Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 26, 2020 | Jun. 30, 2019 | |
Entity Information [Line Items] | |||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Interactive Data Current | Yes | ||
Title of 12(b) Security | Common Stock, par value $.0001 per share | ||
Trading Symbol | SHOO | ||
Security Exchange Name | NASDAQ | ||
Entity Address, Address Line One | 52-16 Barnett Avenue | ||
Entity Incorporation, State or Country Code | DE | ||
Document Transition Report | false | ||
Document Annual Report | true | ||
Entity Registrant Name | STEVEN MADDEN, LTD. | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Common Stock, Shares Outstanding | 83,799,288 | ||
Entity Public Float | $ 2,847,066,470 | ||
Amendment Flag | false | ||
Entity Central Index Key | 0000913241 | ||
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, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Entity Tax Identification Number | 13-3588231 | ||
Entity File Number | 0-23702 | ||
Entity Address, City or Town | Long Island City | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 11104 | ||
City Area Code | 718 | ||
Local Phone Number | 446-1800 | ||
Entity Shell Company | false | ||
Documents Incorporated by Reference | PART III INCORPORATES CERTAIN INFORMATION BY REFERENCE FROM THE REGISTRANT'S DEFINITIVE PROXY STATEMENT FOR THE REGISTRANT'S 2020 ANNUAL MEETING OF STOCKHOLDERS. |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 264,101 | $ 200,031 |
Accounts receivable, net of allowances of $11,066 and $10,849 | 38,166 | 25,057 |
Factor accounts receivable | 216,471 | 241,395 |
Inventories | 136,896 | 137,247 |
Marketable securities – available for sale | 40,521 | 66,968 |
Prepaid expenses and other current assets | 22,066 | 23,425 |
Prepaid taxes | 658 | 9,002 |
Total current assets | 718,879 | 703,125 |
Note receivable – related party | 1,558 | 1,927 |
Property and equipment, net | 65,504 | 64,807 |
Operating Lease, Right-of-Use Asset | 155,700 | 0 |
Deferred Tax Assets, Net, Noncurrent | 0 | 9,321 |
Deposits and other | 2,948 | 1,967 |
Marketable securities – available for sale | 0 | 0 |
Goodwill – net | 171,349 | 148,112 |
Intangibles – net | 162,709 | 143,311 |
Total Assets | 1,278,647 | 1,072,570 |
Current liabilities: | ||
Accounts payable | 61,706 | 79,802 |
Accrued expenses | 169,895 | 130,592 |
Operating Lease, Liability, Current | 38,624 | 0 |
Contingent Consideration, Liability, Current Portion | 0 | 3,000 |
Accrued incentive compensation | 11,046 | 11,295 |
Total current liabilities | 281,271 | 224,689 |
Business Combination, Contingent Consideration, Liability, Noncurrent | 9,124 | 0 |
Deferred rent | 0 | 15,786 |
Operating Lease, Liability, Noncurrent | 133,172 | 0 |
Deferred taxes | 5,877 | 4,041 |
Other liabilities | 7,979 | 13,372 |
Total Liabilities | 437,423 | 257,888 |
Commitments, contingencies and other (Note P) | ||
STOCKHOLDERS’ EQUITY | ||
Common stock – $.0001 par value, 245,000 shares authorized, 132,754 and 131,991 shares issued, 83,520 and 85,715 shares outstanding | 6 | 6 |
Additional paid-in capital | 454,217 | 424,835 |
Retained earnings | 1,310,406 | 1,217,521 |
Accumulated other comprehensive loss | (30,440) | (32,628) |
Treasury stock – 49,234 and 46,276 shares at cost | (905,688) | (803,920) |
Total Steven Madden, Ltd. stockholders’ equity | 828,501 | 805,814 |
Noncontrolling interest | 12,723 | 8,868 |
Total stockholders’ equity | 841,224 | 814,682 |
Total Liabilities and Stockholders’ Equity | 1,278,647 | 1,072,570 |
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, 2019 | Dec. 31, 2018 |
Allowances for Accounts Receivable (in dollars) | $ 11,066 | $ 10,849 |
Preferred stock-issued | 0 | 0 |
Common stock par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 245,000,000 | 135,000,000 |
Common stock, shares issued | 132,754,000 | 131,991,000 |
Common stock, shares outstanding | 83,520,000 | 85,715,000 |
Treasury stock-shares at cost | 49,234,000 | 46,276,000 |
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 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement [Abstract] | |||
Revenues | $ 1,768,135 | $ 1,653,609 | $ 1,546,098 |
Revenues | 1,787,157 | 1,677,734 | 1,567,083 |
Cost of Goods and Services Sold | 1,101,140 | 1,037,571 | 968,357 |
Gross profit | 686,017 | 640,163 | 598,726 |
Commission and licensing fee income – net | 19,022 | 24,125 | 20,985 |
Operating expenses | (505,153) | (466,781) | (427,942) |
Other Asset Impairment Charges | 4,050 | 0 | 1,000 |
Income from operations | 176,814 | 173,382 | 169,784 |
Interest income | 4,412 | 3,958 | 2,543 |
Income before provision for income taxes | 181,226 | 177,340 | 172,327 |
Provision for income taxes (Note O) | 39,504 | 46,841 | 53,189 |
Net income | 141,722 | 130,499 | 119,138 |
Less: net income attributable to noncontrolling interest | 411 | 1,363 | 1,190 |
Net income attributable to Steven Madden, Ltd. | $ 141,311 | $ 129,136 | $ 117,948 |
Basic net income per share (in dollars per share) | $ 1.78 | $ 1.58 | $ 1.43 |
Diluted net income per share (in dollars per share) | $ 1.69 | $ 1.50 | $ 1.36 |
Basic weighted average common shares outstanding (in shares) | 79,577 | 81,664 | 82,736 |
Effect of dilutive securities – options/restricted stock (in shares) | 4,069 | 4,433 | 4,009 |
Diluted weighted average common shares outstanding (in shares) | 83,646 | 86,097 | 86,745 |
Common Stock, Dividends, Per Share, Cash Paid | $ 0.57 | $ 0.53 | $ 0 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ 143,499 | $ 122,121 | $ 124,086 |
Net income | 141,722 | 130,499 | 119,138 |
Other comprehensive income: | |||
Foreign currency translation adjustment, Pre-tax | 2,885 | (7,983) | 6,836 |
Foreign currency translation adjustment, Tax | 0 | 0 | 0 |
Foreign currency translation adjustment, Net | 2,885 | (7,983) | 6,836 |
Gains on cash flow hedging derivatives, Pre-tax | (1,387) | 1,150 | (1,282) |
Gains on cash flow hedging derivatives, Tax | 333 | (276) | 468 |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | (1,054) | 874 | (814) |
Gains on cash flow hedging derivatives, Net | (1,387) | 1,150 | (1,282) |
Unrealized gain (loss) on marketable securities, Pre-tax | 116 | 124 | 183 |
Unrealized gain (loss) on marketable securities, Tax | (28) | (30) | (67) |
Unrealized gain (loss) on marketable securities, Net | 88 | 94 | 116 |
Unrealized Gain (Loss) on Cash Flow Hedging Instruments | (1,054) | 874 | (814) |
Total Other Comprehensive Income (Loss), Pre-tax | 1,614 | (6,709) | 5,737 |
Total Other Comprehensive Income (Loss), Tax | 305 | (306) | 401 |
Total Other Comprehensive Income(Loss), Net | 1,919 | (7,015) | 6,138 |
Comprehensive income | 143,641 | 123,484 | 125,276 |
Less: comprehensive income attributable to noncontrolling interests | $ (142) | $ (1,363) | $ (1,190) |
Statement of Cash Flows
Statement of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Cash Flows [Abstract] | |||
Realized loss/(gain) on sale of marketable securities | $ (5) | $ (189) | $ 5 |
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | 0 | 0 | (11,206) |
Payments to Noncontrolling Interests | $ (1,444) | $ (1,183) | $ 0 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity shares in Thousands, $ in Thousands | USD ($)shares |
Common Stock, Shares, Outstanding | shares | 90,615 |
Accumulated other comprehensive loss | $ (31,751) |
Treasury Stock, Value | (598,584) |
Common stock – $.0001 par value, 245,000 shares authorized, 132,754 and 131,991 shares issued, 83,520 and 85,715 shares outstanding | 6 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Additional paid-in capital | 353,443 |
Retained earnings | $ 1,017,753 |
Treasury Stock, Shares at Dec. 31, 2016 | shares | 39,011 |
Noncontrolling interest at Dec. 31, 2016 | $ 205 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Exercise of stock options (in Shares) | shares | 983 |
Exercise of stock options | $ 16,433 |
Issuance of fully vested restricted stock (in Shares) | shares | 351 |
Stock-based compensation | $ 20,847 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent | 6,836 |
Unrealized holding gain on marketable securities net of taxes | 116 |
Unrealized Gain (Loss) on Cash Flow Hedging Instruments | (814) |
Noncontrolling Interest, Increase from Business Combination | 4,716 |
Net loss attributable to noncontrolling interests | 1,190 |
Foreign currency translation adjustment | 6,836 |
Balance at Dec. 31, 2016 | 741,072 |
Balance at Dec. 31, 2017 | $ 808,932 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Stock Repurchased During Period, Shares | shares | (3,902) |
Payments for Repurchase of Common Stock | $ (99,412) |
Net Income (Loss) Attributable to Parent | $ 117,948 |
Common Stock, Shares, Outstanding | shares | 88,047 |
Accumulated other comprehensive loss | $ (25,613) |
Treasury Stock, Value | (697,996) |
Common stock – $.0001 par value, 245,000 shares authorized, 132,754 and 131,991 shares issued, 83,520 and 85,715 shares outstanding | 6 |
Additional paid-in capital | 390,723 |
Retained earnings | $ 1,135,701 |
Treasury Stock, Shares at Dec. 31, 2017 | shares | 42,913 |
Noncontrolling interest at Dec. 31, 2017 | $ 6,111 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Exercise of stock options (in Shares) | shares | 593 |
Exercise of stock options | $ 13,036 |
Issuance of fully vested restricted stock (in Shares) | shares | 438 |
Stock-based compensation | $ 21,076 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent | (7,983) |
Dividends, Common Stock, Cash | (47,316) |
Unrealized holding gain on marketable securities net of taxes | 94 |
Unrealized Gain (Loss) on Cash Flow Hedging Instruments | 874 |
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (1,183) |
Noncontrolling Interest, Increase from Business Combination | 2,577 |
Net loss attributable to noncontrolling interests | 1,363 |
Foreign currency translation adjustment | (7,983) |
Balance at Dec. 31, 2018 | $ 814,682 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Stock Repurchased During Period, Shares | shares | (3,363) |
Payments for Repurchase of Common Stock | $ (105,924) |
Net Income (Loss) Attributable to Parent | $ 129,136 |
Common Stock, Shares, Outstanding | shares | 85,715 |
Accumulated other comprehensive loss | $ (32,628) |
Treasury Stock, Value | (803,920) |
Common stock – $.0001 par value, 245,000 shares authorized, 132,754 and 131,991 shares issued, 83,520 and 85,715 shares outstanding | 6 |
Additional paid-in capital | 424,835 |
Retained earnings | $ 1,217,521 |
Treasury Stock, Shares at Dec. 31, 2018 | shares | 46,276 |
Noncontrolling interest at Dec. 31, 2018 | $ 8,868 |
Treasury Stock, Shares at Dec. 31, 2018 | shares | 46,276 |
Noncontrolling interest at Dec. 31, 2018 | $ 8,868 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Exercise of stock options (in Shares) | shares | 273 |
Exercise of stock options | $ 6,212 |
Issuance of fully vested restricted stock (in Shares) | shares | 490 |
Stock-based compensation | $ 23,170 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent | 3,154 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax, Portion Attributable to Noncontrolling Interest | (269) |
Dividends, Common Stock, Cash | (48,426) |
Unrealized holding gain on marketable securities net of taxes | 88 |
Unrealized Gain (Loss) on Cash Flow Hedging Instruments | (1,054) |
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (1,444) |
Noncontrolling Interest, Increase from Business Combination | 3,248 |
Net loss attributable to noncontrolling interests | 411 |
Foreign currency translation adjustment | 2,885 |
Balance at Dec. 31, 2018 | 814,682 |
Balance at Dec. 31, 2019 | $ 841,224 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Stock Repurchased During Period, Shares | shares | (2,958) |
Payments for Repurchase of Common Stock | $ (101,768) |
Net Income (Loss) Attributable to Parent | 141,311 |
Balance at Dec. 31, 2019 | 841,224 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Net Income (Loss) Attributable to Parent | $ 17,751 |
Common Stock, Shares, Outstanding | shares | 83,520 |
Accumulated other comprehensive loss | $ (30,440) |
Treasury Stock, Value | (905,688) |
Common stock – $.0001 par value, 245,000 shares authorized, 132,754 and 131,991 shares issued, 83,520 and 85,715 shares outstanding | 6 |
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value | 1,909 |
Additional paid-in capital | 454,217 |
Retained earnings | $ 1,310,406 |
Statement of Shareholders' Equi
Statement of Shareholders' Equity shares in Thousands, $ in Thousands | USD ($)shares |
Statement of Stockholders' Equity [Abstract] | |
Common Stock, Shares, Outstanding | shares | 90,615 |
Common stock – $.0001 par value, 245,000 shares authorized, 132,754 and 131,991 shares issued, 83,520 and 85,715 shares outstanding | $ 6 |
Additional paid-in capital | 353,443 |
Retained earnings | 1,017,753 |
Accumulated other comprehensive loss | $ (31,751) |
Treasury Stock, Shares | shares | 39,011 |
Stockholders' Equity Attributable to Noncontrolling Interest | $ 205 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 741,072 |
Treasury Stock, Value | (598,584) |
Payments for Repurchase of Common Stock | $ (99,412) |
Stock Repurchased During Period, Shares | shares | (3,902) |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | shares | 983 |
Stock Issued During Period, Value, Stock Options Exercised | $ 16,433 |
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | shares | 351 |
Share-based Compensation | $ 20,847 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent | 6,836 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 6,836 |
Marketable Securities, Unrealized Gain (Loss) | 116 |
Unrealized Gain (Loss) on Cash Flow Hedging Instruments | (814) |
Noncontrolling Interest, Increase from Business Combination | 4,716 |
Net Income (Loss) Attributable to Parent | 117,948 |
Net Income (Loss) Attributable to Noncontrolling Interest | 1,190 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 119,138 |
Common Stock, Shares, Outstanding | shares | 88,047 |
Common stock – $.0001 par value, 245,000 shares authorized, 132,754 and 131,991 shares issued, 83,520 and 85,715 shares outstanding | $ 6 |
Additional paid-in capital | 390,723 |
Retained earnings | 1,135,701 |
Accumulated other comprehensive loss | $ (25,613) |
Treasury Stock, Shares | shares | 42,913 |
Stockholders' Equity Attributable to Noncontrolling Interest | $ 6,111 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 808,932 |
Treasury Stock, Value | (697,996) |
Payments for Repurchase of Common Stock | $ (105,924) |
Stock Repurchased During Period, Shares | shares | (3,363) |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | shares | 593 |
Stock Issued During Period, Value, Stock Options Exercised | $ 13,036 |
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | shares | 438 |
Share-based Compensation | $ 21,076 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent | (7,983) |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (7,983) |
Marketable Securities, Unrealized Gain (Loss) | 94 |
Unrealized Gain (Loss) on Cash Flow Hedging Instruments | 874 |
Dividends, Common Stock, Cash | (47,316) |
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (1,183) |
Noncontrolling Interest, Increase from Business Combination | 2,577 |
Net Income (Loss) Attributable to Parent | 129,136 |
Net Income (Loss) Attributable to Noncontrolling Interest | 1,363 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 130,499 |
Common Stock, Shares, Outstanding | shares | 85,715 |
Common stock – $.0001 par value, 245,000 shares authorized, 132,754 and 131,991 shares issued, 83,520 and 85,715 shares outstanding | $ 6 |
Additional paid-in capital | 424,835 |
Retained earnings | 1,217,521 |
Accumulated other comprehensive loss | $ (32,628) |
Treasury Stock, Shares | shares | 46,276 |
Stockholders' Equity Attributable to Noncontrolling Interest | $ 8,868 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 814,682 |
Treasury Stock, Value | (803,920) |
Payments for Repurchase of Common Stock | $ (101,768) |
Stock Repurchased During Period, Shares | shares | (2,958) |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | shares | 273 |
Stock Issued During Period, Value, Stock Options Exercised | $ 6,212 |
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | shares | 490 |
Share-based Compensation | $ 23,170 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent | 3,154 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax, Portion Attributable to Noncontrolling Interest | (269) |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 2,885 |
Marketable Securities, Unrealized Gain (Loss) | 88 |
Unrealized Gain (Loss) on Cash Flow Hedging Instruments | (1,054) |
Dividends, Common Stock, Cash | (48,426) |
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (1,444) |
Noncontrolling Interest, Increase from Business Combination | 3,248 |
Net Income (Loss) Attributable to Parent | 141,311 |
Net Income (Loss) Attributable to Noncontrolling Interest | 411 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 141,722 |
Net Income (Loss) Attributable to Parent | $ 17,751 |
Common Stock, Shares, Outstanding | shares | 83,520 |
Common stock – $.0001 par value, 245,000 shares authorized, 132,754 and 131,991 shares issued, 83,520 and 85,715 shares outstanding | $ 6 |
Additional paid-in capital | 454,217 |
Retained earnings | 1,310,406 |
Accumulated other comprehensive loss | $ (30,440) |
Treasury Stock, Shares | shares | 49,234 |
Stockholders' Equity Attributable to Noncontrolling Interest | $ 12,723 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 841,224 |
Treasury Stock, Value | (905,688) |
ERROR in label resolution. | $ 1,909 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity Consolidated Statements of Changes in Stockholders' Equity (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Unrealized holding gain on marketable securities-taxes | $ (28) | $ (30) | $ (67) |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | $ 333 | $ (276) | $ 468 |
Common Stock, Dividends, Per Share, Cash Paid | $ 0.57 | $ 0.53 | $ 0 |
Payments to Acquire Businesses, Gross | $ 37,173 | $ 0 | $ 16,795 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities: | |||
Net income | $ 141,722,000 | $ 130,499,000 | $ 119,138,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Stock-based compensation | 23,170,000 | 21,076,000 | 20,847,000 |
Depreciation and amortization | 21,337,000 | 22,482,000 | 21,389,000 |
Loss on disposal of fixed assets | 920,000 | 1,220,000 | 1,455,000 |
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 4,050,000 | 0 | 1,000,000 |
Impairment of Leasehold | 1,883,000 | 0 | 0 |
Deferred taxes | 5,144,000 | (2,512,000) | (19,274,000) |
Accrued interest on note receivable – related party | (40) | (47) | (55) |
Increase (Decrease) in Accrued Interest Receivable, Net | 40,000 | 47,000 | 54,000 |
Repayment of Notes Receivable from Related Parties | 409,000 | 409,000 | 409,000 |
Deferred rent expense | 0 | (247,000) | 1,455,000 |
Loss (gain) on sale of marketable securities | 5,000 | 189,000 | (5,000) |
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | 0 | 0 | (11,206,000) |
Net benefit in connection with reversal of contingent liability partially offset by acceleration of amortization related to Kate Spade license termination | (1,868,000) | 0 | 0 |
Provision for Doubtful Accounts | 8,687,000 | 12,123,000 | 5,470,000 |
Changes in: | |||
Accounts receivable | (17,837,000) | 4,966,000 | 22,683,000 |
Due from factor | 24,924,000 | (39,959,000) | (57,268,000) |
Inventories | 8,436,000 | (26,923,000) | 21,135,000 |
Prepaid expenses, prepaid taxes, deposits and other | 9,466,000 | 14,633,000 | 2,403,000 |
Accounts payable and accrued expenses | 11,036,000 | 21,249,000 | 9,501,000 |
Accrued incentive compensation | (249,000) | 828,000 | 2,507,000 |
Other liabilities | (7,415,000) | (5,610,000) | 16,350,000 |
Net cash provided by operating activities | 233,780,000 | 154,376,000 | 157,935,000 |
Cash flows from investing activities: | |||
Purchases of property and equipment | (18,311,000) | (12,450,000) | (14,775,000) |
Purchases of marketable securities | (67,935,000) | (77,262,000) | (61,209,000) |
Proceeds from Collection of Notes Receivable | 0 | 0 | 221,000 |
Maturity/sale of marketable securities | 95,671,000 | 100,777,000 | 79,141,000 |
Acquisitions | 37,173,000 | 0 | 16,795,000 |
Net cash used in investing activities | (27,748,000) | 11,065,000 | (13,417,000) |
Cash flows from financing activities: | |||
Proceeds from exercise of stock options | 6,212,000 | 13,036,000 | 16,433,000 |
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | 3,248,000 | 2,577,000 | 0 |
Payments to Noncontrolling Interests | (1,444,000) | (1,183,000) | 0 |
business combinations contingent liability payment | 0 | (7,000,000) | (7,359,000) |
Common stock purchased for treasury | (101,768,000) | (105,924,000) | (99,412,000) |
Payments of Dividends | (48,426,000) | (47,316,000) | 0 |
Net cash provided by financing activities | (142,178,000) | (145,810,000) | (90,338,000) |
Effect of Exchange Rate on Cash and Cash Equivalents | 216,000 | (814,000) | 919,000 |
Net decrease in cash and cash equivalents | 64,070,000 | 18,817,000 | 55,099,000 |
Cash and cash equivalents – beginning of period | 200,031,000 | 181,214,000 | 126,115,000 |
Cash and cash equivalents – end of period | 264,101,000 | 200,031,000 | 181,214,000 |
Cash paid during the year for: | |||
Interest | 25,000 | 36,000 | 24,000 |
Income taxes | $ 29,552,000 | $ 37,105,000 | $ 61,979,000 |
Reclassification (Notes)
Reclassification (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Changes and Error Corrections [Abstract] | |
Reclassifications [Text Block] | Note A – Reclassification The Company reclassed commission and licensing fee income into Total Revenue and reclassed its respective expenses into Operating Expenses from previously labeled Commission and Licensing Fee Income - Net on the Company’s Consolidated Statements of Income for all reporting periods. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
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, Superga (under license), GREATS, Dolce Vita and Betsey Johnson brand names and through its wholesale channels under the Stevies, Report, Mad Love and Blondo brand names and, under license, the Anne Klein brand name. An agreement under which the Company licensed the Kate Spade® trademark terminated as of December 31, 2019. In addition, the Company designs, sources, markets and sells name brand and private label handbags, accessories and apparel to customers worldwide through its Wholesale Accessories/Apparel segment, including the Steve Madden, Big Buddha, Betsey Johnson, Madden Girl, Betseyville, Cejon, Steven by Steve Madden, Luv Betsey, DKNY (under license), BB Dakota, Cupcakes & Cashmere (under license) and Anne Klein (under license) 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, 2019 and 2018 , the Company operated 227 (including 8 e-commerce websites) and 229 (including 7 e-commerce websites) retail stores, respectively. Revenue is subject to seasonal fluctuations. See Note Q 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, Schwartz & Benjamin, Inc., B.B. Dakota, Inc. and GREATS Brand, 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, (v) SM Dolce Limited, a joint venture in which the Company is the majority interest holder, (vi) SM Distribution Israel L.P., a joint venture in which the Company is the majority interest holder and (vii) SM Distribution China Co., Ltd., 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 attributable to noncontrolling interest” in the Consolidated Statements of Income and “Noncontrolling interest” in the Consolidated Balance Sheets. All intercompany balances and transactions have been eliminated. Certain reclassifications were made to prior years' amounts to conform to the 2019 presentation. [3] Use of Estimates: The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Significant areas involving management estimates include variable consideration included in revenue, allowances for bad debts, inventory valuation, valuation of intangible assets, litigation reserves and contingent payment liabilities. The Company estimates variable consideration on trade accounts receivables and factor receivables for future customer chargebacks and markdown allowances, discounts, returns and other miscellaneous compliance-related deductions that relate to the current period sales. The Company evaluates anticipated chargebacks by reviewing several performance indicators of its major customers. These performance indicators, which include retailers’ inventory levels, sell-through rates and gross margin levels, are analyzed by management to estimate the amount of the anticipated customer allowance. [4] Cash Equivalents: Cash equivalents at December 31, 2019 and 2018 amounted to approximately $107,535 and $77,050 , 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). Amortization of premiums and discounts is included in interest income. These securities are classified as current and non-current marketable securities based upon their maturities. As of December 31, 2019 , all bonds previously held by the Company reached maturity. For the years ended December 31, 2019 and 2018 , the amortization of bond premiums totaled $218 and $728 , 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, 2019 and 2018 is 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 $ — $ — $ 24,617 $ — Certificates of deposit 40,521 — 42,351 — Total $ 40,521 $ — $ 66,968 $ — For the year ended December 31, 2019 , losses of $5 were reclassified from accumulated other comprehensive income and recognized in the Consolidated Statements of Income in interest and other income as compared to losses of $189 for the year ended December 31, 2018 . As of December 31, 2019 , there were no unrealized gains or losses, because all bonds previously held by the Company reached maturity. At December 31, 2018 , current marketable securities included unrealized losses of $67 and no non-current marketable securities were held by the Company. [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 net realizable value. [7] Property and Equipment: Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is computed utilizing the straight-line method based on estimated useful lives ranging from three to ten years. Leasehold improvements are amortized utilizing the straight-line method over the shorter of their estimated useful lives or the remaining lease term. Impairment losses are recognized for long-lived assets, including definite-lived intangibles, used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are not sufficient to recover the assets' carrying amount. Impairment losses are measured by comparing the fair value of the assets to their carrying amount. [8] Goodwill and Intangible Assets: The Company's goodwill and indefinite-lived intangible assets are not amortized; rather they are tested for impairment on an annual basis, or more often if events or circumstances change that could cause these assets to become impaired. In accordance with applicable accounting guidance, indefinite-lived intangible assets and goodwill are assessed for impairment by performing a qualitative assessment that 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. 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. In addition, in the second quarter of 2019, the Company recognized an impairment charge of $4,050 related to the Brian Atwood trademark. The impairment was triggered by the Company's decision to discontinue distribution of the brand. The Company completed its annual impairment tests on goodwill and its remaining indefinite-lived intangible assets during the third quarter of 2019 , 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 twenty 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 of 4,427,000 , 5,137,000 and 5,876,000 shares for the years ended December 31, 2019 , 2018 and 2017 , respectively. Diluted net income per share reflects: a) the potential dilution assuming shares of common stock were issued upon the exercise of outstanding in-the-money options and the proceeds thereof were used to purchase shares of the Company’s common stock at the average market price during the period, and b) the vesting of granted non-vested restricted stock awards for which the assumed proceeds upon vesting are deemed to be the amount of compensation cost not yet recognized attributable to future services using the treasury stock method, to the extent dilutive. For the years ended December 31, 2019 , 2018 and 2017 , options to purchase approximately 5,000 , 45,000 and 14,000 shares of common stock, respectively, have been excluded from the calculation of diluted net income per share as the result would have been anti-dilutive. For the years ended December 31, 2019 , 2018 and 2017 , all unvested restricted stock awards were dilutive. [10] Comprehensive Loss: Comprehensive loss is the total of net earnings and all other non-owner changes in equity. Comprehensive loss 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: 2019 2018 Currency translation adjustment $ (29,636 ) $ (33,091 ) Cash flow hedges, net of tax (804 ) 530 Unrealized loss on securities, net of tax — (67 ) Accumulated other comprehensive loss $ (30,440 ) $ (32,628 ) [11] Advertising Costs: The Company expenses costs of print, radio and billboard advertisements as incurred. Advertising expenses included in operating expenses amounted to approximately $30,165 in 2019 , $21,921 in 2018 and $19,629 in 2017 . [12] Revenue Recognition: In May 2014, the Financial Accounting Standards Board (the "FASB") issued new accounting guidance ("Topic 606"), as amended, Accounting Standards Update No. 2014-09 ("ASU 2014-09"), "Revenue from Contracts with Customers," on revenue recognition. The new standard has replaced Revenue Recognition Topic 605 and provides for a single five-step model to be applied to all revenue contracts with customers as well as requiring 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. Effective January 1, 2018, the Company adopted the requirements of Topic 606 using the cumulative effect adjustment approach. The impacts to the financial statements of this adoption are primarily related to balance sheet classification, including amounts associated with the change in balance sheet classification of the sales returns reserves, with no significant impact to the income statement as the Company's previous revenue recognition policies are in line with Topic 606. The Company recognizes revenue when performance obligations identified under the terms of contracts with its customers are satisfied, which generally occurs upon the transfer of control in accordance with the contractual terms and conditions of the sale. Most of the Company’s revenue is recognized at a point in time when product is shipped to the customer. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring goods, which includes estimates for variable consideration. Variable consideration mainly includes markdown allowances, co-op advertising programs and product returns. The revenue recognition for the Company's segments are described below (see Note Q for disaggregated revenue amounts by segment). A. Disaggregation of Revenue Wholesale Sales Segments. The Company generates revenue through the design, sourcing and sale of branded footwear, accessories and apparel to both domestic and international customers who, in turn, sell the products to the consumer. The Company recognizes revenue when performance obligations identified under the terms of contracts with its customers are satisfied, which occurs upon the transfer of control of the merchandise in accordance with the contractual terms and conditions of the sale. The Company's revenue associated with its branded footwear, accessories and apparel products is recognized at a point in time when product is shipped to the customer. The Company also generates revenue through the design, sourcing and sale of private label footwear and accessories to both domestic and international customers who brand the products and sell them to the consumer. The Company's revenue associated with private label footwear and accessories products is recognized at a point in time when product is physically delivered to the customer's freight forwarder. Retail Segment. The Company owns and operates 227 retail stores throughout the United States, Canada, Mexico, South Africa, Israel and China, including 8 e-commerce sites. The Company generates revenue through the sale of branded footwear and accessories directly to the consumer. The Company's revenue associated with Retail segment sales is recognized at the time of the point of sale when the customer takes control of the goods and payment is received. First Cost Segment. The Company earns commissions for serving as a buying agent for footwear products under private labels and certain owned brands for many of the large mass-market merchandisers, shoe chains and other mid-tier retailers. As a buying agent, the Company utilizes its expertise and relationships with shoe manufacturers to facilitate the production of private label shoes to customer specifications. The Company’s commission revenue also includes fees charged for its design and product development services provided to certain suppliers. The Company satisfies its performance obligation to its customers by performing the services in buyer agency agreements and thereby earning its commission fee at the point in time when the customer’s freight forwarder takes control of the goods. The Company satisfies its performance obligation with the suppliers and earns its design fee from the factory at the point in time when the customer’s freight forwarder takes control of the goods. Licensing Segment. The Company licenses various trademarks it owns under licensing agreements for use in connection with the manufacture, marketing and sale of eyewear, outerwear, hosiery, activewear, sleepwear, jewelry, watches, hair accessories, umbrellas, bedding, luggage, fragrance, men’s leather accessories, women's and children's apparel, swimwear and household goods. The license agreements require the licensee to pay the Company a royalty and, in substantially all of the agreements, an advertising fee, both of which are based on the higher of a minimum or actual net sales percentage as defined in the various agreements. Licensing revenue is recognized on the basis of net sales reported by the licensees, or the minimum guaranteed royalties, if higher. In substantially all of the Company’s license agreements, the minimum guaranteed royalty is earned and receivable on a quarterly basis. The Company recognizes licensing revenue over the period of time in which the license is provided to the benefit of the licensee. B. Variable Consideration Markdown Allowances The Company provides markdown allowances to its retailer customers, which are recorded as a reduction of revenue in the period in which the branded footwear and accessories revenues are recognized. The Company estimates its markdown allowances by reviewing several performance indicators, including retailers' inventory levels, sell-through rates and gross margin levels. Co-op Advertising Programs Under co-op advertising programs, the Company agrees to reimburse the retailer for a portion of the costs incurred by the retailer to advertise and promote certain of the Company's products. The Company estimates the costs of co-op advertising programs based on the terms of the agreements with its retailer customers. Rights of Return The Company’s Retail segment accepts returns within 30 days from the date of sale for unworn merchandise that the Company is able to re-sell through the channel. The Company does not accept returns as a normal business practice from its branded and private label wholesale customers except for its cold weather accessories business and its Blondo and Kate Spade brands product lines. The Company estimates returns based on historical experience and current market conditions. Such amounts have historically not been material. 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. [13] Taxes Collected from Customers: The Company accounts for certain taxes collected from its customers in accordance with the accounting guidance that 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, such as sales taxes, use taxes, value-added taxes and some types of excise taxes. The Company records all taxes on a net basis. [14] 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. [15] Warehouse and Shipping Costs: The Company includes all warehouse and shipping costs for the Wholesale segments in the operating expenses line on the Consolidated Statements of Income. For the years ended December 31, 2019 , 2018 and 2017 , the total warehouse and distribution costs included in operating expenses were $58,019 , $47,812 and $41,369 , 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 expenses line item in the Consolidated Statements of Income. [16] 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 2019 , 2018 and 2017 were approximately $2,048 , $1,893 and $1,819 , respectively. [17] 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 M - Derivative Instruments. [18] 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 O - Income Taxes. [19] 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 awards 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 operating expenses in the Consolidated Statements of Income if an incremental tax benefit is realized. See Note J - Equity- Based Compensation. |
Stock Split (Notes)
Stock Split (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Statement of Stockholders' Equity [Abstract] | |
Subsequent Events [Text Block] | Note C – Stock Split On September 17, 2018, the Company announced that on September 11, 2018 its Board of Directors declared a three-for-two stock split of the Company's outstanding shares of common stock, effected in the form of a stock dividend on the Company's outstanding common stock. Stockholders of record at the close of business on October 1, 2018 received one additional share of Steven Madden, Ltd. common stock for every two shares of common stock owned on that date. The additional shares were distributed on October 11, 2018. Stockholders received cash in lieu of any fractional shares of common stock they otherwise would have received in connection with the dividend. All share and per share data provided herein gives retroactive effect to this stock split. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2019 | |
Acquisitions [Abstract] | |
Acqusitions | Acquisitions GREATS Brand, Inc. On August 9, 2019, the Company acquired 90% of the outstanding common stock of GREATS Brand, Inc., owner of GREATS, a pioneering digitally native sneaker brand, for an initial payment of $12,829 and a future contingent payment of $5,000 based on the GREATS brand achieving certain EBITA targets. In connection therewith, the Company recorded a long-term liability of $4,354 as of the date of acquisition to reflect the estimated fair value of the contingent purchase price. The amount of future payments will be determined by GREATS' future performance with no minimum future payment. After the effect of closing adjustments, the purchase price was $16,893 , net of cash acquired of approximately $290 . The acquisition was funded by cash on hand and adds a new footwear brand with added growth potential to the Company. The results of the GREATS brand have been included in the consolidated financial statements since the date of acquisition within the U.S. location of the Retail segment. The following table summarizes the fair value of the assets acquired and liabilities assumed as of the August 9, 2019 acquisition date: Cash $ 290 Accounts receivable 41 Inventory 1,387 Prepaid and other assets 6,447 Fixed assets 200 Trademark (1) 13,590 Customer relationships (2) 1,140 Accounts payable (1,963 ) Accrued expenses (1,168 ) Deferred tax liabilities long-term (3,463 ) Noncontrolling interest (1,909 ) Total fair value excluding goodwill 14,592 Goodwill 2,591 Net assets acquired $ 17,183 (1) Trademark is indefinitely lived. (2) Customer relationships will be amortized over 20 years. B.B. Dakota, Inc. On August 12, 2019, the Company acquired 100% of the outstanding common stock of B.B. Dakota, Inc., owner of BB Dakota, a contemporary women's apparel company, for an initial payment of $24,568 and a future contingent payment on the BB Dakota brand achieving certain EBITDA targets. In connection therewith, the Company recorded a long-term liability of $4,770 as of the date of acquisition to reflect the estimated fair value of the contingent purchase price. The amount of future payments will be determined by BB Dakota's future performance with no minimum future payment. After the effect of closing adjustments, the purchase price was $29,404 , net of cash acquired of approximately $353 and a post-closing working capital adjustment of $419 . The acquisition was funded by cash on hand and adds new apparel brands with added growth potential to the Company. The results of the BB Dakota brand have been included in the consolidated financial statements since the date of acquisition within the U.S. location of the Wholesale Accessories/Apparel segment. The following table summarizes the fair value of the assets acquired and liabilities assumed as of the August 12, 2019 acquisition date: Cash $ 353 Accounts receivable 4,419 Inventory 6,696 Prepaid and other assets 855 Fixed assets 382 Trademark (1) 9,670 Customer relationships (2) 2,530 Accounts payable (2,885 ) Accrued expenses (2,893 ) Deferred tax liabilities long-term (2,735 ) Total fair value excluding goodwill 16,392 Goodwill 13,365 Net assets acquired $ 29,757 (1) Trademark is indefinitely lived. (2) Customer relationships will be amortized over 10 years. The acquisitions were accounted for in accordance with FASB Topic ASC 805 ("Business Combinations"), which requires that the total cost of an acquisition be allocated to tangible and intangible assets acquired and liabilities assumed based upon their respective fair values at the date of acquisition. The Company recorded goodwill for both acquisitions based on the amount by which the purchase price exceeded the fair value of the net assets acquired, which consists largely of the synergies expected from the acquisitions. Preliminary estimates of the fair value of identifiable assets acquired and liabilities assumed are subject to revision, which may result in adjustments to the preliminary values discussed above. SM Distribution China Co., Ltd. In September 2019, the Company formed SM Distribution China Co., Ltd. ("SM China"), a joint venture with Channelink LLP through its subsidiary. The Company is 51% interest holder in SM China and controls all of the significant participating rights of the joint venture. SM China is the exclusive distributor of the Company's products in China. Because the Company controls all of the significant participating rights of the joint venture and is the majority interest holder in SM China, the assets, liabilities and results of operations of the joint venture are consolidated and included in the Company’s consolidated financial statements. The other member's interest is reflected in “Net income attributable to noncontrolling interest” in the Consolidated Statements of Income and “Noncontrolling interest” in the Consolidated Balance Sheets. SM Distribution Israel, Limited Partnership In November 2018, the Company formed a joint venture ("SM Israel") with Inter Jeans Ltd. through its subsidiary, SM Distribution Israel L.P. The Company is the majority interest holder in SM Israel and controls all of the significant participating rights of the joint venture. SM Israel is the exclusive distributor of the Company's products in Israel. As the Company controls all of the significant participating rights of the joint venture and is the majority interest holder in SM Israel, the assets, liabilities and results of operations of SM Israel 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. |
Due To and From Factor
Due To and From Factor | 12 Months Ended |
Dec. 31, 2019 | |
Due To and From Factor [Abstract] | |
Due To And From Factor | Factor Receivable The Company has a collection agency agreement with Rosenthal & Rosenthal, Inc. (“Rosenthal”). The agreement can be terminated by the Company or Rosenthal at any time upon 60 days' prior written notice. Under the agreement, the Company can request advances from Rosenthal of up to 85% of aggregate receivables submitted to Rosenthal. The agreement provides the Company with a $30,000 credit facility with a $15,000 sub-limit for letters of credit at an interest rate based, at the Company’s election, upon a calculation that utilizes either the prime rate minus 0.5% or LIBOR plus 2.5% . As of December 31, 2019 and 2018 , no borrowings were outstanding under the credit facility and there were no open letters of credit. The Company also pays Rosenthal a fee based on a percentage of the gross invoice amount submitted to Rosenthal. With respect to receivables related to the Company's private label business, the fee is 0.14% of the gross invoice amount. With respect to all other receivables, the fee is 0.20% of the gross invoice amount. Rosenthal assumes the credit risk on a substantial portion of the receivables that the Company submits to it, and to the extent of any loans made to the Company, Rosenthal maintains a lien on the Company’s receivables to secure the Company’s obligations. |
Note Receivable - Related Party
Note Receivable - Related Party | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Note Receivable - Related Party | Note Receivable – Related Party On June 25, 2007, the Company made a loan to Steven 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, 2019 , 2018 and 2017 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 $40 , $47 and $55 , respectively. |
Fair Value Measurement
