(State or other jurisdiction of | (I.R.S. Employer Identification No.) | |||||||
incorporation or organization) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
☒ | Accelerated filer | ☐ | Emerging growth company | ||||||||||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company |
March 31, 2023 | December 31, 2022 | March 31, 2022 | ||||||||||||||||||
(in thousands, except par value) | (unaudited) | (unaudited) | ||||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | |||||||||||||||||
Short-term investments | ||||||||||||||||||||
Accounts receivable, net of allowances of $ | ||||||||||||||||||||
Factor accounts receivable | ||||||||||||||||||||
Inventories | ||||||||||||||||||||
Prepaid expenses and other current assets | ||||||||||||||||||||
Income tax receivable and prepaid income taxes | ||||||||||||||||||||
Total current assets | ||||||||||||||||||||
Note receivable – related party | ||||||||||||||||||||
Property and equipment, net | ||||||||||||||||||||
Operating lease right-of-use asset | ||||||||||||||||||||
Deposits and other | ||||||||||||||||||||
Deferred taxes | ||||||||||||||||||||
Goodwill – net | ||||||||||||||||||||
Intangibles – net | ||||||||||||||||||||
Total Assets | $ | $ | $ | |||||||||||||||||
LIABILITIES | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Accounts payable | $ | $ | $ | |||||||||||||||||
Accrued expenses | ||||||||||||||||||||
Operating leases – current portion | ||||||||||||||||||||
Income taxes payable | ||||||||||||||||||||
Contingent payment liability – current portion | ||||||||||||||||||||
Accrued incentive compensation | ||||||||||||||||||||
Total current liabilities | ||||||||||||||||||||
Operating leases – long-term portion | ||||||||||||||||||||
Deferred tax liabilities | ||||||||||||||||||||
Other liabilities | ||||||||||||||||||||
Total Liabilities | ||||||||||||||||||||
Commitments, contingencies and other (Note L) | ||||||||||||||||||||
STOCKHOLDERS’ EQUITY | ||||||||||||||||||||
Preferred stock – $ | ||||||||||||||||||||
Common stock – $ | ||||||||||||||||||||
Additional paid-in capital | ||||||||||||||||||||
Retained earnings | ||||||||||||||||||||
Accumulated other comprehensive loss | ( | ( | ( | |||||||||||||||||
Treasury stock – | ( | ( | ( | |||||||||||||||||
Total Steven Madden, Ltd. stockholders’ equity | ||||||||||||||||||||
Noncontrolling interest | ||||||||||||||||||||
Total stockholders’ equity | ||||||||||||||||||||
Total Liabilities and Stockholders’ Equity | $ | $ | $ |
Three Months Ended March 31, | ||||||||||||||
(in thousands, except per share data) | 2023 | 2022 | ||||||||||||
Net sales | $ | $ | ||||||||||||
Commission and licensing fee income | ||||||||||||||
Total revenue | ||||||||||||||
Cost of sales (exclusive of depreciation and amortization) | ||||||||||||||
Gross profit | ||||||||||||||
Operating expenses | ||||||||||||||
Income from operations | ||||||||||||||
Interest and other income – net | ||||||||||||||
Income before provision for income taxes | ||||||||||||||
Provision for income taxes | ||||||||||||||
Net income | ||||||||||||||
Less: net income attributable to noncontrolling interest | ||||||||||||||
Net income attributable to Steven Madden, Ltd. | $ | $ | ||||||||||||
Basic net income per share | $ | $ | ||||||||||||
Diluted net income per share | $ | $ | ||||||||||||
Basic weighted average common shares outstanding | ||||||||||||||
Effect of dilutive securities – options/restricted stock | ||||||||||||||
Diluted weighted average common shares outstanding | ||||||||||||||
Cash dividends declared per common share | $ | $ |
Three Months Ended March 31, 2023 | ||||||||||||||||||||
(in thousands) | Pre-tax amounts | Tax benefit | After-tax amounts | |||||||||||||||||
Net income | $ | |||||||||||||||||||
Other comprehensive income/(loss): | ||||||||||||||||||||
Foreign currency translation adjustment | $ | $ | ||||||||||||||||||
Loss on cash flow hedging derivatives | ( | ( | ||||||||||||||||||
Total other comprehensive income | $ | $ | ||||||||||||||||||
Comprehensive income | ||||||||||||||||||||
Less: comprehensive loss attributable to noncontrolling interests | ( | |||||||||||||||||||
Comprehensive income attributable to Steven Madden, Ltd. | $ | |||||||||||||||||||
Three Months Ended March 31, 2022 | ||||||||||||||||||||
(in thousands) | Pre-tax amounts | Tax expense | After-tax amounts | |||||||||||||||||
Net income | $ | |||||||||||||||||||
Other comprehensive income: | ||||||||||||||||||||
Foreign currency translation adjustment | $ | $ | ||||||||||||||||||
Gain on cash flow hedging derivatives | ( | |||||||||||||||||||
Total other comprehensive income | $ | $ | ( | |||||||||||||||||
Comprehensive income | ||||||||||||||||||||
Less: comprehensive loss attributable to noncontrolling interests | ( | |||||||||||||||||||
Comprehensive income attributable to Steven Madden, Ltd. | $ |
Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | Non-Controlling Interest | Total Stockholders' Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands except per share data) | Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance - December 31, 2022 | $ | $ | $ | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Share repurchases and net settlement of awards under stock plan | ( | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of restricted stock, net of forfeitures | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Cash flow hedge (net of tax benefit of $ | — | — | — | — | ( | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Dividends on common stock ($ | — | — | — | ( | — | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Investment of noncontrolling interest | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance - March 31, 2023 | $ | $ | $ | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | Non-Controlling Interest | Total Stockholders' Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands except per share data) | Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance - December 31, 2021 | $ | $ | $ | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Share repurchases and net tax settlement of awards under stock plan | ( | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of restricted stock, net of forfeitures | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Cash flow hedge (net of tax expense of $ | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on common stock ($ | — | — | — | ( | — | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance - March 31, 2022 | $ | $ | $ | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||
