Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Aug. 05, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | STEVEN MADDEN, LTD. | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 63,164,505 | |
Amendment Flag | false | |
Entity Central Index Key | 913,241 | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Filer Category | Large Accelerated Filer | |
Entity Well-known Seasoned Issuer | Yes | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 |
Current assets: | |||
Cash and cash equivalents | $ 68,994 | $ 81,450 | $ 155,836 |
Accounts receivable, net of allowances of $1,050, $2,680 and $1,440 | 17,957 | 10,551 | 12,209 |
Factor accounts receivable, net of allowances of $19,626, $20,883 and $15,259 | 200,921 | 184,043 | 190,232 |
Inventories | 112,434 | 92,677 | 87,310 |
Marketable securities – available for sale | 31,210 | 31,198 | 33,494 |
Prepaid expenses and other current assets | 21,720 | 17,131 | 20,093 |
Prepaid taxes | 6,485 | 11,051 | 0 |
Deferred taxes | 14,071 | 14,125 | 11,982 |
Total current assets | 473,792 | 442,226 | 511,156 |
Notes receivable | 1,299 | 1,878 | 2,552 |
Note receivable – related party | 3,159 | 3,328 | 3,581 |
Property and equipment, net | 70,036 | 68,905 | 59,434 |
Other assets | 5,661 | 10,036 | 7,069 |
Marketable securities – available for sale | 89,429 | 90,446 | 93,336 |
Goodwill – net | 143,571 | 154,759 | 96,324 |
Intangibles – net | 151,694 | 139,657 | 132,042 |
Total Assets | 938,641 | 911,235 | 905,494 |
Current liabilities: | |||
Accounts payable | 105,431 | 92,635 | 125,862 |
Accrued expenses | 89,804 | 67,828 | 39,032 |
Income taxes payable | 0 | 0 | 1,631 |
Contingent payment liability – current portion | 17,934 | 11,455 | 5,280 |
Accrued incentive compensation | 3,057 | 5,673 | 3,189 |
Total current liabilities | 216,226 | 177,591 | 174,994 |
Contingent payment liability | 17,607 | 27,178 | 25,100 |
Deferred rent | 11,876 | 11,573 | 10,039 |
Deferred taxes | 18,498 | 24,706 | 15,627 |
Other liabilities | 1,630 | 658 | 139 |
Total Liabilities | $ 265,837 | $ 241,706 | $ 225,899 |
Commitments, contingencies and other | |||
STOCKHOLDERS’ EQUITY | |||
Common stock – $.0001 par value, 135,000 shares authorized, 84,882, 83,491 and 83,084 shares issued, 63,582, 63,625 and 66,628 shares outstanding | $ 6 | $ 6 | $ 8 |
Additional paid-in capital | 312,798 | 275,039 | 259,806 |
Retained earnings | 828,231 | 783,904 | 723,683 |
Accumulated other comprehensive loss | (17,568) | (12,752) | (3,804) |
Treasury stock – 21,300, 19,866, and 16,456 shares at cost | (451,098) | (376,942) | (300,324) |
Total Steven Madden, Ltd. stockholders’ equity | 672,369 | 669,255 | 679,369 |
Non-controlling interests | 435 | 274 | 226 |
Total stockholders’ equity | 672,804 | 669,529 | 679,595 |
Total Liabilities and Stockholders’ Equity | 938,641 | 911,235 | 905,494 |
Preferred Stock [Member] | |||
STOCKHOLDERS’ EQUITY | |||
Preferred stock – $.0001 par value, 5,000 shares authorized; none issued; Series A Junior Participating preferred stock – $.0001 par value, 60 shares authorized; none issued | $ 0 | $ 0 | $ 0 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 |
Allowances for Accounts Receivable (in dollars) | $ 1,819 | $ 880 | $ 1,958 |
Allowances for Due from Factors (in dollars) | $ 20,643 | $ 22,683 | $ 12,892 |
Preferred stock-issued | 0 | 0 | 0 |
Common stock par value | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 135,000,000 | 135,000,000 | 90,000,000 |
Common stock, shares issued | 85,007,000 | 83,491,000 | 83,184,000 |
Common stock, shares outstanding | 63,160,000 | 63,625,000 | 65,652,000 |
Treasury stock-shares at cost | 21,847,000 | 19,866,000 | 17,532,000 |
Preferred Class A [Member] | |||
Preferred stock-par value | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Preferred stock- shares authorized | 5,000,000 | 5,000,000 | 5,000,000 |
Preferred Class B [Member] | |||
Preferred stock-par value | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Preferred stock- shares authorized | 60,000 | 60,000 | 60,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Income Statement [Abstract] | ||||
Net sales | $ 323,582 | $ 295,715 | $ 647,527 | $ 600,339 |
Cost of sales | 207,436 | 188,655 | 420,003 | 384,931 |
Gross profit | 116,146 | 107,060 | 227,524 | 215,408 |
Commission and licensing fee income – net | 3,127 | 3,187 | 7,045 | 6,358 |
Operating expenses | (82,456) | (69,935) | (164,860) | (145,461) |
Impairment charge | 0 | 0 | (3,045) | 0 |
Income from operations | 36,817 | 40,312 | 66,664 | 76,305 |
Interest and other income – net | 670 | 1,053 | 1,166 | 2,086 |
Income before provision for income taxes | 37,487 | 41,365 | 67,830 | 78,391 |
Provision for income taxes | 12,723 | 13,226 | 23,131 | 26,222 |
Net income | 24,764 | 28,139 | 44,699 | 52,169 |
Net income attributable to non-controlling interests | 261 | 137 | 372 | 530 |
Net income attributable to Steven Madden, Ltd. | $ 24,503 | $ 28,002 | $ 44,327 | $ 51,639 |
Basic net income per share (in dollars per share) | $ 0.41 | $ 0.45 | $ 0.75 | $ 0.83 |
Diluted net income per share (in dollars per share) | $ 0.40 | $ 0.44 | $ 0.72 | $ 0.80 |
Basic weighted average common shares outstanding | 59,302 | 61,987 | 59,453 | 62,402 |
Effect of dilutive securities – options/restricted stock | 2,115 | 2,231 | 2,294 | 2,273 |
Diluted weighted average common shares outstanding | 61,417 | 64,218 | 61,747 | 64,675 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 24,764 | $ 28,139 | $ 44,699 | $ 52,169 |
Foreign currency translation adjustment, Pre-tax | 1,489 | 2,935 | (4,495) | (44) |
Foreign currency translation adjustment, Tax | 0 | 0 | 0 | 0 |
Other comprehensive (loss) income: | ||||
Foreign currency translation adjustment, After-tax | 1,489 | 2,935 | (4,495) | (44) |
Gain (loss) on cash flow hedging derivatives, Pre-tax | 140 | 395 | (540) | 712 |
Gain (loss) on cash flow hedging derivatives, Tax | (51) | (152) | 197 | (274) |
Gain (loss) on cash flow hedging derivatives, After-tax | 89 | 243 | (343) | 438 |
Unrealized gain (loss) on marketable securities, Pre-tax | (811) | 2,024 | 31 | 4,062 |
Unrealized gain (loss) on marketable securities, Tax | 296 | (789) | (11) | (1,584) |
Unrealized gain (loss) on marketable securities, After-tax | (515) | 1,235 | 20 | 2,478 |
Total other comprehensive (loss), Pre-tax | 818 | 5,354 | (5,004) | 4,730 |
Total other comprehensive (loss), Tax | 245 | (941) | 186 | (1,858) |
Total other comprehensive (loss), After-tax | 1,063 | 4,413 | (4,818) | 2,872 |
Comprehensive income | 25,827 | 32,552 | 39,881 | 55,041 |
Comprehensive income attributable to non-controlling interests | 261 | 137 | 372 | 530 |
Comprehensive income attributable to Steven Madden, Ltd. | $ 25,566 | $ 32,415 | $ 39,509 | $ 54,511 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Cash flows from operating activities: | ||
Net income | $ 44,699 | $ 52,169 |
Adjustments to reconcile net income to net cash (used for)/provided by operating activities: | ||
Tax benefit from the exercise of stock options | (8,974) | (1,140) |
Depreciation and amortization | 9,265 | 7,206 |
Loss on disposal of fixed assets | 661 | 78 |
Impairment charge | 3,045 | 0 |
Deferred taxes | (6,856) | 3,921 |
Forgiveness of note receivable - related party | 169 | 0 |
Stock-based compensation | 9,082 | 9,776 |
Deferred rent | 303 | 604 |
Realized gain (loss) on sale of marketable securities | 96 | 4 |
Contingent Liability | (142) | (1,100) |
Changes, net of acquisitions, in: | ||
Accounts receivable, net of allowances | (7,406) | 29,664 |
Factor accounts receivable, net of allowances | (16,878) | (46,682) |
Inventories | (19,256) | (13,614) |
Prepaids and other assets | 11,183 | 1,020 |
Accounts payable and other accrued expenses | 34,792 | 25,907 |
Net cash (used for)/provided by operating activities | 53,783 | 67,813 |
Cash flows from investing activities: | ||
Purchases of property and equipment | (8,452) | (8,022) |
Purchases of marketable securities | (27,093) | (15,012) |
Sales of marketable securities | 26,224 | 3,901 |
Proceeds from Collection of Notes Receivable | 240 | 383 |
Acquisitions, net of cash acquired | (8,729) | (6,750) |
Net cash used for investing activities | (17,810) | (25,500) |
Cash flows from financing activities: | ||
Common stock repurchases for treasury | (74,156) | (65,609) |
Proceeds from exercise of stock options | 19,703 | 1,032 |
Tax benefit from the exercise of stock options | 8,974 | 1,140 |
Advances from factor | (2,950) | (3,315) |
Net cash used for financing activities | (48,429) | (66,752) |
Net decrease in cash and cash equivalents | (12,456) | (24,439) |
Cash and cash equivalents – beginning of period | 81,450 | 180,275 |
Cash and cash equivalents – end of period | $ 68,994 | $ 155,836 |
Basis of Reporting
Basis of Reporting | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Basis of Reporting | Basis of Reporting The accompanying unaudited condensed consolidated financial statements of Steven Madden, Ltd. and subsidiaries (the “Company”) have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, such statements include all adjustments (consisting only of normal recurring items) which are considered necessary for a fair presentation of the financial position of the Company and the results of its operations and cash flows for the periods presented. Certain adjustments were made to prior years' amounts to conform to the 2015 presentation. The results of operations for the three and six month periods ended June 30, 2015 are not necessarily indicative of the operating results for the full year. These financial statements should be read in conjunction with the financial statements and related disclosures for the year ended December 31, 2014 included in the Annual Report of Steven Madden, Ltd. on Form 10-K filed with the SEC on February 26, 2015. |
Use of Estimates
Use of Estimates | 6 Months Ended |
Jun. 30, 2015 | |
Use of Estimates [Abstract] | |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Significant areas involving management estimates include allowances for bad debts, returns and customer chargebacks, inventory valuation, valuation of intangible assets, litigation reserves and contingent payment liabilities. The Company provides reserves on trade accounts receivables and factor receivables for future customer chargebacks and markdown allowances, discounts, returns and other miscellaneous compliance related deductions that relate to the current period sales. The Company evaluates anticipated chargebacks by reviewing several performance indicators of its major customers. These performance indicators, which include retailers’ inventory levels, sell-through rates and gross margin levels, are analyzed by management to estimate the amount of the anticipated customer allowance. |
Factor Receivable
Factor Receivable | 6 Months Ended |
Jun. 30, 2015 | |
Due To and From Factor [Abstract] | |
Due To And From Factor | Factor Receivable The Company has a collection agency agreement with Rosenthal & Rosenthal, Inc. (“Rosenthal”) that became effective on September 15, 2009. The agreement can be terminated by the Company or Rosenthal at any time upon 60 days prior written notice. Under the agreement, the Company can request advances from Rosenthal of up to 85% of aggregate receivables submitted to Rosenthal. The agreement provides the Company with a $30 million credit facility with a $15 million sub-limit for letters of credit at an interest rate based, at the Company’s election, upon a calculation that utilizes either the prime rate minus 0.5% or LIBOR plus 2.5% . The Company also pays Rosenthal a fee based on a percentage of the gross invoice amount submitted to Rosenthal. With respect to receivables related to our private label business, the fee is 0.14% of the gross invoice amount. With respect to all other receivables, the fee is 0.20% of the gross invoice amount. Rosenthal assumes the credit risk on a substantial portion of the receivables that the Company submits to it and, to the extent of any loans made to the Company, Rosenthal maintains a lien on all of the Company’s receivables to secure the Company’s obligations. |
Notes Receivable
Notes Receivable | 6 Months Ended |
Jun. 30, 2015 | |
Receivables [Abstract] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | Notes Receivable As of June 30, 2015 and December 31, 2014 , Notes Receivable were comprised of the following: June 30, December 31, Note receivable from seller of SM Canada $1,299 $1,878 In connection with the Company's February 21, 2012 acquisition of all of the assets comprising the footwear, handbags and accessories wholesale and retail businesses of Steve Madden Canada Inc., Steve Madden Retail Canada Inc., Pasa Agency Inc. Note D – Notes Receivable (continued) and Gelati Imports Inc. (collectively, "SM Canada"), which had been the Company's sole distributor in Canada since 1994, the Company provided an interest-free loan to the seller of SM Canada in the principal amount of $ 3,107 Canadian dollars (which converted to approximately $ 3,085 in U.S. dollars at the time of the acquisition). The note is payable in five annual installments, which are due on the same dates that the five annual earn-out payments (to the extent such contingent consideration is earned as a result of SM Canada's financial performance in the earn-out periods; see Note F) are payable by the Company to the seller of SM Canada. The note was recorded net of the imputed interest, which will be amortized to income over the term of the note. To the extent that any earn-out payment is not achieved in future earn-out periods, the repayment of the note may result in less than the entire principal amount of the loan being repaid. In such event the unpaid annual installment of the principal amount of the note will be forgiven. |
Marketable Securities
Marketable Securities | 6 Months Ended |
Jun. 30, 2015 | |
Marketable Securities [Abstract] | |
Marketable Securities | Marketable Securities Marketable securities consist primarily of certificates of deposit and corporate bonds with maturities greater than three months and up to ten years at the time of purchase as well as marketable equity securities. These securities, which are classified as available-for-sale, are carried at fair value, with unrealized gains and losses, net of any tax effect, reported in stockholders’ equity as accumulated other comprehensive income (loss). For the three and six months ended June 30, 2015 , gains of $0 and $96 were reclassified from accumulated other comprehensive income and recognized in the income statement in other income compared to gains of $2 and $4 for the comparable periods in 2014 . These securities are classified as current and non-current marketable securities based upon their maturities. Amortization of premiums and discounts is included in interest income. For the three and six months ended June 30, 2015 , the amortization of bond premiums totaled $ 348 and $693 compared to $136 and $273 for the comparable periods in 2014 . The values of these securities may fluctuate as a result of changes in equity values, market interest rates and credit risk. The schedule of maturities at June 30, 2015 and December 31, 2014 are as follows: Maturities as of Maturities as of 1 Year or Less 1 to 10 Years 1 Year or Less 1 to 10 Years Corporate bonds $ 12,776 $ 89,429 $ 11,363 $ 90,446 Certificates of deposit 18,434 — 19,835 — Total $ 31,210 $ 89,429 $ 31,198 $ 90,446 |
Fair Value Measurement
Fair Value Measurement | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | Fair Value Measurement The accounting guidance under Accounting Standards Codification “Fair Value Measurements and Disclosures” (“ASC 820-10”) requires the Company to make disclosures about the fair value of certain of its assets and liabilities. ASC 820-10 clarifies the principle that fair value should be based on the assumptions market participants would use when pricing an asset or liability and establishes a fair value hierarchy that prioritizes the information used to develop those assumptions. ASC 820-10 utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. A brief description of those three levels is as follows: • Level 1: Observable inputs such as quoted prices in active markets for identical assets or liabilities. • Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. • Level 3: Significant unobservable inputs. Note F – Fair Value Measurement (continued) The Company’s financial assets and liabilities subject to fair value measurements as of June 30, 2015 and December 31, 2014 are as follows: June 30, 2015 Fair Value Measurements Fair value Level 1 Level 2 Level 3 Assets: Cash equivalents $ 2,506 $ 2,506 $ — $ — Current marketable securities – available for sale (a) 31,210 31,210 — — Note receivable – related party (b) 3,159 — — 3,159 Note receivable from seller of SM Canada (c) 1,299 — — 1,299 Long-term marketable securities – available for sale (d) 89,429 89,429 — — Total assets $ 127,603 $ 123,145 $ — $ 4,458 Liabilities: Forward contracts $ 2,543 $ — $ 2,543 $ — Contingent consideration (e) 35,541 — 35,541 Total liabilities $ 38,084 $ — $ 2,543 $ 35,541 (a) Current marketable securities includes unrealized losses of $277. (b) The decrease in the balance of the note receivable from related party is due to forgiveness of $204, partially offset by accrued interest income of $35. (c) The decrease in the balance of the note receivable from the seller of SM Canada is due to principal payments of $240 made in the second quarter in connection with the earn-out payment and of $339 in foreign currency translation. (d) Long-term marketable securities includes unrealized gains of $110 and unrealized losses of $491. (e) The decrease in the contingent consideration at June 30, 2015 compared to December 31, 2014 is due to an earn-out payment of $2,950 during the second quarter of 2015 to the seller of SM Canada and a change in present value of the expected future payments. Note F – Fair Value Measurement (continued) December 31, 2014 Fair Value Measurements Fair value Level 1 Level 2 Level 3 Assets: Cash equivalents $ 2,280 $ 2,280 $ — $ — Current marketable securities – available for sale (a) 31,198 31,198 — — Note receivable – related party (b) 3,328 — — 3,328 Note receivable from seller of SM Canada (c) 1,878 — — 1,878 Long-term marketable securities – available for sale (d) 90,446 90,446 — — Total assets $ 129,130 $ 123,924 $ — $ 5,206 Liabilities: Forward contracts $ 2,334 $ — $ 2,334 $ — Contingent consideration (e) 38,633 — — 38,633 Total liabilities $ 40,967 $ — $ 2,334 $ 38,633 (a) Current marketable securities includes unrealized gains of $1 and unrealized losses of $145. (b) The decrease in the balance of the note receivable from related party is due to one-tenth forgiveness of $409, partially offset by accrued interest income of $156. (c) The decrease in the balance of the note receivable from the seller of SM Canada is due to principal payments of $893 and $400 in foreign currency translation. (d) Long-term marketable securities includes unrealized gains of $11 and unrealized losses of $589. (e) The change in the contingent consideration is due to an earn-out payment of $3,315 during the second quarter of 2014 to the seller of SM Canada, an earn-out payment of $5,160 during the third quarter of 2014 to the seller of Cejon and a decrease of $2,139 due to a change in estimate of expected payments. These were offset by the addition of earn-out payments to the seller of Dolce Vita of $4,616 and SM Mexico of $9,836. The Company enters into forward contracts (see Note O) to manage the risk associated with the volatility of future cash flows denominated in Mexican pesos. Fair value of these instruments is based on observable market transactions of spot and forward rates. For the note receivable due from related party (see Note I) and from the seller of SM Canada (see Note D), the carrying value was determined to be the fair value, based upon their imputed or actual interest rates, which approximate current market interest rates. The Company has recorded a liability for potential contingent consideration in connection with the December 30, 2014 acquisition of SM Mexico (see Note M). Pursuant to the terms of an earn-out agreement between the Company and the seller of SM Mexico, earn-out payments will be due annually to the seller of SM Mexico based on the financial performance of SM Mexico for each of the twelve-month periods ending on December 31, 2015 and 2016, inclusive. The fair value of the contingent payments was estimated using the present value of management's projections of the financial results of SM Mexico during the earn-out period. The Company has recorded a liability for potential contingent consideration in connection with the August 13, 2014 acquisition of Dolce Vita (see Note M). Pursuant to the terms of an earn-out agreement between the Company and the seller of Dolce Vita, earn-out payments will be due annually to the seller of Dolce Vita based on the financial performance of Dolce Vita for each of the twelve-month periods ending on September 30, 2015 and 2016, inclusive, provided that the aggregate minimum earn-out payment shall be no less than $5,000 . The fair value of the contingent payments was estimated using the present value of management’s projections of the financial results of Dolce Vita during the earn-out period. The Company has recorded a liability for potential contingent consideration in connection with the February 21, 2012 acquisition of SM Canada. Pursuant to the terms of an earn-out agreement between the Company and the seller of SM Canada, earn-out payments will be due annually to the seller of SM Canada based on the financial performance of SM Canada for each of the twelve-month periods ending on March 31, 2013 through 2017, inclusive. The fair value of the contingent payments was estimated using the present value of management’s projections of the financial results of SM Canada during the earn-out period. The current portion Note F – Fair Value Measurement (continued) of the earn-out due based on the twelve-month period ending March 31, 2016 approximates the recorded value. An earn-out payment of $2,950 for the period ended March 31, 2015 was paid to the seller of SM Canada in the second quarter this year. The Company has recorded a liability for potential contingent consideration in connection with the May 25, 2011 acquisition of Cejon Inc., Cejon Accessories, Inc. and New East Designs, LLC (collectively "Cejon"). Pursuant to the terms of an earn-out agreement between the Company and the sellers of Cejon, earn-out payments will be made annually to the sellers of Cejon, based on the financial performance of Cejon for each of the twelve-month periods ending on June 30, 2012 through 2016, inclusive. The fair value of the remaining contingent payments was estimated using the present value of management's projections of the financial results of Cejon during the earn-out period. The carrying value of certain financial instruments such as accounts receivable, factor accounts receivable and accounts payable approximates their fair values due to the short-term nature of their underlying terms. The fair values of investment in marketable securities available for sale are determined by reference to publicly quoted prices in an active market. |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Jun. 30, 2015 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | Revenue Recognition The Company recognizes revenue on wholesale sales when (i) products are shipped pursuant to its standard terms, which are freight on board (“FOB”) Company warehouse, or when products are delivered to the consolidators, or any other destination, as per the terms of the customers’ purchase order, (ii) persuasive evidence of an arrangement exists, (iii) the price is fixed and determinable and (iv) collection is reasonably assured. Sales reductions on wholesale sales for anticipated discounts, allowances and other deductions are recognized during the period when sales are recorded. With the exception of our cold weather accessories business, we do not accept returns from our wholesale customers unless there are product quality issues, which we charge back to the vendors. Sales of cold weather accessories to wholesale customers are recorded net of returns, which are estimated based on historical experience. Such amounts have historically not been material. Retail sales are recognized when the payment is received from customers and are recorded net of estimated returns. The Company generates commission income acting as a buying agent by arranging to manufacture private label shoes to the specifications of its customers. The Company’s commission revenue also includes fees charged for its design, product and development services provided to certain suppliers in connection with the Company’s private label business. Commission revenue and product and development fees are recognized as earned when title to the product transfers from the manufacturer to the customer and collections are reasonably assured and are reported on a net basis after deducting related operating expenses. The Company licenses its Steve Madden® and Steven by Steve Madden® trademarks for use in connection with the manufacture, marketing and sale of sunglasses, eyewear, outerwear, bedding, hosiery, women's fashion apparel, jewelry, watches and luggage. In addition, the Company licenses the Betsey Johnson® and Betseyville® trademarks for use in connection with the manufacture, marketing and sale of apparel, jewelry, swimwear, eyewear, watches, fragrances and outerwear. The license agreements require the licensee to pay the Company a royalty and, in substantially all of the agreements, an advertising fee based on the higher of a minimum or a net sales percentage as defined in the various agreements. In addition, under the terms of retail selling agreements, most of the Company’s international distributors are required to pay the Company a royalty based on a percentage of net sales, in addition to a commission and a design fee on the purchases of the Company’s products. Licensing revenue is recognized on the basis of net sales reported by the licensees, or the minimum guaranteed royalties, if higher. In substantially all of the Company’s license agreements, the minimum guaranteed royalty is earned and receivable on a quarterly basis. |
