Company Quick10K Filing
Fossil Group
Price12.12 EPS-1
Shares50 P/E-14
MCap612 P/FCF-4
Net Debt87 EBIT-2
TEV699 TEV/EBIT-289
TTM 2019-09-28, in MM, except price, ratios
10-Q 2020-04-04 Filed 2020-06-10
10-K 2019-12-28 Filed 2020-02-27
10-Q 2019-09-28 Filed 2019-11-07
10-Q 2019-06-29 Filed 2019-08-08
10-Q 2019-03-30 Filed 2019-05-09
10-K 2018-12-29 Filed 2019-02-21
10-Q 2018-09-29 Filed 2018-11-08
10-Q 2018-06-30 Filed 2018-08-09
10-Q 2018-03-31 Filed 2018-05-10
10-K 2017-12-30 Filed 2018-03-02
10-Q 2017-09-30 Filed 2017-11-09
10-Q 2017-07-01 Filed 2017-08-10
10-Q 2017-04-01 Filed 2017-05-11
10-K 2016-12-31 Filed 2017-03-01
10-Q 2016-10-01 Filed 2016-11-10
10-Q 2016-07-02 Filed 2016-08-11
10-Q 2016-04-02 Filed 2016-05-12
10-K 2016-01-02 Filed 2016-02-29
10-Q 2015-10-03 Filed 2015-11-12
10-Q 2015-07-04 Filed 2015-08-13
10-Q 2015-04-04 Filed 2015-05-07
10-K 2015-01-03 Filed 2015-02-20
10-Q 2014-10-04 Filed 2014-11-13
10-Q 2014-07-05 Filed 2014-08-13
10-Q 2014-04-05 Filed 2014-05-15
10-K 2013-12-28 Filed 2014-02-26
10-Q 2013-09-28 Filed 2013-11-07
10-Q 2013-06-29 Filed 2013-08-08
10-Q 2013-03-30 Filed 2013-05-09
10-K 2012-12-29 Filed 2013-02-27
10-Q 2012-09-29 Filed 2012-11-08
10-Q 2012-06-30 Filed 2012-08-09
10-Q 2012-03-31 Filed 2012-05-10
10-K 2011-12-31 Filed 2012-02-29
10-Q 2011-10-01 Filed 2011-11-10
10-Q 2011-07-02 Filed 2011-08-11
10-Q 2011-04-02 Filed 2011-05-12
10-K 2011-01-01 Filed 2011-03-02
10-Q 2010-10-02 Filed 2010-11-12
10-Q 2010-07-03 Filed 2010-08-12
10-Q 2010-04-03 Filed 2010-05-13
10-K 2010-01-02 Filed 2010-03-03
8-K 2020-07-15 Officers, Exhibits
8-K 2020-06-24
8-K 2020-06-15
8-K 2020-06-05
8-K 2020-06-03
8-K 2020-05-20
8-K 2020-05-12
8-K 2020-04-24
8-K 2020-04-09
8-K 2020-03-25
8-K 2020-03-17
8-K 2020-02-20
8-K 2019-12-27
8-K 2019-11-06
8-K 2019-10-15
8-K 2019-09-26
8-K 2019-09-19
8-K 2019-08-07
8-K 2019-05-22
8-K 2019-05-08
8-K 2019-02-22
8-K 2019-02-13
8-K 2018-11-07
8-K 2018-09-27
8-K 2018-08-07
8-K 2018-05-23
8-K 2018-05-08
8-K 2018-02-13
8-K 2018-01-29

FOSL 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 5. Other Information
Item 6. Exhibits
EX-10.1 a101restrictedstockuni.htm
EX-10.2 a102restrictedstockuni.htm
EX-31.1 fosl-q1442020xex311.htm
EX-31.2 fosl-q1442020xex312.htm
EX-32.1 fosl-q1442020xex321.htm
EX-32.2 fosl-q1442020xex322.htm

Fossil Group Earnings 2020-04-04

Balance SheetIncome StatementCash Flow
2.41.91.41.00.50.02012201420172020
Assets, Equity
1.10.80.50.2-0.1-0.42012201420172020
Rev, G Profit, Net Income
0.30.20.1-0.1-0.2-0.32012201420172020
Ops, Inv, Fin

Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 
__________________________________________________________________ 
FORM 10-Q 
__________________________________________________________________
 
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the quarterly period ended: April 4, 2020
 
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                     to                    
 
Commission file number: 000-19848 
__________________________________________________________________ 
logo2a04.gif
FOSSIL GROUP, INC.
(Exact name of registrant as specified in its charter)
 __________________________________________________________________
Delaware
 
75-2018505
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer
Identification No.)
 
