Inter Parfums (IPAR) 10-Q 7 May 24 2024 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2024	May 07, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2024
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2024
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		32,023,640

CONSOLIDATED BALANCE SHEETS (Un

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 20,976	$ 88,462
Short-term investments	76,078	94,304
Accounts receivable, net	293,075	247,240
Inventories	400,209	371,859
Receivables, other	5,581	7,012
Other current assets	34,258	29,458
Income taxes receivable	2,490	691
Total current assets	832,667	839,026
Property, equipment and leasehold improvements, net	164,165	169,222
Right-of-use assets, net	26,980	28,613
Trademarks, licenses and other intangible assets, net	288,117	296,356
Deferred tax assets	15,726	14,545
Other assets	21,521	21,567
Total assets	1,349,176	1,369,329
Current liabilities:
Loans payable - banks	8,324	4,420
Current portion of long-term debt	29,027	29,587
Current portion of lease liabilities	5,928	5,951
Accounts payable – trade	106,219	97,409
Accrued expenses	135,660	178,880
Income taxes payable	17,300	8,498
Total current liabilities	302,458	324,745
Long–term debt, less current portion	115,926	127,897
Lease liabilities, less current portion	22,905	24,517
Equity:
Preferred stock, $.001 par; authorized 1,000,000 shares; none issued
Common stock, $.001 par; authorized 100,000,000 shares; outstanding 32,023,640 and 32,004,660 shares at March 31, 2024 and December 31, 2023, respectively	32	32
Additional paid-in capital	100,309	98,565
Retained earnings	711,043	693,848
Accumulated other comprehensive loss	(50,417)	(40,188)
Treasury stock, at cost, 9,981,665 and 9,981,665 shares at March 31, 2024 and December 31, 2023, respectively	(52,864)	(52,864)
Total Inter Parfums, Inc. shareholders’ equity	708,103	699,393
Noncontrolling interest	199,784	192,777
Total equity	907,887	892,170
Total liabilities and equity	$ 1,349,176	$ 1,369,329

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Preferred stock, authorized	1,000,000	1,000,000
Preferred stock, issued	0	0
Common Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Common stock, authorized	100,000,000	100,000,000
Common stock, outstanding	32,023,640	32,004,660
Treasury stock, shares	9,981,665	9,981,665

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Net sales	$ 323,963	$ 311,723
Cost of sales	121,578	108,766
Gross margin	202,385	202,957
Selling, general and administrative expenses	134,412	112,678
Income from operations	67,973	90,279
Other expenses (income):
Interest expense	1,807	2,357
(Gain) loss on foreign currency	(905)	759
Interest and investment income	(3,020)	(5,382)
Other expense (income)	38	(41)
Nonoperating Income (Expense)	(2,080)	(2,307)
Income before income taxes	70,053	92,586
Income taxes	16,750	21,678
Net income	53,303	70,908
Less:  Net income attributable to the noncontrolling interest	12,255	16,840
Net income attributable to Inter Parfums, Inc.	$ 41,048	$ 54,068
Net income attributable to Inter Parfums, Inc. common shareholders:
Basic	$ 1.28	$ 1.69
Diluted	$ 1.27	$ 1.68
Weighted average number of shares outstanding:
Basic	32,041	32,018
Diluted	32,266	32,159
Dividends declared per share	$ 0.75	$ 0.625

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Comprehensive income:
Net income	$ 53,303	$ 70,908
Other comprehensive income:
Net derivative instrument loss, net of tax	(956)	(4,166)
Transfer from OCI into earnings	64	1,709
Translation adjustments, net of tax	(14,582)	13,489
Comprehensive income	37,829	81,940
Comprehensive income attributable to the noncontrolling interests:
Net income	12,255	16,840
Net derivative instrument loss, net of tax	(228)	(206)
Translation adjustments, net of tax	(5,017)	3,622
Comprehensive income attributable to the noncontrolling interests	7,010	20,256
Comprehensive income attributable to Inter Parfums, Inc.	$ 30,819	$ 61,684