(in thousands) | 2023 | 2022 | ||||||||||||
Cash flows from operating activities: | ||||||||||||||
Net income | $ | $ | ||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||
Stock-based compensation | ||||||||||||||
Depreciation and amortization | ||||||||||||||
Loss on disposal of fixed assets | ||||||||||||||
Impairment of lease right-of-use asset | ||||||||||||||
Deferred taxes | ( | |||||||||||||
Accrued interest on note receivable - related party | ( | ( | ||||||||||||
Notes receivable - related party | ||||||||||||||
Change in valuation of contingent payment liabilities | ( | |||||||||||||
Other operating activities | — | |||||||||||||
Changes, net of acquisitions, in: | ||||||||||||||
Accounts receivable | ( | ( | ||||||||||||
Factor accounts receivable | ( | ( | ||||||||||||
Inventories | ||||||||||||||
Prepaid expenses, income tax receivables, prepaid taxes, and other assets | ||||||||||||||
Accounts payable and accrued expenses | ( | ( | ||||||||||||
Accrued incentive compensation | ( | ( | ||||||||||||
Leases and other liabilities | ( | ( | ||||||||||||
Net cash used in operating activities | ( | ( | ||||||||||||
Cash flows from investing activities: | ||||||||||||||
Capital expenditures | ( | ( | ||||||||||||
Purchase of a trademark | ( | |||||||||||||
Purchases of short-term investments | ( | ( | ||||||||||||
Maturity/sale of short-term investments | ||||||||||||||
Net cash (used in)/provided by investing activities | ( | |||||||||||||
Cash flows from financing activities: | ||||||||||||||
Proceeds from exercise of stock options | ||||||||||||||
Investment of noncontrolling interest | ||||||||||||||
Common stock purchased for treasury | ( | ( | ||||||||||||
Cash dividends paid on common stock | ( | ( | ||||||||||||
Net cash used in financing activities | ( | ( | ||||||||||||
Effect of exchange rate changes on cash and cash equivalents | ( | |||||||||||||
Net decrease in cash and cash equivalents | ( | ( | ||||||||||||
Cash and cash equivalents – beginning of period | ||||||||||||||
Cash and cash equivalents – end of period | $ | $ |
March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||
Fair value | Level 1 | Level 2 | Level 3 | Fair value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Forward contracts | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | $ | $ | $ | $ | $ | — | $ | $ | — | ||||||||||||||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Forward contracts | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | $ | $ | $ | $ | $ | $ | $ | $ |
Balance at January 1, 2022 | Adjustments(1) | Transfer out of Level 3(2) | Balance at December 31, 2022 | ||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||
Contingent consideration | $ | ( | ( | $ |
Classification on the Balance Sheet | March 31, 2023 | December 31, 2022 | |||||||||||||||
Assets | |||||||||||||||||
Noncurrent(1) | Operating lease right-of-use asset | $ | $ | ||||||||||||||
Liabilities | |||||||||||||||||
Current | Operating leases – current portion | $ | $ | ||||||||||||||
Noncurrent | Operating leases – long-term portion | ||||||||||||||||
Total operating lease liabilities | $ | $ | |||||||||||||||
Weighted-average remaining lease term | |||||||||||||||||
Weighted-average discount rate | % | % |
Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
Operating lease cost | $ | $ | |||||||||
Variable lease cost | |||||||||||
Less: sublease income | |||||||||||
Total lease cost | $ | $ |
Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
Cash paid for amounts included in the measurement of lease liabilities | |||||||||||
Operating cash flows used for operating leases | $ | $ | |||||||||
Noncash transactions | |||||||||||
Right-of-use asset obtained in exchange for new operating lease liabilities | $ | $ | |||||||||
Right-of-use asset amortization expense(1) | $ | $ |
2023 (remaining nine months) | $ | ||||
2024 | |||||
2025 | |||||
2026 | |||||
2027 | |||||
Thereafter | |||||
Total minimum lease payments | |||||
Less: interest | |||||
Total lease liabilities | $ |
Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
Weighted average common shares outstanding: | |||||||||||
Basic | |||||||||||
Effect of dilutive securities: | |||||||||||
Stock awards and options to purchase shares of common stock | |||||||||||
Diluted |
Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
Income before provision for income taxes | $ | $ | |||||||||
Income tax expense | $ | $ | |||||||||
Effective tax rate |
Common stock authorized | |||||
Stock-based awards, including restricted stock and stock options granted, net of expired or cancelled awards | ( | ||||
Common stock available for grant of stock-based awards as of March 31, 2023 |
Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
Restricted stock | $ | $ | |||||||||
Stock options | |||||||||||
Total | $ | $ |
Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
Proceeds from stock options exercised | $ | $ | |||||||||
Intrinsic value of stock options exercised | $ | $ |
Three Months Ended March 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
Volatility | ||||||||||||||
Risk free interest rate | ||||||||||||||
Expected life in years | ||||||||||||||
