Inter Parfums (IPAR) 10-Q 8 May 23 2023 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2023	May 08, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2023
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2023
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		32,012,950

CONSOLIDATED BALANCE SHEETS (Un

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 149,055	$ 104,713
Short-term investments	88,702	150,833
Accounts receivable, net	241,948	197,584
Inventories	323,700	289,984
Receivables, other	27,779	28,803
Other current assets	20,346	15,650
Income taxes receivable	71	157
Total current assets	851,601	787,724
Property, equipment and leasehold improvements, net	169,036	166,722
Right-of-use assets, net	26,901	27,964
Trademarks, licenses and other intangible assets, net	294,300	290,853
Deferred tax assets	12,543	11,159
Other assets	25,825	24,120
Total assets	1,380,206	1,308,542
Current liabilities:
Loans payable - banks	18,000
Current portion of long-term debt	29,092	28,547
Current portion of lease liabilities	5,310	5,296
Accounts payable – trade	93,053	88,388
Accrued expenses	190,305	213,621
Income taxes payable	26,409	8,715
Total current liabilities	362,169	344,567
Long–term debt, less current portion	145,128	151,494
Lease liabilities, less current portion	23,302	24,335
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 32,012,950 and 31,967,300 shares at March 31, 2023 and December 31, 2022, respectively	32	32
Additional paid-in capital	95,429	90,186
Retained earnings	654,440	620,095
Accumulated other comprehensive loss	(48,440)	(56,056)
Treasury stock, at cost, 9,907,865 and 9,864,805 shares at March 31, 2023 and December 31, 2022, respectively	(43,055)	(37,475)
Total Inter Parfums, Inc. shareholders’ equity	658,406	616,782
Noncontrolling interest	191,201	171,364
Total equity	849,607	788,146
Total liabilities and equity	$ 1,380,206	$ 1,308,542

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
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	32,012,950	31,967,300
Treasury stock, shares	9,907,865	9,864,805

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Net sales	$ 311,723	$ 250,678
Cost of sales	108,766	92,020
Gross margin	202,957	158,658
Selling, general and administrative expenses	112,678	97,441
Income from operations	90,279	61,217
Other expenses (income):
Interest expense	2,357	883
Loss (gain) on foreign currency	759	(2,239)
Interest and investment (income) loss	(5,382)	1,466
Other income	(41)	(116)
Nonoperating Income (Expense)	(2,307)	(6)
Income before income taxes	92,586	61,223
Income taxes	21,678	14,932
Net income	70,908	46,291
Less:  Net income attributable to the noncontrolling interest	16,840	10,992
Net income attributable to Inter Parfums, Inc.	$ 54,068	$ 35,299
Net income attributable to Inter Parfums, Inc. common shareholders:
Basic	$ 1.69	$ 1.11
Diluted	$ 1.68	$ 1.10
Weighted average number of shares outstanding:
Basic	32,018	31,840
Diluted	32,159	32,010
Dividends declared per share	$ 0.625	$ 0.50

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Comprehensive income:
Net income	$ 70,908	$ 46,291
Other comprehensive income:
Net derivative instrument gain (loss), net of tax	(4,166)	261
Transfer from OCI into earnings	1,709	992
Translation adjustments, net of tax	13,489	(12,441)
Comprehensive income	81,940	35,103
Comprehensive income attributable to the noncontrolling interests:
Net income	16,840	10,992
Net derivative instrument gain (loss), net of tax	(206)	72
Translation adjustments, net of tax	3,622	(3,419)
Comprehensive income attributable to the noncontrolling interests	20,256	7,645
Comprehensive income attributable to Inter Parfums, Inc.	$ 61,684	$ 27,458

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, Common [Member]	Noncontrolling Interest [Member]	Total
Beginning Balance at Dec. 31, 2021	$ 32	$ 87,132	$ 560,663	$ (38,432)	$ (37,475)	$ 166,412	$ 738,332
Net income			35,299			10,992	46,291
Shares issued upon exercise of stock options		708
Dividends			(15,921)			(440)
Foreign currency translation adjustment, net of tax				(9,022)		(3,419)
Share-based compensation		341	53			11
Transfer from other comprehensive income into earnings				992
Net derivative instrument gain (loss), net of tax				189		72	(261)
Shares repurchased
Transfer of subsidiary shares purchased						54
Ending Balance at Mar. 31, 2022	32	88,181	580,094	(46,273)	(37,475)	173,682	758,241
Beginning Balance at Dec. 31, 2022	32	90,186	620,095	(56,056)	(37,475)	171,364	788,146
Net income			54,068			16,840	70,908
Shares issued upon exercise of stock options		4,929
Dividends			(20,023)			(473)
Foreign currency translation adjustment, net of tax				9,867		3,622
Share-based compensation		314	300			54
Transfer from other comprehensive income into earnings				1,709
Net derivative instrument gain (loss), net of tax				(3,960)		(206)	4,166
Shares repurchased					(5,580)
Transfer of subsidiary shares purchased
Ending Balance at Mar. 31, 2023	$ 32	$ 95,429	$ 654,440	$ (48,440)	$ (43,055)	$ 191,201	$ 849,607

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net income	$ 70,908	$ 46,291
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	4,115	3,124
Provision for doubtful accounts	220	1,048
Noncash stock compensation	633	654
Share of income of equity investment	(41)	(116)
Noncash lease expense	1,324	1,881
Deferred tax provision	(1,188)	135
Change in fair value of derivatives	1,518	(3,803)
Changes in:
Accounts receivable	(42,670)	(50,316)
Inventories	(29,688)	(31,195)
Other assets	(5,640)	(2,869)
Operating lease liabilities	(1,293)	(1,671)
Accounts payable and accrued expenses	(23,327)	3,203
Income taxes, net	17,771	9,690
Net cash used in operating activities	(7,358)	(23,944)
Cash flows from investing activities:
Purchases of short-term investments	(42,835)	(2,243)
Proceeds from sale of short-term investments	107,045	3,982
Purchases of property, equipment and leasehold improvements	(2,415)	(12,895)
Payment for intangible assets acquired	(151)	(647)
Net cash provided by (used in) investing activities	61,644	(11,803)
Cash flows from financing activities:
Proceeds from issuance of long-term debt	17,989
Repayment of long-term debt	(9,397)	(4,379)
Proceeds from exercise of options	4,929	708
Dividends paid	(20,023)	(15,921)
Dividends paid to noncontrolling interest	(473)	(440)
Purchase of treasury stock	(5,580)
Net cash used in financing activities	(12,555)	(20,032)
Effect of exchange rate changes on cash	2,611	(2,486)
Net increase (decrease) in cash and cash equivalents	44,342	(58,265)
Cash and cash equivalents - beginning of period	104,713	168,387
Cash and cash equivalents - end of period	149,055	110,122
Cash paid for:
Interest	1,563	797
Income taxes	$ 4,816	$ 5,193

Significant Accounting Policies

Significant Accounting Policies:	3 Months Ended
	Mar. 31, 2023
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, 2022.

Impact of COVID-19 Pandemic_

Impact of COVID-19 Pandemic:	3 Months Ended
	Mar. 31, 2023
Unusual or Infrequent Items, or Both [Abstract]
Impact of COVID-19 Pandemic:	2. Impact of COVID-19 Pandemic: Our business has continued to significantly improve throughout 2022 and the first quarter of 2023 after the disastrous effects of the COVID-19 Pandemic starting in early 2020, as retail stores reopened, and consumers increased online purchasing. The introduction of variants of COVID-19 in various parts of the world continues to cause the temporary re-implementation of governmental restrictions to prevent further spread of the virus. In addition, international air travel remains curtailed in several jurisdictions due to both governmental restrictions and consumer health concerns. While COVID-19 had significantly restricted international travel, the travel retail business has picked up. Lastly, we have experienced 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 the second half of 2023. Therefore, despite recent business improvement, the impact of the COVID-19 pandemic might continue to have adverse effects on our results of our operations, financial position and cash flows through at least the first half of 2023.

