View Filing Data

616,162

553,323

592,822

Prepaid income taxes

15,058

Investments in unconsolidated affiliates

82,933

51,014

34,841

Total current assets

1,584,811

959,601

1,297,071

67,874

62,422

60,642

Property and equipment, net

89,658

97,857

98,522

Other assets, net

35,109

32,478

33,883

Other intangibles, net

43,409

46,405

47,076

28,336

11,439

16,169

Trademarks

440,505

442,265

441,490

Goodwill

261,366

262,710

264,200

Total assets

2,551,068

1,915,177

2,259,053

Current liabilities

Income tax payable

25,194

19,748

22,949

Accounts payable

224,826

232,364

216,860

Customer refund liabilities

137,878

95,055

128,891

235,400

Total current liabilities

623,298

347,167

368,700

Notes payable, net of discount and unamortized issuance costs

694,277

391,044

726,608

Deferred income tax liabilities, net

15,276

15,888

16,325

Other non-current liabilities

37,262

40,389

40,488

Total liabilities

1,370,113

794,488

1,152,121

Stockholders' Equity

Preferred stock; 1,000 shares authorized; no shares issued

Common stock - $0.01 par value; 120,000 shares authorized; 49,356, 49,219 and 49,196 shares issued, respectively

264

245

247

Additional paid-in capital

461,457

451,844

447,555

Accumulated other comprehensive loss

(15,566)

(5,522)

(15,499)

Common stock held in treasury, at cost - 0, 106 and 115 shares, respectively

734,800

674,542

675,084

(420)

(455)

Total stockholders' equity

1,180,955

1,120,689

1,106,932

Total liabilities and stockholders' equity

$ 2,551,068

$ 1,915,177

$ 2,259,053

[1]	Also, net of accrued returns and sales discounts

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($)
shares in Thousands, $ in Thousands

3 Months Ended

9 Months Ended

Oct. 31, 2018

Oct. 31, 2017

Oct. 31, 2018

Oct. 31, 2017

Income Statement [Abstract]

$ 1,072,982

$ 1,024,993

^[1]

$ 2,309,423

$ 2,092,040

^[1]

690,882

633,897

^[2]

1,461,252

1,296,239

^[2]

382,100

391,096

848,171

795,801

232,052

242,740

632,983

636,000

10,033

6,906

28,868

27,480

Interest and financing charges, net

140,015

141,450

186,320

132,321

Other income (loss)

176

(2,072)

(303)

(2,935)

(12,323)

(11,431)

(32,153)

(31,266)

Income before income taxes

127,868

127,947

153,864

98,120

33,843

46,322

39,877

35,454

Net income per common share (in dollars per share)

$ 94,025

$ 81,625

$ 113,987

$ 62,666

Basic:

$ 1.91

$ 1.67

$ 2.32

$ 1.29

Weighted average number of shares outstanding (in shares)

49,231

48,846

49,176

48,729

Diluted:

Net income per common share (in dollars per share)

$ 1.86

$ 1.65

$ 2.26

$ 1.27

Weighted average number of shares outstanding (in shares)

50,494

49,528

50,345

49,410

Foreign currency translation adjustments

$ 94,025

$ 81,625

$ 113,987

$ 62,666

Other comprehensive income:

(1,979)

4,182

(10,044)

12,223

Other comprehensive income (loss)

(1,979)

4,182

(10,044)

12,223

Comprehensive income

$ 92,046

$ 85,807

$ 103,943

$ 74,889

[1]	Certain reclassifications have been made between the wholesale operations segment and the elimination column as a result of sales eliminations within the wholesale operations segment being misclassified as inter-segment eliminations.
[2]	Certain reclassifications have been made as a result of the Company’s reclassifying the impact of certain components of foreign currency gain (loss) from cost of goods sold and interest expense to other income.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Oct. 31, 2018	Oct. 31, 2017
Cash flows from operating activities
Net income	$ 113,987	$ 62,666
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization	28,868	27,480
Loss on disposal of fixed assets	154	2,832
Dividend received from equity investment	1,470
Equity loss in unconsolidated affiliates	1,421	540
Share-based compensation	14,876	15,362
Deferred financing charges and debt discount amortization	7,481	8,185
Changes in operating assets and liabilities:
Accounts receivable, net	(525,331)	(336,818)
Inventories	(63,312)	(108,284)
Income taxes, net	20,507	29,573
Prepaid expenses and other current assets	(33,958)	12,314
Other assets, net	(4,569)	8,455
Customer refund liabilities	168,954
Accounts payable, accrued expenses and other liabilities	33,345	32,103
Net cash used in operating activities	(236,107)	(245,592)
Cash flows from investing activities
Capital expenditures	(19,516)	(21,428)
Investment in unconsolidated affiliate	(9,951)	(49)
Net cash used in investing activities	(29,467)	(21,477)
Cash flows from financing activities
Repayment of borrowings - revolving facility	(1,454,510)	(1,242,194)
Proceeds from borrowings - revolving facility	1,752,106	1,500,721
Proceeds from exercise of equity awards	56	1,532
Taxes paid for net share settlements	(4,843)	(6,114)
Net cash provided by financing activities	292,809	253,945
Foreign currency translation adjustments	(6,931)	1,396
Net increase (decrease) in cash and cash equivalents	20,304	(11,728)
Cash and cash equivalents at beginning of period	45,776	79,957
Cash and cash equivalents at end of period	66,080	68,229
Cash payments:
Interest, net	26,071	24,664
Income tax payments, net	$ 20,041	$ 4,564

Revenue Recognition

9 Months Ended

Oct. 31, 2018

Revenue Recognition [Abstract]

Revenue Recognition

Note 2 – Revenue Recognition

On February 1, 2018, the Company adopted Accounting Standard Codification Topic 606 (“ASC 606”) using the modified retrospective method as of January 31, 2018. The Company recognized a cumulative effect adjustment to the opening balance of stockholders’ equity at February 1, 2018 that reduced stockholders’ equity by $53.7 million, net of tax, as a result of the adoption of ASC 606.

Prospectively, the adoption of ASC 606 primarily affects the timing of recognition of certain adjustments that are recorded in net sales for the wholesale operations segment. Under ASC 606, revenue is recognized upon the transfer of goods to customers in an amount that reflects the expected consideration to be received in exchange for these goods. The difference between the amount initially billed and the amount collected represents variable consideration. Variable consideration includes trade discounts, end of season markdowns, sales allowances, cooperative advertising, return liabilities and other customer allowances. Under ASC 606, the Company estimates the anticipated variable consideration and records this estimate as a reduction of revenue in the period the related product revenue is recognized. Prior to adopting ASC 606, certain components of variable consideration were recorded at a later date when the liability was known or incurred.

The adoption of ASC 606 also resulted in prospectively changing the presentation of certain items on the Condensed Consolidated Balance Sheets and the Condensed Consolidated Statements of Income and Comprehensive Income. Under the prior guidance, the liability recorded in connection with variable consideration was recorded as a reduction to accounts receivable. With the adoption of ASC 606, these amounts have been classified as a current liability under “Customer refund liabilities” in the Condensed Consolidated Balance Sheet. Additionally, the Company now classifies cooperative advertising as a reduction of net sales in the Condensed Consolidated Statements of Income and Comprehensive Income. Previously, cooperative advertising was recorded in selling, general and administrative expenses. ASC 606 requires that costs expected to be incurred when products are returned should be accrued for upon the sale of the product as a component of cost of goods sold. These restocking costs were previously recognized when incurred and recorded in selling, general and administrative expenses.