Dividend yield | ||||||||||||||
Weighted average fair value | $ | $ |
Number of Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term | Aggregate Intrinsic Value | |||||||||||||||||||||||
Outstanding at January 1, 2023 | $ | |||||||||||||||||||||||||
Granted | ||||||||||||||||||||||||||
Exercised | ( | |||||||||||||||||||||||||
Forfeited | ( | |||||||||||||||||||||||||
Outstanding at March 31, 2023 | $ | $ | ||||||||||||||||||||||||
Exercisable at March 31, 2023 | $ | $ |
Number of Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term | Aggregate Intrinsic Value | |||||||||||||||||||||||
Outstanding at January 1, 2022 | $ | |||||||||||||||||||||||||
Granted | ||||||||||||||||||||||||||
Exercised | ( | |||||||||||||||||||||||||
Outstanding at March 31, 2022 | $ | $ | ||||||||||||||||||||||||
Exercisable at March 31, 2022 | $ | $ |
Three Months Ended March 31, | ||||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||
Number of Shares | Weighted Average Fair Value at Grant Date | Number of Shares | Weighted Average Fair Value at Grant Date | |||||||||||||||||||||||
Outstanding at January 1, | $ | $ | ||||||||||||||||||||||||
Granted | ||||||||||||||||||||||||||
Vested | ( | ( | ||||||||||||||||||||||||
Forfeited | ( | ( | ||||||||||||||||||||||||
Outstanding at March 31, | $ | $ |
Wholesale | Net Carrying Amount | |||||||||||||||||||||||||
Footwear | Accessories/ Apparel | Direct-to-Consumer | ||||||||||||||||||||||||
Balance at January 1, 2023 | $ | $ | $ | $ | ||||||||||||||||||||||
Translation | ||||||||||||||||||||||||||
Balance at March 31, 2023 | $ | $ | $ | $ |
Estimated Lives | Cost Basis | Accumulated Amortization | Impairment & Other(1) | Net Carrying Amount | ||||||||||||||||||||||||||||
Trade names | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||
Customer relationships | ( | ( | ||||||||||||||||||||||||||||||
( | ( | |||||||||||||||||||||||||||||||
Re-acquired right | indefinite | ( | ||||||||||||||||||||||||||||||
Trademarks | indefinite | |||||||||||||||||||||||||||||||
$ | $ | ( | $ | ( | $ |
Estimated Lives | Cost Basis(1) | Accumulated Amortization | Impairment & Other(2) | Net Carrying Amount | ||||||||||||||||||||||||||||
Trade names | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||
Customer relationships | ( | ( | ||||||||||||||||||||||||||||||
( | ( | |||||||||||||||||||||||||||||||
Re-acquired right | indefinite | ( | ||||||||||||||||||||||||||||||
Trademarks | indefinite | |||||||||||||||||||||||||||||||
$ | $ | ( | $ | ( | $ |
2023 (remaining nine months) | $ | ||||
2024 | |||||
2025 | |||||
2026 | |||||
2027 | |||||
Thereafter | |||||
Total | $ |
As of and for the three months ended, | Wholesale Footwear | Wholesale Accessories/Apparel | Total Wholesale | Direct-to-Consumer | First Cost(1) | Licensing | Corporate(2) | Consolidated | |||||||||||||||||||||||||||||||||||||||
March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||
Total revenue | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Gross profit | |||||||||||||||||||||||||||||||||||||||||||||||
Income/(loss) from operations | $ | $ | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||||
Capital expenditures | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
March 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||
Total revenue | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Gross profit | |||||||||||||||||||||||||||||||||||||||||||||||
Income/(loss) from operations | $ | $ | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||
Capital expenditures | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
Domestic (1) | $ | $ | ||||||||||||
International | ||||||||||||||
Total | $ | $ |
Three Months Ended March 31, | ||||||||||||||||||||||||||
(in thousands, except for number of stores) | 2023 | 2022 | ||||||||||||||||||||||||
CONSOLIDATED: | ||||||||||||||||||||||||||
Net sales | $ | 461,737 | 99.5 | % | $ | 557,344 | 99.6 | % | ||||||||||||||||||
Commission and licensing income | 2,097 | 0.5 | % | 2,390 | 0.4 | % | ||||||||||||||||||||
Total revenue | 463,834 | 100.0 | % | 559,734 | 100.0 | % | ||||||||||||||||||||
Cost of sales (exclusive of depreciation and amortization) | 268,742 | 57.9 | % | 331,836 | 59.3 | % | ||||||||||||||||||||
Gross profit | 195,092 | 42.1 | % | 227,898 | 40.7 | % | ||||||||||||||||||||
Operating expenses | 148,581 | 32.0 | % | 130,002 | 23.2 | % | ||||||||||||||||||||
Income from operations | 46,511 | 10.0 | % | 97,896 | 17.5 | % | ||||||||||||||||||||
Interest and other income – net | 2,020 | 0.4 | % | 57 | — | % | ||||||||||||||||||||
Income before provision for income taxes | $ | 48,531 | 10.5 | % | $ | 97,953 | 17.5 | % | ||||||||||||||||||
Net income attributable to Steven Madden, Ltd. | $ | 36,730 | 7.9 | % | $ | 74,513 | 13.3 | % | ||||||||||||||||||
BY SEGMENT: | ||||||||||||||||||||||||||
WHOLESALE FOOTWEAR SEGMENT: | ||||||||||||||||||||||||||
Total Revenue | $ | 282,321 | 100.0 | % | $ | 346,715 | 100.0 | % | ||||||||||||||||||
Cost of sales (exclusive of depreciation and amortization) | 174,799 | 61.9 | % | 212,641 | 61.3 | % | ||||||||||||||||||||
Gross profit | 107,522 | 38.1 | % | 134,074 | 38.7 | % | ||||||||||||||||||||
Operating expenses | 45,466 | 16.1 | % | 39,983 | 11.5 | % | ||||||||||||||||||||
Income from operations | $ | 62,056 | 22.0 | % | $ | 94,091 | 27.1 | % | ||||||||||||||||||
WHOLESALE ACCESSORIES/APPAREL SEGMENT: | ||||||||||||||||||||||||||
Total Revenue | $ | 79,816 | 100.0 | % | $ | 102,283 | 100.0 | % | ||||||||||||||||||
Cost of sales (exclusive of depreciation and amortization) | 53,302 | 66.8 | % | 78,369 | 76.6 | % | ||||||||||||||||||||
Gross profit | 26,514 | 33.2 | % | 23,914 | 23.4 | % | ||||||||||||||||||||
Operating expenses | 17,076 | 21.4 | % | 12,543 | 12.3 | % | ||||||||||||||||||||
Income from operations | $ | 9,438 | 11.8 | % | $ | 11,371 | 11.1 | % | ||||||||||||||||||
DIRECT-TO-CONSUMER SEGMENT: | ||||||||||||||||||||||||||
Total Revenue | $ | 99,600 | 100.0 | % | $ | 108,346 | 100.0 | % | ||||||||||||||||||
Cost of sales (exclusive of depreciation and amortization) | 40,641 | 40.8 | % | 40,826 | 37.7 | % | ||||||||||||||||||||
Gross profit | 58,959 | 59.2 | % | 67,520 | 62.3 | % | ||||||||||||||||||||
Operating expenses | 63,206 | 63.5 | % | 55,209 | 51.0 | % | ||||||||||||||||||||
(Loss)/income from operations | $ | (4,247) | (4.3 | %) | $ | 12,311 | 11.4 | % | ||||||||||||||||||
Number of stores | 240 | 219 | ||||||||||||||||||||||||
FIRST COST SEGMENT: | ||||||||||||||||||||||||||
Commission income | $ | — | — | % | $ | 837 | 100.0 | % | ||||||||||||||||||
Gross profit | — | — | % | 837 | 100.0 | % | ||||||||||||||||||||
Operating expenses | — | — | % | 242 | 28.9 | % | ||||||||||||||||||||
Income from operations | $ | — | — | % | $ | 595 | 71.1 | % | ||||||||||||||||||
LICENSING SEGMENT: | ||||||||||||||||||||||||||
Licensing income | $ | 2,097 | 100.0 | % | $ | 1,553 | 100.0 | % | ||||||||||||||||||
Gross profit | 2,097 | 100.0 | % | 1,553 | 100.0 | % | ||||||||||||||||||||
Operating expenses | 279 | 13.3 | % | 518 | 33.4 | % | ||||||||||||||||||||
Income from operations | $ | 1,818 | 86.7 | % | $ | 1,035 | 66.6 | % | ||||||||||||||||||
Corporate: | ||||||||||||||||||||||||||
Operating expenses | $ | (22,554) | — | % | $ | (21,507) | — | % | ||||||||||||||||||
Loss from operations | $ | (22,554) | — | % | $ | (21,507) | — | % |
Payment due by period | ||||||||||||||||||||||||||||||||
Contractual Obligations | Total | Remainder of 2023 | 2024-2025 | 2026-2027 | 2028 and after | |||||||||||||||||||||||||||
Operating lease obligations | $ | 144,353 | $ | 30,113 | $ | 62,933 | $ | 35,449 | $ | 15,858 | ||||||||||||||||||||||
Purchase obligations | 287,909 | 287,810 | 99 | — | — | |||||||||||||||||||||||||||
Future minimum royalty and advertising payments | 21,625 | 3,625 | 12,000 | 6,000 | — | |||||||||||||||||||||||||||
Transition tax | 11,721 | 2,930 | 8,791 | — | — | |||||||||||||||||||||||||||
Total | $ | 465,608 | $ | 324,478 | $ | 83,823 | $ | 41,449 | $ | 15,858 |
Period | Total Number of Shares Purchased (1) | Average Price Paid per Share (1) | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs | |||||||||||||||||||
1/1/2023 - 1/31/2023 | 16 | $ | 31.93 | — | $ | 94,398 | |||||||||||||||||
2/1/2023 - 2/28/2023 | 82 | $ | 36.60 | 68 | $ | 91,928 | |||||||||||||||||
3/1/2023 - 3/31/2023 | 976 | $ | 35.78 | 899 | $ | 59,818 | |||||||||||||||||
Total | 1,074 | $ | 35.79 | 967 |
101 | The following materials from Steven Madden, Ltd.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2023, formatted in iXBRL (Inline Extensible Business Reporting Language): (i) the Condensed Consolidated Balance Sheets, (ii) the Condensed Consolidated Statements of Income, (iii) the Condensed Consolidated Statements of Comprehensive Income, (iv) the Condensed Consolidated Statements of Changes in Stockholders' Equity, (v) the Condensed Consolidated Statements of Cash Flows, and (vi) Notes to Condensed Consolidated Financial Statements, tagged as blocks of text* | ||||
104 | Cover Page Interactive Data File, formatted in Inline Extensible Business Reporting Language (iXBRL) with applicable taxonomy extension information contained in Exhibit 101* |
† | Filed herewith | ||||
* | This exhibit shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, whether made before or after the date hereof and irrespective of any general incorporation language in any filing, except to the extent the Company specifically incorporates it by reference. |
STEVEN MADDEN, LTD. | ||
/s/ EDWARD R. ROSENFELD | ||
Edward R. Rosenfeld | ||
Chairman and Chief Executive Officer | ||
/s/ ZINE MAZOUZI | ||
Zine Mazouzi | ||
Chief Financial Officer |
/s/ EDWARD R. ROSENFELD | ||
Edward R. Rosenfeld | ||
Chairman and Chief Executive Officer | ||
May 10, 2023 |
/s/ Zine Mazouzi | ||
Zine Mazouzi | ||
Chief Financial Officer | ||
May 10, 2023 |
/s/ EDWARD R. ROSENFELD | ||
Edward R. Rosenfeld | ||
Chairman and Chief Executive Officer | ||
May 10, 2023 |
/s/ Zine Mazouzi | ||
Zine Mazouzi | ||
Chief Financial Officer | ||
May 10, 2023 |
Basis of Reporting |
3 Months Ended |
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Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Reporting | The accompanying unaudited condensed consolidated financial statements of Steven Madden, Ltd. and subsidiaries (the “Company”) have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, such statements include all adjustments (consisting only of normal recurring items) that are considered necessary for a fair presentation of the financial position of the Company, the results of its operations and cash flows for the periods presented. The results of operations for the three months ended March 31, 2023 are not necessarily indicative of the operating results for the full year. These financial statements should be read in conjunction with the financial statements and related disclosures for the year ended December 31, 2022 included in the Annual Report of Steven Madden, Ltd. on Form 10-K filed with the SEC on March 1, 2023. |
Use of Estimates |
3 Months Ended |
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Mar. 31, 2023 | |
Use of Estimates [Abstract] | |
Use of Estimates | The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Significant areas involving management estimates include variable consideration included in revenue, allowances for bad debts, inventory valuation, valuation of goodwill and intangible assets and impairment of long-lived assets related to retail stores. The Company estimates variable consideration for future customer chargebacks and markdown allowances, discounts, returns and other miscellaneous compliance-related deductions that relate to 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 allowances.
