XML 27 R15.htm IDEA: XBRL DOCUMENT
v3.20.4

LEASES | 12 Months Ended
--- | ---
Dec. 31, 2020
LEASES |
LEASES | 7. LEASES The Company leases retail shoe stores, as well as several office and distribution facilities worldwide. The leases have original lease periods expiring between 2021 and 2030. 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 reasonably 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):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Twelve Months Ended December 31,
​ | ​ | 2020 | ​ | 2019
​ | ​ | ​ | ​ | ​ | ​ | ​
Operating lease costs | ​ | $ | 6,714 | ​ | $ | 8,592
Variable lease costs (1) | ​ | ​ | 30 | ​ | ​ | 71
Total lease costs | ​ | $ | 6,744 | ​ | $ | 8,663
​
(1) | Variable lease costs primarily include percentage rentals based upon sales in excess of specified amounts.
Short-term lease costs, which were excluded from the above table, are not material to the Company’s financial statements. The following is a schedule of maturities of operating lease liabilities as of December 31, 2020 (dollars in thousands): ​
​ | ​ | ​ | ​
​ | ​ | Operating
​ |  | Leases
2021 |  | $ | 4,562
2022 |  |  | 3,246
2023 |  |  | 2,126
2024 |  |  | 1,317
2025 |  |  | 632
Thereafter |  |  | 945
Total lease payments |  |  | 12,828
Less imputed interest |  |  | (849)
Present value of lease liabilities |  | $ | 11,979
​ The operating lease liabilities are classified in the consolidated balance sheets as follows (dollars in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31,2020 |  | December 31,2019
​ | ​ | ​ | ​ | ​ | ​ | ​
Operating lease liabilities - current | ​ | $ | 4,245 | ​ | $ | 6,505
Operating lease liabilities - non-current | ​ | ​ | 7,734 | ​ | ​ | 14,110
Total | ​ | $ | 11,979 | ​ | $ | 20,615
​ The Company determined the present value of its lease liabilities using a weighted-average discount rate of 4.25%. As of December 31, 2020, the Company’s leases have a weighted-average remaining lease term of 3.8 years. The decrease in lease liabilities in 2020 was primarily due to the early closing of three unprofitable retail stores in the U.S. and lease expirations at Florsheim Australia. Supplemental cash flow information related to the Company’s operating leases is as follows (dollars in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Twelve Months Ended December 31,
​ |  | 2020 |  | 2019
​ | ​ | ​ | ​ | ​ | ​ | ​
Cash paid for amounts included in the measurement of lease liabilities | ​ | $ | 6,746 | ​ | $ | 8,868
Right-of-use assets obtained in exchange for new lease liabilities (noncash) | ​ | $ | 216 | ​ | $ | 28,263
​

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 -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
Name: | us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration