Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Nov. 06, 2017 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | STEVEN MADDEN, LTD. | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 59,103,274 | |
Amendment Flag | false | |
Entity Central Index Key | 913,241 | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Filer Category | Large Accelerated Filer | |
Entity Well-known Seasoned Issuer | Yes | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 |
Current assets: | |||
Cash and cash equivalents | $ 92,080 | $ 126,115 | $ 62,723 |
Accounts receivable, net of allowances of $1,328, $1,622 and $1,180 | 49,266 | 56,790 | 40,687 |
Factor accounts receivable, net of allowances of $24,823, $20,209 and $18,716 | 287,934 | 144,168 | 229,166 |
Inventories | 124,117 | 119,824 | 111,952 |
Marketable securities – available for sale | 50,976 | 39,495 | 30,301 |
Prepaid expenses and other current assets | 26,061 | 26,351 | 25,996 |
Prepaid taxes | 18,560 | 15,928 | 5,606 |
Deferred taxes | 1,813 | 1,813 | 594 |
Total current assets | 648,994 | 528,671 | 506,431 |
Note receivable – related party | 2,378 | 2,644 | 2,730 |
Property and equipment, net | 73,922 | 72,381 | 74,382 |
Deposits and other | 4,835 | 4,710 | 4,896 |
Marketable securities – available for sale | 33,839 | 70,559 | 90,436 |
Goodwill – net | 153,974 | 135,711 | 136,522 |
Intangibles – net | 151,648 | 144,386 | 146,398 |
Total Assets | 1,071,403 | 960,875 | 962,389 |
Current liabilities: | |||
Accounts payable | 102,906 | 80,584 | 102,095 |
Accrued expenses | 97,088 | 86,635 | 71,131 |
Contingent payment liability – current portion | 1,889 | 7,948 | 16,682 |
Accrued incentive compensation | 9,397 | 7,960 | 7,863 |
Total current liabilities | 211,280 | 183,127 | 197,771 |
Business Combination, Contingent Consideration, Liability, Noncurrent | 21,161 | ||
Contingent payment liability | 23,050 | 0 | 0 |
Deferred rent | 15,998 | 14,578 | 14,663 |
Deferred taxes | 18,740 | 19,466 | 26,315 |
Other liabilities | 1,223 | 2,632 | 0 |
Total Liabilities | 268,402 | 219,803 | 238,749 |
Commitments, contingencies and other | |||
STOCKHOLDERS’ EQUITY | |||
Common stock – $.0001 par value, 135,000 shares authorized, 87,034, 86,417 and 86,109 shares issued, 59,066, 60,410 and 60,618 shares outstanding | 6 | 6 | 6 |
Additional paid-in capital | 380,435 | 353,443 | 341,370 |
Retained earnings | 1,111,105 | 1,017,753 | 989,003 |
Accumulated other comprehensive loss | (22,675) | (31,751) | (28,043) |
Treasury stock – 27,968, 26,007 and 25,491 shares at cost | (671,810) | (598,584) | (578,973) |
Total Steven Madden, Ltd. stockholders’ equity | 797,061 | 740,867 | 723,363 |
Noncontrolling interest | 5,940 | 205 | 277 |
Total stockholders’ equity | 803,001 | 741,072 | 723,640 |
Total Liabilities and Stockholders’ Equity | 1,071,403 | 960,875 | 962,389 |
Preferred Stock [Member] | |||
STOCKHOLDERS’ EQUITY | |||
Preferred stock – $.0001 par value, 5,000 shares authorized; none issued; Series A Junior Participating preferred stock – $.0001 par value, 60 shares authorized; none issued | $ 0 | $ 0 | $ 0 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 |
Allowances for Accounts Receivable (in dollars) | $ 1,328 | $ 1,622 | $ 1,180 |
Allowances for Due from Factors (in dollars) | $ 24,823 | $ 20,209 | $ 18,716 |
Preferred stock-issued | 0 | 0 | 0 |
Common stock par value | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 135,000,000 | 135,000,000 | 135,000,000 |
Common stock, shares issued | 87,034,000 | 86,417,000 | 86,109,000 |
Common stock, shares outstanding | 59,066,000 | 60,410,000 | 60,618,000 |
Treasury stock-shares at cost | 27,968,000 | 26,007,000 | 25,491,000 |
Preferred Class A [Member] | |||
Preferred stock-par value | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Preferred stock- shares authorized | 5,000,000 | 5,000,000 | 5,000,000 |
Preferred Class B [Member] | |||
Preferred stock-par value | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Preferred stock- shares authorized | 60,000 | 60,000 | 60,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Income Statement [Abstract] | ||||
Net sales | $ 441,193 | $ 408,384 | $ 1,181,728 | $ 1,063,143 |
Cost of sales | 275,302 | 253,876 | 743,723 | 671,388 |
Gross profit | 165,891 | 154,508 | 438,005 | 391,755 |
Commission and licensing fee income – net | 4,746 | 5,304 | 10,838 | 10,259 |
Operating expenses | (105,194) | (96,046) | (310,725) | (272,478) |
Income from operations | 65,443 | 63,766 | 138,118 | 129,536 |
Interest and other income – net | 564 | 747 | 1,956 | 1,117 |
Income before provision for income taxes | 66,007 | 64,513 | 140,074 | 130,653 |
Provision for income taxes | 21,181 | 20,810 | 45,703 | 38,212 |
Net income | 44,826 | 43,703 | 94,371 | 92,441 |
Net income attributable to noncontrolling interest | 596 | (64) | 1,019 | 278 |
Net income attributable to Steven Madden, Ltd. | $ 44,230 | $ 43,767 | $ 93,352 | $ 92,163 |
Basic net income per share (in dollars per share) | $ 0.81 | $ 0.77 | $ 1.69 | $ 1.61 |
Diluted net income per share (in dollars per share) | $ 0.77 | $ 0.74 | $ 1.61 | $ 1.54 |
Basic weighted average common shares outstanding | 54,904 | 56,869 | 55,290 | 57,334 |
Effect of dilutive securities – options/restricted stock | 2,847 | 2,460 | 2,604 | 2,438 |
Diluted weighted average common shares outstanding | 57,751 | 59,329 | 57,894 | 59,772 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 44,826 | $ 43,703 | $ 94,371 | $ 92,441 |
Foreign currency translation adjustment, Pre-tax | 3,708 | (2,290) | 9,545 | 973 |
Foreign currency translation adjustment, Tax | 0 | 0 | 0 | 0 |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustment, After-tax | 3,708 | (2,290) | 9,545 | 973 |
Gain (loss) on cash flow hedging derivatives, Pre-tax | (362) | 447 | (1,102) | 688 |
Gain (loss) on cash flow hedging derivatives, Tax | 134 | (163) | 408 | (251) |
Gain (loss) on cash flow hedging derivatives, After-tax | (228) | 284 | (694) | 437 |
Unrealized gain (loss) on marketable securities, Pre-tax | 46 | 543 | 357 | 3,087 |
Unrealized gain (loss) on marketable securities, Tax | (17) | (198) | (132) | (1,127) |
Unrealized gain (loss) on marketable securities, After-tax | 29 | 345 | 225 | 1,960 |
Total other comprehensive (loss), Pre-tax | 3,392 | (1,300) | 8,800 | 4,748 |
Total other comprehensive (loss), Tax | 117 | (361) | 276 | (1,378) |
Total other comprehensive (loss), After-tax | 3,509 | (1,661) | 9,076 | 3,370 |
Comprehensive income | 48,335 | 42,042 | 103,447 | 95,811 |
Comprehensive income attributable to noncontrolling interests | 596 | (64) | 1,019 | 278 |
Comprehensive income attributable to Steven Madden, Ltd. | $ 47,739 | $ 42,106 | $ 102,428 | $ 95,533 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Cash flows from operating activities: | ||
Net income | $ 94,371 | $ 92,441 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Tax benefit from stock-based compensation | 15,688 | 16,036 |
Depreciation and amortization | 924 | 0 |
Impairment charges | (190) | (698) |
Deferred taxes | (41) | (48) |
Accrued interest on note receivable - related party | 15,680 | 14,618 |
Deferred rent expense | 1,420 | 2,650 |
Marketable Securities, Realized Gain (Loss) | 52 | |
Realized (gain) loss on sale of marketable securities | 52 | 776 |
Changes in fair value on contingent liability | (589) | (45) |
Provision for Doubtful Accounts | 7,970 | 0 |
Changes, net of acquisitions, in: | ||
Accounts receivable | 10,819 | 2,486 |
Factor accounts receivable | (143,766) | (73,955) |
Notes receivable - related party | 8,405 | (9,872) |
Repayment of Notes Receivable from Related Parties | 307 | 308 |
Inventories | 4,211 | 7,202 |
Prepaid expenses, prepaid taxes, deposits and other | 19,825 | 21,331 |
Increase (Decrease) in Employee Related Liabilities | 1,437 | 1,722 |
Increase (Decrease) in Other Accrued Liabilities | (1,409) | (1,488) |
Net cash provided by operating activities | 35,010 | 73,464 |
Cash flows from investing activities: | ||
Capital expenditures | (11,710) | (12,908) |
Purchases of marketable securities | (39,142) | (24,089) |
Repayment of notes receivable | 67,432 | 26,825 |
Proceeds from Collection of Notes Receivable | 221 | 249 |
Acquisitions, net of cash acquired | (17,396) | 0 |
Net cash used in investing activities | (595) | (9,923) |
Cash flows from financing activities: | ||
Proceeds from exercise of stock options | (73,226) | (66,394) |
Tax benefit from the exercise of options | 11,312 | 4,869 |
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | (7,359) | (8,048) |
Net cash used in financing activities | (69,273) | (73,332) |
Effect of Exchange Rate on Cash and Cash Equivalents | 823 | 100 |
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | 0 | (3,759) |
Net (decrease) in cash and cash equivalents | (34,035) | (9,691) |
Cash and cash equivalents – beginning of period | 126,115 | 72,414 |
Cash and cash equivalents – end of period | $ 92,080 | $ 62,723 |
Basis of Reporting
Basis of Reporting | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Basis of Reporting | Basis of Reporting The accompanying unaudited condensed consolidated financial statements of Steven Madden, Ltd. and subsidiaries (the “Company”) have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, such statements include all adjustments (consisting only of normal recurring items) which are considered necessary for a fair presentation of the financial position of the Company and the results of its operations and cash flows for the periods presented. Certain adjustments were made to prior years' amounts to conform to the 2017 presentation. The results of operations for the three and nine month periods ended September 30, 2017 are not necessarily indicative of the operating results for the full year. These financial statements should be read in conjunction with the financial statements and related disclosures for the year ended December 31, 2016 included in the Annual Report of Steven Madden, Ltd. on Form 10-K filed with the SEC on February 28, 2017. |
Use of Estimates
Use of Estimates | 9 Months Ended |
Sep. 30, 2017 | |
Use of Estimates [Abstract] | |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Significant areas involving management estimates include allowances for bad debts, returns and customer chargebacks, inventory valuation, valuation of intangible assets, litigation reserves and contingent payment liabilities. The Company provides reserves on trade accounts receivables and factor receivables for future customer chargebacks and markdown allowances, discounts, returns and other miscellaneous compliance-related deductions that relate to the current period sales. The Company evaluates anticipated chargebacks by reviewing several performance indicators of its major customers. These performance indicators, which include retailers’ inventory levels, sell-through rates and gross margin levels, are analyzed by management to estimate the amount of the anticipated customer allowance. |
Factor Receivable
Factor Receivable | 9 Months Ended |
Sep. 30, 2017 | |
Due To and From Factor [Abstract] | |
