Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 27, 2018 | Jun. 30, 2017 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | STEVEN MADDEN, LTD. | ||
Document Type | 10-K/A | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Common Stock, Shares Outstanding | 58,782,009 | ||
Entity Public Float | $ 2,341,862,448 | ||
Amendment Flag | false | ||
Entity Central Index Key | 913,241 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Well-known Seasoned Issuer | Yes | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Current assets: | |||
Cash and cash equivalents | $ 181,214,000 | $ 126,115,000 | $ 72,414,000 |
Accounts receivable, net of allowances of $1,973 and $1,622 | 39,473,000 | 56,790,000 | |
Factor accounts receivable, net of allowances of $26,213 and $20,209 | 201,436,000 | 144,168,000 | |
Inventories | 110,324,000 | 119,824,000 | |
Marketable securities – available for sale | 64,027,000 | 39,495,000 | |
Prepaid expenses and other current assets | 19,538,000 | 26,351,000 | |
Prepaid taxes | 29,506,000 | 15,928,000 | |
Total current assets | 645,518,000 | 528,671,000 | |
Note receivable – related party | 2,289,000 | 2,644,000 | |
Property and equipment, net | 71,498,000 | 72,381,000 | |
Deferred Tax Assets, Net, Noncurrent | 6,370,000 | 1,813,000 | |
Deposits and other | 2,121,000 | 4,710,000 | |
Marketable securities – available for sale | 29,523,000 | 70,559,000 | |
Goodwill – net | 148,538,000 | 135,711,000 | |
Intangibles – net | 151,304,000 | 144,386,000 | |
Total Assets | 1,057,161,000 | 960,875,000 | 914,385,000 |
Current liabilities: | |||
Accounts payable | 66,955,000 | 80,584,000 | |
Accrued expenses | 120,624,000 | 86,635,000 | |
Taxes Payable, Current | 1,566,000 | 0 | |
Contingent Consideration, Liability, Current Portion | 7,000,000 | 7,948,000 | |
Business Combination, Contingent Consideration, Liability | 20,617,000 | 0 | |
Accrued incentive compensation | 10,467,000 | 7,960,000 | |
Total current liabilities | 206,612,000 | 183,127,000 | |
Business Combination, Contingent Consideration, Liability, Noncurrent | 3,000,000 | ||
Deferred rent | 16,033,000 | 14,578,000 | |
Deferred taxes | 3,602,000 | 19,466,000 | |
Other liabilities | 18,982,000 | 2,632,000 | |
Total Liabilities | 248,229,000 | 219,803,000 | |
Commitments, contingencies and other | |||
STOCKHOLDERS’ EQUITY | |||
Common stock – $.0001 par value, 135,000 shares authorized, 87,306 and 86,417 shares issued, 58,698 and 60,410 shares outstanding | 6,000 | 6,000 | 6,000 |
Additional paid-in capital | 390,723,000 | 353,443,000 | 325,548,000 |
Retained earnings | 1,135,701,000 | 1,017,753,000 | 896,842,000 |
Accumulated other comprehensive loss | (25,613,000) | (31,751,000) | (31,413,000) |
Treasury stock – 28,608 and 26,007 shares at cost | (697,996,000) | (598,584,000) | (512,579,000) |
Total Steven Madden, Ltd. stockholders’ equity | 802,821,000 | 740,867,000 | |
Non-controlling interests | 6,111,000 | 205,000 | $ 259,000 |
Total stockholders’ equity | 808,932,000 | 741,072,000 | |
Total Liabilities and Stockholders’ Equity | 1,057,161,000 | 960,875,000 | |
Preferred Stock [Member] | |||
STOCKHOLDERS’ EQUITY | |||
Preferred stock – $.0001 par value, 5,000 shares authorized; none issued; Series A Junior Participating preferred stock – $.0001 par value, 60 shares authorized; none issued | $ 0 | $ 0 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Allowances for Accounts Receivable (in dollars) | $ 1,973 | $ 1,622 |
Allowances for Due from Factors (in dollars) | $ 26,213 | $ 20,209 |
Preferred stock-issued | 0 | 0 |
Common stock par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 135,000,000 | 135,000,000 |
Common stock, shares issued | 87,306,000 | 86,417,000 |
Common stock, shares outstanding | 58,698,000 | 60,410,000 |
Treasury stock-shares at cost | 28,608,000 | 26,007,000 |
Preferred Class A [Member] | ||
Preferred stock-par value | $ 0.0001 | $ 0.0001 |
Preferred stock- shares authorized | 5,000,000 | 5,000,000 |
Preferred Class B [Member] | ||
Preferred stock-par value | $ 0.0001 | $ 0.0001 |
Preferred stock- shares authorized | 60,000 | 60,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Statement [Abstract] | |||
Net sales | $ 1,546,098 | $ 1,399,551 | $ 1,405,239 |
Cost of sales | 968,357 | 877,568 | 904,747 |
Gross profit | 577,741 | 521,983 | 500,492 |
Commission and licensing fee income – net | 14,259 | 11,788 | 16,565 |
Operating expenses | (421,216) | (364,595) | (342,364) |
Other Asset Impairment Charges | 1,000 | 0 | 3,045 |
Income from operations | 169,784 | 169,176 | 171,648 |
Interest income | 2,548 | 2,488 | 2,191 |
Other Nonoperating Income (Expense) | (5) | (664) | (1,373) |
Income before provision for income taxes | 172,327 | 171,000 | 172,466 |
Provision for income taxes | 53,189 | 49,726 | 58,811 |
Net income | 119,138 | 121,274 | 113,655 |
Net income attributable to non-controlling interests | (1,190) | (363) | (717) |
Net income attributable to Steven Madden, Ltd. | $ 117,948 | $ 120,911 | $ 112,938 |
Basic net income per share (in dollars per share) | $ 2.14 | $ 2.12 | $ 1.91 |
Diluted net income per share (in dollars per share) | $ 2.04 | $ 2.03 | $ 1.85 |
Basic weighted average common shares outstanding (in shares) | 55,157 | 57,109 | 58,997 |
Effect of dilutive securities – options/restricted stock (in shares) | 2,673 | 2,447 | 2,145 |
Diluted weighted average common shares outstanding (in shares) | 57,830 | 59,556 | 61,142 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | |||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ 124,086 | $ 120,573 | $ 94,277 |
Net income | 119,138 | 121,274 | 113,655 |
Other comprehensive income (loss): | |||
Foreign currency translation adjustment, Pre-tax | 6,836 | (2,147) | (18,734) |
Foreign currency translation adjustment, Tax | 0 | 0 | 0 |
Foreign currency translation adjustment, Net | 6,836 | (2,147) | (18,734) |
Gains on cash flow hedging derivatives, Pre-tax | (1,282) | 797 | 1,962 |
Gains on cash flow hedging derivatives, Tax | 468 | (291) | (716) |
Gains on cash flow hedging derivatives, Net | (814) | 506 | 1,246 |
Unrealized gain (loss) on marketable securities, Pre-tax | 183 | 2,052 | (1,847) |
Unrealized gain (loss) on marketable securities, Tax | (67) | (749) | 674 |
Unrealized gain (loss) on marketable securities, Net | 116 | 1,303 | (1,173) |
Unrealized Gain (Loss) on Cash Flow Hedging Instruments | (814) | 506 | 1,246 |
Total Other Comprehensive Income (Loss), Pre-tax | 5,737 | 702 | (18,619) |
Total Other Comprehensive Income (Loss), Tax | 401 | (1,040) | (42) |
Total Other Comprehensive Income(Loss), Net | 6,138 | (338) | (18,661) |
Comprehensive income | 125,276 | 120,936 | 94,994 |
Net Income (Loss) Attributable to Noncontrolling Interest | $ 1,190 | 363 | 717 |
Comprehensive income attributable to non-controlling interests | $ (363) | $ (717) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) | Total | Retained Earnings [Member] | Noncontrolling Interest [Member] | Stockholders' Equity, Total [Member] | Treasury Stock [Member] |
Accumulated other comprehensive loss | $ (12,752,000) | ||||
Treasury Stock, Shares | 19,866,000 | ||||
Treasury Stock, Value | $ (376,942,000) | ||||
Non-controlling interests | 274,000 | ||||
Common stock – $.0001 par value, 135,000 shares authorized, 87,306 and 86,417 shares issued, 58,698 and 60,410 shares outstanding | 6,000 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Additional paid-in capital | 275,039,000 | ||||
Retained earnings | $ 783,904,000 | ||||
Exercise of stock options (in Shares) | 1,460,000 | ||||
Exercise of stock options | $ 21,301,000 | ||||
Tax benefit from exercise of options | $ 10,510,000 | ||||
Issuance of fully vested restricted stock (in Shares) | 312,000 | ||||
Stock-based compensation | $ 18,698,000 | ||||
Unrealized holding gain on marketable securities net of taxes | (1,173,000) | ||||
Unrealized Gain (Loss) on Cash Flow Hedging Instruments | 1,246,000 | ||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (732,000) | ||||
Noncontrolling Interest, Increase from Business Combination | 0 | ||||
Net loss attributable to noncontrolling interests | 717,000 | ||||
Foreign currency translation adjustment | (18,734,000) | ||||
Net income | $ 113,655,000 | $ 112,938,000 | |||
Balance (in Shares) at Dec. 31, 2014 | 63,625,000 | ||||
Balance (in Shares) at Dec. 31, 2015 | 61,693,000 | ||||
Balance at Dec. 31, 2014 | $ 669,529,000 | ||||
Balance at Dec. 31, 2015 | 678,663,000 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock Repurchased During Period, Shares | (3,704,000) | ||||
Payments for Repurchase of Common Stock | $ (135,637,000) | $ (135,637,000) | |||
Payments for Repurchase of Common Stock | 0 | ||||
Accumulated other comprehensive loss | $ (31,413,000) | ||||
Treasury Stock, Shares | 23,570,000 | ||||
Treasury Stock, Value | $ (512,579,000) | ||||
Non-controlling interests | 259,000 | ||||
Common stock – $.0001 par value, 135,000 shares authorized, 87,306 and 86,417 shares issued, 58,698 and 60,410 shares outstanding | 6,000 | ||||
Additional paid-in capital | 325,548,000 | ||||
Retained earnings | $ 896,842,000 | ||||
Exercise of stock options (in Shares) | 746,000 | ||||
Exercise of stock options | $ 10,713,000 | ||||
Issuance of fully vested restricted stock (in Shares) | 408,000 | ||||
Stock-based compensation | $ 19,509,000 | ||||
Payments to Acquire Businesses, Gross | $ (2,327,000) | ||||
Unrealized holding gain on marketable securities net of taxes | 1,303,000 | ||||
Unrealized Gain (Loss) on Cash Flow Hedging Instruments | 506,000 | ||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (417,000) | ||||
Net loss attributable to noncontrolling interests | 363,000 | ||||
Foreign currency translation adjustment | (2,147,000) | ||||
Net income | $ 121,274,000 | 120,911,000 | |||
Balance (in Shares) at Dec. 31, 2016 | 60,410,000 | ||||
Balance at Dec. 31, 2016 | $ 741,072,000 | 741,072,000 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock Repurchased During Period, Shares | 2,437,000 | ||||
Payments for Repurchase of Common Stock | $ (86,005,000) | 86,005,000 | |||
Payments for Repurchase of Common Stock | 0 | ||||
Accumulated other comprehensive loss | $ (31,751,000) | ||||
Treasury Stock, Shares | 26,007,000 | ||||
Treasury Stock, Value | $ (598,584,000) | ||||
Non-controlling interests | 205,000 | ||||
Common stock – $.0001 par value, 135,000 shares authorized, 87,306 and 86,417 shares issued, 58,698 and 60,410 shares outstanding | 6,000 | ||||
Additional paid-in capital | 353,443,000 | ||||
Retained earnings | $ 1,017,753,000 | ||||
Exercise of stock options (in Shares) | 655,000 | ||||
Exercise of stock options | $ 16,433,000 | ||||
Issuance of fully vested restricted stock (in Shares) | 234,000 | ||||
Stock-based compensation | $ 20,847,000 | ||||
Payments to Acquire Businesses, Gross | 37,112,000 | ||||
Noncontrolling Interest in Net Income (Loss) Joint Venture Partners, Redeemable | 4,716,000 | ||||
Unrealized holding gain on marketable securities net of taxes | 116,000 | ||||
Unrealized Gain (Loss) on Cash Flow Hedging Instruments | (814,000) | ||||
Net loss attributable to noncontrolling interests | 1,190,000 | ||||
Foreign currency translation adjustment | 6,836,000 | ||||
Net income | $ 119,138,000 | $ 117,948,000 | |||
Balance (in Shares) at Dec. 31, 2017 | 58,698,000 | ||||
Balance at Dec. 31, 2017 | $ 808,932,000 | $ 808,932,000 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock Repurchased During Period, Shares | (2,601,000) | ||||
Payments for Repurchase of Common Stock | $ (99,412,000) | $ 99,412,000 | |||
Accumulated other comprehensive loss | $ (25,613,000) | ||||
Treasury Stock, Shares | 28,608,000 | ||||
Treasury Stock, Value | $ (697,996,000) | ||||
Non-controlling interests | 6,111,000 | ||||
Common stock – $.0001 par value, 135,000 shares authorized, 87,306 and 86,417 shares issued, 58,698 and 60,410 shares outstanding | 6,000 | ||||
Additional paid-in capital | 390,723,000 | ||||
Retained earnings | $ 1,135,701,000 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity Consolidated Statements of Changes in Stockholders' Equity (Parentheticals) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Unrealized holding gain on marketable securities-taxes | $ (67,000) | $ (749,000) | $ 674,000 |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | 468,000 | (291,000) | (716,000) |
Other Comprehensive Income (Loss), Tax | 401,000 | (1,040,000) | (42,000) |
Payments to Acquire Businesses, Gross | 16,795,000 | 0 | 9,129,000 |
Accumulated Other Comprehensive Income (Loss) [Member] | |||
Unrealized holding gain on marketable securities-taxes | 67,000 | 749,000 | (674,000) |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | (468,000) | 291,000 | $ 716,000 |
Other Comprehensive Income (Loss), Tax | |||
Noncontrolling Interest [Member] | |||
Payments to Acquire Businesses, Gross | $ (1,432,000) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities: | |||
Net income | $ 119,138,000 | $ 121,274,000 | $ 113,655,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Stock-based compensation | 20,847,000 | 19,509,000 | 18,698,000 |
Tax benefit from stock based compensation | 0 | 0 | (10,510,000) |
Depreciation and amortization | 21,389,000 | 21,102,000 | 20,757,000 |
Loss on disposal of fixed assets | 1,455,000 | 652,000 | 1,780,000 |
Goodwill, Impairment Loss | 1,000,000 | 0 | 3,045,000 |
Deferred taxes | (19,274,000) | (6,588,000) | 7,271,000 |
Accrued interest on note receivable – related party | (55) | (63) | (71) |
Increase (Decrease) in Accrued Interest Receivable, Net | 54,000 | 63,000 | 71,000 |
Repayment of Notes Receivable from Related Parties | 409,000 | 409,000 | 409,000 |
Deferred rent expense | 1,455,000 | 2,565,000 | 440,000 |
Loss (gain) on sale of marketable securities | (5,000) | 661,000 | (67,000) |
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | (11,206,000) | (425,000) | (5,576,000) |
Provision for Doubtful Accounts | 5,470,000 | 0 | 0 |
Changes in: | |||
Accounts receivable | 22,683,000 | (13,617,000) | (11,071,000) |
Due from factor | (57,268,000) | 11,043,000 | 7,281,000 |
Inventories | 21,135,000 | (17,744,000) | (9,403,000) |
Prepaid expenses, prepaid taxes, deposits and other | 2,403,000 | (3,461,000) | 4,784,000 |
Accounts payable and accrued expenses | 9,501,000 | 15,324,000 | (8,643,000) |
Accrued incentive compensation | 2,507,000 | 1,819,000 | 468,000 |
Other liabilities | 16,350,000 | 1,144,000 | 2,716,000 |
Net cash provided by operating activities | 157,935,000 | 153,604,000 | 135,963,000 |
Cash flows from investing activities: | |||
Purchases of property and equipment | (14,775,000) | (15,897,000) | (19,459,000) |
Purchases of marketable securities | (61,209,000) | (40,451,000) | (48,891,000) |
Proceeds from Collection of Notes Receivable | 221,000 | 249,000 | 466,000 |
Maturity/sale of marketable securities | 79,141,000 | 52,215,000 | 43,353,000 |
Acquisitions | (16,795,000) | 0 | (9,129,000) |
Net cash used in investing activities | (13,417,000) | (3,884,000) | (33,660,000) |
Cash flows from financing activities: | |||
Proceeds from exercise of stock options | 16,433,000 | 10,713,000 | 21,301,000 |
Payments to Acquire Businesses, Gross | 0 | (3,759,000) | 0 |
Tax benefit from the exercise of options | 0 | 0 | 10,510,000 |
business combinations contingent liability payment | (7,359,000) | (16,402,000) | (6,270,000) |
Common stock purchased for treasury | (99,412,000) | (86,005,000) | (135,637,000) |
Net cash provided by financing activities | (90,338,000) | (95,453,000) | (110,096,000) |
Effect of Exchange Rate on Cash and Cash Equivalents | 919,000 | (566,000) | (1,243,000) |
Net decrease in cash and cash equivalents | 55,099,000 | 53,701,000 | (9,036,000) |
Cash and cash equivalents – beginning of period | 126,115,000 | 72,414,000 | 81,450,000 |
Cash and cash equivalents – end of period | 181,214,000 | 126,115,000 | 72,414,000 |
Cash paid during the year for: | |||
Interest | 24,000 | 222,000 | 328,000 |
Income taxes | $ 61,979,000 | $ 55,384,000 | $ 39,424,000 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Basis of Reporting [Abstract] | |
Significant Accounting Policies [Text Block] | [1] Organization: Steven Madden, Ltd. a Delaware corporation, and its subsidiaries, design, source, market and sell name brand and private label women's, men's and children's shoes, worldwide through its wholesale and retail channels under the Steve Madden Women's, Steve Madden Men's, Madden, Madden Girl, Steven, FREEBIRD by Steven, Superga (under license), Dolce Vita and Betsey Johnson brand names and through its wholesale channels under the Stevies, Report, B Brian Atwood, Mad Love and Blondo brand names and, under license, the Kate Spade and Avec Les Filles brand names. The Company had a design and production agreement with Rebecca Minkoff and a joint venture with Alice & Olivia, both of which were terminated as of December 31, 2017. In addition, the Company designs, sources, markets and sells name brand and private label handbags and accessories to customers worldwide through its Wholesale Accessories segment, including the Big Buddha, Betsey Johnson, Madden Girl, Betseyville, Cejon, Steve Madden, Steven by Steve Madden, Luv Betsey, B Brian Atwood, DKNY (under license) and Donna Karan (under license) accessories brands. Revenue is generated predominantly through the sale of the Company's brand name and private label merchandise and certain licensed products. At December 31, 2017 and 2016 , the Company operated 206 (including four e-commerce websites) and 189 (including four e-commerce websites) retail stores, respectively. Revenue is subject to seasonal fluctuations. See Note O for operating segment information. [2] Principles of consolidation: The consolidated financial statements include the accounts of Steven Madden, Ltd. and its wholly-owned subsidiaries Steven Madden Retail, Inc., Diva Acquisition Corp., Diva International, Inc., Madden Direct, Inc., Adesso Madden, Inc., Stevies, Inc., Daniel M. Friedman and Associates, Inc., Big Buddha, Inc., the Topline Corporation, Cejon, Inc., SML Holdings S.a.r.l., SML Canada Acquisition Corp., Madden International Ltd., DMF International Ltd., Asean Corporation Ltd., Dolce Vita Holdings, Inc., Trendy Imports S.A de C.V., Comercial Diecesiette S.A. de C.V., Maximus Designer Shoes S.A. de C.V., BA Brand Holdings LLC, BAI Holding, LLC, Mad Love LLC (formerly a joint venture in which the Company acquired the remaining minority interest in 2016) and Schwartz & Benjamin, Inc. (collectively the "Company"). The accounts of (i) Dexascope Proprietary Ltd., a joint venture in South Africa in which the Company is the majority owner, (ii) BA Brand Holdings LLC, a joint venture in which the Company is the majority owner, (iii) SPM Shoetrade Holding B.V., a joint venture in certain regions of Europe in which the Company is the majority owner, (iv) SM (Jiangsu) Co., Ltd., a joint venture in which the Company controls all of the significant participating rights and (v) SM Dolce Limited, a joint venture in which the Company is the majority interest holder, are included in the consolidated financial statements with the other members' interests reflected in “Net (income) loss attributable to non-controlling interests” in the Consolidated Statements of Income and “Non-controlling interests” in the Consolidated Balance Sheets. All significant intercompany balances and transactions have been eliminated. Certain reclassifications were made to prior years' amounts to conform to the 2017 presentation. [3] Use of Estimates: The preparation of financial statements in conformity with U.S. Generally Accepted Accounting Principles ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Significant areas involving management estimates include allowances for bad debts, returns and customer chargebacks, inventory valuation, valuation of intangible assets, litigation reserves and contingent payment liabilities. The Company provides reserves on trade accounts receivables and factor receivables for future customer chargebacks and markdown allowances, discounts, returns and other miscellaneous compliance-related deductions that relate to the current period sales. The Company evaluates anticipated chargebacks by reviewing several performance indicators of its major customers. Note A – Summary of Significant Accounting Policies (continued) 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. [4] Cash equivalents: Cash equivalents at December 31, 2017 and 2016 amounted to approximately $58,436 and $3,309 , respectively, and consisted of money market accounts. The Company considers all highly liquid instruments with an original maturity of three months or less when purchased to be cash equivalents. [5] Marketable securities: Marketable securities consist primarily of certificates of deposit and corporate bonds with maturities greater than three months and up to 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 years ended December 31, 2017 and 2016 , the amortization of bond premiums totaled $983 and $1,234 , respectively. The values of these securities may fluctuate as a result of changes in market interest rates and credit risk. The schedule of maturities at December 31, 2017 and 2016 are as follows: Maturities as of Maturities as of 1 Year or Less 1 to 4 Years 1 Year or Less 1 to 4 Years Corporate bonds $ 11,979 $ 29,523 $ 11,527 $ 70,559 Certificates of deposit 52,048 — 27,968 — Total $ 64,027 $ 29,523 $ 39,495 $ 70,559 For the year ended December 31, 2017 , gains of $5 were reclassified from Accumulated Other Comprehensive Income and recognized in the Consolidated Statements of Income in Other Income as compared to losses of $661 for the year ended December 31, 2016 . At December 31, 2017 , current marketable securities included unrealized losses of $106 and unrealized gains of $1 while long-term marketable securities included unrealized gains of $3 and unrealized losses of $90 . At December 31, 2016 , current marketable securities included unrealized losses of $279 and long-term marketable securities included unrealized gains of $89 and unrealized losses of $118 . [6] Inventories: Inventories, which consist of finished goods on hand and in transit, are stated at the lower of cost (first-in, first-out method) or market. [7] Property and equipment: Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is computed utilizing the straight-line method based on estimated useful lives ranging from three to ten years. Leasehold improvements are amortized utilizing the straight-line method over the shorter of their estimated useful lives or the remaining lease term. Impairment losses are recognized for long-lived assets, including definite-lived intangibles, used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are not sufficient to recover the assets' carrying amount. Impairment losses are measured by comparing the fair value of the assets to their carrying amount. Note A – Summary of Significant Accounting Policies (continued) [8] Goodwill