Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 27, 2017 | Jun. 30, 2016 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | STEVEN MADDEN, LTD. | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Common Stock, Shares Outstanding | 59,882,884 | ||
Entity Public Float | $ 2,074,695,648 | ||
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 | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 126,115 | $ 72,414 |
Accounts receivable, net of allowances of $1,622 and $2,306 | 56,790 | 43,173 |
Factor accounts receivable, net of allowances of $20,209 and $21,756 | 144,168 | 155,211 |
Inventories | 119,824 | 102,080 |
Marketable securities – available for sale | 39,495 | 32,424 |
Prepaid expenses and other current assets | 26,351 | 21,799 |
Prepaid taxes | 15,928 | 17,484 |
Deferred taxes | 13,985 | 14,392 |
Total current assets | 542,656 | 458,977 |
Note receivable – related party | 2,644 | 2,990 |
Property and equipment, net | 72,381 | 72,010 |
Deposits and other | 4,710 | 5,088 |
Marketable securities – available for sale | 70,559 | 88,465 |
Goodwill – net | 135,711 | 137,097 |
Intangibles – net | 144,386 | 149,758 |
Total Assets | 973,047 | 914,385 |
Current liabilities: | ||
Accounts payable | 80,584 | 79,790 |
Accrued expenses | 86,635 | 72,105 |
Contingent Consideration, Liability, Current Portion | 7,948 | 16,763 |
Business Combination, Contingent Consideration, Liability | 0 | 8,012 |
Accrued incentive compensation | 7,960 | 6,141 |
Total current liabilities | 183,127 | 174,799 |
Deferred rent | 14,578 | 12,013 |
Deferred taxes | 31,638 | 39,410 |
Other liabilities | 2,632 | 1,488 |
Total Liabilities | 231,975 | 235,722 |
Commitments, contingencies and other | ||
STOCKHOLDERS’ EQUITY | ||
Common stock – $.0001 par value, 135,000 shares authorized, 86,417 and 85,263 shares issued, 60,410 and 61,693 shares outstanding | 6 | 6 |
Additional paid-in capital | 353,443 | 325,548 |
Retained earnings | 1,017,753 | 896,842 |
Accumulated other comprehensive loss | (31,751) | (31,413) |
Treasury stock – 26,007 and 23,570 shares at cost | (598,584) | (512,579) |
Total Steven Madden, Ltd. stockholders’ equity | 740,867 | 678,404 |
Non-controlling interests | 205 | 259 |
Total stockholders’ equity | 741,072 | 678,663 |
Total Liabilities and Stockholders’ Equity | 973,047 | 914,385 |
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 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Allowances for Accounts Receivable (in dollars) | $ 1,622 | $ 2,306 |
Allowances for Due from Factors (in dollars) | $ 20,209 | $ 21,756 |
Preferred stock-issued | 0 | 0 |
Common stock par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 135,000,000 | 135,000,000 |
Common stock, shares issued | 86,417,000 | 85,263,000 |
Common stock, shares outstanding | 60,410,000 | 61,693,000 |
Treasury stock-shares at cost | 26,007,000 | 23,570,000 |
Preferred Class A [Member] | ||
Preferred stock-par value | $ 0.0001 | $ 0.0001 |
Preferred stock- shares authorized | 5,000,000 | 5,000,000 |
Preferred Class B [Member] | ||
Preferred stock-par value | $ 0.0001 | $ 0.0001 |
Preferred stock- shares authorized | 60,000 | 60,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Statement [Abstract] | |||
Net sales | $ 1,399,551 | $ 1,405,239 | $ 1,334,951 |
Cost of sales | 877,568 | 904,747 | 865,951 |
Gross profit | 521,983 | 500,492 | 469,000 |
Commission and licensing fee income – net | 11,884 | 16,647 | 13,723 |
Operating expenses | (364,691) | (342,446) | (315,081) |
Impairment charges | (3,045) | 0 | |
Goodwill, Impairment Loss | 0 | 3,045 | 0 |
Income from operations | 169,176 | 171,648 | 167,642 |
Interest income | 2,488 | 2,191 | 3,074 |
Other Nonoperating Income (Expense) | (664) | (1,373) | 677 |
Income before provision for income taxes | 171,000 | 172,466 | 171,393 |
Provision for income taxes | 49,726 | 58,811 | 58,764 |
Net income | 121,274 | 113,655 | 112,629 |
Net income attributable to non-controlling interests | (363) | (717) | (749) |
Net income attributable to Steven Madden, Ltd. | $ 120,911 | $ 112,938 | $ 111,880 |
Basic net income per share (in dollars per share) | $ 2.12 | $ 1.91 | $ 1.82 |
Diluted net income per share (in dollars per share) | $ 2.03 | $ 1.85 | $ 1.76 |
Basic weighted average common shares outstanding (in shares) | 57,109 | 58,997 | 61,451 |
Effect of dilutive securities – options/restricted stock (in shares) | 2,447 | 2,145 | 2,225 |
Diluted weighted average common shares outstanding (in shares) | 59,556 | 61,142 | 63,676 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | |||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ 120,573 | $ 94,277 | $ 105,805 |
Net income | 121,274 | 113,655 | 112,629 |
Other comprehensive income (loss): | |||
Foreign currency translation adjustment, Pre-tax | (2,147) | (18,734) | (6,238) |
Foreign currency translation adjustment, Tax | 0 | 0 | 0 |
Foreign currency translation adjustment, Net | (2,147) | (18,734) | (6,238) |
Gains on cash flow hedging derivatives, Pre-tax | 797 | 1,962 | (2,081) |
Gains on cash flow hedging derivatives, Tax | (291) | (716) | 803 |
Gains on cash flow hedging derivatives, Net | 506 | 1,246 | (1,278) |
Unrealized gain (loss) on marketable securities, Pre-tax | 2,052 | (1,847) | 2,362 |
Unrealized gain (loss) on marketable securities, Tax | (749) | 674 | (921) |
Unrealized gain (loss) on marketable securities, Net | 1,303 | (1,173) | 1,441 |
Unrealized Gain (Loss) on Cash Flow Hedging Instruments | 506 | 1,246 | (1,278) |
Total Other Comprehensive Income (Loss), Pre-tax | 702 | (18,619) | (5,957) |
Total Other Comprehensive Income (Loss), Tax | (1,040) | (42) | (118) |
Total Other Comprehensive Income(Loss), Net | (338) | (18,661) | (6,075) |
Comprehensive income | 120,936 | 94,994 | 106,554 |
Net Income (Loss) Attributable to Noncontrolling Interest | $ 363 | 717 | 749 |
Comprehensive income attributable to non-controlling interests | $ (717) | $ (749) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) | Total | Common Stock [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] | Stockholders' Equity, Total [Member] | Treasury Stock [Member] |
Accumulated other comprehensive loss | $ (6,677,000) | |||||
Treasury Stock, Shares | 15,605,000 | |||||
Treasury Stock, Value | $ (234,715,000) | |||||
Non-controlling interests | 323,000 | |||||
Common stock – $.0001 par value, 135,000 shares authorized, 86,417 and 85,263 shares issued, 60,410 and 61,693 shares outstanding | 7,000 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Additional paid-in capital | 247,858,000 | |||||
Retained earnings | $ 672,044,000 | |||||
Exercise of stock options (in Shares) | 340,000 | |||||
Exercise of stock options | $ 4,943,000 | $ 0 | ||||
Tax benefit from exercise of options | $ 2,978,000 | |||||
Issuance of fully vested restricted stock (in Shares) | 210,000 | |||||
Stock-based compensation | $ 19,260,000 | |||||
Unrealized holding gain on marketable securities net of taxes | 1,441,000 | |||||
Unrealized Gain (Loss) on Cash Flow Hedging Instruments | (1,278,000) | |||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (946,000) | |||||
Noncontrolling Interest, Increase from Business Combination | 128,000 | |||||
Net loss attributable to noncontrolling interests | 749,000 | |||||
Foreign currency translation adjustment | (6,238,000) | |||||
Net income | $ 112,629,000 | $ 111,880,000 | ||||
Balance (in Shares) at Dec. 31, 2013 | 67,336,000 | |||||
Balance (in Shares) at Dec. 31, 2014 | 63,625,000 | |||||
Balance at Dec. 31, 2013 | $ 678,840,000 | |||||
Balance at Dec. 31, 2014 | 669,529,000 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Stock Repurchased During Period, Shares | (4,261,000) | |||||
Payments for Repurchase of Common Stock | $ (142,228,000) | $ (142,227,000) | ||||
Payments for Repurchase of Common Stock | 1,000 | |||||
Accumulated other comprehensive loss | $ (12,752,000) | |||||
Treasury Stock, Shares | 19,866,000 | |||||
Treasury Stock, Value | $ (376,942,000) | |||||
Non-controlling interests | 274,000 | |||||
Common stock – $.0001 par value, 135,000 shares authorized, 86,417 and 85,263 shares issued, 60,410 and 61,693 shares outstanding | 6,000 | |||||
Noncontrolling Interest in Operating Partnerships | 148,000 | |||||
Additional paid-in capital | 275,039,000 | |||||
Retained earnings | 783,904,000 | |||||
Noncontrolling Interest in Operating Partnerships | $ (20,000) | |||||
Exercise of stock options (in Shares) | 1,460,000 | |||||
Exercise of stock options | $ 21,301,000 | |||||
Tax benefit from exercise of options | $ 10,510,000 | |||||
Issuance of fully vested restricted stock (in Shares) | 312,000 | |||||
Stock-based compensation | $ 18,698,000 | |||||
Unrealized holding gain on marketable securities net of taxes | (1,173,000) | |||||
Unrealized Gain (Loss) on Cash Flow Hedging Instruments | 1,246,000 | |||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (732,000) | |||||
Noncontrolling Interest, Increase from Business Combination | 0 | |||||
Net loss attributable to noncontrolling interests | 717,000 | |||||
Foreign currency translation adjustment | (18,734,000) | |||||
Net income | $ 113,655,000 | 112,938,000 | ||||
Balance (in Shares) at Dec. 31, 2015 | 61,693,000 | |||||
Balance at Dec. 31, 2015 | $ 678,663,000 | 678,663,000 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Stock Repurchased During Period, Shares | (3,704,000) | |||||
Payments for Repurchase of Common Stock | $ (135,637,000) | (135,637,000) | ||||
Payments for Repurchase of Common Stock | 0 | |||||
Accumulated other comprehensive loss | $ (31,413,000) | |||||
Treasury Stock, Shares | 23,570,000 | |||||
Treasury Stock, Value | $ (512,579,000) | |||||
Non-controlling interests | 259,000 | |||||
Common stock – $.0001 par value, 135,000 shares authorized, 86,417 and 85,263 shares issued, 60,410 and 61,693 shares outstanding | 6,000 | |||||
Additional paid-in capital | 325,548,000 | |||||
Retained earnings | $ 896,842,000 | |||||
Exercise of stock options (in Shares) | 746,000 | |||||
Exercise of stock options | $ 10,713,000 | |||||
Tax benefit from exercise of options | $ 5,000 | |||||
Issuance of fully vested restricted stock (in Shares) | 408,000 | |||||
Stock-based compensation | $ 19,509,000 | |||||
Payments to Acquire Businesses, Gross | $ (2,327,000) | |||||
Unrealized holding gain on marketable securities net of taxes | 1,303,000 | |||||
Unrealized Gain (Loss) on Cash Flow Hedging Instruments | 506,000 | |||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (417,000) | |||||
Net loss attributable to noncontrolling interests | 363,000 | |||||
Foreign currency translation adjustment | (2,147,000) | |||||
Net income | $ 121,274,000 | $ 120,911,000 | ||||
Balance (in Shares) at Dec. 31, 2016 | 60,410,000 | |||||
Balance at Dec. 31, 2016 | $ 741,072,000 | $ 741,072,000 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Stock Repurchased During Period, Shares | 2,437,000 | |||||
Payments for Repurchase of Common Stock | $ (86,005,000) | $ 86,005,000 | ||||
Payments for Repurchase of Common Stock | 0 | |||||
Accumulated other comprehensive loss | $ (31,751,000) | |||||
Treasury Stock, Shares | 26,007,000 | |||||
Treasury Stock, Value | $ (598,584,000) | |||||
Non-controlling interests | 205,000 | |||||
Common stock – $.0001 par value, 135,000 shares authorized, 86,417 and 85,263 shares issued, 60,410 and 61,693 shares outstanding | 6,000 | |||||
Additional paid-in capital | 353,443,000 | |||||
Retained earnings | $ 1,017,753,000 |
Consolidated Statements of Cha7
Consolidated Statements of Changes in Stockholders' Equity Consolidated Statements of Changes in Stockholders' Equity (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Unrealized holding gain on marketable securities-taxes | $ (749) | $ 674 | $ (921) |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | (291) | (716) | 803 |
Other Comprehensive Income (Loss), Tax | (1,040) | (42) | (118) |
Accumulated Other Comprehensive Income (Loss) [Member] | |||
Unrealized holding gain on marketable securities-taxes | 749 | (674) | 921 |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | 291 | $ 716 | $ (803) |
Other Comprehensive Income (Loss), Tax | $ (1,432) |
Condensed Consolidated Stateme8
Condensed Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from operating activities: | |||
Net income | $ 121,274,000 | $ 113,655,000 | $ 112,629,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Stock-based compensation | 19,509,000 | 18,698,000 | 19,260,000 |
Tax benefit from stock based compensation | 0 | (10,510,000) | (2,978,000) |
Depreciation and amortization | 21,102,000 | 20,757,000 | 15,077,000 |
Loss on disposal of fixed assets | 652,000 | 1,780,000 | 291,000 |
Goodwill, Impairment Loss | 0 | 3,045,000 | 0 |
Deferred taxes | (6,588,000) | 7,271,000 | 4,583,000 |
Accrued interest on note receivable – related party | (63) | (71) | (156) |
Increase (Decrease) in Accrued Interest Receivable, Net | 63,000 | 71,000 | 156,000 |
Repayment of Notes Receivable from Related Parties | 409,000 | 409,000 | 409,000 |
Deferred rent expense | 2,565,000 | 440,000 | 2,769,000 |
Loss (gain) on sale of marketable securities | 661,000 | (67,000) | (677,000) |
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | (425,000) | (5,576,000) | (2,139,000) |
Changes in: | |||
Accounts receivable | (13,617,000) | (11,071,000) | (144,000) |
Due from factor | 11,043,000 | 7,281,000 | 3,734,000 |
Inventories | (17,744,000) | (9,403,000) | (1,841,000) |
Prepaid expenses, prepaid taxes, deposits and other | (3,461,000) | 4,784,000 | (294,000) |
Accounts payable and accrued expenses | 15,324,000 | (8,643,000) | 3,777,000 |
Accrued incentive compensation | 1,819,000 | 468,000 | (1,910,000) |
Other liabilities | 1,144,000 | 2,716,000 | (61,000) |
Net cash provided by operating activities | 153,604,000 | 135,963,000 | 152,329,000 |
Cash flows from investing activities: | |||
Purchases of property and equipment | (15,897,000) | (19,459,000) | (18,341,000) |
Purchases of marketable securities | (40,451,000) | (48,891,000) | (137,348,000) |
Proceeds from Collection of Notes Receivable | 249,000 | 466,000 | 893,000 |
Maturity/sale of marketable securities | 52,215,000 | 43,353,000 | 128,663,000 |
Acquisitions | 0 | (9,129,000) | (81,885,000) |
Net cash used in investing activities | (3,884,000) | (33,660,000) | (108,018,000) |
Cash flows from financing activities: | |||
Proceeds from exercise of stock options | 10,713,000 | 21,301,000 | 4,943,000 |
Payments to Acquire Businesses, Gross | (3,759,000) | ||
Tax benefit from the exercise of options | 0 | 10,510,000 | 2,978,000 |
business combinations contingent liability payment | (16,402,000) | (6,270,000) | (8,475,000) |
Common stock purchased for treasury | (86,005,000) | (135,637,000) | (142,228,000) |
Net cash provided by financing activities | (95,453,000) | (110,096,000) | (142,782,000) |
Effect of Exchange Rate on Cash and Cash Equivalents | (566,000) | (1,243,000) | (354,000) |
Net decrease in cash and cash equivalents | 53,701,000 | (9,036,000) | (98,825,000) |
Cash and cash equivalents – beginning of period | 72,414,000 | 81,450,000 | 180,275,000 |
Cash and cash equivalents – end of period | 126,115,000 | 72,414,000 | 81,450,000 |
Cash paid during the year for: | |||
Interest | 520,000 | 469,000 | 211,000 |
Income taxes | $ 55,384,000 | $ 39,424,000 | $ 49,829,000 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Basis of Reporting [Abstract] | |
Significant Accounting Policies [Text Block] | [1] Organization: Steven Madden, Ltd. a Delaware corporation, and its subsidiaries, design, source, market and sell name brand and private label women's, men's and children's shoes, worldwide through its wholesale and retail channels under the Steve Madden Women's, Steve Madden Men's, Madden, Madden Girl, Steven, FREEBIRD by Steven, Superga (under license), Dolce Vita and Betsey Johnson brand names and through its wholesale channels under the Stevies, Report, B Brian Atwood, Mad Love and Blondo brand names. In addition, the Company designs, sources, markets and sells name brand and private label handbags and accessories to customers worldwide through its Wholesale Accessories segment, including the Big Buddha, Betsey Johnson, Madden Girl, Betseyville, Cejon, Steve Madden, Steven by Steve Madden, Luv Betsey and B Brian Atwood accessories brands. Revenue is generated predominantly through the sale of the Company's brand name and private label merchandise and certain licensed products. At December 31, 2016 and 2015 , the Company operated 189 (including four e-commerce websites) and 169 (including four e-commerce websites) retail stores, respectively. Revenue is subject to seasonal fluctuations. See Note O for operating segment information. [2] Principles of consolidation: The Consolidated Financial Statements include the accounts of Steven Madden, Ltd. and its wholly-owned subsidiaries Steven Madden Retail, Inc., Diva Acquisition Corp., Diva International, Inc., Madden Direct, Inc., Adesso Madden, Inc., Stevies, Inc., Daniel M. Friedman and Associates, Inc., Big Buddha, Inc., the Topline Corporation, Cejon, Inc., SML Holdings S.a.r.l., SML Canada Acquisition Corp., Madden International Ltd., DMF International Ltd., Asean Corporation Ltd., Dolce Vita Holdings, Inc., Trendy Imports S.A de C.V., Comercial Diecesiette S.A. de C.V., Maximus Designer Shoes S.A. de C.V., BA Brand Holdings LLC, BAI Holding, LLC and Mad Love LLC, a joint venture in which the Company acquired the remaining minority interest in 2016 (collectively the "Company"). The accounts of Dexascope Proprietary Ltd., a joint venture in South Africa in which the Company is the majority owner, BA Brand Holdings LLC, a joint venture in which the Company is the majority owner, and SPM Shoetrade Holding B.V., a joint venture in certain regions of Europe in which the Company is the majority owner, are included in the Consolidated Financial Statements with the other members' interests reflected in “Net (income) loss attributable to non-controlling interests” in the Consolidated Statements of Income and “Non-controlling interests” in the Consolidated Balance Sheets. All significant intercompany balances and transactions have been eliminated. Certain reclassifications were made to prior years' amounts to conform to the 2016 presentation. [3] Use of Estimates: The preparation of financial statements in conformity with U.S. Generally Accepted Accounting Principles ("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. Note A – Summary of Significant Accounting Policies (continued) [4] Cash equivalents: Cash equivalents at December 31, 2016 and 2015 amounted to approximately $3,309 and $2,242 , respectively, and consisted of money market accounts held primarily at three brokerage companies. The Company considers all highly liquid instruments with an original maturity of three months or less when purchased to be cash equivalents. [5] Marketable securities: Marketable securities consist primarily of certificates of deposit and corporate bonds with maturities greater than three months and up to three 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 years ended December 31, 2016 and 2015 , the amortization of bond premiums totaled $1,234 and $1,375 , respectively. The values of these securities may fluctuate as a result of changes in market interest rates and credit risk. The schedule of maturities at December 31, 2016 and 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 $ 11,527 $ 70,559 $ 11,240 $ 88,465 Certificates of deposit 27,968 — 21,184 — Total $ 39,495 $ 70,559 $ 32,424 $ 88,465 For the year ended December 31, 2016 , losses of $661 were reclassified from Accumulated Other Comprehensive Income and recognized in the Consolidated Statements of Income in Other Income as compared to gains of $67 for the year ended December 31, 2015 . At December 31, 2016 , current marketable securities included unrealized losses of $279 and long-term marketable securities included unrealized gains of $89 and unrealized losses of $118 . At December 31, 2015 , current marketable securities included unrealized losses of $530 and long-term marketable securities included unrealized gains of $52 and unrealized losses of $1,133 . [6] Inventories: Inventories, which consist of finished goods on hand and in transit, are stated at the lower of cost (first-in, first-out method) or market. [7] Property and equipment: Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is computed utilizing the straight-line method based on estimated useful lives ranging from three to ten years. Leasehold improvements are amortized utilizing the straight-line method over the shorter of their estimated useful lives or the remaining lease term. Impairment losses are recognized for long-lived assets, including definite-lived intangibles, used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are not sufficient to recover the assets' carrying amount. Impairment losses are measured by comparing the fair value of the assets to their carrying amount. [8] Goodwill and intangible assets: The Company's goodwill and indefinite lived intangible assets are not amortized, rather they are tested for impairment on an annual basis, or more often if events or circumstances change that could cause these assets to become impaired. Note A – Summary of Significant Accounting Policies (continued) During the first quarter of 2015, the Company recognized an impairment charge of $3,045 related to the Wild Pair trademark. The impairment was triggered by a loss of future anticipated cash flows. The Company completed its annual impairment tests on goodwill and its remaining intangible assets during the third quarter of 2016 , and no impairments were recognized. Goodwill and indefinite-lived intangible assets are assessed for impairment using either a qualitative or quantitative approach. Where we use the qualitative assessment, first we determine if, based on qualitative factors, it is more likely than not that an impairment exists. Factors considered include historical financial performance, macroeconomic and industry conditions and legal and regulatory environment. If the qualitative