Due To And From Factor | Factor Receivable The Company has a collection agency agreement with Rosenthal & Rosenthal, Inc. (“Rosenthal”). The agreement can be terminated by the Company or Rosenthal at any time upon 60 days' prior written notice. Under the agreement, the Company can request advances from Rosenthal of up to 85% of aggregate receivables submitted to Rosenthal. The agreement provides the Company with a $30,000 credit facility with a $15,000 sub-limit for letters of credit at an interest rate based, at the Company’s election, upon a calculation that utilizes either the prime rate minus 0.5% or LIBOR plus 2.5% . As of September 30, 2017 and 2016 , no borrowings were outstanding. As of September 30, 2017 and 2016 , there were open letters of credit of $447 and $0 , respectively. The Company also pays Rosenthal a fee based on a percentage of the gross invoice amount submitted to Rosenthal. With respect to receivables related to our private label business, the fee is 0.14% of the gross invoice amount. With respect to all other receivables, the fee is 0.20% of the gross invoice amount. Rosenthal assumes the credit risk on a substantial portion of the receivables that the Company submits to it and, to the extent of any loans made to the Company, Rosenthal maintains a lien on the Company’s receivables to secure the Company’s obligations. |
Marketable Securities
Marketable Securities | 9 Months Ended |
Sep. 30, 2017 | |
Marketable Securities [Abstract] | |
Marketable Securities | Marketable Securities Marketable securities consist primarily of certificates of deposit and corporate bonds with maturities greater than three months and up to four years at the time of purchase. These securities, which are classified as available-for-sale, are carried at fair value, with unrealized gains and losses, net of any tax effect, reported in stockholders’ equity as accumulated other comprehensive income (loss). These securities are classified as current and non-current marketable securities based upon their maturities. Amortization of premiums and discounts is included in interest income. For the three and nine months ended September 30, 2017, the amortization of bond premiums totaled $219 and $771 compared to $307 and $925 for the comparable period in 2016. The values of these securities may fluctuate as a result of changes in market interest rates and credit risk. The schedule of maturities at September 30, 2017 and December 31, 2016 are as follows: Note D – Marketable Securities (continued) Maturities as of Maturities as of 1 Year or Less 1 to 4 Years 1 Year or Less 1 to 4 Years Corporate bonds $ 14,378 $ 33,839 $ 11,527 $ 70,559 Certificates of deposit 36,598 — 27,968 — Total $ 50,976 $ 33,839 $ 39,495 $ 70,559 For the three and nine months ended September 30, 2017 , gains of $24 and $52 were reclassified from accumulated other comprehensive income and recognized in the income statement in interest and other income compared to gains of $3 and losses of $776 for the comparable periods in 2016 . For the nine month period ended September 30, 2017 , current marketable securities included unrealized gains of $4 and unrealized losses of $93 and long-term marketable securities included unrealized gains of $37 and unrealized losses of $29 . For the comparable period in 2016, current marketable securities included unrealized losses of $220 while long-term marketable securities included unrealized gains of $592 and unrealized losses of $22 . |
Fair Value Measurement
Fair Value Measurement | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | Fair Value Measurement The accounting guidance under Accounting Standards Codification 820-10, “Fair Value Measurements and Disclosures” (“ASC 820-10”) requires the Company to make disclosures about the fair value of certain of its assets and liabilities. ASC 820-10 clarifies the principle that fair value should be based on the assumptions market participants would use when pricing an asset or liability and establishes a fair value hierarchy that prioritizes the information used to develop those assumptions. ASC 820-10 utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. A brief description of those three levels is as follows: • Level 1: Observable inputs such as quoted prices in active markets for identical assets or liabilities. • Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. • Level 3: Significant unobservable inputs. The Company’s financial assets and liabilities subject to fair value measurements as of September 30, 2017 and December 31, 2016 are as follows: September 30, 2017 Fair Value Measurements Fair value Level 1 Level 2 Level 3 Assets: Cash equivalents $ 13,350 $ 13,350 $ — $ — Current marketable securities – available for sale 50,976 50,976 — — Long-term marketable securities – available for sale 33,839 33,839 — — Total assets $ 98,165 $ 98,165 $ — $ — Liabilities: Forward contracts $ 611 $ — $ 611 $ — Contingent consideration 23,050 — — 23,050 Total liabilities $ 23,661 $ — $ 611 $ 23,050 Note E – Fair Value Measurement (continued) December 31, 2016 Fair Value Measurements 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 Our level 3 balances consist of contingent consideration related to acquisitions. The changes in our level 3 assets and liabilities for the periods ended September 30, 2017 and December 31, 2016 are as follows: Balance at January 1, Payments Acquisitions Change in estimate Balance at September 30, 2017 Liabilities: Contingent consideration $ 7,948 $ (7,359 ) $ 23,050 $ (589 ) $ 23,050 Balance at January 1, Payments Acquisitions Change in estimate Balance at December 31, 2016 Liabilities: Contingent consideration $ 24,775 $ (16,402 ) $ — $ (425 ) $ 7,948 Forward contracts are entered into to manage the risk associated with the volatility of future cash flows (see Note M). Fair value of these instruments is based on observable market transactions of spot and forward rates. The Company has recorded a liability for potential contingent consideration in connection with the January 30, 2017 acquisition of all of the outstanding capital stock of each of Schwartz & Benjamin, Inc., B.D.S., Inc., Quinby Ridge Enterprises LLC and DANIELBARBARA Enterprises LLC (collectively, "Schwartz & Benjamin"). Pursuant to the terms of an earn-out agreement between the Company and the sellers of Schwartz & Benjamin, earn-out payments, if achieved, are due annually to the sellers of Schwartz & Benjamin based on the financial performance of Schwartz & Benjamin for each of the twelve-month periods ending on January 31, 2018 through 2023, inclusive. The fair value of the contingent payments was estimated using the present value of the payments based on management’s projections of the financial results of Schwartz & Benjamin during the earn-out period. The Company recorded a liability for potential contingent consideration in connection with the December 30, 2014 acquisition of all of the outstanding capital stock of Trendy Imports S.A. de C.V., Comercial Diecisiette S.A. de C.V. and Maximus Designer Shoes S.A. de C.V. (together, "SM Mexico"). Pursuant to the terms of an earn-out agreement between the Company and the seller of SM Mexico, earn-out payments, if achieved, were due annually to the seller of SM Mexico based on the financial performance Note E – Fair Value Measurement (continued) 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 payments based on management’s projections of the financial results of SM Mexico during the earn-out period. The first 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. A partial earn-out payment of $2,580 for the period ended December 31, 2016 was paid to the seller of SM Mexico in the second quarter of this year. A payment of $2,038 which represents the remaining portion of the final earn-out payment for the period ending December 31, 2016 was paid to the seller of SM Mexico in the third quarter of this year. The Company recorded a liability for potential contingent consideration in connection with the February 21, 2012 acquisition of SM Canada. Pursuant to the terms of an earn-out agreement between the Company and the seller of SM Canada, earn-out payments, if achieved, were 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 payments based on management’s projections of the financial results of SM Canada during the earn-out period. A final earn-out payment of $2,741 for the period ended March 31, 2017 was paid to the seller of SM Canada in the second quarter of this year. The carrying value of certain financial instruments such as accounts receivable, factor accounts receivable and accounts payable approximates their fair values due to the short-term nature of their underlying terms. Fair value of the notes receivable held by the Company approximates their carrying value based upon their imputed or actual interest rate, which approximates applicable current market interest rates. |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Sep. 30, 2017 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | Revenue Recognition The Company recognizes revenue on wholesale sales when (i) products are shipped pursuant to its standard terms, which are freight on board Company warehouse, or when products are delivered to the consolidators, or any other destination, as per the terms of the customers’ purchase order, (ii) persuasive evidence of an arrangement exists, (iii) the price is fixed and determinable and (iv) collection is reasonably assured. Sales reductions on wholesale sales for anticipated discounts, allowances and other deductions are recognized during the period when sales are recorded. With the exception of our cold weather accessories and Blondo businesses, normally we do not accept returns from our wholesale customers unless there are product quality issues, which we charge back to the vendors at cost. Sales of cold weather accessories and Blondo products to wholesale customers are recorded net of returns, which are estimated based on historical experience. Such amounts have historically not been material. Retail sales are recognized when the payment is received from customers and are recorded net of 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 eyewear, outerwear, hosiery, activewear, sleepwear, jewelry, watches, hair accessories, umbrellas, bedding, luggage, and men’s leather accessories. In addition, the Company licenses the Betsey Johnson® trademark for use in connection with the manufacture, marketing and sale of women's and children's apparel, hosiery, swimwear, outerwear, sleepwear, activewear, jewelry, watches, bedding, luggage, stationery, umbrellas, and household goods. The Company licenses the Dolce Vita® trademark for use in connection with the manufacture, marketing and sale of women's and children’s outerwear and swimwear. The license agreements require the licensee to pay the Company a royalty and, in substantially all of the agreements, an advertising fee, both of which are based on the higher of a minimum or a net sales percentage as defined in the various agreements. In addition, under the terms of retail selling agreements, most of the Company’s international distributors are required to pay the Company a royalty based on a percentage of net sales, in addition to a commission and a design fee on the purchases of the Company’s products. Licensing revenue is recognized on the basis of net sales reported by the licensees, or the Note F – Revenue Recognition (continued) minimum guaranteed royalties, if higher. In substantially all of the Company’s license agreements, the minimum guaranteed royalty is earned and receivable on a quarterly basis. |