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Marketable Securities |
3 Months Ended |
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Mar. 31, 2023 | |
Marketable Securities [Abstract] | |
Cash, Cash Equivalents, and Short-term Investments | As of March 31, 2023 and December 31, 2022, short-term investments consisted of certificates of deposit. These securities are classified as current based upon their maturities. As of March 31, 2023 and December 31, 2022, short-term investments amounted to $13,740 and $15,085, respectively, and have original maturities less than or equal to one year as of the balance sheet date. |
Fair Value Measurement |
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Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Text Block] | 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 March 31, 2023 and December 31, 2022 were as follows:
Forward contracts are used to manage the risk associated with the volatility of future cash flows (see Note K – 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. There were no changes in the Company’s Level 3 liabilities for the period ended March 31, 2023. The changes in the Company's Level 3 liabilities for the period ended December 31, 2022 were as follows:
(1) In 2022, amount consists of an adjustment of $(5,807) that was included as a benefit in operating expenses, related to the change in valuation of the contingent consideration in connection with the acquisition of B.B. Dakota, Inc. (2) On December 31, 2022, the transfer out of Level 3 amount of $1,153, which was recorded in the current portion of our contingent payment liabilities on the Consolidated Balance Sheets, represented the current portion of our contingent liabilities and was measured at the amount payable based on actual EBITDA performance for the related performance period. At March 31, 2023, the amount of $1,153 was recorded in the current portion of our contingent payment liabilities on the Consolidated Balance Sheets as the amount will be paid later this year. At March 31, 2023, the liability for contingent consideration was $1,153 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., the earn-out payments are based on EBITDA performance for the related performance period. The fair values of trademarks are measured on a non-recurring basis and are determined using Level 3 inputs, including forecasted cash flows, discount rates, and implied royalty rates (see Note J – 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 E – 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.
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Leases (Notes) |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Balance Sheet Disclosures | Lease Position The following table presents the lease-related assets and liabilities recorded on the Consolidated Balance Sheets as of March 31, 2023 and December 31, 2022:
(1) During the three months ended March 31, 2023, the Company recorded a pre-tax impairment charge related to its right-of-use assets of $95 recorded in the Wholesale Footwear Segment.
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Lessee, Operating Leases [Text Block] | Lease Position The following table presents the lease-related assets and liabilities recorded on the Consolidated Balance Sheets as of March 31, 2023 and December 31, 2022:
(1) During the three months ended March 31, 2023, the Company recorded a pre-tax impairment charge related to its right-of-use assets of $95 recorded in the Wholesale Footwear Segment. Lease Costs The following table presents the composition of lease costs during the three months ended March 31, 2023 and 2022:
Other Information The following table presents supplemental cash and non-cash information related to the Company's operating leases during the three months ended March 31, 2023 and 2022:
(1) Included in "Leases and other liabilities" in the Consolidated Statement of Cash Flows. Future Minimum Lease Payments The following table presents future minimum lease payments for each of the first five years and the total for the remaining years as of March 31, 2023:
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Share Repurchase Program |
3 Months Ended |
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Mar. 31, 2023 | |
Equity [Abstract] | |
Share Repurchase Program [Text Block] | 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 May 8, 2023, the Board of Directors approved an increase in the Company's share repurchase authorization of approximately $189,900, bringing the total authorization to $250,000. The Share Repurchase Program permits the Company to effect repurchases from time to time through a combination of open market repurchases or in privately negotiated transactions at such prices and times as are determined to be in the best interest of the Company. During the three months ended March 31, 2023, an aggregate of 967 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 $35.77, for an aggregate purchase price of approximately $34,580. As of March 31, 2023, approximately $59,818 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 three months ended March 31, 2023, an aggregate of 108 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 $35.96, for an aggregate purchase price of approximately $3,871.
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Net Income Per Share of Common Stock |
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Net Income Per Share of Common Stock [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income Per Share of Common Stock | Basic net income per share is based on the weighted average number of shares of common stock outstanding during the period, which does not include unvested restricted common stock subject to forfeiture of 2,161 shares for the period ended March 31, 2023, compared to 2,970 shares for the period ended March 31, 2022. 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.
For the three months ended March 31, 2023, options to purchase approximately 6 shares of common stock have been excluded from the calculation of diluted net income per share as the result would have been anti-dilutive. For the three months ended March 31, 2022, options to purchase approximately 5 shares of common stock have been excluded from the calculation of diluted net income per share as the result would have been anti-dilutive. For the three months ended March 31, 2023, 58 restricted shares were excluded from the calculation of diluted net income per share, as compared to approximately 18 shares that were excluded from the calculation of diluted net income per share for the three months ended March 31, 2022, as the result would have been anti-dilutive. The Company had contingently issuable performance awards outstanding that did not meet the performance conditions as of March 31, 2023 and 2022 and, therefore, were excluded from the calculation of diluted net income per common share for the three months ended March 31, 2023 and 2022. The maximum number of potentially dilutive shares that could be issued upon vesting for these performance awards was approximately 0 and 12 as of March 31, 2023 and 2022, respectively. These amounts were also excluded from the computation of weighted average potentially dilutive securities.