assessment indicates that it is more likely than not that an impairment exists, then a quantitative assessment is performed. The quantitative assessment requires an analysis of several estimates including future cash flows or income consistent with management’s strategic business plans, annual sales growth rates and the selection of assumptions underlying a discount rate (weighted average cost of capital) based on market data available at the time. The Company amortizes its intangible assets with definite useful lives over their estimated useful lives and reviews these assets for impairment. The Company is currently amortizing its acquired intangible assets with definite useful lives over periods typically from two to ten years using the straight-line method. [9] 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. Diluted net income per share reflects: a) the potential dilution assuming shares of common stock were issued upon the exercise of outstanding in-the-money options and the proceeds thereof were used to purchase shares of the Company’s common stock at the average market price during the period, and b) the vesting of granted nonvested restricted stock awards for which the assumed proceeds upon vesting are deemed to be the amount of compensation cost not yet recognized attributable to future services using the treasury stock method, to the extent dilutive. For the years ended December 31, 2016 , 2015 and 2014 , options to purchase approximately 374,000 , 26,000 and 290,000 shares of common stock, respectively, have been excluded in the calculation of diluted income per share as the result would have been anti-dilutive. For the years ended December 31, 2016 , 2015 and 2014 , all unvested restricted stock awards were dilutive. [10] Comprehensive Income: Comprehensive income is the total of net earnings and all other non-owner changes in equity. Comprehensive income for the Company includes net income, foreign currency translation adjustments, cash flow hedging and unrealized gains and losses on marketable securities. The accumulated balances for each component of other comprehensive loss attributable to the Company are as follows: 2016 2015 Currency translation adjustment $ (31,634 ) $ (29,487 ) Cash flow hedges, net of tax 191 (315 ) Unrealized loss on securities, net of tax (308 ) (1,611 ) Accumulated other comprehensive loss $ (31,751 ) $ (31,413 ) [11] Advertising costs: The Company expenses costs of print, radio and billboard advertisements as incurred. Advertising expenses included in operating expenses amounted to approximately $16,024 in 2016 , $14,892 in 2015 and $13,872 in 2014 . Note A – Summary of Significant Accounting Policies (continued) [12] Revenue Recognition: The Company recognizes revenue on wholesale sales when (i) products are shipped pursuant to its standard terms, which are freight on board (“FOB”) Company warehouse, or when products are delivered to the consolidators, or any other destination, as per the terms of the customers’ purchase order, (ii) persuasive evidence of an arrangement exists, (iii) the price is fixed and determinable and (iv) collection is reasonably assured. Sales reductions on wholesale sales for anticipated discounts, allowances and other deductions are recognized during the period when sales are recorded. With the exception of our cold weather accessories 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® and Madden Girl® 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. We license the Stevies® trademark for use in connection with the manufacture, marketing and sale of outerwear exclusively to Target. In addition, the Company licenses the Betsey Johnson® trademark for use in connection with the manufacture, marketing and sale of women's and children’s apparel, hosiery, swimwear, outerwear, sleepwear, activewear, jewelry, watches, bedding, luggage, stationary, umbrellas and household goods. The Company also 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 based on the higher of a minimum or a net sales percentage as defined in the various agreements. In addition, under the terms of retail selling agreements, most of the Company’s international distributors are required to pay the Company a royalty based on a percentage of net sales, in addition to a commission and a design fee on the purchases of the Company’s products. In substantially all of the Company’s license agreements, the minimum guaranteed royalty is earned and receivable on a quarterly basis. Licensing revenue is recognized on the basis of net sales reported by the licensees, or the minimum guaranteed royalties, if higher. [13] Taxes Collected From Customers: The Company accounts for certain taxes collected from its customers in accordance with the accounting guidance which permits companies to adopt a policy of presenting taxes in the income statement on either a gross basis (included in revenues and costs) or a net basis (excluded from revenues). Taxes within the scope of this accounting guidance would include taxes that are imposed on a revenue transaction between a seller and a customer, for example, sales taxes, use taxes, value-added taxes and some types of excise taxes. The Company records all taxes on a net basis. [14] 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 Consolidated Financial Statements as deductions to arrive at net sales. Note A – Summary of Significant Accounting Policies (continued) [15] Cost of Sales: All costs incurred to bring finished products to the Company’s distribution center or to the customers’ freight forwarder and, in the Retail segment, the costs to bring products to the Company’s stores, are included in the cost of sales line on the Consolidated Statements of Income. These include the cost of finished products, purchase commissions, letter of credit fees, brokerage fees, sample expenses, custom duty, inbound freight, royalty payments on licensed products, labels and product packaging. All warehouse and distribution costs related to the Wholesale segments and freight to customers, if any, are included in the operating expenses line item of the Company’s Consolidated Statements of Income. The Company’s gross margins may not be comparable to those of other companies in the industry because some companies may include warehouse and distribution costs, as well as other costs excluded from cost of sales by the Company, as a component of cost of sales, while other companies report on the same basis as the Company and include them in operating expenses. [16] Warehouse and shipping costs: The Company includes all warehouse and shipping costs for the Wholesale segment in the Operating Expenses line on the Consolidated Statements of Income. For the years ended December 31, 2016 , 2015 and 2014 , the total warehouse and distribution costs included in Operating Expenses were $27,079 , $24,176 and $21,030 respectively. Since the Company's standard terms of sales are “FOB Steve Madden warehouse,” the Company's wholesale customers absorb most shipping costs. Shipping costs to wholesale customers incurred by the Company are not considered significant and are included in the Operating Expense line in the Consolidated Statements of Income. [17] Employee benefit plan: The Company maintains a tax-qualified 401(k) plan which is available to each of the Company's eligible employees who elect to participate after meeting certain length-of-service requirements. The Company made discretionary matching contributions of 50% of employees' contributions up to a maximum of 6% of employees' compensation which vest to the employees over a period of time. Total matching contributions to the plan for 2016 , 2015 and 2014 were approximately $1,633 , $1,602 and $1,450 , respectively. [18] Derivative Instruments: The Company uses derivative instruments to manage its exposure to cash-flow variability from foreign currency risk. Derivatives are carried on the balance sheet at fair value and included in prepaid expenses and other current assets or accrued expenses. The Company applies cash flow hedge accounting for its derivative instruments. Net derivative gains and losses attributable to derivatives subject to cash flow hedge accounting reside in accumulated other comprehensive income (loss) and will be reclassified to earnings in future periods as the economic transactions to which the derivatives relate affect earnings. See Note K - Derivative Instruments. [19] Income Taxes: The provision for income taxes is computed using the asset and liability method, under which deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities, and for operating losses and tax credit carryforwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates that apply to taxable income in effect for the years in which those tax assets are expected to be realized or settled. The Company records a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits Note A – Summary of Significant Accounting Policies (continued) recognized in the financial statements from such positions are then measured based on the largest benefit that has a greater than 50% likelihood of being realized upon settlement. See Note M - Income Taxes. [20] Share-based Compensation: The Company recognizes expense related to share-based payment transactions in which it receives employee services in exchange for equity instruments of the Company. Share-based compensation cost for restricted stock units (“RSUs”) is measured based on the closing fair market value of the Company’s common stock on the date of grant. Share-based compensation cost for stock options is measured at the grant date, based on the fair-value as calculated by the Black- Scholes-Merton (“BSM”) option-pricing model. The BSM option-pricing model incorporates various assumptions including expected volatility, estimated expected life and interest rates. The Company recognizes share-based compensation cost over the award’s requisite service period. The Company recognizes a benefit from share-based compensation in the Consolidated Statements of Income if an incremental tax benefit is realized. See Note H - Stock- Based Compensation. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2016 | |
Acquisitions [Abstract] | |
Acqusitions | Acquisitions Schwartz & Benjamin, Inc. Subsequent to year end, in January 2017, the Company acquired all of the outstanding capital stock of Schwartz & Benjamin, Inc., B.D.S., Inc., Quinby Ridge Enterprises LLC and DANIELBARBARA Enterprises LLC (together, "Schwartz & Benjamin"). The purchase price payable to the Sellers in the acquisition consists of (i) $15,750 in cash paid at closing, subject to a post-closing working capital adjustment, plus (ii) a cash earn-out payment based on the performance of Schwartz & Benjamin in each of the next six years (beginning on February 1 and ending on January 31 of each year) equal to, in the case of earn-out years one through four, 40% of the EBITDA (as defined in the Purchase Agreement) of Schwartz & Benjamin and, in the case of earn-out years five and six, 75% of the EBITDA of Schwartz & Benjamin. The sum of $1,000 of the purchase price was deposited into escrow at closing to secure potential indemnification obligations of the Sellers. Founded in 1923, Schwartz & Benjamin specializes in the design, sourcing and sale of licensed and private label footwear and distributes its fashion footwear to wholesale customers, including better department stores and specialty boutiques, as well as the retail stores of its brand partners. Madlove, LLC In June 2016, the Company paid $3,759 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, Latvia, Lithuania, 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. Note B – Acquisitions (continued) Blondo On January 23, 2015 the Company acquired the trademarks and other intellectual property and related assets of Blondo, a fashion-oriented footwear brand specializing in waterproof leather boots, from Regence Footwear Inc. and 3074153 Canada Inc. for a purchase price of approximately $9,129 . The purchase price has been allocated as follows: Inventory $ 233 Other liabilities (308 ) Trademarks 7,196 Total fair value excluding goodwill 7,121 Goodwill 2,008 Net assets acquired $ 9,129 |
Due To and From Factor
Due To and From Factor | 12 Months Ended |
Dec. 31, 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”) that became effective on September 15, 2009. The agreement can be terminated by the Company or Rosenthal at any time upon 60 days prior written notice. Under the agreement, the Company can request advances from Rosenthal in amounts 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 December 31, 2016 , no borrowings or letters of credit were outstanding. As of December 31, 2015, there were borrowings of $0 and letters of credit of $337 were outstanding. The Company also pays Rosenthal a fee of 0.20% of the gross invoice amount submitted to Rosenthal. With respect to receivables related to the Company's private label business, the fee is 0.14% 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. Rosenthal services the collection of the Company's accounts receivable. Funds collected by Rosenthal are applied against advances owed to Rosenthal (if any), and the balance is due and payable to the Company, net of any fees. The allowance against “factor receivables” is a projected provision based on certain formulas and prior approvals for markdowns, allowances, discounts, advertising and other deductions that customers may deduct against their payments. |
Note Receivable - Related Party
Note Receivable - Related Party | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Note Receivable - Related Party | 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 Consolidated Financial Note D – Note Receivable – Related Party (continued) 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 December 31, 2016 has been discounted to reflect imputed interest, which will be amortized over the remaining life of the loan. For the years ended December 31, 2016, 2015 and 2014 the Company also recorded a charge in the amount of $409 for each year, respectively, to write-off the required one-tenth of the principal amount of the secured promissory note, which was partially offset by imputed interest income of $63 , $71 and $156 , respectively. |
Fair Value Measurement
Fair Value Measurement | 12 Months Ended |
Dec. 31, 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”) provides guidance for 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. The Company’s financial assets and liabilities, subject to fair value measurements, as of December 31, 2016 and 2015 are as follows: December 31, 2016 Fair Value Measurements Using Fair Value Hierarchy Fair value Level 1 Level 2 Level 3 Assets: Cash equivalents $ 3,309 $ 3,309 $ — $ — Current marketable securities – available for sale 39,495 39,495 — — Long-term marketable securities – available for sale 70,559 70,559 — — Forward contracts 191 — 191 — Total assets $ 113,554 $ 113,363 $ 191 $ — Liabilities: Contingent consideration $ 7,948 $ — $ — $ 7,948 Total liabilities $ 7,948 $ — $ — $ 7,948 Note E – Fair Value Measurement (continued) December 31, 2015 Fair Value Measurements Using Fair Value Hierarchy 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 — — Long-term marketable securities – available for sale 88,465 88,465 — — Total assets $ 123,131 $ 123,131 $ — $ — Liabilities: Contingent consideration 24,775 — — 24,775 Total liabilities $ 24,775 $ — $ — $ 24,775 The majority of our level 3 balances consist of contingent consideration related to various acquisitions. The changes in our level 3 liabilities for the years ended December 31, 2016 and 2015 are as follows: Balance at January 1, Payments Accrued Interest Acquisitions Change in estimate Foreign Currency Translation Balance at December 31, 2016 Liabilities: Contingent consideration $ 24,775 (16,402 ) (425 ) — $ 7,948 2015 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 denominated in foreign currencies. Fair value of these instruments are based on observable market transactions of spot and forward 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 will be due annually to the seller of SM Mexico based on the financial performance of SM Mexico for each of the twelve-month periods ending on December 31, 2015 and 2016, inclusive. The fair value of the contingent payments was estimated using the present value of management's projections of the financial results of SM Mexico during the earn-out period. The current portion of the earn-out due, based on the twelve-month period ending December 31, 2016, approximates the recorded value. An earn-out payment of $3,482 for the period ended December 31, 2015 was paid to the seller of SM Mexico in the first quarter of 2016. Note E – Fair Value Measurement (continued) 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 sellers of Dolce Vita, earn-out payments will be due annually to the sellers 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 earn-out payment of $1,019 for the period ended September 30, 2015 was paid to the sellers of Dolce Vita in the fourth quarter of 2015 . 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. A final earn-out payment of $8,355 for the period ended September 30, 2016 was paid to the sellers of Dolce Vita in the fourth quarter of 2016. The Company has recorded a liability for potential contingent consideration in connection with the February 21, 2012 acquisition of all of the assets of Steve Madden Canada Inc., Steve Madden Retail Canada Inc., Pasa Agency Inc. and Gelati Imports Inc. (collectively, “SM Canada”). Pursuant to the terms of an earn-out agreement between the Company and the seller of SM Canada, earn-out payments will be due annually to the seller of SM Canada based on the financial performance of SM Canada for each of the 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 2016 . 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 the capital stock of Cejon, Inc. and Cejon Accessories, Inc. and all of the outstanding membership interests in New East Designs, LLC (together, “Cejon”). Pursuant to the terms of an earn-out agreement between the Company and the sellers of Cejon, earn-out payments will be made annually to the sellers of Cejon, based on the financial performance of Cejon for each of the twelve-month periods ending on June 30, 2012 through 2016, inclusive. The fair value of the 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 in the third quarter of 2016 . Accounting guidance permits entities to choose to measure financial instruments and certain other items at fair value that are not currently required to be measured at fair value. The accounting guidance also establishes presentation and disclosure requirements designed to facilitate comparisons between entities that chose different measurement attributes for similar assets and liabilities. The Company has elected not to measure any eligible items at fair value. 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. |
Property and Equipment (Notes)
Property and Equipment (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
