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☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Delaware

75-2018505

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

901 S. Central Expressway,

Richardson,

Texas

75080

(Address of principal executive offices)

(Zip Code)

Title of each class

Ticker Symbol

Name of each exchange on which registered

Common Stock, par value $0.01 per share

FOSL

The Nasdaq Stock Market LLC

7.00% Senior notes due 2026

FOSLL

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Large accelerated filer

☐

Accelerated filer

☒

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act o

						Page
PART I
Item 1.			Financial Statements			5
			Condensed Consolidated Balance Sheets			5
			Condensed Consolidated Statements of Income (Loss) and Comprehensive Income (Loss)			6
			Condensed Consolidated Statements of Stockholders' Equity			7
			Condensed Consolidated Statements of Cash Flows			9
			Notes to Condensed Consolidated Financial Statements			10
Item 2.			Management's Discussion and Analysis of Financial Condition and Results of Operations			31
			Results of Operations			33
			Liquidity and Capital Resources			44
			Forward-Looking Statements			46
Item 3.			Quantitative and Qualitative Disclosures About Market Risk			47
Item 4.			Controls and Procedures			47
PART II
Item 1.			Legal Proceedings			49
Item 1A.			Risk Factors			49
Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds			49
Item 5.			Other Information			49
Item 6.			Exhibits			50
			SIGNATURES			51

			July 2, 2022						January 1, 2022
Assets
Current assets:
Cash and cash equivalents			$	167,067					$	250,844
Accounts receivable - net of allowances for doubtful accounts of $16,477 and $16,388, respectively			176,517						255,131
Inventories			437,909						346,850
Prepaid expenses and other current assets			183,295						169,930
Total current assets			964,788						1,022,755
Property, plant and equipment - net of accumulated depreciation of $427,065 and $436,663, respectively			80,559						89,767
Operating lease right-of-use assets			168,615						177,597
Intangible and other assets-net			69,462						78,600
Total long-term assets			318,636						345,964
Total assets			$	1,283,424					$	1,368,719
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable			$	208,732					$	229,877
Short-term and current portion of long-term debt			570						554
Accrued expenses:
Current operating lease liabilities			51,518						58,721
Compensation			42,453						73,595
Royalties			14,875						38,714
Customer liabilities			32,594						40,886
Transaction taxes			2,810						17,147
Other			44,935						46,675
Income taxes payable			22,797						29,478
Total current liabilities			421,284						535,647
Long-term income taxes payable			23,059						20,452
Deferred income tax liabilities			479						504
Long-term debt			248,905						141,354
Long-term operating lease liabilities			163,908						174,520
Other long-term liabilities			31,764						30,884
Total long-term liabilities			468,115						367,714
Commitments and contingencies (Note 13)
Stockholders’ equity:
Common stock, 51,807 and 52,146 shares issued and outstanding at July 2, 2022 and January 1, 2022, respectively			518						521
Additional paid-in capital			304,775						300,848
Retained earnings			179,060						229,132
Accumulated other comprehensive income (loss)			(87,079)						(67,275)
Total Fossil Group, Inc. stockholders’ equity			397,274						463,226
Noncontrolling interests			(3,249)						2,132
Total stockholders’ equity			394,025						465,358
Total liabilities and stockholders’ equity			$	1,283,424					$	1,368,719

