XML 47 R34.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Stock-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs
Total equity-based compensation for the three months ended March 31, 2024 and 2023 was as follows:

 Three Months Ended March 31,
 20242023
Restricted stock$5,192 $5,393 
Stock options546 746 
Total$5,738 $6,139 
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, 2024 and 2023:
Three Months Ended March 31,
 20242023
Volatility
47.4%
 47.7%
Risk free interest rate
4.0%
4.0%
Expected life in years
4.0
5.0
Dividend yield2.0%2.6%
Weighted average fair value$15.69$11.86
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, 2024 was as follows:
 Number of SharesWeighted Average Exercise PriceWeighted Average Remaining Contractual TermAggregate Intrinsic Value
Outstanding at January 1, 20241,119$35.62   
Granted842.00   
Exercised(9)26.10   
Outstanding at March 31, 20241,118$35.73 3.0 years$7,776 
Exercisable at March 31, 20241,000$35.75 2.8 years$6,943 
Activity relating to stock options granted under the Company’s plans during the three months ended March 31, 2023 was as follows:
 Number of SharesWeighted Average Exercise PriceWeighted Average Remaining Contractual TermAggregate Intrinsic Value
Outstanding at January 1, 20232,766 $29.82   
Granted8 31.96   
Exercised(11)24.26   
Forfeited(3)46.28   
Outstanding at March 31, 20232,760 $29.83 1.8 years$19,529 
Exercisable at March 31, 20232,612 $29.36 1.6 years$19,417 
Schedule of Intangible Assets, Future Amortization Expense The estimated future amortization expense for intangibles as of March 31, 2024 was as follows:
2024 (remaining nine months) $3,465 
20254,619 
20263,855 
20273,607 
20283,571 
Thereafter28,565 
Total$47,682 
Schedule of Goodwill
The following is a summary of the carrying amount of goodwill by reporting unit as of March 31, 2024:
Wholesale  Net Carrying  Amount
 FootwearAccessories/ Apparel
Direct-to-Consumer
Balance at January 1, 2024$90,663 $73,625 $15,715 $180,003 
Acquisitions— 641 — 641 
Translation141 — 84 225 
Balance at March 31, 2024$90,804 $74,266 $15,799 $180,869 
Schedule of Indentifiable Intangible Assets
The following table details identifiable intangible assets as of March 31, 2024:
 Estimated Lives
Cost Basis(2)
Accumulated Amortization
Impairment & Other(1)(3)
Net Carrying Amount
Trademarks
10 - 20 years
$32,195 $(16,263)$(2,743)$13,189 
Customer relationships
10–20 years
62,580 (27,926)(1,545)33,109 
Re-acquired rights2 years1,450 (66)— 1,384 
96,225 (44,255)(4,288)47,682 
Re-acquired rightindefinite35,200 — (9,357)25,843 
Trademarksindefinite58,833 — (7,922)50,911 
 $190,258 $(44,255)$(21,567)$124,436 
(1) During the quarter ended March 31, 2024, the Company recorded impairment charges of $1,700 related to the GREATS® trademark.
(2) During the quarter ended March 31, 2024, the Company changed its estimate of useful life of its GREATS® trademark to 10 years and the remaining balance of $4,450 of the GREATS® trademark will be amortized over that time frame starting in the second quarter of 2024.

(3) Includes the effect of foreign currency translation related primarily to the movements of the Canadian dollar and Mexican peso in relation to the U.S. dollar.
The following table details identifiable intangible assets as of December 31, 2023:
 Estimated Lives
Cost Basis(1)
Accumulated Amortization
Impairment & Other(2)(3)
Net Carrying Amount
Trademarks
20 years
$27,745 $(16,263)$(2,545)$8,937 
Customer relationships
10–20 years
62,580 (27,267)(1,382)33,931 
90,325 (43,530)(3,927)42,868 
Re-acquired rightindefinite35,200 — (8,862)26,338 
Trademarksindefinite63,283 — (6,222)57,061 
 $188,808 $(43,530)$(19,011)$126,267 
(1) During the year ended December 31, 2023, the Company acquired Almost Famous, which consisted of a trademark of $9,050 and customer relationships of $23,900, both of which are amortized over 20 years.
(2) During the year ended December 31, 2023, the Company recorded impairment charges of $6,520 related to the GREATS® trademark.
(3) Includes the effect of foreign currency translation related primarily to the movements of the Canadian dollar and Mexican peso in relation to the U.S. dollar.
The Company evaluates its goodwill and indefinite-lived intangible assets for indicators of impairment at least annually in the beginning of the third quarter of each year and whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. The Company also periodically performs a quantitative test to assess its goodwill and indefinite-lived intangibles for impairment in lieu of using the qualitative approach in order to reassess the fair values. A quantitative assessment of goodwill and indefinite-lived intangible assets was performed as of July 1, 2023. In conducting the quantitative impairment assessments for goodwill and indefinite-lived intangibles, the Company concluded 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. In the fourth quarter of 2023, certain circumstances occurred that indicated potential impairment and the Company performed a valuation of the GREATS® trademark. The estimated fair value of this trademark was determined using an excess earnings method, incorporating the use of projected financial information and a discount rate of 14.8% which was developed using market participant based assumptions. Changes in these significant unobservable inputs might result in a significantly higher or lower fair value measurement. As a result of this assessment, the GREATS® trademark was written down from the carrying value of $12,670 to its fair value of $6,150, resulting in a pre-tax non-cash impairment charge of $6,520. Subsequently, in the first quarter of 2024, circumstances occurred that caused a change in the estimated useful life of the GREATS® trademark from an indefinite life to an estimated useful life of 10 years, and as a result, the Company performed an impairment test. The estimated fair value of this trademark was determined using an excess earnings method, incorporating the use of projected financial information and a discount rate of 14.0% which was developed using market participant based assumptions. Changes in these significant unobservable inputs might result in a significantly higher or lower fair value measurement. As a result of this assessment, the GREATS® trademark was written down from the carrying value of $6,150 to its fair value of $4,450, resulting in a pre-tax non-cash impairment charge of $1,700.

These impairment charges were recorded in impairment of intangibles in the Company’s Consolidated Statements of Income and recognized in the Direct-to-Consumer segment.

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 quantitative assessment of goodwill and indefinite-lived intangible assets was performed as of July 1, 2023. In conducting the quantitative impairment assessments for goodwill and indefinite-lived intangibles, the Company concluded 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. 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 2023, as a result of the annual test, no impairment charges were recorded for goodwill and intangibles.
Schedule of Nonvested Share Activity
The following table summarizes restricted stock activity during the three months ended March 31, 2024 and 2023:

 20242023
 Number of SharesWeighted Average Fair Value at Grant DateNumber of SharesWeighted Average Fair Value at Grant Date
Outstanding at January 1,1,278$35.44 2,111$28.45 
Granted53442.14 28433.69 
Vested(237)34.90 (229)34.58 
Forfeited(18)36.76 (5)38.15 
Outstanding at March 31,1,557$37.78 2,161$28.47 
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:

Common stock authorized11,000
Stock-based awards, including restricted stock and stock options granted, net of expired or cancelled awards(7,970)
Common stock available for grant of stock-based awards as of March 31, 20243,030
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, 2024 and 2023 were as follows:
 Three Months Ended March 31,
 20242023
Proceeds from stock options exercised$222 $264 
Intrinsic value of stock options exercised$142 $134