Property and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | Property and Equipment The major classes of assets and total accumulated depreciation and amortization are as follows: December 31, Average Useful Life 2016 2015 Land and building $ 767 $ 767 Leasehold improvements 79,165 76,844 Machinery and equipment 10 years 11,112 8,557 Furniture and fixtures 5 years 8,881 7,769 Computer equipment and software 3 to 5 years 57,855 50,861 157,780 144,798 Less accumulated depreciation and amortization (85,399 ) (72,788 ) Property and equipment - net $ 72,381 $ 72,010 Depreciation and amortization expense related to property and equipment included in operating expenses amounted to approximately $ 14,346 in 2016 , $ 13,237 in 2015 and $ 11,139 in 2014 . |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 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 December 31, 2016 and 2015 : Wholesale Net Carrying Footwear Accessories Retail Amount Balance at January 1, 2015 87,637 49,324 17,798 154,759 Acquisition of Blondo 2,008 — — 2,008 Purchase accounting adjustment (1) (14,665 ) — (1,916 ) (16,581 ) Translation and other (1,962 ) — (1,127 ) (3,089 ) Balance at December 31, 2015 73,018 49,324 14,755 137,097 Translation and other (757 ) — (629 ) (1,386 ) Balance at December 31, 2016 72,261 49,324 14,126 135,711 (1) Amount represents the final purchase price allocation of customer relationships related to the Dolce Vita acquisition originally recorded in goodwill, as well as the final purchase price allocation of customer relationships and re-acquired rights related to the SM Mexico acquisition originally recorded in goodwill. Note G – Goodwill and Intangible Assets (continued) The following table details identifiable intangible assets as of December 31, 2016 and 2015 : 2016 Estimated Lives Cost Basis Accumulated Amortization (1) Impairment (2) Net Carrying Amount Trade names 6–10 years $ 4,590 $ 3,335 $ — $ 1,255 Customer relationships 10 years 41,509 21,341 — 20,168 License agreements 3–6 years 5,600 5,600 — — Non-compete agreement 5 years 2,440 2,426 — 14 Re-acquired right 2 years 4,200 4,200 — — Other 3 years 14 14 — — 58,353 36,916 — 21,437 Re-acquired right indefinite 35,200 9,539 — 25,661 Trade names indefinite 100,333 — 3,045 97,288 $ 193,886 $ 46,455 $ 3,045 $ 144,386 (1) Includes the effect of foreign currency translation related primarily to the changes in 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. 2015 Estimated Lives Cost Basis Accumulated Amortization (1) Impairment (2) Net Carrying Amount Trade names 6–10 years $ 4,590 $ 2,921 $ — $ 1,669 Customer relationships 10 years 41,509 17,869 — 23,640 License agreements 3–6 years 5,600 5,600 — — Non-compete agreement 5 years 2,440 2,357 — 83 Re-acquired right 2 years 4,200 2,008 — 2,192 Other 3 years 14 14 — — 58,353 30,769 — 27,584 Re-acquired right indefinite 35,200 10,314 — 24,886 Trade names indefinite 100,333 — 3,045 97,288 $ 193,886 $ 41,083 $ 3,045 $ 149,758 (1) Includes the effect of foreign currency translation related primarily to the changes in 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. Note G – Goodwill and Intangible Assets (continued) The amortization of intangible assets amounted to $ 5,522 for 2016 , $ 6,145 for 2015 and $3,380 for 2014 and is included in operating expenses on the Company's Consolidated Statements of Income. The estimated future amortization expense for intangibles is as follows: 2017 $ 3,216 2018 3,085 2019 3,014 2020 2,230 2021 1,564 Thereafter 8,328 Total $ 21,437 |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation In March 2006, the Board of Directors of the Company 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 Company’s stockholders approved the Plan on May 26, 2006. The stockholders have subsequently approved successive amendments of the Plan, most recently on May 25, 2012, when the stockholders approved a third amendment to the Plan that increased the maximum number of shares that may be issued under the Plan to 23,466,000 . The following table summarizes the number of shares of common stock authorized for use under the Plan, the number of stock-based awards granted (net of expired or cancelled awards) under the Plan and the number of shares of common stock available for the grant of stock-based awards under the Plan: Common stock authorized 23,466,000 Stock-based awards, including restricted stock and stock options granted, net of expired or cancelled (20,315,000 ) Common stock available for grant of stock-based awards as of December 31, 2016 3,151,000 In accordance with accounting guidance relating to stock-based compensation, the Company records compensation for all awards to employees based on the fair value of options and restricted stock on the date of grant. Equity-based compensation is included in operating expenses on the Company's Consolidated Statements of Income. For the years ended December 31, 2016 , 2015 and 2014 , total equity-based compensation was as follows: Years Ended December 31, 2016 2015 2014 Restricted stock $ 16,494 $ 15,543 $ 15,007 Stock options 3,015 3,155 4,253 Total $ 19,509 $ 18,698 $ 19,260 For the years ended December 31, 2015 and 2014, the Company classified cash flows of $10,510 and $2,978 , respectively, resulting from the tax benefits from tax deductions in excess of the compensation costs recognized for those options (tax benefits) as financing cash flows. During the third quarter of 2016, the Company adopted 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 Note H – Stock-Based Compensation (continued) payments to employees (refer to Note Q). As a result of the adoption of ASU 2016-09, the Company classifies cash flows resulting from tax benefits as operating cash flows for the year ended December 31, 2016. For the year ended December 31, 2016 , the Company realized a tax benefit from stock-based compensation of $5,244 . Stock Options The total intrinsic value of options exercised during 2016 , 2015 and 2014 amounted to $ 16,983 , $ 12,433 and $ 6,351 respectively. During the years ended December 31, 2016 , 2015 and 2014 , 322,022 options with a weighted average exercise price of $32.37 , 455,528 options with a weighted average exercise price of $27.27 and 537,276 options with a weighted average exercise price of $ 21.19 vested, respectively. As of December 31, 2016 , there were unvested options relating to 596,982 shares of common stock with a total of $3,276 of unrecognized compensation cost and an average vesting period of 1.5 years. The Company uses the Black-Scholes-Merton 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 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: 2016 2015 2014 Volatility 22% to 26% 22% to 28% 27% to 32% Risk-free interest rate 0.86% to 1.90% 0.99% to 1.60% 1.06% to 1.80% Expected life in years 3 to 5 3 to 5 3 to 5 Dividend yield 0.00% 0.00% 0.00% Weighted average fair value $7.11 $8.81 $9.90 Activity relating to stock options granted under the Company’s plans and outside the plans during the three years ended December 31, 2016 is as follows: Note H – Stock-Based Compensation (continued) Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at January 1, 2014 3,373,000 $ 17.01 Granted 489,500 34.69 Exercised (340,000 ) 14.57 Expired/Forfeited (94,500 ) 28.77 Outstanding at December 31, 2014 3,428,000 19.48 Granted 69,000 36.59 Exercised (1,460,000 ) 14.59 Expired/Forfeited (21,000 ) 28.49 Outstanding at December 31, 2015 2,016,000 23.51 Granted 262,000 33.86 Exercised (746,000 ) 14.36 Expired/Forfeited (33,000 ) 30.59 Outstanding at December 31, 2016 1,499,000 $ 29.72 3.3 years $ 9,042 Exercisable at December 31, 2016 902,000 $ 27.02 2.5 years $ 7,873 The following table summarizes information about stock options at December 31, 2016 : Options Outstanding Options Exercisable Range of Exercise Price Number Outstanding Weighted Average Remaining Contractual Life (in Years) Weighted Average Exercise Price Number Exercisable Weighted Average Exercise Price $14.99 to $20.07 323,167 1.0 $17.34 323,167 $17.34 $21.17 to $26.95 7,750 2.4 23.95 7,750 23.95 $27.03 to $30.72 377,444 3.1 29.33 246,885 29.24 $31.35 to $36.59 722,133 4.3 34.72 296,293 34.76 $36.68 to $41.95 68,506 4.2 38.18 27,905 38.15 1,499,000 3.3 $29.72 902,000 $27.02 Note H – Stock-Based Compensation (continued) Restricted Stock The following table summarizes restricted stock activity during the three years ended December 31, 2016 : Number of Shares Weighted Average Fair Value at Grant Date Outstanding at January 1, 2014 4,257,000 $ 24.24 Granted 182,000 34.88 Vested (345,000 ) 24.11 Forfeited (27,000 ) 29.34 Outstanding at December 31, 2014 4,067,000 24.69 Granted 361,000 35.71 Vested (304,000 ) 23.24 Forfeited (69,000 ) 34.23 Outstanding at December 31, 2015 4,055,000 25.32 Granted 434,000 34.30 Vested (276,000 ) 30.28 Forfeited (22,000 ) 33.45 Outstanding at December 31, 2016 4,191,000 $ 25.93 As of December 31, 2016 , there was $69,606 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 period of 5.9 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. The fair value of the restricted stock that vested during the years ended December 31, 2016 , 2015 and 2014 was $9,758 , $6,980 and $8,317 , respectively. 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 equal annual installments over a six-year period commencing on December 31, 2018 and, thereafter, on each December 31 through December 31, 2023, subject to Mr. Madden’s continued employment on each such vesting date. 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. |
Preferred Stock (Notes)
Preferred Stock (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
Preferred Stock [Abstract] | |
Preferred Stock [Text Block] | Preferred Stock The Company has authorized 5,000,000 shares of preferred stock. The Board of Directors has designated 60,000 shares of such preferred stock as Series A Junior Participating Preferred Stock (“Series A Preferred”). Holders of the shares of Series A Preferred are entitled to dividends equal to 1,000 times dividends declared or paid on the Company's common stock. Each share of Series A Preferred entitles the holder to 1,000 votes on all matters submitted to the holders of common stock. The Series A Preferred has a liquidation preference of $ 1,000 per share, and is not redeemable by the Company. No shares of preferred stock have been issued. |
Share Repurchases (Notes)
Share Repurchases (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
Share Repurchase Program [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, most recently on February 22, 2016 when 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. The Share Repurchase Program permits the Company to effect repurchases from time to time through a combination of open market repurchases or in privately negotiated transactions at such prices and times as are determined to be in the best interest of the Company. During the twelve months ended December 31, 2016 , an aggregate of 2,141,823 shares of the Company's common stock was repurchased under the Share Repurchase Program, at an average price per share of $35.11 , for an aggregate purchase price of approximately $75,196 . As of December 31, 2016 , approximately $117,374 remained available for future repurchases under the Share Repurchase Program. The Steven Madden, Ltd. 2006 Stock Incentive Plan provides the Company with the right to deduct or withhold, or require employees to remit to the Company, an amount sufficient to satisfy any applicable tax withholding obligations applicable to stock-based compensation awards. To the extent permitted, employees may elect to satisfy all or part of such withholding obligations by tendering to the Company previously owned shares or by having the Company withhold shares having a fair market value equal to the minimum statutory tax withholding rate that could be imposed on the transaction. During the twelve months ended December 31, 2016 , an aggregate of 295,362 shares were withheld in connection with the settlement of vested restricted stock to satisfy tax withholding requirements, at an average price per share of $36.60 , for an aggregate purchase price of approximately 10,809 . |
Derivative Instruments (Notes)
Derivative Instruments (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments [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 forward foreign exchange contracts will be used to mitigate the impact of exchange rate fluctuations on forecasted purchases of inventory and are designated as cash flow hedging instruments. The Company enters into forward contracts with terms of no more than two years. As of December 31, 2016 , $191 of gains related to cash flow hedges are recorded in accumulated other comprehensive income, net of taxes and are expected to be recognized in earnings at the same time the hedged items affect earnings. As of December 31, 2016 , the fair value of the Company's foreign currency derivatives, which is included on the Consolidated Balance Sheet in other assets, was $273 . As of December 31, 2015 , $315 of losses related to cash flow hedges were recorded in accumulated other comprehensive income, net of taxes and were recognized in earnings at the same time the hedged items affected earnings. As of December 31, 2016 and 2015 , none of the Company's hedging activities were considered ineffective and thus no gains and losses relating to ineffectiveness on its hedging activities were recognized in the Consolidated Statements of Income. For the year ended December 31, 2016 losses of $472 were reclassified from accumulated other comprehensive income and recognized in the Consolidated Statements of Income in cost of sales as compared to losses of $2,353 for the year ended December 31, 2015 . |
Operating Leases (Notes)
Operating Leases (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
Operating Leases [Abstract] | |
Leases of Lessee Disclosure [Text Block] | Operating Leases The Company leases office, showroom, warehouse and retail facilities under noncancelable operating leases with terms expiring at various times through 2026. Future minimum annual lease payments under noncancelable operating leases consist of the following at December 31: 2017 $ 41,281 2018 37,798 2019 35,236 2020 33,703 2021 29,209 Thereafter 71,031 Total $ 248,258 A majority of the retail store leases provide for contingent rental payments if gross sales exceed certain targets. In addition, many of the leases contain rent escalation clauses to compensate for increases in operating costs and real estate taxes. Rent expense for the years ended December 31, 2016 , 2015 and 2014 was approximately $ 52,294 , $ 47,710 and $ 43,608 , respectively. Included in such amounts are contingent rents of $ 238 , $ 157 and $ 84 in 2016 , 2015 and 2014 , respectively. Rent expense is calculated by amortizing total base rental payments (net of any rental abatements, construction allowances and other rental concessions), on a straight-line basis, over the lease term. Accordingly, rent expense charged to operations differs from rent paid resulting in the Company recording deferred rent. |
Income Taxes (Notes)
Income Taxes (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The components of income before income taxes are as follows: 2016 2015 2014 Domestic $ 110,526 $ 81,785 $ 85,988 Foreign 60,474 90,681 85,405 $ 171,000 $ 172,466 $ 171,393 The income tax provision (benefit) consists of the following: 2016 2015 2014 Current: Federal $ 47,655 $ 24,838 $ 29,933 State and local 6,063 4,136 4,244 Foreign 3,270 13,960 15,167 56,988 42,934 49,344 Deferred: Federal (7,050 ) 16,976 10,229 State and local 153 1,961 (2,014 ) Foreign (365 ) (3,060 ) 1,205 (7,262 ) 15,877 9,420 $ 49,726 $ 58,811 $ 58,764 Note M - Income Taxes (continued) A reconciliation between taxes computed at the federal statutory rate and the effective tax rate is as follows: December 31, 2016 2015 2014 Income taxes at federal statutory rate 35.0 % 35.0 % 35.0 % Effects of foreign operations (5.3 ) (3.6 ) (2.7 ) Stock-based compensation (3.0 ) — — State and local income taxes - net of federal income tax benefit 2.0 1.7 1.1 Nondeductible items 0.2 0.1 0.2 Valuation allowance (reversal) — — (0.1 ) Other 0.2 0.9 0.8 Effective rate 29.1 % 34.1 % 34.3 % The Company applies the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that are expected to be in effect when the differences are expected to reverse. In accordance with accounting guidance, the Company has opted to classify interest and penalties that would accrue according to the provisions of relevant tax law as income tax expense on the Consolidated Statements of Income. The Company determines the amount of interest expense to be recognized by applying the applicable statutory rate of interest to the difference between the tax position recognized and the amount previously taken or expected to be taken on a tax return. The Company's tax years 2013 through 2016 remain open to examination by most taxing authorities. During 2016, the U.S. Internal Revenue Service ("IRS") commenced an audit of the Company's 2014 U.S. income tax return. As of December 31, 2016 the audit remains open and the Company is working with the IRS on open matters. Management believes that adequate provisions have been made for any adjustments that may result from the audit. The Company does not have any material unrecognized tax benefits recorded as of December 31, 2016 and 2015. Note M - Income Taxes (continued) The components of deferred tax assets and liabilities are as follows: December 31, 2016 2015 Current deferred tax assets (liabilities): Receivable allowances $ 8,800 $ 7,932 Inventory 2,202 2,237 Unrealized loss — 1,096 Accrued expenses 751 796 Other 2,232 2,331 Gross current deferred tax assets 13,985 14,392 Non-current deferred tax assets (liabilities) Depreciation and amortization (19,264 ) (16,045 ) Deferred compensation 17,569 14,936 Unremitted earnings of foreign subsidiaries (31,262 ) (39,494 ) Deferred rent 5,327 4,585 Amortization of goodwill (6,640 ) (3,749 ) Unrealized loss 177 (80 ) Net carryforwards 1,172 — Other 1,283 437 (31,638 ) (39,410 ) Net deferred tax (liabilities) $ (17,653 ) $ (25,018 ) The Company's consolidated financial statements provide for any related tax liability on amounts that may be repatriated from foreign operations, aside from undistributed earnings of certain of the Company's foreign subsidiaries that are intended to be indefinitely reinvested in operations outside the U.S. The deferred tax liability of $31,262 and $39,494 for the years ended December 31, 2016 and 2015 , respectively, reflects the amounts that may be repatriated from foreign operations. The total amount of indefinitely reinvested earnings of foreign subsidiaries as of December 31, 2016 and 2015 was $134,249 and $ 85,147 , respectively. Accordingly, no provision has been made for United States income taxes that may become payable if those undistributed earnings of foreign subsidiaries are paid as dividends. If such amounts were not indefinitely reinvested, the Company would incur approximately $26,615 in taxes that were not previously provided for in our consolidated statements of income. |
Commitments, Contingencies and
Commitments, Contingencies and Other | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Contingencies and Other | Commitments, Contingencies and Other [1] Legal Proceedings: (a) On August 10, 2005, following the conclusion of an audit of the Company conducted by auditors for U.S. Customs and Border Protection (“U.S. Customs”) during 2004 and 2005, U.S. Customs issued a report that asserts that certain commissions that the Company treated as “buying agents’ commissions” (which are non-dutiable) should be treated as “selling agents’ commissions” and hence are dutiable. Subsequently, U.S. Immigration and Customs Enforcement notified the Company’s legal counsel that a formal investigation of the Company’s importing practices had been commenced as a result of the audit. In September 2007, U.S. Customs notified the Company that it had finalized its assessment of the underpaid duties at $1,400 . The Company, with the advice of legal counsel, evaluated the liability Note N – Commitments, Contingencies and Other (continued) in the case, including additional duties, interest and penalties, and believed that it was not likely to exceed $3,050 , and accordingly, a liability for this amount was recorded as of December 31, 2009. The Company contested the conclusions of the U.S. Customs audit and filed a request for review and issuance of rulings thereon by U.S. Customs Headquarters, of Regulations and Rulings, under internal advice procedures. On September 20, 2010, U.S. Customs issued a ruling in the matter, concluding that the commissions paid by the Company pursuant to buying agreements entered into by the Company and one of its two buying agents under review were bona fide buying-agent commissions and, therefore, were non-dutiable. With respect to the second buying agent, U.S. Customs also ruled that beginning in February 2002, commissions paid by the Company were bona fide buying agent commissions and, therefore, were non-dutiable. However, U.S. Customs found that the Company’s pre-2002 buying agreements with the second agent were legally insufficient to substantiate a buyer-buyer’s agent relationship between the Company and the agent and that commissions paid to the second agent under such buying agreements, in fact, were dutiable. On the basis of the U.S. Customs ruling, the Company reevaluated the liability in the case and believes that it is not likely to exceed $1,248 and the liability was reduced from $3,050 to such amount as of September 30, 2010. On November 21, 2011, U.S. Customs issued a pre-penalty notice to the Company in which it alleges that gross negligence by the Company resulted in an underpayment of duties with respect to certain pre-2002 buying agreements and claims that the Company owes $342 as an additional duty and $1,367 in monetary penalties. In its February 16, 2012 response to the pre-penalty notice, the Company submitted that it owes no additional duty and, further, did not through negligence or gross negligence fail to pay any duty or engage in conduct amounting to either gross negligence or negligence. The Company requested that U.S. Customs withdraw its proposal to issue a notice of penalty and take no further adverse action against the Company. In the event that U.S. Customs is not inclined to withdraw the pre-penalty notice after review of the Company’s response, the Company has requested the opportunity to make an oral presentation to U.S. Customs prior to the issuance of a notice of penalty. On June 26, 2014, the Company’s counsel met with U.S. Customs officials and, following the meeting, counsel submitted to U.S Customs a letter and the Company’s check in the amount of $342 , representing the Company’s Offer in Compromise of the proposed government claim. The Offer in Compromise was filed without any admission or acceptance by the Company with respect to the proposed claim. In the event that U.S. Customs determines to issue a notice of penalty, the Company intends to file a petition for relief requesting a reduction of the level of culpability and mitigation of the penalty amount assessed. The maximum total amount of damages, including penalty, related to this matter is approximately $1,700 for which the Company has accrued $1,248 . (b) 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. [2] Employment agreements: Robert Schmertz. On June 4, 2015, Robert Schmertz, the Company's Brand Director, submitted his resignation of employment to the Company effective immediately. A separation agreement dated June 4, 2015 between Mr. Schmertz and the Company provides to Mr. Schmertz, among other things, a severance of $381 , which was paid to him at regular intervals from the date of his resignation through December 31, 2016. Edward R. Rosenfeld. On December 31, 2015, the Company entered into a new employment agreement with Edward R. Rosenfeld, the Company's Chief Executive Officer and the Chairman of the Board of Directors, to replace an existing employment agreement that expired on December 31, 2015. The agreement, which expires on December 31, 2018, provides for an annual salary of $ 800 through December 31, 2016, $ 850 in 2017 and $ 900 in 2018. In addition, pursuant to his new employment agreement, on December 31, 2015, Mr. Rosenfeld received a grant of 75,000 shares of the Company's common stock subject to certain restrictions and, on February 5, 2016, a further grant of 75,000 shares of the Company's common stock subject to certain restrictions. The restricted shares received by Mr. Rosenfeld on December 31, 2015 and February 5, 2016 were issued under the Company's 2006 Stock Incentive Plan, as amended, and will vest Note N – Commitments, Contingencies and Other (continued) in equal annual installments over a five -year period commencing on December 1, 2016 and March 5, 2017, respectively. Additional compensation and bonuses, if any, are at the sole discretion of the Board of Directors. Steven Madden. On January 3, 2012, the Company and its Creative and Design