			For the 13 Weeks Ended July 2, 2022						For the 13 Weeks Ended July 3, 2021						For the 26 Weeks Ended July 2, 2022						For the 26 Weeks Ended July 3, 2021
Net sales			$	371,168					$	410,939					$	747,021					$	773,981
Cost of sales			179,819						189,100						371,359						369,553
Gross profit			191,349						221,839						375,662						404,428
Operating expenses:
Selling, general and administrative expenses			199,233						200,480						394,991						387,803
Other long-lived asset impairments			165						1,263						452						5,763
Restructuring charges			2,887						5,749						5,438						13,270
Total operating expenses			202,285						207,492						400,881						406,836
Operating income (loss)			(10,936)						14,347						(25,219)						(2,408)
Interest expense			4,322						6,531						8,318						13,863
Other income (expense) - net			(1,674)						(500)						(56)						1,365
Income (loss) before income taxes			(16,932)						7,316						(33,593)						(14,906)
Provision for income taxes			2,003						8,081						6,690						10,198
Net income (loss)			(18,935)						(765)						(40,283)						(25,104)
Less: Net income (loss) attributable to noncontrolling interests			139						427						305						528
Net income (loss) attributable to Fossil Group, Inc.			$	(19,074)					$	(1,192)					$	(40,588)					$	(25,632)
Other comprehensive income (loss), net of taxes:
Currency translation adjustment			$	(16,087)					$	1,065					$	(23,972)					$	(9,056)
Cash flow hedges - net change			3,070						(220)						4,168						1,522
Total other comprehensive income (loss)			(13,017)						845						(19,804)						(7,534)
Total comprehensive income (loss)			(31,952)						80						(60,087)						(32,638)
Less: Comprehensive income (loss) attributable to noncontrolling interests			139						427						305						528
Comprehensive income (loss) attributable to Fossil Group, Inc.			$	(32,091)					$	(347)					$	(60,392)					$	(33,166)
Earnings (loss) per share:
Basic			$	(0.37)					$	(0.02)					$	(0.78)					$	(0.50)
Diluted			$	(0.37)					$	(0.02)					$	(0.78)					$	(0.50)
Weighted average common shares outstanding:
Basic			51,707						52,040						51,853						51,779
Diluted			51,707						52,040						51,853						51,779

For the 13 Weeks Ended July 2, 2022
			Common stock												Additional paid-in capital						Treasury stock						Retained earnings						Accumulated other comprehensive income (loss)						Stockholders' equity attributable to Fossil Group, Inc.						Noncontrolling interest						Total stockholders' equity
			Shares						Par value
Balance, April 2, 2022			51,157						$	511					$	302,583					$	—					$	198,134					$	(74,062)					$	427,166					$	2,298					$	429,464
Common stock issued upon exercise of stock options, stock appreciation rights and restricted stock units			873						9						(9)						—						—						—						—						—						—
Acquisition of common stock for employee tax withholding																					(2,430)						—						—						(2,430)						—						(2,430)
Retirement of common stock			(223)						(2)						(2,428)						2,430						—						—						—						—						—
Stock-based compensation			—						—						4,629						—						—						—						4,629						—						4,629
Net income (loss)			—						—						—						—						(19,074)						—						(19,074)						139						(18,935)
Other comprehensive income (loss)			—						—						—						—						—						(13,017)						(13,017)						—						(13,017)
Distribution of noncontrolling interest earnings			—						—						—						—						—						—						—						(5,686)						(5,686)
Balance, July 2, 2022			51,807						$	518					$	304,775					$	—					$	179,060					$	(87,079)					$	397,274					$	(3,249)					$	394,025

For the 13 Weeks Ended July 3, 2021
			Common stock												Additional paid-in capital						Treasury stock						Retained earnings						Accumulated other comprehensive income (loss)						Stockholders' equity attributable to Fossil Group, Inc.						Noncontrolling interest						Total stockholders' equity
			Shares						Par value
Balance, April 3, 2021			51,526						$	515					$	295,287					$	—					$	179,258					$	(67,279)					$	407,781					$	1,043					$	408,824
Common stock issued upon exercise of stock options, stock appreciation rights and restricted stock units			759						7						(7)						—						—						—						—						—						—
Acquisition of common stock for employee tax withholding			—						—						—						(2,094)						—						—						(2,094)						—						(2,094)
Retirement of common stock			(158)						(1)						(2,093)						2,094						—						—						—						—						—
Stock-based compensation			—						—						2,517						—						—						—						2,517						—						2,517
Net income (loss)			—						—						—						—						(1,192)						—						(1,192)						427						(765)
Other comprehensive income (loss)			—						—						—						—						—						845						845						—						845
Balance, July 3, 2021			52,127						$	521					$	295,704					$	—					$	178,066					$	(66,434)					$	407,857					$	1,470					$	409,327