Sales Deductions
Sales Deductions | 9 Months Ended |
Sep. 30, 2017 | |
Sales Deductions [Abstract] | |
Sales Deductions | Sales Deductions The Company supports retailers’ initiatives to maximize sales of the Company’s products on the retail floor by subsidizing the co-op advertising programs of such retailers, providing them with inventory markdown allowances and participating in various other marketing initiatives of its major customers. In addition, the Company accepts returns for damaged products for which the Company’s costs are normally charged back to the responsible third-party factory. Such expenses are reflected in the condensed consolidated financial statements as deductions from gross sales to arrive at net sales. |
Share Repurchase Program
Share Repurchase Program | 9 Months Ended |
Sep. 30, 2017 | |
Equity [Abstract] | |
Share Repurchase Program [Text Block] | Share Repurchase Program The Company's Board of Directors authorized a share repurchase program (the “Share Repurchase Program”), effective as of January 1, 2004. The Share Repurchase Program does not have a fixed expiration or termination date and may be modified or terminated by the Board of Directors at any time. On several occasions the Board of Directors has increased the amount authorized for repurchase. The Share Repurchase Program permits the Company to effect repurchases from time to time through a combination of open market repurchases or in privately negotiated transactions at such prices and times as are determined to be in the best interest of the Company. On July 28, 2017, the Board of Directors approved the extension of the Share Repurchase Program for an additional $200,000 in repurchases of the Company's common stock. During the nine months ended September 30, 2017 , an aggregate of 1,898,249 shares of the Company's common stock were repurchased under the Share Repurchase Program, at an average price per share of $37.32 , for an aggregate purchase price of approximately $70,841 . As of September 30, 2017 , approximately $194,803 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 nine months ended September 30, 2017, an aggregate of 63,211 shares were withheld in connection with the settlement of vested restricted stock to satisfy tax withholding requirements, at an average price per share of $37.72 , for an aggregate purchase price of approximately $2,384 . |
Net Income Per Share of Common
Net Income Per Share of Common Stock | 9 Months Ended |
Sep. 30, 2017 | |
Net Income Per Share of Common Stock [Abstract] | |
Net Income Per Share of Common Stock | Net Income Per Share of Common Stock Basic net income per share is based on the weighted average number of shares of common stock outstanding during the period, which does not include unvested restricted common stock subject to forfeiture of 4,218,000 and 4,230,000 shares for the three and nine months ended September 30, 2017 , respectively, compared to 4,235,000 and 4,186,000 shares for the three and nine months ended September 30, 2016 . Diluted net income per share reflects: (a) the potential dilution assuming shares of common stock were issued upon the exercise of outstanding in-the-money options and the proceeds thereof were used to purchase shares of the Company’s common stock at the average market price during the period, and (b) the vesting of granted non-vested restricted stock awards for which the assumed proceeds upon vesting are deemed to be the amount of compensation cost not yet recognized attributable to future services using the treasury stock method, to the extent dilutive. During the third quarter of 2016, the Company adopted Accounting Standards Update 2016-09, "Improvements to Employee Share-Based Payment Accounting," which provides updated guidance relating to the treasury stock calculation of diluted shares. For the three and nine months ended September 30, 2017 , options to purchase approximately 0 and 50,000 shares of common stock, respectively, have been excluded from the calculation of diluted net income per share as compared to 383,000 and 375,000 shares that were excluded for the three and nine months ended September 30, 2016 , as the result would have been antidilutive. For the three and nine months ended September 30, 2017 and 2016 , all unvested restricted stock awards were dilutive. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | -Based Compensation In March 2006, the Company's Board of Directors approved the Steven Madden, Ltd. 2006 Stock Incentive Plan, as amended (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 following table summarizes the number of shares of common stock authorized for issuance 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 (21,795,000 ) Common stock available for grant of stock-based awards as of September 30, 2017 1,671,000 Total equity-based compensation for the three and nine months ended September 30, 2017 and 2016 is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Restricted stock $ 3,902 $ 4,177 $ 12,540 $ 12,417 Stock options 1,005 805 3,140 2,201 Total $ 4,907 $ 4,982 $ 15,680 $ 14,618 Equity-based compensation is included in operating expenses on the Company’s Condensed Consolidated Statements of Income. Stock Options Cash proceeds and intrinsic values related to total stock options exercised during the three and nine months ended September 30, 2017 and 2016 are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Proceeds from stock options exercised $ 5,663 $ 1,162 $ 11,312 $ 4,869 Intrinsic value of stock options exercised $ 1,220 $ 634 $ 4,729 $ 11,684 During the three and nine months ended September 30, 2017 , options to purchase approximately 56,355 shares of common stock with a weighted average exercise price of $34.72 and options to purchase approximately 349,030 shares of common stock with a weighted average exercise price of $33.35 vested, respectively. During the three and nine months ended September 30, 2016 , options to purchase approximately 21,006 shares of common stock with a weighted average exercise price of $32.72 and options to purchase approximately 261,715 shares of common stock with a weighted average exercise price of $31.92 vested, respectively. As of September 30, 2017 , there were unvested options relating to 1,294,680 shares of common stock outstanding with a total of $9,449 of unrecognized compensation cost and an average vesting period of 4.6 years. The Company uses the Black-Scholes option-pricing model to estimate the fair value of options granted, which requires several assumptions. The expected term of the options represents the estimated period of time until exercise and is based on the historical experience of similar awards. Expected volatility is based on the historical volatility of the Company’s common stock. The risk free interest rate is based on the U.S. Treasury yield curve in effect at the time of the grant. The Company historically has not paid regular cash dividends and thus the expected dividend rate is assumed to be zero. The following weighted average assumptions were used for stock options granted during the nine months ended September 30, 2017 and 2016 : Note J – Equity-Based Compensation (continued) 2017 2016 Volatility 23.0% to 26.4% 22.2% to 26.2% Risk free interest rate 1.48% to 1.99% 0.86% to 1.73% Expected life in years 3.4 to 5.0 3.4 to 5.0 Dividend yield 0.00% 0.00% Weighted average fair value $8.91 $7.01 Activity relating to stock options granted under the Company’s plans and outside the plans during the nine months ended September 30, 2017 is as follows: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at January 1, 2017 1,499,000 $ 29.72 Granted 1,054,000 37.53 Exercised (405,000 ) 27.39 Forfeited (8,000 ) 35.02 Outstanding at September 30, 2017 2,140,000 $ 33.98 4.6 years $ 19,937 Exercisable at September 30, 2017 846,000 $ 29.45 2.5 years $ 11,713 Restricted Stock The following table summarizes restricted stock activity during the nine months ended September 30, 2017 and 2016 : 2017 2016 Number of Shares Weighted Average Fair Value at Grant Date Number of Shares Weighted Average Fair Value at Grant Date Non-vested at January 1, 4,191,000 $ 25.93 4,055,000 $ 25.32 Granted 259,000 37.38 377,000 34.22 Vested (213,000 ) 33.25 (193,000 ) 30.44 Forfeited (34,000 ) 35.08 — — Non-vested at September 30, 4,203,000 $ 26.19 4,239,000 $ 25.93 As of September 30, 2017 , the Company had $66,808 of total unrecognized compensation cost related to restricted stock awards granted under the Plan. This cost is expected to be recognized over a weighted average of 5.6 years. The Company determines the fair value of its restricted stock awards based on the market price of its common stock on the date of grant. On January 3, 2012, the Company and its Creative and Design Chief, Steven Madden, entered into an amendment of Mr. Madden’s existing employment agreement, pursuant to which, on February 8, 2012, Mr. Madden was granted 1,463,057 restricted shares of the Company’s common stock at the then market price of $27.34 , which will vest in equal annual installments over a seven-year period commencing on December 31, 2017 and, thereafter, on each December 31 through December 31, 2023, subject to Mr. Note J – Equity-Based Compensation (continued) Madden’s continued employment on each such vesting date. On June 30, 2012, Mr. Madden exercised his right under his employment agreement to receive an additional restricted stock award, and, on July 3, 2012, he was granted 1,893,342 restricted shares of the Company's common stock at the then market price of $21.13 , which will vest in the same manner as the aforementioned grant. On August 8, 2016, pursuant to the employment agreement, Mr. Madden was granted an option to purchase 150,000 shares of the Company's common stock at an exercise price of $34.42 per share, which option became exercisable in equal quarterly installments commencing on November 8, 2016. On July 20, 2017, pursuant to his employment agreement, Mr. Madden was granted an option to purchase 150,000 shares of the Company's common stock at an exercise price of $40.15 per share, which option is exercisable in equal quarterly installments commencing on October 20, 2017. |
Acquisitions
Acquisitions | 9 Months Ended |
Sep. 30, 2017 | |
Acquisitions [Abstract] | |
