Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 24, 2022 | Jun. 30, 2021 | |
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 $0.0001 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 | 80,177,046 | ||
Entity Public Float | $ 3,550,947,572,000 | ||
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, 2021 | ||
Document Fiscal Year Focus | 2021 | ||
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 2022 Annual Meeting of Stockholders. | ||
ICFR Auditor Attestation Flag | true |
Audit Information
Audit Information | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Auditor Information [Abstract] | |||
Auditor Name | Ernst & Young LLP | Ernst & Young LLP | EisnerAmper LLP |
Auditor Firm ID | 42 | 42 | 274 |
Auditor Location | New York, New York | New York, New York | Iselin, New Jersey |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) shares in Thousands, $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 219,499 | $ 247,864 |
Short-term Investments | 44,037 | 39,302 |
Accounts receivable, net of allowances of $12,273 and $8,943 | 26,546 | 25,044 |
Factor accounts receivable | 364,982 | 252,671 |
Inventories | 255,213 | 101,420 |
Prepaid expenses and other current assets | 20,845 | 17,415 |
Income tax receivable and prepaid income taxes | 13,538 | 14,525 |
Total current assets | 944,660 | 698,241 |
Note receivable – related party | 794 | 1,180 |
Property and equipment, net | 35,790 | 43,268 |
Operating lease right-of-use asset | 85,449 | 101,379 |
Deferred tax assets | 4,581 | 5,415 |
Deposits and other | 4,180 | 4,822 |
Goodwill – net | 167,995 | 168,265 |
Intangibles – net | 112,093 | 115,191 |
Total Assets | 1,355,542 | 1,137,761 |
Current liabilities: | ||
Accounts payable | 136,766 | 73,904 |
Accrued expenses | 243,163 | 118,083 |
Operating leases - current portion | 30,759 | 34,257 |
Income taxes payable | 4,522 | 5,799 |
Contingent payment liability – current portion | 5,109 | 0 |
Accrued incentive compensation | 14,871 | 3,873 |
Total current liabilities | 435,190 | 235,916 |
Contingent payment liability | 6,960 | 207 |
Operating leases - long-term portion | 80,072 | 98,592 |
Deferred tax liabilities | 3,378 | 2,562 |
Other liabilities | 9,404 | 10,115 |
Total Liabilities | 535,004 | 347,392 |
Commitments, contingencies and other (Note P) | ||
Preferred stock-issued | 0 | |
STOCKHOLDERS’ EQUITY | ||
Common stock – $0.0001 par value, 245,000 shares authorized, 134,029 and 133,247 shares issued, 80,557 and 82,616 shares outstanding | $ 8 | 8 |
Additional paid-in capital | 495,999 | 478,463 |
Retained earnings | 1,421,067 | 1,279,550 |
Accumulated other comprehensive loss | (29,544) | (29,164) |
Treasury stock – 53,472 and 50,631 shares at cost | (1,075,432) | (952,271) |
Total Steven Madden, Ltd. stockholders’ equity | 812,098 | 776,586 |
Noncontrolling interest | 8,440 | 13,783 |
Total stockholders’ equity | 820,538 | 790,369 |
Total Liabilities and Stockholders’ Equity | 1,355,542 | 1,137,761 |
Preferred Stock [Member] | ||
STOCKHOLDERS’ EQUITY | ||
Preferred stock – $0.0001 par value, 5,000 shares authorized; none issued; Series A Junior Participating preferred stock – $0.0001 par value, 60 shares authorized; none issued | $ 0 | $ 0 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Allowances for Accounts Receivable (in dollars) | $ 12,273 | $ 8,943 |
Common stock par value | $ 0.0001 | |
Common stock, shares authorized | 245,000,000 | |
Common stock, shares issued | 134,029,000 | 133,247,000 |
Common stock, shares outstanding | 80,557,000 | 82,616,000 |
Treasury stock-shares at cost | 53,472,000 | 50,631,000 |
Preferred Class A [Member] | ||
Preferred stock-par value | $ 0.0001 | |
Preferred stock- shares authorized | 5,000,000 | |
Preferred Class B [Member] | ||
Preferred stock-par value | $ 0.0001 | |
Preferred stock- shares authorized | 60,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement [Abstract] | |||
Net sales | $ 1,853,902 | $ 1,188,943 | $ 1,768,135 |
Commission and licensing fee income | 12,240 | 12,871 | 19,022 |
Total revenue | 1,866,142 | 1,201,814 | 1,787,157 |
Cost of sales (exclusive of depreciation and amortization) | 1,098,645 | 737,273 | 1,101,140 |
Gross profit | 767,497 | 464,541 | 686,017 |
Operating expenses | (519,848) | (414,978) | (503,270) |
Impairment of Intangible Assets (Excluding Goodwill) | 2,620 | 44,273 | 4,050 |
Impairment of lease right-of-use assets and fixed assets | 1,432 | 36,895 | 1,883 |
Income/(loss) from operations | 243,597 | (31,605) | 176,814 |
Interest and other (expense) /income - net | (1,529) | 1,620 | 4,412 |
Income/(loss) before provision/(benefit) for income taxes | 242,068 | (29,985) | 181,226 |
Provision/(benefit) for income taxes | 49,609 | (11,704) | 39,504 |
Net income/(loss) | $ 192,459 | $ (18,281) | $ 141,722 |
Basic net income/(loss) per share | $ 2.43 | $ (0.23) | $ 1.78 |
Diluted net income/(loss) per share | $ 2.34 | $ (0.23) | $ 1.69 |
Basic weighted average common shares outstanding | 78,442 | 78,635 | 79,577 |
Effect of dilutive securities – options/restricted stock | 3,186 | 0 | 4,069 |
Diluted weighted average common shares outstanding | 81,628 | 78,635 | 83,646 |
Cash dividends declared per common share | $ 0.60 | $ 0.15 | $ 0.57 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Net income/(loss) | $ 192,459 | $ (18,281) | $ 141,722 |
Other comprehensive income: | |||
Foreign currency translation adjustment, Pre-tax | (991) | 2,551 | 2,885 |
Foreign currency translation adjustment, Tax | 0 | 0 | 0 |
Foreign currency translation adjustment, Net | (991) | 2,551 | 2,885 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | 1,076 | ||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (375) | 134 | 333 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | 1,451 | (526) | (1,387) |
Unrealized gain (loss) on marketable securities, Pre-tax | 116 | ||
Unrealized gain (loss) on marketable securities, Tax | (28) | ||
Unrealized gain (loss) on marketable securities, Net | 88 | ||
Total Other Comprehensive Income (Loss), Pre-tax | 460 | 2,025 | 1,614 |
Total Other Comprehensive Income (Loss), Tax | (375) | 134 | 305 |
Total Other Comprehensive Income(Loss), Net | 85 | 2,159 | 1,919 |
Comprehensive income | 192,544 | (16,122) | 143,641 |
Less: comprehensive income attributable to noncontrolling interests | 2,246 | 999 | 142 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ 190,298 | (17,121) | 143,499 |
Forward Contracts | |||
Other comprehensive income: | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | $ (392) | $ (1,054) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Noncontrolling Interest [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Common Stock, Shares, Outstanding | 85,715,000 | ||||||
Common Stock, Value, Issued | $ 6 | ||||||
Additional paid-in capital | $ 424,835 | ||||||
Retained earnings | $ 1,217,521 | ||||||
Accumulated other comprehensive loss | $ (32,628) | ||||||
Treasury stock-shares at cost | 46,276,000 | ||||||
Treasury Stock, Value | $ (803,920) | ||||||
Noncontrolling interest | $ 8,868 | ||||||
Stock Repurchased During Period, Shares | (2,958,000) | (2,958,000) | |||||
Payments for Repurchase of Common Stock | $ (101,768) | $ (101,768) | |||||
Exercise of stock options (in Shares) | 273,000 | ||||||
Exercise of stock options | 6,212 | 6,212 | |||||
Issuance of fully vested restricted stock (in Shares) | 490,000 | ||||||
Stock-based compensation | 23,170 | 23,170 | |||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent | 3,154 | ||||||
Dividends, Common Stock, Cash | (48,426) | (48,426) | |||||
Unrealized holding gain on marketable securities net of taxes | 88 | 88 | |||||
Unrealized Gain (Loss) on Cash Flow Hedging Instruments | (1,054) | (1,054) | |||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (1,444) | (1,444) | |||||
Noncontrolling Interest, Increase from Business Combination | 3,248 | 3,248 | |||||
Noncontrolling Interest, Increase from Acquisitions | 1,909 | 1,909 | |||||
Net loss attributable to noncontrolling interests | 411 | ||||||
Foreign currency translation adjustment | 2,885 | (269) | |||||
Net income | 141,311 | ||||||
Balance at Dec. 31, 2019 | 841,224 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Common Stock, Shares, Outstanding | 83,520,000 | ||||||
Common Stock, Value, Issued | $ 6 | ||||||
Additional paid-in capital | 454,217 | ||||||
Retained earnings | 1,310,406 | ||||||
Accumulated other comprehensive loss | (30,440) | ||||||
Treasury stock-shares at cost | 49,234,000 | ||||||
Treasury Stock, Value | $ (905,688) | ||||||
Noncontrolling interest | 12,723 | ||||||
Stock Repurchased During Period, Shares | (1,397,000) | (1,397,000) | |||||
Payments for Repurchase of Common Stock | (46,583) | $ (46,583) | |||||
Exercise of stock options (in Shares) | 80,000 | ||||||
Exercise of stock options | 1,609 | 1,607 | |||||
Issuance of fully vested restricted stock (in Shares) | 413,000 | ||||||
Stock-based compensation | 22,639 | 22,639 | |||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent | 1,668 | ||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax, Portion Attributable to Noncontrolling Interest | 883 | ||||||
Dividends, Common Stock, Cash | (12,459) | (12,459) | |||||
Unrealized Gain (Loss) on Cash Flow Hedging Instruments | (392) | (392) | |||||
Noncontrolling Interest, Increase from Business Combination | 359 | 359 | |||||
Net loss attributable to noncontrolling interests | 116 | ||||||
Foreign currency translation adjustment | 2,551 | ||||||
Net income | (18,397) | ||||||
Balance at Dec. 31, 2020 | $ 790,369 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Common Stock, Shares, Outstanding | 82,616,000 | 82,616,000 | |||||
Common Stock, Value, Issued | $ 8 | $ 8 | |||||
Additional paid-in capital | 478,463 | 478,463 | |||||
Retained earnings | 1,279,550 | 1,279,550 | |||||
Accumulated other comprehensive loss | $ (29,164) | (29,164) | |||||
Treasury stock-shares at cost | 50,631,000 | 50,631,000 | |||||
Treasury Stock, Value | $ (952,271) | $ (952,271) | |||||
Noncontrolling interest | 13,783 | 13,783 | |||||
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value | (298) | (298) | |||||
Stock Repurchased During Period, Shares | (2,841,000) | (2,841,000) | |||||
Payments for Repurchase of Common Stock | (123,161) | $ (123,161) | |||||
Exercise of stock options | $ 9,732 | ||||||
Exercise of stock options (in Shares) | 411,000 | 411,000 | |||||
Exercise of stock options | 9,732 | ||||||
Issuance of fully vested restricted stock (in Shares) | 371,000 | ||||||
Stock-based compensation | $ 22,278 | 22,278 | |||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent | (1,456) | ||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax, Portion Attributable to Noncontrolling Interest | 465 | ||||||
Dividends, Common Stock, Cash | (49,161) | (49,161) | |||||
Unrealized Gain (Loss) on Cash Flow Hedging Instruments | 1,076 | 1,076 | |||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (3,121) | (3,121) | |||||
Net loss attributable to noncontrolling interests | 1,781 | ||||||
Foreign currency translation adjustment | (991) | ||||||
Net income | 190,678 | ||||||
Balance at Dec. 31, 2021 | $ 820,538 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Common Stock, Shares, Outstanding | 80,557,000 | 80,557,000 | |||||
Common Stock, Value, Issued | $ 8 | $ 8 | |||||
Additional paid-in capital | 495,999 | 495,999 | |||||
Retained earnings | 1,421,067 | $ 1,421,067 | |||||
Accumulated other comprehensive loss | $ (29,544) | $ (29,544) | |||||
Treasury stock-shares at cost | 53,472,000 | 53,472,000 | |||||
Treasury Stock, Value | $ (1,075,432) | $ (1,075,432) | |||||
Noncontrolling interest | 8,440 | 8,440 | |||||
Exercise of stock options | $ 0 | ||||||
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value | $ (18,942) | $ (4,468) | $ (14,474) |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Consolidated Statements of Changes in Stockholders' Equity [Abstract] | |||
Unrealized holding gain on marketable securities-taxes | $ 28 | ||
Cash dividends declared per common share | $ 0.60 | $ 0.15 | $ 0.57 |
Payments to Acquire Businesses, Gross | $ 0 | $ 0 | $ 37,173 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities: | |||
Net income/(loss) | $ 192,459 | $ (18,281) | $ 141,722 |
Adjustments to reconcile net income/(loss) to net cash provided by operating activities | |||
Stock-based compensation | 22,278 | 22,639 | 23,170 |
Depreciation and amortization | 15,208 | 17,360 | 21,337 |
Loss on disposal of fixed assets | 526 | 561 | 920 |
Impairment of intangibles | 2,620 | 44,273 | 4,050 |
Impairment of lease right-of-use asset and fixed assets | 1,432 | 36,895 | 1,883 |
Deferred taxes | 1,280 | (8,353) | 5,144 |
Increase (Decrease) in Accrued Interest Receivable, Net | 23 | 31 | 40 |
Note receivable - related party | 409 | 409 | 409 |
Loss (gain) on sale of marketable securities | 0 | 0 | 5 |
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | 11,862 | (8,917) | 0 |
Gain on sale of trademark | (8,000) | 0 | 0 |
Net benefit in connection with reversal of contingent liability partially offset by acceleration of amortization related to Kate Spade license termination | 0 | 0 | (1,868) |
Provision for Doubtful Accounts | (919) | 0 | 8,687 |
Changes in: | |||
Accounts receivable | (583) | 13,122 | (17,837) |
Due from factor | (112,311) | (36,200) | 24,924 |
Inventories | (153,793) | 35,476 | 8,436 |
Prepaid expenses, prepaid taxes, deposits and other | (1,899) | (10,129) | 9,466 |
Accounts payable and accrued expenses | 185,741 | (34,207) | 11,036 |
Accrued incentive compensation | 10,998 | (7,061) | (249) |
Leases and other liabilities | (7,822) | (3,350) | (7,415) |
Net cash provided by operating activities | 159,463 | 44,206 | 233,780 |
Cash flows from investing activities: | |||
Capital expenditures | (6,608) | (6,562) | (18,311) |
Purchases of short-term investments | (68,471) | (73,792) | (67,935) |
Maturity/sale of marketable securities and short-term investments | 63,867 | 75,470 | 95,671 |
Proceeds from sale of a trademark | 8,000 | 0 | 0 |
Acquisitions, net of cash acquired | 0 | 0 | 37,173 |
Net cash used in investing activities | (3,212) | (4,884) | (27,748) |
Cash flows from financing activities: | |||
Proceeds from exercise of stock options | 9,732 | 1,609 | 6,212 |
Investment of noncontrolling interest | 0 | 359 | 3,248 |
Payments to Acquire Interest in Joint Venture | (18,942) | 0 | 0 |
Distributions to noncontrolling interest earnings | 3,121 | 0 | 1,444 |
Common stock purchased for treasury | (123,161) | (46,583) | (101,768) |
Cash dividends paid on common stock | (49,161) | (12,459) | (48,426) |
Proceeds from Lines of Credit | 0 | 176,784 | 0 |
Repayments of Lines of Credit | 0 | (176,784) | 0 |
Net Cash Provided by (Used in) Financing Activities, Total | (184,653) | (57,074) | (142,178) |
Effect of exchange rate changes on cash and cash equivalents | 37 | 1,515 | 216 |
Net decrease in cash, cash equivalents | (28,365) | (16,237) | 64,070 |
Cash and cash equivalents – beginning of year | 247,864 | 264,101 | 200,031 |
Cash and cash equivalents – end of year | 219,499 | 247,864 | 264,101 |
Cash paid during the year for: | |||
Interest | 0 | 354 | 25 |
Income taxes | $ 46,808 | $ 5,147 | $ 29,552 |
Nature of Operations
Nature of Operations | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations | Note A – Nature of Operations Steven Madden, Ltd. and its subsidiaries design, source and market fashion-forward branded and private label footwear, accessories and apparel for women, men and children. We distribute our products through department stores, mass merchants, off-price retailers, shoe chains, online retailers, national chains, specialty retailers and independent stores throughout the United States, Canada, Mexico, Europe, South Africa and certain other international markets. In addition, our products are distributed through our retail stores within the United States, Canada, Mexico and South Africa, and our joint ventures in Israel, Taiwan and China, and under special distribution arrangements in certain European countries, the Middle East, South and Central America, and various countries in Asia, in addition to our e-commerce sites. Our product lines include a broad range of contemporary styles designed to establish or capitalize on market trends, complemented by core product offerings. We have established a reputation for design creativity and our ability to offer quality, trend-right products at accessible price points, delivered in an efficient manner and time frame. At December 31, 2021, the Company operated 220 (inclusive of six e-commerce websites) retail stores. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Basis of Reporting [Abstract] | |
Significant Accounting Policies [Text Block] | Note B – Summary of Significant Accounting Policies Principles of Consolidation: The consolidated financial statements include the accounts of Steven Madden, Ltd. and its wholly-owned subsidiaries, The accounts of BA Brand Holdings LLC, a joint venture in the United States which the Company is the majority owner, SM (Jiangsu) Co., Ltd., a joint venture in China which the Company is the majority interest holder, SM Dolce Limited, a joint venture in Taiwan which the Company is the majority interest holder, SM Distribution Israel L.P., a joint venture in which the Company is the majority interest holder, and 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/(Loss) and “Noncontrolling interest” in the Consolidated Balance Sheets. All intercompany balances and transactions have been eliminated. Use of Estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”), which 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 goodwill and intangible assets and impairment of long-lived assets related to retail stores. 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: Cash and cash equivalents consist of cash balances and highly liquid investments with a maturity of three months or less at the date of purchase. Short-Term Investments: Short-term investments consist of certificates of deposit with original maturities less than or equal to one year as of the balance sheet date. Inventories: Inventories consist of finished goods on hand and in transit and are stated at the lower of cost (first-in, first-out method) or net realizable value. Property and Equipment, Net: Property and equipment are stated at cost less accumulated depreciation and amortization and impairment. Depreciation is computed utilizing the straight-line method based on estimated useful lives ranging from three to 27.5 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 in income/(loss) from operations for property and equipment and other long-lived assets 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. See Note G – Property and Equipment for further information. 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 at the beginning of the third quarter, 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 may be 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, but are not limited to, historical financial performance, expected future 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, a quantitative impairment test is performed. The quantitative impairment test identifies the existence of potential impairment by comparing the fair value of the intangible asset or reporting unit to 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. See Note H – Goodwill and Intangible Assets for further information. The Company amortizes its intangible assets with finite useful lives over their estimated useful lives and reviews these assets for impairment when there are indicators of impairment are present. The Company is currently amortizing its acquired intangible assets with finite useful lives over periods typically from 2 to 20 years using the straight-line method. 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/(loss), foreign currency translation adjustments and unrealized loss/gains on cash flow hedging. The accumulated balances for each component of other comprehensive loss attributable to the Company were as follows: Years Ended December 31, (in thousands) 2021 2020 2019 Currency translation adjustment $ (29,877) $ (28,421) $ (29,636) Cash flow hedges, net of tax 333 (743) (804) Accumulated other comprehensive loss $ (29,544) $ (29,164) $ (30,440) Amounts reclassified from accumulated other comprehensive loss to operating income/(loss) in the Consolidated Statements of Income/(Loss) during 2021, 2020 and 2019 were a loss of $961, $89 and $10, respectively. Advertising Costs: Advertising costs are expensed as incurred, including digital, print, and radio advertisements. For the years ended December 31, 2021, 2020 and 2019, advertising expenses included in operating expenses amounted to approximately $65,080, $33,068, and $30,165, respectively. Revenue Recognition: 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 is described below (see Note T – Segment Information for disaggregated revenue amounts by segment). 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. Direct-to-Consumer Segment. The Company owns and operates 220 retail stores throughout the United States, Canada, Mexico, Israel, South Africa and China, including six e-commerce sites. The Company generates revenue through the sale of branded footwear, apparel and accessories directly to the consumer. The Company's revenue associated with brick-and-mortar store sales is recognized at the time of the point of sale when the customer takes control of the goods and payment is received. The Company's e-commerce business recognizes sales upon receipt of goods by the customer. 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. For license agreements where the sales-based percentage fee exceeds the contractual minimum fee, the Company recognizes revenues as the licensed products are sold as reported to the Company by its licensees. In substantially all of the Company’s license agreements, the minimum guaranteed royalty is earned and received on a quarterly basis. For license agreements where the sales-based percentage fee does not exceed the contractual minimum fee, the Company recognizes the contractual minimum fee as revenue ratably over the contractual period. Variable Consideration The Company supports retailers’ initiatives to maximize sales of the Company’s products on the retail floor by providing markdown allowances and participating in various other marketing initiatives such as subsidizing certain co-op advertising programs of such retailers. Such expenses are reflected in the consolidated financial statements as deductions to arrive at net sales. 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 some 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 Direct-to-Consumer 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 Blondo, Dolce Vita and BB Dakota product lines. The Company estimates returns based on historical experience and current market conditions. Such amounts have historically not been material. In addition, the Company's wholesale business may, from time to time, accept returns for damaged products from its wholesale customers on which the Company’s costs are normally charged back to the responsible third-party factory. 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 accounts for sales taxes and other related taxes on a net basis, excluding such taxes from revenue. 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 Direct-to-Consumer segment, the costs to bring products to the Company’s stores (exclusive of depreciation and amortization) are included in the Cost of sales line on the Consolidated Statements of Income/(Loss). These include the cost of finished products, purchase commissions, letter of credit fees, brokerage fees, sample expenses, custom duties, 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/(Loss). The Company’s gross margins may not be comparable to those of other companies in the industry because they 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 those costs on the same basis as the Company and include them in operating expenses. 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/(Loss). For the years ended December 31, 2021, 2020 and 2019, the total warehouse and shipping costs (except costs included to ship from warehouse to retail stores) included in operating expenses were $86,367, $58,621 and $58,019, 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/(Loss). 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 2021, 2020 and 2019 were approximately $1,989, $1,809 and $2,048, respectively. 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 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 for additional details. 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 for additional details. 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 and is presented in operating expenses in the Consolidated Statements of Income/(Loss). See Note I – Equity-Based Compensation for additional details. Leases: During the first quarter 2019, the Company adopted Accounting Standards Update ("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 of right-of-use asset and $209,000 of lease liabilities. 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. In addition, 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 units and retail stores under operating leases. The Company’s portfolio of leases is primarily related to real estate. Since most of its leases does not provide a readily determinable implicit rate, the Company estimates its incremental borrowing rate to discount the lease payments based on information available at lease commencement. Some of the Company’s retail store leases provide for variable lease payments based on future sales volumes at the leased location, which are not measurable at the inception of the lease and are therefore not included in the measurement of the right-of-use assets and lease liabilities. Under Topic 842, these variable lease costs are expensed as incurred. Lease right-of-use assets, along with other long-lived assets, are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. For stores with an indicator of impairment, the Company performs a recoverability test, comparing estimated undiscounted cash flows to the carrying value of the related long-lived assets. When the carrying value is more than the estimated undiscounted cash flows, the Company writes the assets down to their fair value. Fair values of the long-lived assets are estimated using an income approach based on management’s forecast of future cash flows derived from continued retail operations and the fair values of individual operating lease assets were determined using estimated market rental rates. Significant estimates are used in determining future cash flows of each store over its remaining lease term, including the Company's expectations of future projected cash flows. An impairment loss is recorded if the carrying amount of the long-lived asset group exceeds its fair value. 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 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. Reclassification: Certain reclassifications were made to prior years' amounts to conform to the 2021 presentation. Note C – Recent Accounting Pronouncements Recently Adopted and Not Yet Adopted In January 2021, the FASB issued ASU 2021-01 “Reference Rate Reform (Topic 848): Scope” which clarifies that derivatives affected by the discounting transition are explicitly eligible for certain optional expedients and exceptions under Topic 848. This update was effective upon issuance and can be applied to hedging relationships retrospectively or prospectively through December 31, 2022. The adoption of ASU 2021-01 did not have a material impact on the Company's consolidated financial statements. In March 2020, the FASB issued ASU 2020-04 “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting,” (“ASU No. 2020-04”), which provides practical expedients for contract modifications and certain hedging relationships associated with the transition from reference rates that are expected to be discontinued. This guidance is applicable the Company's borrowing instruments that use LIBOR as a reference rate. ASU 2020-04 was effective upon issuance and can be applied to contract modifications retrospectively or prospectively through December 31, 2022. The Company is currently evaluating the impact of ASU 2020-04; however, at the current time the ASU did not have a material impact on its consolidated financial statements. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements (Notes) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements | Note B – Summary of Significant Accounting Policies Principles of Consolidation: The consolidated financial statements include the accounts of Steven Madden, Ltd. and its wholly-owned subsidiaries, The accounts of BA Brand Holdings LLC, a joint venture in the United States which the Company is the majority owner, SM (Jiangsu) Co., Ltd., a joint venture in China which the Company is the majority interest holder, SM Dolce Limited, a joint venture in Taiwan which the Company is the majority interest holder, SM Distribution Israel L.P., a joint venture in which the Company is the majority interest holder, and 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/(Loss) and “Noncontrolling interest” in the Consolidated Balance Sheets. All intercompany balances and transactions have been eliminated. Use of Estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”), which 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 goodwill and intangible assets and impairment of long-lived assets related to retail stores. 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: Cash and cash equivalents consist of cash balances and highly liquid investments with a maturity of three months or less at the date of purchase. Short-Term Investments: Short-term investments consist of certificates of deposit with original maturities less than or equal to one year as of the balance sheet date. Inventories: Inventories consist of finished goods on hand and in transit and are stated at the lower of cost (first-in, first-out method) or net realizable value. Property and Equipment, Net: Property and equipment are stated at cost less accumulated depreciation and amortization and impairment. Depreciation is computed utilizing the straight-line method based on estimated useful lives ranging from three to 27.5 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 in income/(loss) from operations for property and equipment and other long-lived assets 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. See Note G – Property and Equipment for further information. 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 at the beginning of the third quarter, 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 may be 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, but are not limited to, historical financial performance, expected future 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, a quantitative impairment test is performed. The quantitative impairment test identifies the existence of potential impairment by comparing the fair value of the intangible asset or reporting unit to 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. See Note H – Goodwill and Intangible Assets for further information. The Company amortizes its intangible assets with finite useful lives over their estimated useful lives and reviews these assets for impairment when there are indicators of impairment are present. The Company is currently amortizing its acquired intangible assets with finite useful lives over periods typically from 2 to 20 years using the straight-line method. 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/(loss), foreign currency translation adjustments and unrealized loss/gains on cash flow hedging. The accumulated balances for each component of other comprehensive loss attributable to the Company were as follows: Years Ended December 31, (in thousands) 2021 2020 2019 Currency translation adjustment $ (29,877) $ (28,421) $ (29,636) Cash flow hedges, net of tax 333 (743) (804) Accumulated other comprehensive loss $ (29,544) $ (29,164) $ (30,440) Amounts reclassified from accumulated other comprehensive loss to operating income/(loss) in the Consolidated Statements of Income/(Loss) during 2021, 2020 and 2019 were a loss of $961, $89 and $10, respectively. Advertising Costs: Advertising costs are expensed as incurred, including digital, print, and radio advertisements. For the years ended December 31, 2021, 2020 and 2019, advertising expenses included in operating expenses amounted to approximately $65,080, $33,068, and $30,165, respectively. Revenue Recognition: 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 is described below (see Note T – Segment Information for disaggregated revenue amounts by segment). 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. Direct-to-Consumer Segment. The Company owns and operates 220 retail stores throughout the United States, Canada, Mexico, Israel, South Africa and China, including six e-commerce sites. The Company generates revenue through the sale of branded footwear, apparel and accessories directly to the consumer. The Company's revenue associated with brick-and-mortar store sales is recognized at the time of the point of sale when the customer takes control of the goods and payment is received. The Company's e-commerce business recognizes sales upon receipt of goods by the customer. 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. For license agreements where the sales-based percentage fee exceeds the contractual minimum fee, the Company recognizes revenues as the licensed products are sold as reported to the Company by its licensees. In substantially all of the Company’s license agreements, the minimum guaranteed royalty is earned and received on a quarterly basis. For license agreements where the sales-based percentage fee does not exceed the contractual minimum fee, the Company recognizes the contractual minimum fee as revenue ratably over the contractual period. Variable Consideration The Company supports retailers’ initiatives to maximize sales of the Company’s products on the retail floor by providing markdown allowances and participating in various other marketing initiatives such as subsidizing certain co-op advertising programs of such retailers. Such expenses are reflected in the consolidated financial statements as deductions to arrive at net sales. 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 some 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 Direct-to-Consumer 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 Blondo, Dolce Vita and BB Dakota product lines. The Company estimates returns based on historical experience and current market conditions. Such amounts have historically not been material. In addition, the Company's wholesale business may, from time to time, accept returns for damaged products from its wholesale customers on which the Company’s costs are normally charged back to the responsible third-party factory. 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 accounts for sales taxes and other related taxes on a net basis, excluding such taxes from revenue. 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 Direct-to-Consumer segment, the costs to bring products to the Company’s stores (exclusive of depreciation and amortization) are included in the Cost of sales line on the Consolidated Statements of Income/(Loss). These include the cost of finished products, purchase commissions, letter of credit fees, brokerage fees, sample expenses, custom duties, 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/(Loss). The Company’s gross margins may not be comparable to those of other companies in the industry because they 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 those costs on the same basis as the Company and include them in operating expenses. 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/(Loss). For the years ended December 31, 2021, 2020 and 2019, the total warehouse and shipping costs (except costs included to ship from warehouse to retail stores) included in operating expenses were $86,367, $58,621 and $58,019, 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/(Loss). 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 2021, 2020 and 2019 were approximately $1,989, $1,809 and $2,048, respectively. 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 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 for additional details. 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 for additional details. 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 and is presented in operating expenses in the Consolidated Statements of Income/(Loss). See Note I – Equity-Based Compensation for additional details. Leases: During the first quarter 2019, the Company adopted Accounting Standards Update ("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 of right-of-use asset and $209,000 of lease liabilities. 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. In addition, 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 units and retail stores under operating leases. The Company’s portfolio of leases is primarily related to real estate. Since most of its leases does not provide a readily determinable implicit rate, the Company estimates its incremental borrowing rate to discount the lease payments based on information available at lease commencement. Some of the Company’s retail store leases provide for variable lease payments based on future sales volumes at the leased location, which are not measurable at the inception of the lease and are therefore not included in the measurement of the right-of-use assets and lease liabilities. Under Topic 842, these variable lease costs are expensed as incurred. Lease right-of-use assets, along with other long-lived assets, are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. For stores with an indicator of impairment, the Company performs a recoverability test, comparing estimated undiscounted cash flows to the carrying value of the related long-lived assets. When the carrying value is more than the estimated undiscounted cash flows, the Company writes the assets down to their fair value. Fair values of the long-lived assets are estimated using an income approach based on management’s forecast of future cash flows derived from continued retail operations and the fair values of individual operating lease assets were determined using estimated market rental rates. Significant estimates are used in determining future cash flows of each store over its remaining lease term, including the Company's expectations of future projected cash flows. An impairment loss is recorded if the carrying amount of the long-lived asset group exceeds its fair value. 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 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. Reclassification: Certain reclassifications were made to prior years' amounts to conform to the 2021 presentation. Note C – Recent Accounting Pronouncements Recently Adopted and Not Yet Adopted In January 2021, the FASB issued ASU 2021-01 “Reference Rate Reform (Topic 848): Scope” which clarifies that derivatives affected by the discounting transition are explicitly eligible for certain optional expedients and exceptions under Topic 848. This update was effective upon issuance and can be applied to hedging relationships retrospectively or prospectively through December 31, 2022. The adoption of ASU 2021-01 did not have a material impact on the Company's consolidated financial statements. In March 2020, the FASB issued ASU 2020-04 “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting,” (“ASU No. 2020-04”), which provides practical expedients for contract modifications and certain hedging relationships associated with the transition from reference rates that are expected to be discontinued. This guidance is applicable the Company's borrowing instruments that use LIBOR as a reference rate. ASU 2020-04 was effective upon issuance and can be applied to contract modifications retrospectively or prospectively through December 31, 2022. The Company is currently evaluating the impact of ASU 2020-04; however, at the current time the ASU did not have a material impact on its consolidated financial statements. |