 
 
 
 
901 S. Central Expressway,
Richardson,
Texas
 
75080
(Address of principal executive offices)
 
(Zip Code)
(972) 234-2525
(Registrant’s telephone number, including area code) 
__________________________________________________________________ 
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Ticker Symbol
 
Name of each exchange on which registered
Common Stock, par value $0.01 per share
 
FOSL
 
The Nasdaq Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  No 
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  No 
 




Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act (check one):
Large accelerated filer

 
Accelerated filer

 
 
 
 
 
Non-accelerated filer
 
Smaller reporting company
Emerging growth company
 
 
 
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No 

The number of shares of the registrant’s common stock outstanding as of June 1, 2020: 51,286,802




FOSSIL GROUP, INC.
FORM 10-Q
FOR THE FISCAL QUARTER ENDED APRIL 4, 2020
INDEX
 
 
Page
 
 
 
 
 
 
 
 
 




EXPLANATORY NOTE

As previously disclosed in the Current Report on Form 8-K filed by Fossil Group, Inc. (the “Company”) on May 12, 2020, the Company delayed the filing of this Quarterly Report on Form 10-Q (the "Quarterly Report") due to circumstances related to the COVID-19 pandemic and in reliance on the U.S. Securities and Exchange Commission’s order under Section 36 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and certain rules thereunder (Release No. 34-88465). The Order allows a registrant up to an additional 45 days after the original due date of certain reports required to be filed with the SEC if a registrant’s ability to file such report timely is affected due to COVID-19.

The Company’s operations and business have experienced significant disruptions due to the rapidly evolving and unprecedented conditions surrounding the COVID-19 pandemic. These disruptions include, but are not limited to, the temporary closure of our headquarters in Richardson, Texas and certain regional offices globally and the limited availability of key Company personnel who are needed to prepare the Quarterly Report due in part to suggested and mandated “stay-at-home” orders. Additionally, the Company’s management team has had to spend significant time addressing the pressing business and operational issues resulting from the COVID-19 pandemic. These restrictions impacted the Company’s ability to complete its internal quarterly review, including an evaluation of the various impacts of COVID-19 on the Company’s financial statements, and to prepare and complete the Quarterly Report in a timely manner.





PART I—FINANCIAL INFORMATION

Item 1. Financial Statements
FOSSIL GROUP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
UNAUDITED
IN THOUSANDS
 
April 4, 2020
 
December 28, 2019
Assets
 

 
 

Current assets:
 

 
 

Cash and cash equivalents
$
245,427

 
$
200,218

Accounts receivable - net of allowances for doubtful accounts of $15,283 and $13,234, respectively
153,397

 
289,744

Inventories
439,707

 
452,278

Prepaid expenses and other current assets
128,607

 
117,218

Total current assets
967,138

 
1,059,458

Property, plant and equipment - net of accumulated depreciation of $456,174 and $464,913, respectively
138,689

 
151,500

Operating lease right-of-use assets
269,090

 
288,166

Intangible and other assets-net
157,669

 
105,608

Total long-term assets
565,448

 
545,274

Total assets
$
1,532,586

 
$
1,604,732

Liabilities and Stockholders’ Equity
 

 
 

Current liabilities:
 

 
 

Accounts payable
$
132,730

 
$
172,191

Short-term and current portion of long-term debt
21,077

 
26,228

Accrued expenses:
 

 
 

Current operating lease liabilities
70,839

 
68,838

Compensation
40,391

 
51,573

Royalties
37,578

 
28,427

Customer liabilities
65,310

 
80,803

Transaction taxes
9,276

 
25,683

Other
67,673

 
76,209

Income taxes payable
18,355

 
29,228

Total current liabilities
463,229

 
559,180

Long-term income taxes payable
31,756

 
31,284

Deferred income tax liabilities
2,057

 
2,097

Long-term debt
298,481

 
178,796

Long-term operating lease liabilities
281,097

 
288,689

Other long-term liabilities
39,593

 
40,845

Total long-term liabilities
652,984

 
541,711

Commitments and contingencies (Note 13)


 


Stockholders’ equity:
 

 
 

Common stock, 50,583 and 50,516 shares issued and outstanding at April 4, 2020 and December 28, 2019, respectively
506

 
505

Additional paid-in capital
286,297

 
283,371

Retained earnings
214,212

 
299,793

Accumulated other comprehensive income (loss)
(85,566
)
 
(80,615
)
Total Fossil Group, Inc. stockholders’ equity
415,449

 
503,054

Noncontrolling interests
924

 
787

Total stockholders’ equity
416,373

 
503,841

Total liabilities and stockholders’ equity
$
1,532,586

 
$
1,604,732

 
See notes to the unaudited condensed consolidated financial statements.