Acqusitions | Acquisitions SM Dolce Limited In September 2017, the Company formed a joint venture ("SM Taiwan") with Dolce Limited through its subsidiary, SM Dolce Limited. The Company is the majority interest holder in SM Taiwan and controls all of the significant participating rights of the joint venture. SM Taiwan is the exclusive distributor of the Company's products in Taiwan. As the Company controls all of the significant participating rights of the joint venture and is the majority interest holder in SM Taiwan, the assets, liabilities and results of operations of SM Taiwan are consolidated and included in the Company’s Condensed Consolidated Financial Statements. The other member's interest is reflected in “Net income attributable to noncontrolling interests” in the Condensed Consolidated Statements of Income and “Noncontrolling interests” in the Condensed Consolidated Balance Sheets. SM (Jiangsu) Co., Ltd. In September 2017, the Company formed a joint venture ("SM China") with Xuzhou C. banner Footwear, Ltd. through its subsidiary, SM (Jiangsu) Co., Ltd. The Company controls all of the significant participating rights of the joint venture. SM China is the exclusive distributor of the Company's products in China. As the Company controls all of the significant participating rights of the joint venture in SM China, the assets, liabilities and results of operations of SM China are consolidated and included in the Company’s Condensed Consolidated Financial Statements. The other member's interest is reflected in “Net income attributable to noncontrolling interests” in the Condensed Consolidated Statements of Income and “Noncontrolling interests” in the Condensed Consolidated Balance Sheets. Schwartz & Benjamin In January 2017, the Company acquired all of the outstanding capital stock of each of Schwartz & Benjamin, Inc., B.D.S., Inc., Quinby Ridge Enterprises LLC and DANIELBARBARA Enterprises LLC (collectively, "Schwartz & Benjamin"). 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 department stores and specialty boutiques, as well as the retail stores of its brand partners. The total purchase price for the acquisition was approximately $40,446 , which is subject to a working capital adjustment. The total purchase price includes a cash payment at closing of $17,396 , plus potential earn-out payments based on the achievement of certain earnings targets for each of the twelve month periods ending on January 31, 2018 through 2023, inclusive. The fair value of the contingent payments was estimated using the present value of the payments based on management's projections of the financial results of Schwartz & Benjamin during the earn-out period. At September 30, 2017, the Company estimated the fair value of the contingent consideration to be $23,050 . The transaction was accounted for using the acquisition method required by GAAP. Accordingly, the assets and liabilities of Schwartz & Benjamin were recorded at their fair values, and the excess of the purchase price over the fair value of the assets acquired and liabilities assumed, including identified intangible assets, was recorded as goodwill. The fair values assigned to tangible and intangible assets acquired and liabilities assumed are based on management’s estimates and assumptions, which are subject to change. The purchase price has been preliminarily allocated as follows: Note K – Acquisitions (continued) Inventory $ 12,698 Accounts receivable 10,733 Trademarks 4,000 Customer relations 3,900 Fixed assets 3,281 Prepaids and other assets 2,694 Accounts payable (8,544 ) Accrued expenses (4,669 ) Total fair value excluding goodwill 24,093 Goodwill 16,353 Net assets acquired $ 40,446 The allocation of the purchase price is based on certain preliminary valuations and analyses that have not been completed as of the date of this filing. Any changes in the estimated fair values of the assets acquired, including identifiable intangible assets, and liabilities assumed upon the finalization of more detailed analysis, within the measurement period, will change the allocation of the purchase price. Contingent consideration classified as a liability will be remeasured at fair value at each reporting date, until the contingency is resolved, with changes recognized in earnings. The goodwill related to this transaction is expected to be deductible for tax purposes over 15 years. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 9 Months Ended |
Sep. 30, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets The following is a summary of the carrying amount of goodwill by segment as of September 30, 2017 : Wholesale Net Carrying Amount Footwear Accessories Retail Balance at January 1, 2017 $ 72,261 $ 49,324 $ 14,126 $ 135,711 Acquisitions 16,353 — — 16,353 Translation and other 1,213 — 697 1,910 Balance at September 30, 2017 $ 89,827 $ 49,324 $ 14,823 $ 153,974 Note L – Goodwill and Intangible Assets (continued) The following table details identifiable intangible assets as of September 30, 2017 : Estimated Lives Cost Basis Accumulated Amortization (1) Net Carrying Amount Trade names 6–10 years $ 8,590 $ 4,357 $ 4,233 Customer relationships 10 years 45,409 23,117 22,292 License agreements 3–6 years 5,600 5,600 — Non-compete agreement 5 years 2,440 2,354 86 Re-acquired right 2 years 4,200 4,200 — Other 3 years 14 14 — 66,253 39,642 26,611 Re-acquired right indefinite 35,200 7,451 27,749 Trademarks indefinite 97,288 — 97,288 $ 198,741 $ 47,093 $ 151,648 (1) Includes the effect of foreign currency translation related primarily to the movements of the Canadian dollar and Mexican peso in relation to the U.S. dollar. The estimated future amortization expense of purchased intangibles as of September 30, 2017 is as follows: 2017 (remaining three months) $ 1,113 2018 4,454 2019 4,380 2020 3,560 2021 1,884 Thereafter 11,220 $ 26,611 |
Derivative Instruments
Derivative Instruments | 9 Months Ended |
Sep. 30, 2017 | |
Derivative Instruments Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | Derivative Instruments The Company uses derivative instruments, specifically, forward foreign exchange contracts, to manage the risk associated with the volatility of future cash flows. The foreign exchange contracts are used to mitigate the impact of exchange rate fluctuations on certain forecasted purchases of inventory and are designated as cash flow hedging instruments. As of September 30, 2017 , the fair value of the Company's foreign currency derivatives, which is included on the Condensed Consolidated Balance Sheets in accrued expenses, is $611 . As of September 30, 2017 , $503 of losses related to cash flow hedges are recorded in accumulated other comprehensive loss, net of taxes and are expected to be recognized in earnings at the same time the hedged items affect earnings. As of September 30, 2016 , $123 of gains related to cash flow hedges were recorded in accumulated other comprehensive income, net of taxes. As of September 30, 2017 , the Company's hedging activities were considered effective and, thus, no ineffectiveness from hedging activities were recognized in the Condensed Consolidated Statements of Income. For the three and nine months ended September 30, 2017 , gains of $17 and losses of $26 were reclassified from accumulated other comprehensive income and recognized in the income statement in cost of sales, as compared to losses of $68 and $428 for the three and nine months ended September 30, 2016 . |
Commitments, Contingencies and
Commitments, Contingencies and Other | 9 Months Ended |
Sep. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Contingencies and Other | Commitments, Contingencies and Other Legal proceedings: The Company has been named as a defendant in certain lawsuits in the normal course of business. In the opinion of management, after consulting with legal counsel, the liabilities, if any, resulting from these matters should not have a material effect on the Company's financial position or results of operations. It is the policy of management to disclose the amount or range of reasonably possible losses in excess of recorded amounts. |
Operating Segment Information
Operating Segment Information | 9 Months Ended |
Sep. 30, 2017 | |
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 internationally (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 territories within Asia, Albania, Austria, Belgium, Bulgaria, Canada, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Hungary, Ireland, Kosovo, Lithuania, Latvia, Luxembourg, Mexico, the Netherlands, Norway, Poland, Romania, Russia, Slovakia, Slovenia, Sweden, Switzerland, and Tunisia and, under special distribution arrangements in various other territories within Australia, 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, South Africa and China 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 and other trademark rights for use in connection with the manufacture, marketing and sale of eyewear, outerwear, hosiery, activewear, sleepwear, jewelry, watches, hair accessories, umbrellas, bedding, luggage, and men’s leather accessories. In addition, this segment licenses the Betsey Johnson® trademark for use in connection with the manufacture, marketing and sale of women's and children's apparel, hosiery, swimwear, outerwear, sleepwear, activewear, jewelry, watches, bedding, luggage, stationery, umbrellas, and household goods; and furthermore, licenses the Dolce Vita® trademark for use in connection with the manufacture, marketing and sale of women's and children’s outerwear and swimwear. Note O – Operating Segment Information (continued) As of and for the three months ended, Wholesale Footwear Wholesale Accessories Total Wholesale Retail First Cost Licensing Consolidated September 30, 2017 Net sales to external customers $ 300,565 $ 76,365 $ 376,930 $ 64,263 $ — $ — $ 441,193 Gross profit 102,891 24,877 127,768 38,123 — — 165,891 Commissions and licensing fees – net — — — — 2,028 2,718 4,746 Income from operations 52,366 10,301 62,667 (1,970 ) 2,028 2,718 65,443 Segment assets $ 790,405 $ 139,852 930,257 128,198 12,948 — 1,071,403 Capital expenditures $ 1,348 $ 2,690 $ — $ — $ 4,038 September 30, 2016 Net sales to external customers $ 268,159 $ 78,448 $ 346,607 $ 61,777 $ — $ — $ 408,384 Gross profit 90,550 26,937 117,487 37,021 — — 154,508 Commissions and licensing fees – net — — — — 2,370 2,934 5,304 Income from operations 41,080 15,492 56,572 1,890 2,370 2,934 63,766 Segment assets $ 646,919 $ 184,622 831,541 117,604 13,244 — 962,389 Capital expenditures $ 1,693 $ 2,800 $ — $ — $ 4,493 As of and for the nine months ended, Wholesale Footwear Wholesale Accessories Total Wholesale Retail First Cost Licensing Consolidated September 30, 2017 Net sales to external customers $ 799,837 $ 195,804 $ 995,641 $ 186,087 $ — $ — $ 1,181,728 Gross profit 263,368 62,349 325,717 112,288 438,005 Commissions and licensing fees – net — — — — 4,864 5,974 10,838 Income (loss) from operations 110,791 19,603 130,394 (3,114 ) 4,864 5,974 138,118 Segment assets $ 790,405 $ 139,852 930,257 128,198 12,948 — 1,071,403 Capital expenditures $ 3,800 $ 7,910 $ — $ — $ 11,710 September 30, 2016 Net sales to external customers $ 692,503 $ 192,769 $ 885,272 $ 177,871 $ — $ — $ 1,063,143 Gross profit 221,328 64,064 285,392 106,363 391,755 Commissions and licensing fees – net — — — — 3,832 6,427 10,259 Income from operations 90,239 25,753 115,992 3,285 3,832 6,427 129,536 Segment assets $ 646,919 $ 184,622 831,541 117,604 13,244 — 962,389 Capital expenditures $ 4,296 $ 8,612 $ — $ — $ 12,908 Note O – Operating Segment Information (continued) Revenues by geographic area for the three and nine months ended September 30, 2017 and 2016 are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Domestic (a) $ 388,350 $ 360,400 $ 1,061,867 $ 956,967 International 52,843 47,984 119,861 106,176 Total $ 441,193 $ 408,384 $ 1,181,728 $ 1,063,143 (a) Includes revenues of $87,662 and $258,603 for the three and nine months ended September 30, 2017, respectively, and $86,584 and $252,599 for the comparable periods in 2016 related to sales to U.S. customers where the title is transferred outside the U.S. and the sale is recorded by our international business. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements (Notes) | 9 Months Ended |
