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Commitments

12 Months Ended

Dec. 31, 2022

Disclosure Text Block Supplement [Abstract]

Commitments Disclosure [Text Block]

Note 17—Commitments

The Company has entered into various license agreements whereby the Company may use certain characters and intellectual properties in conjunction with its products. Generally, such license agreements provide for royalties to be paid ranging from 1% to 22% of net sales with minimum guarantees and advance payments. These license agreements are subject to audits by the licensor, which can result in additional payments due to the licensor.

In the event the Company estimates that a shortfall in achieving the minimum guarantee is probable, a liability is recorded for the estimated shortfall and charged to royalty expense.

Future annual minimum royalty guarantees as of December 31, 2022 are as follows (in thousands):

2023		$	38,089
2024			34,630
2025			1,969
		$	74,688

Royalty expense for the year ended December 31, 2022, 2021 and 2020, was $126.6 million, $87.2 million and $83.2 million, respectively.

The Company has entered into employment and consulting agreements with certain executives expiring through December 31, 2026. The aggregate future annual minimum guaranteed amounts due under those agreements as of December 31, 2022 are as follows (in thousands):

2023		$	8,500
2024			3,166
2025			2,458
2026			2,508
		$	16,632

X

- Definition

The entire disclosure for significant arrangements with third parties, which includes operating lease arrangements and arrangements in which the entity has agreed to expend funds to procure goods or services, or has agreed to commit resources to supply goods or services, and operating lease arrangements. Descriptions may include identification of the specific goods and services, period of time covered, minimum quantities and amounts, and cancellation rights.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 440
-URI https://asc.fasb.org/topic&trid=2144648

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- References

No definition available.

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