For the 26 Weeks Ended July 2, 2022
			Common stock												Additional paid-in capital						Treasury stock						Retained earnings						Accumulated other comprehensive income (loss)						Stockholders' equity attributable to Fossil Group, Inc.						Noncontrolling interest						Total stockholders' equity
			Shares						Par value
Balance, January 1, 2022			52,146						$	521					$	300,848					$	—					$	229,132					$	(67,275)					$	463,226					$	2,132					$	465,358
Common stock issued upon exercise of stock options, stock appreciation rights and restricted stock units			874						9						(9)						—						—						—						—						—						—
Acquisition of common stock for employee tax withholding			—						—						—						(12,430)						—						—						(12,430)						—						(12,430)
Retirement of common stock			(1,213)						(12)						(2,934)						12,430						(9,484)						—						—						—						—
Stock-based compensation			—						—						6,870						—						—						—						6,870						—						6,870
Net income (loss)			—						—						—						—						(40,588)						—						(40,588)						305						(40,283)
Other comprehensive income (loss)			—						—						—						—						—						(19,804)						(19,804)												(19,804)
Distribution of noncontrolling interest earnings			—						—						—						—						—						—						—						(5,686)						(5,686)
Balance, July 2, 2022			51,807						$	518					$	304,775					$	—					$	179,060					$	(87,079)					$	397,274					$	(3,249)					$	394,025

For the 26 Weeks Ended July 3, 2021
			Common stock												Additional paid-in capital						Treasury stock						Retained earnings						Accumulated other comprehensive income (loss)						Stockholders' equity attributable to Fossil Group, Inc.						Noncontrolling interest						Total stockholders' equity
			Shares						Par value
Balance, January 2, 2021			51,474						$	515					$	293,777					$	—					$	203,698					$	(58,900)					$	439,090					$	942					$	440,032
Common stock issued upon exercise of stock options, stock appreciation rights and restricted stock units			836						8						(8)						—						—						—						—						—						—
Acquisition of common stock for employee tax withholding			—						—						—						(2,349)						—						—						(2,349)						—						(2,349)
Retirement of common stock			(183)						(2)						(2,347)						2,349						—						—						—						—						—
Stock-based compensation			—						—						4,282						—						—						—						4,282						—						4,282
Net income (loss)			—						—						—						—						(25,632)						—						(25,632)						528						(25,104)
Other comprehensive income (loss)			—						—						—						—						—						(7,534)						(7,534)						—						(7,534)
Balance, July 3, 2021			52,127						$	521					$	295,704					$	—					$	178,066					$	(66,434)					$	407,857					$	1,470					$	409,327

			For the 26 Weeks Ended July 2, 2022						For the 26 Weeks Ended July 3, 2021
Operating Activities:
Net income (loss)			$	(40,283)					$	(25,104)
Adjustments to reconcile net loss to net cash provided used in operating activities:
Depreciation, amortization and accretion			11,947						16,432
Non-cash lease expense			40,976						46,708
Stock-based compensation			6,085						4,282
Decrease in allowance for returns and markdowns			(12,181)						(11,656)
Property, plant and equipment and other long-lived asset impairment losses			452						5,771
Non-cash restructuring charges			876						1,701
Bad debt expense			3,917						380
Other non-cash items			7,250						2,705
Changes in operating assets and liabilities:
Accounts receivable			70,745						41,802
Inventories			(107,449)						(61,572)
Prepaid expenses and other current assets			(16,277)						32,681
Accounts payable			(17,339)						35,726
Accrued expenses			(62,676)						(44,660)
Income taxes			(3,979)						676
Operating lease liabilities			(47,843)						(55,643)
Net cash used in operating activities			(165,779)						(9,771)
Investing Activities:
Additions to property, plant and equipment			(4,466)						(3,381)
Decrease in intangible and other assets			637						6,733
Proceeds from the sale of property, plant and equipment and other			4						11,058
Net cash (used in) provided by investing activities			(3,825)						14,410
Financing Activities:
Acquisition of common stock			(12,431)						(2,349)
Distribution of noncontrolling interest earnings and other			(6,069)						(209)
Debt borrowings			177,906						85,180
Debt payments			(71,221)						(138,889)
Net cash provided by (used in) financing activities			88,185						(56,267)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash			(3,798)						(5,569)
Net decrease in cash, cash equivalents, and restricted cash			(85,217)						(57,197)
Cash, cash equivalents, and restricted cash:
Beginning of period			264,572						324,246
End of period			$	179,355					$	267,049

Basis of Presentation. The condensed consolidated financial statements include the accounts of Fossil Group, Inc., a Delaware corporation, and its wholly and majority-owned subsidiaries (the “Company”).

