
Stock-based compensation | 839 | 222 | 147 | ||||
Translation adjustments, net of tax | (13,153) | (9,874) | (3,279) | ||||
Net derivative instrument gain, net of tax | (17) | (5) | |||||
Shares received as proceeds of option exercises | (800) | ||||||
Balance at Dec. 31, 2016 | $ 483,658 | $ 31 | $ 63,103 | $ 402,714 | $ (57,982) | $ (37,475) | $ 113,267 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from operating activities: | |||
Net income | $ 43,248 | $ 38,969 | $ 37,345 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization including impairment loss | 15,341 | 9,078 | 10,166 |
Provision for doubtful accounts | 349 | 442 | 412 |
Noncash stock compensation | 1,198 | 787 | 856 |
Gain on sale of license | (4,652) | 0 | 0 |
Excess tax benefits from stock-based compensation arrangements | 0 | (260) | (670) |
Deferred tax expense (benefit) | (1,374) | 829 | (557) |
Change in fair value of derivatives | 682 | 903 | 355 |
Changes in: | |||
Accounts receivable | (13,156) | (12,573) | (19,607) |
Inventories | (909) | (4,354) | 4,344 |
Other assets | (297) | (1,622) | 425 |
Accounts payable and accrued expenses | 18,690 | 12,973 | (4,996) |
Income taxes, net | (4,556) | 4,912 | 8,540 |
Net cash provided by operating activities | 54,564 | 50,084 | 36,613 |
Cash flows from investing activities: | |||
Purchases of short-term investments | (57,289) | (62,415) | (245,810) |
Proceeds from sale of short-term investments | 42,604 | 151,771 | 212,762 |
Purchase of equipment and leasehold improvements | (4,777) | (4,158) | (3,302) |
Payment for intangible assets acquired | (965) | (119,788) | (922) |
Net cash used in investing activities | (20,427) | (34,590) | (37,272) |
Cash flows from financing activities: | |||
Repayment of loans payable - banks | 0 | 0 | (5,765) |
Proceeds from issuance of long-term debt | 0 | 110,970 | 0 |
Repayment of long-term debt | (21,884) | (11,761) | 0 |
Purchase of treasury stock | (77) | (32) | (90) |
Proceeds from exercise of options | 1,579 | 653 | 953 |
Excess tax benefits from stock-based compensation arrangements | 0 | 260 | 670 |
Proceeds from sale of stock of subsidiary | 1,565 | 1,327 | 1,030 |
Dividends paid | (18,015) | (15,806) | (14,841) |
Dividends paid to noncontrolling interests | (4,863) | (3,836) | (4,667) |
Purchase of subsidiary shares from noncontrolling interests | (2,941) | 0 | 0 |
Net cash provided by (used in) financing activities | (44,636) | 81,775 | (22,710) |
Effect of exchange rate changes on cash | (4,640) | (10,440) | (12,143) |
Net increase (decrease) in cash and cash equivalents | (15,139) | 86,829 | (35,512) |
Cash and cash equivalents - beginning of year | 176,967 | 90,138 | 125,650 |
Cash and cash equivalents - end of year | 161,828 | 176,967 | 90,138 |
Cash paid for: | |||
Interest | 2,239 | 2,400 | 1,508 |
Income taxes | $ 28,124 | $ 19,668 | $ 104,430 |
The Company and its Significant
The Company and its Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Significant Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | (1) The Company and its Significant Accounting Policies Inter Parfums, Inc. and its subsidiaries (the “Company”) are in the fragrance business and manufacture and distribute a wide array of fragrances and fragrance related products. Substantially all of our prestige fragrance brands are licensed from unaffiliated third parties, and our business is dependent upon the continuation and renewal of such licenses. With respect to the Company’s largest brands, we own the Lanvin brand name for our class of trade, and license the Montblanc and Jimmy Choo brand names. Year Ended December 31, 2016 2015 2014 Montblanc 23 % 21 % 22 % Jimmy Choo 17 % 20 % 16 % Lanvin 12 % 15 % 18 % No other brand represented 10% or more of consolidated net sales. The consolidated financial statements include the accounts of the Company, including 73 In 2015, Interparfums SA formed a subsidiary in Spain, Parfums Rochas. The subsidiary is 51 49 Management makes assumptions and estimates to prepare financial statements in conformity with accounting principles generally accepted in the United States of America. Those assumptions and estimates directly affect the amounts reported and disclosures included in the consolidated financial statements. Actual results could differ from those assumptions and estimates. Significant estimates for which changes in the near term are considered reasonably possible and that may have a material impact on the financial statements are disclosed in these notes to the consolidated financial statements. For foreign subsidiaries with operations denominated in a foreign currency, assets and liabilities are translated to U.S. dollars at year-end exchange rates. Income and expense items are translated at average rates of exchange prevailing during the year. Gains and losses from translation adjustments are accumulated in a separate component of shareholders’ equity. All highly liquid investments purchased with a maturity of three months or less are considered to be cash equivalents. From time to time, the Company has short-term investments which consist of certificates of deposit with maturities greater than three months. The Company monitors concentrations of credit risk associated with financial institutions with which the Company conducts significant business. The Company believes its credit risk is minimal, as the Company primarily conducts business with large, well-established financial institutions. Substantially all cash and cash equivalents are held at financial institutions outside the United States and are readily convertible into U.S. dollars. Accounts receivable represent payments due to the Company for previously recognized net sales, reduced by allowances for sales returns and doubtful accounts or balances which are estimated to be uncollectible, which aggregated $ 5.3 5.9 Inventories, including promotional merchandise, only include inventory considered saleable or usable in future periods, and is stated at the lower of cost and net realizable value, with cost being determined on the first-in, first-out method. Cost components include raw materials, direct labor and overhead (e.g., indirect labor, utilities, depreciation, purchasing, receiving, inspection and warehousing) as well as inbound freight. Promotional merchandise is charged to cost of sales at the time the merchandise is shipped to the Company’s customers. All derivative instruments are recorded as either assets or liabilities and measured at fair value. The Company uses derivative instruments to principally manage a variety of market risks. For derivatives designated as hedges of the exposure to changes in fair value of the recognized asset or liability or a firm commitment (referred to as fair value hedges), the gain or loss is recognized in earnings in the period of change together with the offsetting loss or gain on the hedged item attributable to the risk being hedged. The effect of that accounting is to include in earnings the extent to which the hedge is not effective in achieving offsetting changes in fair value. For cash flow hedges, the effective portion of the derivative’s gain or loss is initially reported in equity (as a component of accumulated other comprehensive income) and is subsequently reclassified into earnings in the same period or periods during which the hedged forecasted transaction affects earnings. The ineffective portion of the gain or loss of a cash flow hedge is reported in earnings immediately. The Company also holds certain instruments for economic purposes that are not designated for hedge accounting treatment. For these derivative instruments, changes in their fair value are recorded in earnings immediately. Equipment and leasehold improvements are stated at cost less accumulated depreciation and amortization. Depreciation and amortization are provided using the straight-line method over the estimated useful lives for equipment, which range between three and ten years and the shorter of the lease term or estimated useful asset lives for leasehold improvements. Depreciation provided on equipment used to produce inventory, such as tools and molds, is included in cost of sales. Indefinite-lived intangible assets principally consist of trademarks which are not amortized. The Company evaluates indefinite-lived intangible assets for impairment at least annually during the fourth quarter, or more frequently when events occur or circumstances change, such as an unexpected decline in sales, that would more likely than not indicate that the carrying value of an indefinite-lived intangible asset may not be recoverable. When testing indefinite-lived intangible assets for impairment, the evaluation requires a comparison of the estimated fair value of the asset to the carrying value of the asset. The fair values used in our evaluations are estimated based upon discounted future cash flow projections using a weighted average cost of capital of 6.2 Intangible assets subject to amortization are evaluated for impairment testing whenever events or changes in circumstances indicate that the carrying amount of an amortizable intangible asset may not be recoverable. If impairment indicators exist for an amortizable intangible asset, the undiscounted future cash flows associated with the expected service potential of the asset are compared to the carrying value of the asset. If our projection of undiscounted future cash flows is in excess of the carrying value of the intangible asset, no impairment charge is recorded. If our projection of undiscounted future cash flows is less than the carrying value of the intangible asset, an impairment charge would be recorded to reduce the intangible asset to its fair value. The Company sells its products to department stores, perfumeries, specialty stores and domestic and international wholesalers and distributors. Sales of such products by our domestic subsidiaries are denominated in U.S. dollars, and sales of such products by our foreign subsidiaries are primarily denominated in either euro or U.S. dollars. The Company recognizes revenues when merchandise is shipped and the risk of loss passes to the customer. Net sales are comprised of gross revenues less returns, trade discounts and allowances. The Company does not bill its customers’ freight and handling charges. All shipping and handling costs, which aggregated $ 5.1 4.7 5.2 10 Generally, the Company does not permit customers to return their unsold products. However, for U.S. based customers, we allow returns if properly requested, authorized and approved. The Company regularly reviews and revises, as deemed necessary, its estimate of reserves for future sales returns based primarily upon historic trends and relevant current data including information provided by retailers regarding their inventory levels. In addition, as necessary, specific accruals may be established for significant future known or anticipated events. The types of known or anticipated events that we consider include, but are not limited to, the financial condition of our customers, store closings by retailers, changes in the retail environment and our decision to continue to support new and existing products. The Company records estimated reserves for sales returns as a reduction of sales, cost of sales and accounts receivable. Returned products are recorded as inventories and are valued based upon estimated realizable value. The physical condition and marketability of returned products are the major factors we consider in estimating realizable value. Actual returns, as well as estimated realizable values of returned products, may differ significantly, either favorably or unfavorably, from our estimates, if factors such as economic conditions, inventory levels or competitive conditions differ from our expectations. The Company records revenues generated from purchase with purchase and gift with purchase promotions as sales and the costs of its purchase with purchase and gift with purchase promotions as cost of sales. Certain other incentive arrangements require the payment of a fee to customers based on their attainment of pre-established sales levels. These fees have been recorded as a reduction of net sales. Advertising and promotional costs are expensed as incurred and recorded as a component of cost of goods sold (in the case of free goods given to customers) or selling, general and administrative expenses. Advertising and promotional costs included in selling, general and administrative expenses were $ 99.0 83.8 86.7 30.0 25.4 24.4 27.2 15.2 Package development costs associated with new products and redesigns of existing product packaging are expensed as incurred. The Company recognizes rent expense from operating leases with various step rent provisions, rent concessions and escalation clauses on a straight-line basis over the applicable lease term. The Company considers lease renewals in the useful life of its leasehold improvements when such renewals are reasonably assured. In the event the Company receives capital improvement funding from its landlord, these amounts are recorded as deferred liabilities and amortized over the remaining lease term as a reduction of rent expense. The Company’s license agreements generally provide the Company with worldwide rights to manufacture, market and sell fragrance and fragrance related products using the licensors’ trademarks. The licenses typically have an initial term of approximately 5 15 1 15 5 10 In certain cases, the Company may pay an entry fee to acquire, or enter into, a license where the licensor or another licensee was operating a pre-existing fragrance business. In those cases, the entry fee is capitalized as an intangible asset and amortized