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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Fossil Group Inc | NASDAQ:FOSL | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.0846 | 10.55% | 0.8865 | 0.88 | 0.919 | 0.9155 | 0.80 | 0.82 | 575,247 | 23:59:36 |
x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
o
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
|
75-2018505
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(State or other jurisdiction of
incorporation or organization)
|
|
(I.R.S. Employer
Identification No.)
|
|
|
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901 S. Central Expressway, Richardson, Texas
|
|
75080
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(Address of principal executive offices)
|
|
(Zip Code)
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Large accelerated filer
o
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Accelerated filer
x
|
|
|
|
Non-accelerated filer
o
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Smaller reporting company
o
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(Do not check if a smaller reporting company)
|
|
|
Emerging growth company
o
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|
|
|
|
Page
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|
||
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||
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||
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||
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||
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||
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July 1, 2017
|
|
December 31, 2016
|
||||
Assets
|
|
|
|
|
|
||
Current assets:
|
|
|
|
|
|
||
Cash and cash equivalents
|
$
|
319,824
|
|
|
297,330
|
|
|
Accounts receivable - net of allowances of $57,097 and $79,707, respectively
|
240,401
|
|
|
375,520
|
|
||
Inventories
|
618,070
|
|
|
542,487
|
|
||
Prepaid expenses and other current assets
|
126,488
|
|
|
131,953
|
|
||
Total current assets
|
1,304,783
|
|
|
1,347,290
|
|
||
Property, plant and equipment - net of accumulated depreciation of $440,155 and $414,761, respectively
|
255,778
|
|
|
273,851
|
|
||
Goodwill
|
—
|
|
|
355,263
|
|
||
Intangible and other assets-net
|
215,411
|
|
|
210,493
|
|
||
Total long-term assets
|
471,189
|
|
|
839,607
|
|
||
Total assets
|
$
|
1,775,972
|
|
|
$
|
2,186,897
|
|
Liabilities and Stockholders’ Equity
|
|
|
|
|
|
||
Current liabilities:
|
|
|
|
|
|
||
Accounts payable
|
$
|
163,538
|
|
|
$
|
163,644
|
|
Short-term and current portion of long-term debt
|
32,719
|
|
|
26,368
|
|
||
Accrued expenses:
|
|
|
|
|
|
||
Compensation
|
57,287
|
|
|
52,993
|
|
||
Royalties
|
17,957
|
|
|
30,062
|
|
||
Co-op advertising
|
17,536
|
|
|
29,111
|
|
||
Transaction taxes
|
28,536
|
|
|
26,743
|
|
||
Other
|
77,166
|
|
|
69,565
|
|
||
Income taxes payable
|
19,361
|
|
|
16,099
|
|
||
Total current liabilities
|
414,100
|
|
|
414,585
|
|
||
Long-term income taxes payable
|
19,064
|
|
|
18,584
|
|
||
Deferred income tax liabilities
|
507
|
|
|
55,877
|
|
||
Long-term debt
|
613,580
|
|
|
609,961
|
|
||
Other long-term liabilities
|
73,907
|
|
|
72,452
|
|
||
Total long-term liabilities
|
707,058
|
|
|
756,874
|
|
||
Commitments and contingencies (Note 13)
|
|
|
|
|
|
||
Stockholders’ equity:
|
|
|
|
|
|
||
Common stock, 48,511 and 48,269 shares issued and outstanding at July 1, 2017 and December 31, 2016, respectively
|
485
|
|
|
483
|
|
||
Additional paid-in capital
|
227,778
|
|
|
213,352
|
|
||
Retained earnings
|
494,927
|
|
|
887,825
|
|
||
Accumulated other comprehensive income (loss)
|
(80,161
|
)
|
|
(95,424
|
)
|
||
Total Fossil Group, Inc. stockholders’ equity
|
643,029
|
|
|
1,006,236
|
|
||
Noncontrolling interest
|
11,785
|
|
|
9,202
|
|
||
Total stockholders’ equity
|
654,814
|
|
|
1,015,438
|
|
||
Total liabilities and stockholders’ equity
|
$
|
1,775,972
|
|
|
$
|
2,186,897
|
|
|
For the 13 Weeks Ended July 1, 2017
|
|
For the 13 Weeks Ended July 2, 2016
|
|
For the 26 Weeks Ended July 1, 2017
|
|
For the 26 Weeks Ended July 2, 2016
|
||||||||
Net sales
|
$
|
596,846
|
|
|
$
|
685,368
|
|
|
$
|
1,178,636
|
|
|
$
|
1,345,216
|
|
Cost of sales
|
295,499
|
|
|
329,618
|
|
|
587,771
|
|
|
641,129
|
|
||||
Gross profit
|
301,347
|
|
|
355,750
|
|
|
590,865
|
|
|
704,087
|
|
||||
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Selling, general and administrative expenses
|
314,210
|
|
|
340,300
|
|
|
622,707
|
|
|
674,233
|
|
||||
Goodwill and trade name impairments
|
407,128
|
|
|
—
|
|
|
407,128
|
|
|
—
|
|
||||
Restructuring charges
|
9,765
|
|
|
—
|
|
|
36,049
|
|
|
—
|
|
||||
Total operating expenses
|
731,103
|
|
|
340,300
|
|
|
1,065,884
|
|
|
674,233
|
|
||||
Operating income (loss)
|
(429,756
|
)
|
|
15,450
|
|
|
(475,019
|
)
|
|
29,854
|
|
||||
Interest expense
|
11,641
|
|
|
6,421
|
|
|
20,025
|
|
|
12,420
|
|
||||
Other income (expense) - net
|
2,002
|
|
|
2,542
|
|
|
7,640
|
|
|
4,812
|
|
||||
Income (loss) before income taxes
|
(439,395
|
)
|
|
11,571
|
|
|
(487,404
|
)
|
|
22,246
|
|
||||
Provision for income taxes
|
(96,296
|
)
|
|
3,499
|
|
|
(97,516
|
)
|
|
6,778
|
|
||||
Net income (loss)
|
(343,099
|
)
|
|
8,072
|
|
|
(389,888
|
)
|
|
15,468
|
|
||||
Less: Net income attributable to noncontrolling interest
|
1,613
|
|
|
2,051
|
|
|
3,010
|
|
|
3,654
|
|
||||
Net income (loss) attributable to Fossil Group, Inc.
|
$
|
(344,712
|
)
|
|
$
|
6,021
|
|
|
$
|
(392,898
|
)
|
|
$
|
11,814
|
|
Other comprehensive income (loss), net of taxes:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Currency translation adjustment
|
$
|
16,461
|
|
|
$
|
(9,500
|
)
|
|
$
|
26,856
|
|
|
$
|
7,721
|
|
Cash flow hedges - net change
|
(9,592
|
)
|
|
4,331
|
|
|
(11,593
|
)
|
|
(6,101
|
)
|
||||
Pension plan activity
|
—
|
|
|
—
|
|
|
—
|
|
|
1,714
|
|
||||
Total other comprehensive income (loss)
|
6,869
|
|
|
(5,169
|
)
|
|
15,263
|
|
|
3,334
|
|
||||
Total comprehensive income (loss)
|
(336,230
|
)
|
|
2,903
|
|
|
(374,625
|
)
|
|
18,802
|
|
||||
Less: Comprehensive income attributable to noncontrolling interest
|
1,613
|
|
|
2,051
|
|
|
3,010
|
|
|
3,654
|
|
||||
Comprehensive income (loss) attributable to Fossil Group, Inc.