The following tables summarize the impact of adopting ASC 606 on the Company’s Condensed Consolidated Balance Sheet as of October 31, 2018 and the Company’s Condensed Consolidated Statements of Income and Comprehensive Income for the three and nine months ended October 31, 2018:


	October 31, 2018
	(In thousands)
	As Reported		Without Adoption of ASC 606		Impact of Adoption of ASC 606
Assets
Accounts receivable	$	819,636	$	646,333	$	173,303
Inventories		616,162		653,664		(37,502)
Prepaid expenses and other current assets		82,933		48,991		33,942
Deferred income tax assets, net		28,336		11,792		16,544

Liabilities
Accrued expenses		137,878		136,627		1,251
Customer refund liabilities		235,400		—		235,400

Equity
Retained earnings		734,800		785,164		(50,364)


	For the three months ended October 31, 2018
	(In thousands, except per share amounts)
	As Reported		Without Adoption of ASC 606		Impact of Adoption of ASC 606
Net sales	$	1,072,982	$	1,081,879	$	(8,897)
Cost of goods sold		690,882		690,367		515
Selling, general and administrative expenses		232,052		240,916		(8,864)
Operating profit		140,015		140,563		(548)
Income tax expense		33,843		34,039		(196)
Net income		94,025		94,377		(352)

Net income per common share
Basic		1.91		1.92		(0.01)
Diluted		1.86		1.87		(0.01)


	For the nine months ended October 31, 2018
	(In thousands, except per share amounts)
	As Reported		Without Adoption of ASC 606		Impact of Adoption of ASC 606
Net sales	$	2,309,423	$	2,322,675	$	(13,252)
Cost of goods sold		1,461,252		1,458,494		2,758
Selling, general and administrative expenses		632,983		653,602		(20,619)
Operating profit		186,320		181,711		4,609
Income tax expense		39,877		38,632		1,245
Net income		113,987		110,623		3,364

Net income per common share
Basic		2.32		2.25		0.07
Diluted		2.26		2.20		0.06

The adoption of ASC 606 had no net impact on the Company’s cash flows from operations.

Disaggregation of Revenue

In accordance with ASC 606, the Company elected to disclose its revenues by segment. Each segment presents its own characteristics with respect to the timing of revenue recognition and the type of customer. In addition, disaggregating revenues using a segment basis is consistent with how the Company’s Chief Operating Decision Maker manages the Company. The Company identified the wholesale operations segment and the retail operations segment as distinct sources of revenue.

Wholesale Operations Segment. Wholesale revenues include sales of products to retailers under owned, licensed and private label brands, as well as sales related to the Vilebrequin business. Wholesale revenues also include revenues from license agreements related to trademarks owned by the DKNY, Donna Karan, G.H. Bass, Andrew Marc and Vilebrequin businesses. Wholesale revenues are recognized when control transfers to the customer. The Company considers control to have been transferred when the Company has transferred physical possession of the product, the Company has a right to payment for the product, the customer has legal title to the product and the customer has the significant risks and rewards of the product. Wholesale revenues are adjusted by variable considerations arising from implicit or explicit obligations. As of October 31, 2018, revenues from license agreements represented an insignificant portion of wholesale revenues.

Retail Operations Segment. Retail store revenues are generated by direct sales to consumers through company-operated stores and product sales through the Company’s owned websites for the DKNY, Donna Karan, Wilsons, G.H. Bass, Andrew Marc and Karl Lagerfeld Paris businesses. Retail stores primarily consist of Wilsons Leather, G.H. Bass and DKNY retail stores, substantially all of which are operated as outlet stores. Retail operations segment revenues are recognized at the point of sale when the customer takes possession of the goods and tenders payment. E-commerce revenues primarily consist of sales to consumers through the Company’s e-commerce platforms. E-commerce revenue is recognized when a customer takes possession of the goods. Retail sales are recorded net of applicable sales tax.

Variable Consideration. The difference between the amount initially billed and the amount collected represents variable consideration. The Company may provide customers with discounts, rebates, credit returns and price reductions. The Company may also contribute to customers’ promotional activities or incur charges for compliance violations. These adjustments to the initial selling price often occur after the sales process is completed.

The Company identified the following elements of variable consideration:

Markdowns. Markdown allowances consist of accommodations in the form of price reductions to wholesale customers for purchased merchandise. In general, markdowns are granted to full price customers, such as department stores. Markdowns may vary year-over-year and are granted based on the performance of Company merchandise at customer retail stores.

Term Discounts. Term discounts represent a discount from the initial wholesale sales price to certain wholesale customers consistent with customary industry practice.

Sales Allowances. Sales allowances are reductions of the selling price agreed upon with wholesale customers. Sales allowances may be contractual or may be granted on a case-by-case basis. Non-contractual sales allowances may be granted in connection with billing adjustments and, in some cases, for product related issues.

Advertising Allowances. Advertising allowances consist of the Company’s financial participation in the promotional efforts of its wholesale customers. Wholesale customers may charge back a portion of the advertising expense incurred against open invoices. Advertising programs are generally agreed upon at the beginning of a season.

Other Allowances. General allowances consist of price reductions granted to a wholesale customer and may relate to the Company’s participation in costs incurred by the customer during the sales process, as well as price differences, shortages and charges for operational non-compliance.

Return of Merchandise. For wholesale customers, the Company may make accommodations for returns of merchandise that is underperforming at a customer’s retail stores. For retail customers, as a matter of Company policy, whether merchandise is purchased at the Company’s stores or on its e-commerce platforms, the consumer has up to 90 days to return merchandise from the date of purchase.

Variable consideration is estimated based on historical experience, current contractual and statutory requirements, specific known events and industry trends. The reserves for variable consideration are recorded under customer refund liabilities. As of October 31, 2018, customer refund liabilities amounted to $235.4 million. Customer refund liabilities were recorded as a reduction to accounts receivable as of January 31, 2018 and October 31, 2017. Historical return rates are calculated on a product line basis. The remainder of the historical rates for variable consideration are calculated by customer by product lines.

Contract Liabilities

The Company’s contract liabilities, which are recorded within accrued expenses in the accompanying Condensed Consolidated Balance Sheets, primarily consist of gift card liabilities and advance payments from licensees. In some of its retail concepts, the Company also runs a limited loyalty program where customers accumulate points redeemable for cash discount certificates that expire 90 days after issuance. Total contract liabilities were $4.2 million and $6.0 million at October 31, 2018 and January 31, 2018, respectively. The Company recognized $2.8 million in revenue for the three months ended October 31, 2018, which related to contract liabilities that existed at July 31, 2018. The Company recognized $4.9 million in revenue for the nine months ended October 31, 2018, which related to contract liabilities that existed at January 31, 2018. There were no contract assets recorded as of October 31, 2018 and January 31, 2018. Substantially all of the advance payments from licensees as of October 31, 2018 are expected to be recognized as revenue within the next twelve months.

Fair Value of Financial Instruments

9 Months Ended

Oct. 31, 2018

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

Note 4 – Fair Value of Financial Instruments

GAAP establishes a three-level valuation hierarchy for disclosure of fair value measurements. The determination of the applicable level within the hierarchy for a particular asset or liability depends on the inputs used in its valuation as of the measurement date, notably the extent to which the inputs are market-based (observable) or internally-derived (unobservable). A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels are defined as follows:

Level 1 — inputs to the valuation methodology based on quoted prices (unadjusted) for identical assets or liabilities in active markets.

Level 2 — inputs to the valuation methodology based on quoted prices for similar assets or liabilities in active markets for substantially the full term of the financial instrument; quoted prices for identical or similar instruments in markets that are not active for substantially the full term of the financial instrument; and model-derived valuations whose inputs or significant value drivers are observable.

Level 3 — inputs to the valuation methodology based on unobservable prices or valuation techniques that are significant to the fair value measurement.

The following table summarizes the carrying values and the estimated fair values of the Company’s debt instruments:


		Carrying Value						Fair Value
		October 31,		October 31,		January 31,		October 31,		October 31,		January 31,
Financial Instrument	Level	2018		2017		2018		2018		2017		2018
		(In thousands)
Term loan	2	$	300,000	$	300,000	$	300,000	$	300,000	$	300,000	$	300,000
Revolving credit facility	2		309,599		349,648		12,003		309,599		349,648		12,003
Note issued to LVMH	3		95,345		90,239		91,667		95,345		90,239		91,667

The Company’s debt instruments are recorded at their carrying values in its condensed consolidated balance sheets, which may differ from their respective fair values. The carrying amount of the Company’s variable rate debt approximates the fair value, as interest rates change with the market rates. Furthermore, the carrying value of all other financial instruments potentially subject to valuation risk (principally consisting of cash, accounts receivable and accounts payable) also approximates fair value due to the short-term nature of these accounts. For purposes of this fair value disclosure, the Company based its fair value estimate for the LVMH Note (as defined in Note 6) on the initial fair value as determined at the date of the acquisition of Donna Karan International (“DKI”) and records the amortization using the effective interest method over the term of the LVMH Note.

