BUSINESS SEGMENT INFORMATION (Tables)
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12 Months Ended |
Dec. 28, 2019 |
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| Segment Reporting [Abstract] |
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| Financial Information for Reportable Segments |
The following table presents financial information for the Company's reportable segments and income before income taxes:
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Year Ended December |
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(In thousands) |
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2019 |
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|
2018 |
|
2017 |
Segment revenues: |
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|
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|
|
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Wrangler |
|
$ |
1,518,112 |
|
|
|
$ |
1,602,206 |
|
|
$ |
1,619,252 |
|
Lee |
|
882,276 |
|
|
|
960,243 |
|
|
1,005,774 |
|
Total reportable segment revenues |
|
2,400,388 |
|
|
|
2,562,449 |
|
|
2,625,026 |
|
Other revenues |
|
148,451 |
|
|
|
201,549 |
|
|
205,080 |
|
Total net revenues |
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$ |
2,548,839 |
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|
|
$ |
2,763,998 |
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$ |
2,830,106 |
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Segment profit: |
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Wrangler |
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$ |
215,008 |
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$ |
265,981 |
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|
$ |
280,257 |
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Lee |
|
68,214 |
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|
|
92,756 |
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|
107,246 |
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Total reportable segment profit |
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$ |
283,222 |
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|
|
$ |
358,737 |
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$ |
387,503 |
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Non-cash impairment of intangible asset (1)
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|
(32,636 |
) |
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|
— |
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— |
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Corporate and other expenses |
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(90,117 |
) |
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(30,916 |
) |
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(32,676 |
) |
Interest income from former parent, net |
|
3,762 |
|
|
|
7,738 |
|
|
3,372 |
|
Interest expense |
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(35,787 |
) |
|
|
(1,173 |
) |
|
(1,263 |
) |
Interest income |
|
3,931 |
|
|
|
5,740 |
|
|
2,984 |
|
Profit (loss) related to other revenues |
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2,819 |
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|
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(48 |
) |
|
(767 |
) |
Income before income taxes |
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$ |
135,194 |
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$ |
340,078 |
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$ |
359,153 |
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(1) Represents an impairment charge in the third quarter of 2019 related to the Rock & Republic® trademark. See Note 7 to the Company's financial statements.
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| Reconciliation Assets |
The following table presents assets (i.e. accounts receivable and inventories) for the Company's reportable segments and a reconciliation to total asset balances:
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(In thousands) |
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December 2019 |
|
|
December 2018 |
Segment assets: |
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Wrangler |
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$ |
378,041 |
|
|
|
$ |
383,122 |
|
Lee |
|
238,763 |
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|
|
271,518 |
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Total reportable segment assets |
|
616,804 |
|
|
|
654,640 |
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Other accounts receivable and inventories |
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69,756 |
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|
|
72,138 |
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Total segment assets |
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$ |
686,560 |
|
|
|
$ |
726,778 |
|
Cash and equivalents |
|
106,808 |
|
|
|
96,776 |
|
Due from former parent, current |
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— |
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|
|
547,690 |
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Notes receivable from former parent |
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— |
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|
|
517,940 |
|
Prepaid expenses and other current assets |
|
84,235 |
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|
52,014 |
|
Due from former parent, noncurrent |
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— |
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|
|
611 |
|
Property, plant, and equipment, net |
|
132,192 |
|
|
|
138,449 |
|
Operating lease assets |
|
86,582 |
|
|
|
— |
|
Goodwill and intangible assets |
|
230,129 |
|
|
|
267,575 |
|
Deferred income taxes |
|
79,551 |
|
|
|
42,891 |
|
Other assets |
|
111,099 |
|
|
|
67,741 |
|
Total assets |
|
$ |
1,517,156 |
|
|
|
$ |
2,458,465 |
|
|
| Supplemental Information (with Revenues by Geographic Area Based on Location of Customer) |
The following table presents supplemental information of net revenues by geographic area based on the location of the customer:
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Year Ended December |
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(In thousands) |
|
2019 |
|
|
2018 |
|
2017 |
Revenues: |
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|
|
|
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U.S. |
|
$ |
1,909,947 |
|
|
|
$ |
2,014,657 |
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|
$ |
2,046,359 |
|
International |
|
638,892 |
|
|
|
749,341 |
|
|
783,747 |
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Total |
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$ |
2,548,839 |
|
|
|
$ |
2,763,998 |
|
|
$ |
2,830,106 |
|
The following table presents property, plant, and equipment by geographic location:
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(In thousands) |
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December 2019 |
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|
December 2018 |
Property, plant and equipment, net: |
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U.S. |
|
$ |
74,084 |
|
|
|
$ |
80,551 |
|
International |
|
58,108 |
|
|
|
57,898 |
|
Total |
|
$ |
132,192 |
|
|
|
$ |
138,449 |
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