5



FOSSIL GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS)
UNAUDITED
IN THOUSANDS, EXCEPT PER SHARE DATA
 
 
For the 14 Weeks Ended April 4, 2020
 
For the 13 Weeks Ended March 30, 2019
Net sales
$
390,718

 
$
465,268

Cost of sales
250,358

 
217,341

Gross profit
140,360

 
247,927

Operating expenses:
 

 
 

Selling, general and administrative expenses
262,862

 
257,684

Trade name impairments
2,464

 

Restructuring charges
9,375

 
10,187

Total operating expenses
274,701

 
267,871

Operating income (loss)
(134,341
)
 
(19,944
)
Interest expense
7,464

 
8,122

Other income (expense) - net
(7,290
)
 
25,912

Income (loss) before income taxes
(149,095
)
 
(2,154
)
Provision for income taxes
(63,651
)
 
9,608

Net income (loss)
(85,444
)
 
(11,762
)
Less: Net income attributable to noncontrolling interests
137

 
480

Net income (loss) attributable to Fossil Group, Inc.
$
(85,581
)
 
$
(12,242
)
Other comprehensive income (loss), net of taxes:
 

 
 

Currency translation adjustment
$
(11,193
)
 
$
(2,490
)
Cash flow hedges - net change
6,242

 
(1,009
)
Total other comprehensive income (loss)
(4,951
)
 
(3,499
)
Total comprehensive income (loss)
(90,395
)
 
(15,261
)
Less: Comprehensive income attributable to noncontrolling interests
137

 
480

Comprehensive income (loss) attributable to Fossil Group, Inc.
$
(90,532
)
 
$
(15,741
)
Earnings (loss) per share:
 

 
 

Basic
$
(1.69
)
 
$
(0.25
)
Diluted
$
(1.69
)
 
$
(0.25
)
Weighted average common shares outstanding:
 

 
 

Basic
50,566

 
49,618

Diluted
50,566

 
49,618

 
See notes to the unaudited condensed consolidated financial statements.

6



FOSSIL GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
UNAUDITED
IN THOUSANDS

For the 14 Weeks Ended April 4, 2020
 
Common stock
 
Additional
paid-in
capital
 
Treasury
stock
 
Retained
earnings
 
Accumulated
other
comprehensive
income
(loss)
 
Stockholders'
equity
attributable
to Fossil
Group, Inc.
 
Noncontrolling interest
 
Total stockholders' equity
Shares
 
Par
value
Balance, December 28, 2019
50,516

 
$
505

 
$
283,371

 
$

 
$
299,793

 
$
(80,615
)
 
$
503,054

 
$
787

 
$
503,841

Common stock issued upon exercise of stock options, stock appreciation rights and restricted stock units
91

 
1

 
(1
)
 

 

 

 

 

 

Acquisition of common stock for employee tax withholding

 

 

 
(176
)
 

 

 
(176
)
 

 
(176
)
Retirement of common stock
(24
)
 

 
(176
)
 
176

 

 

 

 

 

Stock-based compensation

 

 
3,103

 

 

 

 
3,103

 

 
3,103

Net income (loss)

 

 

 

 
(85,581
)
 

 
(85,581
)
 
137

 
(85,444
)
Other comprehensive income (loss)

 

 

 

 

 
(4,951
)
 
(4,951
)
 

 
(4,951
)
Balance, April 4, 2020
50,583

 
506

 
286,297

 

 
214,212

 
(85,566
)
 
415,449

 
924

 
416,373


For the 13 Weeks Ended March 30, 2019
 
Common stock
 
Additional
paid-in
capital
 
Treasury
stock
 
Retained
earnings
 
Accumulated
other
comprehensive
income
(loss)
 
Stockholders'
equity
attributable
to Fossil
Group, Inc.
 