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Goodwill and Intangible Assets |
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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 March 31, 2023:
The following table details identifiable intangible assets as of March 31, 2023:
(1) Includes the effect of foreign currency translation related primarily to the movements of the Canadian dollar and Mexican peso in relation to the U.S. dollar. The following table details identifiable intangible assets as of December 31, 2022:
(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) 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 and 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, 2022. 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 2022, as a result of the annual test, no impairment charges were recorded for goodwill and intangibles. The amortization of intangible assets amounted to $423 for the three months ended March 31, 2023 compared to $2,315 for the three months ended March 31, 2022 and is included in operating expenses on the Company's Condensed Consolidated Statements of Income. The estimated future amortization expense for intangibles as of March 31, 2023 was as follows:
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Derivative Instruments |
3 Months Ended |
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Mar. 31, 2023 | |
Derivative Instruments Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 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 March 31, 2023, the Company's entire net forward contracts hedging portfolio consisted of a notional amount of $77,084, with the fair value included on the Consolidated Balance Sheets in other current assets of $1,414 and other current liabilities of $2,223. For the three months ended March 31, 2023 and 2022, the Company's hedging activities were considered effective, and, thus, no ineffectiveness from hedging activities was recognized in the Consolidated Statements of Income during the first quarter of 2023 and 2022. These gains and losses are recognized in Cost of sales (exclusive of depreciation and amortization) on the Consolidated Statements of Income. |
Commitments, Contingencies and Other |
3 Months Ended |
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Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Contingencies and Other | Future Minimum Royalty and Advertising Payments: The Company has minimum commitments related to the Company’s license agreements. The Company sources, distributes, advertises and sells certain of its products pursuant to its license agreements with unaffiliated licensors. Royalty amounts under the license agreements are generally based on a stipulated percentage of sales, although most of these agreements contain provisions for the payment of minimum annual royalty amounts. The license agreements have various terms and some have additional renewal options, provided that minimum sales levels and certain other conditions are achieved. As of March 31, 2023, the Company had future minimum royalty and advertising payments of $21,625. Royalty expenses are recognized in Cost of sales (exclusive of depreciation and amortization) on the Consolidated Statements of Income. Legal Proceedings: The Company has been named as a defendant in certain lawsuits in the normal course of business. In the opinion of management, after consulting with legal counsel, the liabilities, if any, resulting from these matters should not have a material effect on the Company's financial position or results of operations. It is the policy of management to disclose the amount or range of reasonably possible losses in excess of recorded amounts or cash flows. Letters of Credit: As of March 31, 2023, the Company had $504 in letters of credit outstanding unrelated to the Company's Credit Agreement.
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Operating Segment Information |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Segment Information | The Company operates the following operating segments, which are presented as reportable segments: Wholesale Footwear, Wholesale Accessories/Apparel, Direct-to-Consumer, and Licensing. As of January 2023, the Company no longer serves as a buying agent for any of its customers, and as a result no longer reports under the First Cost segment. This change is not considered to have a material or meaningful impact on the Company's operations. 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, independent stores, and clubs throughout the United States, Canada, Mexico, and Europe, 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, independent stores and clubs throughout the United States, Canada, Mexico, and Europe 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 Dolce Vita® full-price retail stores, Steve Madden® outlet stores, and our 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, Israel, South Africa, Taiwan, China, and the Middle East. Our Licensing segment is engaged in the licensing of the Steve Madden® and Betsey Johnson® trademarks for use in the sale of select apparel, accessory, and home categories as well as various other non-core products. 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.
(1) As of January 2023, the Company no longer serves as a buying agent for any of its customers, and as a result no longer reports under the First Cost segment. This change is not considered to have a material or meaningful impact on the Company's operations. (2) Corporate does not constitute a reportable segment and includes costs not directly attributable to the segments. These costs are primarily related to expenses associated with corporate executives, corporate finance, corporate social responsibility, legal, human resources, information technology, cyber security, and other shared services. Revenues by geographic area were as follows:
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Debt |
3 Months Ended |
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Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Debt Disclosure | On July 22, 2020, the Company entered into a $150,000 secured revolving credit agreement (as amended to date, 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. On March 25, 2022, an amendment to the Credit Agreement (the “Amendment”) replaced the London Interbank Offering Rate (“LIBOR”) with the Bloomberg Short-Term Bank Yield Index (“BSBY”) as the interest rate benchmark. Borrowings under the Credit Agreement generally bear interest at a variable rate equal to a specified margin, which is based upon the average availability under the Credit Facility from time to time, plus, at the Company’s election (i) BSBY for the applicable interest period or (ii) the base rate (which is the highest of (a) the prime rate announced by the Agent, (b) the sum of the federal funds effective rate plus 0.50%, and (c) the sum of the one-month BSBY rate plus 1.00%). Furthermore, the Amendment reduced the specified margin used to determine the interest rate under the Credit Agreement and reduced the commitment fee paid by the Company to the Agent, for the account of each lender. Additionally, the Amendment reduced the frequency of the Company’s borrowing base reporting requirements when no loans are outstanding. The Amendment also extended the maturity date of the Credit Agreement to March 20, 2027. 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 0.25% 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 1.25% 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 (as defined in the Credit Agreement). 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 March 31, 2023, the Company had no cash borrowings and no letters of credit outstanding under the Credit Agreement