Sep. 30, 2017 | |
Recent Accounting Pronouncements [Abstract] | |
Recently Adopted Accounting Standards [Abstract] | Note P – Recent Accounting Pronouncements Recently Adopted In January 2017, the Financial Accounting Standards Board (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 adopted the provisions of ASU 2017-04 in the second quarter of 2017; the adoption did not have a material impact on the Company's financial statements. 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 Company adopted the provisions of ASU 2015-11 in the first quarter of 2017; the adoption did not have a material impact on the Company's financial statements. 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. The Company adopted the provisions of ASU 2015-17 in the first quarter of 2017 under the retrospective approach and, as such, the Company reclassified $13,985 and $14,573 of deferred taxes from current to non-current on our balance sheets as of December 31, 2016 and September 30, 2017 , respectively. Not Yet Adopted In August 2017, the FASB issued Accounting Standards Update 2017-12 ("ASU 2017-12"), "Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities." ASU 2017-12 changes the recognition and presentation requirements of hedge accounting. The guidance provides new alternatives for applying hedge accounting to additional hedging strategies and measuring the hedged item in fair value hedges of interest rate risk, as well as applies new alternatives for reducing the cost and complexity of applying hedge accounting by easing the requirements for effectiveness testing, hedge documentation and application of the critical terms match method, and reducing the risk of material error correction if a company applies the shortcut method inappropriately. The guidance is effective for annual and interim periods in fiscal years beginning after December 15, 2018 and early adoption is permitted any time after the issuance of the ASU, including in an interim period. The Company is currently evaluating the effect that the new guidance will have on its financial statements and related disclosures. In March 2017, the FASB issued Accounting Standards Update 2017-08 ("ASU 2017-08"), "Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities." ASU 2017-08 will amend the amortization period for certain purchased callable debt securities held at a premium. Under current GAAP, entities generally amortize the premium as an adjustment of yield over the contractual life of the instrument. ASU 2017-08 will shorten the amortization Note P - Recent Accounting Pronouncements (continued) period for the premium to the earliest call date. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The Company is currently evaluating the effect, if any, 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 for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years with early adoption permitted. We will adopt the guidance when it becomes effective in the first quarter of 2018; 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 with terms longer than 12 months, 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. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition. 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 financial statements. 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. We will adopt the guidance when it becomes effective in the first quarter of 2018; 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, and the Company plans to adopt the provisions of the new standard in the first quarter of 2018. The Company is utilizing a comprehensive approach to assess the impact of the guidance on each of our operating segments' revenue streams, including assessment of our performance obligations, principal versus agent considerations and variable consideration. Additionally, the Company is evaluating the impact of the new guidance on disclosures, as well as the impact on controls to support the recognition. Based on the foregoing, at the current time the Company does not expect the adoption to have a material impact on its consolidated financial statements. |
Basis of Reporting (Policies)
Basis of Reporting (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy | Basis of Reporting The accompanying unaudited condensed consolidated financial statements of Steven Madden, Ltd. and subsidiaries (the “Company”) have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, such statements include all adjustments (consisting only of normal recurring items) which are considered necessary for a fair presentation of the financial position of the Company and the results of its operations and cash flows for the periods presented. Certain adjustments were made to prior years' amounts to conform to the 2017 presentation. The results of operations for the three and nine month periods ended September 30, 2017 are not necessarily indicative of the operating results for the full year. These financial statements should be read in conjunction with the financial statements and related disclosures for the year ended December 31, 2016 included in the Annual Report of Steven Madden, Ltd. on Form 10-K filed with the SEC on February 28, 2017. |
Use of Estimates, Policy [Policy Text Block] | Significant areas involving management estimates include allowances for bad debts, returns and customer chargebacks, inventory valuation, valuation of intangible assets, litigation reserves and contingent payment liabilities. The Company provides reserves on trade accounts receivables and factor receivables for future customer chargebacks and markdown allowances, discounts, returns and other miscellaneous compliance-related deductions that relate to the current period sales. The Company evaluates anticipated chargebacks by reviewing several performance indicators of its major customers. These performance indicators, which include retailers’ inventory levels, sell-through rates and gross margin levels, are analyzed by management to estimate the amount of the anticipated customer allowance. |
Marketable Securities, Available-for-sale Securities, Policy [Policy Text Block] | Marketable Securities Marketable securities consist primarily of certificates of deposit and corporate bonds with maturities greater than three months and up to four years at the time of purchase. These securities, which are classified as available-for-sale, are carried at fair value, with unrealized gains and losses, net of any tax effect, reported in stockholders’ equity as accumulated other comprehensive income (loss). These securities are classified as current and non-current marketable securities based upon their maturities. Amortization of premiums and discounts is included in interest income. For the three and nine months ended September 30, 2017, the amortization of bond premiums totaled $219 and $771 compared to $307 and $925 for the comparable period in 2016. The values of these securities may fluctuate as a result of changes in market interest rates and credit risk. The schedule of maturities at September 30, 2017 and December 31, 2016 are as follows: Note D – Marketable Securities (continued) Maturities as of Maturities as of 1 Year or Less 1 to 4 Years 1 Year or Less 1 to 4 Years Corporate bonds $ 14,378 $ 33,839 $ 11,527 $ 70,559 Certificates of deposit 36,598 — 27,968 — Total $ 50,976 $ 33,839 $ 39,495 $ 70,559 For the three and nine months ended September 30, 2017 , gains of $24 and $52 were reclassified from accumulated other comprehensive income and recognized in the income statement in interest and other income compared to gains of $3 and losses of $776 for the comparable periods in 2016 . For the nine month period ended September 30, 2017 , current marketable securities included unrealized gains of $4 and unrealized losses of $93 and long-term marketable securities included unrealized gains of $37 and unrealized losses of $29 . For the comparable period in 2016, current marketable securities included unrealized losses of $220 while long-term marketable securities included unrealized gains of $592 and unrealized losses of $22 . |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition The Company recognizes revenue on wholesale sales when (i) products are shipped pursuant to its standard terms, which are freight on board Company warehouse, or when products are delivered to the consolidators, or any other destination, as per the terms of the customers’ purchase order, (ii) persuasive evidence of an arrangement exists, (iii) the price is fixed and determinable and (iv) collection is reasonably assured. Sales reductions on wholesale sales for anticipated discounts, allowances and other deductions are recognized during the period when sales are recorded. With the exception of our cold weather accessories and Blondo businesses, normally we do not accept returns from our wholesale customers unless there are product quality issues, which we charge back to the vendors at cost. Sales of cold weather accessories and Blondo products to wholesale customers are recorded net of returns, which are estimated based on historical experience. Such amounts have historically not been material. Retail sales are recognized when the payment is received from customers and are recorded net of 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 eyewear, outerwear, hosiery, activewear, sleepwear, jewelry, watches, hair accessories, umbrellas, bedding, luggage, and men’s leather accessories. In addition, the Company licenses the Betsey Johnson® trademark for use in connection with the manufacture, marketing and sale of women's and children's apparel, hosiery, swimwear, outerwear, sleepwear, activewear, jewelry, watches, bedding, luggage, stationery, umbrellas, and household goods. The Company licenses the Dolce Vita® trademark for use in connection with the manufacture, marketing and sale of women's and children’s outerwear and swimwear. The license agreements require the licensee to pay the Company a royalty and, in substantially all of the agreements, an advertising fee, both of which are based on the higher of a minimum or a net sales percentage as defined in the various agreements. In addition, under the terms of retail selling agreements, most of the Company’s international distributors are required to pay the Company a royalty based on a percentage of net sales, in addition to a commission and a design fee on the purchases of the Company’s products. Licensing revenue is recognized on the basis of net sales reported by the licensees, or the Note F – Revenue Recognition (continued) minimum guaranteed royalties, if higher. In substantially all of the Company’s license agreements, the minimum guaranteed royalty is earned and receivable on a quarterly basis. |