Business. The Company is a global design, marketing and distribution company that specializes in consumer fashion accessories. Its principal offerings include an extensive line of men's and women's fashion watches and jewelry, handbags, small leather goods, belts and sunglasses. In the watch and jewelry product categories, the Company has a diverse portfolio of globally recognized owned and licensed brand names under which its products are marketed. The Company's products are distributed globally through various distribution channels, including wholesale in countries where it has a physical presence, direct to the consumer through its retail stores and commercial websites and through third-party distributors in countries where the Company does not maintain a physical presence. The Company's products are offered at varying price points to meet the needs of its customers, whether they are value-conscious or luxury oriented. Based on its extensive range of accessory products, brands, distribution channels and price points, the Company is able to target style-conscious consumers across a wide age spectrum on a global basis.

Operating Expenses. Operating expenses include selling, general and administrative ("SG&A"), other long-lived asset impairments and restructuring charges. SG&A expenses include selling and distribution expenses primarily consisting of sales and distribution labor costs, sales distribution center and warehouse facility costs, depreciation expense related to sales distribution and warehouse facilities, the four-wall operating costs of the Company's retail stores, point-of-sale expenses, advertising expenses and art, and design and product development labor costs. SG&A also includes general and administrative expenses primarily consisting of administrative support labor and support costs such as treasury, legal, information services, accounting, internal audit, human resources, executive management costs and costs associated with stock-based compensation. Restructuring charges include costs to reorganize, refine and optimize the Company’s infrastructure and store closures. See Note 16—Restructuring for additional information on the Company’s restructuring plan.

Earnings (Loss) Per Share (“EPS”). Basic EPS is based on the weighted average number of common shares outstanding during each period. Diluted EPS adjusts basic EPS for the effects of dilutive common stock equivalents outstanding during each period using the treasury stock method.

			For the 13 Weeks Ended July 2, 2022						For the 13 Weeks Ended July 3, 2021						For the 26 Weeks Ended July 2, 2022						For the 26 Weeks Ended July 3, 2021
Numerator:
Net income (loss) attributable to Fossil Group, Inc.			$	(19,074)					$	(1,192)					$	(40,588)					$	(25,632)
Denominator:
Basic EPS computation:
Basic weighted average common shares outstanding			51,707						52,040						51,853						51,779
Basic EPS			$	(0.37)					$	(0.02)					$	(0.78)					$	(0.50)
Diluted EPS computation:
Diluted weighted average common shares outstanding			51,707						52,040						51,853						51,779
Diluted EPS			$	(0.37)					$	(0.02)					$	(0.78)					$	(0.50)

Cash, Cash Equivalents and Restricted Cash. Restricted cash included in intangible and other-assets net was comprised primarily of restricted cash balances for appealed tax assessments held in escrow and for pledged collateral to secure bank guarantees for the purpose of obtaining retail space. The following table provides a reconciliation of the cash, cash equivalents, and restricted cash balances as of July 2, 2022 and July 3, 2021 that are presented in the condensed consolidated statement of cash flows (in thousands):

			July 2, 2022						July 3, 2021
Cash and cash equivalents			$	167,067					$	252,251
Restricted cash included in prepaid expenses and other current assets			110						118
Restricted cash included in intangible and other assets-net			12,178						14,680
Cash, cash equivalents and restricted cash			$	179,355					$	267,049

In November 2021, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance ("ASU 2021-10"). The new standard increases transparency of government assistance by focusing on the types of assistance given, an entity's accounting for the assistance, and the effect of the assistance on the entity's financial statements to allow for more comparable information for investors and other financial statement users. This standard is effective for financial statements issued for annual periods beginning after December 15, 2021, but early adoption is permitted. This standard will not have a material impact on the Company's consolidated financial statements or related disclosures.

