Instead of generating more than $115 million in operating cash flow in 2022 as originally reported Inter Parfums, Inc., (IPAR) a fragrance maker, did much less. The company blamed the error on its acquisition of the Lacoste trademark which required a payment in 2022 and another in 2023.

In the 2022 consolidated statement of cash flow, the payment was reported to have been made in full during 2022, resulting in Operating Cash flow being:

—Overstated by $42.1 million, or 57.6%

The correction included in the company’s latest annual report, also resulted in an offsetting reduction in cash used in Investing activities.

Inter Parfums says the error is not material and thus will not correct inaccurate reports previously filed with the SEC.

Inter Parfums’ CFO Michel Atwood received more than $1.12 million in 2022 and 2023, including bonuses and option awards in both years.