Attached files
file | filename |
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EX-32.2 - EX-32.2 - MOVADO GROUP INC | mov-ex322_7.htm |
EX-32.1 - EX-32.1 - MOVADO GROUP INC | mov-ex321_8.htm |
EX-31.2 - EX-31.2 - MOVADO GROUP INC | mov-ex312_6.htm |
EX-31.1 - EX-31.1 - MOVADO GROUP INC | mov-ex311_9.htm |
EX-10.2 - EX-10.2 - MOVADO GROUP INC | mov-ex102_72.htm |
EX-10.1 - EX-10.1 - MOVADO GROUP INC | mov-ex101_13.htm |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the Quarterly Period Ended October 31, 2017
☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission File Number: 1-16497
MOVADO GROUP, INC.
(Exact Name of Registrant as Specified in its Charter)
New York |
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13-2595932 |
(State or Other Jurisdiction of Incorporation or Organization) |
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(IRS Employer Identification No.) |
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650 From Road, Ste. 375 Paramus, New Jersey |
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07652-3556 |
(Address of Principal Executive Offices) |
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(Zip Code) |
(201) 267-8000
(Registrant’s telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for that past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,’’ “accelerated filer,’’ “smaller reporting company,’’ and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☐ |
Accelerated filer ☒ |
Non-accelerated filer (Do not check if a smaller reporting company) ☐ |
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Smaller reporting company ☐ |
Emerging growth company ☐ |
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
The number of shares outstanding of the registrant’s Common Stock and Class A Common Stock as of November 14, 2017 were 16,298,173 and 6,641,950, respectively.
Index to Quarterly Report on Form 10-Q
October 31, 2017
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Page |
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Part I |
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3 |
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Item 1. |
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Consolidated Balance Sheets at October 31, 2017, January 31, 2017 and October 31, 2016 |
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3 |
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4 |
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5 |
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6 |
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7 |
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Item 2. |
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Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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23 |
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Item 3. |
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33 |
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Item 4. |
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34 |
Part II |
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35 |
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Item 1. |
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35 |
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Item 1A. |
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35 |
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Item 2. |
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35 |
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Item 6. |
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37 |
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38 |
PART I – FINANCIAL INFORMATION
Item 1. Financial Statements
MOVADO GROUP, INC.
(In thousands, except share and per share amounts)
(Unaudited)
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October 31, |
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January 31, |
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October 31, |
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2017 |
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2017 |
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2016 |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
$ |
155,484 |
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$ |
256,279 |
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$ |
199,758 |
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Trade receivables, net |
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132,941 |
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66,847 |
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130,076 |
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Inventories |
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169,866 |
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153,167 |
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169,402 |
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Other current assets |
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26,361 |
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28,487 |
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28,096 |
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Total current assets |
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484,652 |
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504,780 |
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527,332 |
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Property, plant and equipment, net |
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24,637 |
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34,173 |
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34,867 |
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Deferred and non-current income taxes |
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23,610 |
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24,837 |
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20,614 |
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Goodwill |
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56,316 |
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— |
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— |
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Other intangibles, net |
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22,568 |
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1,633 |
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1,730 |
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Other non-current assets |
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47,783 |
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42,379 |
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39,935 |
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Total assets |
$ |
659,566 |
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$ |
607,802 |
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$ |
624,478 |
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LIABILITIES AND EQUITY |
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Current liabilities: |
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Loans payable to bank, current |
$ |
5,000 |
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$ |
5,000 |
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$ |
3,000 |
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Accounts payable |
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28,014 |
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27,192 |
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22,443 |
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Accrued liabilities |
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62,666 |
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35,061 |
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52,895 |
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Income taxes payable |
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5,192 |
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4,149 |
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5,601 |
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Total current liabilities |
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100,872 |
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71,402 |
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83,939 |
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Loans payable to bank |
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25,000 |
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25,000 |
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35,000 |
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Deferred and non-current income taxes payable |
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7,501 |
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3,322 |
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3,145 |
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Other non-current liabilities |
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38,752 |
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34,085 |
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32,297 |
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Total liabilities |
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172,125 |
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133,809 |
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154,381 |
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Commitments and contingencies (Note 9) |
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Equity: |
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Preferred Stock, $0.01 par value, 5,000,000 shares authorized; no shares issued |
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— |
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— |
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— |
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Common Stock, $0.01 par value, 100,000,000 shares authorized; 27,324,319, 27,176,656 and 27,138,206 shares issued and outstanding, respectively |
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273 |
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272 |
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271 |