Recent Agreements_

Recent Agreements:	3 Months Ended
	Mar. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Recent Agreements:	3. Recent Agreements: Lacoste In December 2022, we closed a transaction agreement with Lacoste, whereby an exclusive and worldwide license was granted for the production and distribution of Lacoste brand perfumes and cosmetics. Our rights under this license are subject to certain minimum advertising expenditures and royalty payments as are customary in our industry. The license becomes effective in January 2024 and will last for 15 years. Dunhill In April 2022, we announced that the Dunhill fragrance license will expire on September 30, 2023 and will not be renewed. The Company will continue to produce and sell Dunhill fragrances until the license expires and will maintain the right to sell-off remaining Dunhill fragrance inventory for a limited time as is customary in the fragrance industry. 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 gained several well-established and valuable fragrance franchises, most notably Donna Karan Cashmere Mist Be Delicious 65,342 5 Rochas Fashion Effective January 1, 2021, we entered into a new license agreement modifying our Rochas fashion business model. The new agreement calls for a reduction in royalties to be received. As a result, in the first quarter of 2021, we took a $2.4 million impairment charge on our Rochas fashion trademark. In the fourth quarter of 2022, we again took a $6.8 million impairment charge on the Rochas fashion trademark after an independent expert concluded that the valuation of the trademark was $11.3 million. The new license also contains an option for the licensee to buy-out the Rochas fashion trademarks in June 2025 at its then fair market value. Land and Building Acquisition - New Headquarters in Paris In April 2021, Interparfums SA, our 72 The purchase price included the complete renovation of the site. As of March 31, 2023, $ 151 4.5 million 62.3 million 88.7 million 7 50 1.8 million The acquisition was financed by a 10 120 130.5 one-month Euribor plus 0.75% 80 2 1.1

Recent Accounting Pronouncement

Recent Accounting Pronouncements:	3 Months Ended
	Mar. 31, 2023
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:	3 Months Ended
	Mar. 31, 2023
Inventory Disclosure [Abstract]
Inventories:	5. Inventories: Inventories consist of the following: (In thousands) March 31, December 31, Raw materials and component parts $ 155,013 $ 146,772 Finished goods 168,687 143,212 Inventories $ 323,700 $ 289,984

Fair Value Measurement_

Fair Value Measurement:	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 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 $ 88,702 $ 681 $ 87,210 $ 811 Interest rate swaps 6,429 6,429 Foreign currency forward exchange contracts not accounted for using hedge accounting 1,539 — 1,539 — Foreign currency forward exchange contracts accounted for using hedge accounting 339 $ — 339 — Total assets $ 97,010 $ 681 $ 95,517 $ 811 Fair Value Measurements at December 31, 2022 Quoted Prices in Significant Other Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs Total (Level 1) (Level 2) (Level 3) Assets: Short-term investments $ 150,833 $ 19,861 $ 130,174 $ 798 Interest rate swaps 6,758 — 6,758 — Foreign currency forward exchange contracts accounted for using hedge accounting 1,189 — 1,189 — Total assets $ 158,780 $ 19,861 $ 138,122 $ 798 Liabilities: Foreign currency forward exchange contracts not accounted for using hedge accounting 68 — 68 — Total liabilities $ 68 $ — $ 68 $ — 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:	3 Months Ended
	Mar. 31, 2023
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 December 2022, to finance the acquisition of the Lacoste trademark, the Company entered into a € 50 54.4 4 2 In connection with the April 2021 acquisition of the office building complex in Paris, € 120 130.5 10 80 1.1 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 three months ended March 31, 2023 and 2022. 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 long-term debt on the accompanying balance sheets. The valuation of foreign currency forward exchange contracts at March 31, 2023, resulted in a net asset and is included in other current assets on the accompanying balance sheet. At March 31, 2023, we had foreign currency contracts in the form of forward exchange contracts in the amount of approximately U.S. $ 37

Leases_

Leases:	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023, the weighted average remaining lease term was 5.5 2.6 1.4 million 1.8 million 1.3 million 1.7 million no

