Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | May 07, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | ICON | |
Entity Registrant Name | ICONIX BRAND GROUP, INC. | |
Entity Central Index Key | 0000857737 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity Emerging Growth Company | false | |
Entity File Number | 1-10593 | |
Entity Tax Identification Number | 11-2481903 | |
Entity Address, Address Line One | 1450 Broadway | |
Entity Address, City or Town | New York | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10018 | |
City Area Code | 212 | |
Local Phone Number | 730-0030 | |
Entity Common Stock, Shares Outstanding | 14,480,623 | |
Entity Interactive Data Current | Yes | |
Title of 12(b) Security | Common Stock, $0.001 par value | |
Security Exchange Name | NASDAQ | |
Entity Incorporation, State or Country Code | DE | |
Document Quarterly Report | true | |
Document Transition Report | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Current Assets: | ||
Cash and cash equivalents (includes VIE assets of $6,876 and $7,332, respectively) | $ 48,184 | $ 49,797 |
Restricted cash | 14,166 | 9,380 |
Accounts receivable, net (includes VIE assets of $5,557 and $3,237, respectively) | 17,260 | 24,736 |
Contract asset (includes VIE assets of $717 and $689, respectively) | 14,098 | 13,842 |
Other assets – current (includes VIE assets of $670 and $806, respectively) | 1,680 | 2,276 |
Total Current Assets | 95,388 | 100,031 |
Property and equipment, net: | ||
Furniture, fixtures and equipment | 20,753 | 20,672 |
Less: Accumulated depreciation | (18,985) | (18,703) |
Property, Plant and Equipment, Net, Total | 1,768 | 1,969 |
Other Assets: | ||
Other assets | 5,726 | 5,796 |
Contract asset (includes VIE assets of $2,538 and $2,692, respectively) | 9,670 | 11,415 |
Right-of-use asset | 4,517 | 4,894 |
Trademarks and other intangibles, net (includes VIE assets of $114,274 and $114,263, respectively) | 242,396 | 246,786 |
Investments and joint ventures | 15,818 | 15,746 |
Goodwill | 26,099 | 26,099 |
Other Assets, Total | 304,226 | 310,736 |
Total Assets | 401,382 | 412,736 |
Current Liabilities: | ||
Accounts payable and accrued expenses (includes VIE liabilities of $1,127 and $1,685, respectively) | 26,956 | 30,125 |
Deferred revenue (includes VIE liabilities of $978 and $1,085, respectively) | 4,705 | 5,093 |
Current portion of long-term debt | 31,510 | 28,433 |
Other liabilities – current | 2,728 | 3,863 |
Total Current Liabilities | 65,899 | 67,514 |
Deferred income tax liability | 5,743 | 5,196 |
Long-term debt, less current maturities (includes $53,644 and $50,868, respectively, at fair value) | 518,218 | 535,968 |
Other liabilities (includes VIE liabilities of $1,537 and $1,604, respectively) | 34,385 | 28,603 |
Total Liabilities | 624,245 | 637,281 |
Redeemable Non-Controlling Interest | 24,518 | 24,321 |
Commitments and contingencies (refer to Note 11) | ||
Stockholders’ Deficit: | ||
Common stock, $.001 par value shares authorized 260,000; shares issued 18,140 and 16,650, respectively | 18 | 17 |
Additional paid-in capital | 1,051,642 | 1,049,104 |
Accumulated losses | (433,252) | (437,440) |
Accumulated other comprehensive loss | (49,082) | (42,625) |
Less: Treasury stock – 3,674 and 3,490 shares at cost, respectively | (844,906) | (844,526) |
Total Iconix Brand Group, Inc. Stockholders’ Deficit | (275,580) | (275,470) |
Non-Controlling Interest | 28,199 | 26,604 |
Total Stockholders’ Deficit | (247,381) | (248,866) |
Total Liabilities, Redeemable Non-Controlling Interest and Stockholders’ Deficit | $ 401,382 | $ 412,736 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Cash and cash equivalents, VIE assets | $ 48,184 | $ 49,797 |
Accounts receivable, net, VIE assets | 17,260 | 24,736 |
Contract assets, current, VIE assets | 14,098 | 13,842 |
Other assets – current, VIE assets | 1,680 | 2,276 |
Contract assets, long term, VIE assets | 9,670 | 11,415 |
Trademarks and other intangibles, net, VIE assets | 242,396 | 246,786 |
Accounts payable and accrued expenses, VIE liabilities | 26,956 | 30,125 |
Deferred revenue, VIE liabilities | 4,705 | 5,093 |
Long-term debt, fair value | 53,644 | 50,868 |
Other liabilities, VIE liabilities | $ 34,385 | $ 28,603 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 260,000,000 | 260,000,000 |
Common stock, shares issued | 18,140,000 | 16,650,000 |
Treasury stock, shares | 3,674,000 | 3,490,000 |
Variable Interest Entity, Primary Beneficiary | ||
Cash and cash equivalents, VIE assets | $ 6,876 | $ 7,332 |
Accounts receivable, net, VIE assets | 5,557 | 3,237 |
Contract assets, current, VIE assets | 717 | 689 |
Other assets – current, VIE assets | 670 | 806 |
Contract assets, long term, VIE assets | 2,538 | 2,692 |
Trademarks and other intangibles, net, VIE assets | 114,274 | 114,263 |
Accounts payable and accrued expenses, VIE liabilities | 1,127 | 1,685 |
Deferred revenue, VIE liabilities | 978 | 1,085 |
Other liabilities, VIE liabilities | $ 1,537 | $ 1,604 |
Unaudited Condensed Consolidate
Unaudited Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Statement [Abstract] | ||
Licensing revenue | $ 23,634 | $ 27,951 |
Type of Revenue [Extensible List] | us-gaap:LicenseMember | us-gaap:LicenseMember |
Selling, general and administrative expenses | $ 13,094 | $ 17,150 |
Depreciation and amortization | 298 | 273 |
Equity (earnings) loss on joint ventures | (72) | 1,645 |
Gain on sale of trademarks | (14,959) | |
Trademark impairment | 13,733 | |
Operating income (loss) | 25,273 | (4,850) |
Other expenses (income): | ||
Interest expense | 14,655 | 17,056 |
Interest income | (40) | |
Other loss (income), net | 2,777 | (795) |
Foreign currency translation gain | (1,359) | (65) |
Other expenses – net | 16,073 | 16,156 |
Income (loss) before income taxes | 9,200 | (21,006) |
Provision (Benefit) for income taxes | 2,261 | (5) |
Net income (loss) | 6,939 | (21,001) |
Less: Net income attributable to non-controlling interest | 2,751 | 825 |
Net income (loss) attributable to Iconix Brand Group, Inc. | $ 4,188 | $ (21,826) |
Earnings (loss) per share: | ||
Basic | $ 0.30 | $ (1.89) |
Diluted | $ 0.26 | $ (1.89) |
Weighted average number of common shares outstanding: | ||
Basic | 13,805 | 11,772 |
Diluted | 31,628 | 11,772 |
Unaudited Condensed Consolida_2
Unaudited Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net income (loss) | $ 6,939 | $ (21,001) |
Other comprehensive loss: | ||
Foreign currency translation loss | (6,457) | (2,369) |
Total other comprehensive loss | (6,457) | (2,369) |
Comprehensive income (loss) | 482 | (23,370) |
Less: comprehensive income attributable to non-controlling interest | 2,751 | 825 |
Comprehensive loss attributable to Iconix Brand Group, Inc. | $ (2,269) | $ (24,195) |
Unaudited Condensed Consolida_3
Unaudited Condensed Consolidated Statements of Stockholders' Deficit - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Common Stock5.75% Convertible Notes | Additional Paid-in Capital | Additional Paid-in Capital5.75% Convertible Notes | Accumulated Losses | AOCI Attributable to Parent | Treasury Stock | Noncontrolling Interest |
Beginning Balance at Dec. 31, 2019 | $ 16 | $ 1,045,307 | $ (429,117) | $ (54,643) | $ (844,442) | $ 26,521 | |||
Beginning Balance (in shares) at Dec. 31, 2019 | 15,138 | ||||||||
Shares issued on vesting of restricted stock (in shares) | 196 | ||||||||
Change in redemption value of redeemable non-controlling interest | (394) | ||||||||
Equity compensation expense | 172 | ||||||||
Net income (loss) | (21,826) | 3,333 | |||||||
Foreign currency translation | (2,369) | ||||||||
Shares repurchased on vesting of restricted stock | (65) | ||||||||
Distributions to joint ventures | (1,183) | ||||||||
Ending Balance (in shares) at Mar. 31, 2020 | 15,334 | ||||||||
Ending Balance at Mar. 31, 2020 | $ (278,690) | $ 16 | 1,045,085 | (450,943) | (57,012) | (844,507) | 28,671 | ||
Beginning Balance at Dec. 31, 2020 | (248,866) | $ 17 | 1,049,104 | (437,440) | (42,625) | (844,526) | 26,604 | ||
Beginning Balance (in shares) at Dec. 31, 2020 | 16,650 | ||||||||
Shares issued on vesting of restricted stock (in shares) | 492 | ||||||||
Shares issued as payment of interest on 5.75% Convertible Notes (in shares) | 998 | ||||||||
Shares issued as payment of interest on 5.75% Convertible Notes | $ 1 | $ 2,714 | |||||||
Change in redemption value of redeemable non-controlling interest | (222) | ||||||||
Sale of 10% of Danskin China Equity | 1,772 | 28 | |||||||
Purchase of 25% of US Pony Holdings Equity | (1,866) | (134) | |||||||
Equity compensation expense | 140 | ||||||||
Net income (loss) | 4,188 | 1,718 | |||||||
Foreign currency translation | (6,457) | ||||||||
Shares repurchased on vesting of restricted stock | (380) | ||||||||
Distributions to joint ventures | (17) | ||||||||
Ending Balance (in shares) at Mar. 31, 2021 | 18,140 | ||||||||
Ending Balance at Mar. 31, 2021 | $ (247,381) | $ 18 | $ 1,051,642 | $ (433,252) | $ (49,082) | $ (844,906) | $ 28,199 |
Unaudited Condensed Consolida_4
Unaudited Condensed Consolidated Statements of Stockholders' Deficit (Parenthetical) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
5.75% Convertible Notes | ||
Percentage of conversion of convertible notes | 5.75% | 5.75% |
Danskin China Limited | ||
Percentage of equity ownership interest sold | 10.00% | 10.00% |
Pony International, LLC. | ||
Ownership interest acquired | 25.00% | 25.00% |
Unaudited Condensed Consolida_5
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | Jun. 30, 2020 | Sep. 30, 2020 | Dec. 31, 2020 | |
Cash flows from operating activities: | |||||
Net income (loss) | $ 6,939 | $ (21,001) | |||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||
Depreciation and amortization | 298 | 273 | |||
Amortization of deferred financing costs and debt discount | 1,512 | 2,462 | |||
Interest expense on 5.75% Convertible Notes paid in shares | 679 | ||||
Stock-based compensation expense | 140 | 172 | |||
Provision for doubtful accounts | (2,082) | 2,392 | |||
Periodic lease cost | 574 | 565 | |||
(Earnings) loss on equity investments in joint ventures | (72) | 1,645 | |||
Contract asset impairment | 149 | 468 | |||
Trademark impairment | 13,733 | ||||
Mark to market adjustment on convertible note | 2,776 | (792) | |||
Gain on sale of trademarks and other investments | (14,959) | ||||
Deferred income tax expense | 546 | 95 | |||
(Gain) Loss on foreign currency translation | (1,359) | (65) | |||
Changes in operating assets and liabilities: | |||||
Accounts receivable | 9,153 | (3,484) | |||
Other assets – current | (30) | 3,041 | |||
Other assets | 686 | (905) | |||
Deferred revenue | 216 | 602 | |||
Accounts payable and accrued expenses | (2,152) | (4,783) | |||
Other liabilities | 5,024 | 3,723 | |||
Net cash provided by (used in) operating activities | 8,038 | (1,859) | |||
Cash flows provided by (used in) investing activities: | |||||
Purchases of property and equipment | (99) | (113) | |||
Acquisition of trademarks and other investments | (59) | (2,232) | |||
Issuance of loan to equity investee | (2,750) | ||||
Proceeds from sale of trademarks and investments | 16,000 | ||||
Net cash provided by (used in) investing activities | 15,842 | (5,095) | $ (2,608) | $ 75,717 | $ 75,541 |
Cash flows used in financing activities: | |||||
Payment of long-term debt | (18,961) | (12,400) | |||
Proceeds from sale of 10% of Danskin China equity | 1,800 | ||||
Acquisition of 25% of US Pony Holdings equity | (2,000) | ||||
Distributions to non-controlling interests | (17) | (1,183) | |||
Distributions to redeemable non-controlling interests | (1,056) | (1,003) | |||
Cost of shares repurchased on vesting of restricted stock | (380) | (66) | |||
Net cash used in financing activities | (20,614) | (14,652) | (25,691) | (83,516) | (108,739) |
Effect of exchange rate changes on cash and restricted cash | (93) | (364) | |||
Net increase (decrease) in cash and cash equivalents, and restricted cash | 3,173 | (21,970) | |||
Cash, cash equivalents, and restricted cash, beginning of period | 59,177 | 71,411 | $ 71,411 | $ 71,411 | 71,411 |
Cash, cash equivalents, and restricted cash, end of period | 62,350 | 49,441 | $ 59,177 | ||
Cash paid during the period: | |||||
Income taxes (net of refunds received) | 1,197 | 1,996 | |||
Interest | 6,113 | $ 11,712 | |||
Non-cash investing and financing activities: | |||||
Non-cash additions to operating lease assets | 50 | ||||
Shares issued for payment of interest on 5.75% Convertible Notes | $ 2,035 |
Unaudited Condensed Consolida_6
Unaudited Condensed Consolidated Statements of Cash Flows (Parenthetical) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Danskin China Limited | ||
Percentage of equity ownership interest sold | 10.00% | 10.00% |
Pony International, LLC. | ||
Ownership interest acquired | 25.00% | 25.00% |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Presentation | 1. Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management of Iconix Brand Group, Inc. (the “Company,” “we,” “us,” or “our”), all adjustments (consisting primarily of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2021 (“Current Quarter”) are not necessarily indicative of the results that may be expected for a full fiscal year. The interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Correction of an Immaterial Error During the first quarter of FY 2021, the Company determined certain equity transactions were incorrectly recorded by the Company in the second and fourth quarters of FY2020 in the Company’s consolidated financial statements and has been corrected in the consolidated financial statements included in this Form 10-Q. Management evaluated the materiality of these errors from a quantitative and qualitative perspective and concluded that the adjustments related to these transactions individually and in aggregate were not material to any of the Company’s previously issued consolidated financial statements and disclosures. However, the impact of the out-of-period adjustments were material to the consolidated financial statements for the three months ended March 31, 2021. Accordingly, no amendments to previously filed reports are deemed necessary. A summary of the effects of these revisions for FY 2020 and quarterly consolidated financial statements are presented below. The information in the tables below represent the statements of operations, balance sheets, and statements of cash flows line items affected by the revisions. The financial information included in the accompanying consolidated financial statements and notes thereto reflect the effects of the corrections and other adjustments described in the preceding discussion and following tables. Revised Consolidated Statement of Operations (in thousands, except earnings per share data) For the Twelve Months Ended December 31, 2020 As Reported Adjustment As Revised Selling, general and administrative expenses $ 59,398 $ 278 $ 59,676 Gain on Sale of Investment (1,600 ) 1,600 — Operating Income 67,601 (1,878 ) 65,723 Net Loss (2,976 ) (1,878 ) (4,854 ) Net Loss per share - basic and diluted (0.60 ) $ (0.15 ) $ (0.75 ) Revised Consolidated Balance Sheet (in thousands) December 31, 2020 As Reported Adjustments As Revised Accounts payable and accrued expenses $ 29,847 $ 278 30,125 Additional Paid-in Capital 1,047,504 1,600 1,049,104 Accumulated Losses (435,562 ) (1,878 ) (437,440 ) Revised Consolidated Statement of Cash Flows (in thousands) For the Twelve Months Ended December 31, 2020 As Reported Adjustment As Revised Net cash used in investing activities $ 77,141 $ (1,600 ) 75,541 Net cash used in financing activities (110,339 ) 1,600 (108,739 ) Revised Consolidated Statement of Operations (in thousands, except earnings per share data) For the Three Months Ended June 30, 2020 As Reported Adjustment As Revised Gain on Sale of Investment $ (1,600 ) $ 1,600 — Operating Income 3,765 (1,600 ) 2,165 Net Loss (15,464 ) (1,600 ) (17,064 ) Net Loss per share - basic and diluted $ (1.44 ) $ (0.13 ) $ (1.58 ) Revised Consolidated Statement of Operations (in thousands, except earnings per share data) For the Six Months Ended June 30, 2020 As Reported Adjustment As Revised Gain on Sale of Investment $ (1,600 ) $ 1,600 $ — Operating Income (1,087 ) (1,600 ) (2,687 ) Net Loss (36,466 ) (1,600 ) (38,066 ) Net Loss per share - basic and diluted $ (3.33 ) $ (0.14 ) $ (3.47 ) Revised Consolidated Balance Sheet (in thousands) June 30, 2020 As Reported Adjustments As Revised Additional Paid-in Capital $ 1,045,408 $ 1,600 1,047,008 Accumulated Losses (468,162 ) (1,600 ) (469,762 ) Revised Consolidated Statement of Cash Flows (in thousands) For the Six Months Ended June 30, 2020 As Reported Adjustment As Revised Net cash used in investing activities $ (1,008 ) $ (1,600 ) (2,608 ) Net cash used in financing activities (27,291 ) 1,600 (25,691 ) Revised Consolidated Statement of Operations (in thousands, except earnings per share data) For the Nine Months Ended September 30, 2020 As Reported Adjustment As Revised Gain on Sale of Investment (1,600 ) 1,600 — Operating Income 65,263 (1,600 ) 63,663 Net Loss 10,263 (1,600 ) 8,663 Earnings (loss) per share - basic $ 0.54 $ (0.13 ) $ 0.41 Earnings (loss) per share - diluted $ 0.37 $ (0.05 ) $ 0.32 Revised Consolidated Balance Sheet (in thousands) September 30, 2020 As Reported Adjustments As Revised Additional Paid-in Capital $ 1,047,167 $ 1,600 1,048,767 Accumulated Losses (422,436 ) (1,600 ) (424,036 ) Revised Consolidated Statement of Cash Flows (in thousands) For the Nine Months Ended September 30, 2020 As Reported Adjustment As Revised Net cash used in investing activities $ 77,317 $ (1,600 ) 75,717 Net cash used in financing activities (85,116 ) 1,600 (83,516 ) Reclassifications Certain reclassifications, which were immaterial, have been made to conform prior year data to the current presentation. Liquidity These condensed consolidated financial statements are prepared on a going concern basis, which contemplates the realization of assets and liquidation of liabilities, in each case, in the ordinary course of business consistent with the Company’s prior periods. The Company has experienced substantial and recurring losses from operations, which losses have caused an accumulated deficit of $433.3 million as of March 31, 2021. Net losses incurred for the years ended December 31, 2020 and 2019 amounted to approximately $4.9 million and $99.9 million, respectively. The Company has generated positive cash flows from operations in recent periods and has managed its cost structure, its relationships with licensees and sold non-strategic assets to mitigate the adverse impact of the COVID-19 pandemic on its operating results, liquidity and financial condition. The Company does not expect the occurrence of any payment defaults on its outstanding debt facilities in the next twelve months, and otherwise expects to generate sufficient cash to meet its operating cash flow needs and maintain compliance with the financial covenants set forth in its various debt facilities during such period. The financial statements do not include any adjustments to the amount and classification of assets and liabilities that may be necessary, should the Company not continue as a going concern. For additional information, please refer to Note 1 of Notes to Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. COVID-19 Pandemic The spread of the novel coronavirus or COVID-19 (“COVID-19”) during the first quarter of 2020 and its continued spread into 2021, has caused an economic downturn on a global scale, as well as significant volatility in the financial markets. In March 2020, the World Health Organization declared COVID-19 a pandemic. The COVID-19 pandemic is an ongoing phenomenon with uncertain scale and has had severe global macroeconomic and financial market impacts. and had a material adverse effect on our results of operations and liquidity. Continued material disruptions on discretionary spending and consumer demand could further negatively affect our licenses and impact our financial position, results of operations and cash flows. Certain of our licensees have been and may continue to be adversely impacted by the pandemic due to manufacturing facility closures, store closures, impacts to their distribution networks and a general decrease in customer traffic. We have, in many cases, suspended or deferred capital expenditures. We continue to take steps to increase available cash on hand including, but not limited to, targeted reductions in discretionary operating expenses, and our completed sales of certain of our brands. We have also taken certain precautions to provide a safe work environment for our employees. We continue to evaluate further actions that we determine are in the best interests of our employees or as required by federal, state, or local authorities. |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Mar. 31, 2021 | |
Revenue From Contract With Customer [Abstract] | |
Revenue Recognition | 2. Revenue Recognition Licensing Revenue The Company licenses its brands across a broad range of product categories, including fashion apparel, footwear, accessories, sportswear, home furnishings and décor, and beauty and fragrance. The Company seeks licensees with the ability to produce and sell quality products in their licensed categories and to meet and exceed minimum sales and royalty payment thresholds. The Company maintains direct-to-retail and traditional wholesale licenses. Typically, in a direct-to-retail license, the Company grants exclusive rights to one of its brands to a national retailer for a broad range of product categories. Direct-to-retail licenses provide retailers with proprietary rights to national brands at favorable economics. In a traditional wholesale license, the Company grants the right to a specific brand to a single or small group of related product categories to a wholesale supplier, who is permitted to sell licensed products to multiple retailers within an approved distribution channel. The Company’s license agreements typically require the licensee to pay the Company royalties based upon net sales with guaranteed minimum royalties in the event that net sales do not reach certain specified targets. The Company’s licenses also typically require the licensees to pay to the Company certain minimum amounts for the advertising and marketing of the respective licensed brands. Licensing revenue is comprised of revenue related to the Company’s entry into various trade name license agreements that provide revenues based on minimum royalties and advertising/marketing fees and additional revenues based on a percentage of defined sales. In accordance with ASC Topic 606 – Revenue from Contracts with Customers Within the Company's International segment, the Company purchases licensed products for resale to certain licensees. The Company generally does this as an accommodation to its licensees to consolidate ordering from the manufacturers. The revenue associated with such activity is included in licensing revenue and the associated cost of goods sold is included in selling general and administrative expenses and was approximately equal to revenue. The following table presents our revenues disaggregated by license type: For the Three Months Ended March 31, 2021 2020 Licensing revenue by license type: Direct-to-retail license $ 3,556 $ 7,808 Wholesale licenses 19,589 19,879 Other licenses 489 264 $ 23,634 $ 27,951 The following table represents our revenues disaggregated by geography: For the Three Months Ended March 31, 2021 2020 Total licensing revenue by geographic region: United States $ 12,190 $ 16,634 Other (1) 11,444 11,317 $ 23,634 $ 27,951 (1) No single country outside of the United States represented 10% or more of the Company’s revenues in the periods presented. Remaining Performance Obligation We enter into long-term license agreements with our licensees across all operating segments. Revenues are recognized on a straight-line basis consistent with the nature, timing and extent of our services, which primarily relate to the ongoing brand management and maintenance of the intellectual property. As of April 1, 2021, the Company and its joint ventures had a contractual right to receive over $380.4 million of aggregate minimum licensing revenue over the balance and the terms of their current licenses, excluding any renewals. As of March 31, 2021, future minimum license revenue to be recognized under our existing licenses is as follows: $46.7 million, $63.3 million, $60.3 million, $52.0 million, $41.9 million and $116.2 million for the remainder of FY 2021, FY 2022, FY 2023, FY 2024, FY 2025 and thereafter, respectively. Contract Balances Timing of revenue recognition may differ from the timing of invoicing to licensees. We record a receivable when amounts are contractually due or when revenue is recognized prior to invoicing. Deferred revenue is recorded when amounts are contractually due prior to satisfying the performance obligations of the contracts. For multi-year license agreements, as the performance obligation is providing the licensee with the right of access to the Company’s intellectual property for the contractual term, the Company uses a time-lapse measure of progress and straight lines the guaranteed minimum royalties over the contract term. Contract Asset We record contract assets when revenue is recognized in advance of cash payment being due from our licensees. As of March 31, 2021, current and long-term contract assets were $14.1 million and $9.7 million, respectively. Our current and long- term contract assets as of December 31, 2020, were $13.8 million and $11.4 million, respectively. For the Current Quarter, the Company incurred an impairment loss of its contract assets of $0.1 million as a result of certain contract modifications as compared to $0.5 million for the three months ended March 31, 2020 (“Prior Year Quarter”). Deferred Revenue We record deferred revenue when cash payment is received or due in advance of our performance, including amounts which are refundable. Advanced royalty payments are recognized ratably over the period indicated by the terms of the license and are reflected in the Company’s condensed consolidated balance sheet in deferred revenue at the time the payment is received. The decrease in deferred revenues as of March 31, 2021 as compared to December 31, 2020 is primarily driven by $2.7 million of revenues recognized that were included in the deferred revenue balance at the beginning of the period partly offset by cash payments received or due in advance of satisfying our performance obligations. |
Goodwill and Trademarks and Oth
Goodwill and Trademarks and Other Intangibles, net | 3 Months Ended |
Mar. 31, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Trademarks and Other Intangibles, net | 3. Goodwill and Trademarks and Other Intangibles, net Goodwill There were no changes and no impairment of the Company’s goodwill during the Current Three Months or in the Prior Year Three Months. The annual evaluation of the Company’s goodwill, by segment, is typically performed as of October 1, the beginning of the Company’s fourth fiscal quarter or as deemed necessary due to the identification of a triggering event. In accordance with ASC 350, in the First Quarter of 2021, the Company did not note any triggering events requiring the reassessment of the fair value of its goodwill of its International reporting unit. Trademarks and Other Intangibles, net Trademarks and other intangibles, net, consist of the following: March 31, 2021 December 31, 2020 Estimated Lives in Years Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Indefinite-lived trademarks Indefinite $ 242,396 $ — $ 246,786 $ — Definite-lived trademarks 10-15 8,958 8,958 8,958 8,958 Licensing contracts 1-9 978 978 978 978 $ 252,332 $ 9,936 $ 256,722 $ 9,936 Trademarks and other intangibles, net $ 242,396 $ 246,786 The trademarks of Candie’s, Bongo, Joe Boxer, Rampage, Mudd, London Fog, Mossimo, Ocean Pacific, Danskin, Rocawear, Cannon, Royal Velvet, Fieldcrest, Charisma, Starter, Waverly, Ecko, Zoo York, Ed Hardy, Umbro, Modern Amusement, Buffalo, Lee Cooper, Hydraulic and Pony have been determined to have an indefinite useful life. Each of these intangible assets are tested for impairment annually and as needed on an individual basis and territorial basis as separate single units of accounting, with any related impairment charge recorded to the income statement at the time of determining such impairment. The annual evaluation of the Company’s indefinite-lived trademarks is typically performed as of October 1, the beginning of the Company’s fourth fiscal quarter, or as deemed necessary due to the identification of a triggering event. In accordance with ASC 350, The Company did not note any triggering events requiring a reassessment of the fair value of its indefinite-lived trademarks and recorded zero impairment charges during the Current Quarter. Considering the impact of the COVID-19 pandemic, the Company reassessed the fair values of its indefinite-lived trademarks on current and future cash flows during 2020 and recorded impairment charges of $13.7 million primarily for the Rampage, Joe Boxer, Waverly, Fieldcrest and Umbro indefinite-lived trademarks during the Prior Year Quarter. In March 2021, the Company completed its previously announced sale of Lee Cooper China for $16.0 million in gross proceeds. The Lee Cooper China sale included the sale of the Lee Cooper trademark in the People’s Republic of China, Hong Kong, Taiwan and Macau. The Company received approximately $15.9 million in net proceeds from the sale of Lee Cooper China and recorded a $15.0 million gain within operating income. Costs of $0.1 million directly associated with the sale primarily consisted of broker’s commission. The cost basis of Lee Cooper China was $0.9 million. Other amortizable intangibles represent licensing contracts, which are amortized on a straight-line basis over their estimated useful lives of 1 to 9 years. Certain trademarks are amortized using estimated useful lives of 10 to 15 years with no residual values. Amortization expense for intangible assets for both the Current Quarter and Prior Year Quarter was zero and less than $0.1 million, respectively. |
Joint Ventures and Investments
Joint Ventures and Investments | 3 Months Ended |
Mar. 31, 2021 | |
Investments In And Advances To Affiliates Schedule Of Investments [Abstract] | |
Joint Ventures and Investments | 4. Joint Ventures and Investments Joint Ventures As of March 31, 2021, the following joint ventures are consolidated with the Company: Entity Name Date of Original Formation Iconix's Ownership % as of March 31, 2021 Joint Venture Partner Put / Call Options, as applicable (2) Lee Cooper China (6) Limited June 2018 0% (6) POS Lee Cooper HK Co. Ltd. — Starter China Limited March 2018 0% (4) Photosynthesis Holdings Co. Ltd. — Danskin China Limited October 2016 80% (5) Li-Ning (China) Sports Goods Co. Ltd. — Umbro China Limited July 2016 0% (3) Hong Kong MH Umbro International Co. Ltd. — US Pony Holdings, LLC February 2015 100% (7) Anthony L&S Athletics, LLC — Iconix MENA Ltd. (1) December 2014 55% Global Brands Group Asia Limited Put / Call Options Iconix Israel, LLC (1) November 2013 50% MGS — Iconix Europe LLC (1) December 2009 51% Global Brands Group Asia Limited Put / Call Options Iconix Australia (1) September 2013 55% Pac Brands USA, Inc. Put / Call Options Diamond Icon (1) March 2013 51% Albion Agencies Ltd. — Buffalo brand joint venture (1) February 2013 51% Buffalo International — Icon Modern Amusement, LLC (1) December 2012 51% Dirty Bird Productions — Hardy Way, LLC May 2009 85% Donald Edward Hardy — (1) The Company determined, in accordance with ASC 810, based on the corporate structure, voting rights and contributions of the Company and its respective joint venture partner, the entity is a variable interest entity (VIE) and, as the Company has been determined to be the primary beneficiary, is subject to consolidation. The Company has consolidated this joint venture within its consolidated financial statements since inception. None of the VIE assets are encumbered by any obligation of the VIE or other entity. (2) ( 3) The Company completed the sale of Umbro China in July 2020. As a result of this transaction, the Company recognized a gain of $59.6 million, which has been recorded within Operating Income in the Company’s condensed consolidated statement of operations in FY 2020. (4) The Company completed the sale of Starter China in September, 2020. As a result of this transaction, the Company recognized a gain of $14.5 million, which has been recorded within Operating Income in the Company’s condensed consolidated statement of operations in FY 2020. (5) ( 6 ) (7) of the rights to the Pony / Product of New York brand. Investments Equity Method Investments Entity Name Date of Original Formation / Investment Partner Put / Call Options, as applicable Iconix India joint venture June 2012 Reliance Brands Ltd. — Iconix SE Asia, Ltd. (1) October 2013 Global Brands Group Asia Limited Put / Call Options (2) MG Icon (1) March 2010 Purim LLC — (1) A six-month put option window for Iconix SE Asia, Ltd commences on July 1, 2022. Refer to the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 for material terms of the put/call options associated with this joint venture. Additionally, through its ownership of Iconix China Holdings Limited, the Company has equity interests in the following private companies, which are accounted for as equity method investments: Ownership by Carrying Value of Investment as of Brands Placed Partner Iconix China March 31, 2021 December 31, 2020 Candie’s Candies Shanghai Fashion Co. Ltd. (1) 20% $ — $ — Marc Ecko Shanghai MuXiang Apparel & Accessory Co. Limited (2) 0% — — Ecko Unltd Ai Xi Enterprise (Shanghai) Co. Limited 20% 1,296 1,341 $ 1,296 $ 1,341 (1) As a result of recent losses, primarily due to the effect of COVID-19 on the retail industry, the Company determined that the losses were other than temporary and determined that the fair value of its investment was de minimis. Accordingly, the Company recorded an impairment charge of $9.8 million during FY 2020. (2) In August 2020, the Company rescinded the trademark rights for the Ecko/Marc Ecko brand in exchange for its equity interest in the joint venture and recorded an impairment charge of $9.7 million in the third quarter of 2020. |
Gains on Sale of Trademarks, Ne
Gains on Sale of Trademarks, Net | 3 Months Ended |
Mar. 31, 2021 | |
Investments Debt And Equity Securities [Abstract] | |
Gains on Sale of Trademarks, Net | 5. Gains on Sale of Trademarks, Net The following table details transactions compromising gains on sale of trademarks, in the condensed consolidated statement of operations: For the Three Months Ended March 31, 2021 2020 Gain on Sale of Lee Cooper trademark in Iconix China (1) 14,959 — Net gains on sale of trademarks $ 14,959 $ — (1 ) |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 6. Fair Value Measurements ASC 820 “Fair Value Measurements” (“ASC 820”), establishes a framework for measuring fair value and requires expanded disclosures about fair value measurement. While ASC 820 does not require any new fair value measurements in its application to other accounting pronouncements, it does emphasize that a fair value measurement should be determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, ASC 820 established the following fair value hierarchy that distinguishes between (1) market participant assumptions developed based on market data obtained from sources independent of the reporting entity (observable inputs) and (2) the reporting entity’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs): Level 1: Observable inputs such as quoted prices for identical assets or liabilities in active markets Level 2: Other inputs that are observable directly or indirectly, such as quoted prices for similar assets or liabilities or market-corroborated inputs Level 3: Unobservable inputs for which there is little or no market data and which requires the owner of the assets or liabilities to develop its own assumptions about how market participants would price these assets or liabilities The valuation techniques that may be used to measure fair value are as follows: (A) Market approach - Uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities (B) Income approach - Uses valuation techniques to convert future amounts to a single present amount based on current market expectations about those future amounts, including present value techniques, option-pricing models and excess earnings method (C) Cost approach - Based on the amount that would currently be required to replace the service capacity of an asset (replacement cost) To determine the fair value of certain financial instruments, the Company relies on Level 2 inputs generated by market transactions of similar instruments where available, and Level 3 inputs using an income approach when Level 1 and Level 2 inputs are not available. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of financial assets and financial liabilities and their placement within the fair value hierarchy. Financial Instruments As of March 31, 2021, and December 31, 2020, the fair values of cash, receivables and accounts payable approximated their carrying values due to the short-term nature of these instruments. The fair value of notes receivable and notes payable from and to our joint venture partners approximate their carrying values. The fair value of certain other equity investments are not carried at fair value is not readily determinable, and it is not practical to obtain the information needed to determine the value. The Company recorded a million impairment charge to The estimated fair values of other financial instruments subject to fair value disclosures, determined based on Level Two inputs including broker quotes or quoted market prices or rates for the same or similar instruments and the related carrying amounts are as follows: March 31, 2021 December 31, 2020 Carrying Fair Value Carrying Fair Value Long-term debt, including current portion (1), (2) $ 549,728 $ 427,482 $ 564,401 $ 442,751 (1) Carrying amounts include aggregate unamortized debt discount and debt issuance costs. (2) Includes the 5.75% Convertible Notes accounted for under the fair value option. Refer to Note Non-Financial Assets and Liabilities The Company accounts for non-recurring adjustments to the fair values of its non-financial assets and liabilities under ASC 820 using a market participant approach. The Company uses a discounted cash flow model with Level 3 inputs to measure the fair value of its non-financial assets and liabilities. The Company also adopted the provisions of ASC 820 as it relates to purchase accounting for its acquisitions. The Company has goodwill, which is tested for impairment at least annually, as required by ASC 350- “Intangibles- Goodwill and Other” (“ASC 350”). Further, in accordance with ASC 350, the Company’s indefinite-lived trademarks are tested for impairment at least annually, on an individual basis as separate single units of accounting. Similarly, consistent with ASC 360- “Property, Plant and Equipment” (“ASC 360”), as it relates to accounting for the impairment or disposal of long-lived assets, the Company assesses whether or not there is impairment of the Company’s definite-lived trademarks. The Company recorded impairment charges on certain indefinite-lived trademarks during FY 2020. Refer to Note 3 for further information. The Company recorded asset impairment charges of 0.1 million in FY 2020, related to the consolidation and partial sublease of its New York office space. |
Fair Value Option
Fair Value Option | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Option | 7. Fair Value Option The Company accounts for its 5.75% Convertible Notes under the fair value option. The fair value carrying amount of the 5.75% Convertible Notes as of March 31, 2021 and December 31, 2020 is $53.6 million and $50.9 million, respectively, as compared to the contractual principal outstanding balance which is $94.4 million and $94.4 million as of March 31, 2021 and December 31, 2020, respectively. The changes of $2.8 million and $(0.8) million in the fair value of the 5.75% Convertible Notes accounted for under the fair value option are included in the Company’s condensed consolidated statement of operations for the Current Quarter and Prior Year Quarter, respectively, within Other Income . The primary reason for electing the fair value option is for simplification and cost-benefit considerations of accounting for the 5.75% Convertible Notes (the hybrid financial instrument) at fair value in its entirety versus bifurcation of the embedded derivatives. The 5.75% Convertible Notes contain bifurcatable embedded derivatives and do not require settlement by physical delivery of non-financial assets. The significant inputs to the valuation of the 5.75% Convertible Notes at fair value are Level 2 inputs as they are based on the quoted prices of the notes. |
Debt Arrangements
Debt Arrangements | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Debt Arrangements | 8. Debt Arrangements The Company’s debt obligations consist of the following: March 31, 2021 December 31, 2020 Senior Secured Notes $ 315,566 $ 317,856 Variable Funding Note, net of original issue discount 100,000 100,000 Senior Secured Term Loan, net of original issue discount 79,492 94,755 5.75% Convertible Notes (1) 53,644 50,868 Payroll Protection Program Loan 1,307 1,307 Unamortized debt issuance costs (281 ) (385 ) Total debt 549,728 564,401 Less current maturities 31,510 28,433 Total long-term debt $ 518,218 $ 535,968 (1) Reflects the debt carrying amount which is accounted for under the Fair Value Option in the condensed consolidated balance sheet as of March 31, 2021 and December 31, 2020. The actual principal outstanding balance of the 5.75% Convertible Notes is $94.4 million as of each of March 31, 2021 and December 31, 2020. Senior Secured Notes and Variable Funding Note On November 29, 2012, Icon Brand Holdings, Icon DE Intermediate Holdings LLC, Icon DE Holdings LLC and Icon NY Holdings LLC, each a limited-purpose, bankruptcy remote, wholly-owned direct or indirect subsidiary of the Company, (collectively, the “Co-Issuers”) issued $600.0 million aggregate principal amount of Series 2012-1 4.229% Senior Secured Notes, Class A-2 (the “2012 Senior Secured Notes”) in an offering exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). Simultaneously with the issuance of the 2012 Senior Secured Notes, the Co-Issuers also entered into a revolving financing facility of Series 2012-1 Variable Funding Senior Notes, Class A-1 (the “Variable Funding Notes”), which allowed for the funding of up to $100 million of Variable Funding Notes and certain other credit instruments, including letters of credit. The Variable Funding Notes allow for drawings on a revolving basis. Drawings and certain additional terms related to the Variable Funding Notes are governed by the Class A-1 Note Purchase Agreement dated November 29, 2012 (the “Variable Funding Note Purchase Agreement”), among the Co-Issuers, Iconix, as manager, certain conduit investors, financial institutions and funding agents, and Barclays Bank PLC, as provider of letters of credit, as swingline lender and as administrative agent. The Variable Funding Notes are governed, in part, by the Variable Funding Note Purchase Agreement and by certain generally applicable terms contained in the Securitization Notes Indenture. Interest on the Variable Funding Notes is payable at per annum rates equal to the CP Rate, Base Rate or Eurodollar Rate, each as defined in the Variable Funding Note Purchase Agreement. In February 2015, the Company fully drew down the $100.0 million of available funding under the Variable Funding Notes, which remains outstanding as of March 31, 2021. On June 21, 2013, the Co-Issuers issued $275.0 million aggregate principal amount of Series 2013-1 4.352% Senior Secured Notes, Class A-2 (the “2013 Senior Secured Notes” and, together with the 2012 Senior Secured Notes, the “Senior Secured Notes”) in an offering exempt from registration under the Securities Act. The Senior Secured Notes and the Variable Funding Notes are referred to collectively as the “Securitization Notes.” The Securitization Notes were issued under a base indenture (the “Securitization Notes Base Indenture”) and related supplemental indentures (the “Securitization Notes Supplemental Indentures” and, collectively with the Securitization Notes Base Indenture, the “Securitization Notes Indenture”) among the Co-Issuers and Citibank, N.A., as trustee and securities intermediary. The Securitization Notes Indenture allows the Co-Issuers to issue additional series of notes in the future subject to certain conditions. On August 18, 2017, the Company entered into an amendment to the Securitization Notes Supplemental Indenture to, among other things, (i) extend the anticipated repayment date for the Variable Funding Notes from January 2018 to January 2020, (the “anticipated repayment date”), (ii) decrease the L/C Commitment and the Swingline Commitment (as such terms are defined in the amendment) available under the Variable Funding Notes to $0 as of the closing date, (iii) replace Barclays Bank PLC with Guggenheim Securities Credit Partners, LLC, as provider of letters of credit, as swingline lender and as administrative agent under the purchase agreement and (iv) provide that, upon the disposition of intellectual property assets by the Co-Issuers as