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LEASES

12 Months Ended

Dec. 31, 2024

LEASES

LEASES

7. LEASES

We lease retail shoe stores, as well as several office and distribution facilities worldwide. The leases have original lease periods expiring between 2025 and 2029.  Many leases include one or more options to renew. We do not assume renewals in our determination of the lease term unless the renewals are deemed to be reasonably assured at lease commencement.  Our lease agreements do not contain any material residual value guarantees or material restrictive covenants.

The components of our operating lease costs were as follows:

​

​	​	​	​	​	​	​
​		Twelve Months Ended December 31,
​		2024		​	2023
​	​	(Dollars in thousands)
Operating lease costs		$	4,421	​	$	4,912
Variable lease costs (1)	​	​	—	​	​	201
Total lease costs		$	4,421	​	$	5,113

​

(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 our financial statements.

The following is a schedule of maturities of operating lease liabilities as of December 31, 2024:

​

​	​	​	​
​		Operating Leases
​	​	(Dollars in thousands)
2025		$	4,608
2026			3,886
2027			2,186
2028			1,140
2029	​	​	527
Thereafter			—
Total lease payments			12,347
Less: imputed interest			(1,280)
Present value of lease liabilities		$	11,067

​

The operating lease liabilities were classified in the Consolidated Balance Sheets as follows:

​

​	​	​	​	​	​	​
​		December 31,		​	December 31,
​	​	​	2024		​	2023
​	​	(Dollars in thousands)
Operating lease liabilities - current	​	$	4,033	​	$	3,979
Operating lease liabilities - non-current	​	​	7,034	​	​	9,531
Total		$	11,067	​	$	13,510

​

We determined the present value of our lease liabilities using a weighted-average discount rate of 4.67%.  As of December 31, 2024, our leases had a weighted-average remaining lease term of 3.1 years.

Supplemental cash flow information related to our operating leases is as follows:

​

​	​	​	​	​	​	​
​		Twelve Months Ended December 31,
​		2024			2023
​	​	(Dollars in thousands)
Cash paid for amounts included in the measurement of lease liabilities		$	4,725	​	$	4,878
Right-of-use assets obtained in exchange for new lease liabilities (noncash)	​	$	2,533	​	$	3,180

​

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- References

No definition available.

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- 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

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