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Class A Common Stock, $0.01 par value, 30,000,000 shares authorized; 6,641,950, 6,644,105 and 6,644,105 shares issued and outstanding, respectively |
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66 |
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66 |
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66 |
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Capital in excess of par value |
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189,332 |
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185,354 |
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182,834 |
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Retained earnings |
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425,649 |
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415,919 |
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413,666 |
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Accumulated other comprehensive income |
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80,388 |
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76,780 |
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77,057 |
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Treasury Stock, 11,026,671, 10,869,321 and 10,849,321 shares, respectively, at cost |
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(208,267 |
) |
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(204,398 |
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(203,797 |
) |
Total Movado Group, Inc. shareholders' equity |
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487,441 |
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473,993 |
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470,097 |
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Noncontrolling interests |
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— |
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— |
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— |
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Total equity |
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487,441 |
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473,993 |
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470,097 |
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Total liabilities and equity |
$ |
659,566 |
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$ |
607,802 |
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$ |
624,478 |
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See Notes to Consolidated Financial Statements
3
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
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Three Months Ended October 31, |
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Nine Months Ended October 31, |
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2017 |
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2016 |
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2017 |
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2016 |
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Net sales |
$ |
190,693 |
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$ |
179,818 |
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$ |
418,739 |
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$ |
421,967 |
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Cost of sales |
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86,623 |
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81,268 |
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199,406 |
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191,837 |
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Gross profit |
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104,070 |
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98,550 |
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219,333 |
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230,130 |
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Selling, general, and administrative |
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78,885 |
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67,479 |
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189,479 |
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183,590 |
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Operating income |
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25,185 |
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31,071 |
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29,854 |
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46,540 |
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Other expense (Note 3) |
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— |
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(1,282 |
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— |
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(1,282 |
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Interest expense |
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(445 |
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(333 |
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(1,191 |
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(1,039 |
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Interest income |
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110 |
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45 |
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361 |
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138 |
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Income before income taxes |
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24,850 |
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29,501 |
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29,024 |
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44,357 |
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Provision for income taxes (Note 10) |
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7,490 |
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9,286 |
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10,341 |
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14,450 |
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Net income |
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17,360 |
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20,215 |
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18,683 |
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29,907 |
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Less: Net income attributed to noncontrolling interests |
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— |
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— |
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— |
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78 |
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Net income attributed to Movado Group, Inc. |
$ |
17,360 |
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$ |
20,215 |
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$ |
18,683 |
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$ |
29,829 |
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Basic income per share: |
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Weighted basic average shares outstanding |
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23,079 |
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23,055 |
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23,080 |
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23,074 |
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Net income per share attributed to Movado Group, Inc. |
$ |
0.75 |
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$ |
0.88 |
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$ |
0.81 |
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$ |
1.29 |
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Diluted income per share: |
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Weighted diluted average shares outstanding |
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23,273 |
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23,230 |
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23,261 |
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23,259 |
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Net income per share attributed to Movado Group, Inc. |
$ |
0.75 |
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$ |
0.87 |
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$ |
0.80 |
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$ |
1.28 |
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Dividends declared per share |
$ |
0.13 |
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$ |
0.13 |
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$ |
0.39 |
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$ |
0.39 |
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See Notes to Consolidated Financial Statements
4
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands)
(Unaudited)
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Three Months Ended October 31, |
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Nine Months Ended October 31, |
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2017 |
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2016 |
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2017 |
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2016 |
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Comprehensive income, net of taxes: |
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Net income including noncontrolling interests |
$ |
17,360 |
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$ |
20,215 |
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$ |
18,683 |
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$ |
29,907 |
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Net unrealized (loss) / gain on investments, net of tax (benefit) of $(6), $4, $(6) and $1, respectively |
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(13 |
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6 |
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(12 |