Non-Financial Assets and Liabilities

The Company’s non-financial assets, which primarily consist of goodwill, other intangible assets and property and equipment, are not required to be measured at fair value on a recurring basis and are reported at carrying value. However, whenever events or changes in circumstances indicate that their carrying value may not be fully recoverable (and at least annually for goodwill and indefinite-lived intangible assets), non-financial instruments are assessed for impairment and, if applicable, written down to and recorded at fair value, considering external market participant assumptions. No events or circumstances indicate an impairment has been identified subsequent to the Company’s January 31, 2018 impairment testing.

Net Income per Common Share

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Net Income per Common Share

9 Months Ended

Oct. 31, 2018

Net Income per Common Share

Note 5 – Net Income per Common Share

Basic net income per common share has been computed using the weighted average number of common shares outstanding during each period. Diluted net income per share, when applicable, is computed using the weighted average number of common shares and potential dilutive common shares, consisting of unvested restricted stock awards and stock options outstanding during the period. Approximately 344,000 and 1,000,000 shares of common stock have been excluded from the diluted net income per share calculation for the three months ended October 31, 2018 and 2017, respectively. Approximately 330,000 and 1,100,000 shares of common stock have been excluded from the diluted net income per share calculation for the nine months ended October 31, 2018 and 2017, respectively. All share-based payments outstanding that vest based on the achievement of performance and/or market price conditions, and for which the respective performance and/or market price conditions have not been achieved, have been excluded from the diluted per share calculation.

The following table reconciles the numerators and denominators used in the calculation of basic and diluted net income per share:


	Three Months Ended October 31,				Nine Months Ended October 31,
	2018		2017		2018		2017
	(In thousands, except per share amounts)
Net income	$	94,025	$	81,625	$	113,987	$	62,666
Basic net income per share:
Basic common shares		49,231		48,846		49,176		48,729
Basic net income per share	$	1.91	$	1.67	$	2.32	$	1.29

Diluted net income per share:
Basic common shares		49,231		48,846		49,176		48,729
Diluted restricted stock awards and stock options		1,263		682		1,169		681
Diluted common shares		50,494		49,528		50,345		49,410
Diluted net income per share	$	1.86	$	1.65	$	2.26	$	1.27

Notes Payable

9 Months Ended

Oct. 31, 2018

Debt Disclosure [Abstract]

Notes Payable

Note 6 – Notes Payable

Long-term debt consists of the following:


	October 31, 2018		October 31, 2017		January 31, 2018
	(In thousands)
Term loan	$	300,000	$	300,000	$	300,000
Revolving credit facility		309,599		349,648		12,003
Note issued to LVMH		125,000		125,000		125,000
Subtotal		734,599		774,648		437,003
Less: Net debt issuance costs (1)		(10,667)		(13,279)		(12,626)
Debt discount		(29,655)		(34,761)		(33,333)
Total	$	694,277	$	726,608	$	391,044

⁽¹⁾

Does not include debt issuance costs, net of amortization, totaling $7.7 million, $10.1 million and $9.5 million as of October 31, 2018, October 31, 2017 and January 31, 2018, respectively, related to the revolving credit facility. These debt issuance costs have been deferred and are classified within prepaid expenses and other current assets in the accompanying Condensed Consolidated Balance Sheets in accordance with Accounting Standards Update (“ASU”) 2015‑15.

Term Loan

In connection with the acquisition of DKI, the Company borrowed $350.0 million under a senior secured term loan facility (the “Term Loan”). On December 1, 2016, the Company prepaid $50.0 million in principal amount of the Term Loan. The Term Loan is payable on maturity in December 2022.

Interest on the outstanding principal amount of the Term Loan accrues at a rate equal to the London Interbank Offered Rate (“LIBOR”), subject to a 1% floor, plus an applicable margin of 5.25% or an alternate base rate (defined as the greatest of (i) the “prime rate” as published by the Wall Street Journal from time to time, (ii) the federal funds rate plus 0.5% or (iii) the LIBOR rate for a borrowing with an interest period of one month) plus 4.25%, per annum, payable in cash. As of October 31, 2018, interest under the Term Loan was being paid at an average rate of 7.36% per annum.

The Term Loan is secured by certain assets of the Company and certain of its subsidiaries. The Term Loan is required to be prepaid with the proceeds of certain asset sales if such proceeds are not applied as required by the agreement prior to specified deadlines. The Term Loan contains covenants that restrict the Company’s ability to, among other things, incur additional debt, sell or dispose certain assets, make certain investments, incur liens and enter into acquisitions. This loan also includes a mandatory prepayment provision based on excess cash flow as defined in the agreement. A first lien leverage covenant requires the Company to maintain a level of debt to EBITDA over the term of the agreement at a ratio as set forth in the agreement. As of October 31, 2018, the Company was in compliance with these covenants.

Revolving Credit Facility

Upon closing of the acquisition of DKI, the Company’s previous credit agreement was refinanced and replaced by a $650 million amended and restated credit agreement (the “revolving credit facility”). Amounts available under the revolving credit facility are subject to borrowing base formulas and over advances as specified in the revolving credit facility agreement. Borrowings bear interest, at the Company’s option, at LIBOR plus a margin of 1.25% to 1.75% or an alternate base rate (defined as the greatest of (i) the “prime rate” of JPMorgan Chase Bank, N.A. from time to time, (ii) the federal funds rate plus 0.5% or (iii) the LIBOR rate for a borrowing with an interest period of one month) plus a margin of 0.25% to 0.75%, with the applicable margin determined based on the availability under the revolving credit facility agreement. As of October 31, 2018, interest under the revolving credit agreement was being paid at an average rate of 3.71% per annum. The revolving credit facility has a five-year term ending December 1, 2021. In addition to paying interest on any outstanding borrowings under the revolving credit facility, the Company is required to pay a commitment fee to the lenders under the credit agreement with respect to the unutilized commitments. The commitment fee accrues at a rate equal to 0.25% per annum on the average daily amount of the unutilized commitments.

As of October 31, 2018, the Company had $309.6 million of borrowings outstanding under the revolving credit facility, all of which are classified as long-term liabilities. As of October 31, 2018, there were outstanding trade and standby letters of credit amounting to $8.6 million and $3.4 million, respectively.

LVMH Note

As part of the consideration for the acquisition of DKI, the Company issued to LVMH Moet Hennessy Louis Vuitton Inc. (“LVMH”) a junior lien secured promissory note in the principal amount of $125.0 million (the “LVMH Note”) that bears interest at the rate of 2% per year. $75.0 million of the principal amount of the LVMH Note is due and payable on June 1, 2023 and $50.0 million of such principal amount is due and payable on December 1, 2023. Accounting Standards Codification (“ASC”) 820 - Fair Value Measurements requires the note to be recorded at fair value at issuance. As a result, the Company recorded a debt discount in the amount of $40.0 million. This discount is being amortized as interest expense using the effective interest method over the term of the LVMH Note.

Segments

9 Months Ended

Oct. 31, 2018

Segment Reporting [Abstract]

Segments

Note 7 – Segments

The Company’s reportable segments are business units that offer products through different channels of distribution. The Company has two reportable segments: wholesale operations and retail operations. The wholesale operations segment includes sales of products under the Company’s owned, licensed and private label brands, as well as sales related to the Vilebrequin business. Wholesale sales also include revenues from license agreements related to trademarks owned by the DKNY, Donna Karan, G.H. Bass, Andrew Marc and Vilebrequin businesses. The retail operations segment consists primarily of Wilsons Leather, G.H. Bass and DKNY stores, as well as a limited number of Karl Lagerfeld Paris and Calvin Klein Performance stores. Sales through the Company’s owned websites, with the exception of Vilebrequin, are also included in the retail operations segment.

The following information is presented for the three and nine-month periods indicated below:


	Three Months Ended October 31, 2018
	Wholesale		Retail		Elimination (1)		Total
	(In thousands)
Net sales	$	1,005,358	$	110,934	$	(43,310)	$	1,072,982
Cost of goods sold		677,011		57,181		(43,310)		690,882
Gross profit		328,347		53,753		—		382,100
Selling, general and administrative expenses		166,423		65,629		—		232,052
Depreciation and amortization		7,709		2,324		—		10,033
Operating profit (loss)	$	154,215	$	(14,200)	$	—	$	140,015


	Three Months Ended October 31, 2017
	Wholesale		Retail		Elimination (1)		Total
	(In thousands)
Net sales (2)	$	966,820	$	118,709	$	(60,536)	$	1,024,993
Cost of goods sold (3)		636,636		57,797		(60,536)		633,897
Gross profit		330,184		60,912		—		391,096
Selling, general and administrative expenses		174,679		68,061		—		242,740
Depreciation and amortization		6,790		116		—		6,906
Operating profit (loss)	$	148,715	$	(7,265)	$	—	$	141,450


	Nine Months Ended October 31, 2018
	Wholesale		Retail		Elimination (1)		Total
	(In thousands)
Net sales	$	2,077,628	$	322,115	$	(90,320)	$	2,309,423
Cost of goods sold		1,381,342		170,230		(90,320)		1,461,252
Gross profit		696,286		151,885		—		848,171
Selling, general and administrative expenses		439,014		193,969		—		632,983
Depreciation and amortization		22,192		6,676		—		28,868
Operating profit (loss)	$	235,080	$	(48,760)	$	—	$	186,320


	Nine Months Ended October 31, 2017
	Wholesale		Retail		Elimination (1)		Total
	(In thousands)
Net sales (2)	$	1,887,902	$	324,329	$	(120,191)	$	2,092,040
Cost of goods sold (3)		1,251,372		165,058		(120,191)		1,296,239
Gross profit		636,530		159,271		—		795,801
Selling, general and administrative expenses		433,323		202,677		—		636,000
Depreciation and amortization		20,403		7,077		—		27,480
Operating profit (loss)	$	182,804	$	(50,483)	$	—	$	132,321

⁽¹⁾

Represents intersegment sales to the Company’s retail operations segment.

⁽²⁾

Certain reclassifications have been made between the wholesale operations segment and the elimination column as a result of sales eliminations within the wholesale operations segment being misclassified as inter-segment eliminations.

⁽³⁾

Certain reclassifications have been made as a result of the Company’s reclassifying the impact of certain components of foreign currency gain (loss) from cost of goods sold and interest expense to other income.

The total assets for each of the Company’s reportable segments, as well as assets not allocated to a segment, are as follows:


	October 31, 2018		October 31, 2017		January 31, 2018
	(In thousands)
Wholesale	$	2,155,840	$	1,871,373	$	1,554,191
Retail		224,593		251,649		215,568
Corporate		170,635		136,031		145,418
Total assets	$	2,551,068	$	2,259,053	$	1,915,177

Recent Adopted and Issued Accounting Pronouncements	9 Months Ended
Recent Adopted and Issued Accounting Pronouncements	Oct. 31, 2018
Accounting Changes And Error Corrections [Abstract]
Recent Adopted and Issued Accounting Pronouncements	Note 12 – Recent Adopted and Issued Accounting Pronouncements Recently Adopted Accounting Guidance In February 2018, the FASB issued ASU 2018‑03, “Technical Corrections and Improvements to Financial Instruments – Overall (Subtopic 825‑10): Recognition and Measurement of Financial Assets and Financial Liabilities”, which makes technical corrections to certain aspects of ASU 2016‑01 (on recognition of financial assets and financial liabilities), including the following: (i) equity securities without a readily determinable fair value — discontinuation, (ii) equity securities without a readily determinable fair value — adjustments, (iii) forward contracts and purchased options, (iv) presentation requirements for certain fair value option liabilities, (v) fair value option liabilities denominated in a foreign currency and (vi) transition guidance for equity securities without a readily determinable fair value. Public business entities with fiscal years beginning between December 15, 2017, and June 15, 2018, were not required to adopt the amendments until the interim period beginning after June 15, 2018. The Company adopted the provisions of ASU 2018‑03 during the third quarter of fiscal 2019. The adoption of ASU 2018‑03 did not have any impact on the Company’s condensed consolidated financial statements. In May 2017, the Financial Accounting Standards Board (“FASB”) issued ASU 2017‑09, “Compensation — Stock Compensation (Topic 718): Scope of Modification Accounting.” ASU 2017‑09 provides clarification as to when modification accounting should be used for changes to the terms or conditions of a share-based payment award. ASU 2017‑09 does not change the accounting for modifications but clarifies that modification accounting guidance should only be applied if there is a change to the value, vesting conditions or award classification and would not be required if the changes are considered non-substantive. The amendments of ASU 2017‑09 are effective for reporting periods beginning after December 15, 2017. The Company adopted the provisions of ASU 2017‑09 during the first quarter of fiscal 2019. The adoption of ASU 2017‑09 did not have any impact on the Company’s condensed consolidated financial statements. In December 2017, the SEC staff issued Staff Accounting Bulletin 118 (“SAB 118”) to provide guidance for companies that had not completed their accounting for the income tax effects of the Tax Cuts and Jobs Act (“TCJA”). Due to the complexities of the TCJA, the Company’s final tax liability may materially differ from provisional estimates due to additional guidance and regulations issued by the U.S. Treasury Department, the Internal Revenue Service ("IRS") and state and local tax authorities. G-III will finalize its accounting for the TCJA during the one-year measurement period, and any adjustments to the provisional amounts will be included in income tax expense or benefit in the appropriate periods, and disclosed if material, in accordance with guidance provided by SAB 118. As of October 31, 2018, the Company has not identified or recorded adjustments to the provisional amounts previously disclosed in its Annual Report on Form 10‑K for the year ended January 31, 2018. In January 2017, the FASB issued ASU 2017‑01, “Business Combinations (Topic 805): Clarifying the Definition of a Business.” The purpose of ASU 2017‑01 is to clarify the definition of a business to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. ASU 2017‑01 is effective for fiscal years beginning after December 15, 2017, including interim periods within that year. The amendments in ASU 2017‑01 should be applied prospectively on or after the effective date. The Company adopted the provisions of ASU 2017‑01 during the first quarter of fiscal 2019. The adoption of ASU 2017‑01 did not have any impact on the Company’s condensed consolidated financial statements. In October 2016, the FASB issued ASU 2016‑16, “Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory.” The update requires an entity to recognize the income tax consequences of an intra-entity transfer of an asset upon transfer other than inventory, eliminating the current recognition exception. Prior to the update, GAAP prohibited the recognition of current and deferred income taxes for intra-entity asset transfers until the asset was sold to an outside party. The amendments in this update do not include new disclosure requirements; however, existing disclosure requirements might be applicable when accounting for the current and deferred income taxes for an intra-entity transfer of an asset other than inventory. For public business entities, the amendments in this update are effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within those fiscal years. The Company adopted the provisions of ASU 2016‑16 during the first quarter of fiscal 2019. The adoption of ASU 2016‑16 did not have a material impact on the Company’s condensed consolidated financial statements. In August 2016, the FASB issued ASU 2016‑15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments,” which clarifies guidance with respect to the classification of eight specific cash flow issues. ASU 2016‑15 was issued to reduce diversity in practice and prevent financial statement restatements. Cash flow issues include: debt prepayment or debt extinguishment costs, settlement of zero-coupon bonds, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, proceeds from the settlement of corporate-owned life insurance policies and bank-owned life insurance policies, distributions received from equity method investees, beneficial interests in securitization transactions and separately identifiable cash flows and application of the predominance principle. ASU 2016‑15 is effective for public business entities for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Under ASU 2016‑15, entities must apply the guidance retrospectively to all periods presented but may apply it prospectively if retrospective application would be impracticable. The Company adopted the provisions of ASU 2016‑15 during the first quarter of fiscal 2019. The adoption of ASU 2016‑15 did not have a material impact on the Company’s condensed consolidated financial statements. In January 2016, the FASB issued ASU 2016‑01, “Financial Instruments — Overall (Subtopic 825‑10): Recognition and Measurement of Financial Assets and Financial Liabilities.” This standard (i) modifies how entities measure equity investments and present changes in the fair value of financial liabilities, (ii) simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment, (iii) changes presentation and disclosure requirements and (iv) clarifies that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity’s other deferred tax assets. ASU 2016‑01 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company adopted the provisions of ASU 2016‑15 during the first quarter of fiscal 2019. The adoption of ASU 2016‑15 did not have a material impact on the Company’s condensed consolidated financial statements. In May 2014, the FASB issued ASU 2014‑09, “Revenue from Contracts with Customers (Topic 606).” This update replaces the previous revenue recognition guidance in GAAP and requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The FASB clarified this guidance by issuing ASU 2017‑13, “Amendments to SEC Paragraphs Pursuant to the Staff Announcement at the July 20, 2017 EITF Meeting and Rescission of Prior SEC Staff Announcements and Observer Comments”; ASU 2016‑08, “Principal versus Agent Considerations (Reporting Revenue Gross versus Net)”; ASU 2016‑10, “Identifying Performance Obligations and Licensing”; ASU 2016‑12, “Narrow-Scope Improvements and Practical Expedients”; and ASU 2016‑20, “Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers.” The amendments to ASU 2014‑09 were intended to render more detailed implementation guidance with the expectation of reducing the degree of judgment necessary to comply with Topic 606. These new standards have the same effective date as ASU 2014‑09 and were effective for public entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The Company adopted the provisions of ASU 2014‑09, as subsequently amended, during the first quarter of fiscal 2019. The guidance permits two methods of adoption: retrospectively to each prior reporting period presented (full retrospective method), or retrospectively with the cumulative effect of initially applying the guidance recognized at the date of initial application (modified retrospective method). The Company adopted the pronouncement using a modified retrospective approach. The Company performed an analysis of its current revenue streams worldwide and identified changes that resulted from the adoption of the new guidance. The Company implemented changes to its accounting processes and controls to support the new revenue recognition and disclosure requirements. The adoption of Topic 606 primarily affects the wholesale operations segment in the timing of recognition of certain adjustments that were recorded in net sales. For example, the Company previously recorded markdowns and certain customer allowances when the liability was known or incurred. Please refer to Note 2 for further details with respect to the adoption of this guidance by the Company. Issued Accounting Guidance Being Evaluated for Adoption In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement,” which makes a number of changes meant to add, modify or remove certain disclosure requirements associated with the movement among or hierarchy associated with Level 1, Level 2 and Level 3 fair value measurements. The amendments in ASU 2018-13 modify the disclosure requirements with respect to fair value measurements based on the concepts in FASB Concepts Statement, Conceptual Framework for Financial Reporting—Chapter 8: Notes to Financial Statements, including the consideration of costs and benefits. The amendments to changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. The amendments are effective for all entities for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the potential impact of ASU 2018-13 on its consolidated financial statements. In June 2018, the FASB issued ASU 2018‑07, “FASB Simplifies Guidance on Nonemployee Share-Based Payments”, which supersedes ASC 505‑50 and expands the scope of ASC 718 to include all share-based payment arrangements related to the acquisition of goods and services from both nonemployees and employees. As a result, most of the guidance in ASC 718 associated with employee share-based payments, including most of its requirements related to classification and measurement, applies to nonemployee share-based payment arrangements. ASU 2018‑07 is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption of ASU 2018‑07 is permitted for all entities, but no earlier than the date on which an entity adopts ASC 606. The Company does not expect ASU 2018‑07 to have an impact on its condensed consolidated financial statements. In February 2018, the FASB issued ASU 2018‑02, “Income Statement — Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income”, which provides financial statement preparers with an option to reclassify stranded tax effects within accumulated other comprehensive income to retained earnings in each period in which the effect of the change in the U.S. federal corporate income tax rate (or portion thereof) in the TCJA is recorded. The amendments to ASU 2018‑02 are effective for all entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption of ASU 2018‑02 is permitted, including adoption in any interim period for the public business entities for reporting periods for which financial statements have not yet been issued. The amendments of ASU 2018‑02 should be applied either in the period of adoption or retrospectively to each period (or periods) in which the effect of the change in the U.S. federal corporate income tax rate in the TCJA is recognized. The Company is currently assessing the impact that adopting ASU 2018‑02 will have on its financial statements and footnote disclosures. In February 2016, the FASB issued ASU 2016‑02, “Leases (Topic 842).” The primary difference between the current requirement under GAAP and ASU 2016‑02 is the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases. The FASB has continued to clarify this guidance and most recently issued ASU 2018-11, “Leases (Topic 842) – Targeted Improvements”, ASU 2018-10, “Codification Improvements to Topic 842, Leases” and ASU 2017‑13, “Amendments to SEC Paragraphs Pursuant to the Staff Announcement at the July 20, 2017 EITF Meeting and Rescission of Prior SEC Staff Announcements and Observer Comments.” ASU 2016‑02 requires that a lessee recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term (other than leases that meet the definition of a short-term lease). The liability will be equal to the present value of lease payments. The asset will be based on the liability, subject to adjustment, such as for initial direct costs. For income statement purposes, the FASB retained a dual model, requiring leases to be classified as either operating or finance. Operating leases will result in straight-line expense (similar to current operating leases) while finance leases will result in a front-loaded expense pattern (similar to current capital leases). Classification will be based on criteria that are for the most part similar to those applied in current lease accounting. ASU 2016‑02 may be adopted using a modified retrospective transition, and provides for certain practical expedients. Transactions will require application of the new guidance at the beginning of the earliest comparative period presented. With the issuance of ASU 2018-11, the FASB has provided entities with an additional transition method which will not require adjustments to comparative periods or require modified disclosures in those comparative periods. The guidance is effective for public entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted. The Company is currently assessing the impact of ASU 2016‑02 on its consolidated financial statements. Given the Company’s significant number of leases, the Company expects this standard will result in a significant increase to its long-term assets and liabilities, but does not expect it to have a material impact on its statements of operations. The Company is required to adopt the new standard in the first quarter of fiscal 2020 and does not expect to early adopt this new standard.

Recent Adopted and Issued Accounting Pronouncements (Policies)	9 Months Ended
	Oct. 31, 2018
Accounting Changes And Error Corrections [Abstract]
Recent Adopted and Issued Accounting Pronouncements	Recent Adopted and Issued Accounting Pronouncements Recently Adopted Accounting Guidance In February 2018, the FASB issued ASU 2018‑03, “Technical Corrections and Improvements to Financial Instruments – Overall (Subtopic 825‑10): Recognition and Measurement of Financial Assets and Financial Liabilities”, which makes technical corrections to certain aspects of ASU 2016‑01 (on recognition of financial assets and financial liabilities), including the following: (i) equity securities without a readily determinable fair value — discontinuation, (ii) equity securities without a readily determinable fair value — adjustments, (iii) forward contracts and purchased options, (iv) presentation requirements for certain fair value option liabilities, (v) fair value option liabilities denominated in a foreign currency and (vi) transition guidance for equity securities without a readily determinable fair value. Public business entities with fiscal years beginning between December 15, 2017, and June 15, 2018, were not required to adopt the amendments until the interim period beginning after June 15, 2018. The Company adopted the provisions of ASU 2018‑03 during the third quarter of fiscal 2019. The adoption of ASU 2018‑03 did not have any impact on the Company’s condensed consolidated financial statements. In May 2017, the Financial Accounting Standards Board (“FASB”) issued ASU 2017‑09, “Compensation — Stock Compensation (Topic 718): Scope of Modification Accounting.” ASU 2017‑09 provides clarification as to when modification accounting should be used for changes to the terms or conditions of a share-based payment award. ASU 2017‑09 does not change the accounting for modifications but clarifies that modification accounting guidance should only be applied if there is a change to the value, vesting conditions or award classification and would not be required if the changes are considered non-substantive. The amendments of ASU 2017‑09 are effective for reporting periods beginning after December 15, 2017. The Company adopted the provisions of ASU 2017‑09 during the first quarter of fiscal 2019. The adoption of ASU 2017‑09 did not have any impact on the Company’s condensed consolidated financial statements. In December 2017, the SEC staff issued Staff Accounting Bulletin 118 (“SAB 118”) to provide guidance for companies that had not completed their accounting for the income tax effects of the Tax Cuts and Jobs Act (“TCJA”). Due to the complexities of the TCJA, the Company’s final tax liability may materially differ from provisional estimates due to additional guidance and regulations issued by the U.S. Treasury Department, the Internal Revenue Service ("IRS") and state and local tax authorities. G-III will finalize its accounting for the TCJA during the one-year measurement period, and any adjustments to the provisional amounts will be included in income tax expense or benefit in the appropriate periods, and disclosed if material, in accordance with guidance provided by SAB 118. As of October 31, 2018, the Company has not identified or recorded adjustments to the provisional amounts previously disclosed in its Annual Report on Form 10‑K for the year ended January 31, 2018. In January 2017, the FASB issued ASU 2017‑01, “Business Combinations (Topic 805): Clarifying the Definition of a Business.” The purpose of ASU 2017‑01 is to clarify the definition of a business to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. ASU 2017‑01 is effective for fiscal years beginning after December 15, 2017, including interim periods within that year. The amendments in ASU 2017‑01 should be applied prospectively on or after the effective date. The Company adopted the provisions of ASU 2017‑01 during the first quarter of fiscal 2019. The adoption of ASU 2017‑01 did not have any impact on the Company’s condensed consolidated financial statements. In October 2016, the FASB issued ASU 2016‑16, “Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory.” The update requires an entity to recognize the income tax consequences of an intra-entity transfer of an asset upon transfer other than inventory, eliminating the current recognition exception. Prior to the update, GAAP prohibited the recognition of current and deferred income taxes for intra-entity asset transfers until the asset was sold to an outside party. The amendments in this update do not include new disclosure requirements; however, existing disclosure requirements might be applicable when accounting for the current and deferred income taxes for an intra-entity transfer of an asset other than inventory. For public business entities, the amendments in this update are effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within those fiscal years. The Company adopted the provisions of ASU 2016‑16 during the first quarter of fiscal 2019. The adoption of ASU 2016‑16 did not have a material impact on the Company’s condensed consolidated financial statements. In August 2016, the FASB issued ASU 2016‑15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments,” which clarifies guidance with respect to the classification of eight specific cash flow issues. ASU 2016‑15 was issued to reduce diversity in practice and prevent financial statement restatements. Cash flow issues include: debt prepayment or debt extinguishment costs, settlement of zero-coupon bonds, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, proceeds from the settlement of corporate-owned life insurance policies and bank-owned life insurance policies, distributions received from equity method investees, beneficial interests in securitization transactions and separately identifiable cash flows and application of the predominance principle. ASU 2016‑15 is effective for public business entities for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Under ASU 2016‑15, entities must apply the guidance retrospectively to all periods presented but may apply it prospectively if retrospective application would be impracticable. The Company adopted the provisions of ASU 2016‑15 during the first quarter of fiscal 2019. The adoption of ASU 2016‑15 did not have a material impact on the Company’s condensed consolidated financial statements. In January 2016, the FASB issued ASU 2016‑01, “Financial Instruments — Overall (Subtopic 825‑10): Recognition and Measurement of Financial Assets and Financial Liabilities.” This standard (i) modifies how entities measure equity investments and present changes in the fair value of financial liabilities, (ii) simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment, (iii) changes presentation and disclosure requirements and (iv) clarifies that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity’s other deferred tax assets. ASU 2016‑01 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company adopted the provisions of ASU 2016‑15 during the first quarter of fiscal 2019. The adoption of ASU 2016‑15 did not have a material impact on the Company’s condensed consolidated financial statements. In May 2014, the FASB issued ASU 2014‑09, “Revenue from Contracts with Customers (Topic 606).” This update replaces the previous revenue recognition guidance in GAAP and requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The FASB clarified this guidance by issuing ASU 2017‑13, “Amendments to SEC Paragraphs Pursuant to the Staff Announcement at the July 20, 2017 EITF Meeting and Rescission of Prior SEC Staff Announcements and Observer Comments”; ASU 2016‑08, “Principal versus Agent Considerations (Reporting Revenue Gross versus Net)”; ASU 2016‑10, “Identifying Performance Obligations and Licensing”; ASU 2016‑12, “Narrow-Scope Improvements and Practical Expedients”; and ASU 2016‑20, “Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers.” The amendments to ASU 2014‑09 were intended to render more detailed implementation guidance with the expectation of reducing the degree of judgment necessary to comply with Topic 606. These new standards have the same effective date as ASU 2014‑09 and were effective for public entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The Company adopted the provisions of ASU 2014‑09, as subsequently amended, during the first quarter of fiscal 2019. The guidance permits two methods of adoption: retrospectively to each prior reporting period presented (full retrospective method), or retrospectively with the cumulative effect of initially applying the guidance recognized at the date of initial application (modified retrospective method). The Company adopted the pronouncement using a modified retrospective approach. The Company performed an analysis of its current revenue streams worldwide and identified changes that resulted from the adoption of the new guidance. The Company implemented changes to its accounting processes and controls to support the new revenue recognition and disclosure requirements. The adoption of Topic 606 primarily affects the wholesale operations segment in the timing of recognition of certain adjustments that were recorded in net sales. For example, the Company previously recorded markdowns and certain customer allowances when the liability was known or incurred. Please refer to Note 2 for further details with respect to the adoption of this guidance by the Company. Issued Accounting Guidance Being Evaluated for Adoption In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement,” which makes a number of changes meant to add, modify or remove certain disclosure requirements associated with the movement among or hierarchy associated with Level 1, Level 2 and Level 3 fair value measurements. The amendments in ASU 2018-13 modify the disclosure requirements with respect to fair value measurements based on the concepts in FASB Concepts Statement, Conceptual Framework for Financial Reporting—Chapter 8: Notes to Financial Statements, including the consideration of costs and benefits. The amendments to changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. The amendments are effective for all entities for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the potential impact of ASU 2018-13 on its consolidated financial statements. In June 2018, the FASB issued ASU 2018‑07, “FASB Simplifies Guidance on Nonemployee Share-Based Payments”, which supersedes ASC 505‑50 and expands the scope of ASC 718 to include all share-based payment arrangements related to the acquisition of goods and services from both nonemployees and employees. As a result, most of the guidance in ASC 718 associated with employee share-based payments, including most of its requirements related to classification and measurement, applies to nonemployee share-based payment arrangements. ASU 2018‑07 is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption of ASU 2018‑07 is permitted for all entities, but no earlier than the date on which an entity adopts ASC 606. The Company does not expect ASU 2018‑07 to have an impact on its condensed consolidated financial statements. In February 2018, the FASB issued ASU 2018‑02, “Income Statement — Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income”, which provides financial statement preparers with an option to reclassify stranded tax effects within accumulated other comprehensive income to retained earnings in each period in which the effect of the change in the U.S. federal corporate income tax rate (or portion thereof) in the TCJA is recorded. The amendments to ASU 2018‑02 are effective for all entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption of ASU 2018‑02 is permitted, including adoption in any interim period for the public business entities for reporting periods for which financial statements have not yet been issued. The amendments of ASU 2018‑02 should be applied either in the period of adoption or retrospectively to each period (or periods) in which the effect of the change in the U.S. federal corporate income tax rate in the TCJA is recognized. The Company is currently assessing the impact that adopting ASU 2018‑02 will have on its financial statements and footnote disclosures. In February 2016, the FASB issued ASU 2016‑02, “Leases (Topic 842).” The primary difference between the current requirement under GAAP and ASU 2016‑02 is the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases. The FASB has continued to clarify this guidance and most recently issued ASU 2018-11, “Leases (Topic 842) – Targeted Improvements”, ASU 2018-10, “Codification Improvements to Topic 842, Leases” and ASU 2017‑13, “Amendments to SEC Paragraphs Pursuant to the Staff Announcement at the July 20, 2017 EITF Meeting and Rescission of Prior SEC Staff Announcements and Observer Comments.” ASU 2016‑02 requires that a lessee recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term (other than leases that meet the definition of a short-term lease). The liability will be equal to the present value of lease payments. The asset will be based on the liability, subject to adjustment, such as for initial direct costs. For income statement purposes, the FASB retained a dual model, requiring leases to be classified as either operating or finance. Operating leases will result in straight-line expense (similar to current operating leases) while finance leases will result in a front-loaded expense pattern (similar to current capital leases). Classification will be based on criteria that are for the most part similar to those applied in current lease accounting. ASU 2016‑02 may be adopted using a modified retrospective transition, and provides for certain practical expedients. Transactions will require application of the new guidance at the beginning of the earliest comparative period presented. With the issuance of ASU 2018-11, the FASB has provided entities with an additional transition method which will not require adjustments to comparative periods or require modified disclosures in those comparative periods. The guidance is effective for public entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted. The Company is currently assessing the impact of ASU 2016‑02 on its consolidated financial statements. Given the Company’s significant number of leases, the Company expects this standard will result in a significant increase to its long-term assets and liabilities, but does not expect it to have a material impact on its statements of operations. The Company is required to adopt the new standard in the first quarter of fiscal 2020 and does not expect to early adopt this new standard.

