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CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($)
$ in Thousands
Total
Common Stock
Common Stock Class Undefined
[1]
Common Stock
Class A Common Stock
[2]
Capital in Excess of Par Value
Retained Earnings
Accumulated Other Comprehensive Income
Treasury Stock
Noncontrolling Interests
Redeemable Noncontrolling Interests
Beginning Balance at Jan. 31, 2020 $ 527,244 $ 279 $ 65 $ 208,473 $ 455,479 $ 85,050 $ (222,809) $ 707 $ 3,165
Net (loss)/income attributable to Movado Group, Inc. (110,327)       (111,518)     1,191 (867)
Dividends [3] (2,320)       (2,320)        
Stock options exercised (497) 2   (2)     (497)    
Supplemental executive retirement plan 141     141          
Stock-based compensation expense [4] 5,431     5,431          
Amortization of prior service cost, net of tax provision 23         23      
Net actuarial (loss)/gain arising during period, net of tax (benefit)/provision (354)         (354)      
Foreign currency translation adjustment [5] 7,993         7,821   172 302
Ending Balance at Jan. 31, 2021 427,334 281 65 214,043 341,641 92,540 (223,306) 2,070 2,600
Net (loss)/income attributable to Movado Group, Inc. 92,622       91,599     1,023 (63)
Dividends (19,653)       (19,653)        
Distribution of noncontrolling interest earnings (1,230)             (1,230)  
Stock options exercised 324 5   3,454     (3,135)    
Joint venture purchase 298             298  
Stock repurchase (22,599)           (22,599)    
Supplemental executive retirement plan 166     166          
Stock-based compensation expense 4,952     4,952          
Net unrealized gain on investments, net of tax provision 48         48      
Net change in effective portion of hedging contracts, net of tax provision (benefit) 194         194      
Amortization of prior service cost, net of tax provision 57         57      
Net actuarial (loss)/gain arising during period, net of tax (benefit)/provision 897         897      
Foreign currency translation adjustment [5] (8,635)         (8,441)   (194) (226)
Ending Balance at Jan. 31, 2022 474,775 286 65 222,615 413,587 85,295 (249,040) 1,967 2,311
Ending Balance at Jan. 31, 2022 2,311                
Net (loss)/income attributable to Movado Group, Inc. 96,570       94,528     2,042 453
Dividends (31,363)       (31,363)        
Distribution of noncontrolling interest earnings (1,056)             (1,056)  
Stock options exercised 489 2   1,610     (1,123)    
Stock repurchase (31,413)           (31,413)    
Supplemental executive retirement plan 123     123          
Stock-based compensation expense 5,726     5,726          
Net unrealized gain on investments, net of tax provision 10         10      
Net change in effective portion of hedging contracts, net of tax provision (benefit) (365)         (365)      
Amortization of prior service cost, net of tax provision 56         56      
Net actuarial (loss)/gain arising during period, net of tax (benefit)/provision (1,981)         (1,981)      
Joint venture incremental share purchase 778     708   70     (2,664)
Foreign currency translation adjustment [5] (1,805)         (1,790)   (15) $ (100)
Ending Balance at Jan. 31, 2023 510,544 $ 288 $ 65 $ 230,782 $ 476,752 $ 81,295 $ (281,576) $ 2,938  
Ending Balance at Jan. 31, 2023 $ 0                
[1] Each share of common stock is entitled to one vote per share on all matters submitted to a vote of the shareholders.
[2] Each share of class A common stock is entitled to 10 votes per share on all matters submitted to a vote of the shareholders. Each holder of class A common stock is entitled to convert, at any time, any and all of such shares into the same number of shares of common stock. Each share of class A common stock is converted automatically into common stock in the event that the beneficial or record ownership of such shares of class A common stock is transferred to any person, except to certain family members or affiliated persons deemed “permitted transferees” pursuant to the Company’s Restated Certificate of Incorporation as amended. The class A common stock is not publicly traded and consequently, there is currently no established public trading market for these shares.
[3] Dividends declared on January 11, 2021 to shareholders of record on January 21, 2021 payable on February 5, 2021.
[4] Includes $0.4 million related to the Restructuring Plan of the corporate initiatives.
[5] The currency translation adjustment is not adjusted for income taxes to the extent that it relates to permanent investments of earnings in international subsidiaries.