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ACQUISITION OF HEYDUDE (Tables) | 12 Months Ended
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Dec. 31, 2022
Business Combination and Asset Acquisition [Abstract] |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | 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. (8) During the Partial Period, the purchase price consideration was increased by $6.6 million associated with the finalization of purchase price.
Schedule of Intangible Assets Acquired in Connection with the Acquisition | 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 |
Business Acquisition, Pro Forma Information | 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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- Definition Tabular disclosure of finite-lived and indefinite-lived intangible assets acquired as part of a business combination. + References No definition available. + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=128092470&loc=d3e4845-128472 + Details
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