Fair Value Measurement | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | Fair Value Measurement The accounting guidance under Accounting Standards Codification 820-10, “Fair Value Measurements and Disclosures” (“ASC 820-10”) requires the Company to make disclosures about the fair value of certain of its assets and liabilities. ASC 820-10 clarifies the principle that fair value should be based on the assumptions market participants would use when pricing an asset or liability and establishes a fair value hierarchy that prioritizes the information used to develop those assumptions. ASC 820-10 utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. A brief description of those three levels is as follows: • Level 1: Observable inputs such as quoted prices in active markets for identical assets or liabilities. • Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. • Level 3: Significant unobservable inputs. The Company’s financial assets and liabilities, subject to fair value measurements, as of December 31, 2019 and 2018 are as follows: December 31, 2019 Fair Value Measurements Fair value Level 1 Level 2 Level 3 Assets: Cash equivalents $ 107,535 $ 107,535 $ — $ — Current marketable securities – available for sale 40,521 40,521 — — Total assets $ 148,056 $ 148,056 $ — $ — Liabilities: Contingent consideration $ 9,124 $ — $ — $ 9,124 Forward contracts 495 — 495 — Total liabilities $ 9,619 $ — $ 495 $ 9,124 December 31, 2018 Fair Value Measurements Fair value Level 1 Level 2 Level 3 Assets: Cash equivalents $ 77,050 $ 77,050 $ — $ — Current marketable securities – available for sale 66,968 66,968 — — Forward contracts 707 — 707 — Total assets $ 144,725 $ 144,018 $ 707 $ — Liabilities: Contingent consideration $ 3,000 $ — $ — $ 3,000 Total liabilities $ 3,000 $ — $ — $ 3,000 Our level 3 balance consists of contingent consideration related to acquisitions. The changes in our level 3 liabilities for the years ended December 31, 2019 and 2018 are as follows: Balance at January 1, Payments Acquisitions Change in estimate Balance at December 31, 2019 Liabilities: Contingent consideration $ 3,000 — 9,124 (3,000 ) $ 9,124 2018 Liabilities: Contingent consideration $ 10,000 (7,000 ) — — $ 3,000 Forward contracts are entered into to manage the risk associated with the volatility of future cash flows (see Note M - Derivative Instruments). Fair value of these instruments is based on observable market transactions of spot and forward rates. The Company recorded a $4,354 liability for potential contingent consideration in connection with the August 9, 2019 acquisition of GREATS Brand, Inc. Pursuant to the terms of an earn-out provision contained in the equity purchase agreement, between the Company and the sellers of GREATS Brand, Inc., earn-out payments are based on EBIT performance. 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 GREATS Brand, Inc. during the earn-out period. The Company recorded a $4,770 liability for potential contingent consideration in connection with the August 12, 2019 acquisition of B.B. Dakota, Inc. Pursuant to the terms of an earn-out provision contained in the equity purchase agreement, between the Company and the sellers of B.B. Dakota, Inc., earn-out payments are based on EBITDA performance. 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 B.B. Dakota, Inc. during the earn-out period. The Company recorded a liability for potential contingent consideration in connection with the January 30, 2017 acquisition of Schwartz & Benjamin. 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. An earn-out payment in the aggregate amount of $7,000 was paid to the sellers of Schwartz & Benjamin in the first quarter of 2018, leaving a remaining balance of $3,000 at December 31, 2018. In the first quarter of 2019, the Company reversed the $3,000 balance, because it will not be paid due to the termination of the Kate Spade license agreement held by Schwartz & Benjamin as of December 31, 2019. 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 investments in marketable securities available for sale are determined by reference to publicly quoted prices in an active market. Fair value of the notes receivable held by the Company approximates their carrying value based upon their imputed or actual interest rate, which approximates applicable current market interest rates. |
Property and Equipment (Notes)
Property and Equipment (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
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 2019 2018 Land and building $ 947 $ 767 Leasehold improvements 91,341 84,512 Machinery and equipment 10 years 6,597 7,098 Furniture and fixtures 5 years 11,972 9,039 Computer equipment and software 3 to 5 years 65,093 58,089 175,950 159,505 Less accumulated depreciation and amortization (110,446 ) (94,698 ) Property and equipment - net $ 65,504 $ 64,807 Depreciation and amortization expense related to property and equipment included in operating expenses amounted to approximately $ 15,993 in 2019 , $ 16,036 in 2018 and $ 15,160 in 2017 . |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 and 2018 : Wholesale Footwear Accessories/Apparel Retail Net Carrying Amount Balance at January 1, 2018 $ 84,862 $ 49,324 $ 14,352 $ 148,538 Translation and other (311 ) — (115 ) (426 ) Balance at December 31, 2018 84,551 49,324 14,237 148,112 Acquisitions — 11,955 4,644 16,599 Purchase accounting adjustment — 1,409 (2,053 ) (644 ) Translation and other 7,021 — 261 7,282 Balance at December 31, 2019 $ 91,572 $ 62,688 $ 17,089 $ 171,349 The following tables detail identifiable intangible assets as of December 31, 2019 and 2018 : 2019 Estimated Lives Cost Basis Accumulated Amortization (1) Impairment (2) Net Carrying Amount Trade names 6–10 years $ 8,770 $ 8,418 $ — $ 352 Customer relationships 10-20 years 43,880 24,409 — 19,471 Non-compete agreement 5 years 455 455 — — Re-acquired right 2 years 4,200 4,200 — — 57,305 37,482 — 19,823 Re-acquired right indefinite 35,200 8,299 — 26,901 Trademarks indefinite 120,035 — 4,050 115,985 $ 212,540 $ 45,781 $ 4,050 $ 162,709 (1) Includes the effect of foreign currency translation related primarily to the movement of the Canadian dollar and Mexican peso in relation to the U.S. dollar. (2) An impairment charge of $4,050 was recorded in the second quarter of 2019 related to the Company's Brian Atwood trademark. The impairment was triggered by the Company's decision to discontinue distribution of the brand as the Company explores alternatives. 2018 Estimated Lives Cost Basis Accumulated Amortization (1) Impairment (2) Net Carrying Amount Trade names 6–10 years $ 9,220 $ 6,582 $ — $ 2,638 Customer relationships 10-20 years 47,019 28,049 — 18,970 License agreements 3–6 years 5,600 5,600 — — Non-compete agreement 5 years 2,440 2,440 — — Re-acquired right 2 years 4,200 4,200 — — Other 3 years 14 14 — — 68,493 46,885 — 21,608 Re-acquired right indefinite 35,200 9,785 — 25,415 Trademarks indefinite 100,333 — 4,045 96,288 $ 204,026 $ 56,670 $ 4,045 $ 143,311 (1) Includes the effect of foreign currency translation related primarily to the movement of the Canadian dollar and Mexican peso in relation to the U.S. dollar. (2) Impairment charges related to the Wild Pair trademark. The amortization of intangible assets amounted to $ 6,258 for 2019 , $ 5,718 for 2018 and $5,245 for 2017 and is included in operating expenses on the Company's Consolidated Statements of Income. The estimated future amortization expense for intangibles as of December 31, 2019 is as follows: 2020 $ 2,913 2021 2,236 2022 1,802 2023 1,802 2024 1,802 Thereafter 9,268 Total $ 19,823 |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | Equity-Based Compensation In February 2019, the Company's Board of Directors approved the Steven Madden, Ltd. 2019 Incentive Compensation Plan (the “2019 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 2019 Plan is the successor to the Company's Amended and Restated 2006 Stock Incentive Plan, as amended (the "2006 Plan"), the term of which expired on April 6, 2019. The Company's stockholders approved the 2019 Plan at the Company's annual meeting of stockholders held on May 24, 2019. The following table summarizes the number of shares of common stock authorized for issuance under the 2019 Plan, the number of stock-based awards granted (net of expired or cancelled awards) under the 2019 Plan and the number of shares of common stock available for the grant of stock-based awards under the 2019 Plan: Common stock authorized 11,000,000 Stock-based awards, including restricted stock and stock options granted, net of expired or cancelled awards (483,185 ) Common stock available for grant of stock-based awards as of December 31, 2019 10,516,815 For the years ended December 31, 2019 , 2018 and 2017 , total equity-based compensation was as follows: Years Ended December 31, 2019 2018 2017 Restricted stock $ 19,143 $ 16,720 $ 16,616 Stock options 4,027 4,356 4,231 Total $ 23,170 $ 21,076 $ 20,847 Equity-based compensation is included in operating expenses on the Company’s Consolidated Statements of Income. Stock Options Cash proceeds and intrinsic values related to total stock options exercised during December 31, 2019 , 2018 and 2017 are as follows: Years Ended December 31, 2019 2018 2017 Proceeds from stock options exercised $ 6,212 $ 13,036 $ 16,433 Intrinsic value of stock options exercised $ 4,268 $ 6,841 $ 9,936 During the years ended December 31, 2019 , 2018 and 2017 , options to purchase approximately 738,903 shares of common stock with a weighted average exercise price of $28.20 , 773,351 options with a weighted average exercise price of $26.38 and 614,283 options with a weighted average exercise price of $22.68 vested, respectively. As of December 31, 2019 , there were unvested options relating to 1,171,934 shares of common stock outstanding with a total of $4,982 of unrecognized compensation cost and an average vesting period of 2.0 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. The dividend yield is based on the Company's annualized dividend per share amount divided by the Company's stock price. The following weighted average assumptions were used for stock options granted during 2019 , 2018 and 2017 : 2019 2018 2017 Volatility 32.0% to 39.6% 25.1% to 33.2% 23.0% to 26.4% Risk free interest rate 1.6% to 2.5% 2.1% to 2.9% 1.5% to 2.0% Expected life in years 1.0 to 5.0 3.0 to 5.0 3.0 to 5.0 Dividend yield 1.6% 1.7% 0.0% Weighted average fair value $5.38 $6.75 $5.94 Activity relating to stock options granted under the Company’s plans and outside the plans during the three years ended December 31, 2019 is as follows: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at January 1, 2017 2,249,000 $ 19.81 Granted 1,593,000 25.03 Exercised (983,000 ) 16.49 Forfeited (13,000 ) 23.49 Outstanding at December 31, 2017 2,846,000 23.87 Granted 585,000 32.39 Exercised (593,000 ) 22.04 Forfeited (23,000 ) 22.59 Outstanding at December 31, 2018 2,815,000 26.03 Granted 272,000 30.93 Exercised (273,000 ) 22.77 Forfeited (12,000 ) 20.17 Outstanding at December 31, 2019 2,802,000 $ 26.85 4.1 $ 45,284 Exercisable at December 31, 2019 1,630,000 $ 27.02 3.7 $ 26,069 The following table summarizes information about stock options at December 31, 2019 : 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 $19.59 to $23.91 468,000 2.2 $22.79 347,000 $22.54 $23.92 to $28.24 1,474,000 4.1 25.18 775,000 25.43 $28.25 to $32.57 557,000 5.7 29.81 275,000 29.58 $32.58 to $36.90 291,000 3.9 35.55 233,000 35.93 $36.91 to $41.23 12,000 6.5 41.18 — — 2,802,000 4.1 $26.85 1,630,000 $27.02 Restricted Stock The following table summarizes restricted stock activity during the three years ended December 31, 2019 : Number of Shares Weighted Average Fair Value at Grant Date Outstanding at January 1, 2017 6,287,000 $ 17.29 Granted 413,000 25.11 Vested (762,000 ) 20.39 Forfeited (62,000 ) 23.65 Outstanding at December 31, 2017 5,876,000 17.37 Granted 509,000 31.70 Vested (1,177,000 ) 18.44 Forfeited (71,000 ) 25.61 Outstanding at December 31, 2018 5,137,000 18.42 Granted 633,000 32.64 Vested (1,200,000 ) 19.40 Forfeited (143,000 ) 28.61 Outstanding at December 31, 2019 4,427,000 $ 19.84 As of December 31, 2019 , the Company had $57,134 of total unrecognized compensation cost related to restricted stock awards granted under the 2019 Plan and the 2006 Plan. This cost is expected to be recognized over a weighted average period of 3.96 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, 2019 , 2018 and 2017 was $23,263 , $36,122 and $21,549 , 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 2,194,586 restricted shares of the Company’s common stock at the then market price of $18.23 , 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 2,840,013 restricted shares of the Company's common stock at the then market price of $14.09 , 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 March 1, 2017, pursuant to his employment agreement, Mr. Madden was granted an option to purchase 1,125,000 shares of the Company’s common stock at an exercise price of $24.90 per share, which option is exercisable in equal annual installments over a five-year period commencing on the first anniversary of the grant date. On March 25, 2019, pursuant to an amendment of the employment agreement between the Company and its Creative and Design Chief, Steven Madden, which effected the extension of the term of the agreement for three years through December 31, 2026, Mr. Madden was granted 200,000 restricted shares of the Company's common stock. The restricted stock award will vest in three nearly equal annual installments commencing on December 31, 2024. On August 19, 2019, pursuant to his employment agreement with the Company, Mr. Madden was granted an option to purchase 225,000 shares of the Company's common stock at an exercise price of $30.14 per share, which option will vest in four equal installments commencing on November 19, 2019 and ending on June 30, 2020. As of December 31, 2019 , Mr. Madden has unvested options to purchase 843,750 shares of the Company's common stock and 3,347,390 restricted shares of the Company's common stock. |
Preferred Stock (Notes)
Preferred Stock (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 | |
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 of the Company's common stock. Most recently, on April 24, 2019, the Board of Directors approved the extension of the Company's Share Repurchase Program for up to $200,000 in repurchases of the Company's common stock, which includes the amount remaining under the prior authorization. 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, 2019 , an aggregate of 2,381,340 shares of the Company's common stock were repurchased under the Share Repurchase Program, at a weighted average price per share of $32.76 , for an aggregate purchase price of approximately $78,001 , which includes the amount remaining under the prior authorization. As of December 31, 2019 , approximately $136,959 remained available for future repurchases under the Share Repurchase Program. The Steven Madden, Ltd. 2019 Incentive Compensation Plan provides the Company with the right to deduct or withhold, or require participants 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, participants 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 employee's withholding tax obligation. During the twelve months ended December 31, 2019 , an aggregate of 577,413 shares were withheld in connection with the settlement of vested restricted stock to satisfy tax withholding requirements, at an average price per share of $41.16 , for an aggregate purchase price of approximately $23,767 . |
Derivative Instruments (Notes)
Derivative Instruments (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments [Abstract] | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | Derivative Instruments The Company uses derivative instruments, specifically, forward foreign exchange contracts, to manage the risk associated with the volatility of future cash flows. The foreign exchange contracts are used to mitigate the impact of exchange rate fluctuations on certain forecasted purchases of inventory and are designated as cash flow hedging instruments. As of December 31, 2019 , the fair value of the Company's foreign currency derivatives, which is included on the Consolidated Balance Sheets in other liabilities , is $495 . As of December 31, 2019 and 2018 , the Company's hedging activities were considered effective and, thus, no ineffectiveness from hedging activities was recognized in the Consolidated Statements of Income. The following table presents the pre-tax amounts from derivative instruments affecting income and other comprehensive income ("OCI") for the years ended December 31, 2019 , 2018 and 2017 , respectively: Cash Flow Hedges Forward Contracts: Location of Gain or Loss Recognized in Net Income on Derivative Gain/(Loss) Recognized in Accumulated OCI Gain/(Loss) Reclassified into Income From Accumulated OCI 2019 Cost of Sales $ (454 ) $ (10 ) 2018 Cost of Sales 748 (39 ) 2017 Cost of Sales (802 ) (57 ) |
Operating Leases (Notes)
Operating Leases (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Operating Leases [Abstract] | |
Leases of Lessee Disclosure [Text Block] | Leases During the first quarter 2019, the Company adopted ASU No. 2016-02, “Leases (Topic 842),” which requires leases with durations greater than twelve months to be recognized on the balance sheet. The Company adopted the standard using the modified retrospective approach with an effective date as of January 1, 2019. Upon adoption the Company recorded $194,100 for right-of-use asset and $209,000 for lease liabilities. The Company did not apply the new standard to comparative periods and therefore, those amounts are not presented below. The Company elected the package of three practical expedients. As such, the Company did not reassess whether expired or existing contracts are or contain a lease and did not need to reassess the lease classifications or reassess the initial direct costs associated with expired or existing leases. The Company did not elect the hindsight practical expedient or the land easement practical expedient, neither of which are applicable to the Company. Also, the Company has elected to take the practical expedient to not separate lease and non-lease components for all asset classes. The Company leases office space, sample production space, warehouses, showrooms, storage and retail stores under operating leases. The Company’s portfolio of leases is primarily related to real estate and since most of our leases do not provide a readily determinable implicit rate, the Company estimated its incremental borrowing rate to discount the lease payments based on information available at lease commencement. Lease Position The table below presents the lease-related assets and liabilities recorded on the balance sheet as of December 31, 2019 : Classification on the Balance Sheet December 31, 2019 Assets Noncurrent (1) Operating lease right-of-use asset $ 155,700 Liabilities Current Operating leases - current portion $ 38,624 Noncurrent Operating leases - long-term portion 133,172 Total operating lease liabilities $ 171,796 Weighted-average remaining lease term 5.5 years Weighted-average discount rate (2) 4.4 % (1) During the third quarter of 2019, the Company recorded a pre-tax charge related to the right-of-use asset of $1,883 . (2) Upon adoption of the new lease standard, discount rates used for existing leases were established at January 1, 2019. Lease Costs The table below presents certain information related to lease costs for the year ended December 31, 2019 : Operating lease cost $ 48,387 Short-term lease cost 239 Less: sublease income 644 Total lease cost $ 47,982 Other Information The table below presents supplemental cash flow information related to leases for the year ended December 31, 2019 : Cash paid for amounts included in the measurement of lease liabilities Operating cash flows used for operating leases $ 46,324 Undiscounted Cash Flows The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the lease liabilities recorded on the balance sheet as of December 31, 2019 : 2020 $ 46,035 2021 39,586 2022 30,474 2023 21,680 2024 18,020 Thereafter 38,119 Total minimum lease payments 193,914 Less: interest 22,118 Present value of lease liabilities $ 171,796 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, 2019 , 2018 and 2017 was approximately $ 61,283 , $ 58,332 and $ 56,027 , respectively. Included in such amounts are contingent rents of $ 138 , $ 516 and $ 424 in 2019 , 2018 and 2017 , 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 in 2018 and 2017. |
Income Taxes (Notes)
Income Taxes (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The components of income before income taxes are as follows: 2019 2018 2017 Domestic $ 119,166 $ 121,674 $ 124,472 Foreign 62,060 55,666 47,855 $ 181,226 $ 177,340 $ 172,327 The components of provision for income taxes for all periods presented were as follows: 2019 2018 2017 Current: Federal $ 18,655 $ 32,880 $ 56,836 State and local 3,765 5,012 5,746 Foreign 11,940 11,771 10,773 34,360 49,663 73,355 Deferred: Federal 2,309 (2,489 ) (22,061 ) State and local 1,343 (200 ) 800 Foreign 1,492 (133 ) 1,095 5,144 (2,822 ) (20,166 ) $ 39,504 $ 46,841 $ 53,189 A reconciliation between taxes computed at the federal statutory rate and the effective tax rate is as follows: December 31, 2019 2018 2017 Income taxes at federal statutory rate 21.0 % 21.0 % 35.0 % Effects of foreign operations (0.1 ) (0.7 ) (4.5 ) Stock-based compensation (3.4 ) (2.1 ) (2.2 ) State and local income taxes - net of federal income tax benefit 2.3 2.4 2.0 Nondeductible items 0.7 0.1 0.5 Impact of tax reform — 2.0 (4.4 ) Receivable adjustment — — 2.7 Prepaid tax adjustment related to prior years — 3.8 — Other 1.3 (0.1 ) 1.8 Effective rate 21.8 % 26.4 % 30.9 % The primary changes between the Company’s effective tax rate for the year ended December 31, 2019 and 2018 are due to the year-over-year benefit resulting from the exercising and vesting of shared-based awards, a decrease in the state taxes incurred, a decrease in prepaid tax adjustments, and an increase in 2019 pre-tax income in jurisdictions with low tax rates. The components of deferred tax assets and liabilities are as follows: December 31, 2019 2018 Deferred taxes assets Receivable allowances $ 8,537 $ 8,702 Inventory 3,247 2,274 Unrealized loss — 282 Accrued expenses 1,453 1,113 Deferred compensation 8,643 10,217 Deferred rent — 4,257 Net carryforwards 7,531 647 Lease liability 41,382 — Other 493 1,557 Gross deferred tax assets before valuation allowance 71,286 29,049 Less: valuation allowance (2,230 ) (649 ) Gross deferred tax assets after valuation allowance 69,056 28,400 Deferred tax liabilities Depreciation and amortization (26,978 ) (13,009 ) Unremitted earnings of foreign subsidiaries (3,025 ) (2,597 ) Right-of-use asset (37,248 ) — Amortization of goodwill (7,682 ) (7,514 ) Gross deferred tax liabilities (74,933 ) (23,120 ) Net deferred tax (liabilities)/assets $ (5,877 ) $ 5,280 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. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities (including the impact of available carryback and carryforward periods), projected future taxable income, and tax‑planning strategies in making this assessment. The Company’s aggregate valuation allowance of $2,230 for the year ended December 31, 2019 relates to a deferred tax asset on an outside basis difference that the Company does not expect to realize, a net operating loss deferred tax asset in its Luxembourg subsidiary, and a net operating loss deferred tax asset in its China joint venture. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: December 31, 2019 2018 2017 Beginning Balance $ 1,511 $ 361 $ 1,407 Additions related to current period tax positions — 1,150 — Reductions for tax positions of prior years (361 ) — (1,046 ) Ending Balance $ 1,150 $ 1,511 $ 361 For the years ended December 31, 2019, 2018 and 2017 the total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate is approximately $ 1,150 , $ 1,511 and $ 361 , in the aggregate, respectively. The Company recognizes interest and penalties, if any, related to uncertain income tax positions in income tax expense. Accrued interest and penalties on unrecognized tax benefits and interest and penalty expense was immaterial to the consolidated financial statements for all periods presented. The unrecognized tax benefits are not expected to materially change in the next twelve months. The Company files income tax returns in the U.S., for federal, state, and local purposes, and in certain foreign jurisdictions. The Company's tax years 2016 through 2019 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’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 $ 3,025 at December 31, 2019 reflects the withholding tax on amounts that may be repatriated from foreign operations. |
