Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Nov. 08, 2016 | |
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 | 60,624,731 | |
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 | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2014 |
Current assets: | ||||
Cash and cash equivalents | $ 62,723 | $ 72,414 | $ 38,654 | $ 81,450 |
Accounts receivable, net of allowances of $2,973, $2,306 and $2,589 | 39,507 | 43,173 | 23,269 | |
Factor accounts receivable, net of allowances of $16,923, $21,756 and $21,977 | 230,346 | 155,211 | 261,566 | |
Inventories | 111,952 | 102,080 | 123,768 | |
Marketable securities – available for sale | 30,301 | 32,424 | 22,834 | |
Prepaid expenses and other current assets | 25,247 | 20,641 | 23,663 | |
Prepaid taxes | 5,606 | 17,484 | 0 | |
Deferred taxes | 14,573 | 14,392 | 14,302 | |
Total current assets | 520,255 | 457,819 | 508,056 | |
Notes receivable | 749 | 1,158 | 1,197 | |
Note receivable – related party | 2,730 | 2,990 | 3,074 | |
Property and equipment, net | 74,382 | 72,010 | 71,162 | |
Deposits and other | 4,896 | 5,088 | 5,422 | |
Marketable securities – available for sale | 90,436 | 88,465 | 89,705 | |
Goodwill – net | 136,522 | 137,097 | 143,589 | |
Intangibles – net | 146,398 | 149,758 | 147,680 | |
Total Assets | 976,368 | 914,385 | 969,885 | |
Current liabilities: | ||||
Accounts payable | 102,095 | 79,790 | 130,556 | |
Accrued expenses | 71,131 | 72,105 | 71,511 | |
Income taxes payable | 0 | 13,039 | $ 0 | |
Contingent payment liability – current portion | 16,682 | 16,763 | 19,893 | |
Accrued incentive compensation | 7,863 | 6,141 | 5,930 | |
Total current liabilities | 197,771 | 174,799 | 240,929 | |
Contingent payment liability | 0 | 8,012 | 13,286 | |
Deferred rent | 14,663 | 12,013 | 11,921 | |
Deferred taxes | 40,294 | 39,410 | 18,487 | |
Other liabilities | 0 | 1,488 | 0 | |
Total Liabilities | 252,728 | 235,722 | 284,623 | |
Commitments, contingencies and other | ||||
STOCKHOLDERS’ EQUITY | ||||
Common stock – $.0001 par value, 135,000 shares authorized, 86,109, 85,263 and 85,173 shares issued, 60,618, 61,693 and 62,564 shares outstanding | 6 | 6 | 6 | |
Additional paid-in capital | 341,370 | 325,548 | 320,229 | |
Retained earnings | 989,003 | 896,842 | 871,109 | |
Accumulated other comprehensive loss | (28,043) | (31,413) | (25,623) | |
Treasury stock – 25,491, 23,570, and 22,609 shares at cost | (578,973) | (512,579) | (480,834) | |
Total Steven Madden, Ltd. stockholders’ equity | 723,363 | 678,404 | 684,887 | |
Noncontrolling interest | 277 | 259 | 375 | |
Total stockholders’ equity | 723,640 | 678,663 | 685,262 | |
Total Liabilities and Stockholders’ Equity | 976,368 | 914,385 | 969,885 | |
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 | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 |
Allowances for Accounts Receivable (in dollars) | $ 2,973 | $ 2,306 | $ 2,589 |
Allowances for Due from Factors (in dollars) | $ 16,923 | $ 21,756 | $ 21,977 |
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 | 135,000,000 |
Common stock, shares issued | 86,109,000 | 85,263,000 | 85,173,000 |
Common stock, shares outstanding | 60,618,000 | 61,693,000 | 62,564,000 |
Treasury stock-shares at cost | 25,491,000 | 23,570,000 | 22,609,000 |
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 | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Income Statement [Abstract] | ||||
Net sales | $ 408,384 | $ 413,462 | $ 1,063,143 | $ 1,060,989 |
Cost of sales | 253,876 | 264,691 | 671,388 | 684,694 |
Gross profit | 154,508 | 148,771 | 391,755 | 376,295 |
Commission and licensing fee income – net | 5,358 | 6,643 | 10,355 | 13,689 |
Operating expenses | (96,100) | (89,130) | (272,574) | (253,991) |
Impairment charge | 0 | 0 | 0 | (3,045) |
Income from operations | 63,766 | 66,284 | 129,536 | 132,948 |
Interest and other income – net | 747 | (895) | 1,117 | 273 |
Income before provision for income taxes | 64,513 | 65,389 | 130,653 | 133,221 |
Provision for income taxes | 20,810 | 22,298 | 38,212 | 45,428 |
Net income | 43,703 | 43,091 | 92,441 | 87,793 |
Net (loss) income attributable to noncontrolling interest | (64) | 206 | 278 | 578 |
Net income attributable to Steven Madden, Ltd. | $ 43,767 | $ 42,885 | $ 92,163 | $ 87,215 |
Basic net income per share (in dollars per share) | $ 0.77 | $ 0.73 | $ 1.61 | $ 1.47 |
Diluted net income per share (in dollars per share) | $ 0.74 | $ 0.70 | $ 1.54 | $ 1.42 |
Basic weighted average common shares outstanding | 56,869 | 58,911 | 57,334 | 59,271 |
Effect of dilutive securities – options/restricted stock | 2,460 | 2,149 | 2,438 | 2,245 |
Diluted weighted average common shares outstanding | 59,329 | 61,060 | 59,772 | 61,516 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 43,703 | $ 43,091 | $ 92,441 | $ 87,793 |
Foreign currency translation adjustment, Pre-tax | (2,290) | (8,149) | 973 | (12,644) |
Foreign currency translation adjustment, Tax | 0 | 0 | 0 | 0 |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustment, After-tax | (2,290) | (8,149) | 973 | (12,644) |
Gain (loss) on cash flow hedging derivatives, Pre-tax | 447 | 940 | 688 | 400 |
Gain (loss) on cash flow hedging derivatives, Tax | (163) | (343) | (251) | (146) |
Gain (loss) on cash flow hedging derivatives, After-tax | 284 | 597 | 437 | 254 |
Unrealized gain (loss) on marketable securities, Pre-tax | 543 | (792) | 3,087 | (761) |
Unrealized gain (loss) on marketable securities, Tax | (198) | 289 | (1,127) | 278 |
Unrealized gain (loss) on marketable securities, After-tax | 345 | (503) | 1,960 | (483) |
Total other comprehensive (loss), Pre-tax | (1,300) | (8,001) | 4,748 | (13,005) |
Total other comprehensive (loss), Tax | (361) | (54) | (1,378) | 132 |
Total other comprehensive (loss), After-tax | (1,661) | (8,055) | 3,370 | (12,873) |
Comprehensive income | 42,042 | 35,036 | 95,811 | 74,920 |
Comprehensive (loss) income attributable to noncontrolling interests | (64) | 206 | 278 | 578 |
Comprehensive income attributable to Steven Madden, Ltd. | $ 42,106 | $ 34,830 | $ 95,533 | $ 74,342 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Cash flows from operating activities: | ||
Net income | $ 92,441 | $ 87,793 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Stock-based compensation | (3,846) | (10,428) |
Tax benefit from stock-based compensation | 16,036 | 13,940 |
Depreciation and amortization | 0 | 989 |
Loss on disposal of fixed assets | 0 | 3,045 |
Impairment charges | (692) | (8,726) |
Deferred taxes | (48) | (52) |
Accrued interest on note receivable - related party | 14,618 | 13,609 |
Deferred rent expense | 2,650 | 348 |
Realized loss (gain) on sale of marketable securities | 776 | (82) |
Changes in fair value on contingent liability | (45) | (2,504) |
Changes, net of acquisitions, in: | ||
Accounts receivable | 3,666 | (12,718) |
Factor accounts receivable | (75,135) | (77,523) |
Notes receivable - related party | (9,872) | (31,592) |
Repayment of Notes Receivable from Related Parties | 308 | 306 |
Inventories | 11,048 | 17,142 |
Prepaid expenses, prepaid taxes, deposits and other | 21,331 | 56,601 |
Increase (Decrease) in Employee Related Liabilities | 1,722 | 0 |
Increase (Decrease) in Other Accrued Liabilities | (1,488) | 0 |
Net cash provided by operating activities | 73,470 | 50,148 |
Cash flows from investing activities: | ||
Capital expenditures | (12,908) | (13,524) |
Purchases of marketable securities | (24,089) | (28,705) |
Repayment of notes receivable | 26,825 | 33,332 |
Proceeds from Collection of Notes Receivable | 249 | 342 |
Acquisitions, net of cash acquired | 0 | (9,129) |
Net cash used in investing activities | (9,923) | (17,684) |
Cash flows from financing activities: | ||
Proceeds from exercise of stock options | (66,394) | (103,892) |
Tax benefit from the exercise of options | 4,869 | 21,154 |
Payment of contingent liability | 0 | 10,428 |
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | (8,048) | (2,950) |
Net cash used in financing activities | (73,238) | (75,260) |
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | (3,665) | 0 |
Net (decrease) in cash and cash equivalents | (9,691) | (42,796) |
Cash and cash equivalents – beginning of period | 72,414 | 81,450 |
Cash and cash equivalents – end of period | $ 62,723 | $ 38,654 |
Basis of Reporting
Basis of Reporting | 9 Months Ended |
Sep. 30, 2016 | |
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 2016 presentation. The results of operations for the three and nine month periods ended September 30, 2016 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, 2015 included in the Annual Report of Steven Madden, Ltd. on Form 10-K filed with the SEC on February 26, 2016. |
Use of Estimates
Use of Estimates | 9 Months Ended |
Sep. 30, 2016 | |
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 | 9 Months Ended |
Sep. 30, 2016 | |
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”). 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 $30,000 credit facility with a $15,000 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% . As of September 30, 2016 and 2015 , no borrowings were outstanding. Further as of September 30, 2016 and 2015 , there were open letters of credit of $0 and $337 , respectively. 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 the Company’s receivables to secure the Company’s obligations. |
Notes Receivable
Notes Receivable | 9 Months Ended |
Sep. 30, 2016 | |