over its useful life. Most license agreements require minimum royalty payments, incremental royalties based on net sales levels and minimum spending on advertising and promotional activities. Royalty expenses are accrued in the period in which net sales are recognized while advertising and promotional expenses are accrued at the time these costs are incurred. In addition, the Company is exposed to certain concentration risk. Substantially all of our prestige fragrance brands are licensed from unaffiliated third parties, and our business is dependent upon the continuation and renewal of such licenses. The Company accounts for income taxes using an asset and liability approach that requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in its financial statements or tax returns. The net deferred tax assets assume sufficient future earnings for their realization, as well as the continued application of currently enacted tax rates. Included in net deferred tax assets is a valuation allowance for deferred tax assets, where management believes it is more-likely-than-not that the deferred tax assets will not be realized in the relevant jurisdiction. If the Company determines that a deferred tax asset will not be realizable, an adjustment to the deferred tax asset will result in a reduction of net earnings at that time. The difference between the Company’s share of the proceeds received by the subsidiary and the carrying amount of the portion of the Company’s investment deemed sold, is reflected as an equity adjustment in the consolidated balance sheets. The Board of Directors may authorize share repurchases of the Company’s common stock (Share Repurchase Authorizations). Share repurchases under Share Repurchase Authorizations may be made through open market transactions, negotiated purchase or otherwise, at times and in such amounts within the parameters authorized by the Board. Shares repurchased under Share Repurchase Authorizations are held in treasury for general corporate purposes, including issuances under various employee stock option plans. Treasury shares are accounted for under the cost method and reported as a reduction of equity. Share Repurchase Authorizations may be suspended, limited or terminated at any time without notice. In August 2016, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (“ASU”) to eliminate the diversity in practice related to the classification of certain cash receipts and payments in the statement of cash flows, by adding or clarifying guidance on eight specific cash flow issues. This ASU is effective for annual and interim periods beginning after December 15, 2017 and early adoption is permitted. We have evaluated the standard and determined that there will be no material impact on our consolidated financial statements. In March 2016, the FASB issued ASU 2016-09 which simplifies several aspects of the accounting for share-based payments, including the income tax consequences and classification on the statement of cash flows. This ASU is effective for annual and interim periods beginning after December 15, 2016 and early adoption is permitted. The Company elected to early adopt ASU 2016-09 in the fourth quarter of 2016 which required us to reflect any adjustments as of January 1, 2016, the beginning of the annual period that includes the interim period of adoption. Prior periods were not adjusted. Under previous guidance, excess tax benefits and certain tax deficiencies from share-based compensation arrangements were recorded in additional paid-in capital when the awards vested or were settled. ASU 2016-09 requires that all excess tax benefits and all tax deficiencies be recognized as income tax expense or benefit in the income statement and adoption is on a prospective basis. The adoption resulted in the recognition of excess tax benefits of $ 0.4 Excess tax benefits are required to be prospectively excluded from assumed future proceeds in the calculation of diluted shares under the adoption of ASU 2016-09. As a result of the adoption, the Company’s diluted weighted average number of common shares outstanding increased from 31,161,083 31,175,598 Year Ended December 31, 2016 Basic EPS prior to adoption of ASU 2016-09 $ 1.06 Basic EPS upon adoption of ASU 2016-09 $ 1.07 Diluted EPS prior to adoption of ASU 2016-09 $ 1.06 Diluted EPS upon adoption of ASU 2016-09 $ 1.07 In addition, under ASU 2016-09, excess tax benefits from stock-based compensation arrangements are classified in In February 2016, the FASB issued an ASU which requires lessees to recognize lease assets and lease liabilities arising from operating leases on the balance sheet. This ASU is effective for annual and interim reporting periods beginning after December 15, 2018 using a modified retrospective approach, with early adoption permitted. We are currently evaluating the standard to determine the impact of its adoption on our consolidated financial statements. In November 2015, the FASB issued an ASU that requires all deferred tax liabilities and assets to be classified as noncurrent on the balance sheet. This ASU is effective for annual and interim reporting periods beginning after December 15, 2016, with early adoption permitted. In addition, this guidance can be applied either prospectively or retrospectively to all periods presented. We are currently evaluating the standard to determine the impact of its adoption on our consolidated financial statements. In July 2015, the FASB issued an ASU modifying the accounting for inventory. Under this ASU, the measurement principle for inventory will change from lower of cost or market value to lower of cost and net realizable value. The ASU defines net realizable value as the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The ASU is applicable to inventory that is accounted for under the first-in, first-out method and is effective for reporting periods beginning In May 2014, the FASB issued an ASU which superseded the then most current revenue recognition requirements. This new revenue recognition standard requires entities to recognize revenue in a way that depicts the transfer of goods or services to customers in an amount that reflects the consideration which the entity expects to be entitled to in exchange for those goods or services. This guidance is effective for annual and interim reporting periods beginning after December 15, 2017, with early adoption permitted for annual periods after December 31, 2016. We have evaluated the standard and determined that there will be no material impact on our consolidated financial statements. There are no other recent accounting pronouncements issued but not yet adopted that would have a material effect on our consolidated financial statements. |
Buyout of License
Buyout of License | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Buyout of License [Text Block] | (2) Buyout of License In December 2016, the Company, through its majority owned Paris-based subsidiary, Interparfums SA, reached an agreement with the Balmain brand calling for Balmain to buyout the Balmain license agreement, effective December 31, 2016, in exchange for a payment aggregating € 5.4 5.7 4.7 |
Recent Agreements
Recent Agreements | 12 Months Ended |
Dec. 31, 2016 | |
Recent Agreements [Abstract] | |
Recent Agreements [Text Block] | (3) Recent Agreements S.T. Dupont In September 2016, the Company, through its majority owned Paris-based subsidiary, Interparfums SA, extended its license agreement with S.T. Dupont by three Montblanc In October 2015, the Company, through its majority owned Paris-based subsidiary, Interparfums SA, extended its license agreement with Montblanc by five years. The original agreement, signed in 2010, provided Interparfums SA with the exclusive worldwide license rights to create, produce and distribute fragrances and fragrance related products under the Montblanc brand through December 31, 2020. The new 10 French Connection In September 2015, the Company entered into a 12 Rochas In May 2015, the Company, through its majority owned Paris-based subsidiary, Interparfums SA, acquired the Rochas brand from The Procter & Gamble Company. This transaction includes all brand names and registered trademarks for Rochas (Femme, Madame, Eau de Rochas 106 118 5.4 21 4.4 Coach In April 2015, the Company, through its majority owned Paris-based subsidiary, Interparfums SA, entered into an 11 Abercrombie & Fitch and Hollister In December 2014, the Company entered into a 7 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2016 | |
Inventories [Abstract] | |
Inventory Disclosure [Text Block] | (4) Inventories December 31, 2016 2015 Raw materials and component parts $ 36,821 $ 30,569 Finished goods 60,156 67,777 $ 96,977 $ 98,346 Overhead included in inventory aggregated $ 3.1 3.7 5.4 6.6 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value of Financial Instruments [Abstract] | |
Fair Value Disclosures [Text Block] | (5) Fair Value of Financial Instruments Fair Value Measurements at December 31, 2016 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 $ 94,202 $ $ 94,202 $ Liabilities: Foreign currency forward exchange contracts accounted for using hedge accounting $ 181 $ $ 181 $ Foreign currency forward exchange contracts not accounted for using hedge accounting 418 418 Interest rate swap 908 908 $ 1,507 $ $ 1,507 $ Fair Value Measurements at December 31, 2015 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 $ 82,847 $ $ 82,847 $ Foreign currency forward exchange contracts not accounted for using hedge accounting 123 123 $ 82,970 $ $ 82,970 $ Liabilities: Interest rate swaps $ 1,026 $ $ 1,026 $ 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 variable interest rates on the Company’s indebtedness approximate current market rates. Foreign currency forward exchange contracts are valued based on quotations from financial institutions and the value of interest rate swaps are the discounted net present value of the swaps using third party quotes from financial institutions. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Financial Instruments [Abstract] | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | (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. Before entering into a derivative transaction for hedging purposes, it is determined that a high degree of initial effectiveness exists between the change in value of the hedged item and the change in the value of the derivative instrument from movement in exchange rates. High effectiveness means that the change in the cash flows of the derivative instrument will effectively offset the change in the cash flows of the hedged item. The effectiveness of each hedged item is measured throughout the hedged period and is based on the dollar offset methodology and excludes the portion of the fair value of the foreign currency forward exchange contract attributable to the change in spot-forward difference which is reported in current period earnings. Any hedge ineffectiveness is also recognized as a gain or loss on foreign currency in the income statement. For hedge contracts that are no longer deemed highly effective, hedge accounting is discontinued and gains and losses accumulated in other comprehensive income are reclassified to earnings. If it is probable that the forecasted transaction will no longer occur, then any gains or losses accumulated in other comprehensive income are reclassified to current-period earnings. In connection with the Rochas acquisition, $ 108 5 108 1.067 Gains and losses in derivatives designated as hedges are accumulated in other comprehensive income (loss) and gains and losses in derivatives not designated as hedges are included in (gain) loss on foreign currency on the accompanying income statements. Such gains and losses were immaterial in each of the years in the three-year period ended December 31, 2016. For the years ended December 31, 2016 and 2015, (loss) $0.1 and ($1.0) All derivative instruments are reported as either assets or liabilities on the balance sheet measured at fair value. The valuation of interest rate swaps resulted in a liability which is included in long-term debt on the accompanying balance sheets. The valuation of foreign currency forward exchange contracts at December 31, 2016, resulted in a liability and is included in accrued expenses on the accompanying balance sheet and at December 31, 2015, such valuation resulted in an asset and is included in other current assets on the accompanying balance sheet. At December 31, 2016, the Company had foreign currency contracts in the form of forward exchange contracts with notional amounts of approximately U.S. $ 69.8 1.8 50.0 one |
Equipment and Leasehold Improve
Equipment and Leasehold Improvements | 12 Months Ended |
Dec. 31, 2016 | |
Equipment and Leasehold Improvements [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | (7) Equipment and Leasehold Improvements December 31, 2016 2015 Equipment $ 31,325 $ 27,757 Leasehold improvements 1,635 1,631 32,960 29,388 Less accumulated depreciation and amortization 22,884 20,055 $ 10,076 $ 9,333 Depreciation and amortization expense was $ 3.7 3.3 |
Trademarks, Licenses and Other
Trademarks, Licenses and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2016 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Intangible Assets Disclosure [Text Block] | (8) Trademarks, Licenses and Other Intangible Assets 2016 Gross Accumulated Net Book Amount Amortization Value Trademarks (indefinite lives) $ 115,793 $ $ 115,793 Trademarks (finite lives) 40,794 63 40,731 Licenses (finite lives) 62,102 37,206 24,896 Other intangible assets (finite lives) 12,861 10,413 2,448 Subtotal 115,757 47,682 68,075 Total $ 231,550 $ 47,682 $ 183,868 2015 Gross Accumulated Net Book Amount Amortization Value Trademarks (indefinite lives) $ 119,459 $ $ 119,459 Trademarks (finite lives) 42,046 61 41,985 Licenses (finite lives) 66,082 28,994 37,088 Other intangible assets (finite lives) 12,366 9,563 2,803 Subtotal 120,494 38,618 81,876 Total $ 239,953 $ 38,618 $ 201,335 Amortization expense was $ 5.9 5.8 6.6 5.7 4.6 18 14 2 14 There were no impairment charges for trademarks with indefinite useful lives in 2016, 2015 and 2014. The fair values used in our evaluations are estimated based upon discounted future cash flow projections using a weighted average cost of capital of 6.2 The cost of trademarks, licenses and other intangible assets with finite lives is being amortized by the straight-line method over the term of the respective license or the intangible assets estimated useful life which range from three to twenty years. If the residual value of a finite life intangible asset exceeds its carrying value, then the asset is not amortized. The Company reviews intangible assets with finite lives for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Product sales of our Karl Lagerfeld brand have not met with our original expectations. During the fourth quarter of 2016, the Company decided that it will most likely exercise its rights for an early termination of the Karl Lagerfeld license in 2024, rather than continue the license through its original expiration in 2032. As a result of the shortened expected life of the license, the Company recorded an impairment loss of $ 5.7 Trademarks (finite lives) primarily represent Lanvin brand names and trademarks and in connection with their purchase, Lanvin was granted the right to repurchase the brand names and trademarks in 2025 for the greater of € 70 74 |
Loans Payable _ Banks
Loans Payable Banks | 12 Months Ended |
Dec. 31, 2016 | |
Loans Payable - Banks [Abstract] | |
Debt Disclosure [Text Block] | (9) Loans Payable Banks Loans payable banks consist of the following: The Company and its domestic subsidiaries have available a $ 20 0.5 3.75 December 18, 2017 The Company’s foreign subsidiaries have available credit lines, including several bank overdraft facilities totaling approximately $ 26 0.5 0.8 0.08 The weighted average interest rate on short-term borrowings was zero as of December 31, 2016 and 2015. |
Long-term Debt
Long-term Debt | 12 Months Ended |
Dec. 31, 2016 | |
Loans Payable - Banks [Abstract] | |
Long-term Debt [Text Block] | (10) Long-term Debt In June 2015, the Company financed its Rochas brand acquisition with a $ 111 5 1.2 21 11 |
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2016 | |
Commitments [Abstract] | |
Commitments Disclosure [Text Block] | (11) Commitments Leases The Company leases its office and warehouse facilities under operating leases which are subject to various step rent provisions, rent concessions and escalation clauses expiring at various dates through 2023. Escalation clauses are not material and have been excluded from minimum future annual rental payments. Rental expense, which is calculated on a straight-line basis, amounted to $ 10.7 9.9 10.1 2017 $ 5,390 2018 5,028 2019 4,568 2020 3,689 2021 3,008 Thereafter 5,952 $ 27,635 License Agreements The Company is party to a number of license and other agreements for the use of trademarks and rights in connection with the manufacture and sale of its products expiring at various dates through 2032. 2017 $ 113,633 2018 111,489 2019 114,897 2020 116,188 2021 118,169 Thereafter 332,830 $ 907,206 Future advertising commitments are estimated based on planned future sales for the license terms that were in effect at December 31, 2016, without consideration for potential renewal periods. The above figures do not reflect the fact that our distributors share our advertising obligations. Royalty expense included in selling, general, and administrative expenses, aggregated $ 37.8 33.8 35.6 7.3 7.2 7.1 |
Equity
Equity | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | (12) Equity 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 in 2016 and 2015 aggregated $ 0.9 0.8 Weighted Average Grant Number of Shares Date Fair Value Nonvested options beginning of year 414,850 $ 6.86 Nonvested options granted 149,850 $ 7.43 Nonvested options vested or forfeited (162,360) $ 6.69 Nonvested options end of year 402,340 $ 7.14 Year Ended December 31, 2016 2015 2014 Income before income taxes $ 1,200 $ 800 $ 900 Net income attributable to Inter Parfums, Inc. 700 500 500 Diluted earnings per share attributable to Inter Parfums, Inc. 0.02 0.01 0.01 Year ended December 31, 2016 2015 2014 Options Weighted Options Weighted Options Weighted Shares under option - beginning of year 709,300 $ 24.34 639,495 $ 23.19 643,595 $ 19.58 Options granted 149,850 32.61 158,300 23.79 139,250 27.93 Options exercised (123,150) 18.69 (80,685) 13.82 (136,640) 11.19 Options forfeited (50,560) 27.18 (7,810) 27.77 (6,710) 19.37 Shares under option - end of year 685,440 26.95 709,300 24.34 639,495 23.19 At December 31, 2016, options for 1,078,755 4.3 2.8 The weighted average fair values of options granted by Inter Parfums, Inc. during 2016, 2015 and 2014 were $ 7.43 5.99 7.42 Year Ended December 31, 2016 2015 2014 Weighted-average expected stock-price volatility 29 % 33 % 34 % Weighted-average expected option life 5.0 years 5.0 years 5.0 years Weighted-average risk-free interest rate 2.0 % 1.7 % 1.7 % Weighted-average dividend yield 2.1 % 2.1 % 1.8 % 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 maintain its current payout ratio as a percentage of earnings. Year Ended December 31, 2016 2015 2014 Proceeds from stock options exercised, excluding cashless exercise of $0.7 million, $0.5 million and $0.6 million in 2016, 2015 and 2014, respectively $ 1,579 $ 653 $ 953 Tax benefits $ 400 $ 260 $ 670 Intrinsic value of stock options exercised $ 1,860 $ 1,137 $ 2,733 Options outstanding Number weighted average remaining Options Exercise prices outstanding contractual life exercisable $15.59 70,050 0.99 years 70,050 $17.07 250 0.08 years 250 $19.33 87,310 2.00 years 66,530 $21.76 2,750 1.08 years 1,750 $22.20 2,800 2.08 years 1,200 $23.61 127,850 5.00 years 25,570 $25.29 - $28.82 14,000 3.79 years 3,000 $26.40 5,000 4.08 years $27.80 114,880 4.00 years 45,880 $29.36 2,000 2.68 years 1,000 $32.12 - $32.83 148,350 5.91 years 1,750 $35.75 110,200 3.00 years 66,120 Totals 685,440 3.85 years 283,100 As of December 31, 2016, the weighted average exercise price of options exercisable was $ 24.20 2.59 2.6 The Chief Executive Officer and the President each exercised 19,000 19,000 32,875 0.7 0.5 0.6 20,658 18,764 19,656 2,179 1,299 3,112 In September 2016, Interparfums SA, approved a plan to grant an aggregate of 15,100 133,000 The fair value of the grant of € 22.46 25.00 137,381 3.1 3.4 0.4 To avoid dilution of the Company’s ownership of Interparfums SA, all shares to be distributed pursuant to this plan will be pre-existing shares of Interparfums SA, purchased in the open market by Interparfums SA. As of December 31, 2016, a total of 108,348 2.9 Dividends In October 2016, the Board of Directors of the Company authorized a 13 0.68 5.3 0.17 0.17 April 14, 2017 March 31, 2017 |
Net Income Attributable to Inte
Net Income Attributable to Inter Parfums, Inc. Common Shareholders | 12 Months Ended |
Dec. 31, 2016 | |
Net Income Attributable to Inter Parfums, Inc. Common Shareholders [Abstract] | |
Earnings Per Share [Text Block] | (13) 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 income attributable to Inter Parfums, Inc. by the weighted average number of shares outstanding. Net income 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. 2016 2015 2014 Numerator for diluted earnings per share $ 33,331 $ 30,437 $ 29,436 Denominator: Weighted average shares 31,072,328 30,996,137 30,931,308 Effect of dilutive securities: Stock options 103,270 104,078 129,018 Denominator for diluted earnings per share 31,175,598 31,100,215 31,060,326 Earnings per share: Net income attributable to Inter Parfums, Inc. common shareholders: Basic $ 1.07 $ 0.98 $ 0.95 Diluted 1.07 0.98 0.95 Not included in the above computations is the effect of anti-dilutive potential common shares, which consist of outstanding options to purchase 267,000 272,000 130,000 |
Segments and Geographic Areas
Segments and Geographic Areas | 12 Months Ended |
Dec. 31, 2016 | |
Segments and Geographic Areas [Abstract] | |
Segment Reporting Disclosure [Text Block] | (14) Segments 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. Both European and United States operations primarily represent the sale of prestige brand name fragrances. Year ended December 31, 2016 2015 2014 Net sales: United States $ 117,256 $ 105,851 $ 105,270 Europe 404,198 362,911 394,164 Eliminations of intercompany sales (382) (222) (173) $ 521,072 $ 468,540 $ 499,261 Net income attributable to Inter Parfums, Inc.: United States $ 8,285 $ 7,640 $ 8,069 Europe 25,120 22,797 21,367 Eliminations (74) $ 33,331 $ 30,437 $ 29,436 Depreciation and amortization expense including impairment loss: United States $ 1,816 $ 1,583 $ 1,554 Europe 13,525 7,495 8,612 $ 15,341 $ 9,078 $ 10,166 Interest and dividend income: United States $ 22 $ 18 $ 3 Europe 3,309 2,977 3,885 $ 3,331 $ 2,995 $ 3,888 Interest expense: United States $ $ 2 $ 73 Europe 2,340 2,824 1,405 $ 2,340 $ 2,826 $ 1,478 Income tax expense: United States $ 4,278 $ 3,923 $ 4,643 Europe 19,596 17,604 14,727 Eliminations (48) $ 23,826 $ 21,527 $ 19,370 December 31, 2016 2015 2014 Total assets: United States $ 89,930 $ 80,761 $ 78,740 Europe 602,077 616,199 535,049 Eliminations of investment in subsidiary (9,598) (9,301) (9,283) $ 682,409 $ 687,659 $ 604,506 Additions to long-lived assets: United States $ 930 $ 1,283 $ 1,165 Europe 4,812 122,663 3,059 $ 5,742 $ 123,946 $ 4,224 Total long-lived assets: United States $ 12,247 $ 13,133 $ 13,433 Europe 181,697 197,535 94,285 $ 193,944 $ 210,668 $ 107,718 Deferred tax assets: United States $ 194 $ 365 $ 396 Europe 7,848 6,817 6,452 Eliminations 48 - - $ 8,090 $ 7,182 $ 6,848 United States export sales were approximately $ 77.5 66.3 61.0 Year ended December 31, 2016 2015 2014 North America $ 149,600 $ 125,700 $ 125,900 Europe 192,800 170,600 177,900 Central and South America 43,900 41,100 57,700 Middle East 42,200 41,900 40,300 Asia 81,600 78,200 85,600 Other 11,000 11,000 11,900 $ 521,100 $ 468,500 $ 499,300 Year Ended December 31, 2016 2015 2014 United States $ 144,000 $ 122,000 $ 119,000 United Kingdom $ 31,000 $ 32,000 $ 37,000 France $ 43,000 $ 34,000 $ 50,000 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Taxes [Abstract] | |
Income Tax Disclosure [Text Block] | Income Taxes The Company or its subsidiaries file income tax returns in the U.S. federal, and various states and foreign jurisdictions. The Company assessed its uncertain tax positions and determined that it has no uncertain The components of income before income taxes consist of the following: Year ended December 31, 2016 2015 2014 U.S. operations $ 12,441 $ 11,564 $ 12,712 Foreign operations 54,633 48,932 44,003 $ 67,074 $ 60,496 $ 56,715 The provision for current and deferred income tax expense (benefit) consists of the following: Year ended December 31, 2016 2015 2014 Current: Federal $ 3,792 $ 3,660 $ 4,374 State and local 309 220 323 Foreign 21,099 16,806 15,229 25,200 20,686 19,926 Deferred: Federal 113 30 (84 ) State and local 9 1 30 Foreign (1,496 ) 810 (502 ) (1,374 ) 841 (556 ) Total income tax expense $ 23,826 $ 21,527 $ 19,370 The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are as follows: December 31, 2016 2015 Net deferred tax assets: Foreign net operating loss carry-forwards $ 821 $ 296 Inventory and accounts receivable 1,875 2,321 Profit sharing 3,187 2,442 Stock option compensation 864 717 Effect of inventory profit elimination 2,888 2,170 Other (724 ) (468 ) Total gross deferred tax assets, net 8,911 7,478 Valuation allowance (821 ) (296 ) Net deferred tax assets 8,090 7,182 Deferred tax liabilities (long-term): Trademarks and licenses (3,449 ) (3,746 ) Other Total deferred tax liabilities (3,449 ) (3,746 ) Net deferred tax assets $ 4,641 $ 3,436 Valuation allowances are provided for foreign net operating loss carry-forwards, as future profitable operations from certain foreign subsidiaries might not be sufficient to realize the full amount of net operating loss carry-forwards. No other valuation allowances have been provided as management believes that it is more likely than not that the asset will be realized in the reduction of future taxable income. As previously reported, the French Tax Authorities examined the 2012 tax return of Interparfums SA, the Company’s majority owned Paris-based subsidiary, and in August 2015 issued a $6.9 million tax adjustment. It is the Company’s position that the French Tax Authorities are incorrect in their assessments and the Company believes that it has strong arguments to support its tax positions. The main issues challenged by the French Tax Authorities related to the commission rate and royalty rate paid to Interparfums Singapore Pte. and Interparfums (Suisse) SARL, respectively. Interparfums Singapore Pte. and Interparfums (Suisse) SARL are wholly-owned subsidiaries of Interparfums SA. Due to the subjective nature of the issues involved, in April 2016, Interparfums SA reached an agreement in principle to settle the entire matter with the French Tax Authorities. The settlement requires Interparfums SA to pay a tax assessment of $1.9 million covering the issues for not only the 2012 tax year, but also covering the issues for the tax years ended 2013 through 2015. The settlement also includes an agreement as to future acceptable commission and royalty rates, which is not expected to have a significant impact on cash flow. The settlement, which for 2012, is subject to formal documentation with the French Tax Authorities, was accrued as of March 31, 2016. In July 2016, Interparfums SA paid $1.1 million to the French Tax Authorities relating to tax years 2013 and 2014. The Company is no longer subject to U.S. federal, state and local or non-U.S. income tax examinations by tax authorities for years before 2013. The Company has not provided for U.S. deferred income taxes on $365 million of undistributed earnings of its non-U.S. subsidiaries as of December 31, 2016 since the Company intends to reinvest most of these earnings in its foreign operations indefinitely and the Company believes it has sufficient foreign tax credits available to offset any potential tax on amounts that have been and are planned to be repatriated. Year ended December 31, 2016 2015 2014 Statutory rates 34.0 % 34.0 % 34.0 % State and local taxes, net of Federal benefit 0.3 0.2 0.1 Effect of foreign taxes greater than U.S. statutory rates 1.5 1.6 0.4 Other (0.3 ) (0.2 ) (0.3 ) Effective rates 35.5 % 35.6 % 34.2 % |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Comprehensive Income (Loss) Note [Text Block] | (16) Accumulated Other Comprehensive Loss Year ended December 31, 2016 2015 2014 Net derivative instruments, beginning of year $ $ $ Net derivative instrument loss, net of tax (17) Net derivative instruments, end of year (17) Cumulative translation adjustments, beginning of year (48,091) (15,823) 25,860 Translation adjustments (9,874) (32,268) (41,683) Cumulative translation adjustments, end of year (57,965) (48,091) (15,823) Accumulated other comprehensive loss $ (57,982) $ (48,091) $ (15,823) |
