10-Q Filing

SKECHERS USA INC CIK: 1065837 Q1 2017

Filing Information

Form Type	10-Q
Accession Number	`0001564590-17-009043`
Period End Date	20170331
Filing Date	20170505
Fiscal Year	2017
Fiscal Period	Q1
XBRL Instance	skx-20170331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 76 Income Statement 44 Cash Flow Statement 65 Comprehensive Income 10

Balance Sheet 76 line items

Line Item	Tag	Value	Unit	Period
Trade accounts receivable, allowances	`AllowanceForDoubtfulAccountsReceivableCurrent`	$41.65M	USD	Point-in-time
Trade accounts receivable, allowances	`AllowanceForDoubtfulAccountsReceivableCurrent`	$51.46M	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`	$718.54M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$607.81M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$443.83M	USD	Point-in-time
Preferred Stock, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$507.99M	USD	Point-in-time
Preferred Stock, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Trade accounts receivable, less allowances of $51,457 in 2017 and $41,647 in 2016	`AccountsReceivableNetCurrent`	$326.84M	USD	Point-in-time
Trade accounts receivable, less allowances of $51,457 in 2017 and $41,647 in 2016	`AccountsReceivableNetCurrent`	$551.60M	USD	Point-in-time
Preferred Stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred Stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	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`	$20.50M	USD	Point-in-time
Other receivables	`OtherReceivablesNetCurrent`	$19.19M	USD	Point-in-time
Total receivables	`ReceivablesNetCurrent`	$346.04M	USD	Point-in-time
Total receivables	`ReceivablesNetCurrent`	$572.10M	USD	Point-in-time
Inventories	`FIFOInventoryAmount`	$585.81M	USD	Point-in-time
Inventories	`FIFOInventoryAmount`	$700.51M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$62.68M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$60.57M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.83B	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.83B	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$494.47M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$502.66M	USD	Point-in-time
Deferred tax assets	`DeferredTaxAssetsNetNoncurrent`	$26.06M	USD	Point-in-time
Deferred tax assets	`DeferredTaxAssetsNetNoncurrent`	$26.04M	USD	Point-in-time
Other assets, net	`OtherAssetsNoncurrent`	$50.70M	USD	Point-in-time
Other assets, net	`OtherAssetsNoncurrent`	$45.39M	USD	Point-in-time
Total non-current assets	`AssetsNoncurrent`	$579.41M	USD	Point-in-time
Total non-current assets	`AssetsNoncurrent`	$565.90M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$2.41B	USD	Point-in-time
TOTAL ASSETS	`Assets`	$2.39B	USD	Point-in-time
Current installments of long-term borrowings	`LongTermDebtCurrent`	$1.79M	USD	Point-in-time
Current installments of long-term borrowings	`LongTermDebtCurrent`	$1.78M	USD	Point-in-time
Short-term borrowings	`ShortTermBorrowings`	$6.09M	USD	Point-in-time
Short-term borrowings	`ShortTermBorrowings`	$6.30M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$520.44M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$423.90M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$93.42M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$81.59M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$513.58M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$621.73M	USD	Point-in-time
Long-term borrowings, excluding current installments	`LongTermDebtNoncurrent`	$68.78M	USD	Point-in-time
Long-term borrowings, excluding current installments	`LongTermDebtNoncurrent`	$67.16M	USD	Point-in-time
Deferred tax liabilities	`DeferredTaxLiabilitiesNoncurrent`	$412.00K	USD	Point-in-time
Deferred tax liabilities	`DeferredTaxLiabilitiesNoncurrent`	$431.00K	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$20.41M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$18.86M	USD	Point-in-time
Total non-current liabilities	`LiabilitiesNoncurrent`	$89.61M	USD	Point-in-time
Total non-current liabilities	`LiabilitiesNoncurrent`	$86.43M	USD	Point-in-time
Total liabilities	`Liabilities`	$708.16M	USD	Point-in-time
Total liabilities	`Liabilities`	$603.20M	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, $0.001 par value; 10,000 shares authorized; none issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.001 par value; 10,000 shares authorized; none issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$419.04M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$425.67M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-26.60M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-23.70M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$1.21B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$1.31B	USD	Point-in-time
Skechers U.S.A., Inc. equity	`StockholdersEquity`	$1.60B	USD	Point-in-time
Skechers U.S.A., Inc. equity	`StockholdersEquity`	$1.71B	USD	Point-in-time
Noncontrolling interests	`MinorityInterest`	$48.18M	USD	Point-in-time
Noncontrolling interests	`MinorityInterest`	$95.36M	USD	Point-in-time
Noncontrolling interests	`MinorityInterest`	$60.07M	USD	Point-in-time
Noncontrolling interests	`MinorityInterest`	$81.88M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.69B	USD	Point-in-time
Total stockholders' equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.80B	USD	Point-in-time
TOTAL LIABILITIES AND EQUITY	`LiabilitiesAndStockholdersEquity`	$2.41B	USD	Point-in-time
TOTAL LIABILITIES AND EQUITY	`LiabilitiesAndStockholdersEquity`	$2.39B	USD	Point-in-time

Income Statement 44 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueGoodsNet`	$978.79M	USD	1 Quarter
Net sales	`SalesRevenueGoodsNet`	$1.07B	USD	1 Quarter
Cost of sales	`CostOfGoodsSold`	$546.64M	USD	1 Quarter
Cost of sales	`CostOfGoodsSold`	$596.31M	USD	1 Quarter
Gross profit	`GrossProfit`	$432.15M	USD	1 Quarter
Gross profit	`GrossProfit`	$476.50M	USD	1 Quarter
Royalty income	`RoyaltyOperatingIncomeExcludedFromGrossProfit`	$4.23M	USD	1 Quarter
Royalty income	`RoyaltyOperatingIncomeExcludedFromGrossProfit`	$2.62M	USD	1 Quarter
Operating income	`OperatingIncome`	$480.73M	USD	1 Quarter
Operating income	`OperatingIncome`	$434.78M	USD	1 Quarter
Selling	`SellingAndMarketingExpense`	$73.81M	USD	1 Quarter
Selling	`SellingAndMarketingExpense`	$53.88M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$282.50M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$242.35M	USD	1 Quarter
Operating expenses	`OperatingExpenses`	$356.31M	USD	1 Quarter
Operating expenses	`OperatingExpenses`	$296.23M	USD	1 Quarter
Earnings from operations	`OperatingIncomeLoss`	$138.55M	USD	1 Quarter
Earnings from operations	`OperatingIncomeLoss`	$124.42M	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$266.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$413.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$1.39M	USD	1 Quarter
Interest expense	`InterestExpense`	$1.49M	USD	1 Quarter
Other, net	`OtherNonoperatingIncomeExpense`	$2.78M	USD	1 Quarter
Other, net	`OtherNonoperatingIncomeExpense`	$696.00K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$1.66M	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$-381.00K	USD	1 Quarter
Earnings before income tax expense	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$140.21M	USD	1 Quarter
Earnings before income tax expense	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$124.04M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$17.41M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$30.57M	USD	1 Quarter
Net earnings	`ProfitLoss`	$106.64M	USD	1 Quarter
Net earnings	`ProfitLoss`	$109.64M	USD	1 Quarter
Less: Net earnings attributable to non-controlling interests	`NetIncomeLossAttributableToNoncontrollingInterest`	$12.64M	USD	1 Quarter
Less: Net earnings attributable to non-controlling interests	`NetIncomeLossAttributableToNoncontrollingInterest`	$12.03M	USD	1 Quarter
Net earnings attributable to Skechers U.S.A., Inc.	`NetIncomeLoss`	$97.61M	USD	1 Quarter
Net earnings attributable to Skechers U.S.A., Inc.	`NetIncomeLoss`	$94.00M	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.61	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.63	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.63	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.60	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	153.75M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	155.10M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	154.82M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	155.93M	shares	1 Quarter

Cash Flow Statement 65 line items

Line Item	Tag	Value	Unit	Period
Net earnings	`ProfitLoss`	$106.64M	USD	1 Quarter
Net earnings	`ProfitLoss`	$109.64M	USD	1 Quarter
Depreciation and amortization of property, plant and equipment	`DepreciationAndAmortization`	$18.88M	USD	1 Quarter
Depreciation and amortization of property, plant and equipment	`DepreciationAndAmortization`	$14.87M	USD	1 Quarter
Amortization of other assets	`AmortizationOfIntangibleAssets`	$2.62M	USD	1 Quarter
Amortization of other assets	`AmortizationOfIntangibleAssets`	$3.45M	USD	1 Quarter
Provision for bad debts and returns	`ProvisionForDoubtfulAccounts`	$11.99M	USD	1 Quarter
Provision for bad debts and returns	`ProvisionForDoubtfulAccounts`	$7.33M	USD	1 Quarter
Non-cash share-based compensation	`ShareBasedCompensation`	$4.66M	USD	1 Quarter
Non-cash share-based compensation	`ShareBasedCompensation`	$6.63M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$1.91M	USD	1 Quarter
Loss (gain) on non-current assets	`GainLossOnDispositionOfAssets`	$585.00K	USD	1 Quarter
Loss (gain) on non-current assets	`GainLossOnDispositionOfAssets`	$-154.00K	USD	1 Quarter
Net foreign currency adjustments	`ForeignCurrencyTransactionGainLossUnrealized`	$2.43M	USD	1 Quarter
Net foreign currency adjustments	`ForeignCurrencyTransactionGainLossUnrealized`	$492.00K	USD	1 Quarter
Excess tax benefits from share-based compensation	`ExcessTaxBenefitFromShareBasedCompensationOperatingActivities`	$1.37M	USD	1 Quarter
Receivables	`IncreaseDecreaseInReceivables`	$233.68M	USD	1 Quarter
Receivables	`IncreaseDecreaseInReceivables`	$201.31M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-117.96M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-122.18M	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-11.73M	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$180.00K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$2.64M	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$4.09M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-72.83M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-98.28M	USD	1 Quarter
Accrued expenses and other long-term liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$-27.24M	USD	1 Quarter
Accrued expenses and other long-term liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$-11.28M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-31.37M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-84.41M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$28.88M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$35.20M	USD	1 Quarter
Purchases of investments	`PaymentsToAcquireInvestments`	$684.00K	USD	1 Quarter
Purchases of investments	`PaymentsToAcquireInvestments`	$1.21M	USD	1 Quarter
Proceeds from sales of investments	`ProceedsFromSaleMaturityAndCollectionsOfInvestments`	$240.00K	USD	1 Quarter
Proceeds from sales of investments	`ProceedsFromSaleMaturityAndCollectionsOfInvestments`	$131.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-29.33M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-36.28M	USD	1 Quarter
Payments on long-term debt	`RepaymentsOfLongTermDebtAndCapitalSecurities`	$444.00K	USD	1 Quarter
Payments on long-term debt	`RepaymentsOfLongTermDebtAndCapitalSecurities`	$1.68M	USD	1 Quarter
Proceeds from long-term debt	`ProceedsFromIssuanceOfLongTermDebt`	$2.06M	USD	1 Quarter
Excess tax benefits from share-based compensation	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$3.88M	USD	1 Quarter
Distributions to non-controlling interests of consolidated entity	`PaymentsToMinorityShareholders`	$892.00K	USD	1 Quarter
Distributions to non-controlling interests of consolidated entity	`PaymentsToMinorityShareholders`	$3.99M	USD	1 Quarter
Contributions from non-controlling interests of consolidated entity	`ProceedsFromMinorityShareholders`	$46.00K	USD	1 Quarter
Contributions from non-controlling interests of consolidated entity	`ProceedsFromMinorityShareholders`	$2.90M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$1.12M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$556.00K	USD	1 Quarter
Payments on short-term borrowings	`ProceedsFromRepaymentsOfShortTermDebt`	$-219.00K	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-66.53M	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-113.17M	USD	1 Quarter
Effect of exchange rates on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$2.37M	USD	1 Quarter
Effect of exchange rates on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$2.45M	USD	1 Quarter
Cash and cash equivalents at beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$718.54M	USD	Point-in-time
Cash and cash equivalents at beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$607.81M	USD	Point-in-time
Cash and cash equivalents at beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$443.83M	USD	Point-in-time
Cash and cash equivalents at beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$507.99M	USD	Point-in-time
Cash and cash equivalents at end of the period	`CashAndCashEquivalentsAtCarryingValue`	$718.54M	USD	Point-in-time
Cash and cash equivalents at end of the period	`CashAndCashEquivalentsAtCarryingValue`	$607.81M	USD	Point-in-time
Cash and cash equivalents at end of the period	`CashAndCashEquivalentsAtCarryingValue`	$443.83M	USD	Point-in-time
Cash and cash equivalents at end of the period	`CashAndCashEquivalentsAtCarryingValue`	$507.99M	USD	Point-in-time
Interest	`InterestPaid`	$1.46M	USD	1 Quarter
Interest	`InterestPaid`	$1.37M	USD	1 Quarter
Income taxes, net	`IncomeTaxesPaidNet`	$8.28M	USD	1 Quarter
Income taxes, net	`IncomeTaxesPaidNet`	$10.54M	USD	1 Quarter

Comprehensive Income 10 line items

Line Item	Tag	Value	Unit	Period
Net earnings	`ProfitLoss`	$106.64M	USD	1 Quarter
Net earnings	`ProfitLoss`	$109.64M	USD	1 Quarter
Gain (loss) on foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$6.00M	USD	1 Quarter
Gain (loss) on foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$4.58M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$115.64M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$111.22M	USD	1 Quarter
Less: Comprehensive income attributable to non-controlling interests	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	$14.32M	USD	1 Quarter
Less: Comprehensive income attributable to non-controlling interests	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	$12.97M	USD	1 Quarter
Comprehensive income attributable to Skechers U.S.A., Inc.	`ComprehensiveIncomeNetOfTax`	$96.89M	USD	1 Quarter
Comprehensive income attributable to Skechers U.S.A., Inc.	`ComprehensiveIncomeNetOfTax`	$102.66M	USD	1 Quarter

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