permitted by the Securitization Notes Base Indenture, (x) the holders of the Variable Funding Notes will receive a mandatory prepayment, pro rata based on the amount of Variable Funding Notes held by such holder, and (y) the maximum commitment will be permanently reduced by the amount of the mandatory prepayment. While the Securitization Notes are outstanding, payments of interest are required to be made on the 2012 Senior Secured Notes and the 2013 Senior Secured Notes, in each case, on a quarterly basis. Initially, principal payments in the amount of $10.5 million and $4.8 million were required to be made on the 2012 Senior Secured Notes and 2013 Senior Secured Notes, respectively, on a quarterly basis. The amount of quarterly principal payments has since changed in subsequent periods due to the prepayments made under the Securitization Notes Indenture. See below for further discussion. The legal final maturity date of the Securitization Notes is in January of 2043. The Company did not repay or refinance the Securitization Notes prior to the anticipated repayment date, and as a result, during the first quarter of 2020, additional interest began accruing on amounts outstanding under the Securitization Notes at a rate equal to (A) in respect of the Variable Funding Notes, 5% per annum, (B) in respect of the 2012 Senior Secured Notes and the 2013 Senior Secured Notes, the greater of (1) 5% per annum and (2) a per annum interest rate equal to the excess, if any, by which the sum of (x) the yield to maturity (adjusted to a quarterly bond-equivalent basis), on the anticipated repayment date of the United States treasury security having a term closest to 10 years plus (y) 5% per annum plus (z) with respect to the 2012 Senior Secured Notes, 3.4% per annum, or with respect to the 2013 Senior Secured Notes, 3.14% per annum, exceeds the original interest rate. Pursuant to the Securitization Notes Indenture, such additional interest is not due to be paid by the Company until January 2043 (the legal maturity date) and does not compound annually. The Company reflects additional accrued interest as interest expense and Other Liabilities – Long term in its consolidated financial statements. The Securitization Notes rank pari passu Pursuant to the Securitization Notes Indenture, the Securitization Notes are the joint and several obligations of the Co-Issuers only. The Securitization Notes are secured under the Securitization Notes Indenture by a security interest in certain of the assets of the Co-Issuers (the “Securitized Assets”), which includes, among other things, (i) intellectual property assets, including the U.S. and Canadian registered and applied for trademarks for the following brands and other related IP assets: Candie’s, Bongo, Joe Boxer (excluding Canadian trademarks, none of which are owned by Iconix), Rampage, Mudd, London Fog (other than the trademark for outerwear products sold in the United States), Mossimo, Ocean Pacific and OP, Danskin and Danskin Now, Rocawear, Starter, Waverly, Fieldcrest, Royal Velvet, Cannon, and Charisma; (ii) the rights (including the rights to receive payments) and obligations under all license agreements for use of those trademarks in such territories; (iii) the following equity interests in the following joint ventures: an 85% interest in Hardy Way LLC which owns the Ed Hardy brand, a 50% interest in MG Icon LLC which owns the Material Girl and Truth or Dare brands, and a 100% interest in ZY Holdings LLC which owns the Zoo York brand; and (iv) certain cash accounts established under the Securitization Notes Indenture. The Securitized Assets do not include revenue generating assets of (x) the Iconix subsidiaries that own the Ecko Unltd trademarks, the Mark Ecko trademarks, the Artful Dodger trademarks, the Umbro trademarks, and the Lee Cooper trademarks, (y) the Iconix subsidiaries that own Iconix’s other brands outside of the United States and Canada or (z) the joint ventures in which Iconix and certain of its subsidiaries have investments and which own the Modern Amusement trademarks and the Buffalo trademarks, the Pony trademarks, and the Hydraulic trademarks. If the Company contributes an Additional IP Holder to Icon Brand Holdings LLC or Icon DE Intermediate Holdings LLC, that Additional IP Holder will enter into a guarantee and collateral agreement in a form provided for in the Securitization Notes Indenture pursuant to which such Additional IP Holder will guarantee the obligations of the Co-Issuers in respect of any Securitization Notes issued under the Securitization Notes Indenture and the other related documents and pledge substantially all of its assets to secure those guarantee obligations pursuant to a guarantee and collateral agreement. Neither the Company nor any subsidiary of the Company, other than the Securitization Entities, will guarantee or in any way be liable for the obligations of the Co-Issuers under the Securitization Notes Indenture or the Securitization Notes. The Securitization Notes are subject to a series of covenants and restrictions customary for transactions of this type, including (i) that the Co-Issuers maintain specified reserve accounts to be used to make required payments in respect of the Securitization Notes, (ii) provisions relating to optional and mandatory prepayments, including mandatory prepayments in the event of a change of control (as defined in the Securitization Notes Supplemental Indentures) and the related payment of specified amounts, including specified make-whole payments in the case of the Senior Secured Notes under certain circumstances, (iii) certain indemnification payments in the event, among other things, the transfers of the assets pledged as collateral for the Securitization Notes are in stated ways defective or ineffective and (iv) covenants relating to recordkeeping, access to information and similar matters. As of March 31, 2021, the Company is in compliance with all covenants under the Securitization Notes. The Company’s Securitization Notes include a financial test, known as the debt service coverage ratio (“DSCR”) that measures the amount of principal and interest required to be paid on the Co-Issuers’ debt to the approximate cash flow available to pay such principal and interest. As a result of a decline in royalty collections during the twelve months ended March 31, 2019, the DSCR fell below 1.10x as of March 31, 2019. Beginning April 1, 2019, the Senior Secured Notes experienced a Rapid Amortization Event pursuant to the Securitization Notes Indenture. Upon a Rapid Amortization Event, any residual amounts available will immediately be used to pay down the principal on the Securitization Notes as required by the Securitization Notes Indenture. The Securitization Notes are subject to customary rapid amortization events provided for in the Securitization Notes Indenture, including events tied to (i) the failure to maintain a stated DSCR, (ii) certain manager termination events, (iii) the occurrence of an event of default and (iv) the failure to repay or refinance the Securitization Notes on the anticipated repayment date. If a rapid amortization event were to occur, including as a result of not paying or redeeming the Securitization Notes in full prior to the anticipated repayment date, the management fee payable to the Company would remain payable pursuant to the priority of payments set forth under the Securitization Indenture, but no residual amounts would be payable to the Company thereafter. As noted above, a Rapid Amortization Event occurred beginning April 1, 2019. The legal final maturity date of the Securitization Notes is in January of 2043. As discussed above, the Company did not repay or refinance the Securitization Notes prior to the anticipated repayment date. Beginning January 2020, the Company is no longer required to make previously designated contractual principal payments. Future principal payments will be formulaically based on a percentage of receipts of royalty revenue. In July 2017, in connection with the sale of the businesses underlying the Entertainment segment, the Company made a mandatory principal prepayment on its Senior Secured Notes of $152.2 million. As of March 31, 2021 and December 31, 2020, the total outstanding principal balance of the Securitization Notes was $415.6 million and $417.9 million, respectively, of which $11.0 million and $8.4 million, respectively, is included in the current portion of long-term debt on the consolidated balance sheet. As of March 31, 2021 and December 31, 2020, $13.3 million and $8.5 million, respectively, is included in restricted cash on the consolidated balance sheet and represent short-term restricted cash consisting of collections on behalf of the Securitized Assets, restricted to the payment of principal, interest and other fees on a quarterly basis under the Senior Secured Notes. For the Current Quarter and Prior Year Quarter, interest expense relating to the Securitization Notes was approximately $4.3 million and $4.6 million, respectively. For the Current Quarter and Prior Year Quarter long-term accrued interest expense related to the Securitization Notes was $5.7 million and $4.3 million, respectively. As of March 31, 2021 and December 31, 2020, long-term accrued interest related to the Securitization Notes was $27.4 million and $21.7 million, respectively. For the Current Quarter and Prior Year Quarter, the Company recorded an expense for the amortization of original issue discount and deferred financing costs relating to the Securitization Notes of zero and $1.1 million, respectively. The effective interest rate on such notes is 3.7%, as of March 31, 2021. Senior Secured Term Loan On August 2, 2017, the Company entered into a credit agreement (as amended or otherwise modified, unless context provides otherwise the “Senior Secured Term Loan”), among IBG Borrower, the Company’s wholly-owned direct subsidiary, as borrower, the Company and certain wholly-owned subsidiaries of IBG Borrower, as guarantors (the “Guarantors”), Cortland Capital Market Services LLC, as administrative agent and collateral agent (“Cortland”) and the lenders party thereto from time to time, including Deutsche Bank AG, New York Branch. Pursuant to the Senior Secured Term Loan, the lenders provided to IBG Borrower a senior secured term loan (the “Senior Secured Term Loan”), scheduled to mature on August 2, 2022 in an aggregate principal amount of $300 million and bearing interest at LIBOR plus an applicable margin of 7% per annum (the “Interest Rate”). On August 2, 2017, the net cash proceeds of the Senior Secured Term Loan were deposited into an escrow account and subject to release to IBG Borrower from time to time, subject to the satisfaction of customary conditions precedent upon each withdrawal, to finance repurchases of, or at the maturity date thereof to repay in full, the 1.50% Convertible Notes (as defined below). Prior to the First Amendment (as discussed below), the Company had the ability to make these repurchases in the open market or privately negotiated transactions, depending on prevailing market conditions and other factors. Prior to the First Amendment, borrowings under the Senior Secured Term Loan were to amortize quarterly at 0.5% of principal, commencing on September 30, 2017. IBG Borrower was obligated to make mandatory prepayments annually from excess cash flow and periodically from net proceeds of certain asset dispositions and from net proceeds of certain indebtedness, if incurred (in each case, subject to certain exceptions and limitations provided for in the Senior Secured Term Loan). IBG Borrower’s obligations under the Senior Secured Term Loan are guaranteed jointly and severally by the Company and the other Guarantors pursuant to a separate facility guaranty. IBG Borrower’s and the Guarantors’ obligations under the Senior Secured Term Loan are secured by first priority liens on and security interests in substantially all assets of IBG Borrower, the Company and the other Guarantors and a pledge of substantially all equity interests of the Company’s subsidiaries (subject to certain limits including with respect to foreign subsidiaries) owned by the Company, IBG Borrower or any other Guarantor. However, the security interests will not cover certain intellectual property and licenses owned, directly or indirectly by the Company’s subsidiary Iconix Luxembourg Holdings SÀRL or those subject to the Company’s securitization facility. In addition, the pledges exclude certain equity interests of Marcy Media Holdings, LLC and the subsidiaries of Iconix China Holdings Limited. In connection with the Senior Secured Term Loan, IBG Borrower, the Company and the other Guarantors made customary representations and warranties and have agreed to adhere to certain customary affirmative covenants. Additionally, the Senior Secured Term Loan mandates that IBG Borrower, the Company and the other Guarantors enter into account control agreements on certain deposit accounts, maintain and allow appraisals of their intellectual property, perform under the terms of certain licenses and other agreements scheduled in the Senior Secured Term Loan and report significant changes to or terminations of licenses generating guaranteed minimum royalties of more than $0.5 million. Prior to the First Amendment (as discussed below), IBG Borrower was required to satisfy a minimum asset coverage ratio of 1.25:1.00 and maintain a leverage ratio of no greater than 4.50:1.00. Amendments to Senior Secured Term Loan First Amendment On October 27, 2017, the Company entered into the First Amendment to the Senior Secured Term Loan (the “First Amendment”) pursuant to which, among other things, the remaining escrow balance of approximately $231 million (after taking into account approximately $59.2 million that was used to buy back 1.50% Convertible Notes in open market purchases in the third quarter of 2017) was returned to the lenders. The First Amendment also provided for, among other things, (a) a reduction in the existing $300 million term loan to the then-current term loan balance of approximately $57.8 million, (b) a new senior secured delayed draw term loan facility in the aggregate amount of up to $165.7 million, consisting of (i) a $25 million First Delayed Draw Term Loan (the “First Delayed Draw Term Loan”), and (ii) a $140.7 million Second Delayed Draw Term Loan (the “Second Delayed Draw Term Loan” and, together, with the First Delayed Draw Term Loan, the “Delayed Draw Term Loan Facility”) for the purpose of repaying the 1.50% Convertible Notes; (c) an increase of the Total Leverage Ratio permitted under the Senior Secured Term Loan from 4.50:1.00 to 5.75:1.00; (d) a reduction in the debt service coverage ratio multiplier in the Company’s asset coverage ratio under the Senior Secured Term Loan; (e) an increase in the existing amortization rate from 2 percent per annum to 10 percent per annum commencing July 2019; and (f) amendments to the mandatory prepayment provisions to (i) permit the Company not to prepay borrowings under the Senior Secured Term Loan from the first $100 million of net proceeds resulting from Permitted Capital Raising Transactions (as defined in the Senior Secured Term Loan) effected prior to March 15, 2018, and (ii) eliminate the requirement that the Company pay a Prepayment Premium (as defined in the Senior Secured Term Loan) on any payments or prepayments made prior to December 31, 2018. Indebtedness issued under the Delayed Draw Term Loan Facility was issued with original issue discount. As a result of the First Amendment, on October 27, 2017, the Company repaid $231.0 million on the Senior Secured Term Loan which represented $240.7 million of outstanding principal balance. As this transaction was accounted for as a debt modification in accordance with ASC 470-50-40, and based on the Company’s accounting policy for debt modifications, the Company wrote-off a pro-rata portion of the original issue discount and deferred financing costs of $9.3 million and $5.4 million, respectively. As a result of this transaction, the Company’s outstanding principal balance of the Senior Secured Term Loan was reduced to $57.8 million as of such date. On November 2, 2017, the Company drew down the full amount of $25.0 million on the First Delayed Draw Term Loan, of which the Company received $24.0 million in cash, net of the $1.0 million of original issue discount. Second Amendment Given that the Company was unable to timely file its quarterly financial statements for the quarter ended September 30, 2017 with the SEC by November 14, 2017 and became in default under the terms of the Senior Secured Term Loan, as amended, o Second Amendment to the Senior Secured Term Loan. Pursuant to the Second Amendment, Third Amendment On February 12, 2018, the Company, through IBG Borrower, entered into the Third Amendment to the Senior Secured Term Loan. The Third Amendment provides for, among other things, amendments to certain restrictive covenants and other terms set forth in the Senior Secured Term Loan, as amended, to permit (i) IBG Borrower to enter into the 5.75% Notes Indenture (as defined below) and a related intercreditor agreement and (ii) the Note Exchange (as defined below). In connection with the Third Amendment, Deutsche Bank was granted additional pricing flex in the form of price protection upon syndication of the loan (“Third Amendment Flex”). After giving effect to the additional Third Amendment Flex, the Company estimates that it could be responsible for payments on account of the Third Amendment Flex in an aggregate total amount of up to $6.1 million. Fourth Amendment The Company, through IBG Borrower, entered into the Fourth Amendment to the Senior Secured Term Loan on March 12, 2018. The Fourth Amendment provided, among other things, that the funding date for the Second Delayed Draw Term Loan would be March 14, 2018 instead of March 15, 2018. The conditions to the availability of the Second Delayed Draw Term Loan were satisfied as of March 14, 2018 due, in part, to the transactions contemplated by the Note Exchange, and the Company was able to draw on the Second Delayed Draw Term Loan. The Senior Secured Term Loan, as amended, contains customary negative covenants and events of default. The Senior Secured Term Loan limits the ability of IBG Borrower, the Company and the other Guarantors, with respect to themselves, their subsidiaries and certain joint ventures, from, among other things, incurring and prepaying certain indebtedness, granting liens on certain assets, consummating certain types of acquisitions, making fundamental changes (including mergers and consolidations), engaging in substantially different lines of business than those in which they are currently engaged, making restricted payments and amending or terminating certain licenses scheduled in the Senior Secured Term Loan. Such restrictions, failure to comply with which may result in an event of default under the terms of the Senior Secured Term Loan, are subject to certain customary and specifically negotiated exceptions, as set forth in the Senior Secured Term Loan. If an event of default occurs, in addition to the Interest Rate increasing by an additional 3% per annum, Cortland shall, at the request of lenders holding more than 50% of the then-outstanding principal of the Senior Secured Term Loan, declare payable all unpaid principal and accrued interest and take action to enforce payment in favor of the lenders. An event of default includes, among other events: (i) a change of control by which a person or group becomes the beneficial owner of 35% of the voting stock of the Company or IBG Borrower; (ii) the failure to extend of the Series 2012-1 Class A-1 Senior Notes Renewal Date (as defined in the Senior Secured Term Loan); (iii) the failure of any of Icon Brand Holdings LLC, Icon NY Holdings LLC, Icon DE Intermediate Holdings LLC, Icon DE Holdings LLC and their respective subsidiaries (the “Securitization Entities”) to perform certain covenants; and (iv) the entry into amendments to the securitization facility that would be materially adverse to the lenders or Cortland without consent. Subject to the terms of the Senior Secured Term Loan, both voluntary and certain mandatory prepayments will trigger a premium of 5% of the aggregate principal amount during the first year of the loan and a premium of 3% of the aggregate principal amount during the second year of the loan, with no premiums payable in subsequent periods. Fifth Amendment On March 30, 2020, the Company entered into the fifth amendment and waiver to the Senior Secured Term Loan (the “Fifth Amendment”). The Fifth Amendment, among other things, (i) waived an event of default under the Senior Secured Term Loan due to the Company’s receipt of a going concern qualified audit opinion for FY 2019 and (ii) modified the asset sale prepayment obligation to obligate the Company to pay 75% of the net proceeds from one or more asset sales in any fiscal year to the extent the aggregate amount of asset sale net proceeds exceed $5.0 million. As a result of the Lee Cooper China Sale, the Company made a principal repayment of $11.9 million on the Senior Secured Term Loan in the Current Quarter. As of March 31, 2021 and December 31, 2020, the outstanding principal balance of the Senior Secured Term Loan was $79.5 million (which is net of $3.7 million of original issue discount) and $94.8 million (which is net of $5.1 million of original issue discount), respectively, of which $19.3 million and $19.3 million is recorded in the current portion of long term debt on the Company’s consolidated balance sheet, respectively. The Company recorded interest expense of approximately $1.8 million relating to the Senior Secured Term Loan in the Current Quarter as compared to $4.0 million in the Prior Year Quarter. The Company recorded an expense for the amortization of original issue discount and deferred financing fees of approximately $1.5 million and $1.4 million relating to the Senior Secured Term Loan, included in interest expense on the consolidated statement of operations, during the Current Quarter and the Prior Year Quarter respectively. 