Share-Based Payments_

Share-Based Payments:	3 Months Ended
	Mar. 31, 2023
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 0.09 0.10 The following table sets forth information with respect to nonvested options for the three months ended March 31, 2023: Number of Shares Weighted Average Nonvested options – beginning of period 168,730 $ 16.31 Nonvested options granted — — Nonvested options vested or forfeited (23,080 ) $ 13.58 Nonvested options – end of period 145,650 $ 16.74 Share-based payment expense decreased income before income taxes by $ 0.63 million 0.65 million 0.43 million 0.44 million The following table summarizes stock option information as of March 31, 2023: Shares Weighted Average Outstanding at January 1, 2023 441,580 $ 67.30 Options forfeited (15,480 ) 70.48 Options exercised (88,710 ) 55.57 Outstanding at March 31, 2023 337,390 $ 70.24 Options exercisable 191,740 $ 61.38 Options available for future grants 574,455 As of March 31, 2023, the weighted average remaining contractual life of options outstanding is 3.56 1.75 24.3 15.5 2.4 Cash proceeds, tax benefits and intrinsic value related to stock options exercised during the three months ended March 31, 2023 and 2022 were as follows: (In thousands) March 31, March 31, Cash proceeds from stock options exercised $ 4,929 $ 708 Tax benefits 780 75 Intrinsic value of stock options exercised 5,403 635 There were no 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 continue 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 Euronext on the date of grant. The estimated number of shares to be distributed of 85,107 4.1 million 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 year ended December 31, 2022, the Company acquired 63,281 3 In the first quarter of 2023, the Company initiated a small share repurchase program, and over the course the course of the first quarter of 2023, the Company repurchased 43,060 5.58 million 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:	3 Months Ended
	Mar. 31, 2023
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 (In thousands) March 31, 2023 2022 Numerator: Net income attributable to Inter Parfums, Inc. $ 54,068 $ 35,299 Denominator: Weighted average shares 32,018 31,840 Effect of dilutive securities: Stock options 141 170 Denominator for diluted earnings per share 32,159 32,010 Earnings per share: Net income attributable to Inter Parfums, Inc. common shareholders: Basic $ 1.69 $ 1.11 Diluted 1.68 1.10 There were no

Segment and Geographic Areas_

Segment and Geographic Areas:	3 Months Ended
	Mar. 31, 2023
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: Information on the Company’s operations by segments is as follows: (In thousands) Three months ended 2023 2022 Net sales: United States $ 81,454 $ 68,502 Europe 230,269 182,182 Eliminations — (6 ) $ 311,723 $ 250,678 Net income attributable to Inter Parfums, Inc.: United States $ 10,343 $ 6,514 Europe 43,725 28,785 $ 54,068 $ 35,299 March 31, December 31, 2023 2022 Total Assets: United States $ 288,927 $ 278,090 Europe 1,110,902 1,052,004 Eliminations (19,623 ) (21,522 ) $ 1,380,206 $ 1,308,542

Inventories_ (Tables)

Inventories: (Tables)	3 Months Ended
	Mar. 31, 2023
Inventory Disclosure [Abstract]
Inventories consist of the following:	Inventories consist of the following: (In thousands) March 31, December 31, Raw materials and component parts $ 155,013 $ 146,772 Finished goods 168,687 143,212 Inventories $ 323,700 $ 289,984

Fair Value Measurement_ (Tables

Fair Value Measurement: (Tables)	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 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 $ 88,702 $ 681 $ 87,210 $ 811 Interest rate swaps 6,429 6,429 Foreign currency forward exchange contracts not accounted for using hedge accounting 1,539 — 1,539 — Foreign currency forward exchange contracts accounted for using hedge accounting 339 $ — 339 — Total assets $ 97,010 $ 681 $ 95,517 $ 811 Fair Value Measurements at December 31, 2022 Quoted Prices in Significant Other Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs Total (Level 1) (Level 2) (Level 3) Assets: Short-term investments $ 150,833 $ 19,861 $ 130,174 $ 798 Interest rate swaps 6,758 — 6,758 — Foreign currency forward exchange contracts accounted for using hedge accounting 1,189 — 1,189 — Total assets $ 158,780 $ 19,861 $ 138,122 $ 798 Liabilities: Foreign currency forward exchange contracts not accounted for using hedge accounting 68 — 68 — Total liabilities $ 68 $ — $ 68 $ —