Sales Deductions
Sales Deductions | 6 Months Ended |
Jun. 30, 2015 | |
Sales Deductions [Abstract] | |
Sales Deductions | Sales Deductions The Company supports retailers’ initiatives to maximize sales of the Company’s products on the retail floor by subsidizing the co-op advertising programs of such retailers, providing them with inventory markdown allowances and participating in various other marketing initiatives of its major customers. In addition, the Company accepts returns for damaged products for which the Company’s costs are normally charged back to the responsible third-party factory. Such expenses are reflected in the condensed consolidated financial statements as deductions to net sales. |
Notes Receivable-Related Party
Notes Receivable-Related Party (Notes) | 6 Months Ended |
Jun. 30, 2015 | |
Receivables [Abstract] | |
Related Party Transactions Disclosure [Text Block] | Note Receivable – Related Party On June 25, 2007, the Company made a loan to Steve Madden, its Creative and Design Chief and a principal stockholder of the Company, in the amount of $3,000 in order for Mr. Madden to satisfy a personal tax obligation resulting from the exercise of stock options that were due to expire and to retain the underlying Company common stock, which common stock he pledged to the Company as collateral to secure the loan. Mr. Madden executed a secured promissory note in favor of the Company bearing interest at an annual rate of 8% , which was due on the earlier of the date Mr. Madden ceases to be employed by the Company or December 31, 2007. The note was amended and restated as of December 19, 2007 to extend the maturity date to March 31, 2009, and amended and restated again as of April 1, 2009 to change the interest rate to 6% and the maturity date to June 30, 2015 at which time all principal and accrued interest would become due. On January 3, 2012, in connection with an amendment of Mr. Madden’s employment contract, the note was again amended and restated (the “Third Amended and Restated Note”) to extend its maturity date to December 31, 2023 and eliminate the accrual of interest after December 31, 2011. In addition, the Third Amended and Restated Note provides that, commencing on December 31, 2014, and annually on each December 31 thereafter through the maturity date, one-tenth of the principal amount thereof, together with accrued interest, will be cancelled by the Company, provided that Mr. Madden continues to be employed by the Company on each such December 31. As of December 31, 2011, $1,090 of interest has accrued on the principal amount of the loan related to the period prior to the elimination of the accrual of interest and has been reflected on the Company’s Condensed Consolidated Financial Statements. Based upon the increase in the market value of the Company’s common stock since the inception of the loan, on July 12, 2010, the Company released from its security interest a portion of the shares of the Company’s common stock, pledged by Mr. Madden as collateral for the loan. The number of shares of the Company's common stock currently securing the repayment of the loan is 472,500 shares. On June 30, 2015 , the total market value of these shares was $17,955 . Pursuant to the elimination of further interest accumulation under the Third Amended and Restated Note, the outstanding principal and the accrued interest has been discounted to reflect imputed interest, which will be amortized over the remaining life of the loan. On December 31, 2014 , the Company also recorded a charge in the amount of $409 to write-off the required one-tenth of the principal amount of the Third Amended and Restated Note, which was partially offset by $156 of accrued interest. |
Share Repurchase Program
Share Repurchase Program | 6 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Share Repurchase Program [Text Block] | Share Repurchase Program The Company's Board of Directors authorized a share repurchase program (the “Share Repurchase Program”), effective as of January 1, 2004. The Share Repurchase Program does not have a fixed expiration or termination date and may be modified or terminated by the Board of Directors at any time. On several occasions the Board of Directors has increased the amount authorized for repurchase. On February 20, 2015, the Board of Directors approved the extension of the Share Repurchase Program for an additional $150,000 in repurchases of the Company's common stock. The Share Repurchase Program permits the Company to effect repurchases from time to time through a combination of open market repurchases or in privately negotiated transactions at such prices and times as are determined to be in the best interest of the Company. During the six months ended June 30, 2015 , an aggregate of 1,981,503 shares of the Company's common stock were repurchased under the Share Repurchase Program, at an average price per share of $37.42 , for an aggregate purchase price of approximately $74,156 . As of June 30, 2015 , approximately $125,608 remained available for future repurchases under the Share Repurchase Program. |
Net Income Per Share of Common
Net Income Per Share of Common Stock | 6 Months Ended |
Jun. 30, 2015 | |
Net Income Per Share of Common Stock [Abstract] | |
Net Income Per Share of Common Stock | Net Income Per Share of Common Stock Basic net income per share is based on the weighted average number of shares of common stock outstanding during the period, which does not include unvested restricted common stock subject to forfeiture of 4,068,000 shares for the three and six months ended June 30, 2015 , respectively, compared to 4,161,000 and 4,170,000 shares for the three and six months ended June 30, 2014 , respectively. Diluted net income per share reflects: (a) the potential dilution assuming shares of common stock were issued upon the exercise of outstanding in-the-money options and the proceeds thereof were used to purchase shares of the Company’s common stock at the average market price during the period, and (b) the vesting of granted nonvested restricted stock awards for which the assumed proceeds upon vesting are deemed to be the amount of compensation cost not yet recognized attributable to future services using the treasury stock method, to the extent dilutive. For the three and six months ended June 30, 2015 , options to purchase approximately 0 and 12,000 shares of common stock, respectively, have been excluded in the calculation of diluted net income per share as compared to 326,000 and 210,000 shares that were excluded for the three and six months ended June 30, 2014 , as the result would have been antidilutive. For the three and six months ended June 30, 2015 and 2014 , all unvested restricted stock awards were dilutive. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | -Based Compensation In March 2006, the Company's Board of Directors approved the Steven Madden, Ltd. 2006 Stock Incentive Plan (the “Plan”) under which nonqualified stock options, stock appreciation rights, performance shares, restricted stock, other stock-based awards and performance-based cash awards may be granted to employees, consultants and non-employee directors. The stockholders approved the Plan on May 26, 2006. On May 25, 2007, the stockholders approved an amendment to the Plan to increase the maximum number of shares that may be issued under the Plan from 4,050,000 to 5,231,250 . On May 22, 2009, the stockholders approved a second amendment to the Plan that increased the maximum number of shares that may be issued under the Plan to 13,716,000 . On May 25, 2012, the stockholders approved a third amendment to the Plan that increased the maximum number of shares that may be issued under the Plan to 23,466,000 . The following table summarizes the number of shares of common stock authorized for use under the Plan, the number of stock-based awards granted (net of expired or cancelled awards) under the Plan and the number of shares of common stock available for the grant of stock-based awards under the Plan: Common stock authorized 23,466,000 Stock-based awards, including restricted stock and stock options granted, net of expired or cancelled (19,070,000 ) Common stock available for grant of stock-based awards as of June 30, 2015 4,396,000 Total equity-based compensation for the three and six months ended June 30, 2015 and 2014 is as follows: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Restricted stock $ 3,568 $ 3,728 $ 7,328 $ 7,513 Stock options 756 1,124 1,754 2,263 Total $ 4,324 $ 4,852 $ 9,082 $ 9,776 Equity-based compensation is included in operating expenses on the Company’s Condensed Consolidated Statements of Income. Stock Options Cash proceeds and intrinsic values related to total stock options exercised during the three and six months ended June 30, 2015 and 2014 are as follows: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Proceeds from stock options exercised $ 2,897 $ 511 $ 19,703 $ 1,032 Intrinsic value of stock options exercised $ 1,848 $ 549 $ 29,294 $ 1,135 During the three and six months ended June 30, 2015 , options to purchase approximately 94,674 shares of common stock with a weighted average exercise price of $25.55 and options to purchase approximately 393,201 shares of common stock with a weighted average exercise price of $26.70 vested, respectively. During the three and six months ended June 30, 2014 , options to purchase approximately 193,264 shares of common stock with a weighted average exercise price of $19.36 and options to purchase approximately 430,774 shares of common stock with a weighted average exercise price of $21.16 vested, respectively. As of June 30, 2015 , there were unvested options relating to 712,206 shares of common stock outstanding with a total of $6,090 of unrecognized compensation cost and an average vesting period of 2.50 years. The Company uses the Black-Scholes option-pricing model to estimate the fair value of options granted, which requires several assumptions. The expected term of the options represents the estimated period of time until exercise and is based on the historical experience of similar awards. Expected volatility is based on the historical volatility of the Company’s common stock. The risk Note L – Equity-Based Compensation (continued) free interest rate is based on the U.S. Treasury yield curve in effect at the time of the grant. With the exception of special dividends paid in November of 2005 and 2006, the Company historically has not paid regular cash dividends and thus the expected dividend rate is assumed to be zero. The following weighted average assumptions were used for stock options granted during the six months ended June 30, 2015 and 2014 : 2015 2014 Volatility 22.4% to 28.3% 29.0% to 31.8% Risk free interest rate 0.99% to 1.60% 1.06% to 1.74% Expected life in years 4.1 to 5.1 4.1 to 5.1 Dividend yield 0.00% 0.00% Weighted average fair value $8.70 $10.10 Activity relating to stock options granted under the Company’s plans and outside the plans during the six months ended June 30, 2015 is as follows: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at January 1, 2015 3,428,000 $ 19.48 Granted 59,000 35.78 Exercised (1,309,000 ) 15.06 Cancelled/Forfeited (9,000 ) 29.59 Outstanding at June 30, 2015 2,169,000 $ 22.57 5.0 years $ 42,046 Exercisable at June 30, 2015 1,457,000 $ 17.55 2.5 years $ 35,558 Restricted Stock The following table summarizes restricted stock activity during the six months ended June 30, 2015 and 2014 : 2015 2014 Number of Shares Weighted Average Fair Value at Grant Date Number of Shares Weighted Average Fair Value at Grant Date Non-vested at January 1, 4,067,000 $ 24.69 4,257,000 $ 24.24 Granted 246,000 36.40 161,000 35.12 Vested (222,000 ) 22.94 (228,000 ) 24.28 Forfeited (68,000 ) 34.27 (2,000 ) 27.03 Non-vested at June 30, 4,023,000 $ 25.16 4,188,000 $ 24.51 As of June 30, 2015 , the Company had $76,720 of total unrecognized compensation cost related to restricted stock awards granted under the Plan. This cost is expected to be recognized over a weighted average of 7.50 years. The Company determines the fair value of its restricted stock awards based on the market price of its common stock on the date of grant. Note L – Equity-Based Compensation (continued) On January 3, 2012, the Company and its Creative and Design Chief, Steven Madden, entered into an amendment of Mr. Madden’s existing employment agreement, pursuant to which, on February 8, 2012, Mr. Madden was granted 1,463,057 restricted shares of the Company’s common stock at the then market price of $27.34 , which will vest in equal annual installments over a seven-year period commencing on December 31, 2017 and, thereafter, on each December 31 through December 31, 2023, subject to Mr. Madden’s continued employment on each such vesting date. Pursuant to the contract, on June 30, 2012, Mr. Madden exercised his right to receive an additional restricted stock award, and, on July 3, 2012, he was granted 1,893,342 restricted shares of the Company's common stock at the then market price of $21.13 , which will vest in the same manner as the aforementioned grant. |
