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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

			October 1, 2022						January 1, 2022
Assets
Current assets:
Cash and cash equivalents			$	162,612					$	250,844
Accounts receivable - net of allowances for doubtful accounts of $15,025 and $16,388, respectively			214,987						255,131
Inventories			452,747						346,850
Prepaid expenses and other current assets			184,964						169,930
Total current assets			1,015,310						1,022,755
Property, plant and equipment - net of accumulated depreciation of $418,090 and $436,663, respectively			77,379						89,767
Operating lease right-of-use assets			156,448						177,597
Intangible and other assets-net			65,849						78,600
Total long-term assets			299,676						345,964
Total assets			$	1,314,986					$	1,368,719
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable			$	204,040					$	229,877
Short-term and current portion of long-term debt			354						554
Accrued expenses:
Current operating lease liabilities			48,238						58,721
Compensation			40,072						73,595
Royalties			21,380						38,714
Customer liabilities			34,671						40,886
Transaction taxes			8,293						17,147
Other			43,430						46,675
Income taxes payable			28,249						29,478
Total current liabilities			428,727						535,647
Long-term income taxes payable			24,069						20,452
Deferred income tax liabilities			458						504
Long-term debt			293,583						141,354
Long-term operating lease liabilities			151,928						174,520
Other long-term liabilities			25,988						30,884
Total long-term liabilities			496,026						367,714
Commitments and contingencies (Note 13)
Stockholders’ equity:
Common stock, 51,827 and 52,146 shares issued and outstanding at October 1, 2022 and January 1, 2022, respectively			518						521
Additional paid-in capital			304,498						300,848
Retained earnings			184,909						229,132
Accumulated other comprehensive income (loss)			(96,876)						(67,275)
Total Fossil Group, Inc. stockholders’ equity			393,049						463,226
Noncontrolling interests			(2,816)						2,132
Total stockholders’ equity			390,233						465,358
Total liabilities and stockholders’ equity			$	1,314,986					$	1,368,719

			For the 13 Weeks Ended October 1, 2022						For the 13 Weeks Ended October 2, 2021						For the 39 Weeks Ended October 1, 2022						For the 39 Weeks Ended October 2, 2021
Net sales			$	436,271					$	491,827					$	1,183,292					$	1,265,808
Cost of sales			216,651						232,305						588,010						601,857
Gross profit			219,620						259,522						595,282						663,951
Operating expenses:
Selling, general and administrative expenses			196,530						205,718						591,521						593,522
Other long-lived asset impairments			608						551						1,060						6,314
Restructuring charges			—						5,447						5,438						18,716
Total operating expenses			197,138						211,716						598,019						618,552
Operating income (loss)			22,482						47,806						(2,737)						45,399
Interest expense			5,127						6,422						13,445						20,284
Other income (expense) - net			(1,859)						(482)						(1,915)						882
Income (loss) before income taxes			15,496						40,902						(18,097)						25,997
Provision for income taxes			9,214						8,978						15,904						19,177
Net income (loss)			6,282						31,924						(34,001)						6,820
Less: Net income (loss) attributable to noncontrolling interests			433						504						738						1,032
Net income (loss) attributable to Fossil Group, Inc.			$	5,849					$	31,420					$	(34,739)					$	5,788
Other comprehensive income (loss), net of taxes:
Currency translation adjustment			$	(13,465)					$	(3,237)					$	(37,437)					$	(12,293)
Cash flow hedges - net change			3,668						2,085						7,836						3,607
Total other comprehensive income (loss)			(9,797)						(1,152)						(29,601)						(8,686)
Total comprehensive income (loss)			(3,515)						30,772						(63,602)						(1,866)
Less: Comprehensive income (loss) attributable to noncontrolling interests			432						504						738						1,032
Comprehensive income (loss) attributable to Fossil Group, Inc.			$	(3,947)					$	30,268					$	(64,340)					$	(2,898)
Earnings (loss) per share:
Basic			$	0.11					$	0.60					$	(0.67)					$	0.11
Diluted			$	0.11					$	0.60					$	(0.67)					$	0.11
Weighted average common shares outstanding:
Basic			51,825						52,141						51,843						51,900
Diluted			52,052						52,766						51,843						52,738

For the 13 Weeks Ended October 1, 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, July 2, 2022			51,807						$	518					$	304,775					$	—					$	179,060					$	(87,079)					$	397,274					$	(3,249)					$	394,025
Common stock issued upon exercise of stock options, stock appreciation rights and restricted stock units			22						—						—						—						—						—						—						—						—
Acquisition of common stock for employee tax withholding																					(13)						—						—						(13)						—						(13)
Retirement of common stock			(2)						—						(13)						13						—						—						—						—						—
Stock-based compensation			—						—						(264)						—						—						—						(264)						—						(264)
Net income (loss)			—						—						—						—						5,849						—						5,849						433						6,282
Other comprehensive income (loss)			—						—						—						—						—						(9,797)						(9,797)						—						(9,797)
Balance, October 1, 2022			51,827						$	518					$	304,498					$	—					$	184,909					$	(96,876)					$	393,049					$	(2,816)					$	390,233