Net Income Attributable to In24
Net Income Attributable to Inter Parfums, Inc. and Transfers from the Noncontrolling Interest | 12 Months Ended |
Dec. 31, 2016 | |
Net Income Attributable to Inter Parfums, Inc. and Transfers from the Noncontrolling Interest [Abstract] | |
Noncontrolling Interest Disclosure [Text Block] | Net Income Attributable to Inter Parfums, Inc. and Transfers from the Noncontrolling Interest Year ended December 31, 2016 2015 2014 Net income attributable to Inter Parfums, Inc. $ 33,331 $ 30,437 $ 29,436 Decrease in Inter Parfums, Inc.'s additional paid-in capital for subsidiary share transactions (1,926) (192) (335) Change from net income attributable to Inter Parfums, Inc. and transfers from noncontrolling interest $ 31,405 $ 30,245 $ 29,101 |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2016 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | Valuation and Qualifying Accounts (In thousands) Column A Column B Column C Column D Column E Additions (1) (2) Charged to Balance at Charged to other beginning of costs and accounts Deductions Balance at Description period expenses describe describe end of period Allowance for doubtful accounts: Year ended December 31, 2016 $ 1,823 349 (68) (d) 93 (a) 2,011 Year ended December 31, 2015 $ 1,609 442 (164) (d) 64 (a) 1,823 Year ended December 31, 2014 $ 2,533 412 (233) (d) 1,103 (a) 1,609 Sales return accrual: Year ended December 31, 2016 $ 4,047 3,789 - 4,504 (b) 3,332 Year ended December 31, 2015 $ 5,309 3,490 - 4,752 (b) 4,047 Year ended December 31, 2014 $ 3,843 5,258 - 3,792 (b) 5,309 Inventory reserve: Year ended December 31, 2016 $ 6,641 5,234 (135) (d) 6,424 (c) 5,316 Year ended December 31, 2015 $ 5,970 5,563 (499) (d) 4,393 (c) 6,641 Year ended December 31, 2014 $ 6,791 5,077 (644) (d) 5,254 (c) 5,970 (a) Write-off of bad debts. (b) Write-off of sales returns. (c) Disposal of inventory (d) Foreign currency translation adjustment |
The Company and its Significa26
The Company and its Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Significant Accounting Policies [Abstract] | |
Business Description and Accounting Policies [Text Block] | Business of the Company Inter Parfums, Inc. and its subsidiaries (the “Company”) are in the fragrance business and manufacture and distribute a wide array of fragrances and fragrance related products. Substantially all of our prestige fragrance brands are licensed from unaffiliated third parties, and our business is dependent upon the continuation and renewal of such licenses. With respect to the Company’s largest brands, we own the Lanvin brand name for our class of trade, and license the Montblanc and Jimmy Choo brand names. Year Ended December 31, 2016 2015 2014 Montblanc 23 % 21 % 22 % Jimmy Choo 17 % 20 % 16 % Lanvin 12 % 15 % 18 % No other brand represented 10% or more of consolidated net sales. |
Basis of Accounting, Policy [Policy Text Block] | The consolidated financial statements include the accounts of the Company, including 73 In 2015, Interparfums SA formed a subsidiary in Spain, Parfums Rochas. The subsidiary is 51 49 |
Use of Estimates, Policy [Policy Text Block] | Management Estimates Management makes assumptions and estimates to prepare financial statements in conformity with accounting principles generally accepted in the United States of America. Those assumptions and estimates directly affect the amounts reported and disclosures included in the consolidated financial statements. Actual results could differ from those assumptions and estimates. Significant estimates for which changes in the near term are considered reasonably possible and that may have a material impact on the financial statements are disclosed in these notes to the consolidated financial statements. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Translation For foreign subsidiaries with operations denominated in a foreign currency, assets and liabilities are translated to U.S. dollars at year-end exchange rates. Income and expense items are translated at average rates of exchange prevailing during the year. Gains and losses from translation adjustments are accumulated in a separate component of shareholders’ equity. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents and Short-Term Investments All highly liquid investments purchased with a maturity of three months or less are considered to be cash equivalents. From time to time, the Company has short-term investments which consist of certificates of deposit with maturities greater than three months. The Company monitors concentrations of credit risk associated with financial institutions with which the Company conducts significant business. The Company believes its credit risk is minimal, as the Company primarily conducts business with large, well-established financial institutions. Substantially all cash and cash equivalents are held at financial institutions outside the United States and are readily convertible into U.S. dollars. |
Trade and Other Accounts Receivable, Policy [Policy Text Block] | Accounts receivable represent payments due to the Company for previously recognized net sales, reduced by allowances for sales returns and doubtful accounts or balances which are estimated to be uncollectible, which aggregated $ 5.3 5.9 |
Inventory, Policy [Policy Text Block] | Inventories Inventories, including promotional merchandise, only include inventory considered saleable or usable in future periods, and is stated at the lower of cost and net realizable value, with cost being determined on the first-in, first-out method. Cost components include raw materials, direct labor and overhead (e.g., indirect labor, utilities, depreciation, purchasing, receiving, inspection and warehousing) as well as inbound freight. Promotional merchandise is charged to cost of sales at the time the merchandise is shipped to the Company’s customers. |
Derivatives, Policy [Policy Text Block] | Derivatives All derivative instruments are recorded as either assets or liabilities and measured at fair value. The Company uses derivative instruments to principally manage a variety of market risks. For derivatives designated as hedges of the exposure to changes in fair value of the recognized asset or liability or a firm commitment (referred to as fair value hedges), the gain or loss is recognized in earnings in the period of change together with the offsetting loss or gain on the hedged item attributable to the risk being hedged. The effect of that accounting is to include in earnings the extent to which the hedge is not effective in achieving offsetting changes in fair value. For cash flow hedges, the effective portion of the derivative’s gain or loss is initially reported in equity (as a component of accumulated other comprehensive income) and is subsequently reclassified into earnings in the same period or periods during which the hedged forecasted transaction affects earnings. The ineffective portion of the gain or loss of a cash flow hedge is reported in earnings immediately. The Company also holds certain instruments for economic purposes that are not designated for hedge accounting treatment. For these derivative instruments, changes in their fair value are recorded in earnings immediately. |
Property, Plant and Equipment, Policy [Policy Text Block] | Equipment and Leasehold Improvements Equipment and leasehold improvements are stated at cost less accumulated depreciation and amortization. Depreciation and amortization are provided using the straight-line method over the estimated useful lives for equipment, which range between three and ten years and the shorter of the lease term or estimated useful asset lives for leasehold improvements. Depreciation provided on equipment used to produce inventory, such as tools and molds, is included in cost of sales. |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Indefinite-lived intangible assets principally consist of trademarks which are not amortized. The Company evaluates indefinite-lived intangible assets for impairment at least annually during the fourth quarter, or more frequently when events occur or circumstances change, such as an unexpected decline in sales, that would more likely than not indicate that the carrying value of an indefinite-lived intangible asset may not be recoverable. When testing indefinite-lived intangible assets for impairment, the evaluation requires a comparison of the estimated fair value of the asset to the carrying value of the asset. The fair values used in our evaluations are estimated based upon discounted future cash flow projections using a weighted average cost of capital of 6.2 Intangible assets subject to amortization are evaluated for impairment testing whenever events or changes in circumstances indicate that the carrying amount of an amortizable intangible asset may not be recoverable. If impairment indicators exist for an amortizable intangible asset, the undiscounted future cash flows associated with the expected service potential of the asset are compared to the carrying value of the asset. If our projection of undiscounted future cash flows is in excess of the carrying value of the intangible asset, no impairment charge is recorded. If our projection of undiscounted future cash flows is less than the carrying value of the intangible asset, an impairment charge would be recorded to reduce the intangible asset to its fair value. |
Revenue Recognition, Policy [Policy Text Block] | The Company sells its products to department stores, perfumeries, specialty stores and domestic and international wholesalers and distributors. Sales of such products by our domestic subsidiaries are denominated in U.S. dollars, and sales of such products by our foreign subsidiaries are primarily denominated in either euro or U.S. dollars. The Company recognizes revenues when merchandise is shipped and the risk of loss passes to the customer. Net sales are comprised of gross revenues less returns, trade discounts and allowances. The Company does not bill its customers’ freight and handling charges. All shipping and handling costs, which aggregated $ 5.1 4.7 5.2 10 |
Revenue Recognition, Sales Returns [Policy Text Block] | Sales Returns Generally, the Company does not permit customers to return their unsold products. However, for U.S. based customers, we allow returns if properly requested, authorized and approved. The Company regularly reviews and revises, as deemed necessary, its estimate of reserves for future sales returns based primarily upon historic trends and relevant current data including information provided by retailers regarding their inventory levels. In addition, as necessary, specific accruals may be established for significant future known or anticipated events. The types of known or anticipated events that we consider include, but are not limited to, the financial condition of our customers, store closings by retailers, changes in the retail environment and our decision to continue to support new and existing products. The Company records estimated reserves for sales returns as a reduction of sales, cost of sales and accounts receivable. Returned products are recorded as inventories and are valued based upon estimated realizable value. The physical condition and marketability of returned products are the major factors we consider in estimating realizable value. Actual returns, as well as estimated realizable values of returned products, may differ significantly, either favorably or unfavorably, from our estimates, if factors such as economic conditions, inventory levels or competitive conditions differ from our expectations. |
Revenue Recognition, Incentives [Policy Text Block] | Payments to Customers The Company records revenues generated from purchase with purchase and gift with purchase promotions as sales and the costs of its purchase with purchase and gift with purchase promotions as cost of sales. Certain other incentive arrangements require the payment of a fee to customers based on their attainment of pre-established sales levels. These fees have been recorded as a reduction of net sales. |
