Fossil Group Files 10-K/A Amendment for Fiscal Year Ended December 30, 2023

TL;DR

Fossil Group, Inc. has filed an amendment to its 2023 10-K report, providing updated financial and operational information.

AI Summary

Fossil Group, Inc. (FOSL) filed a Amended Annual Report (10-K/A) with the SEC on April 29, 2024. Fossil Group, Inc. filed an amended 10-K report for the fiscal year ending December 30, 2023. The filing is an amendment (No. 1) to the original 10-K report. The company's common stock is registered on The Nasdaq Stock Market LLC under the ticker FOSL. Fossil Group also has 7.00% Senior Notes due 2026 registered on The Nasdaq Stock Market LLC under the ticker FOSLL. The company is incorporated in Delaware and its principal executive offices are located in Richardson, Texas.

Why It Matters

For investors and stakeholders tracking Fossil Group, Inc., this filing contains several important signals. This amendment indicates that Fossil Group is providing updated disclosures for its fiscal year 2023, which could contain material changes or clarifications from the initial filing. The inclusion of specific financial instruments like 7.00% Senior Notes due 2026 highlights the company's debt structure and obligations, which are crucial for investors assessing financial health.

Risk Assessment

Risk Level: low — Fossil Group, Inc. shows low risk based on this filing. The filing is an amendment to a 10-K, suggesting it's a procedural update rather than a significant negative event, and no immediate financial distress is indicated.

Analyst Insight

Review the specific changes in Amendment No. 1 to the 10-K filing to understand any material updates to Fossil Group's financial position or business operations for fiscal year 2023.

Key Numbers

• 2023-12-30 — Fiscal Year End (Reporting period for the 10-K/A)
• 7.00% — Senior Notes Interest Rate (Interest rate on 7.00% Senior Notes due 2026)
• 2026 — Senior Notes Maturity Year (Maturity year for the 7.00% Senior Notes)

Key Players & Entities

• Fossil Group, Inc. (company) — Filer
• The Nasdaq Stock Market LLC (company) — Exchange where securities are registered
• FOSL (company) — Ticker symbol for Common Stock
• FOSLL (company) — Ticker symbol for Senior Notes
• Delaware (company) — State of incorporation
• Richardson, Texas (company) — Location of principal executive offices

FAQ

Industry Context

Fossil Group operates in the watch and accessories industry, a sector influenced by fashion trends, consumer spending, and global supply chains.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial disclosures to the SEC.

What Investors Should Do

1. Review the specific amendments made in the 10-K/A filing.
2. Analyze the company's debt structure, particularly the 7.00% Senior Notes due 2026.
3. Monitor future filings for ongoing financial performance and strategic updates.

Key Dates

• 2023-12-30: Fiscal Year End — End of the reporting period for the 10-K/A filing.
• 2024-04-29: Filing Date — Date the 10-K/A amendment was filed with the SEC.

Year-Over-Year Comparison

This is an amended filing (10-K/A), indicating updates or corrections to the previously submitted annual report for the fiscal year 2023.

Key Financial Figures

• $0.01 — nge on which registered Common Stock, $0.01 par value FOSL The Nasdaq Stock Mar

Filing Documents

• tm2411144d7_10ka.htm (10-K/A) — 440KB
• tm2411144d7_ex31-1.htm (EX-31.1) — 4KB
• tm2411144d7_ex31-2.htm (EX-31.2) — 4KB
• tm2411144d3_10kaimg001.jpg (GRAPHIC) — 4KB
• tm2411144d3_10kaimg002.jpg (GRAPHIC) — 37KB
• tm2411144d7_10kaimg005.jpg (GRAPHIC) — 104KB
• tm2411144d7_10kaimg006.jpg (GRAPHIC) — 103KB
• 0001104659-24-054009.txt ( ) — 1393KB
• fosl-20231230.xsd (EX-101.SCH) — 3KB
• fosl-20231230_def.xml (EX-101.DEF) — 28KB
• fosl-20231230_lab.xml (EX-101.LAB) — 38KB
• fosl-20231230_pre.xml (EX-101.PRE) — 27KB
• tm2411144d7_10ka_htm.xml (XML) — 8KB

Executive Compensation

Executive Compensation 10 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 29 Item 13. Certain Relationships and Related Transactions, and Director Independence 31 Item 14. Principal Accountant Fees and Services 31 PART IV Item 15. Exhibits and Consolidated Financial Statement Schedules 33 Table of Contents PART III

Directors,

Item 10. Directors, Executive Officers and Corporate Governance Directors The table below sets forth the names of the nominees to the Board of the Company along with the current ages of the nominees, their current position and approximate tenure on the Board as of June 2024. NAME AGE POSITION TENURE (YEARS)* Mark R. Belgya 63 Director 6 Jeffrey N. Boyer 66 Director and Interim Chief Executive Officer 0.5 Pamela B. Corrie 66 Director - Susie Coulter 58 Director 1.5 Kim Harris Jones 64 Director 4.5 Eugene I. Davis 69 Director - Kevin Mansell 71 Chairman of the Board 5 Marc R. Y. Rey 60 Director 4 Gail B. Tifford 54 Director 7 * Rounded to the nearest half year. 4 Table of Contents The following sets forth biographical information and qualifications and skills for each director nominee: Mark R. Belgya Mark R. Belgya was appointed to the Board in May 2018, and he is currently Chairman of the Company's Audit Committee and a member of the Compensation and Talent Management Committee. Mr. Belgya served as Vice Chair and Chief Financial Officer of The J.M. Smucker Company (NYSE: SJM), a leading manufacturer and distributor of consumer food, beverage, and pet food products ("Smucker"), from May 2016 until his retirement in September 2020. Mr. Belgya joined Smucker in an internal audit capacity in 1985 and rose through finance positions of increasing responsibility becoming Corporate Controller in 1997, Treasurer in 2001, and Chief Financial Officer in 2005. Prior to joining Smucker, Mr. Belgya was a staff auditor from 1982 until 1985 for Ernst & Whinney, a multinational professional services and consultancy, now known as Ernst & Young. Mr. Belgya currently serves on the board of directors of Hamilton Beach Brands Holding Company (NYSE: HBB), a designer, marketer, and distributor of consumer, commercial, and specialty small appliances and kitchen equipment brands, where he serves on the Audit Review Committee, Co

Executive Compensation

Item 11. Executive Compensation

Executive Compensation

Executive Compensation In accordance with the executive compensation rules applicable to smaller reporting companies, this section contains a discussion of all plan and non-plan compensation awarded to, earned by or paid to the following individuals. These individuals are referred to as the Named Executive Officers ("NEOs"). NAME POSITION Kosta N. Kartsotis* Former Chairman of the Board and Chief Executive Officer Jeffrey N. Boyer Interim Chief Executive Officer** Darren E. Hart*** Former Executive Vice President, Chief Human Resources Officer Greg A. McKelvey**** Former Executive Vice President, Chief Commercial Officer *Mr. Kartsotis stepped down as Chairman and a member of the Board and as Chief Executive Officer effective March 13, 2024. **Mr. Boyer served as Executive Vice President and Chief Operating Officer during 2023 and was named Interim Chief Executive Officer effective March 13, 2024. ***Mr. Hart's employment with the Company was terminated effective April 26, 2024. ****Mr. McKelvey's employment with the Company was terminated effective August 11, 2023. 10 Table of Contents Fiscal 2023 a

View Full Filing

View this 10-K/A filing on SEC EDGAR