Revenue Recognition, Allowances [Policy Text Block] | Sales Deductions The Company supports retailers’ initiatives to maximize sales of the Company’s products on the retail floor by subsidizing the co-op advertising programs of such retailers, providing them with inventory markdown allowances and participating in various other marketing initiatives of its major customers. In addition, the Company accepts returns for damaged products for which the Company’s costs are normally charged back to the responsible third-party factory. Such expenses are reflected in the condensed consolidated financial statements as deductions from gross sales to arrive at net sales. |
Marketable Securities Marketabl
Marketable Securities Marketable Securities (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Marketable Securities [Abstract] | |
Available-for-sale Securities [Table Text Block] | The schedule of maturities at September 30, 2017 and December 31, 2016 are as follows: Note D – Marketable Securities (continued) Maturities as of Maturities as of 1 Year or Less 1 to 4 Years 1 Year or Less 1 to 4 Years Corporate bonds $ 14,378 $ 33,839 $ 11,527 $ 70,559 Certificates of deposit 36,598 — 27,968 — Total $ 50,976 $ 33,839 $ 39,495 $ 70,559 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities | The Company’s financial assets and liabilities subject to fair value measurements as of September 30, 2017 and December 31, 2016 are as follows: September 30, 2017 Fair Value Measurements Fair value Level 1 Level 2 Level 3 Assets: Cash equivalents $ 13,350 $ 13,350 $ — $ — Current marketable securities – available for sale 50,976 50,976 — — Long-term marketable securities – available for sale 33,839 33,839 — — Total assets $ 98,165 $ 98,165 $ — $ — Liabilities: Forward contracts $ 611 $ — $ 611 $ — Contingent consideration 23,050 — — 23,050 Total liabilities $ 23,661 $ — $ 611 $ 23,050 Note E – Fair Value Measurement (continued) December 31, 2016 Fair Value Measurements 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 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule Of Share Based Compensation Shares Authorized Under Stock Plans Issued And Avaliability | The following table summarizes the number of shares of common stock authorized for issuance 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 (21,795,000 ) Common stock available for grant of stock-based awards as of September 30, 2017 1,671,000 |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | Total equity-based compensation for the three and nine months ended September 30, 2017 and 2016 is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Restricted stock $ 3,902 $ 4,177 $ 12,540 $ 12,417 Stock options 1,005 805 3,140 2,201 Total $ 4,907 $ 4,982 $ 15,680 $ 14,618 |
Schedule Of Cash Proceeds And Intrinsic Values For Stock Options Exercised | Cash proceeds and intrinsic values related to total stock options exercised during the three and nine months ended September 30, 2017 and 2016 are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Proceeds from stock options exercised $ 5,663 $ 1,162 $ 11,312 $ 4,869 Intrinsic value of stock options exercised $ 1,220 $ 634 $ 4,729 $ 11,684 |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Method Used | The following weighted average assumptions were used for stock options granted during the nine months ended September 30, 2017 and 2016 : Note J – Equity-Based Compensation (continued) 2017 2016 Volatility 23.0% to 26.4% 22.2% to 26.2% Risk free interest rate 1.48% to 1.99% 0.86% to 1.73% Expected life in years 3.4 to 5.0 3.4 to 5.0 Dividend yield 0.00% 0.00% Weighted average fair value $8.91 $7.01 |
Schedule of Share-based Compensation, Stock Options, Activity | Activity relating to stock options granted under the Company’s plans and outside the plans during the nine months ended September 30, 2017 is as follows: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at January 1, 2017 1,499,000 $ 29.72 Granted 1,054,000 37.53 Exercised (405,000 ) 27.39 Forfeited (8,000 ) 35.02 Outstanding at September 30, 2017 2,140,000 $ 33.98 4.6 years $ 19,937 Exercisable at September 30, 2017 846,000 $ 29.45 2.5 years $ 11,713 |
Schedule of Nonvested Share Activity | The following table summarizes restricted stock activity during the nine months ended September 30, 2017 and 2016 : 2017 2016 Number of Shares Weighted Average Fair Value at Grant Date Number of Shares Weighted Average Fair Value at Grant Date Non-vested at January 1, 4,191,000 $ 25.93 4,055,000 $ 25.32 Granted 259,000 37.38 377,000 34.22 Vested (213,000 ) 33.25 (193,000 ) 30.44 Forfeited (34,000 ) 35.08 — — Non-vested at September 30, 4,203,000 $ 26.19 4,239,000 $ 25.93 |
Acquisitions Acquisition (Table
Acquisitions Acquisition (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Acquisitions [Abstract] | |
Schedule of Purchase Price Allocation [Table Text Block] | The purchase price has been preliminarily allocated as follows: Note K – Acquisitions (continued) Inventory $ 12,698 Accounts receivable 10,733 Trademarks 4,000 Customer relations 3,900 Fixed assets 3,281 Prepaids and other assets 2,694 Accounts payable (8,544 ) Accrued expenses (4,669 ) Total fair value excluding goodwill 24,093 Goodwill 16,353 Net assets acquired $ 40,446 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The following is a summary of the carrying amount of goodwill by segment as of September 30, 2017 : Wholesale Net Carrying Amount Footwear Accessories Retail Balance at January 1, 2017 $ 72,261 $ 49,324 $ 14,126 $ 135,711 Acquisitions 16,353 — — 16,353 Translation and other 1,213 — 697 1,910 Balance at September 30, 2017 $ 89,827 $ 49,324 $ 14,823 $ 153,974 |
Schedule of Indentifiable Intangible Assets | The following table details identifiable intangible assets as of September 30, 2017 : Estimated Lives Cost Basis Accumulated Amortization (1) Net Carrying Amount Trade names 6–10 years $ 8,590 $ 4,357 $ 4,233 Customer relationships 10 years 45,409 23,117 22,292 License agreements 3–6 years 5,600 5,600 — Non-compete agreement 5 years 2,440 2,354 86 Re-acquired right 2 years 4,200 4,200 — Other 3 years 14 14 — 66,253 39,642 26,611 Re-acquired right indefinite 35,200 7,451 27,749 Trademarks indefinite 97,288 — 97,288 $ 198,741 $ 47,093 $ 151,648 |
Schedule of Intangible Assets, Future Amortization Expense | The estimated future amortization expense of purchased intangibles as of September 30, 2017 is as follows: 2017 (remaining three months) $ 1,113 2018 4,454 2019 4,380 2020 3,560 2021 1,884 Thereafter 11,220 $ 26,611 |
Operating Segment Information (
Operating Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | As of and for the three months ended, Wholesale Footwear Wholesale Accessories Total Wholesale Retail First Cost Licensing Consolidated September 30, 2017 Net sales to external customers $ 300,565 $ 76,365 $ 376,930 $ 64,263 $ — $ — $ 441,193 Gross profit 102,891 24,877 127,768 38,123 — — 165,891 Commissions and licensing fees – net — — — — 2,028 2,718 4,746 Income from operations 52,366 10,301 62,667 (1,970 ) 2,028 2,718 65,443 Segment assets $ 790,405 $ 139,852 930,257 128,198 12,948 — 1,071,403 Capital expenditures $ 1,348 $ 2,690 $ — $ — $ 4,038 September 30, 2016 Net sales to external customers $ 268,159 $ 78,448 $ 346,607 $ 61,777 $ — $ — $ 408,384 Gross profit 90,550 26,937 117,487 37,021 — — 154,508 Commissions and licensing fees – net — — — — 2,370 2,934 5,304 Income from operations 41,080 15,492 56,572 1,890 2,370 2,934 63,766 Segment assets $ 646,919 $ 184,622 831,541 117,604 13,244 — 962,389 Capital expenditures $ 1,693 $ 2,800 $ — $ — $ 4,493 As of and for the nine months ended, Wholesale Footwear Wholesale Accessories Total Wholesale Retail First Cost Licensing Consolidated September 30, 2017 Net sales to external customers $ 799,837 $ 195,804 $ 995,641 $ 186,087 $ — $ — $ 1,181,728 Gross profit 263,368 62,349 325,717 112,288 438,005 Commissions and licensing fees – net — — — — 4,864 5,974 10,838 Income (loss) from operations 110,791 19,603 130,394 (3,114 ) 4,864 5,974 138,118 Segment assets $ 790,405 $ 139,852 930,257 128,198 12,948 — 1,071,403 Capital expenditures $ 3,800 $ 7,910 $ — $ — $ 11,710 September 30, 2016 Net sales to external customers $ 692,503 $ 192,769 $ 885,272 $ 177,871 $ — $ — $ 1,063,143 Gross profit 221,328 64,064 285,392 106,363 391,755 Commissions and licensing fees – net — — — — 3,832 6,427 10,259 Income from operations 90,239 25,753 115,992 3,285 3,832 6,427 129,536 Segment assets $ 646,919 $ 184,622 831,541 117,604 13,244 — 962,389 Capital expenditures $ 4,296 $ 8,612 $ — $ — $ 12,908 |
Schedule of Revenues, by Geographic Area | Revenues by geographic area for the three and nine months ended September 30, 2017 and 2016 are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Domestic (a) $ 388,350 $ 360,400 $ 1,061,867 $ 956,967 International 52,843 47,984 119,861 106,176 Total $ 441,193 $ 408,384 $ 1,181,728 $ 1,063,143 (a) Includes revenues of $87,662 and $258,603 for the three and nine months ended September 30, 2017, respectively, and $86,584 and $252,599 for the comparable periods in 2016 related to sales to U.S. customers where the title is transferred outside the U.S. and the sale is recorded by our international business. |
Factor Receivable (Detail)
Factor Receivable (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Line of Credit Facility, Collateral | .85 | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 30,000 | $ 30,000 | |
Open non-negotiated letters of credit | $ 447 | $ 0 | |
Letters Of Credit SubLimit Capacity Amount | $ 15,000 | ||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | ||
Factoring Fee | 0.20% | ||
First Cost and Private Label business [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Factoring Fee | 0.14% | ||
London Interbank Offered Rate (LIBOR) [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 2.50% |
Notes Receivable (Details 1)
Notes Receivable (Details 1) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Increase (Decrease) in Accrued Interest Receivable, Net | $ 41 | $ 48 |
Marketable Securities (Detail)
Marketable Securities (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Marketable Securities [Abstract] | ||||
Available-for-sale Securities, Gross Unrealized Gain | $ 37 | |||
Available-for-sale Securities, Gross Realized Gain (Loss) | $ 24 | $ (3) | 52 | $ 776 |
Investment Income, Amortization of Premium | $ 219 | $ 307 | $ 771 | $ 925 |
Marketable Securities Marketa33