In October 2021, FASB issued ASU 2021-08, Business Combinations – Accounting for Contract Assets and Contract Liabilities from Contracts with Customers ("ASU 2021-08"). The guidance is intended to improve the accounting for acquired revenue contracts with customers in a business combination by addressing diversity in practice. The guidance requires an acquirer to recognize and measure contract assets and liabilities acquired in a business combination in accordance with Topic 606 as if they had originated the contracts, as opposed to at fair value on the acquisition date. The standard will be effective for business combinations that occur after January 1, 2023. Early adoption is permitted. The guidance will be applied prospectively to acquisitions occurring on or after the effective date. While the impact of this amendment is dependent on the nature of any future transactions, the Company currently does not expect this standard to have a material impact on the Company's consolidated financial statements or related disclosures.

In March 2020, FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting ("ASU 2020-04") and subsequent guidance that clarified the scope and application of its original guidance. ASU 2020-04 provides optional expedients and exceptions to the current guidance on contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this update apply only to contracts and hedging relationships that reference the London Interbank Offered Rate ("LIBOR") or another reference rate expected to be discontinued due to reference rate reform. The guidance was effective upon issuance and generally can be applied to applicable contract modifications through December 31, 2022. The Company will adopt these standards when LIBOR is discontinued and does not expect it to have a material impact on its consolidated financial statements or related disclosures.

In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes ("ASU 2019-12"). ASU 2019-12 simplifies the accounting for income taxes by removing certain exceptions to general principles in Income Taxes (Topic 740). It also clarifies and amends existing guidance to improve consistent application. The Company adopted ASU 2019-12 at the beginning of fiscal year 2022, and it did not have a material effect on the Company's condensed consolidated financial statements.

Disaggregation of Revenue. Due to changes in the Company’s product types as discussed in Note 1 to the Condensed Consolidated Financial Statements, product results for the Prior Year Quarter and Prior Year YTD Period have been recast to present results on a comparable basis. The Company's revenue disaggregated by major product category and timing of revenue recognition was as follows (in thousands):

			For the 13 Weeks Ended July 2, 2022
			Americas						Europe						Asia						Corporate						Total
Product type
Watches:
Traditional watches			$	118,736					$	70,436					$	69,524					$	—					$	258,696
Smartwatches			15,377						10,261						7,783						—						33,421
Total watches			$	134,113					$	80,697					$	77,307					$	—					$	292,117
Leathers			22,593						5,320						8,034						—						35,947
Jewelry			9,260						18,639						6,031						—						33,930
Other			2,306						3,235						1,210						2,423						9,174
Consolidated			$	168,272					$	107,891					$	92,582					$	2,423					$	371,168
Timing of revenue recognition
Revenue recognized at a point in time			$	167,899					$	107,690					$	92,441					$	1,058					$	369,088
Revenue recognized over time			373						201						141						1,365						2,080
Consolidated			$	168,272					$	107,891					$	92,582					$	2,423					$	371,168

			For the 13 Weeks Ended July 3, 2021
			Americas						Europe						Asia						Corporate						Total
Product type
Watches:
Traditional watches			$	122,701					$	81,809					$	85,053					$	1,053					$	290,616
Smartwatches			23,878						13,259						5,932						13						43,082
Total watches			$	146,579					$	95,068					$	90,985					$	1,066					$	333,698
Leathers			20,833						6,396						6,118						—						33,347
Jewelry			7,258						20,154						5,165						—						32,577
Other			2,045						2,779						1,224						5,269						11,317
Consolidated			$	176,715					$	124,397					$	103,492					$	6,335					$	410,939
Timing of revenue recognition
Revenue recognized at a point in time			$	176,289					$	124,046					$	103,328					$	4,580					$	408,243
Revenue recognized over time			426						351						164						1,755						2,696
Consolidated			$	176,715					$	124,397					$	103,492					$	6,335					$	410,939