Receivables [Abstract] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | Notes Receivable As of September 30, 2016 and December 31, 2015 , Notes Receivable were comprised of the following: September 30, December 31, Note receivable from seller of SM Canada $ 749 $ 1,158 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 was recorded net of the imputed interest, which is being amortized to income over the term of the note. The loan is payable in five annual installments due on dates that correspond with the five annual earn-out payment dates under the acquisition agreement (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). Any earn-out payment not achieved with respect to an earn-out period 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 loan will be forgiven. |
Marketable Securities
Marketable Securities | 9 Months Ended |
Sep. 30, 2016 | |
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). 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 nine months ended September 30, 2016 , the amortization of bond premiums totaled $ 307 and $925 compared to $347 and $1,040 for the comparable period in 2015 . 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 September 30, 2016 and December 31, 2015 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 $ 11,628 $ 90,436 $ 11,240 $ 88,465 Certificates of deposit 18,673 — 21,184 — Total $ 30,301 $ 90,436 $ 32,424 $ 88,465 For the three and nine months ended September 30, 2016 , gains of $3 and losses of $776 were reclassified from accumulated other comprehensive income and recognized in the income statement in other income compared to losses of $14 and gains of $82 for the comparable periods in 2015 . For the nine month period ended September 30, 2016 , current marketable securities included unrealized losses of $350 and long-term marketable securities included unrealized gains of $939 and unrealized losses of $35 . For the comparable period in 2015, current marketable securities included unrealized losses of $640 while long-term marketable securities included unrealized gains of $151 and unrealized losses of $962 . |
Fair Value Measurement
Fair Value Measurement | 9 Months Ended |
Sep. 30, 2016 | |
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 September 30, 2016 and December 31, 2015 are as follows: September 30, 2016 Fair Value Measurements Fair value Level 1 Level 2 Level 3 Assets: Cash equivalents $ 3,308 $ 3,308 $ — $ — Current marketable securities – available for sale 30,301 30,301 — — Note receivable – related party 2,730 — — 2,730 Note receivable from seller of SM Canada 749 — — 749 Long-term marketable securities – available for sale 90,436 90,436 — — Forward contracts 160 — 160 — Total assets $ 127,684 $ 124,045 $ 160 $ 3,479 Liabilities: Contingent consideration $ 16,682 $ — $ — $ 16,682 Total liabilities $ 16,682 $ — $ — $ 16,682 December 31, 2015 Fair Value Measurements Fair value Level 1 Level 2 Level 3 Assets: Cash equivalents $ 2,242 $ 2,242 $ — $ — Current marketable securities – available for sale 32,424 32,424 — — Note receivable – related party 2,990 — — 2,990 Note receivable from seller of SM Canada 1,158 — — 1,158 Long-term marketable securities – available for sale 88,465 88,465 — — Total assets $ 127,279 $ 123,131 $ — $ 4,148 Liabilities: Contingent consideration $ 24,775 $ — $ — $ 24,775 Total liabilities $ 24,775 $ — $ — $ 24,775 Note F – Fair Value Measurement (continued) The majority of our level 3 balances consist of contingent consideration related to various acquisitions and certain notes receivable. The changes in our level 3 assets and liabilities for the periods ended September 30, 2016 and December 31, 2015 are as follows: Balance at January 1, Payments Accrued Interest Acquisitions Change in estimate Foreign Currency Translation Balance at September 30, 2016 Assets: Note receivable – related party $ 2,990 (308 ) 48 $ 2,730 Note receivable – SM Canada $ 1,158 (249 ) (160 ) $ 749 Liabilities: Contingent consideration $ 24,775 (8,048 ) (45 ) $ 16,682 Balance at January 1, Payments Accrued Interest Acquisitions Change in estimate Foreign Currency Translation Balance at December 31, 2015 Assets: Note receivable – related party $ 3,328 (409 ) 71 $ 2,990 Note receivable – SM Canada $ 1,878 (466 ) (254 ) $ 1,158 Liabilities: Contingent consideration $ 38,633 (6,270 ) (5,576 ) (2,012 ) $ 24,775 Forward contracts are entered into to manage the risk associated with the volatility of future cash flows (see Note O). 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 due from the sellers of SM Canada (see Note D), the carrying value was determined to be the fair value, based upon their actual and imputed 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 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"). Pursuant to the terms of an earn-out agreement between the Company and the seller of SM Mexico, earn-out payments, if achieved, are 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 current portion of the earn-out due, based on the twelve-month period ending December 31, 2015, approximates the recorded value. An earn-out payment of $3,483 for the period ended December 31, 2015 was paid to the seller of SM Mexico in the first quarter of this year. The Company has recorded a liability for potential contingent consideration in connection with the August 13, 2014 acquisition of all of the outstanding capital stock of Dolce Vita Holdings, Inc. ("Dolce Vita"). Pursuant to the terms of an earn-out agreement between the Company and the seller of Dolce Vita, earn-out payments are 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. Note F – Fair Value Measurement (continued) The first earn-out payment of $1,019 was made to the sellers of Dolce Vita in the fourth quarter of 2015 and the second payment will be payable in the last quarter of 2016. 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, if achieved, are due annually to the seller of SM Canada based on the financial performance of SM Canada for each of the 12-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. An earn-out payment of $2,798 for the period ended March 31, 2016 was paid to the seller of SM Canada in the second quarter of this year. The Company has recorded a liability for potential contingent consideration in connection with the May 25, 2011 acquisition of all of the outstanding shares of capital stock of Cejon, Inc. and Cejon Accessories, Inc. and all of the outstanding membership interests in 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, if achieved, are 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 contingent payments was estimated using the present value of management’s projections of the financial results of Cejon during the earn-out period. A final earn-out payment of $1,767 for the period ended June 30, 2016 was paid to the seller of Cejon, Inc. in the third quarter of this year. 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. Fair value of the notes receivable held by the Company approximates their carrying value based upon their imputed or actual interest rate, which approximates applicable current market interest rates. |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Sep. 30, 2016 | |
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 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 and Blondo businesses, normally we do not accept returns from our wholesale customers unless there are product quality issues, which we charge back to the vendors at cost. Sales of cold weather accessories and Blondo products 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®, Steven by Steve Madden®, Madden Girl® and Stevies® trademarks for use in connection with the manufacture, marketing and sale of outerwear, hosiery, activewear, sleepwear, jewelry, watches, hair accessories, umbrellas, bedding, luggage, and men’s leather accessories. In addition, the Company licenses the Betsey Johnson® trademark for use in connection with the manufacture, marketing and sale of hosiery, swimwear, outerwear, sleepwear, activewear, jewelry, watches, bedding, luggage, stationery, umbrellas, and household goods; and furthermore, licenses the Dolce Vita® trademark for use in connection with the manufacture, marketing and sale of women's and children’s apparel. The license agreements require the licensee to pay the Company a royalty and, in substantially all of the agreements, an advertising fee, both of which are based on the higher of a minimum or a net sales percentage as defined in the various agreements. In addition, under Note G – Revenue Recognition (continued) 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 retail 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 | 9 Months Ended |
Sep. 30, 2016 | |
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 from gross sales to arrive at net sales. |
Notes Receivable-Related Party
Notes Receivable-Related Party (Notes) | 9 Months Ended |
Sep. 30, 2016 | |
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. Mr. Madden executed a secured promissory note in favor of the Company, for which a securities brokerage account maintained by Mr. Madden with his broker serves as collateral security. None of the securities held in the securities brokerage account are shares of the Company's common stock. There have been successive amendments of the secured promissory note, the most recent of which occurred on April 8, 2016, at which time the secured promissory note was amended to substitute the collateral securing the secured promissory note from shares of the Company's common stock to the security interest in Mr. Madden's securities brokerage account. Previously, on January 3, 2012, in connection with an amendment of Mr. Madden’s employment contract, the secured promissory note was amended and restated to extend the maturity date of the obligation to December 31, 2023 and to eliminate the accrual of interest after December 31, 2011. Prior to its January 3, 2012 amendment and restatement, the secured promissory note was accruing interest at the rate of 6% per annum. In addition, the secured promissory note, as amended, 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. Contemporaneously, the Company will release its security interest in a portion of the securities held in Mr. Madden's securities brokerage account generally correlating to the amount of indebtedness cancelled on such date. As of December 31, 2011, $1,090 of interest has accrued on the principal amount of the loan evidenced by the secured promissory note 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. Pursuant to the elimination of further interest accumulation under the secured promissory note, the outstanding principal amount of the loan and the accrued interest as of September 30, 2016 has been discounted to reflect imputed interest, which will be amortized over the remaining life of the loan. For the year ended December 31, 2015, the Company also recorded a charge in the amount of $409 to write-off the required one-tenth of the principal amount of the secured promissory note, which was partially offset by accrued imputed interest of $71 . |