Impact of the COVID-10 Pandemic
Impact of the COVID-10 Pandemic | Dec. 31, 2021 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Impact of the COVID-10 Pandemic | Note D – Impact of the COVID-19 Pandemic The World Health Organization declared COVID-19 a pandemic in March 2020, which resulted in various mandates by federal, state and local governments. These mandates included the closure of non-essential businesses, restrictions on travel and public gatherings, and stay-at-home and quarantine orders. In response, the Company temporarily closed the vast majority of its brick-and-mortar stores and offices for a portion of 2020. In response to the COVID-19 pandemic, the Company took temporary precautionary measures to maintain adequate liquidity and financial flexibility which included: suspending share repurchases and cash dividends; suspending and reducing salaries of executives and corporate employees; and significantly reducing non-essential operating expenses, capital expenditures and planned inventory purchases. Further, the Company implemented a restructuring plan that resulted in the reduction of a significant number of its corporate employees. For the year ended December 31, 2020, the Company recorded a pre-tax charge of $7,181 related to restructuring and other related items, of which $490 was the remaining unpaid portion included in accrued expenses at December 31, 2020. During the twelve months ended December 31, 2021, the Company recorded a pre-tax charge of $1,239 related to additional severance in connection to this restructuring plan and other related items. As of December 31, 2021, all expenses related to this COVID-19 restructuring plan had been paid. Refer to additional discussion regarding the COVID-19 and the impact on our business during 2020 throughout this document, including Note G – Property and Equipment, Note H – Goodwill and Intangible Assets and Note N – Leases. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2021 | |
Acquisitions [Abstract] | |
Acqusitions | Note E – Acquisitions On April 14, 2021, the Company completed the acquisition of the remaining 49.9% non-controlling interest in its European joint venture in the amount of $16,682. The European joint venture was formed in 2016 and distributes Steve Madden-branded footwear and accessories/apparel to most countries throughout Europe. On June 28, 2021, the Company completed the acquisition of the remaining 49.9% non-controlling interest in its South African joint venture in the amount of $2,260. The South African joint venture was formed in 2014 and distributes Steve Madden-branded footwear and accessories/apparel throughout South Africa. On December 27, 2021, the Company acquired the rights for Dolce Vita Handbags for the total purchase price of $2,000, which include trademarks and all internet domain name registrations. |
Fair Value Measurement
Fair Value Measurement | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
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, 2021 and 2020 were as follows: As of December 31, 2021 As of December 31, 2020 (in thousands) Fair value Level 1 Level 2 Level 3 Fair value Level 1 Level 2 Level 3 Assets: Forward contracts $ 494 $ — $ 494 $ — $ — $ — $ — $ — Total assets $ 494 $ — $ 494 $ — $ — $ — $ — $ — Liabilities: Contingent consideration $ 6,960 $ — $ — $ 6,960 $ 207 $ — $ — $ 207 Forward contracts 46 — 46 — 997 — 997 — Total liabilities $ 7,006 $ — $ 46 $ 6,960 $ 1,204 $ — $ 997 $ 207 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's level 3 balance consists of contingent consideration related to acquisitions. The changes in the Company's level 3 liabilities for the years ended December 31, 2021 and 2020 were as follows: (in thousands) Balance at Beginning of the Year Adjustments (1)(2) Transfer out of Level 3 (3) Balance at End of the Year (4) 2021: Liabilities: Contingent consideration $ 207 11,862 (5,109) $ 6,960 2020: Liabilities: Contingent consideration $ 9,124 (8,917) — $ 207 (1) In 2021, amount consists of adjustments of $11,869 and $(7) that were included as an expense in operating expenses, related to the change in valuation of the contingent consideration in connection with the acquisitions of B.B. Dakota, Inc. and GREATS Brand, Inc., respectively. (2) In 2020, the amount consists of adjustments of $4,570 and $4,347 related to B.B. Dakota, Inc. and GREATS Brand, Inc., respectively. The adjustment of $4,570 was included as a benefit to operating expenses and related to the change in valuation of the contingent consideration in connection with acquisition of B.B. Dakota, Inc. The adjustment of $4,347, comprises an adjustment of $2,684 to the preliminary fair value, recorded during the first quarter 2020, and a benefit of $1,663 included in operating expenses related to the change in valuation of the contingent consideration in connection with the acquisition of GREATS Brand, Inc. (3) The transfer out of level 3 amount of $5,109, represents the current portion of our contingent liabilities and is measured at the amount payable based upon actual EBITDA performance for the related performance period. (4) Total contingent consideration liability of $6,960 is classified as noncurrent on the Consolidated Balance Sheets at December 31, 2021. At December 31, 2021, the liability for potential contingent consideration was $0 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 EBITA performance. The fair value of the contingent payments was estimated using a risk neutral simulation model to model the probability of different financial results of GREATS Brand, Inc. during the earn-out period, utilizing a discount rate of 9.5%. At December 31, 2021, the liability for potential contingent consideration was $6,960 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 Black-Scholes-Merton option pricing method with a nonlinear payoff structure based on a set of financial metrics of B.B. Dakota, Inc. during the earn-out period, utilizing a discount rate of 9.5%. The fair value of trademarks is measured on a non-recurring basis using Level 3 inputs, including forecasted cash flows, discount rates and implied royalty rates (see Note H – Goodwill and Intangible Assets). The fair values of lease right-of-use assets and fixed assets related to Company-owned retail stores are measured on a non-recurring basis and are determined using Level 3 inputs, including estimated discounted future cash flows associated with the assets using sales trends, market rents and market participant assumptions (see Note G – Property and Equipment and Note N – Leases). The carrying value of certain financial instruments such as cash equivalents, certificates of deposit, accounts receivable, factor accounts receivable and accounts payable approximates their fair values due to the short-term nature of their underlying terms. Fair value of the notes receivable held by the Company approximates their carrying value based upon their imputed or actual interest rate, which approximates applicable current market interest rates. Some assets are not measured at fair value on an ongoing basis but are subject to fair value adjustments only in certain circumstances (non-recurring). These assets can include long-lived assets that have been reduced to fair value when impaired. Assets that are written down to fair value when impaired are not subsequently adjusted to fair value unless further impairment occurs. |
Property and Equipment (Notes)
Property and Equipment (Notes) | 12 Months Ended |
Dec. 31, 2021 | |
Property and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | The major classes of assets and total accumulated depreciation and amortization were as follows: As of December 31, (in thousands) Average Useful Life 2021 2020 Land and building 27.5 (Building) $ 968 $ 882 Leasehold improvements Lesser of remaining lease or asset life 85,137 88,012 Machinery and equipment 10 years 7,864 6,340 Furniture and fixtures 3 to 5 years 11,650 11,201 Computer equipment and software 3 to 10 years 72,857 71,601 Construction in progress 671 744 179,147 178,780 Less impairment (1) (14,701) (14,712) Less accumulated depreciation and amortization (128,656) (120,800) Property and equipment - net $ 35,790 $ 43,268 (1) Due to COVID-19 pandemic, impairment was recorded related to stores (see below for further explanation). In 2021, impairments are net of disposals. Depreciation and amortization expense related to property and equipment included in operating expenses amounted to approximately $12,533, $13,350 and $15,933 in 2021, 2020 and 2019, respectively. Includes computer software amortization expense for 2021, 2020 and 2019 of $3,135, $3,007 and $2,788, respectively. Property and equipment, along with other long-lived assets, are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. In 2020, due to the impact of the COVID-19 pandemic on the Company’s operations and the decline in the retail real estate market, the Company |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | The following is a summary of the carrying amount of goodwill by reporting unit as of December 31, 2021 and 2020: Wholesale (in thousands) Footwear Accessories/Apparel Direct-to-Consumer Net Carrying Amount Balance at January 1, 2020 $ 91,572 $ 62,688 $ 17,089 $ 171,349 Purchase accounting adjustment — — (2,591) (2,591) Translation (475) — (18) (493) Balance at December 31, 2020 91,097 62,688 14,480 168,265 Translation (1,031) — 761 (270) Balance at December 31, 2021 $ 90,066 $ 62,688 $ 15,241 $ 167,995 The following table details identifiable intangible assets as of December 31, 2021 and 2020: As of December 31, 2021 (in thousands) Estimated Lives Cost Basis (1) Accumulated Amortization Impairment and other (2) (3) Net Carrying Amount Trade names 1–10 years $ 18,695 $ (9,025) $ (2,620) $ 7,050 Customer relationships 10-20 years 38,680 (23,164) (1,491) 14,025 57,375 (32,189) (4,111) 21,075 Re-acquired right indefinite 35,200 — (7,708) 27,492 Trademarks indefinite 63,283 — 243 63,526 $ 155,858 $ (32,189) $ (11,576) $ 112,093 (1) During the year ended December 31, 2021, the Company purchased the trademark for Dolce Vita ® Handbags for $2,000 and the cash consideration was paid in 2022. (2) Impairment charges of $2,620 in 2021 were recorded related to the Company's BB Dakota ® trademark. (3) Includes the effect of foreign currency translation related primarily to the movements of the Canadian dollar and Mexican peso in relation to the U.S. dollar. As of December 31, 2020 (in thousands) Estimated Lives Cost Basis Accumulated Amortization Impairment and other (1)(2) Net Carrying Amount Trade names 6–10 years $ 8,770 $ (8,770) $ — $ — Customer relationships 10-20 years 38,980 (20,805) (1,813) 16,362 47,750 (29,575) (1,813) 16,362 Re-acquired right indefinite 35,200 — (7,800) 27,400 Trademarks indefinite 115,481 — (44,052) 71,429 $ 198,431 $ (29,575) $ (53,665) $ 115,191 (1) Impairment charges of $44,273 were recorded in 2020, of which $27,025, $16,345, $456 and $447 were related to the Company's Cejon ® , Report ® , GREATS ® and Jocelyn® trademarks, respectively. (2) Includes the effect of foreign currency translation related primarily to the movements of the Canadian dollar and Mexican peso in relation to the U.S. dollar. The Company evaluates its goodwill and indefinite-lived intangible assets for indicators of impairment at least annually in the third quarter of each year or whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. A qualitative assessment of goodwill and indefinite-lived intangible assets was performed as of July 1, 2021. In conducting the qualitative impairment assessment for goodwill and indefinite-lived intangibles, the Company concluded that it is more likely than not that the fair values of its reporting units exceeded their carrying values and the fair values of its indefinite-lived intangibles exceeded their respective carrying values. Therefore, in 2021, as a result of the annual test, no impairment charges were recorded for goodwill and intangibles. During the fourth quarter of 2021, certain decisions were made by the Company that resulted in the change in useful life of the BB Dakota trademark from an indefinite to a finite life. As a result, the BB Dakota trademark was assessed for impairment. The estimated fair value of this trademark was determined using an excess earnings method, incorporating the use of projected financial information and a discount rate which are developed using market participant based assumptions. As a result of this assessment, the BB Dakota trademark was written down from the carrying value of $9,670 to its fair value of $7,050, resulting in a pre-tax non-cash impairment charge of $2,620. This charge was recorded in impairment of intangibles in the Company’s Consolidated Statements of Income/(Loss) and recognized in the Wholesale Accessories/Apparel segment. The fair value of $7,050 will be amortized over its remaining useful life of one year. As a result of the COVID-19 pandemic and decline in the macroeconomic environment, during the twelve months ended December 31, 2020, the Company’s Cejon, Report, GREATS and Jocelyn trademarks were written down from an aggregate carrying value of $57,198 to their fair values of $12,925, resulting in a pre-tax non-cash impairment charge of $44,273. These charges were recorded in impairment of intangibles in the Company’s Consolidated Statements of Income/(Loss) and recognized in three goodwill reporting unis: $27,472 related to Wholesale Accessories/Apparel, $16,345 related to Wholesale Footwear and $456 related to the Direct-to-Consumer segments, respectively. The estimated fair values of these trademarks were determined using an excess earnings method. This method utilizes the present value of the earnings attributable to the intangible asset after providing for the proportion of the earnings that attribute to returns for contributory assets. During the year ended December 31, 2021 the Company sold one of its internally developed trademarks for $8,000. The gain from the sale of the trademark was recorded as an offset to operating expenses in the Company's Consolidated Statements of Income/(Loss). The amortization of intangible assets amounted to $2,675, $4,010 and $6,258 for 2021, 2020 and 2019 and is included in operating expenses on the Company's Consolidated Statements of Income/(Loss). The estimated future amortization expense for intangibles as of December 31, 2021 is as follows: (in thousands) 2022 $ 8,363 2023 1,772 2024 1,772 2025 1,772 2026 1,772 Thereafter 5,624 Total $ 21,075 |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock-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 non-qualified 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: (in thousands) Common stock authorized 11,000 Stock-based awards, including restricted stock and stock options granted, net of expired or cancelled awards (3,569) Common stock available for grant of stock-based awards as of December 31, 2021 7,431 In addition, vested and unvested options to purchase 2,531 shares of common stock and 2,849 shares of unvested restricted stock awarded under the 2006 Plan were outstanding as of December 31, 2021. For the years ended December 31, 2021, 2020 and 2019, total equity-based compensation were as follows: Years Ended December 31, (in thousands) 2021 2020 2019 Restricted stock $ 18,144 $ 18,740 $ 19,143 Stock options 4,134 3,899 4,027 Total $ 22,278 $ 22,639 $ 23,170 We calculate an estimated forfeiture rate annually based on historical forfeiture and expectations about future forfeitures. Equity-based compensation is included in operating expenses on the Company’s Consolidated Statements of Income/(Loss). Restricted Stock The following table summarizes restricted stock activity during the year ended December 31, 2021: (in thousands) Number of Shares Weighted Average Fair Value Outstanding at January 1, 2021 3,651 $ 20.81 Granted 413 40.64 Vested (1,166) 19.93 Forfeited (49) 35.26 Outstanding at December 31, 2021 2,849 $ 23.81 As of December 31, 2021, the Company had $47,483 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 3.2 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, 2021, 2020 and 2019 was $23,231, $23,839 and $23,263, respectively. Stock Options Activity relating to stock options granted under the Company’s plans during the year ended December 31, 2021 were as follows: (in thousands except for per share price) Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at January 1, 2021 2,674 $ 26.80 Granted 270 43.30 Exercised (411) 23.67 Forfeited (2) 31.56 Outstanding at December 31, 2021 2,531 $ 29.06 2.7 years $ 44,054 Vested and Exercisable at December 31, 2021 2,070 $ 28.20 2.6 years $ 37,829 At December 31, 2021, $2.2 million of total unrecognized compensation cost related to non-vested stock option awards is expected to be recognized over a weighted-average period of 1.2 years. Additional information pertaining to the Company's stock option plan were as follows: Years Ended December 31, (in thousands) 2021 2020 2019 Cash received from the exercise of stock options $ 9,732 $ 1,609 $ 6,212 Intrinsic value of stock options exercised $ 8,622 $ 993 $ 4,268 Tax benefits realized on exercise of stock options $ 1,512 $ 234 $ 1,010 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 2021, 2020 and 2019: Years Ended December 31, 2021 2020 2019 Volatility 40.3% to 49.6% 33.9% to 56.7% 32.0% to 39.6% Risk free interest rate 0.1% to 1.0% 0.2% to 1.6% 1.6% to 2.5% Expected life in years 2.0 to 4.0 3.0 to 5.0 1.0 to 5.0 Dividend yield 1.4% 1.2% 1.6% Weighted average fair value $13.30 $10.15 $5.38 |
