0001558370-20-014315 | 10-Q | XBRL Viewer | G III Apparel Group LTD DE

Allowance for Doubtful Accounts (Accounts Receivable and Allowance for Doubtful Accounts) (Details) - USD ($) $ in Thousands	Oct. 31, 2020	Jan. 31, 2020
Segment Reporting Information [Line Items]
Accounts receivable, gross	$ 736,449
Allowance for doubtful accounts	(15,474)	$ (710)
Accounts receivable, net	720,975
Wholesale
Segment Reporting Information [Line Items]
Accounts receivable, gross	734,481
Allowance for doubtful accounts	(15,437)	(628)
Accounts receivable, net	719,044
Retail [Member]
Segment Reporting Information [Line Items]
Accounts receivable, gross	1,968
Allowance for doubtful accounts	(37)	$ (82)
Accounts receivable, net	$ 1,931

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Oct. 31, 2020	Jan. 31, 2020	Oct. 31, 2019
Current assets
Cash and cash equivalents	$ 149,745	$ 197,372	$ 55,801
Accounts receivable, net of allowance for doubtful accounts of $15.5 million, $0.9 million and $0.7 million, respectively	720,975	530,137	899,029
Inventories	461,769	551,918	650,633
Prepaid income taxes	2,043	8,566	2,942
Prepaid expenses and other current assets	37,274	80,695	77,328
Total current assets	1,371,806	1,368,688	1,685,733
Investments in unconsolidated affiliates	62,177	61,987	62,231
Property and equipment, net	60,973	76,023	90,830
Operating lease assets	181,187	270,032	293,819
Other assets, net	36,722	32,629	34,389
Other intangibles, net	35,669	38,363	39,297
Deferred income tax assets, net	18,136	18,135	25,135
Trademarks	441,062	438,658	437,247
Goodwill	261,684	260,622	259,926
Total assets	2,469,416	2,565,137	2,928,607
Current liabilities
Current portion of notes payable	4,083	673	655
Accounts payable	157,654	204,786	215,217
Accrued expenses	125,675	101,838	137,402
Customer refund liabilities	120,395	233,418	260,040
Current operating lease liabilities	65,554	63,166	66,850
Income tax payable	8,702	8,468	32,029
Other current liabilities	21	1,611	1,056
Total current liabilities	482,084	613,960	713,249
Notes payable, net of discount and unamortized issuance costs	504,328	396,794	674,741
Deferred income tax liabilities, net	8,313	7,952	14,300
Noncurrent operating lease liabilities	157,983	249,040	260,010
Other noncurrent liabilities	6,441	6,719	6,005
Total liabilities	1,159,149	1,274,465	1,668,305
Stockholders' Equity
Preferred stock; 1,000 shares authorized; no shares issued
Common stock - $0.01 par value; 120,000 shares authorized; 49,396, 49,395 and, 49,396 shares issued, respectively	264	264	264
Additional paid-in capital	446,662	452,142	457,278
Accumulated other comprehensive loss	(11,194)	(18,008)	(23,060)
Retained earnings	902,041	893,138	867,850
Common stock held in treasury, at cost - 1,037, 1,570 and 1,386 shares, respectively	(27,506)	(36,864)	(42,030)
Total stockholders' equity	1,310,267	1,290,672	1,260,302
Total liabilities and stockholders' equity	$ 2,469,416	$ 2,565,137	$ 2,928,607

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Retained Earnings Cumulative Effect, Period of Adoption, Adjustment	Retained Earnings	Common Stock Held in Treasury	Cumulative Effect, Period of Adoption, Adjustment	Total
Balance at beginning of period at Jan. 31, 2019	$ 264	$ 464,112	$ (15,194)		$ 758,881	$ (19,054)		$ 1,189,009
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity awards exercised/vested, net		(12,124)				12,240		116
Share-based compensation expense		13,657						13,657
Taxes paid for net share settlements		(8,367)						(8,367)
Other comprehensive loss, net			(7,866)					(7,866)
Repurchases of common stock						(35,216)		(35,216)
Net income (loss)					118,549			118,549
Balance at end of period (ASC 842) at Oct. 31, 2019				$ (9,580)			$ (9,580)
Balance at end of period at Oct. 31, 2019	264	457,278	(23,060)		867,850	(42,030)		1,260,302
Balance at beginning of period at Jul. 31, 2019	264	456,195	(16,848)		772,463	(44,254)		1,167,820
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity awards exercised/vested, net		(2,224)				2,224
Share-based compensation expense		4,308						4,308
Taxes paid for net share settlements		(1,001)						(1,001)
Other comprehensive loss, net			(6,212)					(6,212)
Net income (loss)					95,387			95,387
Balance at end of period (ASC 842) at Oct. 31, 2019				$ (9,580)			$ (9,580)
Balance at end of period at Oct. 31, 2019	264	457,278	(23,060)		867,850	(42,030)		1,260,302
Balance at beginning of period at Jan. 31, 2020	264	452,142	(18,008)		893,138	(36,864)		1,290,672
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity awards exercised/vested, net		(9,178)				9,358		180
Share-based compensation expense		4,015						4,015
Taxes paid for net share settlements		(317)						(317)
Other comprehensive loss, net			6,814					6,814
Net income (loss)					8,903			8,903
Balance at end of period at Oct. 31, 2020	264	446,662	(11,194)		902,041	(27,506)		1,310,267
Balance at beginning of period at Jul. 31, 2020	264	444,384	(18,260)		838,867	(27,506)		1,237,749
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation expense		2,278						2,278
Other comprehensive loss, net			7,066					7,066
Net income (loss)					63,174			63,174
Balance at end of period at Oct. 31, 2020	$ 264	$ 446,662	$ (11,194)		$ 902,041	$ (27,506)		$ 1,310,267

- Definition

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

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+ Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

+ Details

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References + Details

Revenue Recognition - Textuals (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Oct. 31, 2020	Oct. 31, 2020	Jan. 31, 2020	Oct. 31, 2019
Revenue Recognition [Abstract]
Contract liability	$ 4,100	$ 4,100	$ 5,900	$ 5,400
Revenue recognized related to contract liabilities	2,100	4,300
Contract assets	$ 0	$ 0	$ 0	$ 0

Retail Restructuring

9 Months Ended

Oct. 31, 2020

Retail Restructuring [Abstract]

Retail Restructuring

Note 2 – Retail Restructuring

In June 2020, the Company announced the restructuring of its retail operations segment including the closing of all Wilsons Leather and G.H. Bass stores. Additionally, the Company is also closing its Calvin Klein Performance stores. In connection with the restructuring of the retail operations segment, the Company expects to incur an aggregate charge of approximately $100 million related to store operating costs, landlord termination fees, severance costs, store liquidation and closing costs, write-offs related to right-of-use assets and legal and professional fees. The Company expects the net cash outflow from the retail restructuring to be approximately $65 million.

As a result of the restructuring of the Company’s retail operations, the Company recorded an aggregate charge of $2.2 million during the nine months ended October 31, 2020. The charge consisted primarily of severance payments, benefit continuation costs and store closing costs. Restructuring charges are recorded within selling, general and administrative expenses in the Company’s condensed consolidated statements of income and comprehensive income. The following is a reconciliation of the accrual for the quarter ended October 31, 2020:



	Severance and Benefit Costs		Store Closing Costs		Total

	(In thousands)
Balance at April 30, 2020	$	—	$	—	$	—
Amounts charged to expense		480		792		1,272
Cash payments		(26)		—		(26)
Balance at July 31, 2020	$	454	$	792	$	1,246
Amounts charged to expense		892		—		892
Cash payments		(328)		(277)		(605)
Balance at October 31, 2020	$	1,018	$	515	$	1,533

The Company has accounted for the remaining rent and termination payments under Accounting Standards Codification (“ASC”) 842 – Leases. As of October 31, 2020, the total operating lease liability related to Wilsons Leather, G.H Bass, and Calvin Klein Performance stores is $28.0 million and will be paid during the fiscal quarter ending January 31, 2021.

Notes Payable - Long-term debt (Details) - USD ($) $ in Thousands	Oct. 31, 2020	Aug. 06, 2020	Jan. 31, 2020	Oct. 31, 2019
Debt Instrument [Line Items]
Total	$ 504,328		$ 396,794	$ 674,741
Long-term Debt
Debt Instrument [Line Items]
Subtotal	535,117		427,860	707,828
Less: Net debt issuance costs (1)	(8,067)		(7,402)	(8,055)
Debt discount	(18,639)		(22,991)	(24,377)
Current portion of long-term debt	(4,083)		(673)	(655)
Secured notes
Debt Instrument [Line Items]
Subtotal	300,000
Debt issuance costs	8,500
Secured notes \| Long-term Debt
Debt Instrument [Line Items]
Subtotal	400,000
Term Loan
Debt Instrument [Line Items]
Total		$ 300,000
Term Loan \| Long-term Debt
Debt Instrument [Line Items]
Subtotal			300,000	300,000
Revolving credit facility
Debt Instrument [Line Items]
Debt issuance costs	7,300		4,600	5,200
Revolving credit facility \| Long-term Debt
Debt Instrument [Line Items]
Subtotal				279,880
LVMH Note
Debt Instrument [Line Items]
Debt discount	(40,000)
LVMH Note \| Long-term Debt
Debt Instrument [Line Items]
Subtotal	125,000		125,000	125,000
Unsecured Loan \| Long-term Debt
Debt Instrument [Line Items]
Subtotal	7,232		$ 2,860	$ 2,948
Overdraft facilities \| Long-term Debt
Debt Instrument [Line Items]
Subtotal	$ 2,885

Notes Payable

9 Months Ended

Oct. 31, 2020

Notes Payable

NOTES PAYABLE

Note 9 – Notes Payable

Long-term debt consists of the following:


	October 31, 2020		October 31, 2019		January 31, 2020

	(In thousands)
Secured Notes	$	400,000	$	—	$	—
Term Loan		—		300,000		300,000
Revolving credit facility		—		279,880		—
LVMH Note		125,000		125,000		125,000
Unsecured loans		7,232		2,948		2,860
Overdraft facilities		2,885		—		—
Subtotal		535,117		707,828		427,860
Less: Net debt issuance costs ⁽¹⁾		(8,067)		(8,055)		(7,402)
Debt discount		(18,639)		(24,377)		(22,991)
Current portion of long-term debt		(4,083)		(655)		(673)
Total	$	504,328	$	674,741	$	396,794

(1)

Does not include debt issuance costs, net of amortization, totaling $7.3 million, $5.2 million and $4.6 million as of October 31, 2020, October 31, 2019 and January 31, 2020, respectively, related to the revolving credit facility. These debt issuance costs have been deferred and are classified in prepaid expenses and other current assets in the accompanying condensed consolidated balance sheets in accordance with ASU 2015-15.

Senior Secured Notes

On August 7, 2020, the Company completed a private debt offering of $400 million aggregate principal amount of its 7.875% Senior Secured Notes due 2025 (the “Notes”). The terms of the Notes are governed by an indenture (the “Indenture”), among the Company, the guarantors party thereto and U.S. Bank, National Association, as trustee and

collateral agent (the “Collateral Agent”). The net proceeds of the Notes have been used (i) to repay the Company’s prior term loan facility due 2022, (ii) to pay related fees and expenses and (iii) for general corporate purposes.

The Notes bear interest at a rate of 7.875% per year payable semi-annually in arrears on February 15 and August 15 of each year, commencing on February 15, 2021.

The Notes are unconditionally guaranteed on a senior-priority secured basis by the Company’s current and future wholly-owned domestic subsidiaries that guarantee any of the Company’s credit facilities, including the Company’s ABL facility (the “ABL Facility”) pursuant to the ABL Credit Agreement, or certain future capital markets indebtedness of the Company or guarantors.

The Notes and the related guarantees are secured by (i) first priority liens on the Company’s Cash Flow Priority Collateral (as defined in the Indenture), and (ii) a second-priority lien on the Company’s ABL Priority Collateral (as defined in the Indenture), in each case subject to permitted liens described in the Indenture.

In connection with the issuance of the Notes and execution of the Indenture, the Company and the Guarantors entered into a pledge and security agreement (the “Pledge and Security Agreement”), among the Company, the Guarantors and the Collateral Agent.

The Notes are subject to the terms of the intercreditor agreement which governs the relative rights of the secured parties in respect of the ABL Facility and the Notes (the “Intercreditor Agreement”). The Intercreditor Agreement restricts the actions permitted to be taken by the Collateral Agent with respect to the Collateral on behalf of the holders of the Notes. The Notes are also subject to the terms of the seller note subordination agreement which governs the relative rights of the secured parties in respect of the Seller Note (as defined therein), the ABL Facility and the Notes.

At any time prior to August 15, 2022, the Company may redeem some or all of the Notes at a price equal to 100% of the principal amount of the Notes redeemed plus accrued and unpaid interest, if any, to, but excluding, the applicable redemption date plus a “make-whole” premium, as described in the Indenture. On or after August 15, 2022, the Company may redeem some or all of the Notes at any time and from time to time at the redemption prices set forth in the Indenture, plus accrued and unpaid interest, if any, to, but excluding, the applicable redemption date. In addition, at any time prior to August 15, 2022, the Company may redeem up to 40% of the aggregate principal amount of the Notes with the proceeds of certain equity offerings at the redemption price set forth in the Indenture, plus accrued and unpaid interest, if any, to, but excluding, the applicable redemption date. In addition, at any time prior to August 15, 2022, during any twelve month period, the Company may redeem up to 10% of the aggregate principal amount of the Notes at a redemption price equal to 103% of the principal amount of the Notes redeemed plus accrued and unpaid interest, if any, to, but excluding, the applicable redemption date.

If the Company experiences a Change of Control (as defined in the Indenture), the Company is required to offer to repurchase the Notes at 101% of the principal amount of such Notes plus accrued and unpaid interest, if any, to, but excluding, the date of repurchase.

The Indenture contains covenants that, among other things, limit the Company’s ability and the ability of its restricted subsidiaries to incur or guarantee additional indebtedness, pay dividends or make other restricted payments, make certain investments, incur restrictions on the ability of the Company’s restricted subsidiaries that are not guarantors to pay dividends or make certain other payments, create or incur certain liens, sell assets and subsidiary stock, impair the security interests, transfer all or substantially all of the Company’s assets or enter into merger or consolidation transactions, and enter into transactions with affiliates. The Indenture provides for customary events of default which include (subject in certain cases to customary grace and cure periods), among others, nonpayment of principal or interest, breach of other agreements in the Indenture, failure to pay certain other indebtedness, failure of certain guarantees to be enforceable, failure to perfect certain collateral securing the Notes failure to pay certain final judgments, and certain events of bankruptcy or insolvency.

The Company incurred debt issuance costs totaling $8.5 million related to the Notes that will be amortized over the term of the Notes. In accordance with ASU 2015-15, the debt issuance costs have been deferred and are presented as a contra-liability, offsetting the outstanding balance of the Notes, and are amortized using the effective interest method over the remaining life of the Notes.

Term Loan

The Company had previously borrowed $350.0 million under a senior secured term loan facility (the “Term Loan”) that was scheduled to mature in December 2022. The Company prepaid $50.0 million in principal amount of the Term Loan, reducing the principal balance of the Term Loan to $300.0 million.

On August 7, 2020, the Company used a portion of the proceeds from the issuance of the Notes to repay the outstanding principal balance of $300.0 million under the Term Loan facility. At the date of repayment, the Company had unamortized debt issuance costs of $6.1 million associated with the Term Loan. These debt issuance costs were fully extinguished and charged to interest expense in the Company’s results of operations.

Second Amended and Restated ABL Credit Agreement

On August 7, 2020, the Company’s subsidiaries, G-III Leather Fashions, Inc., Riviera Sun, Inc., CK Outerwear, LLC, AM Retail Group, Inc. and The Donna Karan Company Store LLC (collectively, the “Borrowers”), entered into the second amended and restated credit agreement (the “ABL Credit Agreement”) with the Lenders named therein and with JPMorgan Chase Bank, N.A., as Administrative Agent. The ABL Credit Agreement is a five year senior secured credit facility subject to a springing maturity date if, subject to certain conditions, certain material indebtedness is not refinanced or repaid prior to the date that is 91 days prior to the date of any relevant payment thereunder. The ABL Credit Agreement provides for borrowings in the aggregate principal amount of up to $650 million. The Company and its subsidiaries, G-III Apparel Canada ULC, Gabrielle Studio, Inc., Donna Karan International Inc. and Donna Karan Studio LLC (the “Guarantors”), are Loan Guarantors under the ABL Credit Agreement

The ABL Credit Agreement refinances, amends and restates the Amended Credit Agreement, dated as of December 1, 2016 (as amended, supplemented or otherwise modified from time to time prior to August 7, 2020, the “Prior Credit Agreement”), by and among the Borrowers and the Loan Guarantors (each as defined therein) party thereto, the lenders from time to time party thereto, and JPMorgan Chase Bank, N.A., in its capacity as the administrative agent thereunder. The Prior Credit Agreement provided for borrowings of up to $650 million and was due to expire in December 2021. The ABL Credit Agreement extends the maturity date to August 2025, subject to a springing maturity date if, subject to certain conditions, certain material indebtedness is not refinanced or repaid prior to the date that is 91 days prior to the date of any relevant payment thereunder.

Amounts available under the ABL Credit Agreement are subject to borrowing base formulas and overadvances as specified in the ABL Credit Agreement. Borrowings bear interest, at the Borrowers’ option, at LIBOR plus a margin of 1.75% to 2.25% or an alternate base rate margin of 0.75% to 1.25% (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% and (iii) the LIBOR rate for a borrowing with an interest period of one month) plus 1.00%, with the applicable margin determined based on Borrowers’ availability under the ABL Credit Agreement. The ABL Credit Agreement is secured by specified assets of the Borrowers and the Guarantors. In addition to paying interest on any outstanding borrowings under the ABL Credit Agreement, 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 tiered rate equal to 0.50% per annum on the average daily amount of the available commitments when the average usage is less than 50% of the total available commitments and decreases to 0.35% per annum on the average daily amount of the available commitments when the average usage is greater than or equal to 50% of the total available commitments.

The revolving credit facility contains covenants that, among other things, restrict the Company’s ability, subject to specified exceptions, to incur additional debt; incur liens; sell or dispose of certain assets; merge with other companies; liquidate or dissolve the Company; acquire other companies; make loans, advances, or guarantees; and make certain investments. In certain circumstances, the revolving credit facility also requires the Company to maintain a fixed charge coverage ratio, as defined in the agreement, not less than 1.00 to 1.00 for each period of twelve consecutive fiscal months of the Company. As of October 31, 2020, the Company was in compliance with these covenants.

As of October 31, 2020, the Company had no borrowings outstanding under the ABL Credit Agreement. As of October 31, 2020, interest under the ABL Credit Agreement was being paid at an average rate of 2.05% per annum. The ABL credit agreement also includes amounts available for letters of credit. As of October 31, 2020, there were outstanding trade and standby letters of credit amounting to $5.8 million and $3.9 million, respectively.

At the date of the refinancing of the Prior Credit Agreement, the Company had $3.3 million of unamortized debt issuance costs remaining from the Prior Credit Agreement. The Company extinguished and charged to interest expense $0.4 million of the prior debt issuance costs and incurred new debt issuance costs totaling $4.8 million related to the ABL Credit Agreement. The Company has a total of $7.7 million debt issuance costs related to its ABL Credit Agreement. As permitted under ASC 2015-15, the debt issuance costs have been deferred and are presented as an asset which is to be subsequently amortized ratably over the term of the ABL Credit Agreement.

LVMH Note

As a portion of the consideration for the acquisition of DKI, the Company issued to LVMH a junior lien secured promissory note in the principal amount of $125.0 million 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.

ASC 820 requires the note to be recorded at fair value at issuance. As a result, the Company recorded a $40.0 million debt discount. This discount is being amortized as interest expense using the effective interest method over the term of the LVMH Note.

Unsecured Loans

During fiscal 2020 and fiscal 2021, T.R.B International SA (“TRB”), a subsidiary of Vilebrequin, borrowed funds under several unsecured loans. A portion of the unsecured loans were to provide funding for operations in the normal course of business, while other unsecured loans were various European state backed loans as part of COVID-19 relief programs. In the aggregate, TRB is currently required to make quarterly installment payments of €0.2 million under these loans. Interest on the outstanding principal amount of the unsecured loans accrues at a fixed rate equal to 0% to 2.0% per annum, payable on either a quarterly or monthly basis. Certain unsecured loans will require monthly installment payments beginning in fiscal 2022. The unsecured loans have maturity dates ranging from September 15, 2024 through August 30, 2025. As of October 31, 2020, TRB had an aggregate outstanding balance of €6.2 million under these various unsecured loans.

Overdraft Facilities

During the second quarter of fiscal 2021, TRB entered into several overdraft facilities that allow for applicable bank accounts to be in a negative position up to a certain maximum overdraft. TRB entered into an uncommitted overdraft facility with HSBC Bank allowing for a maximum overdraft of €5 million. Interest on drawn balances accrues at a rate equal to the Euro Interbank Offered Rate plus a margin of 1.75% per annum, payable quarterly. The facility may be cancelled at any time by TRB or HSBC Bank. As part of a COVID-19 relief program, TRB and its subsidiaries have also entered into several state backed overdraft facilities with UBS Bank in Switzerland for an aggregate of CHF 4.7 million at varying interest rates of 0% to 0.5%. As of October 31, 2020, TRB had an aggregate of €2.5 million drawn under these various facilities.

Segments - Information regarding reportable segments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2020	Oct. 31, 2019	Oct. 31, 2020	Oct. 31, 2019
Segment Reporting Information [Line Items]
Net sales	$ 826,561	$ 1,128,403	$ 1,528,904	$ 2,405,847
Cost of goods sold	528,806	729,384	972,055	1,538,995
Gross profit	297,755	399,019	556,849	866,852
Selling, general and administrative expenses	177,625	246,580	454,347	644,887
Depreciation and amortization	10,187	9,701	29,745	28,963
Asset impairments, net of gain on lease modifications	(117)	(124)	17,372	(2,346)
Operating profit (loss)	110,060	142,862	55,385	195,348
Operating Segments \| Wholesale
Segment Reporting Information [Line Items]
Net sales	783,030	1,067,858	1,428,711	2,227,404
Cost of goods sold	504,919	713,063	914,900	1,480,678
Gross profit	278,111	354,795	513,811	746,726
Selling, general and administrative expenses	134,050	190,166	323,377	478,964
Depreciation and amortization	8,472	7,748	25,155	23,033
Asset impairments, net of gain on lease modifications	(102)		505
Operating profit (loss)	135,691	156,881	164,774	244,729
Operating Segments \| Retail [Member]
Segment Reporting Information [Line Items]
Net sales	57,982	89,671	126,397	255,282
Cost of goods sold	38,338	45,447	83,359	135,156
Gross profit	19,644	44,224	43,038	120,126
Selling, general and administrative expenses	43,575	56,414	130,970	165,923
Depreciation and amortization	1,715	1,953	4,590	5,930
Asset impairments, net of gain on lease modifications	(15)	(124)	16,867	(2,346)
Operating profit (loss)	(25,631)	(14,019)	(109,389)	(49,381)
Elimination
Segment Reporting Information [Line Items]
Net sales	(14,451)	(29,126)	(26,204)	(76,839)
Cost of goods sold	$ (14,451)	$ (29,126)	$ (26,204)	$ (76,839)

Retail Restructuring (Tables)

9 Months Ended

Oct. 31, 2020

Retail Restructuring [Abstract]

Reconciliation of accruals



	Severance and Benefit Costs		Store Closing Costs		Total

	(In thousands)
Balance at April 30, 2020	$	—	$	—	$	—
Amounts charged to expense		480		792		1,272
Cash payments		(26)		—		(26)
Balance at July 31, 2020	$	454	$	792	$	1,246
Amounts charged to expense		892		—		892
Cash payments		(328)		(277)		(605)
Balance at October 31, 2020	$	1,018	$	515	$	1,533

Leases - Other information (Details) - USD ($) $ in Millions	9 Months Ended
	Oct. 31, 2020	Oct. 31, 2019
Leases [Abstract]
Weighted average remaining lease term	4 years 10 months 24 days
Weighted average discount rate	8.20%
Cash paid for amounts included in the measurement of operating lease liabilities	$ 79.7	$ 75.9
Right-of-use assets obtained in exchange for lease obligations	$ 41.3	$ 21.3

Recent Adopted and Issued Accounting Pronouncements (Policies)

9 Months Ended

Oct. 31, 2020

Recent Adopted and Issued Accounting Pronouncements [Abstract]

Recently Adopted Accounting Guidance

Recently Adopted Accounting Guidance

In June 2016, the FASB issued ASU 2016-13, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” This pronouncement changed how entities account for credit impairment for trade and other receivables, as well as for certain financial assets and other instruments. ASU 2016-13 replaced the “incurred loss” model with an “expected loss” model. Under the “incurred loss” model, a loss (or allowance) was recognized only when

an event had occurred (such as a payment delinquency) that caused the entity to believe that a loss was probable (i.e., that it had been “incurred”). Under the “expected loss” model, an entity recognizes a loss (or allowance) upon initial recognition of the asset that reflects all future events that may lead to a loss being realized, regardless of whether it is probable that the future event will occur. The “incurred loss” model considered past events and current conditions, while the “expected loss” model includes expectations for the future which have yet to occur. The Company adopted ASU 2016-16 as of February 1, 2020. The adoption of this standard did not result in a material change to the Company’s 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,” which made 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 modified 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 have been applied prospectively in the initial fiscal year of adoption. All other amendments have been applied retrospectively to all periods presented in the initial year of adoption. The Company adopted the standard effective February 1, 2020. The adoption of this standard did not result in a material change to the Company’s condensed consolidated financial statements.

In August 2018, the FASB issued ASU 2018-15, Customers Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is A Service Contract, which addresses the accounting for implementation costs incurred in a cloud computing arrangement (“CCA”) that is a service contract. ASU 2018-15 aligned the accounting for costs incurred to implement a CCA that is a service arrangement with the guidance on capitalizing costs associated with developing or obtaining internal-use software. Specifically, ASU 2018-15 amended ASC 350 to include in its scope implementation costs of a CCA that is a service contract and clarifies that a customer should apply ASC 350-40 to determine which implementation costs should be capitalized in a CCA that is considered a service contract. The Company adopted the standard effective February 1, 2020. The adoption of this standard did not result in a material change to the Company’s condensed consolidated financial statements.

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (“ASC 848”): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The standard is intended to provide optional expedients and exceptions for applying GAAP to contract modifications and hedging relationships, subject to meeting certain criteria that reference LIBOR or another rate that is expected to be discontinued. The guidance was effective upon issuance, and may be applied prospectively through December 31, 2022. The adoption of this standard did not result in a material change to the Company’s condensed consolidated financial statements.

Notes Payable - Textuals (Detail) $ in Thousands, € in Millions, SFr in Millions		3 Months Ended		9 Months Ended
	Dec. 01, 2016 USD ($)	Oct. 31, 2020 EUR (€)	Oct. 31, 2020 USD ($)	Oct. 31, 2020 USD ($)	Oct. 31, 2019 USD ($)	Oct. 31, 2020 CHF (SFr)	Oct. 31, 2020 EUR (€)	Aug. 07, 2020 USD ($)	Jan. 31, 2020 USD ($)
Debt Instrument [Line Items]
Repayment of borrowings - revolving facility				$ 878,083	$ 1,536,448
Overdraft facility
Debt Instrument [Line Items]
Principal amount of debt						SFr 4.7	€ 5.0
Fixed rate			1.75%	1.75%		1.75%	1.75%
Debt facility amount \| €							€ 2.5
Minimum
Debt Instrument [Line Items]
Unused debt amount			$ 600,000	$ 600,000
Minimum \| Overdraft facility
Debt Instrument [Line Items]
Variable interest rate			0.00%	0.00%		0.00%	0.00%
Maximum \| Overdraft facility
Debt Instrument [Line Items]
Variable interest rate			0.50%	0.50%		0.50%	0.50%
Secured notes
Debt Instrument [Line Items]
Principal amount of debt			$ 350,000	$ 350,000				$ 400,000
Prepayment of principal amount	$ 50,000
Debt instruments, carrying value			$ 300,000	$ 300,000
Interest rate terms				The Notes bear interest at a rate of 7.875% per year payable semi-annually in arrears on February 15 and August 15 of each year, commencing on February 15, 2021.
Debt instrument interest rate			7.875%	7.875%		7.875%	7.875%	7.875%
Frequency of periodic payment				semi-annually
Date of first payment				Feb. 15, 2021
Debt issuance costs			$ 8,500	$ 8,500
Secured notes \| Prior to August 15, 2022 [Member]
Debt Instrument [Line Items]
Redemption percentage			100.00%
Maximum percentage of aggregate principal amount of Notes which may be redeemed with equity offerings			40.00%	40.00%		40.00%	40.00%
Secured notes \| Any twelve month period prior to August 15, 2022 [Member]
Debt Instrument [Line Items]
Redemption percentage			103.00%
Maximum percentage of aggregate principal amount of notes which may be redeemed in a 12 month period			10.00%
Secured notes \| If Company experiences a Change of Control [Member]
Debt Instrument [Line Items]
Redemption percentage			101.00%
Revolving credit facility
Debt Instrument [Line Items]
Debt issuance costs			$ 7,300	$ 7,300	$ 5,200				$ 4,600
LVMH Note
Debt Instrument [Line Items]
Principal amount of debt			$ 125,000	$ 125,000
Debt instrument interest rate			2.00%	2.00%		2.00%	2.00%
Debt discount			$ 40,000	$ 40,000
LVMH Note \| Notes Payable Due On June 1 2023
Debt Instrument [Line Items]
Principal amount of debt			75,000	$ 75,000
Maturity date				Jun. 01, 2023
LVMH Note \| Notes Payable due on December 1, 2023
Debt Instrument [Line Items]
Principal amount of debt			$ 50,000	$ 50,000
Maturity date				Dec. 01, 2023
Unsecured Loan \| T.R.B. International SA
Debt Instrument [Line Items]
Unused debt amount \| €							€ 6.2
Installment payments \| €		€ 0.2
Unsecured Loan \| T.R.B. International SA \| Minimum
Debt Instrument [Line Items]
Debt instrument interest rate			0.00%	0.00%		0.00%	0.00%
Unsecured Loan \| T.R.B. International SA \| Maximum
Debt Instrument [Line Items]
Debt instrument interest rate			2.00%	2.00%		2.00%	2.00%

Segments - Textuals (Details)	9 Months Ended
Segments - Textuals (Details)	Oct. 31, 2020 segment
Segments [Abstract]
Number of reportable segments	2

Stockholders' Equity - Textuals (Details) - shares	3 Months Ended		9 Months Ended
Stockholders' Equity - Textuals (Details) - shares	Oct. 31, 2020	Oct. 31, 2019	Oct. 31, 2020	Oct. 31, 2019
Stockholders' Equity [Abstract]
Common stock, shares issued	0	0	0	8,851
Treasury stock, shares utilized of equity awards		80,353	349,342	435,703

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, 2020	Oct. 31, 2019	Oct. 31, 2020	Oct. 31, 2019
Net Income (Loss) per Common Share
Net income (loss)	$ 63,174	$ 95,387	$ 8,903	$ 118,549
Basic net income (loss) per share:
Basic common shares	48,359	47,768	48,201	48,333
Basic net income (loss) per share (in dollars per share)	$ 1.31	$ 2.00	$ 0.18	$ 2.45
Diluted net income (loss) per share:
Basic common shares	48,359	47,768	48,201	48,333
Diluted restricted stock awards and stock options	450	588	388	723
Diluted common shares	48,809	48,356	48,589	49,056
Diluted net income (loss) per share (in dollars per share)	$ 1.29	$ 1.97	$ 0.18	$ 2.42

- Definition

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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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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- Definition

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

+ References

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Stockholders' Equity.