5.75% Convertible Notes On February 22, 2018, the Company consummated an exchange (the “Note Exchange”) of approximately $125 million previously outstanding 1.50% Convertible Senior Subordinated Notes due 2018 (the “1.50% Convertible Notes”), pursuant to which it issued approximately $125 million of new 5.75% Convertible Notes due 2023 (the 5.75% Convertible Notes”). The 5.75% Convertible Notes were issued pursuant to an indenture, dated February 22, 2018, by and among the Company, each of the guarantors thereto and The Bank of New York Mellon Trust Company, N.A., as trustee and collateral agent (the “Indenture”). The 5.75% Convertible Notes mature on August 15, 2023. Interest on the 5.75% Convertible Notes may be paid in cash, shares of the Company’s common stock, or a combination of both, at the Company’s election. If the Company elects to pay all or a portion of an interest payment in shares of common stock, the number of shares of common stock payable will be equal to the applicable interest payment divided by the average of the 10 individual volume-weighted average prices for the 10-trading day period ending on and including the trading day immediately preceding the relevant interest payment date. The 5.75% Convertible Notes are (i) secured by a second lien on the same assets that secure the obligations of IBG Borrower under the Senior Secured Term Loan and (ii) guaranteed by IBG Borrower and same guarantors as those under the Senior Secured Term Loan, other than the Company. Subject to certain conditions and limitations, the Company may cause all or part of the 5.75% Convertible Notes to be automatically converted into common stock of the Company. The 5.75% Convertible Notes are convertible into shares of the Company’s common stock based on a conversion rate of 52.1919 shares of the Company’s common stock, per $1,000 principal amount of the 5.75% Convertible Notes (which is equal to an initial conversion price of approximately $19.16 per share), subject to adjustment from time to time pursuant to the 5.75% Convertible Note Indenture. Holders converting their 5.75% Convertible Notes (including in connection with a mandatory conversion) shall also be entitled to receive a payment from the Company equal to the Conversion Make-Whole Payment (as defined in the Indenture) if such conversion occurs after a regular record date and on or before the next succeeding interest payment date, through and including the maturity date (determined as if such conversion did not occur). If the Company elects to pay all or a portion of a Conversion Make-Whole Payment in shares of common stock, the number of shares of common stock payable will be equal to the applicable Conversion Make-Whole Payment divided by the average of the 10 individual volume-weighted average prices for the 10-trading day period immediately preceding the applicable conversion date. Subject to certain limitations pursuant to the Senior Secured Term Loan, from and after the February 22, 2019, the Company may redeem for cash all or part of the 5.75% Convertible Notes at 100% of the principal amount of the 5.75% Convertible Notes, plus accrued and unpaid interest, if any, at any time by providing at least 30 days’ prior written notice to holders of the 5.75% Convertible Notes. If the Company undergoes a fundamental change (which would occur if the Company experiences a change of control or is delisted from NASDAQ) prior to maturity, each holder will have the right, at its option, to require the Company to repurchase for cash all or a portion of such holder’s 5.75% Convertible Notes at a fundamental change purchase price equal to 100% of the principal amount of the 5.75% Convertible Notes to be repurchased, together with interest accrued and unpaid to, but excluding, the fundamental change purchase date. The Company is subject to certain restrictive covenants pursuant to the 5.75% Convertible Note Indenture, including limitations on (i) liens, (ii) indebtedness, (iii) asset sales, (iv) restricted payments and investments, (v) prepayments of indebtedness and (vi) transactions with affiliates. During the Current Quarter, noteholders have not converted any of the aggregate outstanding principal balance, of their 5.75% Convertible Notes into shares of the Company’s common stock. The Company has elected to account for the 5.75% Convertible Notes based on the Fair Value Option accounting as outlined in ASC 825. Refer to Note 7 for further details. As of March 31, 2021 and December 31, 2020, while the debt balance recorded at fair value on the Company’s consolidated balance sheet is $53.6 million and $50.9 million, respectively, the actual outstanding principal balance of the 5.75% Convertible Notes is $94.4 million and $94.4 million, respectively. The Company recorded interest expense of approximately $1.3 million relating to the 5.75% Convertible Notes in the Current Quarter as compared to $1.4 million in the Prior Year Quarter. During the Current Quarter, the Company issued approximately 1.0 million common shares to noteholders in lieu of $2.7 million of cash interest due on February 15, 2021. Debt Maturities As of March 31, 2021, the Company’s debt maturities on a calendar year basis are as follows: Total April 1 through December 31, 2021 2022 2023 2024 2025 Thereafter Senior Secured Notes (1) $ 315,566 $ — $ — $ — $ — $ — $ 315,566 Variable Funding Notes $ 100,000 8,902 6,103 6,103 6,103 6,103 66,686 Senior Secured Term Loan (2) $ 79,492 14,463 65,029 — — — — 5.75% Convertible Notes (3) $ 53,644 — — 53,644 — — Payroll Protection Program Loan $ 1,307 784 523 — — — — Total $ 550,009 $ 24,149 $ 71,655 $ 59,747 $ 6,103 $ 6,103 $ 382,252 (1) Securitization Notes is in January of 2043. As the Company did not repay or refinance the Securitization Notes prior to the anticipated repayment date, beginning January 2020, the Company is no longer required to make previously designated contractual princi |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Stockholders' Equity | 9. Stockholders’ Equity 2016 Omnibus Incentive Plan On November 4, 2016, the Company’s stockholders approved the Company’s 2016 Omnibus Incentive Plan (“2016 Plan”). The 2016 Plan replaced and superseded the Amended and Restated 2009 Plan. Under the 2016 Plan, all employees, directors, officers, consultants and advisors of the Company, including those of the Company’s subsidiaries, are eligible to be granted common stock, options or other stock-based awards. At inception, there were 0.21 million shares of the Company’s common stock available for issuance under the 2016 Plan. The 2016 Plan was amended at the 2017 Annual Meeting of Stockholders to increase the number of shares available under the plan by 0.19 million shares. Shares Reserved for Issuance As of March 31, 2021, there were approximately 0.3 million common shares available for issuance under the 2016 Plan. Shares Issued on Payment of Interest of 5.75% Convertible Notes On August 15, 2020, The Company settled a portion of its interest obligation on its 5.75% Convertible Notes by Restricted Stock Compensation cost for restricted stock is measured as the excess, if any, of the quoted market price of the Company’s stock at the date the common stock is issued over the amount the employee must pay to acquire the stock (which is generally zero). Compensation cost is recognized over the period between the issue date and the date any restrictions lapse, with compensation cost recognized on a straight-line basis over the requisite service period. The restrictions do not affect voting and dividend rights. The following table summarizes information about unvested restricted stock transactions: Shares Weighted Average Grant Date Fair Value Non-vested, January 1, 2021 130,512 $ 1.90 Granted — — Vested (79,132 ) 2.01 Forfeited/Canceled — — Non-vested, March 31, 2021 51,380 $ 1.93 The Company has awarded time-based restricted shares of common stock to certain employees. The awards have restriction periods tied to employment and vest over a maximum period of approximately 3 years. The cost of the time-based restricted stock awards, which is the fair market value on the date of grant net of estimated forfeitures, is expensed ratably over the vesting period. The Company has awarded performance-based restricted shares of common stock to certain employees. The awards have restriction periods tied to certain performance measures. The cost of the performance-based restricted stock awards, which is the fair market value on the date of grant net of estimated forfeitures, is expensed when the likelihood of those shares being earned is deemed probable. Compensation expense related to restricted stock grants (inclusive of the restricted stock grants awarded as part of the long-term incentive plans discussed below) for the Current Quarter and Prior Year Quarter was less than $0.1 million and $0.1 million, respectively. An additional amount of $0.1 million of expense of compensation expense related to restricted stock grants (inclusive of the restricted stock grants awarded as part of the long-term incentive plans discussed below) is expected to be expensed over a period of approximately twelve months. For the Current Quarter and Prior Year Quarter, the Company repurchased 0.2 million shares and less than 0.1 million shares respectively, with a valued of $0.3 million less than $0.1 million, respectively, of its common stock in connection with net share settlement of restricted stock grants. The Company has also awarded cash settled restricted stock units to eligible employees. The fair value of these awards is liability classified because the awards are payable in cash. As of March 31, 2021 and December 31, 2020, there was approximately $0.7 million and $0.3 million, respectively, of liability classified restricted stock units included in Accounts Payable and Accrued Expenses on the Consolidated Balance Sheets. Retention Stock On October 15, 2018, the Company hired Robert C. Galvin as its Chief Executive Officer and President and was appointed to the Company’s board of directors. Mr. Galvin was issued an Employment Inducement Award pursuant to his employment agreement. The terms of the Employment Inducement Award are similar to the retention stock awards provided to other employees as described above. The grant date fair value of Mr. Galvin’s award issued on October 15, 2018 was $1.80. Compensation expense related to the retention stock awards was less than $0.1 million for both the Current Quarter and Prior Year Quarter, respectively. An additional amount of $0.1 million of compensation expense related to Mr. Galvin’s retention stock awards is expected to be expensed over a period of approximately nine months. Long-Term Incentive Compensation On March 7, 2017, the Company approved a new grant for long-term incentive compensation (the “2017 LTIP”) for certain employees and granted equity awards under the 2017 LTIP in the aggregate amount of approximately 0.1 million shares at a weighted average share price of $75.20 with a then current value of $6.6 million. The awards granted were a combination of restricted stock units (“RSUs”) and target level performance stock units (“PSUs”). The material terms of the PSUs and RSUs are substantially similar to those set forth in the 2016 LTIP. Specifically, the RSUs vest one third annually on each of March 30, 2018, March 30, 2019 and March 30, 2020. The PSUs vest based on performance metrics approved by the Compensation Committee, which, for the performance period commencing January 1, 2017 and ending on December 31, 2019, are based on the Company’s achievement of an aggregate adjusted operating income performance target as set forth in the applicable award agreements, and continued employment through December 31, 2019. None of the 2017 LTIP PSUs vested. On March 15, 2018, the Company approved a new grant for long-term incentive compensation (the “2018 LTIP”) for certain employees, which consisted of (i) PSU equity awards in the aggregate amount of approximately 0.2 million shares at a weighted average share price of $13.80 with a then current value of $3.1 million and (ii) cash awards in the aggregate amount of approximately $3.1 million (the “2018 Cash Grant”). The Cash Grants comprising the 2018 LTIP vest in 48 equal semi-monthly installments on the 15 th On March 15, 2019, the Company approved a new grant for long-term incentive compensation (the “2019 LTIP”) for certain employees, which consisted of (i) PSU equity awards in the aggregate amount of approximately 0.4 million shares at a weighted average share price of $2.02 with a then current value of $0.8 million and (ii) cash awards in the aggregate amount of approximately $1.0 million (the “2019 Cash Grant”). As part of the 2019 LTIP, pursuant to his employment agreement, the Company’s Chief Executive Officer and President was granted 0.3 million shares of the Company’s common stock with an aggregate fair market value of $0.3 million upon final execution of the RSU agreement in April 2019. The 2019 Cash Grant and the PSUs vest based on performance metrics approved by the Compensation Committee over two separate performance periods, commencing on January 1 of each of 2019 and 2020 and ending on December 31 of each of 2019 and 2020, which, for each such performance period, are based on the Company’s achievement of an aggregated adjusted EBITDA performance target to be set by the Compensation Committee prior to March 30 of each applicable performance period, and continued employment through the settlement date. For the Current Quarter, less than 0.1 million shares were forfeited in respect of the 2019 LTIP. In the Current Quarter approximately 0.2 million 2019 LTIP PSUs vested. In the Current Quarter, the Company recognized compensation expense related to the PSUs granted as part of the long-term incentive plans of approximately $0.1 million as compared to a compensation expense of less than $0.1 million in the Prior Year Quarter. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 10. Earnings Per Share Basic earnings per share includes no dilution and is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflects, in periods in which they have a dilutive effect, the effect of restricted stock-based awards, common shares issuable upon exercise of stock options and warrants and shares underlying convertible notes potentially issuable upon conversion. The difference between basic and diluted weighted-average common shares results from the assumption that all dilutive stock options outstanding were exercised, and all convertible notes have been converted into common stock. For the Current Quarter, of the total potentially dilutive shares related to restricted stock-based awards and stock options, approximately 0.1 million shares were anti-dilutive, as compared to approximately 0.4 million shares that were anti-dilutive for the Prior Year Quarter. For the Current Quarter, 0.2 million of the performance related restricted stock-based awards issued to the Company’s named executive officers were anti-dilutive as compared to 0.4 million of the performance related restricted stock-based awards issued to the Company’s named executive officers that were anti-dilutive in the Prior Year Quarter. A reconciliation of weighted average shares used in calculating basic and diluted earnings per share follows: For the Three Months Ended March 31, (in thousands) 2021 2020 Basic 13,805 11,772 Effect of convertible notes subject to conversion 17,664 — Effect of assumed vesting of dilutive shares 159 — Diluted 31,628 11,772 In accordance with ASC 480, the Company considers its redeemable non-controlling interest in its computation of both basic and diluted earnings per share. In addition, in accordance with ASC 260, the Company considers its 5.75% Convertible Notes in its computation of diluted earnings per share. For the Current Quarter and Prior Year Quarter, adjustments to the Company’s redeemable non-controlling interest and effects of potential conversion on the 5.75% Convertible Notes had impacts on the Company’s earnings per share calculations as follows: For the Three Months Ended March 31, 2021 2020 For earnings (loss) per share - basic: Net income (loss) attributable to Iconix Brand Group, Inc. $ 4,188 $ (21,826 ) Accretion of redeemable non-controlling interest — (394 ) Net income (loss) attributable to Iconix Brand Group, Inc. after the effect of accretion of redeemable non-controlling interest for basic earnings (loss) per share $ 4,188 $ (22,220 ) For earnings (loss) per share - diluted: Net income (loss) attributable to Iconix Brand Group, Inc. $ 4,188 $ (21,826 ) Effect of potential conversion of 5.75% Convertible Notes 4,078 — Accretion of redeemable non-controlling interest — (394 ) Net income (loss) attributable to Iconix Brand Group, Inc. after the effect of potential conversion of 5.75% Convertible Notes for diluted earnings (loss) per share $ 8,266 $ (22,220 ) Earnings (loss) per share: Basic $ 0.30 $ (1.89 ) Diluted $ 0.26 $ (1.89 ) Weighted average number of common shares outstanding: Basic 13,805 11,772 Diluted 31,628 11,772 |
Contingencies
Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Contingencies | 11. Contingencies In May 2016, Supply Company, LLC (“Supply”), a former licensee of the Ed Hardy trademark, commenced an action against the Company and its affiliate, Hardy Way, LLC (“Hardy Way” and together with the Company, the “Iconix Defendants”) seeking damages of $50 two On August 10, 2020, the Court issued a consolidated decision (the “Decision”) resolving the Iconix Defendants’ motion to dismiss the Supply Litigation and Hardy Way’s motion for summary judgment and to dismiss counterclaims in the Yap Litigation. In the Supply Litigation, the Court granted the Iconix Defendants’ motion to dismiss in all respects, except one, and denied Supply’s cross-motion for leave to amend its complaint. As a result of the Decision, the only claim that remains in the Supply Litigation is Supply’s claim of fraudulent inducement based on the Iconix Defendants’ purported misstatements about the Company’s financials and the viability of the Ed Hardy trademark. In the Yap Litigation, the Court denied Hardy Way’s motion for pre-discovery summary judgment on its affirmative claim as premature because of Yap’s allegation that he was fraudulently induced into entering into the guarantee by Hardy Way’s purported misstatements about the Company’s financials and the viability of the Ed Hardy trademark. The Court dismissed Yap’s counterclaims related to the markdown reimbursement request and denied Yap’s cross-motion for leave to amend his answer to assert additional defenses. As a result of the Decision, the claims that remain in the Yap Litigation are Hardy Way’s affirmative claim against Yap on his guarantee and Yap’s counterclaim for declaratory judgment based on Hardy Way’s purported misstatements about the Company’s financials and the viability of the Ed Hardy trademark. The Decision is subject to normal appellate rights of all parties. The Iconix Defendants will continue to vigorously defend the Supply Litigation and the Yap Litigation. At this time, the Company is unable to estimate the ultimate outcomes of the Supply Litigation or the Yap Litigation. Two shareholder derivative complaints captioned James v. Cuneo et al, Docket No. 1:16-cv-02212 and Ruthazer v. Cuneo et al, Docket No. 1:16-cv-04208 have been consolidated in the United States District Court for the Southern District of New York, and three shareholder derivative complaints captioned De Filippis v. Cuneo et al. Index No. 650711/2016, Gold v. Cole et al, Index No. 53724/2016 and Rosenfeld v. Cuneo et al., Index No. 510427/2016 have been consolidated in the Supreme Court of the State of New York, New York County. The complaints name the Company as a nominal defendant and assert claims for breach of fiduciary duty, insider trading and unjust enrichment against certain of the Company's current and former directors and officers arising out of the Company's restatement of financial reports and certain employee departures. At this time, the Company is unable to estimate the ultimate outcome of these matters. From time to time, the Company is also made a party to litigation incurred in the normal course of business. In addition, in connection with litigation commenced against licensees for non-payment of royalties, certain licensees have asserted unsubstantiated counterclaims against the Company. While any litigation has an element of uncertainty, the Company believes that the final outcome of any of these routine matters will not, individually or in the aggregate, have a material effect on the Company’s financial position or future liquidity. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 12. Related Party Transactions The Company has entered into certain license agreements in which the core licensee is also one of our joint venture partners. For the Current Quarter and Prior Year Quarter, the Company recognized the following royalty revenue amounts: For the Three Months Ended March 31, Joint Venture Partner 2021 2020 M.G.S. Sports Trading Limited 69 107 Pac Brands USA, Inc. 74 80 Albion Equity Partners LLC / GL Damek 721 587 Li Ning 201 — Sports Direct International plc 197 197 $ 1,262 $ 971 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 13. Income Taxes The Company computes its expected annual effective income tax rate in accordance with ASC 740 and makes changes on a quarterly basis, as necessary, based on certain factors such as changes in forecasted annual pre-tax income; changes to actual or forecasted permanent book to tax differences; impacts from tax audits with state, federal or foreign tax authorities; impacts from tax law changes; or change in judgment as to the realizability of deferred tax assets. The Company identifies items which are unusual and non-recurring in nature and treats these as discrete events. The tax effect of discrete items is recorded in the quarter in which the discrete events occur. Due to the volatility of these factors, the Company's consolidated effective income tax rate can change significantly on a quarterly basis. With the exception of the Buffalo brand joint venture, Diamond Icon Joint Venture and Iconix Middle East joint venture, the Company is not responsible for the income taxes related to the non-controlling interest’s share of the joint venture’s earnings. Therefore, the tax liability associated with the non-controlling interest share of the joint venture’s earnings is not reported in the Company’s income tax expense, despite the joint venture’s entire income being consolidated in the Company’s reported income before income tax expense. As such, the joint venture’s earnings have the effect of lowering our effective tax rate. This effect is more pronounced in periods in which joint venture earnings are higher relative to our other earnings. Since the Buffalo brand joint venture is a taxable entity in Canada, and the Diamond Icon joint venture and Iconix Middle East joint venture are taxable entities in the United Kingdom, the Company is required to report its tax liability, including taxes attributable to the non-controlling interest, in its statement of operations. All other consolidated joint ventures are partnerships and treated as pass-through entities not subject to taxation in their local tax jurisdiction, and therefore the Company includes only the tax attributable to its proportionate share of income from the joint venture in income tax expense. The Company files income tax returns in the U.S. federal and various state and local jurisdictions. For federal income tax purposes, during FY 2020, the Internal Revenue Service initiated an audit of the Company’s 2018 federal tax returns. The audit is currently ongoing. The Company also files returns in numerous foreign jurisdictions that have varied years remaining open for examination, but generally the statute of limitations is three to four years from when the return is filed. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some or all of the recorded deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent on the generation of future taxable income in the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. Based on these items and the consecutive years of pretax losses (resulting from impairment), management determined that enough uncertainty exists relative to the realization of the deferred income tax asset balances to warrant the application of a full valuation allowance for all taxing jurisdictions, with the exception of Canada. In addition, the Company continues to have deferred tax liabilities related to indefinite lived intangibles on the condensed consolidated balance sheets, a portion of which cannot be considered to be a source of taxable income to fully offset deferred tax assets. The Company’s consolidated effective tax rate for the Current Quarter was 24.6% which resulted in a $2.3 million income tax expense as compared to the consolidated effective tax rate for the Prior Year Quarter of 0.0% which resulted in a $0.0 million income tax benefit. The increase in tax expense for the Current Quarter resulted from an increase in foreign taxes for the Current Quarter and a tax benefit in the Prior Year Quarter for the CARES Act. Management has not recorded a tax provision for years that remain open for tax examinations; however, the outcome of tax audits cannot be predicted with certainty. If any issues addressed in the Company's tax audits are resolved in a manner not consistent with management's expectations, the Company could be required to adjust its provision for income tax in the period such resolution occurs. The Company has net operating loss (“NOL”) carryforwards for federal and state income tax purposes. Use of the NOL carryforwards is limited under Section 382 of the Internal Revenue Code, as we have had a change in ownership of more than 50% of our capital stock over a three-year period as measured under Section 382 of the Internal Revenue Code. These complex changes of ownership rules generally focus on ownership changes involving shareholders owning directly or indirectly 5% or more of our stock, including certain public “groups” of shareholders as set forth under Section 382 of the Internal Revenue Code, including those arising from new stock issuances and other equity transactions. Some of these NOL carryforwards will expire if they are not used within certain periods. At this time, we consider it more likely than not that we will not have sufficient taxable income in the future that will allow us to realize these NOL carryforwards. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income | 14. Accumulated Other Comprehensive Income The following table sets forth the activity in accumulated other comprehensive income for the Current Quarter and Prior Year Quarter: For the Three Months Ended March 31, Accumulated Other Comprehensive Loss 2021 2020 Beginning Balance $ (42,625 ) $ (54,643 ) Foreign currency translation loss (6,457 ) (2,369 ) Current period other comprehensive loss (6,457 ) (2,369 ) Balance at March 31, $ (49,082 ) $ (57,012 ) |
Segment and Geographic Data
Segment and Geographic Data | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment and Geographic Data | 15. Segment and Geographic Data The Company identifies its operating segments for which separate financial information is available and for which segment results are evaluated regularly by the Chief Executive Officer, the Company’s chief operating decision maker, in deciding how to allocate resources and in assessing performance. The Company has disclosed the following operating segments: men’s, women’s, home, and international. Since the Company does not track, manage and analyze its assets by segments, no disclosure of segmented assets is reported. The geographic regions consist of the United States and Other (which principally represent Latin America and Europe). Revenues attributable to each region are based on the location in which licensees are located and where they principally do business. Reportable data for the Company’s operating segments is as follows: For the Three Months Ended March 31, 2021 2020 Licensing revenue: Women's $ 3,806 $ 6,478 Men's 5,612 6,757 Home 2,466 3,162 International 11,750 11,554 $ 23,634 $ 27,951 Operating income (loss): Women's $ 3,772 $ (1,143 ) Men's 4,812 3,807 Home 1,829 (811 ) International 7,780 1,841 Corporate 7,080 (8,544 ) $ 25,273 $ (4,850 ) |
Other Assets- Current and Long-
Other Assets- Current and Long-Term | 3 Months Ended |
Mar. 31, 2021 | |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | |
Other Assets- Current and Long -Term | 16. Other Assets - Current and Long-Term Other Assets - Current March 31, 2021 December 31, 2020 Other assets - current consisted of the following: Prepaid advertising 101 209 Prepaid expenses 461 678 Prepaid income taxes 269 457 Prepaid insurance 282 372 Due from related parties 87 86 Other prepaid taxes 480 474 Other current assets $ 1,680 $ 2,276 March 31, 2021 December 31, 2020 Other noncurrent assets consisted of the following: Prepaid interest $ 4,299 $ 4,322 Deposits 359 357 Other noncurrent assets 1,068 1,117 Other noncurrent assets $ 5,726 $ 5,796 |
Leases
Leases | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Leases | 17. Leases The Company is a lessee in several noncancelable operating leases, primarily for its corporate office, additional office space and certain office equipment. Beginning January 1, 2019, the Company accounts for leases in accordance with ASC Topic 842, Leases For operating leases, the ROU asset is initially measured at the initial measurement amount of the lease liability, plus initial direct costs, plus (minus) any prepaid (accrued) lease payments, less the lease incentive received. For operating leases, the ROU asset is subsequently measured at cost, less accumulated amortization, less any accumulated impairment losses. Lease expense is recognized on a straight-line basis over the lease term. Variable lease payments associated with the Company’s leases are recognized in the period in which the obligation for those payments is incurred. Variable lease payments are presented as operating expense in the Company’s condensed consolidated statement of operations in the same line item as expense arising from fixed lease payments. Operating lease ROU assets are presented as Right-of-use-assets within Other assets on the consolidated balance sheet. The current portion of operating lease liabilities is included in other liabilities-current and the long-term portion is included in Other liabilities on the consolidated balance sheet. The Company has elected not to recognize ROU assets and lease liabilities for short-term leases that have a lease term of 12 months or less. The Company recognizes the lease payments associated with its short-term leases of office space and office equipment as an expense on a straight-line basis over the lease term. The Company’s leases may include non-lease components such as common area maintenance. The Company has elected the practical expedient to account for the lease and non-lease components as a single lease component, therefore, for all of our operating leases, the lease payments used to measure the lease liability include all of the fixed consideration in the contract. The Company’s operating leases expire over the next four years. The Company’s operating leases may contain renewal options however, because the Company is not reasonably certain to exercise these renewal options, the options are not included in the lease term and associated potential option payments are excluded from lease payments. Payments due under the lease contracts include fixed payments and in certain of the Company’s leases, variable payments. Variable lease payments consist of the Company’s proportionate share of the building’s property taxes, insurance, electricity and other common area maintenance costs. For the Current Quarter, components of lease cost were as follows: For the Three Months Ended March 31, 2021 For the Three Months Ended March 31, 2020 Operating lease cost $ 574 $ 565 Short-term lease cost 219 147 Variable lease cost 67 162 $ 860 $ 874 As of March 31, 2021, the operating lease ROU assets, short-term operating lease liabilities and long-term operating lease liabilities were $4.5 million, $4.3 million and $2.3 million, respectively. For the Current Quarter and Prior Year Quarter, cash paid for lease liabilities for operating leases was $0.7 million and $0.7 million, respectively. There were no ROU assets exchanged and no operating lease obligations assumed during the Current Quarter. In the Current Quarter, there were no reductions to ROU assets resulting from reductions to lease obligations. The Company recognized $0.1 million in sublease income during the Current Quarter and $0.1 million in the Prior Year Quarter. Sublease income is presented in operating expenses. Because we generally do not have access to the rate implicit in the leases, the Company utilizes our incremental borrowing rate as the discount rate. As of March 31, 2021, the weighted average remaining operating lease term is 3.02 and the weighted average discount rate for the operating leases is 8.41%. Maturities of lease liabilities under non-cancellable leases as of March 31, 2021 are as follows: Operating Leases Remainder of 2021 $ 2,100 2022 2,200 2023 2,109 2024 1,079 Total undiscounted lease payments $ 7,488 Less: Imputed interest 868 Total lease liabilities $ 6,620 |
Other Liabilities - Current
Other Liabilities - Current | 3 Months Ended |
Mar. 31, 2021 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities - Current | 18. Other Liabilities – Current As of March 31, 2021, other current liabilities of $2.7 million was primarily related to amounts due to certain joint ventures that are not consolidated with the Company as well as the current portion of the lease liabilities (refer to Note 17 for further details) as compared to $3.9 million as of December 31, 2020. |
Foreign Currency Translation
Foreign Currency Translation | 3 Months Ended |
Mar. 31, 2021 | |
Foreign Currency [Abstract] | |
Foreign Currency Translation | 19. Foreign Currency Translation The functional currency of Iconix Luxembourg and Red Diamond Holdings, which are wholly owned subsidiaries of the Company located in Luxembourg, is the Euro. However, the companies have certain dollar denominated assets, in particular cash and notes receivable, that are maintained in U.S. Dollars, which are required to be revalued each quarter. Due to fluctuations in currency in the Current Quarter and the Prior Year Quarter, the Company recorded a $1.4 million currency translation gain and a $0.1 million currency translation gain, respectively, that is included in the condensed consolidated statement of operations. Comprehensive income includes certain gains and losses that, under U.S. GAAP, are excluded from net income as such amounts are recorded directly as an adjustment to stockholders’ equity. The Company’s comprehensive income is primarily comprised of net income and foreign currency translation gain or loss. During the Current Quarter and the Prior Year Quarter, the Company recognized as a component of its comprehensive income, a foreign currency translation loss of $6.5 million and foreign currency translation loss of $2.4 million, respectively, due to changes in foreign exchange rates during the Current Quarter and the Prior Year Quarter, respectively. |
Accounting Pronouncements
Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Changes And Error Corrections [Abstract] | |
Accounting Pronouncements | 20. Accounting Pronouncements Recent Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13 – Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments (Topic 326). ASU 2016-13 amends the impairment model to utilize an expected loss methodology in place of the currently used incurred loss methodology, which will result in more timely recognition of losses. The new standard applies to financial assets measured at amortized cost basis, including receivables that result from revenue transactions and held-to-maturity debt securities. This ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022. Management is currently evaluating the impact of this ASU on its consolidated financial statements. |
Other Matters
Other Matters | 3 Months Ended |
Mar. 31, 2021 | |
Other Matters Disclosure [Abstract] | |
Other Matters | 21. Other Matters During the Current Quarter and Prior Year Quarter, the Company included in its selling, general and administrative expenses $3.9 million and $3.5 million respectively, of charges primarily related to professional fees associated with the continuing correspondence with the Staff of the SEC, the SEC investigation and the class action derivative litigations. |
Basis of Presentation (Tables)
Basis of Presentation (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Revised Consolidated Statement of Operations, Balance Sheet and Cash Flows | The financial information included in the accompanying consolidated financial statements and notes thereto reflect the effects of the corrections and other adjustments described in the preceding discussion and following tables. Revised Consolidated Statement of Operations (in thousands, except earnings per share data) For the Twelve Months Ended December 31, 2020 As Reported Adjustment As Revised Selling, general and administrative expenses $ 59,398 $ 278 $ 59,676 Gain on Sale of Investment (1,600 ) 1,600 — Operating Income 67,601 (1,878 ) 65,723 Net Loss (2,976 ) (1,878 ) (4,854 ) Net Loss per share - basic and diluted (0.60 ) $ (0.15 ) $ (0.75 ) Revised Consolidated Balance Sheet (in thousands) December 31, 2020 As Reported Adjustments As Revised Accounts payable and accrued expenses $ 29,847 $ 278 30,125 Additional Paid-in Capital 1,047,504 1,600 1,049,104 Accumulated Losses (435,562 ) (1,878 ) (437,440 ) Revised Consolidated Statement of Cash Flows (in thousands) For the Twelve Months Ended December 31, 2020 As Reported Adjustment As Revised Net cash used in investing activities $ 77,141 $ (1,600 ) 75,541 Net cash used in financing activities (110,339 ) 1,600 (108,739 ) Revised Consolidated Statement of Operations (in thousands, except earnings per share data) For the Three Months Ended June 30, 2020 As Reported Adjustment As Revised Gain on Sale of Investment $ (1,600 ) $ 1,600 — Operating Income 3,765 (1,600 ) 2,165 Net Loss (15,464 ) (1,600 ) (17,064 ) Net Loss per share - basic and diluted $ (1.44 ) $ (0.13 ) $ (1.58 ) Revised Consolidated Statement of Operations (in thousands, except earnings per share data) For the Six Months Ended June 30, 2020 As Reported Adjustment As Revised Gain on Sale of Investment $ (1,600 ) $ 1,600 $ — Operating Income (1,087 ) (1,600 ) (2,687 ) Net Loss (36,466 ) (1,600 ) (38,066 ) Net Loss per share - basic and diluted $ (3.33 ) $ (0.14 ) $ (3.47 ) Revised Consolidated Balance Sheet (in thousands) June 30, 2020 As Reported Adjustments As Revised Additional Paid-in Capital $ 1,045,408 $ 1,600 1,047,008 Accumulated Losses (468,162 ) (1,600 ) (469,762 ) Revised Consolidated Statement of Cash Flows (in thousands) For the Six Months Ended June 30, 2020 As Reported Adjustment As Revised Net cash used in investing activities $ (1,008 ) $ (1,600 ) (2,608 ) Net cash used in financing activities (27,291 ) 1,600 (25,691 ) Revised Consolidated Statement of Operations (in thousands, except earnings per share data) For the Nine Months Ended September 30, 2020 As Reported Adjustment As Revised Gain on Sale of Investment (1,600 ) 1,600 — Operating Income 65,263 (1,600 ) 63,663 Net Loss 10,263 (1,600 ) 8,663 Earnings (loss) per share - basic $ 0.54 $ (0.13 ) $ 0.41 Earnings (loss) per share - diluted $ 0.37 $ (0.05 ) $ 0.32 Revised Consolidated Balance Sheet (in thousands) September 30, 2020 As Reported Adjustments As Revised Additional Paid-in Capital $ 1,047,167 $ 1,600 1,048,767 Accumulated Losses (422,436 ) (1,600 ) (424,036 ) Revised Consolidated Statement of Cash Flows (in thousands) For the Nine Months Ended September 30, 2020 As Reported Adjustment As Revised Net cash used in investing activities $ 77,317 $ (1,600 ) 75,717 Net cash used in financing activities (85,116 ) 1,600 (83,516 ) |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
ASC 606 | |
Summary of Revenues Disaggregated by License Type, Revenue Source and Geography | The following table presents our revenues disaggregated by license type: For the Three Months Ended March 31, 2021 2020 Licensing revenue by license type: Direct-to-retail license $ 3,556 $ 7,808 Wholesale licenses 19,589 19,879 Other licenses 489 264 $ 23,634 $ 27,951 The following table represents our revenues disaggregated by geography: For the Three Months Ended March 31, 2021 2020 Total licensing revenue by geographic region: United States $ 12,190 $ 16,634 Other (1) 11,444 11,317 $ 23,634 $ 27,951 (1) No single country outside of the United States represented 10% or more of the Company’s revenues in the periods presented. |
Goodwill and Trademarks and O_2
Goodwill and Trademarks and Other Intangibles, net (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Trademarks and Other Intangibles, net | Trademarks and other intangibles, net, consist of the following: March 31, 2021 December 31, 2020 Estimated Lives in Years Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Indefinite-lived trademarks Indefinite $ 242,396 $ — $ 246,786 $ — Definite-lived trademarks 10-15 8,958 8,958 8,958 8,958 Licensing contracts 1-9 978 978 978 978 $ 252,332 $ 9,936 $ 256,722 $ 9,936 Trademarks and other intangibles, net $ 242,396 $ 246,786 |
Joint Ventures and Investments
Joint Ventures and Investments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Investments In And Advances To Affiliates Schedule Of Investments [Abstract] | |
Consolidated Joint Ventures | As of March 31, 2021, the following joint ventures are consolidated with the Company: Entity Name Date of Original Formation Iconix's Ownership % as of March 31, 2021 Joint Venture Partner Put / Call Options, as applicable (2) Lee Cooper China (6) Limited June 2018 0% (6) POS Lee Cooper HK Co. Ltd. — Starter China Limited March 2018 0% (4) Photosynthesis Holdings Co. Ltd. — Danskin China Limited October 2016 80% (5) Li-Ning (China) Sports Goods Co. Ltd. — Umbro China Limited July 2016 0% (3) Hong Kong MH Umbro International Co. Ltd. — US Pony Holdings, LLC February 2015 100% (7) Anthony L&S Athletics, LLC — Iconix MENA Ltd. (1) December 2014 55% Global Brands Group Asia Limited Put / Call Options Iconix Israel, LLC (1) November 2013 50% MGS — Iconix Europe LLC (1) December 2009 51% Global Brands Group Asia Limited Put / Call Options Iconix Australia (1) September 2013 55% Pac Brands USA, Inc. Put / Call Options Diamond Icon (1) March 2013 51% Albion Agencies Ltd. — Buffalo brand joint venture (1) February 2013 51% Buffalo International — Icon Modern Amusement, LLC (1) December 2012 51% Dirty Bird Productions — Hardy Way, LLC May 2009 85% Donald Edward Hardy — (1) The Company determined, in accordance with ASC 810, based on the corporate structure, voting rights and contributions of the Company and its respective joint venture partner, the entity is a variable interest entity (VIE) and, as the Company has been determined to be the primary beneficiary, is subject to consolidation. The Company has consolidated this joint venture within its consolidated financial statements since inception. None of the VIE assets are encumbered by any obligation of the VIE or other entity. (2) ( 3) The Company completed the sale of Umbro China in July 2020. As a result of this transaction, the Company recognized a gain of $59.6 million, which has been recorded within Operating Income in the Company’s condensed consolidated statement of operations in FY 2020. (4) The Company completed the sale of Starter China in September, 2020. As a result of this transaction, the Company recognized a gain of $14.5 million, which has been recorded within Operating Income in the Company’s condensed consolidated statement of operations in FY 2020. (5) ( 6 ) (7) of the rights to the Pony / Product of New York brand. |
Equity Method Investments | Investments Equity Method Investments Entity Name Date of Original Formation / Investment Partner Put / Call Options, as applicable Iconix India joint venture June 2012 Reliance Brands Ltd. — Iconix SE Asia, Ltd. (1) October 2013 Global Brands Group Asia Limited Put / Call Options (2) MG Icon (1) March 2010 Purim LLC — (1) A six-month put option window for Iconix SE Asia, Ltd commences on July 1, 2022. Refer to the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 for material terms of the put/call options associated with this joint venture. Additionally, through its ownership of Iconix China Holdings Limited, the Company has equity interests in the following private companies, which are accounted for as equity method investments: Ownership by Carrying Value of Investment as of Brands Placed Partner Iconix China March 31, 2021 December 31, 2020 Candie’s Candies Shanghai Fashion Co. Ltd. (1) 20% $ — $ — Marc Ecko Shanghai MuXiang Apparel & Accessory Co. Limited (2) 0% — — Ecko Unltd Ai Xi Enterprise (Shanghai) Co. Limited 20% 1,296 1,341 $ 1,296 $ 1,341 (1) As a result of recent losses, primarily due to the effect of COVID-19 on the retail industry, the Company determined that the losses were other than temporary and determined that the fair value of its investment was de minimis. Accordingly, the Company recorded an impairment charge of $9.8 million during FY 2020. (2) In August 2020, the Company rescinded the trademark rights for the Ecko/Marc Ecko brand in exchange for its equity interest in the joint venture and recorded an impairment charge of $9.7 million in the third quarter of 2020. |
Gains on Sale of Trademarks, _2
Gains on Sale of Trademarks, Net (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Investments Debt And Equity Securities [Abstract] | |