Advertising Costs, Policy [Policy Text Block] | Advertising and promotional costs are expensed as incurred and recorded as a component of cost of goods sold (in the case of free goods given to customers) or selling, general and administrative expenses. Advertising and promotional costs included in selling, general and administrative expenses were $ 99.0 83.8 86.7 30.0 25.4 24.4 27.2 15.2 |
Package Development Costs, Policy [Policy Text Block] | Package Development Costs Package development costs associated with new products and redesigns of existing product packaging are expensed as incurred. |
Lease, Policy [Policy Text Block] | Operating Leases The Company recognizes rent expense from operating leases with various step rent provisions, rent concessions and escalation clauses on a straight-line basis over the applicable lease term. The Company considers lease renewals in the useful life of its leasehold improvements when such renewals are reasonably assured. In the event the Company receives capital improvement funding from its landlord, these amounts are recorded as deferred liabilities and amortized over the remaining lease term as a reduction of rent expense. |
Commitments and Contingencies, Policy [Policy Text Block] | The Company’s license agreements generally provide the Company with worldwide rights to manufacture, market and sell fragrance and fragrance related products using the licensors’ trademarks. The licenses typically have an initial term of approximately 5 15 1 15 5 10 In certain cases, the Company may pay an entry fee to acquire, or enter into, a license where the licensor or another licensee was operating a pre-existing fragrance business. In those cases, the entry fee is capitalized as an intangible asset and amortized over its useful life. Most license agreements require minimum royalty payments, incremental royalties based on net sales levels and minimum spending on advertising and promotional activities. Royalty expenses are accrued in the period in which net sales are recognized while advertising and promotional expenses are accrued at the time these costs are incurred. In addition, the Company is exposed to certain concentration risk. Substantially all of our prestige fragrance brands are licensed from unaffiliated third parties, and our business is dependent upon the continuation and renewal of such licenses. |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company accounts for income taxes using an asset and liability approach that requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in its financial statements or tax returns. The net deferred tax assets assume sufficient future earnings for their realization, as well as the continued application of currently enacted tax rates. Included in net deferred tax assets is a valuation allowance for deferred tax assets, where management believes it is more-likely-than-not that the deferred tax assets will not be realized in the relevant jurisdiction. If the Company determines that a deferred tax asset will not be realizable, an adjustment to the deferred tax asset will result in a reduction of net earnings at that time. |
Consolidation, Subsidiary Stock Issuances, Policy [Policy Text Block] | Issuance of Common Stock by Consolidated Subsidiary The difference between the Company’s share of the proceeds received by the subsidiary and the carrying amount of the portion of the Company’s investment deemed sold, is reflected as an equity adjustment in the consolidated balance sheets. |
Treasury Stock Policy [Policy Text Block] | Treasury Stock The Board of Directors may authorize share repurchases of the Company’s common stock (Share Repurchase Authorizations). Share repurchases under Share Repurchase Authorizations may be made through open market transactions, negotiated purchase or otherwise, at times and in such amounts within the parameters authorized by the Board. Shares repurchased under Share Repurchase Authorizations are held in treasury for general corporate purposes, including issuances under various employee stock option plans. Treasury shares are accounted for under the cost method and reported as a reduction of equity. Share Repurchase Authorizations may be suspended, limited or terminated at any time without notice. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In August 2016, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (“ASU”) to eliminate the diversity in practice related to the classification of certain cash receipts and payments in the statement of cash flows, by adding or clarifying guidance on eight specific cash flow issues. This ASU is effective for annual and interim periods beginning after December 15, 2017 and early adoption is permitted. We have evaluated the standard and determined that there will be no material impact on our consolidated financial statements. In March 2016, the FASB issued ASU 2016-09 which simplifies several aspects of the accounting for share-based payments, including the income tax consequences and classification on the statement of cash flows. This ASU is effective for annual and interim periods beginning after December 15, 2016 and early adoption is permitted. The Company elected to early adopt ASU 2016-09 in the fourth quarter of 2016 which required us to reflect any adjustments as of January 1, 2016, the beginning of the annual period that includes the interim period of adoption. Prior periods were not adjusted. Under previous guidance, excess tax benefits and certain tax deficiencies from share-based compensation arrangements were recorded in additional paid-in capital when the awards vested or were settled. ASU 2016-09 requires that all excess tax benefits and all tax deficiencies be recognized as income tax expense or benefit in the income statement and adoption is on a prospective basis. The adoption resulted in the recognition of excess tax benefits of $ 0.4 Excess tax benefits are required to be prospectively excluded from assumed future proceeds in the calculation of diluted shares under the adoption of ASU 2016-09. As a result of the adoption, the Company’s diluted weighted average number of common shares outstanding increased from 31,161,083 31,175,598 Year Ended December 31, 2016 Basic EPS prior to adoption of ASU 2016-09 $ 1.06 Basic EPS upon adoption of ASU 2016-09 $ 1.07 Diluted EPS prior to adoption of ASU 2016-09 $ 1.06 Diluted EPS upon adoption of ASU 2016-09 $ 1.07 In addition, under ASU 2016-09, excess tax benefits from stock-based compensation arrangements are classified in In February 2016, the FASB issued an ASU which requires lessees to recognize lease assets and lease liabilities arising from operating leases on the balance sheet. This ASU is effective for annual and interim reporting periods beginning after December 15, 2018 using a modified retrospective approach, with early adoption permitted. We are currently evaluating the standard to determine the impact of its adoption on our consolidated financial statements. In November 2015, the FASB issued an ASU that requires all deferred tax liabilities and assets to be classified as noncurrent on the balance sheet. This ASU is effective for annual and interim reporting periods beginning after December 15, 2016, with early adoption permitted. In addition, this guidance can be applied either prospectively or retrospectively to all periods presented. We are currently evaluating the standard to determine the impact of its adoption on our consolidated financial statements. In July 2015, the FASB issued an ASU modifying the accounting for inventory. Under this ASU, the measurement principle for inventory will change from lower of cost or market value to lower of cost and net realizable value. The ASU defines net realizable value as the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The ASU is applicable to inventory that is accounted for under the first-in, first-out method and is effective for reporting periods beginning In May 2014, the FASB issued an ASU which superseded the then most current revenue recognition requirements. This new revenue recognition standard requires entities to recognize revenue in a way that depicts the transfer of goods or services to customers in an amount that reflects the consideration which the entity expects to be entitled to in exchange for those goods or services. This guidance is effective for annual and interim reporting periods beginning after December 15, 2017, with early adoption permitted for annual periods after December 31, 2016. We have evaluated the standard and determined that there will be no material impact on our consolidated financial statements. There are no other recent accounting pronouncements issued but not yet adopted that would have a material effect on our consolidated financial statements. |
The Company and its Significa27
The Company and its Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Significant Accounting Policies [Abstract] | |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Year Ended December 31, 2016 2015 2014 Montblanc 23 % 21 % 22 % Jimmy Choo 17 % 20 % 16 % Lanvin 12 % 15 % 18 % |
Schedule Of Changes In Earnings Per Share Basic And Diluted [Table Text Block] | Year Ended December 31, 2016 Basic EPS prior to adoption of ASU 2016-09 $ 1.06 Basic EPS upon adoption of ASU 2016-09 $ 1.07 Diluted EPS prior to adoption of ASU 2016-09 $ 1.06 Diluted EPS upon adoption of ASU 2016-09 $ 1.07 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Inventories [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | December 31, 2016 2015 Raw materials and component parts $ 36,821 $ 30,569 Finished goods 60,156 67,777 $ 96,977 $ 98,346 |
Fair Value of Financial Instr29
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value of Financial Instruments [Abstract] | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | The following tables present our financial assets and liabilities 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. Fair Value Measurements at December 31, 2016 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 $ 94,202 $ $ 94,202 $ Liabilities: Foreign currency forward exchange contracts accounted for using hedge accounting $ 181 $ $ 181 $ Foreign currency forward exchange contracts not accounted for using hedge accounting 418 418 Interest rate swap 908 908 $ 1,507 $ $ 1,507 $ Fair Value Measurements at December 31, 2015 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 $ 82,847 $ $ 82,847 $ Foreign currency forward exchange contracts not accounted for using hedge accounting 123 123 $ 82,970 $ $ 82,970 $ Liabilities: Interest rate swaps $ 1,026 $ $ 1,026 $ |
Equipment and Leasehold Impro30
Equipment and Leasehold Improvements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Equipment and Leasehold Improvements [Abstract] | |
Property, Plant and Equipment [Table Text Block] | December 31, 2016 2015 Equipment $ 31,325 $ 27,757 Leasehold improvements 1,635 1,631 32,960 29,388 Less accumulated depreciation and amortization 22,884 20,055 $ 10,076 $ 9,333 |
Trademarks, Licenses and Othe31
Trademarks, Licenses and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Schedule Of Intangible Assets [Table Text Block] | 2016 Gross Accumulated Net Book Amount Amortization Value Trademarks (indefinite lives) $ 115,793 $ $ 115,793 Trademarks (finite lives) 40,794 63 40,731 Licenses (finite lives) 62,102 37,206 24,896 Other intangible assets (finite lives) 12,861 10,413 2,448 Subtotal 115,757 47,682 68,075 Total $ 231,550 $ 47,682 $ 183,868 2015 Gross Accumulated Net Book Amount Amortization Value Trademarks (indefinite lives) $ 119,459 $ $ 119,459 Trademarks (finite lives) 42,046 61 41,985 Licenses (finite lives) 66,082 28,994 37,088 Other intangible assets (finite lives) 12,366 9,563 2,803 Subtotal 120,494 38,618 81,876 Total $ 239,953 $ 38,618 $ 201,335 |
Commitments (Tables)
Commitments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Minimum future annual rental payments are as follows: 2017 $ 5,390 2018 5,028 2019 4,568 2020 3,689 2021 3,008 Thereafter 5,952 $ 27,635 |
Contractual Obligation, Fiscal Year Maturity Schedule [Table Text Block] | In connection with certain of these license agreements, the Company is subject to minimum annual advertising commitments, minimum annual royalties and other commitments as follows: 2017 $ 113,633 2018 111,489 2019 114,897 2020 116,188 2021 118,169 Thereafter 332,830 $ 907,206 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Schedule of Nonvested Share Activity [Table Text Block] | The following table sets forth information with respect to nonvested options for 2016: Weighted Average Grant Number of Shares Date Fair Value Nonvested options beginning of year 414,850 $ 6.86 Nonvested options granted 149,850 $ 7.43 Nonvested options vested or forfeited (162,360) $ 6.69 Nonvested options end of year 402,340 $ 7.14 |
Schedule of Share-based Compensation, Activity [Table Text Block] | The effect of share-based payment expenses decreased income statement line items as follows: Year Ended December 31, 2016 2015 2014 Income before income taxes $ 1,200 $ 800 $ 900 Net income attributable to Inter Parfums, Inc. 700 500 500 Diluted earnings per share attributable to Inter Parfums, Inc. 0.02 0.01 0.01 |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | The following table summarizes stock option activity and related information for the years ended December 31, 2016, 2015 and 2014: Year ended December 31, 2016 2015 2014 Options Weighted Options Weighted Options Weighted Shares under option - beginning of year 709,300 $ 24.34 639,495 $ 23.19 643,595 $ 19.58 Options granted 149,850 32.61 158,300 23.79 139,250 27.93 Options exercised (123,150) 18.69 (80,685) 13.82 (136,640) 11.19 Options forfeited (50,560) 27.18 (7,810) 27.77 (6,710) 19.37 Shares under option - end of year 685,440 26.95 709,300 24.34 639,495 23.19 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Year Ended December 31, 2016 2015 2014 Weighted-average expected stock-price volatility 29 % 33 % 34 % Weighted-average expected option life 5.0 years 5.0 years 5.0 years Weighted-average risk-free interest rate 2.0 % 1.7 % 1.7 % Weighted-average dividend yield 2.1 % 2.1 % 1.8 % |
Schedule of Cash Proceeds Received from Share-based Payment Awards [Table Text Block] | Proceeds, tax benefits and intrinsic value related to stock options exercised were as follows: Year Ended December 31, 2016 2015 2014 Proceeds from stock options exercised, excluding cashless exercise of $0.7 million, $0.5 million and $0.6 million in 2016, 2015 and 2014, respectively $ 1,579 $ 653 $ 953 Tax benefits $ 400 $ 260 $ 670 Intrinsic value of stock options exercised $ 1,860 $ 1,137 $ 2,733 |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | The following table summarizes additional stock option information as of December 31, 2016: Options outstanding Number weighted average remaining Options Exercise prices outstanding contractual life exercisable $15.59 70,050 0.99 years 70,050 $17.07 250 0.08 years 250 $19.33 87,310 2.00 years 66,530 $21.76 2,750 1.08 years 1,750 $22.20 2,800 2.08 years 1,200 $23.61 127,850 5.00 years 25,570 $25.29 - $28.82 14,000 3.79 years 3,000 $26.40 5,000 4.08 years $27.80 114,880 4.00 years 45,880 $29.36 2,000 2.68 years 1,000 $32.12 - $32.83 148,350 5.91 years 1,750 $35.75 110,200 3.00 years 66,120 Totals 685,440 3.85 years 283,100 |
Net Income Attributable to In34
Net Income Attributable to Inter Parfums, Inc. Common Shareholders (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Net Income Attributable to Inter Parfums, Inc. Common Shareholders [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The reconciliation between the numerators and denominators of the basic and diluted EPS computations is as follows: 2016 2015 2014 Numerator for diluted earnings per share $ 33,331 $ 30,437 $ 29,436 Denominator: Weighted average shares 31,072,328 30,996,137 30,931,308 Effect of dilutive securities: Stock options 103,270 104,078 129,018 Denominator for diluted earnings per share 31,175,598 31,100,215 31,060,326 Earnings per share: Net income attributable to Inter Parfums, Inc. common shareholders: Basic $ 1.07 $ 0.98 $ 0.95 Diluted 1.07 0.98 0.95 |
Segments and Geographic Areas (
Segments and Geographic Areas (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segments and Geographic Areas [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Information on the Company’s operations by segments is as follows: Year ended December 31, 2016 2015 2014 Net sales: United States $ 117,256 $ 105,851 $ 105,270 Europe 404,198 362,911 394,164 Eliminations of intercompany sales (382) (222) (173) $ 521,072 $ 468,540 $ 499,261 Net income attributable to Inter Parfums, Inc.: United States $ 8,285 $ 7,640 $ 8,069 Europe 25,120 22,797 21,367 Eliminations (74) $ 33,331 $ 30,437 $ 29,436 Depreciation and amortization expense including impairment loss: United States $ 1,816 $ 1,583 $ 1,554 Europe 13,525 7,495 8,612 $ 15,341 $ 9,078 $ 10,166 Interest and dividend income: United States $ 22 $ 18 $ 3 Europe 3,309 2,977 3,885 $ 3,331 $ 2,995 $ 3,888 Interest expense: United States $ $ 2 $ 73 Europe 2,340 2,824 1,405 $ 2,340 $ 2,826 $ 1,478 Income tax expense: United States $ 4,278 $ 3,923 $ 4,643 Europe 19,596 17,604 14,727 Eliminations (48) $ 23,826 $ 21,527 $ 19,370 December 31, 2016 2015 2014 Total assets: United States $ 89,930 $ 80,761 $ 78,740 Europe 602,077 616,199 535,049 Eliminations of investment in subsidiary (9,598) (9,301) (9,283) $ 682,409 $ 687,659 $ 604,506 Additions to long-lived assets: United States $ 930 $ 1,283 $ 1,165 Europe 4,812 122,663 3,059 $ 5,742 $ 123,946 $ 4,224 Total long-lived assets: United States $ 12,247 $ 13,133 $ 13,433 Europe 181,697 197,535 94,285 $ 193,944 $ 210,668 $ 107,718 Deferred tax assets: United States $ 194 $ 365 $ 396 Europe 7,848 6,817 6,452 Eliminations 48 - - $ 8,090 $ 7,182 $ 6,848 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | Consolidated net sales to customers by region are as follows: Year ended December 31, 2016 2015 2014 North America $ 149,600 $ 125,700 $ 125,900 Europe 192,800 170,600 177,900 Central and South America 43,900 41,100 57,700 Middle East 42,200 41,900 40,300 Asia 81,600 78,200 85,600 Other 11,000 11,000 11,900 $ 521,100 $ 468,500 $ 499,300 |
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | Consolidated net sales to customers in major countries are as follows: Year Ended December 31, 2016 2015 2014 United States $ 144,000 $ 122,000 $ 119,000 United Kingdom $ 31,000 $ 32,000 $ 37,000 France $ 43,000 $ 34,000 $ 50,000 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Taxes [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | The components of income before income taxes consist of the following: Year ended December 31, 2016 2015 2014 U.S. operations $ 12,441 $ 11,564 $ 12,712 Foreign operations 54,633 48,932 44,003 $ 67,074 $ 60,496 $ 56,715 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The provision for current and deferred income tax expense (benefit) consists of the following: Year ended December 31, 2016 2015 2014 Current: Federal $ 3,792 $ 3,660 $ 4,374 State and local 309 220 323 Foreign 21,099 16,806 15,229 25,200 20,686 19,926 Deferred: Federal 113 30 (84) State and local 9 1 30 Foreign (1,496) 810 (502) (1,374) 841 (556) Total income tax expense $ 23,826 $ 21,527 $ 19,370 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are as follows: December 31, 2016 2015 Net deferred tax assets: Foreign net operating loss carry-forwards $ 821 $ 296 Inventory and accounts receivable 1,875 2,321 Profit sharing 3,187 2,442 Stock option compensation 864 717 Effect of inventory profit elimination 2,888 2,170 Other (724) (468) Total gross deferred tax assets, net 8,911 7,478 Valuation allowance (821) (296) Net deferred tax assets 8,090 7,182 Deferred tax liabilities (long-term): Trademarks and licenses (3,449) (3,746) Other Total deferred tax liabilities (3,449) (3,746) Net deferred tax assets $ 4,641 $ 3,436 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Differences between the United States Federal statutory income tax rate and the effective income tax rate were as follows: Year ended December 31, 2016 2015 2014 Statutory rates 34.0 % 34.0 % 34.0 % State and local taxes, net of Federal benefit 0.3 0.2 0.1 Effect of foreign taxes greater than U.S. statutory rates 1.5 1.6 0.4 Other (0.3 ) (0.2 ) (0.3 ) Effective rates 35.5 % 35.6 % 34.2 % |
Accumulated Other Comprehensi37
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The components of accumulated other comprehensive loss consist of the following: Year ended December 31, 2016 2015 2014 Net derivative instruments, beginning of year $ $ $ Net derivative instrument loss, net of tax (17) Net derivative instruments, end of year (17) Cumulative translation adjustments, beginning of year (48,091) (15,823) 25,860 Translation adjustments (9,874) (32,268) (41,683) Cumulative translation adjustments, end of year (57,965) (48,091) (15,823) Accumulated other comprehensive loss $ (57,982) $ (48,091) $ (15,823) |
Net Income Attributable to In38
Net Income Attributable to Inter Parfums, Inc. and Transfers from the Noncontrolling Interest (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Net Income Attributable to Inter Parfums, Inc. and Transfers from the Noncontrolling Interest [Abstract] | |
Net Income Attributable to Parent and Transfers from Noncontrolling Interest [Table Text Block] | Year ended December 31, 2016 2015 2014 Net income attributable to Inter Parfums, Inc. $ 33,331 $ 30,437 $ 29,436 Decrease in Inter Parfums, Inc.'s additional paid-in capital for subsidiary share transactions (1,926) (192) (335) Change from net income attributable to Inter Parfums, Inc. and transfers from noncontrolling interest $ 31,405 $ 30,245 $ 29,101 |
The Company and its Significa39
The Company and its Significant Accounting Policies (Details) - Net sales [Member] | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Concentration Risk [Line Items] | |||
Percentage | 10.00% | 10.00% | 10.00% |
Montblanc [Member] | |||
Concentration Risk [Line Items] | |||
Percentage | 23.00% | 21.00% | 22.00% |
Lanvin [Member] | |||
Concentration Risk [Line Items] | |||
Percentage | 12.00% | 15.00% | 18.00% |
Jimmy Choo [Member] | |||
Concentration Risk [Line Items] | |||
Percentage | 17.00% | 20.00% | 16.00% |
The Company and its Significa40
The Company and its Significant Accounting Policies (Details 1) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Earnings Per Share, Basic | $ 1.07 | $ 0.98 | $ 0.95 |
Earnings Per Share, Diluted | 1.07 | $ 0.98 | $ 0.95 |
Scenario, Previously Reported [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Earnings Per Share, Basic | 1.06 | ||
Earnings Per Share, Diluted | $ 1.06 |
The Company and its Significa41
The Company and its Significant Accounting Policies (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Allowances for sales returns and doubtful accounts | $ 5.3 | $ 5.9 | |
Shipping and handling costs | 5.1 | 4.7 | $ 5.2 |
Advertising costs | 99 | 83.8 | 86.7 |
Customer incentives cost | $ 30 | $ 25.4 | $ 24.4 |
Weighted average cost of capital | 6.20% | ||
Royalty expense, percentage of net sales | 7.30% | 7.20% | 7.10% |
Accrued Advertising, Current | $ 27.2 | $ 15.2 | |
Weighted Average Number of Shares Outstanding, Diluted | 31,175,598 | 31,100,215 | 31,060,326 |
Accounting Standards Update 2016-09 [Member] | |||
Income Taxes Receivable | $ 0.4 | ||
Sales Revenue, Net [Member] | |||
Concentration Risk, Percentage | 10.00% | 10.00% | 10.00% |
Parfums Rochas [Member] | |||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 49.00% | ||
Interparfums SA [Member] | |||
Ownership percentage in Interparfums SA | 73.00% | 51.00% | |
Minimum [Member] | |||
License agreement term | 5 years | ||
License agreement renewal term | 1 year | ||
Royalty expense, percentage of net sales | 5.00% | ||
Minimum [Member] | Accounting Standards Update 2016-09 [Member] | |||
Weighted Average Number of Shares Outstanding, Diluted | 31,161,083 | ||
Maximum [Member] | |||
License agreement term | 15 years | ||
License agreement renewal term | 15 years | ||
Royalty expense, percentage of net sales | 10.00% | ||
Maximum [Member] | Accounting Standards Update 2016-09 [Member] | |||
Weighted Average Number of Shares Outstanding, Diluted | 31,175,598 |
Buyout of License (Details Text
Buyout of License (Details Textual) $ in Thousands, € in Millions | 1 Months Ended | 12 Months Ended | |||
Dec. 31, 2016USD ($) | Dec. 31, 2016EUR (€) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Proceeds from Sale of Intangible Assets | $ 5,700 | € 5.4 | |||
Gain (Loss) on Disposition of Intangible Assets | $ 4,700 | $ 4,652 | $ 0 | $ 0 |
Recent Agreements (Details Text
Recent Agreements (Details Textual) € in Millions, $ in Millions | 1 Months Ended | ||||||
Sep. 30, 2016 | Oct. 31, 2015 | Sep. 30, 2015 | May 31, 2015USD ($) | May 31, 2015EUR (€) | Apr. 30, 2015 | Dec. 31, 2014 | |
Montblanc [Member] | |||||||
Business Acquisition [Line Items] | |||||||
License Agreement Term | 10 years | ||||||
French Connection [Member] | |||||||
Business Acquisition [Line Items] | |||||||
License Agreement Term | 12 years | ||||||
Rochas [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Payment for related inventory | $ 4.4 | ||||||
Abercrombie Fitch and Hollister [Member] | |||||||
Business Acquisition [Line Items] | |||||||
License Agreement Term | 7 years | ||||||
Coach [Member] | |||||||
Business Acquisition [Line Items] | |||||||
License Agreement Term | 11 years | ||||||
S.T. Dupont [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Renewal Of License Agreement Term Years | 3 years | ||||||
Trademarks [Member] | Rochas [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Acquired intangible assets with indefinite lives | € | € 106 | ||||||
Acquisition related expenses | 5.4 | ||||||
Fashion Trademarks [Member] | Rochas [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Acquisition related expenses | 21 | ||||||
Rochas Brand [Member] | Trademarks [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Acquired intangible assets with indefinite lives | $ 118 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Inventory [Line Items] | ||
Raw materials and component parts | $ 36,821 | $ 30,569 |
Finished goods | 60,156 | 67,777 |
Inventories | $ 96,977 | $ 98,346 |
Inventories (Details textual)
Inventories (Details textual) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Inventory [Line Items] | ||
Cost of Goods Sold, Overhead | $ 3.1 | $ 3.7 |
Inventory Valuation Reserves | $ 5.4 | $ 6.6 |
Fair Value of Financial Instr46
Fair Value of Financial Instruments (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Assets: | ||
Short-term investments | $ 94,202 | $ 82,847 |
Foreign currency forward exchange contracts not accounted for using hedge accounting | 123 | |
Total assets | 82,970 | |
Liabilities: | ||
Foreign currency forward exchange contracts accounted for using hedge accounting | 181 | |
Foreign currency forward exchange contracts not accounted for using hedge accounting | 418 | |
Interest rate swap | 908 | 1,026 |
Total Liabilities | 1,507 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Assets: | ||
Short-term investments | 0 | 0 |
Foreign currency forward exchange contracts not accounted for using hedge accounting | 0 | |