|
$
|
(337,843
|
)
|
|
$
|
852
|
|
|
$
|
(377,635
|
)
|
|
$
|
15,148
|
|
Earnings (loss) per share:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic
|
$
|
(7.11
|
)
|
|
$
|
0.13
|
|
|
$
|
(8.12
|
)
|
|
$
|
0.25
|
|
Diluted
|
$
|
(7.11
|
)
|
|
$
|
0.12
|
|
|
$
|
(8.12
|
)
|
|
$
|
0.24
|
|
Weighted average common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic
|
48,484
|
|
|
48,119
|
|
|
48,399
|
|
|
48,125
|
|
||||
Diluted
|
48,484
|
|
|
48,207
|
|
|
48,399
|
|
|
48,229
|
|
|
For the 26 Weeks Ended July 1, 2017
|
|
For the 26 Weeks Ended July 2, 2016
|
||||
Operating Activities:
|
|
|
|
|
|
||
Net income (loss)
|
$
|
(389,888
|
)
|
|
$
|
15,468
|
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
|
|
|
|
|
|
||
Depreciation, amortization and accretion
|
42,085
|
|
|
49,666
|
|
||
Stock-based compensation
|
14,131
|
|
|
16,463
|
|
||
Decrease in allowance for returns-net of inventory in transit
|
(12,129
|
)
|
|
(15,473
|
)
|
||
Loss on disposal of assets
|
1,538
|
|
|
1,151
|
|
||
Fixed asset and other long-lived asset impairment losses
|
2,722
|
|
|
—
|
|
||
Goodwill and trade name impairment losses
|
407,128
|
|
|
—
|
|
||
Non-cash restructuring charges
|
4,420
|
|
|
—
|
|
||
Increase (decrease) in allowance for doubtful accounts
|
2,795
|
|
|
(4,841
|
)
|
||
Deferred income taxes and other
|
(100,272
|
)
|
|
(448
|
)
|
||
Changes in operating assets and liabilities, net of effect of acquisitions:
|
|
|
|
|
|
||
Accounts receivable
|
166,647
|
|
|
139,765
|
|
||
Inventories
|
(64,483
|
)
|
|
(41,107
|
)
|
||
Prepaid expenses and other current assets
|
(6,494
|
)
|
|
(8,656
|
)
|
||
Accounts payable
|
(1,836
|
)
|
|
(17,106
|
)
|
||
Accrued expenses
|
(28,259
|
)
|
|
(54,285
|
)
|
||
Income taxes payable
|
(2,715
|
)
|
|
(8,650
|
)
|
||
Net cash provided by operating activities
|
35,390
|
|
|
71,947
|
|
||
Investing Activities:
|
|
|
|
|
|
||
Additions to property, plant and equipment
|
(12,788
|
)
|
|
(39,313
|
)
|
||
Decrease in intangible and other assets
|
676
|
|
|
786
|
|
||
Misfit working capital settlement
|
—
|
|
|
788
|
|
||
Proceeds from the sale of property, plant and equipment
|
25
|
|
|
1,955
|
|
||
Net investment hedge settlement
|
—
|
|
|
752
|
|
||
Net cash used in investing activities
|
(12,087
|
)
|
|
(35,032
|
)
|
||
Financing Activities:
|
|
|
|
|
|
||
Acquisition of common stock
|
(907
|
)
|
|
(6,418
|
)
|
||
Distribution of noncontrolling interest earnings
|
(427
|
)
|
|
(4,544
|
)
|
||
Debt borrowings
|
766,048
|
|
|
424,800
|
|
||
Debt payments
|
(752,354
|
)
|
|
(498,848
|
)
|
||
Payment for shares of Fossil, S.L.
|
—
|
|
|
(8,657
|
)
|
||
Debt issuance costs and other
|
(5,896
|
)
|
|
62
|
|
||
Net cash provided by (used in) financing activities
|
6,464
|
|
|
(93,605
|
)
|
||
Effect of exchange rate changes on cash and cash equivalents
|
(7,273
|
)
|
|
(749
|
)
|
||
Net increase (decrease) in cash and cash equivalents
|
22,494
|
|
|
(57,439
|
)
|
||
Cash and cash equivalents:
|
|
|
|
|
|
||
Beginning of period
|
297,330
|
|
|
289,275
|
|
||
End of period
|
$
|
319,824
|
|
|
$
|
231,836
|
|
|
For the 13 Weeks Ended July 1, 2017
|
|
For the 13 Weeks Ended July 2, 2016
|
|
For the 26 Weeks Ended July 1, 2017
|
|
For the 26 Weeks Ended July 2, 2016
|
||||||||
Numerator:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income (loss) attributable to Fossil Group, Inc.
|
$
|
(344,712
|
)
|
|
$
|
6,021
|
|
|
$
|
(392,898
|
)
|
|
$
|
11,814
|
|
Denominator:
|
|
|
|
|
|
|
|
|
|
|
|||||
Basic EPS computation:
|
|
|
|
|
|
|
|
|
|
|
|||||
Basic weighted average common shares outstanding
|
48,484
|
|
|
48,119
|
|
|
48,399
|
|
|
48,125
|
|
||||
Basic EPS
|
$
|
(7.11
|
)
|
|
$
|
0.13
|
|
|
$
|
(8.12
|
)
|
|
$
|
0.25
|
|
Diluted EPS computation:
|
|
|
|
|
|
|
|
|
|
|
|||||
Basic weighted average common shares outstanding
|
48,484
|
|
|
48,119
|
|
|
48,399
|
|
|
48,125
|
|
||||
Effect of stock options, stock appreciation rights, restricted stock units and performance restricted stock units
|
—
|
|
|
88
|
|
|
—
|
|
|
104
|
|
||||
Diluted weighted average common shares outstanding
|
48,484
|
|
|
48,207
|
|
|
48,399
|
|
|
48,229
|
|
||||
Diluted EPS
|
$
|
(7.11
|
)
|
|
$
|
0.12
|
|
|
$
|
(8.12
|
)
|
|
$
|
0.24
|
|
•
|
ASU 2016-08
Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net)
|
|
Americas
|
|
Europe
|
|
Asia
|
|
Total
|
||||||||
Balance at December 31, 2016
|
$
|
202,187
|
|
|
$
|
110,291
|
|
|
$
|
42,785
|
|
|
$
|
355,263
|
|
Foreign currency changes
|
162
|
|
|
3,983
|
|
|
85
|
|
|
4,230
|
|
||||
Impairment charges
|
(202,349
|
)
|
|
(114,274
|
)
|
|
(42,870
|
)
|
|
$
|
(359,493
|
)
|
|||
Balance at July 1, 2017
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
July 1, 2017
|
|
December 31, 2016
|
||||
Components and parts
|
$
|
67,307
|
|
|
$
|
49,438
|
|
Work-in-process
|
16,719
|
|
|
12,345
|
|
||
Finished goods
|
534,044
|
|
|
480,704
|
|
||
Inventories
|
$
|
618,070
|
|
|
$
|
542,487
|
|
|
For the 26 Weeks Ended July 1, 2017
|
|
For the 26 Weeks Ended July 2, 2016
|
||||
Beginning balance
|
$
|
15,421
|
|
|
$
|
13,669
|
|
Settlements in cash or kind
|
(3,838
|
)
|
|
(4,795
|
)
|
||
Warranties issued and adjustments to preexisting warranties (1)
|
4,674
|
|
|
4,861
|
|
||
Ending balance
|
$
|
16,257
|
|
|
$
|
13,735
|
|
|
For the 13 Weeks Ended July 1, 2017
|
|
For the 13 Weeks Ended July 2, 2016
|
|
For the 26 Weeks Ended July 1, 2017
|
|
For the 26 Weeks Ended July 2, 2016
|
||||||||
Income tax (benefit) expense
|
$
|
(96,296
|
)
|
|
$
|
3,499
|
|
|
$
|
(97,516
|
)
|
|
$
|
6,778
|
|
Effective tax rate
|
21.9
|
%
|
|
30.2
|
%
|
|
20.0
|
%
|
|
30.5
|
%
|
|
|
|
|
|
For the 13 Weeks Ended July 1, 2017
|
|
For the 13 Weeks Ended July 2, 2016
|
||||||||||||
Fiscal Year
Authorized
|
Dollar Value
Authorized
|
|
Termination Date
|
|
Number of
Shares
Repurchased
|
|
Dollar Value
Repurchased
|
|
Number of
Shares
Repurchased
|
|
Dollar Value
Repurchased
|
||||||||
2014
|
$
|
1,000.0
|
|
|
December 2018
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
0.8
|
|
2010
|
$
|
30.0
|
|
|
None
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
For the 26 Weeks Ended July 1, 2017
|
|
For the 26 Weeks Ended July 2, 2016
|
||||||||||||
Fiscal Year
Authorized
|
Dollar Value
Authorized
|
|
Termination Date
|
|
Number of
Shares
Repurchased
|
|
Dollar Value
Repurchased
|
|
Number of
Shares
Repurchased
|
|
Dollar Value
Repurchased
|
||||||||
2014
|
$
|
1,000.0
|
|
|
December 2018
|
|
—
|
|
|
$
|
—
|
|
|
0.1
|
|
|
$
|
5.2
|
|
2010
|
$
|
30.0
|
|
|
None
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
Fossil Group, Inc.
Stockholders’
Equity
|
|
Noncontrolling
Interest
|
|
Total
Stockholders’
Equity
|
||||||
Balance at December 31, 2016
|
$
|
1,006,236
|
|
|
$
|
9,202
|
|
|
$
|
1,015,438
|
|
Net income (loss)
|
(392,898
|
)
|
|
3,010
|
|
|
(389,888
|
)
|
|||
Currency translation adjustment
|
26,856
|
|
|
—
|
|
|
26,856
|
|
|||
Cash flow hedges - net change
|
(11,593
|
)
|
|
—
|
|
|
(11,593
|
)
|
|||
Distribution of noncontrolling interest earnings
|
—
|
|
|
(427
|
)
|
|
(427
|
)
|
|||
Acquisition of common stock
|
(907
|
)
|
|
—
|
|
|
(907
|
)
|
|||
Stock-based compensation expense
|
15,335
|
|
|
—
|
|
|
15,335
|
|
|||
Balance at July 1, 2017
|
$
|
643,029
|
|
|
$
|
11,785
|
|
|
$
|
654,814
|
|
|
Fossil Group, Inc.