Schedule of Gains on Sale of Trademarks, Net | The following table details transactions compromising gains on sale of trademarks, in the condensed consolidated statement of operations: For the Three Months Ended March 31, 2021 2020 Gain on Sale of Lee Cooper trademark in Iconix China (1) 14,959 — Net gains on sale of trademarks $ 14,959 $ — (1 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Estimated Fair Values of Other Financial Instruments | The estimated fair values of other financial instruments subject to fair value disclosures, determined based on Level Two inputs including broker quotes or quoted market prices or rates for the same or similar instruments and the related carrying amounts are as follows: March 31, 2021 December 31, 2020 Carrying Fair Value Carrying Fair Value Long-term debt, including current portion (1), (2) $ 549,728 $ 427,482 $ 564,401 $ 442,751 (1) Carrying amounts include aggregate unamortized debt discount and debt issuance costs. (2) Includes the 5.75% Convertible Notes accounted for under the fair value option. Refer to Note |
Debt Arrangements (Tables)
Debt Arrangements (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Debt Obligations | The Company’s debt obligations consist of the following: March 31, 2021 December 31, 2020 Senior Secured Notes $ 315,566 $ 317,856 Variable Funding Note, net of original issue discount 100,000 100,000 Senior Secured Term Loan, net of original issue discount 79,492 94,755 5.75% Convertible Notes (1) 53,644 50,868 Payroll Protection Program Loan 1,307 1,307 Unamortized debt issuance costs (281 ) (385 ) Total debt 549,728 564,401 Less current maturities 31,510 28,433 Total long-term debt $ 518,218 $ 535,968 (1) Reflects the debt carrying amount which is accounted for under the Fair Value Option in the condensed consolidated balance sheet as of March 31, 2021 and December 31, 2020. The actual principal outstanding balance of the 5.75% Convertible Notes is $94.4 million as of each of March 31, 2021 and December 31, 2020. |
Company's Debt Maturities on Calendar Year Basis | As of March 31, 2021, the Company’s debt maturities on a calendar year basis are as follows: Total April 1 through December 31, 2021 2022 2023 2024 2025 Thereafter Senior Secured Notes (1) $ 315,566 $ — $ — $ — $ — $ — $ 315,566 Variable Funding Notes $ 100,000 8,902 6,103 6,103 6,103 6,103 66,686 Senior Secured Term Loan (2) $ 79,492 14,463 65,029 — — — — 5.75% Convertible Notes (3) $ 53,644 — — 53,644 — — Payroll Protection Program Loan $ 1,307 784 523 — — — — Total $ 550,009 $ 24,149 $ 71,655 $ 59,747 $ 6,103 $ 6,103 $ 382,252 (1) Securitization Notes is in January of 2043. As the Company did not repay or refinance the Securitization Notes prior to the anticipated repayment date, beginning January 2020, the Company is no longer required to make previously designated contractual principal payments. Future principal payments will be formulaically based on a percentage of receipts of royalty revenue, and as such are subject market factors outside of the Company’s control. There can be no assurance that all or any future principal payments projected for the Senior Secured Notes will be made in accordance with the projections provided. (2) ( 3 ) Reflects the debt carrying amount which is accounted for under the Fair Value Option in the condensed consolidated balance sheet as of March 31, 2021. The actual principal outstanding balance of the 5.75% Convertible Notes is $94.4 million as of March 31, 2021. |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Summary of Unvested Restricted Stock | The following table summarizes information about unvested restricted stock transactions: Shares Weighted Average Grant Date Fair Value Non-vested, January 1, 2021 130,512 $ 1.90 Granted — — Vested (79,132 ) 2.01 Forfeited/Canceled — — Non-vested, March 31, 2021 51,380 $ 1.93 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Reconciliation of Weighted Average Shares Used in Calculating Basic and Diluted Earnings Per Share | A reconciliation of weighted average shares used in calculating basic and diluted earnings per share follows: For the Three Months Ended March 31, (in thousands) 2021 2020 Basic 13,805 11,772 Effect of convertible notes subject to conversion 17,664 — Effect of assumed vesting of dilutive shares 159 — Diluted 31,628 11,772 |
Schedule of Impact on Earnings Per Share Calculation | For the Current Quarter and Prior Year Quarter, adjustments to the Company’s redeemable non-controlling interest and effects of potential conversion on the 5.75% Convertible Notes had impacts on the Company’s earnings per share calculations as follows: For the Three Months Ended March 31, 2021 2020 For earnings (loss) per share - basic: Net income (loss) attributable to Iconix Brand Group, Inc. $ 4,188 $ (21,826 ) Accretion of redeemable non-controlling interest — (394 ) Net income (loss) attributable to Iconix Brand Group, Inc. after the effect of accretion of redeemable non-controlling interest for basic earnings (loss) per share $ 4,188 $ (22,220 ) For earnings (loss) per share - diluted: Net income (loss) attributable to Iconix Brand Group, Inc. $ 4,188 $ (21,826 ) Effect of potential conversion of 5.75% Convertible Notes 4,078 — Accretion of redeemable non-controlling interest — (394 ) Net income (loss) attributable to Iconix Brand Group, Inc. after the effect of potential conversion of 5.75% Convertible Notes for diluted earnings (loss) per share $ 8,266 $ (22,220 ) Earnings (loss) per share: Basic $ 0.30 $ (1.89 ) Diluted $ 0.26 $ (1.89 ) Weighted average number of common shares outstanding: Basic 13,805 11,772 Diluted 31,628 11,772 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Related Party Transactions [Abstract] | |
Summary of Royalty Revenue Recognized | The Company has entered into certain license agreements in which the core licensee is also one of our joint venture partners. For the Current Quarter and Prior Year Quarter, the Company recognized the following royalty revenue amounts: For the Three Months Ended March 31, Joint Venture Partner 2021 2020 M.G.S. Sports Trading Limited 69 107 Pac Brands USA, Inc. 74 80 Albion Equity Partners LLC / GL Damek 721 587 Li Ning 201 — Sports Direct International plc 197 197 $ 1,262 $ 971 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income | The following table sets forth the activity in accumulated other comprehensive income for the Current Quarter and Prior Year Quarter: For the Three Months Ended March 31, Accumulated Other Comprehensive Loss 2021 2020 Beginning Balance $ (42,625 ) $ (54,643 ) Foreign currency translation loss (6,457 ) (2,369 ) Current period other comprehensive loss (6,457 ) (2,369 ) Balance at March 31, $ (49,082 ) $ (57,012 ) |
Segment and Geographic Data (Ta
Segment and Geographic Data (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Net Revenues by Type of License and Information by Geographic Region | Reportable data for the Company’s operating segments is as follows: For the Three Months Ended March 31, 2021 2020 Licensing revenue: Women's $ 3,806 $ 6,478 Men's 5,612 6,757 Home 2,466 3,162 International 11,750 11,554 $ 23,634 $ 27,951 Operating income (loss): Women's $ 3,772 $ (1,143 ) Men's 4,812 3,807 Home 1,829 (811 ) International 7,780 1,841 Corporate 7,080 (8,544 ) $ 25,273 $ (4,850 ) |
Other Assets- Current and Lon_2
Other Assets- Current and Long-Term (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | |
Other Assets-Current and Long-Term | Other Assets - Current March 31, 2021 December 31, 2020 Other assets - current consisted of the following: Prepaid advertising 101 209 Prepaid expenses 461 678 Prepaid income taxes 269 457 Prepaid insurance 282 372 Due from related parties 87 86 Other prepaid taxes 480 474 Other current assets $ 1,680 $ 2,276 March 31, 2021 December 31, 2020 Other noncurrent assets consisted of the following: Prepaid interest $ 4,299 $ 4,322 Deposits 359 357 Other noncurrent assets 1,068 1,117 Other noncurrent assets $ 5,726 $ 5,796 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Summary of Components of Lease Cost | For the Current Quarter, components of lease cost were as follows: For the Three Months Ended March 31, 2021 For the Three Months Ended March 31, 2020 Operating lease cost $ 574 $ 565 Short-term lease cost 219 147 Variable lease cost 67 162 $ 860 $ 874 |
Schedule of Maturities of Lease Liabilities Under Non-cancellable Leases | Maturities of lease liabilities under non-cancellable leases as of March 31, 2021 are as follows: Operating Leases Remainder of 2021 $ 2,100 2022 2,200 2023 2,109 2024 1,079 Total undiscounted lease payments $ 7,488 Less: Imputed interest 868 Total lease liabilities $ 6,620 |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2020 | Jun. 30, 2020 | |
Basis Of Presentation [Line Items] | ||||||
Accumulated losses | $ (433,252) | $ (437,440) | $ (424,036) | $ (469,762) | ||
Net loss | $ 4,188 | $ (21,826) | $ 4,900 | $ 99,900 |
Summary of Revised Consolidated
Summary of Revised Consolidated Statement of Operations (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||
Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2020 | Sep. 30, 2020 | Dec. 31, 2020 | |
Error Corrections And Prior Period Adjustments Restatement [Line Items] | ||||||
Selling, general and administrative expenses | $ 13,094 | $ 17,150 | $ 59,676 | |||
Operating Income | 25,273 | $ 2,165 | (4,850) | $ (2,687) | $ 63,663 | 65,723 |
Net Loss | $ 6,939 | $ (17,064) | $ (21,001) | $ (38,066) | $ 8,663 | $ (4,854) |
Net Loss per share - basic and diluted | $ (1.58) | $ (3.47) | $ (0.75) | |||
Earnings (loss) per share - basic | $ 0.30 | $ (1.89) | $ 0.41 | |||
Earnings (loss) per share - diluted | $ 0.26 | $ (1.89) | $ 0.32 | |||
As Reported | ||||||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | ||||||
Selling, general and administrative expenses | $ 59,398 | |||||
Gain on Sale of Investment | $ (1,600) | $ (1,600) | $ (1,600) | (1,600) | ||
Operating Income | 3,765 | (1,087) | 65,263 | 67,601 | ||
Net Loss | $ (15,464) | $ (36,466) | $ 10,263 | $ (2,976) | ||
Net Loss per share - basic and diluted | $ (1.44) | $ (3.33) | $ (0.60) | |||
Earnings (loss) per share - basic | $ 0.54 | |||||
Earnings (loss) per share - diluted | $ 0.37 | |||||
Adjustments | ||||||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | ||||||
Selling, general and administrative expenses | $ 278 | |||||
Gain on Sale of Investment | $ 1,600 | $ 1,600 | $ 1,600 | 1,600 | ||
Operating Income | (1,600) | (1,600) | (1,600) | (1,878) | ||
Net Loss | $ (1,600) | $ (1,600) | $ (1,600) | $ (1,878) | ||
Net Loss per share - basic and diluted | $ (0.13) | $ (0.14) | $ (0.15) | |||
Earnings (loss) per share - basic | $ (0.13) | |||||
Earnings (loss) per share - diluted | $ (0.05) |
Summary of Revised Consolidat_2
Summary of Revised Consolidated Balance Sheet (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 |
Error Corrections And Prior Period Adjustments Restatement [Line Items] | ||||
Accounts payable and accrued expenses | $ 26,956 | $ 30,125 | ||
Additional paid-in capital | 1,051,642 | 1,049,104 | $ 1,048,767 | $ 1,047,008 |
Accumulated losses | $ (433,252) | (437,440) | (424,036) | (469,762) |
As Reported | ||||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | ||||
Accounts payable and accrued expenses | 29,847 | |||
Additional paid-in capital | 1,047,504 | 1,047,167 | 1,045,408 | |
Accumulated losses | (435,562) | (422,436) | (468,162) | |
Adjustments | ||||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | ||||
Accounts payable and accrued expenses | 278 | |||
Additional paid-in capital | 1,600 | 1,600 | 1,600 | |
Accumulated losses | $ (1,878) | $ (1,600) | $ (1,600) |
Summary of Revised Consolidat_3
Summary of Revised Consolidated Statement of Cash Flows (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | Jun. 30, 2020 | Sep. 30, 2020 | Dec. 31, 2020 | |
Error Corrections And Prior Period Adjustments Restatement [Line Items] | |||||
Net cash used in investing activities | $ 15,842 | $ (5,095) | $ (2,608) | $ 75,717 | $ 75,541 |
Net cash used in financing activities | $ (20,614) | $ (14,652) | (25,691) | (83,516) | (108,739) |
As Reported | |||||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | |||||
Net cash used in investing activities | (1,008) | 77,317 | 77,141 | ||
Net cash used in financing activities | (27,291) | (85,116) | (110,339) | ||
Adjustments | |||||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | |||||
Net cash used in investing activities | (1,600) | (1,600) | (1,600) | ||
Net cash used in financing activities | $ 1,600 | $ 1,600 | $ 1,600 |
Revenue Recognition - Summary o
Revenue Recognition - Summary of Revenues Disaggregated by License Type (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Disaggregation Of Revenue [Line Items] | ||
Type of Revenue [Extensible List] | us-gaap:LicenseMember | us-gaap:LicenseMember |
Total revenue | $ 23,634 | $ 27,951 |
Direct To Retail License | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 3,556 | 7,808 |
Wholesale License | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 19,589 | 19,879 |
Other Licenses | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | $ 489 | $ 264 |
Revenue Recognition - Summary_2
Revenue Recognition - Summary of Revenues Disaggregated by Geography (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Disaggregation Of Revenue [Line Items] | |||
Total revenue | $ 23,634 | $ 27,951 | |
UNITED STATES | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenue | 12,190 | 16,634 | |
Other | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenue | [1] | $ 11,444 | $ 11,317 |
[1] | No single country outside of the United States represented 10% or more of the Company’s revenues in the periods presented. |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Apr. 01, 2021 | Dec. 31, 2020 | |
Disaggregation Of Revenue [Line Items] | ||||
Contract assets, current | $ 14,098 | $ 13,842 | ||
Contract assets, long term | 9,670 | 11,415 | ||
Impairment loss of contract assets | 149 | $ 468 | ||
ASC 606 | ||||
Disaggregation Of Revenue [Line Items] | ||||
Deferred revenue | 2,700 | |||
ASC 606 | Other Assets - Current | ||||
Disaggregation Of Revenue [Line Items] | ||||
Contract assets, current | 14,100 | 13,800 | ||
ASC 606 | Other Assets Noncurrent | ||||
Disaggregation Of Revenue [Line Items] | ||||
Contract assets, long term | $ 9,700 | $ 11,400 | ||
Subsequent Event | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue, remaining performance obligation | $ 380,400 |
Revenue Recognition - Additio_2
Revenue Recognition - Additional Information (Detail1) $ in Millions | Mar. 31, 2021USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-04-01 | |
Disaggregation Of Revenue [Line Items] | |
Revenue, remaining performance obligation | $ 46.7 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 3 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-01-01 | |
Disaggregation Of Revenue [Line Items] | |
Revenue, remaining performance obligation | $ 63.3 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-01-01 | |
Disaggregation Of Revenue [Line Items] | |
Revenue, remaining performance obligation | $ 60.3 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-01-01 | |
Disaggregation Of Revenue [Line Items] | |
Revenue, remaining performance obligation | $ 52 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-01-01 | |
Disaggregation Of Revenue [Line Items] | |
Revenue, remaining performance obligation | $ 41.9 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2026-01-01 | |
Disaggregation Of Revenue [Line Items] | |
Revenue, remaining performance obligation | $ 116.2 |
Revenue, remaining performance obligation, expected timing of satisfaction, period |
Goodwill and Trademarks and O_3
Goodwill and Trademarks and Other Intangibles, net - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | |||
Mar. 31, 2021 | Feb. 28, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Intangible Assets By Major Class [Line Items] | |||||
Changes in goodwill | $ 0 | $ 0 | |||
Impairment of goodwill | 0 | 0 | |||
Impairment charges of the indefinite-lived trademarks | 13,733,000 | ||||
Amortization expense for intangible assets | 0 | ||||
Lee Cooper China | |||||
Intangible Assets By Major Class [Line Items] | |||||
Proceeds from loan to equity investee | $ 16,000,000 | ||||
Gain on sale of equity investments | 15,000,000 | $ 15,000,000 | |||
Costs associated with sale consisted of broker's commission | 100,000 | ||||
Cost basis, equity investments | 900,000 | 900,000 | |||
Trademarks | |||||
Intangible Assets By Major Class [Line Items] | |||||
Impairment charges of the indefinite-lived trademarks | 0 | 13,700,000 | |||
Trademarks | Lee Cooper China | |||||
Intangible Assets By Major Class [Line Items] | |||||
Proceeds from loan to equity investee | 15,900,000 | ||||
Trademarks | |||||
Intangible Assets By Major Class [Line Items] | |||||
Residual value | $ 0 | $ 0 | $ 0 | ||
Minimum | Non-compete agreements and contracts | |||||
Intangible Assets By Major Class [Line Items] | |||||
Finite-lived intangible assets, useful life | 1 year | ||||
Minimum | Trademarks | |||||
Intangible Assets By Major Class [Line Items] | |||||
Finite-lived intangible assets, useful life | 10 years | ||||
Maximum | |||||
Intangible Assets By Major Class [Line Items] | |||||
Amortization expense for intangible assets | $ 100,000 | ||||
Maximum | Non-compete agreements and contracts | |||||
Intangible Assets By Major Class [Line Items] | |||||
Finite-lived intangible assets, useful life | 9 years | ||||
Maximum | Trademarks | |||||
Intangible Assets By Major Class [Line Items] | |||||
Finite-lived intangible assets, useful life | 15 years |
Trademarks and Other Intangible
Trademarks and Other Intangibles, net (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Intangible Assets By Major Class [Line Items] | ||
Gross Carrying Amount | $ 252,332 | $ 256,722 |
Accumulated Amortization | 9,936 | 9,936 |
Net Carrying Amount | 242,396 | 246,786 |
Indefinite-lived trademarks | ||
Intangible Assets By Major Class [Line Items] | ||
Indefinite-lived, Gross Carrying Amount | 242,396 | 246,786 |
Trademarks | ||
Intangible Assets By Major Class [Line Items] | ||
Finite Lived, Gross Carrying Amount | 8,958 | 8,958 |
Accumulated Amortization | $ 8,958 | 8,958 |
Trademarks | Minimum | ||
Intangible Assets By Major Class [Line Items] | ||
Estimated Lives in Years | 10 years | |
Trademarks | Maximum | ||
Intangible Assets By Major Class [Line Items] | ||
Estimated Lives in Years | 15 years | |
Licensing contracts | ||
Intangible Assets By Major Class [Line Items] | ||
Finite Lived, Gross Carrying Amount | $ 978 | 978 |
Accumulated Amortization | $ 978 | $ 978 |
Licensing contracts | Minimum | ||
Intangible Assets By Major Class [Line Items] | ||
Estimated Lives in Years | 1 year | |
Licensing contracts | Maximum | ||
Intangible Assets By Major Class [Line Items] | ||
Estimated Lives in Years | 9 years |
Joint Ventures and Investment_2
Joint Ventures and Investments - Consolidated Joint Ventures (Detail) | 3 Months Ended | |
Mar. 31, 2021 | ||
Lee Cooper China Limited | ||
Schedule Of Investments [Line Items] | ||
Date of Original Formation / Investment | 2018-06 | [1] |
Company ownership interest | 0.00% | [1] |
Joint Venture Partner | POS Lee Cooper HK Co. Ltd. | [1] |
Starter China Limited | ||
Schedule Of Investments [Line Items] | ||
Date of Original Formation / Investment | 2018-03 | |
Company ownership interest | 0.00% | [2] |
Joint Venture Partner | Photosynthesis Holdings Co. Ltd. | |
Danskin China Limited | ||
Schedule Of Investments [Line Items] | ||
Date of Original Formation / Investment | 2016-10 | |
Company ownership interest | 80.00% | [3] |
Joint Venture Partner | Li-Ning (China) Sports Goods Co. Ltd. | |
Umbro China Limited | ||
Schedule Of Investments [Line Items] | ||
Date of Original Formation / Investment | 2016-07 | |
Company ownership interest | 0.00% | [4] |
Joint Venture Partner | Hong Kong MH Umbro International Co. Ltd. | |
US Pony Holdings, LLC | ||
Schedule Of Investments [Line Items] | ||
Date of Original Formation / Investment | 2015-02 | |
Company ownership interest | 100.00% | [5] |
Joint Venture Partner | Anthony L&S Athletics, LLC | |
Iconix Australia | Put / Call Options | ||
Schedule Of Investments [Line Items] | ||
Date of Original Formation / Investment | 2013-09 | [6] |
Company ownership interest | 55.00% | [6] |
Joint Venture Partner | Pac Brands USA, Inc. | [6] |
Hardy Way, LLC | ||
Schedule Of Investments [Line Items] | ||
Date of Original Formation / Investment | 2009-05 | |
Company ownership interest | 85.00% | |
Joint Venture Partner | Donald Edward Hardy | |
Variable Interest Entity, Primary Beneficiary | Iconix MENA Ltd | Put / Call Options | ||
Schedule Of Investments [Line Items] | ||
Date of Original Formation / Investment | 2014-12 | [6] |
Company ownership interest | 55.00% | [6] |
Joint Venture Partner | Global Brands Group Asia Limited | [6] |
Variable Interest Entity, Primary Beneficiary | Iconix Israel, LLC | ||
Schedule Of Investments [Line Items] | ||
Date of Original Formation / Investment | 2013-11 | [6] |
Iconix's Ownership % | 50.00% | [6] |
Joint Venture Partner | MGS | [6] |
Variable Interest Entity, Primary Beneficiary | Iconix Europe LLC | Put / Call Options | ||
Schedule Of Investments [Line Items] | ||
Date of Original Formation / Investment | 2009-12 | [6] |
Company ownership interest | 51.00% | [6] |
Joint Venture Partner | Global Brands Group Asia Limited | [6] |
Variable Interest Entity, Primary Beneficiary | Buffalo Brand Joint Venture | ||
Schedule Of Investments [Line Items] | ||
Date of Original Formation / Investment | 2013-02 | [6] |
Company ownership interest | 51.00% | [6] |
Joint Venture Partner | Buffalo International | [6] |
Variable Interest Entity, Primary Beneficiary | Diamond Icon | ||
Schedule Of Investments [Line Items] | ||
Date of Original Formation / Investment | 2013-03 | [6] |
Company ownership interest | 51.00% | [6] |
Joint Venture Partner | Albion Agencies Ltd. | [6] |
Variable Interest Entity, Primary Beneficiary | Icon Modern Amusement, LLC | ||
Schedule Of Investments [Line Items] | ||
Date of Original Formation / Investment | 2012-12 | [6] |
Company ownership interest | 51.00% | [6] |
Joint Venture Partner | Dirty Bird Productions | [6] |
[1] | As described above, the Company completed the sale of Lee Cooper China in February of 2021. As a result of this transaction, the Company recognized a gain of $15.0 million, which has been recorded within Operating Income in the Company’s condensed consolidated statement of operations in the Current Quarter. | |
[2] | The Company completed the sale of Starter China in September, 2020. As a result of this transaction, the Company recognized a gain of $14.5 million, which has been recorded within Operating Income in the Company’s condensed consolidated statement of operations in FY 2020. | |
[3] | On June 30, 2020, the Company sold a 10% interest in Danskin China Ltd. to Li Ning Sports (Hong Kong) Company Ltd. for $1.6 million. In March 2021, the Company sold an additional 10% interest in Danskin China Ltd. to Li Ning Sports (Hong Kong) Company Ltd. for $1.8 million. | |