Acquisitions
Acquisitions | 6 Months Ended |
Jun. 30, 2015 | |
Acquisitions [Abstract] | |
Acqusitions | Acquisitions Blondo On January 23, 2015 the Company acquired the trademarks and other intellectual property and related assets of Blondo, a fashion-oriented footwear brand specializing in waterproof leather boots, from Regence Footwear Inc. and 3074153 Canada Inc. for a purchase price of approximately $9,129 . The purchase price has been preliminarily allocated as follows: Inventory $ 233 Trademarks 7,196 Total fair value excluding goodwill 7,429 Goodwill 1,700 Net assets acquired $ 9,129 SM Mexico On December 30, 2014, the Company purchased all of the outstanding capital stock of Trendy Imports S.A. de C.V., Comercial Diecisiette S.A. de C.V., and Maximus Designer Shoes S.A. de C.V. (together, “SM Mexico”). SM Mexico is a division of Grupo Dicanco, which has been the exclusive distributor of the Company's products in Mexico since 2005. The total purchase price for the acquisition was approximately $25,172 , which is subject to a working capital adjustment. The total purchase price includes a cash payment at closing of $15,336 , plus potential earn-out payments based on the achievement of certain earnings targets for each of the twelve month periods ending December 31, 2015 and 2016. The fair value of the contingent payments was estimated using the present value of management's projections of the financial results of SM Mexico during the earn-out period. At December 31, 2014 , the Company estimated the fair value of the contingent consideration to be $9,836 . The transaction was accounted for using the acquisition method required by GAAP. Accordingly, the assets and liabilities of SM Mexico were recorded at their fair values, and the excess of the purchase price over the fair value of the assets acquired and liabilities assumed, including identified intangible assets, was recorded as goodwill. The fair values assigned to tangible and intangible assets acquired and liabilities assumed are based on management’s estimates and assumptions, which are subject to change. The purchase price has been preliminarily allocated as follows: Note M – Acquisitions (continued) Accounts Receivable $ 890 Inventory 4,760 Fixed assets 1,525 Other assets 4,065 Accounts payable (4,144 ) Deposits & other (1,241 ) Total fair value excluding goodwill 5,855 Goodwill 19,317 Net assets acquired $ 25,172 The allocation of the purchase price is based on certain preliminary valuations and analysis that have not been completed as of the date of this filing. Any changes in the estimated fair values of the assets acquired, including identifiable intangible assets, and liabilities assumed upon the finalization of more detailed analysis, within the measurement period, will change the allocation of the purchase price. Any subsequent changes to the purchase price allocation that are material will be adjusted retroactively. Contingent consideration classified as a liability will be remeasured at fair value at each reporting date, until the contingency is resolved, with changes recognized in earnings. The goodwill related to this transaction is expected to be deductible for tax purposes over 15 years. Dolce Vita On August 13, 2014, the Company purchased all of the outstanding capital stock of Dolce Vita Holdings, Inc., a Washington corporation (“Dolce Vita”). The total purchase price for the acquisition was approximately $62,146 which includes a cash payment at closing of $56,872 plus potential earn-out payments based on achievement of certain earnings targets for each of the twelve month periods ending on September 30, 2015 and 2016 provided that the aggregate minimum earn-out payment for such two year earn-out period shall be no less than $5,000 . The fair value of the contingent payments was estimated using the present value of management's projections of the financial results of Dolce Vita during the earn-out period. At August 13, 2014, the Company estimated the fair value of the contingent consideration to be $4,616 . The transaction was accounted for using the acquisition method required by GAAP. Accordingly, the assets and liabilities of Dolce Vita were recorded at their fair values, and the excess of the purchase price over the fair value of the assets acquired and liabilities assumed, including identified intangible assets, was recorded as goodwill. The fair values assigned to tangible and intangible assets acquired and liabilities assumed are based on management’s estimates and assumptions, which are subject to change. The purchase price has been preliminarily allocated as follows: Note M – Acquisitions (continued) Cash $ 1,481 Accounts receivable 11,872 Inventory 11,498 Fixed assets 2,019 Trade name 12,200 Customer Relations 12,270 Prepaid and other assets 1,289 Accounts payable (13,569 ) Accrued expenses (2,500 ) Other liabilities (1,355 ) Total fair value excluding goodwill 35,205 Goodwill 26,941 Net assets acquired $ 62,146 The allocation of the purchase price is based on certain preliminary valuations and analysis that have not been completed as of the date of this filing. Any changes in the estimated fair values of the assets acquired, including identifiable intangible assets, and liabilities assumed upon the finalization of more detailed analysis, within the measurement period, will change the allocation of the purchase price. Any subsequent changes to the purchase price allocation that are material will be adjusted retroactively. Contingent consideration classified as a liability will be remeasured at fair value at each reporting date, until the contingency is resolved, with changes recognized in earnings. The goodwill related to this transaction is expected to be deductible for tax purposes over 15 years. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 6 Months Ended |
Jun. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets The following is a summary of the carrying amount of goodwill by segment as of June 30, 2015 : Wholesale Net Carrying Amount Footwear Accessories Retail Balance at January 1, 2015 $ 87,637 $ 49,324 $ 17,798 $ 154,759 Acquisitions (1) 1,700 — — 1,700 Purchase accounting adjustment (2) (12,408 ) — — (12,408 ) Translation and other (244 ) — (236 ) (480 ) Balance at June 30, 2015 $ 76,685 $ 49,324 $ 17,562 $ 143,571 (1) Includes goodwill related to the purchase of Blondo in January 2015. (2) Amount represents preliminary purchase price allocation of trademarks related to the Dolce Vita acquisition originally recorded in goodwill. Note N – Goodwill and Intangible Assets (continued) The following table details identifiable intangible assets as of June 30, 2015 : Estimated Lives Cost Basis Accumulated Amortization (1) Impairment (2) Net Carrying Amount Trade names 6–10 years $ 4,590 $ 2,713 $ — $ 1,877 Customer relationships 10 years 39,609 15,491 — 24,118 License agreements 3–6 years 5,600 5,600 — — Non-compete agreement 5 years 2,440 2,271 — 169 Other 3 years 14 14 — — 52,253 26,089 — 26,164 Re-acquired right indefinite 35,200 6,958 — 28,242 Trademarks indefinite 100,333 — 3,045 97,288 $ 187,786 $ 33,047 $ 3,045 $ 151,694 (1) Includes the effect of foreign currency translation related primarily to the movements of the Canadian dollar in relation to the U.S. dollar. (2) An impairment charge of $3,045 was recorded in the first quarter of 2015 related to the Company's Wild Pair trademark. The impairment was triggered by a loss of future anticipated cash flows from a significant customer. The estimated future amortization expense of purchased intangibles as of June 30, 2015 is as follows: 2015 (remaining six months) $ 1,864 2016 3,472 2017 3,240 2018 3,103 2019 3,029 Thereafter 11,456 $ 26,164 |
Derivative Instruments
Derivative Instruments | 6 Months Ended |
Jun. 30, 2015 | |
Derivative Instruments Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | Derivative Instruments The Company uses derivative instruments, specifically, forward foreign exchange contracts, to manage the risk associated with the volatility of future cash flows denominated in Mexican pesos. The foreign exchange contracts are used to mitigate the impact of exchange rate fluctuations on forecasted purchases of inventory from Mexico and are designated as cash flow hedging instruments. As of June 30, 2015 , the fair value of the Company's foreign currency derivatives, which is included on the Condensed Consolidated Balance Sheets in accrued expenses, is $2,543 . As of June 30, 2015 , $1,903 of losses related to cash flow hedges are recorded in accumulated other comprehensive loss, net of taxes and are expected to be recognized in earnings at the same time the hedged items affect earnings. As of June 30, 2014 , $156 of gains related to cash flow hedges were recorded in accumulated other comprehensive loss, net of taxes. As of June 30, 2015 , the Company's hedging activities were considered effective and, thus, no ineffectiveness from hedging activities were recognized in the Condensed Consolidated Statements of Income. For the three and six months ended June 30, 2015 , losses of $511 and $725 were reclassified from accumulated other comprehensive income and recognized in the income statement in cost of sales, as compared to gains of $26 and $13 for the three and six months ended June 30, 2014 . |
Commitments, Contingencies and
Commitments, Contingencies and Other | 6 Months Ended |
Jun. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Contingencies and Other | Commitments, Contingencies and Other Legal proceedings: Information regarding certain specific legal proceedings in which the Company is involved is contained in Part 1, Item 3, and in Note O to the notes to the Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2014. Unless otherwise indicated in this report, all proceedings discussed in the earlier reports which are not indicated therein as having been concluded, remain outstanding as of June 30, 2015 . The Company has been named as a defendant in certain other lawsuits in the normal course of business. In the opinion of management, after consulting with legal counsel, the liabilities, if any, resulting from these matters should not have a material effect on the Company's financial position or results of operations. It is the policy of management to disclose the amount or range of reasonably possible losses in excess of recorded amounts. |
Operating Segment Information
Operating Segment Information | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Operating Segment Information | Operating Segment Information The Company operates the following business segments: Wholesale Footwear, Wholesale Accessories, Retail, First Cost and Licensing. The Wholesale Footwear segment, through sales to department stores, mid-tier retailers, mass market merchants, online retailers and specialty stores, derives revenue, both domestically and worldwide (via our International business), from sales of branded and private label women’s, men’s, girls’ and children’s footwear. The Wholesale Accessories segment, which includes branded and private label handbags, belts and small leather goods as well as cold weather and selected other fashion accessories, derives revenue, both domestically and worldwide (via our International business), from sales to department stores, mid-tier retailers, mass market merchants, online retailers and specialty stores. Our Wholesale Footwear and Wholesale Accessories segments, through our International business, derive revenue from Canada, Mexico and South Africa and, under special distribution arrangements, from Asia, Australia, Europe, the Middle East, India, South and Central America and New Zealand. The Retail segment, through the operation of Company-owned retail stores in the United States, Canada, Mexico and South Africa and the Company’s websites, derives revenue from sales of branded women’s, men’s and children’s footwear, accessories and licensed products to consumers. The First Cost segment represents activities of a subsidiary that earns commissions and design fees for serving as a buying agent of footwear products to mass-market merchandisers, mid-tier department stores and other retailers with respect to their purchase of footwear. In the Licensing segment, the Company generates revenue by licensing its Steve Madden® and Steven by Steve Madden® trademarks and other trademark rights for use in connection with the manufacture, marketing and sale of sunglasses, eyewear, outerwear, bedding, hosiery and women's fashion apparel, jewelry, watches and luggage. In addition, this segment licenses the Betsey Johnson® and Betseyville® trademarks for use in connection with the manufacture, marketing and sale of apparel, jewelry, swimwear, eyewear, watches, fragrances and outerwear. Note Q – Operating Segment Information (continued) As of and three months ended, Wholesale Footwear Wholesale Accessories Total Wholesale Retail First Cost Licensing Consolidated June 30, 2015 Net sales to external customers $ 200,303 $ 66,384 $ 266,687 $ 56,895 $ 323,582 Gross profit 56,886 22,579 79,465 36,681 116,146 Commissions and licensing fees – net — — — — $ 1,184 $ 1,943 3,127 Income from operations 17,636 10,237 27,873 5,817 1,184 1,943 36,817 Segment assets $ 541,287 $ 207,821 749,108 150,594 38,939 — 938,641 Capital expenditures $ 2,474 $ 2,309 $ — $ — $ 4,783 June 30, 2014 Net sales to external customers $ 192,365 $ 57,434 $ 249,799 $ 45,916 $ 295,715 Gross profit 57,660 20,542 78,202 28,858 107,060 Commissions and licensing fees – net — — — — $ 1,563 $ 1,624 3,187 Income from operations 25,594 10,316 35,910 1,215 1,563 1,624 40,312 Segment assets $ 581,362 $ 165,435 746,797 127,913 30,784 — 905,494 Capital expenditures $ 2,014 $ 1,616 $ — $ — $ 3,630 As of and six months ended, Wholesale Footwear Wholesale Accessories Total Wholesale Retail First Cost Licensing Consolidated June 30, 2015 Net sales to external customers $ 424,617 $ 118,281 $ 542,898 $ 104,629 $ 647,527 Gross profit (a) 125,075 39,586 164,661 62,863 227,524 Commissions and licensing fees – net — — — — $ 2,712 $ 4,333 7,045 Income from operations (a) 39,764 15,621 55,385 4,234 2,712 4,333 66,664 Segment assets $ 541,287 $ 207,821 749,108 150,594 38,939 — 938,641 Capital expenditures $ 4,665 $ 3,787 $ — $ — $ 8,452 June 30, 2014 Net sales to external customers $ 412,104 $ 102,715 $ 514,819 $ 85,520 $ 600,339 Gross profit 126,693 37,806 164,499 50,909 215,408 Commissions and licensing fees – net — — — — $ 2,975 $ 3,383 6,358 Income (loss) from operations 56,665 16,274 72,939 (2,992 ) 2,975 3,383 76,305 Segment assets $ 581,362 $ 165,435 746,797 127,913 30,784 — 905,494 Capital expenditures $ 4,227 $ 3,795 $ — $ — $ 8,022 (a) Does not sum due to rounding. Note Q – Operating Segment Information (continued) Revenues by geographic area for the three and six months ended June 30, 2015 and 2014 are as follows: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Domestic (a) $ 286,443 $ 269,437 $ 574,574 $ 550,819 International 37,139 26,278 72,953 49,520 Total $ 323,582 $ 295,715 $ 647,527 $ 600,339 (a) Includes revenues of $80,058 and $158,185 for the three and six months ended June 30, 2015, respectively, and $76,632 and $159,320 for the comparable periods in 2014 related to sales to U.S. customers where the title is transferred outside the U.S. and the sale is recorded by our International business. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements (Notes) | 6 Months Ended |
Jun. 30, 2015 | |
Recent Accounting Pronouncements [Abstract] | |
Recently Adopted Accounting Standards [Abstract] | Recent Accounting Pronouncements In July 2015, the Financial Accounting Standards Board issued Accounting Standards Update 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory which changes the measurement principle for inventory from the lower of cost or market to the lower of cost and net realizable value. Accounting Standards Update 2015-11 defines net realizable value as estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The new guidance must be applied on a prospective basis and is effective for periods beginning after December 15, 2016, with early adoption permitted. We are currently evaluating the effect that the new guidance will have on its financial statements and related disclosures. In May 2014, the Financial Accounting Standards Board ("FASB") issued new accounting guidance, Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers, on revenue recognition. The new standard provides for a single five-step model to be applied to all revenue contracts with customers as well as requires additional financial statement disclosures that will enable users to understand the nature, amount, timing and uncertainty of revenue and cash flows relating to customer contracts. Companies have an option to use either a retrospective approach or cumulative effect adjustment approach to implement the standard. Accounting Standards Update No. 2014-09 is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early application is not permitted. On July 9, 2015, the FASB agreed to delay the effective date by one year. In accordance with the delay, the new standard is effective beginning in the first quarter of 2018. Early adoption is permitted, but not before the original effective date of the standard. We are currently evaluating the impact of the new guidance on our consolidated financial statements. |
Basis of Reporting (Policies)
Basis of Reporting (Policies) | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy | Basis of Reporting The accompanying unaudited condensed consolidated financial statements of Steven Madden, Ltd. and subsidiaries (the “Company”) have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, such statements include all adjustments (consisting only of normal recurring items) which are considered necessary for a fair presentation of the financial position of the Company and the results of its operations and cash flows for the periods presented. Certain adjustments were made to prior years' amounts to conform to the 2015 presentation. The results of operations for the three and six month periods ended June 30, 2015 are not necessarily indicative of the operating results for the full year. These financial statements should be read in conjunction with the financial statements and related disclosures for the year ended December 31, 2014 included in the Annual Report of Steven Madden, Ltd. on Form 10-K filed with the SEC on February 26, 2015. |
Use of Estimates, Policy [Policy Text Block] | Significant areas involving management estimates include allowances for bad debts, returns and customer chargebacks, inventory valuation, valuation of intangible assets, litigation reserves and contingent payment liabilities. The Company provides reserves on trade accounts receivables and factor receivables for future customer chargebacks and markdown allowances, discounts, returns and other miscellaneous compliance related deductions that relate to the current period sales. The Company evaluates anticipated chargebacks by reviewing several performance indicators of its major customers. These performance indicators, which include retailers’ inventory levels, sell-through rates and gross margin levels, are analyzed by management to estimate the amount of the anticipated customer allowance. |
Marketable Securities, Available-for-sale Securities, Policy [Policy Text Block] | Marketable Securities Marketable securities consist primarily of certificates of deposit and corporate bonds with maturities greater than three months and up to ten years at the time of purchase as well as marketable equity securities. These securities, which are classified as available-for-sale, are carried at fair value, with unrealized gains and losses, net of any tax effect, reported in stockholders’ equity as accumulated other comprehensive income (loss). For the three and six months ended June 30, 2015 , gains of $0 and $96 were reclassified from accumulated other comprehensive income and recognized in the income statement in other income compared to gains of $2 and $4 for the comparable periods in 2014 . These securities are classified as current and non-current marketable securities based upon their maturities. Amortization of premiums and discounts is included in interest income. For the three and six months ended June 30, 2015 , the amortization of bond premiums totaled $ 348 and $693 compared to $136 and $273 for the comparable periods in 2014 . The values of these securities may fluctuate as a result of changes in equity values, market interest rates and credit risk. The schedule of maturities at June 30, 2015 and December 31, 2014 are as follows: Maturities as of Maturities as of 1 Year or Less 1 to 10 Years 1 Year or Less 1 to 10 Years Corporate bonds $ 12,776 $ 89,429 $ 11,363 $ 90,446 Certificates of deposit 18,434 — 19,835 — Total $ 31,210 $ 89,429 $ 31,198 $ 90,446 |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition The Company recognizes revenue on wholesale sales when (i) products are shipped pursuant to its standard terms, which are freight on board (“FOB”) Company warehouse, or when products are delivered to the consolidators, or any other destination, as per the terms of the customers’ purchase order, (ii) persuasive evidence of an arrangement exists, (iii) the price is fixed and determinable and (iv) collection is reasonably assured. Sales reductions on wholesale sales for anticipated discounts, allowances and other deductions are recognized during the period when sales are recorded. With the exception of our cold weather accessories business, we do not accept returns from our wholesale customers unless there are product quality issues, which we charge back to the vendors. Sales of cold weather accessories to wholesale customers are recorded net of returns, which are estimated based on historical experience. Such amounts have historically not been material. Retail sales are recognized when the payment is received from customers and are recorded net of estimated returns. The Company generates commission income acting as a buying agent by arranging to manufacture private label shoes to the specifications of its customers. The Company’s commission revenue also includes fees charged for its design, product and development services provided to certain suppliers in connection with the Company’s private label business. Commission revenue and product and development fees are recognized as earned when title to the product transfers from the manufacturer to the customer and collections are reasonably assured and are reported on a net basis after deducting related operating expenses. The Company licenses its Steve Madden® and Steven by Steve Madden® trademarks for use in connection with the manufacture, marketing and sale of sunglasses, eyewear, outerwear, bedding, hosiery, women's fashion apparel, jewelry, watches and luggage. In addition, the Company licenses the Betsey Johnson® and Betseyville® trademarks for use in connection with the manufacture, marketing and sale of apparel, jewelry, swimwear, eyewear, watches, fragrances and outerwear. The license agreements require the licensee to pay the Company a royalty and, in substantially all of the agreements, an advertising fee based on the higher of a minimum or a net sales percentage as defined in the various agreements. In addition, under the terms of retail selling agreements, most of the Company’s international distributors are required to pay the Company a royalty based on a percentage of net sales, in addition to a commission and a design fee on the purchases of the Company’s products. Licensing revenue is recognized on the basis of net sales reported by the licensees, or the minimum guaranteed royalties, if higher. In substantially all of the Company’s license agreements, the minimum guaranteed royalty is earned and receivable on a quarterly basis. |
Revenue Recognition, Allowances [Policy Text Block] | Sales Deductions The Company supports retailers’ initiatives to maximize sales of the Company’s products on the retail floor by subsidizing the co-op advertising programs of such retailers, providing them with inventory markdown allowances and participating in various other marketing initiatives of its major customers. In addition, the Company accepts returns for damaged products for which the Company’s costs are normally charged back to the responsible third-party factory. Such expenses are reflected in the condensed consolidated financial statements as deductions to net sales. |