Marketable Securities Marketable Securities Table (Details) - USD ($) | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Securities, Gross Unrealized Gain (Loss) | $ 4,000 | ||
Available-for-sale Securities, Gross Unrealized Loss | 93,000 | $ 220,000 | |
Available-for-sale Securities, Gross Unrealized Gain | 37,000 | ||
Available-for-sale Securities, Current | 50,976,000 | 30,301,000 | $ 39,495,000 |
Available-for-sale Securities, Noncurrent | 33,839,000 | 90,436,000 | 70,559,000 |
Bonds [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Securities, Current | 14,378,000 | 11,527,000 | |
Available-for-sale Securities, Noncurrent | 33,839,000 | 70,559,000 | |
Certificates of Deposit [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Securities, Current | 36,598,000 | 27,968,000 | |
Available-for-sale Securities, Noncurrent | 0 | $ 0 | |
Other Long-term Investments [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Securities, Gross Unrealized Loss | $ 29,000 | 22,000 | |
Available-for-sale Securities, Gross Unrealized Gain | $ 592,000 |
Fair Value Measurement (Detail)
Fair Value Measurement (Detail) - (Table) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Sep. 30, 2017 | Jun. 30, 2017 | Sep. 30, 2016 | Mar. 31, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share Based Compensation Arrangement By Share Based Payment Award Options Vested In Period | 56,355 | 21,006 | 349,030 | 261,715 | ||||
Business Acquisition, Contingent Consideration, Actual Cash Payment | $ 2,000 | $ 3,000 | $ 3,482,000 | |||||
Changes in fair value on contingent liability | $ (589,000) | $ (45,000) | ||||||
Assets: | ||||||||
Available-for-sale Securities, Current | 50,976,000 | $ 30,301,000 | 50,976,000 | 30,301,000 | $ 39,495,000 | |||
Notes Receivable, Related Parties, Noncurrent | 2,378,000 | 2,730,000 | 2,378,000 | 2,730,000 | 2,644,000 | |||
Available-for-sale Securities, Noncurrent | 33,839,000 | 90,436,000 | 33,839,000 | 90,436,000 | 70,559,000 | |||
Contingent payment liability | 23,050,000 | $ 0 | 23,050,000 | 0 | 0 | |||
Liabilities: | ||||||||
Foreign Currency Contract, Asset, Fair Value Disclosure | $ 611,000 | 611,000 | 191,000 | |||||
Available-for-sale Securities, Gross Unrealized Loss | 93,000 | 220,000 | ||||||
Available-for-sale Securities, Gross Unrealized Gain | 37,000 | |||||||
Proceeds from Collection of Notes Receivable | $ (221,000) | $ (249,000) | ||||||
Share based compensation arrangement by share based payment award options exercisable during period weighted average exercise price - in dollars per share | $ 34.72 | $ 32.72 | $ 33.35 | $ 31.92 | ||||
Repayment of Notes Receivable from Related Parties | $ (307,000) | $ (308,000) | ||||||
Increase (Decrease) in Accrued Interest Receivable, Net | 41,000 | 48,000 | ||||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | (7,359,000) | (8,048,000) | 16,402,000 | |||||
Fair Value [Member] | ||||||||
Assets: | ||||||||
Cash Equivalents | $ 13,350,000 | 13,350,000 | 3,309,000 | |||||
Current marketable securities – available for sale | 39,495,000 | |||||||
Long-term marketable securities – available for sale | 70,559,000 | |||||||
Total assets | 98,165,000 | 98,165,000 | 113,554,000 | |||||
Contingent payment liability | 23,050,000 | 23,050,000 | 7,948,000 | $ 24,775,000 | ||||
Liabilities: | ||||||||
Total liabilities | 23,661,000 | 23,661,000 | 7,948,000 | |||||
Fair Value [Member] | Forward contracts [Member] | ||||||||
Liabilities: | ||||||||
Foreign Currency Contracts, Liability, Fair Value Disclosure | 611,000 | 611,000 | ||||||
Fair Value, Inputs, Level 1 [Member] | ||||||||
Assets: | ||||||||
Cash Equivalents | 13,350,000 | 13,350,000 | 3,309,000 | |||||
Current marketable securities – available for sale | 50,976,000 | 50,976,000 | 39,495,000 | |||||
Long-term marketable securities – available for sale | 33,839,000 | 33,839,000 | 70,559,000 | |||||
Total assets | 98,165,000 | 98,165,000 | 113,363,000 | |||||
Contingent payment liability | 0 | 0 | 0 | |||||
Liabilities: | ||||||||
Total liabilities | 0 | 0 | 0 | |||||
Fair Value, Inputs, Level 1 [Member] | Forward contracts [Member] | ||||||||
Liabilities: | ||||||||
Foreign Currency Contracts, Liability, Fair Value Disclosure | 0 | 0 | ||||||
Fair Value, Inputs, Level 2 [Member] | ||||||||
Assets: | ||||||||
Cash Equivalents | 0 | 0 | 0 | |||||
Current marketable securities – available for sale | 0 | 0 | 0 | |||||
Long-term marketable securities – available for sale | 0 | 0 | 0 | |||||
Total assets | 0 | 0 | 191,000 | |||||
Contingent payment liability | 0 | 0 | 0 | |||||
Liabilities: | ||||||||
Total liabilities | 611,000 | 611,000 | 0 | |||||
Fair Value, Inputs, Level 2 [Member] | Forward contracts [Member] | ||||||||
Liabilities: | ||||||||
Foreign Currency Contracts, Liability, Fair Value Disclosure | 611,000 | 611,000 | ||||||
Fair Value, Inputs, Level 3 [Member] | ||||||||
Assets: | ||||||||
Cash Equivalents | 0 | 0 | 0 | |||||
Current marketable securities – available for sale | 0 | 0 | 0 | |||||
Long-term marketable securities – available for sale | 0 | 0 | 0 | |||||
Total assets | 0 | 0 | 0 | |||||
Contingent payment liability | 23,050,000 | 23,050,000 | 7,948,000 | |||||
Liabilities: | ||||||||
Total liabilities | 23,050,000 | 23,050,000 | 7,948,000 | |||||
Fair Value, Inputs, Level 3 [Member] | Forward contracts [Member] | ||||||||
Liabilities: | ||||||||
Foreign Currency Contracts, Liability, Fair Value Disclosure | $ 0 | 0 | ||||||
Sm canada [Member] | ||||||||
Business Acquisition, Contingent Consideration, Actual Cash Payment | $ 2,741,000 | |||||||
Other Long-term Investments [Member] | ||||||||
Liabilities: | ||||||||
Available-for-sale Securities, Gross Unrealized Loss | 29,000 | 22,000 | ||||||
Available-for-sale Securities, Gross Unrealized Gain | $ 592,000 | |||||||
Changes Measurement [Member] | ||||||||
Liabilities: | ||||||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $ (589,000) | $ (425,000) |
Notes Receivable-Related Party
Notes Receivable-Related Party (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 |
Receivables [Abstract] | |||
Notes Receivable, Related Parties, Noncurrent | $ 2,378 | $ 2,644 | $ 2,730 |
Share Repurchase Program Share
Share Repurchase Program Share Repurchse Program (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Jul. 28, 2017 | |
Accelerated Share Repurchases [Line Items] | ||
Stock Repurchase Program, Authorized Amount | $ 194,803 | |
Shares Paid for Tax Withholding for Share Based Compensation | 63,211,000 | |
Accelerated Share Repurchases, Final Price Paid Per Share | $ 37.72 | |
Stock Repurchased During Period, Shares | 1,898,249 | |
Stock Repurchased During Period, Value | $ 70,841 | |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 200,000 | |
Treasury Stock Acquired, Average Cost Per Share | $ 37.32 | |
Payments Related to Tax Withholding for Share-based Compensation | $ 2,384 |
Net Income Per Share of Commo37
Net Income Per Share of Common Stock (Detail) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Stock Issued During Period, Shares, Restricted Stock Award, Subject to Forfeiture | 4,218,000 | 4,235,000 | 4,230,000 | 4,186,000 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 383,000 | 50,000 | 375,000 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Detail) - (Table 1) - shares | 9 Months Ended | |
Sep. 30, 2017 | May 25, 2012 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Common stock authorized | 23,466,000 | |
Stock-based awards, including restricted stock and stock options granted, net of expired or cancelled | (21,795,000) | |
Common stock available for grant of stock-based awards as of June 30, 2012 | 1,671,000 |
Stock-Based Compensation (Det39
Stock-Based Compensation (Detail) - (Table 2) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Total | $ 4,907 | $ 4,982 | $ 15,680 | $ 14,618 |
Restricted Stock [Member] | ||||
Allocated Share-based Compensation Expense | 3,902 | 4,177 | 12,540 | 12,417 |
Stock Options [Member] | ||||
Allocated Share-based Compensation Expense | $ 1,005 | $ 805 | $ 3,140 | $ 2,201 |
Stock-Based Compensation (Det40
Stock-Based Compensation (Detail) - (Table 3) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||
Proceeds from stock options exercised | $ 5,663 | $ 1,162 | $ 11,312 | $ 4,869 |
Intrinsic value of stock options exercised | $ 1,220 | $ 634 | $ 4,729 | $ 11,684 |
Stock-Based Compensation (Det41
Stock-Based Compensation (Detail) - (Table 4) - $ / shares | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Dividend yield | 0.00% | 0.00% |
Weighted average fair value | $ 8.91 | $ 7.01 |
Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Volatility | 23.00% | 22.20% |
Risk free interest rate | 1.48% | 0.90% |
Expected life in years | 3 years 5 months | 3 years 5 months |
Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Volatility | 26.40% | 26.20% |
Risk free interest rate | 1.99% | 1.73% |
Expected life in years | 5 years | 5 years |
Stock-Based Compensation (Det42
Stock-Based Compensation (Detail) - (Table 5) - USD ($) $ / shares in Units, $ in Thousands | Jul. 20, 2017 | Aug. 08, 2016 | Sep. 30, 2017 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Outstanding at January 1, 2012 | 1,499,000 | ||
Outstanding at January 1, 2012 (in Dollars per share) | $ 29.72 | ||
Granted | 150,000 | 1,054,000 | |
Granted (in Dollars per share) | $ 37.53 | ||
Exercised | (405,000) | ||
Exercised (in Dollars per share) | $ 27.39 | ||
Cancelled/Forfeited | (8,000) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $ 35.02 | ||
Outstanding at June 30, 2012 | 2,140,000 | ||
Outstanding at June 30, 2012 (in Dollars per share) | $ 33.98 | ||
Outstanding at June 30, 2012 | 4 years 7 months | ||
Outstanding at June 30, 2012 (in Dollars) | $ 19,937 | ||
Exercisable at June 30, 2012 | 846,000 | ||
Exercisable at June 30, 2012 (in Dollars per share) | $ 29.45 | ||
Exercisable at June 30, 2012 | 2 years 6 months | ||
Exercisable at June 30, 2012 (in Dollars) | $ 11,713 | ||
Subsequent Event [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Granted | 150,000 |
Stock-Based Compensation (Det43
Stock-Based Compensation (Detail) - (Table 6) - USD ($) | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
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 | 4,191,000 | 4,055,000 |
Non-vested at January 1 (in Dollars per share) | $ 25.93 | $ 25.32 |
Granted | 259,000 | 377,000 |
Granted (in Dollars per share) | $ 37.38 | $ 34.22 |
Vested | (213,000) | (193,000) |
Vested (in Dollars per share) | $ 33.25 | $ 30.44 |
Forfeited | (34,000) | 0 |
Forfeitures (in dollars per share) | $ 35.08 | $ 0 |
Non-vested at March 31 | 4,203,000 | 4,239,000 |
Non-vested at March 31 (in Dollars per share) | $ 26.19 | $ 25.93 |
Stock-Based Compensation (Det44
Stock-Based Compensation (Detail) - USD ($) $ / shares in Units, $ in Thousands | Jul. 03, 2012 | Feb. 08, 2012 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Jul. 20, 2017 | Aug. 08, 2016 | May 25, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 23,466,000 | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award Options Vested In Period | 56,355 | 21,006 | 349,030 | 261,715 | |||||
Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable During Period Weighted Average Exercise Price (in Dollars per share) | $ 34.72 | $ 32.72 | $ 33.35 | $ 31.92 | |||||
Share Based Compensation Arrangement By Share-Based Payment Award Equity Options Nonvested Number | 1,294,680 | 1,294,680 | |||||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ 9,449 | $ 9,449 | |||||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 4 years 7 months | ||||||||
Employee Service Share Based Compensation Nonvested Restricted Stock Awards Total Compensation Cost Not Yet Recognized | $ 66,808 | $ 66,808 | |||||||
Employee Service Share Based Compensation Nonvested Restricted Awards Total Compensation Cost Not Yet Recognized Period For Recognition | 5 years 7 months | ||||||||
Related Party Transaction Restricted Shares Granted During The Period | 1,893,342 | 1,463,057 | |||||||
Common Stock [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share Price | $ 21.13 | $ 27.34 | $ 34.42 | ||||||
Subsequent Event [Member] | Common Stock [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share Price | $ 40.15 |
Acquisitions (Detail)
Acquisitions (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Business Acquisition [Line Items] | ||||
Business Combination, Acquired Receivable, Fair Value | $ 10,733 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 12,698 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 3,281 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets | 2,694 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | (8,544) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (4,669) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 24,093 | |||
Goodwill | 16,353 | |||
Payments to Acquire Businesses, Gross | $ 40,446 | 40,446 | ||
Payments to Acquire Businesses, Net of Cash Acquired | $ 17,396 | 17,396 | $ 0 | |
Business Acquisition, Contingent Consideration, at Fair Value | 23,050 | $ 0 | $ 0 | |
Trademarks [Member] | ||||
Business Acquisition [Line Items] | ||||
Finite-lived Intangible Assets Acquired | 4,000 | |||
Customer Relationships [Member] | ||||
Business Acquisition [Line Items] | ||||
Finite-lived Intangible Assets Acquired | $ 3,900 |
Goodwill and Intangible Asset46
Goodwill and Intangible Assets (Detail) - (Table 1) $ in Thousands | 9 Months Ended |
Sep. 30, 2017USD ($) | |
Wholesale Footwear [Member] | |
Goodwill [Roll Forward] | |
Balance at January 1, 2012 | $ 72,261 |
Acquisition of SM Canada | 16,353 |
Goodwill, Foreign Currency Translation Gain (Loss) | 1,213 |
Balance at June 30, 2012 | 89,827 |
Wholesale Accessories [Member] | |
Goodwill [Roll Forward] | |
Balance at January 1, 2012 | 49,324 |
Acquisition of SM Canada | 0 |
Goodwill, Foreign Currency Translation Gain (Loss) | 0 |
Balance at June 30, 2012 | 49,324 |
Retail [Member] | |
Goodwill [Roll Forward] | |
Balance at January 1, 2012 | 14,126 |
Acquisition of SM Canada | 0 |
Goodwill, Foreign Currency Translation Gain (Loss) | 697 |
Balance at June 30, 2012 | 14,823 |
Net Carrying Amount [Member] | |
Goodwill [Roll Forward] | |
Balance at January 1, 2012 | 135,711 |
Acquisition of SM Canada | 16,353 |
Goodwill, Foreign Currency Translation Gain (Loss) | 1,910 |
Balance at June 30, 2012 | $ 153,974 |
Goodwill and Intangible Asset47
Goodwill and Intangible Assets (Detail) - (Table 2) $ in Thousands | 3 Months Ended |
Sep. 30, 2017USD ($) | |
Re-acquired right [Member] | |
Cost Basis | $ 35,200 |
Accumulated amortization | 7,451 |
Net Carrying Amount | $ 27,749 |
Finite-Lived Intangible Asset, Estimated Useful Life | indefinite |
Trademarks [Member] | |
Cost Basis | $ 97,288 |
Accumulated amortization | 0 |
Net Carrying Amount | $ 97,288 |
Finite-Lived Intangible Asset, Estimated Useful Life | indefinite |
Total [Member] | |
Cost Basis | $ 198,741 |
Accumulated amortization | 47,093 |
Net Carrying Amount | 151,648 |
Trade names [Member] | |
Cost Basis | 8,590 |
Accumulated amortization | 4,357 |
Net Carrying Amount | $ 4,233 |
Customer relationships [Member] | |
Estimated Lives | 10 years |
Cost Basis | $ 45,409 |
Accumulated amortization | 23,117 |
Net Carrying Amount | 22,292 |
Licensing agreements [Member] | |
Cost Basis | 5,600 |
Accumulated amortization | 5,600 |
Net Carrying Amount | $ 0 |
Non-compete agreement [Member] | |
Estimated Lives | 5 years |
Cost Basis | $ 2,440 |
Accumulated amortization | 2,354 |
Net Carrying Amount | $ 86 |
Re-acquired right [Member] | |
Estimated Lives | 2 years |
Cost Basis | $ 4,200 |
Accumulated amortization | 4,200 |
Net Carrying Amount | $ 0 |
Other [Member] | |
Estimated Lives | 3 years |
Cost Basis | $ 14 |
Accumulated amortization | 14 |
Net Carrying Amount | 0 |
Total [Member] | |
Cost Basis | 66,253 |
Accumulated amortization | 39,642 |
Net Carrying Amount | $ 26,611 |
Minimum [Member] | Trade names [Member] | |
Estimated Lives | 6 years |
Minimum [Member] | Licensing agreements [Member] | |
Estimated Lives | 3 years |
Maximum [Member] | Trade names [Member] | |
Estimated Lives | 10 years |
Maximum [Member] | Licensing agreements [Member] | |
Estimated Lives | 6 years |
Goodwill and Intangible Asset48
Goodwill and Intangible Assets (Detail) - (Table 3) $ in Thousands | Sep. 30, 2017USD ($) |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
2013 (remaining nine months) | $ 1,113 |
2,014 | 4,454 |
2,015 | 4,380 |
2,016 | 3,560 |
2,017 | 1,884 |
Thereafter | 11,220 |
Total | $ 26,611 |
Derivative Instruments Derivati
Derivative Instruments Derivative Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Derivative Instruments [Abstract] | |||||
Foreign Currency Contract, Asset, Fair Value Disclosure | $ 611 | $ 611 | $ 191 | ||
Accumulated Unrealized Gain (Loss) on Cash Flow Hedging Instruments | 503 | $ 123 | 503 | $ 123 | |
Derivative Instruments, Gain (Loss) Recognized in Income, Net | $ 17 | $ 68 | $ 26 | $ 428 |
Operating Segment Information50
Operating Segment Information (Detail) - (Table 1) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
September 30, 2017 | |||||
Net sales to external customers | $ 441,193,000 | $ 408,384,000 | $ 1,181,728,000 | $ 1,063,143,000 | |
Gross profit | 165,891,000 | 154,508,000 | 438,005,000 | 391,755,000 | |
Commissions and licensing fees – net | 4,746,000 | 5,304,000 | 10,838,000 | 10,259,000 | |
Income from operations | 65,443,000 | 63,766,000 | 138,118,000 | 129,536,000 | |
Segment assets | 1,071,403,000 | 962,389,000 | 1,071,403,000 | 962,389,000 | $ 960,875,000 |
Capital expenditures | 4,038,000 | 4,493,000 | 11,710,000 | 12,908,000 | |
Wholesale Footwear [Member] | |||||
September 30, 2017 | |||||
Net sales to external customers | 300,565,000 | 268,159,000 | 799,837,000 | 692,503,000 | |
Gross profit | 102,891,000 | 90,550,000 | 263,368,000 | 221,328,000 | |
Commissions and licensing fees – net | 0 | 0 | 0 | 0 | |
Income from operations | 52,366,000 | 41,080,000 | 110,791,000 | 90,239,000 | |
Segment assets | 790,405,000 | 646,919,000 | 790,405,000 | 646,919,000 | |
Wholesale Accessories [Member] | |||||
September 30, 2017 | |||||
Net sales to external customers | 76,365,000 | 78,448,000 | 195,804,000 | 192,769,000 | |
Gross profit | 24,877,000 | 26,937,000 | 62,349,000 | 64,064,000 | |
Commissions and licensing fees – net | 0 | 0 | 0 | 0 | |
Income from operations | 10,301,000 | 15,492,000 | 19,603,000 | 25,753,000 | |
Segment assets | 139,852,000 | 184,622,000 | 139,852,000 | 184,622,000 | |
Total Wholesale [Member] | |||||
September 30, 2017 | |||||
Net sales to external customers | 376,930,000 | 346,607,000 | 995,641,000 | 885,272,000 | |
Gross profit | 127,768,000 | 117,487,000 | 325,717,000 | 285,392,000 | |
Commissions and licensing fees – net | 0 | 0 | 0 | 0 | |
Income from operations | 62,667,000 | 56,572,000 | 130,394,000 | 115,992,000 | |
Segment assets | 930,257,000 | 831,541,000 | 930,257,000 | 831,541,000 | |
Capital expenditures | 1,348,000 | 1,693,000 | 3,800,000 | 4,296,000 | |
Retail [Member] | |||||
September 30, 2017 | |||||
Net sales to external customers | 64,263,000 | 61,777,000 | 186,087,000 | 177,871,000 | |
Gross profit | 38,123,000 | 37,021,000 | 112,288,000 | 106,363,000 | |
Commissions and licensing fees – net | 0 | 0 | 0 | ||
Income from operations | (1,970,000) | 1,890,000 | (3,114,000) | 3,285,000 | |
Segment assets | 128,198,000 | 117,604,000 | 128,198,000 | 117,604,000 | |
Capital expenditures | 2,690,000 | 2,800,000 | 7,910,000 | 8,612,000 | |
First Cost Member | |||||
September 30, 2017 | |||||
Commissions and licensing fees – net | 2,028,000 | 2,370,000 | 4,864,000 | 3,832,000 | |
Income from operations | 2,028,000 | 2,370,000 | 4,864,000 | 3,832,000 | |
Segment assets | 12,948,000 | 13,244,000 | 12,948,000 | 13,244,000 | |
Capital expenditures | 0 | 0 | 0 | 0 | |
Licensing [Member] | |||||
September 30, 2017 | |||||
Commissions and licensing fees – net | 2,718,000 | 2,934,000 | 5,974,000 | 6,427,000 | |
Income from operations | 2,718,000 | 2,934,000 | 5,974,000 | 6,427,000 | |
Segment assets | 0 | 0 | 0 | 0 | |
Capital expenditures | 0 | 0 | 0 | 0 | |
Domestic [Member] | |||||
September 30, 2017 | |||||
Net sales to external customers | 388,350,000 | 360,400,000 | 1,061,867,000 | 956,967,000 | |
International [Member] | |||||
September 30, 2017 | |||||
Net sales to external customers | $ 52,843,000 | $ 47,984,000 | $ 119,861,000 | $ 106,176,000 |
Operating Segment Information51
Operating Segment Information (Detail) - (Table 2) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Segment Reporting Information [Line Items] | ||||
Domestic | $ 441,193 | $ 408,384 | $ 1,181,728 | $ 1,063,143 |
Geographical [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Domestic | 87,662 | 86,584 | 258,603 | 252,599 |
International [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Domestic | 52,843 | 47,984 | 119,861 | 106,176 |
Domestic [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Domestic | $ 388,350 | $ 360,400 | $ 1,061,867 | $ 956,967 |
Recent Accounting Pronounceme52
Recent Accounting Pronouncements Recent Accounting Pronouncements Table (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent | $ 1,813 | $ 594 | $ 1,813 | $ 594 | $ 1,813 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 66,007 | 64,513 | 140,074 | 130,653 | |
Income Tax Expense (Benefit) | 21,181 | 20,810 | 45,703 | 38,212 | |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 44,826 | $ 43,703 | $ 94,371 | $ 92,441 | |
Weighted Average Number of Shares Outstanding, Diluted | 57,751 | 59,329 | 57,894 | 59,772 | |
Weighted Average Number of Shares Outstanding, Basic | 54,904 | 56,869 | 55,290 | 57,334 | |
Weighted Average Number Diluted Shares Outstanding Adjustment | 2,847 | 2,460 | 2,604 | 2,438 | |
Comprehensive income attributable to noncontrolling interests | $ 596 | $ (64) | $ 1,019 | $ 278 | |
Net Income (Loss) Attributable to Parent | $ 44,230 | $ 43,767 | $ 93,352 | $ 92,163 | |
Earnings Per Share, Basic | $ 0.81 | $ 0.77 | $ 1.69 | $ 1.61 | |
Adjustments for New Accounting Pronouncement [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent | $ 14,573 | $ 14,573 | $ 13,985 |