Revenue Recognition (Tables)

9 Months Ended

Oct. 31, 2018

ASU 2014-09

Revenue, Initial Application Period Cumulative Effect Transition [Line Items]

Schedule of impact of adopting ASC 606

	October 31, 2018
	(In thousands)
	As Reported		Without Adoption of ASC 606		Impact of Adoption of ASC 606
Assets
Accounts receivable	$	819,636	$	646,333	$	173,303
Inventories		616,162		653,664		(37,502)
Prepaid expenses and other current assets		82,933		48,991		33,942
Deferred income tax assets, net		28,336		11,792		16,544

Liabilities
Accrued expenses		137,878		136,627		1,251
Customer refund liabilities		235,400		—		235,400

Equity
Retained earnings		734,800		785,164		(50,364)


	For the three months ended October 31, 2018
	(In thousands, except per share amounts)
	As Reported		Without Adoption of ASC 606		Impact of Adoption of ASC 606
Net sales	$	1,072,982	$	1,081,879	$	(8,897)
Cost of goods sold		690,882		690,367		515
Selling, general and administrative expenses		232,052		240,916		(8,864)
Operating profit		140,015		140,563		(548)
Income tax expense		33,843		34,039		(196)
Net income		94,025		94,377		(352)

Net income per common share
Basic		1.91		1.92		(0.01)
Diluted		1.86		1.87		(0.01)


	For the nine months ended October 31, 2018
	(In thousands, except per share amounts)
	As Reported		Without Adoption of ASC 606		Impact of Adoption of ASC 606
Net sales	$	2,309,423	$	2,322,675	$	(13,252)
Cost of goods sold		1,461,252		1,458,494		2,758
Selling, general and administrative expenses		632,983		653,602		(20,619)
Operating profit		186,320		181,711		4,609
Income tax expense		39,877		38,632		1,245
Net income		113,987		110,623		3,364

Net income per common share
Basic		2.32		2.25		0.07
Diluted		2.26		2.20		0.06

Fair Value of Financial Instruments (Tables)

9 Months Ended

Oct. 31, 2018

Fair Value Disclosures [Abstract]

Schedule of carrying values and estimated fair values of debt instruments


		Carrying Value						Fair Value
		October 31,		October 31,		January 31,		October 31,		October 31,		January 31,
Financial Instrument	Level	2018		2017		2018		2018		2017		2018
		(In thousands)
Term loan	2	$	300,000	$	300,000	$	300,000	$	300,000	$	300,000	$	300,000
Revolving credit facility	2		309,599		349,648		12,003		309,599		349,648		12,003
Note issued to LVMH	3		95,345		90,239		91,667		95,345		90,239		91,667

Net Income per Common Share (Tables)

9 Months Ended

Oct. 31, 2018

Net Income per Common Share

Schedule of reconciliation between basic and diluted net income per share


	Three Months Ended October 31,				Nine Months Ended October 31,
	2018		2017		2018		2017
	(In thousands, except per share amounts)
Net income	$	94,025	$	81,625	$	113,987	$	62,666
Basic net income per share:
Basic common shares		49,231		48,846		49,176		48,729
Basic net income per share	$	1.91	$	1.67	$	2.32	$	1.29

Diluted net income per share:
Basic common shares		49,231		48,846		49,176		48,729
Diluted restricted stock awards and stock options		1,263		682		1,169		681
Diluted common shares		50,494		49,528		50,345		49,410
Diluted net income per share	$	1.86	$	1.65	$	2.26	$	1.27

Notes Payable (Tables)

9 Months Ended

Oct. 31, 2018

Debt Disclosure [Abstract]

Schedule of long-term debt


	October 31, 2018		October 31, 2017		January 31, 2018
	(In thousands)
Term loan	$	300,000	$	300,000	$	300,000
Revolving credit facility		309,599		349,648		12,003
Note issued to LVMH		125,000		125,000		125,000
Subtotal		734,599		774,648		437,003
Less: Net debt issuance costs (1)		(10,667)		(13,279)		(12,626)
Debt discount		(29,655)		(34,761)		(33,333)
Total	$	694,277	$	726,608	$	391,044

⁽¹⁾

Schedule of information regarding reportable segments

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details

Segments (Tables)

9 Months Ended

Oct. 31, 2018

Segment Reporting [Abstract]


	Three Months Ended October 31, 2018
	Wholesale		Retail		Elimination (1)		Total
	(In thousands)
Net sales	$	1,005,358	$	110,934	$	(43,310)	$	1,072,982
Cost of goods sold		677,011		57,181		(43,310)		690,882
Gross profit		328,347		53,753		—		382,100
Selling, general and administrative expenses		166,423		65,629		—		232,052
Depreciation and amortization		7,709		2,324		—		10,033
Operating profit (loss)	$	154,215	$	(14,200)	$	—	$	140,015


	Three Months Ended October 31, 2017
	Wholesale		Retail		Elimination (1)		Total
	(In thousands)
Net sales (2)	$	966,820	$	118,709	$	(60,536)	$	1,024,993
Cost of goods sold (3)		636,636		57,797		(60,536)		633,897
Gross profit		330,184		60,912		—		391,096
Selling, general and administrative expenses		174,679		68,061		—		242,740
Depreciation and amortization		6,790		116		—		6,906
Operating profit (loss)	$	148,715	$	(7,265)	$	—	$	141,450


	Nine Months Ended October 31, 2018
	Wholesale		Retail		Elimination (1)		Total
	(In thousands)
Net sales	$	2,077,628	$	322,115	$	(90,320)	$	2,309,423
Cost of goods sold		1,381,342		170,230		(90,320)		1,461,252
Gross profit		696,286		151,885		—		848,171
Selling, general and administrative expenses		439,014		193,969		—		632,983
Depreciation and amortization		22,192		6,676		—		28,868
Operating profit (loss)	$	235,080	$	(48,760)	$	—	$	186,320


	Nine Months Ended October 31, 2017
	Wholesale		Retail		Elimination (1)		Total
	(In thousands)
Net sales (2)	$	1,887,902	$	324,329	$	(120,191)	$	2,092,040
Cost of goods sold (3)		1,251,372		165,058		(120,191)		1,296,239
Gross profit		636,530		159,271		—		795,801
Selling, general and administrative expenses		433,323		202,677		—		636,000
Depreciation and amortization		20,403		7,077		—		27,480
Operating profit (loss)	$	182,804	$	(50,483)	$	—	$	132,321

⁽¹⁾

Represents intersegment sales to the Company’s retail operations segment.