Share Repurchase Program
Share Repurchase Program | 9 Months Ended |
Sep. 30, 2016 | |
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. 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. On February 22, 2016, the Board of Directors approved the extension of the Share Repurchase Program for an additional $136,000 in repurchases of the Company's common stock. During the nine months ended September 30, 2016 , an aggregate of 1,700,088 shares of the Company's common stock were repurchased under the Share Repurchase Program, at an Note J – Share Repurchase Program (continued) average price per share of $34.38 , for an aggregate purchase price of approximately $58,445 . As of September 30, 2016 , approximately $134,126 remained available for future repurchases under the Share Repurchase Program. |
Net Income Per Share of Common
Net Income Per Share of Common Stock | 9 Months Ended |
Sep. 30, 2016 | |
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 4,235,000 and 4,186,000 shares for the three and nine months ended September 30, 2016 , respectively, compared to 4,037,000 and 4,058,000 shares for the three and nine months ended September 30, 2015 . 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 non-vested 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. During the third quarter of 2016, the Company adopted Accounting Standards Update 2016-09 - Improvements to Employee Share-Based Payment Accounting, which provides updated guidance relating to the treasury stock calculation of diluted shares. (See Note R for further details.) For the three and nine months ended September 30, 2016 , options to purchase approximately 383,000 and 375,000 shares of common stock, respectively, have been excluded in the calculation of diluted net income per share as compared to 6,000 and 15,000 shares that were excluded for the three and nine months ended September 30, 2015 , as the result would have been antidilutive. For the three and nine months ended September 30, 2016 and 2015 , all unvested restricted stock awards were dilutive. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2016 | |
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 an amendment and restatement of the Plan that, among other things, increased the maximum number of shares that may be issued under the Plan to 13,716,000 . On May 25, 2012, the stockholders approved an 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 (20,244,000 ) Common stock available for grant of stock-based awards as of September 30, 2016 3,222,000 Note L – Equity-Based Compensation (continued) Total equity-based compensation for the three and nine months ended September 30, 2016 and 2015 is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Restricted stock $ 4,177 $ 3,792 $ 12,417 $ 11,120 Stock options 805 735 2,201 2,489 Total $ 4,982 $ 4,527 $ 14,618 $ 13,609 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 nine months ended September 30, 2016 and 2015 are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Proceeds from stock options exercised $ 1,162 $ 1,451 $ 4,869 $ 21,154 Intrinsic value of stock options exercised $ 634 $ 4,340 $ 11,684 $ 33,634 During the three and nine months ended September 30, 2016 , options to purchase approximately 21,006 shares of common stock with a weighted average exercise price of $32.72 and options to purchase approximately 261,715 shares of common stock with a weighted average exercise price of $31.92 vested, respectively. During the three and nine months ended September 30, 2015 , options to purchase approximately 23,074 shares of common stock with a weighted average exercise price of $31.02 and options to purchase approximately 416,275 shares of common stock with a weighted average exercise price of $26.94 vested, respectively. As of September 30, 2016 , there were unvested options relating to 645,372 shares of common stock outstanding with a total of $4,024 of unrecognized compensation cost and an average vesting period of 1.60 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 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 nine months ended September 30, 2016 and 2015 : 2016 2015 Volatility 22.2% to 26.2% 22.4% to 28.3% Risk free interest rate 0.86% to 1.73% 0.99% to 1.60% Expected life in years 3.4 to 5.0 4.1 to 5.1 Dividend yield 0.00% 0.00% Weighted average fair value $7.01 $8.81 Note L – Equity-Based Compensation (continued) Activity relating to stock options granted under the Company’s plans and outside the plans during the nine months ended September 30, 2016 is as follows: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at January 1, 2016 2,016,000 $ 23.51 Granted 249,000 33.73 Exercised (460,000 ) 10.59 Cancelled/Forfeited (30,000 ) 30.43 Outstanding at September 30, 2016 1,775,000 $ 28.17 3.2 years $ 11,329 Exercisable at September 30, 2016 1,128,000 $ 24.95 2.3 years $ 10,836 Restricted Stock The following table summarizes restricted stock activity during the nine months ended September 30, 2016 and 2015 : 2016 2015 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, 4,055,000 $ 25.32 4,067,000 $ 24.69 Granted 377,000 34.22 284,000 37.10 Vested (193,000 ) 30.44 (235,000 ) 22.94 Forfeited — — (68,000 ) 34.27 Non-vested at September 30, 4,239,000 $ 25.93 4,048,000 $ 25.29 As of September 30, 2016 , the Company had $70,980 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 6.10 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. 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. On June 30, 2012, Mr. Madden exercised his right under his employment agreement 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. On August 8, 2016, pursuant to the employment agreement, Mr. Madden was granted an option to purchase 150,000 shares of the Company's common stock at an exercise price of $34.42 per share, which option is exercisable in equal quarterly installments commencing on November 8, 2016. |
Acquisitions
Acquisitions | 9 Months Ended |
Sep. 30, 2016 | |
Acquisitions [Abstract] | |
Acqusitions | Acquisitions Madlove, LLC In June 2016, the Company paid $3,665 to acquire the remaining minority interest in Madlove, LLC ("Mad Love") thereby making Mad Love a wholly-owned subsidiary. Mad Love was formed as a joint venture in April 2011, in which the Company was the majority interest holder, had financial control and consolidated the financial statements of the joint venture. Mad Love designs and markets women’s footwear under the Mad Love label. The Company has accounted for the acquisition of the minority interest as an equity transaction. SM Europe In April 2016, the Company formed a joint venture ("SM Europe") with SPM Shoetrade Holding B.V. through its subsidiary, Steve Madden Europe B.V. The Company is the majority interest holder in SM Europe and controls the joint venture. SM Europe is the exclusive distributor of the Company's products in Albania, Austria, Belgium, Bulgaria, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Hungary, Ireland, Kosovo, Lithuania, Latvia, Luxembourg, the Netherlands, Norway, Poland, Romania, Russia, Slovakia, Slovenia, Sweden, Switzerland, and Tunisia. As the Company controls the joint venture and is the majority interest holder in SM Europe, the assets, liabilities and results of operations of SM Europe are included in the Company’s Consolidated Financial Statements. The other member's interest is reflected in “Net income attributable to noncontrolling interests” in the Consolidated Statements of Income and “Noncontrolling interests” in the Consolidated Balance Sheets. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 9 Months Ended |
Sep. 30, 2016 | |
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 September 30, 2016 : Wholesale Net Carrying Amount Footwear Accessories Retail Balance at January 1, 2016 $ 73,018 $ 49,324 $ 14,755 $ 137,097 Acquisitions — — — — Purchase accounting adjustment — — — — Translation and other (289 ) — (286 ) (575 ) Balance at September 30, 2016 $ 72,729 $ 49,324 $ 14,469 $ 136,522 Note N – Goodwill and Intangible Assets (continued) The following table details identifiable intangible assets as of September 30, 2016 : Estimated Lives Cost Basis Accumulated Amortization (1) Impairment (2) Net Carrying Amount Trade names 6–10 years $ 4,590 $ 3,232 $ — $ 1,358 Customer relationships 10 years 41,509 20,351 — 21,158 License agreements 3–6 years 5,600 5,600 — — Non-compete agreement 5 years 2,440 2,402 — 38 Re-acquired right 2 years 4,200 3,954 — 246 Other 3 years 14 14 — — 58,353 35,553 — 22,800 Re-acquired right indefinite 35,200 8,890 — 26,310 Trademarks indefinite 100,333 — 3,045 97,288 $ 193,886 $ 44,443 $ 3,045 $ 146,398 (1) Includes the effect of foreign currency translation related primarily to the movements of the Canadian dollar and Mexican peso 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 September 30, 2016 is as follows: 2016 (remaining three months) $ 1,342 2017 3,219 2018 3,088 2019 3,017 2020 2,232 Thereafter 9,902 $ 22,800 |