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Basis of Reporting (Policies) |
3 Months Ended |
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Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy | The accompanying unaudited condensed consolidated financial statements of Steven Madden, Ltd. and subsidiaries (the “Company”) have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, such statements include all adjustments (consisting only of normal recurring items) that are considered necessary for a fair presentation of the financial position of the Company, the results of its operations and cash flows for the periods presented. The results of operations for the three months ended March 31, 2023 are not necessarily indicative of the operating results for the full year. These financial statements should be read in conjunction with the financial statements and related disclosures for the year ended December 31, 2022 included in the Annual Report of Steven Madden, Ltd. on Form 10-K filed with the SEC on March 1, 2023. |
Fair Value Measurement (Tables) |
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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 March 31, 2023 and December 31, 2022 were as follows:
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Leases (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease, Cost [Table Text Block] | Lease Costs The following table presents the composition of lease costs during the three months ended March 31, 2023 and 2022:
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Schedule of Leases Supplemental Cash Flows | Other Information The following table presents supplemental cash and non-cash information related to the Company's operating leases during the three months ended March 31, 2023 and 2022:
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Lessee, Operating Lease, Liability, Maturity [Table Text Block] | as of March 31, 2023:
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Income Taxes (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Revenues, by Geographic Area |
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Stock-Based Compensation (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Share Based Compensation Shares Authorized Under Stock Plans Issued And Avaliability | The following table summarizes the number of shares of common stock authorized for issuance under the 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:
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Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | Total equity-based compensation for the three months ended March 31, 2023 and 2022 was as follows:
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Schedule Of Cash Proceeds And Intrinsic Values For Stock Options Exercised | Cash proceeds and intrinsic values related to total stock options exercised during the three months ended March 31, 2023 and 2022 were as follows:
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Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Method Used | The following weighted average assumptions were used for stock options granted during the three months ended March 31, 2023 and 2022:
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Schedule of Share-based Compensation, Stock Options, Activity | Activity relating to stock options granted under the Company’s plans during the three months ended March 31, 2023 was as follows:
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Schedule of Nonvested Share Activity | The following table summarizes restricted stock activity during the three months ended March 31, 2023 and 2022:
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Goodwill and Intangible Assets (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Goodwill | The following is a summary of the carrying amount of goodwill by reporting unit as of March 31, 2023:
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Schedule of Indentifiable Intangible Assets | The following table details identifiable intangible assets as of March 31, 2023:
(1) Includes the effect of foreign currency translation related primarily to the movements of the Canadian dollar and Mexican peso in relation to the U.S. dollar. The following table details identifiable intangible assets as of December 31, 2022:
(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) 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 and 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, 2022. 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 2022, as a result of the annual test, no impairment charges were recorded for goodwill and intangibles.
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Schedule of Intangible Assets, Future Amortization Expense | The estimated future amortization expense for intangibles as of March 31, 2023 was as follows:
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Operating Segment Information (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment |
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Revenue from External Customers by Geographic Areas | Revenues by geographic area were as follows:
|
Acquisitions (Detail) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Business Acquisition [Line Items] | ||||
Business Combination, Contingent Consideration, Liability | $ 1,153 | $ 0 | $ 6,960 | |
Forward contracts | 1,414 | 916 | ||
Payments to Acquire Intangible Assets | 0 | $ 2,000 | $ 2,000 | |
Fair Value, Inputs, Level 2 [Member] | ||||
Business Acquisition [Line Items] | ||||
Forward contracts | 1,414 | |||
B. B. Dakota, Inc. [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Contingent Consideration, Liability | $ 1,153 |
Marketable Securities (Details) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
Mar. 31, 2022 |
---|---|---|---|
Investments, Debt and Equity Securities [Abstract] | |||
Short-term Investments | $ 13,740 | $ 15,085 | $ 9,897 |
Share Repurchase Program Share Repurchse Program (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
May 08, 2023 |
|
Treasury Stock Acquired, Average Cost Per Share | $ 35.96 | |
Stock Repurchased During Period, Value | $ 34,580 | |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 189,900 | |
Stock Repurchase Program, Authorized Amount | 59,818 | 250,000 |