Preferred Stock (Notes)
Preferred Stock (Notes) | 12 Months Ended |
Dec. 31, 2021 | |
Preferred Stock [Abstract] | |
Preferred Stock [Text Block] | Note J – Preferred Stock The Company has authorized 5,000 shares of preferred stock. The Board of Directors has designated 60 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 times dividends declared or paid on the Company's common stock. Each share of Series A Preferred entitles the holder to 1 votes on all matters submitted to the holders of common stock. The Series A Preferred has a liquidation preference of $1 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, 2021 | |
Share Repurchase Program [Abstract] | |
Share Repurchase Program [Text Block] | Note K – 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. On April 24, 2019, the Board of Directors approved the expansion of the Company's Share Repurchase Program for up to $200,000 in repurchases of the Company's common stock, which included the amount remaining under the prior authorization. On November 2, 2021, the Board of Directors approved an increase in the Company's share repurchase authorization of approximately $200,000, bringing the total authorization to $250,000, which included 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, net settlements of employee stock awards 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, 2021, an aggregate of 2,050 shares of the Company's common stock, excluding net settlements of employee stock awards, were repurchased under the Share Repurchase Program, at a weighted average price per share of $42.94, for an aggregate purchase price of approximately $88,039. As of December 31, 2021, approximately $223,551 remained available for future repurchases under the Share Repurchase Program. The Steven Madden, Ltd. Amended and Restated 2006 Stock Incentive Plan (as further amended, the "2006 Plan"), which expired on April 6, 2019, and the Steven Madden, Ltd. 2019 Incentive Compensation Plan (the "2019 Plan") both provide the Company with the right to deduct or withhold, or require employees to remit to the Company, an amount sufficient to satisfy any applicable tax withholding and/or option cost obligations applicable to stock-based compensation awards. To the extent permitted, employees may elect to satisfy all or part of such withholding obligations by tendering to the Company previously owned shares or by having the Company withhold shares having a fair market value equal to the employee's withholding tax obligation and/or option cost. During the twelve months ended December 31, 2021, an aggregate of 791 shares were withheld in connection with the settlement of vested restricted stock to satisfy tax withholding requirements and option costs, at an average price per share of $44.40, for an aggregate purchase price of approximately $35,122. |
Net Income_(Loss) Per Share of
Net Income/(Loss) Per Share of Common Stock | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Net Income/(Loss) Per Share of Common Stock | Note L – Net Income/(Loss) Per Share of Common Stock Basic net income/(loss) 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 2,849, 3,651 and 4,427 shares for the years ended December 31, 2021, 2020 and 2019, 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 assumed proceeds, which are deemed to be the proceeds from the exercise plus compensation cost not yet recognized attributable to future services using the treasury method, 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. (in thousands) Years Ended December 31, 2021 2020 2019 Weighted average common shares outstanding: Basic 78,442 78,635 79,577 Effect of dilutive securities: Stock awards and options to purchase shares of common stock 3,186 — 4,069 Diluted 81,628 78,635 83,646 The year ended December 31, 2020 resulted in a net loss; therefore, there was no difference in the weighted average number of common shares for basic and diluted loss per share as the effect of all potentially dilutive shares outstanding was anti-dilutive. For the years ended December 31, 2021, 2020 and 2019, options to purchase approximately 5, 89 and 5 shares of common stock, respectively, have been excluded from the calculation of diluted net (loss)/income per share, as the result would have been anti-dilutive. For the year ended December 31, 2021 and 2020, 7 and 2,524 restricted shares were excluded from the calculation of diluted net (loss) per share, as the result would have been anti-dilutive. For the years ended December 31, 2019, all unvested restricted stock awards were dilutive. The Company had contingently issuable performance awards outstanding that did not meet the performance conditions as of year ended December 31, 2021 and, therefore, were excluded from the |
Derivative Instruments (Notes)
Derivative Instruments (Notes) | 12 Months Ended |
Dec. 31, 2021 | |
Derivative Instruments [Abstract] | |
Derivative Instruments | Note M – 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, 2021, the Company's entire net forward contracts hedging portfolio consisted of a notional amount of $30,293, with the fair value included on the Consolidated Balance Sheets in other current assets of $494 and other current liabilities of $46. For the twelve months ended December 31, 2021, the Company's hedging activities were considered effective, and, thus, no ineffectiveness from hedging activities was recognized in the Consolidated Statements of Income/(Loss) during the year. For the twelve months ended December 31, 2020, the Company's hedging activities were considered ineffective due to the impact of COVID-19 on the hedged transactions, and, thus, gains of $176 related to ineffectiveness from hedging activities were recognized in the Consolidated Statements of Income/(Loss) during the first quarter of 2020. These gains and losses recognized in Net income/(loss) on are located in Cost of sales (exclusive of depreciation and amortization) on the Consolidated Statements of Income/(Loss). |
Operating Leases (Notes)
Operating Leases (Notes) | 12 Months Ended |
Dec. 31, 2021 | |
Operating Leases [Abstract] | |
Lessee, Operating Leases | Note N – Leases The following table presents the lease-related assets and liabilities recorded on the Consolidated Balance Sheets as of December 31, 2021 and 2020: As of December 31, (in thousands) Classification on the Balance Sheet 2021 2020 Assets Noncurrent (1) (2) Operating lease right-of-use asset $ 85,449 $ 101,379 Liabilities Current Operating leases - current portion $ 30,759 $ 34,257 Noncurrent Operating leases - long-term portion 80,072 98,592 Total operating lease liabilities $ 110,831 $ 132,849 Weighted-average remaining lease term 4.6 years 5.0 years Weighted-average discount rate 4.3 % 4.3 % (1) During the year ended December 31, 2021, the Company recorded a pre-tax impairment charge related to its right-of-use assets of $1,023 in its Direct-to-Consumer and the Wholesale Accessories/Apparel segments. (2) During the year ended December 31, 2020, the Company recorded a pre-tax impairment charge related to its lease right-of-use assets of $22,183 in its Direct-to-Consumer segment. The following table presents the composition of lease costs during the years ended December 31, 2021, 2020 and 2019: Years Ended December 31, (in thousands) 2021 2020 2019 Operating lease cost $ 36,863 $ 42,368 $ 48,387 Variable lease cost (1) 18,206 13,412 172 Short-term lease cost — 238 239 Less: sublease income 321 562 644 Total lease cost $ 54,748 $ 55,456 $ 48,154 (1) For the year ended December 31, 2021 and 2020, the Company incurred expenses related to the COVID-19 lease amendments of $9,505 and $12,064, respectively, which were included in variable lease cost. The Company recorded impairment charges of $1,023 and $22,183 related to lease right-of-use assets for the year ended December 31, 2021 and 2020. For 2021, these impairment charges were recorded in the Direct-to-Consumer and Wholesale Accessories/Apparel segments. For the year ended December 31, 2019, the Company recorded an impairment charge of $1,883. In 2020 and 2019, the impairment charges were recorded in the Direct-to- Consumer segment. The following presents supplemental cash and non-cash information related to the Company's Operating leases: Years Ended December 31, (in thousands) 2021 2020 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows used for operating leases $ 31,870 $ 43,582 Noncash transactions: Right-of-use asset obtained in exchange for new operating lease liabilities $ 17,461 $ 2,746 Right-of-use asset amortization expense (1) $ 32,371 $ 38,228 (1) Included in "Leases and other liabilities" in our Statement of Cash Flows. 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 Consolidated Balance Sheet: (in thousands) As of 2022 $ 35,894 2023 26,659 2024 20,137 2025 16,125 2026 11,337 Thereafter 11,884 Total minimum lease payments 122,036 Less: interest 11,205 Present value of lease liabilities $ 110,831 Rent expense for the years ended December 31, 2021, 2020 and 2019 was approximately $47,179, $49,619 and $61,283, respectively. |
Income Taxes (Notes)
Income Taxes (Notes) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | The components of income/(loss) before income taxes were as follows: Years Ended December 31, (in thousands) 2021 2020 2019 Domestic $ 171,297 $ (63,025) $ 119,166 Foreign 70,771 33,040 62,060 $ 242,068 $ (29,985) $ 181,226 The components of provision/(benefit) for income taxes were as follows: Years Ended December 31, (in thousands) 2021 2020 2019 Current: Federal $ 32,983 $ (10,764) $ 18,655 State and local 3,711 (545) 3,765 Foreign 11,635 7,958 11,940 48,329 (3,351) 34,360 Deferred: Federal (1,402) (4,940) 2,309 State and local 1,888 (2,962) 1,343 Foreign 794 (451) 1,492 1,280 (8,353) 5,144 $ 49,609 $ (11,704) $ 39,504 A reconciliation between income taxes computed at the federal statutory rate and the effective tax rate is as follows: Years Ended December 31, (in thousands) 2021 2020 2019 Income taxes at federal statutory rate 21.0 % 21.0 % 21.0 % Effects of foreign operations (0.8) 10.3 (0.1) Stock-based compensation (2.4) 11.8 (3.4) State and local income taxes - net of federal income tax benefit 2.1 12.9 2.3 Nondeductible items 1.2 (0.4) 0.7 Impact of tax reform — 14.0 — Global intangible low-taxed income ("GILTI") — (18.2) — Valuation allowance (0.5) (9.3) 0.6 Other (0.1) (3.1) 0.7 Effective tax rate 20.5 % 39.0 % 21.8 % The primary changes between the Company’s effective tax rate for the year ended December 31, 2021 and 2020 are due to the year-over-year benefit resulting from the exercising and vesting of share-based awards, a decrease in tax benefit related to a net operating loss carryback claim set forth by the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), a decrease in the GILTI tax and an increase in pre-tax income in jurisdictions with higher tax rates. The components of deferred tax assets and liabilities were as follows: As of December 31, (in thousands) 2021 2020 Deferred tax assets Receivable allowances $ 8,313 $ 5,226 Inventory 7,992 4,681 Accrued expenses 310 1,109 Deferred compensation 6,486 7,418 Net operating loss carryforwards 6,129 9,987 Lease liability 26,436 31,975 Other 1,169 1,345 Gross deferred tax assets before valuation allowance 56,835 61,741 Less: valuation allowance (3,753) (4,968) Gross deferred tax assets after valuation allowance 53,082 56,773 Deferred tax liabilities Depreciation and amortization (16,144) (13,744) Unremitted earnings of foreign subsidiaries (3,138) (2,964) Right-of-use asset (20,365) (24,211) Amortization of goodwill (7,578) (7,665) Indefinite-lived intangibles (4,654) (5,336) Gross deferred tax liabilities (51,879) (53,920) Net deferred tax assets/(liabilities) $ 1,203 $ 2,853 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 decrease in valuation allowance of $1,215 is due to usage of net operating loss deferred tax assets in various foreign subsidiaries, which resulted in an aggregate valuation allowance of $3,753 for the year ended December 31, 2021. A reconciliation of the beginning and ending amount of unrecognized tax benefits were as follows: Years Ended December 31, (in thousands) 2021 2020 2019 Beginning Balance $ 2,295 $ 1,150 $ 1,511 Additions for tax positions of prior years — 1,145 — Reductions for tax positions of prior years (1,150) — (361) Ending Balance $ 1,145 $ 2,295 $ 1,150 For the years ended December 31, 2021, 2020 and 2019 the total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate is approximately $1,145, $2,295 and $1,150, in the aggregate, respectively. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits 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 other foreign jurisdictions. The Company's tax years 2018 through 2021 remain open to examination by most taxing authorities. During 2017, the U.S. Internal Revenue Service 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 $3,138 at December 31, 2021 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, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Contingencies and Other | Note P – Commitments, Contingencies and Other 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, intellectual property 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. Letters of credit: At December 31, 2021, the Company had $751 open letters of credit for the purchase of inventory, which expire in 2030. 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 ® trademarks. 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 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 under all of the Company's license agreements are $8,250 and $5,438 for 2022 and 2023, respectively. Royalty expenses are included in the “cost of goods” section of the Company's Consolidated Statements of Income/(Loss). 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, 2021, 2020 and 2019, the Company did not purchase more than 10% of its merchandise from any single supplier. Total product purchases from vendors located in China for the year ended December 31, 2021, 2020 and 2019, were 79%. 78%, and 88%. At December 31, 2021, two customers represented approximately 14.0% and 10.6% of total revenue. At December 31, 2021, two customers accounted for 19.3% and 18.1% 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, 2020, one customer represented approximately 13.9% of total revenue. At December 31, 2020, five customers accounted for 19.0%, 14.9%, 11.8%, 11.7%, and 10.3% 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, 2019, sales to one customer represented approximately 11.9% of total revenue. At December 31, 2019, sales to three customers. represented 17.9%, 13.6% and 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. Purchases are made primarily in United States dollars. |
Credit Agreement
Credit Agreement | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Credit Agreement | Note Q – Credit Agreement Credit Agreement On July 22, 2020, the Company entered into a $150,000, secured revolving credit agreement (the “Credit Agreement”) with various lenders and Citizens Bank, N.A., as administrative agent (the “Agent”), which replaced the Company’s existing credit facility provided by Rosenthal & Rosenthal, Inc. (“Rosenthal”). The Credit Agreement provides for a revolving credit facility (the “Credit Facility”) scheduled to mature on July 22, 2025. The initial $150,000 maximum availability under the Credit Facility is subject to a borrowing base calculation consisting of certain eligible accounts receivable, credit card receivables, inventory, and in-transit inventory. Availability under the Credit Facility is reduced by outstanding letters of credit. The Company may from time-to-time increase the maximum availability under the Credit Agreement by up to $100,000 if certain conditions are satisfied. Borrowings under the Credit Agreement generally bear interest at a variable rate equal to, at the Company’s election, (i) LIBOR for the applicable interest period or (ii) the base rate (which is the highest of (a) the prime rate announced by Citizens Bank, N.A. or its parent company, (b) the sum of the federal funds effective rate plus 0.50%, and (c) the sum of one-month LIBOR plus 1%), plus in each case a specified margin, which is based upon average availability under the Credit Facility from time to time. Under the Credit Agreement, the Company must also pay (i) a commitment fee to the Agent, for the account of each lender, which accrues at a rate equal to 0.40% per annum on the average daily unused amount of the commitment of such lender, (ii) a letter of credit participation fee to the Agent, for the account of each lender, ranging from 2.00% to 2.50% per annum, based upon average availability under the Credit Facility from time to time, multiplied by the average daily amount available to be drawn under the applicable letter of credit, and (iii) a letter of credit fronting fee to each issuer of a letter of credit under the Credit Agreement, which will accrue at a rate per annum separately agreed upon between the Company and such issuer. The Credit Agreement contains various restrictions and covenants applicable to the Company and its subsidiaries. Among other requirements, availability under the Credit Facility must, at all times, (i) prior to the occurrence of the permanent borrowing base trigger (as defined in the Credit Agreement), equal or exceed the greater of $22,500 and 15% of the line cap (as defined in the Credit Agreement), and (ii) after the occurrence of the permanent borrowing base trigger, equal or exceed the greater of $15,000 and 10% of the line cap. Other than this minimum availability requirement, the Credit Agreement does not include any financial maintenance covenants. The Credit Agreement requires the Company and various subsidiaries of the Company to guarantee each other’s obligations arising from time to time under the Credit Facility, as well as obligations arising in respect of certain cash management and hedging transactions. Subject to customary exceptions and limitations, all borrowings under the Credit Agreement are secured by a lien on all or substantially all of the assets of the Company and each subsidiary guarantor. The Credit Agreement also contains customary events of default. If an event of default under the Credit Agreement occurs and is continuing, then the Agent may, and at the request of the required lenders shall, terminate the loan commitments under the Credit Agreement, declare any outstanding obligations under the Credit Agreement to be immediately due and payable or require the Company to adequately cash collateralize outstanding letter of credit obligations. If the Company or, with certain exceptions, a subsidiary becomes the subject of a proceeding under any bankruptcy, insolvency or similar law, then the loan commitments under the Credit Agreement will automatically terminate, and any outstanding obligations under the Credit Agreement and the cash collateral required under the Credit Agreement for any outstanding letter of credit obligations will become immediately due and payable. As of December 31, 2021, the Company had no cash borrowings under the Credit Facility. |