Derivative Instruments
Derivative Instruments | 9 Months Ended |
Sep. 30, 2016 | |
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. The foreign exchange contracts are used to mitigate the impact of exchange rate fluctuations on certain forecasted purchases of inventory and are designated as cash flow hedging instruments. As of September 30, 2016 , the fair value of the Company's foreign currency derivatives, which is included on the Condensed Consolidated Balance Sheets in accrued expenses, is $160 . As of September 30, 2016 , $123 of gains 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 September 30, 2015 , $1,307 of losses related to cash flow hedges were recorded in accumulated other comprehensive loss, net of taxes. As of September 30, 2016 , 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 nine months ended September 30, 2016 , losses of $68 and $428 were reclassified from accumulated other comprehensive income and recognized in the income statement in cost of sales, as compared to losses of $671 and $1,396 for the three and nine months ended September 30, 2015 . |
Commitments, Contingencies and
Commitments, Contingencies and Other | 9 Months Ended |
Sep. 30, 2016 | |
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, 2015. 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 September 30, 2016 . 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 | 9 Months Ended |
Sep. 30, 2016 | |
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 Albania, Austria, Belgium, Bulgaria, Canada, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Hungary, Ireland, Kosovo, Lithuania, Latvia, Luxembourg, Mexico, the Netherlands, Norway, Poland, Romania, Russia, Slovakia, Slovenia, Sweden, Switzerland, and Tunisia and, under special distribution arrangements in various other territories within 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®, Steven by Steve Madden®, Madden Girl® and Stevies® trademarks and other trademark rights for use in connection with the manufacture, marketing and sale of outerwear, hosiery, activewear, sleepwear, jewelry, watches, hair accessories, umbrellas, bedding, luggage, and men’s leather accessories. In addition, this segment licenses the Betsey Johnson® trademark for use in connection with the manufacture, marketing and sale of hosiery, swimwear, outerwear, sleepwear, activewear, jewelry, watches, bedding, luggage, stationery, umbrellas, and household goods; and furthermore, licenses the Dolce Vita® trademark for use in connection with the manufacture, marketing and sale of women's and children’s apparel. Note Q – Operating Segment Information (continued) As of and for the three months ended, Wholesale Footwear Wholesale Accessories Total Wholesale Retail First Cost Licensing Consolidated September 30, 2016 Net sales to external customers $ 268,159 $ 78,448 $ 346,607 $ 61,777 $ — $ — $ 408,384 Gross profit 90,550 26,937 117,487 37,021 — — 154,508 Commissions and licensing fees – net — — — — 2,424 2,934 5,358 Income from operations 38,195 17,931 56,126 2,282 2,424 2,934 63,766 Segment assets $ 548,195 $ 209,329 757,524 168,378 50,466 — 976,368 Capital expenditures $ 1,693 $ 2,800 $ — $ — $ 4,493 September 30, 2015 Net sales to external customers $ 276,446 $ 80,594 $ 357,040 $ 56,422 $ — $ — $ 413,462 Gross profit 86,774 27,909 114,683 34,088 — — 148,771 Commissions and licensing fees – net — — — — 3,479 3,164 6,643 Income from operations 42,245 15,730 57,975 1,666 3,479 3,164 66,284 Segment assets $ 556,238 $ 204,411 760,649 153,273 55,963 — 969,885 Capital expenditures $ 1,329 $ 3,743 $ — $ — $ 5,072 As of and for the nine months ended, Wholesale Footwear Wholesale Accessories Total Wholesale Retail First Cost Licensing Consolidated September 30, 2016 Net sales to external customers $ 692,505 $ 192,769 $ 885,274 $ 177,869 $ — $ — $ 1,063,143 Gross profit 221,328 64,064 285,392 106,363 391,755 Commissions and licensing fees – net — — — — 3,929 6,426 10,355 Income from operations 83,132 31,745 114,877 4,304 3,929 6,426 129,536 Segment assets $ 548,195 $ 209,329 757,524 168,378 50,466 — 976,368 Capital expenditures $ 4,296 $ 8,612 $ — $ — $ 12,908 September 30, 2015 Net sales to external customers $ 698,380 $ 201,558 $ 899,938 $ 161,051 $ — $ — $ 1,060,989 Gross profit 210,908 68,436 279,344 96,951 376,295 Commissions and licensing fees – net — — — — 6,192 7,497 13,689 Income (loss) from operations 81,203 31,814 113,017 6,242 6,192 7,497 132,948 Segment assets $ 556,238 $ 204,411 760,649 153,273 55,963 — 969,885 Capital expenditures $ 5,994 $ 7,530 $ — $ — $ 13,524 Note Q – Operating Segment Information (continued) Revenues by geographic area for the three and nine months ended September 30, 2016 and 2015 are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Domestic (a) $ 360,619 $ 368,080 $ 957,359 $ 953,151 International 47,765 45,382 105,784 107,838 Total $ 408,384 $ 413,462 $ 1,063,143 $ 1,060,989 (a) Includes revenues of $84,570 and $254,843 for the three and nine months ended September 30, 2016, respectively, and $82,603 and $252,942 for the comparable periods in 2015 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) | 9 Months Ended |
Sep. 30, 2016 | |
Recent Accounting Pronouncements [Abstract] | |
Recently Adopted Accounting Standards [Abstract] | Note R – Recent Accounting Pronouncements In August 2016, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update 2016-15, Classification of Certain Cash Receipts and Cash Payments. Accounting Standards Update 2016-15 clarifies how certain cash receipts and payments should be presented in the statement of cash flows. The guidance is effective in 2018 with early adoption permitted. We are currently evaluating the timing of adoption of this guidance. In June 2016, the FASB issued Accounting Standards Update 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. Accounting Standards Update 2016-13 replaces the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The new guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Company is currently evaluating the effect that the new guidance will have on its financial statements and related disclosures. In March 2016, the FASB issued Accounting Standards Update No. 2016-09 ("ASU 2016-09"), Improvements to Employee Share-Based Payment Accounting, which changes the accounting for certain aspects of share-based payments to employees. The guidance requires the recognition in the income statement of the income tax effects of vested or settled awards. Further, the guidance requires that the recognition of anticipated tax windfalls/shortfalls be excluded in the calculation of assumed proceeds when applying the treasury stock method. The guidance also allows for the employer to repurchase more of an employee’s shares for tax withholding purposes and not classify the award as a liability that requires valuation on a mark-to-market basis. In addition, the guidance allows for a policy election to account for forfeitures as they occur rather than on an estimated basis. The guidance is effective in 2017 with early adoption permitted. The Company elected to adopt the provisions of ASU 2016-09 in the third quarter of 2016. According to the provisions of ASU 2016-09, if an entity adopts the provisions early, all adjustments should be reflected as of the beginning of the fiscal year of adoption. As a result of the early adoption, the impact to the financial statements is as follows: Note R – Recent Accounting Pronouncements (continued) Three Months Ended March 31, 2016 Three Months Ended June 30, 2016 Six Months Ended June 30, 2016 As Previously Reported As Adjusted As Previously Reported As Adjusted As Previously Reported As Adjusted Income before provision for income taxes $ 29,704 $ 29,704 $ 36,436 $ 36,436 $ 66,140 $ 66,140 Provision for income taxes 9,505 5,808 11,659 11,594 21,164 17,402 Net income 20,199 23,896 24,777 24,842 44,976 48,738 Net income (loss) attributable to noncontrolling interest 237 237 105 105 342 342 Net income attributable to Steven Madden, Ltd. $ 19,962 $ 23,659 $ 24,672 $ 24,737 $ 44,634 $ 48,396 Basic net income per share $ 0.35 $ 0.41 $ 0.43 $ 0.43 $ 0.78 $ 0.84 Diluted net income per share $ 0.33 $ 0.39 $ 0.42 $ 0.41 $ 0.75 $ 0.81 Basic weighted average common shares outstanding 57,709 57,709 57,430 57,430 57,572 57,572 Effect of dilutive securities – options/restricted stock 2,061 2,544 1,744 2,309 1,902 2,426 Diluted weighted average common shares outstanding 59,770 60,253 59,174 59,739 59,474 59,998 Lastly, the Company elected to not change its accounting policy to account for forfeitures as they occur and, as a result, the Company will continue to estimate forfeitures. In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases, which is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018 with early adoption permitted. Under Accounting Standards Update 2016-02, lessees will be required to recognize for all leases, at the commencement date of the lease, a lease liability, which is a lessee’s obligation to make lease payments arising from a lease measured on a discounted basis, and a right-to-use asset, which is an asset that represents the lessee’s right to use or control the use of a specified asset for the lease term. The Company is currently evaluating the effect that the new guidance will have on its financial statements and related disclosures and, while we have not completed