FIN 676 Week 6

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University Of Arizona *

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150

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Accounting

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Jan 9, 2024

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210

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Week 6 Discussion Complete the company name, dates, and financial information in blue cells Year ending Crocs 2022 2021 Horizontal Analysis of Income Statement Items $ in 000's $ in 000's $ in 000's % Revenues $ 3,554,985 $ 2,313,416 $ 1,241,569 53.7% Gross profit $ 1,860,282 $ 1,420,220 $ 440,062 31.0% Operating income $ 850,756 $ 683,064 $ 167,692 24.5% Net income $ 540,159 $ 725,694 $ (185,535) -25.6% Crocs 2022 2021 2020 % % % Revenues 100.0% 100.0% 100.0% Gross profit 52.3% 61.4% 35.4% Operating income 23.9% 29.5% 13.5% Net income 15.2% 31.4% 22.6% (Always use cell references and formulas where appropriate to receive full credit. If you input hard numbers you will be marked wrong.) Amount Increase (Decrease) % Increase (Decrease) Vertical Analysis (Common Size) of Income Statement Items
Cover Page - USD ($) $ in Billions Cover [Abstract] Document Type Document Annual Report Document Period End Date Current Fiscal Year End Date Document Transition Report Entity File Number Entity Registrant Name Entity Incorporation, State or Country Code Entity Tax Identification Number Entity Address, Address Line One Entity Address, City or Town Entity Address, State or Province Entity Address, Postal Zip Code City Area Code Local Phone Number Title of 12(b) Security Trading Symbol Security Exchange Name Entity Well-known Seasoned Issuer Entity Voluntary Filers Entity Current Reporting Status Entity Interactive Data Current Entity Filer Category Entity Small Business Entity Emerging Growth Company ICFR Auditor Attestation Flag Entity Shell Company Entity Public Float Entity Common Stock, Shares Outstanding Documents Incorporated by Reference Amendment Flag Document Fiscal Period Focus Document Fiscal Year Focus Entity Central Index Key
12 Months Ended Dec. 31, 2022 10-K true Dec. 31, 2022 --12-31 false 0-51754 DE 20-2164234 13601 Via Varra Broomfield CO 80020 303 848-7000 Common Stock, par value $0.001 per share CROX NASDAQ Yes No Yes Yes Large Accelerated Filer false false true false false FY 2022 0001334036 CROCS, INC. Part III incorporates certain information by reference from the registrant’s proxy statement for the 2023 annual meeting of stockholders to be filed no later than 120 days after the end of the registrant’s fiscal year ended December 31, 2022.
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Feb. 09, 2023 Jun. 30, 2022 $ 2.2 61,751,732
Audit Information 12 Months Ended Dec. 31, 2022 Audit Information [Abstract] Auditor Name Deloitte & Touche LLP Auditor Location Denver, Colorado Auditor Firm ID 34
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands Income Statement [Abstract] Revenues Cost of sales Gross profit Selling, general and administrative expenses Asset impairments Income from operations Foreign currency gains (losses), net Interest income Interest expense Other income (expense), net Income before income taxes Income tax expense (benefit) Net income Net income per common share: Basic (in dollars per share) Diluted (in dollars per share) Weighted average common shares outstanding: Basic (in shares) Diluted (in shares)
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12 Months Ended Dec. 31, 2022 Dec. 31, 2021 Dec. 31, 2020 $ 3,554,985 $ 2,313,416 $ 1,385,951 1,694,703 893,196 636,003 1,860,282 1,420,220 749,948 1,009,526 737,156 514,753 0 0 21,071 850,756 683,064 214,124 3,228 (140) (1,128) 1,020 775 215 (136,158) (21,647) (6,742) (338) 1,797 510 718,508 663,849 206,979 178,349 (61,845) (105,882) $ 540,159 $ 725,694 $ 312,861 $ 8.82 $ 11.62 $ 4.64 $ 8.71 $ 11.39 $ 4.56 61,220 62,464 67,386 62,006 63,718 68,544
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousand Statement of Comprehensive Income [Abstract] Net income Derivatives designated as hedging instruments: Unrealized gains (losses) on derivative instruments Foreign currency gains (losses), net Reclassification of foreign currency translation gain (loss) to income Total comprehensive income, net of tax [1]Represents the reclassification of a cumulative foreign currency translation adjustment upon sub presented within ‘Selling, general and administrative expenses’ in the consolidated statements of op
ds 12 Months Ended Dec. 31, 2022 Dec. 31, 2021 Dec. 31, 2020 $ 540,159 $ 725,694 $ 312,861 (576) 0 0 (17,929) (20,484) 2,189 [1] (8,148) 0 (164) $ 513,506 $ 705,210 $ 314,886 bstantial liquidation of foreign subsidiaries which is perations.
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CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands Current assets: Cash and cash equivalents Restricted cash — current Accounts receivable, net of allowances of $24,493 and $20,715, respectively Inventories Income taxes receivable Other receivables Prepaid expenses and other assets Total current assets Property and equipment, net Intangible assets, net Goodwill Deferred tax assets, net Restricted cash Right-of-use assets Other assets Total assets Current liabilities: Accounts payable Accrued expenses and other liabilities Income taxes payable Current borrowings Current operating lease liabilities Total current liabilities Deferred tax liabilities, net Long-term income taxes payable Long-term borrowings Long-term operating lease liabilities Other liabilities Total liabilities Stockholders’ equity: Treasury stock, at cost, 47.7 million and 47.6 million shares, respectively Additional paid-in capital Retained earnings Accumulated other comprehensive loss Total stockholders’ equity Total liabilities and stockholders’ equity [1]Amounts for the year ended December 31, 2021 have been reclassified to conform to current pe Common stock, par value $0.001 per share, 109.5 million and 105.9 million issued, 61.7 million and 58.3 million shares outstanding, respectively
Dec. 31, 2022 Dec. 31, 2021 $ 191,629 $ 213,197 2 65 295,594 182,629 471,551 213,520 14,752 22,301 18,842 12,252 33,605 22,605 1,025,975 666,569 181,529 108,398 1,800,167 28,802 714,814 1,600 528,278 567,201 3,254 3,663 239,905 160,768 7,875 8,067 4,501,797 1,545,068 230,821 162,145 239,424 166,887 89,211 16,279 24,362 0 57,456 42,932 641,274 388,243 [1] 302,030 176 [1] 224,837 219,568 2,298,027 771,390 215,119 149,237 2,579 2,372 3,683,866 1,530,986 110 106 (1,695,501) (1,684,262) 797,614 496,036 1,819,199 1,279,040 (103,491) (76,838) 817,931 14,082 $ 4,501,797 $ 1,545,068 eriod presentation.
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands, shares in Millions Statement of Financial Position [Abstract] Allowances Common stock, par value (in dollars per share) Common stock issued (in shares) Common shares outstanding (in shares) Treasury stock (in shares)
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Dec. 31, 2022 Dec. 31, 2021 $ 24,493 $ 20,715 $ 0.001 $ 0.001 109.5 105.9 61.7 58.3 47.7 47.6
Beginning balance (in shares) at Dec. 31, 2019 Beginning balance at Dec. 31, 2019 Beginning balance (in shares) at Dec. 31, 2019 Increase (Decrease) in Stockholders' Equity [Roll Forward] Share-based compensation Exercises of stock options and issuance of restricted stock units, net of shares withheld for taxes Repurchases of common stock (shares) Repurchases of common stock Net income Other comprehensive income (loss) Ending balance (in shares) at Dec. 31, 2020 Ending balance at Dec. 31, 2020 Ending balance (in shares) at Dec. 31, 2020 Increase (Decrease) in Stockholders' Equity [Roll Forward] Share-based compensation Exercises of stock options and issuance of restricted stock units, net of shares withheld for taxes Repurchases of common stock (shares) Repurchases of common stock Net income Other comprehensive income (loss) Ending balance (in shares) at Dec. 31, 2021 Ending balance at Dec. 31, 2021 Ending balance (in shares) at Dec. 31, 2021 Increase (Decrease) in Stockholders' Equity [Roll Forward] Share-based compensation Exercises of stock options and issuance of restricted stock units, net of shares withheld for taxes Share issuance at acquisition (in shares) Share issuance at Acquisition Net income Other comprehensive income (loss) Ending balance (in shares) at Dec. 31, 2022 Ending balance at Dec. 31, 2022 Ending balance (in shares) at Dec. 31, 2022 CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) shares in Thousands, $ in Thousands Exercises of stock options and issuance of restricted stock units, net of shares withheld for taxes (shares) Exercises of stock options and issuance of restricted stock units, net of shares withheld for taxes (shares) Exercises of stock options and issuance of restricted stock units, net of shares withheld for taxes (shares)
Total Common Stock Treasury Stock Additional Paid-in Capital Retained Earnings 68,232 $ 131,905 $ 104 $ (546,208) $ 495,903 $ 240,485 35,796 16,361 16,361 836 124 (1,687) $ 1 $ (3,059) 1,371 (3,212) (3,212) (170,832) $ (139,582) (31,250) 312,861 312,861 2,025 65,856 290,633 $ 105 $ (688,849) 482,385 553,346 39,132 38,122 38,122 716 209 (19,883) $ 1 $ (20,119) 235 (8,242) (8,242) (1,000,000) $ (975,294) (24,706) 725,694 725,694 $ (20,484) 58,300 58,330 $ 14,082 $ 106 $ (1,684,262) 496,036 1,279,040 47,600 47,583 $ 31,303 31,303 567 147 (11,356) $ 1 $ (11,239) (118) 2,852 270,396 $ 3 270,393 540,159 540,159 $ (26,653) 61,700 61,749 $ 817,931 $ 110 $ (1,695,501) $ 797,614 $ 1,819,199 47,700 47,730
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Accumulated Other Comprehensive (Loss) $ (58,379) 2,025 (56,354) (20,484) (76,838) (26,653) $ (103,491)
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands Cash flows from operating activities: Net income Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization Loss on disposal of assets Operating lease cost Inventory donations Provision (recovery) for doubtful accounts, net Share-based compensation Asset impairments Deferred taxes Other non-cash items Changes in operating assets and liabilities, net of acquired assets and assumed liabilities: Accounts receivable, net of allowances Inventories Prepaid expenses and other assets Accounts payable Accrued expenses and other liabilities Right-of-use assets and operating lease liabilities Income taxes Cash provided by operating activities Cash flows from investing activities: Purchases of property, equipment, and software Acquisition of HEYDUDE, net of cash acquired Other Cash used in investing activities Cash flows from financing activities: Proceeds from notes issuance Proceeds from bank borrowings Repayments of bank borrowings Deferred debt issuance costs Repurchases of common stock Repurchases of common stock for tax withholding Other Cash provided by (used in) financing activities Effect of exchange rate changes on cash, cash equivalents, and restricted cash Net change in cash, cash equivalents, and restricted cash Cash, cash equivalents, and restricted cash — beginning of year Cash, cash equivalents, and restricted cash — end of year Supplemental Schedule of Non-Cash Investing and Financing Activities Cash paid for interest Cash paid for income taxes
Cash paid for operating leases Right-of-use assets obtained in exchange for operating lease liabilities, net of terminations Accrued purchases of property, equipment, and software Share issuance at Acquisition [1]Amounts for the years ended December 31, 2021 and 2020 have been reclassified to conform to
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12 Months Ended Dec. 31, 2022 Dec. 31, 2021 Dec. 31, 2020 $ 540,159 $ 725,694 $ 312,861 39,229 31,976 27,619 [1] 9,063 310 340 66,012 58,283 61,583 2,770 1,264 8,994 1,101 (2,629) 5,779 31,303 38,122 16,361 0 0 21,071 (4,760) (241,283) (325,061) [1] 9,947 (46) 4,967 (56,766) (35,063) (47,045) (91,614) (43,063) (13,462) (14,435) (6,212) 5,007 41,701 34,868 23,229 38,629 38,448 22,358 (63,355) (52,752) (61,178) 54,158 19,248 203,479 603,142 567,165 266,902 (104,190) (55,916) (42,033) (2,046,881) 0 0 [1] (20) (9) 271 (2,151,091) (55,925) (41,762) 0 700,000 0 2,169,898 390,000 210,000 (575,285) (485,000) (235,000) (53,596) (14,755) (518) 0 (1,000,000) (170,832) (11,477) (20,119) (3,060) 119 236 1,372 1,529,659 (429,638) (198,038) (3,750) (3,950) 126 (22,040) 77,652 27,228 216,925 139,273 112,045 194,885 216,925 139,273 127,809 10,210 6,658 130,084 159,680 20,816
62,852 61,412 59,579 137,554 55,035 55,369 18,245 15,831 4,222 $ 270,396 $ 0 $ 0 current period presentation.
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Organization, Consolidation and Presentation of Financial Statements [Abstract] BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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12 Months Ended Dec. 31, 2022 BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Unless otherwise noted in this report, any description of the “Company,” “we,” “us,” or “our” includes Crocs, Inc. and its consolidated subsidiaries within our reportable operating segments and corporate operations. We are engaged in the design, development, worldwide marketing, distribution, and sale of casual lifestyle footwear and accessories for women, men, and children. We strive to be the global leader in the sale of casual footwear characterized by functionality, comfort, color, and lightweight design. On February 17, 2022, we acquired (the “Acquisition”) 100% of the equity of a privately-owned casual footwear brand business (“HEYDUDE”), pursuant to a securities purchase agreement (the “SPA”) entered into on December 22, 2021. HEYDUDE is engaged in the business of distributing and selling casual footwear under the brand name “HEYDUDE.” Our reportable operating segments include: (i) North America for the Crocs Brand, operating throughout the United States and Canada; (ii) Asia Pacific for the Crocs Brand, operating throughout Asia, Australia, and New Zealand; (iii) Europe, Middle East, Africa and Latin America (“EMEALA”) for the Crocs Brand; and (iv) the HEYDUDE Brand. See Note 17 — Operating Segments and Geographic Information for additional information. Basis of Presentation and Consolidation Our consolidated financial statements include our accounts and those of our wholly-owned subsidiaries, and they reflect all adjustments which are necessary for a fair statement of results of operations, financial position, and cash flows for the periods presented in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). All intercompany balances and transactions have been eliminated in consolidation. Use of Estimates Our consolidated financial statements are prepared in accordance with U.S. GAAP. These accounting principles require us to make certain estimates, judgments, and assumptions. We believe that the estimates, judgments, and assumptions used to determine certain amounts that affect the financial statements are reasonable, based on information available at the time they are made. Management believes that the estimates, judgments, and assumptions made when accounting for items and matters such as, but not limited to, the allowance for doubtful accounts, customer rebates, sales returns, impairment assessments and charges, recoverability of long-lived assets, deferred tax assets, valuation allowances, uncertain tax positions, income tax expense, share-based compensation expense, the assessment of lower of cost or net realizable value on inventory, useful lives assigned to long-lived assets, goodwill, and indefinite-lived intangible assets, and purchase price allocation for the Acquisition, as described in Note 3 — Acquisition of HEYDUDE, are reasonable based on information available at the time they are made. Additionally, we are periodically exposed to various contingencies in the ordinary course of conducting our business, including certain litigation, contractual disputes, employee relations matters, various tax or other governmental audits, and trademark and intellectual property matters and disputes. We record a liability for such contingencies to the extent that we conclude their occurrence is probable and the related losses are estimable. If it is reasonably possible that an unfavorable
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Accounting Policies [Abstract] RECENT ACCOUNTING PRONOUNCEMENTS RECENT ACCOUNTING PRONOUNCEMENTS
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12 Months Ended Dec. 31, 2022 RECENT ACCOUNTING PRONOUNCEMENTS New Accounting Pronouncement Adopted Income Taxes The CHIPS and Science Act of 2022 (CHIPS) and the Inflation Reduction Act (IRA) of 2022 were signed into law on August 9, 2022 and August 16, 2022, respectively. The legislation introduces new options for monetizing certain credits, a corporate alternative minimum tax, and a stock repurchase excise tax. The corporate alternative minimum tax and stock repurchase excise tax are effective as of January 1, 2023 and are the main provisions that may be applicable to us. The Company is currently evaluating the impact of CHIPS and IRA, but at present does not expect that any of the provisions included in these acts would result in a material impact to our deferred tax assets, liabilities, or income taxes payable. Business Combinations In October 2021, the FASB issued new guidance primarily related to the accounting for contract assets and liabilities from contracts with customers in a business combination. The standard will be effective for annual reporting periods beginning after December 31, 2022, including interim reporting periods within those periods, with early adoption permitted. On January 1, 2022, we early adopted this guidance on a prospective basis. The adoption did not have a material impact on our consolidated financial statements. New Accounting Pronouncements Not Yet Adopted New pronouncements issued but not effective until after December 31, 2022 are not expected to have a material impact on our consolidated financial statements.
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ACQUISITION OF HEYDUDE Business Combination and Asset Acquisition [Abstract] ACQUISITION OF HEYDUDE
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12 Months Ended Dec. 31, 2022 ACQUISITION OF HEYDUDE On February 17, 2022, (the “Acquisition Date”), we acquired 100% of the equity of HEYDUDE, pursuant to the SPA. HEYDUDE is engaged in the business of distributing and selling casual footwear under the brand name “HEYDUDE.” The Acquisition allows us to diversify and expand our business by adding a second brand to the Crocs, Inc. portfolio. The aggregate preliminary purchase price at the closing of the Acquisition was $2.3 billion. We paid aggregate consideration of $2.05 billion in cash (the “Cash Consideration”), subject to adjustment based on, among other things, the cash, indebtedness, transaction expenses, and working capital of the companies comprising HEYDUDE and their respective subsidiaries as of the Acquisition Date, and issued 2,852,280 shares of the Company’s common stock to one of the sellers (the “Equity Consideration Shares”). The Equity Consideration Shares are subject to a lock-up period beginning on the Acquisition Date and continuing to, and including, the date that is 12 months after the Acquisition Date, provided that (a) on the date that is six months after the Acquisition Date, 50% of the Equity Consideration Shares were released from the lock-up, and (b) on the date that is twelve months after the Acquisition Date, the remaining 50% of the Equity Consideration Shares will be released from the lock-up. In the year ended December 31, 2022, the purchase price paid to the sellers was finalized. The Cash Consideration was financed via the Company’s entry into the $2.0 billion Term Loan B Facility (as defined below) and $50.0 million of borrowings under the Revolving Facility (as defined below). As a result of the Acquisition, HEYDUDE has become wholly owned by us. Accordingly, the results of HEYDUDE are included in our consolidated financial statements from the Acquisition Date through December 31, 2022 (the “Partial Period”) and are reported in the HEYDUDE operating segment. HEYDUDE contributed revenues of $895.9 million and income from operations of $211.4 million during the Partial Period. Purchase Price Allocation The Acquisition was accounted for in accordance with the ASC Topic 805 Business Combinations . As a result, we have applied acquisition accounting, which requires, among other things, that the assets acquired and liabilities assumed be recognized at their estimated fair values as of the Acquisition Date. For certain assets and liabilities, those fair values were consistent with historical carrying values. The fair value of inventory was determined using both a market approach and a cost approach. With respect to intangible assets, the estimated fair value was based on the Multi Period Excess Earnings approach for the trademark and the distributor method for the customer relationships. These models used primarily Level 2 and Level 3 inputs, including an estimate of future revenues, future cash flows, and discount rates. The following table summarizes the preliminary allocation of the purchase price to the estimated fair values of the assets acquired and liabilities assumed on the Acquisition Date: February 17, 2022 (in thousands) Cash and cash equivalents $ 6,232 Accounts receivable, net (1) 68,698 Inventories (2) 155,773 Prepaid expenses and other assets (3) 4,380 Intangible assets (4) 1,780,000 Goodwill (5) 713,308 Right-of-use assets 2,844 Accounts payable (3) (29,791) Accrued expenses and other liabilities (6) (18,860) Income taxes payable (7) (30,572) Long-term deferred tax liability (7) (312,656) Long-
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PROPERTY AND EQUIPMENT, NET Property, Plant and Equipment [Abstract] PROPERTY AND EQUIPMENT, NET
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12 Months Ended Dec. 31, 2022 PROPERTY AND EQUIPMENT, NET ‘Property and equipment, net’ consists of the following: December 31, 2022 2021 (in thousands) Machinery and equipment $ 146,821 $ 53,976 Leasehold improvements 76,363 64,625 Construction-in-progress 28,699 53,332 Furniture, fixtures, and other 26,782 20,210 Property and equipment 278,665 192,143 Less: Accumulated depreciation and amortization (97,136) (83,745) Property and equipment, net $ 181,529 $ 108,398 Asset Retirement Obligations We are contractually obligated, under certain of our lease agreements, to restore certain retail and office facilities back to their original condition. At lease inception, the estimated fair value of these liabilities is recorded along with a related asset. Asset retirement obligations were not significant to the consolidated balance sheets in the years ended December 31, 2022 or 2021. Depreciation and Amortization Expense Depreciation and amortization expense related to property and equipment, reported in ‘Cost of sales’ and ‘Selling, general and administrative expenses’ was: Year Ended December 31, 2022 2021 2020 (in thousands) Cost of sales $ 10,043 $ 6,234 $ 3,921 Selling, general and administrative expenses 9,599 8,708 7,914 Total depreciation and amortization expense $ 19,642 $ 14,942 $ 11,835 Disposals of Property and Equipment and Intangible Assets During the years ended December 31, 2022, 2021, and 2020, we recognized net losses on disposals of property and equipment and intangible assets of $1.0 million, $0.3 million, and $0.3 million, respectively. Gains and losses on disposals of property and equipment and intangible assets are included in ‘Selling, general and administrative expenses’ in the consolidated statements of operations. Additionally, we impaired our leasehold improvement assets for a retail location in the year ended December 31, 2020, as described in Note 8 — Fair Value Measurements.