			For the 26 Weeks Ended July 2, 2022
			Americas						Europe						Asia						Corporate						Total
Product type
Watches:
Traditional watches			$	234,638					$	151,584					$	133,887					$	13					$	520,122
Smartwatches			32,649						22,947						15,808						2						71,406
Total watches			$	267,287					$	174,531					$	149,695					$	15					$	591,528
Leathers			41,829						12,689						15,614						—						70,132
Jewelry			17,195						39,775						11,656						—						68,626
Other			3,888						5,447						2,385						5,015						16,735
Consolidated			$	330,199					$	232,442					$	179,350					$	5,030					$	747,021
Timing of revenue recognition
Revenue recognized at a point in time			$	329,493					$	231,991					$	179,049					$	2,222					$	742,755
Revenue recognized over time			706						451						301						2,808						4,266
Consolidated			$	330,199					$	232,442					$	179,350					$	5,030					$	747,021

			For the 26 Weeks Ended July 3, 2021
			Americas						Europe						Asia						Corporate						Total
Product type
Watches:
Traditional watches			$	218,037					$	152,815					$	161,142					$	1,053					$	533,047
Smartwatches			53,102						26,933						15,949						16						96,000
Total watches			$	271,139					$	179,748					$	177,091					$	1,069					$	629,047
Leathers			40,462						12,702						14,287						—						67,451
Jewelry			14,221						36,420						8,073						—						58,714
Other			3,398						4,762						2,681						7,928						18,769
Consolidated			$	329,220					$	233,632					$	202,132					$	8,997					$	773,981
Timing of revenue recognition
Revenue recognized at a point in time			$	328,334					$	232,935					$	201,868					$	5,486					$	768,623
Revenue recognized over time			886						697						264						3,511						5,358
Consolidated			$	329,220					$	233,632					$	202,132					$	8,997					$	773,981

Contract Balances. As of July 2, 2022, the Company had no material contract assets on the Company's condensed consolidated balance sheets and no deferred contract costs. The Company had contract liabilities of (i) $6.0 million and $4.9 million as of July 2, 2022 and January 1, 2022, respectively, related to remaining performance obligations on licensing income, (ii) $3.3 million and $3.0 million as of July 2, 2022 and January 1, 2022, respectively, primarily related to remaining performance obligations on wearable technology products and (iii) $2.9 million and $3.6 million as of July 2, 2022 and January 1, 2022, respectively, related to gift cards issued.

			July 2, 2022						January 1, 2022
Components and parts			$	27,454					$	23,668
Work-in-process			207						2
Finished goods			410,248						323,180
Inventories			$	437,909					$	346,850

			For the 26 Weeks Ended July 2, 2022						For the 26 Weeks Ended July 3, 2021
Beginning balance			$	19,159					$	21,916
Settlements in cash or kind			(4,613)						(4,828)
Warranties issued and adjustments to preexisting warranties (1)			916						4,311
Ending balance			$	15,462					$	21,399

			For the 13 Weeks Ended July 2, 2022						For the 13 Weeks Ended July 3, 2021						For the 26 Weeks Ended July 2, 2022						For the 26 Weeks Ended July 3, 2021
Income tax (benefit) expense			$	2,003					$	8,081					$	6,690					$	10,198
Effective tax rate			(11.8)		%				110.5		%				(19.9)		%				(68.4)		%

Common and Preferred Stock. The Company has 100,000,000 shares of common stock, par value $0.01 per share, authorized, with 51,806,845 and 52,145,738 shares issued and outstanding at July 2, 2022 and January 1, 2022, respectively. The Company has 1,000,000 shares of preferred stock, par value $0.01 per share, authorized, with none issued or outstanding at July 2, 2022 or January 1, 2022. Rights, preferences and other terms of preferred stock will be determined by the Board of Directors at the time of issuance.

Common Stock Repurchase Programs. Purchases of the Company’s common stock are made from time to time pursuant to its repurchase programs, subject to market conditions and at prevailing market prices, through the open market. Repurchased shares of common stock are recorded at cost and become authorized but unissued shares which may be issued in the future for general corporate or other purposes. The Company may terminate or limit its stock repurchase program at any time. In the event the repurchased shares are cancelled, the Company accounts for retirements by allocating the repurchase price to common stock, additional paid-in capital and retained earnings.

additional paid-in capital by $0.5 million, retained earnings by $9.5 million and treasury stock by $10.0 million. At July 2, 2022 and January 1, 2022, all treasury stock had been effectively retired. As of July 2, 2022, the Company had $20.0 million of repurchase authorizations remaining under its repurchase program.