Share-Based Payments_ (Tables)

Share-Based Payments: (Tables)	3 Months Ended
	Mar. 31, 2023
Equity:
The following table sets forth information with respect to nonvested options for the three months ended March 31, 2023:	The following table sets forth information with respect to nonvested options for the three months ended March 31, 2023: Number of Shares Weighted Average Nonvested options – beginning of period 168,730 $ 16.31 Nonvested options granted — — Nonvested options vested or forfeited (23,080 ) $ 13.58 Nonvested options – end of period 145,650 $ 16.74
The following table summarizes stock option information as of March 31, 2023:	The following table summarizes stock option information as of March 31, 2023: Shares Weighted Average Outstanding at January 1, 2023 441,580 $ 67.30 Options forfeited (15,480 ) 70.48 Options exercised (88,710 ) 55.57 Outstanding at March 31, 2023 337,390 $ 70.24 Options exercisable 191,740 $ 61.38 Options available for future grants 574,455
Cash proceeds, tax benefits and intrinsic value related to stock options exercised during the three months ended March 31, 2023 and 2022 were as follows:	Cash proceeds, tax benefits and intrinsic value related to stock options exercised during the three months ended March 31, 2023 and 2022 were as follows: (In thousands) March 31, March 31, Cash proceeds from stock options exercised $ 4,929 $ 708 Tax benefits 780 75 Intrinsic value of stock options exercised 5,403 635

Net Income Attributable to In_2

Net Income Attributable to Inter Parfums, Inc. Common Shareholders: (Tables)	3 Months Ended
	Mar. 31, 2023
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 (In thousands) March 31, 2023 2022 Numerator: Net income attributable to Inter Parfums, Inc. $ 54,068 $ 35,299 Denominator: Weighted average shares 32,018 31,840 Effect of dilutive securities: Stock options 141 170 Denominator for diluted earnings per share 32,159 32,010 Earnings per share: Net income attributable to Inter Parfums, Inc. common shareholders: Basic $ 1.69 $ 1.11 Diluted 1.68 1.10

Segment and Geographic Areas_ (

Segment and Geographic Areas: (Tables)	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Information on the Company’s operations by segments is as follows:	Information on the Company’s operations by segments is as follows: (In thousands) Three months ended 2023 2022 Net sales: United States $ 81,454 $ 68,502 Europe 230,269 182,182 Eliminations — (6 ) $ 311,723 $ 250,678 Net income attributable to Inter Parfums, Inc.: United States $ 10,343 $ 6,514 Europe 43,725 28,785 $ 54,068 $ 35,299 March 31, December 31, 2023 2022 Total Assets: United States $ 288,927 $ 278,090 Europe 1,110,902 1,052,004 Eliminations (19,623 ) (21,522 ) $ 1,380,206 $ 1,308,542

Recent Agreements_ (Details Nar

Recent Agreements: (Details Narrative) € in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) shares	Mar. 31, 2023 EUR (€)	Dec. 31, 2022	Apr. 30, 2021
Business Acquisition [Line Items]
Ownership percentage				72%
Purchase price, period cost	$ 151,000,000
Acquisition costs, period cost	4,500,000
Cash held in escrow is included in other assets	$ 1,800,000
Long-term debt, term	10 years	10 years	4 years	10 years
Long-term line of credit	$ 130,500,000	€ 120
Description of debt instrument interest rate terms	one-month Euribor plus 0.75%
Variable interest rate	2%	2%
Fixed interest rate	1.10%	1.10%
Euro Member Countries, Euro
Business Acquisition [Line Items]
Debt instrument, face amount | €		€ 80
Minimum [Member]
Business Acquisition [Line Items]
Depreciated over a range	7 years	7 years
Maximum [Member]
Business Acquisition [Line Items]
Depreciated over a range	50 years	50 years
Land [Member]
Business Acquisition [Line Items]
Purchase price, period cost	$ 62,300,000
Building [Member]
Business Acquisition [Line Items]
Purchase price, period cost	$ 88,700,000
Rochas Fashion [Member]
Business Acquisition [Line Items]
Description of recent agreement	we entered into a new license agreement modifying our Rochas fashion business model. The new agreement calls for a reduction in royalties to be received. As a result, in the first quarter of 2021, we took a $2.4 million impairment charge on our Rochas fashion trademark. In the fourth quarter of 2022, we again took a $6.8 million impairment charge on the Rochas fashion trademark after an independent expert concluded that the valuation of the trademark was $11.3 million. The new license also contains an option for the licensee to buy-out the Rochas fashion trademarks in June 2025 at its then fair market value.
Lacoste [Member]
Business Acquisition [Line Items]
Description of recent agreement	The license becomes effective in January 2024 and will last for 15 years.
Donna Karan and DKNY [Member]
Business Acquisition [Line Items]
Shares issue | shares	65,342
Shares value	$ 5,000,000

