Leases

3 Months Ended

Mar. 31, 2019

Lessee, Operating Leases [Text Block]

Leases

The Company

leases

retail shoe stores,

as well as several office

and distribution facilities

worldwide

. The leases have original lease periods expiring between 2019 and 2033. Many leases include one or more options to renew. The Company does not assume renewals in its determination of the lease term unless the renewals are deemed to be reasonable assured at lease commencement. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.

The components of the Company’s operating lease costs were as follows (dollars in thousands):

	Three Months Ended
	March 31, 2019
Operating lease costs	$	2,194
Variable lease costs (1)		9
Total lease costs	$	2,203

(1)

Variable lease costs primarily include percentage rentals based upon sales in excess of specified amounts.

The following is a schedule of maturities of operating lease liabilities as of March 31, 2019 (dollars in thousands):

	Operating Leases
2019, excluding the quarter ended March 31, 2019	$	6,605
2020		7,685
2021		5,703
2022		3,372
2023		2,361
Thereafter		3,002
Total lease payments		28,728
Less imputed interest		(2,662	)
Present value of lease liabilities		26,066

The operating lease liabilities are classified in the consolidated condensed balance sheet (unaudited) as follows (dollars in thousands):

	March 31, 2019
Operating lease liabilities - current	$	7,704
Operating lease liabilities - non-current		18,362
Total	$	26,066

The Company determined the present value of its lease liabilities using a weighted-average discount rate of 4.25%. As of March 31, 2019, the Company’s leases have a weighted-average remaining lease term of 6.25 years.

The future minimum rental commitments under operating leases in effect as of December 31, 2018 having non-cancelable lease terms in excess of one year, as determined in accordance with Topic 840 (prior to the adoption of ASC 842), were as follows (dollars in thousands):

	Operating Leases
2019	$	9,468
2020		7,529
2021		5,584
2022		3,278
2023		2,321
Thereafter		4,161
Total	$	32,341

Supplemental cash flow information related to the Company’s operating leases are as follows (dollars in thousands):

	Three Months Ended March 31, 2019
Cash paid for amounts included in the measurement of lease liabilities	$	2,252
Right-of-use assets obtained in exchange for new lease liabilities (noncash)	$	26,029