Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2022 | Aug. 09, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2022 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2022 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 0-16469 | |
Entity Registrant Name | INTER PARFUMS, INC. | |
Entity Central Index Key | 0000822663 | |
Entity Tax Identification Number | 13-3275609 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 551 Fifth Avenue | |
Entity Address, City or Town | New York | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10176 | |
City Area Code | 212 | |
Local Phone Number | 983-2640 | |
Title of 12(b) Security | Common Stock, $.001 par value per share | |
Trading Symbol | IPAR | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 31,858,625 |
CONSOLIDATED BALANCE SHEETS (Un
CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 52,235 | $ 159,613 |
Short-term investments | 143,642 | 160,014 |
Accounts receivable, net | 192,547 | 159,281 |
Inventories | 265,835 | 198,914 |
Receivables, other | 7,441 | 10,308 |
Other current assets | 18,304 | 21,375 |
Income taxes receivable | 223 | 210 |
Total current assets | 680,227 | 709,715 |
Property, equipment and leasehold improvements, net | 162,447 | 149,352 |
Right-of-use assets, net | 29,792 | 33,728 |
Trademarks, licenses and other intangible assets, net | 196,211 | 214,047 |
Deferred tax assets | 9,836 | 7,936 |
Other assets | 23,939 | 30,586 |
Total assets | 1,102,452 | 1,145,364 |
Current liabilities: | ||
Current portion of long-term debt | 13,342 | 15,911 |
Current portion of lease liabilities | 4,850 | 6,014 |
Accounts payable – trade | 83,409 | 81,980 |
Accrued expenses | 122,061 | 136,677 |
Income taxes payable | 11,837 | 4,328 |
Total current liabilities | 235,499 | 244,910 |
Long–term debt, less current portion | 117,354 | 132,902 |
Lease liabilities, less current portion | 26,594 | 29,220 |
Inter Parfums, Inc. shareholders’ equity: | ||
Preferred stock, $.001 par; authorized 1,000,000 shares; none issued | ||
Common stock, $.001 par; authorized 100,000,000 shares; outstanding 31,845,965 and 31,830,420 shares at June 30, 2022 and December 31, 2021, respectively | 32 | 32 |
Additional paid-in capital | 84,316 | 87,132 |
Retained earnings | 593,367 | 560,663 |
Accumulated other comprehensive loss | (70,426) | (38,432) |
Treasury stock, at cost, 9,864,805 shares at June 30, 2022 and December 31, 2021 | (37,475) | (37,475) |
Total Inter Parfums, Inc. shareholders’ equity | 569,814 | 571,920 |
Noncontrolling interest | 153,191 | 166,412 |
Total equity | 723,005 | 738,332 |
Total liabilities and equity | $ 1,102,452 | $ 1,145,364 |
CONSOLIDATED BALANCE SHEETS (_2
CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares | Jun. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Preferred Stock, Shares Authorized | 1,000,000 | 1,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Common Stock, Shares, Outstanding | 31,845,965 | 31,830,420 |
Treasury Stock, Shares | 9,864,805 | 9,864,805 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Statement [Abstract] | ||||
Net sales | $ 244,725 | $ 207,573 | $ 495,403 | $ 406,101 |
Cost of sales | 90,943 | 75,223 | 182,963 | 148,502 |
Gross margin | 153,782 | 132,350 | 312,440 | 257,599 |
Selling, general and administrative expenses | 108,385 | 87,695 | 205,825 | 162,591 |
Impairment loss | 2,394 | |||
Income from operations | 45,397 | 44,655 | 106,615 | 92,614 |
Other expenses (income): | ||||
Interest expense | 1,023 | 1,270 | 1,907 | 1,647 |
(Gain) loss on foreign currency | (279) | 309 | (2,518) | (1,557) |
Interest and investment (income) loss | (464) | (768) | 1,002 | (1,155) |
Other (income) expense | (328) | 93 | (444) | (98) |
(48) | 904 | (53) | (1,163) | |
Income before income taxes | 45,445 | 43,751 | 106,668 | 93,777 |
Income taxes | 10,925 | 14,715 | 25,857 | 28,115 |
Net income | 34,520 | 29,036 | 80,811 | 65,662 |
Less: Net income attributable to the noncontrolling interest | 6,903 | 6,379 | 17,895 | 15,343 |
Net income attributable to Inter Parfums, Inc. | $ 27,617 | $ 22,657 | $ 62,916 | $ 50,319 |
Net income attributable to Inter Parfums, Inc. common shareholders: | ||||
Basic | $ 0.87 | $ 0.72 | $ 1.98 | $ 1.59 |
Diluted | $ 0.86 | $ 0.71 | $ 1.97 | $ 1.58 |
Basic | 31,845 | 31,653 | 31,843 | 31,642 |
Diluted | 31,952 | 31,799 | 31,981 | 31,786 |
Dividends declared per share | $ 0.50 | $ 0.25 | $ 1 | $ 0.50 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Comprehensive income: | ||||
Net income | $ 34,520 | $ 29,036 | $ 80,811 | $ 65,662 |
Other comprehensive income: | ||||
Net derivative instrument gain (loss), net of tax | (1,749) | 506 | (1,488) | (94) |
Transfer from OCI into earnings | 992 | |||
Translation adjustments, net of tax | (33,630) | 8,312 | (46,071) | (17,807) |
Comprehensive income (loss) | (859) | 37,854 | 34,244 | 47,761 |
Comprehensive income attributable to the noncontrolling interests: | ||||
Net income | 6,903 | 6,379 | 17,895 | 15,343 |
Other comprehensive income (loss): | ||||
Net derivative instrument gain (loss), net of tax | (483) | 138 | (411) | (26) |
Translation adjustments, net of tax | (10,743) | 2,526 | (14,162) | (6,415) |
Comprehensive income (loss) attributable to the noncontrolling interests | (4,323) | 9,043 | 3,322 | 8,902 |
Comprehensive income attributable to Inter Parfums, Inc. | $ 3,464 | $ 28,811 | $ 30,922 | $ 38,859 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Treasury Stock [Member] | Noncontrolling Interest [Member] | Total |
Beginning Balance at Dec. 31, 2020 | $ 32 | $ 75,708 | $ 503,567 | $ (5,997) | $ (37,475) | $ 166,615 | $ 702,450 |
Net income | 50,319 | 15,343 | 65,662 | ||||
Shares issued upon exercise of stock options | 1,583 | ||||||
Dividends | (15,826) | (9,484) | |||||
Foreign currency translation adjustment, net of tax | (11,392) | (6,415) | |||||
Share-based compensation (adjustment) | 783 | 630 | (46) | ||||
Purchase of subsidiary shares | |||||||
Transfer of subsidiary shares purchased | (545) | 225 | |||||
Net derivative instrument gain (loss), net of tax | (68) | (26) | 94 | ||||
Beginning Balance at Jun. 30, 2021 | 32 | 77,529 | 538,690 | (17,457) | (37,475) | 166,212 | 727,531 |
Beginning Balance at Dec. 31, 2021 | 32 | 87,132 | 560,663 | (38,432) | (37,475) | 166,412 | 738,332 |
Net income | 62,916 | 17,895 | 80,811 | ||||
Shares issued upon exercise of stock options | 810 | ||||||
Dividends | (31,844) | (16,056) | |||||
Foreign currency translation adjustment, net of tax | (31,909) | (14,162) | |||||
Share-based compensation (adjustment) | 679 | 1,632 | (389) | ||||
Purchase of subsidiary shares | (4,305) | (152) | |||||
Transfer of subsidiary shares purchased | 54 | ||||||
Transfer from other comprehensive income into earnings | 992 | ||||||
Net derivative instrument gain (loss), net of tax | (1,077) | (411) | 1,488 | ||||
Beginning Balance at Jun. 30, 2022 | $ 32 | $ 84,316 | $ 593,367 | $ (70,426) | $ (37,475) | $ 153,191 | $ 723,005 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash flows from operating activities: | ||
Net income | $ 80,811 | $ 65,662 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 6,803 | 4,941 |
Provision for doubtful accounts | 1,241 | 1,247 |
Noncash stock compensation | 1,877 | 1,447 |
Share of income of equity investment | (444) | (98) |
Impairment loss | 2,393 | |
Noncash lease expense | 3,017 | 5,060 |
Deferred tax provision (benefit) | (2,595) | 1,653 |
Change in fair value of derivatives | (2,036) | 1,154 |
Changes in: | ||
Accounts receivable | (48,085) | (57,115) |
Inventories | (81,188) | (8,498) |
Other assets | (1,872) | (25,860) |
Operating lease liabilities | (2,822) | (4,567) |
Accounts payable and accrued expenses | 7,916 | 34,588 |
Income taxes, net | 8,869 | 16,105 |
Net cash provided by (used in) operating activities | (28,508) | 38,112 |
Cash flows from investing activities: | ||
Purchases of short-term investments | (2,941) | (30,649) |
Proceeds from sale of short-term investments | 6,211 | 4,821 |
Purchases of property, equipment and leasehold improvements | (30,305) | (120,253) |
Payment for intangible assets acquired | (1,016) | (648) |
Net cash used in investing activities | (28,051) | (146,729) |
Cash flows from financing activities: | ||
Proceeds from issuance of long-term debt | 160,389 | |
Repayment of long-term debt | (7,522) | (17,888) |
Proceeds from exercise of options | 810 | 1,583 |
Purchase of subsidiary shares from noncontrolling interest | (4,403) | |
Dividends paid | (31,844) | (15,826) |
Dividends paid to noncontrolling interest | (16,056) | (9,484) |
Net cash provided by (used in) financing activities | (59,015) | 118,774 |
Effect of exchange rate changes on cash | (578) | (4,490) |
Net increase (decrease) in cash and cash equivalents | (116,152) | 5,667 |
Cash and cash equivalents - beginning of period | 168,387 | 169,681 |
Cash and cash equivalents - end of period | 52,235 | 175,348 |
Cash paid for: | ||
Interest | 1,581 | 963 |
Income taxes | $ 16,369 | $ 12,568 |
Significant Accounting Policies
Significant Accounting Policies: | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies: | 1. Significant Accounting Policies: The accounting policies we follow are set forth in the notes to our consolidated financial statements included in our Form 10-K, which was filed with the Securities and Exchange Commission for the year ended December 31, 2021. |
Impact of COVID-19 Pandemic_
Impact of COVID-19 Pandemic: | 6 Months Ended |
Jun. 30, 2022 | |
Unusual or Infrequent Items, or Both [Abstract] | |
Impact of COVID-19 Pandemic: | 2. Impact of COVID-19 Pandemic: A novel strain of coronavirus (“COVID-19”) surfaced in late 2019 and in March 2020, the World Health Organization declared COVID-19 a pandemic. In response, various national, state, and local governments issued decrees prohibiting certain businesses from operating and certain classes of workers from reporting to work. Retail store closings, event cancellations and a shutdown of international air travel brought our sales to a virtual standstill and caused a significant unfavorable impact on our results of operations in 2020. Business significantly improved in the second half of 2020 and continued to improve throughout 2021 and thus far in 2022, as retail stores reopened, and consumers increased online purchasing. While we expect this trend to continue, the introduction of variants of COVID-19 in various parts of the world has caused the temporary re-implementation of governmental restrictions to prevent further spread of the virus. In addition, international air travel remains curtailed in many jurisdictions due to both governmental restrictions and consumer health concerns. While COVID-19 has significantly restricted international travel, the travel retail business is beginning to pick up. We remain confident that travel retail will once again be a source of growth over the long-term. Lastly, the improved economy has put significant strains on our supply chain causing disruptions affecting the procurement of components, the ability to transport goods, and related cost increases. These disruptions have come at a time when demand for our product lines has never been stronger or more sustained. We have been addressing this issue since the beginning of 2021, by ordering well in advance of need and in larger quantities. Since 2021, we have strived to carry more inventory overall, source the same components from multiple suppliers and when possible, manufacture products closer to where they are sold. We do not expect the supply chain bottlenecks to begin lifting until later in 2022. Therefore, despite recent business improvement, the impact of the COVID-19 pandemic may have a material adverse effect on our results of our operations, financial position and cash flows through at least the end of 2022. |