Chief, Steven Madden, entered into an amendment, dated as of December 31, 2011, to Mr. Madden's existing employment agreement with the Company (the “Amended Madden Agreement”). The Amended Madden Agreement, which extends the term of Mr. Madden's employment through December 31, 2023, provides for an annual base salary of approximately $ 9,667 in 2014, approximately $ 11,917 in 2015 and approximately $ 10,698 in 2016 and in each year thereafter through the end of the term of employment. Effective in 2012, the Amended Madden Agreement eliminates the annual cash bonuses payable to Mr. Madden based on EBITDA and the annual cash bonus in relation to new business contained in Mr. Madden's previously existing employment agreement and provides that all future cash bonuses will be at the sole discretion of the Company's Board of Directors. Further, the Amended Madden Agreement eliminates the annual non-accountable expense allowance of up to $ 200 provided to Mr. Madden under the previously existing employment agreement. Pursuant to the Amended Madden Agreement, on February 8, 2012, Mr. Madden was granted 1,463,056 restricted shares of the Company's common stock valued at approximately $ 40,000 , which will vest in equal annual installments over seven years commencing on December 31, 2017 through December 31, 2023, subject to Mr. Madden's continued employment with the Company on each such vesting date. Pursuant to the Amended Madden Agreement, on June 30, 2012, Mr. Madden exercised his right to receive an additional restricted stock award and, on July 3, 2012, was granted 1,893,342 restricted shares of the Company's common stock, which will vest in the same manner as the February 8, 2012 grant. As consideration for the additional restricted stock grant, Mr. Madden's annual base salary in years subsequent to 2012 have been reduced as follows: approximately $ 6,125 in 2014, approximately $ 8,250 in 2015 and approximately $ 7,026 in 2016 and in each year thereafter through the end of the term of employment. In addition to the opportunity for discretionary cash bonuses, the Amended Madden Agreement entitles Mr. Madden to an annual life insurance premium reimbursement of up to $ 200 , as well as an annual stock option grant and the potential for an additional one-time stock option grant based upon achievement of certain financial performance criteria. The Amended Madden Agreement also provides for the elimination of interest accrued after December 31, 2011 on an outstanding loan in the original principal amount of $ 3,000 made by the Company to Mr. Madden, the extension of the maturity date of such loan until December 31, 2023, and the forgiveness of 1/10th of the principal amount of the loan, together with accrued interest, annually over a ten-year period commencing on December 31, 2014 for so long as Mr. Madden continues to be employed by the Company on each such December 31st. Arvind Dharia. On February 2, 2015, the Company and its Chief Financial Officer, Arvind Dharia, entered into an amendment of Mr. Dharia's existing employment agreement. The amendment, among other things, extends the term of Mr. Dharia's employment agreement until December 31, 2017 and increases his annual base salary to $ 582 effective January 1, 2015 through the remainder of the term. Pursuant to the amendment, on February 2, 2015, Mr. Dharia received a restricted stock award of 15,000 restricted shares of the Company's common stock, which will vest in substantially equal annual installments over a five -year period commencing on February 2, 2016 through February 2, 2020. The agreement, as amended, provides for an annual bonus to Mr. Dharia at the discretion of the Board of Directors. Amelia Newton Varela. On December 30, 2016, the Company entered into a new employment agreement with Amelia Newton Varela, the Company’s President and a member of the Board of Directors of the Company, to replace an existing employment agreement that expired on December 31, 2016. The agreement, which expires on December 31, 2019, provides for an annual salary of $630 through December 31, 2017, $650 in 2018 and $670 in 2019. In addition, pursuant to her new employment agreement, on January 3, 2017, Ms. Varela was granted an option to purchase 100,000 shares of the Company's common stock at an exercise price of $35.75 . The option, which was granted under the Company’s 2006 Stock Incentive Plan, as amended, will vest in four equal annual installments on each anniversary of the date of grant, commencing on January 3, 2018. The agreement provides to Ms. Varela the opportunity for an annual performance-based bonus for the fiscal years ended December 31, 2017, 2018 and 2019. Awadhesh Sinha. On December 30, 2016, the Company entered into a new employment agreement with Awadhesh Sinha, the Company's Chief Operating Officer, to replace an existing employment agreement that expired at the end of 2016. The new agreement, which remains in effect until December 31, 2019, provides for an annual salary of $ 681 , $ 702 , and Note N – Commitments, Contingencies and Other (continued) $ 723 for the three years ended December 31, 2017, 2018, and 2019 and provides to Mr. Sinha the opportunity for annual cash and share based incentive bonuses. In addition, pursuant to his new employment agreement, on January 3, 2017, Mr. Sinha received a grant of 28,169 shares of the Company's common stock subject to certain restrictions. The restricted shares received by Mr. Sinha were issued under the Company's 2006 Stock Incentive Plan, as amended, and will vest in equal annual installments over a three -year period on each of December 15, 2017, December 15, 2018, and December 15, 2019. Karla Frieders. On September 4, 2015, the Company entered into a new employment agreement with Karla Frieders in connection with Ms. Frieders' appointment to the newly-created position of Chief Merchandising Officer of the Company. The agreement, which remains in effect until February 28, 2017, provides to Ms. Frieders an annual salary of $440 throughout the term of the agreement and an annual performance-based bonus for the fiscal years ending December 31, 2015 and 2016 in an amount to be determined at the discretion of the Company. Michael Paradise. On April 5, 2016, the Company entered into a new employment agreement with Michael Paradise, the Company's Executive Vice President - Legal Counsel. The agreement, which remains in effect until December 31, 2018, provides to Mr. Paradise an annual salary of $400 subject to periodic increases as determined by the Board of Directors, and an annual performance-based bonus for the fiscal years ending December 31, 2016, December 31, 2017 and December 31, 2018 in an amount to be determined at the discretion of the Company. The agreement also provides Mr. Paradise with a signing bonus in the amount of $250 . In addition, pursuant to his employment agreement, on June 1, 2016, Mr. Paradise received a grant of 7,217 shares of the Company's common stock subject to certain restrictions. The restricted shares received by Mr. Paradise were issued under the Company's 2006 Stock Incentive Plan, as amended, and will vest in equal annual installments over a four -year period on each of June 1, 2017, June 1, 2018, June 1, 2019 and June 1, 2020. [3] Letters of credit: At December 31, 2016 , the Company had no open letters of credit for the purchase of imported merchandise. [4] License agreements: On March 1, 2014, the Company entered into a license agreement with ABG Juicy Couture, LLC, under which the Company has the right to use the Juicy Couture® trademark in connection with the sale and marketing of women's footwear. The agreement requires the Company to pay the licensor a royalty equal to a percentage of net sales and a minimum royalty in the event that specified net sales targets are not achieved. The initial term of the agreement is effective through December 31, 2018. Subsequently, in February 2017, the initial agreement was amended to terminate, effective as of December 31, 2016. On February 9, 2011, the Company entered into a license agreement with Basic Properties America Inc. and BasicNet S.p.A, under which the Company has the right to use the Superga® trademark in connection with the sale and marketing of women's footwear. The agreement requires the Company to pay the licensor a royalty equal to a percentage of net sales and a minimum royalty in the event that specified net sales targets are not achieved. The agreement was amended on April 11, 2013 to extend the term of the agreement through December 31, 2022. Future minimum royalty payments are $1,270 for 2017 and $1,000 per year for years 2018 through 2022. Royalty expenses are included in the “cost of goods sold” section of the Company's Consolidated Statements of Income. [5] Related Party Transactions: On February 23, 2012, the Company entered into an agreement (the "2012 Consulting Agreement") with JLM Consultants, Inc., a company wholly-owned by John Madden, now deceased, formerly a director of the Company and the brother of Steven Madden, the Company's founder and Creative and Design Chief. The 2012 Consulting Agreement, replaced an Note N – Commitments, Contingencies and Other (continued) earlier consulting agreement between the Company and JLM Consultants, Inc. that had expired by its terms on December 31, 2005 but under which JLM Consultants, Inc. had continued to provide consulting services for the consideration provided therein. Under the 2012 Consulting Agreement, John Madden and JLM Consultants, Inc. provided consulting services to the Company with respect to the development of international sales of the Company. As a result of the passing of Mr. Madden on October 26, 2015, the 2012 Consulting Agreement terminated and the consulting services formerly provided by Mr. Madden and JLM Consultants under the 2012 Consulting Agreement are now being performed by employees of the Company. JLM Consultants, Inc. received no fees during 2016 and received fees and expenses of $ 1,373 and $ 1,240 in 2015 and 2014 , respectively, pursuant to the 2012 Consulting Agreement. Subsequent to 2011, Mr. Madden no longer received fees for his service as a director of the Company. [6] Concentrations: The Company maintains cash and cash equivalents with various major financial institutions which at times are in excess of the amount insured. In addition, the Company's marketable securities are principally held at three brokerage companies . During the year ended December 31, 2016 , the Company did not purchase more than 10% of its merchandise from any single supplier. Total product purchases from China for the year ended December 31, 2016 were approximately 87% . During the year ended December 31, 2015 , the Company did not purchase more than 10% of its merchandise from any single supplier. Total product purchases from China for the year ended December 31, 2015 were approximately 90% . During the year ended December 31, 2014 , the Company did not purchase more than 10% of its merchandise from any single supplier. Total product purchases from China for the year ended December 31, 2014 were approximately 89% . For the year ended December 31, 2016 , Target, Inc. represented 12.0% of net sales and 16.9% of total accounts receivable. The Company did not have any other customers who accounted for more than 10% of total net sales or 10% of total accounts receivable. For the year ended December 31, 2015 , Target, Inc. represented 12.2% of net sales and 16.7% of total accounts receivable. The Company did not have any other customers who accounted for more than 10% of total net sales or 10% of total accounts receivable. For the year ended December 31, 2014 , Target, Inc. represented 10.5% of net sales and 12.8% of total accounts receivable. The Company did not have any customers who accounted for more than 10% of total net sales or 10% of total accounts receivable. Purchases are made primarily in United States dollars. [7] Valuation and qualifying accounts: The following is a summary of the allowance for chargebacks and doubtful accounts related to accounts receivable and the allowance for chargebacks related to the amount due from factor: Note N – Commitments, Contingencies and Other (continued) Balance at Beginning of Year Additions Deductions Balance at End of Year Year ended December 31, 2016 Allowance for doubtful accounts $ 200 $ 5 $ 61 $ 144 Allowance for chargebacks 19,040 67,649 67,551 19,138 Returns 4,822 5,169 7,442 2,549 Year ended December 31, 2015 Allowance for doubtful accounts 203 162 165 200 Allowance for chargebacks 18,199 76,085 75,244 19,040 Returns* 5,160 5,868 6,206 4,822 Year ended December 31, 2014 Allowance for doubtful accounts 119 234 150 203 Allowance for chargebacks 17,040 52,265 51,106 18,199 Returns* $ 3,253 $ 5,648 $ 3,741 $ 5,160 * The return reserve does not take into consideration the Company's ability to resell returned products. |
Legal Matters and Contingencies [Text Block] | [1] Legal Proceedings: (a) On August 10, 2005, following the conclusion of an audit of the Company conducted by auditors for U.S. Customs and Border Protection (“U.S. Customs”) during 2004 and 2005, U.S. Customs issued a report that asserts that certain commissions that the Company treated as “buying agents’ commissions” (which are non-dutiable) should be treated as “selling agents’ commissions” and hence are dutiable. Subsequently, U.S. Immigration and Customs Enforcement notified the Company’s legal counsel that a formal investigation of the Company’s importing practices had been commenced as a result of the audit. In September 2007, U.S. Customs notified the Company that it had finalized its assessment of the underpaid duties at $1,400 . The Company, with the advice of legal counsel, evaluated the liability Note N – Commitments, Contingencies and Other (continued) in the case, including additional duties, interest and penalties, and believed that it was not likely to exceed $3,050 , and accordingly, a liability for this amount was recorded as of December 31, 2009. The Company contested the conclusions of the U.S. Customs audit and filed a request for review and issuance of rulings thereon by U.S. Customs Headquarters, of Regulations and Rulings, under internal advice procedures. On September 20, 2010, U.S. Customs issued a ruling in the matter, concluding that the commissions paid by the Company pursuant to buying agreements entered into by the Company and one of its two buying agents under review were bona fide buying-agent commissions and, therefore, were non-dutiable. With respect to the second buying agent, U.S. Customs also ruled that beginning in February 2002, commissions paid by the Company were bona fide buying agent commissions and, therefore, were non-dutiable. However, U.S. Customs found that the Company’s pre-2002 buying agreements with the second agent were legally insufficient to substantiate a buyer-buyer’s agent relationship between the Company and the agent and that commissions paid to the second agent under such buying agreements, in fact, were dutiable. On the basis of the U.S. Customs ruling, the Company reevaluated the liability in the case and believes that it is not likely to exceed $1,248 and the liability was reduced from $3,050 to such amount as of September 30, 2010. On November 21, 2011, U.S. Customs issued a pre-penalty notice to the Company in which it alleges that gross negligence by the Company resulted in an underpayment of duties with respect to certain pre-2002 buying agreements and claims that the Company owes $342 as an additional duty and $1,367 in monetary penalties. In its February 16, 2012 response to the pre-penalty notice, the Company submitted that it owes no additional duty and, further, did not through negligence or gross negligence fail to pay any duty or engage in conduct amounting to either gross negligence or negligence. The Company requested that U.S. Customs withdraw its proposal to issue a notice of penalty and take no further adverse action against the Company. In the event that U.S. Customs is not inclined to withdraw the pre-penalty notice after review of the Company’s response, the Company has requested the opportunity to make an oral presentation to U.S. Customs prior to the issuance of a notice of penalty. On June 26, 2014, the Company’s counsel met with U.S. Customs officials and, following the meeting, counsel submitted to U.S Customs a letter and the Company’s check in the amount of $342 , representing the Company’s Offer in Compromise of the proposed government claim. The Offer in Compromise was filed without any admission or acceptance by the Company with respect to the proposed claim. In the event that U.S. Customs determines to issue a notice of penalty, the Company intends to file a petition for relief requesting a reduction of the level of culpability and mitigation of the penalty amount assessed. The maximum total amount of damages, including penalty, related to this matter is approximately $1,700 for which the Company has accrued $1,248 . (b) 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 | 12 Months Ended |
Dec. 31, 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, Latvia, Lithuania, 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® and Madden Girl® 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. We license the Stevies® trademark for use in connection with the manufacture, marketing and sale of outerwear exclusively to Target. In addition, this segment licenses the Betsey Johnson® trademark for use in connection with the manufacture, marketing and sale of women's and children’s apparel, hosiery, swimwear, outerwear, sleepwear, activewear, jewelry, watches, bedding, luggage, stationary, umbrellas, and household goods. The Licensing segment also licenses the Dolce Vita® trademark for use in connection with the manufacture, marketing and sale of women's and children's apparel. Note O – Operating Segment Information (continued) Year ended Wholesale Footwear Wholesale Accessories Total Wholesale Retail First Cost Licensing Corporate Consolidated December 31, 2016: Net sales $ 881,864 $ 254,931 $ 1,136,795 $ 262,756 $ — $ — $ — $ 1,399,551 Gross profit 279,836 84,421 364,257 157,726 — — — 521,983 Commissions and licensing fees – net — — — — 3,824 8,060 — 11,884 Income from operations 101,214 39,032 140,246 17,046 3,824 8,060 — 169,176 Depreciation and amortization 11,734 9,087 281 — — 21,102 Segment assets $ 611,145 $ 235,677 846,822 118,168 8,057 — — 973,047 Capital expenditures $ 5,990 $ 9,907 $ — $ — $ — $ 15,897 December 31, 2015: Net sales $ 898,364 $ 266,563 $ 1,164,927 $ 240,312 $ — $ — $ — $ 1,405,239 Gross profit 265,822 88,361 354,183 146,309 — — — 500,492 Commissions and licensing fees – net — — — — 6,795 9,852 $ — 16,647 Income from operations 95,621 39,678 135,299 19,702 6,795 9,852 — 171,648 Depreciation and amortization 12,624 7,897 236 — — 20,757 Segment assets $ 581,725 $ 209,213 790,938 107,661 15,786 — — 914,385 Capital expenditures $ 7,237 $ 12,222 $ — $ — $ — $ 19,459 December 31, 2014 Net sales $ 881,041 $ 246,608 $ 1,127,649 $ 207,302 $ — $ — $ — $ 1,334,951 Gross profit 259,764 84,640 344,404 124,596 — — — 469,000 Commissions and licensing fees – net — — — — 6,438 7,285 — 13,723 Income from operations 105,593 38,773 144,366 9,553 6,438 7,285 — 167,642 Depreciation and amortization 7,963 6,887 227 — — 15,077 Segment assets $ 581,799 $ 210,250 792,049 104,744 14,442 — — 911,235 Capital expenditures $ 10,188 $ 8,153 $ — $ — $ — $ 18,341 Note O – Operating Segment Information (continued) Revenues by geographic area are as follows: Year Ended December 31, 2016 2015 2014 Domestic (a) $ 1,258,983 $ 1,255,668 $ 1,221,771 International 140,568 149,571 113,180 Total $ 1,399,551 $ 1,405,239 $ 1,334,951 (a) Includes revenues of $315,566, $329,089 and $323,342 for the years ended 2016, 2015 and 2014 related to sales to U.S. customers where the title is transferred outside the U.S. and the sale is recorded by our International subsidiary. |
Quarterly Results of Operations
Quarterly Results of Operations (unaudited) (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Results of Operations (unaudited) [Abstract] | |
Quarterly Financial Information [Text Block] | Quarterly Results of Operations (unaudited) The following is a summary of the quarterly results of operations for the years ended December 31, 2016 and 2015 : March 31, June 30, September 30, December 31, 2016: Net sales $ 329,357 $ 325,402 $ 408,384 $ 336,408 Cost of sales 213,155 204,357 253,876 206,180 Gross profit 116,202 121,045 154,508 130,228 Commissions, royalty and licensing fee income - net 2,171 2,826 5,358 1,529 Net income attributable to Steven Madden, Ltd. $ 23,659 $ 24,737 $ 43,767 $ 28,748 Net income per share: Basic $ 0.41 $ 0.43 $ 0.77 $ 0.51 Diluted $ 0.39 $ 0.41 $ 0.74 $ 0.49 2015: Net sales $ 323,945 $ 323,582 $ 413,462 $ 344,250 Cost of sales 212,567 207,436 264,691 220,053 Gross profit 111,378 116,146 148,771 124,197 Commissions, royalty and licensing fee income - net 3,918 3,127 6,643 2,959 Net income attributable to Steven Madden, Ltd. $ 19,824 $ 24,503 $ 42,885 $ 25,726 Net income per share: Basic $ 0.33 $ 0.41 $ 0.73 $ 0.44 Diluted $ 0.32 $ 0.40 $ 0.70 $ 0.43 |
Recent Accounting Pronouncement