Noncontrolling interest
 
Total stockholders' equity
Shares
 
Par
value
Balance, December 29, 2018
49,518

 
$
495

 
$
268,113

 
$

 
$
381,626

 
$
(64,691
)
 
$
585,543

 
$
3,088

 
$
588,631

Common stock issued upon exercise of stock options, stock appreciation rights and restricted stock units
349

 
4

 
166

 

 

 

 
170

 

 
170

Acquisition of common stock for employee tax withholding

 

 

 
(1,515
)
 

 

 
(1,515
)
 

 
(1,515
)
Retirement of common stock
(95
)
 
(1
)
 
(1,514
)
 
1,515

 

 

 

 

 

Stock-based compensation

 

 
6,669

 

 

 

 
6,669

 

 
6,669

Net income (loss)

 

 

 

 
(12,242
)
 

 
(12,242
)
 
480

 
(11,762
)
Other comprehensive income (loss)

 

 

 

 

 
(3,499
)
 
(3,499
)
 

 
(3,499
)
Adoption of Accounting Standards Update ("ASU") 2016-02

 

 

 

 
(29,468
)
 

 
(29,468
)
 

 
(29,468
)
Balance, March 30, 2019
49,772

 
$
498

 
$
273,434

 
$

 
$
339,916

 
$
(68,190
)
 
$
545,658

 
$
3,568

 
$
549,226

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
See notes to the unaudited condensed consolidated financial statements.


7



FOSSIL GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
UNAUDITED
IN THOUSANDS
 
For the 14 Weeks Ended April 4, 2020
 
For the 13 Weeks Ended March 30, 2019
Operating Activities:
 

 
 

Net Income (loss)
$
(85,444
)
 
$
(11,762
)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
 

 
 

Depreciation, amortization and accretion
12,187

 
14,439

Non-cash lease expense
29,061

 
31,136

Stock-based compensation
3,103

 
4,386

Decrease in allowance for returns and markdowns
(4,092
)
 
(9,293
)
Property, plant and equipment and other long-lived asset impairment losses
16,970

 
880

Trade name impairment losses
2,464

 

Non-cash restructuring charges
684

 
4,236

Bad debt expense
4,442

 
994

Other non-cash items
(532
)
 
1,801

Gain on asset divestitures

 
(23,134
)
Changes in operating assets and liabilities:
 

 
 

Accounts receivable
117,967

 
128,819

Inventories
(3,701
)
 
(7,238
)
Prepaid expenses and other current assets
(10,443
)
 
(9,738
)
Accounts payable
(37,393
)
 
(49,651
)
Accrued expenses
(50,888
)
 
(69,239
)
Income taxes
(71,524
)
 
981

Net cash (used in) provided by operating activities
(77,139
)
 
7,617

Investing Activities:
 

 
 

Additions to property, plant and equipment
(2,852
)
 
(6,571
)
Increase in intangible and other assets
(387
)
 
(907
)
Proceeds from the sale of property, plant and equipment
76

 
1,164

Proceeds from asset divestitures

 
41,570

Net cash (used in) provided by investing activities
(3,163
)
 
35,256

Financing Activities:
 

 
 

Acquisition of common stock for employee tax withholdings
(176
)
 
(1,515
)
Debt borrowings
291,179

 
1,825

Debt payments
(170,570
)
 
(171,871
)
Payment for shares of Fossil Accessories South Africa Pty. Ltd.

 
(947
)
Debt issuance costs and other
(8,100
)
 
124

Net cash provided by (used in) financing activities
112,333

 
(172,384
)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash
12,477

 
(2,276
)
Net increase (decrease) in cash, cash equivalents, and restricted cash
44,508

 
(131,787
)
Cash, cash equivalents, and restricted cash:
 

 
 

Beginning of period
207,749

 
410,883

End of period
$
252,257

 
$
279,096


See notes to the unaudited condensed consolidated financial statements.