9 Months Ended

Oct. 31, 2020

Stockholders' Equity [Abstract]

Stockholders' Equity

Note 12 – Stockholders’ Equity

For the three months ended October 31, 2020, the Company issued no shares of common stock and utilized no shares of treasury stock in connection with the vesting of equity awards. For the three months ended October 31, 2019, the Company issued no shares of common stock and utilized 80,353 shares of treasury stock in connection with the vesting of equity awards. For the nine months ended October 31, 2020, the Company issued no shares of common stock and utilized 349,342 shares of treasury stock in connection with the vesting of equity awards. For the nine months ended October 31, 2019, the Company issued 8,851 shares of common stock and utilized 435,703 shares of treasury stock in connection with the vesting of equity awards.

Net Income per Common Share - Textuals (Details) - shares	3 Months Ended		9 Months Ended
	Oct. 31, 2020	Oct. 31, 2019	Oct. 31, 2020	Oct. 31, 2019
Net Income (Loss) per Common Share
Common stock excluded from the diluted net income per share calculation	262,100	846,200	215,600	680,700

Goodwill and Intangible Assets

9 Months Ended

Oct. 31, 2020

Goodwill and Intangible Assets [Abstract]

Goodwill and Intangible Assets

Note 7 – Goodwill and Intangible Assets

As of October 31, 2020, there is $261.7 million of goodwill and $441.1 million of indefinite-lived trademarks recorded on the Company’s condensed consolidated balance sheet. The Company reviews and tests its goodwill and intangible assets with indefinite lives for impairment annually, or more frequently if events or changes in circumstances indicate that the carrying amount of such assets may be impaired. Due to the impact of the COVID-19 pandemic on the Company’s operations, the Company performed a quantitative test of its goodwill as of April 30, 2020 using an income approach through a discounted cash flow analysis methodology. The discounted cash flow approach requires that certain assumptions and estimates be made regarding industry economic factors and future profitability. The Company also performed quantitative tests of each of its indefinite-lived intangible assets using a relief from royalty method, another form of the income approach. The relief from royalty method requires assumptions regarding industry economic factors and future profitability. There were no impairments identified as of April 30, 2020 as a result of these tests.

While no impairment was identified as of April 30, 2020, $370.0 million of the Company’s indefinite-lived trademarks could be deemed to have a risk of future impairment as there is limited excess fair value over the carrying value of these assets at October 31, 2020.

During the third quarter of 2020, the Company conducted a review to assess whether indicators of impairment existed. As a result of this review, the Company concluded that no indicators existed that would make management believe it is more likely than not that the fair value of its goodwill or indefinite-lived trademarks is less than its carrying value. The continued impact of the COVID-19 pandemic could give rise to global and regional macroeconomic factors that could impact the Company’s assumptions relating to future net sales, discount rates, tax rates or royalty rates and may result in future impairment charges for indefinite-lived intangible assets.

The fair value of the Company’s goodwill and indefinite-lived intangible assets are considered a Level 3 valuation in the fair value hierarchy.

Recent Adopted and Issued Accounting Pronouncements

9 Months Ended

Oct. 31, 2020

Recent Adopted and Issued Accounting Pronouncements [Abstract]

Recent Adopted and Issued Accounting Pronouncements

Note 15 – Recent Adopted and Issued Accounting Pronouncements

Recently Adopted Accounting Guidance

Issued Accounting Guidance Being Evaluated for Adoption

The Company has reviewed all recently issued accounting pronouncements and concluded that they were either not applicable or not expected to have a significant impact to the condensed consolidated financial statements.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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+ Details

Net Income (Loss) per Common Share

9 Months Ended

Oct. 31, 2020

Net Income (Loss) per Common Share

Net Income (Loss) per Common Share

Note 8 – 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 is computed using the weighted average number of common shares and potential dilutive common shares, consisting of unvested restricted stock unit awards and stock options outstanding during the period. Approximately 262,100 and 215,600 shares of common stock have been excluded from the diluted net income per share calculation for the three and nine months ended October 31, 2020, respectively. Approximately 846,200 and 680,700 shares of common stock were excluded from the diluted net income per share calculation for the three and nine months ended October 31, 2019, 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,
	2020		2019		2020		2019

	(In thousands, except per share amounts)
Net income	$	63,174	$	95,387	$	8,903	$	118,549
Basic net income per share:
Basic common shares		48,359		47,768		48,201		48,333
Basic net income per share	$	1.31	$	2.00	$	0.18	$	2.45

Diluted net income per share:
Basic common shares		48,359		47,768		48,201		48,333
Dilutive restricted stock unit awards and stock options		450		588		388		723
Diluted common shares		48,809		48,356		48,589		49,056
Diluted net income per share	$	1.29	$	1.97	$	0.18	$	2.42

Segments - Information of total assets for company's reportable segments (Details) - USD ($) $ in Thousands	Oct. 31, 2020	Jan. 31, 2020	Oct. 31, 2019
Segment Reporting Information [Line Items]
Total assets	$ 2,469,416	$ 2,565,137	$ 2,928,607
Corporate Segment
Segment Reporting Information [Line Items]
Total assets	334,916	380,130	237,500
Operating Segments \| Wholesale
Segment Reporting Information [Line Items]
Total assets	2,028,798	1,912,175	2,342,209
Operating Segments \| Retail [Member]
Segment Reporting Information [Line Items]
Total assets	$ 105,702	$ 272,832	$ 348,898

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

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+ Details

Fair Value of Financial Instruments - Textuals (Details) - USD ($) $ in Millions	3 Months Ended
	Oct. 31, 2020	Apr. 30, 2019
Debt Instrument [Line Items]
Impairment of the operating lease assets, net of tax	$ 19.4
Level 3
Debt Instrument [Line Items]
Impairment of the operating lease assets, net of tax	$ 20.0
ASC 842
Debt Instrument [Line Items]
Impairment of the operating lease assets, net of tax		$ 9.6
LVMH Note
Debt Instrument [Line Items]
Debt instrument interest rate	2.00%
Debt Instrument, Face Amount	$ 125.0
Debt discount	$ 40.0

Allowance for Doubtful Accounts (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Oct. 31, 2020	Oct. 31, 2020
Allowance for Doubtful Accounts [Abstract]
Increase in allowance for doubtful accounts	$ 4,300	$ 14,874

Leases - Lease assets and liabilities (Details) - USD ($) $ in Thousands	Oct. 31, 2020	Jan. 31, 2020	Oct. 31, 2019
Assets and Liabilities, Lessee [Abstract]
Operating lease assets	$ 181,187	$ 270,032	$ 293,819
Classification of operating lease assets	us-gaap:OperatingLeaseRightOfUseAsset
Total lease assets	$ 181,187	270,032	293,819
Current operating lease liabilities	$ 65,554	63,166	66,850
Classification current operating lease liabilities	us-gaap:OperatingLeaseLiabilityCurrent
Noncurrent operating lease liabilities	$ 157,983	249,040	260,010
Classification of noncurrent operating liabilities	us-gaap:OperatingLeaseLiabilityNoncurrent
Total lease liabilities	$ 223,537	$ 312,206	$ 326,860

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Oct. 31, 2020	Dec. 04, 2020
Document And Entity Information Abstract
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Oct. 31, 2020
Document Transition Report	false
Entity File Number	0-18183
Entity Registrant Name	G III APPAREL GROUP LTD /DE/
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	41-1590959
Entity Address, Address Line One	512 Seventh Avenue
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10018
City Area Code	212
Local Phone Number	403-0500
Title of 12(b) Security	Common Stock
Trading Symbol	GIII
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock Shares Outstanding		48,358,688
Entity Central Index Key	0000821002
Current Fiscal Year End Date	--01-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Amendment Flag	false

Basis of Presentation - Textuals (Details) - USD ($) $ in Thousands	9 Months Ended
	Oct. 31, 2020	Oct. 31, 2019	Jan. 31, 2020	Jan. 31, 2019
Schedule of Equity Method Investments [Line Items]
Deferred lease payments	$ 274,836
Proceeds from borrowings - revolving facility	878,083	$ 1,816,328
Repayment of borrowings - revolving facility	878,083	1,536,448
Cash and cash equivalents	149,745	$ 55,801	$ 197,372	$ 70,138
Minimum
Schedule of Equity Method Investments [Line Items]
Availability under revolving credit facility	600,000
Accounts Payable [Member]
Schedule of Equity Method Investments [Line Items]
Deferred lease payments	$ 11,000

Canadian Customs Duty Examination

9 Months Ended

Oct. 31, 2020

Canadian Customs Duty Examination [Abstract]

Canadian Customs Duty Examination

Note 14 – Canadian Customs Duty Examination

In October 2017, the Canada Border Service Agency (“CBSA”) issued a final audit report to G-III Apparel Canada ULC (“G-III Canada”), a wholly-owned subsidiary of the Company. The report challenged the valuation used by G-III Canada for certain goods imported into Canada. The period covered by the examination is February 1, 2014 through October 27, 2017, the date of the final report. The CBSA has requested G-III Canada to reassess its customs entries for that period using the price paid or payable by the Canadian retail customers for certain imported goods rather than the price paid by G-III Canada to the vendor. The CBSA has also requested that G-III Canada change the valuation method used to pay duties with respect to goods imported in the future.

In March 2018, G-III Canada provided a bond to guarantee payment to the CBSA for additional duties payable as a result of the reassessment required by the final audit report. The Company secured a bond in the amount of CAD$26.9 million ($20.9 million) representing customs duty and interest through December 31, 2017 that is claimed to be owed to the CBSA. In March 2018, the Company amended the duties filed for the month of January 2018 based on the new valuation method. This amount was paid to the CBSA. Beginning February 1, 2018, the Company began paying duties based on the new valuation method. There were no amounts paid and deferred for the three and nine months ended October 31, 2020, related to the higher dutiable values. Cumulative amounts paid and deferred through October 31, 2020, related to the higher dutiable values, were CAD$12.9 million ($9.7 million).

Effective June 1, 2019, G-III commenced paying based on the dutiable value of G-III Canada’s imports based on the pre-audit levels. G-III continued to defer the additional duty paid through the month of May 2019 pending the final outcome of the appeal.

The CBSA has issued its preliminary decision expressing its intention to deny the appeal filed by G-III Canada. G-III Canada has responded to the CBSA’s preliminary decision letter to correct facts in the letter that G-III Canada believes to be inaccurate. G-III Canada is awaiting the final decision of the CBSA and is evaluating prospects for a further appeal should the final decision remain unfavorable.

G-III Canada, based on the advice of counsel, believes it has positions that support its valuations for duty as declared and therefore its ability to receive a refund of amounts claimed to be owed to the CBSA on appeal and intends to vigorously contest the findings of the CBSA.

CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Millions	Oct. 31, 2020	Jan. 31, 2020	Oct. 31, 2019
Statement Of Financial Position [Abstract]
Allowance for doubtful accounts	$ 15.5	$ 0.7	$ 0.9
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	120,000,000	120,000,000
Common stock, shares issued	49,396,000	49,396,000	49,395,000
Treasury stock, shares	1,037,000	1,386,000	1,570,000

Basis of Presentation

9 Months Ended

Oct. 31, 2020

Accounting Policies [Abstract]

Basis of Presentation

Note 1 – Basis of Presentation

As used in these financial statements, the term “Company” or “G-III” refers to G-III Apparel Group, Ltd. and its subsidiaries. The Company designs, sources and markets an extensive range of apparel, including outerwear, dresses, sportswear, swimwear, women’s suits and women’s performance wear, as well as women’s handbags, footwear, small leather goods, cold weather accessories and luggage. The Company also operates retail stores and licenses its proprietary brands for several product categories.