Recent Accounting Pronouncements (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | Note Q - Recent Accounting Pronouncements Recently Adopted In March 2016, the Financial Accounting Standards Board (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 Note Q - Recent Accounting Pronouncements (continued) 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 adoption of this guidance in 2016, the Company recognized a tax benefit of $5,244 in the Consolidated Statements of Income for the year ended December 31, 2016. 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. Not Yet Adopted In January 2017, the FASB issued Accounting Standards Update 2017-04 ("ASU 2017-04"), Simplifying the Test for Goodwill Impairment. ASU 2017-04 changes the methodology of applying the quantitative approach during interim or annual impairment testing. The guidance is effective in fiscal years beginning after December 15, 2020. The Company is currently evaluating the effect that the new guidance will have on its financial statements and related disclosures. In August 2016, the FASB issued Accounting Standards Update 2016-15 ("ASU 2016-15"), Classification of Certain Cash Receipts and Cash Payments. ASU 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, however, the guidance is not expected to have a material impact on our financial statements. In June 2016, the FASB issued Accounting Standards Update 2016-13 ("ASU 2016-13"), Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. ASU 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 February 2016, the FASB issued Accounting Standards Update No. 2016-02 ("ASU 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 ASU 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 ("ASU 2016-01"), Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. ASU 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. In November 2015, the FASB issued Accounting Standards Update 2015-17 ("ASU 2015-17"), Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes. ASU 2015-17 simplifies current guidance and requires companies to classify all deferred tax assets and liabilities as noncurrent on the balance sheet. ASU 2015-17 can be applied either prospectively or retrospectively and is effective for periods beginning after December 15, 2016, with early adoption permitted. The guidance will be effective for the Company’s annual and interim reporting periods beginning January 1, 2017; however, the guidance is not expected to have a material impact on our financial statements. Note Q - Recent Accounting Pronouncements (continued) In July 2015, the FASB issued Accounting Standards Update 2015-11 ("ASU 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. ASU 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 guidance will be effective for the Company’s annual and interim reporting periods beginning January 1, 2017; 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 ("ASU 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. ASU 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 financial statements and related disclosures. |
Summary of Significant Accoun26
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Basis of Reporting [Abstract] | |
Derivatives, Reporting of Derivative Activity [Policy Text Block] | [18] Derivative Instruments: The Company uses derivative instruments to manage its exposure to cash-flow variability from foreign currency risk. Derivatives are carried on the balance sheet at fair value and included in prepaid expenses and other current assets or accrued expenses. The Company applies cash flow hedge accounting for its derivative instruments. Net derivative gains and losses attributable to derivatives subject to cash flow hedge accounting reside in accumulated other comprehensive income (loss) and will be reclassified to earnings in future periods as the economic transactions to which the derivatives relate affect earnings. See Note K - Derivative Instruments. |
Nature of Operations [Text Block] | Organization: Steven Madden, Ltd. a Delaware corporation, and its subsidiaries, design, source, market and sell name brand and private label women's, men's and children's shoes, worldwide through its wholesale and retail channels under the Steve Madden Women's, Steve Madden Men's, Madden, Madden Girl, Steven, FREEBIRD by Steven, Superga (under license), Dolce Vita and Betsey Johnson brand names and through its wholesale channels under the Stevies, Report, B Brian Atwood, Mad Love and Blondo brand names. In addition, the Company designs, sources, markets and sells name brand and private label handbags and accessories to customers worldwide through its Wholesale Accessories segment, including the Big Buddha, Betsey Johnson, Madden Girl, Betseyville, Cejon, Steve Madden, Steven by Steve Madden, Luv Betsey and B Brian Atwood accessories brands. Revenue is generated predominantly through the sale of the Company's brand name and private label merchandise and certain licensed products. At December 31, 2016 and 2015 , the Company operated 189 (including four e-commerce websites) and 169 (including four e-commerce websites) retail stores, respectively. Revenue is subject to seasonal fluctuations. See Note O for operating segment information. |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of consolidation: The Consolidated Financial Statements include the accounts of Steven Madden, Ltd. and its wholly-owned subsidiaries Steven Madden Retail, Inc., Diva Acquisition Corp., Diva International, Inc., Madden Direct, Inc., Adesso Madden, Inc., Stevies, Inc., Daniel M. Friedman and Associates, Inc., Big Buddha, Inc., the Topline Corporation, Cejon, Inc., SML Holdings S.a.r.l., SML Canada Acquisition Corp., Madden International Ltd., DMF International Ltd., Asean Corporation Ltd., Dolce Vita Holdings, Inc., Trendy Imports S.A de C.V., Comercial Diecesiette S.A. de C.V., Maximus Designer Shoes S.A. de C.V., BA Brand Holdings LLC, BAI Holding, LLC and Mad Love LLC, a joint venture in which the Company acquired the remaining minority interest in 2016 (collectively the "Company"). The accounts of Dexascope Proprietary Ltd., a joint venture in South Africa in which the Company is the majority owner, BA Brand Holdings LLC, a joint venture in which the Company is the majority owner, and SPM Shoetrade Holding B.V., a joint venture in certain regions of Europe in which the Company is the majority owner, are included in the Consolidated Financial Statements with the other members' interests reflected in “Net (income) loss attributable to non-controlling interests” in the Consolidated Statements of Income and “Non-controlling interests” in the Consolidated Balance Sheets. All significant intercompany balances and transactions have been eliminated. Certain reclassifications were made to prior years' amounts to conform to the 2016 presentation. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates: The preparation of financial statements in conformity with U.S. Generally Accepted Accounting Principles ("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. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash equivalents: Cash equivalents at December 31, 2016 and 2015 amounted to approximately $3,309 and $2,242 , respectively, and consisted of money market accounts held primarily at three brokerage companies. The Company considers all highly liquid instruments with an original maturity of three months or less when purchased to be cash equivalents. |
Marketable 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 three 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 years ended December 31, 2016 and 2015 , the amortization of bond premiums totaled $1,234 and $1,375 , respectively. The values of these securities may fluctuate as a result of changes in market interest rates and credit risk. The schedule of maturities at December 31, 2016 and 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 $ 11,527 $ 70,559 $ 11,240 $ 88,465 Certificates of deposit 27,968 — 21,184 — Total $ 39,495 $ 70,559 $ 32,424 $ 88,465 For the year ended December 31, 2016 , losses of $661 were reclassified from Accumulated Other Comprehensive Income and recognized in the Consolidated Statements of Income in Other Income as compared to gains of $67 for the year ended December 31, 2015 . At December 31, 2016 , current marketable securities included unrealized losses of $279 and long-term marketable securities included unrealized gains of $89 and unrealized losses of $118 . At December 31, 2015 , current marketable securities included unrealized losses of $530 and long-term marketable securities included unrealized gains of $52 and unrealized losses of $1,133 . |
Inventory, Policy [Policy Text Block] | Inventories: Inventories, which consist of finished goods on hand and in transit, are stated at the lower of cost (first-in, first-out method) or market. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and equipment: Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is computed utilizing the straight-line method based on estimated useful lives ranging from three to ten years. Leasehold improvements are amortized utilizing the straight-line method over the shorter of their estimated useful lives or the remaining lease term. Impairment losses are recognized for long-lived assets, including definite-lived intangibles, used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are not sufficient to recover the assets' carrying amount. Impairment losses are measured by comparing the fair value of the assets to their carrying amount. |
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] | Goodwill and intangible assets: The Company's goodwill and indefinite lived intangible assets are not amortized, rather they are tested for impairment on an annual basis, or more often if events or circumstances change that could cause these assets to become impaired. Note A – Summary of Significant Accounting Policies (continued) During the first quarter of 2015, the Company recognized an impairment charge of $3,045 related to the Wild Pair trademark. The impairment was triggered by a loss of future anticipated cash flows. The Company completed its annual impairment tests on goodwill and its remaining intangible assets during the third quarter of 2016 , and no impairments were recognized. Goodwill and indefinite-lived intangible assets are assessed for impairment using either a qualitative or quantitative approach. Where we use the qualitative assessment, first we determine if, based on qualitative factors, it is more likely than not that an impairment exists. Factors considered include historical financial performance, macroeconomic and industry conditions and legal and regulatory environment. If the qualitative assessment indicates that it is more likely than not that an impairment exists, then a quantitative assessment is performed. The quantitative assessment requires an analysis of several estimates including future cash flows or income consistent with management’s strategic business plans, annual sales growth rates and the selection of assumptions underlying a discount rate (weighted average cost of capital) based on market data available at the time. The Company amortizes its intangible assets with definite useful lives over their estimated useful lives and reviews these assets for impairment. The Company is currently amortizing its acquired intangible assets with definite useful lives over periods typically from two to ten years using the straight-line method. |
Earnings Per Share, Policy [Policy Text Block] | 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. Diluted net income per share reflects: a) the potential dilution assuming shares of common stock were issued upon the exercise of outstanding in-the-money options and the proceeds thereof were used to purchase shares of the Company’s common stock at the average market price during the period, and b) the vesting of granted nonvested restricted stock awards for which the assumed proceeds upon vesting are deemed to be the amount of compensation cost not yet recognized attributable to future services using the treasury stock method, to the extent dilutive. For the years ended December 31, 2016 , 2015 and 2014 , options to purchase approximately 374,000 , 26,000 and 290,000 shares of common stock, respectively, have been excluded in the calculation of diluted income per share as the result would have been anti-dilutive. For the years ended December 31, 2016 , 2015 and 2014 , all unvested restricted stock awards were dilutive. |
Comprehensive Income Loss Policy | Comprehensive Income: Comprehensive income is the total of net earnings and all other non-owner changes in equity. Comprehensive income for the Company includes net income, foreign currency translation adjustments, cash flow hedging and unrealized gains and losses on marketable securities. The accumulated balances for each component of other comprehensive loss attributable to the Company are as follows: 2016 2015 Currency translation adjustment $ (31,634 ) $ (29,487 ) Cash flow hedges, net of tax 191 (315 ) Unrealized loss on securities, net of tax (308 ) (1,611 ) Accumulated other comprehensive loss $ (31,751 ) $ (31,413 ) |
Advertising Costs, Policy [Policy Text Block] | Advertising costs: The Company expenses costs of print, radio and billboard advertisements as incurred. Advertising expenses included in operating expenses amounted to approximately $16,024 in 2016 , $14,892 in 2015 and $13,872 in 2014 . |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition: The Company recognizes revenue on wholesale sales when (i) products are shipped pursuant to its standard terms, which are freight on board (“FOB”) Company warehouse, or when products are delivered to the consolidators, or any other destination, as per the terms of the customers’ purchase order, (ii) persuasive evidence of an arrangement exists, (iii) the price is fixed and determinable and (iv) collection is reasonably assured. Sales reductions on wholesale sales for anticipated discounts, allowances and other deductions are recognized during the period when sales are recorded. With the exception of our cold weather accessories 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® and Madden Girl® 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. We license the Stevies® trademark for use in connection with the manufacture, marketing and sale of outerwear exclusively to Target. In addition, the Company licenses the Betsey Johnson® trademark for use in connection with the manufacture, marketing and sale of women's and children’s apparel, hosiery, swimwear, outerwear, sleepwear, activewear, jewelry, watches, bedding, luggage, stationary, umbrellas and household goods. The Company also 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 based on the higher of a minimum or a net sales percentage as defined in the various agreements. In addition, under the terms of retail selling agreements, most of the Company’s international distributors are required to pay the Company a royalty based on a percentage of net sales, in addition to a commission and a design fee on the purchases of the Company’s products. In substantially all of the Company’s license agreements, the minimum guaranteed royalty is earned and receivable on a quarterly basis. Licensing revenue is recognized on the basis of net sales reported by the licensees, or the minimum guaranteed royalties, if higher. |
Revenue Recognition, Excise and Sales Taxes [Policy Text Block] | Taxes Collected From Customers: The Company accounts for certain taxes collected from its customers in accordance with the accounting guidance which permits companies to adopt a policy of presenting taxes in the income statement on either a gross basis (included in revenues and costs) or a net basis (excluded from revenues). Taxes within the scope of this accounting guidance would include taxes that are imposed on a revenue transaction between a seller and a customer, for example, sales taxes, use taxes, value-added taxes and some types of excise taxes. The Company records all taxes on a net 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 Consolidated Financial Statements as deductions to arrive at net sales. |
Cost of Sales, Policy [Policy Text Block] | Cost of Sales: All costs incurred to bring finished products to the Company’s distribution center or to the customers’ freight forwarder and, in the Retail segment, the costs to bring products to the Company’s stores, are included in the cost of sales line on the Consolidated Statements of Income. These include the cost of finished products, purchase commissions, letter of credit fees, brokerage fees, sample expenses, custom duty, inbound freight, royalty payments on licensed products, labels and product packaging. All warehouse and distribution costs related to the Wholesale segments and freight to customers, if any, are included in the operating expenses line item of the Company’s Consolidated Statements of Income. The Company’s gross margins may not be comparable to those of other companies in the industry because some companies may include warehouse and distribution costs, as well as other costs excluded from cost of sales by the Company, as a component of cost of sales, while other companies report on the same basis as the Company and include them in operating expenses. |
Shipping and Handling Cost, Policy [Policy Text Block] | Warehouse and shipping costs: The Company includes all warehouse and shipping costs for the Wholesale segment in the Operating Expenses line on the Consolidated Statements of Income. For the years ended December 31, 2016 , 2015 and 2014 , the total warehouse and distribution costs included in Operating Expenses were $27,079 , $24,176 and $21,030 respectively. Since the Company's standard terms of sales are “FOB Steve Madden warehouse,” the Company's wholesale customers absorb most shipping costs. Shipping costs to wholesale customers incurred by the Company are not considered significant and are included in the Operating Expense line in the Consolidated Statements of Income. |
Postemployment Benefit Plans, Policy [Policy Text Block] | Employee benefit plan: The Company maintains a tax-qualified 401(k) plan which is available to each of the Company's eligible employees who elect to participate after meeting certain length-of-service requirements. The Company made discretionary matching contributions of 50% of employees' contributions up to a maximum of 6% of employees' compensation which vest to the employees over a period of time. Total matching contributions to the plan for 2016 , 2015 and 2014 were approximately $1,633 , $1,602 and $1,450 , respectively. |
Income Tax, Policy [Policy Text Block] | [19] Income Taxes: The provision for income taxes is computed using the asset and liability method, under which deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities, and for operating losses and tax credit carryforwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates that apply to taxable income in effect for the years in which those tax assets are expected to be realized or settled. The Company records a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits Note A – Summary of Significant Accounting Policies (continued) recognized in the financial statements from such positions are then measured based on the largest benefit that has a greater than 50% likelihood of being realized upon settlement. See Note M - Income Taxes. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | [20] Share-based Compensation: The Company recognizes expense related to share-based payment transactions in which it receives employee services in exchange for equity instruments of the Company. Share-based compensation cost for restricted stock units (“RSUs”) is measured based on the closing fair market value of the Company’s common stock on the date of grant. Share-based compensation cost for stock options is measured at the grant date, based on the fair-value as calculated by the Black- Scholes-Merton (“BSM”) option-pricing model. The BSM option-pricing model incorporates various assumptions including expected volatility, estimated expected life and interest rates. The Company recognizes share-based compensation cost over the award’s requisite service period. The Company recognizes a benefit from share-based compensation in the Consolidated Statements of Income if an incremental tax benefit is realized. See Note H - Stock- Based Compensation. |
Summary of Significant Accoun27
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Summary of Significant Accounting Policies [Abstract] | |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income: Comprehensive income is the total of net earnings and all other non-owner changes in equity. Comprehensive income for the Company includes net income, foreign currency translation adjustments, cash flow hedging and unrealized gains and losses on marketable securities. The accumulated balances for each component of other comprehensive loss attributable to the Company are as follows: 2016 2015 Currency translation adjustment $ (31,634 ) $ (29,487 ) Cash flow hedges, net of tax 191 (315 ) Unrealized loss on securities, net of tax (308 ) (1,611 ) Accumulated other comprehensive loss $ (31,751 ) $ (31,413 ) |
Investments Classified by Contractual Maturity Date [Table Text Block] | The schedule of maturities at December 31, 2016 and 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 $ 11,527 $ 70,559 $ 11,240 $ 88,465 Certificates of deposit 27,968 — 21,184 — Total $ 39,495 $ 70,559 $ 32,424 $ 88,465 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2016 and 2015 are as follows: December 31, 2016 Fair Value Measurements Using Fair Value Hierarchy Fair value Level 1 Level 2 Level 3 Assets: Cash equivalents $ 3,309 $ 3,309 $ — $ — Current marketable securities – available for sale 39,495 39,495 — — Long-term marketable securities – available for sale 70,559 70,559 — — Forward contracts 191 — 191 — Total assets $ 113,554 $ 113,363 $ 191 $ — Liabilities: Contingent consideration $ 7,948 $ — $ — $ 7,948 Total liabilities $ 7,948 $ — $ — $ 7,948 Note E – Fair Value Measurement (continued) December 31, 2015 Fair Value Measurements Using Fair Value Hierarchy 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 — — Long-term marketable securities – available for sale 88,465 88,465 — — Total assets $ 123,131 $ 123,131 $ — $ — Liabilities: Contingent consideration 24,775 — — 24,775 Total liabilities $ 24,775 $ — $ — $ 24,775 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | The major classes of assets and total accumulated depreciation and amortization are as follows: December 31, Average Useful Life 2016 2015 Land and building $ 767 $ 767 Leasehold improvements 79,165 76,844 Machinery and equipment 10 years 11,112 8,557 Furniture and fixtures 5 years 8,881 7,769 Computer equipment and software 3 to 5 years 57,855 50,861 157,780 144,798 Less accumulated depreciation and amortization (85,399 ) (72,788 ) Property and equipment - net $ 72,381 $ 72,010 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Finite-Lived Intangible Assets [Line Items] | ||