Due To and From Factor
Due To and From Factor | 12 Months Ended |
Dec. 31, 2021 | |
Due To and From Factor [Abstract] | |
Due To And From Factor | In conjunction with the Credit Agreement described in Note Q – Credit Agreement, on July 22, 2020, the Company and certain of its subsidiaries (collectively, the “Madden Entities”) entered into an Amended and Restated Deferred Purchase Factoring Agreement (the “Factoring Agreement”) with Rosenthal & Rosenthal, Inc. ("Rosenthal"). Pursuant to the Factoring Agreement, Rosenthal serves as the collection agent with respect to certain receivables of the Madden Entities and is entitled to receive a base commission of 0.20% of the gross invoice amount of each receivable assigned for collection, plus certain additional fees and expenses, subject to certain minimum annual commissions. Rosenthal will generally assume the credit risk resulting from a customer’s financial inability to make payment of credit-approved receivables. The initial term of the Factoring Agreement is twelve months, subject to automatic renewal for additional twelve-month periods, and the Factoring Agreement may be terminated at any time by Rosenthal or the Madden Entities on 60 days' notice and upon the occurrence of certain other events. The Madden Entities pledged all of their rights under the Factoring Agreement to the Agent under the Credit Agreement to secure obligations arising under the Credit Agreement. |
Notes Receivable Notes Receivab
Notes Receivable Notes Receivable (Notes) | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
Notes Receivable - Related Party | Note S – 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, 2021, 2020 and 2019 the Company 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 $23, $31 and $40, respectively. |
Operating Segment Information
Operating Segment Information | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Operating Segment Information | Note T – Segment Information The Company operates the following operating segments, which are presented as reportable segments: Wholesale Footwear, Wholesale Accessories/Apparel, Direct-to- Consumer, First Cost and Licensing. Our Wholesale Footwear segment designs, sources and markets our brands and sells our products to department stores, mass merchants, off-price retailers, shoe chains, online retailers, national chains, specialty retailers and independent stores throughout the United States, Canada, Mexico, Europe, South Africa, and through our joint ventures and international distributor network. Our Wholesale Accessories/Apparel segment designs, sources and markets our brands and sells our products to department stores, mass merchants, off-price retailers, online retailers, specialty retailers and independent stores throughout the United States, Canada, Mexico, Europe, South Africa, and through our joint ventures and international distributor network. Our Direct-to-Consumer segment, which was referred to as the Retail segment in previous filings, consists of Steve Madden ® and Superga ® full-price retail stores, Steve Madden ® outlet stores, Steve Madden ® shop-in-shops and directly-operated digital e-commerce websites. Our retail stores are located in regional malls and shopping centers, as well as high streets in major cities across the United States, Canada, Mexico, South Africa, Israel, Taiwan and China. Our First Cost segment represents activities of one of our wholly-owned subsidiaries that earns commissions for serving as a buying agent for footwear products under private labels for select national chains, specialty retailers and value-priced retailers. Our Licensing segment is engaged in the licensing of the Steve Madden ® and Madden Girl ® trademarks for use in connection with the manufacturing, marketing and sale of select apparel categories, outerwear, hosiery, jewelry, hair accessories, watches, eyeglasses, sunglasses, umbrellas, bedding, luggage, fragrance and men’s leather accessories. As of 2021, the Company displayed unallocated corporate expenses separately for all periods presented. Our Corporate activities do not constitute a reportable segment and include costs not directly attributable to the segments that are primarily related to costs associated with corporate executives, corporate finance, corporate social responsibility, legal, human resources, information technology, cyber security and other shared costs. The Chief Operating Decision Maker does not review asset information by segment, therefore we do not present assets in this note. (in thousands) Wholesale Footwear Wholesale Accessories/Apparel Total Wholesale Direct-to- Consumer First Cost Licensing Corporate (1) Consolidated For the Year Ended December 31, 2021 Total revenue $ 1,022,322 $ 343,675 $ 1,365,997 $ 487,906 $ 2,346 $ 9,893 $ — $ 1,866,142 Gross profit 345,167 94,675 439,842 315,416 2,346 9,893 — 767,497 Income/(loss) from operations 217,163 26,628 243,791 74,542 1,971 8,108 (84,815) 243,597 Depreciation and amortization 2,946 2,769 5,715 3,976 — — 5,517 15,208 Capital expenditures 1,051 807 1,858 1,156 9 — 3,585 6,608 For the Year Ended December 31, 2020 Total revenue $ 713,662 $ 235,892 $ 949,554 $ 239,389 $ 3,902 $ 8,969 $ — $ 1,201,814 Gross profit 226,557 70,908 297,465 154,205 3,902 8,969 — 464,541 Income/(loss) from operations 91,887 (2,453) 89,434 (58,889) 2,594 5,828 (70,572) (31,605) Depreciation and amortization 3,143 2,586 5,729 6,696 92 — 4,843 17,360 Capital expenditures 1,206 164 1,370 1,472 — — 3,720 6,562 For the Year Ended 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 216,917 37,609 254,526 2,210 (6,502) 8,154 (81,574) 176,814 Depreciation and amortization 4,287 3,186 7,473 9,177 179 — 4,508 21,337 Capital expenditures 1,937 91 2,028 5,306 — — 10,977 18,311 (1) Revised to present unallocated corporate expenses separately for all periods presented. Corporate does not constitute a reportable segment and includes costs not directly attributable to the segments that are primarily related to costs associated with corporate executives, corporate finance, corporate social responsibility, legal, human resources, information technology, cyber security and other shared costs. Revenues by geographic area were as follows: Year Ended December 31, (in thousands) 2021 2020 2019 Domestic (1) $ 1,641,090 $ 1,054,348 $ 1,572,224 International 225,052 147,466 214,932 Total $ 1,866,142 $ 1,201,814 $ 1,787,157 (1) Includes revenues of $329,934, $249,235 and $333,704 for the years ended 2021, 2020 and 2019 related to sales to U.S. customers where the title is transferred outside the U.S. and the sale is recorded by our international entities. |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2021 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Valuation and Qualifying Accounts | Note U – Valuation and Qualifying Accounts (in thousands) Balance at Beginning of Year Additions Deductions Balance at Year ended December 31, 2021 Markdown and chargeback allowances $ 18,832 $ 58,813 $ (48,690) $ 28,955 Allowance for doubtful accounts 8,943 7,172 (3,842) 12,273 Deferred tax asset valuation allowance 4,968 229 (1,444) 3,753 Total $ 32,743 $ 66,214 $ (53,976) $ 44,981 Year ended December 31, 2020 Markdown and chargeback allowances $ 34,207 $ 30,508 $ (45,883) $ 18,832 Allowance for doubtful accounts 11,066 1,405 (3,528) 8,943 Deferred tax asset valuation allowance 2,230 2,738 — 4,968 Total $ 47,503 $ 34,651 $ (49,411) $ 32,743 Year ended December 31, 2019 Markdown and chargeback allowances $ 31,357 $ 90,031 $ (87,181) $ 34,207 Allowance for doubtful accounts 10,849 679 (462) 11,066 Deferred tax asset valuation allowance 649 1,581 — 2,230 Total $ 42,855 $ 92,291 $ (87,643) $ 47,503 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Basis of Reporting [Abstract] | |
Derivatives, Reporting of Derivative Activity [Policy Text Block] | 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 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 for additional details. |
Nature of Operations | Note A – Nature of Operations Steven Madden, Ltd. and its subsidiaries design, source and market fashion-forward branded and private label footwear, accessories and apparel for women, men and children. We distribute our products through department stores, mass merchants, off-price retailers, shoe chains, online retailers, national chains, specialty retailers and independent stores throughout the United States, Canada, Mexico, Europe, South Africa and certain other international markets. In addition, our products are distributed through our retail stores within the United States, Canada, Mexico and South Africa, and our joint ventures in Israel, Taiwan and China, and under special distribution arrangements in certain European countries, the Middle East, South and Central America, and various countries in Asia, in addition to our e-commerce sites. Our product lines include a broad range of contemporary styles designed to establish or capitalize on market trends, complemented by core product offerings. We have established a reputation for design creativity and our ability to offer quality, trend-right products at accessible price points, delivered in an efficient manner and time frame. At December 31, 2021, the Company operated 220 (inclusive of six e-commerce websites) retail stores. |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation: The consolidated financial statements include the accounts of Steven Madden, Ltd. and its wholly-owned subsidiaries, The accounts of BA Brand Holdings LLC, a joint venture in the United States which the Company is the majority owner, SM (Jiangsu) Co., Ltd., a joint venture in China which the Company is the majority interest holder, SM Dolce Limited, a joint venture in Taiwan which the Company is the majority interest holder, SM Distribution Israel L.P., a joint venture in which the Company is the majority interest holder, and 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/(Loss) and “Noncontrolling interest” in the Consolidated Balance Sheets. All intercompany balances and transactions have been eliminated. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”), which 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 goodwill and intangible assets and impairment of long-lived assets related to retail stores. 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 and Cash Equivalents: Cash and cash equivalents consist of cash balances and highly liquid investments with a maturity of three months or less at the date of purchase. |
Inventory, Policy [Policy Text Block] | Inventories: Inventories consist of finished goods on hand and in transit and 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, Net:Property and equipment are stated at cost less accumulated depreciation and amortization and impairment. Depreciation is computed utilizing the straight-line method based on estimated useful lives ranging from three to 27.5 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 in income/(loss) from operations for property and equipment and other long-lived assets 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. See Note G – Property and Equipment for further information. |
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 at the beginning of the third quarter, 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 may be 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, but are not limited to, historical financial performance, expected future 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, a quantitative impairment test is performed. The quantitative impairment test identifies the existence of potential impairment by comparing the fair value of the intangible asset or reporting unit to 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. See Note H – Goodwill and Intangible Assets for further information. The Company amortizes its intangible assets with finite useful lives over their estimated useful lives and reviews these assets for impairment when there are indicators of impairment are present. The Company is currently amortizing its acquired intangible assets with finite useful lives over periods typically from 2 to 20 years using the straight-line method. |
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/(loss), foreign currency translation adjustments and unrealized loss/gains on cash flow hedging. |
Revenue Recognition, Excise and Sales Taxes [Policy Text Block] | Revenue Recognition: 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 is described below (see Note T – Segment Information for disaggregated revenue amounts by segment). 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. Direct-to-Consumer Segment. The Company owns and operates 220 retail stores throughout the United States, Canada, Mexico, Israel, South Africa and China, including six e-commerce sites. The Company generates revenue through the sale of branded footwear, apparel and accessories directly to the consumer. The Company's revenue associated with brick-and-mortar store sales is recognized at the time of the point of sale when the customer takes control of the goods and payment is received. The Company's e-commerce business recognizes sales upon receipt of goods by the customer. 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. For license agreements where the sales-based percentage fee exceeds the contractual minimum fee, the Company recognizes revenues as the licensed products are sold as reported to the Company by its licensees. In substantially all of the Company’s license agreements, the minimum guaranteed royalty is earned and received on a quarterly basis. For license agreements where the sales-based percentage fee does not exceed the contractual minimum fee, the Company recognizes the contractual minimum fee as revenue ratably over the contractual period. Variable Consideration The Company supports retailers’ initiatives to maximize sales of the Company’s products on the retail floor by providing markdown allowances and participating in various other marketing initiatives such as subsidizing certain co-op advertising programs of such retailers. Such expenses are reflected in the consolidated financial statements as deductions to arrive at net sales. 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 some 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 Direct-to-Consumer 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 Blondo, Dolce Vita and BB Dakota product lines. The Company estimates returns based on historical experience and current market conditions. Such amounts have historically not been material. In addition, the Company's wholesale business may, from time to time, accept returns for damaged products from its wholesale customers on which the Company’s costs are normally charged back to the responsible third-party factory. 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 accounts for sales taxes and other related taxes on a net basis, excluding such taxes from revenue. |
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 Direct-to-Consumer segment, the costs to bring products to the Company’s stores (exclusive of depreciation and amortization) are included in the Cost of sales line on the Consolidated Statements of Income/(Loss). These include the cost of finished products, purchase commissions, letter of credit fees, brokerage fees, sample expenses, custom duties, 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/(Loss). The Company’s gross margins may not be comparable to those of other companies in the industry because they 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 those costs on the same basis as the Company and include them in operating expenses. |
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 2021, 2020 and 2019 were approximately $1,989, $1,809 and $2,048, respectively. |
Income Tax, Policy [Policy Text Block] | ncome 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 for additional details. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | 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 and is presented in operating expenses in the Consolidated Statements of Income/(Loss). See Note I – Equity-Based Compensation for additional details. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted and Not Yet Adopted In January 2021, the FASB issued ASU 2021-01 “Reference Rate Reform (Topic 848): Scope” which clarifies that derivatives affected by the discounting transition are explicitly eligible for certain optional expedients and exceptions under Topic 848. This update was effective upon issuance and can be applied to hedging relationships retrospectively or prospectively through December 31, 2022. The adoption of ASU 2021-01 did not have a material impact on the Company's consolidated financial statements. In March 2020, the FASB issued ASU 2020-04 “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting,” (“ASU No. 2020-04”), which provides practical expedients for contract modifications and certain hedging relationships associated with the transition from reference rates that are expected to be discontinued. This guidance is applicable the Company's borrowing instruments that use LIBOR as a reference rate. ASU 2020-04 was effective upon issuance and can be applied to contract modifications retrospectively or prospectively through December 31, 2022. The Company is currently evaluating the impact of ASU 2020-04; however, at the current time the ASU did not have a material impact on its consolidated financial statements. |
Lessor, Leases | Leases: During the first quarter 2019, the Company adopted Accounting Standards Update ("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 of right-of-use asset and $209,000 of lease liabilities. 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. In addition, 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 units and retail stores under operating leases. The Company’s portfolio of leases is primarily related to real estate. Since most of its leases does not provide a readily determinable implicit rate, the Company estimates its incremental borrowing rate to discount the lease payments based on information available at lease commencement. Some of the Company’s retail store leases provide for variable lease payments based on future sales volumes at the leased location, which are not measurable at the inception of the lease and are therefore not included in the measurement of the right-of-use assets and lease liabilities. Under Topic 842, these variable lease costs are expensed as incurred. Lease right-of-use assets, along with other long-lived assets, are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. For stores with an indicator of impairment, the Company performs a recoverability test, comparing estimated undiscounted cash flows to the carrying value of the related long-lived assets. When the carrying value is more than the estimated undiscounted cash flows, the Company writes the assets down to their fair value. Fair values of the long-lived assets are estimated using an income approach based on management’s forecast of future cash flows derived from continued retail operations and the fair values of individual operating lease assets were determined using estimated market rental rates. Significant estimates are used in determining future cash flows of each store over its remaining lease term, including the Company's expectations of future projected cash flows. An impairment loss is recorded if the carrying amount of the long-lived asset group exceeds its fair value. 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. |
Investment, Policy | Short-Term Investments: Short-term investments consist of certificates of deposit with original maturities less than or equal to one year as of the balance sheet date. |
Advertising Costs, Policy [Policy Text Block] | Advertising Costs:Advertising costs are expensed as incurred, including digital, print, and radio advertisements. |
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/(Loss). |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 and 2020 were as follows: As of December 31, 2021 As of December 31, 2020 (in thousands) Fair value Level 1 Level 2 Level 3 Fair value Level 1 Level 2 Level 3 Assets: Forward contracts $ 494 $ — $ 494 $ — $ — $ — $ — $ — Total assets $ 494 $ — $ 494 $ — $ — $ — $ — $ — Liabilities: Contingent consideration $ 6,960 $ — $ — $ 6,960 $ 207 $ — $ — $ 207 Forward contracts 46 — 46 — 997 — 997 — Total liabilities $ 7,006 $ — $ 46 $ 6,960 $ 1,204 $ — $ 997 $ 207 (in thousands) Balance at Beginning of the Year Adjustments (1)(2) Transfer out of Level 3 (3) Balance at End of the Year (4) 2021: Liabilities: Contingent consideration $ 207 11,862 (5,109) $ 6,960 2020: Liabilities: Contingent consideration $ 9,124 (8,917) — $ 207 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | The major classes of assets and total accumulated depreciation and amortization were as follows: As of December 31, (in thousands) Average Useful Life 2021 2020 Land and building 27.5 (Building) $ 968 $ 882 Leasehold improvements Lesser of remaining lease or asset life 85,137 88,012 Machinery and equipment 10 years 7,864 6,340 Furniture and fixtures 3 to 5 years 11,650 11,201 Computer equipment and software 3 to 10 years 72,857 71,601 Construction in progress 671 744 179,147 178,780 Less impairment (1) (14,701) (14,712) Less accumulated depreciation and amortization (128,656) (120,800) Property and equipment - net $ 35,790 $ 43,268 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Finite-Lived Intangible Assets [Line Items] | ||
Schedule of Goodwill | The following is a summary of the carrying amount of goodwill by reporting unit as of December 31, 2021 and 2020: Wholesale (in thousands) Footwear Accessories/Apparel Direct-to-Consumer Net Carrying Amount Balance at January 1, 2020 $ 91,572 $ 62,688 $ 17,089 $ 171,349 Purchase accounting adjustment — — (2,591) (2,591) Translation (475) — (18) (493) Balance at December 31, 2020 91,097 62,688 14,480 168,265 Translation (1,031) — 761 (270) Balance at December 31, 2021 $ 90,066 $ 62,688 $ 15,241 $ 167,995 | |
Schedule of Indentifiable Intangible Assets | As of December 31, 2021 (in thousands) Estimated Lives Cost Basis (1) Accumulated Amortization Impairment and other (2) (3) Net Carrying Amount Trade names 1–10 years $ 18,695 $ (9,025) $ (2,620) $ 7,050 Customer relationships 10-20 years 38,680 (23,164) (1,491) 14,025 57,375 (32,189) (4,111) 21,075 Re-acquired right indefinite 35,200 — (7,708) 27,492 Trademarks indefinite 63,283 — 243 63,526 $ 155,858 $ (32,189) $ (11,576) $ 112,093 (1) During the year ended December 31, 2021, the Company purchased the trademark for Dolce Vita ® Handbags for $2,000 and the cash consideration was paid in 2022. (2) Impairment charges of $2,620 in 2021 were recorded related to the Company's BB Dakota ® trademark. (3) Includes the effect of foreign currency translation related primarily to the movements of the Canadian dollar and Mexican peso in relation to the U.S. dollar. | As of December 31, 2020 (in thousands) Estimated Lives Cost Basis Accumulated Amortization Impairment and other (1)(2) Net Carrying Amount Trade names 6–10 years $ 8,770 $ (8,770) $ — $ — Customer relationships 10-20 years 38,980 (20,805) (1,813) 16,362 47,750 (29,575) (1,813) 16,362 Re-acquired right indefinite 35,200 — (7,800) 27,400 Trademarks indefinite 115,481 — (44,052) 71,429 $ 198,431 $ (29,575) $ (53,665) $ 115,191 (1) Impairment charges of $44,273 were recorded in 2020, of which $27,025, $16,345, $456 and $447 were related to the Company's Cejon ® , Report ® , GREATS ® and Jocelyn® trademarks, respectively. (2) Includes the effect of foreign currency translation related primarily to the movements of the Canadian dollar and Mexican peso in relation to the U.S. dollar. The Company evaluates its goodwill and indefinite-lived intangible assets for indicators of impairment at least annually in the third quarter of each year or whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. A qualitative assessment of goodwill and indefinite-lived intangible assets was performed as of July 1, 2021. In conducting the qualitative impairment assessment for goodwill and indefinite-lived intangibles, the Company concluded that it is more likely than not that the fair values of its reporting units exceeded their carrying values and the fair values of its indefinite-lived intangibles exceeded their respective carrying values. Therefore, in 2021, as a result of the annual test, no impairment charges were recorded for goodwill and intangibles. During the fourth quarter of 2021, certain decisions were made by the Company that resulted in the change in useful life of the BB Dakota trademark from an indefinite to a finite life. As a result, the BB Dakota trademark was assessed for impairment. The estimated fair value of this trademark was determined using an excess earnings method, incorporating the use of projected financial information and a discount rate which are developed using market participant based assumptions. As a result of this assessment, the BB Dakota trademark was written down from the carrying value of $9,670 to its fair value of $7,050, resulting in a pre-tax non-cash impairment charge of $2,620. This charge was recorded in impairment of intangibles in the Company’s Consolidated Statements of Income/(Loss) and recognized in the Wholesale Accessories/Apparel segment. The fair value of $7,050 will be amortized over its remaining useful life of one year. As a result of the COVID-19 pandemic and decline in the macroeconomic environment, during the twelve months ended December 31, 2020, the Company’s Cejon, Report, GREATS and Jocelyn trademarks were written down from an aggregate carrying value of $57,198 to their fair values of $12,925, resulting in a pre-tax non-cash impairment charge of $44,273. These charges were recorded in impairment of intangibles in the Company’s Consolidated Statements of Income/(Loss) and recognized in three goodwill reporting unis: $27,472 related to Wholesale Accessories/Apparel, $16,345 related to Wholesale Footwear and $456 related to the Direct-to-Consumer segments, respectively. The estimated fair values of these trademarks were determined using an excess earnings method. This method utilizes the present value of the earnings attributable to the intangible asset after providing for the proportion of the earnings that attribute to returns for contributory assets. During the year ended December 31, 2021 the Company sold one of its internally developed trademarks for $8,000. The gain from the sale of the trademark was recorded as an offset to operating expenses in the Company's Consolidated Statements of Income/(Loss). |
Schedule of Intangible Assets, Future Amortization Expense | The estimated future amortization expense for intangibles as of December 31, 2021 is as follows: (in thousands) 2022 $ 8,363 2023 1,772 2024 1,772 2025 1,772 2026 1,772 Thereafter 5,624 Total $ 21,075 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Schedule Of Share Based Compensation Shares Authorized Under Stock Plans Issued And Avaliability | (in thousands) Common stock authorized 11,000 Stock-based awards, including restricted stock and stock options granted, net of expired or cancelled awards (3,569) Common stock available for grant of stock-based awards as of December 31, 2021 7,431 In addition, vested and unvested options to purchase 2,531 shares of common stock and 2,849 shares of unvested restricted stock awarded under the 2006 Plan were outstanding as of December 31, 2021. |
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 2021, 2020 and 2019: Years Ended December 31, 2021 2020 2019 Volatility 40.3% to 49.6% 33.9% to 56.7% 32.0% to 39.6% Risk free interest rate 0.1% to 1.0% 0.2% to 1.6% 1.6% to 2.5% Expected life in years 2.0 to 4.0 3.0 to 5.0 1.0 to 5.0 Dividend yield 1.4% 1.2% 1.6% Weighted average fair value $13.30 $10.15 $5.38 |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | For the years ended December 31, 2021, 2020 and 2019, total equity-based compensation were as follows: Years Ended December 31, (in thousands) 2021 2020 2019 Restricted stock $ 18,144 $ 18,740 $ 19,143 Stock options 4,134 3,899 4,027 Total $ 22,278 $ 22,639 $ 23,170 |
Schedule of cash proceeds and intrinsic values for stock options exercised table text block | Stock Options Activity relating to stock options granted under the Company’s plans during the year ended December 31, 2021 were as follows: (in thousands except for per share price) Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at January 1, 2021 2,674 $ 26.80 Granted 270 43.30 Exercised (411) 23.67 Forfeited (2) 31.56 Outstanding at December 31, 2021 2,531 $ 29.06 2.7 years $ 44,054 Vested and Exercisable at December 31, 2021 2,070 $ 28.20 2.6 years $ 37,829 At December 31, 2021, $2.2 million of total unrecognized compensation cost related to non-vested stock option awards is expected to be recognized over a weighted-average period of 1.2 years. Additional information pertaining to the Company's stock option plan were as follows: Years Ended December 31, (in thousands) 2021 2020 2019 Cash received from the exercise of stock options $ 9,732 $ 1,609 $ 6,212 Intrinsic value of stock options exercised $ 8,622 $ 993 $ 4,268 Tax benefits realized on exercise of stock options $ 1,512 $ 234 $ 1,010 |
Net Income_(Loss) Per Share o_2
Net Income/(Loss) Per Share of Common Stock (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | (in thousands) Years Ended December 31, 2021 2020 2019 Weighted average common shares outstanding: Basic 78,442 78,635 79,577 Effect of dilutive securities: Stock awards and options to purchase shares of common stock 3,186 — 4,069 Diluted 81,628 78,635 83,646 |
Operating Leases (Tables)
Operating Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Operating Leases [Abstract] | |
Operating Lease, Supplemental Balance Sheet | The following table presents the lease-related assets and liabilities recorded on the Consolidated Balance Sheets as of December 31, 2021 and 2020: As of December 31, (in thousands) Classification on the Balance Sheet 2021 2020 Assets Noncurrent (1) (2) Operating lease right-of-use asset $ 85,449 $ 101,379 Liabilities Current Operating leases - current portion $ 30,759 $ 34,257 Noncurrent Operating leases - long-term portion 80,072 98,592 Total operating lease liabilities $ 110,831 $ 132,849 Weighted-average remaining lease term 4.6 years 5.0 years Weighted-average discount rate 4.3 % 4.3 % (1) During the year ended December 31, 2021, the Company recorded a pre-tax impairment charge related to its right-of-use assets of $1,023 in its Direct-to-Consumer and the Wholesale Accessories/Apparel segments. (2) During the year ended December 31, 2020, the Company recorded a pre-tax impairment charge related to its lease right-of-use assets of $22,183 in its Direct-to-Consumer segment. |
Lease, Cost [Table Text Block] | The following table presents the composition of lease costs during the years ended December 31, 2021, 2020 and 2019: Years Ended December 31, (in thousands) 2021 2020 2019 Operating lease cost $ 36,863 $ 42,368 $ 48,387 Variable lease cost (1) 18,206 13,412 172 Short-term lease cost — 238 239 Less: sublease income 321 562 644 Total lease cost $ 54,748 $ 55,456 $ 48,154 |
Schedule of Leases Supplemental Cash Flows [Table Text Block] | The following presents supplemental cash and non-cash information related to the Company's Operating leases: Years Ended December 31, (in thousands) 2021 2020 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows used for operating leases $ 31,870 $ 43,582 Noncash transactions: Right-of-use asset obtained in exchange for new operating lease liabilities $ 17,461 $ 2,746 Right-of-use asset amortization expense (1) $ 32,371 $ 38,228 |
Lessee, Operating Lease, Liability, Maturity | 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 Consolidated Balance Sheet: (in thousands) As of 2022 $ 35,894 2023 26,659 2024 20,137 2025 16,125 2026 11,337 Thereafter 11,884 Total minimum lease payments 122,036 Less: interest 11,205 Present value of lease liabilities $ 110,831 |
Income Taxes Income Taxes (Tabl
Income Taxes Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | The components of income/(loss) before income taxes were as follows: Years Ended December 31, (in thousands) 2021 2020 2019 Domestic $ 171,297 $ (63,025) $ 119,166 Foreign 70,771 33,040 62,060 $ 242,068 $ (29,985) $ 181,226 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Years Ended December 31, (in thousands) 2021 2020 2019 Current: Federal $ 32,983 $ (10,764) $ 18,655 State and local 3,711 (545) 3,765 Foreign 11,635 7,958 11,940 48,329 (3,351) 34,360 Deferred: Federal (1,402) (4,940) 2,309 State and local 1,888 (2,962) 1,343 Foreign 794 (451) 1,492 1,280 (8,353) 5,144 $ 49,609 $ (11,704) $ 39,504 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | A reconciliation between income taxes computed at the federal statutory rate and the effective tax rate is as follows: Years Ended December 31, (in thousands) 2021 2020 2019 Income taxes at federal statutory rate 21.0 % 21.0 % 21.0 % Effects of foreign operations (0.8) 10.3 (0.1) Stock-based compensation (2.4) 11.8 (3.4) State and local income taxes - net of federal income tax benefit 2.1 12.9 2.3 Nondeductible items 1.2 (0.4) 0.7 Impact of tax reform — 14.0 — Global intangible low-taxed income ("GILTI") — (18.2) — Valuation allowance (0.5) (9.3) 0.6 Other (0.1) (3.1) 0.7 Effective tax rate 20.5 % 39.0 % 21.8 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The components of deferred tax assets and liabilities were as follows: As of December 31, (in thousands) 2021 2020 Deferred tax assets Receivable allowances $ 8,313 $ 5,226 Inventory 7,992 4,681 Accrued expenses 310 1,109 Deferred compensation 6,486 7,418 Net operating loss carryforwards 6,129 9,987 Lease liability 26,436 31,975 Other 1,169 1,345 Gross deferred tax assets before valuation allowance 56,835 61,741 Less: valuation allowance (3,753) (4,968) Gross deferred tax assets after valuation allowance 53,082 56,773 Deferred tax liabilities Depreciation and amortization (16,144) (13,744) Unremitted earnings of foreign subsidiaries (3,138) (2,964) Right-of-use asset (20,365) (24,211) Amortization of goodwill (7,578) (7,665) Indefinite-lived intangibles (4,654) (5,336) Gross deferred tax liabilities (51,879) (53,920) Net deferred tax assets/(liabilities) $ 1,203 $ 2,853 |
Summary of Unrecognized Tax Benefits [Table Text Block] | Years Ended December 31, (in thousands) 2021 2020 2019 Beginning Balance $ 2,295 $ 1,150 $ 1,511 Additions for tax positions of prior years — 1,145 — Reductions for tax positions of prior years (1,150) — (361) Ending Balance $ 1,145 $ 2,295 $ 1,150 |
Operating Segment Information (
Operating Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | (in thousands) Wholesale Footwear Wholesale Accessories/Apparel Total Wholesale Direct-to- Consumer First Cost Licensing Corporate (1) Consolidated For the Year Ended December 31, 2021 Total revenue $ 1,022,322 $ 343,675 $ 1,365,997 $ 487,906 $ 2,346 $ 9,893 $ — $ 1,866,142 Gross profit 345,167 94,675 439,842 315,416 2,346 9,893 — 767,497 Income/(loss) from operations 217,163 26,628 243,791 74,542 1,971 8,108 (84,815) 243,597 Depreciation and amortization 2,946 2,769 5,715 3,976 — — 5,517 15,208 Capital expenditures 1,051 807 1,858 1,156 9 — 3,585 6,608 For the Year Ended December 31, 2020 Total revenue $ 713,662 $ 235,892 $ 949,554 $ 239,389 $ 3,902 $ 8,969 $ — $ 1,201,814 Gross profit 226,557 70,908 297,465 154,205 3,902 8,969 — 464,541 Income/(loss) from operations 91,887 (2,453) 89,434 (58,889) 2,594 5,828 (70,572) (31,605) Depreciation and amortization 3,143 2,586 5,729 6,696 92 — 4,843 17,360 Capital expenditures 1,206 164 1,370 1,472 — — 3,720 6,562 For the Year Ended 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 216,917 37,609 254,526 2,210 (6,502) 8,154 (81,574) 176,814 Depreciation and amortization 4,287 3,186 7,473 9,177 179 — 4,508 21,337 Capital expenditures 1,937 91 2,028 5,306 — — 10,977 18,311 (1) Revised to present unallocated corporate expenses separately for all periods presented. Corporate does not constitute a reportable segment and includes costs not directly attributable to the segments that are primarily related to costs associated with corporate executives, corporate finance, corporate social responsibility, legal, human resources, information technology, cyber security and other shared costs. |
Nature of Operations (Details)
Nature of Operations (Details) | 12 Months Ended |
Dec. 31, 2021Website | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of E-Commerce Websites | 6 |
Number of Stores | 220 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Narrative (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021USD ($)Website | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Jan. 01, 2019USD ($) | |