Stockholders’
Equity
|
|
Noncontrolling
Interest
|
|
Total
Stockholders’
Equity
|
||||||
Balance at January 2, 2016
|
$
|
921,388
|
|
|
$
|
11,155
|
|
|
$
|
932,543
|
|
Net income
|
11,814
|
|
|
3,654
|
|
|
15,468
|
|
|||
Currency translation adjustment
|
7,721
|
|
|
—
|
|
|
7,721
|
|
|||
Cash flow hedges - net change
|
(6,101
|
)
|
|
—
|
|
|
(6,101
|
)
|
|||
Pension plan activity
|
1,714
|
|
|
—
|
|
|
1,714
|
|
|||
Common stock issued upon exercise of stock options
|
57
|
|
|
—
|
|
|
57
|
|
|||
Tax expense derived from stock-based compensation
|
(1,389
|
)
|
|
—
|
|
|
(1,389
|
)
|
|||
Distribution of noncontrolling interest earnings
|
—
|
|
|
(4,544
|
)
|
|
(4,544
|
)
|
|||
Acquisition of common stock
|
(6,418
|
)
|
|
—
|
|
|
(6,418
|
)
|
|||
Stock-based compensation expense
|
16,463
|
|
|
—
|
|
|
16,463
|
|
|||
Balance at July 2, 2016
|
$
|
945,249
|
|
|
$
|
10,265
|
|
|
$
|
955,514
|
|
Stock Options and Stock Appreciation Rights
|
|
Shares
|
|
Weighted-
Average
Exercise Price
|
|
Weighted-
Average
Remaining
Contractual
Term
|
|
Aggregate
Intrinsic
Value
|
|||||
|
|
(in Thousands)
|
|
|
|
(in Years)
|
|
(in Thousands)
|
|||||
Outstanding at April 1, 2017
|
|
2,273
|
|
|
$
|
50.77
|
|
|
6.0
|
|
$
|
117
|
|
Granted
|
|
—
|
|
|
—
|
|
|
|
|
|
|
||
Exercised
|
|
—
|
|
|
—
|
|
|
|
|
—
|
|
||
Forfeited or expired
|
|
(37
|
)
|
|
79.66
|
|
|
|
|
|
|
||
Outstanding at July 1, 2017
|
|
2,236
|
|
|
50.29
|
|
|
5.8
|
|
—
|
|
||
Exercisable at July 1, 2017
|
|
871
|
|
|
$
|
69.03
|
|
|
4.5
|
|
$
|
—
|
|
Cash Stock Appreciation Rights Outstanding
|
|
Cash Stock Appreciation Rights Exercisable
|
||||||||||||||
Range of
Exercise Prices |
|
Number of
Shares |
|
Weighted-
Average Exercise Price |
|
Weighted-
Average Remaining Contractual Term |
|
Number of
Shares |
|
Weighted- Average Exercise Price
|
||||||
|
|
(in Thousands)
|
|
|
|
(in Years)
|
|
(in Thousands)
|
|
|
||||||
$29.78 - $47.99
|
|
61
|
|
|
$
|
36.73
|
|
|
6.5
|
|
11
|
|
|
$
|
36.73
|
|
Total
|
|
61
|
|
|
$
|
36.73
|
|
|
6.5
|
|
11
|
|
|
$
|
36.73
|
|
Stock Options Outstanding
|
|
Stock Options Exercisable
|
||||||||||||||
Range of
Exercise Prices
|
|
Number of
Shares
|
|
Weighted-
Average
Exercise
Price
|
|
Weighted-
Average
Remaining
Contractual
Term
|
|
Number of
Shares
|
|
Weighted-
Average Exercise Price |
||||||
|
|
(in Thousands)
|
|
|
|
(in Years)
|
|
(in Thousands)
|
|
|
||||||
$13.65 - $29.49
|
|
40
|
|
|
$
|
14.40
|
|
|
1.5
|
|
40
|
|
|
$
|
14.40
|
|
$29.78 - $47.99
|
|
81
|
|
|
36.92
|
|
|
1.7
|
|
81
|
|
|
36.92
|
|
||
$55.04 - $83.83
|
|
91
|
|
|
80.80
|
|
|
3.5
|
|
91
|
|
|
80.80
|
|
||
$95.91 - $131.46
|
|
130
|
|
|
127.97
|
|
|
4.4
|
|
130
|
|
|
127.97
|
|
||
Total
|
|
342
|
|
|
$
|
80.35
|
|
|
3.2
|
|
342
|
|
|
$
|
80.35
|
|
Stock Appreciation Rights Outstanding
|
|
Stock Appreciation Rights Exercisable
|
||||||||||||||
Range of
Exercise Prices |
|
Number of
Shares |
|
Weighted-
Average Exercise Price |
|
Weighted-
Average Remaining Contractual Term |
|
Number of
Shares |
|
Weighted-
Average Exercise Price |
||||||
|
|
(in Thousands)
|
|
|
|
(in Years)
|
|
(in Thousands)
|
|
|
||||||
$13.65 - $29.49
|
|
101
|
|
|
$
|
29.49
|
|
|
7.0
|
|
—
|
|
|
$
|
—
|
|
$29.78 - $47.99
|
|
1,489
|
|
|
38.11
|
|
|
6.5
|
|
314
|
|
|
39.05
|
|
||
$55.04 - $83.83
|
|
134
|
|
|
78.96
|
|
|
4.8
|
|
97
|
|
|
79.73
|
|
||
$95.91 - $131.46
|
|
109
|
|
|
114.42
|
|
|
3.8
|
|
107
|
|
|
114.63
|
|
||
Total
|
|
1,833
|
|
|
$
|
45.14
|
|
|
6.2
|
|
518
|
|
|
$
|
62.26
|
|
Restricted Stock, Restricted Stock Units
and Performance Restricted Stock Units
|
|
Number of Shares
|
|
Weighted-Average
Grant Date Fair
Value Per Share
|
|||
|
|
(in Thousands)
|
|
|
|||
Nonvested at April 1, 2017
|
|
1,101
|
|
|
$
|
37.16
|
|
Granted
|
|
1,816
|
|
|
16.50
|
|
|
Vested
|
|
(53
|
)
|
|
30.82
|
|
|
Forfeited
|
|
(79
|
)
|
|
24.30
|
|
|
Nonvested at July 1, 2017
|
|
2,785
|
|
|
$
|
24.21
|
|
|
For the 13 Weeks Ended July 1, 2017
|
||||||||||||||||||
|
Currency
Translation
Adjustments
|
|
Cash Flow Hedges
|
|
|
|
|
||||||||||||
|
|
Forward
Contracts
|
|
Interest
Rate Swaps
|
|
Pension
Plan
|
|
Total
|
|||||||||||
Beginning balance
|
$
|
(91,472
|
)
|
|
$
|
8,390
|
|
|
$
|
(41
|
)
|
|
$
|
(3,907
|
)
|
|
$
|
(87,030
|
)
|
Other comprehensive income (loss) before reclassifications
|
16,461
|
|
|
(15,306
|
)
|
|
(2
|
)
|
|
—
|
|
|
1,153
|
|
|||||
Tax (expense) benefit
|
—
|
|
|
6,371
|
|
|
1
|
|
|
—
|
|
|
6,372
|
|
|||||
Amounts reclassed from accumulated other comprehensive income (loss)
|
—
|
|
|
1,367
|
|
|
(131
|
)
|
|
—
|
|
|
1,236
|
|
|||||
Tax (expense) benefit
|
—
|
|
|
(628
|
)
|
|
48
|
|
|
—
|
|
|
(580
|
)
|
|||||
Total other comprehensive income (loss)
|
16,461
|
|
|
(9,674
|
)
|
|
82
|
|
|
—
|
|
|
6,869
|
|
|||||
Ending balance
|
$
|
(75,011
|
)
|
|
$
|
(1,284
|
)
|
|
$
|
41
|
|
|
$
|
(3,907
|
)
|
|
$
|
(80,161
|
)
|
|
For the 13 Weeks Ended July 2, 2016
|
||||||||||||||||||
|
Currency
Translation
Adjustments
|
|
Cash Flow Hedges
|
|
|
|
|
||||||||||||
|
|
Forward
Contracts
|
|
Interest
Rate Swaps
|
|
Pension
Plan
|
|
Total
|
|||||||||||
Beginning balance
|
$
|
(64,486
|
)
|
|
$
|
(1,554
|
)
|
|
$
|
(1,457
|
)
|
|
$
|
(4,506
|
)
|
|
$
|
(72,003
|
)
|
Other comprehensive income (loss) before reclassifications
|
(9,396
|
)
|
|
8,738
|
|
|
(711
|
)
|
|
—
|
|
|
(1,369
|
)
|
|||||
Tax (expense) benefit
|
—
|
|
|
(3,576
|
)
|
|
259
|
|
|
—
|
|
|
(3,317
|
)
|
|||||
Amounts reclassed from accumulated other comprehensive income (loss)
|
104
|
|
|
928
|
|
|
(450
|
)
|
|
—
|
|
|
582
|
|
|||||
Tax (expense) benefit
|
—
|
|
|
(263
|