Commitments, Contingencies and
Commitments, Contingencies and Other | 12 Months Ended |
Dec. 31, 2019 | |
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, 2018, the Company entered into a new employment agreement with Edward R. Rosenfeld, the Chief Executive Officer and the Chairman of the Board of Directors of the Company, to replace an existing employment agreement that expired on that date. The agreement, which expires on December 31, 2021, provides for an annual salary of (i) approximately $992 for the period from January 1, 2020 through December 31, 2020 and (ii) approximately $1,042 for the period from January 1, 2021 through December 31, 2021. In addition, pursuant to his new employment agreement, on December 31, 2018, Mr. Rosenfeld received a grant of 87,500 shares of the Company's common stock subject to certain restrictions and, on February 1, 2019, Mr. Rosenfeld received an additional grant of 87,500 shares of the Company's common stock also subject to certain restrictions. The restricted shares received by Mr. Rosenfeld on December 31, 2018 and February 1, 2019 were issued under the Company's 2006 Stock Incentive Plan, as amended, and vest in equal annual installments over a five-year period that commenced on December 1, 2019 and February 1, 2020, respectively. Additional compensation and bonuses, if any, are at the sole discretion of the Company's Board of Directors. Steven Madden. On January 3, 2012, the Company and its Creative and Design Chief, Steven Madden, entered into an amendment, dated as of December 31, 2011, to Mr. Madden’s existing employment agreement with the Company. The amended agreement, which extends the term of Mr. Madden's employment through December 31, 2023, provides for a base salary of approximately $7,026 per annum for the period between January 1, 2016 and December 31, 2023. Pursuant to the amended agreement, on February 8, 2012, Mr. Madden was granted 2,194,586 restricted shares of the Company’s common stock at the then market price of $18.23 , 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. 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 in years subsequent to 2012. Mr. Madden exercised this right, and on July 3, 2012, he was granted 2,840,013 restricted shares of the Company's common stock at the then market price of $14.09 , which shares will vest in equal annual installments over a six-year period commencing on December 31, 2018. 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 1,125,000 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 $1.33 as to any fiscal year ending December 31, 2015 or thereafter, which performance criteria was achieved for the fiscal year ended December 31, 2016. As such, on March 1, 2017, Mr. Madden was granted the EPS Option at an exercise price of $24.90 per share. The EPS Option vests in equal annual installments over a five-year period commencing on the first anniversary of the grant date. On March 25, 2019, the Company and its Creative Design Chief, Steven Madden, entered into an amendment to Mr. Madden's existing employment agreement with the Company. The amended agreement extends the term of Mr. Madden's employment for three years through December 31, 2026. Pursuant to the amended agreement, on March 25, 2019 Mr. Madden was granted 200,000 restricted shares of the Company's common stock. The restricted stock award will vest in three nearly equal annual installments commencing on December 31, 2024. On August 19, 2019, pursuant to his employment agreement with the Company, Mr. Madden was granted an option to purchase 225,000 shares of the Company's common stock at an exercise price of $30.14 per share, which option will vest in four equal installments commencing on November 19, 2019 and ending on June 30, 2020. Arvind Dharia. On April 20, 2018, the Company and its Chief Financial Officer, Arvind Dharia, entered into an amendment of Mr. Dharia's existing employment agreement. The amendment, which was effective as of January 1, 2018, (i) extends the term of Mr. Dharia's employment agreement, which by its terms expired on December 31, 2017, to December 31, 2020 and (ii) provides for an annual salary of $642 in 2020. Pursuant to the amendment, on May 1, 2018, Mr. Dharia received a restricted stock award of 18,750 restricted shares of the Company's common stock under the Company's 2006 Stock Incentive Plan, as amended. The restricted shares vest in three nearly equal annual installments that commenced on December 15, 2018. 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 27, 2019, the Company entered into a new employment agreement with Amelia Newton Varela, the Company’s President and a member its Board of Directors, to replace an existing employment agreement that expired on December 31, 2019. The agreement, which remains in effect through December 31, 2022, provides for an annual salary of $700 in 2020, $725 in 2021 and $750 in 2022. In addition, pursuant to her new employment agreement, on January 2, 2020, Ms. Varela was granted 27,000 restricted shares of the Company's common stock under the Company's 2019 Incentive Compensation Plan. The restricted shares vest in five equal annual installments commencing on January 2, 2021. The agreement provides to Ms. Varela the opportunity for an annual performance-based bonus for the fiscal years ended December 31, 2020, 2021 and 2022. Awadhesh Sinha. On December 27, 2019, 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 on December 31, 2019. The new agreement, which remains in effect through December 31, 2021, provides for an annual salary of $ 745 in 2020 and $767 in 2021 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 2, 2020, Mr. Sinha received a grant of 11,598 shares of the Company's common stock subject to certain restrictions. The restricted shares received by Mr. Sinha were issued under the Company's 2019 Incentive Compensation Plan and vest in equal annual installments over a two-year period on each of December 15, 2020 and December 15, 2021. 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 $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 30,000 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. [3] Letters of credit: At December 31, 2019 , the Company had no open letters of credit for the purchase of imported merchandise. [4] License agreements: In January 2018, the Company entered into a license agreement with Nine West Development LLC, subsequently acquired by WHP Global, for the right to manufacture, market and sell women's fashion footwear and handbags under the Anne Klein®, AK Sport®, AK Anne Klein Sport® and the Lion Head Design®. The agreement, unless extended, expires on June 30, 2023. 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 January 30, 2017, the Company acquired all of the outstanding capital stock of Schwartz & Benjamin, which held licenses to manufacture, market and sell footwear with the Kate Spade® trademark. The license agreement required 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. As of December 31, 2019, the agreement for the license of the Kate Spade® trademark was terminated. 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. As of December 31, 2019, the agreement for the license of the Donna Karan® trademark was terminated. 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 $8,535 for 2020 , $16,520 for 2021 through 2022 and $3,625 for 2023 . Royalty expenses are included in the “cost of goods” 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. During the year ended December 31, 2019 , 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, 2019 were 88% . During the year ended December 31, 2018 , 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, 2018 were 94% . 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% . For the year ended December 31, 2019 , Wal-Mart Stores, Inc. represented 11.9% of total revenue. At December 31, 2019 , Wal-Mart Stores, Inc. represented 17.9% of total accounts receivable, Target Corporation represented 13.6% of total accounts receivable and Nordstrom, Inc. represented 10.6% of total accounts receivable. The Company did not have any other customers who accounted for more than 10% of total revenue or any other customers who accounted for more than 10% of total accounts receivable. At December 31, 2018 , Wal-Mart Stores, Inc. represented 17.6% of total accounts receivable, Target Corporation represented 13.8% of total accounts receivable and Nordstrom, Inc. represented 10.6% of total accounts receivable. The Company did not have any customers who accounted for more than 10% of total net revenue or any other customers who accounted for more than 10% of total accounts receivable. At December 31, 2017 , Wal-Mart Stores, Inc. represented 14.6% of total accounts receivable and Target Corporation represented 13.4% of total accounts receivable. The Company did not have any customers who accounted for more than 10% of total revenue or any other customers who accounted for more than 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 doubtful accounts related to accounts receivable: Balance at Beginning of Year Additions Deductions Balance at End of Year Year ended December 31, 2019 Allowance for doubtful accounts $ 10,849 $ 679 $ 462 $ 11,066 Year ended December 31, 2018 Allowance for doubtful accounts 616 10,887 654 10,849 Year ended December 31, 2017 Allowance for doubtful accounts 144 15,070 14,598 616 |
Legal Matters and Contingencies [Text Block] | [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. |
Operating Segment Information
Operating Segment Information | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Operating Segment Information | Operating Segment Information The Company operates the following business segments: Wholesale Footwear, Wholesale Accessories/Apparel, Retail, First Cost and Licensing. The Wholesale Footwear segment, through sales to department stores, mid-tier retailers, mass market merchants, online retailers and specialty stores, derives revenue, both domestically and internationally (via our International business), from sales of branded and private label women’s, men’s, girls’ and children’s footwear. The Wholesale Accessories/Apparel segment, which includes branded and private label handbags, apparel, belts and small leather goods as well as cold weather and selected other fashion accessories, derives revenue, both domestically and internationally, from sales to department stores, mid-tier retailers, mass market merchants, online retailers and specialty stores. Our Wholesale Footwear and Wholesale Accessories/Apparel segments, through our International business, derive revenue from certain territories within Asia, Europe, North America (excluding the United States) and Africa and, under special distribution arrangements, in various other territories within Australia, the Middle East, India, South and Central America and New Zealand and pursuant to a partnership agreement in Singapore. 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, Taiwan and Israel and the Company’s websites, derives revenue from sales of branded women’s, men’s and children’s footwear, accessories, apparel and licensed products to consumers. The First Cost segment represents activities of a subsidiary that earns commissions and design fees for serving as a buying agent of footwear products to mass-market merchandisers, mid-tier department stores and other retailers with respect to their purchase of footwear. In the Licensing segment, the Company generates revenue by licensing its Steve Madden®, Steven by Steve Madden® and Madden Girl® trademarks and other trademark rights for use in connection with the manufacture, marketing and sale of eyewear, outerwear, hosiery, activewear, sleepwear, jewelry, watches, hair accessories, umbrellas, bedding, luggage, fragrance and men’s leather accessories. In addition, this segment licenses the Betsey Johnson® trademark for use in connection with the manufacture, marketing and sale of women's and children's apparel, hosiery, outerwear, sleepwear, activewear, jewelry, watches, bedding, luggage, umbrellas and household goods. The Licensing segment also licenses the Dolce Vita® trademark for use in connection with the manufacture, marketing and sale of swimwear. Year ended Wholesale Footwear Wholesale Accessories/Apparel Total Wholesale Retail First Cost Licensing Consolidated December 31, 2019 Total revenue $ 1,112,091 $ 334,862 $ 1,446,953 $ 321,182 $ 7,441 $ 11,581 $ 1,787,157 Gross profit 373,587 98,131 471,718 195,277 7,441 11,581 686,017 Income/(loss) from operations 163,482 22,455 185,937 (9,050 ) (8,177 ) 8,104 176,814 Depreciation and amortization 11,247 9,580 510 — 21,337 Segment assets $ 873,654 $ 119,999 993,653 269,574 8,979 6,441 1,278,647 Capital expenditures $ 13,356 $ 4,955 $ — $ — $ 18,311 December 31, 2018 Total revenue $ 1,058,366 $ 300,091 $ 1,358,457 $ 295,152 $ 11,226 $ 12,899 $ 1,677,734 Gross profit 345,909 91,739 437,648 178,390 11,226 12,899 640,163 Income/(loss) from operations 140,138 27,092 167,230 735 (4,549 ) 9,966 173,382 Depreciation and amortization 10,810 10,593 944 135 22,482 Segment assets $ 774,837 $ 149,790 924,627 113,292 28,210 6,441 1,072,570 Capital expenditures $ 6,790 $ 5,660 $ — $ — $ 12,450 December 31, 2017 Total revenue $ 1,017,557 $ 256,295 $ 1,273,852 $ 272,246 $ 9,493 $ 11,492 $ 1,567,083 Gross profit 332,367 80,729 413,096 164,645 9,493 11,492 598,726 Income/(loss) 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 Revenues by geographic area are as follows: Year Ended December 31, 2019 2018 2017 Domestic (a) $ 1,572,056 $ 1,473,229 $ 1,404,254 International 215,101 204,505 162,829 Total $ 1,787,157 $ 1,677,734 $ 1,567,083 (a) Includes revenues of $337,028, $326,655 and $326,945 for the years ended 2019, 2018 and 2017 related to sales to U.S. customers where the title is transferred outside the U.S. and the sale is recorded by our international business. |
Quarterly Results of Operations
Quarterly Results of Operations (unaudited) (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 and 2018 : March 31, June 30, September 30, December 31, 2019: Net sales $ 410,940 $ 444,974 $ 497,308 $ 414,912 Commission and licensing fee income 4,848 4,655 4,806 4,713 Total revenue 415,788 449,629 502,114 419,625 Cost of sales 253,943 279,629 306,277 261,291 Gross profit 161,845 170,000 195,837 158,334 Net income attributable to Steven Madden, Ltd. $ 34,525 $ 36,572 $ 52,463 $ 17,751 Net income per share: Basic $ 0.43 $ 0.46 $ 0.66 $ 0.23 Diluted $ 0.41 $ 0.44 $ 0.63 $ 0.21 2018: Net sales $ 389,014 $ 395,753 $ 458,482 $ 410,360 Commission and licensing fee income 4,964 3,921 8,755 6,485 Total revenue 393,978 399,674 467,237 416,845 Cost of sales 248,281 247,979 283,265 258,046 Gross profit 145,697 151,695 183,972 158,799 Net income attributable to Steven Madden, Ltd. $ 28,673 $ 32,410 $ 55,563 $ 12,490 Net income per share: Basic $ 0.35 $ 0.40 $ 0.68 $ 0.15 Diluted $ 0.33 $ 0.37 $ 0.64 $ 0.15 As each quarter is calculated as a discrete period, the sum of the four quarters may not equal the calculated full year amount. This is in accordance with prescribed reporting requirements. During the fourth quarter of 2019, the Company recorded in net income attributable to Steven Madden, Ltd. an after-tax bad debt expense of $8,934 related to the Payless ShoeSource bankruptcy and an after-tax charge related to a legal settlement of $3,016 . Also during the fourth quarter of 2019, the Company recorded in net income attributable to Steven Madden, Ltd. a tax expense of $2,219 in connection with deferred tax and tax rate adjustments, an after-tax expense of $204 related to the termination of a China joint venture and an after-tax charge of $31 related to the acquisition of GREATS and BB Dakota brands. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | Note S - Recent Accounting Pronouncements Recently Adopted In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2016-02 ("ASU 2016-02"), "Leases," as amended, which is effective January 1, 2019. 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 adopted the new standard on the effective date January 1, 2019. A modified retrospective transition approach was used, applying the new standard to all leases existing at the date of initial application. The Company applied ASC-840, including disclosure requirements, in the comparative periods in the year the Company adopted the new guidance. (See Note N - Leases) In February 2018, the FASB issued Accounting Standards Update No. 2018-02 ("ASU 2018-02"), "Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income," 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 January 1, 2019 and did not have any significant impact on the Company’s financial position or results of operations. Not Yet Adopted In August 2018, the FASB issued Accounting Standards Update No. 2018-15, “Intangibles-Goodwill and Other-Internal-Use Software (Topic 350): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract.” This new guidance aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. This new guidance is effective for the Company on a prospective or retrospective basis beginning on January 1, 2020. Adoption of this new guidance is not expected to have a material impact on the Company’s consolidated financial statements. In August 2018, the FASB issued Accounting Standards Update No. 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement.” This new guidance removes certain disclosure requirements related to the fair value hierarchy, modifies existing disclosure requirements related to measurement uncertainty and adds new disclosure requirements. The new disclosure requirements include disclosing the changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period and the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. This new guidance is effective for the Company beginning on January 1, 2020. Certain disclosures in the new guidance will need to be applied on a retrospective basis and others on a prospective basis. Adoption of this new guidance is not expected to have a material impact on the Company’s consolidated 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. This new guidance is effective for the Company beginning on January 1, 2020. Adoption of this new guidance is not expected to have a material impact on the Company’s consolidated financial statements. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Basis of Reporting [Abstract] | |
Derivatives, Reporting of Derivative Activity [Policy Text Block] | [17] 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 M - 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, Superga (under license), GREATS, Dolce Vita and Betsey Johnson brand names and through its wholesale channels under the Stevies, Report, Mad Love and Blondo brand names and, under license, the Anne Klein brand name. An agreement under which the Company licensed the Kate Spade® trademark terminated as of December 31, 2019. In addition, the Company designs, sources, markets and sells name brand and private label handbags, accessories and apparel to customers worldwide through its Wholesale Accessories/Apparel segment, including the Steve Madden, Big Buddha, Betsey Johnson, Madden Girl, Betseyville, Cejon, Steven by Steve Madden, Luv Betsey, DKNY (under license), BB Dakota, Cupcakes & Cashmere (under license) and Anne Klein (under license) 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, 2019 and 2018 , the Company operated 227 (including 8 e-commerce websites) and 229 (including 7 e-commerce websites) retail stores, respectively. Revenue is subject to seasonal fluctuations. See Note Q for operating segment information. |