Total assets | 0 | |
Liabilities: | ||
Foreign currency forward exchange contracts accounted for using hedge accounting | 0 | |
Foreign currency forward exchange contracts not accounted for using hedge accounting | 0 | |
Interest rate swap | 0 | 0 |
Total Liabilities | 0 | |
Significant Other Observable Inputs (Level 2) [Member] | ||
Assets: | ||
Short-term investments | 94,202 | 82,847 |
Foreign currency forward exchange contracts not accounted for using hedge accounting | 123 | |
Total assets | 82,970 | |
Liabilities: | ||
Foreign currency forward exchange contracts accounted for using hedge accounting | 181 | |
Foreign currency forward exchange contracts not accounted for using hedge accounting | 418 | |
Interest rate swap | 908 | 1,026 |
Total Liabilities | 1,507 | |
Significant Unobservable Inputs (Level 3) [Member] | ||
Assets: | ||
Short-term investments | 0 | 0 |
Foreign currency forward exchange contracts not accounted for using hedge accounting | 0 | |
Total assets | 0 | |
Liabilities: | ||
Foreign currency forward exchange contracts accounted for using hedge accounting | 0 | |
Foreign currency forward exchange contracts not accounted for using hedge accounting | 0 | |
Interest rate swap | 0 | $ 0 |
Total Liabilities | $ 0 |
Derivative Financial Instrume47
Derivative Financial Instruments (Details Textual) ¥ in Millions, £ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2016USD ($) | Dec. 31, 2016GBP (£) | Dec. 31, 2016JPY (¥) | Dec. 31, 2015USD ($) | |
Derivative Financial Instruments [Line Items] | ||||
Maximum maturity period | 1 year | 1 year | 1 year | |
Foreign Exchange Contract [Member] | ||||
Derivative Financial Instruments [Line Items] | ||||
Maximum maturity period | 0 years | 0 years | 0 years | |
Derivative, Gain (Loss) on Derivative, Net, Total | $ 69.8 | £ 1.8 | ¥ 50 | |
Interest Rate Swap [Member] | ||||
Derivative Financial Instruments [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net, Total | 0.1 | $ (1) | ||
Rochas brand [Member] | Trademarks [Member] | Term Loan [Member] | ||||
Derivative Financial Instruments [Line Items] | ||||
Cash paid for acquisition and financed by loan, amount | $ 108 | |||
Cash paid for acquisition and financed by loan, term | 5 years | 5 years | 5 years | |
Rochas brand [Member] | Trademarks [Member] | Term Loan [Member] | Foreign Exchange Contract [Member] | ||||
Derivative Financial Instruments [Line Items] | ||||
Notional amount | $ 108 | |||
Exchange rate (dollar per euro) | 1.067 |
Equipment and Leasehold Impro48
Equipment and Leasehold Improvements (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment [Line Items] | ||
Equipment and leasehold improvements | $ 32,960 | $ 29,388 |
Less accumulated depreciation and amortization | 22,884 | 20,055 |
Property, Plant and Equipment, Net, Total | 10,076 | 9,333 |
Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Equipment and leasehold improvements | 31,325 | 27,757 |
Leasehold improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Equipment and leasehold improvements | $ 1,635 | $ 1,631 |
Equipment and Leasehold Impro49
Equipment and Leasehold Improvements (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation, Depletion and Amortization, Total | $ 3.7 | $ 3.3 | $ 3.3 |
Trademarks, Licenses and Othe50
Trademarks, Licenses and Other Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | $ 115,757 | $ 120,494 |
Accumulated Amortization | 47,682 | 38,618 |
Net Book Value | 68,075 | 81,876 |
Total Gross Amount | 231,550 | 239,953 |
Total Accumulated Amortization | 47,682 | 38,618 |
Total Net Book Value | 183,868 | 201,335 |
Trademarks (indefinite lives) [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | 115,793 | 119,459 |
Accumulated Amortization | 0 | 0 |
Net Book Value | 115,793 | 119,459 |
Trademarks (finite lives) [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | 40,794 | 42,046 |
Accumulated Amortization | 63 | 61 |
Net Book Value | 40,731 | 41,985 |
Licenses (finite lives) [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | 62,102 | 66,082 |
Accumulated Amortization | 37,206 | 28,994 |
Net Book Value | 24,896 | 37,088 |
Other intangible assets (finite lives) [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | 12,861 | 12,366 |
Accumulated Amortization | 10,413 | 9,563 |
Net Book Value | $ 2,448 | $ 2,803 |
Trademarks, Licenses and Othe51
Trademarks, Licenses and Other Intangible Assets (Details Textual) $ in Thousands, € in Millions | 12 Months Ended | |||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2016EUR (€) | |
Licensing Agreements Line Terms [Line Items] | ||||
Amortization expense | $ 5,900 | $ 5,800 | $ 6,600 | |
Future amortization expense: | ||||
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 5,700 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 5,700 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 4,600 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 4,600 | |||
Finite-Lived Intangible Assets, Amortization Expense, after Year Five | $ 4,600 | |||
Amortization period | 14 years | |||
Weighted average cost of capital | 6.20% | |||
Repurchase price | $ 74,000 | € 70 | ||
Impairment of Intangible Assets, Finite-lived | $ 5,658 | 0 | 0 | |
Maximum [Member] | ||||
Future amortization expense: | ||||
Amortization period | 20 years | |||
Minimum [Member] | ||||
Future amortization expense: | ||||
Amortization period | 3 years | |||
Trademarks [Member] | ||||
Future amortization expense: | ||||
Amortization period | 18 years | |||
Impairment of Intangible Assets, Finite-lived | $ 0 | $ 0 | $ 0 | |
Licenses [Member] | ||||
Future amortization expense: | ||||
Amortization period | 14 years | |||
Impairment of Intangible Assets, Finite-lived | $ 5,700 | |||
Other Intangible Assets [Member] | ||||
Future amortization expense: | ||||
Amortization period | 2 years |
Loans Payable - Banks (Details
Loans Payable - Banks (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Line of Credit Facility [Line Items] | ||
Weighted average interest rate on short-term borrowings | 0.00% | 0.00% |
Foreign Subsidiaries [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of credit, maximum borrowing amount | $ 26 | |
Line of credit, amount outstanding | $ 0 | $ 0 |
Foreign Subsidiaries [Member] | EURIBOR [Member] | ||
Line of Credit Facility [Line Items] | ||
Variable rate | 0.08% | |
Foreign Subsidiaries [Member] | Minimum [Member] | EURIBOR [Member] | ||
Line of Credit Facility [Line Items] | ||
Basis spread over variable interest rate | 0.50% | |
Foreign Subsidiaries [Member] | Maximum [Member] | EURIBOR [Member] | ||
Line of Credit Facility [Line Items] | ||
Basis spread over variable interest rate | 0.80% | |
Parent and Domestic Subsidiaries [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of credit, maximum borrowing amount | $ 20 | |
Line of credit, amount outstanding | $ 0 | $ 0 |
Maturity | Dec. 18, 2017 | |
Parent and Domestic Subsidiaries [Member] | Prime Rate [Member] | ||
Line of Credit Facility [Line Items] | ||
Basis spread over variable interest rate | 0.50% | |
Variable rate | 3.75% |
Long-term Debt (Details Textual
Long-term Debt (Details Textual) - USD ($) $ in Millions | 1 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | ||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | $ 21 | |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 21 | |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 21 | |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 21 | |
Long-term Debt, Maturities, Repayments of Principal in Year Five | $ 11 | |
Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Face Amount | $ 111 | |
Debt Instrument, Term | 5 years | |
Debt Instrument, Interest Rate During Period | 1.20% |
Commitments (Details)
Commitments (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Minimum future annual rental payments: | |
2,017 | $ 5,390 |
2,018 | 5,028 |
2,019 | 4,568 |
2,020 | 3,689 |
2,021 | 3,008 |
Thereafter | 5,952 |
Total | $ 27,635 |
Commitments (Details 1)
Commitments (Details 1) $ in Thousands | Dec. 31, 2016USD ($) |
Future minimum annual commitments: | |
2,017 | $ 113,633 |
2,018 | 111,489 |
2,019 | 114,897 |
2,020 | 116,188 |
2,021 | 118,169 |
Thereafter | 332,830 |
Total | $ 907,206 |
Commitments (Details Textual)
Commitments (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Rent Expense | $ 10.7 | $ 9.9 | $ 10.1 |
Royalty expense, percentage of net sales | 7.30% | 7.20% | 7.10% |
Royalty Expense | $ 37.8 | $ 33.8 | $ 35.6 |
Equity (Details)
Equity (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Nonvested Options, Number of Shares | |||
Beginning of year | 414,850 | ||
Options granted | 149,850 | 158,300 | 139,250 |
Vested or forfeited | (162,360) | ||
End of year | 402,340 | 414,850 | |
Weighted Average Grant Date Fair Value | |||
Beginning of year | $ 6.86 | ||
Granted | 7.43 | ||
Vested or forfeited | 6.69 | ||
End of year | $ 7.14 | $ 6.86 |
Equity (Details 1)
Equity (Details 1) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Income before income taxes | $ 67,074 | $ 60,496 | $ 56,715 |
Net income attributable to Inter Parfums, Inc. | $ 33,331 | $ 30,437 | $ 29,436 |
Diluted earnings per share attributable to Inter Parfums, Inc. | $ 1.07 | $ 0.98 | $ 0.95 |
Operating Income (Loss) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Income before income taxes | $ 1,200 | $ 800 | $ 900 |
Net income attributable to Inter Parfums, Inc. | $ 700 | $ 500 | $ 500 |
Diluted earnings per share attributable to Inter Parfums, Inc. | $ 0.02 | $ 0.01 | $ 0.01 |
Equity (Details 2)
Equity (Details 2) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Shares | |||
Shares under option - beginning of year | 709,300 | 639,495 | 643,595 |
Options granted | 149,850 | 158,300 | 139,250 |
Options exercised | (123,150) | (80,685) | (136,640) |
Options forfeited | (50,560) | (7,810) | (6,710) |
Shares under option - end of year | 685,440 | 709,300 | 639,495 |
Weighted Average Exercise Price | |||
Shares under option - beginning of year | $ 24.34 | $ 23.19 | $ 19.58 |
Options granted | 32.61 | 23.79 | 27.93 |
Options exercised | 18.69 | 13.82 | 11.19 |
Options forfeited | 27.18 | 27.77 | 19.37 |
Shares under option - end of year | $ 26.95 | $ 24.34 | $ 23.19 |
Equity (Details 3)
Equity (Details 3) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted-average expected stock-price volatility | 29.00% | 33.00% | 34.00% |
Weighted-average expected option life | 5 years | 5 years | 5 years |
Weighted-average risk-free interest rate | 2.00% | 1.70% | 1.70% |
Weighted-average dividend yield | 2.10% | 2.10% | 1.80% |
Equity (Details 4)
Equity (Details 4) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Proceeds from stock options exercised, excluding cashless exercise of $0.7 million, $0.5 million and $0.6 million in 2016, 2015 and 2014, respectively | $ 1,579 | $ 653 | $ 953 |
Tax benefits | 400 | 260 | 670 |
Intrinsic value of stock options exercised | $ 1,860 | $ 1,137 | $ 2,733 |
Equity (Details 5)
Equity (Details 5) | 12 Months Ended |
Dec. 31, 2016$ / sharesshares | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Number outstanding | 685,440 |
Options outstanding weighted average remaining contractual life | 3 years 10 months 6 days |
Options exercisable | 283,100 |
$15.59 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Number outstanding | 70,050 |
Options outstanding weighted average remaining contractual life | 11 months 26 days |
Options exercisable | 70,050 |
Exercise price range, maximum | $ / shares | $ 15.59 |
$17.07 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Number outstanding | 250 |
Options outstanding weighted average remaining contractual life | 29 days |
Options exercisable | 250 |
Exercise price range, maximum | $ / shares | $ 17.07 |
$19.33 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Number outstanding | 87,310 |
Options outstanding weighted average remaining contractual life | 2 years |
Options exercisable | 66,530 |
Exercise price range, maximum | $ / shares | $ 19.33 |
$21.76 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Number outstanding | 2,750 |
Options outstanding weighted average remaining contractual life | 1 year 29 days |
Options exercisable | 1,750 |
Exercise price range, maximum | $ / shares | $ 21.76 |
$22.20 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Number outstanding | 2,800 |
Options outstanding weighted average remaining contractual life | 2 years 29 days |
Options exercisable | 1,200 |
Exercise price range, maximum | $ / shares | $ 22.20 |
$23.61 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Number outstanding | 127,850 |
Options outstanding weighted average remaining contractual life | 5 years |
Options exercisable | 25,570 |
Exercise price range, maximum | $ / shares | $ 23.61 |
$25.29 - $28.82 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Number outstanding | 14,000 |
Options outstanding weighted average remaining contractual life | 3 years 9 months 14 days |
Options exercisable | 3,000 |
Exercise price range, minimum | $ / shares | $ 25.29 |
Exercise price range, maximum | $ / shares | $ 28.82 |
$26.40 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Number outstanding | 5,000 |
Options outstanding weighted average remaining contractual life | 4 years 29 days |
Options exercisable | 0 |
Exercise price range, maximum | $ / shares | $ 26.40 |
$27.80 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Number outstanding | 114,880 |
Options outstanding weighted average remaining contractual life | 4 years |
Options exercisable | 45,880 |
Exercise price range, maximum | $ / shares | $ 27.80 |
$29.36 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Number outstanding | 2,000 |