)
|
|
164
|
|
|
—
|
|
|
(99
|
)
|
|||||
Total other comprehensive income (loss)
|
(9,500
|
)
|
|
4,497
|
|
|
(166
|
)
|
|
—
|
|
|
(5,169
|
)
|
|||||
Ending balance
|
$
|
(73,986
|
)
|
|
$
|
2,943
|
|
|
$
|
(1,623
|
)
|
|
$
|
(4,506
|
)
|
|
$
|
(77,172
|
)
|
|
For the 26 Weeks Ended July 1, 2017
|
|||||||||||||||||||
|
Currency
Translation
Adjustments
|
|
Cash Flow Hedges
|
|
|
|
|
|||||||||||||
|
|
Forward
Contracts
|
|
Interest
Rate Swaps
|
|
Pension
Plan
|
|
Total
|
||||||||||||
Beginning balance
|
$
|
(101,867
|
)
|
|
$
|
10,693
|
|
|
$
|
(343
|
)
|
|
$
|
(3,907
|
)
|
|
$
|
(95,424
|
)
|
|
Other comprehensive income (loss) before reclassifications
|
26,856
|
|
|
(16,468
|
)
|
|
225
|
|
|
—
|
|
|
10,613
|
|
||||||
Tax (expense) benefit
|
—
|
|
|
8,660
|
|
|
(82
|
)
|
|
—
|
|
|
8,578
|
|
||||||
Amounts reclassed from accumulated other comprehensive income (loss)
|
—
|
|
|
6,920
|
|
|
(379
|
)
|
|
—
|
|
|
6,541
|
|
||||||
Tax (expense) benefit
|
—
|
|
|
(2,751
|
)
|
|
138
|
|
|
—
|
|
|
(2,613
|
)
|
||||||
Total other comprehensive income (loss)
|
26,856
|
|
|
(11,977
|
)
|
|
384
|
|
—
|
|
—
|
|
|
15,263
|
|
|||||
Ending balance
|
$
|
(75,011
|
)
|
|
$
|
(1,284
|
)
|
|
$
|
41
|
|
|
$
|
(3,907
|
)
|
|
$
|
(80,161
|
)
|
|
For the 26 Weeks Ended July 2, 2016
|
||||||||||||||||||
|
Currency
Translation
Adjustments
|
|
Cash Flow Hedges
|
|
|
|
|
||||||||||||
|
|
Forward
Contracts
|
|
Interest
Rate Swaps
|
|
Pension
Plan
|
|
Total
|
|||||||||||
Beginning balance
|
$
|
(81,707
|
)
|
|
$
|
8,114
|
|
|
$
|
(693
|
)
|
|
$
|
(6,220
|
)
|
|
$
|
(80,506
|
)
|
Other comprehensive income (loss) before reclassifications
|
7,825
|
|
|
(1,259
|
)
|
|
(2,381
|
)
|
|
2,010
|
|
|
6,195
|
|
|||||
Tax (expense) benefit
|
—
|
|
|
1,039
|
|
|
868
|
|
|
(296
|
)
|
|
1,611
|
|
|||||
Amounts reclassed from accumulated other comprehensive income (loss)
|
104
|
|
|
7,267
|
|
|
(918
|
)
|
|
—
|
|
|
6,453
|
|
|||||
Tax (expense) benefit
|
—
|
|
|
(2,316
|
)
|
|
335
|
|
|
—
|
|
|
(1,981
|
)
|
|||||
Total other comprehensive income (loss)
|
7,721
|
|
|
(5,171
|
)
|
|
(930
|
)
|
|
1,714
|
|
|
3,334
|
|
|||||
Ending balance
|
$
|
(73,986
|
)
|
|
$
|
2,943
|
|
|
$
|
(1,623
|
)
|
|
$
|
(4,506
|
)
|
|
$
|
(77,172
|
)
|
|
For the 13 Weeks Ended July 1, 2017
|
|
For the 13 Weeks Ended July 2, 2016
|
||||||||||||
|
Net Sales
|
|
Operating Income (Loss)
|
|
Net Sales
|
|
Operating Income (Loss)
|
||||||||
Americas
|
$
|
288,804
|
|
|
$
|
(166,500
|
)
|
|
$
|
345,187
|
|
|
$
|
52,300
|
|
Europe
|
194,702
|
|
|
(86,805
|
)
|
|
215,936
|
|
|
31,669
|
|
||||
Asia
|
113,340
|
|
|
(35,658
|
)
|
|
124,245
|
|
|
18,936
|
|
||||
Corporate
|
—
|
|
|
(140,793
|
)
|
|
—
|
|
|
(87,455
|
)
|
||||
Consolidated
|
$
|
596,846
|
|
|
$
|
(429,756
|
)
|
|
$
|
685,368
|
|
|
$
|
15,450
|
|
|
For the 26 Weeks Ended July 1, 2017
|
|
For the 26 Weeks Ended July 2, 2016
|
||||||||||||
|
Net Sales
|
|
Operating Income (Loss)
|
|
Net Sales
|
|
Operating Income (Loss)
|
||||||||
Americas
|
$
|
566,347
|
|
|
$
|
(140,819
|
)
|
|
$
|
680,997
|
|
|
$
|
111,896
|
|
Europe
|
390,382
|
|
|
(73,191
|
)
|
|
425,937
|
|
|
60,180
|
|
||||
Asia
|
221,907
|
|
|
(24,701
|
)
|
|
238,282
|
|
|
36,865
|
|
||||
Corporate
|
|
|
|
(236,308
|
)
|
|
|
|
|
(179,087
|
)
|
||||
Consolidated
|
$
|
1,178,636
|
|
|
$
|
(475,019
|
)
|
|
$
|
1,345,216
|
|
|
$
|
29,854
|
|
|
For the 13 Weeks Ended July 1, 2017
|
|
For the 13 Weeks Ended July 2, 2016
|
||||||||||
|
Net Sales
|
|
Percentage of Total
|
|
Net Sales
|
|
Percentage of Total
|
||||||
Watches
|
$
|
469,461
|
|
|
78.6
|
%
|
|
$
|
517,602
|
|
|
75.5
|
%
|
Leathers
|
69,597
|
|
|
11.7
|
|
|
93,152
|
|
|
13.6
|
|
||
Jewelry
|
44,285
|
|
|
7.4
|
|
|
56,752
|
|
|
8.3
|
|
||
Other
|
13,503
|
|
|
2.3
|
|
|
17,862
|
|
|
2.6
|
|
||
Total
|
$
|
596,846
|
|
|
100.0
|
%
|
|
$
|
685,368
|
|
|
100.0
|
%
|
|
For the 26 Weeks Ended July 1, 2017
|
|
For the 26 Weeks Ended July 2, 2016
|
||||||||||
|
Net Sales
|
|
Percentage of Total
|
|
Net Sales
|
|
Percentage of Total
|
||||||
Watches
|
$
|
919,231
|
|
|
78.0
|
%
|
|
$
|
1,014,085
|
|
|
75.4
|
%
|
Leathers
|
142,286
|
|
|
12.1
|
|
|
185,657
|
|
|
13.8
|
|
||
Jewelry
|
92,171
|
|
|
7.8
|
|
|
111,472
|
|
|
8.3
|
|
||
Other
|
24,948
|
|
|
2.1
|
|
|
34,002
|
|
|
2.5
|
|
||
Total
|
$
|
1,178,636
|
|
|
100.0
|
%
|
|
$
|
1,345,216
|
|
|
100.0
|
%
|
Functional Currency
|
|
Contract Currency
|
||||||
Type
|
|
Amount
|
|
Type
|
|
Amount
|
||
Euro
|
|
258.2
|
|
|
U.S. dollar
|
|
291.4
|
|
Canadian dollar
|
|
95.0
|
|
|
U.S. dollar
|
|
72.3
|
|
British pound
|
|
44.8
|
|
|
U.S. dollar
|
|
60.8
|
|
Japanese yen
|
|
4,622.3
|
|
|
U.S. dollar
|
|
42.4
|
|
Mexican peso
|
|
366.6
|
|
|
U.S. dollar
|
|
19.2
|
|
Australian dollar
|
|
22.3
|
|
|
U.S. dollar
|
|
17.0
|
|
U.S. dollar
|
|
45.8
|
|
|
Japanese yen
|
|
4,930.0
|
|
|
For the 13 Weeks Ended July 1, 2017
|
|
For the 13 Weeks Ended July 2, 2016
|
||||
Cash flow hedges:
|
|
|
|
|
|
||
Forward contracts
|
$
|
(8,935
|
)
|
|
$
|
5,162
|
|
Interest rate swaps
|
(1
|
)
|
|
(452
|
)
|
||
Total gain (loss) recognized in other comprehensive income (loss), net of taxes
|
$
|
(8,936
|
)
|
|
$
|
4,710
|
|
|
For the 26 Weeks Ended July 1, 2017
|
|
For the 26 Weeks Ended July 2, 2016
|
||||
Cash flow hedges:
|
|
|
|
|
|
||
Forward contracts
|
$
|
(7,808
|
)
|
|
$
|
(220
|
)
|
Interest rate swaps
|
143
|
|
|
(1,513
|
)
|
||
Total gain (loss) recognized in other comprehensive income (loss), net of taxes
|
$
|
(7,665
|
)
|
|
$
|
(1,733
|
)
|
Derivative Instruments
|
|
Condensed Consolidated
Statements of Income (Loss)
and Comprehensive