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8 |
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Net change in effective portion of hedging contracts, net of tax (benefit) of $88, $(9), $9 and $5, respectively |
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448 |
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(43 |
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37 |
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31 |
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Foreign currency translation adjustments |
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(5,525 |
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(6,319 |
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3,583 |
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8,489 |
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Comprehensive income including noncontrolling interests |
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12,270 |
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13,859 |
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22,291 |
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38,435 |
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Less: Comprehensive income attributed to noncontrolling interests |
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— |
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— |
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— |
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54 |
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Total comprehensive income attributed to Movado Group, Inc. |
$ |
12,270 |
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$ |
13,859 |
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$ |
22,291 |
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$ |
38,381 |
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See Notes to Consolidated Financial Statements
5
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
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Nine Months Ended October 31, |
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2017 |
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2016 |
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Cash flows from operating activities: |
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Net income including noncontrolling interests |
$ |
18,683 |
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$ |
29,907 |
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Adjustments to reconcile net income to net cash (used in) operating activities: |
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Depreciation and amortization |
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9,842 |
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8,520 |
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Transactional (gains) / losses |
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(859 |
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2,663 |
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Write-down of inventories |
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1,930 |
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1,967 |
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Deferred income taxes |
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719 |
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|
230 |
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Stock-based compensation |
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3,644 |
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5,663 |
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Impairment of long-term investment |
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— |
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1,282 |
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Cost savings initiative |
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13,437 |
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— |
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Changes in assets and liabilities: |
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Trade receivables |
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(62,175 |
) |
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(60,386 |
) |
Inventories |
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(14,562 |
) |
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(7,657 |
) |
Other current assets |
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1,647 |
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1,540 |
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Accounts payable |
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334 |
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(5,140 |
) |
Accrued liabilities |
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18,296 |
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12,892 |
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Income taxes payable |
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373 |
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(917 |
) |
Other non-current assets |
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(5,399 |
) |
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(5,123 |
) |
Other non-current liabilities |
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4,664 |
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3,718 |
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Net cash (used in) operating activities |
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(9,426 |
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(10,841 |
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Cash flows from investing activities: |
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Capital expenditures |
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(3,575 |
) |
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(3,847 |
) |
Short-term investment |
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— |
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(151 |
) |
Restricted cash deposits |
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1,018 |
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(1,156 |
) |
Trademarks and other intangibles |
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(500 |
) |
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(296 |
) |
Acquisition, net of cash acquired |
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(78,991 |
) |
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— |
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Net cash (used in) investing activities |
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(82,048 |
) |
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(5,450 |
) |
Cash flows from financing activities: |
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Proceeds from bank borrowings |
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— |
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3,000 |
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Repayments of bank borrowings |
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— |
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(5,000 |
) |
Stock options exercised and other changes |
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(626 |
) |
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(1,256 |
) |
Dividends paid |
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(8,953 |
) |
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(8,951 |
) |
Purchase of incremental ownership of U.K. joint venture |
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— |
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(1,320 |
) |
Stock repurchase |
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(3,004 |
) |
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(3,263 |
) |
Net cash (used in) financing activities |
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(12,583 |
) |
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(16,790 |
) |
Effect of exchange rate changes on cash and cash equivalents |
|
3,262 |
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|
4,651 |
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Net (decrease) in cash and cash equivalents |
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(100,795 |
) |
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(28,430 |
) |
Cash and cash equivalents at beginning of period |
|
256,279 |
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|
|
228,188 |
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Cash and cash equivalents at end of period |
$ |
155,484 |
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|
$ |
199,758 |
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See Notes to Consolidated Financial Statements
6
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
BASIS OF PRESENTATION
The accompanying interim unaudited consolidated financial statements have been prepared by Movado Group, Inc. (the “Company”), in a manner consistent with that used in the preparation of the annual audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2017 (the “2017 Annual Report on Form 10-K”). The unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America, which require the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the dates of the unaudited consolidated financial statements and the reported amounts of revenues and expenses during the periods reported. Actual results could differ from those estimates. In the opinion of management, the accompanying unaudited consolidated financial statements reflect all adjustments, consisting of only normal and recurring adjustments, necessary for a fair statement of the financial position and results of operations for the periods presented. The consolidated balance sheet data at January 31, 2017 is derived from the audited annual financial statements, which are included in the Company’s 2017 Annual Report on Form 10-K and should be read in connection with these interim unaudited financial statements. Operating results for the interim periods presented are not necessarily indicative of the results that may be expected for the full year.