Recent Agreements_
Recent Agreements: | 6 Months Ended |
Jun. 30, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Recent Agreements: | 3. Recent Agreements: Salvatore Ferragamo In October 2021, we closed on a transaction agreement with Salvatore Ferragamo S.p.A., whereby an exclusive and worldwide license was granted for the production and distribution of Ferragamo brand perfumes. Our rights under this license are subject to certain minimum advertising expenditures and royalty payments as are customary in our industry. The license became effective in October 2021 and will last for 10 years with a 5-year optional term, subject to certain conditions. With respect to the management and coordination of activities related to the license agreement, the Company operates through a wholly-owned Italian subsidiary based in Florence, that was acquired from Salvatore Ferragamo on October 1, 2021. The acquisition together with the license agreement was accounted for as an asset acquisition. The following table summarizes the estimated fair values of the assets acquired and liabilities assumed on October 1, 2021. All amounts have been translated to U.S. dollars at the October 1, 2021 exchange rate (In thousands) Inventories $ 17,805 Trademarks and licenses 15,880 Other assets 3,033 Assets acquired 36,718 Liabilities assumed (958 ) Total consideration $ 35,760 Emanuel Ungaro In October 2021, we also entered into a 10-year exclusive global licensing agreement with a 5-year optional term subject to certain conditions, with Emanuel Ungaro Italia S.r.l, for the creation, development and distribution of fragrances and fragrance related products, under the Emanuel Ungaro brand. Donna Karan and DKNY In September 2021, we entered into a long-term global licensing agreement for the creation, development and distribution of fragrances and fragrance related products under the Donna Karan and DKNY brands. Our rights under this license are subject to certain minimum advertising expenditures and royalty payments as are customary in our industry. With this agreement, we are gaining several well-established and valuable fragrance franchises, most notably Donna Karan Cashmere Mist Be Delicious 65,342 5 Land and Building Acquisition - Future Headquarters in Paris In April 2021, Interparfums SA, our 73 The purchase price includes the complete renovation of the site and includes the purchase of several apartments in the surrounding area to be used as additional office space. As of June 30, 2022, $ 142.7 million 4.4 million 59.5 million 83.2 million 7 50 5.1 million The acquisition was financed by a 10 120 125 one-month Euribor plus 0.75% 80 |
Recent Accounting Pronouncement
Recent Accounting Pronouncements: | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements: | 4. Recent Accounting Pronouncements: There are no recent accounting pronouncements issued but not yet adopted that would have a material effect on our consolidated financial statements. |
Inventories_
Inventories: | 6 Months Ended |
Jun. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories: | 5. Inventories: Inventories consist of the following: (In thousands) June 30, December 31, Raw materials and component parts $ 141,617 $ 111,312 Finished goods 124,218 87,602 Inventories $ 265,835 $ 198,914 |
Fair Value Measurement_
Fair Value Measurement: | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement: | 6. Fair Value Measurement: 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 June 30, 2022 Total Quoted Prices in Significant Other Significant Assets: Short-term investments $ 143,642 $ 16,839 $ 126,803 $ — Interest rate swaps 4,081 — 4,081 Total assets $ 147,723 $ 16,839 $ 130,884 $ — Liabilities: Foreign currency forward exchange contracts accounted for using hedge accounting $ 3,609 $ — $ 3,609 $ — Foreign currency forward exchange contracts not accounted for using hedge accounting 1,990 — 1,990 — Total liabilities $ 5,599 $ — $ 5,599 $ — Fair Value Measurements at December 31, 2021 Total Quoted Prices in Significant Other Significant Assets: Short-term investments $ 160,014 $ 24,506 $ 135,508 $ — Liabilities: Foreign currency forward exchange contracts accounted for using hedge accounting $ 1,982 $ — $ 1,982 $ — Foreign currency forward exchange contracts not accounted for using hedge accounting 63 — 63 — Interest rate swaps (234 ) — (234 ) — Total liabilities $ 1,811 $ — $ 1,811 $ — The carrying amount of cash and cash equivalents including money market funds, short-term investments, accounts receivable, other receivables, cash held in escrow, accounts payable and accrued expenses approximate fair value due to the short terms to maturity of these instruments. The carrying amount of loans payable approximates fair value as the interest rates on the Company’s indebtedness approximate current market rates. The fair value of the Company’s long-term debt was estimated based on the current rates offered to companies for debt with the same remaining maturities and is approximately equal to its carrying value. 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: | 6 Months Ended |