the analysis, we expect it will have a material impact on our consolidated balance sheets. In January 2016, the FASB issued Accounting Standards Update 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. Accounting Standards Update 2016-01 generally requires companies to measure investments in equity securities, except those accounted for under the equity method, at fair value and recognize any changes in fair value in net income. The new guidance must be applied using a modified-retrospective approach and is effective for periods beginning after December 15, 2017 and early adoption is not permitted. The Company is currently evaluating the effect that the new guidance will have on its financial statements and related disclosures. permitted. The Company is currently evaluating the effect that the new guidance will have on its financial statements and related disclosures. Note R – Recent Accounting Pronouncements (continued) In July 2015, the FASB 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. The Company is currently evaluating the timing of adoption of this guidance; however, the guidance is not expected to have a material impact on our financial statements. In May 2014, the 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, 2017, including interim periods within that reporting period. Early adoption is permitted, but not before the original effective date of the standard. The Company is currently evaluating the impact of the new guidance on our consolidated financial statements and related disclosures. |
Basis of Reporting (Policies)
Basis of Reporting (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
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 2016 presentation. The results of operations for the three and nine month periods ended September 30, 2016 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, 2015 included in the Annual Report of Steven Madden, Ltd. on Form 10-K filed with the SEC on February 26, 2016. |
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). 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 nine months ended September 30, 2016 , the amortization of bond premiums totaled $ 307 and $925 compared to $347 and $1,040 for the comparable period in 2015 . 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 September 30, 2016 and December 31, 2015 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 $ 11,628 $ 90,436 $ 11,240 $ 88,465 Certificates of deposit 18,673 — 21,184 — Total $ 30,301 $ 90,436 $ 32,424 $ 88,465 For the three and nine months ended September 30, 2016 , gains of $3 and losses of $776 were reclassified from accumulated other comprehensive income and recognized in the income statement in other income compared to losses of $14 and gains of $82 for the comparable periods in 2015 . For the nine month period ended September 30, 2016 , current marketable securities included unrealized losses of $350 and long-term marketable securities included unrealized gains of $939 and unrealized losses of $35 . For the comparable period in 2015, current marketable securities included unrealized losses of $640 while long-term marketable securities included unrealized gains of $151 and unrealized losses of $962 . |
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 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 and Blondo businesses, normally we do not accept returns from our wholesale customers unless there are product quality issues, which we charge back to the vendors at cost. Sales of cold weather accessories and Blondo products 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®, Steven by Steve Madden®, Madden Girl® and Stevies® trademarks for use in connection with the manufacture, marketing and sale of outerwear, hosiery, activewear, sleepwear, jewelry, watches, hair accessories, umbrellas, bedding, luggage, and men’s leather accessories. In addition, the Company licenses the Betsey Johnson® trademark for use in connection with the manufacture, marketing and sale of hosiery, swimwear, outerwear, sleepwear, activewear, jewelry, watches, bedding, luggage, stationery, umbrellas, and household goods; and furthermore, licenses the Dolce Vita® trademark for use in connection with the manufacture, marketing and sale of women's and children’s apparel. The license agreements require the licensee to pay the Company a royalty and, in substantially all of the agreements, an advertising fee, both of which are based on the higher of a minimum or a net sales percentage as defined in the various agreements. In addition, under Note G – Revenue Recognition (continued) 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 retail 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 from gross sales to arrive at net sales. |
Notes Receivable (Tables)
Notes Receivable (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Receivables [Abstract] | |
Schedule of Notes Receivable | As of September 30, 2016 and December 31, 2015 , Notes Receivable were comprised of the following: September 30, December 31, Note receivable from seller of SM Canada $ 749 $ 1,158 |
Marketable Securities Marketabl
Marketable Securities Marketable Securities (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Marketable Securities [Abstract] | |
Available-for-sale Securities [Table Text Block] | The schedule of maturities at September 30, 2016 and December 31, 2015 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 $ 11,628 $ 90,436 $ 11,240 $ 88,465 Certificates of deposit 18,673 — 21,184 — Total $ 30,301 $ 90,436 $ 32,424 $ 88,465 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
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 September 30, 2016 and December 31, 2015 are as follows: September 30, 2016 Fair Value Measurements Fair value Level 1 Level 2 Level 3 Assets: Cash equivalents $ 3,308 $ 3,308 $ — $ — Current marketable securities – available for sale 30,301 30,301 — — Note receivable – related party 2,730 — — 2,730 Note receivable from seller of SM Canada 749 — — 749 Long-term marketable securities – available for sale 90,436 90,436 — — Forward contracts 160 — 160 — Total assets $ 127,684 $ 124,045 $ 160 $ 3,479 Liabilities: Contingent consideration $ 16,682 $ — $ — $ 16,682 Total liabilities $ 16,682 $ — $ — $ 16,682 December 31, 2015 Fair Value Measurements Fair value Level 1 Level 2 Level 3 Assets: Cash equivalents $ 2,242 $ 2,242 $ — $ — Current marketable securities – available for sale 32,424 32,424 — — Note receivable – related party 2,990 — — 2,990 Note receivable from seller of SM Canada 1,158 — — 1,158 Long-term marketable securities – available for sale 88,465 88,465 — — Total assets $ 127,279 $ 123,131 $ — $ 4,148 Liabilities: Contingent consideration $ 24,775 $ — $ — $ 24,775 Total liabilities $ 24,775 $ — $ — $ 24,775 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
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 (20,244,000 ) Common stock available for grant of stock-based awards as of September 30, 2016 3,222,000 |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | Total equity-based compensation for the three and nine months ended September 30, 2016 and 2015 is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Restricted stock $ 4,177 $ 3,792 $ 12,417 $ 11,120 Stock options 805 735 2,201 2,489 Total $ 4,982 $ 4,527 $ 14,618 $ 13,609 |
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 nine months ended September 30, 2016 and 2015 are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Proceeds from stock options exercised $ 1,162 $ 1,451 $ 4,869 $ 21,154 Intrinsic value of stock options exercised $ 634 $ 4,340 $ 11,684 $ 33,634 |
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 nine months ended September 30, 2016 and 2015 : 2016 2015 Volatility 22.2% to 26.2% 22.4% to 28.3% Risk free interest rate 0.86% to 1.73% 0.99% to 1.60% Expected life in years 3.4 to 5.0 4.1 to 5.1 Dividend yield 0.00% 0.00% Weighted average fair value $7.01 $8.81 |
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 nine months ended September 30, 2016 is as follows: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at January 1, 2016 2,016,000 $ 23.51 Granted 249,000 33.73 Exercised (460,000 ) 10.59 Cancelled/Forfeited (30,000 ) 30.43 Outstanding at September 30, 2016 1,775,000 $ 28.17 3.2 years $ 11,329 Exercisable at September 30, 2016 1,128,000 $ 24.95 2.3 years $ 10,836 |
Schedule of Nonvested Share Activity | The following table summarizes restricted stock activity during the nine months ended September 30, 2016 and 2015 : 2016 2015 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, 4,055,000 $ 25.32 4,067,000 $ 24.69 Granted 377,000 34.22 284,000 37.10 Vested (193,000 ) 30.44 (235,000 ) 22.94 Forfeited — — (68,000 ) 34.27 Non-vested at September 30, 4,239,000 $ 25.93 4,048,000 $ 25.29 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The following is a summary of the carrying amount of goodwill by segment as of September 30, 2016 : Wholesale Net Carrying Amount Footwear Accessories Retail Balance at January 1, 2016 $ 73,018 $ 49,324 $ 14,755 $ 137,097 Acquisitions — — — — Purchase accounting adjustment — — — — Translation and other (289 ) — (286 ) (575 ) Balance at September 30, 2016 $ 72,729 $ 49,324 $ 14,469 $ 136,522 |
Schedule of Indentifiable Intangible Assets | The following table details identifiable intangible assets as of September 30, 2016 : Estimated Lives Cost Basis Accumulated Amortization (1) Impairment (2) Net Carrying Amount Trade names 6–10 years $ 4,590 $ 3,232 $ — $ 1,358 Customer relationships 10 years 41,509 20,351 — 21,158 License agreements 3–6 years 5,600 5,600 — — Non-compete agreement 5 years 2,440 2,402 — 38 Re-acquired right 2 years 4,200 3,954 — 246 Other 3 years 14 14 — — 58,353 35,553 — 22,800 Re-acquired right indefinite 35,200 8,890 — 26,310 Trademarks indefinite 100,333 — 3,045 97,288 $ 193,886 $ 44,443 $ 3,045 $ 146,398 (1) Includes the effect of foreign currency translation related primarily to the movements of the Canadian dollar and Mexican peso in relation to the U.S. dollar. |