[4] | The Company completed the sale of Umbro China in July 2020. As a result of this transaction, the Company recognized a gain of $59.6 million, which has been recorded within Operating Income in the Company’s condensed consolidated statement of operations in FY 2020. | |
[5] | (7) In March of 2021, the Company acquired the remaining 25% interest in US Pony Holdings, LLC, resulting in 100% ownership of the rights to the Pony / Product of New York brand. | |
[6] | The Company determined, in accordance with ASC 810, based on the corporate structure, voting rights and contributions of the Company and its respective joint venture partner, the entity is a variable interest entity (VIE) and, as the Company has been determined to be the primary beneficiary, is subject to consolidation. The Company has consolidated this joint venture within its consolidated financial statements since inception. None of the VIE assets are encumbered by any obligation of the VIE or other entity. |
Joint Ventures and Investment_3
Joint Ventures and Investments - Consolidated Joint Ventures (Parenthetical) (Detail) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Mar. 31, 2021 | Feb. 28, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2020 | |
Umbro China Limited | ||||||
Schedule Of Investments [Line Items] | ||||||
Gain on sale of equity investments | $ 59.6 | |||||
Starter China Limited | ||||||
Schedule Of Investments [Line Items] | ||||||
Gain on sale of equity investments | $ 14.5 | |||||
Description of completed date of sale | Company completed the sale of Starter China in September, 2020 | |||||
Danskin China Limited | ||||||
Schedule Of Investments [Line Items] | ||||||
Percentage of equity ownership interest sold | 10.00% | 10.00% | ||||
Danskin China Limited | Li Ning Sports (Hong Kong) Company Ltd | ||||||
Schedule Of Investments [Line Items] | ||||||
Percentage of equity ownership interest sold | 10.00% | 10.00% | ||||
Sale of ownership interest | $ 1.8 | $ 1.6 | ||||
Lee Cooper China | ||||||
Schedule Of Investments [Line Items] | ||||||
Gain on sale of equity investments | $ 15 | $ 15 | ||||
Pony International, LLC. | ||||||
Schedule Of Investments [Line Items] | ||||||
Ownership interest acquired | 25.00% | 25.00% | 25.00% | |||
Iconix's Ownership % | 100.00% |
Joint Ventures and Investment_4
Joint Ventures and Investments - Equity Method Investments (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Dec. 31, 2020 | ||
Iconix China Holdings Limited | |||
Schedule Of Equity Method Investments [Line Items] | |||
Carrying Value of Investment | $ 1,296 | $ 1,341 | |
Iconix India | |||
Schedule Of Equity Method Investments [Line Items] | |||
Date of Original Formation / Investment | 2012-06 | ||
Partner | Reliance Brands Ltd. | ||
Iconix SE Asia, Ltd. | Put / Call Options | |||
Schedule Of Equity Method Investments [Line Items] | |||
Date of Original Formation / Investment | [1] | 2013-10 | |
Partner | [1] | Global Brands Group Asia Limited | |
MG Icon | |||
Schedule Of Equity Method Investments [Line Items] | |||
Date of Original Formation / Investment | [1] | 2010-03 | |
Partner | [1] | Purim LLC | |
Candies Shanghai Fashion Co. Ltd. | Iconix China Holdings Limited | |||
Schedule Of Equity Method Investments [Line Items] | |||
Brands Placed | [2] | Candie’s | |
Ownership by Iconix China | [2] | 20.00% | |
Shanghai MuXiang Apparel & Accessory Co. Limited | Iconix China Holdings Limited | |||
Schedule Of Equity Method Investments [Line Items] | |||
Brands Placed | [3] | Marc Ecko | |
Ownership by Iconix China | [3] | 0.00% | |
Ai Xi Enterprise (Shanghai) Co. Limited | Iconix China Holdings Limited | |||
Schedule Of Equity Method Investments [Line Items] | |||
Brands Placed | Ecko Unltd | ||
Ownership by Iconix China | 20.00% | ||
Carrying Value of Investment | $ 1,296 | $ 1,341 | |
[1] | A six-month put option window for Iconix SE Asia, Ltd commences on July 1, 2022. Refer to the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 for material terms of the put/call options associated with this joint venture. | ||
[2] | As a result of recent losses, primarily due to the effect of COVID-19 on the retail industry, the Company determined that the losses were other than temporary and determined that the fair value of its investment was de minimis. Accordingly, the Company recorded an impairment charge of $9.8 million during FY 2020. | ||
[3] | In August 2020, the Company rescinded the trademark rights for the Ecko/Marc Ecko brand in exchange for its equity interest in the joint venture and recorded an impairment charge of $9.7 million in the third quarter of 2020. |
Joint Ventures and Investment_5
Joint Ventures and Investments - Equity Method Investments (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2020 | |
Ai Xi Enterprise (Shanghai) Co. Limited | ||
Schedule Of Equity Method Investments [Line Items] | ||
Impairment charge | $ 9.7 | |
COVID-19 | Candies Shanghai Fashion Co. Ltd. | ||
Schedule Of Equity Method Investments [Line Items] | ||
Impairment charge | $ 9.8 |
Gains on Sale of Trademarks, _3
Gains on Sale of Trademarks, Net - Schedule of Gains on Sale of Trademarks, Net (Detail) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021USD ($) | ||
Schedule Of Gain Loss On Investments Including Marketable Securities And Investments Held At Cost Income Statement Reported Amounts Summary [Line Items] | ||
Net gains on sale of trademarks | $ 14,959 | |
Lee Cooper China | Iconix China Holdings Limited | ||
Schedule Of Gain Loss On Investments Including Marketable Securities And Investments Held At Cost Income Statement Reported Amounts Summary [Line Items] | ||
Net gains on sale of trademarks | $ 14,959 | [1] |
[1] | On March 23, 2021, the Company completed its previously announced sale of Lee Cooper China for net proceeds of $15.9 million. The Lee Cooper China Sale includes the sale of the Lee Cooper brand in the People’s Republic of China, Hong Kong, Taiwan and Macau (refer to Note 3). |
Gains on Sale of Trademarks, _4
Gains on Sale of Trademarks, Net - Schedule of Gains on Sale of Trademarks, Net (Parenthetical) (Detail) $ in Millions | Mar. 23, 2021USD ($) |
Lee Cooper China | |
Schedule Of Gain Loss On Investments Including Marketable Securities And Investments Held At Cost Income Statement Reported Amounts Summary [Line Items] | |
Net proceeds from sales of Lee Cooper China | $ 15.9 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Impaired Long Lived Assets Held And Used [Line Items] | |||
Impairment of long-lived assets | $ 19,600 | ||
Contract asset impairment | $ 149 | $ 468 | |
New York Office Space | |||
Impaired Long Lived Assets Held And Used [Line Items] | |||
Contract asset impairment | $ 100 |
Estimated Fair Values of Other
Estimated Fair Values of Other Financial Instruments (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |||
Long-term debt, including current portion, Carrying Amount | [1],[2] | $ 549,728 | $ 564,401 |
Long-term debt, including current portion, Fair Value | [1],[2] | $ 427,482 | $ 442,751 |
[1] | Carrying amounts include aggregate unamortized debt discount and debt issuance costs. | ||
[2] | Includes the 5.75% Convertible Notes accounted for under the fair value option. Refer to Note 7. |
Estimated Fair Values of Othe_2
Estimated Fair Values of Other Financial Instruments (Parenthetical) (Detail) | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Feb. 22, 2019 | Feb. 22, 2018 | Sep. 30, 2017 |
5.75% Senior Subordinated Notes Due August 2023 | ||||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||||||
Percentage of conversion of convertible notes | 5.75% | 5.75% | ||||
Convertible Notes | ||||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||||||
Percentage of conversion of convertible notes | 1.50% | |||||
Convertible Notes | 5.75% Senior Subordinated Notes Due August 2023 | ||||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||||||
Percentage of conversion of convertible notes | 5.75% | 5.75% | 5.75% | 5.75% | 5.75% |
Fair Value Option - Additional
Fair Value Option - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||||||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Feb. 22, 2019 | Feb. 22, 2018 | Sep. 30, 2017 | ||
Fair Value Option Qualitative Disclosures Related To Election [Line Items] | |||||||
Long term debt, fair value | $ 53,644 | $ 50,868 | |||||
Principal outstanding balance | [1],[2] | $ 549,728 | $ 564,401 | ||||
5.75% Senior Subordinated Notes Due August 2023 | |||||||
Fair Value Option Qualitative Disclosures Related To Election [Line Items] | |||||||
Percentage of conversion of convertible notes | 5.75% | 5.75% | |||||
Convertible Notes | |||||||
Fair Value Option Qualitative Disclosures Related To Election [Line Items] | |||||||
Percentage of conversion of convertible notes | 1.50% | ||||||
Convertible Notes | 5.75% Senior Subordinated Notes Due August 2023 | |||||||
Fair Value Option Qualitative Disclosures Related To Election [Line Items] | |||||||
Percentage of conversion of convertible notes | 5.75% | 5.75% | 5.75% | 5.75% | 5.75% | ||
Long term debt, fair value | $ 53,600 | $ 50,900 | |||||
Principal outstanding balance | 94,400 | $ 94,400 | |||||
Changes in fair value of convertible notes | $ 2,800 | $ (800) | |||||
[1] | Carrying amounts include aggregate unamortized debt discount and debt issuance costs. | ||||||
[2] | Includes the 5.75% Convertible Notes accounted for under the fair value option. Refer to Note 7. |
Schedule of Debt Obligations (D
Schedule of Debt Obligations (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | ||
Debt Instrument [Line Items] | ||||
Total debt | $ 550,009 | |||
Unamortized debt issuance costs | (281) | $ (385) | ||
Total debt | [1],[2] | 549,728 | 564,401 | |
Less current maturities | 31,510 | 28,433 | ||
Total long-term debt | 518,218 | 535,968 | ||
Senior Secured Notes | ||||
Debt Instrument [Line Items] | ||||
Total debt | 315,566 | [3] | 317,856 | |
Less current maturities | 11,000 | 8,400 | ||
Variable Funding Notes | ||||
Debt Instrument [Line Items] | ||||
Total debt | 100,000 | 100,000 | ||
Senior Secured Term Loan | ||||
Debt Instrument [Line Items] | ||||
Total debt | 79,492 | 94,755 | ||
Less current maturities | 19,300 | 19,300 | ||
Convertible Notes | 5.75% Senior Subordinated Notes Due August 2023 | ||||
Debt Instrument [Line Items] | ||||
Total debt | [4] | 53,644 | [5] | 50,868 |
Total debt | 94,400 | 94,400 | ||
Payroll Protection Program Loan | ||||
Debt Instrument [Line Items] | ||||
Total debt | $ 1,307 | $ 1,307 | ||
[1] | Carrying amounts include aggregate unamortized debt discount and debt issuance costs. | |||
[2] | Includes the 5.75% Convertible Notes accounted for under the fair value option. Refer to Note 7. | |||
[3] | The legal final maturity of the Securitization Notes is in January of 2043. As the Company did not repay or refinance the Securitization Notes prior to the anticipated repayment date, beginning January 2020, the Company is no longer required to make previously designated contractual principal payments. Future principal payments will be formulaically based on a percentage of receipts of royalty revenue, and as such are subject market factors outside of the Company’s control. There can be no assurance that all or any future principal payments projected for the Senior Secured Notes will be made in accordance with the projections provided. | |||
[4] | Reflects the debt carrying amount which is accounted for under the Fair Value Option in the condensed consolidated balance sheet as of March 31, 2021 and December 31, 2020. The actual principal outstanding balance of the 5.75% Convertible Notes is $94.4 million as of each of March 31, 2021 and December 31, 2020. | |||
[5] | Reflects the debt carrying amount which is accounted for under the Fair Value Option in the condensed consolidated balance sheet as of March 31, 2021. The actual principal outstanding balance of the 5.75% Convertible Notes is $94.4 million as of March 31, 2021. |
Schedule of Debt Obligations (P
Schedule of Debt Obligations (Parenthetical) (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Feb. 22, 2019 | Feb. 22, 2018 | Oct. 27, 2017 | Sep. 30, 2017 |
Debt Instrument [Line Items] | |||||||
Principal amount of long term debt | $ 240.7 | ||||||
5.75% Senior Subordinated Notes Due August 2023 | |||||||
Debt Instrument [Line Items] | |||||||
Percentage of conversion of convertible notes | 5.75% | 5.75% | |||||
Convertible Notes | |||||||
Debt Instrument [Line Items] | |||||||
Percentage of conversion of convertible notes | 1.50% | ||||||
Convertible Notes | 5.75% Senior Subordinated Notes Due August 2023 | |||||||
Debt Instrument [Line Items] | |||||||
Principal amount of long term debt | $ 94.4 | $ 94.4 | $ 125 | ||||
Percentage of conversion of convertible notes | 5.75% | 5.75% | 5.75% | 5.75% | 5.75% |
Debt Arrangements - Additional
Debt Arrangements - Additional Information (Detail) | Feb. 15, 2021USD ($) | Mar. 30, 2020USD ($) | Feb. 22, 2019d | Mar. 14, 2018USD ($) | Feb. 22, 2018USD ($)d | Nov. 02, 2017USD ($) | Oct. 27, 2017USD ($) | Aug. 18, 2017USD ($) | Aug. 02, 2017USD ($) | Nov. 29, 2012USD ($) | Feb. 28, 2015USD ($) | Mar. 31, 2021USD ($)$ / sharesshares | Mar. 31, 2020USD ($) | Sep. 30, 2017USD ($) | Dec. 31, 2020USD ($) | Jul. 31, 2019 | Mar. 31, 2019 | Mar. 14, 2019USD ($) | Feb. 12, 2018USD ($) | Oct. 26, 2017USD ($) | Jul. 31, 2017USD ($) | Jun. 21, 2013USD ($) | |
Debt Instrument [Line Items] | |||||||||||||||||||||||
Principal amount of long term debt | $ 240,700,000 | ||||||||||||||||||||||
Debt instrument, Maturity Date | 2043-01 | ||||||||||||||||||||||
Debt service coverage ratio | 110.00% | ||||||||||||||||||||||
Repayment of remaining outstanding principal balance | $ 231,000,000 | ||||||||||||||||||||||
Current portion of long-term debt | $ 31,510,000 | $ 28,433,000 | |||||||||||||||||||||
Restricted cash | 14,166,000 | 9,380,000 | |||||||||||||||||||||
Leverage ratio | 450.00% | ||||||||||||||||||||||
Net proceeds from Permitted Capital Raising Transactions | $ 100,000,000 | ||||||||||||||||||||||
Debt issue discount costs | 9,300,000 | ||||||||||||||||||||||
Deferred financing costs | $ 5,400,000 | ||||||||||||||||||||||
Percentage of repayment from net proceeds of asset sale | 75.00% | ||||||||||||||||||||||
Maximum amount of proceeds from asset sales to be used to pay the obligation | $ 5,000,000 | ||||||||||||||||||||||
Long term debt, fair value | 53,644,000 | 50,868,000 | |||||||||||||||||||||
Principal outstanding balance | [1],[2] | $ 549,728,000 | 564,401,000 | ||||||||||||||||||||
Maximum | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Leverage ratio | 575.00% | ||||||||||||||||||||||
Aggregate amount of term loan facility | $ 165,700,000 | ||||||||||||||||||||||
5.75% Senior Subordinated Notes Due August 2023 | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Percentage of conversion of convertible notes | 5.75% | 5.75% | |||||||||||||||||||||
MG Icon | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Equity ownership percentage | 50.00% | ||||||||||||||||||||||
Hardy Way, LLC | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Joint venture ownership percentage | 85.00% | ||||||||||||||||||||||
Zoo York brand | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Ownership Percentage | 100.00% | ||||||||||||||||||||||
IBG Borrower | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Termination of license generating with minimum royalty guarantees | $ 500,000 | ||||||||||||||||||||||
IBG Borrower | Minimum | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Asset coverage ratio, minimum | 125.00% | ||||||||||||||||||||||
IBG Borrower | Maximum | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Leverage ratio | 450.00% | ||||||||||||||||||||||
2012 Senior Secured Notes | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Principal amount of long term debt | $ 600,000,000 | ||||||||||||||||||||||
Percentage of conversion of convertible notes | 4.229% | ||||||||||||||||||||||
Debt instrument, quarterly payment | $ 10,500,000 | ||||||||||||||||||||||
Debt instrument, frequency of payment | quarterly | ||||||||||||||||||||||
Variable Funding Notes | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Principal amount of long term debt | 100,000,000 | ||||||||||||||||||||||
Net proceeds received from issuance of debt | $ 100,000,000 | ||||||||||||||||||||||
Line of credit, outstanding | $ 100,000,000 | ||||||||||||||||||||||
Debt Instrument anticipated repayment year and month | 2020-01 | ||||||||||||||||||||||
L/C commitment and the swingline commitment | $ 0 | ||||||||||||||||||||||
2013 Senior Secured Notes | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Principal amount of long term debt | $ 275,000,000 | ||||||||||||||||||||||
Percentage of conversion of convertible notes | 4.352% | ||||||||||||||||||||||
Debt instrument, quarterly payment | $ 4,800,000 | ||||||||||||||||||||||
Debt instrument, frequency of payment | quarterly | ||||||||||||||||||||||
Senior Secured Notes | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Principal amount of long term debt | $ 415,600,000 | 417,900,000 | |||||||||||||||||||||
Debt instrument, Maturity Date | 2043-01 | 2043-01 | |||||||||||||||||||||
Debt instrument description of interest | The Company did not repay or refinance the Securitization Notes prior to the anticipated repayment date, and as a result, during the first quarter of 2020, additional interest began accruing on amounts outstanding under the Securitization Notes at a rate equal to (A) in respect of the Variable Funding Notes, 5% per annum, (B) in respect of the 2012 Senior Secured Notes and the 2013 Senior Secured Notes, the greater of (1) 5% per annum and (2) a per annum interest rate equal to the excess, if any, by which the sum of (x) the yield to maturity (adjusted to a quarterly bond-equivalent basis), on the anticipated repayment date of the United States treasury security having a term closest to 10 years plus (y) 5% per annum plus (z) with respect to the 2012 Senior Secured Notes, 3.4% per annum, or with respect to the 2013 Senior Secured Notes, 3.14% per annum, exceeds the original interest rate. | ||||||||||||||||||||||
Additional interest rate | 5.00% | ||||||||||||||||||||||
Anticipated repayment date | 10 years | ||||||||||||||||||||||
Repayment of remaining outstanding principal balance | $ 0 | ||||||||||||||||||||||
Mandatory principal prepayment | $ 152,200,000 | ||||||||||||||||||||||
Current portion of long-term debt | 11,000,000 | 8,400,000 | |||||||||||||||||||||
Restricted cash | 13,300,000 | 8,500,000 | |||||||||||||||||||||
Interest expense for convertible notes | 4,300,000 | $ 4,600,000 | |||||||||||||||||||||
Long-term accrued interest expense for convertible notes | 5,700,000 | 4,300,000 | |||||||||||||||||||||
Long-term accrued interest for convertible notes | 27,400,000 | 21,700,000 | |||||||||||||||||||||
Non cash additional interest expense on convertible notes | $ 0 | 1,100,000 | |||||||||||||||||||||
Debt instrument, interest rate, effective percentage | 3.70% | ||||||||||||||||||||||
2012 Senior Secured Notes | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Excess interest rate on original interest rate | 3.40% | ||||||||||||||||||||||
2013 Senior Secured Notes | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Excess interest rate on original interest rate | 3.14% | ||||||||||||||||||||||
Senior Secured Term Loan | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Principal amount of long term debt | 57,800,000 | $ 300,000,000 | $ 83,200,000 | $ 300,000,000 | |||||||||||||||||||
Repayment of remaining outstanding principal balance | 11,900,000 | ||||||||||||||||||||||
Current portion of long-term debt | 19,300,000 | 19,300,000 | |||||||||||||||||||||
Interest expense for convertible notes | 1,800,000 | 4,000,000 | |||||||||||||||||||||
Non cash additional interest expense on convertible notes | 1,500,000 | $ 1,400,000 | |||||||||||||||||||||
Maturity date of credit agreement | Aug. 2, 2022 | ||||||||||||||||||||||
Margin applied to LIBOR | 7.00% | ||||||||||||||||||||||
Percentage of principal debt quarterly amortization | 0.50% | ||||||||||||||||||||||
Principal debt quarterly amortization commencement date | Sep. 30, 2017 | ||||||||||||||||||||||
Debt issue discount costs | 3,700,000 | 5,100,000 | |||||||||||||||||||||
Interest rate increase additional per annum | 3.00% | ||||||||||||||||||||||
Payment of unpaid principal and accrued interest of lenders | 50.00% | ||||||||||||||||||||||
Principal amount of long term debt | 79,500,000 | 94,800,000 | |||||||||||||||||||||
Senior Secured Term Loan | IBG Borrower | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Equity ownership percentage | 35.00% | ||||||||||||||||||||||
Premium percentage of aggregate principal amount first year loan | 5.00% | ||||||||||||||||||||||
Premium percentage of aggregate principal amount second year loan | 3.00% | ||||||||||||||||||||||
Convertible Notes | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Percentage of conversion of convertible notes | 1.50% | ||||||||||||||||||||||
Cash from escrow deposit returned to lenders | 231,000,000 | ||||||||||||||||||||||
Payment from Escrow Account to acquire convertible notes | $ 59,200,000 | ||||||||||||||||||||||
Debt conversion original debt amount | 0 | ||||||||||||||||||||||
Convertible Notes | 1.50% Senior Subordinated Notes Due March 15, 2018 | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Principal amount of long term debt | $ 125,000,000 | ||||||||||||||||||||||
Percentage of conversion of convertible notes | 1.50% | 1.50% | |||||||||||||||||||||
Convertible Notes | 5.75% Senior Subordinated Notes Due August 2023 | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Principal amount of long term debt | $ 125,000,000 | $ 94,400,000 | $ 94,400,000 | ||||||||||||||||||||
Percentage of conversion of convertible notes | 5.75% | 5.75% | 5.75% | 5.75% | 5.75% | ||||||||||||||||||
Interest expense for convertible notes | $ 2,700,000 | $ 1,300,000 | $ 1,400,000 | ||||||||||||||||||||
Maturity date of credit agreement | Aug. 15, 2023 | ||||||||||||||||||||||
Debt instrument, conversion rate | 52.1919 | ||||||||||||||||||||||
Principal amount of each convertible note | $ 1,000 | ||||||||||||||||||||||
Convertible notes, initial conversion price per share | $ / shares | $ 19.16 | ||||||||||||||||||||||
Debt instrument convertible conversion price as percentage upon automatic conversion | 5.75% | ||||||||||||||||||||||
Debt instrument convertible conversion price as percentage upon mandatory conversion | 5.75% | ||||||||||||||||||||||
Debt instrument, convertible, threshold trading days | d | 10 | ||||||||||||||||||||||