Jun. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments: | 7. 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 April 2021 acquisition of the office building complex in Paris, € 120 10 80 2 Gains and losses in derivatives designated as hedges are accumulated in other comprehensive income 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 for both the six months ended June 30, 2022 and 2021. All derivative instruments are reported as either assets or liabilities on the balance sheet measured at fair value. The valuation of interest rate swaps is included in other assets on the accompanying balance sheets. The valuation of foreign currency forward exchange contracts at June 30, 2022, resulted in a net liability and is included in accrued expenses on the accompanying balance sheet. At June 30, 2022, we had foreign currency contracts in the form of forward exchange contracts in the amount of approximately U.S. $ 103.0 3.0 |
Leases_
Leases: | 6 Months Ended |
Jun. 30, 2022 | |
Leases [Abstract] | |
Leases: | 8. Leases: The Company leases its offices and warehouses, vehicles, and certain office equipment, substantially all of which are classified as operating leases. The Company currently has no material financing leases. The Company determines if an arrangement is a lease at inception. Operating lease assets and obligations are recognized at the lease commencement date based on the present value of lease payments over the lease term. In determining lease asset value, the Company considers fixed or variable payment terms, prepayments, incentives, and options to extend or terminate, depending on the lease. Renewal, termination or purchase options affect the lease term used for determining lease asset value only if the option is reasonably certain to be exercised. The Company generally uses its incremental borrowing rate based on information available at the lease commencement date for the location in which the lease is held in determining the present value of lease payments. As of June 30, 2022, the weighted average remaining lease term was 6.3 2.6 1.3 million 3.1 million 3.1 million 4.9 million 2.8 million 4.6 million 0.5 million 13.8 million |
Share-Based Payments_
Share-Based Payments: | 6 Months Ended |
Jun. 30, 2022 | |
Equity: | |
Share-Based Payments: | 9. Share-Based Payments: The Company maintains a stock option program for key employees, executives and directors. The plans, all of which have been approved by shareholder vote, provide for the granting of both nonqualified and incentive options. Options granted under the plans typically have a six-year term and vest over a four five 0.10 0.09 The following table sets forth information with respect to nonvested options for the six months ended June 30, 2022: Number of Shares Weighted Average Grant-Date Fair Value Nonvested options – beginning of period 209,510 $ 13.45 Nonvested options granted — — Nonvested options vested or forfeited (9,960 ) $ 12.21 Nonvested options – end of period 199,550 $ 13.51 Share-based payment expense decreased income before income taxes by $ 1.22 1.88 0.72 1.45 0.74 1.18 0.46 0.94 The following table summarizes stock option information as of June 30, 2022: Shares Weighted Average Exercise Price Outstanding at January 1, 2022 524,900 $ 57.58 Options forfeited (1,480 ) 67.41 Options exercised (15,545 ) 52.10 Outstanding at June 30, 2022 507,875 $ 57.72 Options exercisable 308,325 $ 52.44 Options available for future grants 614,015 As of June 30, 2022, the weighted average remaining contractual life of options outstanding is 2.26 1.87 7.8 6.4 2.2 Cash proceeds, tax benefits and intrinsic value related to stock options exercised during the six months ended June 30, 2022 and 2021 were as follows: (In thousands) June 30, June 30, Cash proceeds from stock options exercised $ 810 $ 1,583 Tax benefits 75 200 Intrinsic value of stock options exercised 698 1,496 The weighted average fair values of the options granted by Inter Parfums, Inc. during the six months ended June 30, 2021 were $11.35 per share on the date of grant using the Black-Scholes option pricing model to calculate the fair value of options granted. There were no options granted during the six months ended June 30, 2022. The assumptions used in the Black-Scholes pricing model for the period ended June 30, 2021 is set forth in the following table: June 30, Weighted average expected stock-price volatility 25 % Weighted average expected option life 5 years Weighted average risk-free interest rate 0.4 % Weighted average dividend yield 1.6 % Expected volatility is estimated based on historic volatility of the Company’s common stock. The expected term of the option is estimated based on historic data. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of the grant of the option and the dividend yield reflects the assumption that the dividend payout as authorized by the Board of Directors would increase as the earnings of the Company and its stock price continues to increase. In December 2018, Interparfums SA approved a plan to grant an aggregate of 26,600 133,000 211,955 4.8 In March 2022, Interparfums SA approved an additional plan to grant an aggregate of 88,400 The fair value of the grant had been determined based on the quoted stock price of Interparfums SA shares as reported by the NYSE Euronext on the date of grant. The estimated number of shares to be distributed of 67,372 3.4 Similar to the December 2018 plan, in order to avoid dilution of the Company’s ownership of Interparfums SA, all shares distributed or to be distributed pursuant to these plans will be pre-existing shares of Interparfums SA, purchased in the open market by Interparfums SA. During the six months ended June 30, 2022, the Company acquired 63,281 3.1 All share purchases and issuances have been classified as equity transactions on the accompanying balance sheet. |
Net Income Attributable to Inte
Net Income Attributable to Inter Parfums, Inc. Common Shareholders: | 6 Months Ended |
Jun. 30, 2022 | |
Earnings per share: | |
Net Income Attributable to Inter Parfums, Inc. Common Shareholders: | 10. Net Income Attributable to Inter Parfums, Inc. Common Shareholders: Net income attributable to Inter Parfums, Inc. per common share (“basic EPS”) is computed by dividing net 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. The reconciliation between the numerators and denominators of the basic and diluted EPS computations is as follows: Three months ended Six months ended (In thousands) June 30, June 30, 2022 2021 2022 2021 Numerator: Net income attributable to Inter Parfums, Inc. $ 27,617 $ 22,657 $ 62,916 $ 50,319 Denominator: Weighted average shares 31,845 31,653 31,843 31,642 Effect of dilutive securities: Stock options 107 146 138 144 Denominator for diluted earnings per share 31,952 31,799 31,981 31,786 Earnings per share: Net income attributable to Inter Parfums, Inc. common shareholders: Basic $ 0.87 $ 0.72 $ 1.98 $ 1.59 Diluted 0.86 0.71 1.97 1.58 Not included in the above computations are the effect of antidilutive potential common shares which consist of outstanding options to purchase 0.15 0.18 0.26 |
Segment and Geographic Areas_
Segment and Geographic Areas: | 6 Months Ended |
Jun. 30, 2022 | |
Segment Reporting [Abstract] | |
Segment and Geographic Areas: | 11. Segment and Geographic Areas: The Company manufactures and distributes one product line, fragrances and fragrance related products. The Company manages its business in two segments, European based operations and United States based operations. The European assets are located, and operations are primarily conducted, in France. Both European operations and United States operations primarily represent the sale of prestige brand name fragrances. Information on our operations by geographical areas is as follows: (In thousands) Three months ended Six months ended 2022 2021 2022 2021 Net sales: United States $ 78,444 $ 46,511 $ 146,946 $ 85,707 Europe 166,287 161,151 348,469 320,917 Eliminations (6 ) (89 ) (12 ) (523 ) $ 244,725 $ 207,573 $ 495,403 $ 406,101 Net income attributable to Inter Parfums, Inc.: United States $ 9,991 $ 6,090 $ 16,505 $ 10,277 Europe 17,626 16,567 46,411 40,042 $ 27,617 $ 22,657 $ 62,916 $ 50,319 June 30, December 31, 2022 2021 Total Assets: United States $ 270,839 $ 247,703 Europe 854,886 931,735 Eliminations (23,273 ) (34,074 ) $ 1,102,452 $ 1,145,364 |
Recent Agreements_ (Tables)
Recent Agreements: (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
The following table summarizes the estimated fair values of the assets acquired and liabilities assumed on October 1, 2021. All amounts have been translated to U.S. dollars at the October 1, 2021 exchange rate | The following table summarizes the estimated fair values of the assets acquired and liabilities assumed on October 1, 2021. All amounts have been translated to U.S. dollars at the October 1, 2021 exchange rate (In thousands) Inventories $ 17,805 Trademarks and licenses 15,880 Other assets 3,033 Assets acquired 36,718 Liabilities assumed (958 ) Total consideration $ 35,760 |
Inventories_ (Tables)
Inventories: (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories consist of the following: | Inventories consist of the following: (In thousands) June 30, December 31, Raw materials and component parts $ 141,617 $ 111,312 Finished goods 124,218 87,602 Inventories $ 265,835 $ 198,914 |
Fair Value Measurement_ (Tables
Fair Value Measurement: (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
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 | 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 June 30, 2022 Total Quoted Prices in Significant Other Significant Assets: Short-term investments $ 143,642 $ 16,839 $ 126,803 $ — Interest rate swaps 4,081 — 4,081 Total assets $ 147,723 $ 16,839 $ 130,884 $ — Liabilities: Foreign currency forward exchange contracts accounted for using hedge accounting $ 3,609 $ — $ 3,609 $ — Foreign currency forward exchange contracts not accounted for using hedge accounting 1,990 — 1,990 — Total liabilities $ 5,599 $ — $ 5,599 $ — Fair Value Measurements at December 31, 2021 Total Quoted Prices in Significant Other Significant Assets: Short-term investments $ 160,014 $ 24,506 $ 135,508 $ — Liabilities: Foreign currency forward exchange contracts accounted for using hedge accounting $ 1,982 $ — $ 1,982 $ — Foreign currency forward exchange contracts not accounted for using hedge accounting 63 — 63 — Interest rate swaps (234 ) — (234 ) — Total liabilities $ 1,811 $ — $ 1,811 $ — |
Share-Based Payments_ (Tables)