Schedule of Intangible Assets, Future Amortization Expense | The estimated future amortization expense of purchased intangibles as of September 30, 2016 is as follows: 2016 (remaining three months) $ 1,342 2017 3,219 2018 3,088 2019 3,017 2020 2,232 Thereafter 9,902 $ 22,800 |
Operating Segment Information (
Operating Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | As of and for the three months ended, Wholesale Footwear Wholesale Accessories Total Wholesale Retail First Cost Licensing Consolidated September 30, 2016 Net sales to external customers $ 268,159 $ 78,448 $ 346,607 $ 61,777 $ — $ — $ 408,384 Gross profit 90,550 26,937 117,487 37,021 — — 154,508 Commissions and licensing fees – net — — — — 2,424 2,934 5,358 Income from operations 38,195 17,931 56,126 2,282 2,424 2,934 63,766 Segment assets $ 548,195 $ 209,329 757,524 168,378 50,466 — 976,368 Capital expenditures $ 1,693 $ 2,800 $ — $ — $ 4,493 September 30, 2015 Net sales to external customers $ 276,446 $ 80,594 $ 357,040 $ 56,422 $ — $ — $ 413,462 Gross profit 86,774 27,909 114,683 34,088 — — 148,771 Commissions and licensing fees – net — — — — 3,479 3,164 6,643 Income from operations 42,245 15,730 57,975 1,666 3,479 3,164 66,284 Segment assets $ 556,238 $ 204,411 760,649 153,273 55,963 — 969,885 Capital expenditures $ 1,329 $ 3,743 $ — $ — $ 5,072 As of and for the nine months ended, Wholesale Footwear Wholesale Accessories Total Wholesale Retail First Cost Licensing Consolidated September 30, 2016 Net sales to external customers $ 692,505 $ 192,769 $ 885,274 $ 177,869 $ — $ — $ 1,063,143 Gross profit 221,328 64,064 285,392 106,363 391,755 Commissions and licensing fees – net — — — — 3,929 6,426 10,355 Income from operations 83,132 31,745 114,877 4,304 3,929 6,426 129,536 Segment assets $ 548,195 $ 209,329 757,524 168,378 50,466 — 976,368 Capital expenditures $ 4,296 $ 8,612 $ — $ — $ 12,908 September 30, 2015 Net sales to external customers $ 698,380 $ 201,558 $ 899,938 $ 161,051 $ — $ — $ 1,060,989 Gross profit 210,908 68,436 279,344 96,951 376,295 Commissions and licensing fees – net — — — — 6,192 7,497 13,689 Income (loss) from operations 81,203 31,814 113,017 6,242 6,192 7,497 132,948 Segment assets $ 556,238 $ 204,411 760,649 153,273 55,963 — 969,885 Capital expenditures $ 5,994 $ 7,530 $ — $ — $ 13,524 |
Schedule of Revenues, by Geographic Area | Revenues by geographic area for the three and nine months ended September 30, 2016 and 2015 are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Domestic (a) $ 360,619 $ 368,080 $ 957,359 $ 953,151 International 47,765 45,382 105,784 107,838 Total $ 408,384 $ 413,462 $ 1,063,143 $ 1,060,989 (a) Includes revenues of $84,570 and $254,843 for the three and nine months ended September 30, 2016, respectively, and $82,603 and $252,942 for the comparable periods in 2015 related to sales to U.S. customers where the title is transferred outside the U.S. and the sale is recorded by our International business. |
Factor Receivable (Detail)
Factor Receivable (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Line of Credit Facility, Collateral | .85 | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 30,000 | $ 30,000 | |
Open non-negotiated letters of credit | 0 | $ 337 | |
Letters Of Credit SubLimit Capacity Amount | $ 15,000 | ||
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 | Sep. 30, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Mar. 31, 2012USD ($) | Mar. 31, 2012CAD |
Notes receivable | $ 749 | $ 1,158 | $ 1,197 | ||
Note receivable – Seller of SM Canada [Member] | |||||
Notes receivable | $ 3,085 | CAD 3,107 |
Notes Receivable (Details 1)
Notes Receivable (Details 1) CAD in Thousands | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($) | Mar. 31, 2012USD ($) | Mar. 31, 2012CAD | |
Increase (Decrease) in Notes Receivable, Related Parties | $ 71,000 | ||||
Increase (Decrease) in Accrued Interest Receivable, Net | $ 48,000 | $ 52,000 | 71,000 | ||
Notes, Loans and Financing Receivable, Net, Noncurrent | $ 749,000 | $ 1,197,000 | $ 1,158,000 | ||
Note Receivable from Seller of SM Canada [Member] | |||||
Notes, Loans and Financing Receivable, Net, Noncurrent | $ 3,085,000 | CAD 3,107 |
Marketable Securities (Detail)
Marketable Securities (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Marketable Securities [Abstract] | ||||
Available-for-sale Securities, Gross Unrealized Gain | $ 939,000 | |||
Available-for-sale Securities, Gross Realized Gain (Loss) | $ 3,000 | $ (14,000) | 776,000 | $ (82,000) |
Investment Income, Amortization of Premium | $ 307,000 | $ 347,000 | $ 925,000 | $ 1,040,000 |
Marketable Securities Marketa36
Marketable Securities Marketable Securities Table (Details) - USD ($) | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Securities, Gross Unrealized Loss | $ 350,000 | $ 640,000 | |
Available-for-sale Securities, Gross Unrealized Gain | 939,000 | ||
Available-for-sale Securities, Current | 30,301,000 | 22,834,000 | $ 32,424,000 |
Available-for-sale Securities, Noncurrent | 90,436,000 | 89,705,000 | 88,465,000 |
Bonds [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Securities, Current | 11,628,000 | 11,240,000 | |
Available-for-sale Securities, Noncurrent | 90,436,000 | 88,465,000 | |
Certificates of Deposit [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Securities, Current | 18,673,000 | 21,184,000 | |
Available-for-sale Securities, Noncurrent | 0 | $ 0 | |
Other Long-term Investments [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Securities, Gross Unrealized Loss | $ 35,000 | 962,000 | |
Available-for-sale Securities, Gross Unrealized Gain | $ 151,000 |
Fair Value Measurement (Detail)
Fair Value Measurement (Detail) - (Table) $ / shares in Units, number in Thousands, CAD in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
Sep. 30, 2016USD ($)$ / sharesshares | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($)$ / sharesshares | Sep. 30, 2016USD ($)$ / sharesshares | Sep. 30, 2015USD ($)$ / sharesshares | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Aug. 13, 2014USD ($) | Mar. 31, 2012USD ($) | Mar. 31, 2012CAD | Jun. 25, 2007USD ($) | |
Share Based Compensation Arrangement By Share Based Payment Award Options Vested In Period | shares | 21,006 | 23,074 | 261,715 | 416,275 | |||||||||
Business Acquisition, Contingent Consideration, Actual Cash Payment | $ 2,798,000 | $ 3,483,000 | $ 1,000 | ||||||||||
Changes in fair value on contingent liability | $ (45,000) | $ (2,504,000) | |||||||||||
Assets: | |||||||||||||
Available-for-sale Securities, Current | $ 30,301,000 | 32,424,000 | $ 22,834,000 | 30,301,000 | 22,834,000 | $ 32,424,000 | |||||||
Notes Receivable, Related Parties, Noncurrent | 2,730,000 | 2,990,000 | 3,074,000 | 2,730,000 | 3,074,000 | 2,990,000 | $ 3,000,000 | ||||||
Available-for-sale Securities, Noncurrent | 90,436,000 | 88,465,000 | 89,705,000 | 90,436,000 | 89,705,000 | 88,465,000 | |||||||
Notes receivable | 749,000 | 1,158,000 | 1,197,000 | 749,000 | 1,197,000 | 1,158,000 | |||||||
Contingent payment liability | 0 | $ 8,012,000 | $ 13,286,000 | 0 | 13,286,000 | 8,012,000 | |||||||
Liabilities: | |||||||||||||
Foreign Currency Contract, Asset, Fair Value Disclosure | $ 160,000 | 160,000 | 160,000 | ||||||||||
Available-for-sale Securities, Gross Unrealized Loss | 350,000 | 640,000 | |||||||||||
Available-for-sale Securities, Gross Unrealized Gain | 939,000 | ||||||||||||
Debt Instrument, Decrease, Forgiveness | 409,000 | ||||||||||||
Proceeds from Collection of Notes Receivable | $ (249,000) | $ (342,000) | (466,000) | ||||||||||
Share based compensation arrangement by share based payment award options exercisable during period weighted average exercise price - in dollars per share | $ / shares | $ 32.72 | $ 31.02 | $ 31.92 | $ 26.94 | |||||||||
Repayment of Notes Receivable from Related Parties | $ (308,000) | $ (306,000) | (409,000) | ||||||||||
Increase (Decrease) in Accrued Interest Receivable, Net | $ 48,000 | 52,000 | $ 71,000 | ||||||||||
Foreign Currency Exchange Rate, Translation | (160) | (254) | (160) | (254) | |||||||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $ (8,048,000) | (2,950,000) | $ 6,270,000 | ||||||||||
Note receivable – Seller of SM Canada [Member] | |||||||||||||
Assets: | |||||||||||||
Notes receivable | $ 3,085,000 | CAD 3,107 | |||||||||||
Fair Value [Member] | |||||||||||||
Assets: | |||||||||||||
Cash Equivalents | $ 3,308,000 | $ 2,242,000 | 3,308,000 | 2,242,000 | |||||||||
Current marketable securities – available for sale | 32,424,000 | 32,424,000 | |||||||||||
Long-term marketable securities – available for sale | 88,465,000 | 88,465,000 | |||||||||||
Total assets | 127,684,000 | 127,279,000 | 127,684,000 | 127,279,000 | |||||||||
Contingent payment liability | 16,682,000 | 24,775,000 | 16,682,000 | 24,775,000 | $ 38,633,000 | ||||||||
Liabilities: | |||||||||||||
Total liabilities | 16,682,000 | 24,775,000 | 16,682,000 | 24,775,000 | |||||||||
Fair Value [Member] | Note receivable – related party [Member] | |||||||||||||
Assets: | |||||||||||||
Notes Receivable, Fair Value Disclosure | 2,730,000 | 2,990,000 | 2,730,000 | 2,990,000 | 3,328,000 | ||||||||
Fair Value [Member] | Note receivable – Seller of SM Canada [Member] | |||||||||||||
Assets: | |||||||||||||
Notes Receivable, Fair Value Disclosure | 749,000 | 1,158,000 | 749,000 | 1,158,000 | $ 1,878,000 | ||||||||
Fair Value, Inputs, Level 1 [Member] | |||||||||||||