Schedule of Goodwill | The following is a summary of the carrying amount of goodwill by segment as of December 31, 2016 and 2015 : Wholesale Net Carrying Footwear Accessories Retail Amount Balance at January 1, 2015 87,637 49,324 17,798 154,759 Acquisition of Blondo 2,008 — — 2,008 Purchase accounting adjustment (1) (14,665 ) — (1,916 ) (16,581 ) Translation and other (1,962 ) — (1,127 ) (3,089 ) Balance at December 31, 2015 73,018 49,324 14,755 137,097 Translation and other (757 ) — (629 ) (1,386 ) Balance at December 31, 2016 72,261 49,324 14,126 135,711 (1) Amount represents the final purchase price allocation of customer relationships related to the Dolce Vita acquisition originally recorded in goodwill, as well as the final purchase price allocation of customer relationships and re-acquired rights related to the SM Mexico acquisition originally recorded in goodwill. | |
Schedule of Indentifiable Intangible Assets | 2016 Estimated Lives Cost Basis Accumulated Amortization (1) Impairment (2) Net Carrying Amount Trade names 6–10 years $ 4,590 $ 3,335 $ — $ 1,255 Customer relationships 10 years 41,509 21,341 — 20,168 License agreements 3–6 years 5,600 5,600 — — Non-compete agreement 5 years 2,440 2,426 — 14 Re-acquired right 2 years 4,200 4,200 — — Other 3 years 14 14 — — 58,353 36,916 — 21,437 Re-acquired right indefinite 35,200 9,539 — 25,661 Trade names indefinite 100,333 — 3,045 97,288 $ 193,886 $ 46,455 $ 3,045 $ 144,386 (1) Includes the effect of foreign currency translation related primarily to the changes in 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. | 2015 Estimated Lives Cost Basis Accumulated Amortization (1) Impairment (2) Net Carrying Amount Trade names 6–10 years $ 4,590 $ 2,921 $ — $ 1,669 Customer relationships 10 years 41,509 17,869 — 23,640 License agreements 3–6 years 5,600 5,600 — — Non-compete agreement 5 years 2,440 2,357 — 83 Re-acquired right 2 years 4,200 2,008 — 2,192 Other 3 years 14 14 — — 58,353 30,769 — 27,584 Re-acquired right indefinite 35,200 10,314 — 24,886 Trade names indefinite 100,333 — 3,045 97,288 $ 193,886 $ 41,083 $ 3,045 $ 149,758 (1) Includes the effect of foreign currency translation related primarily to the changes in 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. |
Schedule of Intangible Assets, Future Amortization Expense | The estimated future amortization expense for intangibles is as follows: 2017 $ 3,216 2018 3,085 2019 3,014 2020 2,230 2021 1,564 Thereafter 8,328 Total $ 21,437 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The following weighted average assumptions were used for stock options granted: 2016 2015 2014 Volatility 22% to 26% 22% to 28% 27% to 32% Risk-free interest rate 0.86% to 1.90% 0.99% to 1.60% 1.06% to 1.80% Expected life in years 3 to 5 3 to 5 3 to 5 Dividend yield 0.00% 0.00% 0.00% Weighted average fair value $7.11 $8.81 $9.90 |
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 (20,315,000 ) Common stock available for grant of stock-based awards as of December 31, 2016 3,151,000 |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | Years Ended December 31, 2016 2015 2014 Restricted stock $ 16,494 $ 15,543 $ 15,007 Stock options 3,015 3,155 4,253 Total $ 19,509 $ 18,698 $ 19,260 |
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 three years ended December 31, 2016 is as follows: Note H – Stock-Based Compensation (continued) Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at January 1, 2014 3,373,000 $ 17.01 Granted 489,500 34.69 Exercised (340,000 ) 14.57 Expired/Forfeited (94,500 ) 28.77 Outstanding at December 31, 2014 3,428,000 19.48 Granted 69,000 36.59 Exercised (1,460,000 ) 14.59 Expired/Forfeited (21,000 ) 28.49 Outstanding at December 31, 2015 2,016,000 23.51 Granted 262,000 33.86 Exercised (746,000 ) 14.36 Expired/Forfeited (33,000 ) 30.59 Outstanding at December 31, 2016 1,499,000 $ 29.72 3.3 years $ 9,042 Exercisable at December 31, 2016 902,000 $ 27.02 2.5 years $ 7,873 |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | The following table summarizes information about stock options at December 31, 2016 : Options Outstanding Options Exercisable Range of Exercise Price Number Outstanding Weighted Average Remaining Contractual Life (in Years) Weighted Average Exercise Price Number Exercisable Weighted Average Exercise Price $14.99 to $20.07 323,167 1.0 $17.34 323,167 $17.34 $21.17 to $26.95 7,750 2.4 23.95 7,750 23.95 $27.03 to $30.72 377,444 3.1 29.33 246,885 29.24 $31.35 to $36.59 722,133 4.3 34.72 296,293 34.76 $36.68 to $41.95 68,506 4.2 38.18 27,905 38.15 1,499,000 3.3 $29.72 902,000 $27.02 |
Schedule of Nonvested Share Activity | The following table summarizes restricted stock activity during the three years ended December 31, 2016 : Number of Shares Weighted Average Fair Value at Grant Date Outstanding at January 1, 2014 4,257,000 $ 24.24 Granted 182,000 34.88 Vested (345,000 ) 24.11 Forfeited (27,000 ) 29.34 Outstanding at December 31, 2014 4,067,000 24.69 Granted 361,000 35.71 Vested (304,000 ) 23.24 Forfeited (69,000 ) 34.23 Outstanding at December 31, 2015 4,055,000 25.32 Granted 434,000 34.30 Vested (276,000 ) 30.28 Forfeited (22,000 ) 33.45 Outstanding at December 31, 2016 4,191,000 $ 25.93 |
Operating Leases (Tables)
Operating Leases (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Operating Leases [Abstract] | |
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | Future minimum annual lease payments under noncancelable operating leases consist of the following at December 31: 2017 $ 41,281 2018 37,798 2019 35,236 2020 33,703 2021 29,209 Thereafter 71,031 Total $ 248,258 |
Income Taxes Income Taxes (Tabl
Income Taxes Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Taxes [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | The components of income before income taxes are as follows: 2016 2015 2014 Domestic $ 110,526 $ 81,785 $ 85,988 Foreign 60,474 90,681 85,405 $ 171,000 $ 172,466 $ 171,393 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The income tax provision (benefit) consists of the following: 2016 2015 2014 Current: Federal $ 47,655 $ 24,838 $ 29,933 State and local 6,063 4,136 4,244 Foreign 3,270 13,960 15,167 56,988 42,934 49,344 Deferred: Federal (7,050 ) 16,976 10,229 State and local 153 1,961 (2,014 ) Foreign (365 ) (3,060 ) 1,205 (7,262 ) 15,877 9,420 $ 49,726 $ 58,811 $ 58,764 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | A reconciliation between taxes computed at the federal statutory rate and the effective tax rate is as follows: December 31, 2016 2015 2014 Income taxes at federal statutory rate 35.0 % 35.0 % 35.0 % Effects of foreign operations (5.3 ) (3.6 ) (2.7 ) Stock-based compensation (3.0 ) — — State and local income taxes - net of federal income tax benefit 2.0 1.7 1.1 Nondeductible items 0.2 0.1 0.2 Valuation allowance (reversal) — — (0.1 ) Other 0.2 0.9 0.8 Effective rate 29.1 % 34.1 % 34.3 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The components of deferred tax assets and liabilities are as follows: December 31, 2016 2015 Current deferred tax assets (liabilities): Receivable allowances $ 8,800 $ 7,932 Inventory 2,202 2,237 Unrealized loss — 1,096 Accrued expenses 751 796 Other 2,232 2,331 Gross current deferred tax assets 13,985 14,392 Non-current deferred tax assets (liabilities) Depreciation and amortization (19,264 ) (16,045 ) Deferred compensation 17,569 14,936 Unremitted earnings of foreign subsidiaries (31,262 ) (39,494 ) Deferred rent 5,327 4,585 Amortization of goodwill (6,640 ) (3,749 ) Unrealized loss 177 (80 ) Net carryforwards 1,172 — Other 1,283 437 (31,638 ) (39,410 ) Net deferred tax (liabilities) $ (17,653 ) $ (25,018 ) |
Commitments, Contingencies an34
Commitments, Contingencies and Other Commitments, Contingencies and Other (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments Contingencies and Other [Abstract] | |
Schedule of Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits by Title of Individual and Type of Deferred Compensation [Table Text Block] | [2] Employment agreements: Robert Schmertz. On June 4, 2015, Robert Schmertz, the Company's Brand Director, submitted his resignation of employment to the Company effective immediately. A separation agreement dated June 4, 2015 between Mr. Schmertz and the Company provides to Mr. Schmertz, among other things, a severance of $381 , which was paid to him at regular intervals from the date of his resignation through December 31, 2016. Edward R. Rosenfeld. On December 31, 2015, the Company entered into a new employment agreement with Edward R. Rosenfeld, the Company's Chief Executive Officer and the Chairman of the Board of Directors, to replace an existing employment agreement that expired on December 31, 2015. The agreement, which expires on December 31, 2018, provides for an annual salary of $ 800 through December 31, 2016, $ 850 in 2017 and $ 900 in 2018. In addition, pursuant to his new employment agreement, on December 31, 2015, Mr. Rosenfeld received a grant of 75,000 shares of the Company's common stock subject to certain restrictions and, on February 5, 2016, a further grant of 75,000 shares of the Company's common stock subject to certain restrictions. The restricted shares received by Mr. Rosenfeld on December 31, 2015 and February 5, 2016 were issued under the Company's 2006 Stock Incentive Plan, as amended, and will vest Note N – Commitments, Contingencies and Other (continued) in equal annual installments over a five -year period commencing on December 1, 2016 and March 5, 2017, respectively. Additional compensation and bonuses, if any, are at the sole discretion of the Board of Directors. Steven Madden. On January 3, 2012, the Company and its Creative and Design Chief, Steven Madden, entered into an amendment, dated as of December 31, 2011, to Mr. Madden's existing employment agreement with the Company (the “Amended Madden Agreement”). The Amended Madden Agreement, which extends the term of Mr. Madden's employment through December 31, 2023, provides for an annual base salary of approximately $ 9,667 in 2014, approximately $ 11,917 in 2015 and approximately $ 10,698 in 2016 and in each year thereafter through the end of the term of employment. Effective in 2012, the Amended Madden Agreement eliminates the annual cash bonuses payable to Mr. Madden based on EBITDA and the annual cash bonus in relation to new business contained in Mr. Madden's previously existing employment agreement and provides that all future cash bonuses will be at the sole discretion of the Company's Board of Directors. Further, the Amended Madden Agreement eliminates the annual non-accountable expense allowance of up to $ 200 provided to Mr. Madden under the previously existing employment agreement. Pursuant to the Amended Madden Agreement, on February 8, 2012, Mr. Madden was granted 1,463,056 restricted shares of the Company's common stock valued at approximately $ 40,000 , which will vest in equal annual installments over seven years commencing on December 31, 2017 through December 31, 2023, subject to Mr. Madden's continued employment with the Company on each such vesting date. Pursuant to the Amended Madden Agreement, on June 30, 2012, Mr. Madden exercised his right to receive an additional restricted stock award and, on July 3, 2012, was granted 1,893,342 restricted shares of the Company's common stock, which will vest in the same manner as the February 8, 2012 grant. As consideration for the additional restricted stock grant, Mr. Madden's annual base salary in years subsequent to 2012 have been reduced as follows: approximately $ 6,125 in 2014, approximately $ 8,250 in 2015 and approximately $ 7,026 in 2016 and in each year thereafter through the end of the term of employment. In addition to the opportunity for discretionary cash bonuses, the Amended Madden Agreement entitles Mr. Madden to an annual life insurance premium reimbursement of up to $ 200 , as well as an annual stock option grant and the potential for an additional one-time stock option grant based upon achievement of certain financial performance criteria. The Amended Madden Agreement also provides for the elimination of interest accrued after December 31, 2011 on an outstanding loan in the original principal amount of $ 3,000 made by the Company to Mr. Madden, the extension of the maturity date of such loan until December 31, 2023, and the forgiveness of 1/10th of the principal amount of the loan, together with accrued interest, annually over a ten-year period commencing on December 31, 2014 for so long as Mr. Madden continues to be employed by the Company on each such December 31st. Arvind Dharia. On February 2, 2015, the Company and its Chief Financial Officer, Arvind Dharia, entered into an amendment of Mr. Dharia's existing employment agreement. The amendment, among other things, extends the term of Mr. Dharia's employment agreement until December 31, 2017 and increases his annual base salary to $ 582 effective January 1, 2015 through the remainder of the term. Pursuant to the amendment, on February 2, 2015, Mr. Dharia received a restricted stock award of 15,000 restricted shares of the Company's common stock, which will vest in substantially equal annual installments over a five -year period commencing on February 2, 2016 through February 2, 2020. The agreement, as amended, provides for an annual bonus to Mr. Dharia at the discretion of the Board of Directors. Amelia Newton Varela. On December 30, 2016, the Company entered into a new employment agreement with Amelia Newton Varela, the Company’s President and a member of the Board of Directors of the Company, to replace an existing employment agreement that expired on December 31, 2016. The agreement, which expires on December 31, 2019, provides for an annual salary of $630 through December 31, 2017, $650 in 2018 and $670 in 2019. In addition, pursuant to her new employment agreement, on January 3, 2017, Ms. Varela was granted an option to purchase 100,000 shares of the Company's common stock at an exercise price of $35.75 . The option, which was granted under the Company’s 2006 Stock Incentive Plan, as amended, will vest in four equal annual installments on each anniversary of the date of grant, commencing on January 3, 2018. The agreement provides to Ms. Varela the opportunity for an annual performance-based bonus for the fiscal years ended December 31, 2017, 2018 and 2019. Awadhesh Sinha. On December 30, 2016, the Company entered into a new employment agreement with Awadhesh Sinha, the Company's Chief Operating Officer, to replace an existing employment agreement that expired at the end of 2016. The new agreement, which remains in effect until December 31, 2019, provides for an annual salary of $ 681 , $ 702 , and Note N – Commitments, Contingencies and Other (continued) $ 723 for the three years ended December 31, 2017, 2018, and 2019 and provides to Mr. Sinha the opportunity for annual cash and share based incentive bonuses. In addition, pursuant to his new employment agreement, on January 3, 2017, Mr. Sinha received a grant of 28,169 shares of the Company's common stock subject to certain restrictions. The restricted shares received by Mr. Sinha were issued under the Company's 2006 Stock Incentive Plan, as amended, and will vest in equal annual installments over a three -year period on each of December 15, 2017, December 15, 2018, and December 15, 2019. Karla Frieders. On September 4, 2015, the Company entered into a new employment agreement with Karla Frieders in connection with Ms. Frieders' appointment to the newly-created position of Chief Merchandising Officer of the Company. The agreement, which remains in effect until February 28, 2017, provides to Ms. Frieders an annual salary of $440 throughout the term of the agreement and an annual performance-based bonus for the fiscal years ending December 31, 2015 and 2016 in an amount to be determined at the discretion of the Company. Michael Paradise. On April 5, 2016, the Company entered into a new employment agreement with Michael Paradise, the Company's Executive Vice President - Legal Counsel. The agreement, which remains in effect until December 31, 2018, provides to Mr. Paradise an annual salary of $400 subject to periodic increases as determined by the Board of Directors, and an annual performance-based bonus for the fiscal years ending December 31, 2016, December 31, 2017 and December 31, 2018 in an amount to be determined at the discretion of the Company. The agreement also provides Mr. Paradise with a signing bonus in the amount of $250 . In addition, pursuant to his employment agreement, on June 1, 2016, Mr. Paradise received a grant of 7,217 shares of the Company's common stock subject to certain restrictions. The restricted shares received by Mr. Paradise were issued under the Company's 2006 Stock Incentive Plan, as amended, and will vest in equal annual installments over a four -year period on each of June 1, 2017, June 1, 2018, June 1, 2019 and June 1, 2020. |
RoyaltyGuaranteesCommitmentsTableTaxBlock | License agreements: On March 1, 2014, the Company entered into a license agreement with ABG Juicy Couture, LLC, under which the Company has the right to use the Juicy Couture® trademark in connection with the sale and marketing of women's footwear. The agreement requires the Company to pay the licensor a royalty equal to a percentage of net sales and a minimum royalty in the event that specified net sales targets are not achieved. The initial term of the agreement is effective through December 31, 2018. Subsequently, in February 2017, the initial agreement was amended to terminate, effective as of December 31, 2016. On February 9, 2011, the Company entered into a license agreement with Basic Properties America Inc. and BasicNet S.p.A, under which the Company has the right to use the Superga® trademark in connection with the sale and marketing of women's footwear. The agreement requires the Company to pay the licensor a royalty equal to a percentage of net sales and a minimum royalty in the event that specified net sales targets are not achieved. The agreement was amended on April 11, 2013 to extend the term of the agreement through December 31, 2022. Future minimum royalty payments are $1,270 for 2017 and $1,000 per year for years 2018 through 2022. Royalty expenses are included in the “cost of goods sold” section of the Company's Consolidated Statements of Income. |
Schedule of Goodwill [Table Text Block] | The following is a summary of the carrying amount of goodwill by segment as of December 31, 2016 and 2015 : Wholesale Net Carrying Footwear Accessories Retail Amount Balance at January 1, 2015 87,637 49,324 17,798 154,759 Acquisition of Blondo 2,008 — — 2,008 Purchase accounting adjustment (1) (14,665 ) — (1,916 ) (16,581 ) Translation and other (1,962 ) — (1,127 ) (3,089 ) Balance at December 31, 2015 73,018 49,324 14,755 137,097 Translation and other (757 ) — (629 ) (1,386 ) Balance at December 31, 2016 72,261 49,324 14,126 135,711 (1) Amount represents the final purchase price allocation of customer relationships related to the Dolce Vita acquisition originally recorded in goodwill, as well as the final purchase price allocation of customer relationships and re-acquired rights related to the SM Mexico acquisition originally recorded in goodwill. |
Operating Segment Information (
Operating Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Year ended Wholesale Footwear Wholesale Accessories Total Wholesale Retail First Cost Licensing Corporate Consolidated December 31, 2016: Net sales $ 881,864 $ 254,931 $ 1,136,795 $ 262,756 $ — $ — $ — $ 1,399,551 Gross profit 279,836 84,421 364,257 157,726 — — — 521,983 Commissions and licensing fees – net — — — — 3,824 8,060 — 11,884 Income from operations 101,214 39,032 140,246 17,046 3,824 8,060 — 169,176 Depreciation and amortization 11,734 9,087 281 — — 21,102 Segment assets $ 611,145 $ 235,677 846,822 118,168 8,057 — — 973,047 Capital expenditures $ 5,990 $ 9,907 $ — $ — $ — $ 15,897 December 31, 2015: Net sales $ 898,364 $ 266,563 $ 1,164,927 $ 240,312 $ — $ — $ — $ 1,405,239 Gross profit 265,822 88,361 354,183 146,309 — — — 500,492 Commissions and licensing fees – net — — — — 6,795 9,852 $ — 16,647 Income from operations 95,621 39,678 135,299 19,702 6,795 9,852 — 171,648 Depreciation and amortization 12,624 7,897 236 — — 20,757 Segment assets $ 581,725 $ 209,213 790,938 107,661 15,786 — — 914,385 Capital expenditures $ 7,237 $ 12,222 $ — $ — $ — $ 19,459 December 31, 2014 Net sales $ 881,041 $ 246,608 $ 1,127,649 $ 207,302 $ — $ — $ — $ 1,334,951 Gross profit 259,764 84,640 344,404 124,596 — — — 469,000 Commissions and licensing fees – net — — — — 6,438 7,285 — 13,723 Income from operations 105,593 38,773 144,366 9,553 6,438 7,285 — 167,642 Depreciation and amortization 7,963 6,887 227 — — 15,077 Segment assets $ 581,799 $ 210,250 792,049 104,744 14,442 — — 911,235 Capital expenditures $ 10,188 $ 8,153 $ — $ — $ — $ 18,341 |
Quarterly Results of Operatio36
Quarterly Results of Operations (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Results of Operations (unaudited) [Abstract] | |
Schedule of Quarterly Financial Information [Table Text Block] | The following is a summary of the quarterly results of operations for the years ended December 31, 2016 and 2015 : March 31, June 30, September 30, December 31, 2016: Net sales $ 329,357 $ 325,402 $ 408,384 $ 336,408 Cost of sales 213,155 204,357 253,876 206,180 Gross profit 116,202 121,045 154,508 130,228 Commissions, royalty and licensing fee income - net 2,171 2,826 5,358 1,529 Net income attributable to Steven Madden, Ltd. $ 23,659 $ 24,737 $ 43,767 $ 28,748 Net income per share: Basic $ 0.41 $ 0.43 $ 0.77 $ 0.51 Diluted $ 0.39 $ 0.41 $ 0.74 $ 0.49 2015: Net sales $ 323,945 $ 323,582 $ 413,462 $ 344,250 Cost of sales 212,567 207,436 264,691 220,053 Gross profit 111,378 116,146 148,771 124,197 Commissions, royalty and licensing fee income - net 3,918 3,127 6,643 2,959 Net income attributable to Steven Madden, Ltd. $ 19,824 $ 24,503 $ 42,885 $ 25,726 Net income per share: Basic $ 0.33 $ 0.41 $ 0.73 $ 0.44 Diluted $ 0.32 $ 0.40 $ 0.70 $ 0.43 |