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, 2022	$ 32	$ 90,186	$ 620,095	$ (56,056)	$ (37,475)	$ 171,364	$ 788,146
Shares issued upon exercise of stock options	0	4,929
Share-based compensation		314	300			54
Transfer of subsidiary shares purchased
Net income			54,068			16,840	70,908
Dividends			(20,023)			(473)
Foreign currency translation adjustment, net of tax				9,867		3,622
Transfer from other comprehensive income into earnings				1,709
Net derivative instrument income (loss), net of tax				(3,960)		(206)
Shares repurchased					(5,580)
Ending Balance at Mar. 31, 2023	32	95,429	654,440	(48,440)	(43,055)	191,201	849,607
Beginning Balance at Dec. 31, 2023	32	98,565	693,848	(40,188)	(52,864)	192,777	892,170
Shares issued upon exercise of stock options		1,326
Share-based compensation		261	179			154
Transfer of subsidiary shares purchased		157				(157)
Net income			41,048			12,255	53,303
Dividends			(24,032)
Foreign currency translation adjustment, net of tax				(9,565)		(5,017)
Transfer from other comprehensive income into earnings				64
Net derivative instrument income (loss), net of tax				(728)		(228)
Shares repurchased
Ending Balance at Mar. 31, 2024	$ 32	$ 100,309	$ 711,043	$ (50,417)	$ (52,864)	$ 199,784	$ 907,887

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net income	$ 53,303	$ 70,908
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization	6,018	4,115
Provision for doubtful accounts	(153)	220
Noncash stock compensation	589	633
Share of income of equity investment	32	(41)
Noncash lease expense	1,485	1,324
Deferred tax provision	(1,461)	(1,188)
Change in fair value of derivatives	(24)	1,518
Changes in:
Accounts receivable	(50,436)	(42,670)
Inventories	(34,388)	(29,688)
Other assets	(5,245)	(5,640)
Operating lease liabilities	(1,468)	(1,293)
Accounts payable and accrued expenses	(27,736)	(23,327)
Income taxes, net	7,524	17,771
Net cash used in operating activities	(51,960)	(7,358)
Cash flows from investing activities:
Purchases of short-term investments	(59,619)	(42,835)
Proceeds from sale of short-term investments	74,905	107,045
Purchases of property, equipment and leasehold improvements	(1,059)	(2,415)
Payment for intangible assets acquired	(305)	(151)
Net cash provided by investing activities	13,922	61,644
Cash flows from financing activities:
Proceeds from loans payable, bank	4,000
Proceeds from issuance of long-term debt		17,989
Repayment of long-term debt	(9,425)	(9,397)
Proceeds from exercise of options	1,326	4,929
Dividends paid	(24,032)	(20,023)
Dividends paid to noncontrolling interest		(473)
Purchase of treasury stock		(5,580)
Net cash used in financing activities	(28,131)	(12,555)
Effect of exchange rate changes on cash	(1,317)	2,611
Net (decrease) increase in cash and cash equivalents	(67,486)	44,342
Cash and cash equivalents - beginning of period	88,462	104,713
Cash and cash equivalents - end of period	20,976	149,055
Cash paid for:
Interest	1,127	1,563
Income taxes	$ 10,479	$ 4,816

Significant Accounting Policies

Significant Accounting Policies:	3 Months Ended
	Mar. 31, 2024
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, 2023.