and intangible assets: The Company's goodwill and indefinite lived intangible assets are not amortized, rather they are tested for impairment on an annual basis, or more often if events or circumstances change that could cause these assets to become impaired. In January 2017, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") No. 2017-04, “Intangibles - Goodwill and Other” (Topic 350) “Simplifying the Test for Goodwill Impairment”. Under the amendments in this update, indefinite-lived intangible assets and goodwill are assessed for impairment by performing a qualitative assessment which evaluates relevant events or circumstances in order to determine whether it is more likely than not that the fair value of an intangible asset or reporting unit is less than its carrying amount. The factors that are considered include historical financial performance, macroeconomic and industry conditions and legal and regulatory environment. If it is more likely than not that the fair value of the intangible asset or reporting unit is less than its carrying amount, the fair value of the intangible asset or reporting unit is compared with its carrying amount and, if the fair value of the intangible asset or reporting unit is less than its carrying amount, an impairment is recognized equal to the amount by which the carrying value of the intangible asset or reporting unit exceeds its fair value, not to exceed the carrying amount. The guidance is effective in fiscal years beginning after December 15, 2020. The Company adopted the new guidance in the second quarter of 2017. During the fourth quarter of 2017, the Company recognized an impairment charge of $1,000 related to the Wild Pair trademark. The impairment was triggered by a loss of future anticipated cash flows. The Company completed its annual impairment tests on goodwill and its remaining indefinite-lived intangible assets during the third quarter of 2017 , and no other impairments were recognized. The Company amortizes its intangible assets with definite useful lives over their estimated useful lives and reviews these assets for impairment when there is a triggering event. The Company is currently amortizing its acquired intangible assets with definite useful lives over periods typically from two to ten years using the straight-line method. [9] Net Income Per Share of Common Stock: Basic net income per share is based on the weighted average number of shares of common stock outstanding during the period, which does not include unvested restricted common stock subject to forfeiture. Diluted net income per share reflects: a) the potential dilution assuming shares of common stock were issued upon the exercise of outstanding in-the-money options and the proceeds thereof were used to purchase shares of the Company’s common stock at the average market price during the period, and b) the vesting of granted nonvested restricted stock awards for which the assumed proceeds upon vesting are deemed to be the amount of compensation cost not yet recognized attributable to future services using the treasury stock method, to the extent dilutive. For the years ended December 31, 2017 , 2016 and 2015 , options to purchase approximately 9,000 , 374,000 and 26,000 shares of common stock, respectively, have been excluded in the calculation of diluted income per share as the result would have been anti-dilutive. For the years ended December 31, 2017 , 2016 and 2015 , all unvested restricted stock awards were dilutive. [10] Comprehensive Income: Comprehensive income is the total of net earnings and all other non-owner changes in equity. Comprehensive income for the Company includes net income, foreign currency translation adjustments, cash flow hedging and unrealized gains and losses on marketable securities. The accumulated balances for each component of other comprehensive loss attributable to the Company are as follows: Note A – Summary of Significant Accounting Policies (continued) 2017 2016 Currency translation adjustment $ (24,798 ) $ (31,634 ) Cash flow hedges, net of tax (623 ) 191 Unrealized loss on securities, net of tax (192 ) (308 ) Accumulated other comprehensive loss $ (25,613 ) $ (31,751 ) [11] Advertising costs: The Company expenses costs of print, radio and billboard advertisements as incurred. Advertising expenses included in operating expenses amounted to approximately $19,629 in 2017 , $16,024 in 2016 and $14,892 in 2015 . [12] Revenue Recognition: The Company recognizes revenue on wholesale sales when (i) products are shipped pursuant to its standard terms, which are freight on board (“FOB”) Company warehouse, or when products are delivered to the consolidators, or any other destination, as per the terms of the customers’ purchase order, (ii) persuasive evidence of an arrangement exists, (iii) the price is fixed and determinable and (iv) collection is reasonably assured. Sales reductions on wholesale sales for anticipated discounts, allowances and other deductions are recognized during the period when sales are recorded. With the exception of our cold weather accessories and Blondo businesses, normally we do not accept returns from our wholesale customers unless there are product quality issues, which we charge back to the vendors at cost. Sales of cold weather accessories and Blondo products to wholesale customers are recorded net of returns, which are estimated based on historical experience. Such amounts have historically not been material. Retail sales are recognized when the payment is received from customers and are recorded net of estimated returns. The Company generates commission income acting as a buying agent by arranging to manufacture private label shoes to the specifications of its customers. The Company’s commission revenue also includes fees charged for its design, product and development services provided to certain suppliers in connection with the Company’s private label business. Commission revenue and product and development fees are recognized as earned when title to the product transfers from the manufacturer to the customer and collections are reasonably assured and are reported on a net basis after deducting related operating expenses. The Company licenses its Steve Madden®, Steven by Steve Madden® and Madden Girl® trademarks for use in connection with the manufacture, marketing and sale of outerwear, hosiery, jewelry, watches, sunglasses, hair accessories, umbrellas, bedding, luggage, and men’s leather accessories. We license the Stevies® trademark for use in connection with the manufacture, marketing and sale of outerwear exclusively to Target. In addition, the Company licenses the Betsey Johnson® trademark for use in connection with the manufacture, marketing and sale of women's and children’s apparel, hosiery, swimwear, fragrance and beauty, sleepwear, activewear, jewelry, watches, bedding, luggage, stationary, umbrellas and household goods. The Company also licenses the Dolce Vita® trademark for use in connection with the manufacture, marketing and sale of women's and children's apparel. The license agreements require the licensee to pay the Company a royalty and, in substantially all of the agreements, an advertising fee based on the higher of a minimum or a net sales percentage as defined in the various agreements. In addition, under the terms of retail selling agreements, most of the Company’s international distributors are required to pay the Company a royalty based on a percentage of net sales, in addition to a commission and a design fee on the purchases of the Company’s products. In substantially all of the Company’s license agreements, the minimum guaranteed royalty is earned and receivable on a quarterly basis. Licensing revenue is recognized on the basis of net sales reported by the licensees, or the minimum guaranteed royalties, if higher. Note A – Summary of Significant Accounting Policies (continued) [13] Taxes Collected From Customers: The Company accounts for certain taxes collected from its customers in accordance with the accounting guidance which permits companies to adopt a policy of presenting taxes in the income statement on either a gross basis (included in revenues and costs) or a net basis (excluded from revenues). Taxes within the scope of this accounting guidance would include taxes that are imposed on a revenue transaction between a seller and a customer, for example, sales taxes, use taxes, value-added taxes and some types of excise taxes. The Company records all taxes on a net basis. [14] Sales Deductions: The Company supports retailers’ initiatives to maximize sales of the Company’s products on the retail floor by subsidizing the co-op advertising programs of such retailers, providing them with inventory markdown allowances and participating in various other marketing initiatives of its major customers. In addition, the Company accepts returns for damaged products for which the Company’s costs are normally charged back to the responsible third-party factory. Such expenses are reflected in the consolidated financial statements as deductions to arrive at net sales. [15] Cost of Sales: All costs incurred to bring finished products to the Company’s distribution center or to the customers’ freight forwarder and, in the Retail segment, the costs to bring products to the Company’s stores, are included in the cost of sales line on the Consolidated Statements of Income. These include the cost of finished products, purchase commissions, letter of credit fees, brokerage fees, sample expenses, custom duty, inbound freight, royalty payments on licensed products, labels and product packaging. All warehouse and distribution costs related to the Wholesale segments and freight to customers, if any, are included in the operating expenses line item of the Company’s Consolidated Statements of Income. The Company’s gross margins may not be comparable to those of other companies in the industry because some companies may include warehouse and distribution costs, as well as other costs excluded from cost of sales by the Company, as a component of cost of sales, while other companies report on the same basis as the Company and include them in operating expenses. [16] Warehouse and shipping costs: The Company includes all warehouse and shipping costs for the Wholesale segment in the Operating Expenses line on the Consolidated Statements of Income. For the years ended December 31, 2017 , 2016 and 2015 , the total warehouse and distribution costs included in Operating Expenses were $32,395 , $27,079 and $24,176 respectively. Since the Company's standard terms of sales are “FOB Steve Madden warehouse,” the Company's wholesale customers absorb most shipping costs. Shipping costs to wholesale customers incurred by the Company are not considered significant and are included in the Operating Expense line in the Consolidated Statements of Income. [17] Employee benefit plan: The Company maintains a tax-qualified 401(k) plan which is available to each of the Company's eligible employees who elect to participate after meeting certain length-of-service requirements. The Company made discretionary matching contributions of 50% of employees' contributions up to a maximum of 6% of employees' compensation which vest to the employees over a period of time. Total matching contributions to the plan for 2017 , 2016 and 2015 were approximately $1,819 , $1,633 and $1,602 , respectively. Note A – Summary of Significant Accounting Policies (continued) [18] Derivative Instruments: The Company uses derivative instruments to manage its exposure to cash-flow variability from foreign currency risk. Derivatives are carried on the balance sheet at fair value and included in prepaid expenses and other current assets or accrued expenses. The Company applies cash flow hedge accounting for its derivative instruments. Net derivative gains and losses attributable to derivatives subject to cash flow hedge accounting reside in accumulated other comprehensive income (loss) and will be reclassified to earnings in future periods as the economic transactions to which the derivatives relate affect earnings. See Note K - Derivative Instruments. [19] Income Taxes: The provision for income taxes is computed using the asset and liability method, under which deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities, and for operating losses and tax credit carryforwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates that apply to taxable income in effect for the years in which those tax assets are expected to be realized or settled. The Company records a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such positions are then measured based on the largest benefit that has a greater than 50% likelihood of being realized upon settlement. See Note M - Income Taxes. [20] Share-based Compensation: The Company recognizes expense related to share-based payment transactions in which it receives employee services in exchange for equity instruments of the Company. Share-based compensation cost for restricted stock units (“RSUs”) is measured based on the closing fair market value of the Company’s common stock on the date of grant. Share-based compensation cost for stock options is measured at the grant date, based on the fair-value as calculated by the Black-Scholes-Merton (“BSM”) option-pricing model. The BSM option-pricing model incorporates various assumptions including expected volatility, estimated expected life and interest rates. The Company recognizes share-based compensation cost over the award’s requisite service period. The Company recognizes a benefit from share-based compensation in the Consolidated Statements of Income if an incremental tax benefit is realized. See Note H - Stock- Based Compensation. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 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 consolidated financial statements. The other member's interest is reflected in “Net income attributable to noncontrolling interests” in the Consolidated Statements of Income and “Noncontrolling interests” in the Consolidated Balance Sheets. 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 Note B – Acquisitions (continued) the joint venture in SM China, the assets, liabilities and results of operations of SM China are consolidated and included in the Company’s consolidated financial statements. The other member's interest is reflected in “Net income attributable to noncontrolling interests” in the Consolidated Statements of Income and “Noncontrolling interests” in the Consolidated Balance Sheets. 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 $37,112 , which included a cash payment at closing of $17,396 less a working capital adjustment of $901 , 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 and was finalized at $20,617. On November 27, 2017, the Company entered into an amendment to the equity purchase agreement with the sellers of Schwartz & Benjamin to change the manner of calculating the earn-out and to provide for payments based on the performance of certain specified license agreements. In connection with this amendment, the Company reduced the earn-out liability from $20,617 to $10,000 and recorded a credit to operating expenses in the amount of $10,617 . 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. The purchase price has been allocated as follows: Inventory $ 11,635 Accounts receivable 10,836 Trademarks 4,630 Customer relations 5,210 Fixed assets 3,281 Prepaids and other assets 2,063 Accounts payable (7,756 ) Accrued expenses (4,669 ) Total fair value excluding goodwill 25,230 Goodwill 11,882 Net assets acquired $ 37,112 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. |
Due To and From Factor
Due To and From Factor | 12 Months Ended |
Dec. 31, 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”) that became effective on September 15, 2009. The agreement can be terminated by the Company or Rosenthal at any time upon 60 days prior written notice. Note C – Factor Receivable (continued) Under the agreement, the Company can request advances from Rosenthal in amounts of up to 85% of aggregate receivables submitted to Rosenthal. The agreement provides the Company with a $30,000 credit facility with a $15,000 sub-limit for letters of credit at an interest rate based, at the Company’s election, upon a calculation that utilizes either the prime rate minus 0.5% or LIBOR plus 2.5% . As of December 31, 2017 and 2016, no borrowings or letters of credit were outstanding. The Company also pays Rosenthal a fee of 0.20% of the gross invoice amount submitted to Rosenthal. With respect to receivables related to the Company's private label business, the fee is 0.14% of the gross invoice amount. Rosenthal assumes the credit risk on a substantial portion of the receivables that the Company submits to it and, to the extent of any loans made to the Company, Rosenthal maintains a lien on the Company’s receivables to secure the Company’s obligations. Rosenthal services the collection of the Company's accounts receivable. Funds collected by Rosenthal are applied against advances owed to Rosenthal (if any), and the balance is due and payable to the Company, net of any fees. The allowance against “factor receivables” is a projected provision based on certain formulas and prior approvals for markdowns, allowances, discounts, advertising and other deductions that customers may deduct against their payments. |
Note Receivable - Related Party
Note Receivable - Related Party | 12 Months Ended |
Dec. 31, 2017 | |
Receivables [Abstract] | |
Note Receivable - Related Party | Note Receivable – Related Party On June 25, 2007, the Company made a loan to Steve Madden, its Creative and Design Chief and a principal stockholder of the Company, in the amount of $3,000 in order for Mr. Madden to satisfy a personal tax obligation resulting from the exercise of stock options that were due to expire and to retain the underlying Company common stock. The loan, as amended, is secured by non-company securities held in Mr. Madden's brokerage account. The Company has agreed to forgive a portion of the note as long as Mr. Madden remains an employee of the Company through the note's maturity on December 31, 2023. For the years ended December 31, 2017, 2016 and 2015 the Company also recorded a charge in the amount of $409 for each year, respectively, to write-off the required one-tenth of the principal amount of the secured promissory note, which was partially offset by imputed interest income of $55 , $63 and $71 , respectively. |
Fair Value Measurement
Fair Value Measurement | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | Fair Value Measurement The accounting guidance under Accounting Standards Codification “Fair Value Measurements and Disclosures” (“ASC 820-10”) provides guidance for disclosures about the fair value of certain of its assets and liabilities. ASC 820-10 clarifies the principle that fair value should be based on the assumptions market participants would use when pricing an asset or liability and establishes a fair value hierarchy that prioritizes the information used to develop those assumptions. ASC 820-10 utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. A brief description of those three levels is as follows: • Level 1: Observable inputs such as quoted prices in active markets for identical assets or liabilities. • Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. • Level 3: Significant unobservable inputs. Note E – Fair Value Measurement (continued) The Company’s financial assets and liabilities, subject to fair value measurements, as of December 31, 2017 and 2016 are as follows: December 31, 2017 Fair Value Measurements Using Fair Value Hierarchy Fair value Level 1 Level 2 Level 3 Assets: Cash equivalents $ 58,436 $ 58,436 $ — $ — Current marketable securities – available for sale 64,027 64,027 — — Long-term marketable securities – available for sale 29,523 29,523 — — Total assets $ 151,986 $ 151,986 $ — $ — Liabilities: Contingent consideration $ 10,000 $ — $ — $ 10,000 Forward contracts 783 — 783 — Total liabilities $ 10,783 $ — $ 783 $ 10,000 December 31, 2016 Fair Value Measurements Using Fair Value Hierarchy Fair value Level 1 Level 2 Level 3 Assets: Cash equivalents $ 3,309 $ 3,309 $ — $ — Current marketable securities – available for sale 39,495 39,495 — — Long-term marketable securities – available for sale 70,559 70,559 — — Forward contracts 191 — 191 — Total assets $ 113,554 $ 113,363 $ 191 $ — Liabilities: Contingent consideration $ 7,948 $ — $ — $ 7,948 Total liabilities $ 7,948 $ — $ — $ 7,948 Note E – Fair Value Measurement (continued) Our level 3 balance consists of contingent consideration related to the Schwartz & Benjamin acquisition. The changes in our level 3 liabilities for the years ended December 31, 2017 and 2016 are as follows: Balance at January 1, Payments Accrued Interest Acquisitions Change in estimate Foreign Currency Translation Balance at December 31, 2017 Liabilities: Contingent consideration $ 7,948 (7,359 ) — 20,617 (11,206 ) — $ 10,000 2016 Liabilities: Contingent consideration $ 24,775 (16,402 ) — — (425 ) — $ 7,948 The change in estimate of the contingent consideration as of December 31, 2017 and 2016 of $11,206 and $425 has been reflected as a reduction in operating expenses on the Consolidated Statement of Income. Forward contracts are entered into to manage the risk associated with the volatility of future cash flows denominated in foreign currencies. Fair value of these instruments are based on observable market transactions of spot and forward rates. The Company has recorded a liability for potential contingent consideration in connection with the January 30, 2017 acquisition of Schwartz & Benjamin. Pursuant to the terms of an earn-out provision contained in the equity purchase agreement, as amended, between the Company and the sellers of Schwartz & Benjamin, earn-out payments are based on the performance of certain specified license agreements. 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 were due annually to the seller of SM Mexico based on the financial performance of SM Mexico for each of the twelve-month periods ending on December 31, 2015 and 2016, inclusive. The fair value of the contingent payments was estimated using the present value of management's projections of the financial results of SM Mexico during the earn-out period. The 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. The earn-out payment of $4,618 for the period ended December 31, 2016 was paid to the seller of SM Mexico in 2017. The Company recorded a liability for potential contingent consideration in connection with the February 21, 2012 acquisition of all of the assets of Steve Madden Canada Inc., Steve Madden Retail Canada Inc., Pasa Agency Inc. and Gelati Imports Inc. (collectively, “SM Canada”). Pursuant to the terms of an earn-out agreement between the Company and the seller of SM Canada, earn-out payments 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 management’s projections of the financial results of SM Canada during the earn-out period. The final earn-out payment of $2,741 for the period ended March 31, 2017 was paid to the seller of SM Canada in 2017 . Accounting guidance permits entities to choose to measure financial instruments and certain other items at fair value that are not currently required to be measured at fair value. The accounting guidance also establishes presentation and disclosure requirements designed to facilitate comparisons between entities that chose different measurement attributes for similar assets and liabilities. The Company has elected not to measure any eligible items at fair value. The carrying value of certain financial instruments such as accounts receivable, factor accounts receivable and accounts payable approximates their fair values due to the short-term nature of their underlying terms. The fair values of investment in marketable Note E – Fair Value Measurement (continued) securities available for sale are determined by reference to publicly quoted prices in an active market. Fair value of the notes receivable held by the Company approximates their carrying value based upon their imputed or actual interest rate, which approximates applicable current market interest rates. |