Share-Based Payments: (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Equity: | |
The following table sets forth information with respect to nonvested options for the six months ended June 30, 2022: | The following table sets forth information with respect to nonvested options for the six months ended June 30, 2022: Number of Shares Weighted Average Grant-Date Fair Value Nonvested options – beginning of period 209,510 $ 13.45 Nonvested options granted — — Nonvested options vested or forfeited (9,960 ) $ 12.21 Nonvested options – end of period 199,550 $ 13.51 |
The following table summarizes stock option information as of June 30, 2022: | The following table summarizes stock option information as of June 30, 2022: Shares Weighted Average Exercise Price Outstanding at January 1, 2022 524,900 $ 57.58 Options forfeited (1,480 ) 67.41 Options exercised (15,545 ) 52.10 Outstanding at June 30, 2022 507,875 $ 57.72 Options exercisable 308,325 $ 52.44 Options available for future grants 614,015 |
Cash proceeds, tax benefits and intrinsic value related to stock options exercised during the six months ended June 30, 2022 and 2021 were as follows: | Cash proceeds, tax benefits and intrinsic value related to stock options exercised during the six months ended June 30, 2022 and 2021 were as follows: (In thousands) June 30, June 30, Cash proceeds from stock options exercised $ 810 $ 1,583 Tax benefits 75 200 Intrinsic value of stock options exercised 698 1,496 |
The assumptions used in the Black-Scholes pricing model for the period ended June 30, 2021 is set forth in the following table: | The weighted average fair values of the options granted by Inter Parfums, Inc. during the six months ended June 30, 2021 were $11.35 per share on the date of grant using the Black-Scholes option pricing model to calculate the fair value of options granted. There were no options granted during the six months ended June 30, 2022. The assumptions used in the Black-Scholes pricing model for the period ended June 30, 2021 is set forth in the following table: June 30, Weighted average expected stock-price volatility 25 % Weighted average expected option life 5 years Weighted average risk-free interest rate 0.4 % Weighted average dividend yield 1.6 % |
Net Income Attributable to In_2
Net Income Attributable to Inter Parfums, Inc. Common Shareholders: (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Earnings per share: | |
The reconciliation between the numerators and denominators of the basic and diluted EPS computations is as follows: | The reconciliation between the numerators and denominators of the basic and diluted EPS computations is as follows: Three months ended Six months ended (In thousands) June 30, June 30, 2022 2021 2022 2021 Numerator: Net income attributable to Inter Parfums, Inc. $ 27,617 $ 22,657 $ 62,916 $ 50,319 Denominator: Weighted average shares 31,845 31,653 31,843 31,642 Effect of dilutive securities: Stock options 107 146 138 144 Denominator for diluted earnings per share 31,952 31,799 31,981 31,786 Earnings per share: Net income attributable to Inter Parfums, Inc. common shareholders: Basic $ 0.87 $ 0.72 $ 1.98 $ 1.59 Diluted 0.86 0.71 1.97 1.58 |
Segment and Geographic Areas_ (
Segment and Geographic Areas: (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Segment Reporting [Abstract] | |
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 operations and United States operations primarily represent the sale of prestige brand name fragrances. Information on our operations by geographical areas is as follows: | 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 operations and United States operations primarily represent the sale of prestige brand name fragrances. Information on our operations by geographical areas is as follows: (In thousands) Three months ended Six months ended 2022 2021 2022 2021 Net sales: United States $ 78,444 $ 46,511 $ 146,946 $ 85,707 Europe 166,287 161,151 348,469 320,917 Eliminations (6 ) (89 ) (12 ) (523 ) $ 244,725 $ 207,573 $ 495,403 $ 406,101 Net income attributable to Inter Parfums, Inc.: United States $ 9,991 $ 6,090 $ 16,505 $ 10,277 Europe 17,626 16,567 46,411 40,042 $ 27,617 $ 22,657 $ 62,916 $ 50,319 June 30, December 31, 2022 2021 Total Assets: United States $ 270,839 $ 247,703 Europe 854,886 931,735 Eliminations (23,273 ) (34,074 ) $ 1,102,452 $ 1,145,364 |
The following table summarizes
The following table summarizes the estimated fair values of the assets acquired and liabilities assumed on October 1, 2021. All amounts have been translated to U.S. dollars at the October 1, 2021 exchange rate (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Total consideration | $ 35,760 |
Assets acquired | 36,718 |
Liabilities assumed | (958) |
Inventory [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Total consideration | 17,805 |
Trademarks [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Trademarks and licenses | 15,880 |
Other Asset [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Other assets | $ 3,033 |
Recent Agreements_ (Details Nar
Recent Agreements: (Details Narrative) € in Millions | 6 Months Ended | ||
Jun. 30, 2022 USD ($) shares | Jun. 30, 2022 EUR (€) | Apr. 30, 2021 | |
Ownership percentage | 73% | ||
Purchase price, period cost | $ 142,700,000 | ||
Acquisition costs, period cost | 4,400,000 | ||
Cash held in escrow is included in other assets | $ 5,100,000 | ||
Long-term debt, term | 10 years | 10 years | 10 years |
Long-term line of credit | $ 125,000,000 | € 120 | |