Recent Agreements_

Recent Agreements:	3 Months Ended
	Mar. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Recent Agreements:	2. Recent Agreements: Abercrombie & Fitch In 2023, we announced our agreement to distribute Abercrombie & Fitch’s number one men’s fragrance , Fierce Fierce Fierce Roberto Cavalli In July 2023, we closed a transaction agreement with Roberto Cavalli, whereby an exclusive and worldwide license was granted for the production and distribution of Roberto Cavalli brand perfumes and fragrance related products. 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 July 2023 and will last for 6.5 years. 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 became effective in January 2024 and will last for 15 years. We began shipping Lacoste fragrances in January 2024. Dunhill The Dunhill fragrance license expired on September 30, 2023 and was not renewed. The Company has a twelve-month sell-off period during which it will maintain the right to sell-off remaining Dunhill fragrance inventory, which is customary in the fragrance industry. All usable components have been converted to finished goods, and any remaining components will be destroyed. Rochas Fashion As a result of operational challenges faced by the Rochas Fashion business in prior years, we took a $2.4 million impairment charge and a $6.8 million impairment charge on our Rochas fashion trademark in the first quarter of 2021 and the fourth quarter of 2022, respectively. In 2023, the Rochas teams underwent a strategic shift to take over their own brand operations, exiting contracts with manufacturers and distributors to make this new structure operational beginning in 2024. An independent expert concluded that the valuation based on this new business model would not require additional impairments as of December 31, 2023. There have been no triggering events in the first quarter of 2024 to require additional impairment analysis. Land and Building Acquisition - Headquarters in Paris In April 2021, Interparfums SA, our 72 The purchase price included the complete renovation of the site. As of March 31, 2024, $ 151 139 3.1 61.9 57 88.8 82 7 50 no The acquisition was financed by a 10 120 129.7 one-month Euribor plus 0.75% 80 million 2 1.1

Recent Accounting Pronouncement

Recent Accounting Pronouncements:	3 Months Ended
	Mar. 31, 2024
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements:	3. 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, 2024
Inventory Disclosure [Abstract]
Inventories:	4. Inventories: Inventories consist of the following: (In thousands) March 31, December 31, Raw materials and component parts $ 178,678 $ 158,733 Finished goods 221,531 213,126 $ 400,209 $ 371,859

Fair Value Measurement_

Fair Value Measurement:	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurement:	5. 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, 2024 Total Quoted Prices in Significant Other Significant Assets: Short-term investments $ 76,078 $ 10,379 $ 65,699 $ — Interest rate swaps 4,096 — 4,096 — Foreign currency forward exchange contracts not accounted for using hedge accounting 395 — 395 — Foreign currency forward exchange contracts accounted for using hedge accounting 305 $ — 305 — $ 80,874 $ 10,379 $ 70,495 $ — Fair Value Measurements at December 31, 2023 Total Quoted Prices in Significant Other Significant Assets: Short-term investments $ 94,304 $ 12,868 $ 80,614 $ 822 Interest rate swaps 3,909 — 3,909 — Foreign currency forward exchange contracts not accounted for using hedge accounting 359 — 359 — Foreign currency forward exchange contracts accounted for using hedge accounting 1,533 — 1,533 — $ 100,105 $ 12,868 $ 86,415 $ 822 The carrying amount of cash and cash equivalents, short-term investments including money market funds and marketable equity securities, accounts receivable, other receivables, 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 is 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, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments:	6. Derivative Financial Instruments: The Company enters into foreign currency forward exchange contracts to hedge exposure related to receivables denominated in a foreign currency and occasionally to manage risks related to future sales expected to be denominated in a foreign currency. 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 54.1 million 4 2 In connection with the April 2021 acquisition of the office building complex in Paris, € 120 129.7 10 80 1.1 Gains and losses in derivatives designated as hedges are accumulated in other comprehensive income (loss) and gains and losses in derivatives not designated as hedges are included in (gain) loss on foreign currency on the accompanying consolidated statements of income. Such gains and losses were immaterial for both the three months ended March 31, 2024 and 2023. All derivative instruments are reported as either assets or liabilities on the consolidated balance sheet measured at fair value. The valuation of interest rate swaps is included in long-term debt on the accompanying consolidated balance sheets. The valuation of foreign currency forward exchange contracts at March 31, 2024, resulted in a net asset and is included in other current assets on the accompanying consolidated balance sheet. At March 31, 2024, the Company had foreign currency contracts in the form of forward exchange contracts with notional amounts of approximately U.S. $ 78.0 4.7 one

