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Stockholders' Equity and Redeemable Noncontrolling Interests | 6 Months Ended
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Aug. 03, 2013
Stockholders' Equity and Redeemable Noncontrolling Interests [Abstract] |
Stockholders' Equity and Redeemable Noncontrolling Interests |
(3) | Stockholders’ Equity and Redeemable Noncontrolling Interests
A reconciliation of the total carrying amount of total stockholders’ equity, Guess?, Inc. stockholders’ equity and stockholders’ equity attributable to nonredeemable and redeemable noncontrolling interests for the fiscal year ended February 2, 2013 and six months ended August 3, 2013 is as follows (in thousands):
| Stockholders’ Equity |  |
| Guess?, Inc. Stockholders’ Equity |  | Nonredeemable Noncontrolling Interests |  | Total |  | Redeemable Noncontrolling Interests
Balances at January 28, 2012 | $ | 1,175,630 |  |  | $ | 18,635 |  |  | $ | 1,194,265 |  |  | $ | 8,293 |
Net earnings | 178,744 |  |  | 2,742 |  |  | 181,486 |  |  | — |
Foreign currency translation adjustment, net of income tax of ($13,769) | 22,025 |  |  | 322 |  |  | 22,347 |  |  | 65 |
Loss on derivative financial instruments designated as cash flow hedges, net of income tax of $1,056 | (6,041 | ) |  | — |  |  | (6,041 | ) |  | — |
Gain on marketable securities, net of income tax of ($85) | 139 |  |  | — |  |  | 139 |  |  | — |
SERP prior service cost and actuarial valuation gain (loss) and related amortization, net of income tax of ($2,855) | 4,613 |  |  | — |  |  | 4,613 |  |  | — |
Issuance of common stock under stock compensation plans, net of tax effect | 1,362 |  |  | — |  |  | 1,362 |  |  | — |
Issuance of stock under ESPP | 1,186 |  |  | — |  |  | 1,186 |  |  | — |
Share-based compensation | 16,285 |  |  | — |  |  | 16,285 |  |  | — |
Dividends | (172,792 | ) |  | — |  |  | (172,792 | ) |  | — |
Share repurchases | (140,262 | ) |  | — |  |  | (140,262 | ) |  | — |
Purchase of redeemable noncontrolling interest | 4,857 |  |  | (4,857 | ) |  | — |  |  | (4,185 | )
Noncontrolling interest capital contribution | — |  |  | 1,488 |  |  | 1,488 |  |  | — |
Noncontrolling interest capital distribution | — |  |  | (4,237 | ) |  | (4,237 | ) |  | — |
Redeemable noncontrolling interest redemption value adjustment | 1,246 |  |  | (217 | ) |  | 1,029 |  |  | (1,029 | )
Balances at February 2, 2013 | $ | 1,086,992 |  |  | $ | 13,876 |  |  | $ | 1,100,868 |  |  | $ | 3,144 |
Net earnings | 49,782 |  |  | 2,021 |  |  | 51,803 |  |  | — |
Foreign currency translation adjustment, net of income tax of $7,483 | (21,815 | ) |  | (209 | ) |  | (22,024 | ) |  | (79 | )
Gain on derivative financial instruments designated as cash flow hedges, net of income tax of ($591) | 3,340 |  |  | — |  |  | 3,340 |  |  | — |
Loss on marketable securities, net of income tax of $11 | (22 | ) |  | — |  |  | (22 | ) |  | — |
SERP plan amendment, prior service cost and actuarial valuation amortization, net of income tax of ($2,063) | 3,331 |  |  | — |  |  | 3,331 |  |  | — |
Issuance of common stock under stock compensation plans, net of tax effect | 2,468 |  |  | — |  |  | 2,468 |  |  | — |
Issuance of stock under ESPP | 565 |  |  | — |  |  | 565 |  |  | — |
Share-based compensation | 5,999 |  |  | — |  |  | 5,999 |  |  | — |
Dividends | (34,149 | ) |  | — |  |  | (34,149 | ) |  | — |
Share repurchases | (22,099 | ) |  | — |  |  | (22,099 | ) |  | — |
Noncontrolling interest capital contribution | — |  |  | — |  |  | — |  |  | 521 |
Redeemable noncontrolling interest redemption value adjustment | (410 | ) |  | — |  |  | (410 | ) |  | 410 |
Balances at August 3, 2013 | $ | 1,073,982 |  |  | $ | 15,688 |  |  | $ | 1,089,670 |  |  | $ | 3,996 |
Accumulated Other Comprehensive Income (Loss) The changes in accumulated other comprehensive income (loss), net of related income taxes, for the three and six months ended August 3, 2013 are as follows (in thousands):
| Foreign currency translation adjustment |  | Derivative financial instruments designated as cash flow hedges |  | Marketable securities |  | SERP |  | Total
Balances at May 4, 2013 | $ | (14,148 | ) |  | $ | 1,918 |  |  | $ | 169 |  |  | $ | (11,140 | ) |  | $ | (23,201 | )
Gains (losses) arising during the period | 2,951 |  |  | 64 |  |  | (81 | ) |  | 2,796 |  |  | 5,730 |
Reclassification to net income for (gains) losses realized | — |  |  | (424 | ) |  | — |  |  | 268 |  |  | (156 | )
Net other comprehensive income (loss) | 2,951 |  |  | (360 | ) |  | (81 | ) |  | 3,064 |  |  | 5,574 |
Balances at August 3, 2013 | $ | (11,197 | ) |  | $ | 1,558 |  |  | $ | 88 |  |  | $ | (8,076 | ) |  | $ | (17,627 | )
| Foreign currency translation adjustment |  | Derivative financial instruments designated as cash flow hedges |  | Marketable securities |  | SERP |  | Total
Balances at February 2, 2013 | $ | 10,618 |  |  | $ | (1,782 | ) |  | $ | 110 |  |  | $ | (11,407 | ) |  | $ | (2,461 | )
Gains (losses) arising during the period | (21,815 | ) |  | 4,152 |  |  | (22 | ) |  | 2,796 |  |  | (14,889 | )
Reclassification to net income for (gains) losses realized | — |  |  | (812 | ) |  | — |  |  | 535 |  |  | (277 | )
