XML 48 R22.htm IDEA: XBRL DOCUMENT v3.3.0.814
Foreign Currency Translation
6 Months Ended
Jun. 30, 2015
Foreign Currency [Abstract]  
Foreign Currency Translation

Note 15. Foreign Currency Translation

Iconix Luxembourg and Red Diamond Holdings are wholly owned subsidiaries of the Company, located in Luxembourg, that for accounting purposes are required to maintain their accounting records in Euros. However the companies have certain dollar denominated assets, in particular cash and notes receivable, that are maintained in U.S. Dollars, which are required to be revalued each quarter. Due to fluctuations in currency in the Current Quarter and Current Six Months, the Company recorded a $2.0 million currency translation loss and an $8.5 million currency translation gain, respectively, that is included in the unaudited condensed consolidated statement of income.

Comprehensive income includes certain gains and losses that, under U.S. GAAP, are excluded from net income as such amounts are recorded directly as an adjustment to stockholders’ equity. Our comprehensive income is primarily comprised of net income and foreign currency translation gain or loss. During the Current Quarter and Current Six Months, we recognized as a component of our comprehensive income, a foreign currency translation gain of $7.1 million and foreign currency translation loss of $31.1 million, respectively, due to changes in foreign exchange rates during the Current Quarter and Current Six Months. During the Prior Year Quarter and Prior Year Six Months, we recognized as a component of our comprehensive income, a foreign currency translation loss of $2.3 million and $2.6 million, respectively, due to changes in foreign exchange rates during the Prior Year Quarter and Prior Year Six Months.