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GOODWILL AND INTANGIBLE ASSETS, NET
 6 Months Ended
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets, Net GOODWILL AND INTANGIBLE ASSETS, NET
We evaluate the carrying value of our indefinite-lived intangible assets and goodwill at least annually or when an interim triggering event has occurred indicating potential impairment. Any impairment recorded is reflected as a non-cash adjustment to net income (loss) within cash flows from operating activities in the condensed consolidated statements of cash flows. During the three months ended June 30, 2025, there was a triggering event for the HEYDUDE Brand indefinite-lived intangible assets (which consists solely of the HEYDUDE trademark) (the “trademark”) and the HEYDUDE Brand reporting unit (the “reporting unit”) goodwill. The triggering event was due to downward revisions during the three months ended June 30, 2025, to our internal HEYDUDE Brand forecast as a result of the extended time we believe it will now take us to stabilize the HEYDUDE Brand and return it to growth. This was partly due to the current and projected impact of a weak U.S. consumer and the disproportionate impact of tariffs on HEYDUDE Brand products, which became evident in the three months ended June 30, 2025. As a result, we completed quantitative assessments for the trademark and the reporting unit goodwill in the three months ended June 30, 2025. There was no triggering event or impairment recorded during the three and six months ended June 30, 2024.

For the quantitative assessments, we compared the estimated fair values of the trademark and reporting unit with their respective carrying values. If the carrying value of the trademark or reporting unit exceeded the estimated fair value, an impairment charge was recorded. The quantitative assessments for the trademark and reporting unit goodwill were performed by management with the assistance of third-party valuation specialists.
The quantitative assessment of the trademark was performed using the Multi-Period Excess Earnings approach. The primary assumptions developed by management and used in the assessment included annual revenue growth rates averaging approximately 8%, projected earnings before interest, taxes, depreciation, and amortization (“EBITDA”) margins averaging approximately 20%, and a market-based discount rate of 15.0%, which was based on, most significantly, a risk-free rate of return, an equity market risk premium, and a company-specific risk premium. The estimated fair value of the trademark did not exceed its carrying value. In the three months ended June 30, 2025, we recorded an impairment charge of $430.0 million within ‘Asset impairments’ in our condensed consolidated statements of operations related to the trademark, after which the estimated fair value equaled its carrying value. This impairment charge reflects lower than previously expected annual revenue growth rates and EBITDA as well as increases in market-based discount rates, specifically the risk-free rate of return, when compared to those used in our most recent annual impairment test completed in the fourth quarter of 2024.

We performed the quantitative assessment for the reporting unit goodwill using the discounted cash flow method. The primary assumptions developed by management and used in the assessment included annual revenue growth rates, projected EBITDA margins, and a market-based discount rate, which was based on, most significantly, a risk-free rate of return, an equity market risk premium, and a company-specific risk premium. The estimated fair value of the reporting unit goodwill did not exceed its carrying value. In the three months ended June 30, 2025, we recorded an impairment charge of $307.0 million within ‘Asset impairments’ in our condensed consolidated statements of operations related to the reporting unit goodwill, after which the estimated fair value equaled its carrying value. This impairment charge reflects lower than previously expected annual revenue growth rates and EBITDA as well as increases in market-based discount rates, specifically the risk-free rate of return, when compared to those used in our most recent annual impairment test completed in the fourth quarter of 2024.

The changes in goodwill for the six months ended June 30, 2025 were:
Goodwill
Crocs Brand
HEYDUDE Brand
Total
(in thousands)
Gross goodwill at December 31, 2024
$2,226 $710,034 $712,260 
Accumulated impairment
(769)— (769)
Net goodwill at December 31, 2024
1,457 710,034 711,491 
Changes during the six months ended June 30, 2025:
Foreign currency translation
204 — 204 
Impairment
— (307,000)(307,000)
Gross goodwill at June 30, 2025
2,430 710,034 712,464 
Accumulated impairment
(769)(307,000)(307,769)
Net goodwill at June 30, 2025
$1,661 $403,034 $404,695 
‘Intangible assets, net’ reported in the consolidated balance sheets consist of the following:
June 30, 2025December 31, 2024
Gross
Accumulated Amortization
Accumulated
Impairment
NetGross
Accumulated Amortization
Net
(in thousands)
Intangible assets subject to amortization:
Capitalized software
$146,433 $(122,036)$— $24,397 $139,569 $(117,001)$22,568 
Customer relationships
210,000 (47,250)— 162,750 210,000 (40,250)169,750 
Patents, copyrights, and trademarks9,649 (3,925)— 5,724 4,916 (3,791)1,125 
Intangible assets not subject to amortization:
HEYDUDE trademark1,570,000 — (430,000)1,140,000 1,570,000 — 1,570,000 
  In progress
1,706 — — 1,706 12,644 — 12,644 
Other885 — — 885 993 — 993 
  Total
$1,938,673 $(173,211)$(430,000)$1,335,462 $1,938,122 $(161,042)$1,777,080