Notes Receivable (Tables)
Notes Receivable (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Receivables [Abstract] | |
Schedule of Notes Receivable | As of June 30, 2015 and December 31, 2014 , Notes Receivable were comprised of the following: June 30, December 31, Note receivable from seller of SM Canada $1,299 $1,878 |
Marketable Securities Marketabl
Marketable Securities Marketable Securities (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Marketable Securities [Abstract] | |
Available-for-sale Securities [Table Text Block] | The schedule of maturities at June 30, 2015 and December 31, 2014 are as follows: Maturities as of Maturities as of 1 Year or Less 1 to 10 Years 1 Year or Less 1 to 10 Years Corporate bonds $ 12,776 $ 89,429 $ 11,363 $ 90,446 Certificates of deposit 18,434 — 19,835 — Total $ 31,210 $ 89,429 $ 31,198 $ 90,446 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities | The Company’s financial assets and liabilities subject to fair value measurements as of June 30, 2015 and December 31, 2014 are as follows: June 30, 2015 Fair Value Measurements Fair value Level 1 Level 2 Level 3 Assets: Cash equivalents $ 2,506 $ 2,506 $ — $ — Current marketable securities – available for sale (a) 31,210 31,210 — — Note receivable – related party (b) 3,159 — — 3,159 Note receivable from seller of SM Canada (c) 1,299 — — 1,299 Long-term marketable securities – available for sale (d) 89,429 89,429 — — Total assets $ 127,603 $ 123,145 $ — $ 4,458 Liabilities: Forward contracts $ 2,543 $ — $ 2,543 $ — Contingent consideration (e) 35,541 — 35,541 Total liabilities $ 38,084 $ — $ 2,543 $ 35,541 (a) Current marketable securities includes unrealized losses of $277. (b) The decrease in the balance of the note receivable from related party is due to forgiveness of $204, partially offset by accrued interest income of $35. (c) The decrease in the balance of the note receivable from the seller of SM Canada is due to principal payments of $240 made in the second quarter in connection with the earn-out payment and of $339 in foreign currency translation. (d) Long-term marketable securities includes unrealized gains of $110 and unrealized losses of $491. (e) The decrease in the contingent consideration at June 30, 2015 compared to December 31, 2014 is due to an earn-out payment of $2,950 during the second quarter of 2015 to the seller of SM Canada and a change in present value of the expected future payments. Note F – Fair Value Measurement (continued) December 31, 2014 Fair Value Measurements Fair value Level 1 Level 2 Level 3 Assets: Cash equivalents $ 2,280 $ 2,280 $ — $ — Current marketable securities – available for sale (a) 31,198 31,198 — — Note receivable – related party (b) 3,328 — — 3,328 Note receivable from seller of SM Canada (c) 1,878 — — 1,878 Long-term marketable securities – available for sale (d) 90,446 90,446 — — Total assets $ 129,130 $ 123,924 $ — $ 5,206 Liabilities: Forward contracts $ 2,334 $ — $ 2,334 $ — Contingent consideration (e) 38,633 — — 38,633 Total liabilities $ 40,967 $ — $ 2,334 $ 38,633 (a) Current marketable securities includes unrealized gains of $1 and unrealized losses of $145. (b) The decrease in the balance of the note receivable from related party is due to one-tenth forgiveness of $409, partially offset by accrued interest income of $156. (c) The decrease in the balance of the note receivable from the seller of SM Canada is due to principal payments of $893 and $400 in foreign currency translation. (d) Long-term marketable securities includes unrealized gains of $11 and unrealized losses of $589. (e) The change in the contingent consideration is due to an earn-out payment of $3,315 during the second quarter of 2014 to the seller of SM Canada, an earn-out payment of $5,160 during the third quarter of 2014 to the seller of Cejon and a decrease of $2,139 due to a change in estimate of expected payments. These were offset by the addition of earn-out payments to the seller of Dolce Vita of $4,616 and SM Mexico of $9,836. |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule Of Share Based Compensation Shares Authorized Under Stock Plans Issued And Avaliability | The following table summarizes the number of shares of common stock authorized for use under the Plan, the number of stock-based awards granted (net of expired or cancelled awards) under the Plan and the number of shares of common stock available for the grant of stock-based awards under the Plan: Common stock authorized 23,466,000 Stock-based awards, including restricted stock and stock options granted, net of expired or cancelled (19,070,000 ) Common stock available for grant of stock-based awards as of June 30, 2015 4,396,000 |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | Total equity-based compensation for the three and six months ended June 30, 2015 and 2014 is as follows: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Restricted stock $ 3,568 $ 3,728 $ 7,328 $ 7,513 Stock options 756 1,124 1,754 2,263 Total $ 4,324 $ 4,852 $ 9,082 $ 9,776 |
Schedule Of Cash Proceeds And Intrinsic Values For Stock Options Exercised | Cash proceeds and intrinsic values related to total stock options exercised during the three and six months ended June 30, 2015 and 2014 are as follows: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Proceeds from stock options exercised $ 2,897 $ 511 $ 19,703 $ 1,032 Intrinsic value of stock options exercised $ 1,848 $ 549 $ 29,294 $ 1,135 |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Method Used | The following weighted average assumptions were used for stock options granted during the six months ended June 30, 2015 and 2014 : 2015 2014 Volatility 22.4% to 28.3% 29.0% to 31.8% Risk free interest rate 0.99% to 1.60% 1.06% to 1.74% Expected life in years 4.1 to 5.1 4.1 to 5.1 Dividend yield 0.00% 0.00% Weighted average fair value $8.70 $10.10 |
Schedule of Share-based Compensation, Stock Options, Activity | Activity relating to stock options granted under the Company’s plans and outside the plans during the six months ended June 30, 2015 is as follows: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at January 1, 2015 3,428,000 $ 19.48 Granted 59,000 35.78 Exercised (1,309,000 ) 15.06 Cancelled/Forfeited (9,000 ) 29.59 Outstanding at June 30, 2015 2,169,000 $ 22.57 5.0 years $ 42,046 Exercisable at June 30, 2015 1,457,000 $ 17.55 2.5 years $ 35,558 |
Schedule of Nonvested Share Activity | The following table summarizes restricted stock activity during the six months ended June 30, 2015 and 2014 : 2015 2014 Number of Shares Weighted Average Fair Value at Grant Date Number of Shares Weighted Average Fair Value at Grant Date Non-vested at January 1, 4,067,000 $ 24.69 4,257,000 $ 24.24 Granted 246,000 36.40 161,000 35.12 Vested (222,000 ) 22.94 (228,000 ) 24.28 Forfeited (68,000 ) 34.27 (2,000 ) 27.03 Non-vested at June 30, 4,023,000 $ 25.16 4,188,000 $ 24.51 |
Acquisitions Acquisition (Table
Acquisitions Acquisition (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Acquisitions [Abstract] | |
Schedule of Purchase Price Allocation [Table Text Block] | The purchase price has been preliminarily allocated as follows: Note M – Acquisitions (continued) Cash $ 1,481 Accounts receivable 11,872 Inventory 11,498 Fixed assets 2,019 Trade name 12,200 Customer Relations 12,270 Prepaid and other assets 1,289 Accounts payable (13,569 ) Accrued expenses (2,500 ) Other liabilities (1,355 ) Total fair value excluding goodwill 35,205 Goodwill 26,941 Net assets acquired $ 62,146 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The following is a summary of the carrying amount of goodwill by segment as of June 30, 2015 : Wholesale Net Carrying Amount Footwear Accessories Retail Balance at January 1, 2015 $ 87,637 $ 49,324 $ 17,798 $ 154,759 Acquisitions (1) 1,700 — — 1,700 Purchase accounting adjustment (2) (12,408 ) — — (12,408 ) Translation and other (244 ) — (236 ) (480 ) Balance at June 30, 2015 $ 76,685 $ 49,324 $ 17,562 $ 143,571 |
Schedule of Indentifiable Intangible Assets | The following table details identifiable intangible assets as of June 30, 2015 : Estimated Lives Cost Basis Accumulated Amortization (1) Impairment (2) Net Carrying Amount Trade names 6–10 years $ 4,590 $ 2,713 $ — $ 1,877 Customer relationships 10 years 39,609 15,491 — 24,118 License agreements 3–6 years 5,600 5,600 — — Non-compete agreement 5 years 2,440 2,271 — 169 Other 3 years 14 14 — — 52,253 26,089 — 26,164 Re-acquired right indefinite 35,200 6,958 — 28,242 Trademarks indefinite 100,333 — 3,045 97,288 $ 187,786 $ 33,047 $ 3,045 $ 151,694 (1) Includes the effect of foreign currency translation related primarily to the movements of the Canadian dollar in relation to the U.S. dollar. |
Schedule of Intangible Assets, Future Amortization Expense | The estimated future amortization expense of purchased intangibles as of June 30, 2015 is as follows: 2015 (remaining six months) $ 1,864 2016 3,472 2017 3,240 2018 3,103 2019 3,029 Thereafter 11,456 $ 26,164 |
Operating Segment Information (
Operating Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | As of and three months ended, Wholesale Footwear Wholesale Accessories Total Wholesale Retail First Cost Licensing Consolidated June 30, 2015 Net sales to external customers $ 200,303 $ 66,384 $ 266,687 $ 56,895 $ 323,582 Gross profit 56,886 22,579 79,465 36,681 116,146 Commissions and licensing fees – net — — — — $ 1,184 $ 1,943 3,127 Income from operations 17,636 10,237 27,873 5,817 1,184 1,943 36,817 Segment assets $ 541,287 $ 207,821 749,108 150,594 38,939 — 938,641 Capital expenditures $ 2,474 $ 2,309 $ — $ — $ 4,783 June 30, 2014 Net sales to external customers $ 192,365 $ 57,434 $ 249,799 $ 45,916 $ 295,715 Gross profit 57,660 20,542 78,202 28,858 107,060 Commissions and licensing fees – net — — — — $ 1,563 $ 1,624 3,187 Income from operations 25,594 10,316 35,910 1,215 1,563 1,624 40,312 Segment assets $ 581,362 $ 165,435 746,797 127,913 30,784 — 905,494 Capital expenditures $ 2,014 $ 1,616 $ — $ — $ 3,630 As of and six months ended, Wholesale Footwear Wholesale Accessories Total Wholesale Retail First Cost Licensing Consolidated June 30, 2015 Net sales to external customers $ 424,617 $ 118,281 $ 542,898 $ 104,629 $ 647,527 Gross profit (a) 125,075 39,586 164,661 62,863 227,524 Commissions and licensing fees – net — — — — $ 2,712 $ 4,333 7,045 Income from operations (a) 39,764 15,621 55,385 4,234 2,712 4,333 66,664 Segment assets $ 541,287 $ 207,821 749,108 150,594 38,939 — 938,641 Capital expenditures $ 4,665 $ 3,787 $ — $ — $ 8,452 June 30, 2014 Net sales to external customers $ 412,104 $ 102,715 $ 514,819 $ 85,520 $ 600,339 Gross profit 126,693 37,806 164,499 50,909 215,408 Commissions and licensing fees – net — — — — $ 2,975 $ 3,383 6,358 Income (loss) from operations 56,665 16,274 72,939 (2,992 ) 2,975 3,383 76,305 Segment assets $ 581,362 $ 165,435 746,797 127,913 30,784 — 905,494 Capital expenditures $ 4,227 $ 3,795 $ — $ — $ 8,022 (a) Does not sum due to rounding. |
Schedule of Revenues, by Geographic Area | Revenues by geographic area for the three and six months ended June 30, 2015 and 2014 are as follows: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Domestic (a) $ 286,443 $ 269,437 $ 574,574 $ 550,819 International 37,139 26,278 72,953 49,520 Total $ 323,582 $ 295,715 $ 647,527 $ 600,339 (a) Includes revenues of $80,058 and $158,185 for the three and six months ended June 30, 2015, respectively, and $76,632 and $159,320 for the comparable periods in 2014 related to sales to U.S. customers where the title is transferred outside the U.S. and the sale is recorded by our International business. |
Factor Receivable (Detail)
Factor Receivable (Detail) - Jun. 30, 2015 - USD ($) $ in Millions | Total |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Line of Credit Facility, Collateral | .85 |
Line of Credit Facility, Maximum Borrowing Capacity | $ 30 |
Letters Of Credit SubLimit Capacity Amount | $ 15 |
Debt Instrument, Basis Spread on Variable Rate | 0.50% |
Factoring Fee | 0.20% |
First Cost and Private Label business [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Factoring Fee | 0.14% |
London Interbank Offered Rate (LIBOR) [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Debt Instrument, Basis Spread on Variable Rate | 2.50% |
Notes Receivable (Details) - (T
Notes Receivable (Details) - (Table) CAD in Thousands, $ in Thousands | Jun. 30, 2015USD ($) | Dec. 31, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2012USD ($) | Mar. 31, 2012CAD |
Notes receivable | $ 1,299 | $ 1,878 | $ 2,552 | ||
Note receivable – Seller of SM Canada [Member] | |||||
Due from | $ 1,878 | $ 3,085 | CAD 3,107 |
Notes Receivable (Details 1)