Inventories consist of the foll

Inventories consist of the following: (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials and component parts	$ 155,013	$ 146,772
Finished goods	168,687	143,212
Inventories	$ 323,700	$ 289,984

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	Mar. 31, 2023	Dec. 31, 2022
Assets:
Short-term investments	$ 88,702	$ 150,833
Interest rate swaps	6,429	6,758
Foreign currency forward exchange contracts accounted for using hedge accounting	1,539	1,189
Foreign currency forward exchange contracts not accounted for using hedge accounting	339	68
Total assets	97,010	158,780
Liabilities:
Total liabilities		68
Fair Value, Inputs, Level 1 [Member]
Assets:
Short-term investments	681	19,861
Interest rate swaps
Foreign currency forward exchange contracts accounted for using hedge accounting
Foreign currency forward exchange contracts not accounted for using hedge accounting
Total assets	681	19,861
Liabilities:
Total liabilities
Fair Value, Inputs, Level 2 [Member]
Assets:
Short-term investments	87,210	130,174
Interest rate swaps	6,429	6,758
Foreign currency forward exchange contracts accounted for using hedge accounting	1,539	1,189
Foreign currency forward exchange contracts not accounted for using hedge accounting	339	68
Total assets	95,517	138,122
Liabilities:
Total liabilities		68
Fair Value, Inputs, Level 3 [Member]
Assets:
Short-term investments	811	798
Interest rate swaps
Foreign currency forward exchange contracts accounted for using hedge accounting
Foreign currency forward exchange contracts not accounted for using hedge accounting
Total assets	$ 811	798
Liabilities:
Total liabilities

Derivative Financial Instrume_2

Derivative Financial Instruments: (Details Narrative) € in Millions, $ in Millions	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 EUR (€)	Apr. 30, 2021 USD ($)	Apr. 30, 2021 EUR (€)
Derivative Instruments, Gain (Loss) [Line Items]
Loan amount | $		$ 54.4		$ 130.5
Long-term debt, term	10 years	4 years	4 years	10 years	10 years
Derivative swap interest rate	1.10%	2%	2%
Foreign Exchange Contract [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Forward exchange contracts | $	$ 37
Euro Member Countries, Euro
Derivative Instruments, Gain (Loss) [Line Items]
Loan amount | €			€ 50		€ 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
	Mar. 31, 2023	Mar. 31, 2022
Leases [Abstract]
Operating lease, weighted average remaining lease term	5 years 6 months
Operating lease, weighted average discount rate, percent	2.60%
Operating leases, rent expense, net	$ 1,400,000	$ 1,800,000
Operating Lease, Payments	1,300,000	1,700,000
Noncash additions to operating lease assets	$ 0	$ 0

The following table sets forth

The following table sets forth information with respect to nonvested options for the three months ended March 31, 2023: (Details)	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Equity:
Nonvested options beginning of period | shares	168,730
Weighted average grant date fair value, beginning of year | $ / shares	$ 16.31
Nonvested options granted | shares
Weighted average grant date fair value, nonvested options granted | $ / shares
Nonvested options vested or forfeited | shares	(23,080)
Weighted average grant date fair value, nonvested options vested or forfeited | $ / shares	$ 13.58
Nonvested options end of period | shares	145,650
Weighted average grant date fair value, nonvested options end of period | $ / shares	$ 16.74