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, Schwartz & Benjamin, Inc., B.B. Dakota, Inc. and GREATS Brand, 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, (v) SM Dolce Limited, a joint venture in which the Company is the majority interest holder, (vi) SM Distribution Israel L.P., a joint venture in which the Company is the majority interest holder and (vii) SM Distribution China Co., Ltd., 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 attributable to noncontrolling interest” in the Consolidated Statements of Income and “Noncontrolling interest” in the Consolidated Balance Sheets. All intercompany balances and transactions have been eliminated. Certain reclassifications were made to prior years' amounts to conform to the 2019 presentation. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates: The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Significant areas involving management estimates include variable consideration included in revenue, allowances for bad debts, inventory valuation, valuation of intangible assets, litigation reserves and contingent payment liabilities. The Company estimates variable consideration on trade accounts receivables and factor receivables for future customer chargebacks and markdown allowances, discounts, returns and other miscellaneous compliance-related deductions that relate to the current period sales. The Company evaluates anticipated chargebacks by reviewing several performance indicators of its major customers. These performance indicators, which include retailers’ inventory levels, sell-through rates and gross margin levels, are analyzed by management to estimate the amount of the anticipated customer allowance. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash Equivalents: Cash equivalents at December 31, 2019 and 2018 amounted to approximately $107,535 and $77,050 , 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). Amortization of premiums and discounts is included in interest income. These securities are classified as current and non-current marketable securities based upon their maturities. As of December 31, 2019 , all bonds previously held by the Company reached maturity. For the years ended December 31, 2019 and 2018 , the amortization of bond premiums totaled $218 and $728 , 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, 2019 and 2018 is 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 $ — $ — $ 24,617 $ — Certificates of deposit 40,521 — 42,351 — Total $ 40,521 $ — $ 66,968 $ — For the year ended December 31, 2019 , losses of $5 were reclassified from accumulated other comprehensive income and recognized in the Consolidated Statements of Income in interest and other income as compared to losses of $189 for the year ended December 31, 2018 . As of December 31, 2019 , there were no unrealized gains or losses, because all bonds previously held by the Company reached maturity. At December 31, 2018 , current marketable securities included unrealized losses of $67 and no non-current marketable securities were held by the Company. |
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 net realizable value. |
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 accordance with applicable accounting guidance, indefinite-lived intangible assets and goodwill are assessed for impairment by performing a qualitative assessment that 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. 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. In addition, in the second quarter of 2019, the Company recognized an impairment charge of $4,050 related to the Brian Atwood trademark. The impairment was triggered by the Company's decision to discontinue distribution of the brand. The Company completed its annual impairment tests on goodwill and its remaining indefinite-lived intangible assets during the third quarter of 2019 , 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 twenty 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 of 4,427,000 , 5,137,000 and 5,876,000 shares for the years ended December 31, 2019 , 2018 and 2017 , respectively. Diluted net income per share reflects: a) the potential dilution assuming shares of common stock were issued upon the exercise of outstanding in-the-money options and the proceeds thereof were used to purchase shares of the Company’s common stock at the average market price during the period, and b) the vesting of granted non-vested restricted stock awards for which the assumed proceeds upon vesting are deemed to be the amount of compensation cost not yet recognized attributable to future services using the treasury stock method, to the extent dilutive. For the years ended December 31, 2019 , 2018 and 2017 , options to purchase approximately 5,000 , 45,000 and 14,000 shares of common stock, respectively, have been excluded from the calculation of diluted net income per share as the result would have been anti-dilutive. For the years ended December 31, 2019 , 2018 and 2017 , all unvested restricted stock awards were dilutive. |
Comprehensive Income Loss Policy | Comprehensive Loss: Comprehensive loss is the total of net earnings and all other non-owner changes in equity. Comprehensive loss 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: 2019 2018 Currency translation adjustment $ (29,636 ) $ (33,091 ) Cash flow hedges, net of tax (804 ) 530 Unrealized loss on securities, net of tax — (67 ) Accumulated other comprehensive loss $ (30,440 ) $ (32,628 ) |
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 $30,165 in 2019 , $21,921 in 2018 and $19,629 in 2017 . |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition: In May 2014, the Financial Accounting Standards Board (the "FASB") issued new accounting guidance ("Topic 606"), as amended, Accounting Standards Update No. 2014-09 ("ASU 2014-09"), "Revenue from Contracts with Customers," on revenue recognition. The new standard has replaced Revenue Recognition Topic 605 and provides for a single five-step model to be applied to all revenue contracts with customers as well as requiring 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. Effective January 1, 2018, the Company adopted the requirements of Topic 606 using the cumulative effect adjustment approach. The impacts to the financial statements of this adoption are primarily related to balance sheet classification, including amounts associated with the change in balance sheet classification of the sales returns reserves, with no significant impact to the income statement as the Company's previous revenue recognition policies are in line with Topic 606. The Company recognizes revenue when performance obligations identified under the terms of contracts with its customers are satisfied, which generally occurs upon the transfer of control in accordance with the contractual terms and conditions of the sale. Most of the Company’s revenue is recognized at a point in time when product is shipped to the customer. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring goods, which includes estimates for variable consideration. Variable consideration mainly includes markdown allowances, co-op advertising programs and product returns. The revenue recognition for the Company's segments are described below (see Note Q for disaggregated revenue amounts by segment). A. Disaggregation of Revenue Wholesale Sales Segments. The Company generates revenue through the design, sourcing and sale of branded footwear, accessories and apparel to both domestic and international customers who, in turn, sell the products to the consumer. The Company recognizes revenue when performance obligations identified under the terms of contracts with its customers are satisfied, which occurs upon the transfer of control of the merchandise in accordance with the contractual terms and conditions of the sale. The Company's revenue associated with its branded footwear, accessories and apparel products is recognized at a point in time when product is shipped to the customer. The Company also generates revenue through the design, sourcing and sale of private label footwear and accessories to both domestic and international customers who brand the products and sell them to the consumer. The Company's revenue associated with private label footwear and accessories products is recognized at a point in time when product is physically delivered to the customer's freight forwarder. Retail Segment. The Company owns and operates 227 retail stores throughout the United States, Canada, Mexico, South Africa, Israel and China, including 8 e-commerce sites. The Company generates revenue through the sale of branded footwear and accessories directly to the consumer. The Company's revenue associated with Retail segment sales is recognized at the time of the point of sale when the customer takes control of the goods and payment is received. First Cost Segment. The Company earns commissions for serving as a buying agent for footwear products under private labels and certain owned brands for many of the large mass-market merchandisers, shoe chains and other mid-tier retailers. As a buying agent, the Company utilizes its expertise and relationships with shoe manufacturers to facilitate the production of private label shoes to customer specifications. The Company’s commission revenue also includes fees charged for its design and product development services provided to certain suppliers. The Company satisfies its performance obligation to its customers by performing the services in buyer agency agreements and thereby earning its commission fee at the point in time when the customer’s freight forwarder takes control of the goods. The Company satisfies its performance obligation with the suppliers and earns its design fee from the factory at the point in time when the customer’s freight forwarder takes control of the goods. Licensing Segment. The Company licenses various trademarks it owns under licensing agreements for use in connection with the manufacture, marketing and sale of eyewear, outerwear, hosiery, activewear, sleepwear, jewelry, watches, hair accessories, umbrellas, bedding, luggage, fragrance, men’s leather accessories, women's and children's apparel, swimwear and household goods. The license agreements require the licensee to pay the Company a royalty and, in substantially all of the agreements, an advertising fee, both of which are based on the higher of a minimum or actual net sales percentage as defined in the various agreements. Licensing revenue is recognized on the basis of net sales reported by the licensees, or the minimum guaranteed royalties, if higher. In substantially all of the Company’s license agreements, the minimum guaranteed royalty is earned and receivable on a quarterly basis. The Company recognizes licensing revenue over the period of time in which the license is provided to the benefit of the licensee. B. Variable Consideration Markdown Allowances The Company provides markdown allowances to its retailer customers, which are recorded as a reduction of revenue in the period in which the branded footwear and accessories revenues are recognized. The Company estimates its markdown allowances by reviewing several performance indicators, including retailers' inventory levels, sell-through rates and gross margin levels. Co-op Advertising Programs Under co-op advertising programs, the Company agrees to reimburse the retailer for a portion of the costs incurred by the retailer to advertise and promote certain of the Company's products. The Company estimates the costs of co-op advertising programs based on the terms of the agreements with its retailer customers. Rights of Return The Company’s Retail segment accepts returns within 30 days from the date of sale for unworn merchandise that the Company is able to re-sell through the channel. The Company does not accept returns as a normal business practice from its branded and private label wholesale customers except for its cold weather accessories business and its Blondo and Kate Spade brands product lines. The Company estimates returns based on historical experience and current market conditions. Such amounts have historically not been material. 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. |
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 that 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, such as sales taxes, use taxes, value-added taxes and some types of excise taxes. The Company records all taxes on a net basis. |
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 segments in the operating expenses line on the Consolidated Statements of Income. For the years ended December 31, 2019 , 2018 and 2017 , the total warehouse and distribution costs included in operating expenses were $58,019 , $47,812 and $41,369 , 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 expenses line item 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 2019 , 2018 and 2017 were approximately $2,048 , $1,893 and $1,819 , respectively. |
Income Tax, Policy [Policy Text Block] | [18] 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 O - Income Taxes. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | [19] 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 awards 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 operating expenses in the Consolidated Statements of Income if an incremental tax benefit is realized. See Note J - Equity- Based Compensation. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Summary of Significant Accounting Policies [Abstract] | |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Loss: Comprehensive loss is the total of net earnings and all other non-owner changes in equity. Comprehensive loss 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: 2019 2018 Currency translation adjustment $ (29,636 ) $ (33,091 ) Cash flow hedges, net of tax (804 ) 530 Unrealized loss on securities, net of tax — (67 ) Accumulated other comprehensive loss $ (30,440 ) $ (32,628 ) |
Investments Classified by Contractual Maturity Date [Table Text Block] | The schedule of maturities at December 31, 2019 and 2018 is 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 $ — $ — $ 24,617 $ — Certificates of deposit 40,521 — 42,351 — Total $ 40,521 $ — $ 66,968 $ — |
Acquisitions (Tables)
Acquisitions (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2019 | |
Greats Brand Inc. [Member] | ||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Cash $ 290 Accounts receivable 41 Inventory 1,387 Prepaid and other assets 6,447 Fixed assets 200 Trademark (1) 13,590 Customer relationships (2) 1,140 Accounts payable (1,963 ) Accrued expenses (1,168 ) Deferred tax liabilities long-term (3,463 ) Noncontrolling interest (1,909 ) Total fair value excluding goodwill 14,592 Goodwill 2,591 Net assets acquired $ 17,183 (1) Trademark is indefinitely lived. (2) Customer relationships will be amortized over 20 years. | |
B. B. Dakota, Inc. [Member] | ||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Cash $ 353 Accounts receivable 4,419 Inventory 6,696 Prepaid and other assets 855 Fixed assets 382 Trademark (1) 9,670 Customer relationships (2) 2,530 Accounts payable (2,885 ) Accrued expenses (2,893 ) Deferred tax liabilities long-term (2,735 ) Total fair value excluding goodwill 16,392 Goodwill 13,365 Net assets acquired $ 29,757 (1) Trademark is indefinitely lived. (2) Customer relationships will be amortized over 10 years. |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 and 2018 are as follows: December 31, 2019 Fair Value Measurements Fair value Level 1 Level 2 Level 3 Assets: Cash equivalents $ 107,535 $ 107,535 $ — $ — Current marketable securities – available for sale 40,521 40,521 — — Total assets $ 148,056 $ 148,056 $ — $ — Liabilities: Contingent consideration $ 9,124 $ — $ — $ 9,124 Forward contracts 495 — 495 — Total liabilities $ 9,619 $ — $ 495 $ 9,124 December 31, 2018 Fair Value Measurements Fair value Level 1 Level 2 Level 3 Assets: Cash equivalents $ 77,050 $ 77,050 $ — $ — Current marketable securities – available for sale 66,968 66,968 — — Forward contracts 707 — 707 — Total assets $ 144,725 $ 144,018 $ 707 $ — Liabilities: Contingent consideration $ 3,000 $ — $ — $ 3,000 Total liabilities $ 3,000 $ — $ — $ 3,000 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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 2019 2018 Land and building $ 947 $ 767 Leasehold improvements 91,341 84,512 Machinery and equipment 10 years 6,597 7,098 Furniture and fixtures 5 years 11,972 9,039 Computer equipment and software 3 to 5 years 65,093 58,089 175,950 159,505 Less accumulated depreciation and amortization (110,446 ) (94,698 ) Property and equipment - net $ 65,504 $ 64,807 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
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, 2019 and 2018 : Wholesale Footwear Accessories/Apparel Retail Net Carrying Amount Balance at January 1, 2018 $ 84,862 $ 49,324 $ 14,352 $ 148,538 Translation and other (311 ) — (115 ) (426 ) Balance at December 31, 2018 84,551 49,324 14,237 148,112 Acquisitions — 11,955 4,644 16,599 Purchase accounting adjustment — 1,409 (2,053 ) (644 ) Translation and other 7,021 — 261 7,282 Balance at December 31, 2019 $ 91,572 $ 62,688 $ 17,089 $ 171,349 | |
Schedule of Indentifiable Intangible Assets | 2019 Estimated Lives Cost Basis Accumulated Amortization (1) Impairment (2) Net Carrying Amount Trade names 6–10 years $ 8,770 $ 8,418 $ — $ 352 Customer relationships 10-20 years 43,880 24,409 — 19,471 Non-compete agreement 5 years 455 455 — — Re-acquired right 2 years 4,200 4,200 — — 57,305 37,482 — 19,823 Re-acquired right indefinite 35,200 8,299 — 26,901 Trademarks indefinite 120,035 — 4,050 115,985 $ 212,540 $ 45,781 $ 4,050 $ 162,709 (1) Includes the effect of foreign currency translation related primarily to the movement of the Canadian dollar and Mexican peso in relation to the U.S. dollar. (2) An impairment charge of $4,050 was recorded in the second quarter of 2019 related to the Company's Brian Atwood trademark. The impairment was triggered by the Company's decision to discontinue distribution of the brand as the Company explores alternatives. | 2018 Estimated Lives Cost Basis Accumulated Amortization (1) Impairment (2) Net Carrying Amount Trade names 6–10 years $ 9,220 $ 6,582 $ — $ 2,638 Customer relationships 10-20 years 47,019 28,049 — 18,970 License agreements 3–6 years 5,600 5,600 — — Non-compete agreement 5 years 2,440 2,440 — — Re-acquired right 2 years 4,200 4,200 — — Other 3 years 14 14 — — 68,493 46,885 — 21,608 Re-acquired right indefinite 35,200 9,785 — 25,415 Trademarks indefinite 100,333 — 4,045 96,288 $ 204,026 $ 56,670 $ 4,045 $ 143,311 (1) Includes the effect of foreign currency translation related primarily to the movement of the Canadian dollar and Mexican peso in relation to the U.S. dollar. (2) Impairment charges related to the Wild Pair trademark. |
Schedule of Intangible Assets, Future Amortization Expense | The estimated future amortization expense for intangibles as of December 31, 2019 is as follows: 2020 $ 2,913 2021 2,236 2022 1,802 2023 1,802 2024 1,802 Thereafter 9,268 Total $ 19,823 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The following weighted average assumptions were used for stock options granted during 2019 , 2018 and 2017 : 2019 2018 2017 Volatility 32.0% to 39.6% 25.1% to 33.2% 23.0% to 26.4% Risk free interest rate 1.6% to 2.5% 2.1% to 2.9% 1.5% to 2.0% Expected life in years 1.0 to 5.0 3.0 to 5.0 3.0 to 5.0 Dividend yield 1.6% 1.7% 0.0% Weighted average fair value $5.38 $6.75 $5.94 |
Schedule Of Share Based Compensation Shares Authorized Under Stock Plans Issued And Avaliability | Common stock authorized 11,000,000 Stock-based awards, including restricted stock and stock options granted, net of expired or cancelled awards (483,185 ) Common stock available for grant of stock-based awards as of December 31, 2019 10,516,815 |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | For the years ended December 31, 2019 , 2018 and 2017 , total equity-based compensation was as follows: Years Ended December 31, 2019 2018 2017 Restricted stock $ 19,143 $ 16,720 $ 16,616 Stock options 4,027 4,356 4,231 Total $ 23,170 $ 21,076 $ 20,847 |
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, 2019 is as follows: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at January 1, 2017 2,249,000 $ 19.81 Granted 1,593,000 25.03 Exercised (983,000 ) 16.49 Forfeited (13,000 ) 23.49 Outstanding at December 31, 2017 2,846,000 23.87 Granted 585,000 32.39 Exercised (593,000 ) 22.04 Forfeited (23,000 ) 22.59 Outstanding at December 31, 2018 2,815,000 26.03 Granted 272,000 30.93 Exercised (273,000 ) 22.77 Forfeited (12,000 ) 20.17 Outstanding at December 31, 2019 2,802,000 $ 26.85 4.1 $ 45,284 Exercisable at December 31, 2019 1,630,000 $ 27.02 3.7 $ 26,069 |
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, 2019 : 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 $19.59 to $23.91 468,000 2.2 $22.79 347,000 $22.54 $23.92 to $28.24 1,474,000 4.1 25.18 775,000 25.43 $28.25 to $32.57 557,000 5.7 29.81 275,000 29.58 $32.58 to $36.90 291,000 3.9 35.55 233,000 35.93 $36.91 to $41.23 12,000 6.5 41.18 — — 2,802,000 4.1 $26.85 1,630,000 $27.02 |
Schedule of Nonvested Share Activity | The following table summarizes restricted stock activity during the three years ended December 31, 2019 : Number of Shares Weighted Average Fair Value at Grant Date Outstanding at January 1, 2017 6,287,000 $ 17.29 Granted 413,000 25.11 Vested (762,000 ) 20.39 Forfeited (62,000 ) 23.65 Outstanding at December 31, 2017 5,876,000 17.37 Granted 509,000 31.70 Vested (1,177,000 ) 18.44 Forfeited (71,000 ) 25.61 Outstanding at December 31, 2018 5,137,000 18.42 Granted 633,000 32.64 Vested (1,200,000 ) 19.40 Forfeited (143,000 ) 28.61 Outstanding at December 31, 2019 4,427,000 $ 19.84 |
Schedule of cash proceeds and intrinsic values for stock options exercised table text block | Stock Options Cash proceeds and intrinsic values related to total stock options exercised during December 31, 2019 , 2018 and 2017 are as follows: Years Ended December 31, 2019 2018 2017 Proceeds from stock options exercised $ 6,212 $ 13,036 $ 16,433 Intrinsic value of stock options exercised $ 4,268 $ 6,841 $ 9,936 |
Derivative Instruments Derivati
Derivative Instruments Derivative (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The following table presents the pre-tax amounts from derivative instruments affecting income and other comprehensive income ("OCI") for the years ended December 31, 2019 , 2018 and 2017 , respectively: Cash Flow Hedges Forward Contracts: Location of Gain or Loss Recognized in Net Income on Derivative Gain/(Loss) Recognized in Accumulated OCI Gain/(Loss) Reclassified into Income From Accumulated OCI 2019 Cost of Sales $ (454 ) $ (10 ) 2018 Cost of Sales 748 (39 ) 2017 Cost of Sales (802 ) (57 ) |
Operating Leases (Tables)
Operating Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Operating Leases [Abstract] | |
Lease, Cost [Table Text Block] | Lease Costs The table below presents certain information related to lease costs for the year ended December 31, 2019 : Operating lease cost $ 48,387 Short-term lease cost 239 Less: sublease income 644 Total lease cost $ 47,982 |
Schedule of Leases Supplemental Cash Flows [Table Text Block] | Other Information The table below presents supplemental cash flow information related to leases for the year ended December 31, 2019 : Cash paid for amounts included in the measurement of lease liabilities Operating cash flows used for operating leases $ 46,324 |
Lessee, Operating Lease, Disclosure [Table Text Block] | Lease Position The table below presents the lease-related assets and liabilities recorded on the balance sheet as of December 31, 2019 : Classification on the Balance Sheet December 31, 2019 Assets Noncurrent (1) Operating lease right-of-use asset $ 155,700 Liabilities Current Operating leases - current portion $ 38,624 Noncurrent Operating leases - long-term portion 133,172 Total operating lease liabilities $ 171,796 Weighted-average remaining lease term 5.5 years Weighted-average discount rate (2) 4.4 % (1) During the third quarter of 2019, the Company recorded a pre-tax charge related to the right-of-use asset of $1,883 . (2) Upon adoption of the new lease standard, discount rates used for existing leases were established at January 1, 2019. |