Property, Plant and Equipment [Line Items] | ||||
Advertising Expense | $ 65,080 | $ 33,068 | $ 30,165 | |
Number of Stores | 220 | |||
Number of E-Commerce Websites | Website | 6 | |||
Production and Distribution Costs | $ 86,367 | 58,621 | 58,019 | |
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, Cost | $ 1,989 | 1,809 | 2,048 | |
Operating lease right-of-use asset | 85,449 | 101,379 | $ 194,100 | |
Operating Lease, Liability | 110,831 | $ 209,000 | ||
Forward Contracts | ||||
Property, Plant and Equipment [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ 961 | $ 89 | $ 10 | |
Minimum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, Plant and Equipment, Estimated Useful Lives | three | |||
Maximum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, Plant and Equipment, Estimated Useful Lives | 27.5 years |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Summary of Significant Accounting Policies [Abstract] | |||
Translation Adjustment Functional to Reporting Currency, Net of Tax | $ (29,877) | $ (28,421) | $ (29,636) |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 333 | (743) | (804) |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax | $ (29,544) | $ (29,164) | $ (30,440) |
Impact of the COVID-10 Pandem_2
Impact of the COVID-10 Pandemic (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2021 |
Unusual or Infrequent Item, or Both [Line Items] | |||
Restructuring Costs | $ 7,181,000 | ||
Accrued Liabilities | |||
Unusual or Infrequent Item, or Both [Line Items] | |||
Restructuring Costs | $ 1,239,000 | $ 490,000 |
Acquisitions (Details)
Acquisitions (Details) - USD ($) $ in Thousands | Jun. 28, 2021 | Apr. 14, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Asset Acquisition [Line Items] | |||||
Payments to Acquire Interest in Joint Venture | $ (18,942) | $ 0 | $ 0 | ||
Payments to Acquire Interest in Joint Venture | $ 18,942 | $ 0 | $ 0 | ||
European Joint Venture | |||||
Asset Acquisition [Line Items] | |||||
Business Acquisition, Percentage of Voting Interests Acquired | 49.90% | ||||
Payments to Acquire Interest in Joint Venture | $ (16,682) | ||||
Payments to Acquire Interest in Joint Venture | $ 16,682 | ||||
South African Joint Venture | |||||
Asset Acquisition [Line Items] | |||||
Business Acquisition, Percentage of Voting Interests Acquired | 49.90% | ||||
Payments to Acquire Interest in Joint Venture | $ (2,260) | ||||
Payments to Acquire Interest in Joint Venture | $ 2,260 |
Fair Value Measurement (Table)
Fair Value Measurement (Table) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Mar. 31, 2021 | Sep. 30, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Assets: | |||||
Foreign Currency Contract, Asset, Fair Value Disclosure | $ 494 | $ 0 | |||
Liabilities: | |||||
Business Combination, Contingent Consideration, Liability | 5,109 | 0 | |||
Foreign Currency Contracts, Liability, Fair Value Disclosure | 46 | ||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | 11,862 | (8,917) | $ 0 | ||
Business Acquisition, Contingent Consideration, Change in Estimate | 11,862 | ||||
Fair Value [Member] | |||||
Assets: | |||||
Total assets | 494 | 0 | |||
Liabilities: | |||||
Business Combination, Contingent Consideration, Liability | 6,960 | 207 | $ 9,124 | ||
Foreign Currency Contracts, Liability, Fair Value Disclosure | 46 | 997 | |||
Total liabilities | 7,006 | 1,204 | |||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Assets: | |||||
Total assets | 0 | 0 | |||
Liabilities: | |||||
Business Combination, Contingent Consideration, Liability | 0 | 0 | |||
Total liabilities | 0 | 0 | |||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Assets: | |||||
Total assets | 494 | 0 | |||
Liabilities: | |||||
Business Combination, Contingent Consideration, Liability | 0 | 0 | |||
Foreign Currency Contracts, Liability, Fair Value Disclosure | 46 | 997 | |||
Total liabilities | 46 | 997 | |||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Assets: | |||||
Total assets | 0 | 0 | |||
Liabilities: | |||||
Business Combination, Contingent Consideration, Liability | 6,960 | 207 | |||
Total liabilities | 6,960 | 207 | |||
Greats Brand Inc. [Member] | |||||
Liabilities: | |||||
Business Combination, Contingent Consideration, Liability | 0 | ||||
Business Acquisition, Contingent Consideration, Change in Estimate | $ (2,684) | $ (1,663) | 7 | (4,347) | |
B. B. Dakota, Inc. [Member] | |||||
Liabilities: | |||||
Business Combination, Contingent Consideration, Liability | 6,960 | ||||
Business Acquisition, Contingent Consideration, Change in Estimate | 11,869 | (4,570) | |||
Forward Contracts | Fair Value, Inputs, Level 1 [Member] | |||||
Liabilities: | |||||
Foreign Currency Contracts, Liability, Fair Value Disclosure | 0 | 0 | |||
Forward Contracts | Fair Value, Inputs, Level 3 [Member] | |||||
Liabilities: | |||||
Foreign Currency Contracts, Liability, Fair Value Disclosure | $ 0 | $ 0 |
Fair Value Measurement (Details
Fair Value Measurement (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Mar. 31, 2021 | Sep. 30, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $ 11,862 | $ (8,917) | $ 0 | ||
Business Acquisition, Contingent Consideration, Change in Estimate | (11,862) | ||||
Business Combination, Contingent Consideration, Liability | 5,109 | 0 | |||
Greats Brand Inc. [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Business Acquisition, Contingent Consideration, Change in Estimate | $ 2,684 | $ 1,663 | (7) | 4,347 | |
Business Combination, Contingent Consideration, Liability | $ 0 | ||||
Discount Rate - Fair Value of Contingent Liability | 9.50% | ||||
B. B. Dakota, Inc. [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Business Acquisition, Contingent Consideration, Change in Estimate | $ (11,869) | $ 4,570 | |||
Business Combination, Contingent Consideration, Liability | $ 6,960 | ||||
Discount Rate - Fair Value of Contingent Liability | 9.50% |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Line Items] | |||
Impairment charges | $ 409 | $ 14,712 | |
Capitalized Computer Software, Amortization | 3,135 | 3,007 | $ 2,788 |
Depreciation | 12,533 | 13,350 | 15,933 |
Capitalized Computer Software, Amortization | $ 3,135 | $ 3,007 | $ 2,788 |
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 | 10 years |
Property and Equipment Table (D
Property and Equipment Table (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Line Items] | |||
Land and building | $ 968 | $ 882 | |
Leasehold Improvements, Gross | 85,137 | 88,012 | |
Machinery and Equipment, Gross | 7,864 | 6,340 | |
Furniture and Fixtures, Gross | 11,650 | 11,201 | |
Computer equipment | 72,857 | 71,601 | |
Construction in Progress, Gross | 671 | 744 | |
Property, Plant and Equipment, Gross | 179,147 | 178,780 | |
Impairment charges | (14,701) | (14,712) | |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | (128,656) | (120,800) | |
Property and equipment, net | 35,790 | 43,268 | |
Depreciation | $ 12,533 | $ 13,350 | $ 15,933 |
Machinery and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 10 years | ||
Furniture and Fixtures [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 3 years | ||
Furniture and Fixtures [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 5 years | ||
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 | 10 years | ||
Building | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 27 years 6 months |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets (Detail) - (Table 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill [Roll Forward] | |||
Goodwill – net | $ 167,995 | $ 168,265 | |
Indefinite-Lived Trademarks | 63,526 | 71,429 | |
B. B. Dakota, Inc. [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill and Intangible Asset Impairment | 2,620 | ||
Indefinite-Lived Trademarks | 9,670 | ||
Wholesale Footwear | |||
Goodwill [Roll Forward] | |||
Goodwill – net | 90,066 | 91,097 | $ 91,572 |
Goodwill, Purchase Accounting Adjustments | 0 | ||
Goodwill, Foreign Currency Translation Gain (Loss) | (1,031) | (475) | |
Wholesale Accessories/Apparel | |||
Goodwill [Roll Forward] | |||
Goodwill – net | 62,688 | 62,688 | 62,688 |
Goodwill, Purchase Accounting Adjustments | 0 | ||
Goodwill, Foreign Currency Translation Gain (Loss) | 0 | 0 | |
Direct-to-Consumer | |||
Goodwill [Roll Forward] | |||
Goodwill – net | 167,995 | 168,265 | 171,349 |
Goodwill, Purchase Accounting Adjustments | (2,591) | ||
Goodwill, Foreign Currency Translation Gain (Loss) | (270) | (493) | |
Direct-to-Consumer | |||
Goodwill [Roll Forward] | |||
Goodwill – net | 15,241 | 14,480 | $ 17,089 |
Goodwill, Purchase Accounting Adjustments | (2,591) | ||
Goodwill, Foreign Currency Translation Gain (Loss) | 761 | $ (18) | |
Dolce Vita Handbags | Trademarks [Member] | |||
Goodwill [Roll Forward] | |||
Payments to Acquire Intangible Assets | $ 2,000 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets (Detail) - (Table 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Amortization | $ 2,675 | $ 4,010 | $ 6,258 |
Finite-Lived Trade Names, Gross | 18,695 | 8,770 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (32,189) | (29,575) | |
Finite-Lived Intangible Assets, Net | 21,075 | 16,362 | |
Finite-Lived Intangible Assets, Gross | 57,375 | 47,750 | |
Finite-Lived Customer Lists, Gross | 38,680 | 38,980 | |
Cost Basis | 155,858 | 198,431 | |
Indefinite-Lived Contractual Rights | 27,492 | 27,400 | |
Indefinite-Lived Trademarks | 63,526 | 71,429 | |
Intangibles – net | 112,093 | 115,191 | |
Intangible Impairment and Other | (11,576) | (53,665) | |
Re-acquired right [Member] | |||
Indefinite-lived Intangible Assets (Excluding Goodwill) | 35,200 | 35,200 | |
Trademarks [Member] | |||
Indefinite-lived Intangible Assets (Excluding Goodwill) | 63,283 | 115,481 | |
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 243 | ||
Trade names [Member] | |||
Finite-Lived Intangible Assets, Accumulated Amortization | (9,025) | (8,770) | |
Finite-Lived Intangible Assets, Net | 7,050 | 0 | |
Intangible Impairment and Other | (2,620) | 0 | |
Customer relationships [Member] | |||
Finite-Lived Intangible Assets, Accumulated Amortization | (23,164) | (20,805) | |
Finite-Lived Intangible Assets, Net | 14,025 | 16,362 | |
Intangible Impairment and Other | (1,491) | ||
Re-acquired right [Member] | |||
Intangible Impairment and Other | (7,708) | (7,800) | |
Customer Relationships [Member] | |||
Intangible Impairment and Other | (1,813) | ||
Finite-Lived Intangible Assets | |||
Intangible Impairment and Other | $ (4,111) | $ (1,813) | |
Minimum [Member] | Trade names [Member] | |||
Finite-Lived Intangible Asset, Useful Life | 1 year | 6 years | |
Minimum [Member] | Customer Relationships [Member] | |||
Finite-Lived Intangible Asset, Useful Life | 10 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 | ||
Maximum [Member] | Customer Relationships [Member] | |||
Finite-Lived Intangible Asset, Useful Life | 20 years |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets (Detail) - (Table 3) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill [Line Items] | |||
Finite-Lived Trade Names, Gross | $ 18,695 | $ 8,770 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (32,189) | (29,575) | |
Finite-Lived Intangible Assets, Gross | 57,375 | 47,750 | |
Finite-Lived Customer Lists, Gross | 38,680 | 38,980 | |
2012 (remaining nine months) | 8,363 | ||
2013 | 1,772 | ||
2014 | 1,772 | ||
2015 | 1,772 | ||
2016 | 1,772 | ||
Thereafter | 5,624 | ||
Total | 21,075 | 16,362 | |
Indefinite-Lived Contractual Rights | 27,492 | 27,400 | |
Impairment of intangibles | (2,620) | (44,273) | $ (4,050) |
Indefinite-Lived Trademarks | 63,526 | 71,429 | |
Intangible Assets, Gross (Excluding Goodwill) | 155,858 | 198,431 | |
Intangible Assets, Net (Excluding Goodwill) | 112,093 | 115,191 | |
Intangible Impairment and Other | (11,576) | (53,665) | |
Accumulated amortization | (32,189) | (29,575) | |
Trade Names [Member] | |||
Goodwill [Line Items] | |||
Finite-Lived Intangible Assets, Accumulated Amortization | (9,025) | (8,770) | |
Total | 7,050 | 0 | |
Intangible Impairment and Other | $ (2,620) | $ 0 | |
Trade Names [Member] | Minimum [Member] | |||
Goodwill [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 1 year | 6 years | |
Trade Names [Member] | Maximum [Member] | |||
Goodwill [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 10 years | 10 years | |
Customer Lists [Member] | |||
Goodwill [Line Items] | |||
Finite-Lived Intangible Assets, Accumulated Amortization | $ (23,164) | $ (20,805) | |
Total | 14,025 | $ 16,362 | |
Intangible Impairment and Other | (1,491) | ||
Customer Lists [Member] | Maximum [Member] | |||
Goodwill [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 20 years | ||
Contractual Rights [Member] | |||
Goodwill [Line Items] | |||
Intangible Impairment and Other | $ (7,708) | $ (7,800) | |
Customer Relationships [Member] | |||
Goodwill [Line Items] | |||
Intangible Impairment and Other | (1,813) | ||
Customer Relationships [Member] | Minimum [Member] | |||
Goodwill [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 10 years | ||
Customer Relationships [Member] | Maximum [Member] | |||
Goodwill [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 20 years | ||
Finite-Lived Intangible Assets | |||
Goodwill [Line Items] | |||
Intangible Impairment and Other | $ (4,111) | (1,813) | |
Contractual Rights [Member] | |||
Goodwill [Line Items] | |||
Indefinite-lived Intangible Assets (Excluding Goodwill) | 35,200 | 35,200 | |
Accumulated amortization | 0 | 0 | |
Trademarks [Member] | |||
Goodwill [Line Items] | |||
Indefinite-lived Intangible Assets (Excluding Goodwill) | 63,283 | 115,481 | |
Impairment of intangibles | (44,052) | ||
Accumulated amortization | $ 0 | $ 0 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets Goodwill and Intangible Assets (detail) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill [Line Items] | |||
Impairment of intangibles | $ 2,620 | $ 44,273 | $ 4,050 |
Indefinite-Lived Trademarks | 63,526 | 71,429 | |
Trademark Implied Fair Value | 12,925 | ||
Trademarks Subject to Impairment Carrying Value | 57,198 | ||
Gain (Loss) on Disposition of Intangible Assets | 8,000 | 0 | 0 |
Amortization | 2,675 | 4,010 | $ 6,258 |
Wholesale Accessories/Apparel | |||
Goodwill [Line Items] | |||
Impairment of intangibles | 27,472 | ||
Wholesale Footwear | |||
Goodwill [Line Items] | |||
Impairment of intangibles | 16,345 | ||
Direct-to-Consumer | |||
Goodwill [Line Items] | |||
Impairment of intangibles | 456 | ||
Trademarks [Member] | |||
Goodwill [Line Items] | |||
Impairment of intangibles | 44,052 | ||
Cejon [Member] | |||
Goodwill [Line Items] | |||
Impairment of intangibles | 27,025 | ||
Report [Member] | |||
Goodwill [Line Items] | |||
Impairment of intangibles | 16,345 | ||
Greats Brand Inc. [Member] | |||
Goodwill [Line Items] | |||
Impairment of intangibles | 456 | ||
Jocelyn [Member] | |||
Goodwill [Line Items] | |||
Impairment of intangibles | $ 447 | ||
B. B. Dakota, Inc. [Member] | |||
Goodwill [Line Items] | |||
Indefinite-Lived Trademarks | 9,670 | ||
Trademark Implied Fair Value | 7,050 | ||
Goodwill and Intangible Asset Impairment | 2,620 | ||
B. B. Dakota, Inc. [Member] | Trademarks [Member] | |||
Goodwill [Line Items] | |||
Impairment of intangibles | $ 2,620 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Detail) - (Table 1) - shares | 12 Months Ended | |
Dec. 31, 2021 | May 24, 2019 | |
Share-based Payment Arrangement [Abstract] | ||
Common stock authorized | 11,000,000 | |
Stock-based awards, including restricted stock and stock options granted, net of expired or cancelled | (3,569,000) | |
Common stock available for grant of stock-based awards as of June 30, 2012 | 7,431,000 |
Stock-Based Compensation (Det_2
Stock-Based Compensation (Detail) - (Table 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Stock-based compensation | $ 22,278 | $ 22,639 | $ 23,170 |
Restricted Stock [Member] | |||
Allocated Share-based Compensation Expense | 18,144 | 18,740 | 19,143 |
Stock Options [Member] | |||
Allocated Share-based Compensation Expense | $ 4,134 | $ 3,899 | $ 4,027 |
Stock-Based Compensation (Det_3
Stock-Based Compensation (Detail) - (Table 3) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Volatility | 49.60% | 56.70% | 39.60% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Minimum | 40.30% | 33.90% | 32.00% |
Risk free interest rate | 1.00% | 1.60% | 2.50% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum | 0.10% | 0.20% | 1.60% |
Dividend yield | 1.40% | 1.20% | 1.60% |
Weighted average fair value | $ 13.30 | $ 10.15 | $ 5.38 |
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 | 2 years | 3 years | 1 year |
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 | 4 years | 5 years | 5 years |
Stock-Based Compensation (Det_4
Stock-Based Compensation (Detail) - (Table 4) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Outstanding at January 1, 2012 | 2,674,000 | ||
Outstanding at January 1, 2012 (in Dollars per share) | $ 26.80 | ||
Granted | (270,000) | ||
Granted (in Dollars per share) | $ 43.30 | ||
Exercised | (411,000) | ||
Exercised (in Dollars per share) | $ 23.67 | ||
Cancelled/Forfeited | (2,000) | ||
Outstanding at June 30, 2012 | 2,531,000 | 2,674,000 | |
Outstanding at June 30, 2012 (in Dollars per share) | $ 29.06 | $ 26.80 | |
Outstanding at June 30, 2012 | 2 years 8 months 12 days | ||
Outstanding at June 30, 2012 (in Dollars) | $ 44,054 | ||
Exercisable at June 30, 2012 | 2,070,000 | ||
Exercisable at June 30, 2012 (in Dollars per share) | $ 28.20 | ||
Stock based compensation, shares exercisable, weighted average remaining contractual term | 2 years 7 months 6 days | ||
Exercisable at June 30, 2012 (in Dollars) | $ 37,829 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $ 31.56 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum | 0.10% | 0.20% | 1.60% |
Risk free interest rate | 1.00% | 1.60% | 2.50% |
Stock-Based Compensation (Det_5
Stock-Based Compensation (Detail) - (Table 6) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |||
Proceeds from Stock Options Exercised | $ 9,732,000 | $ 1,609,000 | $ 6,212,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | 8,622,000 | 993,000 | 4,268,000 |
Share-based Payment Arrangement, Exercise of Option, Tax Benefit | $ 1,512,000 | $ 234,000 | $ 1,010,000 |
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 | 3,651,000 | 4,427,000 | |
Non-vested at January 1 (in Dollars per share) | $ 20.81 | ||
Granted | 413,000 | ||
Granted (in Dollars per share) | $ 40.64 | ||
Vested | (1,166,000) | ||
Vested (in Dollars per share) | $ 19.93 | ||
Non-vested at June 30 | 2,849,000 | 3,651,000 | 4,427,000 |
Non-vested at June 30 (in Dollars per share) | $ 23.81 | $ 20.81 | |
Forfeited | (49,000) | ||
Forfeitures (in dollars per share) | $ 35.26 |
Stock-Based Compensation (Det_6