The Company consolidates the accounts of its wholly-owned and majority-owned subsidiaries. KL North America B.V. (“KLNA”) and Fabco Holding B.V. (“Fabco”) are Dutch joint venture limited liability companies, each of which is 49% owned by the Company. See Note 16 – Subsequent Events with respect to an increase in the ownership of Fabco by the Company. Karl Lagerfeld Holding B.V. (“KLH”) is a Dutch limited liability company that is 19% owned by the Company. These investments are accounted for using the equity method of accounting. All material intercompany balances and transactions have been eliminated.

Vilebrequin International SA (“Vilebrequin”), a Swiss corporation that is wholly-owned by the Company, KLH, KLNA and Fabco report results on a calendar year basis rather than on the January 31 fiscal year basis used by the Company. Accordingly, the results of Vilebrequin, KLH, KLNA and Fabco are, and will be, included in the financial statements for the quarter ended or ending closest to the Company’s fiscal quarter end. For example, with respect to the Company’s results for the nine-month period ended October 31, 2020, the results of Vilebrequin, KLH, KLNA and Fabco are included for the nine-month period ended September 30, 2020. The Company’s retail operations segment reports on a 52/53-week fiscal year. The Company’s three and nine-month periods ended October 31, 2020 and 2019 were each 13-week and 39-week periods, respectively, for the retail operations segment. For fiscal 2021 and 2020, the three and nine-month periods for the retail operations segment ended on October 31, 2020 and November 2, 2019, respectively.

The results for the three and nine months ended October 31, 2020 are not necessarily indicative of the results expected for the entire fiscal year, given the seasonal nature of the Company’s business and the significant effects of the COVID-19 pandemic on the Company’s business. The accompanying financial statements included herein are unaudited. All adjustments (consisting of only normal recurring adjustments) necessary for a fair presentation of the financial position, results of operations and cash flows for the interim period presented have been reflected.

The accompanying financial statements should be read in conjunction with the financial statements and notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2020 filed with the Securities and Exchange Commission (the “SEC”).

Assets and liabilities of the Company’s foreign operations, where the functional currency is not the U.S. dollar (reporting currency), are translated from foreign currency into U.S. dollars at period-end rates, while income and expenses are translated at the weighted-average exchange rates for the period. The related translation adjustments are reflected as a foreign currency translation adjustment in accumulated other comprehensive loss within stockholders’ equity.

Accounting Policies

On April 10, 2020, the Financial Accounting Standards Board (“FASB”) issued a Staff Q&A to respond to frequently asked questions about accounting for lease concessions related to the effects of the COVID-19 outbreak. Consequently, for lease concessions related to the effects of the COVID-19 outbreak, an entity will not have to analyze each lease to determine whether the enforceable rights and obligations for concessions exist in the contract and can elect to apply or not apply the lease modification guidance to those leases. Entities may make the elections for any lessor-provided concessions related to the effects of the outbreak (e.g., deferrals of lease payments, lease payment forgiveness, cash payments made to the lessee or reduced future lease payments) as long as the concession does not result in a substantial increase in the rights of the lessor or the obligations of the lessee. The Company has elected to not apply the lease modification guidance for contracts with COVID-19 related rent concessions. As of October 31, 2020, the Company has $11.0 million of deferred lease payments recorded within accounts payable on its condensed consolidated balance sheets.

Liquidity and Impact of COVID-19

The Company relies on its cash flows generated from operations and the borrowing capacity under its credit facilities to meet the cash requirements of its business. The primary cash requirements of its business are the seasonal buildup in inventory, compensation paid to employees, payments to suppliers in the normal course of business, capital expenditures, maturities of debt and related interest payments and income tax payments. The rapid expansion of the COVID-19 pandemic resulted in a sharp decline in net sales in the first, second and, to a lesser extent, third quarters of fiscal 2021. It also resulted in the Company recognizing a net loss in the first and second quarters and a significant reduction in net income in the third quarter. The Company is focused on preserving its liquidity and managing its cash flow during these unprecedented conditions. The Company had taken preemptive actions to enhance its ability to meet its short-term liquidity needs, including, but not limited to, reducing payroll costs through employee furloughs, job eliminations, salary reductions, reductions in marketing and other discretionary spending, deferring certain lease payments and deferral of capital projects. During the quarter ended October 31, 2020, certain furloughed employees were reinstated and salaries that had been reduced were increased to their pre-pandemic levels. The Company has received royalty relief from certain licensors and continues to negotiate with licensors for additional relief.

As of October 31, 2020, the Company had cash and cash equivalents of $149.7 million and availability under its revolving credit facility in excess of $600.0 million. The Company believes it has adequate cash flows to meet the cash requirements of its business. As of October 31, 2020, the Company was in compliance with all covenants under its senior secured notes and revolving credit facility. On August 7, 2020, the Company refinanced its term loan and revolving credit facility. See Note 9 – Notes Payable.

Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Oct. 31, 2020	Jan. 31, 2020	Oct. 31, 2019
Secured notes
Debt Instrument [Line Items]
Debt instruments, carrying value	$ 300,000
Level 2 \| Secured notes
Debt Instrument [Line Items]
Debt instruments, carrying value	400,000
Debt instruments, fair value	400,000
Level 2 \| Term Loan
Debt Instrument [Line Items]
Debt instruments, carrying value		$ 300,000	$ 300,000
Debt instruments, fair value		300,000	300,000
Level 2 \| Revolving credit facility
Debt Instrument [Line Items]
Debt instruments, carrying value			279,880
Debt instruments, fair value			279,880
Level 2 \| Unsecured Loan
Debt Instrument [Line Items]
Debt instruments, carrying value	7,232	2,860	2,948
Debt instruments, fair value	7,232	2,860	2,948
Level 2 \| Overdraft facilities
Debt Instrument [Line Items]
Debt instruments, carrying value	2,885
Debt instruments, fair value	2,885
Level 3 \| LVMH Note
Debt Instrument [Line Items]
Debt instruments, carrying value	106,361	102,009	100,623
Debt instruments, fair value	$ 99,832	$ 95,126	$ 100,825

Allowance for Doubtful Accounts (Tables)

9 Months Ended

Oct. 31, 2020

Allowance for Doubtful Accounts [Abstract]

Accounts Receivable and Allowance for Doubtful Accounts

The Company’s accounts receivable and allowance for doubtful accounts as of October 31, 2020 were:


	October 31, 2020
	Wholesale		Retail		Total

	(In thousands)
Accounts receivable, gross	$	734,481	$	1,968	$	736,449
Allowance for doubtful accounts		(15,437)		(37)		(15,474)
Accounts receivable, net	$	719,044	$	1,931	$	720,975

Activity in Allowance for Credit Losses


	October 31, 2020
	Wholesale		Retail		Total

	(In thousands)
Balance as of January 31, 2020	$	(628)	$	(82)	$	(710)
Provision for credit losses		(14,919)		45		(14,874)
Accounts written off as uncollectible		110		—		110
Balance as of October 31, 2020	$	(15,437)	$	(37)	$	(15,474)

Retail Restructuring (Details) - Retail operations - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2020	Jul. 31, 2020
Charges recorded	$ 2,200
Balance at beginning of period	1,246
Amounts charged to expense	892	$ 1,272
Cash payments	(605)	(26)
Balance at end of period	1,533	1,246
Severance and Benefit Costs
Balance at beginning of period	454
Amounts charged to expense	892	480
Cash payments	(328)	(26)
Balance at end of period	1,018	454
Store Closing Costs
Balance at beginning of period	792
Amounts charged to expense		792
Cash payments	(277)
Balance at end of period	$ 515	$ 792

Segments

9 Months Ended

Oct. 31, 2020

Segments [Abstract]

SEGMENTS

Note 11 – 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 revenues also include revenues from license agreements related to our owned trademarks including DKNY, Donna Karan, Vilebrequin, G.H. Bass and Andrew Marc. The retail operations segment consists primarily of direct sales to consumers through Company-operated stores, consisting primarily of Wilsons Leather, G.H. Bass and DKNY stores, substantially all of which are operated as outlet stores. Sales through Company-owned channels, with the exception of Vilebrequin, are also included in the retail operations segment. As a result of the restructuring of the Company’s retail operations, the Company is in the process of closing all of its Wilsons Leather and G.H. Bass retail stores which is expected to be completed by the end of fiscal 2021. After completion of the restructuring, the Company’s retail operations segment will consist of DKNY and Karl Lagerfeld Paris stores, as well as the digital channels for DKNY, Donna Karan, Karl Lagerfeld Paris, Andrew Marc, Wilsons Leather and G.H. Bass.

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


	Three Months Ended October 31, 2020
	Wholesale		Retail		Elimination ⁽¹⁾		Total

	(In thousands)
Net sales	$	783,030	$	57,982	$	(14,451)	$	826,561
Cost of goods sold		504,919		38,338		(14,451)		528,806
Gross profit		278,111		19,644		—		297,755
Selling, general and administrative expenses		134,050		43,575		—		177,625
Depreciation and amortization		8,472		1,715		—		10,187
Asset impairments, net of gain on lease modifications		(102)		(15)		—		(117)
Operating profit (loss)	$	135,691	$	(25,631)	$	—	$	110,060


	Three Months Ended October 31, 2019
	Wholesale		Retail		Elimination ⁽¹⁾		Total

	(In thousands)
Net sales	$	1,067,858	$	89,671	$	(29,126)	$	1,128,403
Cost of goods sold		713,063		45,447		(29,126)		729,384
Gross profit		354,795		44,224		—		399,019
Selling, general and administrative expenses		190,166		56,414		—		246,580
Depreciation and amortization		7,748		1,953		—		9,701
Gain on lease modifications		—		(124)		—		(124)
Operating profit (loss)	$	156,881	$	(14,019)	$	—	$	142,862


	Nine Months Ended October 31, 2020
	Wholesale		Retail		Elimination ⁽¹⁾		Total

	(In thousands)
Net sales	$	1,428,711	$	126,397	$	(26,204)	$	1,528,904
Cost of goods sold		914,900		83,359		(26,204)		972,055
Gross profit		513,811		43,038		—		556,849
Selling, general and administrative expenses		323,377		130,970		—		454,347
Depreciation and amortization		25,155		4,590		—		29,745
Asset impairments, net of gain on lease modifications		505		16,867		—		17,372
Operating profit (loss)	$	164,774	$	(109,389)	$	—	$	55,385


	Nine Months Ended October 31, 2019
	Wholesale		Retail		Elimination ⁽¹⁾		Total

	(In thousands)
Net sales	$	2,227,404	$	255,282	$	(76,839)	$	2,405,847
Cost of goods sold		1,480,678		135,156		(76,839)		1,538,995
Gross profit		746,726		120,126		—		866,852
Selling, general and administrative expenses		478,964		165,923		—		644,887
Depreciation and amortization		23,033		5,930		—		28,963
Gain on lease modifications		—		(2,346)		—		(2,346)
Operating profit (loss)	$	244,729	$	(49,381)	$	—	$	195,348

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

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, 2020		October 31, 2019		January 31, 2020

	(In thousands)
Wholesale	$	2,028,798	$	2,342,209	$	1,912,175
Retail		105,702		348,898		272,832
Corporate		334,916		237,500		380,130
Total assets	$	2,469,416	$	2,928,607	$	2,565,137

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Fair Value of Financial Instruments (Tables)

9 Months Ended

Oct. 31, 2020

Fair Value of Financial Instruments [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	2020		2019		2020		2020		2019		2020

		(In thousands)
Secured notes	2	$	400,000	$	—	$	—	$	400,000	$	—	$	—
Term loan	2		—		300,000		300,000		—		300,000		300,000
Revolving credit facility	2		—		279,880		—		—		279,880		—
Note issued to LVMH	3		106,361		100,623		102,009		99,832		100,825		95,126
Unsecured loans	2		7,232		2,948		2,860		7,232		2,948		2,860
Overdraft facilities	2		2,885		—		—		2,885		—		—

Revenue Recognition

9 Months Ended

Oct. 31, 2020

Revenue Recognition [Abstract]

Revenue Recognition

Note 10 – Revenue Recognition

Disaggregation of Revenue

In accordance with ASC 606 – Revenue from Contracts with Customers, the Company discloses 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 has 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 from sales of products 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 consideration arising from implicit or explicit obligations. Wholesale revenues also include revenues from license agreements related to the DKNY, Donna Karan, G.H. Bass, Andrew Marc and Vilebrequin

trademarks owned by the Company. As of October 31, 2020, 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. Digital-based revenues primarily consist of sales to consumers through the Company’s digital platforms. Digital-based revenue is recognized when a customer takes possession of the goods. Retail sales are recorded net of applicable sales tax. As a result of the restructuring of the Company’s retail operations, the Company is in the process of closing all of its Wilsons Leather and G.H. Bass retail stores which is expected to be completed by the end of fiscal 2021. After completion of the restructuring, the Company’s retail operations segment will consist of DKNY and Karl Lagerfeld Paris stores, as well as the digital channels for DKNY, Donna Karan, Karl Lagerfeld Paris, Andrew Marc, Wilsons Leather and G.H. Bass.

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 offers a limited loyalty program where customers accumulate points redeemable for cash discount certificates that expire 90 days after issuance. Total contract liabilities were $4.1 million, $5.4 million and $5.9 million at October 31, 2020, October 31, 2019 and January 31, 2020, respectively. The Company recognized $2.1 million in revenue for the three months ended October 31, 2020 related to contract liabilities that existed at July 31, 2020. The Company recognized $4.3 million in revenue for the nine months ended October 31, 2020 related to contract liabilities that existed at January 31, 2020. There were no contract assets recorded as of October 31, 2020, October 31, 2019 and January 31, 2020. Substantially all of the advance payments from licensees as of October 31, 2020 are expected to be recognized as revenue within the next twelve months.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Subsequent Events

9 Months Ended

Oct. 31, 2020

Subsequent Events [Abstract]

Subsequent Events

Note 16 – Subsequent Events

Fabco

Fabco was 49% owned by the Company through November 30, 2020. Effective December 1, 2020, the Company acquired an additional ownership interest in Fabco for nominal consideration, resulting in an increase of its ownership interest in Fabco to 75%. Effective December 1, 2020, Fabco is a consolidated majority-owned subsidiary of the Company. Prior to December 1, 2020, the Company accounted for its investment in Fabco using the equity method of accounting. Fabco operates the Company’s DKNY business in China.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2020	Oct. 31, 2019	Oct. 31, 2020	Oct. 31, 2019
Income Statement [Abstract]
Net sales	$ 826,561	$ 1,128,403	$ 1,528,904	$ 2,405,847
Cost of goods sold	528,806	729,384	972,055	1,538,995
Gross profit	297,755	399,019	556,849	866,852
Selling, general and administrative expenses	177,625	246,580	454,347	644,887
Depreciation and amortization	10,187	9,701	29,745	28,963
Asset impairments, net of gain on lease modifications	(117)	(124)	17,372	(2,346)
Operating profit (loss)	110,060	142,862	55,385	195,348
Other income (loss)	225	677	112	(722)
Interest and financing charges, net	(18,681)	(12,518)	(38,237)	(33,623)
Income (loss) before income taxes	91,604	131,021	17,260	161,003
Income tax expense (benefit)	28,430	35,634	8,357	42,454
Net income (loss)	$ 63,174	$ 95,387	$ 8,903	$ 118,549
Basic:
Net income (loss) per common share (in dollar per shares)	$ 1.31	$ 2.00	$ 0.18	$ 2.45
Weighted average number of shares outstanding (in shares)	48,359	47,768	48,201	48,333
Diluted:
Net income (loss) per common share (in dollars per share)	$ 1.29	$ 1.97	$ 0.18	$ 2.42
Weighted average number of shares outstanding (in shares)	48,809	48,356	48,589	49,056
Net income (loss)	$ 63,174	$ 95,387	$ 8,903	$ 118,549
Other comprehensive income:
Foreign currency translation adjustments	7,066	(6,212)	6,814	(7,866)
Other comprehensive income (loss)	7,066	(6,212)	6,814	(7,866)
Comprehensive income (loss)	$ 70,240	$ 89,175	$ 15,717	$ 110,683

Canadian Customs Duty Examination - Textuals (Details) - CBSA $ in Millions, $ in Millions	1 Months Ended		3 Months Ended	9 Months Ended
	Mar. 31, 2018 USD ($)	Mar. 31, 2018 CAD ($)	Oct. 31, 2020 USD ($)	Oct. 31, 2020 USD ($)	Oct. 31, 2020 CAD ($)
Canadian Customs Duty Examination [Line Items]
Value of bond issued for prepayments of additional duties	$ 20.9	$ 26.9
Taxes paid and deferred for higher dutiable values			$ 0.0	$ 0.0
Deferred higher dutiable value				$ 9.7	$ 12.9

Income Taxes

9 Months Ended

Oct. 31, 2020

Income Tax Disclosure [Abstract]

Income Taxes

Note 13 – Income Taxes

The Company recorded income tax expense of $28.4 million and $8.4 million for the three and nine months ended October 31, 2020, respectively. The Company recorded income tax expense of $35.6 million and $42.5 million for the three and nine months ended October 31, 2019, respectively. The Company’s effective tax rate increased this quarter compared to the prior year’s comparable quarter primarily due to a substantial decrease in the Company’s worldwide income and an increase in the valuation allowance related to the stand-alone net operating losses of the Company’s retail operations. In addition, the effective tax rate increased due to a discrete income tax charge in connection with the vesting of equity awards. Historically, the Company calculated the provision for income taxes during interim reporting periods by applying an estimate of the annual effective tax rate for income for the entire year, excluding unusual or discrete items, to the reporting period. Due to the uncertainty related to the impact of the COVID-19 pandemic on the Company’s operations, the Company used a discrete effective tax rate method to calculate income taxes for the first and second quarters of fiscal 2021. However, due to the change in pre-tax income in the third quarter of fiscal 2021, the Company has an equitable projection of the full year income and returned to the historical practice of using an annual effective tax rate based on full year fiscal year income.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Net Income (Loss) per Common Share (Tables)

9 Months Ended

Oct. 31, 2020

Net Income (Loss) per Common Share

Schedule of reconciliation between basic and diluted net income per share

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,
	2020		2019		2020		2019

	(In thousands, except per share amounts)
Net income	$	63,174	$	95,387	$	8,903	$	118,549
Basic net income per share:
Basic common shares		48,359		47,768		48,201		48,333
Basic net income per share	$	1.31	$	2.00	$	0.18	$	2.45

Diluted net income per share:
Basic common shares		48,359		47,768		48,201		48,333
Dilutive restricted stock unit awards and stock options		450		588		388		723
Diluted common shares		48,809		48,356		48,589		49,056
Diluted net income per share	$	1.29	$	1.97	$	0.18	$	2.42

Allowance for Doubtful Accounts

9 Months Ended

Oct. 31, 2020

Allowance for Doubtful Accounts [Abstract]

Allowance for Doubtful Accounts

Note 3 – Allowance for Doubtful Accounts

On February 1, 2020, the Company adopted Accounting Standards Update (“ASU”) 2016-13, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” which had no material impact on the Company’s financial statements. The Company’s financial instruments consist of trade receivables arising from revenue transactions in the ordinary course of business. The Company considers its trade receivables to consist of two portfolio segments: wholesale and retail trade receivables. Wholesale trade receivables result from credit the Company has extended to its wholesale customers based on pre-defined criteria and are generally due within 30 to 60 days. Retail trade receivables primarily relate to amounts due from third-party credit card processors for the settlement of debit and credit card transactions and are typically collected within 3 to 5 days.

The Company’s accounts receivable and allowance for doubtful accounts as of October 31, 2020 were:


	October 31, 2020
	Wholesale		Retail		Total

	(In thousands)
Accounts receivable, gross	$	734,481	$	1,968	$	736,449
Allowance for doubtful accounts		(15,437)		(37)		(15,474)
Accounts receivable, net	$	719,044	$	1,931	$	720,975

The allowance for doubtful accounts for wholesale trade receivables is estimated based on several factors. In circumstances where the Company is aware of a specific customer’s inability to meet its financial obligations (such as in the case of bankruptcy filings (including potential bankruptcy filings), extensive delay in payment or substantial downgrading by credit rating agencies), a specific reserve for bad debts is recorded against amounts due from that customer to reduce the net recognized receivable to the amount reasonably expected to be collected. For all other wholesale customers, an allowance for doubtful accounts is determined through analysis of the aging of accounts receivable at the end of the reporting period for financial statements, assessments of collectability based on historical trends and an evaluation of the impact of economic conditions. The Company considers both current and forecasted future economic conditions in determining the adequacy of its allowance for doubtful accounts.

The allowance for doubtful accounts for retail trade receivables is estimated at the credit card chargeback rate applied to the previous 90 days of credit card sales. In addition, the Company considers both current and forecasted future economic conditions in determining the adequacy of its allowance for doubtful accounts.

During the three and nine months ended October 31, 2020, the Company recorded a $4.3 million and $14.9 million increase in its allowance for doubtful accounts primarily due to allowances recorded against the outstanding receivables of certain department store customers that have publicly announced bankruptcy filings or possible bankruptcy filings. The Company had the following activity in its allowance for credit losses for the nine months ended October 31, 2020:


	October 31, 2020
	Wholesale		Retail		Total

	(In thousands)
Balance as of January 31, 2020	$	(628)	$	(82)	$	(710)
Provision for credit losses		(14,919)		45		(14,874)
Accounts written off as uncollectible		110		—		110
Balance as of October 31, 2020	$	(15,437)	$	(37)	$	(15,474)

Fair Value of Financial Instruments

9 Months Ended

Oct. 31, 2020

Fair Value of Financial Instruments [Abstract]

Fair Value of Financial Instruments

Note 5 – Fair Value of Financial Instruments

Generally Accepted Accounting Principles establish 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	2020		2019		2020		2020		2019		2020

		(In thousands)
Secured notes	2	$	400,000	$	—	$	—	$	400,000	$	—	$	—
Term loan	2		—		300,000		300,000		—		300,000		300,000
Revolving credit facility	2		—		279,880		—		—		279,880		—
Note issued to LVMH	3		106,361		100,623		102,009		99,832		100,825		95,126
Unsecured loans	2		7,232		2,948		2,860		7,232		2,948		2,860
Overdraft facilities	2		2,885		—		—		2,885		—		—

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. On August 7, 2020, the Company refinanced its term loan and revolving credit facility. See Note 9 – Notes Payable.

The 2% note in the principal amount of $125 million (the “LVMH Note”) issued to LVMH Moet Hennessy Louis Vuitton Inc. (“LVMH”) in connection with the acquisition of Donna Karan International (“DKI”) was recorded on the balance sheet at a discount of $40.0 million in accordance with ASC 820 – Fair Value Measurements. For purposes of this fair value disclosure, the Company based its fair value estimate for the LVMH Note on the initial fair value as determined at the date of the acquisition of DKI and records the amortization using the effective interest method over the term of the LVMH Note.

The fair value of the LVMH Note was considered a Level 3 valuation in the fair value hierarchy.

Non-Financial Assets and Liabilities

The Company’s non-financial assets that are measured at fair value on a nonrecurring basis include long-lived assets, which consist primarily of property and equipment and operating lease assets. The Company reviews these assets for impairment whenever events or changes in circumstances indicate that their carrying value may not be fully recoverable. For impaired assets, an impairment loss is recognized equal to the difference between the carrying amount of the asset or asset group and its estimated fair value. For operating lease assets, the Company determines the fair value of the assets by discounting the estimated market rental rates over the remaining term of the lease. These fair value measurements are considered level 3 measurements in the fair value hierarchy. During the second quarter of fiscal 2021, the Company recorded a $20 million impairment charge primarily related to operating lease assets, leasehold improvements and furniture and fixtures at certain Wilsons Leather, G.H. Bass, DKNY and Vilebrequin stores as a result of the performance at these stores. During the first quarter of fiscal 2020, the Company recorded an impairment of $9.6 million, net of tax, in connection with the adoption of ASC 842 – Leases (“ASC 842”) that was recognized through retained earnings.

- Definition

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

Subsequent Events (Details) - Subsequent Event - Fabco	Dec. 01, 2020	Nov. 30, 2020
Subsequent Event [Line Items]
Ownership percent		49.00%
Subsidiary ownership percentage	75.00%

Goodwill and Intangible Assets - Textuals (Details) - USD ($)	3 Months Ended
	Apr. 30, 2020	Oct. 31, 2020	Jan. 31, 2020	Oct. 31, 2019
Goodwill and Intangible Assets [Abstract]
Goodwill		$ 261,684,000	$ 260,622,000	$ 259,926,000
Trademarks		441,062,000	$ 438,658,000	$ 437,247,000
Impairments of indefinite-lived trademarks	$ 0
Indefinite-lived intangible assets deemed to have a risk of future impairment		$ 370,000,000.0

Notes Payable (Tables)

9 Months Ended

Oct. 31, 2020

Notes Payable

Schedule of long-term debt

Long-term debt consists of the following:


	October 31, 2020		October 31, 2019		January 31, 2020

	(In thousands)
Secured Notes	$	400,000	$	—	$	—
Term Loan		—		300,000		300,000
Revolving credit facility		—		279,880		—
LVMH Note		125,000		125,000		125,000
Unsecured loans		7,232		2,948		2,860
Overdraft facilities		2,885		—		—
Subtotal		535,117		707,828		427,860
Less: Net debt issuance costs ⁽¹⁾		(8,067)		(8,055)		(7,402)
Debt discount		(18,639)		(24,377)		(22,991)
Current portion of long-term debt		(4,083)		(655)		(673)
Total	$	504,328	$	674,741	$	396,794

(1)

- Definition

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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28551-108399

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

Income Taxes - Textuals (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income Taxes - Textuals (Details) - USD ($) $ in Thousands	Oct. 31, 2020	Oct. 31, 2019	Oct. 31, 2020	Oct. 31, 2019
Income Tax Disclosure [Abstract]
Income Tax Expense (Benefit)	$ 28,430	$ 35,634	$ 8,357	$ 42,454

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Leases (Tables)

9 Months Ended

Oct. 31, 2020

Leases [Abstract]

Schedule of lease assets and liabilities



Leases	Classification	October 31, 2020		October 31, 2019		January 31, 2020

		(In thousands)
Assets
Operating	Operating lease assets	$	181,187	$	293,819	$	270,032
Total lease assets		$	181,187	$	293,819	$	270,032

Liabilities
Current operating	Current operating lease liabilities	$	65,554	$	66,850	$	63,166
Noncurrent operating	Noncurrent operating lease liabilities		157,983		260,010		249,040
Total lease liabilities		$	223,537	$	326,860	$	312,206

Schedule of maturity of operating lease liabilities


Year Ending January 31,	Amount
	(In thousands)
2021	$	38,100
2022		55,033
2023		48,113
2024		35,856
2025		28,896
After 2025		68,838
Total lease payments	$	274,836
Less: Interest		51,299
Present value of lease liabilities	$	223,537

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Oct. 31, 2020	Oct. 31, 2019
Cash flows from operating activities
Net income (loss)	$ 8,903	$ 118,549
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization	29,745	28,963
Loss on disposal of fixed assets	474	1,343
Non-cash operating lease costs	59,643	55,048
Loss (gain) on lease terminations	(2,539)	(2,346)
Asset impairments	19,911
Dividend received from unconsolidated affiliate	2,695	1,960
Equity (gain) loss in unconsolidated affiliates	(340)	(2,248)
Share-based compensation	4,015	13,657
Deferred financing charges and debt discount amortization	7,712	6,586
Extinguishment of deferred financing costs	6,503
Deferred income taxes	2
Changes in operating assets and liabilities:
Accounts receivable, net	(190,838)	(396,895)
Inventories	90,148	(74,250)
Income taxes, net	6,587	28,614
Prepaid expenses and other current assets	42,704	19,278
Other assets, net	(342)	(382)
Customer refund liabilities	(113,023)	16,450
Operating lease liabilities	(61,822)	(61,063)
Accounts payable, accrued expenses and other liabilities	(37,709)	26,567
Net cash provided by (used in) operating activities	(127,571)	(220,169)
Cash flows from investing activities
Operating lease assets initial direct costs	(4,041)	(2,014)
Capital expenditures	(12,392)	(31,903)
Net cash used in investing activities	(16,433)	(33,917)
Cash flows from financing activities
Repayment of borrowings - revolving facility	(878,083)	(1,536,448)
Proceeds from borrowings - revolving facility	878,083	1,816,328
Repayment of borrowings - unsecured term loan	(300,262)	(338)
Proceeds from borrowings - unsecured term loan	7,103	3,380
Proceeds from borrowings - senior secured notes	400,000
Payment of financing costs	(13,276)
Proceeds from exercise of equity awards	180	116
Purchase of treasury shares		(35,216)
Taxes paid for net share settlements	(317)	(8,367)
Net cash provided by financing activities	93,428	239,455
Foreign currency translation adjustments	2,949	294
Net increase (decrease) in cash and cash equivalents	(47,627)	(14,337)
Cash and cash equivalents at beginning of period	197,372	70,138
Cash and cash equivalents at end of period	149,745	55,801
Cash payments:
Interest, net	14,864	25,822
Income tax payments, net	$ 1,628	$ 13,975

Leases (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Leases (Details) - USD ($) $ in Millions	Oct. 31, 2020	Oct. 31, 2019	Oct. 31, 2020	Oct. 31, 2019
Lessee, Operating Lease, Description [Abstract]
Option to extend			true
Lessee, operating lease, option to terminate			The exercise of lease renewal options is generally at the Company’s sole discretion. The exercise of lease termination options is generally by mutual agreement between the Company and the lessor.
Variable lease costs and short-term lease costs including rent forgiveness	$ 6.2		$ 5.3
Variable and short term cost		$ 4.4		$ 11.9
Impairment charge related to the operating lease assets	$ 19.4
Minimum
Lessee, Operating Lease, Description [Abstract]
Operating lease, contract term	1 year		1 year
Renewal term	1 year		1 year
Maximum
Lessee, Operating Lease, Description [Abstract]
Operating lease, contract term	10 years		10 years
Renewal term	10 years		10 years

Retail Restructuring (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2020	Jan. 31, 2020	Oct. 31, 2019
Restructuring expected costs	$ 100,000
Restructuring and related cost expected cost cash portion	65,000
Operating lease liabilities	223,537	$ 312,206	$ 326,860
Retail operations
Restructuring Costs	2,200
Wilsons Leather, G.H Bass, and Calvin Klein Performance Stores [Member]
Operating lease liabilities	$ 28,000

Leases - Lease cost (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Leases - Lease cost (Details) - USD ($) $ in Millions	Oct. 31, 2020	Oct. 31, 2019	Oct. 31, 2020	Oct. 31, 2019
Selling, general and administrative expenses
Lease, Cost [Abstract]
Lease costs	$ 18.7	$ 24.4	$ 77.1	$ 74.3

Allowance for Doubtful Accounts (Activity in Allowance for Credit Losses) (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Oct. 31, 2020	Oct. 31, 2020
Segment Reporting Information [Line Items]
Beginning balance		$ (710)
Provision for credit losses	$ (4,300)	(14,874)
Accounts written off as uncollectible		110
Ending balance	(15,474)	(15,474)
Wholesale
Segment Reporting Information [Line Items]
Beginning balance		(628)
Provision for credit losses		(14,919)
Accounts written off as uncollectible		110
Ending balance	(15,437)	(15,437)
Retail [Member]
Segment Reporting Information [Line Items]
Beginning balance		(82)
Provision for credit losses		45
Ending balance	$ (37)	$ (37)

