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STOCKHOLDERS' EQUITY | 6 Months Ended
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Jul. 04, 2015
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 2.5 million shares of common stock repurchased under its repurchase programs. The effective retirement of repurchased common stock decreased common stock by approximately $25,500, additional paid-in capital by $0.6 million, retained earnings by $216.4 million and treasury stock by $217.0 million. At January 3, 2015 and July 4, 2015, all treasury stock had been effectively retired. As of July 4, 2015, the Company had $841.7 million of repurchase authorizations remaining under its combined repurchase programs. The following tables reflect the Company’s common stock repurchase activity for the periods indicated (in millions):
|  |  |  |  |  | For the 13 Weeks Ended |  | For the 13 Weeks Ended |
|  |  |  |  |  | July 4, 2015 |  | July 5, 2014 |
Fiscal Year Authorized |  | Dollar Value Authorized |  | Termination Date |  | Number of Shares Repurchased |  | Dollar Value Repurchased |  | Number of Shares Repurchased |  | Dollar Value Repurchased |
2014 |  | $ | 1,000.0 |  | December 2018 |  | 1.3 |  | $ | 102.5 |  | 0.0 |  | $ | 0.0 |
2012 |  | $ | 1,000.0 |  | December 2016 (1) |  | 0.0 |  | $ | 0.0 |  | 0.6 |  | $ | 67.3 |
2010 |  | $ | 30.0 |  | None |  | 0.0 |  | $ | 0.0 |  | 0.0 |  | $ | 0.0 |
|  |  |  |  |  | For the 26 Weeks Ended |  | For the 27 Weeks Ended |
|  |  |  |  |  | July 4, 2015 |  | July 5, 2014 |
Fiscal Year Authorized |  | Dollar Value Authorized |  | Termination Date |  | Number of Shares Repurchased |  | Dollar Value Repurchased |  | Number of Shares Repurchased |  | Dollar Value Repurchased |
2014 |  | $ | 1,000.0 |  | December 2018 |  | 2.2 |  | $ | 188.2 |  | 0.0 |  | $ | 0.0 |
2012 |  | $ | 1,000.0 |  | December 2016 (1) |  | 0.3 |  | $ | 28.8 |  | 1.6 |  | $ | 184.6 |
2010 |  | $ | 30.0 |  | None |  | 0.0 |  | $ | 0.0 |  | 0.0 |  | $ | 0.0 |
(1) In the first quarter of fiscal year 2015, 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 January 3, 2015 |  | $ | 977,860 |  | $ | 5,941 |  | $ | 983,801 |
Net income |  | 92,718 |  | 4,740 |  | 97,458 |
Currency translation adjustment |  | (27,947 | ) | 0 |  | (27,947 | )
Derivative instruments-net change |  | (185 | ) | 0 |  | (185 | )
Common stock issued upon exercise of stock options |  | 582 |  | 0 |  | 582 |
Tax expense derived from stock-based compensation |  | (699 | ) | 0 |  | (699 | )
Distribution of noncontrolling interest earnings |  | 0 |  | (5,056 | ) | (5,056 | )
Business acquisition |  | 0 |  | 5,831 |  | 5,831 |
Acquisition of common stock |  | (218,659 | ) | 0 |  | (218,659 | )
Stock-based compensation expense |  | 9,276 |  | 0 |  | 9,276 |
Balance at July 4, 2015 |  | $ | 832,946 |  | $ | 11,456 |  | $ | 844,402 |
|  | 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 |  | 118,860 |  | 5,201 |  | 124,061 |
Currency translation adjustment |  | 399 |  | 0 |  | 399 |
Derivative instruments-net change |  | (412 | ) | 0 |  | (412 | )
Common stock issued upon exercise of stock options |  | 1,508 |  | 0 |  | 1,508 |
Tax benefit derived from stock-based compensation |  | 950 |  | 0 |  | 950 |
Distribution of noncontrolling interest earnings and other. |  | 0 |  | (5,392 | ) | (5,392 | )
Pension plan activity |  | (3,293 | ) | 0 |  | (3,293 | )
Acquisition of common stock |  | (187,158 | ) | 0 |  | (187,158 | )
Stock-based compensation expense |  | 9,637 |  | 0 |  | 9,637 |
Balance at July 5, 2014 |  | $ | 1,009,168 |  | $ | 6,499 |  | $ | 1,015,667 |

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