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | Undiscounted Cash Flows The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the lease liabilities recorded on the balance sheet as of December 31, 2019 : 2020 $ 46,035 2021 39,586 2022 30,474 2023 21,680 2024 18,020 Thereafter 38,119 Total minimum lease payments 193,914 Less: interest 22,118 Present value of lease liabilities $ 171,796 |
Income Taxes Income Taxes (Tabl
Income Taxes Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Summary of Unrecognized Tax Benefits [Table Text Block] | December 31, 2019 2018 2017 Beginning Balance $ 1,511 $ 361 $ 1,407 Additions related to current period tax positions — 1,150 — Reductions for tax positions of prior years (361 ) — (1,046 ) Ending Balance $ 1,150 $ 1,511 $ 361 |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | The components of income before income taxes are as follows: 2019 2018 2017 Domestic $ 119,166 $ 121,674 $ 124,472 Foreign 62,060 55,666 47,855 $ 181,226 $ 177,340 $ 172,327 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2019 2018 2017 Current: Federal $ 18,655 $ 32,880 $ 56,836 State and local 3,765 5,012 5,746 Foreign 11,940 11,771 10,773 34,360 49,663 73,355 Deferred: Federal 2,309 (2,489 ) (22,061 ) State and local 1,343 (200 ) 800 Foreign 1,492 (133 ) 1,095 5,144 (2,822 ) (20,166 ) $ 39,504 $ 46,841 $ 53,189 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | A reconciliation between taxes computed at the federal statutory rate and the effective tax rate is as follows: December 31, 2019 2018 2017 Income taxes at federal statutory rate 21.0 % 21.0 % 35.0 % Effects of foreign operations (0.1 ) (0.7 ) (4.5 ) Stock-based compensation (3.4 ) (2.1 ) (2.2 ) State and local income taxes - net of federal income tax benefit 2.3 2.4 2.0 Nondeductible items 0.7 0.1 0.5 Impact of tax reform — 2.0 (4.4 ) Receivable adjustment — — 2.7 Prepaid tax adjustment related to prior years — 3.8 — Other 1.3 (0.1 ) 1.8 Effective rate 21.8 % 26.4 % 30.9 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The components of deferred tax assets and liabilities are as follows: December 31, 2019 2018 Deferred taxes assets Receivable allowances $ 8,537 $ 8,702 Inventory 3,247 2,274 Unrealized loss — 282 Accrued expenses 1,453 1,113 Deferred compensation 8,643 10,217 Deferred rent — 4,257 Net carryforwards 7,531 647 Lease liability 41,382 — Other 493 1,557 Gross deferred tax assets before valuation allowance 71,286 29,049 Less: valuation allowance (2,230 ) (649 ) Gross deferred tax assets after valuation allowance 69,056 28,400 Deferred tax liabilities Depreciation and amortization (26,978 ) (13,009 ) Unremitted earnings of foreign subsidiaries (3,025 ) (2,597 ) Right-of-use asset (37,248 ) — Amortization of goodwill (7,682 ) (7,514 ) Gross deferred tax liabilities (74,933 ) (23,120 ) Net deferred tax (liabilities)/assets $ (5,877 ) $ 5,280 |
Commitments, Contingencies an_2
Commitments, Contingencies and Other Commitments, Contingencies and Other (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2018, the Company entered into a new employment agreement with Edward R. Rosenfeld, the Chief Executive Officer and the Chairman of the Board of Directors of the Company, to replace an existing employment agreement that expired on that date. The agreement, which expires on December 31, 2021, provides for an annual salary of (i) approximately $992 for the period from January 1, 2020 through December 31, 2020 and (ii) approximately $1,042 for the period from January 1, 2021 through December 31, 2021. In addition, pursuant to his new employment agreement, on December 31, 2018, Mr. Rosenfeld received a grant of 87,500 shares of the Company's common stock subject to certain restrictions and, on February 1, 2019, Mr. Rosenfeld received an additional grant of 87,500 shares of the Company's common stock also subject to certain restrictions. The restricted shares received by Mr. Rosenfeld on December 31, 2018 and February 1, 2019 were issued under the Company's 2006 Stock Incentive Plan, as amended, and vest in equal annual installments over a five-year period that commenced on December 1, 2019 and February 1, 2020, respectively. Additional compensation and bonuses, if any, are at the sole discretion of the Company's Board of Directors. Steven Madden. On January 3, 2012, the Company and its Creative and Design Chief, Steven Madden, entered into an amendment, dated as of December 31, 2011, to Mr. Madden’s existing employment agreement with the Company. The amended agreement, which extends the term of Mr. Madden's employment through December 31, 2023, provides for a base salary of approximately $7,026 per annum for the period between January 1, 2016 and December 31, 2023. Pursuant to the amended agreement, on February 8, 2012, Mr. Madden was granted 2,194,586 restricted shares of the Company’s common stock at the then market price of $18.23 , 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. 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 in years subsequent to 2012. Mr. Madden exercised this right, and on July 3, 2012, he was granted 2,840,013 restricted shares of the Company's common stock at the then market price of $14.09 , which shares will vest in equal annual installments over a six-year period commencing on December 31, 2018. 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 1,125,000 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 $1.33 as to any fiscal year ending December 31, 2015 or thereafter, which performance criteria was achieved for the fiscal year ended December 31, 2016. As such, on March 1, 2017, Mr. Madden was granted the EPS Option at an exercise price of $24.90 per share. The EPS Option vests in equal annual installments over a five-year period commencing on the first anniversary of the grant date. On March 25, 2019, the Company and its Creative Design Chief, Steven Madden, entered into an amendment to Mr. Madden's existing employment agreement with the Company. The amended agreement extends the term of Mr. Madden's employment for three years through December 31, 2026. Pursuant to the amended agreement, on March 25, 2019 Mr. Madden was granted 200,000 restricted shares of the Company's common stock. The restricted stock award will vest in three nearly equal annual installments commencing on December 31, 2024. On August 19, 2019, pursuant to his employment agreement with the Company, Mr. Madden was granted an option to purchase 225,000 shares of the Company's common stock at an exercise price of $30.14 per share, which option will vest in four equal installments commencing on November 19, 2019 and ending on June 30, 2020. Arvind Dharia. On April 20, 2018, the Company and its Chief Financial Officer, Arvind Dharia, entered into an amendment of Mr. Dharia's existing employment agreement. The amendment, which was effective as of January 1, 2018, (i) extends the term of Mr. Dharia's employment agreement, which by its terms expired on December 31, 2017, to December 31, 2020 and (ii) provides for an annual salary of $642 in 2020. Pursuant to the amendment, on May 1, 2018, Mr. Dharia received a restricted stock award of 18,750 restricted shares of the Company's common stock under the Company's 2006 Stock Incentive Plan, as amended. The restricted shares vest in three nearly equal annual installments that commenced on December 15, 2018. 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 27, 2019, the Company entered into a new employment agreement with Amelia Newton Varela, the Company’s President and a member its Board of Directors, to replace an existing employment agreement that expired on December 31, 2019. The agreement, which remains in effect through December 31, 2022, provides for an annual salary of $700 in 2020, $725 in 2021 and $750 in 2022. In addition, pursuant to her new employment agreement, on January 2, 2020, Ms. Varela was granted 27,000 restricted shares of the Company's common stock under the Company's 2019 Incentive Compensation Plan. The restricted shares vest in five equal annual installments commencing on January 2, 2021. The agreement provides to Ms. Varela the opportunity for an annual performance-based bonus for the fiscal years ended December 31, 2020, 2021 and 2022. Awadhesh Sinha. On December 27, 2019, 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 on December 31, 2019. The new agreement, which remains in effect through December 31, 2021, provides for an annual salary of $ 745 in 2020 and $767 in 2021 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 2, 2020, Mr. Sinha received a grant of 11,598 shares of the Company's common stock subject to certain restrictions. The restricted shares received by Mr. Sinha were issued under the Company's 2019 Incentive Compensation Plan and vest in equal annual installments over a two-year period on each of December 15, 2020 and December 15, 2021. 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 $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 30,000 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. |
RoyaltyGuaranteesCommitmentsTableTaxBlock | License agreements: In January 2018, the Company entered into a license agreement with Nine West Development LLC, subsequently acquired by WHP Global, for the right to manufacture, market and sell women's fashion footwear and handbags under the Anne Klein®, AK Sport®, AK Anne Klein Sport® and the Lion Head Design®. The agreement, unless extended, expires on June 30, 2023. 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 January 30, 2017, the Company acquired all of the outstanding capital stock of Schwartz & Benjamin, which held licenses to manufacture, market and sell footwear with the Kate Spade® trademark. The license agreement required 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. As of December 31, 2019, the agreement for the license of the Kate Spade® trademark was terminated. 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. As of December 31, 2019, the agreement for the license of the Donna Karan® trademark was terminated. 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 $8,535 for 2020 , $16,520 for 2021 through 2022 and $3,625 for 2023 . Royalty expenses are included in the “cost of goods” 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, 2019 and 2018 : Wholesale Footwear Accessories/Apparel Retail Net Carrying Amount Balance at January 1, 2018 $ 84,862 $ 49,324 $ 14,352 $ 148,538 Translation and other (311 ) — (115 ) (426 ) Balance at December 31, 2018 84,551 49,324 14,237 148,112 Acquisitions — 11,955 4,644 16,599 Purchase accounting adjustment — 1,409 (2,053 ) (644 ) Translation and other 7,021 — 261 7,282 Balance at December 31, 2019 $ 91,572 $ 62,688 $ 17,089 $ 171,349 |
Operating Segment Information (
Operating Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Year ended Wholesale Footwear Wholesale Accessories/Apparel Total Wholesale Retail First Cost Licensing Consolidated December 31, 2019 Total revenue $ 1,112,091 $ 334,862 $ 1,446,953 $ 321,182 $ 7,441 $ 11,581 $ 1,787,157 Gross profit 373,587 98,131 471,718 195,277 7,441 11,581 686,017 Income/(loss) from operations 163,482 22,455 185,937 (9,050 ) (8,177 ) 8,104 176,814 Depreciation and amortization 11,247 9,580 510 — 21,337 Segment assets $ 873,654 $ 119,999 993,653 269,574 8,979 6,441 1,278,647 Capital expenditures $ 13,356 $ 4,955 $ — $ — $ 18,311 December 31, 2018 Total revenue $ 1,058,366 $ 300,091 $ 1,358,457 $ 295,152 $ 11,226 $ 12,899 $ 1,677,734 Gross profit 345,909 91,739 437,648 178,390 11,226 12,899 640,163 Income/(loss) from operations 140,138 27,092 167,230 735 (4,549 ) 9,966 173,382 Depreciation and amortization 10,810 10,593 944 135 22,482 Segment assets $ 774,837 $ 149,790 924,627 113,292 28,210 6,441 1,072,570 Capital expenditures $ 6,790 $ 5,660 $ — $ — $ 12,450 December 31, 2017 Total revenue $ 1,017,557 $ 256,295 $ 1,273,852 $ 272,246 $ 9,493 $ 11,492 $ 1,567,083 Gross profit 332,367 80,729 413,096 164,645 9,493 11,492 598,726 Income/(loss) 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 |
Quarterly Results of Operatio_2
Quarterly Results of Operations (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 and 2018 : March 31, June 30, September 30, December 31, 2019: Net sales $ 410,940 $ 444,974 $ 497,308 $ 414,912 Commission and licensing fee income 4,848 4,655 4,806 4,713 Total revenue 415,788 449,629 502,114 419,625 Cost of sales 253,943 279,629 306,277 261,291 Gross profit 161,845 170,000 195,837 158,334 Net income attributable to Steven Madden, Ltd. $ 34,525 $ 36,572 $ 52,463 $ 17,751 Net income per share: Basic $ 0.43 $ 0.46 $ 0.66 $ 0.23 Diluted $ 0.41 $ 0.44 $ 0.63 $ 0.21 2018: Net sales $ 389,014 $ 395,753 $ 458,482 $ 410,360 Commission and licensing fee income 4,964 3,921 8,755 6,485 Total revenue 393,978 399,674 467,237 416,845 Cost of sales 248,281 247,979 283,265 258,046 Gross profit 145,697 151,695 183,972 158,799 Net income attributable to Steven Madden, Ltd. $ 28,673 $ 32,410 $ 55,563 $ 12,490 Net income per share: Basic $ 0.35 $ 0.40 $ 0.68 $ 0.15 Diluted $ 0.33 $ 0.37 $ 0.64 $ 0.15 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Table) (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019USD ($)Websiteshares | Dec. 31, 2018USD ($)Websiteshares | Dec. 31, 2017USD ($)shares | Dec. 31, 2016USD ($)shares | |
Investment [Line Items] | ||||
Marketable securities – available for sale | $ 40,521 | $ 66,968 | ||
Marketable securities – available for sale | $ 0 | $ 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | shares | 4,427,000 | 5,137,000 | 5,876,000 | 6,287,000 |
Number of Stores | 227 | 229 | ||
Available-for-sale Securities, Gross Realized Gain (Loss) | $ (5) | $ (189) | $ 5 | |
Translation Adjustment Functional to Reporting Currency, Net of Tax | (29,636) | (33,091) | ||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | (804) | 530 | ||
Unrealized Gain (Loss) on Investments | 0 | (67) | ||
Accumulated other comprehensive loss | $ (30,440) | (32,628) | $ (25,613) | $ (31,751) |
Available-for-sale Securities, Gross Unrealized Gain | $ 67 | |||
Number of E-Commerce Websites | Website | 8 | 7 | ||
Bonds [Member] | ||||
Investment [Line Items] | ||||
Marketable securities – available for sale | $ 0 | $ 24,617 | ||
Marketable securities – available for sale | 0 | 0 | ||
Certificates of Deposit [Member] | ||||
Investment [Line Items] | ||||
Marketable securities – available for sale | 40,521 | 42,351 | ||
Marketable securities – available for sale | $ 0 | $ 0 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Details) | 3 Months Ended | 12 Months Ended | ||||
Jun. 30, 2019USD ($) | Dec. 31, 2017USD ($)shares | Dec. 31, 2019USD ($)Websiteshares | Dec. 31, 2018USD ($)Websiteshares | Dec. 31, 2017USD ($)shares | Dec. 31, 2016USD ($)shares | |
Condensed Balance Sheet Statements, Captions [Line Items] | ||||||
Number of Stores | 227 | 229 | ||||
Translation Adjustment Functional to Reporting Currency, Net of Tax | $ (29,636,000) | $ (33,091,000) | ||||
Cash and Cash Equivalents, Fair Value Disclosure | $ 107,535,000 | $ 77,050,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | shares | 5,876,000 | 4,427,000 | 5,137,000 | 5,876,000 | 6,287,000 | |
Production and Distribution Costs | $ 58,019,000 | $ 47,812,000 | $ 41,369,000 | |||
Number of E-Commerce Websites | Website | 8 | 7 | ||||
Available-for-sale Securities, Gross Realized Gain (Loss) | $ 5,000 | $ 189,000 | $ (5,000) | |||
Accretion (Amortization) of Discounts and Premiums, Investments | $ 218,000 | $ 728,000 | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | shares | 5,000 | 45,000 | 14,000 | |||
Advertising Expense | $ 30,165,000 | $ 21,921,000 | $ 19,629,000 | |||
Defined Benefit Plan Matching Contribution Percentage Of Employees Contributions | 50.00% | |||||
Defined Benefit Plan Maximum Percentage To Be Matched Of Employees Compensation | 6.00% | |||||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 2,048 | 1,893,000 | 1,819,000 | |||
Available-for-sale Securities, Gross Unrealized Loss | 67,000 | |||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 4,050 | $ 1,000 | 4,050,000 | 0 | 1,000,000 | |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | (804,000) | 530,000 | ||||
Unrealized Gain (Loss) on Investments | 0 | (67,000) | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (25,613,000) | $ (30,440,000) | $ (32,628,000) | $ (25,613,000) | $ (31,751,000) |
Acquisitions (Detail) - (Table)
Acquisitions (Detail) - (Table) - USD ($) | 9 Months Ended | ||
Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Inventories | $ 136,896,000 | $ 137,247,000 | |
Indefinite-Lived Trademarks | 115,985,000 | 96,288,000 | |
Customer relationships | 43,880,000 | 47,019,000 | |
Non-compete agreement | 455,000 | 2,440,000 | |
Goodwill – net | 171,349,000 | $ 148,112,000 | |
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value | $ (1,909,000) | ||
B. B. Dakota, Inc. [Member] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | $ 353,000 | ||
Business Combination, Acquired Receivable, Fair Value | 4,419,000 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 6,696,000 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets | 855,000 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 382,000 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | (2,885,000) | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 16,392,000 | ||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 29,757,000 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent | (2,735,000) | ||
Payments to Acquire Businesses, Gross | 24,568,000 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (2,893,000) | ||
Goodwill, Fair Value Disclosure | 13,365,000 | ||
B. B. Dakota, Inc. [Member] | Customer Relationships [Member] | |||
Finite-lived Intangible Assets Acquired | 2,530,000 | ||
Greats Brand Inc. [Member] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 290,000 | ||
Business Combination, Acquired Receivable, Fair Value | 41,000 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 1,387,000 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets | 6,447,000 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 200,000 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | (1,963,000) | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 14,592,000 | ||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 17,183,000 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent | (3,463,000) | ||
Payments to Acquire Businesses, Gross | 12,829,000 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (1,168,000) | ||
Goodwill, Fair Value Disclosure | 2,591,000 | ||
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value | (1,909,000) | ||
Greats Brand Inc. [Member] | Customer Relationships [Member] | |||
Finite-lived Intangible Assets Acquired | 1,140,000 | ||
Trademarks [Member] | B. B. Dakota, Inc. [Member] | |||
Indefinite-lived Intangible Assets Acquired | 9,670,000 | ||
Trademarks [Member] | Greats Brand Inc. [Member] | |||
Indefinite-lived Intangible Assets Acquired | $ 13,590,000 |
Acquisitions (Detail)
Acquisitions (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Mar. 31, 2018 | Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Business Acquisition, Percentage of Voting Interests Acquired | 51.00% | ||||
Adjustment to purchase price of acquisition | $ 419 | ||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 37,173,000 | $ 0 | $ 16,795,000 | ||
Business Acquisition, Contingent Consideration, at Fair Value | 9,124,000 | 0 | |||
Business Acquisition, Contingent Consideration, Actual Cash Payment | $ (7,000) | $ 0 | $ 7,000,000 | ||
Greats Brand Inc. [Member] | |||||
Finite-Lived Intangible Asset, Useful Life | 20 years | ||||
Business Acquisition, Percentage of Voting Interests Acquired | 90.00% | ||||
Payments to Acquire Businesses, Gross | $ 12,829,000 | ||||
Future Contingent Payment | 5,000,000 | ||||
Payments to Acquire Businesses, Net of Cash Acquired | 16,893,000 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 290,000 | ||||
Business Acquisition, Contingent Consideration, at Fair Value | 4,354,000 | ||||
Business Combination, Acquired Receivable, Fair Value | 41,000 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 1,387,000 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets | 6,447,000 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 200,000 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | (1,963,000) | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (1,168,000) | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent | (3,463,000) | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 14,592,000 | ||||
Goodwill, Fair Value Disclosure | 2,591,000 | ||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | $ 17,183,000 | ||||
B. B. Dakota, Inc. [Member] | |||||
Finite-Lived Intangible Asset, Useful Life | 10 years | ||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | ||||
Payments to Acquire Businesses, Gross | $ 24,568,000 | ||||
Payments to Acquire Businesses, Net of Cash Acquired | 29,404,000 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 353,000 | ||||
Business Acquisition, Contingent Consideration, at Fair Value | 4,770,000 | ||||
Business Combination, Acquired Receivable, Fair Value | 4,419,000 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 6,696,000 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets | 855,000 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 382,000 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | (2,885,000) | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (2,893,000) | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent | (2,735,000) | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 16,392,000 | ||||
Goodwill, Fair Value Disclosure | 13,365,000 | ||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 29,757,000 | ||||
Trademarks [Member] | Greats Brand Inc. [Member] | |||||
Indefinite-lived Intangible Assets Acquired | 13,590,000 | ||||
Trademarks [Member] | B. B. Dakota, Inc. [Member] | |||||
Indefinite-lived Intangible Assets Acquired | 9,670,000 | ||||
Customer Relationships [Member] | Greats Brand Inc. [Member] | |||||
Finite-lived Intangible Assets Acquired | 1,140,000 | ||||
Customer Relationships [Member] | B. B. Dakota, Inc. [Member] | |||||
Finite-lived Intangible Assets Acquired | $ 2,530,000 |
Due To and From Factor (Details
Due To and From Factor (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Payments Related to Tax Withholding for Share-based Compensation | $ 23,767 |
Line of Credit Facility, Collateral | 85.00% |
Line of Credit Facility, Maximum Borrowing Capacity | $ 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 ($) | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2019 | |
Proceeds from Collection of Notes Receivable | $ 0 | $ 0 | $ 221,000 | |
Adjustment to purchase price of acquisition | $ 419 |
Note Receivable - Related Par_2
Note Receivable - Related Party (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jun. 25, 2007 | |
Notes Receivable, Related Parties, Noncurrent | $ 1,558,000 | $ 1,927,000 | $ 3,000,000 | |
Debt Instrument, Decrease, Forgiveness | 409 | |||
Increase (Decrease) in Notes Receivable, Related Parties | $ 40 | $ 47 | $ 55 |
Fair Value Measurement (Table)
Fair Value Measurement (Table) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2019 | |
Assets: | |||||
Cash Equivalents | $ 107,535,000 | $ 77,050,000 | |||
Marketable securities – available for sale | 0 | 0 | |||
Liabilities: | |||||
Business Combination, Contingent Consideration, Liability | 9,124,000 | 0 | |||
Foreign Currency Contracts, Liability, Fair Value Disclosure | 495,000 | ||||
Business Acquisition, Contingent Consideration, Actual Cash Payment | $ (7,000) | 0 | 7,000,000 | ||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | 0 | 0 | $ (11,206,000) | ||
Business Acquisition, Contingent Consideration, Change in Estimate | (3,000,000) | ||||
Fair Value [Member] | |||||
Assets: | |||||
Current marketable securities – available for sale | 40,521,000 | 66,968,000 | |||
Foreign Currency Contract, Asset, Fair Value Disclosure | 707,000 | ||||
Total assets | 148,056,000 | 144,725,000 | |||
Liabilities: | |||||
Business Combination, Contingent Consideration, Liability | 9,124,000 | 3,000,000 | $ 10,000,000 | ||
Foreign Currency Contracts, Liability, Fair Value Disclosure | 495,000 | ||||
Total liabilities | 9,619,000 | 3,000,000 | |||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Assets: | |||||
Cash Equivalents | 107,535,000 | 77,050,000 | |||
Current marketable securities – available for sale | 40,521,000 | 66,968,000 | |||
Total assets | 148,056,000 | 144,018,000 | |||
Liabilities: | |||||
Business Combination, Contingent Consideration, Liability | 0 | ||||
Total liabilities | 0 | 0 | |||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Assets: | |||||
Cash Equivalents | 0 | 0 | |||
Current marketable securities – available for sale | 0 | 0 | |||
Foreign Currency Contract, Asset, Fair Value Disclosure | 707,000 | ||||
Total assets | 0 | 707,000 | |||
Liabilities: | |||||
Business Combination, Contingent Consideration, Liability | 0 | ||||
Foreign Currency Contracts, Liability, Fair Value Disclosure | 495,000 | ||||
Total liabilities | 495,000 | 0 | |||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Assets: | |||||
Cash Equivalents | 0 | 0 | |||
Current marketable securities – available for sale | 0 | 0 | |||
Total assets | 0 | 0 | |||
Liabilities: | |||||
Business Combination, Contingent Consideration, Liability | 9,124,000 | 3,000,000 | |||
Total liabilities | 9,124,000 | $ 3,000,000 | |||
Greats Brand Inc. [Member] | |||||
Liabilities: | |||||
Business Combination, Contingent Consideration, Liability | $ 4,354,000 | ||||
B. B. Dakota, Inc. [Member] | |||||
Liabilities: | |||||
Business Combination, Contingent Consideration, Liability | $ 4,770,000 | ||||
Forward Contracts [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Liabilities: | |||||
Foreign Currency Contracts, Liability, Fair Value Disclosure | 0 | ||||
Forward Contracts [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Liabilities: | |||||
Foreign Currency Contracts, Liability, Fair Value Disclosure | $ 0 |
Fair Value Measurement (Details
Fair Value Measurement (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | ||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $ 0 | $ 0 | $ (11,206) | |
Business Acquisition, Contingent Consideration, Actual Cash Payment | $ (7) | $ 0 | $ 7,000 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation | $ 15,993 | $ 16,036 | $ 15,160 |
Computer Equipment [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 3 years | ||
Computer Equipment [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 5 years |
Property and Equipment Property
Property and Equipment Property and Equipment (Tables) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Line Items] | ||
Land and building | $ 947 | $ 767 |
Leasehold Improvements, Gross | 91,341 | 84,512 |
Machinery and Equipment, Gross | 6,597 | 7,098 |
Furniture and Fixtures, Gross | 11,972 | 9,039 |
Computer equipment | 65,093 | 58,089 |
Property, Plant and Equipment, Gross | 175,950 | 159,505 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | (110,446) | (94,698) |
Property and equipment, net | $ 65,504 | $ 64,807 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 10 years | |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 5 years |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets (Detail) - (Table 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill [Roll Forward] | |||
Goodwill – net | $ 171,349 | $ 148,112 | |
Wholesale Footwear [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill – net | 91,572 | 84,551 | $ 84,862 |
Goodwill, Purchase Accounting Adjustments | 0 | ||
Goodwill, Foreign Currency Translation Gain (Loss) | 7,021 | (311) | |
Acquisition of SM Canada | 0 | ||
Wholesale Accessories [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill – net | 62,688 | 49,324 | 49,324 |
Goodwill, Purchase Accounting Adjustments | 1,409 | ||
Goodwill, Foreign Currency Translation Gain (Loss) | 0 | 0 | |
Acquisition of SM Canada | 11,955 | ||
Retail [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill – net | 17,089 | 14,237 | 14,352 |
Goodwill, Purchase Accounting Adjustments | (2,053) | ||
Goodwill, Foreign Currency Translation Gain (Loss) | 261 | (115) | |
Acquisition of SM Canada | 4,644 | ||
Net Carrying Amount [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill – net | 171,349 | 148,112 | $ 148,538 |
Goodwill, Purchase Accounting Adjustments | (644) | ||
Goodwill, Foreign Currency Translation Gain (Loss) | 7,282 | $ (426) | |
Acquisition of SM Canada | $ 16,599 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets (Detail) - (Table 2) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Jun. 30, 2019 | Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Finite-Lived Trade Names, Gross | $ 8,770,000 | $ 9,220,000 | |||
Finite-Lived Intangible Assets, Accumulated Amortization | 37,482,000 | 46,885,000 | |||
Impairment of Intangible Assets, Finite-lived | 0 | 0 | |||
Finite-Lived Intangible Assets, Net | 19,823,000 | 21,608,000 | |||
Finite-Lived Intangible Assets, Gross | 57,305,000 | 68,493,000 | |||
Finite-Lived License Agreements, Gross | 5,600,000 | ||||
Finite-Lived Customer Lists, Gross | 43,880,000 | 47,019,000 | |||
Cost Basis | 212,540,000 | 204,026,000 | |||
Accumulated amortization | 45,781,000 | 56,670,000 | |||
Indefinite-Lived Contractual Rights | 26,901,000 | 25,415,000 | |||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 4,050 | $ 1,000 | 4,050,000 | 0 | $ 1,000,000 |
Indefinite-Lived Trademarks | 115,985,000 | 96,288,000 | |||
Intangibles – net | 162,709,000 | 143,311,000 | |||
Other Finite-Lived Intangible Assets, Gross | 14,000 | ||||
Finite-Lived Contractual Rights, Gross | 4,200,000 | 4,200,000 | |||
Finite-Lived Noncompete Agreements, Gross | 455,000 | 2,440,000 | |||
Re-acquired right [Member] | |||||
Indefinite-lived Intangible Assets (Excluding Goodwill) | 35,200,000 | 35,200,000 | |||
Accumulated amortization | 8,299,000 | 9,785,000 | |||
Trademarks [Member] | |||||
Indefinite-lived Intangible Assets (Excluding Goodwill) | 120,035,000 | 100,333,000 | |||
Accumulated amortization | 0 | 0 | |||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 4,050 | 4,050,000 | 4,045,000 | ||
Trade names [Member] | |||||
Finite-Lived Intangible Assets, Accumulated Amortization | 8,418,000 | 6,582,000 | |||
Finite-Lived Intangible Assets, Net | 352,000 | 2,638,000 | |||
Customer relationships [Member] | |||||
Finite-Lived Intangible Assets, Accumulated Amortization | 24,409,000 | 28,049,000 | |||
Finite-Lived Intangible Assets, Net | 19,471,000 | 18,970,000 | |||
Licensing agreements [Member] | |||||
Finite-Lived Intangible Assets, Accumulated Amortization | 5,600,000 | ||||
Finite-Lived Intangible Assets, Net | 0 | ||||
Non-compete agreement [Member] | |||||
Finite-Lived Intangible Assets, Accumulated Amortization | 455,000 | 2,440,000 | |||
Finite-Lived Intangible Assets, Net | $ 0 | $ 0 | |||
Finite-Lived Intangible Asset, Useful Life | 5 years | 5 years | |||
Re-acquired right [Member] | |||||
Finite-Lived Intangible Assets, Accumulated Amortization | $ 4,200,000 | $ 4,200,000 | |||
Finite-Lived Intangible Assets, Net | $ 0 | $ 0 | |||
Finite-Lived Intangible Asset, Useful Life | 2 years | 2 years | |||
Other [Member] | |||||
Finite-Lived Intangible Assets, Accumulated Amortization | $ 14,000 | ||||
Finite-Lived Intangible Assets, Net | $ 0 | ||||
Finite-Lived Intangible Asset, Useful Life | 3 years | ||||
Minimum [Member] | Trade names [Member] | |||||
Finite-Lived Intangible Asset, Useful Life | 6 years | 6 years | |||
Minimum [Member] | Customer relationships [Member] | |||||
Finite-Lived Intangible Asset, Useful Life | 10 years | 10 years | |||
Minimum [Member] | Licensing agreements [Member] | |||||
Finite-Lived Intangible Asset, Useful Life | 3 years | ||||
Maximum [Member] | Trade names [Member] | |||||
Finite-Lived Intangible Asset, Useful Life | 10 years | 10 years | |||
Maximum [Member] | Customer relationships [Member] | |||||
Finite-Lived Intangible Asset, Useful Life | 20 years | 20 years | |||
Maximum [Member] | Licensing agreements [Member] | |||||
Finite-Lived Intangible Asset, Useful Life | 6 years |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets (Detail) - (Table 3) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Jun. 30, 2019 | Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill [Line Items] | |||||
Finite-Lived Trade Names, Gross | $ 8,770,000 | $ 9,220,000 | |||
Finite-Lived Intangible Assets, Accumulated Amortization | 37,482,000 | 46,885,000 | |||
Impairment of Intangible Assets, Finite-lived | 0 | 0 | |||
Finite-Lived Intangible Assets, Gross | 57,305,000 | 68,493,000 | |||
Finite-Lived License Agreements, Gross | 5,600,000 | ||||
Finite-Lived Customer Lists, Gross | 43,880,000 | 47,019,000 | |||
2012 (remaining nine months) | 2,913,000 | ||||
2013 | 2,236,000 | ||||
2014 | 1,802,000 | ||||
2015 | 1,802,000 | ||||
2016 | 1,802,000 | ||||
Thereafter | 9,268,000 | ||||
Total | 19,823,000 | 21,608,000 | |||
Accumulated amortization | 45,781,000 | 56,670,000 | |||
Indefinite-Lived Contractual Rights | 26,901,000 | 25,415,000 | |||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 4,050 | $ 1,000 | 4,050,000 | 0 | $ 1,000,000 |
Indefinite-Lived Trademarks | 115,985,000 | 96,288,000 | |||
Intangible Assets, Gross (Excluding Goodwill) | 212,540,000 | 204,026,000 | |||
Other Finite-Lived Intangible Assets, Gross | 14,000 | ||||
Finite-Lived Contractual Rights, Gross | 4,200,000 | 4,200,000 | |||
Finite-Lived Noncompete Agreements, Gross | 455,000 | 2,440,000 | |||
Intangible Assets, Net (Excluding Goodwill) | 162,709,000 | 143,311,000 | |||
Trade Names [Member] | |||||
Goodwill [Line Items] | |||||
Finite-Lived Intangible Assets, Accumulated Amortization | 8,418,000 | 6,582,000 | |||
Total | 352,000 | 2,638,000 | |||
Customer Lists [Member] | |||||
Goodwill [Line Items] | |||||
Finite-Lived Intangible Assets, Accumulated Amortization | 24,409,000 | 28,049,000 | |||
Total | 19,471,000 | 18,970,000 | |||
Licensing Agreements [Member] | |||||
Goodwill [Line Items] | |||||
Finite-Lived Intangible Assets, Accumulated Amortization | 5,600,000 | ||||
Total | 0 | ||||
Noncompete Agreements [Member] | |||||
Goodwill [Line Items] | |||||
Finite-Lived Intangible Assets, Accumulated Amortization | 455,000 | 2,440,000 | |||
Total | $ 0 | $ 0 | |||
Finite-Lived Intangible Asset, Useful Life | 5 years | 5 years | |||
Contractual Rights [Member] | |||||
Goodwill [Line Items] | |||||
Finite-Lived Intangible Assets, Accumulated Amortization | $ 4,200,000 | $ 4,200,000 | |||
Total | $ 0 | $ 0 | |||
Finite-Lived Intangible Asset, Useful Life | 2 years | 2 years | |||
Other Intangible Assets [Member] | |||||
Goodwill [Line Items] | |||||
Finite-Lived Intangible Assets, Accumulated Amortization | $ 14,000 | ||||
Total | $ 0 | ||||
Finite-Lived Intangible Asset, Useful Life | 3 years | ||||
Contractual Rights [Member] | |||||
Goodwill [Line Items] | |||||
Indefinite-lived Intangible Assets (Excluding Goodwill) | $ 35,200,000 | $ 35,200,000 | |||
Accumulated amortization | 8,299,000 | 9,785,000 | |||
Trademarks [Member] | |||||
Goodwill [Line Items] | |||||
Indefinite-lived Intangible Assets (Excluding Goodwill) | 120,035,000 | 100,333,000 | |||
Accumulated amortization | 0 | 0 | |||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 4,050 | $ 4,050,000 | $ 4,045,000 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets Goodwill and Intangible Assets (detail) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill [Line Items] | |||
Amortization of Intangible Assets | $ 6,258 | $ 5,718 | $ 5,245 |
Wholesale Footwear [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Purchase Accounting Adjustments | $ 0 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Detail) - (Table 1) - shares | 12 Months Ended | |
Dec. 31, 2019 | May 24, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Common stock authorized | 11,000,000 | |
Stock-based awards, including restricted stock and stock options granted, net of expired or cancelled | (483,185) | |
Common stock available for grant of stock-based awards as of June 30, 2012 | 10,516,815 |
Stock-Based Compensation (Det_2
Stock-Based Compensation (Detail) - (Table 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Total | $ 23,170 | $ 21,076 | $ 20,847 |
Restricted Stock [Member] | |||
Allocated Share-based Compensation Expense | 19,143 | 16,720 | 16,616 |
Stock Options [Member] | |||
Allocated Share-based Compensation Expense | $ 4,027 | $ 4,356 | $ 4,231 |
Stock-Based Compensation (Det_3
Stock-Based Compensation (Detail) - (Table 3) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Volatility | 39.60% | 33.20% | 26.40% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Minimum | 32.00% | 25.10% | 23.00% |
Risk free interest rate | 2.50% | 2.90% | 2.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum | 1.60% | 2.10% | 1.50% |
Dividend yield | 1.60% | 1.70% | 0.00% |
Weighted average fair value | $ 5.38 | $ 6.75 | $ 5.94 |
Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 1 year | 3 years | 3 years |
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 5 years | 5 years | 5 years |
Stock-Based Compensation (Det_4
Stock-Based Compensation (Detail) - (Table 4) - USD ($) $ / shares in Units, $ in Thousands | Aug. 19, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Outstanding at January 1, 2012 | 2,815,000 | 2,846,000 | 2,249,000 | |
Outstanding at January 1, 2012 (in Dollars per share) | $ 26.03 | $ 23.87 | $ 19.81 | |
Granted | (225,000) | (272,000) | (585,000) | (1,593,000) |
Granted (in Dollars per share) | $ 30.93 | $ 32.39 | $ 25.03 | |
Exercised | (273,000) | (593,000) | (983,000) | |
Exercised (in Dollars per share) | $ 22.77 | $ 22.04 | $ 16.49 | |
Cancelled/Forfeited | (12,000) | (23,000) | (13,000) | |
Outstanding at June 30, 2012 | 2,802,000 | 2,815,000 | 2,846,000 | |
Outstanding at June 30, 2012 (in Dollars per share) | $ 26.85 | $ 26.03 | $ 23.87 | |
Outstanding at June 30, 2012 | 4 years 1 month 6 days | |||
Outstanding at June 30, 2012 (in Dollars) | $ 45,284 | |||
Exercisable at June 30, 2012 | 1,630,000 | |||
Exercisable at June 30, 2012 (in Dollars per share) | $ 27.02 | |||
Stock based compensation, shares exercisable, weighted average remaining contractual term | 3 years 8 months 12 days | |||
Exercisable at June 30, 2012 (in Dollars) | $ 26,069 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $ 20.17 | $ 22.59 | $ 23.49 |
Stock-Based Compensation (Det_5
Stock-Based Compensation (Detail) - (Table 5) - $ / shares | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
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 | 2,802,000 | 2,815,000 | 2,846,000 | 2,249,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 3 years 8 months 12 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 26.85 | $ 26.03 | $ 23.87 | $ 19.81 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 1,630,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 27.02 | |||
Exercise Price 3.65 to 8.72 [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 468,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 2 years 2 months 12 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 22.79 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 347,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 22.54 | |||
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 | 1,474,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 4 years 1 month 6 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 25.18 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 775,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 25.43 | |||
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 | 557,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 5 years 8 months 12 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 29.81 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 275,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 29.58 | |||
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 | 291,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 3 years 10 months 24 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 35.55 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 233,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 35.93 | |||
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 | 12,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 6 years 6 months | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 41.18 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 0 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 0 | |||
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 | 2,802,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 4 years 1 month 6 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 26.85 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 1,630,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 27.02 |
Stock-Based Compensation (Det_6
Stock-Based Compensation (Detail) - (Table 6) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Proceeds from Stock Options Exercised | $ 6,212,000 | $ 13,036,000 | $ 16,433,000 |
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 | 5,137,000 | 5,876,000 | 6,287,000 |
Non-vested at January 1 (in Dollars per share) | $ 18.42 | $ 17.37 | $ 17.29 |
Granted | 633,000 | 509,000 | 413,000 |
Granted (in Dollars per share) | $ 32.64 | $ 31.70 | $ 25.11 |
Vested | (1,200,000) | (1,177,000) | (762,000) |
Vested (in Dollars per share) | $ 19.40 | $ 18.44 | $ 20.39 |
Non-vested at June 30 | 4,427,000 | 5,137,000 | 5,876,000 |
Non-vested at June 30 (in Dollars per share) | $ 19.84 | $ 18.42 | $ 17.37 |
Forfeited | (143,000) | (71,000) | (62,000) |
Forfeitures (in dollars per share) | $ 28.61 | $ 25.61 | $ 23.65 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 4,268,000 | $ 6,841,000 | $ 9,936,000 |
Stock-Based Compensation (Det_7
Stock-Based Compensation (Detail) - USD ($) | Dec. 31, 2024 | Nov. 19, 2019 | Aug. 19, 2019 | Mar. 25, 2019 | Dec. 31, 2018 | Mar. 01, 2018 | Dec. 31, 2017 | Mar. 01, 2017 | Jul. 03, 2012 | Feb. 08, 2012 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Proceeds from Stock Options Exercised | $ 6,212,000 | $ 13,036,000 | $ 16,433,000 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 4,268,000 | $ 6,841,000 | $ 9,936,000 | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award Options Vested In Period | 738,903,000 | 773,351,000 | 614,283,000 | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable During Period Weighted Average Exercise Price (in Dollars per share) | $ 28.20 | $ 26.38 | $ 22.68 | |||||||||||
Share Based Compensation Arrangement By Share-Based Payment Award Equity Options Nonvested Number | 1,171,934,000 | |||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ 4,982,000 | |||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 2 years | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Total Fair Value | $ 23,263,000 | $ 36,122 | $ 21,549 | |||||||||||
Related Party Transaction Restricted Shares Granted During The Period | 200,000 | 2,840,013 | 2,194,586 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | 4 years | 6 years | 5 years | 7 years | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 1,125,000 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 225,000 | 272,000 | 585,000 | 1,593,000 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 5,137,000 | 5,876,000 | 4,427,000 | 5,137,000 | 5,876,000 | 6,287,000 | ||||||||
Common Stock [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Share Price | $ 30.14 | $ 24.90 | $ 14.09 | $ 18.23 | ||||||||||
Restricted Stock [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ 57,134,000 | |||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 3 years 11 months 15 days | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 3,347,390 | |||||||||||||
Employee Stock Option [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Share Based Compensation Arrangement By Share-Based Payment Award Equity Options Nonvested Number | 843,750 |
Preferred Stock (Details)
Preferred Stock (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
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 |
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 | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Apr. 24, 2019 | |
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 | 577,413 | |||
Payments Related to Tax Withholding for Share-based Compensation | $ 23,767 | |||
Stock Repurchased During Period, Shares | 2,958,000 | 3,363,000 | 3,902,000 | |
Treasury Stock Acquired, Average Cost Per Share | $ 41.16 | |||
Stock Repurchased During Period, Value | $ 101,768 | $ 105,924 | $ 99,412 | |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 136,959 | $ 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 | 2,381,340 | |||
Treasury Stock Acquired, Average Cost Per Share | $ 32.76 | |||
Stock Repurchased During Period, Value | $ 78,001 | |||
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Foreign Currency Contracts, Liability, Fair Value Disclosure | $ 495 | ||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | (1,387) | $ 1,150 | $ (1,282) |
Forward Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | (454) | 748 | (802) |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ (10) | $ (39) | $ (57) |
Operating Leases (Details)
Operating Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2019 | |
Operating Leases [Abstract] | ||||
Operating Lease, Right-of-Use Asset | $ 155,700 | $ 0 | $ 194,100 | |
Operating Lease, Cost | 48,387 | |||
Operating Lease, Payments | 46,324 | |||
Operating Leases, Rent Expense | 61,283 | 58,332 | $ 56,027 | |
Operating Leases, Rent Expense, Contingent Rentals | 138 | $ 516 | $ 424 | |
Short-term Lease, Cost | 239 | |||
Sublease Income | 644 | |||
Lease, Cost | 47,982 | |||
Lease Liability | $ 171,796 | $ 209,000 |
Operating Leases Operating Leas