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GOODWILL AND INTANGIBLE ASSETS, NET Goodwill and Intangible Assets Disclosure [Abstract] GOODWILL AND INTANGIBLE ASSETS, NET
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12 Months Ended Dec. 31, 2022 GOODWILL AND INTANGIBLE ASSETS, NET Goodwill The changes in goodwill for the years ended December 31, 2022 and 2021 were: Goodwill (in thousands) Balance at December 31, 2020 $ 1,719 Foreign currency translation (1) (119) Balance at December 31, 2021 1,600 HEYDUDE Acquisition 713,308 Foreign currency translation (1) (94) Balance at December 31, 2022 $ 714,814 (1) Foreign currency translation only relates to the goodwill in our EMEALA operating segment, as described below. In the year ended December 31, 2022, there was an addition to our goodwill as a result of the acquisition of HEYDUDE. As of December 31, 2022, EMEALA and the HEYDUDE Brand had goodwill balances of $1.5 million and $713.3 million, respectively. In the year ended December 31, 2021, there were no changes to our goodwill aside from insignificant changes related to foreign currency translation. At December 31, 2022, accumulated goodwill impairment was $0.8 million. Intangible Assets, Net ‘Intangible assets, net’ reported in the consolidated balance sheets consist of the following: December 31, 2022 December 31, 2021 Gross Accum. Amortiz. Net Gross Accum. Amortiz. Net (in thousands) Intangible assets subject to amortization: Capitalized software $ 132,295 $ (109,227) $ 23,068 $ 128,843 $ (104,637) $ 24,206 Customer relationships 210,000 (12,250) 197,750 — — — Patents, copyrights, and trademarks 5,124 (3,537) 1,587 4,308 (3,530) 778 Intangible assets not subject to amortization: HEYDUDE trademark 1,570,000 — 1,570,000 — — — In progress 7,537 — 7,537 3,739 — 3,739 Other 225 — 225 79 — 79 Total $ 1,925,181 $ (125,014) $ 1,800,167 $ 136,969 $ (108,167) $ 28,802 At December 31, 2022, the weighted average remaining useful life of intangibles subject to amortization was approximately 14.0 years. Amortization Expense Amortization expense related to definite-lived intangible assets, reported in ‘Cost of sales’ and ‘Selling, general and administrative expenses’ was: Year Ended December 31, 2022 2021 2020 (in thousands) Cost of sales $ 2,366 $ 4,779 $ 3,975 Selling, general and administrative expenses 17,221 12,255 11,809 Total amortization expense $ 19,587 $ 17,034 $ 15,784 Estimated future annual amortization expense of intangible assets is: As of December 31, 2022 (in thousands) 2023 $ 21,826 2024 20,290 2025 18,962 2026 17,493 2027 15,490 Thereafter 128,344 Total $ 222,405
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ACCRUED EXPENSES AND OTHER LIABILITIES Payables and Accruals [Abstract] ACCRUED EXPENSES AND OTHER LIABILITIES
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12 Months Ended Dec. 31, 2022 ACCRUED EXPENSES AND OTHER LIABILITIES Amounts reported in ‘Accrued expenses and other liabilities’ in the consolidated balance sheets were: December 31, 2022 2021 (in thousands) Accrued compensation and benefits $ 55,474 $ 62,945 Professional services 45,351 33,997 Fulfillment, freight, and duties 41,646 15,629 Return liabilities 27,651 10,342 Sales/use and value added taxes payable 27,249 13,049 Royalties payable and deferred revenue 10,528 7,425 Accrued rent and occupancy 8,972 7,431 Other 22,553 16,069 Total accrued expenses and other liabilities $ 239,424 $ 166,887
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LEASES Leases [Abstract] LEASES
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12 Months Ended Dec. 31, 2022 LEASES Right-of-Use Assets and Operating Lease Liabilities Amounts reported in the consolidated balance sheets were: December 31, 2022 2021 (in thousands) Assets: Right-of-use assets $ 239,905 $ 160,768 Liabilities: Current operating lease liabilities $ 57,456 $ 42,932 Long-term operating lease liabilities 215,119 149,237 Total operating lease liabilities $ 272,575 $ 192,169 Lease Costs and Other Information Lease-related costs reported within ‘Cost of sales’ and ‘Selling, general and administrative expenses’ were: Year Ended December 31, 2022 2021 (in thousands) Operating lease cost $ 66,012 $ 58,283 Short-term lease cost 9,590 7,585 Variable lease cost 37,536 32,490 Total lease costs $ 113,138 $ 98,358 The weighted average remaining lease term and discount rate related to our lease liabilities as of December 31, 2022 were 6.9 years and 3.9%, respectively. As of December 31, 2021, the weighted average remaining lease term and discount rate related to our lease liabilities were 7.1 years and 3.8%, respectively. Maturities The maturities of our operating lease liabilities were: As of December 31, 2022 (in thousands) 2023 $ 60,812 2024 52,357 2025 38,629 2026 32,840 2027 28,189 Thereafter 99,700 Total future minimum lease payments 312,527 Less: imputed interest (39,952) Total operating lease liabilities $ 272,575 Leases That Have Not Yet Commenced
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FAIR VALUE MEASUREMENTS Fair Value Disclosures [Abstract] FAIR VALUE MEASUREMENTS
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12 Months Ended Dec. 31, 2022 FAIR VALUE MEASUREMENTS Recurring Fair Value Measurements The financial assets and liabilities that are measured and recorded at fair value on a recurring basis consist of our derivative instruments. Our derivative instruments are forward foreign currency exchange contracts. We manage credit risk of our derivative instruments on the basis of our net exposure with our counterparty. All of our derivative instruments are classified as Level 2 of the fair value hierarchy and are reported in the consolidated balance sheets within either ‘Prepaid expenses and other assets’ or ‘Accrued expenses and other liabilities’ at December 31, 2022 and 2021, netted by counterparty. The fair values of our derivative instruments were an asset of $0.3 million and a liability $1.1 million at December 31, 2022 and a liability of $0.2 million at December 31, 2021. See Note 9 — Derivative Financial Instruments for more information. The carrying amounts of our cash, cash equivalents, and restricted cash, accounts receivable, accounts payable, current accrued expenses and other liabilities, and our Asia revolving facilities approximate their fair value as recorded due to the short-term maturity of these instruments. Our borrowing instruments are recorded at their carrying values in the consolidated balance sheets, which may differ from their respective fair values. During the year ended December 31, 2022, we entered into a credit agreement for an aggregate term loan B facility in the principal amount of $2.0 billion (the “Term Loan B Facility”), as described in more detail in Note 10 — Borrowings. The Term Loan B Facility is classified as Level 1 of the fair value hierarchy. The Notes (as defined below) are also classified as Level 1 of the fair value hierarchy and are reported in our consolidated balance sheet at face value, less unamortized issuance costs. The fair value of our Revolving Facility (as defined below) approximates its carrying value at December 31, 2021 based on interest rates currently available to us for similar borrowings. The carrying values and fair values of our borrowing instruments as of December 31, 2022 and 2021 were: December 31, 2022 December 31, 2021 Carrying Value Fair Carrying Value Fair (in thousands) Term Loan B Facility $ 1,675,000 $ 1,642,547 $ — $ — 2029 Notes 350,000 297,596 350,000 346,281 2031 Notes 350,000 284,240 350,000 341,250 Revolving Facility — — 85,000 85,000 Non-Financial Assets and Liabilities Our non-financial assets, which primarily consist of property and equipment, right-of-use assets, goodwill, trademarks, customer relationships, and other intangible assets, are not required to be carried at fair value on a recurring basis and are reported at carrying value. The fair values of these assets were determined based on Level 3 measurements, including estimates of the amount and timing of future cash flows based upon historical experience, expected market conditions, and management’s plans. We recorded impairments as follows: Year Ended December 31, 2022 2021 2020 (in thousands) Retail store assets impairment (1) $ — $ — $ 2,412 Right-of-use assets impairment (1) — — 18,659 Total asset impairments $ — $ — $ 21,071 (1) During the year ended December 31, 2020, we recognized impairments for a retail location in New York City of $2.4 million to retail store assets and $17.6 million to the right-of-use asset. We also recognized an impairment of $1.1 million to the right-of-use asset for our corporate headquarters in Niwot, Colorado, as a result of our
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DERIVATIVE FINANCIAL INSTRUMENTS Derivative Instruments and Hedging Activities Disclosure [Abstract] DERIVATIVE FINANCIAL INSTRUMENTS
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12 Months Ended Dec. 31, 2022 DERIVATIVE FINANCIAL INSTRUMENTS As of December 31, 2022, we have derivatives not designated as hedging instruments (“non-hedged derivatives”), which consist of foreign currency forward contracts primarily used to hedge monetary assets and liabilities denominated in non- functional currencies, and cash flow hedges (“hedged derivatives”). During the year ended December 31, 2022, there was a loss of $0.5 million recognized due to reclassification from ‘Accumulated other comprehensive loss’ to ‘Revenues’ or ‘Cost of sales’ related to our hedged derivatives. During the next twelve months, we estimate that a loss of approximately $0.8 million will be reclassified to the consolidated statement of operations. The fair values of derivative assets and liabilities, net, all of which are classified as Level 2, are reported within either ‘Prepaid expenses and other assets’ or ‘Accrued expenses and other liabilities’ in the consolidated balance sheets and were: December 31, 2022 December 31, 2021 Derivative Assets Derivative Liabilities Derivative Assets Derivative Liabilities (in thousands) Non-hedged derivatives: Forward foreign currency exchange contracts $ 345 $ (360) $ 724 $ (938) Netting of counterparty contracts (345) 345 (724) 724 Foreign currency forward contract derivatives — (15) — (214) Hedged derivatives: Cash flow foreign currency contracts 348 (1,116) — — Netting of counterparty contracts — — — — Cash flow foreign currency contract derivatives 348 (1,116) — — Total derivatives $ 348 $ (1,131) $ — $ (214) The notional amounts of outstanding forward foreign currency exchange contracts shown below report the total U.S. Dollar equivalent position and the net contract fair values for each foreign currency position. December 31, 2022 December 31, 2021 Notional Fair Value Notional Fair Value (in thousands) Non-hedged derivatives: Singapore Dollar $ 26,760 $ 207 $ 43,723 $ (296) Indian Rupee 24,945 (10) 10,379 (86) South Korean Won 18,403 (320) 14,201 (112) British Pound Sterling 14,509 128 25,795 104 Japanese Yen 8,953 9 12,910 80 Euro 5,068 (29) 21,198 162 Other currencies — — 19,481 (66) Total non-hedged derivatives 98,638 (15) 147,687 (214) Hedged derivatives: Euro 51,914 (360) — — British Pound Sterling 23,025 235 — — South Korean Won 12,285 (756) — — Indian Rupee 7,203 113 — — Total hedged derivatives 94,427 (768) — — Total derivatives $ 193,065 $ (783) $ 147,687 $ (214) Latest maturity date, non- hedged derivatives April 2023 January 2022 Latest maturity date, hedged derivatives June 2023 N/A Amounts reported in ‘Foreign currency gains (losses), net’ in the consolidated statements of operations include both realized and unrealized gains (losses) from foreign currency transactions and derivative contracts and were as follows: Year Ended December 31, 2022 2021 2020 (in thousands) Non-hedged derivatives: Foreign currency transaction gains (losses) $ (2,858) $ 100 $ 941 Foreign currency forward exchange contracts gains (losses) 6,086 (240) (2,069) Foreign currency gains (losses), net $ 3,228 $ (140) $ (1,128)
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BORROWINGS Debt Disclosure [Abstract] BORROWINGS
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12 Months Ended Dec. 31, 2022 BORROWINGS Our long-term borrowings were as follows: Stated Interest Rate Effective Interest Rate December 31, Maturity 2022 2021 (in thousands) Notes issuance of $350.0 million 2029 4.250 % 4.64 % $ 350,000 $ 350,000 Notes issuance of $350.0 million 2031 4.125 % 4.35 % 350,000 350,000 Term Loan B Facility 2029 1,675,000 — Revolving Facility — 85,000 Total face value of long-term borrowings 2,375,000 785,000 Less: Unamortized issuance costs 56,973 13,610 Current portion of long-term borrowings (1) 20,000 — Total long-term borrowings $ 2,298,027 $ 771,390 (1) Represents the current portion of the borrowings on the Term Loan B facility. At December 31, 2022 and 2021, $10.8 million and $10.4 million, respectively, of accrued interest related to our borrowings was reported in ‘Accounts payable’ in the consolidated balance sheets. Senior Revolving Credit Facility In July 2019, the Company and certain of its subsidiaries (the “Borrowers”) entered into a Second Amended and Restated Credit Agreement (as amended, the “Credit Agreement”), with the lenders named therein and PNC Bank, National Association, as a lender and administrative agent for the lenders. Since that time, we have amended the Credit Agreement, which, as amended to date, provides for a revolving credit facility of $750.0 million, which can be increased by an additional $250.0 million subject to certain conditions (the “Revolving Facility”). Borrowings under the Credit Agreement bear interest at a variable interest rate based on (A) a Base Rate (defined as the highest of (i) the Overnight Bank Funding Rate (as defined in the Credit Agreement), plus 0.25%, (ii) the Prime Rate (as defined in the Credit Agreement), and (iii) the Daily Simple SOFR (as defined in the Credit Agreement), plus 1.00%), plus an applicable margin ranging from 0.25% to 0.875% based on our leverage ratio or 1.35% to 1.975% for the Daily Simple SOFR based on the leverage ratio, or (B) the Term SOFR Rate (as defined in the Credit Agreement), plus an applicable margin ranging from 1.35% to 1.975% based on our leverage ratio for one-month interest periods and 1.40% to 2.025% based on our leverage ratio for three-month interest periods. Borrowings under the Credit Agreement are secured by all of the assets of the Borrowers and guaranteed by certain other subsidiaries of the Borrowers. The Credit Agreement requires us to maintain a minimum interest coverage ratio of 3.00 to 1.00 and a maximum leverage ratio of (i) 4.00 to 1.00 from the quarter ended March 31, 2022 through, and including, the quarter ending December 31, 2023, (ii) 3.75 to 1.00 for the quarter ending March 31, 2024, (iii) 3.50 to 1.00 for the quarter ending June 30, 2024, and (iv) 3.25 to 1.00 for the quarter ending September 30, 2024 and thereafter (subject to adjustment in certain circumstances). The Credit Agreement permits, among other things, (i) stock repurchases subject to certain restrictions, including after giving effect to such stock repurchases, the maximum leverage ratio does not exceed certain levels; and (ii) certain acquisitions so long as there is borrowing availability under the Credit Agreement of at least $40.0 million. As of December 31, 2022, we were in compliance with all financial covenants under the Credit Agreement. As of December 31, 2022, the total commitments available from the lenders under the Revolving Facility were $750.0 million. At December 31, 2022, we had no outstanding borrowings and $1.3 million in
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EQUITY Equity [Abstract] EQUITY
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12 Months Ended Dec. 31, 2022 EQUITY Common Stock We have one class of common stock with a par value of $0.001 per share. There are 250.0 million shares of common stock authorized for issuance. Holders of common stock are entitled to one vote per share on all matters presented to common stockholders. Common Stock Repurchase Program On April 23, 2021, the Board approved and authorized a program to repurchase up to $1.0 billion of our common stock. Additionally, on September 23, 2021, the Board approved an increase of $1.0 billion to our share repurchase authorization. The number, price, structure, and timing of the repurchases are at our sole discretion and may be made depending on market conditions, liquidity needs, restrictions under the agreements governing our indebtedness, and other factors. The Board of Directors may suspend, modify, or terminate the program at any time without prior notice. Share repurchases may be made in the open market or in privately negotiated transactions. The repurchase authorization does not have an expiration date and does not obligate us to acquire any amount of our common stock. Under Delaware state law, these shares are not retired, and we have the right to resell any of the shares repurchased. During the year ended December 31, 2022, we did not repurchase any shares of our common stock. As of December 31, 2022, we had remaining authorization to repurchase approximately $1,050.0 million of our common stock, subject to restrictions under our Indentures, Credit Agreement, and Term Loan B Credit Agreement. During the year ended December 31, 2021, we repurchased 8.2 million shares of our common stock at a cost of $1,000.0 million, including commissions. This included 3.2 million shares delivered under the $500.0 million accelerated share repurchase arrangement (“ASR”) entered into in September 2021, 2.9 million shares delivered under the $300.0 million ASR entered into in April 2021, and 0.5 million shares delivered in January 2021 at the conclusion of the purchase period for the ASR entered into in November 2020. Under each ASR, a financial institution delivered shares of our common stock during the purchase period in exchange for an up-front payment. The total number of shares ultimately delivered under the ASR, and therefore the average repurchase price paid per share, was determined based on the volume-weighted average price of our common stock during the purchase period. The shares received were recorded in the period they were delivered, and the up-front payment was accounted for as a reduction to stockholders’ equity in our consolidated balance sheet in the period the payment was made. Preferred Stock We have authorized and available for issuance 5.0 million shares of preferred stock. Of these preferred shares, 1.0 million were authorized as Series A Convertible Preferred Stock with a par value of $0.001 per share and none were issued and outstanding as of December 31, 2022.