Notes Receivable (Details 1) CAD in Thousands, $ in Thousands | Dec. 31, 2014USD ($) | Mar. 31, 2012USD ($) | Mar. 31, 2012CAD |
Note Receivable from Seller of SM Canada [Member] | |||
Due from | $ 1,878 | $ 3,085 | CAD 3,107 |
Marketable Securities (Detail)
Marketable Securities (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Marketable Securities [Abstract] | ||||
Available-for-sale Securities, Gross Realized Gain (Loss) | $ 0 | $ 2 | $ 96 | $ 4 |
Investment Income, Amortization of Premium | $ 348 | $ 136 | $ 693 | $ 273 |
Marketable Securities Marketa37
Marketable Securities Marketable Securities Table (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 |
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Securities, Current | $ 31,210 | $ 31,198 | $ 33,494 |
Available-for-sale Securities, Noncurrent | 89,429 | 90,446 | $ 93,336 |
Bonds [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Securities, Current | 12,776 | 11,363 | |
Available-for-sale Securities, Noncurrent | 89,429 | 90,446 | |
Certificates of Deposit [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Securities, Current | 18,434 | 19,835 | |
Available-for-sale Securities, Noncurrent | $ 0 | $ 0 |
Fair Value Measurement (Detail)
Fair Value Measurement (Detail) - (Table) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | Aug. 13, 2014 | Jun. 25, 2007 | |
Share Based Compensation Arrangement By Share Based Payment Award Options Vested In Period | 94,674 | 193,264 | 393,201 | 430,774 | |||
Interest Receivable | $ 35,000 | $ 35,000 | $ 156,000 | ||||
Debt Instrument, Periodic Payment | 893,000 | ||||||
Unrealized Gain (Loss) on Securities | 110,000 | 11,000 | |||||
Business Acquisition, Contingent Consideration, Actual Cash Payment | 2,950,000 | $ 3,315,000 | |||||
Contingent Liability | (142,000) | (1,100,000) | |||||
Assets: | |||||||
Available-for-sale Securities, Current | 31,210,000 | $ 33,494,000 | 31,210,000 | 33,494,000 | 31,198,000 | ||
Notes Receivable, Related Parties, Noncurrent | 3,159,000 | 3,581,000 | 3,159,000 | 3,581,000 | 3,328,000 | $ 3,000,000 | |
Available-for-sale Securities, Noncurrent | 89,429,000 | 93,336,000 | 89,429,000 | 93,336,000 | 90,446,000 | ||
Notes, Loans and Financing Receivable, Net, Noncurrent | 1,299,000 | 2,552,000 | 1,299,000 | 2,552,000 | 1,878,000 | ||
Contingent payment liability | 17,607,000 | $ 25,100,000 | 17,607,000 | 25,100,000 | 27,178,000 | $ 4,616,000 | |
Liabilities: | |||||||
Foreign Currency Contract, Asset, Fair Value Disclosure | 2,543,000 | 2,543,000 | |||||
Available-for-sale Securities, Gross Unrealized Loss | 398,000 | 589,000 | |||||
Debt Instrument, Decrease, Forgiveness | 204,000 | 409,000 | |||||
Foreign Currency Exchange Rate, Translation | $ 339,000 | 339,000 | 400,000 | ||||
Proceeds from Collection of Notes Receivable | $ 240,000 | $ 383,000 | |||||
Business Combination, Contingent Consideration Arrangements, Change in Range of Outcomes, Contingent Consideration, Liability, Value, Low | 2,139,000 | ||||||
Share based compensation arrangement by share based payment award options exercisable during period weighted average exercise price - in dollars per share | $ 25.55 | $ 19.36 | $ 26.70 | $ 21.16 | |||
Fair Value [Member] | |||||||
Assets: | |||||||
Cash Equivalents | $ 2,506,000 | $ 2,506,000 | 2,280,000 | ||||
Current marketable securities – available for sale | 31,198,000 | ||||||
Long-term marketable securities – available for sale | 90,446,000 | ||||||
Total assets | 127,603,000 | 127,603,000 | 129,130,000 | ||||
Contingent payment liability | 35,541,000 | 35,541,000 | 38,633,000 | ||||
Liabilities: | |||||||
Total liabilities | 38,084,000 | 38,084,000 | 40,967,000 | ||||
Fair Value [Member] | Note receivable – related party [Member] | |||||||
Assets: | |||||||
Notes Receivable, Fair Value Disclosure | 3,159,000 | 3,159,000 | 3,328,000 | ||||
Fair Value [Member] | Forward contracts [Member] | |||||||
Liabilities: | |||||||
Foreign Currency Contracts, Liability, Fair Value Disclosure | 2,543,000 | 2,543,000 | 2,334,000 | ||||
Fair Value [Member] | Note receivable – Seller of SM Canada [Member] | |||||||
Assets: | |||||||
Notes Receivable, Fair Value Disclosure | 1,878,000 | ||||||
Fair Value, Inputs, Level 1 [Member] | |||||||
Assets: | |||||||
Cash Equivalents | 2,506,000 | 2,506,000 | 2,280,000 | ||||
Current marketable securities – available for sale | 31,210,000 | 31,210,000 | 31,198,000 | ||||
Long-term marketable securities – available for sale | 89,429,000 | 89,429,000 | 90,446,000 | ||||
Total assets | $ 123,145,000 | $ 123,145,000 | 123,924,000 | ||||
Contingent payment liability | 0 | ||||||
Liabilities: | |||||||
Total liabilities | $ 0 | $ 0 | 0 | ||||
Fair Value, Inputs, Level 1 [Member] | Note receivable – related party [Member] | |||||||
Assets: | |||||||
Notes Receivable, Fair Value Disclosure | 0 | 0 | 0 | ||||
Fair Value, Inputs, Level 1 [Member] | Forward contracts [Member] | |||||||
Liabilities: | |||||||
Foreign Currency Contracts, Liability, Fair Value Disclosure | 0 | 0 | 0 | ||||
Fair Value, Inputs, Level 1 [Member] | Note receivable – Seller of SM Canada [Member] | |||||||
Assets: | |||||||
Notes Receivable, Fair Value Disclosure | 0 | 0 | 0 | ||||
Fair Value, Inputs, Level 2 [Member] | |||||||
Assets: | |||||||
Cash Equivalents | 0 | 0 | 0 | ||||
Current marketable securities – available for sale | 0 | 0 | 0 | ||||
Long-term marketable securities – available for sale | 0 | 0 | 0 | ||||
Total assets | 0 | 0 | 0 | ||||
Contingent payment liability | 0 | 0 | 0 | ||||
Liabilities: | |||||||
Total liabilities | 2,543,000 | 2,543,000 | 2,334,000 | ||||
Fair Value, Inputs, Level 2 [Member] | Note receivable – related party [Member] | |||||||
Assets: | |||||||
Notes Receivable, Fair Value Disclosure | 0 | 0 | 0 | ||||
Fair Value, Inputs, Level 2 [Member] | Forward contracts [Member] | |||||||
Liabilities: | |||||||
Foreign Currency Contracts, Liability, Fair Value Disclosure | 2,543,000 | 2,543,000 | 2,334,000 | ||||
Fair Value, Inputs, Level 2 [Member] | Note receivable – Seller of SM Canada [Member] | |||||||
Assets: | |||||||
Notes Receivable, Fair Value Disclosure | 0 | 0 | 0 | ||||
Fair Value, Inputs, Level 3 [Member] | |||||||
Assets: | |||||||
Cash Equivalents | 0 | 0 | 0 | ||||
Current marketable securities – available for sale | 0 | 0 | 0 | ||||
Long-term marketable securities – available for sale | 0 | 0 | 0 | ||||
Total assets | 4,458,000 | 4,458,000 | 5,206,000 | ||||
Contingent payment liability | 35,541,000 | 35,541,000 | 38,633,000 | ||||
Liabilities: | |||||||
Total liabilities | 35,541,000 | 35,541,000 | 38,633,000 | ||||
Fair Value, Inputs, Level 3 [Member] | Note receivable – related party [Member] | |||||||
Assets: | |||||||
Notes Receivable, Fair Value Disclosure | 3,159,000 | 3,159,000 | 3,328,000 | ||||
Fair Value, Inputs, Level 3 [Member] | Forward contracts [Member] | |||||||
Liabilities: | |||||||
Foreign Currency Contracts, Liability, Fair Value Disclosure | 0 | 0 | 0 | ||||
Fair Value, Inputs, Level 3 [Member] | Note receivable – Seller of SM Canada [Member] | |||||||
Assets: | |||||||
Notes Receivable, Fair Value Disclosure | 1,299,000 | 1,299,000 | 1,878,000 | ||||
Available-for-sale Securities, Current [Member] | |||||||
Unrealized Gain (Loss) on Securities | 0 | 1,000 | |||||
Liabilities: | |||||||
Available-for-sale Securities, Gross Unrealized Loss | 277,000 | 145,000 | |||||
Sm canada [Member] | |||||||
Liabilities: | |||||||
business combinations contingent liability payment | 3,315,000 | ||||||
Cejon Acquisition [Member] | |||||||
Liabilities: | |||||||
business combinations contingent liability payment | 5,160,000 | ||||||
Dolce Vita [Member] | |||||||
Assets: | |||||||
Contingent payment liability | $ 5,000,000 | ||||||
Liabilities: | |||||||
business combinations contingent liability payment | 4,616,000 | ||||||
SM Mexico [Member] | |||||||
Assets: | |||||||
Contingent payment liability | $ 10,000 | $ 10,000 | |||||
Liabilities: | |||||||
business combinations contingent liability payment | $ 9,836,000 |
Notes Receivable-Related Part39
Notes Receivable-Related Party (Details) - USD ($) $ in Thousands | 1 Months Ended | 6 Months Ended | 12 Months Ended | 21 Months Ended | 39 Months Ended | 54 Months Ended | |||
Sep. 30, 2013 | Jun. 30, 2015 | Dec. 31, 2014 | Mar. 31, 2009 | Jun. 30, 2012 | Dec. 31, 2011 | Mar. 31, 2015 | Jun. 30, 2014 | Jun. 25, 2007 | |
Receivables [Abstract] | |||||||||
Notes Receivable, Related Parties, Noncurrent | $ 3,159 | $ 3,328 | $ 3,581 | $ 3,000 | |||||
Related Party Transaction, Rate | 8.00% | 6.00% | |||||||
Related Party Shares Pledged As Collateral | 472,500 | ||||||||
Market value shares pledged as collateral related party -in dollars | $ 17,955 | ||||||||
Interest income related party -in dollars | $ 1,090 | ||||||||
Debt Instrument, Decrease, Forgiveness | 204 | 409 | |||||||
Interest Receivable | $ 35 | $ 156 |
Share Repurchase Program Share
Share Repurchase Program Share Repurchse Program (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2015 | Feb. 20, 2015 | |
Equity [Abstract] | ||
Stock Repurchase Program, Authorized Amount | $ 150,000 | |
Stock Repurchased During Period, Shares | 1,981,503 | |
Stock Repurchased During Period, Value | $ 74,156,000 | |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 125,608,000 | |
Treasury Stock Acquired, Average Cost Per Share | $ 37.42 |
Net Income Per Share of Commo41
Net Income Per Share of Common Stock (Detail) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Stock Issued During Period, Shares, Restricted Stock Award, Subject to Forfeiture | 4,068,000 | 4,161,000 | 4,170,000 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 326,000 | 12,000 | 210,000 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Detail) - (Table 1) - shares | 6 Months Ended | ||||
Jun. 30, 2015 | May. 25, 2012 | May. 22, 2009 | May. 27, 2007 | May. 26, 2006 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||
Common stock authorized | 23,466,000 | 13,716,000 | 5,231,250 | 4,050,000 | |
Stock-based awards, including restricted stock and stock options granted, net of expired or cancelled | (19,070,000) | ||||
Common stock available for grant of stock-based awards as of June 30, 2012 | 4,396,000 |
Stock-Based Compensation (Det43
Stock-Based Compensation (Detail) - (Table 2) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Total | $ 4,324 | $ 4,852 | $ 9,082 | $ 9,776 |
Restricted Stock [Member] | ||||
Allocated Share-based Compensation Expense | 3,568 | 3,728 | 7,328 | 7,513 |
Stock Options [Member] | ||||
Allocated Share-based Compensation Expense | $ 756 | $ 1,124 | $ 1,754 | $ 2,263 |
Stock-Based Compensation (Det44
Stock-Based Compensation (Detail) - (Table 3) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||
Proceeds from stock options exercised | $ 2,897 | $ 511 | $ 19,703 | $ 1,032 |
Intrinsic value of stock options exercised | $ 1,848 | $ 549 | $ 29,294 | $ 1,135 |
Stock-Based Compensation (Det45
Stock-Based Compensation (Detail) - (Table 4) - $ / shares | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Dividend yield | 0.00% | 0.00% |
Weighted average fair value | $ 8.70 | $ 10.10 |
Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Volatility | 22.40% | 29.00% |
Risk free interest rate | 0.99% | 1.06% |
Expected life in years | 4 years 1 month | 4 years 1 month |
Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Volatility | 28.30% | 31.80% |
Risk free interest rate | 1.60% | 1.74% |
Expected life in years | 5 years 1 month | 5 years 1 month |
Stock-Based Compensation (Det46
Stock-Based Compensation (Detail) - (Table 5) - Jun. 30, 2015 - USD ($) $ / shares in Units, $ in Thousands | Total |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Outstanding at January 1, 2012 | 3,428,000 |
Outstanding at January 1, 2012 (in Dollars per share) | $ 19.48 |
Granted | 59,000 |
Granted (in Dollars per share) | $ 35.78 |
Exercised | (1,309,000) |
Exercised (in Dollars per share) | $ 15.06 |
Cancelled/Forfeited | (9,000) |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $ 29.59 |
Outstanding at June 30, 2012 | 2,169,000 |
Outstanding at June 30, 2012 (in Dollars per share) | $ 22.57 |
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2 | 5 years |
Outstanding at June 30, 2012 (in Dollars) | $ 42,046 |
Exercisable at June 30, 2012 | 1,457,000 |
Exercisable at June 30, 2012 (in Dollars per share) | $ 17.55 |
Sharebasedcompensationarrangementbysharebasedpaymentawardoptionsexercisableweightedaverageexerciseprice2 | 2 years 6 months |
Exercisable at June 30, 2012 (in Dollars) | $ 35,558 |
Stock-Based Compensation (Det47
Stock-Based Compensation (Detail) - (Table 6) - USD ($) | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||
Non-vested at January 1 | 4,067,000 | 4,257,000 |
Non-vested at January 1 (in Dollars per share) | $ 24.69 | $ 24.24 |
Granted | 246,000 | 161,000 |