NOTE 1 – RECLASSIFICATIONS
Certain reclassifications were made to prior years’ financial statement amounts and related note disclosures to conform to fiscal 2018 presentation. As a result of the adoption of ASU 2016-09, “Improvements to Employee Share-Based Payment Accounting,” excess tax benefits and deficiencies related to sharebased compensation are reported as operating activities in the statement of cash flows.
NOTE 2 - CHANGES TO CRITICAL ACCOUNTING POLICIES
As a result of the acquisition of JLB Brands Ltd., the owner of the Olivia Burton brand, in the second quarter of fiscal 2018, the Company has made the following additions to its critical accounting policies related to intangible assets and goodwill (see Note 17 – Acquisitions).
Intangibles
In accordance with applicable guidance, the Company estimates and records the fair value of purchased intangible assets at the time of its acquisition, which in the acquisition of the Olivia Burton brand primarily consist of a trade name and customer relationships. The fair values of these intangible assets are estimated based on independent third-party appraisals. Finite-lived intangible assets are amortized over their respective estimated useful lives and are evaluated for impairment periodically whenever events or changes in circumstances indicate that their related carrying values may not be fully recoverable. Estimates of fair value for finite-lived intangible assets are primarily determined using discounted cash flows, with consideration of market comparisons and recent transactions. This approach uses significant estimates and assumptions, including projected future cash flows, discount rates and growth rates.
Goodwill
At the time of acquisition, in accordance with applicable guidance, the Company records all acquired net assets at their estimated fair values. These estimated fair values are based on management’s assessments and independent third-party appraisals. The excess of the purchase consideration over the aggregate estimated fair values of the acquired net assets is recorded as goodwill.
Goodwill is not amortized but will be assessed for impairment at least annually. Under applicable guidance, the Company generally performs its annual goodwill impairment analysis using a qualitative approach to determine whether it is more likely than not that the fair value of goodwill is less than its carrying value. If, based on the results of the qualitative assessment, it is concluded that it is more likely than not that the fair value of goodwill is less than its carrying value, a quantitative test is performed. The Company early adopted ASU 2017-04 “Intangibles - Goodwill and Other: Simplifying the Test for Goodwill Impairment” (see Note 14 – Accounting Changes and Recent Accounting Pronouncements) on a prospective basis during the second quarter of fiscal 2018 in light of goodwill in the period, associated with the acquisition of the Olivia Burton brand.
7
The quantitative impairment test is performed to measure the amount of impairment loss, if any. The quantitative impairment test identifies the existence of potential impairment by comparing the fair value of each reporting unit with its carrying value, including goodwill. If a reporting unit’s carrying amount exceeds its fair value, the Company will record an impairment charge, as an operating expense item, based on that difference. The impairment charge will be limited to the amount of goodwill allocated to that reporting unit.
Determination of the fair value of a reporting unit and the fair value of individual assets and liabilities of a reporting unit is based on management's assessment, including the consideration of independent third-party appraisals when necessary. Furthermore, this determination is subjective in nature and involves the use of significant estimates and assumptions. These estimates and assumptions could have a significant impact on whether or not an impairment charge is recognized and the amount of any such charge. Estimates of fair value are primarily determined using discounted cash flows, market comparisons, and recent transactions. These approaches use significant estimates and assumptions, including projected future cash flows, discount rates, growth rates, and determination of appropriate market comparisons.