Notes Payable - Term loan and Senior secured credit facility (Details) - USD ($) $ in Thousands			3 Months Ended	6 Months Ended	9 Months Ended	12 Months Ended
	Aug. 07, 2020	Aug. 06, 2020	Oct. 31, 2019	Aug. 06, 2020	Oct. 31, 2020	Jan. 31, 2020
Debt Instrument [Line Items]
Outstanding amount			$ 674,741		$ 504,328	$ 396,794
Unamortized debt issuance costs		$ 3,300		$ 3,300
Interest expense		400
Second amended and restated credit agreement \| Maximum
Debt Instrument [Line Items]
Debt instrument commitment fee percentage			0.50%
Second amended and restated credit agreement \| Minimum
Debt Instrument [Line Items]
Debt instrument commitment fee percentage			0.35%
Senior secured credit facility
Debt Instrument [Line Items]
Debt issuance costs	$ 7,700
Senior secured credit facility \| One-month LIBOR
Debt Instrument [Line Items]
Spread interest rate	1.00%
Senior secured credit facility \| Federal funds rate
Debt Instrument [Line Items]
Spread interest rate	0.50%
Senior secured credit facility \| Second amended and restated credit agreement
Debt Instrument [Line Items]
Outstanding amount					$ 0
Debt issuance costs	$ 4,800
Term of credit agreement	5 years
Senior secured credit facility	$ 650,000
Weighted average interest rate					2.05%
Fixed charge coverage ratio					1.00%
Credit covenant compliance					As of October 31, 2020, the Company was in compliance with these covenants.
Senior secured credit facility \| Second amended and restated credit agreement \| Base rate \| Maximum
Debt Instrument [Line Items]
Spread interest rate	1.25%
Senior secured credit facility \| Second amended and restated credit agreement \| Base rate \| Minimum
Debt Instrument [Line Items]
Spread interest rate	0.75%
Senior secured credit facility \| Second amended and restated credit agreement \| LIBOR \| Maximum
Debt Instrument [Line Items]
Spread interest rate	2.25%
Senior secured credit facility \| Second amended and restated credit agreement \| LIBOR \| Minimum
Debt Instrument [Line Items]
Spread interest rate	1.75%
Trade Letters of Credit
Debt Instrument [Line Items]
Outstanding amount					$ 5,800
Standby Letters of Credit
Debt Instrument [Line Items]
Outstanding amount					$ 3,900
Term Loan
Debt Instrument [Line Items]
Proceeds from borrowings						$ 350,000
Repayments of debt	$ 300,000			50,000
Outstanding amount		$ 300,000		$ 300,000
Unamortized debt issuance costs	6,100
Term Loan \| Senior secured credit facility \| Second amended and restated credit agreement
Debt Instrument [Line Items]
Senior secured credit facility	$ 650,000

Inventories

9 Months Ended

Oct. 31, 2020

Inventories [Abstract]

Inventories

Note 4 – Inventories

Wholesale inventories, which comprise a significant portion of the Company’s inventory, are stated at the lower of cost (determined by the first-in, first-out method) or net realizable value. Retail inventories are valued at the lower of cost or market as determined by the retail inventory method. Vilebrequin inventories are stated at the lower of cost (determined by the weighted average method) or net realizable value. Substantially all of the Company’s inventories consist of finished goods.

The inventory return asset, which consists of the amount of goods that are anticipated to be returned by customers, represented $20.6 million, $41.9 million and $31.0 million as of October 31, 2020, October 31, 2019 and January 31, 2020, respectively. The inventory return asset is recorded within prepaid expenses and other current assets on the condensed consolidated balance sheets.

Inventory held on consignment by the Company’s customers totaled $4.8 million, $11.0 million and $9.1 million at October 31, 2020, October 31, 2019 and January 31, 2020, respectively. Consignment inventory is stored at the facilities of the Company’s customers. The Company reflects this inventory on its condensed consolidated balance sheets.

Inventories - Textuals (Details) - USD ($) $ in Millions	Oct. 31, 2020	Jan. 31, 2020	Oct. 31, 2019
Inventory [Line Items]
Inventory held on consignment	$ 4.8	$ 9.1	$ 11.0
Prepaid Expenses and Other Current Assets
Inventory [Line Items]
Inventory return asset	$ 20.6	$ 31.0	$ 41.9

Segments (Tables)

9 Months Ended

Oct. 31, 2020

Segments [Abstract]

Schedule of information regarding reportable segments

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


	Three Months Ended October 31, 2020
	Wholesale		Retail		Elimination ⁽¹⁾		Total

	(In thousands)
Net sales	$	783,030	$	57,982	$	(14,451)	$	826,561
Cost of goods sold		504,919		38,338		(14,451)		528,806
Gross profit		278,111		19,644		—		297,755
Selling, general and administrative expenses		134,050		43,575		—		177,625
Depreciation and amortization		8,472		1,715		—		10,187
Asset impairments, net of gain on lease modifications		(102)		(15)		—		(117)
Operating profit (loss)	$	135,691	$	(25,631)	$	—	$	110,060


	Three Months Ended October 31, 2019
	Wholesale		Retail		Elimination ⁽¹⁾		Total

	(In thousands)
Net sales	$	1,067,858	$	89,671	$	(29,126)	$	1,128,403
Cost of goods sold		713,063		45,447		(29,126)		729,384
Gross profit		354,795		44,224		—		399,019
Selling, general and administrative expenses		190,166		56,414		—		246,580
Depreciation and amortization		7,748		1,953		—		9,701
Gain on lease modifications		—		(124)		—		(124)
Operating profit (loss)	$	156,881	$	(14,019)	$	—	$	142,862


	Nine Months Ended October 31, 2020
	Wholesale		Retail		Elimination ⁽¹⁾		Total

	(In thousands)
Net sales	$	1,428,711	$	126,397	$	(26,204)	$	1,528,904
Cost of goods sold		914,900		83,359		(26,204)		972,055
Gross profit		513,811		43,038		—		556,849
Selling, general and administrative expenses		323,377		130,970		—		454,347
Depreciation and amortization		25,155		4,590		—		29,745
Asset impairments, net of gain on lease modifications		505		16,867		—		17,372
Operating profit (loss)	$	164,774	$	(109,389)	$	—	$	55,385


	Nine Months Ended October 31, 2019
	Wholesale		Retail		Elimination ⁽¹⁾		Total

	(In thousands)
Net sales	$	2,227,404	$	255,282	$	(76,839)	$	2,405,847
Cost of goods sold		1,480,678		135,156		(76,839)		1,538,995
Gross profit		746,726		120,126		—		866,852
Selling, general and administrative expenses		478,964		165,923		—		644,887
Depreciation and amortization		23,033		5,930		—		28,963
Gain on lease modifications		—		(2,346)		—		(2,346)
Operating profit (loss)	$	244,729	$	(49,381)	$	—	$	195,348

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

Schedule of total assets for each reportable segments

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, 2020		October 31, 2019		January 31, 2020

	(In thousands)
Wholesale	$	2,028,798	$	2,342,209	$	1,912,175
Retail		105,702		348,898		272,832
Corporate		334,916		237,500		380,130
Total assets	$	2,469,416	$	2,928,607	$	2,565,137

Leases

9 Months Ended

Oct. 31, 2020

Leases [Abstract]

Leases

Note 6 – Leases

The Company leases retail stores, warehouses, distribution centers, office space and certain equipment. Leases with an initial term of 12 months or less are not recorded on the balance sheet. The Company recognizes lease expense for these leases on a straight-line basis over the lease term.

Most leases are for a term of one to ten years. Some leases include one or more options to renew, with renewal terms that can extend the lease term from one to ten years. Several of the Company’s retail store leases include an option to terminate the lease based on failure to achieve a specified sales volume. The exercise of lease renewal options is generally at the Company’s sole discretion. The exercise of lease termination options is generally by mutual agreement between the Company and the lessor.

Certain of the Company’s lease agreements include rental payments based on a percentage of retail sales over contractual levels and others include rental payments adjusted periodically for inflation. The Company’s leases do not contain any material residual value guarantees or material restrictive covenants.

The Company’s lease assets and liabilities as of October 31, 2020, October 31, 2019 and January 31, 2020 consist of the following:



Leases	Classification	October 31, 2020		October 31, 2019		January 31, 2020

		(In thousands)
Assets
Operating	Operating lease assets	$	181,187	$	293,819	$	270,032
Total lease assets		$	181,187	$	293,819	$	270,032

Liabilities
Current operating	Current operating lease liabilities	$	65,554	$	66,850	$	63,166
Noncurrent operating	Noncurrent operating lease liabilities		157,983		260,010		249,040
Total lease liabilities		$	223,537	$	326,860	$	312,206

The Company’s operating lease assets and operating lease liabilities significantly declined during fiscal 2021 due to the restructuring of the retail operations segment, partially offset by other leasing activity. As a result of this restructuring, the Company expects to close all of its Wilsons Leather, G.H. Bass and Calvin Klein Performance stores by the end of fiscal 2021. In addition, primarily due to the restructuring, in the second quarter of fiscal 2021 the Company recorded a $19.4 million impairment charge related to the operating lease assets at certain Wilsons Leather, G.H. Bass, DKNY and Vilebrequin stores as a result of the performance at these stores.

The Company recorded lease costs of $18.7 million and $77.1 million during the three and nine months ended October 31, 2020, respectively. The Company recorded lease costs of $24.4 million and $74.3 million during the three and nine months ended October 31, 2019, respectively. Lease costs are recorded within selling, general and administrative expenses in the Company’s condensed consolidated statements of income and comprehensive income. The Company recorded variable

lease costs and short-term lease costs of $6.2 million and $5.3 million for the three and nine months ended October 31, 2020, respectively. The Company recorded variable leases costs and short-term lease costs of $4.4 million and $11.9 million for the three and nine months ended October 31, 2019, respectively. Short-term lease costs are immaterial.

As of October 31, 2020, the Company’s maturity of operating lease liabilities in the years ending up to January 31, 2025 and thereafter are as follows:


Year Ending January 31,	Amount
	(In thousands)
2021	$	38,100
2022		55,033
2023		48,113
2024		35,856
2025		28,896
After 2025		68,838
Total lease payments	$	274,836
Less: Interest		51,299
Present value of lease liabilities	$	223,537

As of October 31, 2020, there are no material leases that are legally binding but have not yet commenced.

As of October 31, 2020, the weighted average remaining lease term related to operating leases is 4.9 years. The weighted average discount rate related to operating leases is 8.2%.

Cash paid for amounts included in the measurement of operating lease liabilities is $79.7 million and $75.9 million during the nine months ended October 31, 2020 and October 31, 2019, respectively. Right-of-use assets obtained in exchange for lease obligations were $41.3 million and $21.3 million as of October 31, 2020 and October 31, 2019, respectively.

Leases - Future minimum payments under our operating lease (Details) - USD ($) $ in Thousands	Oct. 31, 2020	Jan. 31, 2020	Oct. 31, 2019
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2021	$ 38,100
2022	55,033
2023	48,113
2024	35,856
2025	28,896
After 2025	68,838
Total lease payments	274,836
Less: Interest	51,299
Present value of lease liabilities	$ 223,537	$ 312,206	$ 326,860