Property and Equipment (Notes)
Property and Equipment (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
Property and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | Property and Equipment The major classes of assets and total accumulated depreciation and amortization are as follows: December 31, Average Useful Life 2017 2016 Land and building $ 767 $ 767 Leasehold improvements 81,554 79,165 Machinery and equipment 10 years 7,132 11,112 Furniture and fixtures 5 years 8,629 8,881 Computer equipment and software 3 to 5 years 58,448 57,855 156,530 157,780 Less accumulated depreciation and amortization (85,032 ) (85,399 ) Property and equipment - net $ 71,498 $ 72,381 Depreciation and amortization expense related to property and equipment included in operating expenses amounted to approximately $ 15,160 in 2017 , $ 14,346 in 2016 and $ 13,237 in 2015 . |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 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 December 31, 2017 and 2016 : Wholesale Net Carrying Footwear Accessories Retail Amount Balance at January 1, 2016 $ 73,018 $ 49,324 $ 14,755 $ 137,097 Translation and other (757 ) — (629 ) (1,386 ) Balance at December 31, 2016 72,261 49,324 14,126 135,711 Acquisition of Schwartz & Benjamin 11,882 — — 11,882 Translation and other 719 — 226 945 Balance at December 31, 2017 $ 84,862 $ 49,324 $ 14,352 $ 148,538 Note G – Goodwill and Intangible Assets (continued) The following table details identifiable intangible assets as of December 31, 2017 and 2016 : 2017 Estimated Lives Cost Basis Accumulated Amortization (1) Impairment (2) Net Carrying Amount Trade names 6–10 years $ 9,220 $ 4,760 $ — $ 4,460 Customer relationships 10 years 47,019 24,127 — 22,892 License agreements 3–6 years 5,600 5,600 — — Non-compete agreement 5 years 2,440 2,375 — 65 Re-acquired right 2 years 4,200 4,200 — — Other 3 years 14 14 — — 68,493 41,076 — 27,417 Re-acquired right indefinite 35,200 7,601 — 27,599 Trade names indefinite 100,333 — 4,045 96,288 $ 204,026 $ 48,677 $ 4,045 $ 151,304 (1) Includes the effect of foreign currency translation related primarily to the changes in the Canadian dollar and Mexican peso in relation to the U.S. dollar. (2) An initial impairment charge of $3,045 was recorded in the first quarter of 2015, and a final impairment charge of $1,000 was recorded in the fourth quarter of 2017 related to the Company's Wild Pair trademark. The impairment was triggered by a loss of future anticipated cash flows from a significant customer . 2016 Estimated Lives Cost Basis Accumulated Amortization (1) Impairment (2) Net Carrying Amount Trade names 6–10 years $ 4,590 $ 3,335 $ — $ 1,255 Customer relationships 10 years 41,509 21,341 — 20,168 License agreements 3–6 years 5,600 5,600 — — Non-compete agreement 5 years 2,440 2,426 — 14 Re-acquired right 2 years 4,200 4,200 — — Other 3 years 14 14 — — 58,353 36,916 — 21,437 Re-acquired right indefinite 35,200 9,539 — 25,661 Trade names indefinite 100,333 — 3,045 97,288 $ 193,886 $ 46,455 $ 3,045 $ 144,386 (1) Includes the effect of foreign currency translation related primarily to the changes in the Canadian dollar and Mexican peso in relation to the U.S. dollar. (2) An impairment charge of $3,045 was recorded in the first quarter of 2015 related to the Company's Wild Pair trademark. The impairment was triggered by a loss of future anticipated cash flows from a significant customer. Note G – Goodwill and Intangible Assets (continued) The amortization of intangible assets amounted to $ 5,245 for 2017 , $ 5,522 for 2016 and $6,145 for 2015 and is included in operating expenses on the Company's Consolidated Statements of Income. The estimated future amortization expense for intangibles is as follows: 2018 $ 4,621 2019 4,547 2020 3,721 2021 2,095 2022 1,563 Thereafter 10,870 Total $ 27,417 |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation In March 2006, the Board of Directors of the Company approved the Steven Madden, Ltd. 2006 Stock Incentive Plan (the “Plan”) under which nonqualified stock options, stock appreciation rights, performance shares, restricted stock, other stock-based awards and performance-based cash awards may be granted to employees, consultants and non-employee directors. The Company’s stockholders approved the Plan on May 26, 2006. The stockholders have subsequently approved successive amendments of the Plan, most recently on May 25, 2012, when the stockholders approved a third amendment to the Plan that increased the maximum number of shares that may be issued under the Plan to 23,466,000 . The following table summarizes the number of shares of common stock authorized for use under the Plan, the number of stock-based awards granted (net of expired or cancelled awards) under the Plan and the number of shares of common stock available for the grant of stock-based awards under the Plan: Common stock authorized 23,466,000 Stock-based awards, including restricted stock and stock options granted, net of expired or cancelled (21,818,000 ) Common stock available for grant of stock-based awards as of December 31, 2017 1,648,000 In accordance with accounting guidance relating to stock-based compensation, the Company records compensation for all awards to employees based on the fair value of options and restricted stock on the date of grant. Equity-based compensation is included in operating expenses on the Company's Consolidated Statements of Income. For the years ended December 31, 2017 , 2016 and 2015 , total equity-based compensation was as follows: Years Ended December 31, 2017 2016 2015 Restricted stock $ 16,616 $ 16,494 $ 15,543 Stock options 4,231 3,015 3,155 Total $ 20,847 $ 19,509 $ 18,698 Note H – Stock-Based Compensation (continued) For the year ended December 31, 2015, the Company classified cash flows of $10,510 resulting from the tax benefit from tax deductions in excess of the compensation costs recognized for those options (tax benefits) as financing cash flows. During the third quarter of 2016, the Company adopted Accounting Standards Update No. 2016-09 ("ASU 2016-09"), Improvements to Employee Share-Based Payment Accounting which changes the accounting for certain aspects of share-based payments to employees (refer to Note Q). As a result of the adoption of ASU 2016-09, the Company classifies cash flows resulting from tax benefits as operating cash flows for the years ended December 31, 2017 and 2016. For the years ended December 31, 2017 and 2016, the Company realized a tax benefit from stock-based compensation of $4,019 and $5,244 , respectively. Stock Options The total intrinsic value of options exercised during 2017 , 2016 and 2015 amounted to $ 9,936 , $ 16,983 and $ 12,433 respectively. During the years ended December 31, 2017 , 2016 and 2015 , 409,522 options with a weighted average exercise price of $34.02 , 322,022 options with a weighted average exercise price of $32.37 and 455,528 options with a weighted average exercise price of $ 27.27 vested, respectively. As of December 31, 2017 , there were unvested options relating to 1,241,187 shares of common stock with a total of $8,426 of unrecognized compensation cost and an average vesting period of 3.2 years. The Company uses the Black-Scholes-Merton option-pricing model to estimate the fair value of options granted, which requires several assumptions. The expected term of the options represents the estimated period of time until exercise and is based on the historical experience of similar awards. Expected volatility is based on the historical volatility of the Company’s common stock. The risk free interest rate is based on the U.S. Treasury yield curve in effect at the time of the grant. Historically, with the exception of a special dividend paid in each of November 2005 and November 2006, the Company historically has not paid regular cash dividends and, thus, the expected dividend rate is assumed to be zero. The following weighted average assumptions were used for stock options granted: 2017 2016 2015 Volatility 23% to 26% 22% to 26% 22% to 28% Risk-free interest rate 1.48% to 1.99% 0.86% to 1.90% 0.99% to 1.60% Expected life in years 3 to 5 3 to 5 3 to 5 Dividend yield 0.00% 0.00% 0.00% Weighted average fair value $8.91 $7.11 $8.81 Note H – Stock-Based Compensation (continued) Activity relating to stock options granted under the Company’s plans and outside the plans during the three years ended December 31, 2017 is as follows: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at January 1, 2015 3,428,000 $ 19.48 Granted 69,000 36.59 Exercised (1,460,000 ) 14.59 Expired/Forfeited (21,000 ) 28.49 Outstanding at December 31, 2015 2,016,000 23.51 Granted 262,000 33.86 Exercised (746,000 ) 14.36 Expired/Forfeited (33,000 ) 30.59 Outstanding at December 31, 2016 1,499,000 29.72 Granted 1,062,000 37.55 Exercised (655,000 ) 24.73 Expired/Forfeited (9,000 ) 35.23 Outstanding at December 31, 2017 1,897,000 $ 35.80 4.9 years $ 20,680 Exercisable at December 31, 2017 656,000 $ 33.67 3.1 years $ 8,540 The following table summarizes information about stock options at December 31, 2017 : Options Outstanding Options Exercisable Range of Exercise Price Number Outstanding Weighted Average Remaining Contractual Life (in Years) Weighted Average Exercise Price Number Exercisable Weighted Average Exercise Price $19.70 to $26.95 9,051 1.2 $22.71 9,056 $22.71 $27.03 to $29.45 80,309 1.8 28.64 80,352 28.64 $30.19 to $33.99 263,045 3.1 31.60 181,717 31.66 $34.06 to $38.05 1,359,071 5.3 36.53 328,974 35.25 $38.96 to $43.30 185,524 6.0 40.11 55,901 39.96 1,897,000 4.9 $35.80 656,000 $33.67 Note H – Stock-Based Compensation (continued) Restricted Stock The following table summarizes restricted stock activity during the three years ended December 31, 2017 : Number of Shares Weighted Average Fair Value at Grant Date Outstanding at January 1, 2015 4,067,000 $ 24.69 Granted 361,000 35.71 Vested (304,000 ) 23.24 Forfeited (69,000 ) 34.23 Outstanding at December 31, 2015 4,055,000 25.32 Granted 434,000 34.30 Vested (276,000 ) 30.28 Forfeited (22,000 ) 33.45 Outstanding at December 31, 2016 4,191,000 25.93 Granted 275,000 37.67 Vested (508,000 ) 30.58 Forfeited (42,000 ) 35.47 Outstanding at December 31, 2017 3,916,000 $ 26.05 As of December 31, 2017 , there was $63,140 of total unrecognized compensation cost related to restricted stock awards granted under the Plan. This cost is expected to be recognized over a weighted average period of 5.4 years. The Company determines the fair value of its restricted stock awards based on the market price of its common stock on the date of grant. The fair value of the restricted stock that vested during the years ended December 31, 2017 , 2016 and 2015 was $21,549 , $9,758 and $6,980 , respectively. On January 3, 2012, the Company and its Creative and Design Chief, Steven Madden, entered into an amendment of Mr. Madden’s existing employment agreement, pursuant to which, on February 8, 2012, Mr. Madden was granted 1,463,057 restricted shares of the Company’s common stock at the then market price of $27.34 , which will vest in equal annual installments over a seven-year period commencing on December 31, 2017 and, thereafter, on each December 31 through December 31, 2023, subject to Mr. Madden’s continued employment on each such vesting date. On June 30, 2012, Mr. Madden exercised his right under his employment agreement to receive an additional restricted stock award, and, on July 3, 2012, he was granted 1,893,342 restricted shares of the Company's common stock at the then market price of $21.13 , which vests in equal annual installments over a six-year period commencing on December 31, 2018 and, thereafter, on each December 31 through December 31, 2023, subject to Mr. Madden’s continued employment on each such vesting date. On July 20, 2017, 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 $40.15 per share, which option is exercisable in equal quarterly installments commencing on October 20, 2017. On March 1, 2017, pursuant to his employment agreement, Mr. Madden was granted an option to purchase 750,000 shares of the Company’s common stock at an Note H – Stock-Based Compensation (continued) exercise price of $37.35 per share, which option is exercisable in equal annual installments over a five-year period commencing on the first anniversary of the grant date. |
Preferred Stock (Notes)
Preferred Stock (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
Preferred Stock [Abstract] | |
Preferred Stock [Text Block] | Preferred Stock The Company has authorized 5,000,000 shares of preferred stock. The Board of Directors has designated 60,000 shares of such preferred stock as Series A Junior Participating Preferred Stock (“Series A Preferred”). Holders of the shares of Series A Preferred are entitled to dividends equal to 1,000 times dividends declared or paid on the Company's common stock. Each share of Series A Preferred entitles the holder to 1,000 votes on all matters submitted to the holders of common stock. The Series A Preferred has a liquidation preference of $ 1,000 per share, and is not redeemable by the Company. No shares of preferred stock have been issued. |
Share Repurchases (Notes)
Share Repurchases (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
Share Repurchase Program [Abstract] | |
Share Repurchase Program [Text Block] | Share Repurchase Program The Company's Board of Directors authorized a share repurchase program (the “Share Repurchase Program”), effective as of January 1, 2004. The Share Repurchase Program does not have a fixed expiration or termination date and may be modified or terminated by the Board of Directors at any time. On several occasions the Board of Directors has increased the amount authorized for repurchase, most recently on July 28, 2017 when 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. The Share Repurchase Program permits the Company to effect repurchases from time to time through a combination of open market repurchases or in privately negotiated transactions at such prices and times as are determined to be in the best interest of the Company. During the twelve months ended December 31, 2017 , an aggregate of 2,253,802 shares of the Company's common stock was repurchased under the Share Repurchase Program, at an average price per share of $37.62 , for an aggregate purchase price of approximately $84,783 . As of December 31, 2017 , approximately $180,861 remained available for future repurchases under the Share Repurchase Program. The Steven Madden, Ltd. 2006 Stock Incentive Plan provides the Company with the right to deduct or withhold, or require employees to remit to the Company, an amount sufficient to satisfy any applicable tax withholding obligations applicable to stock-based compensation awards. To the extent permitted, employees may elect to satisfy all or part of such withholding obligations by tendering to the Company previously owned shares or by having the Company withhold shares having a fair market value equal to the minimum statutory tax withholding rate that could be imposed on the transaction. During the twelve months ended December 31, 2017 , an aggregate of 346,820 shares were withheld in connection with the settlement of vested restricted stock to satisfy tax withholding requirements, at an average price per share of $42.18 , for an aggregate purchase price of approximately $14,629 . |
Derivative Instruments (Notes)
Derivative Instruments (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Instruments [Abstract] | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | ny uses derivative instruments, specifically, forward foreign exchange contracts, to manage the risk associated with the volatility of future cash flows. The forward foreign exchange contracts will be used to mitigate the impact of exchange rate fluctuations on forecasted purchases of inventory and are designated as cash flow hedging instruments. The Company enters into forward contracts with terms of no more than two years. As of December 31, 2017 , $623 of losses related to cash flow hedges are recorded in accumulated other comprehensive income, net of taxes and are expected to be recognized in earnings at the same time the hedged items affect earnings. As of December 31, 2017 , the fair value of the Company's foreign currency derivatives, which is included on the Consolidated Balance Sheet in accrued expenses, was $783 . As of December 31, 2016 , $191 of gains related to cash flow hedges were recorded in accumulated other comprehensive income, net of taxes and were recognized in earnings at the same time the hedged items affected earnings. As of December 31, 2017 and 2016 , none of the Company's hedging activities were considered ineffective and thus no gains and losses relating to ineffectiveness on its hedging activities were recognized in the Consolidated Statements of Income. For the year ended December 31, 2017 losses of $57 were reclassified from accumulated other comprehensive income and recognized in the Consolidated Statements of Income in cost of sales as compared to losses of $472 for the year ended December 31, 2016 . |
Operating Leases (Notes)
Operating Leases (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
Operating Leases [Abstract] | |
Leases of Lessee Disclosure [Text Block] | Operating Leases The Company leases office, showroom, warehouse and retail facilities under noncancelable operating leases with terms expiring at various dates through 2030. Future minimum annual lease payments under noncancelable operating leases consist of the following at December 31: 2018 $ 44,629 2019 40,510 2020 38,005 2021 32,440 2022 26,720 Thereafter 66,972 Total $ 249,276 A majority of the retail store leases provide for contingent rental payments if gross sales exceed certain targets. In addition, many of the leases contain rent escalation clauses to compensate for increases in operating costs and real estate taxes. Rent expense for the years ended December 31, 2017 , 2016 and 2015 was approximately $ 56,027 , $ 52,294 and $ 47,710 , respectively. Included in such amounts are contingent rents of $ 424 , $ 238 and $ 157 in 2017 , 2016 and 2015 , respectively. Rent expense is calculated by amortizing total base rental payments (net of any rental abatements, construction allowances and other rental concessions), on a straight-line basis, over the lease term. Accordingly, rent expense charged to operations differs from rent paid resulting in the Company recording deferred rent. |
Income Taxes (Notes)