Description of debt instrument interest rate terms | one-month Euribor plus 0.75% | ||
Euro Member Countries, Euro | |||
Debt instrument, face amount | € | € 80 | ||
Minimum [Member] | |||
Depreciated over a range | 7 years | ||
Maximum [Member] | |||
Depreciated over a range | 50 years | ||
Land [Member] | |||
Purchase price, period cost | $ 59,500,000 | ||
Building [Member] | |||
Purchase price, period cost | $ 83,200,000 | ||
Salvatore Ferragamo [Member] | |||
Description of recent agreement | The license became effective in October 2021 and will last for 10 years with a 5-year optional term, subject to certain conditions. | ||
Emanuel Ungar[Member] | |||
Description of recent agreement | we also entered into a 10-year exclusive global licensing agreement with a 5-year optional term subject to certain conditions, with Emanuel Ungaro Italia S.r.l, for the creation, development and distribution of fragrances and fragrance related products, under the Emanuel Ungaro brand. | ||
Donna Karan And DKNY [Member] | |||
Shares issue | shares | 65,342 | ||
Shares value | $ 5,000,000 |
Inventories consist of the foll
Inventories consist of the following: (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Inventory Disclosure [Abstract] | ||
Raw materials and component parts | $ 141,617 | $ 111,312 |
Finished goods | 124,218 | 87,602 |
Inventories | $ 265,835 | $ 198,914 |
The following tables present ou
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 use (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Assets: | ||
Short-term investments | $ 143,642 | $ 160,014 |
Interest rate swaps | 4,081 | |
Total assets | 147,723 | |
Liabilities: | ||
Foreign currency forward exchange contracts accounted for using hedge accounting | 3,609 | 1,982 |
Foreign currency forward exchange contracts not accounted for using hedge accounting | 1,990 | 63 |
Total liabilities | 5,599 | 1,811 |
Interest rate swaps | (234) | |
Fair Value, Inputs, Level 1 [Member] | ||
Assets: | ||
Short-term investments | 16,839 | 24,506 |
Interest rate swaps | ||
Total assets | 16,839 | |
Liabilities: | ||
Foreign currency forward exchange contracts accounted for using hedge accounting | ||
Foreign currency forward exchange contracts not accounted for using hedge accounting | ||
Total liabilities | ||
Interest rate swaps | ||
Fair Value, Inputs, Level 2 [Member] | ||
Assets: | ||
Short-term investments | 126,803 | 135,508 |
Interest rate swaps | 4,081 | |
Total assets | 130,884 | |
Liabilities: | ||
Foreign currency forward exchange contracts accounted for using hedge accounting | 3,609 | 1,982 |
Foreign currency forward exchange contracts not accounted for using hedge accounting | 1,990 | 63 |
Total liabilities | 5,599 | 1,811 |
Interest rate swaps | (234) | |
Fair Value, Inputs, Level 3 [Member] | ||
Assets: | ||
Short-term investments | ||
Total assets | ||
Liabilities: | ||
Foreign currency forward exchange contracts accounted for using hedge accounting | ||
Foreign currency forward exchange contracts not accounted for using hedge accounting | ||
Total liabilities | ||
Interest rate swaps |
Derivative Financial Instrume_2
Derivative Financial Instruments: (Details Narrative) € in Millions, £ in Millions, $ in Millions | Jun. 30, 2022 USD ($) | Jun. 30, 2022 GBP (£) | Apr. 30, 2021 EUR (€) |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Long-term debt, term | 10 years | 10 years | 10 years |
Derivative swap interest rate | 2% | 2% | |
Foreign Exchange Contract [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Forward exchange contracts | $ 103 | £ 3 | |
Euro Member Countries, Euro | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Loan amount | € 120 | ||
Euro Member Countries, Euro | Interest Rate Swap [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Loan amount | € 80 |
Leases_ (Details Narrative)
Leases: (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Leases [Abstract] | ||||
Operating lease, weighted average remaining lease term | 6 years 3 months 19 days | 6 years 3 months 19 days | ||
Operating lease, eeighted average discount rate, percent | 2.60% | 2.60% | ||
Operating leases, rent expense, net | $ 1,300,000 | $ 3,100,000 | $ 3,100,000 | $ 4,900,000 |
Operating Lease, Payments | 2,800,000 | 4,600,000 | ||
Noncash additions to operating lease assets | $ 500,000 | $ 13,800,000 |
The following table sets forth
The following table sets forth information with respect to nonvested options for the six months ended June 30, 2022: (Details) | 6 Months Ended |
Jun. 30, 2022 $ / shares shares | |
Equity: | |
Nonvested options beginning of period | shares | 209,510 |
Weighted average grant date fair value, beginning of year | $ / shares | $ 13.45 |
Nonvested options granted | shares | |
Weighted average grant date fair value, nonvested options granted | $ / shares | |
Nonvested options vested or forfeited | shares | (9,960) |
Weighted average grant date fair value, nonvested options vested or forfeited | $ / shares | $ 12.21 |
Nonvested options end of period | shares | 199,550 |
Weighted average grant date fair value, nonvested options end of period | $ / shares | $ 13.51 |
The following table summarize_2
The following table summarizes stock option information as of June 30, 2022: (Details) | 6 Months Ended |
Jun. 30, 2022 $ / shares shares | |
Equity: | |
Options shares under option - beginning of year | 524,900 |
Weighted average exercise price shares under option - beginning of year | $ / shares | $ 57.58 |
Options forfeited | (1,480) |