NOTE 3 – FAIR VALUE MEASUREMENTS
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Accounting guidance establishes a fair value hierarchy which prioritizes the inputs used in measuring fair value into three broad levels as follows:
|
• |
Level 1 – Quoted prices in active markets for identical assets or liabilities. |
|
• |
Level 2 – Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly. |
|
• |
Level 3 – Unobservable inputs based on the Company’s assumptions. |
The following tables present the fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis (in thousands) as of October 31, 2017 and 2016 and January 31, 2017:
|
|
|
|
Fair Value at October 31, 2017 |
|
|||||||||||||
|
|
Balance Sheet Location |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
||||
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Available-for-sale securities |
|
Other current assets |
|
$ |
291 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
291 |
|
Short-term investment |
|
Other current assets |
|
|
156 |
|
|
|
— |
|
|
|
— |
|
|
|
156 |
|
SERP assets - employer |
|
Other non-current assets |
|
|
1,538 |
|
|
|
— |
|
|
|
— |
|
|
|
1,538 |
|
SERP assets - employee |
|
Other non-current assets |
|
|
35,532 |
|
|
|
— |
|
|
|
— |
|
|
|
35,532 |
|
Hedge derivatives |
|
Other current assets |
|
|
— |
|
|
|
67 |
|
|
|
— |
|
|
|
67 |
|
Total |
|
$ |
37,517 |
|
|
$ |
67 |
|
|
$ |
— |
|
|
$ |
37,584 |
|
||
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SERP liabilities - employee |
|
Other non-current liabilities |
|
$ |
35,532 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
35,532 |
|
Hedge derivatives |
|
Accrued liabilities |
|
|
— |
|
|
|
685 |
|
|
|
— |
|
|
|
685 |
|
Total |
|
$ |
35,532 |
|
|
$ |
685 |
|
|
$ |
— |
|
|
$ |
36,217 |
|
|
|
|
|
Fair Value at January 31, 2017 |
|
|||||||||||||
|
|
Balance Sheet Location |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
||||
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Available-for-sale securities |
|
Other current assets |
|
$ |
309 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
309 |
|
Short-term investment |
|
Other current assets |
|
|
154 |
|
|
|
— |
|
|
|
— |
|
|
|
154 |
|
SERP assets - employer |
|
Other non-current assets |
|
|
1,091 |
|
|
|
— |
|
|
|
— |
|
|
|
1,091 |
|
SERP assets - employee |
|
Other non-current assets |
|
|
30,831 |
|
|
|
— |
|
|
|
— |
|
|
|
30,831 |
|
Hedge derivatives |
|
Other current assets |
|
|
— |
|
|
|
145 |
|
|
|
— |
|
|
|
145 |
|
Total |
|
$ |
32,385 |
|
|
$ |
145 |
|
|
$ |
— |
|
|
$ |
32,530 |
|
||
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SERP liabilities - employee |
|
Other non-current liabilities |
|
$ |
30,831 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
30,831 |
|
Hedge derivatives |
|
Accrued liabilities |
|
|
— |
|
|
|
211 |
|
|
|
— |
|
|
|
211 |
|
Total |
|
$ |
30,831 |
|
|
$ |
211 |
|
|
$ |
— |
|
|
$ |
31,042 |
|
8
|
|
|
|
Fair Value at October 31, 2016 |
|
|||||||||||||
|
|
Balance Sheet Location |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
||||
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Available-for-sale securities |
|
Other current assets |
|
$ |
280 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
280 |
|
Short-term investment |
|
Other current assets |
|
|
150 |
|
|
|
— |
|
|
|
— |
|
|
|
150 |
|
SERP assets - employer |
|
Other non-current assets |
|
|
1,464 |
|
|
|
— |
|
|
|
— |
|
|
|
1,464 |
|
SERP assets - employee |
|
Other non-current assets |
|
|
28,495 |
|
|
|
— |
|
|
|
— |
|
|
|
28,495 |
|
Hedge derivatives |
|
Other current assets |
|
|
— |
|
|
|
141 |
|
|
|
— |
|
|
|
141 |
|
Total |
|
$ |
30,389 |
|
|
$ |
141 |
|
|
$ |
— |
|
|
$ |
30,530 |
|
||
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SERP liabilities - employee |
|
Other non-current liabilities |
|
$ |
28,495 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
28,495 |
|
Hedge derivatives |
|
Accrued liabilities |
|
|
— |
|
|
|
391 |
|
|
|
— |
|
|
|
391 |
|
Total |
|
$ |
28,495 |
|
|
$ |
391 |
|
|
$ |
— |
|
|
$ |
28,886 |
|
The fair values of the Company’s available-for-sale securities are based on quoted prices. The fair value of the short-term investment, which is a guaranteed investment certificate, is based on its purchase price plus one half of a percent calculated annually. The assets related to the Company’s defined contribution supplemental executive retirement plan (“SERP”) consist of both employer (employee unvested) and employee assets which are invested in investment funds with fair values calculated based on quoted market prices. The SERP liability represents the Company’s liability to the employees in the plan for their vested balances. The hedge derivatives are entered into by the Company principally to reduce its exposure to Swiss franc and Euro exchange rate risks. Fair values of the Company’s hedge derivatives are calculated based on quoted foreign exchange rates and quoted interest rates. The carrying amount of debt approximated fair value as of October 31, 2017.