Leases_

Leases:	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Leases:	7. 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, 2024, the weighted average remaining lease term was 4.8 3 1.6 million 1.4 million 1.5 million 1.3 million no

Share-Based Payments_

Share-Based Payments:	3 Months Ended
	Mar. 31, 2024
Equity:
Share-Based Payments:	8. 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 0.04 million 0.09 million The following table sets forth information with respect to nonvested options for the three months ended March 31, 2024: Number of Shares Weighted Average Grant-Date Fair Value Nonvested options – beginning of period 122,100 $ 24.47 Nonvested options granted — — Nonvested options vested or forfeited (3,140 ) $ 11.86 Nonvested options – end of period 118,960 $ 24.80 Share-based payment expense decreased income before income taxes by $ 0.59 0.63 0.39 million 0.43 million The following table summarizes stock option information as of March 31, 2024: Shares Weighted Average Outstanding at January 1, 2024 308,970 $ 86.52 Options forfeited (140 ) 73.09 Options exercised (18,980 ) 69.87 Outstanding at March 31, 2024 289,850 $ 87.62 Options exercisable 170,890 $ 70.60 Options available for future grants 537,505 As of March 31, 2024, the weighted average remaining contractual life of options outstanding is 2.69 0.5 15.7 million 11.9 million 2.7 Cash proceeds, tax benefits and intrinsic value related to stock options exercised during the three months ended March 31, 2024 and 2023 were as follows: (In thousands) March 31, March 31, Cash proceeds from stock options exercised $ 1,326 $ 4,929 Tax benefits 220 780 Intrinsic value of stock options exercised 1,375 5,403 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 maintain its current payout ratio as a percentage of earnings. In March 2022, Interparfums SA, our 72% owned French Subsidiary, approved a plan to grant an aggregate of 88,400 shares of its stock to all Interparfums SA employees and corporate officers having more than six months of employment at grant date, subject to certain corporate performance conditions. The shares, subject to adjustment for stock splits, will be distributed in June 2025. 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 93,612 4.2 million 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. As of March 31, 2024 the Company acquired 87,609 4.1 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, 2024
Earnings Per Share [Abstract]
Net Income Attributable to Inter Parfums, Inc. Common Shareholders:	9. 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, 2024 2023 Numerator: Net income attributable to Inter Parfums, Inc. $ 41,048 $ 54,068 Denominator: Weighted average shares 32,041 32,018 Effect of dilutive securities: Stock options 225 141 Denominator for diluted earnings per share 32,266 32,159 Earnings per share: Net income attributable to Inter Parfums, Inc. common shareholders: Basic $ 1.28 $ 1.69 Diluted 1.27 1.68 Not included in the above computations are the effect of antidilutive potential common shares which consist of outstanding options to purchase 0.05 million shares of common stock for the three months ended March 31, 2024. There were no antidilutive potential common shares outstanding for the three months ended March 31, 2023.

Segment and Geographic Areas_

Segment and Geographic Areas:	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Segment and Geographic Areas:	10. 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 based operations and United States based operations primarily represent the sale of prestige brand name fragrances. Information on our operations by segments is as follows: (In thousands) Three months ended 2024 2023 Net sales: United States $ 95,768 $ 81,454 Europe 230,957 230,269 Eliminations of intercompany sales (2,762 ) — $ 323,963 $ 311,723 Net income attributable to Inter Parfums, Inc.: United States $ 9,527 $ 10,343 Europe 32,685 43,725 Eliminations (1,164 ) — $ 41,048 $ 54,068 March 31, December 31, 2024 2023 Total Assets: United States $ 337,876 $ 344,341 Europe 1,069,258 1,066,684 Eliminations (57,958 ) (41,696 ) $ 1,349,176 $ 1,369,329

Inventories_ (Tables)

Inventories: (Tables)	3 Months Ended
	Mar. 31, 2024
Inventory Disclosure [Abstract]
Inventories consist of the following:	Inventories consist of the following: (In thousands) March 31, December 31, Raw materials and component parts $ 178,678 $ 158,733 Finished goods 221,531 213,126 $ 400,209 $ 371,859

