XML 56 R11.htm IDEA: XBRL DOCUMENT v2.4.0.8
STOCKHOLDERS' EQUITY
 9 Months Ended
Oct. 04, 2014
STOCKHOLDERS' EQUITY  
STOCKHOLDERS' EQUITY

6. STOCKHOLDERS’ EQUITY

 

Common Stock Repurchase Programs. Purchases of the Company’s common stock are made from time to time pursuant to its repurchase programs, subject to market conditions and at prevailing market prices, through the open market. Repurchased shares of common stock are recorded at cost and become authorized but unissued shares which may be issued in the future for general corporate or other purposes. The Company may terminate or limit its stock repurchase program at any time. In the event the repurchased shares are cancelled, the Company accounts for retirements by allocating the repurchase price to common stock, additional paid-in capital and retained earnings. The repurchase price allocation is based upon the equity contribution associated with historical issuances. The repurchase programs are conducted pursuant to Rule 10b-18 of the Securities Exchange Act of 1934.

 

During the Year To Date Period, the Company effectively retired 3.0 million shares of common stock repurchased under its repurchase programs. The effective retirement of repurchased common stock decreased common stock by approximately $30,000, additional paid-in capital by $1.9 million, retained earnings by $316.4 million and treasury stock by $318.4 million. At December 28, 2013 and October 4, 2014, all treasury stock had been effectively retired. As of October 4, 2014, the Company had $175.3 million of repurchase authorizations remaining under its combined repurchase plans. See “Note 15 — Subsequent Event” for additional information on common stock repurchase programs.

 

The following tables reflect the Company’s common stock repurchase activity for the periods indicated (in millions):

 

 

 

 

 

 

 

For the 13 Weeks Ended
October 4, 2014

 

For the 13 Weeks Ended
September 28, 2013

 

Fiscal Year Authorized

 

Dollar Value
Authorized

 

Termination Date

 

Number of
Shares
Repurchased

 

Dollar Value
Repurchased

 

Number of
Shares
Repurchased

 

Dollar Value
Repurchased

 

2012

 

$

1,000.0

 

December 2016

 

1.3

 

$

133.8

 

2.0

 

$

228.2

 

2010

 

$

30.0

 

None

 

0.0

 

$

0.0

 

0.0

 

$

0.0

 

 

 

 

 

 

 

 

For the 40 Weeks Ended
October 4, 2014

 

For the 39 Weeks Ended
September 28, 2013

 

Fiscal Year Authorized

 

Dollar Value
Authorized

 

Termination Date

 

Number of
Shares
Repurchased

 

Dollar Value
Repurchased

 

Number of
Shares
Repurchased

 

Dollar Value
Repurchased

 

2012

 

$

1,000.0

 

December 2016

 

3.0

 

$

318.4

 

3.9

 

$

415.4

 

2010

 

$

30.0

 

None

 

0.0

 

$

0.0

 

0.0

 

$

0.0

 

2010

 

$

750.0

 

December 2013 (1)

 

0.0

 

$

0.0

 

0.4

 

$

38.6

 

 

(1) In the first quarter of fiscal year 2013, the Company completed this repurchase plan.

 

Controlling and Noncontrolling Interest. The following tables summarize the changes in equity attributable to controlling and noncontrolling interest (in thousands):

 

 

 

Fossil Group, Inc.

 

 

 

Total

 

 

 

Stockholders’

 

Noncontrolling

 

Stockholders’

 

 

 

Equity

 

Interest

 

Equity

 

Balance at December 28, 2013

 

$

1,068,677

 

$

6,690

 

$

1,075,367

 

Net income

 

222,581

 

7,884

 

230,465

 

Currency translation adjustment

 

(43,080

)

0

 

(43,080

)

Derivative instruments - net change

 

11,361

 

0

 

11,361

 

Common stock issued upon exercise of stock options

 

1,922

 

0

 

1,922

 

Tax benefit derived from stock-based compensation

 

885

 

0

 

885

 

Distribution of noncontrolling interest earnings

 

0

 

(5,392

)

(5,392

)

Pension plan activity

 

(3,293

)

0

 

(3,293

)

Acquisition of common stock

 

(321,224

)

0

 

(321,224

)

Stock-based compensation expense

 

14,238

 

0

 

14,238

 

Balance at October 4, 2014

 

$

952,067

 

$

9,182

 

$

961,249

 

 

 

 

Fossil Group, Inc.

 

 

 

Total

 

 

 

Stockholders’

 

Noncontrolling

 

Stockholders’

 

 

 

Equity

 

Interest

 

Equity

 

Balance at December 29, 2012

 

$

1,233,535

 

$

6,929

 

$

1,240,464

 

Net income

 

229,633

 

7,130

 

236,763

 

Currency translation adjustment

 

2,424

 

0

 

2,424

 

Securities available for sale - net change

 

475

 

0

 

475

 

Derivative instruments - net change

 

(701

)

0

 

(701

)

Common stock issued upon exercise of stock options

 

6,203

 

0

 

6,203

 

Tax benefit derived from stock-based compensation

 

7,204

 

0

 

7,204

 

Distribution of noncontrolling interest earnings

 

0

 

(4,679

)

(4,679

)

Acquisition of common stock

 

(460,413

)

0

 

(460,413

)

Stock-based compensation expense

 

11,062

 

0

 

11,062

 

Balance at September 28, 2013

 

$

1,029,422

 

$

9,380

 

$

1,038,802