For the 13 Weeks Ended October 2, 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, July 3, 2021			52,127						$	521					$	295,704					$	—					$	178,066					$	(66,434)					$	407,857					$	1,470					$	409,327
Common stock issued upon exercise of stock options, stock appreciation rights and restricted stock units			21						—						—						—						—						—						—						—						—
Acquisition of common stock for employee tax withholding			—						—						—						(56)						—						—						(56)						—						(56)
Retirement of common stock			(5)						—						(56)						56						—						—						—						—						—
Stock-based compensation			—						—						2,857						—						—						—						2,857						—						2,857
Net income (loss)			—						—						—						—						31,420						—						31,420						504						31,924
Other comprehensive income (loss)			—						—						—						—						—						(1,152)						(1,152)						—						(1,152)
Balance, October 2, 2021			52,143						$	521					$	298,505					$	—					$	209,486					$	(67,586)					$	440,926					$	1,974					$	442,900

For the 39 Weeks Ended October 1, 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			896						9						(9)						—						—						—						—						—						—
Acquisition of common stock for employee tax withholding			—						—						—						(12,443)						—						—						(12,443)						—						(12,443)
Retirement of common stock			(1,215)						(12)						(2,947)						12,443						(9,484)						—						—						—						—
Stock-based compensation			—						—						6,606						—						—						—						6,606						—						6,606
Net income (loss)			—						—						—						—						(34,739)						—						(34,739)						738						(34,001)
Other comprehensive income (loss)			—						—						—						—						—						(29,601)						(29,601)												(29,601)
Distribution of noncontrolling interest earnings			—						—						—						—						—						—						—						(5,686)						(5,686)
Balance, October 1, 2022			51,827						$	518					$	304,498					$	—					$	184,909					$	(96,876)					$	393,049					$	(2,816)					$	390,233

For the 39 Weeks Ended October 2, 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			857						8						(8)						—						—						—						—						—						—
Acquisition of common stock for employee tax withholding			—						—						—						(2,405)						—						—						(2,405)						—						(2,405)
Retirement of common stock			(188)						(2)						(2,403)						2,405						—						—						—						—						—
Stock-based compensation			—						—						7,139						—						—						—						7,139						—						7,139
Net income (loss)			—						—						—						—						5,788						—						5,788						1,032						6,820
Other comprehensive income (loss)			—						—						—						—						—						(8,686)						(8,686)						—						(8,686)
Balance, October 2, 2021			52,143						$	521					$	298,505					$	—					$	209,486					$	(67,586)					$	440,926					$	1,974					$	442,900

			For the 39 Weeks Ended October 1, 2022						For the 39 Weeks Ended October 2, 2021
Operating Activities:
Net income (loss)			$	(34,001)					$	6,820
Adjustments to reconcile net loss to net cash provided used in operating activities:
Depreciation, amortization and accretion			17,587						23,410
Non-cash lease expense			60,073						68,920
Stock-based compensation			5,821						7,139
Decrease in allowance for returns and markdowns			(8,519)						(11,838)
Gain on disposal of assets			(448)						(5,169)
Property, plant and equipment and other long-lived asset impairment losses			1,060						6,322
Non-cash restructuring charges			876						1,747
Bad debt expense			5,611						961
Other non-cash items			9,973						10,975
Changes in operating assets and liabilities:
Accounts receivable			22,677						(25,571)
Inventories			(137,244)						(111,673)
Prepaid expenses and other current assets			(16,091)						31,732
Accounts payable			(19,151)						70,156
Accrued expenses			(56,944)						(30,007)
Income taxes			2,470						2,523
Operating lease liabilities			(68,533)						(83,443)
Net cash used in operating activities			(214,783)						(36,996)
Investing Activities:
Additions to property, plant and equipment			(8,717)						(6,739)
Decrease in intangible and other assets			993						6,903
Proceeds from the sale of property, plant and equipment and other			28						11,360
Net cash (used in) provided by investing activities			(7,696)						11,524
Financing Activities:
Acquisition of common stock			(12,444)						(2,405)
Distribution of noncontrolling interest earnings and other			(6,069)						(232)
Debt borrowings			261,983						85,182
Debt payments			(111,237)						(179,997)
Net cash provided by (used in) financing activities			132,233						(97,452)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash			(644)						(5,564)
Net decrease in cash, cash equivalents, and restricted cash			(90,890)						(128,488)
Cash, cash equivalents, and restricted cash:
Beginning of period			264,572						324,246
End of period			$	173,682					$	195,758