Summary of Significant Accoun37
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Table) (Details) | 12 Months Ended | |||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Investment [Line Items] | ||||
Number of Stores | 189 | 169 | ||
Available-for-sale Securities, Gross Realized Gain (Loss) | $ (661,000) | $ 67,000 | $ 677,000 | |
Translation Adjustment Functional to Reporting Currency, Net of Tax | (31,634,000) | (29,487,000) | ||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | 191,000 | (315,000) | ||
Unrealized Gain (Loss) on Investments | (308,000) | (1,611,000) | ||
Accumulated other comprehensive loss | (31,751,000) | (31,413,000) | $ (12,752,000) | $ (6,677,000) |
Available-for-sale Securities, Gross Unrealized Gain | 279,000 | |||
Available-for-sale Securities, Gross Realized Gains | 89,000 | 530,000 | ||
Investment Maturity Date Range One Year Or Less [Member] | ||||
Investment [Line Items] | ||||
Financial Instruments, Owned, Corporate Debt, at Fair Value | 11,527,000 | 11,240,000 | ||
Certificates of Deposit, at Carrying Value | 27,968,000 | 21,184,000 | ||
Marketable Securities | 39,495,000 | 32,424,000 | ||
Investment Maturity Date Range One To Eight Years [Member] | ||||
Investment [Line Items] | ||||
Financial Instruments, Owned, Corporate Debt, at Fair Value | 70,559,000 | 88,465,000 | ||
Certificates of Deposit, at Carrying Value | 0 | 0 | ||
Marketable Securities | 70,559,000 | 88,465,000 | ||
Other Long-term Investments [Member] | ||||
Investment [Line Items] | ||||
Available-for-sale Securities, Gross Unrealized Gain | $ 118,000 | 1,133,000 | ||
Available-for-sale Securities, Gross Realized Gains | $ 52,000 |
Summary of Significant Accoun38
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Summary of Significant Accounting Policies [Abstract] | |||
Goodwill, Impairment Loss | $ 0 | $ 3,045,000 | $ 0 |
Accretion (Amortization) of Discounts and Premiums, Investments | 1,234,000 | 1,375,000 | |
Cash Equivalents, at Carrying Value | $ 3,309,000 | $ 2,242,000 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 374,000 | 26,000 | 290,000 |
Advertising Expense | $ 16,024,000 | $ 14,892,000 | $ 13,872,000 |
Shipping, Handling and Transportation Costs | $ 27,079,000 | 24,176,000 | 21,030,000 |
Defined Benefit Plan Matching Contribution Percentage Of Employees Contributions | 50.00% | ||
Defined Benefit Plan Maximum Percentage To Be Matched Of Employees Compensation | 6.00% | ||
Pension Expense | $ 1,633 | $ 1,602,000 | $ 1,450,000 |
Acquisitions (Detail) - (Table)
Acquisitions (Detail) - (Table) - USD ($) | Jan. 23, 2015 | Dec. 31, 2016 | Dec. 31, 2015 |
Inventories | $ 119,824,000 | $ 102,080,000 | |
Accrued Liabilities and Other Liabilities | $ (308,000) | ||
Goodwill – net | $ 135,711,000 | $ 137,097,000 | |
Blondo Acquisition [Member] | |||
Inventories | 233,000 | ||
Indefinite-Lived Trademarks | 7,196,000 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 7,121,000 | ||
Goodwill – net | 2,008,000 | ||
Payments to Acquire Businesses, Gross | $ 9,129,000 |
Acquisitions (Detail)
Acquisitions (Detail) - USD ($) | Jan. 23, 2015 | Mar. 31, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Aug. 13, 2014 |
Escrow Deposit | $ 1,000 | |||||
Business Acquisition, Contingent Consideration, at Fair Value | $ 0 | $ 8,012,000 | ||||
Acquisition-related Costs [Member] | ||||||
Payments to Acquire Businesses, Gross | $ 15,750,000 | $ 3,759,000 | ||||
Blondo Acquisition [Member] | ||||||
Payments to Acquire Businesses, Gross | $ 9,129,000 | |||||
Dolce Vita [Member] | ||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 5,000,000 |
Due To and From Factor (Details
Due To and From Factor (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Payments Related to Tax Withholding for Share-based Compensation | $ 10,809 | ||
Line of Credit Facility, Collateral | .85 | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 30,000 | $ 30,000 | |
Letters Of Credit SubLimit Capacity Amount | $ 15,000 | ||
Factoring Fee | 0.20% | ||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | ||
Open non-negotiated letters of credit | $ 0 | $ 0 | |
Private Label [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 1)
Notes Receivable (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Open non-negotiated letters of credit | $ 0 | $ 0 | |
Proceeds from Collection of Notes Receivable | $ 249 | $ 466 | $ 893 |
Note Receivable - Related Par43
Note Receivable - Related Party (Detail) - USD ($) | 12 Months Ended | 39 Months Ended | 54 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2012 | Dec. 31, 2011 | Jun. 25, 2007 | |
Notes Receivable, Related Parties, Noncurrent | $ 2,644,000 | $ 2,990,000 | $ 3,000,000 | |||
Related Party Transaction, Rate | 6.00% | |||||
Interest Income Related Party | $ 1,000 | |||||
Debt Instrument, Decrease, Forgiveness | 0 | |||||
Increase (Decrease) in Notes Receivable, Related Parties | $ 63 | $ 71 | $ 156 |
Fair Value Measurement (Detail)
Fair Value Measurement (Detail) - (Table) number in Thousands | 3 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Aug. 13, 2014USD ($) | |
Assets: | |||||||||
Foreign Currency Contract, Asset, Fair Value Disclosure | $ (273,000) | $ (273,000) | |||||||
Proceeds from Collection of Notes Receivable | $ 249,000 | 466,000 | $ 893,000 | ||||||
Liabilities: | |||||||||
Business Combination, Contingent Consideration, Liability | $ 0 | 8,012,000 | 0 | 8,012,000 | |||||
Business Acquisition, Contingent Consideration, Actual Cash Payment | $ 2,798,000 | $ 3,000 | |||||||
Repayment of Notes Receivable from Related Parties | 409,000 | 409,000 | 409,000 | ||||||
Increase (Decrease) in Accrued Interest Receivable, Net | 63,000 | 71,000 | 156,000 | ||||||
business combinations contingent liability payment | 16,402,000 | 6,270,000 | 8,475,000 | ||||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | (425,000) | (5,576,000) | (2,139,000) | ||||||
Fair Value [Member] | |||||||||
Assets: | |||||||||
Cash Equivalents | 3,309,000 | 2,242,000 | 3,309,000 | 2,242,000 | |||||
Current marketable securities – available for sale | 39,495,000 | 32,424,000 | 39,495,000 | 32,424,000 | |||||
Foreign Currency Contract, Asset, Fair Value Disclosure | 191,000 | 191,000 | |||||||
Long-term marketable securities – available for sale | 70,559,000 | 88,465,000 | 70,559,000 | 88,465,000 | |||||
Total assets | 113,554,000 | 123,131,000 | 113,554,000 | 123,131,000 | |||||
Liabilities: | |||||||||
Business Combination, Contingent Consideration, Liability | 7,948,000 | 24,775,000 | 7,948,000 | 24,775,000 | $ 38,633,000 | ||||
Total liabilities | 7,948,000 | 24,775,000 | 7,948,000 | 24,775,000 | |||||
Fair Value, Inputs, Level 1 [Member] | |||||||||
Assets: | |||||||||
Cash Equivalents | 3,309,000 | 2,242,000 | 3,309,000 | 2,242,000 | |||||
Current marketable securities – available for sale | 39,495,000 | 32,424,000 | 39,495,000 | 32,424,000 | |||||
Long-term marketable securities – available for sale | 70,559,000 | 88,465,000 | 70,559,000 | 88,465,000 | |||||
Total assets | 113,363,000 | 123,131,000 | 113,363,000 | 123,131,000 | |||||
Liabilities: | |||||||||
Business Combination, Contingent Consideration, Liability | 0 | 0 | 0 | 0 | |||||
Total liabilities | 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 | 191,000 | 0 | 191,000 | 0 | |||||
Liabilities: | |||||||||
Business Combination, Contingent Consideration, Liability | 0 | 0 | 0 | 0 | |||||
Total liabilities | 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 | 0 | 0 | 0 | 0 | |||||
Liabilities: | |||||||||
Business Combination, Contingent Consideration, Liability | 7,948,000 | 24,775,000 | 7,948,000 | 24,775,000 | |||||
Total liabilities | $ 7,948,000 | $ 24,775,000 | $ 7,948,000 | $ 24,775,000 | |||||
Contingent Consideration Type [Domain] | |||||||||
Foreign Currency Exchange Rate, Translation | 0 | (2,012) | 0 | (2,012) | |||||
Dolce Vita [Member] | |||||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 5,000,000 | ||||||||
Liabilities: | |||||||||
Business Acquisition, Contingent Consideration, Actual Cash Payment | $ 8,000 | $ 1,019,000 | |||||||
Cejon Acquisition [Member] | |||||||||
Liabilities: | |||||||||
Business Acquisition, Contingent Consideration, Actual Cash Payment | $ 1,767,000 |
Fair Value Measurement (Detai45
Fair Value Measurement (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | |
Business Acquisition, Contingent Consideration, Actual Cash Payment | $ 2,798 | $ 3 | |||
Dolce Vita [Member] | |||||
Business Acquisition, Contingent Consideration, Actual Cash Payment | $ 8 | $ 1,019 | |||
Cejon Acquisition [Member] | |||||
Business Acquisition, Contingent Consideration, Actual Cash Payment | $ 1,767 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Property and Equipment [Abstract] | |||
Depreciation | $ 14,346 | $ 13,237 | $ 11,139 |
Property and Equipment Property
Property and Equipment Property and Equipment (Tables) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Property and Equipment [Abstract] | ||
Land and building | $ 767 | $ 767 |
Leasehold Improvements, Gross | 79,165 | 76,844 |
Machinery and Equipment, Gross | 11,112 | 8,557 |
Furniture and Fixtures, Gross | 8,881 | 7,769 |
Computer equipment | 57,855 | 50,861 |
Property, Plant and Equipment, Gross | 157,780 | 144,798 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | (85,399) | (72,788) |
Property and equipment, net | $ 72,381 | $ 72,010 |
Goodwill and Intangible Asset48
Goodwill and Intangible Assets (Detail) - (Table 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill [Roll Forward] | |||
Goodwill – net | $ 135,711 | $ 137,097 | |
Wholesale Footwear [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill – net | 72,261 | 73,018 | $ 87,637 |
Goodwill, Translation Adjustments | (757) | (1,962) | |
Wholesale Accessories [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill – net | 49,324 | 49,324 | 49,324 |
Goodwill, Purchase Accounting Adjustments | 0 | ||
Goodwill, Translation Adjustments | 0 | 0 | |
Retail [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill – net | 14,126 | 14,755 | 17,798 |
Goodwill, Purchase Accounting Adjustments | (1,916) | ||
Goodwill, Translation Adjustments | (629) | (1,127) | |
Net Carrying Amount [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill – net | 135,711 | 137,097 | $ 154,759 |
Goodwill, Purchase Accounting Adjustments | (16,581) | ||
Goodwill, Translation Adjustments | $ (1,386) | (3,089) | |
Dolce Vita [Member] | Wholesale Footwear [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill, Purchase Accounting Adjustments | 2,008 | ||
Dolce Vita [Member] | Net Carrying Amount [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill, Purchase Accounting Adjustments | 2,008 | ||
SM Mexico [Member] | Wholesale Footwear [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill, Purchase Accounting Adjustments | $ (14,665) |
Goodwill and Intangible Asset49
Goodwill and Intangible Assets (Detail) - (Table 2) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 3,045 | |||
Goodwill, Impairment Loss | $ 0 | $ 3,045 | $ 0 | |
Re-acquired right [Member] | ||||
Cost Basis | 35,200 | 35,200 | ||
Accumulated amortization | 9,539 | 10,314 | ||
Net Carrying Amount | 25,661 | 24,886 | ||
Trademarks [Member] | ||||
Cost Basis | 100,333 | 100,333 | ||
Accumulated amortization | 0 | 0 | ||
Net Carrying Amount | 97,288 | 97,288 | ||
Total [Member] | ||||
Cost Basis | 193,886 | 193,886 | ||
Accumulated amortization | 46,455 | 41,083 | ||
Net Carrying Amount | 144,386 | 149,758 | ||
Trade names [Member] | ||||
Cost Basis | 4,590 | 4,590 | ||
Accumulated amortization | 3,335 | 2,921 | ||
Net Carrying Amount | 1,255 | 1,669 | ||
Customer relationships [Member] | ||||
Cost Basis | 41,509 | 41,509 | ||
Accumulated amortization | 21,341 | 17,869 | ||
Net Carrying Amount | 20,168 | 23,640 | ||
Licensing agreements [Member] | ||||
Cost Basis | 5,600 | 5,600 | ||
Accumulated amortization | 5,600 | 5,600 | ||
Net Carrying Amount | 0 | 0 | ||
Non-compete agreement [Member] | ||||
Cost Basis | 2,440 | 2,440 | ||
Accumulated amortization | 2,426 | 2,357 | ||
Net Carrying Amount | 14 | 83 | ||
Re-acquired right [Member] | ||||
Cost Basis | 4,200 | 4,200 | ||
Accumulated amortization | 4,200 | 2,008 | ||
Net Carrying Amount | 0 | 2,192 | ||
Other [Member] | ||||
Cost Basis | 14 | 14 | ||
Accumulated amortization | 14 | 14 | ||
Net Carrying Amount | 0 | 0 | ||
Total [Member] | ||||
Cost Basis | 58,353 | 58,353 | ||
Accumulated amortization | 36,916 | 30,769 | ||
Net Carrying Amount | $ 21,437 | $ 27,584 | ||
Minimum [Member] | Trade names [Member] | ||||
Estimated Lives | 6 | 6 | ||
Minimum [Member] | Licensing agreements [Member] | ||||
Estimated Lives | 3 | 3 | ||
Maximum [Member] | Trade names [Member] | ||||
Estimated Lives | 10 | 10 | ||
Maximum [Member] | Licensing agreements [Member] | ||||
Estimated Lives | 6 | 6 |
Goodwill and Intangible Asset50
Goodwill and Intangible Assets (Detail) - (Table 3) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Goodwill [Line Items] | |||
2012 (remaining nine months) | $ 3,216 | ||
2,013 | 3,085 | ||
2,014 | 3,014 | ||
2,015 | 2,230 | ||
2,016 | 1,564 | ||
Thereafter | 8,328 | ||
Total | 21,437 | ||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 3,045 | ||
Customer Lists [Member] | |||
Goodwill [Line Items] | |||
Cost basis | 41,509 | $ 41,509 | |
Accumulated amortization | 21,341 | 17,869 | |
Net carrying amount | 20,168 | 23,640 | |
Licensing Agreements [Member] | |||
Goodwill [Line Items] | |||
Cost basis | 5,600 | 5,600 | |
Accumulated amortization | 5,600 | 5,600 | |
Net carrying amount | 0 | 0 | |
Noncompete Agreements [Member] | |||
Goodwill [Line Items] | |||
Cost basis | 2,440 | 2,440 | |
Accumulated amortization | 2,426 | 2,357 | |
Net carrying amount | 14 | 83 | |
Contractual Rights [Member] | |||
Goodwill [Line Items] | |||
Cost basis | 4,200 | 4,200 | |
Accumulated amortization | 4,200 | 2,008 | |
Net carrying amount | 0 | 2,192 | |
Other Intangible Assets [Member] | |||
Goodwill [Line Items] | |||
Cost basis | 14 | 14 | |
Accumulated amortization | 14 | 14 | |
Net carrying amount | 0 | 0 | |
Total [Member] | |||
Goodwill [Line Items] | |||
Cost basis | 58,353 | 58,353 | |
Accumulated amortization | 36,916 | 30,769 | |
Net carrying amount | 21,437 | 27,584 | |
Trademarks [Member] | |||
Goodwill [Line Items] | |||
Cost basis | 100,333 | 100,333 | |
Accumulated amortization | 0 | 0 | |
Net carrying amount | $ 97,288 | $ 97,288 |
Goodwill and Intangible Asset51
Goodwill and Intangible Assets Goodwill and Intangible Assets (detail) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill [Line Items] | |||
Amortization of Intangible Assets | $ 5,522 | $ 6,145 | $ 3,380 |
Wholesale Accessories [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Purchase Accounting Adjustments | $ 0 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Detail) - (Table 1) - shares | 12 Months Ended | |
Dec. 31, 2016 | May 25, 2012 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Common stock authorized | 23,466,000 | 23,466,000 |
Stock-based awards, including restricted stock and stock options granted, net of expired or cancelled | (20,315,000) | |
Common stock available for grant of stock-based awards as of June 30, 2012 | 3,151,000 |
Stock-Based Compensation (Det53
Stock-Based Compensation (Detail) - (Table 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Total | $ 19,509 | $ 18,698 | $ 19,260 |
Restricted Stock [Member] | |||
Allocated Share-based Compensation Expense | 16,494 | 15,543 | 15,007 |
Stock Options [Member] | |||
Allocated Share-based Compensation Expense | $ 3,015 | $ 3,155 | $ 4,253 |
Stock-Based Compensation (Det54
Stock-Based Compensation (Detail) - (Table 3) - $ / shares | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Dividend yield | 0.00% | 0.00% | 0.00% | |
Weighted average fair value | $ 7.11 | $ 8.81 | $ 9.90 | |
Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Volatility | 22.00% | 22.00% | 27.00% | 31.00% |
Risk free interest rate | 0.86% | 0.99% | 1.06% | 0.37% |
Expected life in years | 3 years | 3 years | 3 years | 4 years |
Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Volatility | 26.00% | 28.00% | 32.00% | 45.00% |
Risk free interest rate | 1.90% | 1.60% | 1.80% | 1.38% |
Expected life in years | 5 years | 5 years | 5 years | 5 years |
Stock-Based Compensation (Det55
Stock-Based Compensation (Detail) - (Table 4) - USD ($) $ / shares in Units, $ in Thousands | Jan. 03, 2017 | Aug. 08, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||||
Outstanding at January 1, 2012 | 2,016,000 | 3,428,000 | 3,373,000 | ||
Outstanding at January 1, 2012 (in Dollars per share) | $ 23.51 | $ 19.48 | $ 17.01 | ||
Granted | 100,000 | 150,000 | 262,000 | 69,000 | 489,500 |
Granted (in Dollars per share) | $ 33.86 | $ 36.59 | $ 34.69 | ||
Exercised | (746,000) | (1,460,000) | (340,000) | ||
Exercised (in Dollars per share) | $ 14.36 | $ 14.59 | $ 14.57 | ||
Cancelled/Forfeited | (33,000) | (21,000) | (94,500) | ||
Outstanding at June 30, 2012 | 1,499,000 | 2,016,000 | 3,428,000 | ||
Outstanding at June 30, 2012 (in Dollars per share) | $ 29.72 | $ 23.51 | $ 19.48 | ||
Outstanding at June 30, 2012 | 3 years 4 months | ||||
Outstanding at June 30, 2012 (in Dollars) | $ 9,042 | ||||
Exercisable at June 30, 2012 | 902,000 | ||||
Exercisable at June 30, 2012 (in Dollars per share) | $ 27.02 | ||||
Stock based compensation, shares exercisable, weighted average remaining contractual term | 2 years 6 months | ||||
Exercisable at June 30, 2012 (in Dollars) | $ 7,873 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $ 30.59 | $ 28.49 | $ 28.77 |
Stock-Based Compensation (Det56
Stock-Based Compensation (Detail) - (Table 5) - $ / shares | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 1,499,000 | 2,016,000 | 3,428,000 | 3,373,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 2 years 6 months | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 29.72 | $ 23.51 | $ 19.48 | $ 17.01 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 902,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 27.02 | |||
Exercise Price 3.65 to 8.72 [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 323,167 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 1 year | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 17.34 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 323,167 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 17.34 | |||
Exercise Price 9.50 to 14.99 [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 7,750 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 2 years 5 months | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 23.95 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 7,750 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 23.95 | |||
Exercise Price 15.29 to 20.86 [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 377,444 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 3 years 1 month | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 29.33 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 246,885 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 29.24 | |||
Exercise Price 21.17 to 26.95 [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 722,133 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 4 years 4 months | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 34.72 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 296,293 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 34.76 | |||
Exercise Price 27.03 to 38.96 [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 68,506 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 4 years 2 months | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 38.18 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 27,905 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 38.15 | |||
Total [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 1,499,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 3 years 3 months | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 29.72 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 902,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 27.02 |
Stock-Based Compensation (Det57
Stock-Based Compensation (Detail) - (Table 6) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Non-vested at January 1 | 4,055,000 | 4,067,000 | 4,257,000 |
Non-vested at January 1 (in Dollars per share) | $ 25.32 | $ 24.69 | $ 24.24 |
Granted | 434,000 | 361,000 | 182,000 |
Granted (in Dollars per share) | $ 34.30 | $ 35.71 | $ 34.88 |
Vested | (276,000) | (304,000) | (345,000) |
Vested (in Dollars per share) | $ 30.28 | $ 23.24 | $ 24.11 |
Non-vested at June 30 | 4,191,000 | 4,055,000 | 4,067,000 |
Non-vested at June 30 (in Dollars per share) | $ 25.93 | $ 25.32 | $ 24.69 |
Forfeited | (22,000) | (69,000) | (27,000) |
Forfeitures (in dollars per share) | $ 33.45 | $ 34.23 | $ 29.34 |
Stock-Based Compensation (Det58
Stock-Based Compensation (Detail) - USD ($) | Jan. 03, 2017 | Aug. 08, 2016 | Jul. 03, 2012 | Feb. 08, 2012 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation | $ 5,000 | $ 10,510,000 | $ 2,978,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value | $ 16,983,000 | $ 12,433,000 | $ 6,351,000 | ||||
Share Based Compensation Arrangement By Share Based Payment Award Options Vested In Period | 322,022 | 455,528 | 537,276 | ||||
Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable During Period Weighted Average Exercise Price (in Dollars per share) | $ 32.37 | $ 27.27 | $ 21.19 | ||||
Share Based Compensation Arrangement By Share-Based Payment Award Equity Options Nonvested Number | 596,982 | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ 3,276,000 | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 6 months | ||||||
Employee Service Share Based Compensation Nonvested Restricted Stock Awards Total Compensation Cost Not Yet Recognized | $ 69,606,000 | ||||||
