XML 26 R15.htm IDEA: XBRL DOCUMENT
v3.24.2.u1

Leases (Notes) | 6 Months Ended
--- | ---
Jun. 30, 2024
Leases [Abstract] |
Leases | Note F – Leases The Company leases office space, sample production space, warehouses, showrooms, storage units, and retail stores pursuant to operating leases. The Company’s portfolio of leases is primarily related to real estate. Since most of its leases do not provide a readily determinable implicit rate, the Company estimates its incremental borrowing rate to discount the lease payments based on information available at lease commencement. Some of the Company’s retail store leases provide for variable lease payments based on sales volumes at the leased location, which are not measurable at the inception of the lease and are therefore not included in the measurement of the right-of-use assets and lease liabilities. Under Topic 842, these variable lease costs are expensed as incurred. Lease Position The following table presents the lease-related assets and liabilities recorded on the Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023:
| Classification on the Balance Sheet |  | June 30, 2024 |  | December 31, 2023
Assets |  |  |  |  |
Noncurrent(1) | Operating lease right-of-use asset |  | $ | 143,480 |  | $ | 122,783
Liabilities |  |  |  |  |
Current | Operating leases – current portion |  | $ | 44,961 |  | $ | 40,342
Noncurrent | Operating leases – long-term portion |  | 112,988 |  | 98,536
Total operating lease liabilities |  |  | $ | 157,949 |  | $ | 138,878
Weighted-average remaining lease term |  |  | 4.7 years |  | 4.5 years
Weighted-average discount rate |  |  | 5.2 | % |  | 5.1 | %
(1) During the three and six months ended June 30, 2023, the Company recorded a pre-tax impairment charge related to its right-of-use assets of $0 and $95, recorded in the Wholesale Footwear Segment. Lease Costs The following table presents the composition of lease costs during the three and six months ended June 30, 2024 and 2023:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Operating lease cost | $ | 11,802 |  |  | $ | 10,565 |  |  | $ | 23,311 |  |  | $ | 19,703 |
Variable lease cost | 952 |  |  | 1,107 |  |  | 1,582 |  |  | 1,846 |
Less: sublease income | — |  |  | 66 |  |  | 64 |  |  | 132 |
Total lease cost | $ | 12,754 |  |  | $ | 11,606 |  |  | $ | 24,829 |  |  | $ | 21,417 |
Other Information The following table presents supplemental cash and non-cash information related to the Company's operating leases during the three and six months ended June 30, 2024 and 2023:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Cash paid for amounts included in the measurement of lease liabilities |  |  |  |  |  |  |
Operating cash flows used for operating leases | $ | 12,326 |  |  | $ | 11,379 |  |  | $ | 24,086 |  |  | $ | 21,393 |
Noncash transactions |  |  |  |  |  |  |
Right-of-use asset obtained in exchange for new operating lease liabilities | $ | 26,692 |  |  | $ | 14,061 |  |  | $ | 42,720 |  |  | $ | 44,589 |
Right-of-use asset amortization expense(1) | $ | 10,676 |  |  | $ | 9,691 |  |  | $ | 22,023 |  |  | $ | 17,887 |
(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 June 30, 2024:
2024 (remaining six months) | $ | 25,137 |
2025 | 45,714 |
2026 | 36,627 |
2027 | 25,147 |
2028 | 18,213 |
Thereafter | 28,325 |
Total minimum lease payments | 179,163 |
Less: interest | 21,214 |
Total lease liabilities | $ | 157,949 |

X
- References No definition available. + Details
Name: | us-gaap_LeasesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
Name: | us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration