10-Q Filing

SKECHERS USA INC CIK: 1065837 Q1 2015

Filing Information

Form Type	10-Q
Accession Number	`0001193125-15-179151`
Period End Date	20150331
Filing Date	20150508
Fiscal Year	2015
Fiscal Period	Q1
XBRL Instance	skx-20150331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 74 Income Statement 44 Cash Flow Statement 62 Comprehensive Income 10

Balance Sheet 74 line items

Line Item	Tag	Value	Unit	Period
Trade accounts receivable, allowances	`AllowanceForDoubtfulAccountsReceivableCurrent`	$23.76M	USD	Point-in-time
Trade accounts receivable, allowances	`AllowanceForDoubtfulAccountsReceivableCurrent`	$21.01M	USD	Point-in-time
Preferred Stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred Stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$396.71M	USD	Point-in-time
Preferred Stock, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$329.45M	USD	Point-in-time
Preferred Stock, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$466.69M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$372.01M	USD	Point-in-time
Trade accounts receivable, less allowances of $23,763 in 2015 and $21,007 in 2014	`AccountsReceivableNetCurrent`	$442.69M	USD	Point-in-time
Preferred Stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Trade accounts receivable, less allowances of $23,763 in 2015 and $21,007 in 2014	`AccountsReceivableNetCurrent`	$272.10M	USD	Point-in-time
Preferred Stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Other receivables	`OtherReceivablesNetCurrent`	$16.51M	USD	Point-in-time
Preferred Stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred Stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Other receivables	`OtherReceivablesNetCurrent`	$13.44M	USD	Point-in-time
Total receivables	`ReceivablesNetCurrent`	$456.13M	USD	Point-in-time
Total receivables	`ReceivablesNetCurrent`	$288.61M	USD	Point-in-time
Inventories	`FIFOInventoryAmount`	$392.19M	USD	Point-in-time
Inventories	`FIFOInventoryAmount`	$453.84M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$57.02M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$51.40M	USD	Point-in-time
Deferred tax assets	`DeferredTaxAssetsNetCurrent`	$18.86M	USD	Point-in-time
Deferred tax assets	`DeferredTaxAssetsNetCurrent`	$18.86M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.29B	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.32B	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$373.18M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$375.59M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$16.72M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$22.70M	USD	Point-in-time
Total non-current assets	`AssetsNoncurrent`	$389.90M	USD	Point-in-time
Total non-current assets	`AssetsNoncurrent`	$398.29M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$1.71B	USD	Point-in-time
TOTAL ASSETS	`Assets`	$1.67B	USD	Point-in-time
Current installments of long-term borrowings	`LongTermDebtCurrent`	$101.41M	USD	Point-in-time
Current installments of long-term borrowings	`LongTermDebtCurrent`	$99.76M	USD	Point-in-time
Short-term borrowings	`ShortTermBorrowings`	$87.00K	USD	Point-in-time
Short-term borrowings	`ShortTermBorrowings`	$1.81M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$321.03M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$352.81M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$49.70M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$61.47M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$505.74M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$482.35M	USD	Point-in-time
Long-term borrowings, excluding current installments	`LongTermDebtNoncurrent`	$13.66M	USD	Point-in-time
Long-term borrowings, excluding current installments	`LongTermDebtNoncurrent`	$15.08M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$21.04M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$19.99M	USD	Point-in-time
Total non-current liabilities	`LiabilitiesNoncurrent`	$34.70M	USD	Point-in-time
Total non-current liabilities	`LiabilitiesNoncurrent`	$35.07M	USD	Point-in-time
Total liabilities	`Liabilities`	$540.81M	USD	Point-in-time
Total liabilities	`Liabilities`	$517.05M	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred Stock, $.001 par value; 10,000 shares authorized; none issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Preferred Stock, $.001 par value; 10,000 shares authorized; none issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$362.17M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$355.64M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-20.46M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-16.08M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$735.64M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$791.72M	USD	Point-in-time
Skechers U.S.A., Inc. equity	`StockholdersEquity`	$1.13B	USD	Point-in-time
Skechers U.S.A., Inc. equity	`StockholdersEquity`	$1.08B	USD	Point-in-time
Noncontrolling interests	`MinorityInterest`	$50.28M	USD	Point-in-time
Noncontrolling interests	`MinorityInterest`	$58.86M	USD	Point-in-time
Noncontrolling interests	`MinorityInterest`	$49.60M	USD	Point-in-time
Noncontrolling interests	`MinorityInterest`	$63.05M	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.13B	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.20B	USD	Point-in-time
TOTAL LIABILITIES AND EQUITY	`LiabilitiesAndStockholdersEquity`	$1.71B	USD	Point-in-time
TOTAL LIABILITIES AND EQUITY	`LiabilitiesAndStockholdersEquity`	$1.67B	USD	Point-in-time

Income Statement 44 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueGoodsNet`	$546.52M	USD	1 Quarter
Net sales	`SalesRevenueGoodsNet`	$768.00M	USD	1 Quarter
Cost of sales	`CostOfGoodsSold`	$435.46M	USD	1 Quarter
Cost of sales	`CostOfGoodsSold`	$306.12M	USD	1 Quarter
Gross profit	`GrossProfit`	$240.40M	USD	1 Quarter
Gross profit	`GrossProfit`	$332.54M	USD	1 Quarter
Royalty income	`RoyaltyOperatingIncomeExcludedFromGrossProfit`	$3.02M	USD	1 Quarter
Royalty income	`RoyaltyOperatingIncomeExcludedFromGrossProfit`	$1.88M	USD	1 Quarter
Operating income	`OperatingIncome`	$334.42M	USD	1 Quarter
Operating income	`OperatingIncome`	$243.43M	USD	1 Quarter
Selling	`SellingAndMarketingExpense`	$49.09M	USD	1 Quarter
Selling	`SellingAndMarketingExpense`	$36.74M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$197.14M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$158.52M	USD	1 Quarter
Operating expenses	`OperatingExpenses`	$195.26M	USD	1 Quarter
Operating expenses	`OperatingExpenses`	$246.23M	USD	1 Quarter
Earnings from operations	`OperatingIncomeLoss`	$48.16M	USD	1 Quarter
Earnings from operations	`OperatingIncomeLoss`	$88.19M	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$103.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$186.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$2.70M	USD	1 Quarter
Interest expense	`InterestExpense`	$2.84M	USD	1 Quarter
Other, net	`OtherNonoperatingIncomeExpense`	$-4.76M	USD	1 Quarter
Other, net	`OtherNonoperatingIncomeExpense`	$-1.08M	USD	1 Quarter
Total other expense	`NonoperatingIncomeExpense`	$-7.41M	USD	1 Quarter
Total other expense	`NonoperatingIncomeExpense`	$-3.67M	USD	1 Quarter
Earnings before income tax expense	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$44.48M	USD	1 Quarter
Earnings before income tax expense	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$80.78M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$11.44M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$19.12M	USD	1 Quarter
Net earnings	`ProfitLoss`	$33.05M	USD	1 Quarter
Net earnings	`ProfitLoss`	$61.66M	USD	1 Quarter
Less: Net earnings attributable to noncontrolling interests	`NetIncomeLossAttributableToNoncontrollingInterest`	$2.08M	USD	1 Quarter
Less: Net earnings attributable to noncontrolling interests	`NetIncomeLossAttributableToNoncontrollingInterest`	$5.58M	USD	1 Quarter
Net earnings attributable to Skechers U.S.A., Inc.	`NetIncomeLoss`	$30.96M	USD	1 Quarter
Net earnings attributable to Skechers U.S.A., Inc.	`NetIncomeLoss`	$56.08M	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$1.10	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.61	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.61	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$1.10	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	50.56M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	50.80M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	50.84M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	51.14M	shares	1 Quarter

Cash Flow Statement 62 line items

Line Item	Tag	Value	Unit	Period
Net earnings	`ProfitLoss`	$33.05M	USD	1 Quarter
Net earnings	`ProfitLoss`	$61.66M	USD	1 Quarter
Depreciation of property, plant and equipment	`Depreciation`	$11.29M	USD	1 Quarter
Depreciation of property, plant and equipment	`Depreciation`	$13.30M	USD	1 Quarter
Amortization of deferred financing costs	`AmortizationOfFinancingCosts`	$300.00K	USD	1 Quarter
Amortization of deferred financing costs	`AmortizationOfFinancingCosts`	$300.00K	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$234.00K	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$9.00K	USD	1 Quarter
Provision for bad debts, returns and allowances	`ProvisionForDoubtfulAccounts`	$4.06M	USD	1 Quarter
Provision for bad debts, returns and allowances	`ProvisionForDoubtfulAccounts`	$5.10M	USD	1 Quarter
Tax benefit from share-based compensation	`ExcessTaxBenefitFromShareBasedCompensationOperatingActivities`	$-8.00K	USD	1 Quarter
Non-cash share-based compensation	`ShareBasedCompensation`	$1.32M	USD	1 Quarter
Non-cash share-based compensation	`ShareBasedCompensation`	$4.40M	USD	1 Quarter
Loss on disposal of property, plant and equipment	`GainLossOnDispositionOfAssets`	$-128.00K	USD	1 Quarter
Loss on disposal of property, plant and equipment	`GainLossOnDispositionOfAssets`	$-14.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$8.46M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$209.00K	USD	1 Quarter
Receivables	`IncreaseDecreaseInReceivables`	$175.49M	USD	1 Quarter
Receivables	`IncreaseDecreaseInReceivables`	$89.38M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-59.23M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-45.52M	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$1.38M	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-4.96M	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$273.00K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$6.05M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-30.28M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-43.17M	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$2.23M	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$15.26M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-48.42M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-26.58M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$14.62M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$11.37M	USD	1 Quarter
Purchases of investments	`PaymentsToAcquireInvestments`	$801.00K	USD	1 Quarter
Sales of investments	`ProceedsFromSaleMaturityAndCollectionsOfInvestments`	$104.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-15.32M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-11.37M	USD	1 Quarter
Payments on long-term debt	`RepaymentsOfLongTermDebtAndCapitalSecurities`	$2.97M	USD	1 Quarter
Payments on long-term debt	`RepaymentsOfLongTermDebtAndCapitalSecurities`	$3.07M	USD	1 Quarter
Payments on short-term borrowings	`RepaymentsOfShortTermDebt`	$1.00K	USD	1 Quarter
Payments on short-term borrowings	`RepaymentsOfShortTermDebt`	$1.75M	USD	1 Quarter
Excess tax benefits from share-based compensation	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$2.14M	USD	1 Quarter
Distributions to noncontrolling interests	`PaymentsToMinorityShareholders`	$1.15M	USD	1 Quarter
Distributions to noncontrolling interests	`PaymentsToMinorityShareholders`	$1.32M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-4.30M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-3.83M	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-67.58M	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-42.25M	USD	1 Quarter
Effect of exchange rates on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-316.00K	USD	1 Quarter
Effect of exchange rates on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-2.40M	USD	1 Quarter
Cash and cash equivalents at beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$396.71M	USD	Point-in-time
Cash and cash equivalents at beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$329.45M	USD	Point-in-time
Cash and cash equivalents at beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$466.69M	USD	Point-in-time
Cash and cash equivalents at beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$372.01M	USD	Point-in-time
Cash and cash equivalents at end of the period	`CashAndCashEquivalentsAtCarryingValue`	$396.71M	USD	Point-in-time
Cash and cash equivalents at end of the period	`CashAndCashEquivalentsAtCarryingValue`	$329.45M	USD	Point-in-time
Cash and cash equivalents at end of the period	`CashAndCashEquivalentsAtCarryingValue`	$466.69M	USD	Point-in-time
Cash and cash equivalents at end of the period	`CashAndCashEquivalentsAtCarryingValue`	$372.01M	USD	Point-in-time
Interest	`InterestPaid`	$2.39M	USD	1 Quarter
Interest	`InterestPaid`	$2.49M	USD	1 Quarter
Income taxes	`IncomeTaxesPaidNet`	$13.46M	USD	1 Quarter
Income taxes	`IncomeTaxesPaidNet`	$2.42M	USD	1 Quarter

Comprehensive Income 10 line items

Line Item	Tag	Value	Unit	Period
Net earnings	`ProfitLoss`	$33.05M	USD	1 Quarter
Net earnings	`ProfitLoss`	$61.66M	USD	1 Quarter
(Loss) gain on foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-4.62M	USD	1 Quarter
(Loss) gain on foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$302.00K	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$57.04M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$33.35M	USD	1 Quarter
Less: Comprehensive income attributable to noncontrolling interests	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	$5.34M	USD	1 Quarter
Less: Comprehensive income attributable to noncontrolling interests	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	$2.00M	USD	1 Quarter
Comprehensive income attributable to Skechers U.S.A., Inc.	`ComprehensiveIncomeNetOfTax`	$31.35M	USD	1 Quarter
Comprehensive income attributable to Skechers U.S.A., Inc.	`ComprehensiveIncomeNetOfTax`	$51.69M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.