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REVENUES Revenue from Contract with Customer [Abstract] REVENUES
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12 Months Ended Dec. 31, 2022 REVENUES Revenues by reportable operating segment and by channel were: Year Ended December 31, 2022 Crocs Brand HEYDUDE Brand (1) Total (in thousands) Channel: Wholesale $ 1,377,302 $ 574,140 $ 1,951,442 Direct-to-consumer 1,281,823 321,720 1,603,543 Total revenues $ 2,659,125 $ 895,860 $ 3,554,985 (1) The HEYDUDE Brand results reported for the year ended December 31, 2022 represent results for the Partial Period. Year Ended December 31, 2021 Crocs Brand HEYDUDE Brand Total (in thousands) Channel: Wholesale $ 1,174,081 $ — $ 1,174,081 Direct-to-consumer 1,139,335 — 1,139,335 Total revenues $ 2,313,416 $ — $ 2,313,416 Year Ended December 31, 2020 Crocs Brand HEYDUDE Brand Total (in thousands) Channel: Wholesale $ 692,919 $ — $ 692,919 Direct-to-consumer 693,032 — 693,032 Total revenues $ 1,385,951 $ — $ 1,385,951 Revenues are recognized in the amount expected to be received in exchange for when control of the products transfers to customers and excludes various forms of promotions, which range from contractually-fixed percentage price reductions to sales returns, discounts, rebates, and other incentives that may vary in amount, must be estimated, and are reported as a reduction in revenues. Variable amounts are estimated based on an analysis of historical experience and adjusted as better estimates become available. During the years ended December 31, 2022 and 2021, we recognized no changes to estimates for wholesale or direct-to-consumer revenues. During the year ended December 31, 2020, we recognized a net increase of $0.6 million to wholesale revenues and an increase of $1.1 million to direct-to-consumer revenues due to changes in estimates related to products transferred to customers in prior periods. We have also elected to expense incremental costs to obtain customer contracts, consisting primarily of commission incentives, when incurred because the related amortization period is short-term. These costs are reported within ‘Selling, general and administrative expenses’ in our consolidated statements of operations. The following is a description of our principal revenue-generating activities by distribution channel. We have four reportable operating segments and sell our products using two primary distribution channels. For more detailed information about reportable operating segments, see Note 17 — Operating Segments and Geographic Information. Wholesale Channel For the majority of wholesale customers, control transfers and revenues are recognized when the product is shipped or delivered from a manufacturing facility or distribution center to the wholesale customer. In certain cases, control of the product transfers and revenues are recognized when the customer receives the product at the designated delivery point. For certain customers, primarily in international markets, cash payment is required in advance of delivery and revenues are recognized upon the transfer of control to the customer. We may accept returns from our wholesale customers, on an exception basis, to ensure that our products are merchandised in the proper assortments and may provide markdown allowances at our sole discretion to key wholesalers and distributors to facilitate sales of slower moving products. Wholesale revenues are reduced by estimates of returns and allowances based on historical experience, and adjustments to our estimates are made when the most likely amount of
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SHARE-BASED COMPENSATION Share-Based Payment Arrangement [Abstract] SHARE-BASED COMPENSATION
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12 Months Ended Dec. 31, 2022 SHARE-BASED COMPENSATION Our share-based compensation awards are issued under the 2020 Equity Incentive Plan (“2020 Plan”) and predecessor plan, the 2015 Equity Incentive Plan (“2015 Plan”). Any awards that expire or are forfeited under the 2015 Plan become available for issuance under the 2020 Plan. We account for forfeitures as they occur when calculating share-based compensation expense. The aforementioned plans provide for the issuance of previously unissued common stock in connection with the exercise of stock options and conversion of other share- based awards. As of December 31, 2022, 3.9 million shares of common stock remained available for future issuance under all plans, subject to adjustment for future stock splits, stock dividends, and similar changes in capitalization. The majority of share-based compensation expense is reported in our consolidated statements of operations as ‘Selling, general and administrative expenses’ with an insignificant amount recorded within ‘Cost of sales.’ Stock Option Activity Stock option activity during the year ended December 31, 2022 was: Number of Options Weighted Average Exercise Price Weighted Average Contractual Life (Years) Aggregate Intrinsic Value (in thousands, except exercise price and years) Outstanding as of December 31, 2021 217 $ 7.78 5.14 $ 26,076 Granted — — Exercised (7) 18.62 Forfeited or expired — — Outstanding as of December 31, 2022 210 $ 7.44 4.28 $ 21,208 Exercisable at December 31, 2022 210 $ 7.44 4.28 $ 21,208 Vested at December 31, 2022 210 $ 7.44 4.28 $ 21,208 No stock options were granted during 2022, 2021, or 2020. The aggregate intrinsic value of stock options exercised during the years ended December 31, 2022, 2021, and 2020 was $0.4 million, $0.8 million, and $0.8 million, respectively. During the years ended December 31, 2022, 2021, and 2020, we received $0.1 million, $0.2 million, and $1.4 million cash, respectively, in connection with the exercise of stock options. As of December 31, 2022, we did not have any unrecognized share-based compensation expense related to unvested options. Stock options under our equity incentive plans generally vest ratably over four years with the first vesting occurring one year from the date of grant, followed by monthly vesting for the remaining three years, and expire ten years after the date of grant. Restricted Stock Awards and Restricted Stock Units Activity From time to time, we grant RSAs and RSUs. RSAs and RSUs generally vest over three years, depending on the terms of the grant. Holders of unvested RSAs have the same rights as those of common stockholders including voting rights and non-forfeitable dividend rights. However, ownership of unvested RSAs cannot be transferred until vested. Holders of unvested RSUs have a contractual right to receive shares of common stock upon vesting. RSUs have dividend equivalent rights, which accrue over the term of the award and are paid if and when the RSUs vest, but RSU holders have no voting rights. We grant service-condition RSUs, performance-condition RSUs, and market-condition RSUs. Service- condition RSUs are typically granted on an annual basis and vest over time in three equal annual installments, beginning one year after the grant date. During the years ended December 31, 2022, 2021, and 2020, we granted 0.2 million, 0.2 million, and 0.6 million service-condition RSUs, respectively. Performance-condition RSUs are typically granted on an annual basis and consist of a
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INCOME TAXES Income Tax Disclosure [Abstract] INCOME TAXES
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12 Months Ended Dec. 31, 2022 INCOME TAXES During 2020 and 2021, we completed intra-entity transfers of certain intellectual property rights primarily to align with current and future international operations. These transactions were executed using transfer pricing guidelines issued by the relevant taxing authorities. Significant estimates and assumptions were required to compute the valuation of this transaction. These estimates and assumptions include, but are not limited to, estimated future revenue growth and discount rates, which by their nature are inherently uncertain, and, therefore, may ultimately differ materially from our actual results. We have recorded certain tax reserves to address potential differences involving our income tax positions. These potential tax liabilities result from the varying application of statutes, rules, regulations and interpretations by different taxing jurisdictions. While our tax position is not uncertain, because of the significant estimates used in the value of certain intellectual property rights, our tax reserves contain assumptions based on past experiences and judgments about the interpretation of statutes, rules and regulations by taxing jurisdictions. It is possible that the costs of the ultimate tax liability or benefit from these matters may be materially more or less than the amount that we estimated. In order to support and sustain the amortizable tax basis (and associated deferred tax asset, net of uncertain tax position), we must demonstrate economic ownership, including the appropriate authority and expertise to manage the intellectual property owned and serviced in the Netherlands. The determination of economic substance is a judgment that has to be evaluated by management on a continual basis requiring understanding and expertise of local laws of each associated tax jurisdiction. The Netherlands subsidiary serves as the principal Crocs corporate headquarters outside of the U.S. and already performs significant functions in support of the economic ownership of the intellectual property in the Netherlands. In 2021 and 2022, we undertook many additional activities to align business operations that support the economic substance of the intellectual property in the Netherlands. As of December 31, 2022, the net deferred tax asset related to the 2020 transfer is $401.2 million and to the 2021 transfer is $37.3 million. The following table sets forth income before taxes and the expense for income taxes: Year Ended December 31, 2022 2021 2020 (in thousands) Income before taxes: U.S. $ 312,501 $ 510,706 $ 133,574 Foreign 406,007 153,143 73,405 Total income before taxes $ 718,508 $ 663,849 $ 206,979 Income tax expense (benefit): Current income taxes: U.S. federal $ 76,092 $ 94,548 $ 698 U.S. state 19,257 28,460 6,577 Foreign 87,760 56,430 211,904 Total current income taxes 183,109 179,438 219,179 Deferred income taxes: U.S. federal (12,032) 791 529 U.S. state 861 32 (2,381) Foreign 6,411 (242,106) (323,209) Total deferred income taxes (4,760) (241,283) (325,061) Total income tax expense (benefit) $ 178,349 $ (61,845) $ (105,882) The following table sets forth income reconciliations of the statutory federal income tax rate to actual rates based on income or loss before income taxes: Year Ended December 31, 2022 2021 2020 (in thousands) Income tax expense and rate attributable to: Federal income tax rate $ 150,887 21.0 % $ 139,408 21.0 % $ 43,466 21.0 % State income tax rate, net of federal benefit 15,981 2.2 % 22,952 3.5 %
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EARNINGS PER SHARE Earnings Per Share [Abstract] EARNINGS PER SHARE
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12 Months Ended Dec. 31, 2022 EARNINGS PER SHARE Basic and diluted EPS for the years ended December 31, 2022, 2021, and 2020 were as follows: Year Ended December 31, 2022 2021 2020 (in thousands, except per share data) Numerator: Net income attributable to common stockholders $ 540,159 $ 725,694 $ 312,861 Denominator: Weighted average common shares outstanding - basic 61,220 62,464 67,386 Plus: Dilutive effect of stock options and unvested restricted stock units 786 1,254 1,158 Weighted average common shares outstanding - diluted 62,006 63,718 68,544 Net income per common share: Basic $ 8.82 $ 11.62 $ 4.64 Diluted $ 8.71 $ 11.39 $ 4.56 For the years ended December 31, 2022 and 2021, an insignificant number of outstanding shares issued under share- based compensation awards were anti-dilutive and, therefore, excluded from the calculation of diluted EPS. For the year ended December 31, 2020, no outstanding shares issued under share- based compensation awards were anti-dilutive and, therefore, excluded from the calculation of diluted EPS.
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COMMITMENTS AND CONTINGENCIES Commitments and Contingencies Disclosure [Abstract] COMMITMENTS AND CONTINGENCIES
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12 Months Ended Dec. 31, 2022 COMMITMENTS AND CONTINGENCIES Purchase Commitments As of December 31, 2022 and 2021, we had purchase commitments to our third-party manufacturers, primarily for materials and supplies used in the manufacture of our products, for an aggregate of $380.5 million and $274.9 million, respectively. We expect to fulfill our commitments under these agreements in the normal course of business, and as such, no liability has been recorded. Other We are regularly subject to, and are currently undergoing, audits by various tax authorities in the U.S. and several foreign jurisdictions, including customs duties, import and other taxes for prior tax years. During our normal course of business, we may make certain indemnities, commitments, and guarantees under which we may be required to make payments in relation to certain matters. We cannot determine a range of estimated future payments and have not recorded any liability for such payments in the accompanying consolidated balance sheets. We are also subject to litigation from time to time in the ordinary course of business, including employment, intellectual property and product liability claims. Other than as set forth below, we are not party to any other pending legal proceedings that we believe would reasonably have a material adverse impact on our business, financial results, and cash flows. For all claims and disputes, we have accrued estimated losses of $2.5 million within ‘Accrued expenses and other liabilities’ in our consolidated balance sheet as of December 31, 2022. As we are able, we estimate reasonably possible losses or a range of reasonably possible losses for claims and other disputes. As of December 31, 2022, we estimated that reasonably possible losses could potentially exceed amounts accrued by an insignificant amount.
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Segment Reporting [Abstract] OPERATING SEGMENTS AND GEOGRAPHIC INFORMATION OPERATING SEGMENTS AND GEOGRAPHIC INFORMATION
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12 Months Ended Dec. 31, 2022 OPERATING SEGMENTS AND GEOGRAPHIC INFORMATION We have four reportable operating segments. For the Crocs Brand, we have three reportable operating segments based on the geographic nature of our operations: North America, Asia Pacific, and Europe, Middle East, Africa, and Latin America (“EMEALA”). Our HEYDUDE Brand also became a reportable segment on the Acquisition Date. Each of the reportable operating segments derives its revenues from the sale of footwear and accessories to external customers. Additionally, Crocs ‘Brand corporate’ costs represent operating expense that includes product creation, design, and marketing expenses centrally managed for the Crocs Brand, as well as certain royalty income. Crocs Brand corporate costs are included within the Crocs Brand for presentation purposes to align with the way management views the Company. ‘Enterprise corporate’ costs include global corporate costs associated with both brands, including legal, information technology, human resources, and finance, as well as costs associated with global digital operations. Each segment’s performance is evaluated based on segment results without allocating Brand corporate or Enterprise corporate expenses. Segment profits or losses include adjustments to eliminate inter-segment sales. Reconciling items between segment income from operations and income from operations consist of unallocated brand and enterprise corporate and other expenses, as well as inter-segment eliminations. We do not report asset information by segment because that information is not used to evaluate performance or allocate resources between segments. The following tables set forth information related to reportable operating segments: Year Ended December 31, 2022 2021 2020 (in thousands) Revenues: North America (1) $ 1,644,630 $ 1,553,891 $ 832,540 Asia Pacific 473,935 350,160 278,515 EMEALA (1) 540,534 409,278 274,733 Brand corporate (2) 26 87 163 Total Crocs Brand 2,659,125 2,313,416 1,385,951 HEYDUDE Brand (3) 895,860 — — Total consolidated revenues $ 3,554,985 $ 2,313,416 $ 1,385,951 Income from operations: North America (1) $ 683,350 $ 755,723 $ 313,913 Asia Pacific 145,011 71,936 32,830 EMEALA (1) 153,976 134,126 75,513 Brand corporate (2) (130,312) (100,391) (92,833) Total Crocs Brand 852,025 861,394 329,423 HEYDUDE Brand (3) 211,361 — — Reconciliation of segment income from operations to income before income taxes: Enterprise corporate (2) (212,630) (178,330) (115,299) Total consolidated income from operations 850,756 683,064 214,124 Foreign currency gains (losses), net 3,228 (140) (1,128) Interest income 1,020 775 215 Interest expense (136,158) (21,647) (6,742) Other income (expense), net (338) 1,797 510 Income before income taxes $ 718,508 $ 663,849 $ 206,979 Depreciation and amortization: North America (1) $ 10,804 $ 7,669 $ 3,453 Asia Pacific 2,113 1,629 1,138 EMEALA (1) 3,221 1,806 805 Brand corporate (2) 2,739 5,827 8,473 Total Crocs Brand 18,877 16,931 13,869 HEYDUDE Brand (3) 12,248 — — Enterprise corporate (2) 8,104 15,045 13,750 Total consolidated depreciation and amortization $ 39,229 $ 31,976 $ 27,619 (1) In the first quarter of 2022, certain revenues and expenses associated with our Latin America businesses previously reported in our ‘Americas’ segment were shifted into the ‘EMEA’ segment to better align with how we manage our distributor business. To reflect this
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EMPLOYEE BENEFIT PLAN Retirement Benefits [Abstract] EMPLOYEE BENEFIT PLAN
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12 Months Ended Dec. 31, 2022 EMPLOYEE BENEFIT PLAN Defined Contribution Plan We sponsor a qualified defined contribution benefit plan (the “Plan”), covering substantially all of our U.S. employees. The Plan includes a savings plan feature under Section 401(k) of the Internal Revenue Code. We make matching contributions to the plans equal to 100% of the first 3%, and up to 50% of the next 2% of salary contributed by an eligible employee. Participants are vested 100% in our matching contributions when made. Contributions made by us under the Plan were $9.0 million, $7.4 million and $4.7 million for the years ended December 31, 2022, 2021, and 2020, respectively.
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SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS
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12 Months Ended Dec. 31, 2022 SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS CROCS, INC. AND SUBSIDIARIES Balance at Beginning of Period Charged to Costs and Expenses Deductions (1) Balance at End of Period (in thousands) Year Ended December 31, 2022 Allowance for doubtful accounts $ 7,828 $ 1,101 $ 1,584 $ 10,513 Reserve for sales returns and allowances 9,606 192,543 (193,272) 8,877 Reserve for unapplied rebates 3,281 6,107 (4,285) 5,103 Total $ 20,715 $ 199,751 $ (195,973) $ 24,493 Year Ended December 31, 2021 Allowance for doubtful accounts $ 11,154 $ — $ (3,326) $ 7,828 Reserve for sales returns and allowances 5,782 148,893 (145,069) 9,606 Reserve for unapplied rebates 4,157 4,678 (5,554) 3,281 Total $ 21,093 $ 153,571 $ (153,949) $ 20,715 Year Ended December 31, 2020 Allowance for doubtful accounts $ 8,276 $ 5,779 $ (2,901) $ 11,154 Reserve for sales returns and allowances 5,261 95,740 (95,219) 5,782 Reserve for unapplied rebates 5,260 4,920 (6,023) 4,157 Total $ 18,797 $ 106,439 $ (104,143) $ 21,093 (1) Deductions include accounts written off, net of recoveries, and the effects of foreign currency translation.
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BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) Organization, Consolidation and Presentation of Financial Statements [Abstract] Basis of Presentation Basis of Consolidation Use of Estimates
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Reclassifications Cash and Cash Equivalents Restricted Cash Accounts Receivable, net Inventories
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Property and Equipment, Net Goodwill and Other Intangible Assets, Net
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Leases
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Derivative Financial Instruments Other Comprehensive Income
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Revenue Recognition, Shipping and Handling Costs and Fees and Cost of Sales Taxes Assessed by Governmental Authorities Selling, General and Administrative Expenses Share-Based Compensation
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Impairment of Long-Lived Assets Foreign Currency Gains (Losses), Net Other Income (Expense), Net Income Taxes Earnings per Share
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Fair Value New Accounting Pronouncement Adopted and Not Yet Adopted
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12 Months Ended Dec. 31, 2022 All intercompany balances and transactions have been eliminated in consolidation. Our consolidated financial statements include our accounts and those of our wholly-owned subsidiaries, and they reflect all adjustments which are necessary for a fair statement of results of operations, financial position, and cash flows for the periods presented in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Use of Estimates Our consolidated financial statements are prepared in accordance with U.S. GAAP. These accounting principles require us to make certain estimates, judgments, and assumptions. We believe that the estimates, judgments, and assumptions used to determine certain amounts that affect the financial statements are reasonable, based on information available at the time they are made. Management believes that the estimates, judgments, and assumptions made when accounting for items and matters such as, but not limited to, the allowance for doubtful accounts, customer rebates, sales returns, impairment assessments and charges, recoverability of long-lived assets, deferred tax assets, valuation allowances, uncertain tax positions, income tax expense, share-based compensation expense, the assessment of lower of cost or net realizable value on inventory, useful lives assigned to long-lived assets, goodwill, and indefinite-lived intangible assets, and purchase price allocation for the Acquisition, as described in Note 3 — Acquisition of HEYDUDE, are reasonable based on information available at the time they are made. Additionally, we are periodically exposed to various contingencies in the ordinary course of conducting our business, including certain litigation, contractual disputes, employee relations matters, various tax or other governmental audits, and trademark and intellectual property matters and disputes. We record a liability for such contingencies to the extent that we conclude their occurrence is probable and the related losses are estimable. If it is reasonably possible that an unfavorable settlement of a contingency could exceed the established liability, we disclose the estimated impact on our liquidity, financial condition, and results of operations, if practicable. As the ultimate resolution of contingencies is inherently unpredictable, these assessments can involve a series of complex judgments about future events including, but not limited to, court rulings, negotiations between affected parties, and governmental actions. As a result, the accounting for loss contingencies relies heavily on management’s judgment in developing the related estimates and assumptions. See Note 16 — Commitments and Contingencies for additional information regarding our contingencies and legal proceedings. To the extent there are differences between these estimates and actual results, our consolidated financial statements may be materially affected.
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Reclassifications We have reclassified certain amounts on the consolidated balance sheets, consolidated statements of cash flows, and in Note 17 — Operating Segments and Geographic Information to conform to current period presentation. In the fourth quarter, management identified an error in its prior quarterly condensed consolidated statements of cash flows of $85.0 million within the amounts reported in ‘Proceeds from bank borrowings’ and ‘Repayments of bank borrowings.’ This amount had no impact on cash flows from financing activities. We have corrected this amount in the consolidated statement of cash flows for the year ended December 31, 2022 and do not consider it to be material to any of the reported interim periods. Cash and Cash Equivalents Cash and cash equivalents represent cash and short-term, highly-liquid investments with maturities of three months or less at the date of purchase. We report receivables from credit card companies, if expected to be received within five days, in cash and cash equivalents. Restricted Cash Restricted cash primarily consists of funds to secure certain retail store leases, certain customs requirements, and other contractual arrangements. Accounts Receivable, Net Accounts receivable are recorded at invoiced amounts, net of reserves and allowances. We reduce the carrying value for estimated uncollectible accounts based on a variety of factors including the length of time receivables are past due, economic trends and conditions affecting our customer base, and historical collection experience. Specific provisions are recorded for individual receivables when we become aware of a customer’s inability to meet its financial obligations. We write off accounts receivable to the reserves when they are deemed uncollectible or, in certain jurisdictions, when legally able to do so. See Schedule II in Item 15. Exhibits, Financial Statement Schedule of this Annual Report on Form 10-K for more information. Inventories Inventories are comprised of finished goods, are stated at the lower of cost or net realizable value, and are recognized using the first-in-first-out method of inventory costing. We estimate the market value of inventory based on an analysis of historical sales trends of our individual product lines, the impact of market trends and economic conditions, and a forecast of future demand, giving consideration to the value of current orders in-house for future sales of inventory, as well as plans to sell discontinued or end-of-life inventory through our outlet stores, among other off-price channels. Estimates may differ from actual results due to the quantity, quality, and mix of products in inventory, consumer and retailer preferences, and market conditions. If the estimated market value is less than its carrying value, the carrying value is adjusted to the market value, and the difference is recorded in ‘Cost of sales’ in our consolidated statements of operations. Reserves for the risk of physical loss of inventory are estimated based on historical experience and are adjusted based upon physical inventory counts, and they are recorded within ‘Cost of sales’ in our consolidated statements of operations.
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Property and Equipment, Net Property, equipment, furniture, and fixtures are stated at original cost, less accumulated depreciation. Depreciation is provided using the straight-line method over the estimated useful asset lives. The useful lives are reviewed periodically and typically range from 2 to 10 years for machinery and equipment and furniture, fixtures and others. Leasehold improvements are stated at cost and amortized on a straight-line basis over their estimated economic useful lives or the lease term, whichever is shorter. Costs of enhancements or modifications that substantially extend the capacity or useful life of an asset are capitalized and depreciated accordingly. Ordinary repairs and maintenance are expensed as incurred. Depreciation of warehouse- and distribution-related assets is included in ‘Cost of sales’ in our consolidated statements of operations. Depreciation related to retail store, corporate, and non- product assets is included in ‘Selling, general and administrative expenses’ in our consolidated statements of operations. When property is retired or otherwise disposed of, the cost and accumulated depreciation are removed from our consolidated balance sheets, and the resulting gain or loss, if any, is reflected in ‘Income from operations’ in the consolidated statements of operations. Goodwill and Other Intangible Assets, Net We evaluate the carrying value of our goodwill and indefinite-lived intangible assets for impairment at the reporting unit level at least annually or when an interim triggering event has occurred indicating potential impairment. During the year ended December 31, 2022, we changed our annual goodwill impairment testing date from the last day of our fiscal fourth quarter to the first day of our fiscal fourth quarter. The excess of the purchase price over the fair value of acquired net assets represents goodwill. Our goodwill balance as of December 31, 2022 was $714.8 million and primarily related to the Acquisition. As of December 31, 2022, a goodwill amount of $713.3 million was assigned to the HEYDUDE Brand segment and consisted of the acquired workforce and economies of scale resulting from the Acquisition. When performing our annual test for impairment, we may assess goodwill and indefinite-lived intangible assets for potential impairment using either a qualitative or quantitative assessment. Significant judgments and assumptions are required in such impairment evaluations. For the quantitative assessment, we compare the estimated fair value of a reporting unit with its carrying value, including the goodwill assigned to the reporting unit. If the carrying value of the reporting unit exceeds its estimated fair value, an impairment charge is recorded. For the year ended December 31, 2022, we elected to bypass the qualitative assessment for the HEYDUDE Brand reporting unit goodwill and indefinite-lived intangible assets and proceed directly to performing the quantitative goodwill and indefinite-lived intangible asset impairment tests. The estimated fair values of the HEYDUDE Brand reporting unit goodwill and indefinite-lived trademark exceeded their carrying values. Additionally for the years ended December 31, 2022, 2021, and 2020, we performed a qualitative assessment for the goodwill in our EMEALA segment, which indicated that it was more likely than not that the estimated fair value exceeded its carrying value. We did not record any impairment charges in the years ended December 31, 2022, 2021, or 2020 based on the results of our goodwill and indefinite-lived intangible assets impairment testing. We continuously monitor the performance of our definite-lived intangible assets, which includes software, customer relationships, patents, copyrights, and certain trademarks, and evaluate for impairment when evidence exists that certain events or changes in circumstances indicate that the carrying amount of these assets may not be recoverable. Significant judgments and assumptions are required in such impairment evaluations. Definite-lived intangible assets are stated at cost, less accumulated amortization. Amortization is recorded using the straight-line method over the estimated lives of the assets. We amortize our customer relationships on a straight-line basis over a useful life of 15 years. Amortization for patents, copyrights, and trademarks is provided using the straight-line method over the estimated useful asset lives, which are reviewed periodically and typically range from 7 to 25 years. Internal-Use Software and Cloud Computing Arrangements We capitalize direct costs of materials and services used in the development and purchase of internal-use software. Amounts capitalized are amortized on a straight-line basis over a period of 2 to 8 years and are reported as a component of ‘Intangible
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Leases Our lease portfolio consists primarily of real estate assets, which includes retail, warehouse, distribution center, and office spaces, under operating leases expiring at various dates through 2033. Leases with an original term of twelve months or less are not reported in the consolidated balance sheets; expense for these short-term leases is recognized on a straight-line basis over the lease term. Many leases include one or more options to renew, with renewal terms that, if exercised by us, may extend the lease term. The exercise of these renewal options is at our discretion. When assessing the likelihood of a renewal or termination, we consider the significance of leasehold improvements, availability of alternative locations, and the cost of relocation or replacement, among other considerations. The depreciable lives of leasehold improvements are the shorter of the useful lives of the improvements or the expected lease term. We determine the lease term for each lease based on the terms of each contract and factor in renewal and early termination options if such options are reasonably certain to be exercised. We do not generally believe such options are reasonably certain, and therefore, we have excluded them from the recorded right-of-use assets and operating lease liabilities. Due to our centralized treasury function, we utilize a portfolio approach to discount our lease obligations. We assess the expected lease term at lease inception and discount the lease using a fully-secured annual incremental borrowing rate, adjusted for time value corresponding with the expected lease term.
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Derivative Financial Instruments We transact business in various foreign entities and are therefore exposed to foreign currency exchange rate risk that impacts the reported U.S. Dollar (“USD”) amounts of revenues, expenses, and certain foreign currency monetary assets and liabilities. In order to manage exposure to fluctuations in foreign currency and to reduce the volatility in earnings caused by fluctuations in foreign exchange rates, we may enter into forward contracts to buy and sell foreign currency. By policy, we do not enter into these contracts for trading purposes or speculation. Counterparty default risk is considered low because the forward contracts we enter into are over-the-counter instruments transacted with highly-rated financial institutions. We were not required to and did not post collateral as of December 31, 2022 or 2021. Our derivative instruments are recorded at fair value as a derivative asset or liability in the consolidated balance sheets within either ‘Prepaid expenses and other assets’ or ‘Accrued expenses and other liabilities’ at December 31, 2022 and 2021. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged transactions in a cash flow hedge. We may enter into derivative contracts that are intended to economically hedge certain components of its risk, even though hedge accounting does not apply, or we elect not to apply hedge accounting. We report derivative instruments with the same counterparty on a net basis when a master netting arrangement is in place. For the consolidated statements of cash flows, we classify cash flows from derivative instruments at settlement in the same category as the cash flows from the related hedged items within ‘Cash provided by operating activities.’ As of December 31, 2022, we have derivatives not designated as hedging instruments (“non-hedged derivatives”), which consist of foreign currency forward contracts primarily used to hedge monetary assets and liabilities denominated in non-functional currencies. For our non-hedged derivatives, changes in fair value are recognized within ‘Foreign currency gains (losses), net’ in the consolidated statements of operations. We also have cash flow hedges (“hedged derivatives”) as of December 31, 2022. We are exposed to fluctuations in various foreign currencies against our functional currency, the U.S. Dollar. Specifically, we have subsidiaries that transact in currencies other than their functional currency. We use cash flow hedges to minimize the variability in cash flows caused by fluctuations in foreign currency exchange rates related to our external sales and external purchases of inventory. Currency forward agreements involve fixing the exchange rates for delivery of a specified amount of foreign currency on a specified date. The currency forward Other Comprehensive IncomeOur foreign subsidiaries use their foreign currency as their functional currency. Functional currency assets and liabilities are translated into USD using exchange rates in effect at the balance sheet date, and revenues and expenses are translated at average exchange rates during the period. Resulting translation gains and losses are reported in other comprehensive income (loss), until the substantial liquidation of a subsidiary, at which time accumulated translation gains or losses are reclassified into net income. During the year ended December 31, 2022, we recognized a net loss of $8.1 million of cumulative foreign currency translation adjustments related to the substantial liquidation of a foreign subsidiary.
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Revenue Recognition See Note 12 — Revenues for a summary of our revenue recognition policy. Shipping and Handling Costs and Fees Shipping and handling costs are expensed as incurred and are included in ‘Cost of sales’ in the consolidated statements of operations. Shipping and handling fees billed to customers are included in revenues. Cost of Sales Our cost of sales includes costs incurred to design, produce, procure, and ship our footwear. These costs include our raw materials, both direct and indirect labor, shipping and handling including freight costs, utilities, maintenance costs, licensing fees, depreciation, amortization, packaging, and other warehouse and distribution overhead and costs. Taxes Assessed by Governmental Authorities Taxes assessed by governmental authorities that are directly imposed on a revenue transaction, including value added tax, are recorded on a net basis and are therefore excluded from revenues. Selling, General and Administrative Expenses Selling, general and administrative expenses consist primarily of labor and outside services, rent expense, bad debt expense, legal costs, amortization of intangible assets, as well as certain depreciation costs related to corporate and non-product assets and share-based compensation. Selling, general and administrative expenses also include costs for our marketing and sales organizations, and other functions including finance, legal, human resources, and information technology. Our selling, general and administrative expenses also include media advertising (television, radio, print, social, digital), tactical advertising (signs, banners, point-of-sale materials) and promotional costs. Advertising production costs are expensed when the advertising is first run. Advertising communication costs are expensed in the periods that the communications occur. Certain of our promotional expenses result from payments under endorsement contracts. Endorsement-related expenses are recognized as performance is received over the term of each endorsement agreement. Share-Based Compensation Restricted Stock Awards (“RSAs”) and Restricted Stock Units (“RSUs”) We grant RSAs, service-condition RSUs, performance-condition RSUs, and market-condition RSUs. The grant date fair values of RSAs, service-condition RSUs, and performance-condition RSUs are based on the closing market price of our common stock
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Impairment of Long-Lived Assets Long-lived assets to be held and used are evaluated for impairment when events or circumstances indicate the carrying value of a long-lived asset or asset group is less than the undiscounted cash flows from its use and eventual disposition over its remaining economic life. We assess recoverability by comparing the sum of projected undiscounted cash flows from the use and eventual disposition over the remaining economic life of a long-lived asset or asset group to its carrying value, and record a loss from impairment if the carrying value is more than its undiscounted cash flows. For customer relationships, impairment testing is performed at the customer group level. For assets involved in our retail businesses, the asset group is at the retail store level. As retail store performance will vary in new and existing markets due to many factors, including maturity of the market and brand recognition, we periodically evaluate the fixed assets, leasehold improvements, and right-of-use assets related to our retail locations for impairment. For all other long-lived assets, we perform impairment testing at the asset group level for which separately identifiable cash flows are available. Assets or asset groups to be abandoned are written down to zero in the period it is determined they will no longer be used and are removed entirely from service. See Note 4 — Property and Equipment, Net, Note 5 — Goodwill and Intangible Assets, Net, and Note 7 — Leases for a discussion of impairment losses recorded during the periods presented. Foreign Currency Gains (Losses), NetForeign currency gains (losses), net includes realized and unrealized foreign exchange gains and losses resulting from remeasurement and settlement of foreign-currency transactions denominated in a currency other than the functional currency of an entity and realized and unrealized gains and losses on forward foreign currency exchange derivative contracts that do not qualify for hedge accounting. Other Income (Expense), Net Other income (expense), net primarily includes gains and losses associated with activities not directly related to making and selling footwear. Income TaxesIncome taxes are accounted for using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and the tax basis of other assets and liabilities. We provide for income taxes at the current and future enacted tax rates and laws applicable in each taxing jurisdiction. We account for the tax effects of global intangible low-taxed income (“GILTI”) as a component of income tax expense in the period the tax arises, to the extent applicable. We use a two-step approach for recognizing and measuring tax benefits taken or expected to be taken in a tax return and disclosures regarding uncertainties in income tax positions. We recognize interest and penalties related to income tax matters in income tax expense in the consolidated statements of operations. Earnings per ShareBasic and diluted earnings per common share (“EPS”) is presented using the treasury stock method. Diluted EPS reflects the potential dilution to common shareholders from securities that could share in our earnings and is calculated by adjusting weighted average outstanding shares, assuming conversion of all potentially dilutive stock options and awards. Anti- dilutive securities are excluded from diluted EPS.
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Fair Value U.S. GAAP for fair value establishes a hierarchy that prioritizes fair value measurements based on the types of inputs used for the various valuation techniques (market approach, income approach, and cost approach). We utilize a combination of market and income approaches to value derivative instruments. Our financial assets and liabilities are measured using inputs from the three levels of the fair value hierarchy. The three levels of the hierarchy and the related inputs are as follows: Level Inputs 1 Unadjusted quoted prices in active markets for identical assets and liabilities. 2 Unadjusted quoted prices in active markets for similar assets and liabilities; Unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active; or Inputs other than quoted prices that are observable for the asset or liability. 3 Unobservable inputs for the asset or liability. We categorize fair value measurements within the fair value hierarchy based upon the lowest level of the most significant inputs used to determine fair value. Our non-financial assets, which primarily consist of property and equipment, right-of-use assets, goodwill, and other intangible assets, are not required to be carried at fair value on a recurring basis and are reported at carrying value. However, on a periodic basis or whenever events or changes in circumstances indicate that their carrying value may not be fully recoverable (and at least annually for goodwill and indefinite-lived intangible assets), non-financial instruments are assessed for impairment and, if applicable, written down to and recorded at fair value. See Note 8 — Fair Value Measurements for further discussion related to estimated fair value measurements. New Accounting Pronouncement Adopted Income Taxes The CHIPS and Science Act of 2022 (CHIPS) and the Inflation Reduction Act (IRA) of 2022 were signed into law on August 9, 2022 and August 16, 2022, respectively. The legislation introduces new options for monetizing certain credits, a corporate alternative minimum tax, and a stock repurchase excise tax. The corporate alternative minimum tax and stock repurchase excise tax are effective as of January 1, 2023 and are the main provisions that may be applicable to us. The Company is currently evaluating the impact of CHIPS and IRA, but at present does not expect that any of the provisions included in these acts would result in a material impact to our deferred tax assets, liabilities, or income taxes payable. Business Combinations In October 2021, the FASB issued new guidance primarily related to the accounting for contract assets and liabilities from contracts with customers in a business combination. The standard will be effective for annual reporting periods beginning after December 31, 2022, including interim reporting periods within those periods, with early adoption permitted. On January 1, 2022, we early adopted this guidance on a prospective basis. The adoption did not have a material impact on our consolidated financial statements. New Accounting Pronouncements Not Yet Adopted New pronouncements issued but not effective until after December 31, 2022 are not expected to have a material impact on our consolidated financial statements.
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BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) Organization, Consolidation and Presentation of Financial Statements [Abstract] Fair Value Measurements, Valuation Techniques
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12 Months Ended Dec. 31, 2022 The three levels of the hierarchy and the related inputs are as follows: Level Inputs 1 Unadjusted quoted prices in active markets for identical assets and liabilities. 2 Unadjusted quoted prices in active markets for similar assets and liabilities; Unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active; or Inputs other than quoted prices that are observable for the asset or liability. 3 Unobservable inputs for the asset or liability.