															For the 26 Weeks Ended July 2, 2022												For the 26 Weeks Ended July 3, 2021
Fiscal Year Authorized			Dollar Value Authorized						Termination Date						Number of Shares Repurchased						Dollar Value Repurchased						Number of Shares Repurchased						Dollar Value Repurchased
2010			$	30.0					None						1.0						$	10.0					—						$	—

Stock-Based Compensation Plans. The following table summarizes stock options and stock appreciation rights activity during the Second Quarter:

Stock Appreciation Rights						Shares						Weighted- Average Exercise Price						Weighted- Average Remaining Contractual Term						Aggregate Intrinsic Value
						(in Thousands)												(in Years)						(in Thousands)
Outstanding at April 2, 2022						206						$	53.67					1.7						$	—
Granted						—						—
Exercised						—						—												—
Forfeited or expired						(7)						123.51
Outstanding at July 2, 2022						199						51.21						0.8						—
Exercisable at July 2, 2022						199						$	51.21					0.8						$	—

Stock Appreciation Rights Outstanding and Exercisable. The following tables summarize information with respect to stock options and stock appreciation rights outstanding and exercisable at July 2, 2022:

Stock Appreciation Rights Outstanding																								Stock Appreciation Rights Exercisable
Range of Exercise Prices						Number of Shares						Weighted- Average Exercise Price						Weighted- Average Remaining Contractual Term						Number of Shares						Weighted- Average Exercise Price
						(in Thousands)												(in Years)						(in Thousands)
$29.49 - $47.99						146						$	40.92					0.90						146						$	40.92
$55.04 - $82.55						48						77.43						0.60						48						77.43
$101.37						5						101.37						0.04						5						101.37
Total						199						$	51.21					0.80						199						$	51.21

Restricted Stock Units and Performance Restricted Stock Units. The following table summarizes restricted stock unit and performance restricted stock unit activity during the Second Quarter:

Restricted Stock Units and Performance Restricted Stock Units						Number of Shares						Weighted-Average Grant Date Fair Value Per Share
						(in Thousands)
Nonvested at April 2, 2022						1,802						$	9.91
Granted						1,244						10.69
Vested						(904)						10.20
Forfeited						(126)						10.98
Nonvested at July 2, 2022						2,016						$	10.16

Long-Term Incentive Plans. On the date of the Company’s annual stockholders meeting, each non-employee director automatically receives a grant of restricted stock units with a fair market value of approximately $130,000, which vest 100% on the earlier of one year from the date of grant or the date of the Company's next annual stockholders meeting, provided such director is providing services to the Company or a subsidiary of the Company on that date. Beginning with the grant in fiscal year 2021, non-employee directors could elect to defer receipt of all or a portion of the restricted stock units. As of July 2, 2022, the Company had 30 thousand shares of restricted stock units that had vested but were deferred in connection with non-employee director compensation. In addition, beginning in fiscal year 2021, non-employee directors may defer the cash portion of their annual fees. Each participant may also elect to have the cash portion of his or her annual fees for each calendar year treated as if invested in units of common stock of the Company.

			For the 13 Weeks Ended July 2, 2022
			Currency Translation Adjustments						Cash Flow Hedges
									Forward Contracts												Pension Plan						Total
Beginning balance			$	(83,486)					$	5,442											$	3,982					$	(74,062)
Other comprehensive income (loss) before reclassifications			(16,087)						5,843												—						(10,244)
Tax (expense) benefit			—						257												—						257
Amounts reclassed from accumulated other comprehensive income (loss)			—						2,750												—						2,750
Tax (expense) benefit			—						280												—						280
Total other comprehensive income (loss)			(16,087)						3,070												—						(13,017)
Ending balance			$	(99,573)					$	8,512											$	3,982					$	(87,079)