Granted (in Dollars per share) | $ 36.40 | $ 35.12 |
Vested | (222,000) | (228,000) |
Vested (in Dollars per share) | $ 22.94 | $ 24.28 |
Forfeited | (68,000) | (2,000) |
Forfeitures (in dollars per share) | $ 34.27 | $ 27.03 |
Non-vested at March 31 | 4,023,000 | 4,188,000 |
Non-vested at March 31 (in Dollars per share) | $ 25.16 | $ 24.51 |
Stock-Based Compensation (Det48
Stock-Based Compensation (Detail) - USD ($) $ / shares in Units, $ in Thousands | Jul. 03, 2012 | Feb. 08, 2012 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | May. 25, 2012 | May. 22, 2009 | May. 27, 2007 | May. 26, 2006 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 23,466,000 | 13,716,000 | 5,231,250 | 4,050,000 | ||||||
Share Based Compensation Arrangement By Share Based Payment Award Options Vested In Period | 94,674 | 193,264 | 393,201 | 430,774 | ||||||
Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable During Period Weighted Average Exercise Price (in Dollars per share) | $ 25.55 | $ 19.36 | $ 26.70 | $ 21.16 | ||||||
Share Based Compensation Arrangement By Share-Based Payment Award Equity Options Nonvested Number | 712,206 | 712,206 | ||||||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ 6,090 | $ 6,090 | ||||||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 2 years 6 months | |||||||||
Employee Service Share Based Compensation Nonvested Restricted Stock Awards Total Compensation Cost Not Yet Recognized | $ 76,720 | $ 76,720 | ||||||||
Employee Service Share Based Compensation Nonvested Restricted Awards Total Compensation Cost Not Yet Recognized Period For Recognition | 7 years 6 months | |||||||||
Related Party Transaction Restricted Shares Granted During The Period | 1,893,342 | 1,463,057 | ||||||||
Common Stock [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share Price | $ 21.13 | $ 27.34 |
Acquisitions (Detail)
Acquisitions (Detail) - USD ($) | Jan. 23, 2015 | Dec. 30, 2014 | Aug. 13, 2014 | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 |
Business Acquisition [Line Items] | ||||||
Goodwill | $ 143,571,000 | $ 154,759,000 | $ 96,324,000 | |||
Business Combination, Consideration Transferred | $ 56,872,000 | |||||
Business Combination, Contingent Consideration Arrangements, Change in Range of Outcomes, Contingent Consideration, Liability, Value, Low | 2,139,000 | |||||
Payments to Acquire Businesses, Gross | 62,146,000 | |||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 5,000,000 | |||||
Business Acquisition, Contingent Consideration, at Fair Value | 4,616,000 | 17,607,000 | $ 27,178,000 | $ 25,100,000 | ||
Dolce Vita [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 1,481,000 | |||||
Business Combination, Acquired Receivables, Fair Value | 11,872,000 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 11,498,000 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 2,019,000 | |||||
Business Acquisition, Name of Acquired Entity | 12,200,000 | |||||
Finite-Lived Customer Relationships, Gross | 12,270,000 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets | 1,289,000 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | (13,569,000) | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other | (2,500,000) | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities | (1,355,000) | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 35,205,000 | |||||
Goodwill | 26,941,000 | |||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 62,146,000 | |||||
Business Acquisition, Contingent Consideration, at Fair Value | $ 5,000,000 | |||||
SM Mexico [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Acquired Receivables, Fair Value | 890,000 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 4,760,000 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 1,525,000 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets | 4,065,000 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | (4,144,000) | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities | (1,241,000) | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 5,855,000 | |||||
Goodwill | 19,317,000 | |||||
Business Combination, Consideration Transferred | $ 15,000 | |||||
Payments to Acquire Businesses, Gross | $ 25,172,000 | 25,172,000 | ||||
Business Acquisition, Contingent Consideration, at Fair Value | 10,000 | |||||
Blondo [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 233,000 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 7,429,000 | |||||
Goodwill | 1,700,000 | |||||
Indefinite-Lived Trademarks | 7,196,000 | |||||
Payments to Acquire Businesses, Gross | $ 9,129 | $ 9,129,000 |
Goodwill and Intangible Asset50
Goodwill and Intangible Assets (Detail) - (Table 1) $ in Thousands | 6 Months Ended |
Jun. 30, 2015USD ($) | |
Wholesale Footwear [Member] | |
Goodwill [Roll Forward] | |
Balance at January 1, 2012 | $ 87,637 |
Acquisition of SM Canada | 1,700 |
Goodwill, Purchase Accounting Adjustments | (12,408) |
Goodwill, Translation Adjustments | (244) |
Balance at June 30, 2012 | 76,685 |
Wholesale Accessories [Member] | |
Goodwill [Roll Forward] | |
Balance at January 1, 2012 | 49,324 |
Acquisition of SM Canada | 0 |
Goodwill, Purchase Accounting Adjustments | 0 |
Goodwill, Translation Adjustments | 0 |
Balance at June 30, 2012 | 49,324 |
Retail [Member] | |
Goodwill [Roll Forward] | |
Balance at January 1, 2012 | 17,798 |
Acquisition of SM Canada | 0 |
Goodwill, Purchase Accounting Adjustments | 0 |
Goodwill, Translation Adjustments | (236) |
Balance at June 30, 2012 | 17,562 |
Net Carrying Amount [Member] | |
Goodwill [Roll Forward] | |
Balance at January 1, 2012 | 154,759 |
Acquisition of SM Canada | 1,700 |
Goodwill, Purchase Accounting Adjustments | (12,408) |
Goodwill, Translation Adjustments | (480) |
Balance at June 30, 2012 | $ 143,571 |
Goodwill and Intangible Asset51
Goodwill and Intangible Assets (Detail) - (Table 2) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Impairment charge | $ 0 | $ 0 | $ 3,045 | $ 0 |
Re-acquired right [Member] | ||||
Cost Basis | 35,200 | 35,200 | ||
Accumulated amortization | 6,958 | 6,958 | ||
Net Carrying Amount | 28,242 | $ 28,242 | ||
Finite-Lived Intangible Asset, Estimated Useful Life | indefinite | |||
Trademarks [Member] | ||||
Cost Basis | 100,333 | $ 100,333 | ||
Accumulated amortization | 0 | 0 | ||
Net Carrying Amount | 97,288 | $ 97,288 | ||
Finite-Lived Intangible Asset, Estimated Useful Life | indefinite | |||
Total [Member] | ||||
Cost Basis | 187,786 | $ 187,786 | ||
Accumulated amortization | 33,047 | 33,047 | ||
Net Carrying Amount | 151,694 | 151,694 | ||
Trade names [Member] | ||||
Cost Basis | 4,590 | 4,590 | ||
Accumulated amortization | 2,713 | 2,713 | ||
Net Carrying Amount | 1,877 | $ 1,877 | ||
Customer relationships [Member] | ||||
Estimated Lives | 10 years | |||
Cost Basis | 39,609 | $ 39,609 | ||
Accumulated amortization | 15,491 | 15,491 | ||
Net Carrying Amount | 24,118 | 24,118 | ||
Licensing agreements [Member] | ||||
Cost Basis | 5,600 | 5,600 | ||
Accumulated amortization | 5,600 | 5,600 | ||
Net Carrying Amount | 0 | $ 0 | ||
Non-compete agreement [Member] | ||||
Estimated Lives | 5 years | |||
Cost Basis | 2,440 | $ 2,440 | ||
Accumulated amortization | 2,271 | 2,271 | ||
Net Carrying Amount | 169 | $ 169 | ||
Other [Member] | ||||
Estimated Lives | 3 years | |||
Cost Basis | 14 | $ 14 | ||
Accumulated amortization | 14 | 14 | ||
Net Carrying Amount | 0 | 0 | ||
Total [Member] | ||||
Cost Basis | 52,253 | 52,253 | ||
Accumulated amortization | 26,089 | 26,089 | ||
Net Carrying Amount | $ 26,164 | $ 26,164 | ||
Minimum [Member] | Trade names [Member] | ||||
Estimated Lives | 6 years | |||
Minimum [Member] | Licensing agreements [Member] | ||||
Estimated Lives | 3 years | |||
Maximum [Member] | Trade names [Member] | ||||
Estimated Lives | 10 years | |||
Maximum [Member] | Licensing agreements [Member] | ||||
Estimated Lives | 6 years |
Goodwill and Intangible Asset52
Goodwill and Intangible Assets (Detail) - (Table 3) $ in Thousands | Jun. 30, 2015USD ($) |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
2013 (remaining nine months) | $ 1,864 |
2,014 | 3,472 |
2,015 | 3,240 |
2,016 | 3,103 |
2,017 | 3,029 |
Thereafter | 11,456 |
Total | $ 26,164 |
Derivative Instruments Derivati
Derivative Instruments Derivative Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Derivative Instruments [Abstract] | ||||
Foreign Currency Contract, Asset, Fair Value Disclosure | $ 2,543 | $ 2,543 | ||
Accumulated Unrealized Gain (Loss) on Cash Flow Hedging Instruments | 1,903 | $ 156 | 1,903 | $ 156 |
Derivative Instruments, Gain (Loss) Recognized in Income, Net | $ 511 | $ 26 | $ 725 | $ 13 |
Operating Segment Information54
Operating Segment Information (Detail) - (Table 1) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | Mar. 31, 2014 | |
June 30, 2015 | ||||||
Net sales to external customers | $ 323,582,000 | $ 295,715,000 | $ 647,527,000 | $ 600,339,000 | ||
Gross profit | 116,146,000 | 107,060,000 | 227,524,000 | 215,408,000 | ||
Commissions and licensing fees – net | 3,127,000 | 3,187,000 | 7,045,000 | 6,358,000 | ||
Income (loss) from operations | 36,817,000 | 40,312,000 | 66,664,000 | 76,305,000 | ||
Segment assets | 938,641,000 | 905,494,000 | 938,641,000 | 905,494,000 | $ 911,235,000 | $ 905,494,000 |
Capital expenditures | 4,783,000 | 3,630,000 | 8,452,000 | 8,022,000 | ||
Wholesale Footwear [Member] | ||||||
June 30, 2015 | ||||||
Net sales to external customers | 200,303,000 | 192,365,000 | 424,617,000 | 412,104,000 | ||
Gross profit | 56,886,000 | 57,660,000 | 125,075,000 | 126,693,000 | ||
Commissions and licensing fees – net | 0 | 0 | 0 | 0 | ||
Income (loss) from operations | 17,636,000 | 25,594,000 | 39,764,000 | 56,665,000 | ||
Segment assets | 541,287,000 | 581,362,000 | 541,287,000 | 581,362,000 | 581,362,000 | |
Wholesale Accessories [Member] | ||||||
June 30, 2015 | ||||||
Net sales to external customers | 66,384,000 | 57,434,000 | 118,281,000 | 102,715,000 | ||
Gross profit | 22,579,000 | 20,542,000 | 39,586,000 | 37,806,000 | ||
Commissions and licensing fees – net | 0 | 0 | 0 | 0 | ||
Income (loss) from operations | 10,237,000 | 10,316,000 | 15,621,000 | 16,274,000 | ||
Segment assets | 207,821,000 | 165,435,000 | 207,821,000 | 165,435,000 | 165,435,000 | |
Total Wholesale [Member] | ||||||
June 30, 2015 | ||||||
Net sales to external customers | 266,687,000 | 249,799,000 | 542,898,000 | 514,819,000 | ||
Gross profit | 79,465,000 | 78,202,000 | 164,661,000 | 164,499,000 | ||
Commissions and licensing fees – net | 0 | 0 | 0 | 0 | ||
Income (loss) from operations | 27,873,000 | 35,910,000 | 55,385,000 | 72,939,000 | ||
Segment assets | 749,108,000 | 746,797,000 | 749,108,000 | 746,797,000 | 746,797,000 | |
Capital expenditures | 2,474,000 | 2,014,000 | 4,665,000 | 4,227,000 | ||
Retail [Member] | ||||||
June 30, 2015 | ||||||
Net sales to external customers | 56,895,000 | 45,916,000 | 104,629,000 | 85,520,000 | ||
Gross profit | 36,681,000 | 28,858,000 | 62,863,000 | 50,909,000 | ||
Commissions and licensing fees – net | 0 | 0 | 0 | |||
Income (loss) from operations | 5,817,000 | 1,215,000 | 4,234,000 | (2,992,000) | ||
Segment assets | 150,594,000 | 127,913,000 | 150,594,000 | 127,913,000 | 127,913,000 | |
Capital expenditures | 2,309,000 | 1,616,000 | 3,787,000 | 3,795,000 | ||
First Cost Member | ||||||
June 30, 2015 | ||||||
Commissions and licensing fees – net | 1,184,000 | 1,563,000 | 2,712,000 | 2,975,000 | ||
Income (loss) from operations | 1,184,000 | 1,563,000 | 2,712,000 | 2,975,000 | ||
Segment assets | 38,939,000 | 30,784,000 | 38,939,000 | 30,784,000 | 30,784,000 | |
Capital expenditures | 0 | 0 | 0 | 0 | ||
Licensing [Member] | ||||||
June 30, 2015 | ||||||
Commissions and licensing fees – net | 1,943,000 | 1,624,000 | 4,333,000 | 3,383,000 | ||
Income (loss) from operations | 1,943,000 | 1,624,000 | 4,333,000 | 3,383,000 | ||
Segment assets | 0 | 0 | 0 | 0 | $ 0 | |
Capital expenditures | 0 | 0 | 0 | 0 | ||
Domestic [Member] | ||||||
June 30, 2015 | ||||||
Net sales to external customers | 286,443,000 | 269,437,000 | 574,574,000 | 550,819,000 | ||
International [Member] | ||||||
June 30, 2015 | ||||||
Net sales to external customers | $ 37,139,000 | $ 26,278,000 | $ 72,953,000 | $ 49,520,000 |
Operating Segment Information55
Operating Segment Information (Detail) - (Table 2) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Segment Reporting Information [Line Items] | ||||
Domestic | $ 323,582 | $ 295,715 | $ 647,527 | $ 600,339 |
Geographical [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Domestic | 80,058 | 76,632 | 158,185 | 159,320 |
International [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Domestic | 37,139 | 26,278 | 72,953 | 49,520 |
Domestic [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Domestic | $ 286,443 | $ 269,437 | $ 574,574 | $ 550,819 |