BUSINESS SEGMENT INFORMATION (Tables)
|
12 Months Ended |
Dec. 31, 2022 |
|---|
| Segment Reporting [Abstract] |
|
| Financial Information for Reportable Segments |
The following table presents financial information for the Company's reportable segments and income before income taxes:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December |
|
|
|
|
|
|
|
|
| (In thousands) |
|
2022 |
|
|
2021 |
|
2020 |
| Segment revenues: |
|
|
|
|
|
|
|
| Wrangler |
|
$ |
1,745,805 |
|
|
|
$ |
1,575,231 |
|
|
$ |
1,349,414 |
|
| Lee |
|
874,366 |
|
|
|
887,052 |
|
|
687,620 |
|
| Total reportable segment revenues |
|
2,620,171
|
|
|
|
2,462,283
|
|
|
2,037,034
|
|
| Other revenues |
|
11,273 |
|
|
|
13,633 |
|
|
60,805 |
|
| Total net revenues |
|
$ |
2,631,444
|
|
|
|
$ |
2,475,916
|
|
|
$ |
2,097,839
|
|
| Segment profit: |
|
|
|
|
|
|
|
| Wrangler |
|
$ |
321,173 |
|
|
|
$ |
294,153 |
|
|
$ |
244,892 |
|
| Lee |
|
121,056 |
|
|
|
128,305 |
|
|
37,912 |
|
| Total reportable segment profit |
|
$ |
442,229
|
|
|
|
$ |
422,458
|
|
|
$ |
282,804
|
|
|
|
|
|
|
|
|
|
| Corporate and other expenses |
|
(88,932) |
|
|
|
(140,960) |
|
|
(143,065) |
|
|
|
|
|
|
|
|
|
| Interest expense |
|
(34,919) |
|
|
|
(38,900) |
|
|
(49,992) |
|
| Interest income |
|
1,352 |
|
|
|
1,480 |
|
|
1,608 |
|
| (Loss) profit related to other revenues |
|
(594) |
|
|
|
522 |
|
|
(18,419) |
|
| Income before income taxes |
|
$ |
319,136
|
|
|
|
$ |
244,600
|
|
|
$ |
72,936
|
|
|
| Reconciliation Assets |
The following table presents assets for the Company's reportable segments and a reconciliation to total asset balances:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (In thousands) |
|
December 2022 |
|
|
December 2021 |
| Segment assets: |
|
|
|
|
|
| Wrangler |
|
$ |
526,507 |
|
|
|
$ |
394,709 |
|
| Lee |
|
282,563 |
|
|
|
247,573 |
|
| Total reportable segment assets |
|
809,070
|
|
|
|
642,282
|
|
| Other accounts receivable and inventories |
|
13,624 |
|
|
|
10,475 |
|
| Total accounts receivable and inventories |
|
$ |
822,694
|
|
|
|
$ |
652,757
|
|
| Cash and cash equivalents |
|
59,179 |
|
|
|
185,322 |
|
| Prepaid expenses and other current assets |
|
100,396 |
|
|
|
72,579 |
|
| Property, plant and equipment, net |
|
104,465 |
|
|
|
105,155 |
|
| Operating lease assets |
|
51,029 |
|
|
|
54,950 |
|
| Goodwill and intangible assets |
|
222,988 |
|
|
|
226,851 |
|
| Deferred income tax assets |
|
67,282 |
|
|
|
74,876 |
|
| Other assets |
|
154,228 |
|
|
|
160,534 |
|
| Total assets |
|
$ |
1,582,261
|
|
|
|
$ |
1,533,024
|
|
|
| Revenue from External Customers and Property, Plant, and Equipment by Geographic Area |
The following table presents supplemental information of net revenues by geographic area based on the location of the customer:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December |
|
|
|
|
|
|
|
|
| (In thousands) |
|
2022 |
|
|
2021 |
|
2020 |
| Revenues: |
|
|
|
|
|
|
|
| U.S. |
|
$ |
2,074,599 |
|
|
|
$ |
1,868,909 |
|
|
$ |
1,642,152 |
|
| International |
|
556,845 |
|
|
|
607,007 |
|
|
455,687 |
|
| Total |
|
$ |
2,631,444
|
|
|
|
$ |
2,475,916
|
|
|
$ |
2,097,839
|
|
The following table presents "property, plant and equipment, net" recorded in the Company's balance sheets by geographic area based on physical location:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (In thousands) |
|
December 2022 |
|
|
December 2021 |
| Property, plant and equipment, net: |
|
|
|
|
|
| U.S. |
|
$ |
63,704 |
|
|
|
$ |
63,951 |
|
| International |
|
40,761 |
|
|
|
41,204 |
|
| Total |
|
$ |
104,465
|
|
|
|
$ |
105,155
|
|
|