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 October 1, 2022						For the 13 Weeks Ended October 2, 2021						For the 39 Weeks Ended October 1, 2022						For the 39 Weeks Ended October 2, 2021
Numerator:
Net income (loss) attributable to Fossil Group, Inc.			$	5,849					$	31,420					$	(34,739)					$	5,788
Denominator:
Basic EPS computation:
Basic weighted average common shares outstanding			51,825						52,141						51,843						51,900
Basic EPS			$	0.11					$	0.60					$	(0.67)					$	0.11
Diluted EPS computation:
Effect of stock options, stock appreciation rights, restricted stock units and performance restricted stock units			227						625						—						838
Diluted weighted average common shares outstanding			52,052						52,766						51,843						52,738
Diluted EPS			$	0.11					$	0.60					$	(0.67)					$	0.11

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 October 1, 2022 and October 2, 2021 that are presented in the condensed consolidated statement of cash flows (in thousands):

			October 1, 2022						October 2, 2021
Cash and cash equivalents			$	162,612					$	181,782
Restricted cash included in prepaid expenses and other current assets			106						118
Restricted cash included in intangible and other assets-net			10,964						13,858
Cash, cash equivalents and restricted cash			$	173,682					$	195,758

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 October 1, 2022
			Americas						Europe						Asia						Corporate						Total
Product type
Watches:
Traditional watches			$	132,077					$	102,142					$	75,970					$	9					$	310,198
Smartwatches			14,578						10,401						8,327						—						33,306
Total watches			$	146,655					$	112,543					$	84,297					$	9					$	343,504
Leathers			27,262						5,683						8,150						—						41,095
Jewelry			8,353						22,955						6,560						—						37,868
Other			2,056						2,498						1,205						8,045						13,804
Consolidated			$	184,326					$	143,679					$	100,212					$	8,054					$	436,271
Timing of revenue recognition
Revenue recognized at a point in time			$	183,900					$	143,453					$	100,076					$	800					$	428,229
Revenue recognized over time			426						226						136						7,254						8,042
Consolidated			$	184,326					$	143,679					$	100,212					$	8,054					$	436,271

			For the 13 Weeks Ended October 2, 2021
			Americas						Europe						Asia						Corporate						Total
Product type
Watches:
Traditional watches			$	130,988					$	113,501					$	101,275					$	—					$	345,764
Smartwatches			25,205						16,344						12,528						8						54,085
Total watches			$	156,193					$	129,845					$	113,803					$	8					$	399,849
Leathers			23,389						7,231						5,770						—						36,390
Jewelry			12,285						25,554						8,486						—						46,325
Other			1,895						3,257						1,435						2,676						9,263
Consolidated			$	193,762					$	165,887					$	129,494					$	2,684					$	491,827
Timing of revenue recognition
Revenue recognized at a point in time			$	193,367					$	165,598					$	129,313					$	1,004					$	489,282
Revenue recognized over time			395						289						181						1,680						2,545
Consolidated			$	193,762					$	165,887					$	129,494					$	2,684					$	491,827

			For the 39 Weeks Ended October 1, 2022
			Americas						Europe						Asia						Corporate						Total
Product type
Watches:
Traditional watches			$	366,714					$	253,728					$	209,857					$	23					$	830,322
Smartwatches			47,228						33,347						24,134						—						104,709
Total watches			$	413,942					$	287,075					$	233,991					$	23					$	935,031
Leathers			69,091						18,372						23,763						—						111,226
Jewelry			25,548						62,730						18,217						—						106,495
Other			5,944						7,933						3,592						13,071						30,540
Consolidated			$	514,525					$	376,110					$	279,563					$	13,094					$	1,183,292
Timing of revenue recognition
Revenue recognized at a point in time			$	513,393					$	375,433					$	279,193					$	3,032					$	1,171,051
Revenue recognized over time			1,132						677						370						10,062						12,241
Consolidated			$	514,525					$	376,110					$	279,563					$	13,094					$	1,183,292

			For the 39 Weeks Ended October 2, 2021
			Americas						Europe						Asia						Corporate						Total
Product type
Watches:
Traditional watches			$	349,024					$	266,316					$	262,416					$	1,053					$	878,809
Smartwatches			78,308						43,277						28,477						24						150,086
Total watches			$	427,332					$	309,593					$	290,893					$	1,077					$	1,028,895
Leathers			63,851						19,933						20,057						—						103,841
Jewelry			26,506						61,974						16,560						—						105,040
Other			5,294						8,019						4,115						10,604						28,032
Consolidated			$	522,983					$	399,519					$	331,625					$	11,681					$	1,265,808
Timing of revenue recognition
Revenue recognized at a point in time			$	521,702					$	398,533					$	331,180					$	6,490					$	1,257,905
Revenue recognized over time			1,281						986						445						5,191						7,903
Consolidated			$	522,983					$	399,519					$	331,625					$	11,681					$	1,265,808