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ACQUISITION OF HEYDUDE (Tables) Business Combination and Asset Acquisition [Abstract] Schedule of Recognized Identified Assets Acquired and Liabilities Assumed Schedule of Intangible Assets Acquired in Connection with the Acquisition Business Acquisition, Pro Forma Information
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12 Months Ended Dec. 31, 2022 The following table summarizes the preliminary allocation of the purchase price to the estimated fair values of the assets acquired and liabilities assumed on the Acquisition Date: February 17, 2022 (in thousands) Cash and cash equivalents $ 6,232 Accounts receivable, net (1) 68,698 Inventories (2) 155,773 Prepaid expenses and other assets (3) 4,380 Intangible assets (4) 1,780,000 Goodwill (5) 713,308 Right-of-use assets 2,844 Accounts payable (3) (29,791) Accrued expenses and other liabilities (6) (18,860) Income taxes payable (7) (30,572) Long-term deferred tax liability (7) (312,656) Long-term income taxes payable (7) (13,004) Operating lease liabilities (2,843) Net assets acquired (8) $ 2,323,509 (1) Includes a valuation adjustment that decreased accounts receivable, net by $0.3 million during the Partial Period. (2) Includes valuation adjustments that decreased inventories by $20.2 million and decreased accrued expenses by $20.2 million during the Partial Period, partially offset by a valuation adjustment that increased inventories by $4.7 million and decreased goodwill by $4.7 million. (3) Includes a valuation adjustment of $1.4 million that increased prepaid expenses and other assets and increased accounts payable by $1.4 million during the Partial Period. (4) Includes a decrease of $90.0 million due to a valuation adjustment related to customer relationships during the Partial Period. (5) During the Partial Period, goodwill increased $72.8 million, $66.2 million of which relates to the valuation and tax adjustments described in footnotes (1), (2), (3), (6), (7) and $6.6 million of which relates to a working capital adjustment, as described in footnote (8). (6) Includes a net decrease of $20.8 million made during the Partial Period, comprised of net valuation adjustments of $21.8 million, partially offset by non-income tax adjustments of $1.0 million. (7) Includes the impact of tax adjustments: a decrease of $2.4 million to income taxes payable, a decrease of $17.1 million to long-term deferred tax liability, and an increase of $0.6 million to long-term income taxes payable. The components of intangible assets acquired in connection with the Acquisition were as follows: Weighted-Average Useful Life Amortization Method Estimated Fair Value (in thousands) Customer relationships 15 Straight-line $ 210,000 Trademark Indefinite — 1,570,000 Total intangible assets $ 1,780,000 The pro forma information as presented below is for informational purposes only and is not indicative of the results of operations that would have been achieved if the Acquisition had taken place on January 1, 2021. Year Ended December 31, 2022 2021 (in thousands) Revenues $ 3,645,291 $ 2,894,094 Net income 614,463 706,853
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PROPERTY AND EQUIPMENT, NET (Tables) Property, Plant and Equipment [Abstract] Schedule of Property, Plant and Equipment and Depreciation Expense
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12 Months Ended Dec. 31, 2022 ‘Property and equipment, net’ consists of the following: December 31, 2022 2021 (in thousands) Machinery and equipment $ 146,821 $ 53,976 Leasehold improvements 76,363 64,625 Construction-in-progress 28,699 53,332 Furniture, fixtures, and other 26,782 20,210 Property and equipment 278,665 192,143 Less: Accumulated depreciation and amortization (97,136) (83,745) Property and equipment, net $ 181,529 $ 108,398 Depreciation and amortization expense related to property and equipment, reported in ‘Cost of sales’ and ‘Selling, general and administrative expenses’ was: Year Ended December 31, 2022 2021 2020 (in thousands) Cost of sales $ 10,043 $ 6,234 $ 3,921 Selling, general and administrative expenses 9,599 8,708 7,914 Total depreciation and amortization expense $ 19,642 $ 14,942 $ 11,835
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GOODWILL AND INTANGIBLE ASSETS, NET (Tables) Goodwill and Intangible Assets Disclosure [Abstract] Schedule of Goodwill Schedule of Intangible Assets, net Schedule of Intangible Asset Amortization Expense Schedule of Future Amortization of Intangible Assets
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12 Months Ended Dec. 31, 2022 The changes in goodwill for the years ended December 31, 2022 and 2021 were: Goodwill (in thousands) Balance at December 31, 2020 $ 1,719 Foreign currency translation (1) (119) Balance at December 31, 2021 1,600 HEYDUDE Acquisition 713,308 Foreign currency translation (1) (94) Balance at December 31, 2022 $ 714,814 (1) Foreign currency translation only relates to the goodwill in our EMEALA operating segment, as described below. ‘Intangible assets, net’ reported in the consolidated balance sheets consist of the following: December 31, 2022 December 31, 2021 Gross Accum. Amortiz. Net Gross Accum. Amortiz. Net (in thousands) Intangible assets subject to amortization: Capitalized software $ 132,295 $ (109,227) $ 23,068 $ 128,843 $ (104,637) $ 24,206 Customer relationships 210,000 (12,250) 197,750 — — — Patents, copyrights, and trademarks 5,124 (3,537) 1,587 4,308 (3,530) 778 Intangible assets not subject to amortization: HEYDUDE trademark 1,570,000 — 1,570,000 — — — In progress 7,537 — 7,537 3,739 — 3,739 Other 225 — 225 79 — 79 Total $ 1,925,181 $ (125,014) $ 1,800,167 $ 136,969 $ (108,167) $ 28,802 Amortization expense related to definite-lived intangible assets, reported in ‘Cost of sales’ and ‘Selling, general and administrative expenses’ was: Year Ended December 31, 2022 2021 2020 (in thousands) Cost of sales $ 2,366 $ 4,779 $ 3,975 Selling, general and administrative expenses 17,221 12,255 11,809 Total amortization expense $ 19,587 $ 17,034 $ 15,784 Estimated future annual amortization expense of intangible assets is: As of December 31, 2022 (in thousands) 2023 $ 21,826 2024 20,290 2025 18,962 2026 17,493 2027 15,490 Thereafter 128,344 Total $ 222,405
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ACCRUED EXPENSES AND OTHER LIABILITIES (Tables) Payables and Accruals [Abstract] Schedule of Accrued Expenses and Other Liabilities
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12 Months Ended Dec. 31, 2022 Amounts reported in ‘Accrued expenses and other liabilities’ in the consolidated balance sheets were: December 31, 2022 2021 (in thousands) Accrued compensation and benefits $ 55,474 $ 62,945 Professional services 45,351 33,997 Fulfillment, freight, and duties 41,646 15,629 Return liabilities 27,651 10,342 Sales/use and value added taxes payable 27,249 13,049 Royalties payable and deferred revenue 10,528 7,425 Accrued rent and occupancy 8,972 7,431 Other 22,553 16,069 Total accrued expenses and other liabilities $ 239,424 $ 166,887
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LEASES (Tables) Leases [Abstract] Schedule of Rights-of-use Assets and Operating Lease Liabilities Schedule of Lease Costs and Other Information Schedule of Maturities of Operating Lease Liabilities
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12 Months Ended Dec. 31, 2022 Amounts reported in the consolidated balance sheets were: December 31, 2022 2021 (in thousands) Assets: Right-of-use assets $ 239,905 $ 160,768 Liabilities: Current operating lease liabilities $ 57,456 $ 42,932 Long-term operating lease liabilities 215,119 149,237 Total operating lease liabilities $ 272,575 $ 192,169 Lease-related costs reported within ‘Cost of sales’ and ‘Selling, general and administrative expenses’ were: Year Ended December 31, 2022 2021 (in thousands) Operating lease cost $ 66,012 $ 58,283 Short-term lease cost 9,590 7,585 Variable lease cost 37,536 32,490 Total lease costs $ 113,138 $ 98,358 The maturities of our operating lease liabilities were: As of December 31, 2022 (in thousands) 2023 $ 60,812 2024 52,357 2025 38,629 2026 32,840 2027 28,189 Thereafter 99,700 Total future minimum lease payments 312,527 Less: imputed interest (39,952) Total operating lease liabilities $ 272,575
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FAIR VALUE MEASUREMENTS (Tables) Fair Value Disclosures [Abstract] Fair Value of Company's Notes Payable Fair Value of Company's Non-financial Assets
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12 Months Ended Dec. 31, 2022 The carrying values and fair values of our borrowing instruments as of December 31, 2022 and 2021 were: December 31, 2022 December 31, 2021 Carrying Value Fair Carrying Value Fair (in thousands) Term Loan B Facility $ 1,675,000 $ 1,642,547 $ — $ — 2029 Notes 350,000 297,596 350,000 346,281 2031 Notes 350,000 284,240 350,000 341,250 Revolving Facility — — 85,000 85,000 The fair values of these assets were determined based on Level 3 measurements, including estimates of the amount and timing of future cash flows based upon historical experience, expected market conditions, and management’s plans. We recorded impairments as follows: Year Ended December 31, 2022 2021 2020 (in thousands) Retail store assets impairment (1) $ — $ — $ 2,412 Right-of-use assets impairment (1) — — 18,659 Total asset impairments $ — $ — $ 21,071 (1) During the year ended December 31, 2020, we recognized impairments for a retail location in New York City of $2.4 million to retail store assets and $17.6 million to the right-of-use asset. We also recognized an impairment of $1.1 million to the right-of-use asset for our corporate headquarters in Niwot, Colorado, as a result of our relocation to Broomfield, Colorado.
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DERIVATIVE FINANCIAL INSTRUMENTS (Tables) Derivative Instruments and Hedging Activities Disclosure [Abstract] Schedule of Fair Values of Derivative Assets and Liabilities Summary of Derivative Financial Instruments Notional Amounts on Outstanding Positions Schedule of Gains / Losses from Foreign Currency Transactions and Derivative Contracts
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12 Months Ended Dec. 31, 2022 The fair values of derivative assets and liabilities, net, all of which are classified as Level 2, are reported within either ‘Prepaid expenses and other assets’ or ‘Accrued expenses and other liabilities’ in the consolidated balance sheets and were: December 31, 2022 December 31, 2021 Derivative Assets Derivative Liabilities Derivative Assets Derivative Liabilities (in thousands) Non- hedged derivatives: Forward foreign currency exchange contracts $ 345 $ (360) $ 724 $ (938) Netting of counterparty contracts (345) 345 (724) 724 Foreign currency forward contract derivatives — (15) — (214) Hedged derivatives: Cash flow foreign currency contracts 348 (1,116) — — Netting of counterparty contracts — — — — Cash flow foreign currency contract derivatives 348 (1,116) — — Total derivatives $ 348 $ (1,131) $ — $ (214) The notional amounts of outstanding forward foreign currency exchange contracts shown below report the total U.S. Dollar equivalent position and the net contract fair values for each foreign currency position. December 31, 2022 December 31, 2021 Notional Fair Value Notional Fair Value (in thousands) Non-hedged derivatives: Singapore Dollar $ 26,760 $ 207 $ 43,723 $ (296) Indian Rupee 24,945 (10) 10,379 (86) South Korean Won 18,403 (320) 14,201 (112) British Pound Sterling 14,509 128 25,795 104 Japanese Yen 8,953 9 12,910 80 Euro 5,068 (29) 21,198 162 Other currencies — — 19,481 (66) Total non-hedged derivatives 98,638 (15) 147,687 (214) Hedged derivatives: Euro 51,914 (360) — — British Pound Sterling 23,025 235 — — South Korean Won 12,285 (756) — — Indian Rupee 7,203 113 — — Total hedged derivatives 94,427 (768) — — Total derivatives $ 193,065 $ (783) $ 147,687 $ (214) Latest maturity date, non-hedged derivatives April 2023 January 2022 Latest maturity date, hedged derivatives June 2023 N/A Amounts reported in ‘Foreign currency gains (losses), net’ in the consolidated statements of operations include both realized and unrealized gains (losses) from foreign currency transactions and derivative contracts and were as follows: Year Ended December 31, 2022 2021 2020 (in thousands) Non-hedged derivatives: Foreign currency transaction gains (losses) $ (2,858) $ 100 $ 941 Foreign currency forward exchange contracts gains (losses) 6,086 (240) (2,069) Foreign currency gains (losses), net $ 3,228 $ (140) $ (1,128)
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BORROWINGS (Tables) Debt Disclosure [Abstract] Components Of Our Consolidated Debt
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12 Months Ended Dec. 31, 2022 Our long-term borrowings were as follows: Stated Interest Rate Effective Interest Rate December 31, Maturity 2022 2021 (in thousands) Notes issuance of $350.0 million 2029 4.250 % 4.64 % $ 350,000 $ 350,000 Notes issuance of $350.0 million 2031 4.125 % 4.35 % 350,000 350,000 Term Loan B Facility 2029 1,675,000 — Revolving Facility — 85,000 Total face value of long-term borrowings 2,375,000 785,000 Less: Unamortized issuance costs 56,973 13,610 Current portion of long-term borrowings (1) 20,000 — Total long-term borrowings $ 2,298,027 $ 771,390 (1) Represents the current portion of the borrowings on the Term Loan B facility.
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REVENUES (Tables) Revenue from Contract with Customer [Abstract] Schedule of Revenues by Reportable Operating Segment and by Channel
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12 Months Ended Dec. 31, 2022 Revenues by reportable operating segment and by channel were: Year Ended December 31, 2022 Crocs Brand HEYDUDE Brand (1) Total (in thousands) Channel: Wholesale $ 1,377,302 $ 574,140 $ 1,951,442 Direct-to-consumer 1,281,823 321,720 1,603,543 Total revenues $ 2,659,125 $ 895,860 $ 3,554,985 (1) The HEYDUDE Brand results reported for the year ended December 31, 2022 represent results for the Partial Period. Year Ended December 31, 2021 Crocs Brand HEYDUDE Brand Total (in thousands) Channel: Wholesale $ 1,174,081 $ — $ 1,174,081 Direct-to-consumer 1,139,335 — 1,139,335 Total revenues $ 2,313,416 $ — $ 2,313,416 Year Ended December 31, 2020 Crocs Brand HEYDUDE Brand Total (in thousands) Channel: Wholesale $ 692,919 $ — $ 692,919 Direct-to-consumer 693,032 — 693,032 Total revenues $ 1,385,951 $ — $ 1,385,951
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SHARE-BASED COMPENSATION (Tables) Share-Based Payment Arrangement [Abstract] Stock Option Activity Schedule Of Restricted Stock Award And Restricted Stock Unit Activity
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12 Months Ended Dec. 31, 2022 Stock option activity during the year ended December 31, 2022 was: Number of Options Weighted Average Exercise Price Weighted Average Contractual Life (Years) Aggregate Intrinsic Value (in thousands, except exercise price and years) Outstanding as of December 31, 2021 217 $ 7.78 5.14 $ 26,076 Granted — — Exercised (7) 18.62 Forfeited or expired — — Outstanding as of December 31, 2022 210 $ 7.44 4.28 $ 21,208 Exercisable at December 31, 2022 210 $ 7.44 4.28 $ 21,208 Vested at December 31, 2022 210 $ 7.44 4.28 $ 21,208 RSA and RSU activity during the year ended December 31, 2022 was: Restricted Stock Awards Restricted Stock Units Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value (in thousands, except fair value data) Unvested at December 31, 2021 2 $ 105.18 1,455 $ 49.70 Granted 9 51.13 516 76.06 Vested (6) 62.55 (688) 43.12 Forfeited — — (102) 64.57 Unvested at December 31, 2022 5 $ 51.13 1,181 $ 62.93
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INCOME TAXES (Tables) Income Tax Disclosure [Abstract] Schedule of Components of Income Tax Expense (Benefit) Summary of Tax Expense and Effective Tax Rates Schedule of Deferred Tax Assets and Liabilities
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Schedule of Unrecognized Tax Benefits Roll Forward Summary of Income Tax Examinations
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12 Months Ended Dec. 31, 2022 The following table sets forth income before taxes and the expense for income taxes: Year Ended December 31, 2022 2021 2020 (in thousands) Income before taxes: U.S. $ 312,501 $ 510,706 $ 133,574 Foreign 406,007 153,143 73,405 Total income before taxes $ 718,508 $ 663,849 $ 206,979 Income tax expense (benefit): Current income taxes: U.S. federal $ 76,092 $ 94,548 $ 698 U.S. state 19,257 28,460 6,577 Foreign 87,760 56,430 211,904 Total current income taxes 183,109 179,438 219,179 Deferred income taxes: U.S. federal (12,032) 791 529 U.S. state 861 32 (2,381) Foreign 6,411 (242,106) (323,209) Total deferred income taxes (4,760) (241,283) (325,061) Total income tax expense (benefit) $ 178,349 $ (61,845) $ (105,882) The following table sets forth income reconciliations of the statutory federal income tax rate to actual rates based on income or loss before income taxes: Year Ended December 31, 2022 2021 2020 (in thousands) Income tax expense and rate attributable to: Federal income tax rate $ 150,887 21.0 % $ 139,408 21.0 % $ 43,466 21.0 % State income tax rate, net of federal benefit 15,981 2.2 % 22,952 3.5 % 7,231 3.5 % Foreign income tax rate differential 12,405 1.7 % 18,890 2.8 % (6,060) (2.9) % GILTI, net 4,834 0.7 % 14,157 2.1 % 7,515 3.6 % Non-deductible / non-taxable items 3,743 0.5 % 9,637 1.5 % 6,871 3.3 % Change in valuation allowance 4,414 0.6 % (192,337) (29.0) % 143,012 69.0 % U.S. tax on foreign earnings 16,822 2.3 % — — % — — % Foreign tax credits (28,087) (3.9) % (19,925) (3.0) % (15,904) (7.7) % Research and development credits (5,488) (0.8) % (13,104) (2.0) % (148) (0.1) % Uncertain tax positions 3,952 0.6 % 21,341 3.2 % 200,571 96.9 % Share-based compensation (1,231) (0.2) % (11,930) (1.8) % (1,303) (0.6) % Intra-Entity IP Transfer — — % (41,858) (6.3) % (492,470) (237.9) % Enacted changes in tax law — — % (9,554) (1.4) % — — % Other 117 0.1 % 478 0.1 % 1,337 0.7 % Effective income tax expense and rate $ 178,349 24.8 % $ (61,845) (9.3) % $ (105,882) (51.2) % Deferred income taxes reflect the net effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The following table sets forth deferred income tax assets and liabilities as of the date shown: December 31, 2022 2021 (in thousands) Non-current deferred tax assets: Share- based compensation expense $ 3,130 $ 2,706 Accruals, reserves, and other expenses 24,324 24,346 Net operating loss 21,455 24,573 Intangible assets 438,712 502,100 Foreign tax credit 45,746 39,442 Operating lease liabilities 55,624 35,755 Other 25,354 5,811 Valuation allowance (28,118) (26,467) Total non-current deferred tax assets $ 586,227 $ 608,266 Non-current deferred tax liabilities: Unrealized gain on foreign currency $ (1,760) $ — Property and equipment (2,381) (12,189) Right-of-use assets (47,641) (28,598) Intangible assets (307,474) — Other (723) (278) Total non-current deferred tax liabilities $ (359,979) $ (41,065)
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The following table sets forth a reconciliation of the beginning and ending amount of unrecognized tax benefits: Year Ended December 31, 2022 2021 2020 (in thousands) Unrecognized tax benefit as of January 1 $ 218,399 $ 206,209 $ 4,613 Additions in tax positions taken in prior period 1,697 6,169 519 Reductions in tax positions taken in prior period (904) (963) (340) Additions in tax positions taken in current period 2,948 23,061 200,947 Settlements (375) (763) (294) Lapse of statute of limitations (510) (342) (258) Current year acquisitions 10,426 — — Cumulative foreign currency translation adjustment (12,318) (14,972) 1,022 Unrecognized tax benefit as of December 31 $ 219,363 $ 218,399 $ 206,209 The following table sets forth the tax years subject to examination for the major jurisdictions where we conduct business as of December 31, 2022: The Netherlands 2010 to 2022 Canada 2014 to 2022 Hong Kong 2020 to 2022 Japan 2014 to 2022 China 2016 to 2022 Singapore 2017 to 2022 United States 2007 to 2022
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EARNINGS PER SHARE (Tables) Earnings Per Share [Abstract] Summary Of Basic And Diluted Earnings Per Share
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12 Months Ended Dec. 31, 2022 Basic and diluted EPS for the years ended December 31, 2022, 2021, and 2020 were as follows: Year Ended December 31, 2022 2021 2020 (in thousands, except per share data) Numerator: Net income attributable to common stockholders $ 540,159 $ 725,694 $ 312,861 Denominator: Weighted average common shares outstanding - basic 61,220 62,464 67,386 Plus: Dilutive effect of stock options and unvested restricted stock units 786 1,254 1,158 Weighted average common shares outstanding - diluted 62,006 63,718 68,544 Net income per common share: Basic $ 8.82 $ 11.62 $ 4.64 Diluted $ 8.71 $ 11.39 $ 4.56
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OPERATING SEGMENTS AND GEOGRAPHIC INFORMATION (Tables) Segment Reporting [Abstract] Information Related to Reportable Operating Segments
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12 Months Ended Dec. 31, 2022 The following tables set forth information related to reportable operating segments: Year Ended December 31, 2022 2021 2020 (in thousands) Revenues: North America (1) $ 1,644,630 $ 1,553,891 $ 832,540 Asia Pacific 473,935 350,160 278,515 EMEALA (1) 540,534 409,278 274,733 Brand corporate (2) 26 87 163 Total Crocs Brand 2,659,125 2,313,416 1,385,951 HEYDUDE Brand (3) 895,860 — — Total consolidated revenues $ 3,554,985 $ 2,313,416 $ 1,385,951 Income from operations: North America (1) $ 683,350 $ 755,723 $ 313,913 Asia Pacific 145,011 71,936 32,830 EMEALA (1) 153,976 134,126 75,513 Brand corporate (2) (130,312) (100,391) (92,833) Total Crocs Brand 852,025 861,394 329,423 HEYDUDE Brand (3) 211,361 — — Reconciliation of segment income from operations to income before income taxes: Enterprise corporate (2) (212,630) (178,330) (115,299) Total consolidated income from operations 850,756 683,064 214,124 Foreign currency gains (losses), net 3,228 (140) (1,128) Interest income 1,020 775 215 Interest expense (136,158) (21,647) (6,742) Other income (expense), net (338) 1,797 510 Income before income taxes $ 718,508 $ 663,849 $ 206,979 Depreciation and amortization: North America (1) $ 10,804 $ 7,669 $ 3,453 Asia Pacific 2,113 1,629 1,138 EMEALA (1) 3,221 1,806 805 Brand corporate (2) 2,739 5,827 8,473 Total Crocs Brand 18,877 16,931 13,869 HEYDUDE Brand (3) 12,248 — — Enterprise corporate (2) 8,104 15,045 13,750 Total consolidated depreciation and amortization $ 39,229 $ 31,976 $ 27,619 (1) In the first quarter of 2022, certain revenues and expenses associated with our Latin America businesses previously reported in our ‘Americas’ segment were shifted into the ‘EMEA’ segment to better align with how we manage our distributor business. To reflect this change, we renamed our ‘Americas’ segment to ‘North America’ and renamed our ‘EMEA’ segment to ‘EMEALA.’ As a result of these changes, the previously reported amounts for revenues, income from operations, and depreciation and amortization for the year ended December 31, 2021 and 2020 have been revised to conform to current period presentation. Refer to Part I - Item 1. Financial Statements in our Quarterly Report on Form 10-Q for the period ended June 30, 2022 for more information. (2) In the first quarter of 2022, as a result of the Acquisition, all costs previously reported in “Unallocated corporate and other” were recast between ‘Brand corporate’ costs associated with the Crocs Brand and ‘Enterprise corporate’ costs, each of which is defined in the section preceding the above table. As a result of these changes, the previously reported amounts for income from operations and depreciation and amortization for the year ended December 31, 2021 and 2020 have been revised to conform to current period presentation. Refer to Part I - Item 1. Financial Statements in our Quarterly Report on Form 10-Q for the period ended June 30, 2022 for more information. (3) We acquired HEYDUDE on February 17, 2022 and in connection therewith added the HEYDUDE Brand as a new reportable operating segment. Therefore, the amounts shown above for the year ended December 31, 2022 represent results during the partial period beginning on the Acquisition Date through December 31, 2022, and there are no comparative amounts for the years ended December 31, 2021 or 2020. There were no customers who represented 10% or more of consolidated revenues during the years ended
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BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Related Party Transaction [Line Items] Error correction Goodwill Number of renewal options (or more) | renewalOption Reclassification of foreign currency translation gain (loss) to income Marketing expenses, including advertising, production, promotion, and agency expenses HEYDUDE Related Party Transaction [Line Items] Percentage of voting interests acquired Goodwill Minimum | Capitalized software Related Party Transaction [Line Items] Intangible asset useful life Minimum | Patents, copyrights, and trademarks Related Party Transaction [Line Items] Intangible asset useful life Minimum | Machinery and equipment Related Party Transaction [Line Items] Property and equipment useful life Minimum | Furniture, fixtures, and other Related Party Transaction [Line Items] Property and equipment useful life Maximum | Capitalized software Related Party Transaction [Line Items] Intangible asset useful life Maximum | Patents, copyrights, and trademarks Related Party Transaction [Line Items] Intangible asset useful life Maximum | Machinery and equipment Related Party Transaction [Line Items] Property and equipment useful life Maximum | Furniture, fixtures, and other Related Party Transaction [Line Items] Property and equipment useful life [1]Represents the reclassification of a cumulative foreign currency translation adjustment upon sub operations.
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n Thousands 3 Months Ended 12 M Dec. 31, 2022 USD ($) renewalOption Dec. 31, 2022 USD ($) renewalOption $ 85,000 $ 714,814 $ 714,814 1 1 [1] $ (8,148) 260,800 $ 713,300 $ 713,300 2 years 7 years 2 years 2 years 8 years 25 years 10 years 10 years bstantial liquidation of foreign subsidiaries which is presented within ‘Selling, general and administrative ex
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Months Ended Dec. 31, 2021 USD ($) Dec. 31, 2020 USD ($) Feb. 17, 2022 USD ($) $ 1,600 $ 1,719 0 (164) $ 172,700 $ 101,000 100% $ 713,308 xpenses’ in the consolidated statements of
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ACQUISITION OF HEYDUDE (Narrative) (Details) - USD ($) 10 Months Ended Feb. 17, 2022 Dec. 31, 2022 Business Acquisition [Line Items] Goodwill $ 714,814,000 Term Loan B Facility | Line of Credit Business Acquisition [Line Items] Borrowing capacity under revolving credit facility $ 2,000,000,000 2,000,000,000 HEYDUDE Business Acquisition [Line Items] Percentage of voting interests acquired 100% Consideration transferred $ 2,300,000,000 Cash consideration $ 2,050,000,000 Equity interest issued (in shares) 2,852,280 Equity consideration shares, percentage 50% Revenue of acquiree since acquisition date, actual 895,900,000 Income from acquiree 211,400,000 Goodwill $ 713,308,000 713,300,000 Goodwill valuation adjustments 72,800,000 Goodwill deductible for income tax purposes $ 0 Business combination, acquisition related costs HEYDUDE | Escrow Amount Business Acquisition [Line Items] Escrow deposit $ 125,000,000 Business acquisition, escrow period 18 months HEYDUDE | Adjustment Holdback Amount Business Acquisition [Line Items] Escrow deposit $ 8,500,000 HEYDUDE | Term Loan B Facility | Line of Credit Business Acquisition [Line Items] Borrowing capacity under revolving credit facility 2,000,000,000 HEYDUDE | Revolving Facility | Line of Credit Business Acquisition [Line Items] Borrowing capacity under revolving credit facility $ 50,000,000
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12 Months Ended Dec. 31, 2022 Dec. 31, 2021 Dec. 31, 2020 $ 714,814,000 $ 1,600,000 $ 1,719,000 2,000,000,000 713,300,000 72,800,000 0 $ 25,700,000
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Business Acquisition [Line Items] Goodwill HEYDUDE Business Acquisition [Line Items] Cash and cash equivalents Accounts receivable, net Inventories Prepaid expenses and other assets Intangible assets Goodwill Right-of-use assets Accounts payable Accrued expenses and other liabilities Income taxes payable Long-term deferred tax liability Long-term income taxes payable Operating lease liabilities Net assets acquired Accounts receivable adjustment Inventories adjustment, (decrease) increase Increase in valuation adjustment, prepaid expenses and other assets Increase in valuation adjustment, accounts payable Goodwill valuation adjustments Accrued expenses adjustments, (decrease) increase Income taxes payable adjustments, increase (decrease) HEYDUDE | Customer relationships Business Acquisition [Line Items] Decrease in valuation adjustment HEYDUDE | Valuation And Tax Adjustments Business Acquisition [Line Items] Goodwill valuation adjustments HEYDUDE | Working Capital Adjustments Business Acquisition [Line Items] Goodwill valuation adjustments HEYDUDE | Acquired Loyalty Program Adjustments Business Acquisition [Line Items] Accrued expenses adjustments, (decrease) increase HEYDUDE | Tax Adjustments Business Acquisition [Line Items] Accrued expenses adjustments, (decrease) increase HEYDUDE | Noncurrent Deferred Tax Liability Adjustments Business Acquisition [Line Items] ACQUISITION OF HEYDUDE (Schedule of Asset Acquired and Liabilities Assumed) (Details) - USD ($) $ in Thousands
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Income taxes payable adjustments, increase (decrease) HEYDUDE | Noncurrent Income Taxes Payable Adjustments Business Acquisition [Line Items] Income taxes payable adjustments, increase (decrease)
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10 Months Ended 12 Months Ended Feb. 17, 2022 Dec. 31, 2022 Dec. 31, 2022 Dec. 31, 2021 Dec. 31, 2020 $ 714,814 $ 714,814 $ 1,600 $ 1,719 $ 6,232 68,698 155,773 4,380 1,780,000 713,308 713,300 713,300 2,844 (29,791) (18,860) (30,572) (312,656) (13,004) (2,843) 2,323,509 300 4,700 (20,200) 1,400 1,400 72,800 $ 72,800 (20,800) (2,400) 90,000 66,200 6,600 (21,800) $ 1,000
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(17,100) $ 600
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ACQUISITION OF HEYDUDE (Schedule of Intangible Assets) (Details) - HEYDUDE $ in Thousands Business Acquisition [Line Items] Intangible assets Trademark Business Acquisition [Line Items] Indefinite-lived intangible assets acquired Customer relationships Business Acquisition [Line Items] Weighted-Average Useful Life Finite-lived intangible assets acquired
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Feb. 17, 2022 USD ($) $ 1,780,000 $ 1,570,000 15 years $ 210,000
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ACQUISITION OF HEYDUDE (Proforma Information) (Details) - HEYDUDE - USD ($) $ in Thousands Business Acquisition [Line Items] Revenues Net income
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12 Months Ended Dec. 31, 2022 Dec. 31, 2021 $ 3,645,291 $ 2,894,094 $ 614,463 $ 706,853
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Property, plant and equipment [Line Items] Property and equipment Less: Accumulated depreciation and amortization Property and equipment, net Machinery and equipment Property, plant and equipment [Line Items] Property and equipment Leasehold improvements Property, plant and equipment [Line Items] Property and equipment Construction-in-progress Property, plant and equipment [Line Items] Property and equipment Furniture, fixtures, and other Property, plant and equipment [Line Items] Property and equipment PROPERTY AND EQUIPMENT, NET (Schedule of Property and Equipment) (Details) - USD ($) $ in Thousands
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Dec. 31, 2022 Dec. 31, 2021 $ 278,665 $ 192,143 (97,136) (83,745) 181,529 108,398 146,821 53,976 76,363 64,625 28,699 53,332 $ 26,782 $ 20,210
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Property, plant and equipment [Line Items] Depreciation Cost of sales Property, plant and equipment [Line Items] Depreciation Selling, general and administrative expenses Property, plant and equipment [Line Items] Depreciation PROPERTY AND EQUIPMENT, NET (Schedule of Depreciation and Amortization Expense) (Details) - USD ($) $ in Thousands
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12 Months Ended Dec. 31, 2022 Dec. 31, 2021 Dec. 31, 2020 $ 19,642 $ 14,942 $ 11,835 10,043 6,234 3,921 $ 9,599 $ 8,708 $ 7,914
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PROPERTY AND EQUIPMENT, NET (Narrative) (Details) - USD ($) $ in Millions 12 Dec. 31, 2022 Property, Plant and Equipment [Abstract] Net losses on disposal of property and equipment and intangible assets $ 1
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2 Months Ended Dec. 31, 2021 Dec. 31, 2020 $ 0.3 $ 0.3
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Goodwill [Roll Forward] Goodwill, beginning balance HEYDUDE Acquisition Foreign currency translation Goodwill, ending balance GOODWILL AND INTANGIBLE ASSETS, NET (Goodwill Rollforward) (Details) - USD ($) $ in Thousands
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12 Months Ended Dec. 31, 2022 Dec. 31, 2021 $ 1,600 $ 1,719 713,308 (94) (119) $ 714,814 $ 1,600
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Goodwill [Line Items] Goodwill Goodwill impairment loss EMEALA Goodwill [Line Items] Goodwill HEYDUDE Goodwill [Line Items] Goodwill GOODWILL AND INTANGIBLE ASSETS, NET (Goodwill) (Narrative) (Details) - USD ($) $ in Thousands
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Dec. 31, 2022 Feb. 17, 2022 Dec. 31, 2021 Dec. 31, 2020 $ 714,814 $ 1,600 $ 1,719 800 1,500 $ 713,300 $ 713,308
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Finite-Lived Intangible Assets [Line Items] Accumulated amortization Total Intangible assets, gross Intangible assets, net Weighted average remaining useful life of intangible assets HEYDUDE trademark Finite-Lived Intangible Assets [Line Items] Indefinite-lived intangible assets In progress Finite-Lived Intangible Assets [Line Items] Indefinite-lived intangible assets Other Finite-Lived Intangible Assets [Line Items] Indefinite-lived intangible assets Capitalized software Finite-Lived Intangible Assets [Line Items] Gross carrying amount of finite-lived intangible assets Accumulated amortization Total Customer relationships Finite-Lived Intangible Assets [Line Items] Gross carrying amount of finite-lived intangible assets Accumulated amortization Total Patents, copyrights, and trademarks Finite-Lived Intangible Assets [Line Items] Gross carrying amount of finite-lived intangible assets Accumulated amortization Total GOODWILL AND INTANGIBLE ASSETS, NET (Summary of Intangible Assets) (Details) - USD ($) $ in Thousands
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12 Months Ended Dec. 31, 2022 Dec. 31, 2021 $ (125,014) $ (108,167) 222,405 1,925,181 136,969 $ 1,800,167 28,802 14 years $ 1,570,000 0 7,537 3,739 225 79 132,295 128,843 (109,227) (104,637) 23,068 24,206 210,000 0 (12,250) 0 197,750 0 5,124 4,308 (3,537) (3,530) $ 1,587 $ 778
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Finite-Lived Intangible Assets [Line Items] Total amortization expense Cost of sales Finite-Lived Intangible Assets [Line Items] Total amortization expense Selling, general and administrative expenses Finite-Lived Intangible Assets [Line Items] Total amortization expense GOODWILL AND INTANGIBLE ASSETS, NET (Schedule of Intangible Asset Amortization Expense) (Details) - USD ($) $ in Thousands
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12 Months Ended Dec. 31, 2022 Dec. 31, 2021 Dec. 31, 2020 $ 19,587 $ 17,034 $ 15,784 2,366 4,779 3,975 $ 17,221 $ 12,255 $ 11,809
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Goodwill and Intangible Assets Disclosure [Abstract] 2023 2024 2025 2026 2027 Thereafter Total GOODWILL AND INTANGIBLE ASSETS, NET (Schedule Of Future Amortization Of Intangible Assets) (Details) $ in Thousands
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Dec. 31, 2022 USD ($) $ 21,826 20,290 18,962 17,493 15,490 128,344 $ 222,405
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Payables and Accruals [Abstract] Accrued compensation and benefits Professional services Fulfillment, freight, and duties Return liabilities Sales/use and value added taxes payable Royalties payable and deferred revenue Accrued rent and occupancy Other Total accrued expenses and other liabilities ACCRUED EXPENSES AND OTHER LIABILITIES (Schedule Of Accrued Expenses & Other Current Liabilities) (Details) - USD ($) $ in Thousands
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Dec. 31, 2022 Dec. 31, 2021 $ 55,474 $ 62,945 45,351 33,997 41,646 15,629 27,651 10,342 27,249 13,049 10,528 7,425 8,972 7,431 22,553 16,069 $ 239,424 $ 166,887
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LEASES (Narrative) (Details) - USD ($) $ in Millions Dec. 31, 2022 Leases [Abstract] Weighted average remaining lease term 6 years 10 months 24 days Weighted average discount rate 3.90% Leases not yet commenced $ 75
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Dec. 31, 2021 7 years 1 month 6 days 3.80%
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LEASES (Right-of-Use Assets and Operating Lease Liabilities) (Details) - USD ($) $ in Thousands Leases [Abstract] Right-of-use assets Current operating lease liabilities Long-term operating lease liabilities Total operating lease liabilities
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Dec. 31, 2022 Dec. 31, 2021 $ 239,905 $ 160,768 57,456 42,932 215,119 149,237 $ 272,575 $ 192,169
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LEASES (Lease Costs and Other Information) (Details) - USD ($) $ in Thousands Leases [Abstract] Operating lease cost Short-term lease cost Variable lease cost Total lease costs
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12 Months Ended Dec. 31, 2022 Dec. 31, 2021 Dec. 31, 2020 $ 66,012 $ 58,283 $ 61,583 9,590 7,585 37,536 32,490 $ 113,138 $ 98,358
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LEASES (Maturities of Company's Operating Lease Liabilities) (Details) - USD ($) $ in Thousands Leases [Abstract] 2023 2024 2025 2026 2027 Thereafter Total future minimum lease payments Less: imputed interest Total operating lease liabilities
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Dec. 31, 2022 Dec. 31, 2021 $ 60,812 52,357 38,629 32,840 28,189 99,700 312,527 (39,952) $ 272,575 $ 192,169
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FAIR VALUE MEASUREMENTS (Narrative) (Details) - USD ($) Level 2 Fair value assets and liabilities measured on a recurring and nonrecurring Basis [Line Items] Derivative asset Derivative liability Line of Credit | Term Loan B Facility Fair value assets and liabilities measured on a recurring and nonrecurring Basis [Line Items] Borrowing capacity under revolving credit facility
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Dec. 31, 2022 Feb. 17, 2022 Dec. 31, 2021 $ 348,000 $ 0 (1,131,000) $ (214,000) $ 2,000,000,000 $ 2,000,000,000
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Fair value assets and liabilities measured on a recurring and nonrecurring Basis [Line Items] Total asset impairments New York City Retail Location Fair value assets and liabilities measured on a recurring and nonrecurring Basis [Line Items] Retail store assets impairment Right-of-use assets impairment Corporate Headquarters Relocation Fair value assets and liabilities measured on a recurring and nonrecurring Basis [Line Items] Right-of-use assets impairment Carrying Value | Line of Credit | Term Loan B Facility Fair value assets and liabilities measured on a recurring and nonrecurring Basis [Line Items] Outstanding borrowings Carrying Value | Line of Credit | Revolving Facility Fair value assets and liabilities measured on a recurring and nonrecurring Basis [Line Items] Outstanding borrowings Carrying Value | 2029 Notes | Senior Notes Fair value assets and liabilities measured on a recurring and nonrecurring Basis [Line Items] Outstanding borrowings Carrying Value | 2031 Notes | Senior Notes Fair value assets and liabilities measured on a recurring and nonrecurring Basis [Line Items] Outstanding borrowings Fair Value | Line of Credit | Term Loan B Facility Fair value assets and liabilities measured on a recurring and nonrecurring Basis [Line Items] Outstanding borrowings Fair Value | Line of Credit | Revolving Facility Fair value assets and liabilities measured on a recurring and nonrecurring Basis [Line Items] Outstanding borrowings Fair Value | 2029 Notes | Senior Notes Fair value assets and liabilities measured on a recurring and nonrecurring Basis [Line Items] Outstanding borrowings Fair Value | 2031 Notes | Senior Notes Fair value assets and liabilities measured on a recurring and nonrecurring Basis [Line Items] Outstanding borrowings Nonrecurring | Fair Value | Level 3 Fair value assets and liabilities measured on a recurring and nonrecurring Basis [Line Items] Retail store assets impairment Right-of-use assets impairment Total asset impairments FAIR VALUE MEASUREMENTS (Schedule of Assets and Liabilities at Fair Value) (Details) - USD ($) $ in Thousands
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12 Months Ended Dec. 31, 2022 Dec. 31, 2021 Dec. 31, 2020 $ 0 $ 0 $ 21,071 2,400 17,600 1,100 1,675,000 0 0 85,000 350,000 350,000 350,000 350,000 1,642,547 0 0 85,000 297,596 346,281 284,240 341,250 0 0 2,412 0 0 18,659 $ 0 $ 0 $ 21,071
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DERIVATIVE FINANCIAL INSTRUMENTS (Narrative) (Details) $ in Millions Derivative Instruments and Hedging Activities Disclosure [Abstract] Foreign currency cash flow hedge gain (loss) reclassified to earnings, net Foreign currency cash flow hedge (loss) to be reclassified during next 12 months
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12 Months Ended Dec. 31, 2022 USD ($) $ (0.5) $ 0.8
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Foreign Currency Derivatives [Abstract] Derivative Liability, Statement of Financial Position [Extensible Enumeration] Derivative Asset, Statement of Financial Position [Extensible Enumeration] Level 2 Foreign Currency Derivatives [Abstract] Derivative assets - foreign currency forward contract derivatives Derivative liabilities - foreign currency forward contract derivatives Level 2 | Not Designated as Hedging Instrument Foreign Currency Derivatives [Abstract] Derivative assets - forward foreign currency exchange contracts Derivative assets - netting of counterparty contracts Derivative assets - foreign currency forward contract derivatives Derivative liabilities - forward foreign currency exchange contracts Derivative liabilities - netting of counterparty contracts Derivative liabilities - foreign currency forward contract derivatives Level 2 | Designated as Hedging Instrument Foreign Currency Derivatives [Abstract] Derivative assets - forward foreign currency exchange contracts Derivative assets - netting of counterparty contracts Derivative assets - foreign currency forward contract derivatives Derivative liabilities - forward foreign currency exchange contracts Derivative liabilities - netting of counterparty contracts Derivative liabilities - foreign currency forward contract derivatives DERIVATIVE FINANCIAL INSTRUMENTS (Fair Value of Derivative Assets and Liabilities) (Details) - USD ($) $ in Thousands
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Dec. 31, 2022 Dec. 31, 2021 Accrued expenses and other liabilities Prepaid expenses and other assets $ 348 $ 0 (1,131) (214) 345 724 (345) (724) 0 0 (360) (938) 345 724 (15) (214) 348 0 0 0 348 0 (1,116) 0 0 0 $ (1,116) $ 0
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Derivatives, Fair Value [Line Items] Notional Fair Value Not Designated as Hedging Instrument Derivatives, Fair Value [Line Items] Notional Fair Value Designated as Hedging Instrument Derivatives, Fair Value [Line Items] Notional Fair Value Singapore Dollar | Not Designated as Hedging Instrument Derivatives, Fair Value [Line Items] Notional Fair Value Indian Rupee | Not Designated as Hedging Instrument Derivatives, Fair Value [Line Items] Notional Fair Value Indian Rupee | Designated as Hedging Instrument Derivatives, Fair Value [Line Items] Notional Fair Value South Korean Won | Not Designated as Hedging Instrument Derivatives, Fair Value [Line Items] Notional Fair Value South Korean Won | Designated as Hedging Instrument Derivatives, Fair Value [Line Items] Notional Fair Value British Pound Sterling | Not Designated as Hedging Instrument Derivatives, Fair Value [Line Items] Notional Fair Value British Pound Sterling | Designated as Hedging Instrument Derivatives, Fair Value [Line Items] Notional Fair Value Japanese Yen | Not Designated as Hedging Instrument Derivatives, Fair Value [Line Items] Notional DERIVATIVE FINANCIAL INSTRUMENTS (Summary Of Derivative Financial Instruments Notional Amounts On Outstanding Positions) (Details) - USD ($) $ in Thousands
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Fair Value Euro | Not Designated as Hedging Instrument Derivatives, Fair Value [Line Items] Notional Fair Value Euro | Designated as Hedging Instrument Derivatives, Fair Value [Line Items] Notional Fair Value Other currencies | Not Designated as Hedging Instrument Derivatives, Fair Value [Line Items] Notional Fair Value
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Dec. 31, 2022 Dec. 31, 2021 $ 193,065 $ 147,687 (783) (214) 98,638 147,687 (15) (214) 94,427 0 (768) 0 26,760 43,723 207 (296) 24,945 10,379 (10) (86) 7,203 0 113 0 18,403 14,201 (320) (112) 12,285 0 (756) 0 14,509 25,795 128 104 23,025 0 235 0 8,953 12,910
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9 80 5,068 21,198 (29) 162 51,914 0 (360) 0 0 19,481 $ 0 $ (66)