8



FOSSIL GROUP, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
UNAUDITED
 
1. FINANCIAL STATEMENT POLICIES
Basis of Presentation. The condensed consolidated financial statements include the accounts of Fossil Group, Inc., a Delaware corporation, and its wholly and majority-owned subsidiaries (the “Company”).
The Company’s fiscal year periodically results in a 53-week year instead of a normal 52-week year. The current fiscal year ending January 2, 2021 is a 53-week year, with the additional week being included in the first quarter. Accordingly, the information presented herein includes fourteen weeks of operations for the quarter ended April 4, 2020 (“First Quarter”) as compared to thirteen weeks included in the quarter ended March 30, 2019 (“Prior Year Quarter”). The condensed consolidated financial statements reflect all adjustments that are, in the opinion of management, necessary to present a fair statement of the Company’s financial position as of April 4, 2020, and the results of operations for the First Quarter and Prior Year Quarter. All adjustments are of a normal, recurring nature.
These interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto included in the Annual Report on Form 10-K filed by the Company pursuant to the Securities Exchange Act of 1934, as amended (the “Exchange Act”), for the fiscal year ended December 28, 2019 (the “2019 Form 10-K”). Operating results for the First Quarter are not necessarily indicative of the results to be achieved for the full fiscal year.
The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), which require the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the periods reported. Actual results could differ from those estimates. The Company has not made any changes in its significant accounting policies from those disclosed in the 2019 Form 10-K.
Business. The Company is a global design, marketing and distribution company that specializes in consumer fashion accessories. Its principal offerings include an extensive line of men's and women's fashion watches and jewelry, handbags, small leather goods, belts and sunglasses. In the watch and jewelry product categories, the Company has a diverse portfolio of globally recognized owned and licensed brand names under which its products are marketed. The Company's products are distributed globally through various distribution channels, including wholesale in countries where it has a physical presence, direct to the consumer through its retail stores and commercial websites and through third-party distributors in countries where the Company does not maintain a physical presence. The Company's products are offered at varying price points to meet the needs of its customers, whether they are value-conscious or luxury oriented. Based on its extensive range of accessory products, brands, distribution channels and price points, the Company is able to target style-conscious consumers across a wide age spectrum on a global basis.
Going Concern Assessment and Management's Plans. In March 2020, a novel strain of coronavirus ("COVID-19") was declared a global pandemic by the World Health Organization. The Company's business operations and financial performance for the First Quarter were materially impacted by COVID-19. This pandemic has negatively affected the global economies, disrupted global supply chains and financial markets, and led to significant travel and transportation restrictions, including mandatory closures of non-essential businesses and orders to “shelter-in-place.” During this period, the Company is focused on protecting the health and safety of its employees, customers and suppliers to minimize potential disruptions and supporting the community to address challenges posed by the global pandemic. By the end of the First Quarter, the majority of the Company's stores and many of its customers' stores were closed. As of the date of this filing, certain regional and local governments have lifted or modified restrictions and orders. 
The Company's Term Loan Facility (as defined in "Note 15–Debt Activity") contains certain affirmative and negative covenants.  The Company has entered into a new amendment to its Term Loan Facility to amend, among other things, certain of these financial covenants as a result of the impact of COVID-19. Refer to “Note 15–Debt Activity" for additional details on the Term Loan Facility. The Company is currently in compliance with its covenants. However, due to the uncertainty related to the duration of COVID-19, the Company could experience material further decreases to revenues and cash flows and may experience difficulty in remaining in compliance with financial covenants under the Term Loan Facility, as amended.
The Company has taken certain actions, and plans to take further actions, to address the decrease in revenues and cash flow as a result of COVID-19 in order to maintain liquidity and in order to remain in compliance with financial covenants. The Company has implemented a number of cost saving measures, including store closures and spending reductions. Specifically,

9



effective March 30, 2020, the Company implemented base salary reductions for a substantial number of the Company's global employees, including each of its executive officers. Further, the cash fees for all non-employee directors serving on the Company's Board of Directors were deferred for the First Quarter until the end of 2020 and the cash fees were reduced by twenty percent for the second quarter of fiscal year 2020. The Company has also implemented weekly work hour reductions (e.g., from 40 hours to 32 or 24 hours) and work-reduction furloughs for certain other employees. The Company has entered into agreements, or is in discussions with, most of its retail and corporate office landlords to modify rent payments, receive other concessions or otherwise reduce its operating costs for these locations.  The Company has also extended the payment terms with a number of its vendors and suppliers globally and has agreements, or is in discussions with, licensors of certain third party trademarks to reduce its royalty obligations in fiscal 2020.  In addition, the Company plans to reduce marketing and capital spending, eliminate all non-business critical spending and continue implementing additional restructuring activities under NWF 2.0 as discussed in "Note 16–Restructuring." 

The Company believes its cost reduction plans are probable of being successfully implemented, which will result in adequate cash flows to support its ongoing operations and to meet its covenant requirements for one year following the date these financial statements are issued. The accompanying consolidated financial statements are prepared in accordance with generally accepted accounting principles applicable to a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business.