Options outstanding weighted average remaining contractual life | 2 years 8 months 5 days |
Options exercisable | 1,000 |
Exercise price range, maximum | $ / shares | $ 29.36 |
$32.12 - $32.83 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Number outstanding | 148,350 |
Options outstanding weighted average remaining contractual life | 5 years 10 months 28 days |
Options exercisable | 1,750 |
Exercise price range, minimum | $ / shares | $ 32.12 |
Exercise price range, maximum | $ / shares | $ 32.83 |
$35.75 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Number outstanding | 110,200 |
Options outstanding weighted average remaining contractual life | 3 years |
Options exercisable | 66,120 |
Exercise price range, maximum | $ / shares | $ 35.75 |
Equity (Details Textual)
Equity (Details Textual) € / shares in Units, $ / shares in Units, $ in Thousands, € in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Oct. 31, 2016USD ($)$ / shares | Sep. 30, 2016USD ($)$ / sharesshares | Sep. 30, 2016EUR (€)€ / sharesshares | Mar. 31, 2017$ / shares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Weighted average grant date fair value | $ / shares | $ 7.43 | ||||||
Shares issued upon exercise of stock options, shares | shares | 123,150 | 80,685 | 136,640 | ||||
Exercises, aggregate exercise prices | $ | $ 1,860 | $ 1,137 | $ 2,733 | ||||
Dividends Payable | $ | $ 5,300 | ||||||
Dividends Payable, Amount Per Share | $ / shares | $ 0.68 | $ 0.17 | |||||
Percentage of Increase in Annual Dividend | 13.00% | ||||||
Common Stock, Dividends, Per Share, Declared | $ / shares | $ 0.17 | $ 0.62 | $ 0.52 | $ 0.48 | |||
Interparfums SA [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Weighted average grant date fair value | (per share) | $ 25 | € 22.46 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | shares | 137,381 | 137,381 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost | $ 3,400 | € 3.1 | |||||
Allocated Share-based Compensation Expense | $ | $ 400 | ||||||
Share based Compensation Arrangement by Share based Payment Award Value Shares Purchased for Award | $ | $ 2,900 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Purchased for Award | shares | 108,348 | ||||||
Subsequent Event [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Dividends Payable, Amount Per Share | $ / shares | $ 0.17 | ||||||
Dividends Payable, Date to be Paid | Apr. 14, 2017 | ||||||
Dividends Payable, Date of Record | Mar. 31, 2017 | ||||||
Chief Executive Officer [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares issued upon exercise of stock options, shares | shares | 19,000 | 19,000 | 32,875 | ||||
Exercises, aggregate exercise prices | $ | $ 700 | $ 500 | $ 600 | ||||
Shares Paid For Stock Options Exercised | shares | 20,658 | 18,764 | 19,656 | ||||
Shares tendered for tax withholding | shares | 2,179 | 1,299 | 3,112 | ||||
Employees [Member] | Interparfums SA [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | shares | 15,100 | 15,100 | |||||
Officers And Managers [Member] | Interparfums SA [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | shares | 133,000 | 133,000 | |||||
Equity Option [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Employee stock options, fair value of shares vested | $ | $ 900 | $ 800 | |||||
Number of shares available for grant | shares | 1,078,755 | ||||||
Aggregate intrinsic value of options outstanding | $ | $ 4,300 | ||||||
Unrecognized compensation cost related to stock options | $ | $ 2,800 | ||||||
Term | 6 years | ||||||
Unrecognized compensation cost, recognition period | 5 years | ||||||
Weighted average grant date fair value | $ / shares | $ 7.43 | $ 5.99 | $ 7.42 | ||||
Options exercisable, weighted average exercise price | $ / shares | $ 24.20 | ||||||
Weighted average remaining contractual life of options outstanding, options exercisable | 2 years 7 months 2 days | ||||||
Aggregate intrinsic value of exercisable options | $ | $ 2,600 | ||||||
Equity Option [Member] | Maximum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | ||||||
Equity Option [Member] | Minimum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years |
Net Income Attributable to In64
Net Income Attributable to Inter Parfums, Inc. Common Shareholders (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Numerator: | |||
Numerator for diluted earnings per share | $ 33,331 | $ 30,437 | $ 29,436 |
Denominator: | |||
Weighted average shares | 31,072,328 | 30,996,137 | 30,931,308 |
Effect of dilutive securities: Stock options | 103,270 | 104,078 | 129,018 |
Denominator for diluted earnings per share | 31,175,598 | 31,100,215 | 31,060,326 |
Net income attributable to Inter Parfums, Inc. common shareholders: | |||
Basic | $ 1.07 | $ 0.98 | $ 0.95 |
Diluted | $ 1.07 | $ 0.98 | $ 0.95 |
Net Income Attributable to In65
Net Income Attributable to Inter Parfums, Inc. Common Shareholders (Details Textual) - shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 267,000 | 272,000 | 130,000 |
Segments and Geographic Areas66
Segments and Geographic Areas (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||
Net sales | $ 521,072 | $ 468,540 | $ 499,261 |
Net income attributable to Inter Parfums, Inc. | 33,331 | 30,437 | 29,436 |
Depreciation and amortization expense including impairment loss | 15,341 | 9,078 | 10,166 |
Interest and dividend income | 3,331 | 2,995 | 3,888 |
Interest expense | 2,340 | 2,826 | 1,478 |
Income tax expense | 23,826 | 21,527 | 19,370 |
Total assets | 682,409 | 687,659 | 604,506 |
Additions to long-lived assets | 5,742 | 123,946 | 4,224 |
Total long-lived assets | 193,944 | 210,668 | 107,718 |
Deferred tax assets | 8,090 | 7,182 | 6,848 |
Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | (382) | (222) | (173) |
Net income attributable to Inter Parfums, Inc. | (74) | 0 | 0 |
Income tax expense | (48) | 0 | 0 |
Total assets | (9,598) | (9,301) | (9,283) |
Deferred tax assets | 48 | 0 | 0 |
United States [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 117,256 | 105,851 | 105,270 |
Net income attributable to Inter Parfums, Inc. | 8,285 | 7,640 | 8,069 |
Depreciation and amortization expense including impairment loss | 1,816 | 1,583 | 1,554 |
Interest and dividend income | 22 | 18 | 3 |
Interest expense | 0 | 2 | 73 |
Income tax expense | 4,278 | 3,923 | 4,643 |
Total assets | 89,930 | 80,761 | 78,740 |
Additions to long-lived assets | 930 | 1,283 | 1,165 |
Total long-lived assets | 12,247 | 13,133 | 13,433 |
Deferred tax assets | 194 | 365 | 396 |
Europe [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 404,198 | 362,911 | 394,164 |
Net income attributable to Inter Parfums, Inc. | 25,120 | 22,797 | 21,367 |
Depreciation and amortization expense including impairment loss | 13,525 | 7,495 | 8,612 |
Interest and dividend income | 3,309 | 2,977 | 3,885 |
Interest expense | 2,340 | 2,824 | 1,405 |
Income tax expense | 19,596 | 17,604 | 14,727 |
Total assets | 602,077 | 616,199 | 535,049 |
Additions to long-lived assets | 4,812 | 122,663 | 3,059 |
Total long-lived assets | 181,697 | 197,535 | 94,285 |
Deferred tax assets | $ 7,848 | $ 6,817 | $ 6,452 |
Segments and Geographic Areas67
Segments and Geographic Areas (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues from External Customers [Line Items] | |||
Net sales | $ 521,072 | $ 468,540 | $ 499,261 |
North America [Member] | |||
Revenues from External Customers [Line Items] | |||
Net sales | 149,600 | 125,700 | 125,900 |
Europe [Member] | |||
Revenues from External Customers [Line Items] | |||
Net sales | 192,800 | 170,600 | 177,900 |
Central and South America [Member] | |||
Revenues from External Customers [Line Items] | |||
Net sales | 43,900 | 41,100 | 57,700 |
Middle East [Member] | |||
Revenues from External Customers [Line Items] | |||
Net sales | 42,200 | 41,900 | 40,300 |
Asia [Member] | |||
Revenues from External Customers [Line Items] | |||
Net sales | 81,600 | 78,200 | 85,600 |
Other [Member] | |||
Revenues from External Customers [Line Items] | |||
Net sales | $ 11,000 | $ 11,000 | $ 11,900 |
Segments and Geographic Areas68
Segments and Geographic Areas (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Unites States [Member] | |||
Revenue, Major Customer [Line Items] | |||
Net sales | $ 144,000 | $ 122,000 | $ 119,000 |
United Kingdom [Member] | |||
Revenue, Major Customer [Line Items] | |||
Net sales | 31,000 | 32,000 | 37,000 |
France [Member] | |||
Revenue, Major Customer [Line Items] | |||
Net sales | $ 43,000 | $ 34,000 | $ 50,000 |
Segments and Geographic Areas69
Segments and Geographic Areas (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Export Sales | $ 77.5 | $ 66.3 | $ 61 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
U.S. operations | $ 12,441 | $ 11,564 | $ 12,712 |
Foreign operations | 54,633 | 48,932 | 44,003 |
Income before income taxes | $ 67,074 | $ 60,496 | $ 56,715 |
Income Taxes (Details 1)
Income Taxes (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Current: | |||
Federal | $ 3,792 | $ 3,660 | $ 4,374 |
State and local | 309 | 220 | 323 |
Foreign | 21,099 | 16,806 | 15,229 |
Current income tax expense | 25,200 | 20,686 | 19,926 |
Deferred: | |||
Federal | 113 | 30 | (84) |
State and local | 9 | 1 | 30 |
Foreign | (1,496) | 810 | (502) |
Deferred income tax (benefit) | (1,374) | 841 | (556) |
Total income tax expense | $ 23,826 | $ 21,527 | $ 19,370 |
Income Taxes (Details 2)
Income Taxes (Details 2) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Net deferred tax assets: | |||
Foreign net operating loss carry-forwards | $ 821 | $ 296 | |
Inventory and accounts receivable | 1,875 | 2,321 | |
Profit sharing | 3,187 | 2,442 | |
Stock option compensation | 864 | 717 | |
Effect of inventory profit elimination | 2,888 | 2,170 | |
Other | (724) | (468) | |
Total gross deferred tax assets, net | 8,911 | 7,478 | |
Valuation allowance | (821) | (296) | |
Net deferred tax assets | 8,090 | 7,182 | $ 6,848 |
Deferred tax liabilities (long-term): | |||
Trademarks and licenses | (3,449) | (3,746) | |
Other | 0 | 0 | |
Total deferred tax liabilities | (3,449) | (3,746) | |
Net deferred tax assets | $ 4,641 | $ 3,436 |
Income Taxes (Details 3)
Income Taxes (Details 3) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statutory rates | 34.00% | 34.00% | 34.00% |
State and local taxes, net of Federal benefit | 0.30% | 0.20% | 0.10% |
Effect of foreign taxes greater than U.S. statutory rates | 1.50% | 1.60% | 0.40% |
Other | (0.30%) | (0.20%) | (0.30%) |
Effective rates | 35.50% | 35.60% | 34.20% |
Income Taxes (Details Textual)
Income Taxes (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Jul. 31, 2016 | Aug. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule Of Income Taxes Line Item [Line Items] | |||||
Deferred tax liability not recognized for undistributed earnings of foreign subsidiaries | $ 365,000 | ||||
Accrued Income Taxes, Current | 3,331 | $ 7,359 | |||
Income Tax Expense (Benefit) | 23,826 | $ 21,527 | $ 19,370 | ||
Interparfum SA [Member] | |||||
Schedule Of Income Taxes Line Item [Line Items] | |||||
Accrued Income Taxes, Current | $ 1,900 | ||||
Income Tax Expense (Benefit) | $ 1,100 | ||||
Foreign Tax Authority [Member] | |||||
Schedule Of Income Taxes Line Item [Line Items] | |||||
Tax Adjustments, Settlements, and Unusual Provisions | $ 6,900 |
Accumulated Other Comprehensi75
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning of year | $ (48,091) | $ (15,823) | |
End of year | (57,982) | (48,091) | $ (15,823) |
Net derivative instruments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning of year | 0 | 0 | 0 |
Net derivative instrument loss, net of tax | (17) | 0 | 0 |
End of year | (17) | 0 | 0 |
Cumulative translation adjustments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning of year | (48,091) | (15,823) | 25,860 |
Translation adjustments | (9,874) | (32,268) | (41,683) |
End of year | $ (57,965) | $ (48,091) | $ (15,823) |
Net Income Attributable to In76
Net Income Attributable to Inter Parfums, Inc. and Transfers from the Noncontrolling Interest (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||
Net income attributable to Inter Parfums, Inc. | $ 33,331 | $ 30,437 | $ 29,436 |
Decrease in Inter Parfums, Inc.'s additional paid-in capital for subsidiary share transactions | (1,926) | (192) | (335) |
Change from net income attributable to Inter Parfums, Inc. and transfers from noncontrolling interest | $ 31,405 | $ 30,245 | $ 29,101 |
Valuation and Qualifying Acco77
Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Allowance for Doubtful Accounts [Member] | ||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Balance at beginning of period | $ 1,823 | $ 1,609 | $ 2,533 | |
Charged to costs and expenses | 349 | 442 | 412 | |
Charged to other accounts | [1] | (68) | (164) | (233) |
Deductions | [2] | 93 | 64 | 1,103 |
Balance at end of period | 2,011 | 1,823 | 1,609 | |
Sales Return Accrual [Member] | ||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Balance at beginning of period | 4,047 | 5,309 | 3,843 | |
Charged to costs and expenses | 3,789 | 3,490 | 5,258 | |
Charged to other accounts | 0 | 0 | 0 | |
Deductions | [3] | 4,504 | 4,752 | 3,792 |
Balance at end of period | 3,332 | 4,047 | 5,309 | |
Inventory Reserve [Member] | ||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Balance at beginning of period | 6,641 | 5,970 | 6,791 | |
Charged to costs and expenses | 5,234 | 5,563 | 5,077 | |
Charged to other accounts | [1] | (135) | (499) | (644) |
Deductions | [4] | 6,424 | 4,393 | 5,254 |
Balance at end of period | $ 5,316 | $ 6,641 | $ 5,970 | |
[1] | Foreign currency translation adjustment | |||
[2] | Write-off of bad debts. | |||
[3] | Write-off of sales returns. | |||
[4] | Disposal of inventory |