Income Taxes (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The components of income before income taxes are as follows: 2017 2016 2015 Domestic $ 124,472 $ 110,526 $ 81,785 Foreign 47,855 60,474 90,681 $ 172,327 $ 171,000 $ 172,466 Note M - Income Taxes (continued) The components of provision for income taxes for all periods presented were as follows: 2017 2016 2015 Current: Federal $ 56,836 $ 47,655 $ 24,838 State and local 5,746 6,063 4,136 Foreign 10,773 3,270 13,960 73,355 56,988 42,934 Deferred: Federal (22,061 ) (7,050 ) 16,976 State and local 800 153 1,961 Foreign 1,095 (365 ) (3,060 ) (20,166 ) (7,262 ) 15,877 $ 53,189 $ 49,726 $ 58,811 On December 22, 2017, the Tax Cuts and Jobs Act of 2017 (the “Tax Act”) was signed into law making significant changes to the Internal Revenue Code of 1986, as amended. Changes include, but are not limited to, a reduction in the U.S. corporate statutory tax rate from 35% to 21% effective for tax years beginning after December 31, 2017, the transition from a worldwide tax system to a territorial regime, and a one-time transition tax on the deemed repatriation of cumulative foreign earnings as of December 31, 2017. The Company has calculated its best estimate of the impact of the Tax Act in its year end income tax provision in accordance with its understanding of the Tax Act and guidance available as of the filing of this Annual Report on Form 10-K, and as a result recorded $7,599 as an additional net income tax benefit in the fourth quarter of 2017, the period in which the legislation was enacted. The provisional amount related to the remeasurement of certain deferred tax assets and liabilities based on the rates at which they are expected to reverse in the future resulted in a $2,315 expense. The provisional amount, comprised of a one-time transition tax on the mandatory deemed repatriation of foreign earnings, resulted in a $9,914 benefit (consisting of a $21,994 tax expense, offset by a $31,908 tax benefit from reversal of existing deferred tax liability on unremitted earnings of foreign subsidiaries) based on cumulative foreign earnings of $310,134 . In accordance with Staff Accounting Bulletin No. 118, any adjustments to these provisional amounts will be reported as a component of the Income Tax Provision (Benefit) during the reporting period in which any such adjustments are determined, all of which will be reported no later than the fourth quarter of 2018. The Company continues to evaluate the impacts of the Tax Act on its indefinite reinvestment assertion, as further discussed below. The Company is subject to the provisions of the FASB ASC 740-10, Income Taxes, which requires that the effect on deferred tax assets and liabilities of a change in tax rates be recognized in the period the tax rate change was enacted. However, in December of 2017, the SEC staff issued Staff Accounting Bulletin 118 which provides that companies that have not completed their accounting for the effects of the Tax Act but can determine a reasonable estimate of those effects should include a provisional amount based on their reasonable estimate in their financial statements. The Company, as explained below, has made reasonable estimates in order to account for the effects of the Tax Act. Although the $7,599 net benefit represents what the Company believes is a reasonable estimate of the impact of the income tax effects of the Tax Act as of December 31, 2017, it should be considered provisional. In light of the complexity of the Tax Act, the Company anticipates additional interpretive guidance from the U.S. Treasury and adjustments during the one year measurement period are probable. Once the Company finalizes certain tax positions when it files its 2017 U.S. tax return it will be able to conclude whether any further adjustments are required to its deferred tax balances in the U.S., as well as to the total liability associated with the one-time mandatory tax. Note M - Income Taxes (continued) A reconciliation between taxes computed at the Federal statutory rate and the effective tax rate is as follows: December 31, 2017 2016 2015 Income taxes at federal statutory rate 35.0 % 35.0 % 35.0 % Effects of foreign operations (4.5 ) (5.3 ) (3.6 ) Stock-based compensation (2.2 ) (3.0 ) — State and local income taxes - net of federal income tax benefit 2.0 2.0 1.7 Nondeductible items 0.5 0.2 0.1 Impact of tax reform (4.4 ) — — Receivable Adjustment 2.7 — — Other 1.8 0.2 0.9 Effective rate 30.9 % 29.1 % 34.1 % The components of deferred tax assets and liabilities are as follows: December 31, 2017 2016 Deferred taxes assets Receivable allowances 7,315 8,800 Inventory 901 2,202 Unrealized loss 321 177 Accrued expenses 1,796 751 Deferred compensation 11,071 17,569 Deferred rent 3,737 5,327 Net carryforwards 300 1,172 Other 3,842 3,515 Gross deferred tax assets 29,283 39,513 Deferred tax liabilities Depreciation and amortization (16,210 ) (19,264 ) Unremitted earnings of foreign subsidiaries (2,422 ) (31,262 ) Amortization of goodwill (7,883 ) (6,640 ) Gross deferred tax liabilities (26,515 ) (57,166 ) Net deferred tax assets (liabilities) $ 2,768 $ (17,653 ) Note M - Income Taxes (continued) The Company applies the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that are expected to be in effect when the differences are expected to reverse. In accordance with accounting guidance, the Company has opted to classify interest and penalties that would accrue according to the provisions of relevant tax law as income tax expense on the Consolidated Statements of Income. The Company determines the amount of interest expense to be recognized by applying the applicable statutory rate of interest to the difference between the tax position recognized and the amount previously taken or expected to be taken on a tax return. The Company's tax years 2014 through 2017 remain open to examination by most taxing authorities. During 2017, the U.S. Internal Revenue Service ("IRS") completed its audit of the Company's 2014 U.S. income tax return. The Company does not have any material unrecognized tax benefits recorded as of December 31, 2017 and 2016. The Company's consolidated financial statements provide for any related tax liability on amounts that may be repatriated from foreign operations, aside from undistributed earnings of certain of the Company's foreign subsidiaries that are intended to be indefinitely reinvested in operations outside the U.S. The deferred tax liability of $2,422 at December 31, 2017 reflects the withholding and state and local tax on amounts that may be repatriated from foreign operations. The Company continues to analyze the impact of the Tax Act on its indefinite reinvestment assertion, and as of December 31, 2017 has recorded a provisional estimate for the potential taxes related to the one-time mandatory tax. |
Commitments, Contingencies and
Commitments, Contingencies and Other | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Contingencies and Other | Commitments, Contingencies and Other [1] Legal Proceedings: In the ordinary course of business, the Company has various pending cases involving contractual disputes, employee-related matters, distribution matters, product liability claims, trademark infringement and other matters. In the opinion of management, after consulting with legal counsel, the liabilities, if any, resulting from these legal proceedings should not have a material impact on the Company's financial condition, results of operations or cash flows. It is the policy of management to disclose the amount or range of reasonably possible losses in excess of recorded amounts. [2] Employment agreements: Edward R. Rosenfeld. On December 31, 2015, the Company entered into a new employment agreement with Edward R. Rosenfeld, the Company's Chief Executive Officer and the Chairman of the Board of Directors, to replace an existing employment agreement that expired on December 31, 2015. The agreement, which expires on December 31, 2018, provides for an annual salary of $ 900 in 2018. In addition, pursuant to his new employment agreement, on December 31, 2015, Mr. Rosenfeld received a grant of 75,000 shares of the Company's common stock subject to certain restrictions and, on February 5, 2016, a further grant of 75,000 shares of the Company's common stock subject to certain restrictions. The restricted shares received by Mr. Rosenfeld on December 31, 2015 and February 5, 2016 were issued under the Company's 2006 Stock Incentive Plan, as amended, and vest in equal annual installments over a five -year period commencing on December 1, 2016 and March 5, 2017, respectively. Additional compensation and bonuses, if any, are at the sole discretion of the Board of Directors. Steven Madden. On January 3, 2012, the Company and its Creative and Design Chief, Steven Madden, entered into an amendment, dated as of December 31, 2011, to Mr. Madden’s then existing employment agreement with the Company. The amended agreement, which extends the term of Mr. Madden's employment through December 31, 2023, provides, among other things, for a base salary of approximately $7,026 per annum for the period between January 1, 2016 through the expiration of the term of employment. Also under the amended agreement, Mr. Madden received the right, exercisable on certain specified dates in fiscal year 2012 only, to elect to receive a grant of restricted stock for a number of shares of the Company’s common stock valued at $40,000 in consideration for certain specified reductions in his annual base salary Note N – Commitments, Contingencies and Other (continued) in years subsequent to 2012. Mr. Madden exercised this right 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 shares vest in the same manner as the February 8, 2012 restricted stock grant received by Mr. Madden pursuant to the amended agreement. (See Note N to the Consolidated Financial Statements.) Further, in addition to the opportunity for cash bonuses at the sole discretion of the Board of Directors, Mr. Madden’s amended agreement entitles him to an annual life insurance premium payment as well as an annual stock option grant. The amended agreement also provides Mr. Madden the potential for an additional one-time stock option award for 750,000 shares of the Company’s common stock (the “EPS Option”) in the event that the Company achieves earnings per share on a fully-diluted basis equal to $2.00 as to any fiscal year ending December 31, 2015 or thereafter, which performance criteria was achieved for the fiscal year ended December 31, 2016 and, as such. on March 1, 2017, Mr. Madden was granted the EPS Option at an exercise price of $37.35 per share. The EPS Option vests in equal annual installments over a five -year period commencing on the first anniversary of the grant date. Arvind Dharia. On February 2, 2015, the Company and its Chief Financial Officer, Arvind Dharia, entered into an amendment of Mr. Dharia's existing employment agreement. The amendment, among other things, increased his annual base salary to $ 582 effective January 1, 2015 through the remainder of the term of the employment agreement, which ends on December 31, 2018. Pursuant to the amendment, on February 2, 2015, Mr. Dharia received a restricted stock award of 15,000 restricted shares of the Company's common stock, which vests in substantially equal annual installments over a five -year period commencing on February 2, 2016 through February 2, 2020. The agreement, as amended, provides for an annual bonus to Mr. Dharia at the discretion of the Board of Directors. Amelia Newton Varela. On December 30, 2016, the Company entered into a new employment agreement with Amelia Newton Varela, the Company’s President and a member of the Board of Directors of the Company, to replace an existing employment agreement that expired on December 31, 2016. The agreement, which remains in effect through December 31, 2019, provides for an annual salary of $650 in 2018 and $670 in 2019. In addition, pursuant to her new employment agreement, on January 3, 2017, Ms. Varela was granted an option to purchase 100,000 shares of the Company's common stock at an exercise price of $35.75 . The option, which was granted under the Company’s 2006 Stock Incentive Plan, as amended, vests in four equal annual installments on each anniversary of the date of grant, commencing on January 3, 2018. The agreement provides to Ms. Varela the opportunity for an annual performance-based bonus for the fiscal years ended December 31, 2017, 2018 and 2019. Awadhesh Sinha. On December 30, 2016, the Company entered into a new employment agreement with Awadhesh Sinha, the Company's Chief Operating Officer, to replace an existing employment agreement that expired at the end of 2016. The new agreement, which remains in effect through December 31, 2019, provides for an annual salary of $ 702 , and $ 723 for the years ended December 31, 2018, and 2019, respectively, and provides to Mr. Sinha the opportunity for annual cash and share based incentive bonuses. In addition, pursuant to his new employment agreement, on January 3, 2017, Mr. Sinha received a grant of 28,169 shares of the Company's common stock subject to certain restrictions. The restricted shares received by Mr. Sinha were issued under the Company's 2006 Stock Incentive Plan, as amended, and vest in equal annual installments over a three -year period on each of December 15, 2017, December 15, 2018, and December 15, 2019. Karla Frieders. On April 11, 2017, the Company entered into a new employment agreement with Karla Frieders, the Company’s Chief Merchandising Officer, to replace an existing employment agreement which expired on February 28, 2017. The agreement, which remains in effect through April 30, 2020, provides to Ms. Frieders an annual salary of $550 for the period commencing on April 11, 2017 and ending on April 30, 2018; $570 for the period commencing on May 1, 2018 and ending on April 30, 2019; and $590 for the period commencing on May 1, 2019 and ending on April 30, 2020; and an annual performance-based bonus for the fiscal years ending December 31, 2017, 2018 and 2019 in an amount to be determined at the discretion of the Company. In addition, pursuant to her new employment agreement, on April 11, 2017, Ms. Frieders received a grant of 20,000 shares of the Company's common stock subject to certain restrictions. The restricted shares received by Ms. Frieders were issued under the Company's 2006 Stock Incentive Plan, as amended, and vest in equal annual installments over a five-year period commencing on April 1, 2018 and ending on April 1, 2022. Note N – Commitments, Contingencies and Other (continued) Michael Paradise. On April 5, 2016, the Company entered into a new employment agreement with Michael Paradise, the Company's Executive Vice President - Legal Counsel. The agreement, which remains in effect through December 31, 2018, provides to Mr. Paradise an annual salary of $400 subject to periodic increases as determined by the Board of Directors, and an annual performance-based bonus for the fiscal years ending December 31, 2016, December 31, 2017 and December 31, 2018 in an amount to be determined at the discretion of the Company. The agreement also provides Mr. Paradise with a signing bonus in the amount of $250 . In addition, pursuant to his employment agreement, on June 1, 2016, Mr. Paradise received a grant of 7,217 shares of the Company's common stock subject to certain restrictions. The restricted shares received by Mr. Paradise were issued under the Company's 2006 Stock Incentive Plan, as amended, and vest in equal annual installments over a four -year period commencing on June 1, 2017 and ending on June 1, 2020. [3] Letters of credit: At December 31, 2017 , the Company had no open letters of credit for the purchase of imported merchandise. [4] License agreements: On January 30, 2017, the Company acquired all of the outstanding capital stock of Schwartz & Benjamin, which holds licenses to manufacture, market and sell footwear with the Kate Spade® and Avec Les Filles® trademarks. The license agreements require Schwartz & Benjamin to pay the licensor a royalty equal to a percentage of net sales and a minimum royalty in the event that specified net sales targets are not achieved. The license agreements extend through December 31, 2020. In August 2017, the Company entered into a license agreement with Donna Karan Studio LLC for the right to manufacture, market and sell women's belts with the DKNY® and Donna Karan® brands. The agreement, unless extended, expires on December 31, 2020. The agreement requires that the Company pay the licensor a royalty equal to a percentage of net sales and a minimum royalty in the event that specified net sales targets are not achieved. On March 1, 2014, the Company entered into a license agreement with ABG Juicy Couture, LLC, under which the Company has the right to use the Juicy Couture® trademark in connection with the sale and marketing of women's footwear. The agreement requires the Company to pay the licensor a royalty equal to a percentage of net sales and a minimum royalty in the event that specified net sales targets are not achieved. The agreement terminated on December 31, 2017. On February 9, 2011, the Company entered into a license agreement with Basic Properties America Inc. and BasicNet S.p.A, under which the Company has the right to use the Superga® trademark in connection with the sale and marketing of women's footwear. The agreement requires the Company to pay the licensor a royalty equal to a percentage of net sales and a minimum royalty in the event that specified net sales targets are not achieved. The agreement was amended on April 11, 2013 to extend the term of the agreement through December 31, 2022. Future minimum royalty payments are $4,078 for 2018, $10,060 for 2019 through 2020 and $2,000 for 2021 through 2022. Royalty expenses are included in the “cost of goods sold” section of the Company's Consolidated Statements of Income. [5] Concentrations: The Company maintains cash and cash equivalents with various major financial institutions which at times are in excess of the amount insured. In addition, the Company's marketable securities are principally held at three brokerage companies . During the year ended December 31, 2017 , the Company did not purchase more than 10% of its merchandise from any single supplier. Total product purchases from China for the year ended December 31, 2017 were approximately 93% . During the year ended December 31, 2016 , the Company did not purchase more than 10% of its merchandise from any single supplier. Total product purchases from China for the year ended December 31, 2016 were approximately 87% . Note N – Commitments, Contingencies and Other (continued) During the year ended December 31, 2015 , the Company did not purchase more than 10% of its merchandise from any single supplier. Total product purchases from China for the year ended December 31, 2015 were approximately 90% . For the year ended December 31, 2017 , Target Corporation represented 13.4% of total accounts receivable and Wal-Mart Stores, Inc. represented 14.6% of total accounts receivable. The Company did not have customers who accounted for more than 10% of total net sales or any other customers who accounted for more than 10% of total accounts receivable. For the year ended December 31, 2016 , Target Corporation represented 12.0% of net sales and 16.9% of total accounts receivable. The Company did not have any other customers who accounted for more than 10% of total net sales or 10% of total accounts receivable. For the year ended December 31, 2015 , Target Corporation represented 12.2% of net sales and 16.7% of total accounts receivable. The Company did not have any customers who accounted for more than 10% of total net sales or 10% of total accounts receivable. Purchases are made primarily in United States dollars. [6] Valuation and qualifying accounts: The following is a summary of the allowance for chargebacks and doubtful accounts related to accounts receivable and the allowance for chargebacks related to the amount due from factor: Balance at Beginning of Year Additions Deductions Balance at End of Year Year ended December 31, 2017 Allowance for doubtful accounts $ 144 $ 15,070 $ 14,598 $ 616 Allowance for chargebacks 19,138 83,076 76,766 25,448 Returns 2,549 8,750 9,177 2,122 Year ended December 31, 2016 Allowance for doubtful accounts 200 5 61 144 Allowance for chargebacks 19,040 67,649 67,551 19,138 Returns* 4,822 5,169 7,442 2,549 Year ended December 31, 2015 Allowance for doubtful accounts 203 162 165 200 Allowance for chargebacks 18,199 76,085 75,244 19,040 Returns* $ 5,160 $ 5,868 $ 6,206 $ 4,822 * The return reserve does not take into consideration the Company's ability to resell returned products. |
Legal Matters and Contingencies [Text Block] | [1] Legal Proceedings: |
Operating Segment Information
Operating Segment Information | 12 Months Ended |
Dec. 31, 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 worldwide (via our International business), from sales of branded and private label women’s, men’s, girls’ and children’s footwear. The Wholesale Accessories segment, which includes branded and private label handbags, belts and small leather goods as well as cold weather and selected other fashion accessories, derives revenue, both domestically and worldwide (via our International business), from sales to department stores, mid-tier retailers, mass market merchants, online retailers and specialty stores. Our Wholesale Footwear and Wholesale Accessories segments, through our International business, derive revenue from Albania, Austria, Belgium, Bulgaria, Canada, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Hungary, Ireland, Kosovo, Latvia, Lithuania, Luxembourg, Mexico, the Netherlands, Norway, Poland, Romania, Russia, Slovakia, Slovenia, Sweden, Switzerland, and Tunisia and, under special distribution arrangements in various other territories within Asia, Europe (excluding the aforementioned nations), 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 and Mexico, our joint ventures in South Africa, China and Taiwan and the Company’s websites, derives revenue from sales of branded women’s, men’s and children’s footwear, accessories and licensed products to consumers. The First Cost segment represents activities of a subsidiary that earns commissions and design fees for serving as a buying agent of footwear products to mass-market merchandisers, mid-tier department stores and other retailers with respect to their purchase of footwear. In the Licensing segment, the Company generates revenue by licensing its Steve Madden®, Steven by Steve Madden® and Madden Girl® trademarks for use in connection with the manufacture, marketing and sale of outerwear, hosiery, jewelry, watches, sunglasses, hair accessories, umbrellas, bedding, luggage, and men’s leather accessories. We license the Stevies® trademark for use in connection with the manufacture, marketing and sale of outerwear exclusively to Target. In addition, this segment licenses the Betsey Johnson® trademark for use in connection with the manufacture, marketing and sale of women's and children’s apparel, hosiery, swimwear, fragrance and beauty, sleepwear, activewear, jewelry, watches, bedding, luggage, stationary, umbrellas, and household goods. The Licensing segment also licenses the Dolce Vita® trademark for use in connection with the manufacture, marketing and sale of women's and children's apparel. Note O – Operating Segment Information (continued) Year ended Wholesale Footwear Wholesale Accessories Total Wholesale Retail First Cost Licensing Consolidated December 31, 2017: Net sales $ 1,017,557 $ 256,295 $ 1,273,852 $ 272,246 $ — $ — $ 1,546,098 Gross profit 332,367 80,729 413,096 164,645 — — 577,741 Commissions and licensing fees – net — — — — 5,159 9,100 14,259 Income from operations 133,014 23,637 156,651 (1,126 ) 5,159 9,100 169,784 Depreciation and amortization 11,287 9,645 457 — 21,389 Segment assets $ 784,334 $ 138,720 923,054 122,111 11,996 — 1,057,161 Capital expenditures $ 5,590 $ 9,185 $ — $ — $ 14,775 December 31, 2016: Net sales $ 881,864 $ 254,931 $ 1,136,795 $ 262,756 $ — $ — $ 1,399,551 Gross profit 279,835 84,422 364,257 157,726 — — 521,983 Commissions and licensing fees – net — — — — 3,728 8,060 11,788 Income from operations 110,039 31,562 141,601 15,787 3,728 8,060 169,176 Depreciation and amortization 11,734 9,087 281 — 21,102 Segment assets $ 648,738 $ 186,075 834,813 118,168 7,894 — 960,875 Capital expenditures $ 5,990 $ 9,907 $ — $ — $ 15,897 December 31, 2015 Net sales $ 898,363 $ 266,564 $ 1,164,927 $ 240,312 $ — $ — $ 1,405,239 Gross profit 265,822 88,361 354,183 146,309 — — 500,492 Commissions and licensing fees – net — — — — 6,713 9,852 16,565 Income from operations 104,836 32,612 137,448 17,635 6,713 9,852 171,648 Depreciation and amortization 12,624 7,897 236 — 20,757 Segment assets $ 604,015 $ 187,895 791,910 106,823 15,652 — 914,385 Capital expenditures $ 7,237 $ 12,222 $ — $ — $ 19,459 Revenues by geographic area are as follows: Year Ended December 31, 2017 2016 2015 Domestic (a) $ 1,383,841 $ 1,258,973 $ 1,255,709 International 162,257 140,578 149,530 Total $ 1,546,098 $ 1,399,551 $ 1,405,239 (a) Includes revenues of $329,107, $312,491 and $331,481 for the years ended 2017, 2016 and 2015 related to sales to U.S. customers where the title is transferred outside the U.S. and the sale is recorded by our International subsidiary. |
Quarterly Results of Operations
Quarterly Results of Operations (unaudited) (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Results of Operations (unaudited) [Abstract] | |
Quarterly Financial Information [Text Block] | Quarterly Results of Operations (unaudited) The following is a summary of the quarterly results of operations for the years ended December 31, 2017 and 2016 : March 31, June 30, September 30, December 31, 2017: Net sales $ 366,387 $ 374,148 $ 441,193 $ 364,370 Cost of sales 233,669 234,751 275,303 224,634 Gross profit 132,718 139,397 165,890 139,736 Commissions, royalty and licensing fee income - net 3,927 2,166 4,745 3,421 Net income attributable to Steven Madden, Ltd. $ 20,158 $ 28,964 $ 44,229 $ 24,597 Net income per share: Basic $ 0.36 $ 0.53 $ 0.81 $ 0.45 Diluted $ 0.35 $ 0.50 $ 0.77 $ 0.43 2016: Net sales $ 329,357 $ 325,402 $ 408,384 $ 336,408 Cost of sales 213,155 204,357 253,876 206,180 Gross profit 116,202 121,045 154,508 130,228 Commissions, royalty and licensing fee income - net 2,171 2,826 5,358 1,529 Net income attributable to Steven Madden, Ltd. $ 23,659 $ 24,737 $ 43,767 $ 28,748 Net income per share: Basic $ 0.41 $ 0.43 $ 0.77 $ 0.51 Diluted $ 0.39 $ 0.41 $ 0.74 $ 0.49 |
Recent Accounting Pronouncement
Recent Accounting Pronouncements (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | Note Q - 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 with early adoption permitted. 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 of deferred taxes from current to non-current on our balance sheet as of December 31, 2016. Note Q - Recent Accounting Pronouncements (continued) Not Yet Adopted In February 2018, the FASB issued Accounting Standards Update No. 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income (“ASU 2018-02”), which allows for stranded tax effects in accumulated other comprehensive income resulting from the U.S. Tax Cuts and Jobs Act to be reclassified to retained earnings. ASU 2018-02 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018. Early adoption is permitted. The Company is currently evaluating the impact of adopting the new standard and does not expect the new standard to have a material impact on the Company’s financial position or results of operations. 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 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 twelve 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, although the analysis is not complete, it is expected to have a material impact on the consolidated 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 Note Q - Recent Accounting Pronouncements (continued) 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 using the cumulative effect adjustment approach. 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 believe the adoption to have a material impact on its consolidated financial statements as the Company’s current revenue recognition policies are in-line with the principles of the new guidance. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Basis of Reporting [Abstract] | |
Derivatives, Reporting of Derivative Activity [Policy Text Block] | [18] Derivative Instruments: The Company uses derivative instruments to manage its exposure to cash-flow variability from foreign currency risk. Derivatives are carried on the balance sheet at fair value and included in prepaid expenses and other current assets or accrued expenses. The Company applies cash flow hedge accounting for its derivative instruments. Net derivative gains and losses attributable to derivatives subject to cash flow hedge accounting reside in accumulated other comprehensive income (loss) and will be reclassified to earnings in future periods as the economic transactions to which the derivatives relate affect earnings. See Note K - Derivative Instruments. |
Nature of Operations [Text Block] | Organization: Steven Madden, Ltd. a Delaware corporation, and its subsidiaries, design, source, market and sell name brand and private label women's, men's and children's shoes, worldwide through its wholesale and retail channels under the Steve Madden Women's, Steve Madden Men's, Madden, Madden Girl, Steven, FREEBIRD by Steven, Superga (under license), Dolce Vita and Betsey Johnson brand names and through its wholesale channels under the Stevies, Report, B Brian Atwood, Mad Love and Blondo brand names and, under license, the Kate Spade and Avec Les Filles brand names. The Company had a design and production agreement with Rebecca Minkoff and a joint venture with Alice & Olivia, both of which were terminated as of December 31, 2017. In addition, the Company designs, sources, markets and sells name brand and private label handbags and accessories to customers worldwide through its Wholesale Accessories segment, including the Big Buddha, Betsey Johnson, Madden Girl, Betseyville, Cejon, Steve Madden, Steven by Steve Madden, Luv Betsey, B Brian Atwood, DKNY (under license) and Donna Karan (under license) accessories brands. Revenue is generated predominantly through the sale of the Company's brand name and private label merchandise and certain licensed products. At December 31, 2017 and 2016 , the Company operated 206 (including four e-commerce websites) and 189 (including four e-commerce websites) retail stores, respectively. Revenue is subject to seasonal fluctuations. See Note O for operating segment information. |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of consolidation: The consolidated financial statements include the accounts of Steven Madden, Ltd. and its wholly-owned subsidiaries Steven Madden Retail, Inc., Diva Acquisition Corp., Diva International, Inc., Madden Direct, Inc., Adesso Madden, Inc., Stevies, Inc., Daniel M. Friedman and Associates, Inc., Big Buddha, Inc., the Topline Corporation, Cejon, Inc., SML Holdings S.a.r.l., SML Canada Acquisition Corp., Madden International Ltd., DMF International Ltd., Asean Corporation Ltd., Dolce Vita Holdings, Inc., Trendy Imports S.A de C.V., Comercial Diecesiette S.A. de C.V., Maximus Designer Shoes S.A. de C.V., BA Brand Holdings LLC, BAI Holding, LLC, Mad Love LLC (formerly a joint venture in which the Company acquired the remaining minority interest in 2016) and Schwartz & Benjamin, Inc. (collectively the "Company"). The accounts of (i) Dexascope Proprietary Ltd., a joint venture in South Africa in which the Company is the majority owner, (ii) BA Brand Holdings LLC, a joint venture in which the Company is the majority owner, (iii) SPM Shoetrade Holding B.V., a joint venture in certain regions of Europe in which the Company is the majority owner, (iv) SM (Jiangsu) Co., Ltd., a joint venture in which the Company controls all of the significant participating rights and (v) SM Dolce Limited, a joint venture in which the Company is the majority interest holder, are included in the consolidated financial statements with the other members' interests reflected in “Net (income) loss attributable to non-controlling interests” in the Consolidated Statements of Income and “Non-controlling interests” in the Consolidated Balance Sheets. All significant intercompany balances and transactions have been eliminated. Certain reclassifications were made to prior years' amounts to conform to the 2017 presentation. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates: The preparation of financial statements in conformity with U.S. Generally Accepted Accounting Principles ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Significant areas involving management estimates include allowances for bad debts, returns and customer chargebacks, inventory valuation, valuation of intangible assets, litigation reserves and contingent payment liabilities. The Company provides reserves on trade accounts receivables and factor receivables for future customer chargebacks and markdown allowances, discounts, returns and other miscellaneous compliance-related deductions that relate to the current period sales. The Company evaluates anticipated chargebacks by reviewing several performance indicators of its major customers. Note A – Summary of Significant Accounting Policies (continued) These performance indicators, which include retailers’ inventory levels, sell-through rates and gross margin levels, are analyzed by management to estimate the amount of the anticipated customer allowance. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash equivalents: Cash equivalents at December 31, 2017 and 2016 amounted to approximately $58,436 and $3,309 , respectively, and consisted of money market accounts. The Company considers all highly liquid instruments with an original maturity of three months or less when purchased to be cash equivalents. |
Marketable Securities, Policy [Policy Text Block] | Marketable securities: Marketable securities consist primarily of certificates of deposit and corporate bonds with maturities greater than three months and up to 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 years ended December 31, 2017 and 2016 , the amortization of bond premiums totaled $983 and $1,234 , respectively. The values of these securities may fluctuate as a result of changes in market interest rates and credit risk. The schedule of maturities at December 31, 2017 and 2016 are as follows: Maturities as of Maturities as of 1 Year or Less 1 to 4 Years 1 Year or Less 1 to 4 Years Corporate bonds $ 11,979 $ 29,523 $ 11,527 $ 70,559 Certificates of deposit 52,048 — 27,968 — Total $ 64,027 $ 29,523 $ 39,495 $ 70,559 For the year ended December 31, 2017 , gains of $5 were reclassified from Accumulated Other Comprehensive Income and recognized in the Consolidated Statements of Income in Other Income as compared to losses of $661 for the year ended December 31, 2016 . At December 31, 2017 , current marketable securities included unrealized losses of $106 and unrealized gains of $1 while long-term marketable securities included unrealized gains of $3 and unrealized losses of $90 . At December 31, 2016 , current marketable securities included unrealized losses of $279 and long-term marketable securities included unrealized gains of $89 and unrealized losses of $118 . |
Inventory, Policy [Policy Text Block] | Inventories: Inventories, which consist of finished goods on hand and in transit, are stated at the lower of cost (first-in, first-out method) or market. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and equipment: Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is computed utilizing the straight-line method based on estimated useful lives ranging from three to ten years. Leasehold improvements are amortized utilizing the straight-line method over the shorter of their estimated useful lives or the remaining lease term. Impairment losses are recognized for long-lived assets, including definite-lived intangibles, used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are not sufficient to recover the assets' carrying amount. Impairment losses are measured by comparing the fair value of the assets to their carrying amount. |
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] | Goodwill and intangible assets: The Company's goodwill and indefinite lived intangible assets are not amortized, rather they are tested for impairment on an annual basis, or more often if events or circumstances change that could cause these assets to become impaired. In January 2017, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") No. 2017-04, “Intangibles - Goodwill and Other” (Topic 350) “Simplifying the Test for Goodwill Impairment”. Under the amendments in this update, indefinite-lived intangible assets and goodwill are assessed for impairment by performing a qualitative assessment which evaluates relevant events or circumstances in order to determine whether it is more likely than not that the fair value of an intangible asset or reporting unit is less than its carrying amount. The factors that are considered include historical financial performance, macroeconomic and industry conditions and legal and regulatory environment. If it is more likely than not that the fair value of the intangible asset or reporting unit is less than its carrying amount, the fair value of the intangible asset or reporting unit is compared with its carrying amount and, if the fair value of the intangible asset or reporting unit is less than its carrying amount, an impairment is recognized equal to the amount by which the carrying value of the intangible asset or reporting unit exceeds its fair value, not to exceed the carrying amount. The guidance is effective in fiscal years beginning after December 15, 2020. The Company adopted the new guidance in the second quarter of 2017. During the fourth quarter of 2017, the Company recognized an impairment charge of $1,000 related to the Wild Pair trademark. The impairment was triggered by a loss of future anticipated cash flows. The Company completed its annual impairment tests on goodwill and its remaining indefinite-lived intangible assets during the third quarter of 2017 , and no other impairments were recognized. The Company amortizes its intangible assets with definite useful lives over their estimated useful lives and reviews these assets for impairment when there is a triggering event. The Company is currently amortizing its acquired intangible assets with definite useful lives over periods typically from two to ten years using the straight-line method. |
Earnings Per Share, Policy [Policy Text Block] | Net Income Per Share of Common Stock: Basic net income per share is based on the weighted average number of shares of common stock outstanding during the period, which does not include unvested restricted common stock subject to forfeiture. Diluted net income per share reflects: a) the potential dilution assuming shares of common stock were issued upon the exercise of outstanding in-the-money options and the proceeds thereof were used to purchase shares of the Company’s common stock at the average market price during the period, and b) the vesting of granted nonvested restricted stock awards for which the assumed proceeds upon vesting are deemed to be the amount of compensation cost not yet recognized attributable to future services using the treasury stock method, to the extent dilutive. For the years ended December 31, 2017 , 2016 and 2015 , options to purchase approximately 9,000 , 374,000 and 26,000 shares of common stock, respectively, have been excluded in the calculation of diluted income per share as the result would have been anti-dilutive. For the years ended December 31, 2017 , 2016 and 2015 , all unvested restricted stock awards were dilutive. |
Comprehensive Income Loss Policy | Comprehensive Income: Comprehensive income is the total of net earnings and all other non-owner changes in equity. Comprehensive income for the Company includes net income, foreign currency translation adjustments, cash flow hedging and unrealized gains and losses on marketable securities. The accumulated balances for each component of other comprehensive loss attributable to the Company are as follows: Note A – Summary of Significant Accounting Policies (continued) 2017 2016 Currency translation adjustment $ (24,798 ) $ (31,634 ) Cash flow hedges, net of tax (623 ) 191 Unrealized loss on securities, net of tax (192 ) (308 ) Accumulated other comprehensive loss $ (25,613 ) $ (31,751 ) |
Advertising Costs, Policy [Policy Text Block] | Advertising costs: The Company expenses costs of print, radio and billboard advertisements as incurred. Advertising expenses included in operating expenses amounted to approximately $19,629 in 2017 , $16,024 in 2016 and $14,892 in 2015 . |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition: The Company recognizes revenue on wholesale sales when (i) products are shipped pursuant to its standard terms, which are freight on board (“FOB”) Company warehouse, or when products are delivered to the consolidators, or any other destination, as per the terms of the customers’ purchase order, (ii) persuasive evidence of an arrangement exists, (iii) the price is fixed and determinable and (iv) collection is reasonably assured. Sales reductions on wholesale sales for anticipated discounts, allowances and other deductions are recognized during the period when sales are recorded. With the exception of our cold weather accessories and Blondo businesses, normally we do not accept returns from our wholesale customers unless there are product quality issues, which we charge back to the vendors at cost. Sales of cold weather accessories and Blondo products to wholesale customers are recorded net of returns, which are estimated based on historical experience. Such amounts have historically not been material. Retail sales are recognized when the payment is received from customers and are recorded net of estimated returns. The Company generates commission income acting as a buying agent by arranging to manufacture private label shoes to the specifications of its customers. The Company’s commission revenue also includes fees charged for its design, product and development services provided to certain suppliers in connection with the Company’s private label business. Commission revenue and product and development fees are recognized as earned when title to the product transfers from the manufacturer to the customer and collections are reasonably assured and are reported on a net basis after deducting related operating expenses. The Company licenses its Steve Madden®, Steven by Steve Madden® and Madden Girl® trademarks for use in connection with the manufacture, marketing and sale of outerwear, hosiery, jewelry, watches, sunglasses, hair accessories, umbrellas, bedding, luggage, and men’s leather accessories. We license the Stevies® trademark for use in connection with the manufacture, marketing and sale of outerwear exclusively to Target. In addition, the Company licenses the Betsey Johnson® trademark for use in connection with the manufacture, marketing and sale of women's and children’s apparel, hosiery, swimwear, fragrance and beauty, sleepwear, activewear, jewelry, watches, bedding, luggage, stationary, umbrellas and household goods. The Company also licenses the Dolce Vita® trademark for use in connection with the manufacture, marketing and sale of women's and children's apparel. The license agreements require the licensee to pay the Company a royalty and, in substantially all of the agreements, an advertising fee based on the higher of a minimum or a net sales percentage as defined in the various agreements. In addition, under the terms of retail selling agreements, most of the Company’s international distributors are required to pay the Company a royalty based on a percentage of net sales, in addition to a commission and a design fee on the purchases of the Company’s products. In substantially all of the Company’s license agreements, the minimum guaranteed royalty is earned and receivable on a quarterly basis. Licensing revenue is recognized on the basis of net sales reported by the licensees, or the minimum guaranteed royalties, if higher. |
Revenue Recognition, Excise and Sales Taxes [Policy Text Block] | Taxes Collected From Customers: The Company accounts for certain taxes collected from its customers in accordance with the accounting guidance which permits companies to adopt a policy of presenting taxes in the income statement on either a gross basis (included in revenues and costs) or a net basis (excluded from revenues). Taxes within the scope of this accounting guidance would include taxes that are imposed on a revenue transaction between a seller and a customer, for example, sales taxes, use taxes, value-added taxes and some types of excise taxes. The Company records all taxes on a net basis. |
Revenue Recognition, Allowances [Policy Text Block] | Sales Deductions: The Company supports retailers’ initiatives to maximize sales of the Company’s products on the retail floor by subsidizing the co-op advertising programs of such retailers, providing them with inventory markdown allowances and participating in various other marketing initiatives of its major customers. In addition, the Company accepts returns for damaged products for which the Company’s costs are normally charged back to the responsible third-party factory. Such expenses are reflected in the consolidated financial statements as deductions to arrive at net sales. |
Cost of Sales, Policy [Policy Text Block] | Cost of Sales: All costs incurred to bring finished products to the Company’s distribution center or to the customers’ freight forwarder and, in the Retail segment, the costs to bring products to the Company’s stores, are included in the cost of sales line on the Consolidated Statements of Income. These include the cost of finished products, purchase commissions, letter of credit fees, brokerage fees, sample expenses, custom duty, inbound freight, royalty payments on licensed products, labels and product packaging. All warehouse and distribution costs related to the Wholesale segments and freight to customers, if any, are included in the operating expenses line item of the Company’s Consolidated Statements of Income. The Company’s gross margins may not be comparable to those of other companies in the industry because some companies may include warehouse and distribution costs, as well as other costs excluded from cost of sales by the Company, as a component of cost of sales, while other companies report on the same basis as the Company and include them in operating expenses. |
Shipping and Handling Cost, Policy [Policy Text Block] | Warehouse and shipping costs: The Company includes all warehouse and shipping costs for the Wholesale segment in the Operating Expenses line on the Consolidated Statements of Income. For the years ended December 31, 2017 , 2016 and 2015 , the total warehouse and distribution costs included in Operating Expenses were $32,395 , $27,079 and $24,176 respectively. Since the Company's standard terms of sales are “FOB Steve Madden warehouse,” the Company's wholesale customers absorb most shipping costs. Shipping costs to wholesale customers incurred by the Company are not considered significant and are included in the Operating Expense line in the Consolidated Statements of Income. |
Postemployment Benefit Plans, Policy [Policy Text Block] | Employee benefit plan: The Company maintains a tax-qualified 401(k) plan which is available to each of the Company's eligible employees who elect to participate after meeting certain length-of-service requirements. The Company made discretionary matching contributions of 50% of employees' contributions up to a maximum of 6% of employees' compensation which vest to the employees over a period of time. Total matching contributions to the plan for 2017 , 2016 and 2015 were approximately $1,819 , $1,633 and $1,602 , respectively. |