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Derivative [Line Items] Foreign currency gains (losses), net Not Designated as Hedging Instrument Derivative [Line Items] Foreign currency transaction gains (losses) Foreign currency forward exchange contracts gains (losses) Foreign currency gains (losses), net DERIVATIVE FINANCIAL INSTRUMENTS (Losses on Foreign Currency Derivatives) (Details) - USD ($) $ in Thousands
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12 Months Ended Dec. 31, 2022 Dec. 31, 2021 Dec. 31, 2020 $ 3,228 $ (140) $ (1,128) (2,858) 100 941 6,086 (240) (2,069) $ 3,228 $ (140) $ (1,128)
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Debt Instrument [Line Items] Total face value of long-term borrowings Unamortized issuance costs Current portion of long-term borrowings Long-term borrowings Senior Notes | 2029 Notes Debt Instrument [Line Items] Aggregate principal amount Stated Interest Rate Effective Interest Rate Total face value of long-term borrowings Senior Notes | 2031 Notes Debt Instrument [Line Items] Aggregate principal amount Stated Interest Rate Effective Interest Rate Total face value of long-term borrowings Line of Credit | Term Loan B Facility Debt Instrument [Line Items] Total face value of long-term borrowings Current portion of long-term borrowings Line of Credit | Revolving Facility Debt Instrument [Line Items] Total face value of long-term borrowings BORROWINGS (Components Of Our Consolidated Debt And Capital Lease Obligations) (Details) - USD ($)
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Dec. 31, 2022 Dec. 31, 2021 Aug. 31, 2021 Mar. 31, 2021 $ 2,375,000,000 $ 785,000,000 56,973,000 13,610,000 24,362,000 0 2,298,027,000 771,390,000 $ 350,000,000 $ 350,000,000 4.25% 4.64% $ 350,000,000 350,000,000 $ 350,000,000 $ 350,000,000 4.125% 4.35% $ 350,000,000 350,000,000 1,675,000,000 0 20,000,000 0 $ 0 $ 85,000,000
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BORROWINGS (Revolving Credit Facilities and Notes Payable) (Details) ¥ in Millions Line of Credit Facility [Line Items] Total face value of long-term borrowings Number of credit facility | facility Accounts Payable Line of Credit Facility [Line Items] Interest payable Revolving Facility | Senior Revolving Credit Facility Line of Credit Facility [Line Items] Borrowing capacity under revolving credit facility Additional borrowing capacity available under revolving credit facility Minimum interest coverage ratio Minimum borrowing capacity available for certain acquisitions Current borrowing capacity Outstanding borrowings on the facility Outstanding letters of credit Available borrowing capacity Revolving Facility | Senior Revolving Credit Facility | From December 31, 2020 and thereafter Line of Credit Facility [Line Items] Maximum leverage coverage ratio Revolving Facility | Senior Revolving Credit Facility | Debt Instrument, Covenant Period Four Line of Credit Facility [Line Items] Maximum leverage coverage ratio Revolving Facility | Senior Revolving Credit Facility | Debt Instrument, Covenant Period Five Line of Credit Facility [Line Items] Maximum leverage coverage ratio Revolving Facility | Senior Revolving Credit Facility | Debt Instrument, Covenant Period Three Line of Credit Facility [Line Items] Maximum leverage coverage ratio Revolving Facility | Senior Revolving Credit Facility | Fed Funds Rate Line of Credit Facility [Line Items] Margin on variable rate Revolving Facility | Senior Revolving Credit Facility | Daily London Interbank Offered Rate Line of Credit Facility [Line Items] Margin on variable rate Revolving Facility | Senior Revolving Credit Facility | Base Rate | Minimum Line of Credit Facility [Line Items] Margin on variable rate Revolving Facility | Senior Revolving Credit Facility | Base Rate | Maximum Line of Credit Facility [Line Items] Margin on variable rate Revolving Facility | Senior Revolving Credit Facility | Simple Secured Overnight Financing Rate (SOFR) | Minimum
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Line of Credit Facility [Line Items] Margin on variable rate Line of Credit Facility [Line Items] Margin on variable rate Revolving Facility | Senior Revolving Credit Facility | SOFR | Minimum Line of Credit Facility [Line Items] Margin on variable rate Line of Credit Facility [Line Items] Margin on variable rate Revolving Facility | Senior Revolving Credit Facility | SOFR | Maximum Line of Credit Facility [Line Items] Margin on variable rate Line of Credit Facility [Line Items] Margin on variable rate Revolving Facility | Asia Pacific CMBC Revolving Credit Facility Line of Credit Facility [Line Items] Current borrowing capacity Outstanding borrowings on the facility Revolving Facility | Asia Pacific Citybank Revolving Credit Facility Line of Credit Facility [Line Items] Current borrowing capacity Outstanding borrowings on the facility Revolving Facility | Asia Pacific Citybank Revolving Credit Facility | Prime Rate Line of Credit Facility [Line Items] Margin on variable rate Revolving Facility | Asia Pacific Revolving Credit Facility Line of Credit Facility [Line Items] Borrowings under credit facility Line of Credit | Revolving Facility Line of Credit Facility [Line Items] Total face value of long-term borrowings Line of Credit | Term Loan B Facility Line of Credit Facility [Line Items] Borrowing capacity under revolving credit facility Available borrowing capacity Debt instrument, periodic payment, principal Total face value of long-term borrowings Line of Credit | Term Loan B Facility | Base Rate Revolving Facility | Senior Revolving Credit Facility | Simple Secured Overnight Financing Rate (SOFR) | Maximum Revolving Facility | Senior Revolving Credit Facility | SOFR | Minimum | Debt Instrument, Redemption, Period One Revolving Facility | Senior Revolving Credit Facility | SOFR | Maximum | Debt Instrument, Redemption, Period One
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Line of Credit Facility [Line Items] Margin on variable rate Line of Credit | Term Loan B Facility | SOFR Line of Credit Facility [Line Items] Margin on variable rate Senior Notes | 2029 Notes Line of Credit Facility [Line Items] Total face value of long-term borrowings Aggregate principal amount Stated Interest Rate Senior Notes | 2029 Notes | Debt Instrument, Redemption, Period One Line of Credit Facility [Line Items] Redemption price, percentage Senior Notes | 2029 Notes | Debt Instrument, Redemption, Period Two Line of Credit Facility [Line Items] Redemption price, percentage Senior Notes | 2029 Notes | Debt Instrument, Redemption, Period Three Line of Credit Facility [Line Items] Redemption price, percentage Percentage of principal amount redeemable Senior Notes | 2031 Notes Line of Credit Facility [Line Items] Total face value of long-term borrowings Aggregate principal amount Stated Interest Rate Guarantor Senior Notes | 2031 Notes | Debt Instrument, Redemption, Period One Line of Credit Facility [Line Items] Redemption price, percentage Senior Notes | 2031 Notes | Debt Instrument, Redemption, Period Two Line of Credit Facility [Line Items] Redemption price, percentage Senior Notes | 2031 Notes | Debt Instrument, Redemption, Period Three Line of Credit Facility [Line Items] Redemption price, percentage Percentage of principal amount redeemable
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1 Months Ended Feb. 17, 2022 USD ($) Aug. 31, 2021 USD ($) Mar. 31, 2021 USD ($) Jul. 31, 2019 USD ($) $ 750,000,000 $ 250,000,000 3 $ 40,000,000 4 3.50 3.25 3.75 0.25% 1% 0.25% 0.875%
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1.35% 1.975% 1.40% 1.35% 2.025% 1.975% $ 2,000,000,000
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2.50% 3.50% $ 350,000,000 4.25% 100% 100% 104.25% 40% $ 350,000,000 4.125% $ 25,000,000 100% 100% 104.125% 40%
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12 Months Ended Dec. 31, 2022 USD ($) facility Dec. 31, 2021 USD ($) Dec. 31, 2022 CNY (¥) $ 2,375,000,000 $ 785,000,000 2 $ 10,800,000 10,400,000 750,000,000 0 1,300,000 748,700,000 414,700,000
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1,400,000 ¥ 10 0 10,000,000 $ 4,300,000 0.65% 0 $ 0 85,000,000 2,000,000,000 0 5,000,000 1,675,000,000 0
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350,000,000 350,000,000 350,000,000 350,000,000 $ 350,000,000 $ 350,000,000
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EQUITY (Details) Class of Stock [Line Items] Number of classes of stock | class_of_stock Common stock, par value (in dollars per share) | $ / shares Common stock authorized (in shares) Number of votes entitled to for each common share | vote Preferred stock authorized (in shares) Common Stock Class of Stock [Line Items] Common stock authorized for repurchase | $ Stock repurchased during period (in shares) Remaining authorization to repurchase | $ Stock repurchased during period | $ Common Stock | September 2021 Class of Stock [Line Items] Stock repurchased during period (in shares) Accelerated share repurchase program | $ Common Stock | April 2021 Class of Stock [Line Items] Stock repurchased during period (in shares) Accelerated share repurchase program | $ Common Stock | January 2021 Class of Stock [Line Items] Stock repurchased during period (in shares) Series A Convertible Preferred Stock Class of Stock [Line Items] Preferred stock authorized (in shares) Preferred stock, par value (in dollars per share) | $ / shares Preferred stock issued (in shares) Preferred stock outstanding (in shares)
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12 Months Ended Dec. 31, 2022 USD ($) vote class_of_stock $ / shares shares 1 $ 0.001 250,000,000 1 5,000,000 0 $ 1,050,000,000 1,000,000 $ 0.001 0 0
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Dec. 31, 2021 USD ($) $ / shares shares Sep. 23, 2021 USD ($) Apr. 23, 2021 USD ($) $ 0.001 $ 1,000,000,000 $ 1,000,000,000 8,200,000 $ 1,000,000,000 3,200,000 $ 500,000,000 2,900,000 $ 300,000,000 500,000
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Disaggregation of Revenue [Line Items] Revenues Total Crocs Brand Disaggregation of Revenue [Line Items] Revenues HEYDUDE Brand (1) Disaggregation of Revenue [Line Items] Revenues Wholesale Disaggregation of Revenue [Line Items] Revenues Wholesale | Total Crocs Brand Disaggregation of Revenue [Line Items] Revenues Wholesale | HEYDUDE Brand (1) Disaggregation of Revenue [Line Items] Revenues Direct-to-consumer Disaggregation of Revenue [Line Items] Revenues Direct-to-consumer | Total Crocs Brand Disaggregation of Revenue [Line Items] Revenues Direct-to-consumer | HEYDUDE Brand (1) Disaggregation of Revenue [Line Items] Revenues REVENUES (Revenue by Reportable Operating Segment and by Channel) (Details) - USD ($) $ in Thousands
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12 Months Ended Dec. 31, 2022 Dec. 31, 2021 Dec. 31, 2020 $ 3,554,985 $ 2,313,416 $ 1,385,951 2,659,125 2,313,416 1,385,951 895,860 0 0 1,951,442 1,174,081 692,919 1,377,302 1,174,081 692,919 574,140 0 0 1,603,543 1,139,335 693,032 1,281,823 1,139,335 693,032 $ 321,720 $ 0 $ 0
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REVENUES (Narrative) (Details) Revenue from External Customer [Line Items] Number of distribution channels | distribution_channel Crocs Inc Revenue from External Customer [Line Items] Number of reportable segments | segment Advance Customer Deposits Revenue from External Customer [Line Items] Deferred revenues Refund Liability Revenue from External Customer [Line Items] Deferred revenues Change in Estimate of Product Transfers | Wholesale Revenue from External Customer [Line Items] Increase (decrease) in revenues Change in Estimate of Product Transfers | Direct-to-consumer Revenue from External Customer [Line Items] Increase (decrease) in revenues
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12 Months Ended Dec. 31, 2022 USD ($) segment distribution_channel Dec. 31, 2021 USD ($) 2 4 $ 6,800,000 $ 100,000 27,700,000 10,300,000 $ 0 $ 0
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Dec. 31, 2020 USD ($) $ 600,000 $ 1,100,000
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SHARE-BASED COMPENSATION (Narrative) (Details) shares in Millions Dec. 31, 2022 shares Share-Based Payment Arrangement [Abstract] Shares available for future issuance (in shares) 3.9
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Number of Options Options outstanding at beginning of period (in shares) Granted (in shares) Exercised (in shares) Forfeited or expired (in shares) Options outstanding at end of period (in shares) Exercisable at end of period (in shares) Vested at end of period (in shares) Weighted Average Exercise Price Beginning of period (in dollars per share) Granted (in dollars per share) Exercised (in dollars per share) Forfeited or expired (in dollars per share) End of period (in dollars per share) Exercisable, weighted average exercise price at end of period (in dollars per share) Vested, weighted average exercise price at end of period (in dollars per share) Weighted Average Contractual Life (Years) Weighted average contractual life at beginning of period Exercisable, weighted average contractual life at end of period Vested, weighted average contractual life at end of period Aggregate Intrinsic Value Aggregate intrinsic value, outstanding Exercisable, aggregate intrinsic value at end of period Vested, aggregate intrinsic value at end of period SHARE-BASED COMPENSATION (Stock Option Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands
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12 Months Ended Dec. 31, 2022 Dec. 31, 2021 Dec. 31, 2020 217,000 0 0 0 (7,000) 0 210,000 217,000 210,000 210,000 $ 7.78 0 18.62 0 7.44 $ 7.78 7.44 $ 7.44 4 years 3 months 10 days 5 years 1 month 20 days 4 years 3 months 10 days 4 years 3 months 10 days $ 21,208 $ 26,076 21,208 $ 21,208
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SHARE-BASED COMPENSATION (Stock Option Activity Narrative) (Details) - USD ($) Share-based Compensation Arrangement by Share-based Payment Award [Line Items] Granted (in shares) Stock Options Share-based Compensation Arrangement by Share-based Payment Award [Line Items] Aggregate intrinsic value of options exercised Proceeds from options exercised Unrecognized share-based compensation expense related to unvested options Options vesting period Options expiration period Stock Options | Remaining Years Monthly Vesting Share-based Compensation Arrangement by Share-based Payment Award [Line Items] Options vesting period
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12 Months Ended Dec. 31, 2022 Dec. 31, 2021 Dec. 31, 2020 0 0 0 $ 400,000 $ 800,000 $ 800,000 100,000 $ 200,000 $ 1,400,000 $ 0 4 years 10 years 3 years
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Restricted Stock Awards Schedule of Restricted Stock Award and Restricted Stock Unit Activity [Line Items] RSAs and RSUs general vesting period Shares granted in period (in shares) Granted (in dollars per share) | $ / shares Grant date fair value of awards | $ Unrecognized share-based compensation expense related to unvested awards | $ Amortized over a weighted average period Awards vested in period (in shares) Restricted Stock Units Schedule of Restricted Stock Award and Restricted Stock Unit Activity [Line Items] Shares granted in period (in shares) Granted (in dollars per share) | $ / shares Grant date fair value of awards | $ Awards vested in period (in shares) Time-based RSUs Schedule of Restricted Stock Award and Restricted Stock Unit Activity [Line Items] Number of annual vesting installments | vesting_installment Shares granted in period (in shares) Unrecognized share-based compensation expense related to unvested awards | $ Amortized over a weighted average period Awards vested in period (in shares) Performance-based RSUs Schedule of Restricted Stock Award and Restricted Stock Unit Activity [Line Items] Number of annual vesting installments | vesting_installment Shares granted in period (in shares) Unrecognized share-based compensation expense related to unvested awards | $ Amortized over a weighted average period Awards vested in period (in shares) Performance-based RSUs | Minimum Schedule of Restricted Stock Award and Restricted Stock Unit Activity [Line Items] Percentage of performance range of RSUs that may be awarded (percent) Performance-based RSUs | Maximum Schedule of Restricted Stock Award and Restricted Stock Unit Activity [Line Items] Percentage of performance range of RSUs that may be awarded (percent) SHARE-BASED COMPENSATION (Restricted Stock Awards And Restricted Stock Units Activity Narrative) (Details) $ / shares in Units, shares in Thousands, $ in Millions
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Dec. 31, 2022 USD ($) vesting_installment $ / shares shares 3 years 9 $ 51.13 $ 0.3 $ 0.2 6 months 6 516 $ 76.06 $ 29.7 688 3 200 $ 20.1 1 year 6 months 300 3 300 $ 10.1 1 year 7 months 6 days 400 0% 200%
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12 Months Ended Dec. 31, 2021 USD ($) $ / shares shares Dec. 31, 2020 USD ($) $ / shares shares $ 88.68 $ 38.10 $ 0.4 $ 0.2 $ 76.28 $ 29.14 $ 24.9 $ 11.9 200 600 400 500 500 500 500 400
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Restricted Stock Awards Shares Unvested beginning balance (in shares) Granted (in shares) Vested (in shares) Forfeited (in shares) Unvested ending balance (in shares) Weighted Average Grant Date Fair Value Beginning balance (in dollars per share) Granted (in dollars per share) Vested (in dollars per share) Forfeited (in dollars per share) Ending balance (in dollars per share) Restricted Stock Units Shares Unvested beginning balance (in shares) Granted (in shares) Vested (in shares) Forfeited (in shares) Unvested ending balance (in shares) Weighted Average Grant Date Fair Value Beginning balance (in dollars per share) Granted (in dollars per share) Vested (in dollars per share) Forfeited (in dollars per share) Ending balance (in dollars per share) SHARE-BASED COMPENSATION (Schedule Of Restricted Stock Award And Restricted Stock Unit Activity) (Details) - $ / shares shares in Thousands
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12 Months Ended Dec. 31, 2022 Dec. 31, 2021 Dec. 31, 2020 2 9 (6) 0 5 2 $ 105.18 51.13 $ 88.68 $ 38.10 62.55 0 $ 51.13 $ 105.18 1,455 516 (688) (102) 1,181 1,455 $ 49.70 76.06 $ 76.28 $ 29.14 43.12 64.57 $ 62.93 $ 49.70
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INCOME TAXES (Narrative) (Details) - USD ($) $ in Millions Operating Loss Carryforwards [Line Items] Net increase (decrease) in deferred tax asset valuation allowance Net expense related to increase in unrecognized tax benefits Income tax penalties and interest Interest from settlements, lapse of statutes, and change in certainty released Cumulative accrued balance of penalties and interest Unrecognized tax benefits that would impact effective tax rate Tax Year 2020 | Netherlands Operating Loss Carryforwards [Line Items] Net deferred tax assets Tax Year 2021 | Netherlands Operating Loss Carryforwards [Line Items] Net deferred tax assets U.S. State Tax Operating Loss Carryforwards [Line Items] Aggregate tax loss carryforward Foreign Taxing Authority Operating Loss Carryforwards [Line Items] Aggregate tax loss carryforward Valuation Allowance Related To Income Tax Benefit Operating Loss Carryforwards [Line Items] Net increase (decrease) in deferred tax asset valuation allowance Impact of Unrecorded Tax Attributes Related to Changes in Cumulative Translation Adjustments Operating Loss Carryforwards [Line Items] Net increase (decrease) in deferred tax asset valuation allowance Valuation Allowance Related To Income Tax Expense Operating Loss Carryforwards [Line Items] Net increase (decrease) in deferred tax asset valuation allowance
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12 Months Ended Dec. 31, 2022 Dec. 31, 2021 Dec. 31, 2020 $ 1.7 $ (200.2) 4 3.8 1 $ 0.6 0.2 5.6 2 1.2 222.5 218.7 $ 205.6 401.2 37.3 1.4 2.4 66.4 61.5 4.4 $ (2.7) (7.9) $ (192.3)
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INCOME TAXES (Components of Income Tax Expense) (Details) - USD ($) $ in Thousands Income before taxes: Foreign Income before income taxes Current income taxes: U.S. federal U.S. state Foreign Total current income taxes Deferred income taxes: U.S. federal U.S. state Foreign Total deferred income taxes Total income tax expense (benefit) U.S.