Assets: | |||||||||||||
Cash Equivalents | 3,308,000 | 2,242,000 | 3,308,000 | 2,242,000 | |||||||||
Current marketable securities – available for sale | 30,301,000 | 32,424,000 | 30,301,000 | 32,424,000 | |||||||||
Long-term marketable securities – available for sale | 90,436,000 | 88,465,000 | 90,436,000 | 88,465,000 | |||||||||
Total assets | 124,045,000 | 123,131,000 | 124,045,000 | 123,131,000 | |||||||||
Contingent payment liability | 0 | 0 | 0 | 0 | |||||||||
Liabilities: | |||||||||||||
Total liabilities | 0 | 0 | 0 | 0 | |||||||||
Fair Value, Inputs, Level 1 [Member] | Note receivable – related party [Member] | |||||||||||||
Assets: | |||||||||||||
Notes Receivable, Fair Value Disclosure | 0 | 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 | 0 | |||||||||
Fair Value, Inputs, Level 2 [Member] | |||||||||||||
Assets: | |||||||||||||
Cash Equivalents | 0 | 0 | 0 | 0 | |||||||||
Current marketable securities – available for sale | 0 | 0 | 0 | 0 | |||||||||
Long-term marketable securities – available for sale | 0 | 0 | 0 | 0 | |||||||||
Total assets | 160,000 | 0 | 160,000 | 0 | |||||||||
Contingent payment liability | 0 | 0 | 0 | 0 | |||||||||
Liabilities: | |||||||||||||
Total liabilities | 0 | 0 | 0 | 0 | |||||||||
Foreign Currency Contract, Asset, Fair Value Disclosure | $ 160,000 | ||||||||||||
Fair Value, Inputs, Level 2 [Member] | Note receivable – related party [Member] | |||||||||||||
Assets: | |||||||||||||
Notes Receivable, Fair Value Disclosure | 0 | 0 | 0 | 0 | |||||||||
Fair Value, Inputs, Level 2 [Member] | Note receivable – Seller of SM Canada [Member] | |||||||||||||
Assets: | |||||||||||||
Notes Receivable, Fair Value Disclosure | 0 | 0 | 0 | 0 | |||||||||
Fair Value, Inputs, Level 3 [Member] | |||||||||||||
Assets: | |||||||||||||
Cash Equivalents | 0 | 0 | 0 | 0 | |||||||||
Current marketable securities – available for sale | 0 | 0 | 0 | 0 | |||||||||
Long-term marketable securities – available for sale | 0 | 0 | 0 | 0 | |||||||||
Total assets | 3,479,000 | 4,148,000 | 3,479,000 | 4,148,000 | |||||||||
Contingent payment liability | 16,682,000 | 24,775,000 | 16,682,000 | 24,775,000 | |||||||||
Liabilities: | |||||||||||||
Total liabilities | 16,682,000 | 24,775,000 | 16,682,000 | 24,775,000 | |||||||||
Fair Value, Inputs, Level 3 [Member] | Note receivable – related party [Member] | |||||||||||||
Assets: | |||||||||||||
Notes Receivable, Fair Value Disclosure | 2,730,000 | 2,990,000 | 2,730,000 | 2,990,000 | |||||||||
Fair Value, Inputs, Level 3 [Member] | Note receivable – Seller of SM Canada [Member] | |||||||||||||
Assets: | |||||||||||||
Notes Receivable, Fair Value Disclosure | $ 749,000 | $ 1,158,000 | 749,000 | $ 1,158,000 | |||||||||
Contingent Consideration Type [Domain] | |||||||||||||
Liabilities: | |||||||||||||
Foreign Currency Exchange Rate, Translation | (2,012) | (2,012) | |||||||||||
Dolce Vita [Member] | |||||||||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 5,000,000 | ||||||||||||
Other Long-term Investments [Member] | |||||||||||||
Liabilities: | |||||||||||||
Available-for-sale Securities, Gross Unrealized Loss | 35,000 | 962,000 | |||||||||||
Available-for-sale Securities, Gross Unrealized Gain | $ 151,000 | ||||||||||||
Changes Measurement [Member] | |||||||||||||
Liabilities: | |||||||||||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $ (45,000) | $ (5,576,000) |
Notes Receivable-Related Part38
Notes Receivable-Related Party (Details) - USD ($) $ in Thousands | 12 Months Ended | 39 Months Ended | 54 Months Ended | |||
Dec. 31, 2015 | Jun. 30, 2012 | Dec. 31, 2011 | Sep. 30, 2016 | Sep. 30, 2015 | Jun. 25, 2007 | |
Receivables [Abstract] | ||||||
Notes Receivable, Related Parties, Noncurrent | $ 2,990 | $ 2,730 | $ 3,074 | $ 3,000 | ||
Related Party Transaction, Rate | 6.00% | |||||
Interest income related party -in dollars | $ 1,090 | |||||
Debt Instrument, Decrease, Forgiveness | $ 409 |
Share Repurchase Program Share
Share Repurchase Program Share Repurchse Program (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Feb. 22, 2016 | |
Equity [Abstract] | ||
Stock Repurchase Program, Authorized Amount | $ 134,126 | |
Stock Repurchased During Period, Shares | 1,700,088 | |
Stock Repurchased During Period, Value | $ 58,445 | |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 136,000 | |
Treasury Stock Acquired, Average Cost Per Share | $ 34.38 |
Net Income Per Share of Commo40
Net Income Per Share of Common Stock (Detail) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Stock Issued During Period, Shares, Restricted Stock Award, Subject to Forfeiture | 4,235,000 | 4,037,000 | 4,186,000 | 4,058,000 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 383,000 | 6,000 | 375,000 | 15,000 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Detail) - (Table 1) - shares | 9 Months Ended | ||||
Sep. 30, 2016 | 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 | (20,244,000) | ||||
Common stock available for grant of stock-based awards as of June 30, 2012 | 3,222,000 |
Stock-Based Compensation (Det42
Stock-Based Compensation (Detail) - (Table 2) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Total | $ 4,982 | $ 4,527 | $ 14,618 | $ 13,609 |
Restricted Stock [Member] | ||||
Allocated Share-based Compensation Expense | 4,177 | 3,792 | 12,417 | 11,120 |
Stock Options [Member] | ||||
Allocated Share-based Compensation Expense | $ 805 | $ 735 | $ 2,201 | $ 2,489 |
Stock-Based Compensation (Det43
Stock-Based Compensation (Detail) - (Table 3) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||
Proceeds from stock options exercised | $ 1,162 | $ 1,451 | $ 4,869 | $ 21,154 |
Intrinsic value of stock options exercised | $ 634 | $ 4,340 | $ 11,684 | $ 33,634 |
Stock-Based Compensation (Det44
Stock-Based Compensation (Detail) - (Table 4) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Dividend yield | 0.00% | 0.00% | ||
Weighted average fair value | $ 7.01 | $ 8.81 | ||
Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Volatility | 22.20% | 22.40% | ||
Risk free interest rate | 0.86% | 99.00% | ||
Expected life in years | 3 years 5 months | 4 years 1 month | ||
Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Volatility | 26.20% | 28.30% | ||
Risk free interest rate | 1.73% | 1.60% | ||
Expected life in years | 5 years | 5 years 1 month |
Stock-Based Compensation (Det45
Stock-Based Compensation (Detail) - (Table 5) - USD ($) $ / shares in Units, $ in Thousands | Aug. 08, 2016 | Sep. 30, 2016 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Outstanding at January 1, 2012 | 2,016,000 | |
Outstanding at January 1, 2012 (in Dollars per share) | $ 23.51 | |
Granted | 150,000 | 249,000 |
Granted (in Dollars per share) | $ 33.73 | |
Exercised | (460,000) | |
Exercised (in Dollars per share) | $ 10.59 | |
Cancelled/Forfeited | (30,000) | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $ 30.43 | |
Outstanding at June 30, 2012 | 1,775,000 | |
Outstanding at June 30, 2012 (in Dollars per share) | $ 28.17 | |
Outstanding at June 30, 2012 | 3 years 2 months | |
Outstanding at June 30, 2012 (in Dollars) | $ 11,329 | |
Exercisable at June 30, 2012 | 1,128,000 | |
Exercisable at June 30, 2012 (in Dollars per share) | $ 24.95 | |
Exercisable at June 30, 2012 | 2 years 4 months | |
Exercisable at June 30, 2012 (in Dollars) | $ 10,836 |
Stock-Based Compensation (Det46
Stock-Based Compensation (Detail) - (Table 6) - USD ($) | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
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 | 4,055,000 | 4,067,000 |
Non-vested at January 1 (in Dollars per share) | $ 25.32 | $ 24.69 |
Granted | 377,000 | 284,000 |
Granted (in Dollars per share) | $ 34.22 | $ 37.10 |
Vested | (193,000) | (235,000) |
Vested (in Dollars per share) | $ 30.44 | $ 22.94 |
Forfeited | 0 | (68,000) |
Forfeitures (in dollars per share) | $ 0 | $ 34.27 |
Non-vested at March 31 | 4,239,000 | 4,048,000 |
Non-vested at March 31 (in Dollars per share) | $ 25.93 | $ 25.29 |
Stock-Based Compensation (Det47
Stock-Based Compensation (Detail) - USD ($) $ / shares in Units, $ in Thousands | Jul. 03, 2012 | Feb. 08, 2012 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Aug. 08, 2016 | 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 | 21,006 | 23,074 | 261,715 | 416,275 | |||||||
Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable During Period Weighted Average Exercise Price (in Dollars per share) | $ 32.72 | $ 31.02 | $ 31.92 | $ 26.94 | |||||||
Share Based Compensation Arrangement By Share-Based Payment Award Equity Options Nonvested Number | 645,372 | 645,372 | |||||||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ 4,024 | $ 4,024 | |||||||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 7 months 5 days | ||||||||||
Employee Service Share Based Compensation Nonvested Restricted Stock Awards Total Compensation Cost Not Yet Recognized | $ 70,980 | $ 70,980 | |||||||||
Employee Service Share Based Compensation Nonvested Restricted Awards Total Compensation Cost Not Yet Recognized Period For Recognition | 6 years 1 month 5 days | ||||||||||
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 | $ 34.42 |
Acquisitions (Detail)
Acquisitions (Detail) - USD ($) | 3 Months Ended | ||||
Jun. 30, 2016 | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Aug. 13, 2014 | |
Business Acquisition [Line Items] | |||||
Goodwill | $ 136,522,000 | $ 137,097,000 | $ 143,589,000 | ||
Business Acquisition, Contingent Consideration, at Fair Value | $ 0 | $ 8,012,000 | $ 13,286,000 | ||
Acquisition-related Costs [Member] | |||||
Business Acquisition [Line Items] | |||||
Payments to Acquire Businesses, Gross | $ 3,665,000 | ||||
Dolce Vita [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 5,000,000 |