Income Tax, Policy [Policy Text Block] | [19] Income Taxes: The provision for income taxes is computed using the asset and liability method, under which deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities, and for operating losses and tax credit carryforwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates that apply to taxable income in effect for the years in which those tax assets are expected to be realized or settled. The Company records a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such positions are then measured based on the largest benefit that has a greater than 50% likelihood of being realized upon settlement. See Note M - Income Taxes. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | [20] Share-based Compensation: The Company recognizes expense related to share-based payment transactions in which it receives employee services in exchange for equity instruments of the Company. Share-based compensation cost for restricted stock units (“RSUs”) is measured based on the closing fair market value of the Company’s common stock on the date of grant. Share-based compensation cost for stock options is measured at the grant date, based on the fair-value as calculated by the Black-Scholes-Merton (“BSM”) option-pricing model. The BSM option-pricing model incorporates various assumptions including expected volatility, estimated expected life and interest rates. The Company recognizes share-based compensation cost over the award’s requisite service period. The Company recognizes a benefit from share-based compensation in the Consolidated Statements of Income if an incremental tax benefit is realized. See Note H - Stock- Based Compensation. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Summary of Significant Accounting Policies [Abstract] | |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income: Comprehensive income is the total of net earnings and all other non-owner changes in equity. Comprehensive income for the Company includes net income, foreign currency translation adjustments, cash flow hedging and unrealized gains and losses on marketable securities. The accumulated balances for each component of other comprehensive loss attributable to the Company are as follows: Note A – Summary of Significant Accounting Policies (continued) 2017 2016 Currency translation adjustment $ (24,798 ) $ (31,634 ) Cash flow hedges, net of tax (623 ) 191 Unrealized loss on securities, net of tax (192 ) (308 ) Accumulated other comprehensive loss $ (25,613 ) $ (31,751 ) |
Investments Classified by Contractual Maturity Date [Table Text Block] | The schedule of maturities at December 31, 2017 and 2016 are as follows: Maturities as of Maturities as of 1 Year or Less 1 to 4 Years 1 Year or Less 1 to 4 Years Corporate bonds $ 11,979 $ 29,523 $ 11,527 $ 70,559 Certificates of deposit 52,048 — 27,968 — Total $ 64,027 $ 29,523 $ 39,495 $ 70,559 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2017 and 2016 are as follows: December 31, 2017 Fair Value Measurements Using Fair Value Hierarchy Fair value Level 1 Level 2 Level 3 Assets: Cash equivalents $ 58,436 $ 58,436 $ — $ — Current marketable securities – available for sale 64,027 64,027 — — Long-term marketable securities – available for sale 29,523 29,523 — — Total assets $ 151,986 $ 151,986 $ — $ — Liabilities: Contingent consideration $ 10,000 $ — $ — $ 10,000 Forward contracts 783 — 783 — Total liabilities $ 10,783 $ — $ 783 $ 10,000 December 31, 2016 Fair Value Measurements Using Fair Value Hierarchy Fair value Level 1 Level 2 Level 3 Assets: Cash equivalents $ 3,309 $ 3,309 $ — $ — Current marketable securities – available for sale 39,495 39,495 — — Long-term marketable securities – available for sale 70,559 70,559 — — Forward contracts 191 — 191 — Total assets $ 113,554 $ 113,363 $ 191 $ — Liabilities: Contingent consideration $ 7,948 $ — $ — $ 7,948 Total liabilities $ 7,948 $ — $ — $ 7,948 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | The major classes of assets and total accumulated depreciation and amortization are as follows: December 31, Average Useful Life 2017 2016 Land and building $ 767 $ 767 Leasehold improvements 81,554 79,165 Machinery and equipment 10 years 7,132 11,112 Furniture and fixtures 5 years 8,629 8,881 Computer equipment and software 3 to 5 years 58,448 57,855 156,530 157,780 Less accumulated depreciation and amortization (85,032 ) (85,399 ) Property and equipment - net $ 71,498 $ 72,381 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Finite-Lived Intangible Assets [Line Items] | ||
Schedule of Goodwill | The following is a summary of the carrying amount of goodwill by segment as of December 31, 2017 and 2016 : Wholesale Net Carrying Footwear Accessories Retail Amount Balance at January 1, 2016 $ 73,018 $ 49,324 $ 14,755 $ 137,097 Translation and other (757 ) — (629 ) (1,386 ) Balance at December 31, 2016 72,261 49,324 14,126 135,711 Acquisition of Schwartz & Benjamin 11,882 — — 11,882 Translation and other 719 — 226 945 Balance at December 31, 2017 $ 84,862 $ 49,324 $ 14,352 $ 148,538 | |
Schedule of Indentifiable Intangible Assets | 2017 Estimated Lives Cost Basis Accumulated Amortization (1) Impairment (2) Net Carrying Amount Trade names 6–10 years $ 9,220 $ 4,760 $ — $ 4,460 Customer relationships 10 years 47,019 24,127 — 22,892 License agreements 3–6 years 5,600 5,600 — — Non-compete agreement 5 years 2,440 2,375 — 65 Re-acquired right 2 years 4,200 4,200 — — Other 3 years 14 14 — — 68,493 41,076 — 27,417 Re-acquired right indefinite 35,200 7,601 — 27,599 Trade names indefinite 100,333 — 4,045 96,288 $ 204,026 $ 48,677 $ 4,045 $ 151,304 (1) Includes the effect of foreign currency translation related primarily to the changes in the Canadian dollar and Mexican peso in relation to the U.S. dollar. (2) An initial impairment charge of $3,045 was recorded in the first quarter of 2015, and a final impairment charge of $1,000 was recorded in the fourth quarter of 2017 related to the Company's Wild Pair trademark. The impairment was triggered by a loss of future anticipated cash flows from a significant customer . | 2016 Estimated Lives Cost Basis Accumulated Amortization (1) Impairment (2) Net Carrying Amount Trade names 6–10 years $ 4,590 $ 3,335 $ — $ 1,255 Customer relationships 10 years 41,509 21,341 — 20,168 License agreements 3–6 years 5,600 5,600 — — Non-compete agreement 5 years 2,440 2,426 — 14 Re-acquired right 2 years 4,200 4,200 — — Other 3 years 14 14 — — 58,353 36,916 — 21,437 Re-acquired right indefinite 35,200 9,539 — 25,661 Trade names indefinite 100,333 — 3,045 97,288 $ 193,886 $ 46,455 $ 3,045 $ 144,386 (1) Includes the effect of foreign currency translation related primarily to the changes in the Canadian dollar and Mexican peso in relation to the U.S. dollar. (2) An impairment charge of $3,045 was recorded in the first quarter of 2015 related to the Company's Wild Pair trademark. The impairment was triggered by a loss of future anticipated cash flows from a significant customer. |
Schedule of Intangible Assets, Future Amortization Expense | The estimated future amortization expense for intangibles is as follows: 2018 $ 4,621 2019 4,547 2020 3,721 2021 2,095 2022 1,563 Thereafter 10,870 Total $ 27,417 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2017 2016 2015 Volatility 23% to 26% 22% to 26% 22% to 28% Risk-free interest rate 1.48% to 1.99% 0.86% to 1.90% 0.99% to 1.60% Expected life in years 3 to 5 3 to 5 3 to 5 Dividend yield 0.00% 0.00% 0.00% Weighted average fair value $8.91 $7.11 $8.81 |
Schedule Of Share Based Compensation Shares Authorized Under Stock Plans Issued And Avaliability | The following table summarizes the number of shares of common stock authorized for use under the Plan, the number of stock-based awards granted (net of expired or cancelled awards) under the Plan and the number of shares of common stock available for the grant of stock-based awards under the Plan: Common stock authorized 23,466,000 Stock-based awards, including restricted stock and stock options granted, net of expired or cancelled (21,818,000 ) Common stock available for grant of stock-based awards as of December 31, 2017 1,648,000 |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | Years Ended December 31, 2017 2016 2015 Restricted stock $ 16,616 $ 16,494 $ 15,543 Stock options 4,231 3,015 3,155 Total $ 20,847 $ 19,509 $ 18,698 |
Schedule of Share-based Compensation, Stock Options, Activity | Activity relating to stock options granted under the Company’s plans and outside the plans during the three years ended December 31, 2017 is as follows: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at January 1, 2015 3,428,000 $ 19.48 Granted 69,000 36.59 Exercised (1,460,000 ) 14.59 Expired/Forfeited (21,000 ) 28.49 Outstanding at December 31, 2015 2,016,000 23.51 Granted 262,000 33.86 Exercised (746,000 ) 14.36 Expired/Forfeited (33,000 ) 30.59 Outstanding at December 31, 2016 1,499,000 29.72 Granted 1,062,000 37.55 Exercised (655,000 ) 24.73 Expired/Forfeited (9,000 ) 35.23 Outstanding at December 31, 2017 1,897,000 $ 35.80 4.9 years $ 20,680 Exercisable at December 31, 2017 656,000 $ 33.67 3.1 years $ 8,540 |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | The following table summarizes information about stock options at December 31, 2017 : Options Outstanding Options Exercisable Range of Exercise Price Number Outstanding Weighted Average Remaining Contractual Life (in Years) Weighted Average Exercise Price Number Exercisable Weighted Average Exercise Price $19.70 to $26.95 9,051 1.2 $22.71 9,056 $22.71 $27.03 to $29.45 80,309 1.8 28.64 80,352 28.64 $30.19 to $33.99 263,045 3.1 31.60 181,717 31.66 $34.06 to $38.05 1,359,071 5.3 36.53 328,974 35.25 $38.96 to $43.30 185,524 6.0 40.11 55,901 39.96 1,897,000 4.9 $35.80 656,000 $33.67 |
Schedule of Nonvested Share Activity | The following table summarizes restricted stock activity during the three years ended December 31, 2017 : Number of Shares Weighted Average Fair Value at Grant Date Outstanding at January 1, 2015 4,067,000 $ 24.69 Granted 361,000 35.71 Vested (304,000 ) 23.24 Forfeited (69,000 ) 34.23 Outstanding at December 31, 2015 4,055,000 25.32 Granted 434,000 34.30 Vested (276,000 ) 30.28 Forfeited (22,000 ) 33.45 Outstanding at December 31, 2016 4,191,000 25.93 Granted 275,000 37.67 Vested (508,000 ) 30.58 Forfeited (42,000 ) 35.47 Outstanding at December 31, 2017 3,916,000 $ 26.05 |
Operating Leases (Tables)
Operating Leases (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Operating Leases [Abstract] | |
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | Future minimum annual lease payments under noncancelable operating leases consist of the following at December 31: 2018 $ 44,629 2019 40,510 2020 38,005 2021 32,440 2022 26,720 Thereafter 66,972 Total $ 249,276 |
Income Taxes Income Taxes (Tabl
Income Taxes Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Taxes [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | The components of income before income taxes are as follows: 2017 2016 2015 Domestic $ 124,472 $ 110,526 $ 81,785 Foreign 47,855 60,474 90,681 $ 172,327 $ 171,000 $ 172,466 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2017 2016 2015 Current: Federal $ 56,836 $ 47,655 $ 24,838 State and local 5,746 6,063 4,136 Foreign 10,773 3,270 13,960 73,355 56,988 42,934 Deferred: Federal (22,061 ) (7,050 ) 16,976 State and local 800 153 1,961 Foreign 1,095 (365 ) (3,060 ) (20,166 ) (7,262 ) 15,877 $ 53,189 $ 49,726 $ 58,811 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | December 31, 2017 2016 2015 Income taxes at federal statutory rate 35.0 % 35.0 % 35.0 % Effects of foreign operations (4.5 ) (5.3 ) (3.6 ) Stock-based compensation (2.2 ) (3.0 ) — State and local income taxes - net of federal income tax benefit 2.0 2.0 1.7 Nondeductible items 0.5 0.2 0.1 Impact of tax reform (4.4 ) — — Receivable Adjustment 2.7 — — Other 1.8 0.2 0.9 Effective rate 30.9 % 29.1 % 34.1 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The components of deferred tax assets and liabilities are as follows: December 31, 2017 2016 Deferred taxes assets Receivable allowances 7,315 8,800 Inventory 901 2,202 Unrealized loss 321 177 Accrued expenses 1,796 751 Deferred compensation 11,071 17,569 Deferred rent 3,737 5,327 Net carryforwards 300 1,172 Other 3,842 3,515 Gross deferred tax assets 29,283 39,513 Deferred tax liabilities Depreciation and amortization (16,210 ) (19,264 ) Unremitted earnings of foreign subsidiaries (2,422 ) (31,262 ) Amortization of goodwill (7,883 ) (6,640 ) Gross deferred tax liabilities (26,515 ) (57,166 ) Net deferred tax assets (liabilities) $ 2,768 $ (17,653 ) |
Commitments, Contingencies an_2
Commitments, Contingencies and Other Commitments, Contingencies and Other (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Commitments Contingencies and Other [Abstract] | |
Schedule of Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits by Title of Individual and Type of Deferred Compensation [Table Text Block] | [2] Employment agreements: Edward R. Rosenfeld. On December 31, 2015, the Company entered into a new employment agreement with Edward R. Rosenfeld, the Company's Chief Executive Officer and the Chairman of the Board of Directors, to replace an existing employment agreement that expired on December 31, 2015. The agreement, which expires on December 31, 2018, provides for an annual salary of $ 900 in 2018. In addition, pursuant to his new employment agreement, on December 31, 2015, Mr. Rosenfeld received a grant of 75,000 shares of the Company's common stock subject to certain restrictions and, on February 5, 2016, a further grant of 75,000 shares of the Company's common stock subject to certain restrictions. The restricted shares received by Mr. Rosenfeld on December 31, 2015 and February 5, 2016 were issued under the Company's 2006 Stock Incentive Plan, as amended, and vest in equal annual installments over a five -year period commencing on December 1, 2016 and March 5, 2017, respectively. Additional compensation and bonuses, if any, are at the sole discretion of the Board of Directors. Steven Madden. On January 3, 2012, the Company and its Creative and Design Chief, Steven Madden, entered into an amendment, dated as of December 31, 2011, to Mr. Madden’s then existing employment agreement with the Company. The amended agreement, which extends the term of Mr. Madden's employment through December 31, 2023, provides, among other things, for a base salary of approximately $7,026 per annum for the period between January 1, 2016 through the expiration of the term of employment. Also under the amended agreement, Mr. Madden received the right, exercisable on certain specified dates in fiscal year 2012 only, to elect to receive a grant of restricted stock for a number of shares of the Company’s common stock valued at $40,000 in consideration for certain specified reductions in his annual base salary Note N – Commitments, Contingencies and Other (continued) in years subsequent to 2012. Mr. Madden exercised this right 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 shares vest in the same manner as the February 8, 2012 restricted stock grant received by Mr. Madden pursuant to the amended agreement. (See Note N to the Consolidated Financial Statements.) Further, in addition to the opportunity for cash bonuses at the sole discretion of the Board of Directors, Mr. Madden’s amended agreement entitles him to an annual life insurance premium payment as well as an annual stock option grant. The amended agreement also provides Mr. Madden the potential for an additional one-time stock option award for 750,000 shares of the Company’s common stock (the “EPS Option”) in the event that the Company achieves earnings per share on a fully-diluted basis equal to $2.00 as to any fiscal year ending December 31, 2015 or thereafter, which performance criteria was achieved for the fiscal year ended December 31, 2016 and, as such. on March 1, 2017, Mr. Madden was granted the EPS Option at an exercise price of $37.35 per share. The EPS Option vests in equal annual installments over a five -year period commencing on the first anniversary of the grant date. Arvind Dharia. On February 2, 2015, the Company and its Chief Financial Officer, Arvind Dharia, entered into an amendment of Mr. Dharia's existing employment agreement. The amendment, among other things, increased his annual base salary to $ 582 effective January 1, 2015 through the remainder of the term of the employment agreement, which ends on December 31, 2018. Pursuant to the amendment, on February 2, 2015, Mr. Dharia received a restricted stock award of 15,000 restricted shares of the Company's common stock, which vests in substantially equal annual installments over a five -year period commencing on February 2, 2016 through February 2, 2020. The agreement, as amended, provides for an annual bonus to Mr. Dharia at the discretion of the Board of Directors. Amelia Newton Varela. On December 30, 2016, the Company entered into a new employment agreement with Amelia Newton Varela, the Company’s President and a member of the Board of Directors of the Company, to replace an existing employment agreement that expired on December 31, 2016. The agreement, which remains in effect through December 31, 2019, provides for an annual salary of $650 in 2018 and $670 in 2019. In addition, pursuant to her new employment agreement, on January 3, 2017, Ms. Varela was granted an option to purchase 100,000 shares of the Company's common stock at an exercise price of $35.75 . The option, which was granted under the Company’s 2006 Stock Incentive Plan, as amended, vests in four equal annual installments on each anniversary of the date of grant, commencing on January 3, 2018. The agreement provides to Ms. Varela the opportunity for an annual performance-based bonus for the fiscal years ended December 31, 2017, 2018 and 2019. Awadhesh Sinha. On December 30, 2016, the Company entered into a new employment agreement with Awadhesh Sinha, the Company's Chief Operating Officer, to replace an existing employment agreement that expired at the end of 2016. The new agreement, which remains in effect through December 31, 2019, provides for an annual salary of $ 702 , and $ 723 for the years ended December 31, 2018, and 2019, respectively, and provides to Mr. Sinha the opportunity for annual cash and share based incentive bonuses. In addition, pursuant to his new employment agreement, on January 3, 2017, Mr. Sinha received a grant of 28,169 shares of the Company's common stock subject to certain restrictions. The restricted shares received by Mr. Sinha were issued under the Company's 2006 Stock Incentive Plan, as amended, and vest in equal annual installments over a three -year period on each of December 15, 2017, December 15, 2018, and December 15, 2019. Karla Frieders. On April 11, 2017, the Company entered into a new employment agreement with Karla Frieders, the Company’s Chief Merchandising Officer, to replace an existing employment agreement which expired on February 28, 2017. The agreement, which remains in effect through April 30, 2020, provides to Ms. Frieders an annual salary of $550 for the period commencing on April 11, 2017 and ending on April 30, 2018; $570 for the period commencing on May 1, 2018 and ending on April 30, 2019; and $590 for the period commencing on May 1, 2019 and ending on April 30, 2020; and an annual performance-based bonus for the fiscal years ending December 31, 2017, 2018 and 2019 in an amount to be determined at the discretion of the Company. In addition, pursuant to her new employment agreement, on April 11, 2017, Ms. Frieders received a grant of 20,000 shares of the Company's common stock subject to certain restrictions. The restricted shares received by Ms. Frieders were issued under the Company's 2006 Stock Incentive Plan, as amended, and vest in equal annual installments over a five-year period commencing on April 1, 2018 and ending on April 1, 2022. Note N – Commitments, Contingencies and Other (continued) Michael Paradise. On April 5, 2016, the Company entered into a new employment agreement with Michael Paradise, the Company's Executive Vice President - Legal Counsel. The agreement, which remains in effect through December 31, 2018, provides to Mr. Paradise an annual salary of $400 subject to periodic increases as determined by the Board of Directors, and an annual performance-based bonus for the fiscal years ending December 31, 2016, December 31, 2017 and December 31, 2018 in an amount to be determined at the discretion of the Company. The agreement also provides Mr. Paradise with a signing bonus in the amount of $250 . In addition, pursuant to his employment agreement, on June 1, 2016, Mr. Paradise received a grant of 7,217 shares of the Company's common stock subject to certain restrictions. The restricted shares received by Mr. Paradise were issued under the Company's 2006 Stock Incentive Plan, as amended, and vest in equal annual installments over a four -year period commencing on June 1, 2017 |
RoyaltyGuaranteesCommitmentsTableTaxBlock | License agreements: On January 30, 2017, the Company acquired all of the outstanding capital stock of Schwartz & Benjamin, which holds licenses to manufacture, market and sell footwear with the Kate Spade® and Avec Les Filles® trademarks. The license agreements require Schwartz & Benjamin to pay the licensor a royalty equal to a percentage of net sales and a minimum royalty in the event that specified net sales targets are not achieved. The license agreements extend through December 31, 2020. In August 2017, the Company entered into a license agreement with Donna Karan Studio LLC for the right to manufacture, market and sell women's belts with the DKNY® and Donna Karan® brands. The agreement, unless extended, expires on December 31, 2020. The agreement requires that the Company pay the licensor a royalty equal to a percentage of net sales and a minimum royalty in the event that specified net sales targets are not achieved. On March 1, 2014, the Company entered into a license agreement with ABG Juicy Couture, LLC, under which the Company has the right to use the Juicy Couture® trademark in connection with the sale and marketing of women's footwear. The agreement requires the Company to pay the licensor a royalty equal to a percentage of net sales and a minimum royalty in the event that specified net sales targets are not achieved. The agreement terminated on December 31, 2017. On February 9, 2011, the Company entered into a license agreement with Basic Properties America Inc. and BasicNet S.p.A, under which the Company has the right to use the Superga® trademark in connection with the sale and marketing of women's footwear. The agreement requires the Company to pay the licensor a royalty equal to a percentage of net sales and a minimum royalty in the event that specified net sales targets are not achieved. The agreement was amended on April 11, 2013 to extend the term of the agreement through December 31, 2022. Future minimum royalty payments are $4,078 for 2018, $10,060 for 2019 through 2020 and $2,000 for 2021 through 2022. Royalty expenses are included in the “cost of goods sold” section of the Company's Consolidated Statements of Income. |
Schedule of Goodwill [Table Text Block] | The following is a summary of the carrying amount of goodwill by segment as of December 31, 2017 and 2016 : Wholesale Net Carrying Footwear Accessories Retail Amount Balance at January 1, 2016 $ 73,018 $ 49,324 $ 14,755 $ 137,097 Translation and other (757 ) — (629 ) (1,386 ) Balance at December 31, 2016 72,261 49,324 14,126 135,711 Acquisition of Schwartz & Benjamin 11,882 — — 11,882 Translation and other 719 — 226 945 Balance at December 31, 2017 $ 84,862 $ 49,324 $ 14,352 $ 148,538 |
Operating Segment Information (