Fair Value Measurement_ (Tables

Fair Value Measurement: (Tables)	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
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, 2024 Total Quoted Prices in Significant Other Significant Assets: Short-term investments $ 76,078 $ 10,379 $ 65,699 $ — Interest rate swaps 4,096 — 4,096 — Foreign currency forward exchange contracts not accounted for using hedge accounting 395 — 395 — Foreign currency forward exchange contracts accounted for using hedge accounting 305 $ — 305 — $ 80,874 $ 10,379 $ 70,495 $ — Fair Value Measurements at December 31, 2023 Total Quoted Prices in Significant Other Significant Assets: Short-term investments $ 94,304 $ 12,868 $ 80,614 $ 822 Interest rate swaps 3,909 — 3,909 — Foreign currency forward exchange contracts not accounted for using hedge accounting 359 — 359 — Foreign currency forward exchange contracts accounted for using hedge accounting 1,533 — 1,533 — $ 100,105 $ 12,868 $ 86,415 $ 822

Share-Based Payments_ (Tables)

Share-Based Payments: (Tables)	3 Months Ended
	Mar. 31, 2024
Equity:
The following table sets forth information with respect to nonvested options for the three months ended March 31, 2024:	The following table sets forth information with respect to nonvested options for the three months ended March 31, 2024: Number of Shares Weighted Average Grant-Date Fair Value Nonvested options – beginning of period 122,100 $ 24.47 Nonvested options granted — — Nonvested options vested or forfeited (3,140 ) $ 11.86 Nonvested options – end of period 118,960 $ 24.80
The following table summarizes stock option information as of March 31, 2024:	The following table summarizes stock option information as of March 31, 2024: Shares Weighted Average Outstanding at January 1, 2024 308,970 $ 86.52 Options forfeited (140 ) 73.09 Options exercised (18,980 ) 69.87 Outstanding at March 31, 2024 289,850 $ 87.62 Options exercisable 170,890 $ 70.60 Options available for future grants 537,505
Cash proceeds, tax benefits and intrinsic value related to stock options exercised during the three months ended March 31, 2024 and 2023 were as follows:	Cash proceeds, tax benefits and intrinsic value related to stock options exercised during the three months ended March 31, 2024 and 2023 were as follows: (In thousands) March 31, March 31, Cash proceeds from stock options exercised $ 1,326 $ 4,929 Tax benefits 220 780 Intrinsic value of stock options exercised 1,375 5,403

Net Income Attributable to In_2

Net Income Attributable to Inter Parfums, Inc. Common Shareholders: (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
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, 2024 2023 Numerator: Net income attributable to Inter Parfums, Inc. $ 41,048 $ 54,068 Denominator: Weighted average shares 32,041 32,018 Effect of dilutive securities: Stock options 225 141 Denominator for diluted earnings per share 32,266 32,159 Earnings per share: Net income attributable to Inter Parfums, Inc. common shareholders: Basic $ 1.28 $ 1.69 Diluted 1.27 1.68

Segment and Geographic Areas_ (

Segment and Geographic Areas: (Tables)	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Information on our operations by segments is as follows:	Information on our operations by segments is as follows: (In thousands) Three months ended 2024 2023 Net sales: United States $ 95,768 $ 81,454 Europe 230,957 230,269 Eliminations of intercompany sales (2,762 ) — $ 323,963 $ 311,723 Net income attributable to Inter Parfums, Inc.: United States $ 9,527 $ 10,343 Europe 32,685 43,725 Eliminations (1,164 ) — $ 41,048 $ 54,068 March 31, December 31, 2024 2023 Total Assets: United States $ 337,876 $ 344,341 Europe 1,069,258 1,066,684 Eliminations (57,958 ) (41,696 ) $ 1,349,176 $ 1,369,329