The following table summarizes

The following table summarizes stock option information as of March 31, 2023: (Details)	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Equity:
Options shares under option - beginning of year	441,580
Weighted average exercise price shares under option - beginning of year | $ / shares	$ 67.30
Options forfeited	(15,480)
Weighted average exercise price options forfeited | $ / shares	$ 70.48
Options exercised	(88,710)
Weighted average exercise price options exercised | $ / shares	$ 55.57
Options shares under option - end of year	337,390
Weighted average exercise price shares under option - end of year | $ / shares	$ 70.24
Options exercisable	191,740
Weighted average exercise price options exercisable | $ / shares	$ 61.38
Options available for future grants	574,455

Cash proceeds, tax benefits and

Cash proceeds, tax benefits and intrinsic value related to stock options exercised during the three months ended March 31, 2023 and 2022 were as follows: (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Equity:
Cash proceeds from stock options exercised	$ 4,929	$ 708
Tax benefits	780	75
Intrinsic value of stock options exercised	$ 5,403	$ 635

Share-Based Payments_ (Details

Share-Based Payments: (Details Narrative) - USD ($)	1 Months Ended	3 Months Ended		12 Months Ended
	Jun. 30, 2022	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2018
Subsidiary or Equity Method Investee [Line Items]
Share-based payment arrangement, expense		$ 630,000	$ 650,000
Decreased income		430,000	440,000
Weighted average remaining contractual life of options outstanding (in years)		3 years 6 months 21 days
Weighted average remaining contractual life of options exercisable (in years)		1 year 9 months
Aggregate intrinsic value of options outstanding and options outstanding		$ 24,300,000
Aggregate intrinsic value of options outstanding and options exercisable		15,500,000
Unrecognized compensation cost		$ 2,400,000
Options granted		0	0
Adjusted for stock splits	211,955
Recognized as compensation cost	$ 4,800,000
Treasury Stock, Common [Member]
Subsidiary or Equity Method Investee [Line Items]
Shares repurchased		43,060
Shares repurchase value		$ 5,580,000
Interparfums SA Subsidiary [Member] | Employees [Member]
Subsidiary or Equity Method Investee [Line Items]
Aggregate shares to offices and managers			88,400	63,281	26,600
Recognized as compensation cost		$ 4,100,000		$ 3,000,000
Number of share distributed		85,107
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		$ 90,000	$ 100,000
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
	Mar. 31, 2023	Mar. 31, 2022
Numerator:
Net income attributable to Inter Parfums, Inc.	$ 54,068	$ 35,299
Denominator:
Weighted average shares	32,018	31,840
Stock options	141	170
Denominator for diluted earnings per share	32,159	32,010
Net income attributable to Inter Parfums, Inc. common shareholders:
Basic	$ 1.69	$ 1.11
Diluted	$ 1.68	$ 1.10

Net Income Attributable to In_3

Net Income Attributable to Inter Parfums, Inc. Common Shareholders: (Details Narrative) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings per share:
Antidilutive securities excluded from computation of earnings per share, amount	0	0

Information on the Company_s op

Information on the Company’s operations by segments is as follows: (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	$ 311,723	$ 250,678
Net income attributable to Inter Parfums, Inc.	54,068	35,299
Assets	1,380,206		$ 1,308,542
Total Assets	(1,380,206)		(1,308,542)
UNITED STATES
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	81,454	68,502
Net income attributable to Inter Parfums, Inc.	10,343	6,514
Assets	288,927		278,090
Total Assets	(288,927)		(278,090)
Europe [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	230,269	182,182
Net income attributable to Inter Parfums, Inc.	43,725	28,785
Assets	1,110,902		1,052,004
Total Assets	(1,110,902)		(1,052,004)
Eliminations [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales		$ (6)
Assets	19,623		21,522
Total Assets	$ (19,623)		$ (21,522)