Operating Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Year ended Wholesale Footwear Wholesale Accessories Total Wholesale Retail First Cost Licensing Consolidated December 31, 2017: Net sales $ 1,017,557 $ 256,295 $ 1,273,852 $ 272,246 $ — $ — $ 1,546,098 Gross profit 332,367 80,729 413,096 164,645 — — 577,741 Commissions and licensing fees – net — — — — 5,159 9,100 14,259 Income from operations 133,014 23,637 156,651 (1,126 ) 5,159 9,100 169,784 Depreciation and amortization 11,287 9,645 457 — 21,389 Segment assets $ 784,334 $ 138,720 923,054 122,111 11,996 — 1,057,161 Capital expenditures $ 5,590 $ 9,185 $ — $ — $ 14,775 December 31, 2016: Net sales $ 881,864 $ 254,931 $ 1,136,795 $ 262,756 $ — $ — $ 1,399,551 Gross profit 279,835 84,422 364,257 157,726 — — 521,983 Commissions and licensing fees – net — — — — 3,728 8,060 11,788 Income from operations 110,039 31,562 141,601 15,787 3,728 8,060 169,176 Depreciation and amortization 11,734 9,087 281 — 21,102 Segment assets $ 648,738 $ 186,075 834,813 118,168 7,894 — 960,875 Capital expenditures $ 5,990 $ 9,907 $ — $ — $ 15,897 December 31, 2015 Net sales $ 898,363 $ 266,564 $ 1,164,927 $ 240,312 $ — $ — $ 1,405,239 Gross profit 265,822 88,361 354,183 146,309 — — 500,492 Commissions and licensing fees – net — — — — 6,713 9,852 16,565 Income from operations 104,836 32,612 137,448 17,635 6,713 9,852 171,648 Depreciation and amortization 12,624 7,897 236 — 20,757 Segment assets $ 604,015 $ 187,895 791,910 106,823 15,652 — 914,385 Capital expenditures $ 7,237 $ 12,222 $ — $ — $ 19,459 |
Quarterly Results of Operatio_2
Quarterly Results of Operations (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Results of Operations (unaudited) [Abstract] | |
Quarterly Financial Information [Table Text Block] | The following is a summary of the quarterly results of operations for the years ended December 31, 2017 and 2016 : March 31, June 30, September 30, December 31, 2017: Net sales $ 366,387 $ 374,148 $ 441,193 $ 364,370 Cost of sales 233,669 234,751 275,303 224,634 Gross profit 132,718 139,397 165,890 139,736 Commissions, royalty and licensing fee income - net 3,927 2,166 4,745 3,421 Net income attributable to Steven Madden, Ltd. $ 20,158 $ 28,964 $ 44,229 $ 24,597 Net income per share: Basic $ 0.36 $ 0.53 $ 0.81 $ 0.45 Diluted $ 0.35 $ 0.50 $ 0.77 $ 0.43 2016: Net sales $ 329,357 $ 325,402 $ 408,384 $ 336,408 Cost of sales 213,155 204,357 253,876 206,180 Gross profit 116,202 121,045 154,508 130,228 Commissions, royalty and licensing fee income - net 2,171 2,826 5,358 1,529 Net income attributable to Steven Madden, Ltd. $ 23,659 $ 24,737 $ 43,767 $ 28,748 Net income per share: Basic $ 0.41 $ 0.43 $ 0.77 $ 0.51 Diluted $ 0.39 $ 0.41 $ 0.74 $ 0.49 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Table) (Details) | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2017USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Investment [Line Items] | |||||
Number of Stores | 206 | 206 | 189 | ||
Available-for-sale Securities, Gross Realized Gain (Loss) | $ 5,000 | $ (661,000) | $ 67,000 | ||
Translation Adjustment Functional to Reporting Currency, Net of Tax | $ (24,798,000) | (24,798,000) | (31,634,000) | ||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | (623,000) | 191,000 | |||
Unrealized Gain (Loss) on Investments | (192,000) | (308,000) | |||
Accumulated other comprehensive loss | (25,613,000) | (25,613,000) | (31,751,000) | $ (31,413,000) | $ (12,752,000) |
Available-for-sale Securities, Gross Unrealized Gain | 106,000 | ||||
Available-for-sale Securities, Gross Realized Gains | 3,000 | 1,000 | 279,000 | ||
Investment Maturity Date Range One Year Or Less [Member] | |||||
Investment [Line Items] | |||||
Financial Instruments, Owned, Corporate Debt, at Fair Value | 11,979,000 | 11,979,000 | 11,527,000 | ||
Certificates of Deposit, at Carrying Value | 52,048,000 | 52,048,000 | 27,968,000 | ||
Marketable Securities | 64,027,000 | 64,027,000 | 39,495,000 | ||
Investment Maturity Date Range One To Eight Years [Member] | |||||
Investment [Line Items] | |||||
Financial Instruments, Owned, Corporate Debt, at Fair Value | 29,523,000 | 29,523,000 | 70,559,000 | ||
Certificates of Deposit, at Carrying Value | 0 | 0 | 0 | ||
Marketable Securities | $ 29,523,000 | 29,523,000 | 70,559,000 | ||
Other Long-term Investments [Member] | |||||
Investment [Line Items] | |||||
Available-for-sale Securities, Gross Unrealized Gain | $ 90,000 | 118,000 | |||
Available-for-sale Securities, Gross Realized Gains | $ 89,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Summary of Significant Accounting Policies [Abstract] | |||
Goodwill, Impairment Loss | $ 1,000,000 | $ 0 | $ 3,045,000 |
Accretion (Amortization) of Discounts and Premiums, Investments | 983,000 | 1,234,000 | |
Cash Equivalents, at Carrying Value | $ 58,436,000 | $ 3,309,000 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 9,000 | 374,000 | 26,000 |
Advertising Expense | $ 19,629,000 | $ 16,024,000 | $ 14,892,000 |
Shipping, Handling and Transportation Costs | $ 32,395,000 | 27,079,000 | 24,176,000 |
Defined Benefit Plan Matching Contribution Percentage Of Employees Contributions | 50.00% | ||
Defined Benefit Plan Maximum Percentage To Be Matched Of Employees Compensation | 6.00% | ||
Pension Cost (Reversal of Cost) | $ 1,819 | $ 1,633,000 | $ 1,602,000 |
Acquisitions (Detail) - (Table)
Acquisitions (Detail) - (Table) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | |
Inventories | $ 110,324 | $ 119,824 | |
Business Combination, Acquired Receivable, Fair Value | 10,836 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 11,635 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets | 2,063 | ||
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 Liabilities, Accounts Payable | (7,756) | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 25,230 | ||
Goodwill – net | 148,538 | $ 135,711 | |
Payments to Acquire Businesses, Gross | $ 37,112 | 37,112 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (4,669) | ||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 11,882 | ||
Customer Relationships [Member] | |||
Finite-lived Intangible Assets Acquired | 5,210 | ||
Trademarks [Member] | |||
Finite-lived Intangible Assets Acquired | $ 4,630 |
Acquisitions (Detail)
Acquisitions (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2017 | Dec. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2016 | |
Other Payments to Acquire Businesses | $ 901,000 | |||
Payments to Acquire Businesses, Gross | 37,112,000 | $ 37,112,000 | ||
Business Acquisition, Contingent Consideration, at Fair Value | $ 20,617,000 | 20,617,000 | $ 10,000,000 | $ 0 |
Business Combination, Assets and Liabilities Arising from Contingencies, Amount Recognized, Net | $ 10,617,000 |
Due To and From Factor (Details
Due To and From Factor (Details) $ in Thousands | 3 Months Ended | 12 Months Ended |
Dec. 31, 2017USD ($) | Dec. 31, 2017USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Payments Related to Tax Withholding for Share-based Compensation | $ 14,629 | |
Line of Credit Facility, Collateral | .85 | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 30,000 | $ 30,000 |
Letters Of Credit SubLimit Capacity Amount | $ 15,000 | |
Factoring Fee | 0.20% | |
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |
Private Label [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Factoring Fee | 0.14% | |
London Interbank Offered Rate (LIBOR) [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 2.50% |
Notes Receivable (Details 1)
Notes Receivable (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Payments to Acquire Businesses, Gross | $ 37,112 | $ 37,112 | ||
Proceeds from Collection of Notes Receivable | $ 221 | $ 249 | $ 466 |
Note Receivable - Related Par_2
Note Receivable - Related Party (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Jun. 25, 2007 | |
Notes Receivable, Related Parties, Noncurrent | $ 2,289,000 | $ 2,644,000 | $ 3,000,000 | |
Debt Instrument, Decrease, Forgiveness | 0 | |||
Increase (Decrease) in Notes Receivable, Related Parties | $ 55 | $ 63 | $ 71 |
Fair Value Measurement (Detail)
Fair Value Measurement (Detail) - (Table) number in Thousands | 3 Months Ended | 12 Months Ended | |||||
Jun. 30, 2017USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2017USD ($) | Mar. 31, 2017USD ($) | |
Assets: | |||||||
Foreign Currency Contract, Asset, Fair Value Disclosure | $ (783,000) | $ (191,000) | |||||
Proceeds from Collection of Notes Receivable | 221,000 | 249,000 | $ 466,000 | ||||
Liabilities: | |||||||
Business Combination, Contingent Consideration, Liability | 20,617,000 | 0 | $ 10,000,000 | $ 20,617,000 | |||
Business Acquisition, Contingent Consideration, Actual Cash Payment | $ 2,741,000 | $ 3,482,000 | 4,618,000 | ||||
Repayment of Notes Receivable from Related Parties | 409,000 | 409,000 | 409,000 | ||||
Increase (Decrease) in Accrued Interest Receivable, Net | 54,000 | 63,000 | 71,000 | ||||
business combinations contingent liability payment | 7,359,000 | 16,402,000 | 6,270,000 | ||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | (11,206,000) | (425,000) | (5,576,000) | ||||
Fair Value [Member] | |||||||
Assets: | |||||||
Cash Equivalents | 58,436,000 | 3,309,000 | |||||
Current marketable securities – available for sale | 64,027,000 | 39,495,000 | |||||
Long-term marketable securities – available for sale | 29,523,000 | 70,559,000 | |||||
Total assets | 151,986,000 | 113,554,000 | |||||
Liabilities: | |||||||
Business Combination, Contingent Consideration, Liability | 10,000,000 | 7,948,000 | $ 24,775,000 | ||||
Total liabilities | 10,783,000 | 7,948,000 | |||||
Fair Value [Member] | Forward Contracts [Member] | |||||||
Liabilities: | |||||||
Foreign Currency Contracts, Liability, Fair Value Disclosure | 783,000 | ||||||
Fair Value, Inputs, Level 1 [Member] | |||||||
Assets: | |||||||
Cash Equivalents | 58,436,000 | 3,309,000 | |||||
Current marketable securities – available for sale | 64,027,000 | 39,495,000 | |||||
Long-term marketable securities – available for sale | 29,523,000 | 70,559,000 | |||||
Total assets | 151,986,000 | 113,363,000 | |||||
Liabilities: | |||||||
Business Combination, Contingent Consideration, Liability | 0 | 0 | |||||
Total liabilities | 0 | 0 | |||||
Fair Value, Inputs, Level 2 [Member] | |||||||
Assets: | |||||||
Cash Equivalents | 0 | 0 | |||||
Current marketable securities – available for sale | 0 | 0 | |||||
Long-term marketable securities – available for sale | 0 | 0 | |||||
Total assets | 0 | 191,000 | |||||
Liabilities: | |||||||
Business Combination, Contingent Consideration, Liability | 0 | 0 | |||||
Total liabilities | 783,000 | 0 | |||||
Fair Value, Inputs, Level 3 [Member] | |||||||
Assets: | |||||||
Cash Equivalents | 0 | 0 | |||||
Current marketable securities – available for sale | 0 | 0 | |||||
Long-term marketable securities – available for sale | 0 | 0 | |||||
Total assets | 0 | 0 | |||||
Liabilities: | |||||||
Business Combination, Contingent Consideration, Liability | 10,000,000 | 7,948,000 | |||||
Total liabilities | $ 10,000,000 | $ 7,948,000 | |||||
Contingent Consideration Type [Domain] | |||||||
Foreign Currency Exchange Rate, Translation | 0 | 0 |
Fair Value Measurement (Detai_2
Fair Value Measurement (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Jun. 30, 2017 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $ (11,206) | $ (425) | $ (5,576) | ||
Business Acquisition, Contingent Consideration, Actual Cash Payment | $ 2,741 | $ 3,482 | 4,618 | ||
Provision for Doubtful Accounts | $ 5,470 | $ 0 | $ 0 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Property and Equipment [Abstract] | |||
Depreciation | $ 15,160 | $ 14,346 | $ 13,237 |
Property and Equipment Property
Property and Equipment Property and Equipment (Tables) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Property and Equipment [Abstract] | ||
Land and building | $ 767 | $ 767 |
Leasehold Improvements, Gross | 81,554 | 79,165 |
Machinery and Equipment, Gross | 7,132 | 11,112 |
Furniture and Fixtures, Gross | 8,629 | 8,881 |
Computer equipment | 58,448 | 57,855 |
Property, Plant and Equipment, Gross | 156,530 | 157,780 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | (85,032) | (85,399) |
Property and equipment, net | $ 71,498 | $ 72,381 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets (Detail) - (Table 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Goodwill [Roll Forward] | |||
Goodwill – net | $ 148,538 | $ 135,711 | |
Wholesale Footwear [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill – net | 84,862 | 72,261 | $ 73,018 |
Goodwill, Foreign Currency Translation Gain (Loss) | 719 | (757) | |
Acquisition of SM Canada | 11,882 | ||
Wholesale Accessories [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill – net | 49,324 | 49,324 | 49,324 |
Goodwill, Foreign Currency Translation Gain (Loss) | 0 | ||
Retail [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill – net | 14,352 | 14,126 | 14,755 |
Goodwill, Foreign Currency Translation Gain (Loss) | 226 | (629) | |
Net Carrying Amount [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill – net | 148,538 | 135,711 | $ 137,097 |
Goodwill, Foreign Currency Translation Gain (Loss) | $ 945 | $ (1,386) |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets (Detail) - (Table 2) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 3,045 | $ 4,045 | ||
Goodwill, Impairment Loss | 1,000 | $ 0 | $ 3,045 | |
Re-acquired right [Member] | ||||
Cost Basis | 35,200 | 35,200 | ||
Accumulated amortization | 7,601 | 9,539 | ||
Net Carrying Amount | 27,599 | 25,661 | ||
Trademarks [Member] | ||||
Cost Basis | 100,333 | 100,333 | ||
Accumulated amortization | 0 | 0 | ||
Net Carrying Amount | 96,288 | 97,288 | ||
Total [Member] | ||||
Cost Basis | 204,026 | 193,886 | ||
Accumulated amortization | 48,677 | 46,455 | ||
Net Carrying Amount | 151,304 | 144,386 | ||
Trade names [Member] | ||||
Cost Basis | 9,220 | 4,590 | ||
Accumulated amortization | 4,760 | 3,335 | ||
Net Carrying Amount | 4,460 | 1,255 | ||
Customer relationships [Member] | ||||
Cost Basis | 47,019 | 41,509 | ||
Accumulated amortization | 24,127 | 21,341 | ||
Net Carrying Amount | 22,892 | 20,168 | ||
Licensing agreements [Member] | ||||
Cost Basis | 5,600 | 5,600 | ||
Accumulated amortization | 5,600 | 5,600 | ||
Net Carrying Amount | 0 | 0 | ||
Non-compete agreement [Member] | ||||
Cost Basis | 2,440 | 2,440 | ||
Accumulated amortization | 2,375 | 2,426 | ||
Net Carrying Amount | 65 | 14 | ||
Re-acquired right [Member] | ||||
Cost Basis | 4,200 | 4,200 | ||
Accumulated amortization | 4,200 | 4,200 | ||
Net Carrying Amount | 0 | 0 | ||
Other [Member] | ||||
Cost Basis | 14 | 14 | ||
Accumulated amortization | 14 | 14 | ||
Net Carrying Amount | 0 | 0 | ||
Total [Member] | ||||
Cost Basis | 68,493 | 58,353 | ||
Accumulated amortization | 41,076 | 36,916 | ||
Net Carrying Amount | $ 27,417 | $ 21,437 | ||
Minimum [Member] | Trade names [Member] | ||||
Estimated Lives | 6 | 6 | ||
Minimum [Member] | Licensing agreements [Member] | ||||
Estimated Lives | 3 | 3 | ||
Maximum [Member] | Trade names [Member] | ||||
Estimated Lives | 10 | 10 | ||
Maximum [Member] | Licensing agreements [Member] | ||||
Estimated Lives | 6 | 6 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets (Detail) - (Table 3) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | |
Goodwill [Line Items] | |||
2012 (remaining nine months) | $ 4,621 | ||
2,013 | 4,547 | ||
2,014 | 3,721 | ||
2,015 | 2,095 | ||
2,016 | 1,563 | ||
Thereafter | 10,870 | ||
Total | 27,417 | ||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 3,045 | 4,045 | |
Customer Lists [Member] | |||
Goodwill [Line Items] | |||
Cost basis | 47,019 | $ 41,509 | |
Accumulated amortization | 24,127 | 21,341 | |
Net carrying amount | 22,892 | 20,168 | |
Licensing Agreements [Member] | |||
Goodwill [Line Items] | |||
Cost basis | 5,600 | 5,600 | |
Accumulated amortization | 5,600 | 5,600 | |
Net carrying amount | 0 | 0 | |
Noncompete Agreements [Member] | |||
Goodwill [Line Items] | |||
Cost basis | 2,440 | 2,440 | |
Accumulated amortization | 2,375 | 2,426 | |
Net carrying amount | 65 | 14 | |
Contractual Rights [Member] | |||
Goodwill [Line Items] | |||
Cost basis | 4,200 | 4,200 | |
Accumulated amortization | 4,200 | 4,200 | |
Net carrying amount | 0 | 0 | |
Other Intangible Assets [Member] | |||
Goodwill [Line Items] | |||
Cost basis | 14 | 14 | |
Accumulated amortization | 14 | 14 | |
Net carrying amount | 0 | 0 | |
Total [Member] | |||
Goodwill [Line Items] | |||
Cost basis | 68,493 | 58,353 | |
Accumulated amortization | 41,076 | 36,916 | |
Net carrying amount | 27,417 | 21,437 | |
Trademarks [Member] | |||
Goodwill [Line Items] | |||
Cost basis | 100,333 | 100,333 | |
Accumulated amortization | 0 | 0 | |
Net carrying amount | $ 96,288 | $ 97,288 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets Goodwill and Intangible Assets (detail) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Goodwill [Line Items] | |||
Amortization of Intangible Assets | $ 5,245 | $ 5,522 | $ 6,145 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Detail) - (Table 1) - shares | 12 Months Ended | |
Dec. 31, 2017 | May 25, 2012 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Common stock authorized | 23,466,000 | 23,466,000 |
Stock-based awards, including restricted stock and stock options granted, net of expired or cancelled | (21,818,000) | |
Common stock available for grant of stock-based awards as of June 30, 2012 | 1,648,000 |
Stock-Based Compensation (Det_2
Stock-Based Compensation (Detail) - (Table 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Total | $ 20,847 | $ 19,509 | $ 18,698 |
Restricted Stock [Member] | |||
Allocated Share-based Compensation Expense | 16,616 | 16,494 | 15,543 |
Stock Options [Member] | |||
Allocated Share-based Compensation Expense | $ 4,231 | $ 3,015 | $ 3,155 |
Stock-Based Compensation (Det_3
Stock-Based Compensation (Detail) - (Table 3) - $ / shares | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Dividend yield | 0.00% | 0.00% | 0.00% | |
Weighted average fair value | $ 8.91 | $ 7.11 | $ 8.81 | |
Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Volatility | 23.00% | 22.00% | 22.00% | 27.00% |
Risk free interest rate | 1.48% | 0.86% | 0.99% | 1.06% |
Expected life in years | 3 years | 3 years | 3 years | 3 years |
Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Volatility | 26.00% | 26.00% | 28.00% | 32.00% |
Risk free interest rate | 1.99% | 1.90% | 1.60% | 1.80% |
Expected life in years | 5 years | 5 years | 5 years | 5 years |
Stock-Based Compensation (Det_4
Stock-Based Compensation (Detail) - (Table 4) - USD ($) $ / shares in Units, $ in Thousands | Jul. 20, 2017 | Mar. 01, 2017 | Jan. 03, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||||
Outstanding at January 1, 2012 | 1,499,000 | 2,016,000 | 3,428,000 | |||
Outstanding at January 1, 2012 (in Dollars per share) | $ 29.72 | $ 23.51 | $ 19.48 | |||
Granted | (150,000) | (750,000) | (100,000) | (1,062,000) | (262,000) | (69,000) |
Granted (in Dollars per share) | $ 37.55 | $ 33.86 | $ 36.59 | |||
Exercised | (655,000) | (746,000) | (1,460,000) | |||
Exercised (in Dollars per share) | $ 24.73 | $ 14.36 | $ 14.59 | |||
Cancelled/Forfeited | (9,000) | (33,000) | (21,000) | |||
Outstanding at June 30, 2012 | 1,897,000 | 1,499,000 | 2,016,000 | |||
Outstanding at June 30, 2012 (in Dollars per share) | $ 35.80 | $ 29.72 | $ 23.51 | |||
Outstanding at June 30, 2012 | 4 years 11 months | |||||
Outstanding at June 30, 2012 (in Dollars) | $ 20,680 | |||||
Exercisable at June 30, 2012 | 656,000 | |||||
Exercisable at June 30, 2012 (in Dollars per share) | $ 33.67 | |||||
Stock based compensation, shares exercisable, weighted average remaining contractual term | 3 years 1 month | |||||
Exercisable at June 30, 2012 (in Dollars) | $ 8,540 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $ 35.23 | $ 30.59 | $ 28.49 |
Stock-Based Compensation (Det_5
Stock-Based Compensation (Detail) - (Table 5) - $ / shares | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 1,897,000 | 1,499,000 | 2,016,000 | 3,428,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 3 years 1 month | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 35.80 | $ 29.72 | $ 23.51 | $ 19.48 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 656,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 33.67 | |||
Exercise Price 3.65 to 8.72 [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 9,051 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 1 year 2 months | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 22.71 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 9,056 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 22.71 | |||
Exercise Price 9.50 to 14.99 [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 80,309 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 1 year 9 months | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 28.64 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 80,352 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 28.64 | |||
Exercise Price 15.29 to 20.86 [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 263,045 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 3 years 1 month | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 31.60 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 181,717 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 31.66 | |||
Exercise Price 21.17 to 26.95 [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 1,359,071 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 5 years 4 months | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 36.53 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 328,974 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 35.25 | |||
Exercise Price 27.03 to 38.96 [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 185,524 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 6 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 40.11 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 55,901 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 39.96 | |||
Total [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 1,897,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 4 years 11 months | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 35.80 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 656,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 33.67 |
Stock-Based Compensation (Det_6
Stock-Based Compensation (Detail) - (Table 6) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Non-vested at January 1 | 4,191,000 | 4,055,000 | 4,067,000 |
Non-vested at January 1 (in Dollars per share) | $ 25.93 | $ 25.32 | $ 24.69 |
Granted | 275,000 | 434,000 | 361,000 |
Granted (in Dollars per share) | $ 37.67 | $ 34.30 | $ 35.71 |
Vested | (508,000) | (276,000) | (304,000) |
Vested (in Dollars per share) | $ 30.58 | $ 30.28 | $ 23.24 |
Non-vested at June 30 | 3,916,000 | 4,191,000 | 4,055,000 |
Non-vested at June 30 (in Dollars per share) | $ 26.05 | $ 25.93 | $ 25.32 |
Forfeited | (42,000) | (22,000) | (69,000) |