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12 Months Ended Dec. 31, 2022 Dec. 31, 2021 Dec. 31, 2020 $ 312,501 $ 510,706 $ 133,574 406,007 153,143 73,405 718,508 663,849 206,979 76,092 94,548 698 19,257 28,460 6,577 87,760 56,430 211,904 183,109 179,438 219,179 (12,032) 791 529 861 32 (2,381) 6,411 (242,106) (323,209) (4,760) (241,283) (325,061) $ 178,349 $ (61,845) $ (105,882)
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INCOME TAXES (Effective Income Tax Reconciliation) (Details) - USD ($) $ in Thousands Income tax expense and rate attributable to: Federal income tax rate State income tax rate, net of federal benefit Foreign income tax rate differential GILTI, net Non-deductible / non-taxable items Change in valuation allowance U.S. tax on foreign earnings Foreign tax credits Research and development credits Uncertain tax positions Share-based compensation Intra-Entity IP Transfer Enacted changes in tax law Other Total income tax expense (benefit) Income tax expense and rate attributable to (percent): Federal income tax rate State income tax rate, net of federal benefit Foreign income tax rate differential GILTI, net Non-deductible / non-taxable items Change in valuation allowance U.S. tax on foreign earnings Foreign tax credits Research and development credits Uncertain tax positions Share-based compensation Intra-Entity IP Transfer Enacted changes in tax law Other Effective income tax expense and rate
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12 Months Ended Dec. 31, 2022 Dec. 31, 2021 Dec. 31, 2020 $ 150,887 $ 139,408 $ 43,466 15,981 22,952 7,231 12,405 18,890 (6,060) 4,834 14,157 7,515 3,743 9,637 6,871 4,414 (192,337) 143,012 16,822 0 0 (28,087) (19,925) (15,904) (5,488) (13,104) (148) 3,952 21,341 200,571 (1,231) (11,930) (1,303) 0 (41,858) (492,470) 0 (9,554) 0 117 478 1,337 $ 178,349 $ (61,845) $ (105,882) 21% 21% 21% 2.20% 3.50% 3.50% 1.70% 2.80% (2.90%) 0.70% 2.10% 3.60% 0.50% 1.50% 3.30% 0.60% (29.00%) 69% 2.30% 0% 0% (3.90%) (3.00%) (7.70%) (0.80%) (2.00%) (0.10%) 0.60% 3.20% 96.90% (0.20%) (1.80%) (0.60%) 0% (6.30%) (237.90%) 0% (1.40%) 0% 0.10% 0.10% 0.70% 24.80% (9.30%) (51.20%)
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INCOME TAXES (Deferred Income Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands Non-current deferred tax assets: Share-based compensation expense Accruals, reserves, and other expenses Net operating loss Intangible assets Foreign tax credit Operating lease liabilities Other Valuation allowance Total non-current deferred tax assets Non-current deferred tax liabilities: Unrealized gain on foreign currency Property and equipment Right-of-use assets Intangible assets Other Total non-current deferred tax liabilities
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Dec. 31, 2022 Dec. 31, 2021 $ 3,130 $ 2,706 24,324 24,346 21,455 24,573 438,712 502,100 45,746 39,442 55,624 35,755 25,354 5,811 (28,118) (26,467) 586,227 608,266 (1,760) 0 (2,381) (12,189) (47,641) (28,598) (307,474) 0 (723) (278) $ (359,979) $ (41,065)
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INCOME TAXES (Reconciliation of Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands Additions in tax positions taken in prior period Reductions in tax positions taken in prior period Additions in tax positions taken in current period Settlements Lapse of statute of limitations Current year acquisitions Cumulative foreign currency translation adjustment Cumulative foreign currency translation adjustment Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] Unrecognized tax benefit as of January 1 Unrecognized tax benefit as of December 31
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12 Months Ended Dec. 31, 2022 Dec. 31, 2021 Dec. 31, 2020 $ 218,399 $ 206,209 $ 4,613 1,697 6,169 519 (904) (963) (340) 2,948 23,061 200,947 (375) (763) (294) (510) (342) (258) 10,426 0 0 (12,318) (14,972) 1,022 $ 219,363 $ 218,399 $ 206,209
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Numerator: Net income attributable to common stockholders Denominator: Weighted average common shares outstanding - basic (in shares) Plus: dilutive effect of stock options and unvested restricted stock units (in shares) Weighted average common shares outstanding - diluted (in shares) Net income per common share: Basic (in dollars per share) Diluted (in dollars per share) EARNINGS PER SHARE (Summary Of Basic And Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands
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12 Months Ended Dec. 31, 2022 Dec. 31, 2021 Dec. 31, 2020 $ 540,159 $ 725,694 $ 312,861 61,220 62,464 67,386 786 1,254 1,158 62,006 63,718 68,544 $ 8.82 $ 11.62 $ 4.64 $ 8.71 $ 11.39 $ 4.56
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COMMITMENTS AND CONTINGENCIES (Purchase Commitments) (Details) - USD ($) $ in Millions Purchase Commitment, Excluding Long-term Commitment [Line Items] Accrued estimated losses Purchase commitment Purchase Commitment, Excluding Long-term Commitment [Line Items] Purchase commitments with third party manufacturers
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Dec. 31, 2022 Dec. 31, 2021 $ 2.5 $ 380.5 $ 274.9
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OPERATING SEGMENTS AND GEOGRAPHIC INFORMATION (Narrative) (Details) - segment Crocs Inc Segment Reporting Information [Line Items] Number of operating segments Crocs Brand Segment Reporting Information [Line Items] Number of operating segments Property, Plant and Equipment | Geographic Concentration Risk | Netherlands Segment Reporting Information [Line Items] Percentage of consolidated revenues (percent)
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12 Months Ended Dec. 31, 2022 Dec. 31, 2021 4 3 15% 20%
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Segment Reporting Information [Line Items] Total consolidated revenues Income from operations Foreign currency gains (losses), net Interest income Interest expense Other income (expense), net Income before income taxes Total consolidated depreciation and amortization Total property and equipment, net United States Segment Reporting Information [Line Items] Total consolidated revenues Total property and equipment, net International Segment Reporting Information [Line Items] Total consolidated revenues Total property and equipment, net Total Crocs Brand Segment Reporting Information [Line Items] Total consolidated revenues HEYDUDE Brand (1) Segment Reporting Information [Line Items] Total consolidated revenues Reportable Operating Segments Segment Reporting Information [Line Items] Income from operations Reportable Operating Segments | Total Crocs Brand Segment Reporting Information [Line Items] Total consolidated revenues Income from operations Total consolidated depreciation and amortization Reportable Operating Segments | North America Segment Reporting Information [Line Items] Total consolidated revenues Income from operations Total consolidated depreciation and amortization Reportable Operating Segments | Asia Pacific Segment Reporting Information [Line Items] Total consolidated revenues Income from operations Total consolidated depreciation and amortization OPERATING SEGMENTS AND GEOGRAPHIC INFORMATION (Information Related To Reportable Operating Business Segments) (Details) - USD ($) $ in Thousands
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Reportable Operating Segments | EMEALA Segment Reporting Information [Line Items] Total consolidated revenues Income from operations Total consolidated depreciation and amortization Reportable Operating Segments | HEYDUDE Brand (1) Segment Reporting Information [Line Items] Total consolidated revenues Income from operations Total consolidated depreciation and amortization Brand corporate | Brand corporate (2) Segment Reporting Information [Line Items] Total consolidated revenues Income from operations Total consolidated depreciation and amortization Enterprise corporate Segment Reporting Information [Line Items] Income from operations Total consolidated depreciation and amortization
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12 Months Ended Dec. 31, 2022 Dec. 31, 2021 Dec. 31, 2020 $ 3,554,985 $ 2,313,416 $ 1,385,951 850,756 683,064 214,124 3,228 (140) (1,128) 1,020 775 215 (136,158) (21,647) (6,742) (338) 1,797 510 718,508 663,849 206,979 39,229 31,976 27,619 181,529 108,398 2,438,923 1,507,482 802,952 148,078 80,613 1,116,062 805,934 582,999 33,451 27,785 2,659,125 2,313,416 1,385,951 895,860 0 0 852,025 861,394 329,423 2,659,125 2,313,416 1,385,951 852,025 861,394 329,423 18,877 16,931 13,869 1,644,630 1,553,891 832,540 683,350 755,723 313,913 10,804 7,669 3,453 473,935 350,160 278,515 145,011 71,936 32,830 2,113 1,629 1,138
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540,534 409,278 274,733 153,976 134,126 75,513 3,221 1,806 805 895,860 0 0 211,361 0 0 12,248 0 0 26 87 163 (130,312) (100,391) (92,833) 2,739 5,827 8,473 (212,630) (178,330) (115,299) $ 8,104 $ 15,045 $ 13,750
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Defined Contribution Plan Disclosure [Line Items] Employees' vesting percentage in matching contributions (percent) Contributions made by the Company under the Plan Tranches One Defined Contribution Plan Disclosure [Line Items] Employer matching contribution (percent) Employee's salary contribution (percent) Tranches Two Defined Contribution Plan Disclosure [Line Items] Employer matching contribution (percent) Employee's salary contribution (percent) EMPLOYEE BENEFIT PLAN (Details) - Defined Contribution Plan - Defined Contribution Benefit Plan - USD ($) $ in Millions
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12 Months Ended Dec. 31, 2022 Dec. 31, 2021 Dec. 31, 2020 100% $ 9 $ 7.4 $ 4.7 100% 3% 50% 2%
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SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] Balance at Beginning of Period Charged to Costs and Expenses Deductions Balance at End of Period Allowance for doubtful accounts SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] Balance at Beginning of Period Charged to Costs and Expenses Deductions Balance at End of Period Reserve for sales returns and allowances SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] Balance at Beginning of Period Charged to Costs and Expenses Deductions Balance at End of Period Reserve for unapplied rebates SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] Balance at Beginning of Period Charged to Costs and Expenses Deductions Balance at End of Period
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12 Months Ended Dec. 31, 2022 Dec. 31, 2021 Dec. 31, 2020 $ 20,715 $ 21,093 $ 18,797 199,751 153,571 106,439 (195,973) (153,949) (104,143) 24,493 20,715 21,093 7,828 11,154 8,276 1,101 0 5,779 1,584 (3,326) (2,901) 10,513 7,828 11,154 9,606 5,782 5,261 192,543 148,893 95,740 (193,272) (145,069) (95,219) 8,877 9,606 5,782 3,281 4,157 5,260 6,107 4,678 4,920 (4,285) (5,554) (6,023) $ 5,103 $ 3,281 $ 4,157
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Related Questions
20
General accounting
HIC GROUP OF Companies COMPARATIVE INCOME STATEMENT For years  ended 3rd December                                                                                                                               2019                                     2020       Revenue and gains Sales revenue                    495,500                                 496,738.75 Interest revenue                 278,500                                 279,196.25 Investment Income            71,700                                   71,879.25 Other revenue                   101,500                                 101,753.75 Total revenue and gains     947,200                                 949,968 Expenses and losses                                                            Cost of good sold              450,000                                 447,750 Selling&administrative      185,000                                 184,075 Computer (operating)        42,500                                   42,288…
What is the return on sales for fiscal year 2019 2018?
account question
Brief Exercise 170 Using these data from the comparative balance sheet of Banner Company, perform vertical analysis. (Round answers to 1 decimal place, e.g. 15.2.)         December 31, 2020         December 31, 2019       Amount   Percentage     Amount   Percentage   Accounts Receivable   $ 480,000     %   $ 336,000     % Inventory   720,000     %   504,000     % Total Assets   4,000,000     %   2,800,000     %
Global Corp. initially projected the 2019 income statement shown in the table E. Suppose that in 2019, Global launched an aggressive marketing campaign that boosted 2019 sales further by 14.1%. However, their operating margin fell from 5.56% to 4.49% Suppose that they had no other income, interest expenses were unchanged, and taxes were the same percentage of pretax income (26%) as in 2018. a. What was Global's EBIT in 2019? b. What was Global's income in 2019? c. If Global's P/E ratio (18.0) and number of shares outstanding (3.6 million) remained unchanged, what was Global's share price in 2019? a. What was Global's EBIT in 2019? Global's EBIT was $ million. (Round to two decimal places.) b. What was Global's income in 2019? Net income was $ million. (Round to two decimal places.) c. If Global's P/E ratio (18.0) and number of shares outstanding (3.6 million) remained unchanged, what was Global's share price in 2019? Global's share price in 2019 was $. (Round to the nearest cent.)
Please help me with show all calculation thanku
Abc
Assignment COMPARATIVE STATEMENTS Sikat Manufacturing Corporation Income Statement For the year ended Dec. 31, 2020 and 202019 2020 2019 P 5,150,000 -150,000 5,000,000 3,200,000 1,800,000 Sales 4,250,000 na 250.000 4,000,000 2.600,000 1,400,000 Less: Sales Returns and Allowances Net Sales Less: Cost of Sales Gross Profit Less: Operating Expenses Selling Expenses General and Administrative Expenses Total Operating Expenses Operating Income Less: Interest expense Net Income before tax Less: Income tax.(32% ) Net Income 720,000 780,000 1,500,000 300,000 60,000 240,000 76,800 P 163.200 600,000 600,000 1,200,000 200,000 40,000 160,000 51,200 P 108,800 Sikat Manufacturing Corporation Balance Sheet Dec. 31, 2020 and 2019 2020 2019 ASSETS P 225,000 150,000 240,000 260,000 120,000 150,000 70,000 550,000 P1.765.000 P 1,520,000 Cash P140.000 125,000 180,000 160,000 145,000 170,000 80,000 520,000 Marketable Securities Accounts Receivable Inventories: Finished Goods Work-in-Process Raw Materials…
Cullumber Company Income Statements For the Years Ended December 31 2025 2024 Net $2,400,400 $2,240,000 Cost of good 1127000 1,307,000 Gross profit 1,072,400 522,200 Selling and administrative 650,000 622,700 Income from operations 422,400 309,500 Other and lac Intereat ex 20,500 25,000 Income before income tax 254,300 203,500 Income 118,440 35,050 Net Income $274.200 $198,480 Ast Cullumber Company Balance Sheets December 33 2025 2024 Current act Cash $78.130 $23,450 Debt Investments (short) 96,200 65,000 Accounts recchable (net) 153,140 133,640 Inventory 163,000 150,150 Total current acts 471,370 422,250 Plantasacts (nct) $43,700 676,390 Total $1,324,970 $1,100,640 Lablities and Stockholders' Equity Current Tablitics Accountab $200,000 $189,020 Income tax payable 56.550 54,500 Total current tic 254,330 243,620 Bonds payable 286,000 250,000 Total Tablice 550,510 502,420 Stockholders' equity Comment($ 377,000 270,000 Retained carnings 407 420 215,020 Total stockholders' equity 784,420…
Changes in Various Ratios Presented below is selected information for Turner Company: Sales revenue Cost of goods sold Interest expense Income tax expense Net income Cash flow from operating activities Capital expenditures Accounts receivable (net), December 31 Inventory, December 31 Stockholders' equity, December 31 Total assets, December 31 2019 2018 $950,000 $850,000 575,000 545,000 20,000 20,000 27,000 30,000 65,000 55,000 70,000 60,000 45,000 45,000 126,000 120,000 196,000 160,000 450,000 400,000 750,000 675,000 Required Calculate the following ratios for 2019. The 2018 results are given for comparative purposes. Round answers to one decimal place. Use 365 days in a year. 2018 35.9% 8.3% 6.5% 1. Gross profit percentage 2. Return on assets 3. Return on sales 4. Return on common stockholders' equity (no preferred stock was outstanding) 5. Accounts receivable turnover 6. Average collection period 13.9% 8.0 45.6 days 2019 0 % 0 % 0 % 0 % 0 0 days
Indigo Corporation Indigo Corporation Balance Sheets December 31 Income Statements For the Years Ended December 31 2020 2019 2020 2019 2018 Sales revenue $ 21,000 $606,000 $ 31,000 $ 19,000 $746,000 Cash Less: Sales returns and allowances 41,000 31,000 Accounts receivable (net) 49,000 51,000 46,000 Other current assets 96,000 Net sales 101,000 70,000 705,000 575,000 76,000 51,000 431,000 Investments 61,000 Cost of goods sold 356,000 500,000 370,000 358,000 Gross profit Plant and equipment (net) 274,000 219,000 $739,000 $614,000 $547,000 Operating expenses (including income taxes) 181,000 151,000 $ 68,000 $ 93,000 $ 86,000 $ 81,000 $ 71,000 Current liabilities Net income Long-term debt 151,000 91,000 56,000 Additional information: Common stock, $10 par 306,000 326,000 316,000 126,000 Retained earnings 176,000 114,000 The market price of Indigo's common stock was $7.00, $7.50, and $8.50 for 2018, 2019, and 2020, respectively. 1. You must compute dividends paid. All dividends were paid in…
Calculate net profit margin of the year 2019 and 2020
11
14 A company reported total assets of $300,000 as of December 31, 2018, and $500,000 as of December 31, 2019. Net sales revenue was $200,000 for the year ending December 31, 2019. Net income was $20,000 for the year ending December 31, 2019. What was the company's return on assets for the year ending December 31, 2019? 0000 4% 5% ○ 10% 50%
General Accounting
32
General accounting question
An extract from an outdoor equipment company's 2021 financial statements follows: Income statement Year ended December 31, 2021 Year ended December 31, 2020 Sales 27,764 26,982 Net income 1,132 (322) What was the company's profitability ratio for 2021? O A. 13.7% OB. 8.8% O C. 4.08% O D. 7.9%
Answer the following in detail
Problem 13-02A (Video) The comparative statements of Cullumber Company are presented here: Cullumber CompanyIncome StatementsFor the Years Ended December 31     2020   2019 Net sales   $1,891,640   $1,751,600 Cost of goods sold   1,059,640   1,007,100 Gross profit   832,000   744,500 Selling and administrative expenses   501,100   480,100 Income from operations   330,900   264,400 Other expenses and losses            Interest expense   23,700   21,700 Income before income taxes   307,200   242,700 Income tax expense   93,700   74,700 Net income   $213,500   $168,000 Cullumber CompanyBalance SheetsDecember 31 Assets   2020   2019 Current assets            Cash   $60,100   $64,200    Debt investments (short-term)   74,000   50,000    Accounts receivable   118,900   103,900    Inventory   127,700   117,200      Total current assets   380,700   335,300 Plant assets (net)…
true answer ? general accounting
Wht does the vertical analysis reveal for ABC corporation in terms of Income Statement
Subject: accounting
Financial Accounting Question please provide solution
Given answer general accounting
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