During the three months ended October 31, 2016, the Company determined that an investment in a privately held company experienced an other than temporary impairment and recorded a charge of $1.3 million, in other expenses in the Company’s Consolidated Statements of Operations, to reduce the carrying value to zero in the United States location of the Wholesale segment.
9
The components of equity for the nine months ended October 31, 2017 and 2016 are as follows (in thousands):
|
|
Movado Group, Inc. Shareholders' Equity |
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
|
Common Stock (1) |
|
|
Class A Common Stock (2) |
|
|
Capital in Excess of Par Value |
|
|
Retained Earnings |
|
|
Treasury Stock |
|
|
Accumulated Other Comprehensive Income |
|
|
Noncontrolling Interests |
|
|
Total |
|
||||||||
Balance, January 31, 2017 |
|
$ |
272 |
|
|
$ |
66 |
|
|
$ |
185,354 |
|
|
$ |
415,919 |
|
|
$ |
(204,398 |
) |
|
$ |
76,780 |
|
|
$ |
— |
|
|
$ |
473,993 |
|
Net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18,683 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18,683 |
|
Dividends |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(8,953 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(8,953 |
) |
Stock repurchase |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3,004 |
) |
|
|
|
|
|
|
|
|
|
|
(3,004 |
) |
Stock options exercised |
|
|
1 |
|
|
|
|
|
|
|
238 |
|
|
|
|
|
|
|
(865 |
) |
|
|
|
|
|
|
|
|
|
|
(626 |
) |
Supplemental executive retirement plan |
|
|
|
|
|
|
|
|
|
|
96 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
96 |
|
Stock-based compensation expense |
|
|
|
|
|
|
|
|
|
|
3,644 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,644 |
|
Net unrealized loss on investments, net of tax benefit of $6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(12 |
) |
|
|
|
|
|
|
(12 |
) |
Net change in effective portion of hedging contracts, net of tax of $9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
37 |
|
|
|
|
|
|
|
37 |
|
Foreign currency translation adjustment (3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,583 |
|
|
|
|
|
|
|
3,583 |
|
Balance, October 31, 2017 |
|
$ |
273 |
|
|
$ |
66 |
|
|
$ |
189,332 |
|
|
$ |
425,649 |
|
|
$ |
(208,267 |
) |
|
$ |
80,388 |
|
|
$ |
— |
|
|
$ |
487,441 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock (1) |
|
|
Class A Common Stock (2) |
|
|
Capital in Excess of Par Value |
|
|
Retained Earnings |
|
|
Treasury Stock |
|
|
Accumulated Other Comprehensive Income |
|
|
Noncontrolling Interests |
|
|
Total |
|
||||||||
Balance, January 31, 2016 |
|
$ |
270 |
|
|
$ |
66 |
|
|
$ |
178,118 |
|
|
$ |
392,788 |
|
|
$ |
(199,195 |
) |
|
$ |
68,505 |
|
|
$ |
595 |
|
|
$ |
441,147 |
|
Net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
29,829 |
|
|
|
|
|
|
|
|
|
|
|
78 |
|
|
|
29,907 |
|
Dividends |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(8,951 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(8,951 |
) |
Stock repurchase |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3,263 |
) |
|
|
|
|
|
|
|
|
|
|
(3,263 |
) |
Stock options exercised, net of tax of $167 |
|
|
1 |
|
|
|
|
|
|
|
(86 |
) |
|
|
|
|
|
|
(1,339 |
) |
|
|
|
|
|
|