Employee Service Share Based Compensation Nonvested Restricted Awards Total Compensation Cost Not Yet Recognized Period For Recognition | 5 years 11 months | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Total Fair Value | $ 9,758,000 | $ 6,980 | $ 8,317 | ||||
Related Party Transaction Restricted Shares Granted During The Period | 1,893,342 | 1,463,057 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 100,000 | 150,000 | 262,000 | 69,000 | 489,500 | ||
Common Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share Price | $ 35.75 | $ 34.42 | $ 21.13 | $ 27.34 |
Preferred Stock (Details)
Preferred Stock (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Preferred Stock, Shares Authorized | 5,000,000 | |
Preferred Class B [Member] | ||
Class of Stock [Line Items] | ||
Preferred Stock, Shares Authorized | 60,000 | 60,000 |
Preferred Stock, Dividend Payment Rate, Variable | 1,000 | |
Preferred Stock, Voting Rights | 1,000 | |
Preferred Stock, Liquidation Preference Per Share | $ 1,000 |
Share Repurchases Share Repurch
Share Repurchases Share Repurchase Program (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Feb. 22, 2016 | |
Equity, Class of Treasury Stock [Line Items] | |||||
Factoring Fee | 0.20% | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | ||||
Shares Paid for Tax Withholding for Share Based Compensation | 295,362 | ||||
Payments Related to Tax Withholding for Share-based Compensation | $ 10,809 | ||||
Stock Repurchased During Period, Shares | (2,437,000) | 3,704,000 | 4,261,000 | ||
Treasury Stock Acquired, Average Cost Per Share | $ 36.60 | ||||
Stock Repurchased During Period, Value | $ 86,005 | $ 135,637 | $ 142,228 | ||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 117,374 | $ 117,374 | $ 136,000 | ||
London Interbank Offered Rate (LIBOR) [Member] | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | ||||
Common Stock [Member] | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Stock Repurchased During Period, Shares | (2,142,000) | ||||
Treasury Stock Acquired, Average Cost Per Share | $ 35.11 | ||||
Stock Repurchased During Period, Value | $ 75,196 | ||||
Private Label [Member] | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Factoring Fee | 0.14% |
Derivative Instruments (Details
Derivative Instruments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Derivative Instruments [Abstract] | ||
Foreign Currency Contract, Asset, Fair Value Disclosure | $ 273 | |
Unrealized Gain (Loss) on Cash Flow Hedging Instruments | $ 191 | 0 |
Derivative, Gain (Loss) on Derivative, Net | $ 472 | $ 2,353 |
Operating Leases (Details)
Operating Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating Leases [Abstract] | |||
Operating Leases, Rent Expense | $ 52,294 | $ 47,710 | $ 43,608 |
Operating Leases, Rent Expense, Contingent Rentals | $ 238 | $ 157 | $ 84 |
Operating Leases Operating Leas
Operating Leases Operating Leases (Tables) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Operating Leased Assets [Line Items] | |
Future Minimum Sublease Rentals, Sale Leaseback Transactions, Next Twelve Months | $ 41,281 |
Future Minimum Sublease Rentals, Sale Leaseback Transactions, within Two Years | 37,798 |
Future Minimum Sublease Rentals, Sale Leaseback Transactions, within Three Years | 35,236 |
Future Minimum Sublease Rentals, Sale Leaseback Transactions, within Four Years | 33,703 |
Future Minimum Sublease Rentals, Sale Leaseback Transactions, within Five Years | 29,209 |
Future Minimum Sublease Rentals, Sale Leaseback Transactions, Thereafter | 71,031 |
Future Minimum Sublease Rentals, Sale Leaseback Transactions | $ 248,258 |
Income Taxes Income Taxes (Ta64
Income Taxes Income Taxes (Table 1) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Taxes [Abstract] | |||
Income (Loss) from Continuing Operations before Income Taxes, Domestic | $ 110,526 | $ 81,785 | $ 85,988 |
Income (Loss) from Continuing Operations before Income Taxes, Foreign | 60,474 | 90,681 | 85,405 |
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | $ 171,000 | $ 172,466 | $ 171,393 |
Income Taxes Income Taxes (Ta65
Income Taxes Income Taxes (Table 2) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Current: [Abstract] | |||
Current Federal Tax Expense (Benefit) | $ 47,655 | $ 24,838 | $ 29,933 |
Current State and Local Tax Expense (Benefit) | 6,063 | 4,136 | 4,244 |
Current Foreign Tax Expense (Benefit) | 3,270 | 13,960 | 15,167 |
Current Income Tax Expense (Benefit) | 56,988 | 42,934 | 49,344 |
Deferred: [Abstract] | |||
Deferred Federal Income Tax Expense (Benefit) | (7,050) | 16,976 | 10,229 |
Deferred State and Local Income Tax Expense (Benefit) | 153 | 1,961 | (2,014) |
Deferred Foreign Income Tax Expense (Benefit) | (365) | (3,060) | 1,205 |
Deferred Income Tax Expense (Benefit) | (7,262) | 15,877 | 9,420 |
Provision for income taxes | $ 49,726 | $ 58,811 | $ 58,764 |
Income Taxes Income Taxes (Ta66
Income Taxes Income Taxes (Table 3) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Taxes [Abstract] | |||
Deferred Tax Liability Not Recognized, Amount of Unrecognized Deferred Tax Liability, Undistributed Earnings of Foreign Subsidiaries | $ 26,615 | ||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate | 35.00% | 35.00% | 35.00% |
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential | (5.30%) | (3.60%) | (2.70%) |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-based Compensation Cost, Amount | (3.00%) | ||
Effective Income Tax Rate Reconciliation, State and Local Income Taxes | 2.00% | 1.70% | 1.10% |
Effective Income Tax Rate Reconciliation, Nondeductible Expense | 0.20% | 0.14% | 0.20% |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance | 0.00% | 0.00% | (0.10%) |
Effective Income Tax Rate Reconciliation, Deductions, Other | 0.20% | 0.90% | 0.80% |
Effective Income Tax Rate, Continuing Operations | 29.10% | 34.10% | 34.30% |
Income Taxes Income Taxes (Ta67
Income Taxes Income Taxes (Table 4) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Current deferred tax assets: [Abstract] | ||
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Allowance for Doubtful Accounts | $ 8,800 | $ 7,932 |
Deferred Tax Assets, Inventory | 2,202 | 2,237 |
Deferred Tax Assets, Unrealized Losses on Trading Securities | 0 | 1,096 |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Accrued Liabilities | 751 | 796 |
Deferred taxes | 13,985 | 14,392 |
Non-current deferred tax assets (liabilities): [Abstract] | ||
Deferred Tax Liabilities, Property, Plant and Equipment | (19,264) | (16,045) |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits | 17,569 | 14,936 |
Deferred Tax Liabilities, Undistributed Foreign Earnings | (31,262) | (39,494) |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Deferred Rent | 5,327 | 4,585 |
Deferred Tax Liabilities, Goodwill | (6,640) | (3,749) |
Deferred Tax Liabilities, Other | 1,283 | $ 437 |
Deferred Tax Assets, Operating Loss Carryforwards | $ 1,172 |
Income Taxes Income taxes (Deta
Income Taxes Income taxes (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Income Tax Holiday [Line Items] | ||
Deferred Tax Liabilities, Undistributed Foreign Earnings | $ (31,262) | $ (39,494) |
Undistributed Earnings of Foreign Subsidiaries | $ 134,249 | $ 85,147 |
Commitments, Contingencies an69
Commitments, Contingencies and Other (Details) - USD ($) | Jun. 01, 2016 | Jun. 26, 2014 | Jun. 30, 2012 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2023 | Feb. 01, 2016 | Jul. 03, 2012 | Feb. 08, 2012 | Sep. 30, 2010 | Dec. 31, 2009 | Sep. 30, 2007 | Jun. 25, 2007 |
Loss Contingencies [Line Items] | ||||||||||||||||||
Contractual Obligation, Due in Second Year | $ 1,000 | $ 1,000 | ||||||||||||||||
Contractual Obligation | 1,000,000 | 1,000,000 | ||||||||||||||||
Severance Costs | 381,000 | |||||||||||||||||
Costs and Expenses, Related Party | $ 1,373,000 | $ 1,240,000 | ||||||||||||||||
Loss Contingency, Damages Paid, Value | $ 342 | |||||||||||||||||
Future Employee Compensation | 10,698,000 | $ 11,917,000 | 9,667,000 | |||||||||||||||
Other General Expense | 200,000 | |||||||||||||||||
ShareBasedCompensation Arrangement With Employee Shares Issued (in Shares) | 75,000 | 75,000 | 1,893,342 | 1,463,056 | ||||||||||||||
Share Based Compensation Arrangement With Employee Fair Value Of Shares Issued | 40,000,000 | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 7 years | |||||||||||||||||
Compensation Arrangement With Employee Pursuant To Election To Receive Additional Shares | 7,026,000 | $ 8,250,000 | 6,125,000 | |||||||||||||||
Life Insurance, Corporate or Bank Owned, Amount | $ 200,000 | |||||||||||||||||
Note receivable – related party | $ 2,644,000 | $ 2,990,000 | $ 2,644,000 | $ 3,000,000 | ||||||||||||||
RateOfDebtInstrumentDecreaseForgiveness | 1/10th | |||||||||||||||||
Period Of Debt Instrument Forgiveness | ten-year | |||||||||||||||||
US Customs action [Member] | ||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Loss Contingency, Estimate of Possible Loss | $ 1,400,000 | |||||||||||||||||
Loss Contingency, Range of Possible Loss, Maximum | $ 1,700,000 | $ 3,050,000 | ||||||||||||||||
Loss Contingency Accrual, at Carrying Value | $ 1,248,000 | $ 1,248,000 | ||||||||||||||||
Payments for Other Taxes | $ 342,000 | |||||||||||||||||
Tax Penalties From Examination | $ 1,367,000 | |||||||||||||||||
Geographic Concentration Risk [Member] | ||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Concentration Risk, Percentage | 87.00% | 90.00% | 89.00% | |||||||||||||||
Supplier Concentration Risk [Member] | ||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Concentration Risk, Percentage | 10.00% | 10.00% | 10.00% | |||||||||||||||
Customer Concentration Risk [Member] | ||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Concentration Risk, Percentage | 10.00% | 10.00% | ||||||||||||||||
Executive F [Member] | ||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Officers' Compensation | $ 440,000 | |||||||||||||||||
Executive A [Member] | ||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Officers' Compensation | $ 670 | $ 650 | $ 630,000 | |||||||||||||||
Executive Vice President [Member] | ||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||||||||||||||||
Officers' Compensation | $ 400,000 | |||||||||||||||||
Deferred Compensation Arrangement with Individual, Shares Issued | 7,217 | |||||||||||||||||
Sales Revenue, Net [Member] | ||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Concentration Risk, Percentage | 12.00% | 12.20% | 10.50% | |||||||||||||||
Accounts Receivable [Member] | ||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Concentration Risk, Percentage | 16.90% | 16.70% | 12.80% |
Commitments, Contingencies an70
Commitments, Contingencies and Other Commitments, Contingencies and Other (Details 2) (Details) - USD ($) | Jan. 03, 2017 | Aug. 08, 2016 | Jun. 01, 2016 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2016 | Feb. 08, 2015 | Dec. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2023 | Jul. 03, 2012 | Feb. 08, 2012 |
Loss Contingencies [Line Items] | ||||||||||||||||
Compensation | $ 250,000 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 100,000 | 150,000 | 262,000 | 69,000 | 489,500 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 7 years | |||||||||||||||
Executive B [Member] | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Officers' Compensation | $ 582,000 | |||||||||||||||
Deferred Compensation Arrangement with Individual, Shares Issued | 15,000 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | |||||||||||||||
Executive A [Member] | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Officers' Compensation | $ 670 | $ 650 | $ 630,000 | |||||||||||||
Executive C [Member] | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Officers' Compensation | $ 723,000 | 702,000 | 681,000 | |||||||||||||
Deferred Compensation Arrangement with Individual, Shares Issued | 28,169 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||||||||||||
Executive D [Member] | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Officers' Compensation | $ 900,000 | $ 850,000 | $ 800,000 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | |||||||||||||||
Executive F [Member] | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Officers' Compensation | 440,000 | |||||||||||||||
Executive Vice President [Member] | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Officers' Compensation | $ 400,000 | |||||||||||||||
Deferred Compensation Arrangement with Individual, Shares Issued | 7,217 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||||||||||||||
Common Stock [Member] | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Share Price | $ 35.75 | $ 34.42 | $ 21.13 | $ 27.34 |
Commitments, Contingencies an71
Commitments, Contingencies and Other Commitments, Contingencies and Other (Details 3) (Details) - shares | Jan. 03, 2017 | Dec. 31, 2016 | Feb. 08, 2015 | Dec. 31, 2020 | Dec. 31, 2023 |
Loss Contingencies [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 7 years | ||||
Executive B [Member] | |||||
Loss Contingencies [Line Items] | |||||
Deferred Compensation Arrangement with Individual, Shares Issued | 15,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | ||||
Executive C [Member] | |||||
Loss Contingencies [Line Items] | |||||
Deferred Compensation Arrangement with Individual, Shares Issued | 28,169 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||
Executive D [Member] | |||||
Loss Contingencies [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years |
Commitments, Contingencies an72
Commitments, Contingencies and Other Commitments, Contingencies and Other (Table 2) (Details) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Sales Revenue, Net [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 12.00% | 12.20% | 10.50% |
Accounts Receivable [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 16.90% | 16.70% | 12.80% |
Commitments, Contingencies an73
Commitments, Contingencies and Other Commitments, Contingencies and Other (Table 3) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Valuation Allowance [Line Items] | ||||
Allowance for Doubtful Accounts Receivable | $ 144 | $ 200 | $ 203 | $ 119 |
Allowance for Doubtful Accounts Receivable, Period Increase (Decrease) | 5 | 162 | 234 | |
Valuation Allowances and Reserves, Deductions | 61 | 165 | 150 | |
Charge back [Member] | ||||
Valuation Allowance [Line Items] | ||||
Allowance for Doubtful Accounts Receivable | 19,138 | 19,040 | 18,199 | 17,040 |
Allowance for Doubtful Accounts Receivable, Period Increase (Decrease) | 67,649 | 76,085 | 52,265 | |
Valuation Allowances and Reserves, Deductions | 67,551 | 75,244 | 51,106 | |
Allowance for Sales Returns [Member] | ||||
Valuation Allowance [Line Items] | ||||
Allowance for Doubtful Accounts Receivable | 2,549 | 4,822 | 5,160 | $ 3,253 |
Allowance for Doubtful Accounts Receivable, Period Increase (Decrease) | 5,169 | 5,868 | 5,648 | |
Valuation Allowances and Reserves, Deductions | $ 7,442 | $ 6,206 | $ 3,741 |
Commitments, Contingencies an74
Commitments, Contingencies and Other Commitments, Contingencies and Other (Table 4) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Goodwill [Line Items] | ||
Goodwill – net | $ 135,711 | $ 137,097 |
Operating Segment Information75
Operating Segment Information (Detail) - (Table 1) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
December 31, 2012: | |||
Net sales to external customers | $ 1,399,551,000 | $ 1,405,239,000 | $ 1,334,951,000 |
Gross profit | 521,983,000 | 500,492,000 | 469,000,000 |
Commissions and licensing fees – net | 11,884,000 | 16,647,000 | 13,723,000 |
Income from operations | 169,176,000 | 171,648,000 | 167,642,000 |
Depreciation, Depletion and Amortization | 21,102,000 | 20,757,000 | 15,077,000 |
Assets | 973,047,000 | 914,385,000 | 911,235,000 |
Payments to Acquire Property, Plant, and Equipment | 15,897,000 | 19,459,000 | 18,341,000 |
Wholesale Footwear [Member] | |||
December 31, 2012: | |||
Net sales to external customers | 881,864,000 | 898,364,000 | 881,041,000 |
Gross profit | 279,836,000 | 265,822,000 | 259,764,000 |
Commissions and licensing fees – net | 0 | 0 | 0 |
Income from operations | 101,214,000 | 95,621,000 | 105,593,000 |
Assets | 611,145,000 | 581,725,000 | 581,799,000 |
Wholesale Accessories [Member] | |||
December 31, 2012: | |||
Net sales to external customers | 254,931,000 | 266,563,000 | 246,608,000 |
Gross profit | 84,421,000 | 88,361,000 | 84,640,000 |
Commissions and licensing fees – net | 0 | 0 | 0 |
Income from operations | 39,032,000 | 39,678,000 | 38,773,000 |
Assets | 235,677,000 | 209,213,000 | 210,250,000 |
Total Wholesale [Member] | |||
December 31, 2012: | |||
Net sales to external customers | 1,136,795,000 | 1,164,927,000 | 1,127,649,000 |
Gross profit | 364,257,000 | 354,183,000 | 344,404,000 |
Commissions and licensing fees – net | 0 | 0 | 0 |
Income from operations | 140,246,000 | 135,299,000 | 144,366,000 |
Depreciation, Depletion and Amortization | 11,734,000 | 12,624,000 | 7,963,000 |
Assets | 846,822,000 | 790,938,000 | 792,049,000 |
Payments to Acquire Property, Plant, and Equipment | 5,990,000 | 7,237,000 | 10,188,000 |
Retail [Member] | |||
December 31, 2012: | |||
Net sales to external customers | 262,756,000 | 240,312,000 | 207,302,000 |
Gross profit | 157,726,000 | 146,309,000 | 124,596,000 |
Commissions and licensing fees – net | 0 | 0 | 0 |
Income from operations | 17,046,000 | 19,702,000 | 9,553,000 |
Depreciation, Depletion and Amortization | 9,087,000 | 7,897,000 | 6,887,000 |
Assets | 118,168,000 | 107,661,000 | 104,744,000 |
Payments to Acquire Property, Plant, and Equipment | 9,907,000 | 12,222,000 | 8,153,000 |
First Cost Member | |||
December 31, 2012: | |||
Net sales to external customers | 0 | 0 | 0 |
Gross profit | 0 | 0 | 0 |
Commissions and licensing fees – net | 3,824,000 | 6,795,000 | 6,438,000 |
Income from operations | 3,824,000 | 6,795,000 | 6,438,000 |
Depreciation, Depletion and Amortization | 281,000 | 236,000 | 227,000 |
Assets | 8,057,000 | 15,786,000 | 14,442,000 |
Payments to Acquire Property, Plant, and Equipment | 0 | 0 | 0 |
Licensing [Member] | |||
December 31, 2012: | |||
Net sales to external customers | 0 | 0 | 0 |
Gross profit | 0 | 0 | 0 |
Commissions and licensing fees – net | 8,060,000 | 9,852,000 | 7,285,000 |
Income from operations | 8,060,000 | 9,852,000 | 7,285,000 |
Depreciation, Depletion and Amortization | 0 | 0 | 0 |
Assets | 0 | 0 | 0 |
Payments to Acquire Property, Plant, and Equipment | 0 | 0 | 0 |
Corporate [Member] | |||
December 31, 2012: | |||
Net sales to external customers | 0 | ||
Gross profit | 0 | ||
Income from operations | 0 | 0 | 0 |
Depreciation, Depletion and Amortization | 0 | 0 | 0 |
Assets | 0 | 0 | 0 |
Payments to Acquire Property, Plant, and Equipment | $ 0 | $ 0 | $ 0 |
Operating Segment Information76
Operating Segment Information (Detail) - (Table 2) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||
Domestic | $ 1,399,551,000 | $ 1,405,239,000 | $ 1,334,951,000 |
International | 1,399,551,000 | 1,405,239,000 | 1,334,951,000 |
Revenues | 1,399,551,000 | 1,405,239,000 | 1,334,951,000 |
Domestic (Non-US Title) [Member] | |||
Segment Reporting Information [Line Items] | |||
Domestic | 315,566,000 | 329,089,000 | 323,342,000 |
International | 315,566,000 | 329,089,000 | 323,342,000 |
Revenues | 315,566,000 | 329,089,000 | 323,342,000 |
Domestic [Member] | |||
Segment Reporting Information [Line Items] | |||
Domestic | 1,258,983,000 | 1,255,668,000 | 1,221,771,000 |
International | 1,258,983,000 | 1,255,668,000 | 1,221,771,000 |
Revenues | 1,258,983,000 | 1,255,668,000 | 1,221,771,000 |
International [Member] | |||
Segment Reporting Information [Line Items] | |||
Domestic | 140,568,000 | 149,571,000 | 113,180,000 |
International | 140,568,000 | 149,571,000 | 113,180,000 |
Revenues | $ 140,568,000 | $ 149,571,000 | $ 113,180,000 |
Quarterly Results of Operatio77
Quarterly Results of Operations (unaudited) (Table) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net sales | $ 1,399,551 | $ 1,405,239 | $ 1,334,951 | ||||||||
Cost of sales | 877,568 | 904,747 | 865,951 | ||||||||
Gross profit | 521,983 | 500,492 | 469,000 | ||||||||
Net Income (Loss) Attributable to Parent | $ 120,911 | $ 112,938 | $ 111,880 | ||||||||
Net income per share: [Abstract] | |||||||||||
Earnings Per Share, Basic | $ 2.12 | $ 1.91 | $ 1.82 | ||||||||
Earnings Per Share, Diluted | $ 2.03 | $ 1.85 | $ 1.76 | ||||||||
First Quarter [Member] | |||||||||||
Net sales | $ 329,357 | $ 323,945 | |||||||||
Cost of sales | 213,155 | 212,567 | |||||||||
Gross profit | 116,202 | 111,378 | |||||||||
Fees and Commissions | 2,171 | 3,918 | |||||||||
Net Income (Loss) Attributable to Parent | $ 23,659 | $ 19,824 | |||||||||
Net income per share: [Abstract] | |||||||||||
Earnings Per Share, Basic | $ 0.41 | $ 0.33 | |||||||||
Earnings Per Share, Diluted | $ 0.39 | $ 0.32 | |||||||||
Second Quarter [Member] | |||||||||||
Net sales | $ 325,402 | $ 323,582 | |||||||||
Cost of sales | 204,357 | 207,436 | |||||||||
Gross profit | 121,045 | 116,146 | |||||||||
Fees and Commissions | 2,826 | 3,127 | |||||||||
Net Income (Loss) Attributable to Parent | $ 24,737 | $ 24,503 | |||||||||
Net income per share: [Abstract] | |||||||||||
Earnings Per Share, Basic | $ 0.43 | $ 0.41 | |||||||||
Earnings Per Share, Diluted | $ 0.41 | $ 0.40 | |||||||||
Third Quarter [Member] | |||||||||||
Net sales | $ 408,384 | $ 413,462 | |||||||||
Cost of sales | 253,876 | 264,691 | |||||||||
Gross profit | 154,508 | 148,771 | |||||||||
Fees and Commissions | 5,358 | 6,643 | |||||||||
Net Income (Loss) Attributable to Parent | $ 43,767 | $ 42,885 | |||||||||
Net income per share: [Abstract] | |||||||||||
Earnings Per Share, Basic | $ 0.77 | $ 0.73 | |||||||||
Earnings Per Share, Diluted | $ 0.74 | $ 0.70 | |||||||||
Fourth Quarter [Member] | |||||||||||
Net sales | $ 336,408 | $ 344,250 | |||||||||
Cost of sales | 206,180 | 220,053 | |||||||||
Gross profit | 130,228 | 124,197 | |||||||||
Fees and Commissions | 1,529 | 2,959 | |||||||||
Net Income (Loss) Attributable to Parent | $ 28,748 | $ 25,726 | |||||||||
Net income per share: [Abstract] | |||||||||||
Earnings Per Share, Basic | $ 0.51 | $ 0.44 | |||||||||
Earnings Per Share, Diluted | $ 0.49 | $ 0.43 |