Contract Balances. As of October 1, 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) $0.9 million and $4.9 million as of October 1, 2022 and January 1, 2022, respectively, related to remaining performance obligations on licensing income, (ii) $3.4 million and $3.0 million as of October 1, 2022 and January 1, 2022, respectively, primarily related to remaining performance obligations on wearable technology products and (iii) $2.8 million and $3.6 million as of October 1, 2022 and January 1, 2022, respectively, related to gift cards issued.

			October 1, 2022						January 1, 2022
Components and parts			$	22,546					$	23,668
Work-in-process			4						2
Finished goods			430,197						323,180
Inventories			$	452,747					$	346,850

			For the 39 Weeks Ended October 1, 2022						For the 39 Weeks Ended October 2, 2021
Beginning balance			$	19,159					$	21,916
Settlements in cash or kind			(5,465)						(8,096)
Warranties issued and adjustments to preexisting warranties (1)			(148)						5,296
Ending balance			$	13,546					$	19,116

			For the 13 Weeks Ended October 1, 2022						For the 13 Weeks Ended October 2, 2021						For the 39 Weeks Ended October 1, 2022						For the 39 Weeks Ended October 2, 2021
Income tax (benefit) expense			$	9,214					$	8,978					$	15,904					$	19,177
Effective tax rate			59.5		%				22.0		%				(87.9)		%				73.8		%

Common and Preferred Stock. The Company has 100,000,000 shares of common stock, par value $0.01 per share, authorized, with 51,827,267 and 52,145,738 shares issued and outstanding at October 1, 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 October 1, 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.

During the first quarter of fiscal year 2022, the Company effectively retired 1.0 million shares of common stock repurchased under its repurchase programs. The effective retirement of repurchased common stock decreased common stock by $10,000, additional paid-in capital by $0.5 million, retained earnings by $9.5 million and treasury stock by $10.0 million. At

															For the 39 Weeks Ended October 1, 2022												For the 39 Weeks Ended October 2, 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 Third 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 July 2, 2022						199						$	51.21					0.8						$	—
Granted						—						—
Exercised						—						—												—
Forfeited or expired						(98)						46.98
Outstanding at October 1, 2022						101						55.31						1.1						—
Exercisable at October 1, 2022						101						$	55.31					1.1						$	—

Stock Appreciation Rights Outstanding and Exercisable. The following tables summarize information with respect to stock options and stock appreciation rights outstanding and exercisable at October 1, 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)
$36.73 - $80.22						101						$	55.31					1.1						101						$	55.31
Total						101						$	55.31					1.1						101						$	55.31

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

Restricted Stock Units and Performance Restricted Stock Units						Number of Shares						Weighted-Average Grant Date Fair Value Per Share
						(in Thousands)
Nonvested at July 2, 2022						2,016						$	10.16
Granted						—						—
Vested						(23)						7.68
Forfeited						(26)						9.95
Nonvested at October 1, 2022						1,967						$	10.19

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 October 1, 2022, the Company had 30,000 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 October 1, 2022
			Currency Translation Adjustments						Cash Flow Hedges
									Forward Contracts												Pension Plan						Total
Beginning balance			$	(99,573)					$	8,512											$	3,982					$	(87,079)
Other comprehensive income (loss) before reclassifications			(13,465)						7,950												—						(5,515)
Tax (expense) benefit			—						261												—						261
Amounts reclassed from accumulated other comprehensive income (loss)			—						4,310												—						4,310
Tax (expense) benefit			—						233												—						233
Total other comprehensive income (loss)			(13,465)						3,668												—						(9,797)
Ending balance			$	(113,038)					$	12,180											$	3,982					$	(96,876)

			For the 13 Weeks Ended October 2, 2021
			Currency Translation Adjustments						Cash Flow Hedges
									Forward Contracts												Pension Plan						Total
Beginning balance			$	(70,234)					$	2,372											$	1,428					$	(66,434)
Other comprehensive income (loss) before reclassifications			(3,237)						3,320												—						83
Tax (expense) benefit			—						(29)												—						(29)
Amounts reclassed from accumulated other comprehensive income (loss)			—						1,263												—						1,263
Tax (expense) benefit			—						(57)												—						(57)
Total other comprehensive income (loss)			(3,237)						2,085												—						(1,152)
Ending balance			$	(73,471)					$	4,457											$	1,428					$	(67,586)