Forfeitures (in dollars per share) | $ 35.47 | $ 33.45 | $ 34.23 |
Stock-Based Compensation (Det_7
Stock-Based Compensation (Detail) - USD ($) | Jul. 20, 2017 | Mar. 01, 2017 | Jan. 03, 2017 | Jul. 03, 2012 | Feb. 08, 2012 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2017 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation | $ 10,510,000 | ||||||||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ 4,019,000 | $ 5,244,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value | $ 9,936,000 | $ 16,983,000 | $ 12,433,000 | ||||||
Share Based Compensation Arrangement By Share Based Payment Award Options Vested In Period | 409,522 | 322,022 | 455,528 | ||||||
Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable During Period Weighted Average Exercise Price (in Dollars per share) | $ 34.02 | $ 32.37 | $ 27.27 | ||||||
Share Based Compensation Arrangement By Share-Based Payment Award Equity Options Nonvested Number | 1,241,187 | ||||||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ 8,426,000 | ||||||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 3 years 2 months | ||||||||
Employee Service Share Based Compensation Nonvested Restricted Stock Awards Total Compensation Cost Not Yet Recognized | $ 63,140,000 | ||||||||
Employee Service Share Based Compensation Nonvested Restricted Awards Total Compensation Cost Not Yet Recognized Period For Recognition | 5 years 5 months | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Total Fair Value | $ 21,549,000 | $ 9,758 | $ 6,980 | ||||||
Related Party Transaction Restricted Shares Granted During The Period | 1,893,342 | 1,463,057 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 750,000 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 150,000 | 750,000 | 100,000 | 1,062,000 | 262,000 | 69,000 | |||
Common Stock [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share Price | $ 35.75 | $ 21.13 | $ 27.34 | $ 37.35 | $ 40.15 |
Preferred Stock (Details)
Preferred Stock (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Preferred Stock, Shares Authorized | 5,000,000 | |
Preferred Class B [Member] | ||
Class of Stock [Line Items] | ||
Preferred Stock, Shares Authorized | 60,000 | 60,000 |
Preferred Stock, Dividend Payment Rate, Variable | 1,000 | |
Preferred Stock, Voting Rights | 1,000 | |
Preferred Stock, Liquidation Preference Per Share | $ 1,000 |
Share Repurchases Share Repurch
Share Repurchases Share Repurchase Program (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Jul. 28, 2017 | |
Equity, Class of Treasury Stock [Line Items] | |||||
Factoring Fee | 0.20% | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | ||||
Shares Paid for Tax Withholding for Share Based Compensation | 346,820 | ||||
Payments Related to Tax Withholding for Share-based Compensation | $ 14,629 | ||||
Stock Repurchased During Period, Shares | 2,601,000 | (2,437,000) | 3,704,000 | ||
Treasury Stock Acquired, Average Cost Per Share | $ 42.18 | ||||
Stock Repurchased During Period, Value | $ 99,412 | $ 86,005 | $ 135,637 | ||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 180,861 | $ 180,861 | $ 200,000 | ||
London Interbank Offered Rate (LIBOR) [Member] | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | ||||
Common Stock [Member] | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Stock Repurchased During Period, Shares | (2,254,000) | ||||
Treasury Stock Acquired, Average Cost Per Share | $ 37.62 | ||||
Stock Repurchased During Period, Value | $ 84,783 | ||||
Private Label [Member] | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Factoring Fee | 0.14% |
Derivative Instruments (Details
Derivative Instruments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Derivative Instruments [Abstract] | ||
Foreign Currency Contract, Asset, Fair Value Disclosure | $ 783 | $ 191 |
Unrealized Gain (Loss) on Cash Flow Hedging Instruments | 623 | 0 |
Derivative, Gain (Loss) on Derivative, Net | $ 57 | $ 472 |
Operating Leases (Details)
Operating Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating Leases [Abstract] | |||
Operating Leases, Rent Expense | $ 56,027 | $ 52,294 | $ 47,710 |
Operating Leases, Rent Expense, Contingent Rentals | $ 424 | $ 238 | $ 157 |
Operating Leases Operating Leas
Operating Leases Operating Leases (Tables) (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Operating Leased Assets [Line Items] | |
Future Minimum Sublease Rentals, Sale Leaseback Transactions, Next Twelve Months | $ 44,629 |
Future Minimum Sublease Rentals, Sale Leaseback Transactions, within Two Years | 40,510 |
Future Minimum Sublease Rentals, Sale Leaseback Transactions, within Three Years | 38,005 |
Future Minimum Sublease Rentals, Sale Leaseback Transactions, within Four Years | 32,440 |
Future Minimum Sublease Rentals, Sale Leaseback Transactions, within Five Years | 26,720 |
Future Minimum Sublease Rentals, Sale Leaseback Transactions, Thereafter | 66,972 |
Future Minimum Sublease Rentals, Sale Leaseback Transactions | $ 249,276 |
Income Taxes Income Taxes (Ta_2
Income Taxes Income Taxes (Table 1) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Taxes [Abstract] | |||
Income (Loss) from Continuing Operations before Income Taxes, Domestic | $ 124,472 | $ 110,526 | $ 81,785 |
Income (Loss) from Continuing Operations before Income Taxes, Foreign | 47,855 | 60,474 | 90,681 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | $ 172,327 | $ 171,000 | $ 172,466 |
Income Taxes Income Taxes (Ta_3
Income Taxes Income Taxes (Table 2) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Current: [Abstract] | ||||
Current Federal Tax Expense (Benefit) | $ 56,836,000 | $ 47,655,000 | $ 24,838,000 | |
Current State and Local Tax Expense (Benefit) | 5,746,000 | 6,063,000 | 4,136,000 | |
Current Foreign Tax Expense (Benefit) | 10,773,000 | 3,270,000 | 13,960,000 | |
Current Income Tax Expense (Benefit) | 73,355,000 | 56,988,000 | 42,934,000 | |
Deferred: [Abstract] | ||||
Deferred Federal Income Tax Expense (Benefit) | (22,061,000) | (7,050,000) | 16,976,000 | |
Deferred State and Local Income Tax Expense (Benefit) | 800,000 | 153,000 | 1,961,000 | |
Deferred Foreign Income Tax Expense (Benefit) | 1,095,000 | (365,000) | (3,060,000) | |
Deferred Income Tax Expense (Benefit) | $ 31,908,000 | (20,166,000) | (7,262,000) | 15,877,000 |
Provision for income taxes | $ 53,189,000 | $ 49,726,000 | $ 58,811,000 |
Income Taxes Income Taxes (Ta_4
Income Taxes Income Taxes (Table 3) (Details) | Dec. 22, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Income Taxes [Abstract] | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate | 35.00% | 35.00% | 35.00% | 35.00% |
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential | (4.50%) | (5.30%) | (3.60%) | |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-based Compensation Cost, Amount | (2.20%) | (3.00%) | 0.00% | |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes | 2.00% | 2.00% | 1.70% | |
Effective Income Tax Rate Reconciliation, Nondeductible Expense | 0.50% | 0.20% | 0.14% | |
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent | (4.40%) | 0.00% | 0.00% | |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance | 2.70% | 0.00% | 0.00% | |
Effective Income Tax Rate Reconciliation, Deductions, Other | 1.80% | 0.20% | 0.90% | |
Effective Income Tax Rate, Continuing Operations | 30.90% | 29.10% | 34.10% |
Income Taxes Income Taxes (Ta_5
Income Taxes Income Taxes (Table 4) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Current deferred tax assets: [Abstract] | ||
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Allowance for Doubtful Accounts | $ 7,315 | $ 8,800 |
Deferred Tax Assets, Inventory | 901 | 2,202 |
Deferred Tax Assets, Unrealized Losses on Trading Securities | 321 | 177 |
Deferred Tax Assets, Other Tax Carryforwards | 300 | 1,172 |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Accrued Liabilities | 1,796 | 751 |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Employee Compensation | 11,071 | 17,569 |
Deferred Tax Assets, Other | 3,842 | 3,515 |
Deferred Tax Assets, Gross | 29,283 | 39,513 |
Non-current deferred tax assets (liabilities): [Abstract] | ||
Deferred Tax Liabilities, Property, Plant and Equipment | (16,210) | (19,264) |
Deferred Tax Liabilities, Undistributed Foreign Earnings | (2,422) | (31,262) |
Deferred Tax Liabilities, Gross | (26,515) | (57,166) |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Deferred Rent | 3,737 | 5,327 |
Deferred Tax Liabilities, Goodwill | (7,883) | (6,640) |
Deferred Tax Assets, Net, Noncurrent | 6,370 | 1,813 |
Deferred Tax Assets, Net of Valuation Allowance | $ 2,768 | $ (17,653) |
Income Taxes Income taxes (Deta
Income Taxes Income taxes (Details) - USD ($) | Dec. 22, 2017 | Dec. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Income Tax Holiday [Line Items] | |||||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | $ 0.21 | ||||
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ 7,599,000 | ||||
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Amount | 9,914,000 | ||||
Deferred Foreign Income Tax Expense (Benefit) | 21,994,000 | ||||
Provision for income taxes | 2,315,000 | ||||
Deferred Tax Liabilities, Undistributed Foreign Earnings | $ (2,422,000) | (2,422,000) | $ (31,262,000) | ||
Undistributed Earnings of Foreign Subsidiaries | 310,134,000 | 310,134,000 | |||
Deferred Income Tax Expense (Benefit) | $ 31,908,000 | $ (20,166,000) | $ (7,262,000) | $ 15,877,000 |
Commitments, Contingencies an_3
Commitments, Contingencies and Other (Details) - USD ($) | Jul. 20, 2017 | Mar. 01, 2017 | Jan. 03, 2017 | Jun. 01, 2016 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2020 | Feb. 01, 2016 | Jun. 25, 2007 |
Loss Contingencies [Line Items] | ||||||||||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options | 150,000 | 750,000 | 100,000 | 1,062,000 | 262,000 | 69,000 | ||||||||
Contractual Obligation, Due in Second Year | $ 4,000 | |||||||||||||
Contractual Obligation | $ 2,000 | $ 10,060,000 | ||||||||||||
ShareBasedCompensation Arrangement With Employee Shares Issued (in Shares) | 75,000 | 75,000 | ||||||||||||
Compensation | $ 250,000 | $ 7,026 | ||||||||||||
Note receivable – related party | $ 2,289,000 | $ 2,644,000 | $ 3,000,000 | |||||||||||
Earnings Per Share, Diluted | $ 2.04 | $ 2.03 | $ 1.85 | |||||||||||
Geographic Concentration Risk [Member] | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Concentration Risk, Percentage | 93.00% | 87.00% | 90.00% | |||||||||||
Supplier Concentration Risk [Member] | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Concentration Risk, Percentage | 10.00% | 10.00% | 10.00% | |||||||||||
Customer Concentration Risk [Member] | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Concentration Risk, Percentage | 10.00% | 10.00% | ||||||||||||
Executive A [Member] | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Officers' Compensation | $ 670 | $ 650 | ||||||||||||
Executive Vice President [Member] | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||||||||||||
Officers' Compensation | $ 400,000 | |||||||||||||
Deferred Compensation Arrangement with Individual, Shares Issued | 7,217 | |||||||||||||
Sales Revenue, Net [Member] | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Concentration Risk, Percentage | 12.00% | 12.20% | ||||||||||||
Accounts Receivable [Member] | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Concentration Risk, Percentage | 14.60% | 16.90% | 16.70% | |||||||||||
Common Stock [Member] | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Earnings Per Share, Diluted | $ 2 |
Commitments, Contingencies an_4
Commitments, Contingencies and Other Commitments, Contingencies and Other (Details 2) (Details) - USD ($) | Mar. 01, 2018 | Jul. 20, 2017 | Mar. 01, 2017 | Jan. 03, 2017 | Jun. 01, 2016 | Apr. 30, 2020 | Dec. 31, 2019 | Apr. 30, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Apr. 30, 2018 | Dec. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2023 | Sep. 30, 2017 | Jul. 03, 2012 | Feb. 08, 2012 |
Loss Contingencies [Line Items] | ||||||||||||||||||||
Compensation | $ 250,000 | $ 7,026 | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 150,000 | 750,000 | 100,000 | 1,062,000 | 262,000 | 69,000 | ||||||||||||||
Executive B [Member] | ||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||
Officers' Compensation | $ 582,000 | |||||||||||||||||||
Deferred Compensation Arrangement with Individual, Shares Issued | 15,000 | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | |||||||||||||||||||
Executive A [Member] | ||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||
Officers' Compensation | $ 670 | $ 650 | ||||||||||||||||||
Executive C [Member] | ||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||
Officers' Compensation | $ 590 | $ 723,000 | $ 570 | 702,000 | $ 550 | |||||||||||||||
Deferred Compensation Arrangement with Individual, Shares Issued | 28,169 | 20,000 | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||||||||||||||||
Executive D [Member] | ||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||
Officers' Compensation | $ 900,000 | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | |||||||||||||||||||
Executive Vice President [Member] | ||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||
Officers' Compensation | $ 400,000 | |||||||||||||||||||
Deferred Compensation Arrangement with Individual, Shares Issued | 7,217 | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||||||||||||||||||
Common Stock [Member] | ||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||
Share Price | $ 35.75 | $ 37.35 | $ 40.15 | $ 21.13 | $ 27.34 |
Commitments, Contingencies an_5
Commitments, Contingencies and Other Commitments, Contingencies and Other (Details 3) (Details) - shares | Mar. 01, 2018 | Jan. 03, 2017 | Apr. 30, 2018 | Dec. 31, 2016 | Dec. 31, 2020 |
Executive B [Member] | |||||
Loss Contingencies [Line Items] | |||||
Deferred Compensation Arrangement with Individual, Shares Issued | 15,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | ||||
Executive C [Member] | |||||
Loss Contingencies [Line Items] | |||||
Deferred Compensation Arrangement with Individual, Shares Issued | 28,169 | 20,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||
Executive D [Member] | |||||
Loss Contingencies [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years |
Commitments, Contingencies an_6
Commitments, Contingencies and Other Commitments, Contingencies and Other (Table 2) (Details) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Sales Revenue, Net [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 12.00% | 12.20% | |
Accounts Receivable [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 14.60% | 16.90% | 16.70% |
Concentration Risk, Customer | 0.134 |
Commitments, Contingencies an_7
Commitments, Contingencies and Other Commitments, Contingencies and Other (Table 3) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Valuation Allowance [Line Items] | ||||
Provision for Doubtful Accounts | $ 5,470 | $ 0 | $ 0 | |
Allowance for Doubtful Accounts Receivable | 616 | 144 | 200 | $ 203 |
Allowance for Doubtful Accounts Receivable, Period Increase (Decrease) | 15,070 | 5 | 162 | |
Valuation Allowances and Reserves, Deductions | 14,598 | 61 | 165 | |
Charge back [Member] | ||||
Valuation Allowance [Line Items] | ||||
Allowance for Doubtful Accounts Receivable | 25,448 | 19,138 | 19,040 | 18,199 |
Allowance for Doubtful Accounts Receivable, Period Increase (Decrease) | 83,076 | 67,649 | 76,085 | |
Valuation Allowances and Reserves, Deductions | 76,766 | 67,551 | 75,244 | |
Allowance for Sales Returns [Member] | ||||
Valuation Allowance [Line Items] | ||||
Allowance for Doubtful Accounts Receivable | 2,122 | 2,549 | 4,822 | $ 5,160 |
Allowance for Doubtful Accounts Receivable, Period Increase (Decrease) | 8,750 | 5,169 | 5,868 | |
Valuation Allowances and Reserves, Deductions | $ 9,177 | $ 7,442 | $ 6,206 |
Commitments, Contingencies an_8
Commitments, Contingencies and Other Commitments, Contingencies and Other (Table 4) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Goodwill [Line Items] | ||
Goodwill – net | $ 148,538 | $ 135,711 |
Operating Segment Information_2
Operating Segment Information (Detail) - (Table 1) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
December 31, 2012: | |||
Net sales to external customers | $ 1,546,098,000 | $ 1,399,551,000 | $ 1,405,239,000 |
Gross profit | 577,741,000 | 521,983,000 | 500,492,000 |
Commissions and licensing fees – net | 14,259,000 | 11,788,000 | 16,565,000 |
Income from operations | 169,784,000 | 169,176,000 | 171,648,000 |
Depreciation, Depletion and Amortization | 21,389,000 | 21,102,000 | 20,757,000 |
Assets | 1,057,161,000 | 960,875,000 | 914,385,000 |
Payments to Acquire Property, Plant, and Equipment | 14,775,000 | 15,897,000 | 19,459,000 |
Wholesale Footwear [Member] | |||
December 31, 2012: | |||
Net sales to external customers | 1,017,557,000 | 881,864,000 | 898,363,000 |
Gross profit | 332,367,000 | 279,835,000 | 265,822,000 |
Commissions and licensing fees – net | 0 | 0 | 0 |
Income from operations | 133,014,000 | 110,039,000 | 104,836,000 |
Assets | 784,334,000 | 648,738,000 | 604,015,000 |
Wholesale Accessories [Member] | |||
December 31, 2012: | |||
Net sales to external customers | 256,295,000 | 254,931,000 | 266,564,000 |
Gross profit | 80,729,000 | 84,422,000 | 88,361,000 |
Commissions and licensing fees – net | 0 | 0 | 0 |
Income from operations | 23,637,000 | 31,562,000 | 32,612,000 |
Assets | 138,720,000 | 186,075,000 | 187,895,000 |
Total Wholesale [Member] | |||
December 31, 2012: | |||
Net sales to external customers | 1,273,852,000 | 1,136,795,000 | 1,164,927,000 |
Gross profit | 413,096,000 | 364,257,000 | 354,183,000 |
Commissions and licensing fees – net | 0 | 0 | 0 |
Income from operations | 156,651,000 | 141,601,000 | 137,448,000 |
Depreciation, Depletion and Amortization | 11,287,000 | 11,734,000 | 12,624,000 |
Assets | 923,054,000 | 834,813,000 | 791,910,000 |
Payments to Acquire Property, Plant, and Equipment | 5,590,000 | 5,990,000 | 7,237,000 |
Retail [Member] | |||
December 31, 2012: | |||
Net sales to external customers | 272,246,000 | 262,756,000 | 240,312,000 |
Gross profit | 164,645,000 | 157,726,000 | 146,309,000 |
Commissions and licensing fees – net | 0 | 0 | 0 |
Income from operations | (1,126,000) | 15,787,000 | 17,635,000 |
Depreciation, Depletion and Amortization | 9,645,000 | 9,087,000 | 7,897,000 |
Assets | 122,111,000 | 118,168,000 | 106,823,000 |
Payments to Acquire Property, Plant, and Equipment | 9,185,000 | 9,907,000 | 12,222,000 |
First Cost Member | |||
December 31, 2012: | |||
Net sales to external customers | 0 | 0 | 0 |
Gross profit | 0 | 0 | 0 |
Commissions and licensing fees – net | 5,159,000 | 3,728,000 | 6,713,000 |
Income from operations | 5,159,000 | 3,728,000 | 6,713,000 |
Depreciation, Depletion and Amortization | 457,000 | 281,000 | 236,000 |
Assets | 11,996,000 | 7,894,000 | 15,652,000 |
Payments to Acquire Property, Plant, and Equipment | 0 | 0 | 0 |
Licensing [Member] | |||
December 31, 2012: | |||
Net sales to external customers | 0 | 0 | 0 |
Gross profit | 0 | 0 | 0 |
Commissions and licensing fees – net | 9,100,000 | 8,060,000 | 9,852,000 |
Income from operations | 9,100,000 | 8,060,000 | 9,852,000 |
Depreciation, Depletion and Amortization | 0 | 0 | 0 |
Assets | 0 | 0 | 0 |
Payments to Acquire Property, Plant, and Equipment | $ 0 | $ 0 | $ 0 |
Operating Segment Information_3
Operating Segment Information (Detail) - (Table 2) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||
Domestic | $ 1,546,098,000 | $ 1,399,551,000 | $ 1,405,239,000 |
International | 1,546,098,000 | 1,399,551,000 | 1,405,239,000 |
Revenues | 1,546,098,000 | 1,399,551,000 | 1,405,239,000 |
Domestic (Non-US Title) [Member] | |||
Segment Reporting Information [Line Items] | |||
Domestic | 329,107,000 | 312,491,000 | 331,481,000 |
International | 329,107,000 | 312,491,000 | 331,481,000 |
Revenues | 329,107,000 | 312,491,000 | 331,481,000 |
Domestic [Member] | |||
Segment Reporting Information [Line Items] | |||
Domestic | 1,383,841,000 | 1,258,973,000 | 1,255,709,000 |
International | 1,383,841,000 | 1,258,973,000 | 1,255,709,000 |
Revenues | 1,383,841,000 | 1,258,973,000 | 1,255,709,000 |
International [Member] | |||
Segment Reporting Information [Line Items] | |||
Domestic | 162,257,000 | 140,578,000 | 149,530,000 |
International | 162,257,000 | 140,578,000 | 149,530,000 |
Revenues | $ 162,257,000 | $ 140,578,000 | $ 149,530,000 |
Quarterly Results of Operatio_3
Quarterly Results of Operations (unaudited) (Table) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net sales | $ 1,546,098 | $ 1,399,551 | $ 1,405,239 | ||||||||
Cost of sales | 968,357 | 877,568 | 904,747 | ||||||||
Gross profit | 577,741 | 521,983 | 500,492 | ||||||||
Net Income (Loss) Attributable to Parent | $ 117,948 | $ 120,911 | $ 112,938 | ||||||||
Net income per share: [Abstract] | |||||||||||
Earnings Per Share, Basic | $ 2.14 | $ 2.12 | $ 1.91 | ||||||||
Earnings Per Share, Diluted | $ 2.04 | $ 2.03 | $ 1.85 | ||||||||
First Quarter [Member] | |||||||||||
Net sales | $ 366,387 | $ 329,357 | |||||||||
Cost of sales | 233,669 | 213,155 | |||||||||
Gross profit | 132,718 | 116,202 | |||||||||
Fees and Commissions | 3,927 | 2,171 | |||||||||
Net Income (Loss) Attributable to Parent | $ 20,158 | $ 23,659 | |||||||||
Net income per share: [Abstract] | |||||||||||
Earnings Per Share, Basic | $ 0.36 | $ 0.41 | |||||||||
Earnings Per Share, Diluted | $ 0.35 | $ 0.39 | |||||||||
Second Quarter [Member] | |||||||||||
Net sales | $ 374,148 | $ 325,402 | |||||||||
Cost of sales | 234,751 | 204,357 | |||||||||
Gross profit | 139,397 | 121,045 | |||||||||
Fees and Commissions | 2,166 | 2,826 | |||||||||
Net Income (Loss) Attributable to Parent | $ 28,964 | $ 24,737 | |||||||||
Net income per share: [Abstract] | |||||||||||
Earnings Per Share, Basic | $ 0.53 | $ 0.43 | |||||||||
Earnings Per Share, Diluted | $ 0.50 | $ 0.41 | |||||||||
Third Quarter [Member] | |||||||||||
Net sales | $ 441,193 | $ 408,384 | |||||||||
Cost of sales | 275,303 | 253,876 | |||||||||
Gross profit | 165,890 | 154,508 | |||||||||
Fees and Commissions | 4,745 | 5,358 | |||||||||
Net Income (Loss) Attributable to Parent | $ 44,229 | $ 43,767 | |||||||||
Net income per share: [Abstract] | |||||||||||
Earnings Per Share, Basic | $ 0.81 | $ 0.77 | |||||||||
Earnings Per Share, Diluted | $ 0.77 | $ 0.74 | |||||||||
Fourth Quarter [Member] | |||||||||||
Net sales | $ 364,370 | $ 336,408 | |||||||||
Cost of sales | 224,634 | 206,180 | |||||||||
Gross profit | 139,736 | 130,228 | |||||||||
Fees and Commissions | 3,421 | 1,529 | |||||||||
Net Income (Loss) Attributable to Parent | $ 24,597 | $ 28,748 | |||||||||
Net income per share: [Abstract] | |||||||||||
Earnings Per Share, Basic | $ 0.45 | $ 510 | |||||||||
Earnings Per Share, Diluted | $ 0.43 | $ 490 |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Adjustments for New Accounting Pronouncement [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent | $ 13,985 |