Goodwill and Intangible Asset49
Goodwill and Intangible Assets (Detail) - (Table 1) $ in Thousands | 9 Months Ended |
Sep. 30, 2016USD ($) | |
Wholesale Footwear [Member] | |
Goodwill [Roll Forward] | |
Balance at January 1, 2012 | $ 73,018 |
Acquisition of SM Canada | 0 |
Goodwill, Purchase Accounting Adjustments | 0 |
Goodwill, Translation Adjustments | (289) |
Balance at June 30, 2012 | 72,729 |
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 | 14,755 |
Acquisition of SM Canada | 0 |
Goodwill, Purchase Accounting Adjustments | 0 |
Goodwill, Translation Adjustments | (286) |
Balance at June 30, 2012 | 14,469 |
Net Carrying Amount [Member] | |
Goodwill [Roll Forward] | |
Balance at January 1, 2012 | 137,097 |
Acquisition of SM Canada | 0 |
Goodwill, Purchase Accounting Adjustments | 0 |
Goodwill, Translation Adjustments | (575) |
Balance at June 30, 2012 | $ 136,522 |
Goodwill and Intangible Asset50
Goodwill and Intangible Assets (Detail) - (Table 2) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2016 | Mar. 31, 2016 | Sep. 30, 2015 | Mar. 31, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Loss on disposal of fixed assets | $ 0 | $ 0 | $ 3,045 | $ 0 | $ 3,045 | |
Re-acquired right [Member] | ||||||
Cost Basis | 35,200 | 35,200 | ||||
Accumulated amortization | 8,890 | 8,890 | ||||
Net Carrying Amount | 26,310 | $ 26,310 | ||||
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 | 193,886 | $ 193,886 | ||||
Accumulated amortization | 44,443 | 44,443 | ||||
Net Carrying Amount | 146,398 | 146,398 | ||||
Trade names [Member] | ||||||
Cost Basis | 4,590 | 4,590 | ||||
Accumulated amortization | 3,232 | 3,232 | ||||
Net Carrying Amount | 1,358 | $ 1,358 | ||||
Customer relationships [Member] | ||||||
Estimated Lives | 10 years | |||||
Cost Basis | 41,509 | $ 41,509 | ||||
Accumulated amortization | 20,351 | 20,351 | ||||
Net Carrying Amount | 21,158 | 21,158 | ||||
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 | 2,402 | 2,402 | ||||
Net Carrying Amount | 38 | $ 38 | ||||
Re-acquired right [Member] | ||||||
Estimated Lives | 2 years | |||||
Cost Basis | 4,200 | $ 4,200 | ||||
Accumulated amortization | 3,954 | 3,954 | ||||
Net Carrying Amount | 246 | $ 246 | ||||
Other [Member] | ||||||
Estimated Lives | 3 years | |||||
Cost Basis | 14 | $ 14 | ||||
Accumulated amortization | 14 | 14 | ||||
Net Carrying Amount | 0 | 0 | ||||
Total [Member] | ||||||
Cost Basis | 58,353 | 58,353 | ||||
Accumulated amortization | 35,553 | 35,553 | ||||
Net Carrying Amount | $ 22,800 | $ 22,800 | ||||
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 Asset51
Goodwill and Intangible Assets (Detail) - (Table 3) $ in Thousands | Sep. 30, 2016USD ($) |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
2013 (remaining nine months) | $ 1,342 |
2,014 | 3,219 |
2,015 | 3,088 |
2,016 | 3,017 |
2,017 | 2,232 |
Thereafter | 9,902 |
Total | $ 22,800 |
Derivative Instruments Derivati
Derivative Instruments Derivative Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Jun. 30, 2016 | |
Derivative Instruments [Abstract] | |||||
Foreign Currency Contract, Asset, Fair Value Disclosure | $ 160 | $ 160 | $ 160 | ||
Accumulated Unrealized Gain (Loss) on Cash Flow Hedging Instruments | 123 | $ 1,307 | 123 | $ 1,307 | |
Derivative Instruments, Gain (Loss) Recognized in Income, Net | $ 68 | $ 671 | $ 0 | $ 1 |
Operating Segment Information53
Operating Segment Information (Detail) - (Table 1) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
September 30, 2016 | |||||
Net sales to external customers | $ 408,384,000 | $ 413,462,000 | $ 1,063,143,000 | $ 1,060,989,000 | |
Gross profit | 154,508,000 | 148,771,000 | 391,755,000 | 376,295,000 | |
Commissions and licensing fees – net | 5,358,000 | 6,643,000 | 10,355,000 | 13,689,000 | |
Income from operations | 63,766,000 | 66,284,000 | 129,536,000 | 132,948,000 | |
Segment assets | 976,368,000 | 969,885,000 | 976,368,000 | 969,885,000 | $ 914,385,000 |
Capital expenditures | 4,493,000 | 5,072,000 | 12,908,000 | 13,524,000 | |
Wholesale Footwear [Member] | |||||
September 30, 2016 | |||||
Net sales to external customers | 268,159,000 | 276,446,000 | 692,505,000 | 698,380,000 | |
Gross profit | 90,550,000 | 86,774,000 | 221,328,000 | 210,908,000 | |
Commissions and licensing fees – net | 0 | 0 | 0 | 0 | |
Income from operations | 38,195,000 | 42,245,000 | 83,132,000 | 81,203,000 | |
Segment assets | 548,195,000 | 556,238,000 | 548,195,000 | 556,238,000 | |
Wholesale Accessories [Member] | |||||
September 30, 2016 | |||||
Net sales to external customers | 78,448,000 | 80,594,000 | 192,769,000 | 201,558,000 | |
Gross profit | 26,937,000 | 27,909,000 | 64,064,000 | 68,436,000 | |
Commissions and licensing fees – net | 0 | 0 | 0 | 0 | |
Income from operations | 17,931,000 | 15,730,000 | 31,745,000 | 31,814,000 | |
Segment assets | 209,329,000 | 204,411,000 | 209,329,000 | 204,411,000 | |
Total Wholesale [Member] | |||||
September 30, 2016 | |||||
Net sales to external customers | 346,607,000 | 357,040,000 | 885,274,000 | 899,938,000 | |
Gross profit | 117,487,000 | 114,683,000 | 285,392,000 | 279,344,000 | |
Commissions and licensing fees – net | 0 | 0 | 0 | 0 | |
Income from operations | 56,126,000 | 57,975,000 | 114,877,000 | 113,017,000 | |
Segment assets | 757,524,000 | 760,649,000 | 757,524,000 | 760,649,000 | |
Capital expenditures | 1,693,000 | 1,329,000 | 4,296,000 | 5,994,000 | |
Retail [Member] | |||||
September 30, 2016 | |||||
Net sales to external customers | 61,777,000 | 56,422,000 | 177,869,000 | 161,051,000 | |
Gross profit | 37,021,000 | 34,088,000 | 106,363,000 | 96,951,000 | |
Commissions and licensing fees – net | 0 | 0 | 0 | ||
Income from operations | 2,282,000 | 1,666,000 | 4,304,000 | 6,242,000 | |
Segment assets | 168,378,000 | 153,273,000 | 168,378,000 | 153,273,000 | |
Capital expenditures | 2,800,000 | 3,743,000 | 8,612,000 | 7,530,000 | |
First Cost Member | |||||
September 30, 2016 | |||||
Commissions and licensing fees – net | 2,424,000 | 3,479,000 | 3,929,000 | 6,192,000 | |
Income from operations | 2,424,000 | 3,479,000 | 3,929,000 | 6,192,000 | |
Segment assets | 50,466,000 | 55,963,000 | 50,466,000 | 55,963,000 | |
Capital expenditures | 0 | 0 | 0 | 0 | |
Licensing [Member] | |||||
September 30, 2016 | |||||
Commissions and licensing fees – net | 2,934,000 | 3,164,000 | 6,426,000 | 7,497,000 | |
Income from operations | 2,934,000 | 3,164,000 | 6,426,000 | 7,497,000 | |
Segment assets | 0 | 0 | 0 | 0 | |
Capital expenditures | 0 | 0 | 0 | 0 | |
Domestic [Member] | |||||
September 30, 2016 | |||||
Net sales to external customers | 360,619,000 | 368,080,000 | 957,359,000 | 953,151,000 | |
International [Member] | |||||
September 30, 2016 | |||||
Net sales to external customers | $ 47,765,000 | $ 45,382,000 | $ 105,784,000 | $ 107,838,000 |
Operating Segment Information54
Operating Segment Information (Detail) - (Table 2) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Segment Reporting Information [Line Items] | ||||
Domestic | $ 408,384 | $ 413,462 | $ 1,063,143 | $ 1,060,989 |
Geographical [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Domestic | 84,570 | 82,603 | 254,843 | 252,942 |
International [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Domestic | 47,765 | 45,382 | 105,784 | 107,838 |
Domestic [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Domestic | $ 360,619 | $ 368,080 | $ 957,359 | $ 953,151 |
Recent Accounting Pronounceme55
Recent Accounting Pronouncements Recent Accounting Pronouncements Table (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||||
Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Sep. 30, 2015 | Jun. 30, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Earnings Per Share, Diluted | $ 0.74 | $ 0.42 | $ 0.33 | $ 0.70 | $ 0.75 | $ 1.54 | $ 1.42 |
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | $ 64,513 | $ 36,436 | $ 29,704 | $ 65,389 | $ 66,140 | $ 130,653 | $ 133,221 |
Income Tax Expense (Benefit) | 20,810 | 11,659 | 9,505 | 22,298 | 21,164 | 38,212 | 45,428 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 43,703 | $ 24,777 | $ 20,199 | $ 43,091 | $ 44,976 | $ 92,441 | $ 87,793 |
Weighted Average Number of Shares Outstanding, Diluted | 59,329 | 59,174 | 59,770 | 61,060 | 59,474 | 59,772 | 61,516 |
Weighted Average Number of Shares Outstanding, Basic | 56,869 | 57,430 | 57,709 | 58,911 | 57,572 | 57,334 | 59,271 |
Weighted Average Number Diluted Shares Outstanding Adjustment | 2,460 | 1,744 | 2,061 | 2,149 | 1,902 | 2,438 | 2,245 |
Comprehensive (loss) income attributable to noncontrolling interests | $ (64) | $ 105 | $ 237 | $ 206 | $ 342 | $ 278 | $ 578 |
Net Income (Loss) Attributable to Parent | $ 43,767 | $ 24,672 | $ 19,962 | $ 42,885 | $ 44,634 | $ 92,163 | $ 87,215 |
Earnings Per Share, Basic | $ 0.77 | $ 0.43 | $ 0.35 | $ 0.73 | $ 0.78 | $ 1.61 | $ 1.47 |
Restatement Adjustment [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Earnings Per Share, Diluted | $ 0.41 | $ 0.39 | $ 0.81 | ||||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | $ 36,436 | $ 29,704 | $ 66,140 | ||||
Income Tax Expense (Benefit) | 11,594 | 5,808 | 17,402 | ||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 24,842 | $ 23,896 | $ 48,738 | ||||
Weighted Average Number of Shares Outstanding, Diluted | 59,739 | 60,253 | 59,998 | ||||
Weighted Average Number of Shares Outstanding, Basic | 57,430 | 57,709 | 57,572 | ||||
Weighted Average Number Diluted Shares Outstanding Adjustment | 2,309 | 2,544 | 2,426 | ||||
Comprehensive (loss) income attributable to noncontrolling interests | $ 105 | $ 237 | $ 342 | ||||
Net Income (Loss) Attributable to Parent | $ 24,737 | $ 23,659 | $ 48,396 | ||||
Earnings Per Share, Basic | $ 0.43 | $ 0.41 | $ 0.84 |