Stock Repurchase Program, Authorized Amount | $ 59,818 | 250,000 |
Shares Paid for Tax Withholding for Share Based Compensation | 108 | |
Stock Repurchased During Period, Value | $ 34,580 | |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 189,900 | |
Treasury Stock Acquired, Average Cost Per Share | $ 35.96 | |
Payments Related to Tax Withholding for Share-based Compensation | $ 3,871 | |
Common Stock | ||
Treasury Stock Acquired, Average Cost Per Share | $ 35.77 | |
Stock Repurchased During Period, Shares | 967 | |
Stock Repurchased During Period, Shares | 967 | |
Treasury Stock Acquired, Average Cost Per Share | $ 35.77 |
Net Income Per Share of Common Stock (Detail) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Maximum Number Of Potential Dilutive Shares Issued Upon Vesting | $ 0 | $ 12 |
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 | 6,000 | 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 | 58,000 | 18 |
Income Taxes (Details) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023
USD ($)
|
Mar. 31, 2022
USD ($)
|
|
Income Tax Disclosure [Abstract] | ||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | $ 48,531 | $ 97,953 |
Income Tax Expense (Benefit) | $ (11,745) | $ (23,360) |
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent | 24.20% | 23.80% |
Valuation Allowance [Line Items] | ||
Taxes, Miscellaneous | $ 296 | |
InflationReductionActPercentOfMinimumTaxOnBookIncome | 0.15 | |
InflationReductionActPercentOfExciseTaxOnNetStockRepurchases | 0.01 |
Stock-Based Compensation (Detail) - (Table 2) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Total | $ 6,139 | $ 5,980 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 1,708,000 | |
Restricted Stock [Member] | ||
Allocated Share-based Compensation Expense | $ 5,393 | 5,062 |
Stock Options [Member] | ||
Allocated Share-based Compensation Expense | $ 746 | $ 918 |
Stock-Based Compensation (Detail) - (Table 3) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Share-Based Payment Arrangement [Abstract] | ||
Proceeds from stock options exercised | $ 264 | $ 275 |
Intrinsic value of stock options exercised | $ 134 | $ 172 |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Minimum | 47.70% | 45.10% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum | 4.00% | 1.20% |
Stock-Based Compensation (Detail) - (Table 4) - $ / shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Minimum | 47.70% | 45.10% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum | 4.00% | 1.20% |
Dividend yield | 2.60% | 1.80% |
Weighted average fair value | $ 11.86 | $ 15.60 |
Cancelled/Forfeited | (3,000) | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $ 46.28 | |
Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected life in years | 5 years | 5 years |
Stock-Based Compensation (Detail) - (Table 5) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Outstanding at January 1, 2012 | 2,766,000 | 2,531,000 |
Outstanding at January 1, 2012 (in Dollars per share) | $ 29.82 | $ 29.06 |
Granted | 8,000 | 9,000 |
Granted (in Dollars per share) | $ 31.96 | $ 46.47 |
Exercised | (11,000) | (10,000) |
Exercised (in Dollars per share) | $ 24.26 | $ 24.51 |
Outstanding at June 30, 2012 | 2,760,000 | 2,530,000 |
Outstanding at June 30, 2012 (in Dollars per share) | $ 29.83 | $ 29.14 |
Outstanding at June 30, 2012 | 1 year 9 months 18 days | 2 years 6 months |
Outstanding at June 30, 2012 (in Dollars) | $ 19,529 | $ 25,596 |
Exercisable at June 30, 2012 | 2,612,000 | 2,370,000 |
Exercisable at June 30, 2012 (in Dollars per share) | $ 29.36 | $ 28.36 |
Exercisable at June 30, 2012 | 1 year 7 months 6 days | 2 years 4 months 24 days |
Exercisable at June 30, 2012 (in Dollars) | $ 19,417 |
Stock-Based Compensation (Detail) - (Table 6) - $ / shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
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 | 2,111,000 | 2,849,000 |
Non-vested at January 1 (in Dollars per share) | $ 28.45 | $ 23.80 |
Granted | 284,000 | 323,000 |
Granted (in Dollars per share) | $ 33.69 | $ 41.82 |
Vested | (229,000) | (201,000) |
Vested (in Dollars per share) | $ 34.58 | $ 31.67 |
Forfeited | (5,000) | (1,000) |
Non-vested at March 31 | 2,161,000 | 2,970,000 |
Non-vested at March 31 (in Dollars per share) | $ 28.47 | $ 25.22 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 38.15 | $ 32.13 |
Goodwill and Intangible Assets (Detail) - (Table 1) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2023 |
Dec. 31, 2022 |
Mar. 31, 2022 |
|
Goodwill – net | $ 168,228 | $ 168,085 | $ 168,409 |
Goodwill [Roll Forward] | |||
Goodwill, Foreign Currency Translation Gain (Loss) | 143 | ||
Wholesale Footwear [Member] | |||
Goodwill – net | 90,246 | 90,173 | |
Goodwill [Roll Forward] | |||
Goodwill, Foreign Currency Translation Gain (Loss) | 73 | ||
Wholesale Accessories [Member] | |||
Goodwill – net | 62,688 | 62,688 | |
Goodwill [Roll Forward] | |||
Goodwill, Foreign Currency Translation Gain (Loss) | 0 | ||
Retail | |||
Goodwill – net | 15,294 | $ 15,224 | |
Goodwill [Roll Forward] | |||
Goodwill, Foreign Currency Translation Gain (Loss) | $ 70 |
Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Goodwill [Line Items] | ||
Amortization of Intangible Assets | $ 423 | $ 2,315 |
Derivative Instruments Derivative Instruments (Details) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Derivative Instruments [Abstract] | ||
Forward contracts | $ 1,414 | $ 916 |
Foreign Currency Contracts, Liability, Fair Value Disclosure | 2,223 | $ 1,241 |
Derivative, Notional Amount | $ 77,084 |
Commitments, Contingencies and Other Commitments (Details) |
Mar. 31, 2023
USD ($)
|
---|---|
Commitments and Contingencies Disclosure [Abstract] | |
Other Commitment | $ 21,625,000 |
Letters of Credit Outstanding, Amount | $ 504,000 |
Extraordinary and Unusual Items (Details) $ in Thousands |
Jul. 22, 2020
USD ($)
|
---|---|
Line of Credit Facility, Maximum Borrowing Capacity | $ 150,000 |
Debt (Details) - USD ($) |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Jul. 22, 2020 |
|
Line of Credit Facility [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |
Maximum Increase of Availability of Credit | $ 100,000,000 | |
Line Cap Dollar Amount After Base Trigger | $ 15,000 | |
Line of Credit Facility, Commitment Fee Percentage | 0.25% | |
Line Cap Percentage After Base Trigger | $ 0.10 | |
Line of Credit Facility, Maximum Borrowing Capacity | 150,000,000 | |
Line Cap Dollar Amount Before Base Trigger | 22,500,000 | |
Line Cap Percentage Before Base Trigger | $ 0.15 | |
Minimum [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Fee | 1.25 | |
Maximum [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Fee | 2.50 | |
Bloomberg Short-Term Bank | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.00% |
Factor Receivable (Detail) |
Mar. 31, 2023
USD ($)
|
---|---|
Factors Receivable [Line Items] | |
Termination Notice in Days | $ 60 |
Label | Element | Value |
---|---|---|
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue | $ 25,343,000 |
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