Stock-Based Compensation (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Proceeds from Stock Options Exercised | $ 9,732 | $ 1,609 | $ 6,212 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 8,622 | $ 993 | $ 4,268 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 270,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 2,849,000 | 3,651,000 | 4,427,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 2,531 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 2,849 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Total Fair Value | $ 23,231 | $ 23,839 | $ 23,263 |
Trademark Implied Fair Value | $ 12,925 | ||
B. B. Dakota, Inc. [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Trademark Implied Fair Value | $ 7,050 | ||
Finite-Lived Intangible Assets, Remaining Amortization Period | 1 year | ||
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 | $ 47,483 | ||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 3 years 2 months 12 days | ||
Employee Stock Option [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 | $ 2,200 | ||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 2 months 12 days |
Preferred Stock (Details)
Preferred Stock (Details) | 12 Months Ended |
Dec. 31, 2021$ / sharesshares | |
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 |
Preferred Stock, Dividend Payment Rate, Variable | 1 |
Preferred Stock, Voting Rights | 1 |
Preferred Stock, Liquidation Preference Per Share | $ / shares | $ 1,000 |
Share Repurchases Share Repurch
Share Repurchases Share Repurchase Program (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Nov. 02, 2021 | Apr. 24, 2019 | |
Equity, Class of Treasury Stock [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | ||||
Payments Related to Tax Withholding for Share-based Compensation | $ 35,122,000 | ||||
Stock Repurchased During Period, Value | $ 123,161,000 | $ 46,583,000 | $ 101,768,000 | ||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 250,000,000 | $ 200,000,000 | |||
Treasury Stock Acquired, Average Cost Per Share | $ 44.40 | ||||
Stock Repurchased During Period, Value | $ 88,039,000 | ||||
Stock Repurchase Program, Authorized Amount | $ 223,551,000 | ||||
Shares Paid for Tax Withholding for Share Based Compensation | 791,000 | ||||
London Interbank Offered Rate (LIBOR) [Member] | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | ||||
Common Stock [Member] | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Stock Repurchased During Period, Shares | 2,050,000 | ||||
Treasury Stock Acquired, Average Cost Per Share | $ 42.94 |
Net Income_(Loss) Per Share o_3
Net Income/(Loss) Per Share of Common Stock (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 2,849,000 | 3,651,000 | 4,427,000 |
Maximum Number Of Potential Dilutive Shares Issued Upon Vesting | $ 17,000 | $ 300 | |
Employee Stock Option [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 5,000 | 89,000 | 5,000 |
Restricted Stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 7,000 | 2,524,000 |
Net Income_(Loss) Per Share o_4
Net Income/(Loss) Per Share of Common Stock - Schedule of Net Income / (Loss) Per Share of Common Stock (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |||
Basic weighted average common shares outstanding | 78,442 | 78,635 | 79,577 |
Effect of dilutive securities – options/restricted stock | 3,186 | 0 | 4,069 |
Weighted Average Number of Shares Outstanding, Diluted | 81,628 | 78,635 | 83,646 |
Derivative Instruments (Details
Derivative Instruments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Foreign Currency Contracts, Liability, Fair Value Disclosure | $ 46 | |
Derivative, Net Hedge Ineffectiveness Gain (Loss) | 176 | |
Derivative, Notional Amount | 30,293 | |
Foreign Currency Contract, Asset, Fair Value Disclosure | $ 494 | $ 0 |
Operating Leases (Details)
Operating Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 | |
Operating Leases [Abstract] | ||||
Operating lease right-of-use asset | $ 85,449 | $ 101,379 | $ 194,100 | |
Operating Lease, Cost | 36,863 | 42,368 | $ 48,387 | |
Variable Lease, Cost | 18,206 | 13,412 | 172 | |
Operating Lease, Payments | 31,870 | 43,582 | ||
Short-term Lease, Cost | 0 | 238 | 239 | |
Sublease Income | 321 | 562 | 644 | |
Lease, Cost | 54,748 | 55,456 | 48,154 | |
Operating Lease, Impairment Loss | 1,023 | 22,183 | ||
Impairment of lease right-of-use asset and fixed assets | 1,432 | 36,895 | 1,883 | |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 17,461 | 2,746 | ||
Amortization of Leased Asset | 32,371 | 38,228 | ||
Operating Lease, Expense | $ 47,179 | $ 49,619 | $ 61,283 |
Operating Leases Operating Leas
Operating Leases Operating Leases (Tables) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 | |
Operating Leased Assets [Line Items] | ||||
Operating lease right-of-use asset | $ 85,449 | $ 101,379 | $ 194,100 | |
Impairment of lease right-of-use asset and fixed assets | 1,432 | 36,895 | $ 1,883 | |
Future Minimum Sublease Rentals, Sale Leaseback Transactions, Next Twelve Months | 35,894 | |||
Future Minimum Sublease Rentals, Sale Leaseback Transactions, within Two Years | 26,659 | |||
Future Minimum Sublease Rentals, Sale Leaseback Transactions, within Three Years | 20,137 | |||
Future Minimum Sublease Rentals, Sale Leaseback Transactions, within Four Years | 16,125 | |||
Future Minimum Sublease Rentals, Sale Leaseback Transactions, within Five Years | 11,337 | |||
Future Minimum Sublease Rentals, Sale Leaseback Transactions, Thereafter | 11,884 | |||
Lessee, Operating Lease, Liability, Payments, Due | 122,036 | |||
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | 11,205 | |||
Operating Lease, Liability | 110,831 | $ 209,000 | ||
Operating leases - current portion | 30,759 | 34,257 | ||
Operating leases - long-term portion | 80,072 | 98,592 | ||
Lease Liability | $ 110,831 | $ 132,849 | ||
Operating Lease, Weighted Average Remaining Lease Term | 4 years 7 months 6 days | 5 years | ||
Operating Lease, Weighted Average Discount Rate, Percent | 4.30% | 4.30% | ||
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 17,461 | $ 2,746 | ||
Variable Lease, Cost | 18,206 | 13,412 | $ 172 | |
Operating Lease, Impairment Loss | 1,023 | 22,183 | ||
Direct-to-Consumer | ||||
Operating Leased Assets [Line Items] | ||||
Impairment of lease right-of-use asset and fixed assets | 22,183 | |||
Operating Lease, Impairment Loss | 1,883 | |||
Lease Agreements | ||||
Operating Leased Assets [Line Items] | ||||
Variable Lease, Cost | $ 9,505 | $ 12,064 |
Income Taxes Income Taxes (Ta_2
Income Taxes Income Taxes (Table 1) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Income (Loss) from Continuing Operations before Income Taxes, Domestic | $ 171,297 | $ (63,025) | $ 119,166 |
Income (Loss) from Continuing Operations before Income Taxes, Foreign | 70,771 | 33,040 | 62,060 |
Income/(loss) before provision/(benefit) for income taxes | $ 242,068 | $ (29,985) | $ 181,226 |
Income Taxes Income Taxes (Ta_3
Income Taxes Income Taxes (Table 2) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Current: [Abstract] | |||
Current Federal Tax Expense (Benefit) | $ 32,983 | $ (10,764) | $ 18,655 |
Current State and Local Tax Expense (Benefit) | 3,711 | (545) | 3,765 |
Current Foreign Tax Expense (Benefit) | 11,635 | 7,958 | 11,940 |
Current Income Tax Expense (Benefit) | 48,329 | (3,351) | 34,360 |
Deferred: [Abstract] | |||
Deferred Federal Income Tax Expense (Benefit) | (1,402) | (4,940) | 2,309 |
Deferred State and Local Income Tax Expense (Benefit) | 1,888 | (2,962) | 1,343 |
Deferred Foreign Income Tax Expense (Benefit) | 794 | (451) | 1,492 |
Deferred Income Tax Expense (Benefit) | 1,280 | (8,353) | 5,144 |
Provision for income taxes | $ 49,609 | $ (11,704) | $ 39,504 |
Income Taxes Income Taxes (Ta_4
Income Taxes Income Taxes (Table 3) (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate | 21.00% | 21.00% | 21.00% |
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential | (0.80%) | 10.30% | (0.10%) |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-based Compensation Cost, Amount | (2.40%) | 11.80% | (3.40%) |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes | 2.10% | 12.90% | 2.30% |
Effective Income Tax Rate Reconciliation, Nondeductible Expense | 1.20% | (0.40%) | 0.70% |
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent | 0.00% | 14.00% | 0.00% |
Effective Income Tax Rate Reconciliation, GILTI | (18.20%) | 0.00% | |
Effective Income Tax Rate Reconciliation, Valuation Allowance | (0.50%) | (9.30%) | 0.60% |
Effective Income Tax Rate Reconciliation, Deductions, Other | (0.10%) | (3.10%) | 0.70% |
Effective Income Tax Rate, Continuing Operations | 20.50% | 39.00% | 21.80% |
Income Taxes Income Taxes (Ta_5
Income Taxes Income Taxes (Table 4) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | ||||
Unrecognized Tax Benefits | $ 1,145 | $ 2,295 | $ 1,150 | $ 1,511 |
Current deferred tax assets: [Abstract] | ||||
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Allowance for Doubtful Accounts | 8,313 | 5,226 | ||
Deferred Tax Assets, Inventory | 7,992 | 4,681 | ||
Deferred Tax Assets, Other Tax Carryforwards | 6,129 | 9,987 | ||
Deferred Tax Assets Lease Liability | 26,436 | 31,975 | ||
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Accrued Liabilities | 310 | 1,109 | ||
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Employee Compensation | 6,486 | 7,418 | ||
Deferred Tax Assets, Other | 1,169 | 1,345 | ||
Deferred Tax Assets, Gross | 56,835 | 61,741 | ||
Valuation Allowance | (3,753) | (4,968) | (2,230) | $ (649) |
Non-current deferred tax assets (liabilities): [Abstract] | ||||
Deferred Tax Liabilities, Property, Plant and Equipment | (16,144) | (13,744) | ||
Deferred Tax Liabilities, Undistributed Foreign Earnings | (3,138) | (2,964) | ||
Deferred Tax Liabilities Right of Use Asset | (20,365) | (24,211) | ||
Deferred Tax Liabilities, Gross | (51,879) | (53,920) | ||
Deferred Tax Liabilities, Goodwill | (7,578) | (7,665) | ||
Deferred Tax Liabilities, Intangible Assets | (4,654) | (5,336) | ||
Deferred Tax Assets, Net | 1,203 | 2,853 | ||
Deferred Tax Assets, Net of Valuation Allowance | 53,082 | 56,773 | ||
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions | $ (1,150) | $ 0 | $ (361) |
Income Taxes Income taxes (Deta
Income Taxes Income taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Unrecognized Tax Benefit [Roll Forward] | ||||
Beginning Balance | $ 2,295 | $ 1,150 | $ 1,511 | |
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions | 0 | 1,145 | 0 | |
Reductions for tax positions of prior years | 1,150 | 0 | 361 | |
Ending Balance | 1,145 | 2,295 | 1,150 | |
Valuation Allowance | 3,753 | 4,968 | 2,230 | $ 649 |
Deferred Tax Liabilities, Undistributed Foreign Earnings | 3,138 | 2,964 | ||
Deferred Income Tax Expense (Benefit) | 1,280 | $ (8,353) | $ 5,144 | |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 1,215 |
Commitments, Contingencies an_2
Commitments, Contingencies and Other Commitments, Contingencies and Other (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Loss Contingencies [Line Items] | |||
Earnings Per Share, Diluted | $ 2.34 | $ (0.23) | $ 1.69 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options | 270,000 | ||
Letters of Credit Outstanding, Amount | $ 751 | ||
Contractual Obligation, Due in Second Year | 8,250 | ||
Contractual Obligation, Due in Second and Third Year | $ 5,438 | ||
Supplier Concentration Risk [Member] | Sales Revenue, Net [Member] | Customer one | |||
Loss Contingencies [Line Items] | |||
Concentration Risk, Percentage | 10.00% | ||
Geographic Concentration Risk [Member] | Sales Revenue, Net [Member] | Customer one | |||
Loss Contingencies [Line Items] | |||
Concentration Risk, Percentage | 79.00% | ||
Geographic Concentration Risk [Member] | Sales Revenue, Net [Member] | Customer Two | |||
Loss Contingencies [Line Items] | |||
Concentration Risk, Percentage | 78.00% | 88.00% | |
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Customer one | |||
Loss Contingencies [Line Items] | |||
Concentration Risk, Percentage | 14.00% | 13.90% | 11.90% |
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Customer Two | |||
Loss Contingencies [Line Items] | |||
Concentration Risk, Percentage | 10.60% | ||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Customer one | |||
Loss Contingencies [Line Items] | |||
Concentration Risk, Percentage | 19.30% | 17.90% | |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Customer Two | |||
Loss Contingencies [Line Items] | |||
Concentration Risk, Percentage | 18.10% | 19.00% | 13.60% |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Customer Three | |||
Loss Contingencies [Line Items] | |||
Concentration Risk, Percentage | 14.90% | 10.60% | |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Customer Four | |||
Loss Contingencies [Line Items] | |||
Concentration Risk, Percentage | 11.80% | ||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Customer Five | |||
Loss Contingencies [Line Items] | |||
Concentration Risk, Percentage | 11.70% | ||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Customer Six | |||
Loss Contingencies [Line Items] | |||
Concentration Risk, Percentage | 10.30% |
Credit Agreement (Details)
Credit Agreement (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jul. 22, 2020 | |
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 150,000,000 | |||
Maximum Increase of Availability of Credit | 100,000,000 | |||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |||
Line of Credit Facility, Commitment Fee Percentage | 0.40% | |||
Line Cap Dollar Amount Before Base Trigger | 22,500,000 | |||
Line Cap Percentage Before Base Trigger | 0.15 | |||
Line Cap Dollar Amount After Base Trigger | 15,000,000 | |||
Line Cap Percentage After Base Trigger | $ 0.10 | |||
Letters of Credit Outstanding, Amount | $ 751,000 | |||
Proceeds from Lines of Credit | $ 0 | $ 176,784,000 | $ 0 | |
London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | |||
Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Fee | 2.00 | |||
Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Fee | 2.50 |
Due To and From Factor (Details
Due To and From Factor (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Due To and From Factor [Abstract] | |
Factoring Fee | 0.20% |
Notes Receivable - Related Part
Notes Receivable - Related Party (Details 1) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jun. 25, 2007 | |
Receivables [Abstract] | ||||
Note receivable – related party | $ 794 | $ 1,180 | $ 3,000 | |
Debt Instrument, Decrease, Forgiveness | 409 | |||
Increase (Decrease) in Accrued Interest Receivable, Net | $ 23 | $ 31 | $ 40 |
Operating Segment Information_2
Operating Segment Information (Detail) - (Table 1) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Total revenue | $ 1,866,142,000 | $ 1,201,814,000 | $ 1,787,157,000 |
Gross profit | 767,497,000 | 464,541,000 | 686,017,000 |
Income/(loss) from operations | 243,597,000 | (31,605,000) | 176,814,000 |
Depreciation and amortization | 15,208,000 | 17,360,000 | 21,337,000 |
Capital expenditures | 6,608,000 | 6,562,000 | 18,311,000 |
Wholesale Footwear | |||
Total revenue | 1,022,322,000 | 713,662,000 | 1,112,091,000 |
Gross profit | 345,167,000 | 226,557,000 | 373,587,000 |
Income/(loss) from operations | 217,163,000 | 91,887,000 | 216,917,000 |
Depreciation and amortization | 2,946,000 | 3,143,000 | 4,287,000 |
Capital expenditures | 1,051,000 | 1,206,000 | 1,937,000 |
Wholesale Accessories/Apparel | |||
Total revenue | 343,675,000 | 235,892,000 | 334,862,000 |
Gross profit | 94,675,000 | 70,908,000 | 98,131,000 |
Income/(loss) from operations | 26,628,000 | (2,453,000) | 37,609,000 |
Depreciation and amortization | 2,769,000 | 2,586,000 | 3,186,000 |
Capital expenditures | 807,000 | 164,000 | 91,000 |
Total Wholesale | |||
Total revenue | 1,365,997,000 | 949,554,000 | 1,446,953,000 |
Gross profit | 439,842,000 | 297,465,000 | 471,718,000 |
Income/(loss) from operations | 243,791,000 | 89,434,000 | 254,526,000 |
Depreciation and amortization | 5,715,000 | 5,729,000 | 7,473,000 |
Capital expenditures | 1,858,000 | 1,370,000 | 2,028,000 |
Direct-to-Consumer | |||
Total revenue | 487,906,000 | 239,389,000 | 321,182,000 |
Gross profit | 315,416,000 | 154,205,000 | 195,277,000 |
Income/(loss) from operations | 74,542,000 | (58,889,000) | 2,210,000 |
Depreciation and amortization | 3,976,000 | 6,696,000 | 9,177,000 |
Capital expenditures | 1,156,000 | 1,472,000 | 5,306,000 |
First Cost | |||
Total revenue | 2,346,000 | 3,902,000 | 7,441,000 |
Gross profit | 2,346,000 | 3,902,000 | 7,441,000 |
Income/(loss) from operations | 1,971,000 | 2,594,000 | (6,502,000) |
Depreciation and amortization | 0 | 92,000 | 179,000 |
Capital expenditures | 9,000 | 0 | 0 |
Licensing | |||
Total revenue | 9,893,000 | 8,969,000 | 11,581,000 |
Gross profit | 9,893,000 | 8,969,000 | 11,581,000 |
Income/(loss) from operations | 8,108,000 | 5,828,000 | 8,154,000 |
Depreciation and amortization | 0 | 0 | 0 |
Capital expenditures | 0 | 0 | 0 |
Corporate (1) | |||
Total revenue | 0 | 0 | 0 |
Gross profit | 0 | 0 | 0 |
Income/(loss) from operations | (84,815,000) | (70,572,000) | (81,574,000) |
Depreciation and amortization | 5,517,000 | 4,843,000 | 4,508,000 |
Capital expenditures | $ 3,585,000 | $ 3,720,000 | $ 10,977,000 |
Operating Segment Information_3
Operating Segment Information (Detail) - (Table 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Total revenue | $ 1,866,142 | $ 1,201,814 | $ 1,787,157 |
Total revenue | 1,866,142 | 1,201,814 | 1,787,157 |
Total revenue | 1,866,142 | 1,201,814 | 1,787,157 |
Domestic [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 1,641,090 | 1,054,348 | 1,572,224 |
Total revenue | 1,641,090 | 1,054,348 | 1,572,224 |
Total revenue | 1,641,090 | 1,054,348 | 1,572,224 |
International [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 225,052 | 147,466 | 214,932 |
Total revenue | 225,052 | 147,466 | 214,932 |
Total revenue | 225,052 | 147,466 | 214,932 |
Domestic (Non-US Title) [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 329,934 | 249,235 | 333,704 |
Total revenue | 329,934 | 249,235 | 333,704 |
Total revenue | $ 329,934 | $ 249,235 | $ 333,704 |
Valuation and Qualifying Acco_2
Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | ||||
Markdown Allowance | $ 28,955 | $ 18,832 | $ 34,207 | $ 31,357 |
Markdown Allowance Additions | 58,813 | 30,508 | 90,031 | |
Markdown Allowance Deductions | (48,690) | (45,883) | (87,181) | |
Accounts Receivable, Allowance for Credit Loss, Recovery | 7,172 | 1,405 | 679 | |
Accounts Receivable, Allowance for Credit Loss, Writeoff | (3,842) | (3,528) | (462) | |
Allowance for Doubtful Accounts Receivable | 12,273 | 8,943 | 11,066 | 10,849 |
Valuation Allowance, Deferred Tax Asset, Additions | 229 | 2,738 | 1,581 | |
Valuation Allowance, Deferred Tax Asset, Deductions | (1,444) | |||
SEC Schedule, 12-09, Valuation Allowances and Reserves, Deduction | (53,976) | (49,411) | (87,643) | |
Valuation Allowance | 3,753 | 4,968 | 2,230 | 649 |
Allowances for Due from Factors (in dollars) | 44,981 | 32,743 | 47,503 | $ 42,855 |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Additions, Charge to Cost and Expense | $ 66,214 | $ 34,651 | $ 92,291 |