Weighted average exercise price options forfeited | $ / shares | $ 67.41 |
Options exercised | (15,545) |
Weighted average exercise price options exercised | $ / shares | $ 52.10 |
Options shares under option - end of year | 507,875 |
Weighted average exercise price shares under option - end of year | $ / shares | $ 57.72 |
Options exercisable | 308,325 |
Weighted average exercise price options exercisable | $ / shares | $ 52.44 |
Options available for future grants | 614,015 |
Cash proceeds, tax benefits and
Cash proceeds, tax benefits and intrinsic value related to stock options exercised during the six months ended June 30, 2022 and 2021 were as follows: (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Equity: | ||
Cash proceeds from stock options exercised | $ 810 | $ 1,583 |
Tax benefits | 75 | 200 |
Intrinsic value of stock options exercised | $ 698 | $ 1,496 |
The assumptions used in the Bla
The assumptions used in the Black-Scholes pricing model for the period ended June 30, 2021 is set forth in the following table: (Details) | 6 Months Ended |
Jun. 30, 2022 | |
Equity: | |
Weighted average expected stock-price volatility | 25% |
Weighted average expected option life | 5 years |
Weighted average risk-free interest rate | 0.40% |
Weighted average dividend yield | 1.60% |
Share-Based Payments_ (Details
Share-Based Payments: (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2018 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Subsidiary or Equity Method Investee [Line Items] | ||||||
Share-based payment arrangement, expense | $ 1,220,000 | $ 720,000 | $ 1,880,000 | $ 1,450,000 | ||
Decreased income | 740,000 | 460,000 | 1,180,000 | 940,000 | ||
Weighted average remaining contractual life of options outstanding (in years) | 2 years 3 months 4 days | |||||
Weighted average remaining contractual life of options exercisable (in years) | 1 year 10 months 14 days | |||||
Aggregate intrinsic value of options outstanding and options exercisable | $ 7,800,000 | $ 7,800,000 | ||||
Aggregate intrinsic value of options outstanding and options exercisable | 6,400,000 | 6,400,000 | ||||
Unrecognized compensation cost | 2,200,000 | 2,200,000 | ||||
Adjusted for stock splits | 211,955 | |||||
Recognized as compensation cost | $ 4,800,000 | $ 3,400,000 | $ 3,100,000 | |||
Interparfums SA Subsidiary [Member] | Employees [Member] | ||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||
Aggregate shares to offices and managers | 26,600 | 63,281 | 88,400 | 63,281 | ||
Number of share distributed | 67,372 | |||||
Interparfums SA Subsidiary [Member] | Officers and Managers [Member] | ||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||
Aggregate shares to offices and managers | 133,000 | |||||
Equity Option [Member] | ||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||
Fair value of shares vested | $ 100,000 | $ 900,000 | ||||
Equity Option [Member] | Minimum [Member] | ||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||
Options vesting period | 4 years | |||||
Equity Option [Member] | Maximum [Member] | ||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||
Options vesting period | 5 years |
The reconciliation between the
The reconciliation between the numerators and denominators of the basic and diluted EPS computations is as follows: (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Numerator: | ||||
Net income attributable to Inter Parfums, Inc. | $ 27,617 | $ 22,657 | $ 62,916 | $ 50,319 |
Denominator: | ||||
Weighted average shares | 31,845 | 31,653 | 31,843 | 31,642 |
Stock options | 107 | 146 | 138 | 144 |
Denominator for diluted earnings per share | 31,952 | 31,799 | 31,981 | 31,786 |
Net income attributable to Inter Parfums, Inc. common shareholders: | ||||
Basic | $ 0.87 | $ 0.72 | $ 1.98 | $ 1.59 |
Diluted | $ 0.86 | $ 0.71 | $ 1.97 | $ 1.58 |
Net Income Attributable to In_3
Net Income Attributable to Inter Parfums, Inc. Common Shareholders: (Details Narrative) - shares | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Antidilutive potential common shares | 150,000 | |
Minimum [Member] | ||
Antidilutive potential common shares | 180,000 | |
Maximum [Member] | ||
Antidilutive potential common shares | 260,000 |
The Company manufactures and di
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 oper (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | Mar. 31, 2021 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||
Revenue from Contract with Customer, Including Assessed Tax | $ 244,725 | $ 207,573 | $ 495,403 | $ 406,101 | ||
Net Income (Loss) Attributable to Parent | 27,617 | 22,657 | 62,916 | 50,319 | ||
Assets | 1,102,452 | 1,102,452 | $ 1,145,364 | $ 1,145,364 | ||
UNITED STATES | ||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||
Revenue from Contract with Customer, Including Assessed Tax | 78,444 | 46,511 | 146,946 | 85,707 | ||
Net Income (Loss) Attributable to Parent | 9,991 | 6,090 | 16,505 | 10,277 | ||
Assets | 270,839 | 270,839 | 247,703 | |||
Europe [Member] | ||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||
Revenue from Contract with Customer, Including Assessed Tax | 166,287 | 161,151 | 348,469 | 320,917 | ||
Net Income (Loss) Attributable to Parent | 17,626 | 16,567 | 46,411 | 40,042 | ||
Assets | 854,886 | 854,886 | 931,735 | |||
Eliminations [Member] | ||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||
Revenue from Contract with Customer, Including Assessed Tax | (6) | $ (89) | (12) | $ (523) | ||
Assets | $ (23,273) | $ (23,273) | $ (34,074) |