Income (Loss) Location
|
|
Effect of Derivative
Instruments
|
|
For the 13 Weeks Ended July 1, 2017
|
|
For the 13 Weeks Ended July 2, 2016
|
||||
Forward contracts designated as cash flow hedging instruments
|
|
Other income (expense)-net
|
|
Total gain (loss) reclassified from other comprehensive income (loss)
|
|
$
|
739
|
|
|
$
|
665
|
|
Forward contracts not designated as hedging instruments
|
|
Other income (expense)-net
|
|
Total gain (loss) recognized in income
|
|
$
|
50
|
|
|
$
|
74
|
|
Interest rate swap designated as a cash flow hedging instrument
|
|
Interest expense
|
|
Total gain (loss) reclassified from other comprehensive income (loss)
|
|
$
|
(83
|
)
|
|
$
|
(286
|
)
|
Derivative Instruments
|
|
Condensed Consolidated
Statements of Income (Loss)
and Comprehensive
Income (Loss) Location
|
|
Effect of Derivative
Instruments
|
|
For the 26 Weeks Ended July 1, 2017
|
|
For the 26 Weeks Ended July 2, 2016
|
||||
Forward contracts designated as cash flow hedging instruments
|
|
Other income (expense)-net
|
|
Total gain (loss) reclassified from other comprehensive income (loss)
|
|
$
|
4,169
|
|
|
$
|
4,951
|
|
Forward contracts not designated as hedging instruments
|
|
Other income (expense)-net
|
|
Total gain (loss) recognized in income
|
|
$
|
77
|
|
|
$
|
(157
|
)
|
Interest rate swap designated as a cash flow hedging instrument
|
|
Interest expense
|
|
Total gain (loss) reclassified from other comprehensive income (loss)
|
|
$
|
(241
|
)
|
|
$
|
(583
|
)
|
|
|
Asset Derivatives
|
|
Liability Derivatives
|
||||||||||||||||||||
|
|
July 1, 2017
|
|
December 31, 2016
|
|
July 1, 2017
|
|
December 31, 2016
|
||||||||||||||||
Derivative Instruments
|
|
Condensed
Consolidated
Balance Sheets
Location
|
|
Fair
Value
|
|
Condensed
Consolidated
Balance Sheets
Location
|
|
Fair
Value
|
|
Condensed
Consolidated
Balance Sheets
Location
|
|
Fair
Value
|
|
Condensed
Consolidated
Balance Sheets
Location
|
|
Fair
Value
|
||||||||
Forward contracts designated as cash flow hedging instruments
|
|
Prepaid expenses and other current assets
|
|
$
|
4,143
|
|
|
Prepaid expenses and other current assets
|
|
$
|
23,288
|
|
|
Accrued expenses- other
|
|
$
|
9,199
|
|
|
Accrued expenses- other
|
|
$
|
4,696
|
|
Forward contracts not designated as cash flow hedging instruments
|
|
Prepaid expenses and other current assets
|
|
—
|
|
|
Prepaid expenses and other current assets
|
|
—
|
|
|
Accrued expenses- other
|
|
2
|
|
|
Accrued expenses- other
|
|
2
|
|
||||
Interest rate swap designated as a cash flow hedging instrument
|
|
Prepaid expenses and other current assets
|
|
123
|
|
|
Prepaid expenses and other current assets
|
|
—
|
|
|
Accrued expenses- other
|
|
59
|
|
|
Accrued expenses- other
|
|
613
|
|
||||
Forward contracts designated as cash flow hedging instruments
|
|
Intangible and other assets-net
|
|
268
|
|
|
Intangible and other assets-net
|
|
5,648
|
|
|
Other long-term liabilities
|
|
3,464
|
|
|
Other long-term liabilities
|
|
268
|
|
||||
Interest rate swap designated as a cash flow hedging instrument
|
|
Intangible and other assets-net
|
|
—
|
|
|
Intangible and other assets-net
|
|
73
|
|
|
Other long-term liabilities
|
|
—
|
|
|
Other long-term liabilities
|
|
—
|
|
||||
Total
|
|
|
|
$
|
4,534
|
|
|
|
|
$
|
29,009
|
|
|
|
|
$
|
12,724
|
|
|
|
|
$
|
5,579
|
|
|
Fair Value at July 1, 2017
|
||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Forward contracts
|
$
|
—
|
|
|
$
|
4,411
|
|
|
$
|
—
|
|
|
$
|
4,411
|
|
Deferred compensation plan assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Investment in publicly traded mutual funds
|
2,560
|
|
|
—
|
|
|
—
|
|
|
2,560
|
|
||||
Interest rate swap
|
—
|
|
|
123
|
|
|
—
|
|
|
123
|
|
||||
Total
|
$
|
2,560
|
|
|
$
|
4,534
|
|
|
$
|
—
|
|
|
$
|
7,094
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Forward contracts
|
$
|
—
|
|
|
$
|
12,665
|
|
|
—
|
|
|
$
|
12,665
|
|
|
Interest rate swap
|
—
|
|
|
59
|
|
|
—
|
|
|
59
|
|
||||
Total
|
$
|
—
|
|
|
$
|
12,724
|
|
|
$
|
—
|
|
|
$
|
12,724
|
|
|
Fair Value at December 31, 2016
|
||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Forward contracts
|
$
|
—
|
|
|
$
|
28,936
|
|
|
$
|
—
|
|
|
$
|
28,936
|
|
Deferred compensation plan assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Investment in publicly traded mutual funds
|
2,385
|
|
|
—
|
|
|
—
|
|
|
2,385
|
|
||||
Interest rate swap
|
—
|
|
|
73
|
|
|
—
|
|
|
73
|
|
||||
Total
|
$
|
2,385
|
|
|
$
|
29,009
|
|
|
$
|
—
|
|
|
$
|
31,394
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Forward contracts
|
—
|
|
|
4,966
|
|
|
—
|
|
|
4,966
|
|
||||
Interest rate swap
|
—
|
|
|
613
|
|
|
—
|
|
|
613
|
|
||||
Total
|
$
|
—
|
|
|
$
|
5,579
|
|
|
$
|
—
|
|
|
$
|
5,579
|
|
|
|
|
|
July 1, 2017
|
|
December 31, 2016
|
||||||||||||
|
|
Useful
|
|
Gross
|
|
Accumulated
|
|
Gross
|
|
Accumulated
|
||||||||
|
|
Lives
|
|
Amount
|
|
Amortization
|
|
Amount
|
|
Amortization
|
||||||||
Intangibles-subject to amortization:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Trademarks
|
|
10 yrs.
|
|
$
|
4,310
|
|
|
$
|
3,562
|
|
|
$
|
4,310
|
|
|
$
|
3,443
|
|
Customer lists
|
|
5-10 yrs.
|
|
54,694
|
|
|
30,761
|
|
|
53,625
|
|
|
26,986
|
|
||||
Patents
|
|
3-20 yrs.
|
|
2,325
|
|
|
2,116
|
|
|
2,325
|
|
|
2,099
|
|
||||
Noncompete agreement
|
|
3-6 yrs.
|
|
2,535
|
|
|
1,956
|
|
|
2,505
|
|
|
1,662
|
|
||||
Developed technology
|
|
7 yrs.
|
|
36,100
|
|
|
7,736
|
|
|
36,100
|
|
|
5,157
|
|
||||
Trade name
|
|
6 yrs.
|
|
—
|
|
|
—
|
|
|
15,700
|
|
|
2,617
|
|
||||
Other
|
|
7-20 yrs.
|
|
261
|
|
|
229
|
|
|
253
|
|
|
215
|
|
||||
Total intangibles-subject to amortization
|
|
|
|
100,225
|
|
|
46,360
|
|
|
114,818
|
|
|
42,179
|
|
||||
Intangibles-not subject to amortization:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Trade names
|
|
|
|
38,651
|
|
|
|
|
|
74,485
|
|
|
|
|
||||
Other assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Key money deposits
|
|
|
|
27,325
|
|
|
23,472
|
|
|
26,948
|
|
|
22,038
|
|
||||
Other deposits
|
|
|
|
19,322
|
|
|
|
|
|
19,344
|
|
|
|
|
||||
Deferred compensation plan assets
|
|
|
|
2,560
|
|
|
|
|
|
2,385
|
|
|
|
|
||||
Deferred tax asset-net
|
|
|
|
83,844
|
|
|
|
|
|
23,061
|
|
|
|
|
||||
Restricted cash
|
|
|
|
362
|
|
|
|
|
|
500
|
|
|
|
|
||||
Shop-in-shop
|
|
|
|
9,907
|
|
|
9,437
|
|
|
8,807
|
|
|
8,019
|
|
||||
Interest rate swap
|
|
|
|
—
|
|
|
|
|
73
|
|
|
|
||||||
Long term tax receivable
|
|
|
|
6,929
|
|
|
|
|
—
|
|
|
|
||||||
Forward contracts
|
|
|
|
268
|
|
|
|
|
|
5,648
|
|
|
|
|
||||
Investments
|
|
|
|
500
|
|
|
|
|
2,078
|
|
|
|
||||||
Other
|
|
|
|
4,787
|
|
|
|
|
|
4,582
|
|
|
|
|
||||
Total other assets
|
|
|
|
155,804
|
|
|
32,909
|
|
|
93,426
|
|
|
30,057
|
|
||||
Total intangible and other assets
|
|
|
|
$
|
294,680
|
|
|
$
|
79,269
|
|
|
$
|
282,729
|
|
|
$
|
72,236
|
|
Total intangible and other assets-net
|
|
|
|
|
|
|
$
|
215,411
|
|
|
|
|
|
$
|
210,493
|
|
Fiscal Year
|
|
Amortization
Expense
|
||
2017 (remaining)
|
|
$
|
6,049
|
|
2018
|
|
$
|
11,828
|
|
2019
|
|
$
|
11,499
|
|
2020
|
|
$
|
10,975
|
|
2021
|
|
$
|
7,146
|
|
2022
|
|
$
|
6,251
|
|
Period
|
|
Maximum Ratio
|
Second Amendment Effective Date through and including July 1, 2017
|
|
3.25 to 1.00
|
July 2, 2017 through and including September 30, 2017
|
|
3.50 to 1.00
|
October 1, 2017 through and including March 31, 2018
|
|
3.25 to 1.00
|
April 1, 2018 through and including September 29, 2018
|
|
3.50 to 1.00
|
September 30, 2018 and thereafter
|
|
3.25 to 1.00
|
|
For the 13 Weeks Ended July 1, 2017
|
||||||||||||||||||
|
Liabilities
|
|
|
|
|
|
|
|
Liabilities
|
||||||||||
|
April 1, 2017
|
|
Charges
|
|
Cash Payments
|
|
Non-cash Items
|
|
July 1, 2017
|
||||||||||
Store closures
|
$
|
5,501
|
|
|
$
|
3,017
|
|
|
$
|
1,060
|
|
|
$
|
2,565
|
|
|
$
|
4,893
|
|
Professional services
|
92
|
|
|
856
|
|
|
832
|
|
|
—
|
|
|
116
|
|
|||||
Severance and employee-related benefits
|
2,103
|
|
|
5,892
|
|
|
5,256
|
|
|
1,204
|
|
|
1,535
|
|
|||||
Total
|
$
|
7,696
|
|
|
$
|
9,765
|
|
|
$
|
7,148
|
|
|
$
|
3,769
|
|
|
$
|
6,544
|
|
|
For the 26 Weeks Ended July 1, 2017
|
||||||||||||||||||
|
Liabilities
|
|
|
|
|
|
|
|
Liabilities
|
||||||||||
|
December 31, 2016
|
|
Charges
|
|
Cash Payments
|
|
Non-cash Items
|
|
July 1, 2017
|
||||||||||
Store closures
|
$
|
4,546
|
|
|
$
|
5,741
|
|
|
$
|
2,178
|
|
|
$
|
3,216
|
|
|
$
|
4,893
|
|
Professional services
|
794
|
|
|
1,430
|
|
|
2,108
|
|
|
—
|
|
|
116
|
|
|||||
Severance and employee-related benefits
|
—
|
|
|
28,878
|
|
|
26,139
|
|
|
1,204
|
|
|
1,535
|
|
|||||
Total
|
$
|
5,340
|
|
|
$
|
36,049
|
|
|
$
|
30,425
|
|
|
$
|
4,420
|
|
|
$
|
6,544
|
|
|
For the 13 Weeks Ended July 1, 2017
|
|
For the 26 Weeks Ended July 1, 2017
|
||||
Americas
|
$
|
2,179
|
|
|
$
|
7,796
|
|
Europe
|
2,160
|
|
|
7,682
|
|
||
Asia
|
3,353
|
|
|
8,139
|
|
||
Corporate
|
2,073
|
|
|
12,432
|
|
||
Consolidated
|
$
|
9,765
|
|
|
$
|
36,049
|
|
|
For the 13 Weeks Ended July 1, 2017
|
|
For the 13 Weeks Ended July 2, 2016
|
|
|
|
|
|
|
||||||||||||||
|
|
|
Growth (Decline)
|
||||||||||||||||||||
|
Net Sales
|
|
Percentage
of Total
|
|
Net Sales
|
|
Percentage
of Total
|
|
Dollars
|
|
Percentage As Reported
|
|
Percentage Constant Currency
|
||||||||||
Watches
|
$
|
469.4
|
|
|
78.6
|
%
|
|
$
|
517.6
|
|
|
75.5
|
%
|
|
$
|
(48.2
|
)
|
|
(9.3
|
)%
|
|
(8.1
|
)%
|
Leathers
|
69.6
|
|
|
11.7
|
|
|
93.2
|
|
|
13.6
|
|
|
(23.6
|
)
|
|
(25.3
|
)
|
|
(24.4
|
)
|
|||
Jewelry
|
44.3
|
|
|
7.4
|
|
|
56.8
|
|
|
8.3
|
|
|
(12.5
|
)
|
|
(22.0
|
)
|
|
(20.1
|
)
|
|||
Other
|
13.5
|
|
|
2.3
|
|
|
17.8
|
|
|
2.6
|
|
|
(4.3
|
)
|
|
(24.2
|
)
|
|
(23.0
|
)
|
|||
Total
|
$
|
596.8
|
|
|
100.0
|
%
|
|
$
|
685.4
|
|
|
100.0
|
%
|
|
$
|
(88.6
|
)
|
|
(12.9
|
)%
|
|
(11.7
|
)%
|
|
For the 13 Weeks Ended July 1, 2017
|
|
For the 13 Weeks Ended July 2, 2016
|
|
Growth (Decline)
|
||||||||||||||||||
|
Net Sales
|
|
Percentage
of Total
|
|
Net Sales
|
|
Percentage
of Total
|
|
Dollars
|
|
Percentage As Reported
|
|
Percentage Constant Currency
|
||||||||||
Americas
|
$
|
288.8
|
|
|
48.4
|
%
|
|
$
|
345.2
|
|
|
50.4
|
%
|
|
$
|
(56.4
|
)
|
|
(16.3
|
)%
|
|
(15.9
|
)%
|
Europe
|
194.7
|
|
|
32.6
|
|
|
215.9
|
|
|
31.5
|
|
|
(21.2
|
)
|
|
(9.8
|
)
|
|
(6.9
|
)
|
|||
Asia
|
113.3
|
|
|
19.0
|
|
|
124.3
|
|
|
18.1
|
|
|
(11.0
|
)
|
|
(8.8
|
)
|
|
(8.4
|
)
|
|||
Total
|
$
|
596.8
|
|
|
100.0
|
%
|
|
$
|
685.4
|
|
|
100.0
|
%
|
|
$
|
(88.6
|
)
|
|
(12.9
|
)%
|
|
(11.7
|
)%
|
|
For the 13 Weeks Ended July 1, 2017
|
|
For the 13 Weeks Ended July 2, 2016
|
|
|
|
|
|
|
||||||||
Growth (Decline)
|
|||||||||||||||||
|
Net Sales
|
|
Net Sales
|
|
Dollars
|
|
Percentage
As Reported
|
|
Percentage
Constant Currency
|
||||||||
Watches
|
$
|
225.1
|
|
|
$
|
259.8
|
|
|
$
|
(34.7
|
)
|
|
(13.4
|
)%
|
|
(12.9
|
)%
|
Leathers
|
44.5
|
|
|
58.3
|
|
|
(13.8
|
)
|
|
(23.7
|
)
|
|
(23.3
|
)
|
|||
Jewelry
|
14.7
|
|
|
20.1
|
|
|
(5.4
|
)
|
|
(26.9
|
)
|
|
(26.4
|
)
|
|||
Other
|
4.5
|
|
|
7.0
|
|
|
(2.5
|
)
|
|
(35.7
|
)
|
|
(34.3
|
)
|
|||
Total
|
$
|
288.8
|
|
|
$
|
345.2
|
|
|
$
|
(56.4
|
)
|
|
(16.3
|
)%
|
|
(15.9
|
)%
|
|
For the 13 Weeks Ended July 1, 2017
|
|
For the 13 Weeks Ended July 2, 2016
|
|
|
|
|
|
|
||||||||
Growth (Decline)
|
|||||||||||||||||
|
Net Sales
|
|
Net Sales
|
|
Dollars
|
|
Percentage
As Reported
|
|
Percentage Constant Currency
|
||||||||
Watches
|
$
|
147.1
|
|
|
$
|
157.1
|
|
|
$
|
(10.0
|
)
|
|
(6.4
|
)%
|
|
(3.4
|
)%
|
Leathers
|
14.3
|
|
|
18.3
|
|
|
(4.0
|
)
|
|
(21.9
|
)
|
|
(19.1
|
)
|
|||
Jewelry
|
27.6
|
|
|
33.1
|
|
|
(5.5
|
)
|
|
(16.6
|
)
|
|
(13.6
|
)
|
|||
Other
|
5.7
|
|
|
7.4
|
|
|
(1.7
|
)
|
|
(23.0
|
)
|
|
(21.6
|
)
|
|||
Total
|
$
|
194.7
|
|
|
$
|
215.9
|
|
|
$
|
(21.2
|
)
|
|
(9.8
|
)%
|
|
(6.9
|
)%
|
|
For the 13 Weeks Ended July 1, 2017
|
|
For the 13 Weeks Ended July 2, 2016
|
|
|
|
|
|
|
||||||||
Growth (Decline)
|
|||||||||||||||||
|
Net Sales
|
|
Net Sales
|
|
Dollars
|
|
Percentage
As Reported
|
|
Percentage Constant Currency
|
||||||||
Watches
|
$
|
97.3
|
|
|
$
|
100.7
|
|
|
$
|
(3.4
|
)
|
|
(3.4
|
)%
|
|
(3.1
|
)%
|
Leathers
|
10.9
|
|
|
16.6
|
|
|
(5.7
|
)
|
|
(34.3
|
)
|
|
(33.7
|
)
|
|||
Jewelry
|
1.9
|
|
|
3.6
|
|
|
(1.7
|
)
|
|
(47.2
|
)
|
|
(44.4
|
)
|
|||
Other
|
3.2
|
|
|
3.4
|
|
|
(0.2
|
)
|
|
(5.9
|
)
|
|
(2.9
|
)
|
|||
Total
|
$
|
113.3
|
|
|
$
|
124.3
|
|
|
$
|
(11.0
|
)
|
|
(8.8
|
)%
|
|
(8.4
|
)%
|
|
July 1, 2017
|
|
July 2, 2016
|
||||||||||||||||||||
|
Americas
|
|
Europe
|
|
Asia
|
|
Total
|
|
Americas
|
|
Europe
|
|
Asia
|
|
Total
|
||||||||
Full price accessory
|
114
|
|
|
112
|
|
|
61
|
|
|
287
|
|
|
126
|
|
|
124
|
|
|
69
|
|
|
319
|
|
Outlets
|
137
|
|
|
74
|
|
|
48
|
|
|
259
|
|
|
155
|
|
|
73
|
|
|
45
|
|
|
273
|
|
Full priced multi-brand
|
—
|
|
|
8
|
|
|
10
|
|
|
18
|
|
|
—
|
|
|
7
|
|
|
16
|
|
|
23
|
|
Total stores
|
251
|
|
|
194
|
|
|
119
|
|
|
564
|
|
|
281
|
|
|
204
|
|
|
130
|
|
|
615
|
|
|
For the 13 Weeks Ended July 1, 2017
|
|
For the 13 Weeks Ended July 2, 2016
|
|
Growth (Decline)
|
|
Operating Margin %
|
|||||||||||||
|
|
|
Dollars
|
|
Percentage
|
|
2017
|
|
2016
|
|||||||||||
Americas
|
$
|
(166.5
|
)
|
|
$
|
52.3
|
|
|
$
|
(218.8
|
)
|
|
(418.4
|
)%
|
|
(57.7
|
)%
|
|
15.2
|
%
|
Europe
|
(86.8
|
)
|
|
31.7
|
|
|
(118.5
|
)
|
|
(373.8
|
)
|
|
(44.6
|
)
|
|
14.7
|
|
|||
Asia
|
(35.7
|
)
|
|
19.0
|
|
|
(54.7
|
)
|
|
(287.9
|
)
|
|
(31.5
|
)
|
|
15.2
|
|
|||
Corporate
|
(140.8
|
)
|
|
(87.5
|
)
|
|
(53.3
|
)
|
|
60.9
|
|
|
|
|
|
|||||
Total operating income (loss)
|
$
|
(429.8
|
)
|
|
$
|
15.5
|
|
|
$
|
(445.3
|
)
|
|
(2,872.9
|
)%
|
|
(72.0
|
)%
|
|
2.3
|
%
|
|
For the 26 Weeks Ended July 1, 2017
|
|
For the 26 Weeks Ended July 2, 2016
|
|
Growth (Decline)
|
||||||||||||||||||
|
Net Sales
|
|
Percentage
of Total
|
|
Net Sales
|
|
Percentage
of Total
|
|
Dollars
|
|
Percentage As Reported
|
|
Percentage Constant Currency
|
||||||||||
Watches
|
$
|
919.2
|
|
|
78.0
|
%
|
|
$
|
1,014.1
|
|
|
75.4
|
%
|
|
$
|
(94.9
|
)
|
|
(9.4
|
)%
|
|
(8.1
|
)%
|
Leathers
|
142.3
|
|
|
12.1
|
|
|
185.6
|
|
|
13.8
|
|
|
(43.3
|
)
|
|
(23.3
|
)
|
|
(22.5
|
)
|
|||
Jewelry
|
92.2
|
|
|
7.8
|
|
|
111.5
|
|
|
8.3
|
|
|
(19.3
|
)
|
|
(17.3
|
)
|
|
(15.2
|
)
|
|||
Other
|
24.9
|
|
|
2.1
|
|
|
34.0
|
|
|
2.5
|
|
|
(9.1
|
)
|
|
(26.8
|
)
|
|
(25.6
|
)
|
|||
Total
|
$
|
1,178.6
|
|
|
100.0
|
%
|
|
$
|
1,345.2
|
|
|
100.0
|
%
|
|
$
|
(166.6
|
)
|
|
(12.4
|
)%
|
|
(11.1
|
)%
|
|
For the 26 Weeks Ended July 1, 2017
|
|
For the 26 Weeks Ended July 2, 2016
|
|
Growth (Decline)
|
||||||||||||||||||
|
Net Sales
|
|
Percentage
of Total
|
|
Net Sales
|
|
Percentage
of Total
|
|
Dollars
|
|
Percentage As Reported
|
|
Percentage Constant Currency
|
||||||||||
Americas
|
$
|
566.3
|
|
|
48.1
|
%
|
|
$
|
681.0
|
|
|
50.6
|
%
|
|
$
|
(114.7
|
)
|
|
(16.8
|
)%
|
|
(16.5
|
)%
|
Europe
|
390.4
|
|
|
33.1
|
|
|
425.9
|
|
|
31.7
|
|
|
(35.5
|
)
|
|
(8.3
|
)
|
|
(4.9
|
)
|
|||
Asia
|
221.9
|
|
|
18.8
|
|
|
238.3
|
|
|
17.7
|
|
|
(16.4
|
)
|
|
(6.9
|
)
|
|
(7.0
|
)
|
|||
Total
|
$
|
1,178.6
|
|
|
100.0
|
%
|
|
$
|
1,345.2
|
|
|
100.0
|
%
|
|
$
|
(166.6
|
)
|
|
(12.4
|
)%
|
|
(11.1
|
)%
|
|
For the 26 Weeks Ended July 1, 2017
|
|
For the 26 Weeks Ended July 2, 2016
|
|
|
|
|
|
|
||||||||
Growth (Decline)
|
|||||||||||||||||
|
Net Sales
|
|
Net Sales
|
|
Dollars
|
|
Percentage As Reported
|
|
Percentage Constant Currency
|
||||||||
Watches
|
$
|
438.8
|
|
|
$
|
509.8
|
|
|
$
|
(71.0
|
)
|
|
(13.9
|
)%
|
|
(13.5
|
)%
|
Leathers
|
88.3
|
|
|
117.1
|
|
|
(28.8
|
)
|
|
(24.6
|
)
|
|
(24.4
|
)
|
|||
Jewelry
|
31.4
|
|
|
41.6
|
|
|
(10.2
|
)
|
|
(24.5
|
)
|
|
(24.8
|
)
|
|||
Other
|
7.8
|
|
|
12.5
|
|
|
(4.7
|
)
|
|
(37.6
|
)
|
|
(36.0
|
)
|
|||
Total
|
$
|
566.3
|
|
|
$
|
681.0
|
|
|
$
|
(114.7
|
)
|
|
(16.8
|
)%
|
|
(16.5
|
)%
|
|
For the 26 Weeks Ended July 1, 2017
|
|
For the 26 Weeks Ended July 2, 2016
|
|
|
|
|
|
|
||||||||
Growth (Decline)
|
|||||||||||||||||
|
Net Sales
|
|
Net Sales
|
|
Dollars
|
|
Percentage As Reported
|
|
Percentage Constant Currency
|
||||||||
Watches
|
$
|
291.3
|
|
|
$
|
307.7
|
|
|
$
|
(16.4
|
)
|
|
(5.3
|
)%
|
|
(1.9
|
)%
|
Leathers
|
30.9
|
|
|
38.4
|
|
|
(7.5
|
)
|
|
(19.5
|
)
|
|
(16.1
|
)
|
|||
Jewelry
|
57.1
|
|
|
64.5
|
|
|
(7.4
|
)
|
|
(11.5
|
)
|
|
(7.9
|
)
|
|||
Other
|
11.1
|
|
|
15.3
|
|
|
(4.2
|
)
|
|
(27.5
|
)
|
|
(24.8
|
)
|
|||
Total
|
$
|
390.4
|
|
|
$
|
425.9
|
|
|
$
|
(35.5
|
)
|
|
(8.3
|
)%
|
|
(4.9
|
)%
|
|
For the 26 Weeks Ended July 1, 2017
|
|
For the 26 Weeks Ended July 2, 2016
|
|
|
|
|
|
|
||||||||
Growth (Decline)
|
|||||||||||||||||
|
Net Sales
|
|
Net Sales
|
|
Dollars
|
|
Percentage As Reported
|
|
Percentage Constant Currency
|
||||||||
Watches
|
$
|
189.1
|
|
|
$
|
196.6
|
|
|
$
|
(7.5
|
)
|
|
(3.8
|
)%
|
|
(3.9
|
)%
|
Leathers
|
23.1
|
|
|
30.1
|
|
|
(7.0
|
)
|
|
(23.3
|
)
|
|
(23.3
|
)
|
|||
Jewelry
|
3.7
|
|
|
5.4
|
|
|
(1.7
|
)
|
|
(31.5
|
)
|
|
(31.5
|
)
|
|||
Other
|
6.0
|
|
|
6.2
|
|
|
(0.2
|
)
|
|
(3.2
|
)
|
|
(1.6
|
)
|
|||
Total
|
$
|
221.9
|
|
|
$
|
238.3
|
|
|
$
|
(16.4
|
)
|
|
(6.9
|
)%
|
|
(7.0
|
)%
|
|
For the 26 Weeks Ended July 1, 2017
|
|
For the 26 Weeks Ended July 2, 2016
|
|
Growth (Decline)
|
|
Operating Margin %
|
|||||||||||||
|
|
|
Dollars
|
|
Percentage
|
|
2017
|
|
2016
|
|||||||||||
Americas
|
$
|
(140.8
|
)
|
|
$
|
111.9
|
|
|
$
|
(252.7
|
)
|
|
(225.8
|
)%
|
|
(24.9
|
)%
|
|
16.4
|
%
|
Europe
|
(73.2
|
)
|
|
60.2
|
|
|
(133.4
|
)
|
|
(221.6
|
)
|
|
(18.7
|
)
|
|
14.1
|
|
|||
Asia
|
(24.7
|
)
|
|
36.9
|
|
|
(61.6
|
)
|
|
(166.9
|
)
|
|
(11.1
|
)
|
|
15.5
|
|
|||
Corporate
|
(236.3
|
)
|
|
(179.1
|
)
|
|
(57.2
|
)
|
|
31.9
|
|
|
|
|
|
|||||
Total operating income (loss)
|
$
|
(475.0
|
)
|
|
$
|
29.9
|
|
|
$
|
(504.9
|
)
|
|
(1,688.6
|
)%
|
|
(40.3
|
)%
|
|
2.2
|
%
|
Period
|
|
Maximum Ratio
|
Second Amendment Effective Date through and including July 1, 2017
|
|
3.25 to 1.00
|
July 2, 2017 through and including September 30, 2017
|
|
3.50 to 1.00
|
October 1, 2017 through and including March 31, 2018
|
|
3.25 to 1.00
|
April 1, 2018 through and including September 29, 2018
|
|
3.50 to 1.00
|
September 30, 2018 and thereafter
|
|
3.25 to 1.00
|
Functional Currency
|
|
Contract Currency
|
|
|
||||||
Type
|
|
Amount
|
|
Type
|
|
Amount
|
|
Expiring Through
|
||
Euro
|
|
258.2
|
|
|
U.S. dollar
|
|
291.4
|
|
|
May 2019
|
Canadian dollar
|
|
95.0
|
|
|
U.S. dollar
|
|
72.3
|
|
|
June 2019
|
British pound
|
|
44.8
|
|
|
U.S. dollar
|
|
60.8
|
|
|
June 2019
|
Japanese yen
|
|
4,622.3
|
|
|
U.S. dollar
|
|
42.4
|
|
|
June 2019
|
Mexican peso
|
|
366.6
|
|
|
U.S. dollar
|
|
19.2
|
|
|
March 2018
|
Australian dollar
|
|
22.3
|
|
|
U.S. dollar
|
|
17.0
|
|
|
March 2018
|
U.S. dollar
|
|
45.8
|
|
|
Japanese yen
|
|
4,930.0
|
|
|
November 2018
|
Period
|
|
Total
Number
of Shares
Purchased
(1)
|
|
Average
Price
Paid per
Share
|
|
Total Number of Shares
Purchased as Part
of Publicly
Announced Programs
|
|
Approximate Dollar
Value of Shares that
May Yet Be Purchased
Under the Programs
(2)
|
||||||
April 2, 2017 - April 29, 2017
|
|
103
|
|
|
$
|
16.71
|
|
|
—
|
|
|
$
|
824,158,481
|
|
April 30, 2017 - May 27, 2017
|
|
—
|
|
|
—
|
|
|
—
|
|
|
824,158,481
|
|
||
May 28, 2017 - July 1, 2017
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
824,158,481
|
|
Total
|
|
103
|
|
|
|
|
|
—
|
|
|
|
|
Exhibit
Number
|
|
Document Description
|
|
|
|
3.1
|
|
Third Amended and Restated Certificate of Incorporation of Fossil, Inc. (incorporated by reference to Exhibit 3.1 of the Company’s Current Report on Form 8-K filed on May 25, 2010).
|
|
|
|
3.2
|
|
Certificate of Amendment of the Third Amended and Restated Certificate of Incorporation of Fossil, Inc. (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed on May 28, 2013).
|
|
|
|
3.3
|
|
Fifth Amended and Restated Bylaws of Fossil Group, Inc. (incorporated by reference to Exhibit 3.1 of the Company’s Current Report on Form 8-K filed on April 3, 2017).
|
|
|
|
31.1(1)
|
|
Certification of Chief Executive Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934.
|
|
|
|
31.2(1)
|
|
Certification of Chief Financial Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934.
|
|
|
|
32.1(2)
|
|
Certification of Chief Executive Officer pursuant to Rule 13a-14(b) of the Securities Exchange Act of 1934 and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
32.2(2)
|
|
Certification of Chief Financial Officer pursuant to Rule 13a-14(b) of the Securities Exchange Act of 1934 and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
101.INS(1)
|
|
XBRL Instance Document.
|
|
|
|
101.SCH(1)
|
|
XBRL Taxonomy Extension Schema Document.
|
|
|
|
101.DEF(1)
|
|
XBRL Taxonomy Extension Definition Linkbase Document.
|
|
|
|
101.CAL(1)
|
|
XBRL Taxonomy Extension Calculation Linkbase Document.
|
|
|
|
101.LAB(1)
|
|
XBRL Taxonomy Extension Label Linkbase Document.
|
|
|
|
101.PRE(1)
|
|
XBRL Taxonomy Extension Presentation Linkbase Document.
|
|
FOSSIL GROUP, INC
.
|
|
|
August 10, 2017
|
/S/ DENNIS R. SECOR
|
|
Dennis R. Secor
|
|
Executive Vice President, Chief Financial Officer and Treasurer (Principal financial and accounting officer duly authorized to sign on behalf of the Registrant)
|
Exhibit
Number
|
|
Document Description
|
|
|
|
3.1
|
|
Third Amended and Restated Certificate of Incorporation of Fossil, Inc. (incorporated by reference to Exhibit 3.1 of the Company’s Current Report on Form 8-K filed on May 25, 2010).
|
|
|
|
3.2
|
|
Certificate of Amendment of the Third Amended and Restated Certificate of Incorporation of Fossil, Inc. (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed on May 28, 2013).
|
|
|
|
3.3
|
|
Fifth Amended and Restated Bylaws of Fossil Group, Inc. (incorporated by reference to Exhibit 3.1 of the Company’s Current Report on Form 8-K filed on April 3, 2017).
|
|
|
|
31.1(1)
|
|
Certification of Chief Executive Officer Pursuant to Section 302 of Sarbanes-Oxley Act of 2002.
|
|
|
|
31.2(1)
|
|
Certification of Chief Financial Officer Pursuant to Section 302 of Sarbanes-Oxley Act of 2002.
|
|
|
|
32.1(2)
|
|
Certification of Chief Executive Officer Pursuant to Section 18 U.S.C Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
32.2(2)
|
|
Certification of Chief Financial Officer Pursuant to Section 18 U.S.C Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
101.INS(1)
|
|
XBRL Instance Document.
|
|
|
|
101.SCH(1)
|
|
XBRL Taxonomy Extension Schema Document.
|
|
|
|
101.DEF(1)
|
|
XBRL Taxonomy Extension Definition Linkbase Document.
|
|
|
|
101.CAL(1)
|
|
XBRL Taxonomy Extension Calculation Linkbase Document.
|
|
|
|
101.LAB(1)
|
|
XBRL Taxonomy Extension Label Linkbase Document.
|
|
|
|
101.PRE(1)
|
|
XBRL Taxonomy Extension Presentation Linkbase Document.
|
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