⁽²⁾

⁽³⁾

Schedule of total assets for each reportable segments


	October 31, 2018		October 31, 2017		January 31, 2018
	(In thousands)
Wholesale	$	2,155,840	$	1,871,373	$	1,554,191
Retail		224,593		251,649		215,568
Corporate		170,635		136,031		145,418
Total assets	$	2,551,068	$	2,259,053	$	1,915,177

Revenue Recognition (Details) - USD ($)
$ in Thousands

Oct. 31, 2018

Jan. 31, 2018

Oct. 31, 2017

Assets

Accounts receivable, net

$ 819,636

$ 294,430

^[1]

$ 601,179

^[1]

616,162

553,323

592,822

82,933

51,014

34,841

28,336

11,439

16,169

Liabilities

Customer refund liabilities

137,878

95,055

128,891

235,400

Equity

Without Adoption of ASC 606

734,800

$ 674,542

$ 675,084

Assets

Accounts receivable, net

646,333

653,664

48,991

11,792

Liabilities

136,627

Equity

Impact of Adoption of ASC 606

785,164

Assets

Accounts receivable, net

173,303

(37,502)

33,942

16,544

Liabilities

Customer refund liabilities

1,251

235,400

Equity

Revenue, Initial Application Period Cumulative Effect Transition [Line Items]

$ (50,364)

[1]	Also, net of accrued returns and sales discounts

Revenue Recognition (Details 1) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

9 Months Ended

Oct. 31, 2018

Oct. 31, 2017

Oct. 31, 2018

Oct. 31, 2017

$ 1,072,982

$ 1,024,993

^[1]

$ 2,309,423

$ 2,092,040

^[1]

690,882

633,897

^[2]

1,461,252

1,296,239

^[2]

232,052

242,740

632,983

636,000

140,015

141,450

186,320

132,321

33,843

46,322

39,877

35,454

Basic (in dollars per share)

$ 94,025

$ 81,625

$ 113,987

$ 62,666

Net income per common share

$ 1.91

$ 1.67

$ 2.32

$ 1.29

Diluted (in dollars per share)

$ 1.86

$ 1.65

$ 2.26

$ 1.27

Without Adoption of ASC 606

Revenue, Initial Application Period Cumulative Effect Transition [Line Items]

$ 1,081,879

$ 2,322,675

690,367

1,458,494

240,916

653,602

140,563

181,711

34,039

38,632

Basic (in dollars per share)

$ 94,377

$ 110,623

Net income per common share

$ 1.92

$ 2.25

Diluted (in dollars per share)

$ 1.87

$ 2.20

Impact of Adoption of ASC 606

Revenue, Initial Application Period Cumulative Effect Transition [Line Items]

$ (8,897)

$ (13,252)

515

2,758

(8,864)

(20,619)

(548)

4,609

(196)

1,245

Basic (in dollars per share)

$ (352)

$ 3,364

Net income per common share

$ (0.01)

$ 0.07

Diluted (in dollars per share)

$ (0.01)

$ 0.06

[1]	Certain reclassifications have been made between the wholesale operations segment and the elimination column as a result of sales eliminations within the wholesale operations segment being misclassified as inter-segment eliminations.
[2]	Certain reclassifications have been made as a result of the Company’s reclassifying the impact of certain components of foreign currency gain (loss) from cost of goods sold and interest expense to other income.

Net Income per Common Share - Reconciliation between basic and diluted net income per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2018	Oct. 31, 2017	Oct. 31, 2018	Oct. 31, 2017
Net Income per Common Share
Net income (in dollars)	$ 94,025	$ 81,625	$ 113,987	$ 62,666
Basic net income per share:
Basic common shares	49,231	48,846	49,176	48,729
Basic net income per share (in dollars per share)	$ 1.91	$ 1.67	$ 2.32	$ 1.29
Diluted net income per share:
Basic common shares	49,231	48,846	49,176	48,729
Diluted restricted stock awards and stock options	1,263	682	1,169	681
Diluted common shares	50,494	49,528	50,345	49,410
Diluted net income per share (in dollars per share)	$ 1.86	$ 1.65	$ 2.26	$ 1.27

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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+ Details

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Notes Payable (Detail Textuals) - USD ($)
$ in Thousands

9 Months Ended

Dec. 01, 2016

Oct. 31, 2018

Jan. 31, 2018

Oct. 31, 2017

Debt issuance costs

^[1]

$ 10,667

$ 12,626

$ 13,279

Debt discount

$ 29,655

33,333

34,761

Term loan

Prepayment of principal amount

$ 50,000

Maturity date

Dec. 01, 2022

Floor rate

1.00%

Applicable margin

5.25%

Debt instrument interest rate

7.36%

Interest rate terms

Interest on the outstanding principal amount of the Term Loan accrues at a rate equal to the London Interbank Offered Rate ("LIBOR"), subject to a 1% floor, plus an applicable margin of 5.25% or an alternate base rate (defined as the greatest of (i) the "prime rate" as published by the Wall Street Journal from time to time, (ii) the federal funds rate plus 0.5% or (iii) the LIBOR rate for a borrowing with an interest period of one month) plus 4.25%, per annum, payable in cash. As of October 31, 2018, interest under the Term Loan was being paid at an average rate of 7.36% per annum.

$ 350,000

Term loan | LIBOR plus

Term loan | Federal funds rate plus

4.25%

Revolving credit facility

0.50%

Debt instrument commitment fee percentage

Maximum borrowing amount

$ 650,000

Maturity date

Dec. 01, 2021

0.25%

Term of credit agreement

5 years

Debt issuance costs

$ 7,700

$ 9,500

$ 10,100

Debt instrument interest rate

3.71%

Revolving credit facility | Long term liabilities

Revolving credit facility | Trade letters of Credit

Borrowings outstanding

$ 309,600

Revolving credit facility | Standby Letters of Credit

Borrowings outstanding

8,600

Revolving credit facility | LIBOR plus | Minimum

Borrowings outstanding

$ 3,400

LIBOR rate for borrowing with an interest period of one month

1.25%

0.25%

Revolving credit facility | LIBOR plus | Maximum

LIBOR rate for borrowing with an interest period of one month

1.75%

0.75%

Revolving credit facility | Federal funds rate plus

0.50%

Note issued to LVMH

Debt instrument interest rate

2.00%

Note issued to LVMH | Notes Payable Due On June 1 2023

$ 125,000

Debt discount

40,000

Note issued to LVMH | Notes Payable due on December 1, 2023

75,000

$ 50,000

[1]

Segments - Information regarding reportable segments (Details) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Oct. 31, 2018

Oct. 31, 2017

Oct. 31, 2018

Oct. 31, 2017

$ 1,072,982

$ 1,024,993

^[1]

$ 2,309,423

$ 2,092,040

^[1]

690,882

633,897

^[2]

1,461,252

1,296,239

^[2]

382,100

391,096

848,171

795,801

232,052

242,740

632,983

636,000

Operating Segments | Wholesale

10,033

6,906

28,868

27,480

Operating profit (loss)

140,015

141,450

186,320

132,321

1,005,358

966,820

^[1]

2,077,628

1,887,902

^[1]

677,011

636,636

^[2]

1,381,342

1,251,372

^[2]

328,347

330,184

696,286

636,530

166,423

174,679

439,014

433,323

Operating Segments | Retail

7,709

6,790

22,192

20,403

Operating profit (loss)

154,215

148,715

235,080

182,804

110,934

118,709

^[1]

322,115

324,329

^[1]

57,181

57,797

^[2]

170,230

165,058

^[2]

53,753

60,912

151,885

159,271

65,629

68,061

193,969

202,677

2,324

116

6,676

7,077

Operating profit (loss)

(14,200)

(7,265)

(48,760)

(50,483)

Elimination

^[3]

(43,310)

(60,536)

^[1]

(90,320)

(120,191)

^[1]