Operating Expenses. Operating expenses include selling, general and administrative expenses (“SG&A”), trade name impairments and restructuring charges. SG&A expenses include selling and distribution expenses primarily consisting of sales and distribution labor costs, sales distribution center and warehouse facility costs, depreciation expense related to sales distribution and warehouse facilities, the four-wall operating costs of the Company’s retail stores, point-of-sale expenses, advertising expenses and art, design and product development labor costs. SG&A also includes general and administrative expenses primarily consisting of administrative support labor and “back office” or support costs such as treasury, legal, information services, accounting, internal audit, human resources, executive management costs and costs associated with stock-based compensation. Restructuring charges include costs to reorganize, refine and optimize the Company’s infrastructure as well as store closure expenses.
Earnings (Loss) Per Share (“EPS”). Basic EPS is based on the weighted average number of common shares outstanding during each period. Diluted EPS adjusts basic EPS for the effects of dilutive common stock equivalents outstanding during each period using the treasury stock method.
The following table reconciles the numerators and denominators used in the computations of both basic and diluted EPS (in thousands, except per share data):
 
For the 14 Weeks Ended April 4, 2020
 
For the 13 Weeks Ended March 30, 2019
Numerator:
 

 
 

Net income (loss) attributable to Fossil Group, Inc.
$
(85,581
)
 
$
(12,242
)
Denominator:
 
 
 

Basic EPS computation:
 
 
 

Basic weighted average common shares outstanding
50,566

 
49,618

Basic EPS
$
(1.69
)
 
$
(0.25
)
Diluted EPS computation:
 
 
 

Basic weighted average common shares outstanding
50,566

 
49,618

Diluted weighted average common shares outstanding
50,566

 
49,618

Diluted EPS
$
(1.69
)
 
$
(0.25
)

At the end of the First Quarter, approximately 2.6 million weighted average shares issuable under stock-based awards were not included in the diluted EPS calculation because they were antidilutive. The total antidilutive weighted average shares included approximately 0.3 million weighted average performance-based shares at the end of the First Quarter.
At the end of the Prior Year Quarter, approximately 4.4 million weighted average shares issuable under stock-based awards were not included in the diluted EPS calculation because they were antidilutive. The total antidilutive weighted average shares included 1.1 million weighted average performance-based shares at the end of the Prior Year Quarter.

10



Cash, Cash Equivalents and Restricted Cash. The following table provides a reconciliation of the cash, cash equivalents, and restricted cash balances as of April 4, 2020 and March 30, 2019 that are presented in the condensed consolidated statement of cash flows (in thousands):
 
April 4, 2020
 
March 30, 2019
Cash and cash equivalents
$
245,427

 
$
271,442

Restricted cash included in prepaid expenses and other current assets
26

 
31

Restricted cash included in intangible and other assets-net
6,804

 
7,623

Cash, cash equivalents and restricted cash
$
252,257

 
$
279,096



Recently Issued Accounting Standards
In December 2019, the Financial Accounting Standards Board ("FASB") issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes ("ASU 2019-12"). ASU 2019-12 simplifies the accounting for income taxes by removing certain exceptions to general principles in Income Taxes (Topic 740). It also clarifies and amends existing guidance to improve consistent application. The guidance is effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. The Company does not expect this standard to have a material impact on the Company's consolidated results of operations or financial position.

Recently Adopted Accounting Standards
In August 2018, the FASB issued ASU 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40) ("ASU 2018-15"). ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The Company adopted ASU 2018-15 at the beginning of the First Quarter, and it did not have a material effect on the condensed consolidated financial statements.
In August 2018, the FASB issued ASU 2018-14, Compensation-Retirement Benefits-Defined Benefit Plans-General (Subtopic 715-20): Disclosure Framework-Changes to the Disclosure Requirements for Defined Benefit Plans ("ASU 2018-14"). ASU 2018-14 removes certain disclosures that are not considered cost beneficial, clarifies certain required disclosures and adds additional disclosures. The Company adopted ASU 2018-14 at the beginning of the First Quarter, and it did not have a material effect on the condensed consolidated financial statements.
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 ("ASU 2018-13"). ASU 2018-13 (i) eliminates certain disclosure requirements related to the fair value hierarchy, (ii) adds new disclosure requirements related to the changes in unrealized gains and losses for recurring Level 3 fair value measurements and the range and weighted average of significant observable inputs used to develop Level 3 fair value measurements and (iii) modifies certain disclosure requirements related to measurement uncertainty for fair value measurements. The Company adopted ASU 2018-13 at the beginning of the First Quarter, and it did not have a material effect on the condensed consolidated financial statements.
In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"). ASU 2016-13 modifies the measurement of expected credit losses of certain financial instruments, including trade receivables. The estimate of expected credit losses will require the consideration of historical information, current information and reasonable and supportable forecasts. The Company adopted ASU 2016-13 at the beginning of the First Quarter on a prospective basis, and it did not have a material effect on the condensed consolidated financial statements.
2. REVENUE
Disaggregation of Revenue. The Company's revenue disaggregated by major product category and timing of revenue recognition was as follows (in thousands):