Volume weighted average price description | If the Company elects to pay all or a portion of a Conversion Make-Whole Payment in shares of common stock, the number of shares of common stock payable will be equal to the applicable Conversion Make-Whole Payment divided by the average of the 10 individual volume-weighted average prices for the 10-trading day period immediately preceding the applicable conversion date. | ||||||||||||||||||||||
Debt instrument, convertible, threshold consecutive trading days | d | 30 | ||||||||||||||||||||||
Debt instrument, redemption price, percentage | 100.00% | 100.00% | |||||||||||||||||||||
Debt instrument, redemption, description | each holder will have the right, at its option, to require the Company to repurchase for cash all or a portion of such holder’s 5.75% Convertible Notes at a fundamental change purchase price equal to 100% of the principal amount of the 5.75% Convertible Notes to be repurchased, together with interest accrued and unpaid to, but excluding, the fundamental change purchase date. | ||||||||||||||||||||||
Debt instrument, restrictive covenants | The Company is subject to certain restrictive covenants pursuant to the 5.75% Convertible Note Indenture, including limitations on (i) liens, (ii) indebtedness, (iii) asset sales, (iv) restricted payments and investments, (v) prepayments of indebtedness and (vi) transactions with affiliates. | ||||||||||||||||||||||
Long term debt, fair value | $ 53,600,000 | $ 50,900,000 | |||||||||||||||||||||
Principal outstanding balance | $ 94,400,000 | 94,400,000 | |||||||||||||||||||||
Stock Issued During Period, Shares, New Issues | shares | 1,000 | ||||||||||||||||||||||
Convertible Notes | 5.75% Senior Subordinated Notes Due August 2023 | Fair Value Option | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Long term debt, fair value | $ 53,600,000 | $ 50,900,000 | |||||||||||||||||||||
First Delayed Draw Term Loan | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Aggregate amount of term loan facility | $ 25,000,000 | $ 25,000,000 | |||||||||||||||||||||
Debt issue discount costs | 1,000,000 | ||||||||||||||||||||||
Aggregate amount of term loan received in cash | $ 24,000,000 | ||||||||||||||||||||||
Second Delayed Draw Term Loan | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Aggregate amount of term loan facility | $ 140,700,000 | ||||||||||||||||||||||
Second Delayed Draw Term Loan | 1.50% Senior Subordinated Notes Due March 15, 2018 | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Percentage of conversion of convertible notes | 1.50% | ||||||||||||||||||||||
Maturity date of credit agreement | Mar. 15, 2018 | ||||||||||||||||||||||
Aggregate amount of term loan facility | $ 110,000,000 | ||||||||||||||||||||||
Senior Secured Term Loan Due 2022 | Minimum | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Amortization rate per annum | 2.00% | ||||||||||||||||||||||
Senior Secured Term Loan Due 2022 | Maximum | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Amortization rate per annum | 10.00% | ||||||||||||||||||||||
5.75% Senior Subordinated Notes Due August 2023 | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Percentage of conversion of convertible notes | 5.75% | 5.75% | |||||||||||||||||||||
Estimated principal payments | $ 6,100,000 | ||||||||||||||||||||||
5.75% Senior Subordinated Notes Due August 2023 | Maximum | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Percentage of conversion of convertible notes | 5.75% | ||||||||||||||||||||||
[1] | Carrying amounts include aggregate unamortized debt discount and debt issuance costs. | ||||||||||||||||||||||
[2] | Includes the 5.75% Convertible Notes accounted for under the fair value option. Refer to Note 7. |
Company's Debt Maturities on Ca
Company's Debt Maturities on Calendar Year Basis (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | ||
Debt Instrument [Line Items] | ||||
Total | $ 550,009 | |||
April 1 through December 31, 2021 | 24,149 | |||
2022 | 71,655 | |||
2023 | 59,747 | |||
2024 | 6,103 | |||
2025 | 6,103 | |||
Thereafter | 382,252 | |||
Senior Secured Notes | ||||
Debt Instrument [Line Items] | ||||
Total | 315,566 | [1] | $ 317,856 | |
Thereafter | [1] | 315,566 | ||
Convertible Notes | 5.75% Senior Subordinated Notes Due August 2023 | ||||
Debt Instrument [Line Items] | ||||
Total | [2] | 53,644 | [3] | 50,868 |
2023 | [3] | 53,644 | ||
Variable Funding Notes | ||||
Debt Instrument [Line Items] | ||||
Total | 100,000 | 100,000 | ||
April 1 through December 31, 2021 | 8,902 | |||
2022 | 6,103 | |||
2023 | 6,103 | |||
2024 | 6,103 | |||
2025 | 6,103 | |||
Thereafter | 66,686 | |||
Senior Secured Term Loan | ||||
Debt Instrument [Line Items] | ||||
Total | [4] | 79,492 | ||
April 1 through December 31, 2021 | [4] | 14,463 | ||
2022 | [4] | 65,029 | ||
Payroll Protection Program Loan | ||||
Debt Instrument [Line Items] | ||||
Total | 1,307 | $ 1,307 | ||
April 1 through December 31, 2021 | 784 | |||
2022 | $ 523 | |||
[1] | The legal final maturity of the Securitization Notes is in January of 2043. As the Company did not repay or refinance the Securitization Notes prior to the anticipated repayment date, beginning January 2020, the Company is no longer required to make previously designated contractual principal payments. Future principal payments will be formulaically based on a percentage of receipts of royalty revenue, and as such are subject market factors outside of the Company’s control. There can be no assurance that all or any future principal payments projected for the Senior Secured Notes will be made in accordance with the projections provided. | |||
[2] | Reflects the debt carrying amount which is accounted for under the Fair Value Option in the condensed consolidated balance sheet as of March 31, 2021 and December 31, 2020. The actual principal outstanding balance of the 5.75% Convertible Notes is $94.4 million as of each of March 31, 2021 and December 31, 2020. | |||
[3] | Reflects the debt carrying amount which is accounted for under the Fair Value Option in the condensed consolidated balance sheet as of March 31, 2021. The actual principal outstanding balance of the 5.75% Convertible Notes is $94.4 million as of March 31, 2021. | |||
[4] | Reflects the net debt carrying amount, effected by the outstanding balance of the original issue discount, in the condensed consolidated balance sheet as of March 31, 2021. The actual principal outstanding balance of the Senior Secured Term Loan is $83.2 million as of March 31, 2021. |
Company's Debt Maturities on _2
Company's Debt Maturities on Calendar Year Basis (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | ||||||||
Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Feb. 22, 2019 | Feb. 22, 2018 | Oct. 27, 2017 | Oct. 26, 2017 | Sep. 30, 2017 | Aug. 02, 2017 | |
Debt Instrument [Line Items] | |||||||||
Debt instrument, Maturity Date | 2043-01 | ||||||||
Principal amount of long term debt | $ 240.7 | ||||||||
5.75% Senior Subordinated Notes Due August 2023 | |||||||||
Debt Instrument [Line Items] | |||||||||
Percentage of conversion of convertible notes | 5.75% | 5.75% | |||||||
Senior Secured Term Loan | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal amount of long term debt | $ 83.2 | $ 57.8 | $ 300 | $ 300 | |||||
Convertible Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Percentage of conversion of convertible notes | 1.50% | ||||||||
Convertible Notes | 5.75% Senior Subordinated Notes Due August 2023 | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal amount of long term debt | $ 94.4 | $ 94.4 | $ 125 | ||||||
Percentage of conversion of convertible notes | 5.75% | 5.75% | 5.75% | 5.75% | 5.75% |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) | Feb. 15, 2021 | Mar. 15, 2019 | Oct. 15, 2018 | Mar. 15, 2018 | Oct. 31, 2017 | Mar. 07, 2017 | Mar. 31, 2021 | Mar. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2020 | Feb. 12, 2018 | Nov. 04, 2016 |
Class Of Stock [Line Items] | ||||||||||||
Shares issued for payment of interest on 5.75% Convertible Notes | $ 2,035,000 | |||||||||||
Restricted Stock | ||||||||||||
Class Of Stock [Line Items] | ||||||||||||
Share based compensation awards vesting period | 3 years | |||||||||||
Compensation cost not yet recognized, period for recognition | 12 months | |||||||||||
Stock repurchased during period, shares | 0.2 | |||||||||||
Share based compensation awards vested in period | 79,132 | |||||||||||
Restricted Stock | Maximum | ||||||||||||
Class Of Stock [Line Items] | ||||||||||||
Value of common stock shares repurchased in connection with net share settlement of restricted stock grants and option exercises | $ 100,000 | |||||||||||
Employment Inducement Award | Former Chief Executive Officer | ||||||||||||
Class Of Stock [Line Items] | ||||||||||||
Grant date fair value of award issued | $ 1.80 | |||||||||||
Retention Stock | ||||||||||||
Class Of Stock [Line Items] | ||||||||||||
Compensation cost not yet recognized, period for recognition | 9 months | |||||||||||
Retention Stock | Former Chief Executive Officer | ||||||||||||
Class Of Stock [Line Items] | ||||||||||||
Compensation cost not yet recognized | $ 100,000 | |||||||||||
Retention Stock | Maximum | ||||||||||||
Class Of Stock [Line Items] | ||||||||||||
Compensation expense (benefit) related to stock grants | $ 100,000 | 100,000 | ||||||||||
5.75% Senior Subordinated Notes Due August 2023 | ||||||||||||
Class Of Stock [Line Items] | ||||||||||||
Percentage of conversion of convertible notes | 5.75% | 5.75% | ||||||||||
Shares issued | 1 | 1.3 | ||||||||||
Shares issued for payment of interest on 5.75% Convertible Notes | $ 1,400,000 | |||||||||||
Shares issued as payment of interest on 5.75% Convertible Notes | $ 1,300,000 | |||||||||||
Interest obligation payment | $ 2,700,000 | |||||||||||
5.75% Senior Subordinated Notes Due August 2023 | Maximum | ||||||||||||
Class Of Stock [Line Items] | ||||||||||||
Percentage of conversion of convertible notes | 5.75% | |||||||||||
2016 Omnibus Incentive Plan | ||||||||||||
Class Of Stock [Line Items] | ||||||||||||
Common stock reserved for issuance | 300,000 | 210,000 | ||||||||||
Number of additional common stock shares approved for issuance under Incentive Plan | 190,000 | |||||||||||
Long-Term Incentive Plan | Restricted Stock | Maximum | ||||||||||||
Class Of Stock [Line Items] | ||||||||||||
Compensation expense (benefit) related to stock grants | $ 100,000 | 100,000 | ||||||||||
Long Term Incentive Compensation Plan | Restricted Stock | ||||||||||||
Class Of Stock [Line Items] | ||||||||||||
Compensation cost not yet recognized | 100,000 | |||||||||||
Cash Award | Restricted Stock Units (RSUs) | ||||||||||||
Class Of Stock [Line Items] | ||||||||||||
Compensation expense (benefit) related to stock grants | 700,000 | $ 300,000 | ||||||||||
2017 LTIP | ||||||||||||
Class Of Stock [Line Items] | ||||||||||||
Share based compensation awards granted in period | 0.1 | |||||||||||
Granted | $ 75.20 | |||||||||||
Share based compensation awards, granted in period, value | $ 6,600,000 | |||||||||||
2017 LTIP | Restricted Stock Units (RSUs) | ||||||||||||
Class Of Stock [Line Items] | ||||||||||||
Share based compensation award, description of vesting rights | one third annually | |||||||||||
2017 LTIP | Performance Shares | ||||||||||||
Class Of Stock [Line Items] | ||||||||||||
Share based compensation award, description of vesting rights | based on performance metrics approved by the Compensation Committee | |||||||||||
Share based compensation awards vested in period | 0 | |||||||||||
2018 LTIP | ||||||||||||
Class Of Stock [Line Items] | ||||||||||||
Share based compensation awards vesting period | 15 days | |||||||||||
Share based compensation awards granted in period | 200,000 | |||||||||||
Granted | $ 13.80 | |||||||||||
Share based compensation awards, granted in period, value | $ 3,100,000 | |||||||||||
Share based compensation award, description of vesting rights | 48 equal semi-monthly installments | |||||||||||
Share based compensation awards vested in period | 0 | |||||||||||
Share based compensation cash awards, aggregate amount. | $ 3,100,000 | |||||||||||
2019 LTIP | ||||||||||||
Class Of Stock [Line Items] | ||||||||||||
Share based compensation awards granted in period | 400,000 | |||||||||||
Granted | $ 2.02 | |||||||||||
Share based compensation awards, granted in period, value | $ 800,000 | |||||||||||
Share based compensation awards vested in period | 200 | |||||||||||
Share based compensation cash awards, aggregate amount. | $ 1,000,000 | |||||||||||
2019 LTIP | Chief Executive Officer and President | ||||||||||||
Class Of Stock [Line Items] | ||||||||||||
Share based compensation awards granted in period | 300,000 | |||||||||||
Share based compensation awards vested in period, fair market value | $ 300,000 | |||||||||||
2019 LTIP | Maximum | ||||||||||||
Class Of Stock [Line Items] | ||||||||||||
Share based compensation awards forfeited in period | 100,000 | |||||||||||
2019 LTIP | Performance Shares | Maximum | ||||||||||||
Class Of Stock [Line Items] | ||||||||||||
Weighted average contractual term of awards outstanding and exercisable | 1 year | |||||||||||
2016 LTIP | Performance Shares | ||||||||||||
Class Of Stock [Line Items] | ||||||||||||
Compensation expense (benefit) related to stock grants | $ 100,000 | |||||||||||
2016 LTIP | Performance Shares | Maximum | ||||||||||||
Class Of Stock [Line Items] | ||||||||||||
Compensation expense (benefit) related to stock grants | $ 100,000 |
Summary of Unvested Restricted
Summary of Unvested Restricted Stock (Detail) - Restricted Stock | 3 Months Ended |
Mar. 31, 2021$ / sharesshares | |
Shares | |
Beginning balance | shares | 130,512 |
Vested | shares | (79,132) |
Ending balance | shares | 51,380 |
Weighted Average Grant Date Fair Value | |
Beginning balance | $ / shares | $ 1.90 |
Vested | $ / shares | 2.01 |
Ending balance | $ / shares | $ 1.93 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares | 3 Months Ended | |||||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Feb. 22, 2019 | Feb. 22, 2018 | Sep. 30, 2017 | |
Earnings Per Share Disclosure [Line Items] | ||||||
Anti-dilutive shares | 100,000 | 400,000 | ||||
5.75% Senior Subordinated Notes Due August 2023 | ||||||
Earnings Per Share Disclosure [Line Items] | ||||||
Percentage of conversion of convertible notes | 5.75% | 5.75% | ||||
Convertible Notes | ||||||
Earnings Per Share Disclosure [Line Items] | ||||||
Percentage of conversion of convertible notes | 1.50% | |||||
Convertible Notes | 5.75% Senior Subordinated Notes Due August 2023 | ||||||
Earnings Per Share Disclosure [Line Items] | ||||||
Percentage of conversion of convertible notes | 5.75% | 5.75% | 5.75% | 5.75% | 5.75% | |
Performance Shares | ||||||
Earnings Per Share Disclosure [Line Items] | ||||||
Anti-dilutive shares | 200,000 | 400,000 |
Reconciliation of Weighted Aver
Reconciliation of Weighted Average Shares Used in Calculating Basic and Diluted Earnings Per Share (Detail) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Earnings Per Share [Abstract] | ||
Basic | 13,805 | 11,772 |
Effect of convertible notes subject to conversion | 17,664 | |
Effect of assumed vesting of dilutive shares | 159 | |
Diluted | 31,628 | 11,772 |
Schedule of Impact on Earnings
Schedule of Impact on Earnings Per Share Calculation (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | Sep. 30, 2020 | |
For earnings (loss) per share - basic: | |||
Net income (loss) attributable to Iconix Brand Group, Inc. | $ 4,188 | $ (21,826) | |
Accretion of redeemable non-controlling interest | (394) | ||
Net income (loss) attributable to Iconix Brand Group, Inc. after the effect of accretion of redeemable non-controlling interest for basic earnings (loss) per share | 4,188 | (22,220) | |
For earnings (loss) per share - diluted: | |||
Net income (loss) attributable to Iconix Brand Group, Inc. | 4,188 | (21,826) | |
Effect of potential conversion of 5.75% Convertible Notes | 4,078 | ||
Accretion of redeemable non-controlling interest | (394) | ||
Net income (loss) attributable to Iconix Brand Group, Inc. after the effect of potential conversion of 5.75% Convertible Notes for diluted earnings (loss) per share | $ 8,266 | $ (22,220) | |
Basic | $ 0.30 | $ (1.89) | $ 0.41 |
Diluted | $ 0.26 | $ (1.89) | $ 0.32 |
Weighted average number of common shares outstanding: | |||
Basic | 13,805 | 11,772 | |
Diluted | 31,628 | 11,772 |
Contingencies - Additional Info
Contingencies - Additional Information (Detail) $ in Millions | 1 Months Ended |
May 31, 2016USD ($)Claim | |
Supply Company, LLC | |
Loss Contingencies [Line Items] | |
Compensatory damages sought | $ | $ 50 |
Kevin Yap | |
Loss Contingencies [Line Items] | |
Number of declaratory judgment claims | Claim | 2 |
Related Party Transactions - Su
Related Party Transactions - Summary of Royalty Revenue Recognized (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Related Party Transaction [Line Items] | ||
Royalty revenue | $ 23,634 | $ 27,951 |
Royalty | ||
Related Party Transaction [Line Items] | ||
Royalty revenue | 1,262 | 971 |
M.G.S. Sports Trading Limited | Royalty | ||
Related Party Transaction [Line Items] | ||
Royalty revenue | 69 | 107 |
Pac Brands USA, Inc. | Royalty | ||
Related Party Transaction [Line Items] | ||
Royalty revenue | 74 | 80 |
Albion Equity Partners LLC / GL Damek | Royalty | ||
Related Party Transaction [Line Items] | ||
Royalty revenue | 721 | 587 |
Li Ning | Royalty | ||
Related Party Transaction [Line Items] | ||
Royalty revenue | 201 | |
Sports Direct International plc | Royalty | ||
Related Party Transaction [Line Items] | ||
Royalty revenue | $ 197 | $ 197 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Taxes [Line Items] | ||
Effective income tax rate from continuing operations | 24.60% | 0.00% |
Provision (Benefit) for income taxes | $ 2,261 | $ (5) |
Internal Revenue Service (IRS) | ||
Income Taxes [Line Items] | ||
Minimum change in ownership percentage | 50.00% | |
Measurement of change in ownership period | 3 years | |
Minimum change in ownership percentage held by shareholders directly or indirectly | 5.00% |
Schedule of Accumulated Other C
Schedule of Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Beginning Balance | $ (248,866) | |
Foreign currency translation loss | (6,457) | $ (2,369) |
Current period other comprehensive loss | (6,457) | (2,369) |
Ending Balance | (247,381) | (278,690) |
Accumulated Other Comprehensive Loss | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Beginning Balance | (42,625) | (54,643) |
Foreign currency translation loss | (6,457) | (2,369) |
Current period other comprehensive loss | (6,457) | (2,369) |
Ending Balance | $ (49,082) | $ (57,012) |
Net Revenues by Type of License
Net Revenues by Type of License and Information by Geographic Region (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||
Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2020 | Sep. 30, 2020 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | ||||||
Licensing revenue | $ 23,634 | $ 27,951 | ||||
Type of Revenue [Extensible List] | us-gaap:LicenseMember | us-gaap:LicenseMember | ||||
Operating income (loss) | $ 25,273 | $ 2,165 | $ (4,850) | $ (2,687) | $ 63,663 | $ 65,723 |
Operating Segments | Women's | ||||||
Segment Reporting Information [Line Items] | ||||||
Licensing revenue | 3,806 | 6,478 | ||||
Operating income (loss) | 3,772 | (1,143) | ||||
Operating Segments | Men's | ||||||
Segment Reporting Information [Line Items] | ||||||
Licensing revenue | 5,612 | 6,757 | ||||
Operating income (loss) | 4,812 | 3,807 | ||||
Operating Segments | Home | ||||||
Segment Reporting Information [Line Items] | ||||||
Licensing revenue | 2,466 | 3,162 | ||||
Operating income (loss) | 1,829 | (811) | ||||
Operating Segments | International | ||||||
Segment Reporting Information [Line Items] | ||||||
Licensing revenue | 11,750 | 11,554 | ||||
Operating income (loss) | 7,780 | 1,841 | ||||
Corporate | ||||||
Segment Reporting Information [Line Items] | ||||||
Operating income (loss) | $ 7,080 | $ (8,544) |
Other Assets - Current (Detail)
Other Assets - Current (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | ||
Prepaid advertising | $ 101 | $ 209 |
Prepaid expenses | 461 | 678 |
Prepaid income taxes | 269 | 457 |
Prepaid insurance | 282 | 372 |
Due from related parties | 87 | 86 |
Other prepaid taxes | 480 | 474 |
Other current assets | $ 1,680 | $ 2,276 |
Other Assets - Long-Term (Detai
Other Assets - Long-Term (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | ||
Prepaid interest | $ 4,299 | $ 4,322 |
Deposits | 359 | 357 |
Other noncurrent assets | 1,068 | 1,117 |
Total | $ 5,726 | $ 5,796 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Leases [Abstract] | |||
Operating lease term | 4 years | ||
Operating lease ROU assets | $ 4,517,000 | $ 4,894,000 | |
Short-term operating lease liabilities | 4,300,000 | ||
Long-term operating lease liabilities | 2,300,000 | ||
Cash paid for lease liabilities for operating leases | 700,000 | $ 700,000 | |
Right-of-use assets obtained in exchange for operating lease obligations | 0 | ||
Operating lease obligations | 0 | ||
Sublease income | $ 100,000 | $ 100,000 | |
Weighted average remaining operating lease term | 3 years 7 days | ||
Weighted average discount rate | 8.41% |
Leases - Summary of Components
Leases - Summary of Components of Lease Cost (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Lease Cost [Abstract] | ||
Operating lease cost | $ 574 | $ 565 |
Short-term lease cost | 219 | 147 |
Variable lease cost | 67 | 162 |
Lease, Cost | $ 860 | $ 874 |
Leases - Schedule of Maturities
Leases - Schedule of Maturities of Lease Liabilities Under Non-cancellable Leases (Detail) $ in Thousands | Mar. 31, 2021USD ($) |
Lessee Lease Description [Line Items] | |
Remainder of 2021 | $ 2,100 |
2022 | 2,200 |
2023 | 2,109 |
2024 | 1,079 |
Total undiscounted lease payments | 7,488 |
Less: Imputed interest | 868 |
Other Liabilities - Current and Other Liabilities | |
Lessee Lease Description [Line Items] | |
Total lease liabilities | $ 6,620 |
Other Liabilities - Current - A
Other Liabilities - Current - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Other Liabilities Disclosure [Abstract] | ||
Other liabilities – current | $ 2,728 | $ 3,863 |
Foreign Currency Translation -
Foreign Currency Translation - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Foreign Currency [Abstract] | ||
Gain (loss) on foreign currency translation | $ 1,359 | $ 65 |
Foreign currency translation (loss) gain | $ (6,457) | $ (2,369) |
Other Matters - Additional Info
Other Matters - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Selling, General and Administrative Expenses | ||
Other Matters [Line Items] | ||
Professional Fees | $ 3.9 | $ 3.5 |