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Subsequent Events | 3 Months Ended
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Mar. 31, 2012
Subsequent Events [Abstract] |
Subsequent Events | 10. SUBSEQUENT EVENTS Skagen Designs, Ltd. Acquisition. On January 9, 2012, the Company entered into an agreement to acquire Skagen Designs, Ltd. and certain of its international affiliates ("Skagen Designs"). Skagen Designs was a privately held Nevada-based company that manufactures, markets and internationally distributes contemporary Danish design accessories including watches, clocks, jewelry and sunglasses. Effective April 2, 2012, the acquisition was completed for $231.7 million in cash and 150,000 shares of the Company's common stock valued at $19.9 million based on the mean between the highest and lowest sales price of the Company's common stock on NASDAQ on April 2, 2012. In addition, the sellers may receive up to 100,000 additional shares of the Company's common stock if the Company's net sales of Skagen-branded products exceed certain thresholds. Prior to closing the Skagen Designs acquisition, the Company incurred approximately $600,000 of acquisition-related expenses for legal, accounting and valuation services which are reflected in general and administrative operating expenses cumulative for the fiscal year ended December 31, 2011 and the First Quarter. With respect to the Company's acquisition of Skagen Designs, the final allocation of the purchase price will be based on the consideration transferred and the fair values of assets acquired and liabilities assumed as of April 2, 2012, the effective date of the acquisition. The final allocation is dependent upon valuations that have not been completed. Due to the limited time since the acquisition date, the initial accounting for the acquisition is incomplete at this time. As a result, the Company is unable to provide amounts recognized as of the acquisition date for major classes of assets acquired and liabilities assumed and resulting from the transaction, including the information required for contingencies and goodwill. Also, the Company is unable to provide the supplemental pro forma revenue and earnings of the combined entity. The Company will include this information in the Quarterly Report on Form 10-Q for the quarter ended June 30, 2012. On December 17, 2010, the Company entered into a three year Credit Agreement (the "Credit Agreement") with (i) Wells Fargo Bank, National Association ("Wells Fargo"), as administrative agent, swingline lender and issuing lender, (ii) Wells Fargo Securities, LLC, as sole lead arranger and sole book manager, and (iii) Bank of America, N.A., as lender. The Credit Agreement provides for revolving credit loans in the amount of $300 million (the "Revolver"), a swingline loan of $20 million, and letters of credit. On April 2, 2012, in connection with the Skagen Designs acquisition, the Credit Agreement was amended to, among other things, (i) increase the aggregate commitment of the lenders under the revolving credit facility from $300 million to $350 million, (ii) provide for an uncommitted $50 million incremental revolving credit commitment and (iii) extend the maturity date from December 17, 2013 to December 17, 2014. In addition, in April 2012, the Company borrowed $214 million under the Revolver at a rate of 1.5%. In May 2012, $38 million of the outstanding amount was repaid and $176 million was renewed at a rate of approximately 1.5%.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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