11



 
For the 14 Weeks Ended April 4, 2020
 
Americas
 
Europe
 
Asia
 
Corporate
 
Total
Product type
 
 
 
 
 
 
 
 
 
Watches
$
119,274

 
$
97,898

 
$
92,742

 
$
11

 
$
309,925

Leathers
27,989

 
9,431

 
9,887

 

 
47,307

Jewelry
4,024

 
17,507

 
1,686

 

 
23,217

Other
1,629

 
3,414

 
1,872

 
3,354

 
10,269

Consolidated
$
152,916

 
$
128,250

 
$
106,187

 
$
3,365

 
$
390,718

 
 
 
 
 
 
 
 
 
 
Timing of revenue recognition
 
 
 
 
 
 
 
 
 
Revenue recognized at a point in time
$
152,285

 
$
127,920

 
$
105,988

 
$
1,492

 
$
387,685

Revenue recognized over time
631

 
330

 
199

 
1,873

 
3,033

Consolidated
$
152,916

 
$
128,250

 
$
106,187

 
$
3,365

 
$
390,718


 
For the 13 Weeks Ended March 30, 2019
 
Americas
 
Europe
 
Asia
 
Corporate
 
Total
Product type
 
 
 
 
 
 
 
 
 
Watches
$
148,316

 
$
116,253

 
$
101,606

 
$
3

 
$
366,178

Leathers
30,752

 
11,358

 
11,795

 

 
53,905

Jewelry
9,176

 
20,750

 
1,234

 

 
31,160

Other
2,125

 
4,916

 
2,265

 
4,719

 
14,025

Consolidated
$
190,369

 
$
153,277

 
$
116,900

 
$
4,722

 
$
465,268

 
 
 
 
 
 
 
 
 
 
Timing of revenue recognition
 
 
 
 
 
 
 
 
 
Revenue recognized at a point in time
$
189,701

 
$
152,916

 
$
116,708

 
$
1,172

 
$
460,497

Revenue recognized over time
668

 
361

 
192

 
3,550

 
4,771

Consolidated
$
190,369

 
$
153,277

 
$
116,900

 
$
4,722

 
$
465,268

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Contract Balances. As of April 4, 2020, the Company had no material contract assets on the Company's condensed consolidated balance sheets and no deferred contract costs. The Company had contract liabilities of (i) $13.3 million and $13.4 million as of April 4, 2020 and December 28, 2019, respectively, related to remaining performance obligations on licensing income, (ii) $4.7 million and $5.3 million as of April 4, 2020 and December 28, 2019, respectively, primarily related to remaining performance obligations on wearable technology products and (iii) $3.2 million and $3.3 million as of April 4, 2020 and December 28, 2019, respectively, related to gift cards issued.

3. INVENTORIES
Inventories consisted of the following (in thousands):
 
April 4, 2020
 
December 28, 2019
Components and parts
$
25,720

 
$
35,626

Work-in-process
13,198

 
11,034

Finished goods
400,789

 
405,618

Inventories
$
439,707

 
$
452,278




12



4. WARRANTY LIABILITIES
The Company’s warranty liability is recorded in accrued expenses-other in the Company’s condensed consolidated balance sheets. Warranty liability activity consisted of the following (in thousands):
 
For the 14 Weeks Ended April 4, 2020
 
For the 13 Weeks Ended March 30, 2019
Beginning balance
$
23,095

 
$
22,807

Settlements in cash or kind
(3,666
)
 
(4,125
)
Warranties issued and adjustments to preexisting warranties (1)
2,868

 
3,384

Ending balance
$
22,297

 
$
22,066

_______________________________________________
(1) Changes in cost estimates related to preexisting warranties are aggregated with accruals for new standard warranties issued and foreign currency changes.
 
5. INCOME TAXES
The Company’s income tax (benefit) expense and related effective rates were as follows (in thousands, except percentage data):
 
For the 14 Weeks Ended April 4, 2020
 
For the 13 Weeks Ended March 30, 2019
Income tax (benefit) expense
$
(63,651
)
 
$
9,608

Effective tax rate
42.7
%
 
(446.1
)%

For the First Quarter, the Company computed its effective tax rate using actual year-to-date information rather than a full year forecast to compute the annual effective tax rate. Estimating a reliable or meaningful annual effective tax rate for fiscal year 2020 was not possible due to the range of potential impacts and resulting uncertainties related to the global COVID-19 pandemic. Accordingly, the Company concluded that computing its effective tax rate using actual year-to-date results is the best estimate of tax expense (benefit) for the First Quarter.
The tax rate in the First Quarter was favorable as compared to the Prior Year Quarter primarily due to changes enacted in the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act"), which was signed into law on March 27, 2020. The CARES Act included many beneficial income tax provisions including utilization of net operating losses ("NOLs"), temporary changes to the limitation on interest deductions, and technical corrections to tax depreciation for qualified improvement property. The Tax Cuts and Jobs Act had eliminated the option for most taxpayers to carryback a NOL after 2017. A NOL could only be carried forward and was limited to 80% of taxable income. The CARES Act now allows U.S. taxpayers to carryback a NOL arising in tax years 2018, 2019 and 2020 to prior years when the statutory tax rate was 35%.
For the First Quarter, the Company recognized a $61 million U.S. tax benefit primarily due to the favorable five year NOL carryback provisions under the CARES Act that will allow the 2020 tax loss to be carried back to prior years. The remaining benefit was due to foreign return to provision adjustments and foreign NOL carryforwards. The effective tax rate can vary from quarter to quarter due to changes in the Company's global mix of earnings, impacts of COVID-19, the resolution of income tax audits and changes in tax law.
The Prior Year Quarter effective tax rate was negative since income tax expense was accrued on certain foreign entities with positive taxable income and because no benefit was recognized for losses in the U.S. and certain other foreign jurisdictions. Due to Global Intangible Low-Taxed Income ("GILTI") provision of the Tax Cuts and Jobs Act, certain foreign income is included in U.S. taxable income effectively absorbing the U.S. NOLs, eliminating the availability of any future tax benefit or loss carryback.
As of April 4, 2020, the Company's total amount of unrecognized tax benefits, excluding interest and penalties, was $35.0 million, of which $29.3 million would favorably impact the effective tax rate in future periods, if recognized. The Company is subject to examinations in various state and foreign jurisdictions for its 2011-2018 tax years, none of which the Company believes are significant, individually or in the aggregate. Tax audit outcomes and timing of tax audit settlements are subject to significant uncertainty.

13



The Company has classified uncertain tax positions as long-term income taxes payable, unless such amounts are expected to be settled within twelve months of the condensed consolidated balance sheet date. As of April 4, 2020, the Company had recorded $11.0 million of unrecognized tax benefits, excluding interest and penalties, for positions that are expected to be settled within the next twelve months. Consistent with its past practice, the Company recognizes interest and/or penalties related to income tax overpayments and income tax underpayments in income tax expense and income taxes receivable/payable. At April 4, 2020, the total amount of accrued income tax-related interest and penalties included in the condensed consolidated balance sheets was $5.2 million and $1.0 million, respectively. For the First Quarter, the Company accrued income tax related interest expense of $0.4 million.

6. STOCKHOLDERS’ EQUITY
Common and Preferred Stock. The Company has 100,000,000 shares of common stock, par value $0.01 per share, authorized, with 50,583,045 and 50,516,477 shares issued and outstanding at April 4, 2020 and December 28, 2019, respectively. The Company has 1,000,000 shares of preferred stock, par value $0.01 per share, authorized, with none issued or outstanding at April 4, 2020 or December 28, 2019. Rights, preferences and other terms of preferred stock will be determined by the Board of Directors at the time of issuance.
Common Stock Repurchase Programs. At April 4, 2020 and December 28, 2019, all treasury stock had been effectively retired. As of April 4, 2020, the Company had $30.0 million of repurchase authorizations remaining under its repurchase program. The Company did not repurchase any common stock under its authorized stock repurchase plans during the First Quarter or Prior Year Quarter.
7. EMPLOYEE BENEFIT PLANS
Stock-Based Compensation Plans. The following table summarizes stock options and stock appreciation rights activity during the First Quarter:
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 December 28, 2019
 
509

 
$
76.13

 
2.5
 
$

Granted
 

 

 
 
 
 
Exercised