Net other comprehensive income (loss) | (21,815 | ) |  | 3,340 |  |  | (22 | ) |  | 3,331 |  |  | (15,166 | )
Balances at August 3, 2013 | $ | (11,197 | ) |  | $ | 1,558 |  |  | $ | 88 |  |  | $ | (8,076 | ) |  | $ | (17,627 | )
Details on reclassifications out of accumulated other comprehensive income (loss) to net income during the three and six months ended August 3, 2013 are as follows (in thousands):
| Three Months Ended |  | Six Months Ended |  | Location of (Gain)/Loss Reclassified from Accumulated OCI into Income
| Aug 3, 2013 |  | Aug 3, 2013 |
Derivative financial instruments designated as cash flow hedges: |  |  |  |  |
Foreign exchange currency contracts | $ | (393 | ) |  | $ | (872 | ) |  | Cost of sales
Foreign exchange currency contracts | (115 | ) |  | (94 | ) |  | Other income/expense
Less income tax effect | 84 |  |  | 154 |  |  | Income tax expense
| (424 | ) |  | (812 | ) |  |
SERP: |  |  |  |  |
Actuarial loss amortization | 277 |  |  | 554 |  |  | (1)
Prior service cost amortization | 156 |  |  | 311 |  |  | (1)
Less income tax effect | (165 | ) |  | (330 | ) |  | Income tax expense
| 268 |  |  | 535 |  |  |
Total reclassifications during the period ended August 3, 2013 | $ | (156 | ) |  | $ | (277 | ) |  |
__________________________________
(1) | These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension cost. Refer to Note 13 for further information.
Redeemable Noncontrolling Interests The Company is party to a put arrangement with respect to the common securities that represent the remaining noncontrolling interest from the acquisition of its majority-owned subsidiary, Guess Sud SAS (“Guess Sud”). The put arrangement for Guess Sud, representing 40% of the total outstanding equity interest of that subsidiary, may be exercised at the discretion of the noncontrolling interest holders by providing written notice to the Company any time after January 30, 2012. The put arrangement is recorded on the balance sheet at its expected redemption value and classified as a redeemable noncontrolling interest outside of permanent equity. On May 15, 2012, the Company and the noncontrolling interest holders executed an amendment to the Guess Sud put arrangement which modified the put price to be based on the value of specified net tangible and intangible assets of Guess Sud instead of being based on a multiple of Guess Sud’s earnings before interest, taxes, depreciation and amortization. The redemption value of the Guess Sud redeemable put arrangement was $3.5 million and $3.1 million at August 3, 2013 and February 2, 2013, respectively. During the second quarter of fiscal 2014, the Company entered into a majority-owned joint venture to establish Guess Brasil Comércio e Distribuição S.A. ("Guess Brazil"). The Company funded $0.8 million to obtain a 60% interest in Guess Brazil and is subject to a put arrangement with respect to the common securities that represent the remaining noncontrolling interest. The put arrangement may be exercised at the discretion of the noncontrolling interest holder by providing written notice to the Company beginning in fiscal 2020, or sooner in certain limited circumstances, and every third anniversary thereafter subject to certain time restrictions. The redemption value of the Guess Brazil put arrangement is based on a multiple of Guess Brazil's earnings before interest, taxes, depreciation and amortization subject to certain adjustments. The redemption value of the Guess Brazil redeemable put arrangement was $0.5 million at August 3, 2013. The Company was previously party to a put arrangement in connection with its now wholly-owned subsidiary, Focus Europe S.r.l. (“Focus”). Under the terms of this put arrangement, which represented 25% of the total outstanding interest of that subsidiary, the noncontrolling interest holder had the option to exercise the put arrangement at its discretion by providing written notice to the Company no later than June 27, 2012. The redemption value of the put arrangement was determined based on a multiple of Focus’s net earnings. In June 2012, the noncontrolling interest holder notified the Company of its intent to exercise the put arrangement. On July 9, 2012, the Company paid $4.2 million to the noncontrolling interest holder to acquire the remaining 25% interest in Focus. This amount was determined based on a multiple of Focus’s net earnings in accordance with the terms of the put arrangement.

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- Definition The entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable). Including, but not limited to: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms, and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables, effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Article 4 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 29, 30, 31 -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 43 -Section B -Paragraph 7, 11A -Chapter 1 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 5 -Paragraph 15 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. 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