Recent Agreements_ (Details Nar

Recent Agreements: (Details Narrative)	3 Months Ended
	Mar. 31, 2024 USD ($)	Mar. 31, 2024 EUR (€)	Mar. 31, 2024 EUR (€)	Dec. 31, 2022	Apr. 30, 2021
Business Acquisition [Line Items]
Purchase price, period cost	$ 151,000,000	€ 139,000,000
Acquisition costs, period cost	3,100,000
Cash held in escrow is included in other assets	$ 0
Long-term debt, term	10 years		10 years	4 years	10 years
Long-term line of credit	$ 129,700,000		€ 120,000,000
Description of debt instrument interest rate terms	one-month Euribor plus 0.75%	one-month Euribor plus 0.75%
Debt instrument, face amount | €			€ 80,000,000
Variable interest rate	2%		2%
Fixed interest rate	1.10%		1.10%
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	$ 61,900,000	€ 57,000,000
Building [Member]
Business Acquisition [Line Items]
Purchase price, period cost	$ 88,800,000	€ 82,000,000
Interparfums SA [Member]
Business Acquisition [Line Items]
Ownership percentage					72%
Roberto Cavalli [Member]
Business Acquisition [Line Items]
Description of recent agreement	The license became effective in July 2023 and will last for 6.5 years.	The license became effective in July 2023 and will last for 6.5 years.

Inventories consist of the foll

Inventories consist of the following: (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials and component parts	$ 178,678	$ 158,733
Finished goods	221,531	213,126
Inventories	$ 400,209	$ 371,859

The fair value hierarchy has th

The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value. (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Assets:
Short-term investments	$ 76,078	$ 94,304
Interest rate swaps	4,096	3,909
Foreign currency forward exchange contracts not accounted for using hedge accounting	395
Foreign currency forward exchange contracts not accounted for using hedge accounting	305	359
	80,874	100,105
Foreign currency forward exchange contracts accounted for using hedge accounting		1,533
Fair Value, Inputs, Level 1 [Member]
Assets:
Short-term investments	10,379	12,868
Interest rate swaps
Foreign currency forward exchange contracts not accounted for using hedge accounting
Foreign currency forward exchange contracts not accounted for using hedge accounting
	10,379	12,868
Foreign currency forward exchange contracts accounted for using hedge accounting
Fair Value, Inputs, Level 2 [Member]
Assets:
Short-term investments	65,699	80,614
Interest rate swaps	4,096	3,909
Foreign currency forward exchange contracts not accounted for using hedge accounting	395
Foreign currency forward exchange contracts not accounted for using hedge accounting	305	359
	70,495	86,415
Foreign currency forward exchange contracts accounted for using hedge accounting		1,533
Fair Value, Inputs, Level 3 [Member]
Assets:
Short-term investments		822
Interest rate swaps
Foreign currency forward exchange contracts not accounted for using hedge accounting
Foreign currency forward exchange contracts not accounted for using hedge accounting
		822
Foreign currency forward exchange contracts accounted for using hedge accounting

Derivative Financial Instrume_2

Derivative Financial Instruments: (Details Narrative)	3 Months Ended
	Mar. 31, 2024 USD ($)	Mar. 31, 2024 GBP (£)	Mar. 31, 2023 USD ($)	Mar. 31, 2023 EUR (€)	Dec. 31, 2022	Apr. 30, 2021 USD ($)	Apr. 30, 2021 EUR (€)
Derivative Instruments, Gain (Loss) [Line Items]
Loan amount			$ 54,100,000	€ 50,000,000		$ 129,700,000	€ 120,000,000
Long-term debt, term	10 years	10 years			4 years	10 years	10 years
Derivative swap interest rate			2%	2%		1.10%	1.10%
Interest Rate Swap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Loan amount | €							€ 80,000,000
Foreign Exchange Contract [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Loan amount | £		£ 2,500,000
Forward exchange contracts | $	$ 61,000,000
Maturity of foreign currency	1 year

Leases_ (Details Narrative)

Leases: (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Operating lease, weighted average remaining lease term	5 years 6 months
Operating lease, weighted average discount rate, percent	3%
Operating leases, rent expense, net	$ 1,600,000	$ 1,400,000
Operating Lease, Payments	1,500,000	1,300,000
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, 2024: (Details)	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Equity:
Nonvested options - beginning of year | shares	122,100
Weighted average grant date fair value, beginning of year | $ / shares	$ 24.47
Nonvested options granted | shares
Weighted average grant date fair value, granted | $ / shares
Nonvested options vested or forfeited | shares	(3,140)
Weighted average grant date fair value, vested or forfeited | $ / shares	$ 11.86
Nonvested options - end of year | shares	118,960
Weighted average grant date fair value, end of year | $ / shares	$ 24.80

The following table summarizes

The following table summarizes stock option information as of March 31, 2024: (Details)	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Equity:
Options shares under option - beginning of year	308,970
Weighted average exercise price shares under option - beginning of year | $ / shares	$ 86.52
Options forfeited	(140)
Weighted average exercise price options forfeited | $ / shares	$ 73.09
Options exercised	(18,980)
Weighted average exercise price options exercised | $ / shares	$ 69.87
Options shares under option - end of year	289,850
Weighted average exercise price shares under option - end of year | $ / shares	$ 87.62
Options exercisable	170,890
Weighted average exercise price options exercisable | $ / shares	$ 70.60
Options granted	537,505

Cash proceeds, tax benefits and

Cash proceeds, tax benefits and intrinsic value related to stock options exercised during the three months ended March 31, 2024 and 2023 were as follows: (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Equity:
Cash proceeds from stock options exercised	$ 1,326	$ 4,929
Tax benefits	220	780
Intrinsic value of stock options exercised	$ 1,375	$ 5,403

Share-Based Payments_ (Details

Share-Based Payments: (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Subsidiary or Equity Method Investee [Line Items]
Income before income taxes	$ 70,053,000	$ 92,586,000
Share-based payment arrangement, expense	$ 390,000	$ 430,000
Weighted average remaining contractual life of options outstanding (in years)	2 years 1 month 24 days
Weighted average remaining contractual life of options exercisable (in years)	4 months 2 days
Aggregate intrinsic value of options outstanding and options outstanding	$ 15,700,000
Aggregate intrinsic value of options outstanding and options exercisable	11,900,000
Unrecognized compensation cost	$ 2,700,000
Options granted	0	0
Interparfums SA Subsidiary [Member]
Subsidiary or Equity Method Investee [Line Items]
Recognized as compensation cost	$ 4,200,000
Interparfums SA Subsidiary [Member] | Employees [Member]
Subsidiary or Equity Method Investee [Line Items]
Number of share distributed	93,612
Recognized as compensation cost	$ 4,100,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized	87,609
Equity Option [Member]
Subsidiary or Equity Method Investee [Line Items]
Fair value of shares vested	$ 40,000	$ 90,000
Minimum [Member] | Equity Option [Member]
Subsidiary or Equity Method Investee [Line Items]
Options vesting period	4 years
Maximum [Member] | Equity Option [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, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Net income attributable to Inter Parfums, Inc (in dollars)	$ 41,048	$ 54,068
Weighted average shares	32,041	32,018
Stock options	225	141
Denominator for diluted earnings per share	32,266	32,159
Basic (in dollars per share)	$ 1.28	$ 1.69
Diluted (in dollars per share)	$ 1.27	$ 1.68

Information on our operations b

Information on our operations by segments is as follows: (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	$ 323,963	$ 311,723
Net income attributable to Inter Parfums, Inc	41,048	54,068
Total assets	1,349,176	1,369,329	$ 1,369,329
UNITED STATES
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	95,768	81,454
Net income attributable to Inter Parfums, Inc	9,527	10,343
Total assets	337,876	344,341
Europe [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	230,957	230,269
Net income attributable to Inter Parfums, Inc	32,685	43,725
Total assets	1,069,258	1,066,684
Eliminations [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	(2,762)
Net income attributable to Inter Parfums, Inc	(1,164)
Total assets	$ (57,958)	$ (41,696)