Operating Leases Operating Leases (Tables) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2019 | |
Operating Leased Assets [Line Items] | |||||
Operating Lease, Right-of-Use Asset | $ 155,700,000 | $ 0 | $ 194,100,000 | ||
Impairment of Leasehold | $ 1,883 | 1,883,000 | 0 | $ 0 | |
Future Minimum Sublease Rentals, Sale Leaseback Transactions, Next Twelve Months | 46,035,000 | ||||
Future Minimum Sublease Rentals, Sale Leaseback Transactions, within Two Years | 39,586,000 | ||||
Future Minimum Sublease Rentals, Sale Leaseback Transactions, within Three Years | 30,474,000 | ||||
Future Minimum Sublease Rentals, Sale Leaseback Transactions, within Four Years | 21,680,000 | ||||
Future Minimum Sublease Rentals, Sale Leaseback Transactions, within Five Years | 18,020,000 | ||||
Future Minimum Sublease Rentals, Sale Leaseback Transactions, Thereafter | 38,119,000 | ||||
Lessee, Operating Lease, Liability, Payments, Due | 193,914,000 | ||||
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | 22,118,000 | ||||
Future Minimum Sublease Rentals, Sale Leaseback Transactions | 171,796,000 | ||||
Operating Lease, Liability, Current | 38,624,000 | 0 | |||
Operating Lease, Liability, Noncurrent | 133,172,000 | $ 0 | |||
Lease Liability | $ 171,796,000 | $ 209,000,000 | |||
Operating Lease, Weighted Average Remaining Lease Term | 5 years 6 months | ||||
Operating Lease, Weighted Average Discount Rate, Percent | 4.40% |
Income Taxes Income Taxes (Ta_2
Income Taxes Income Taxes (Table 1) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Income (Loss) from Continuing Operations before Income Taxes, Domestic | $ 119,166 | $ 121,674 | $ 124,472 |
Income (Loss) from Continuing Operations before Income Taxes, Foreign | 62,060 | 55,666 | 47,855 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | $ 181,226 | $ 177,340 | $ 172,327 |
Income Taxes Income Taxes (Ta_3
Income Taxes Income Taxes (Table 2) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Current: [Abstract] | |||
Current Federal Tax Expense (Benefit) | $ 18,655 | $ 32,880 | $ 56,836 |
Current State and Local Tax Expense (Benefit) | 3,765 | 5,012 | 5,746 |
Current Foreign Tax Expense (Benefit) | 11,940 | 11,771 | 10,773 |
Current Income Tax Expense (Benefit) | 34,360 | 49,663 | 73,355 |
Deferred: [Abstract] | |||
Deferred Federal Income Tax Expense (Benefit) | 2,309 | (2,489) | (22,061) |
Deferred State and Local Income Tax Expense (Benefit) | 1,343 | (200) | 800 |
Deferred Foreign Income Tax Expense (Benefit) | 1,492 | (133) | 1,095 |
Deferred Income Tax Expense (Benefit) | 5,144 | (2,822) | (20,166) |
Provision for income taxes | $ 39,504 | $ 46,841 | $ 53,189 |
Income Taxes Income Taxes (Ta_4
Income Taxes Income Taxes (Table 3) (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate | 21.00% | 21.00% | 35.00% |
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential | (0.10%) | (0.70%) | (4.50%) |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-based Compensation Cost, Amount | (3.40%) | (2.10%) | (2.20%) |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes | 2.30% | 2.40% | 2.00% |
Effective Income Tax Rate Reconciliation, Nondeductible Expense | 0.70% | 0.10% | 0.50% |
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent | 0.00% | 2.00% | (4.40%) |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance | 0.00% | 3.80% | 2.70% |
Effective Income Tax Rate Reconciliation, Deductions, Other | 1.30% | (0.10%) | 1.80% |
Income Taxes Income Taxes (Ta_5
Income Taxes Income Taxes (Table 4) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | ||||
Unrecognized Tax Benefits | $ 1,150 | $ 1,511 | $ 361 | $ 1,407 |
Current deferred tax assets: [Abstract] | ||||
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Allowance for Doubtful Accounts | 8,537 | 8,702 | ||
Deferred Tax Assets, Inventory | 3,247 | 2,274 | ||
Deferred Tax Assets, Unrealized Losses on Trading Securities | 0 | 282 | ||
Deferred Tax Assets, Other Tax Carryforwards | 7,531 | 647 | ||
Deferred Tax Assets Lease Liability | 41,382 | 0 | ||
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Accrued Liabilities | 1,453 | 1,113 | ||
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Employee Compensation | 8,643 | 10,217 | ||
Deferred Tax Assets, Other | 493 | 1,557 | ||
Deferred Tax Assets, Gross | 71,286 | 29,049 | ||
Valuation Allowance | (2,230) | (649) | ||
Non-current deferred tax assets (liabilities): [Abstract] | ||||
Deferred Tax Liabilities, Property, Plant and Equipment | (26,978) | (13,009) | ||
Deferred Tax Liabilities, Undistributed Foreign Earnings | (3,025) | (2,597) | ||
Deferred Tax Liabilities Right of Use Asset | (37,248) | 0 | ||
Deferred Tax Liabilities, Gross | (74,933) | (23,120) | ||
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Deferred Rent | 0 | 4,257 | ||
Deferred Tax Liabilities, Goodwill | (7,682) | (7,514) | ||
Deferred Tax Liabilities, Net | (5,877) | |||
Deferred Tax Assets, Net | 5,280 | |||
Deferred Tax Assets, Net of Valuation Allowance | 69,056 | 28,400 | ||
Unrecognized Tax Benefits, Increase Resulting from Current Period Tax Positions | 0 | 1,150 | 0 | |
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions | $ (361) | $ 0 | $ (1,046) |
Income Taxes Income taxes (Deta
Income Taxes Income taxes (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Unrecognized Tax Benefit [Roll Forward] | |||
Beginning Balance | $ 1,511,000 | $ 361,000 | $ 1,407,000 |
Additions related to current period tax positions | 0 | 1,150,000 | 0 |
Reductions for tax positions of prior years | 361,000 | 0 | 1,046,000 |
Ending Balance | 1,150,000 | 1,511,000 | 361,000 |
Valuation Allowance | 2,230,000 | 649,000 | |
Deferred Tax Liabilities, Undistributed Foreign Earnings | 3,025,000 | 2,597,000 | |
Deferred Income Tax Expense (Benefit) | 5,144,000 | (2,822,000) | (20,166,000) |
Unrecognized tax benefits that would impact the effective tax rate | $ 1,150,000 | $ 1,511,000 | $ 361,000 |
Commitments, Contingencies an_3
Commitments, Contingencies and Other (Details) - USD ($) | Dec. 31, 2024 | Jan. 02, 2021 | Dec. 15, 2020 | Jan. 02, 2020 | Nov. 19, 2019 | Aug. 19, 2019 | Mar. 25, 2019 | Feb. 01, 2019 | Dec. 31, 2018 | Dec. 15, 2018 | May 01, 2018 | Apr. 01, 2018 | Mar. 01, 2018 | Dec. 31, 2017 | Apr. 11, 2017 | Mar. 01, 2017 | Jul. 03, 2012 | Feb. 08, 2012 | Feb. 01, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Apr. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2023 | Jun. 25, 2007 |
Loss Contingencies [Line Items] | ||||||||||||||||||||||||||||||||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options | 225,000 | 272,000 | 585,000 | 1,593,000 | ||||||||||||||||||||||||||||||||
Contractual Obligation, Due in Second Year | $ 8,535,000 | $ 8,535,000 | ||||||||||||||||||||||||||||||||||
Contractual Obligation, Due in Second and Third Year | 16,520,000 | 16,520,000 | ||||||||||||||||||||||||||||||||||
Contractual Obligation | 3,625,000 | 3,625,000 | ||||||||||||||||||||||||||||||||||
Payments for Legal Settlements | 3,016 | |||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | 4 years | 6 years | 5 years | 7 years | |||||||||||||||||||||||||||||||
Salary and Wage, NonOfficer, Excluding Cost of Good and Service Sold | $ 7,026 | |||||||||||||||||||||||||||||||||||
Note receivable – related party | $ 1,927,000 | $ 1,558,000 | $ 1,927,000 | $ 1,558,000 | $ 1,927,000 | $ 3,000,000 | ||||||||||||||||||||||||||||||
Earnings Per Share, Diluted | $ 0.21 | $ 0.63 | $ 0.44 | $ 0.41 | $ 0.15 | $ 0.64 | $ 0.37 | $ 0.33 | $ 1.69 | $ 1.50 | $ 1.36 | |||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 1,125,000 | |||||||||||||||||||||||||||||||||||
Related Party Transaction Restricted Shares Granted During The Period | 200,000 | 2,840,013 | 2,194,586 | |||||||||||||||||||||||||||||||||
Geographic Concentration Risk [Member] | ||||||||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||||||||||||||||
Concentration Risk, Percentage | 88.00% | 94.00% | 93.00% | |||||||||||||||||||||||||||||||||
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% | 10.00% | |||||||||||||||||||||||||||||||||
Chief Executive Officer [Member] | ||||||||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | |||||||||||||||||||||||||||||||||||
Salary and Wage, Officer, Excluding Cost of Good and Service Sold | $ 1,042 | $ 992 | ||||||||||||||||||||||||||||||||||
Deferred Compensation Arrangement with Individual, Shares Issued | 87,500 | 87,500 | ||||||||||||||||||||||||||||||||||
Chief Operating Officer [Member] | ||||||||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 2 years | |||||||||||||||||||||||||||||||||||
Salary and Wage, Officer, Excluding Cost of Good and Service Sold | 767 | 745,000 | ||||||||||||||||||||||||||||||||||
Deferred Compensation Arrangement with Individual, Shares Issued | 11,598 | |||||||||||||||||||||||||||||||||||
Chief Financial Officer [Member] | ||||||||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||||||||||||||||||||||||||||||||
Salary and Wage, Officer, Excluding Cost of Good and Service Sold | 642 | |||||||||||||||||||||||||||||||||||
Deferred Compensation Arrangement with Individual, Shares Issued | 18,750 | |||||||||||||||||||||||||||||||||||
President [Member] | ||||||||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | |||||||||||||||||||||||||||||||||||
Salary and Wage, Officer, Excluding Cost of Good and Service Sold | $ 750 | $ 725 | $ 700 | |||||||||||||||||||||||||||||||||
Deferred Compensation Arrangement with Individual, Shares Issued | 27,000 | |||||||||||||||||||||||||||||||||||
Officer [Member] | ||||||||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | |||||||||||||||||||||||||||||||||||
Salary and Wage, Officer, Excluding Cost of Good and Service Sold | $ 590 | |||||||||||||||||||||||||||||||||||
Deferred Compensation Arrangement with Individual, Shares Issued | 30,000 | |||||||||||||||||||||||||||||||||||
Sales Revenue, Net [Member] | ||||||||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||||||||||||||||
Concentration Risk, Percentage | 11.90% | |||||||||||||||||||||||||||||||||||
Accounts Receivable [Member] | ||||||||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||||||||||||||||
Concentration Risk, Percentage | 17.90% | 17.60% | 14.60% | |||||||||||||||||||||||||||||||||
Common Stock [Member] | ||||||||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||||||||||||||||
Earnings Per Share, Diluted | $ 1.33 | |||||||||||||||||||||||||||||||||||
Share Price | $ 30.14 | $ 24.90 | $ 14.09 | $ 18.23 | ||||||||||||||||||||||||||||||||
EPS Option [Member] | ||||||||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | |||||||||||||||||||||||||||||||||||
Target Corporation [Domain] [Domain] | Accounts Receivable [Member] | ||||||||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||||||||||||||||
Concentration Risk, Percentage | 13.60% | 13.80% | 13.40% | |||||||||||||||||||||||||||||||||
Nordstrom, Inc. [Domain] | Accounts Receivable [Member] | ||||||||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||||||||||||||||
Concentration Risk, Percentage | 10.60% | 10.60% |
Commitments, Contingencies an_4
Commitments, Contingencies and Other Commitments, Contingencies and Other (Details 2) (Details) - USD ($) | Dec. 31, 2024 | Jan. 02, 2021 | Dec. 15, 2020 | Jan. 02, 2020 | Nov. 19, 2019 | Aug. 19, 2019 | Feb. 01, 2019 | Dec. 31, 2018 | Dec. 15, 2018 | May 01, 2018 | Mar. 01, 2018 | Dec. 31, 2017 | Feb. 01, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2012 | Dec. 31, 2023 | Mar. 01, 2017 | Jul. 03, 2012 | Feb. 08, 2012 |
Loss Contingencies [Line Items] | ||||||||||||||||||||||||
Salary and Wage, NonOfficer, Excluding Cost of Good and Service Sold | $ 7,026 | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 225,000 | 272,000 | 585,000 | 1,593,000 | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | 4 years | 6 years | 5 years | 7 years | |||||||||||||||||||
Chief Executive Officer [Member] | ||||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||||
Salary and Wage, Officer, Excluding Cost of Good and Service Sold | $ 1,042 | $ 992 | ||||||||||||||||||||||
Deferred Compensation Arrangement with Individual, Shares Issued | 87,500 | 87,500 | ||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | |||||||||||||||||||||||
Chief Financial Officer [Member] | ||||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||||
Salary and Wage, Officer, Excluding Cost of Good and Service Sold | 642 | |||||||||||||||||||||||
Deferred Compensation Arrangement with Individual, Shares Issued | 18,750 | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||||||||||||||||||||
President [Member] | ||||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||||
Salary and Wage, Officer, Excluding Cost of Good and Service Sold | $ 750 | 725 | 700 | |||||||||||||||||||||
Deferred Compensation Arrangement with Individual, Shares Issued | 27,000 | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | |||||||||||||||||||||||
Chief Operating Officer [Member] | ||||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||||
Salary and Wage, Officer, Excluding Cost of Good and Service Sold | $ 767 | $ 745,000 | ||||||||||||||||||||||
Deferred Compensation Arrangement with Individual, Shares Issued | 11,598 | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 2 years | |||||||||||||||||||||||
Common Stock [Member] | ||||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||||
Share Price | $ 30.14 | $ 24.90 | $ 14.09 | $ 18.23 | ||||||||||||||||||||
Restricted Stock [Member] | ||||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||||
Stock Granted, Value, Share-based Compensation, Gross | $ 40,000 |
Commitments, Contingencies an_5
Commitments, Contingencies and Other Commitments, Contingencies and Other (Details 3) (Details) - shares | Dec. 31, 2024 | Dec. 15, 2020 | Jan. 02, 2020 | Nov. 19, 2019 | Feb. 01, 2019 | Dec. 31, 2018 | Dec. 15, 2018 | May 01, 2018 | Mar. 01, 2018 | Dec. 31, 2017 | Feb. 01, 2020 |
Loss Contingencies [Line Items] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | 4 years | 6 years | 5 years | 7 years | ||||||
Chief Operating Officer [Member] | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Deferred Compensation Arrangement with Individual, Shares Issued | 11,598 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 2 years | ||||||||||
Chief Executive Officer [Member] | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Deferred Compensation Arrangement with Individual, Shares Issued | 87,500 | 87,500 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | ||||||||||
Chief Financial Officer [Member] | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Deferred Compensation Arrangement with Individual, Shares Issued | 18,750 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years |
Commitments, Contingencies an_6
Commitments, Contingencies and Other Commitments, Contingencies and Other (Table 2) (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Sales Revenue, Net [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 11.90% | ||
Accounts Receivable [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 17.90% | 17.60% | 14.60% |
Target Corporation [Domain] [Domain] | Accounts Receivable [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 13.60% | 13.80% | 13.40% |
Commitments, Contingencies an_7
Commitments, Contingencies and Other Commitments, Contingencies and Other (Table 3) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Valuation Allowance [Line Items] | ||||
Provision for Doubtful Accounts | $ 8,687 | $ 12,123 | $ 5,470 | |
Allowance for Doubtful Accounts Receivable | 11,066 | 10,849 | 616 | $ 144 |
Allowance for Doubtful Accounts Receivable, Period Increase (Decrease) | 679 | 10,887 | 15,070 | |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Deduction | $ 462 | $ 654 | $ 14,598 |
Commitments, Contingencies an_8
Commitments, Contingencies and Other Commitments, Contingencies and Other (Table 4) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Goodwill [Line Items] | ||
Goodwill – net | $ 171,349 | $ 148,112 |
Operating Segment Information_2
Operating Segment Information (Detail) - (Table 1) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
December 31, 2012: | |||||||||||
Net sales to external customers | $ 419,625,000 | $ 502,114,000 | $ 449,629,000 | $ 415,788,000 | $ 416,845,000 | $ 467,237,000 | $ 399,674,000 | $ 393,978,000 | $ 1,787,157,000 | $ 1,677,734,000 | $ 1,567,083,000 |
Gross profit | 158,334,000 | $ 195,837,000 | $ 170,000,000 | $ 161,845,000 | 158,799,000 | $ 183,972,000 | $ 151,695,000 | $ 145,697,000 | 686,017,000 | 640,163,000 | 598,726,000 |
Income from operations | 176,814,000 | 173,382,000 | 169,784,000 | ||||||||
Depreciation, Depletion and Amortization | 21,337,000 | 22,482,000 | 21,389,000 | ||||||||
Assets | 1,278,647,000 | 1,072,570,000 | 1,278,647,000 | 1,072,570,000 | 1,057,161,000 | ||||||
Payments to Acquire Property, Plant, and Equipment | 18,311,000 | 12,450,000 | 14,775,000 | ||||||||
Wholesale Footwear [Member] | |||||||||||
December 31, 2012: | |||||||||||
Net sales to external customers | 1,112,091,000 | 1,058,366,000 | 1,017,557,000 | ||||||||
Gross profit | 373,587,000 | 345,909,000 | 332,367,000 | ||||||||
Income from operations | 163,482,000 | 140,138,000 | 133,014,000 | ||||||||
Assets | 873,654,000 | 774,837,000 | 873,654,000 | 774,837,000 | 784,334,000 | ||||||
Wholesale Accessories [Member] | |||||||||||
December 31, 2012: | |||||||||||
Net sales to external customers | 334,862,000 | 300,091,000 | 256,295,000 | ||||||||
Gross profit | 98,131,000 | 91,739,000 | 80,729,000 | ||||||||
Income from operations | 22,455,000 | 27,092,000 | 23,637,000 | ||||||||
Assets | 119,999,000 | 149,790,000 | 119,999,000 | 149,790,000 | 138,720,000 | ||||||
Total Wholesale [Member] | |||||||||||
December 31, 2012: | |||||||||||
Net sales to external customers | 1,446,953,000 | 1,358,457,000 | 1,273,852,000 | ||||||||
Gross profit | 471,718,000 | 437,648,000 | 413,096,000 | ||||||||
Income from operations | 185,937,000 | 167,230,000 | 156,651,000 | ||||||||
Depreciation, Depletion and Amortization | 11,247,000 | 10,810,000 | 11,287,000 | ||||||||
Assets | 993,653,000 | 924,627,000 | 993,653,000 | 924,627,000 | 923,054,000 | ||||||
Payments to Acquire Property, Plant, and Equipment | 13,356,000 | 6,790,000 | 5,590,000 | ||||||||
Retail [Member] | |||||||||||
December 31, 2012: | |||||||||||
Net sales to external customers | 321,182,000 | 295,152,000 | 272,246,000 | ||||||||
Gross profit | 195,277,000 | 178,390,000 | 164,645,000 | ||||||||
Income from operations | (9,050,000) | 735,000 | (1,126,000) | ||||||||
Depreciation, Depletion and Amortization | 9,580,000 | 10,593,000 | 9,645,000 | ||||||||
Assets | 269,574,000 | 113,292,000 | 269,574,000 | 113,292,000 | 122,111,000 | ||||||
Payments to Acquire Property, Plant, and Equipment | 4,955,000 | 5,660,000 | 9,185,000 | ||||||||
First Cost Member | |||||||||||
December 31, 2012: | |||||||||||
Income from operations | (8,177,000) | (4,549,000) | 5,159,000 | ||||||||
Depreciation, Depletion and Amortization | 510,000 | 944,000 | 457,000 | ||||||||
Assets | 8,979,000 | 28,210,000 | 8,979,000 | 28,210,000 | 11,996,000 | ||||||
Payments to Acquire Property, Plant, and Equipment | 0 | 0 | 0 | ||||||||
Licensing [Member] | |||||||||||
December 31, 2012: | |||||||||||
Income from operations | 8,104,000 | 9,966,000 | 9,100,000 | ||||||||
Depreciation, Depletion and Amortization | 0 | 0 | |||||||||
Assets | $ 6,441,000 | $ 6,441,000 | 6,441,000 | 6,441,000 | 0 | ||||||
Payments to Acquire Property, Plant, and Equipment | $ 0 | $ 0 | $ 0 |
Operating Segment Information_3
Operating Segment Information (Detail) - (Table 2) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||||||||||
Domestic | $ 419,625,000 | $ 502,114,000 | $ 449,629,000 | $ 415,788,000 | $ 416,845,000 | $ 467,237,000 | $ 399,674,000 | $ 393,978,000 | $ 1,787,157,000 | $ 1,677,734,000 | $ 1,567,083,000 |
International | 419,625,000 | 502,114,000 | 449,629,000 | 415,788,000 | 416,845,000 | 467,237,000 | 399,674,000 | 393,978,000 | 1,787,157,000 | 1,677,734,000 | 1,567,083,000 |
Revenues | $ 419,625,000 | $ 502,114,000 | $ 449,629,000 | $ 415,788,000 | $ 416,845,000 | $ 467,237,000 | $ 399,674,000 | $ 393,978,000 | 1,787,157,000 | 1,677,734,000 | 1,567,083,000 |
Domestic (Non-US Title) [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Domestic | 337,028,000 | 326,655,000 | 326,945,000 | ||||||||
International | 337,028,000 | 326,655,000 | 326,945,000 | ||||||||
Revenues | 337,028,000 | 326,655,000 | 326,945,000 | ||||||||
Domestic [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Domestic | 1,572,056,000 | 1,473,229,000 | 1,404,254,000 | ||||||||
International | 1,572,056,000 | 1,473,229,000 | 1,404,254,000 | ||||||||
Revenues | 1,572,056,000 | 1,473,229,000 | 1,404,254,000 | ||||||||
International [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Domestic | 215,101,000 | 204,505,000 | 162,829,000 | ||||||||
International | 215,101,000 | 204,505,000 | 162,829,000 | ||||||||
Revenues | $ 215,101,000 | $ 204,505,000 | $ 162,829,000 |
Quarterly Results of Operatio_3
Quarterly Results of Operations (unaudited) (Table) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue from Contract with Customer, Excluding Assessed Tax | $ 414,912,000 | $ 497,308,000 | $ 444,974,000 | $ 410,940,000 | $ 410,360,000 | $ 458,482,000 | $ 395,753,000 | $ 389,014,000 | $ 1,768,135,000 | $ 1,653,609,000 | $ 1,546,098,000 |
Revenues | 419,625,000 | 502,114,000 | 449,629,000 | 415,788,000 | 416,845,000 | 467,237,000 | 399,674,000 | 393,978,000 | 1,787,157,000 | 1,677,734,000 | 1,567,083,000 |
Cost of Goods and Services Sold | 261,291,000 | 306,277,000 | 279,629,000 | 253,943,000 | 258,046,000 | 283,265,000 | 247,979,000 | 248,281,000 | 1,101,140,000 | 1,037,571,000 | 968,357,000 |
Gross profit | 158,334,000 | 195,837,000 | 170,000,000 | 161,845,000 | 158,799,000 | 183,972,000 | 151,695,000 | 145,697,000 | 686,017,000 | 640,163,000 | 598,726,000 |
Fees and Commissions (Deprecated 2018-01-31) | 4,713,000 | 4,806,000 | 4,655,000 | 4,848,000 | 6,485,000 | 8,755,000 | 3,921,000 | 4,964,000 | 19,022,000 | 24,125,000 | 20,985,000 |
Net Income (Loss) Attributable to Parent | $ 17,751,000 | $ 52,463,000 | $ 36,572,000 | $ 34,525,000 | $ 12,490,000 | $ 55,563,000 | $ 32,410,000 | $ 28,673,000 | $ 141,311,000 | $ 129,136,000 | $ 117,948,000 |
Net income per share: [Abstract] | |||||||||||
Earnings Per Share, Basic | $ 0.23 | $ 0.66 | $ 0.46 | $ 0.43 | $ 0.15 | $ 0.68 | $ 0.40 | $ 0.35 | $ 1.78 | $ 1.58 | $ 1.43 |
Earnings Per Share, Diluted | $ 0.21 | $ 0.63 | $ 0.44 | $ 0.41 | $ 0.15 | $ 0.64 | $ 0.37 | $ 0.33 | $ 1.69 | $ 1.50 | $ 1.36 |
Charges recorded | $ 8,687,000 | $ 12,123,000 | $ 5,470,000 | ||||||||
Payments for Legal Settlements | $ 3,016 | ||||||||||
Tax Adjustments, Settlements, and Unusual Provisions | 2,219 | ||||||||||
Loss on Contract Termination | 204 | ||||||||||
Acquisition Costs, Period Cost | 31 | ||||||||||
Operating Expenses | |||||||||||
Net income per share: [Abstract] | |||||||||||
Charges recorded | $ 8,934 |