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BUSINESS SEGMENT INFORMATION | 3 Months Ended
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Mar. 29, 2025
Segment Reporting [Abstract] |
BUSINESS SEGMENT INFORMATION | BUSINESS SEGMENT INFORMATION The Company has two reportable segments: •Wrangler — Wrangler® branded denim, apparel, footwear and accessories. •Lee — Lee® branded denim, apparel, footwear and accessories. The Company considers its chief executive officer to be its chief operating decision maker. The chief operating decision maker allocates resources and assesses performance based on the global brand net revenues and segment profit of Wrangler® and Lee®, which are the Company's reportable segments. Segment profit is defined as income before income taxes, interest expense, interest income and corporate and other expenses. Segment assets and segment expenditures for long-lived assets are not regularly provided to or used by the chief operating decision maker and thus are not disclosed. In addition, we report an "Other" category to reconcile the Company's segment revenues to total revenues and segment profit to income before income taxes, but the Other category does not meet the criteria to be considered a reportable segment. Other includes sales and licensing of Chic®, Rock & Republic®, other company-owned brands and private label apparel, and the associated costs. Accounting policies utilized for internal management reporting at the individual segments are consistent with those disclosed in the Company's 2024 Annual Report on Form 10-K. Corporate and other expenses, including certain acquisition-related costs, restructuring and transformation costs and interest income and expense are not controlled by segment management and therefore are excluded from the measurement of segment profit. The following table presents financial information for the Company's reportable segments and income before income taxes:
|  | Three Months Ended March |  |  |
(In thousands) |  | 2025 |  |  | 2024 |  |  |  |  |  |
Wrangler |  |  |  |  |  |  |  |  |  |  |
Net revenues (1) |  | $ | 420,246 |  |  |  | $ | 409,494 |  |  |  |  |  |  |
Cost of goods sold |  | 226,184 |  |  |  | 233,280 |  |  |  |  |  |  |
Selling, general and administrative expenses |  | 105,829 |  |  |  | 99,402 |  |  |  |  |  |  |
Other segment items (2) |  | 1,385 |  |  |  | 2,146 |  |  |  |  |  |  |
Segment profit |  | $ | 86,848 |  |  |  | $ | 74,666 |  |  |  |  |  |  |
Lee |  |  |  |  |  |  |  |  |  |  |
Net revenues (1) |  | $ | 199,900 |  |  |  | $ | 219,443 |  |  |  |  |  |  |
Cost of goods sold |  | 98,008 |  |  |  | 111,225 |  |  |  |  |  |  |
Selling, general and administrative expenses |  | 68,737 |  |  |  | 72,078 |  |  |  |  |  |  |
Other segment items (2) |  | 708 |  |  |  | 1,046 |  |  |  |  |  |  |
Segment profit |  | $ | 32,447 |  |  |  | $ | 35,094 |  |  |  |  |  |  |
Total reportable segment profit |  | $ | 119,295 |  |  |  | $ | 109,760 |  |  |  |  |  |  |
Corporate and other expenses |  | (56,779) |  |  |  | (28,060) |  |  |  |  |  |  |
Interest expense |  | (9,808) |  |  |  | (9,292) |  |  |  |  |  |  |
Interest income |  | 3,440 |  |  |  | 2,425 |  |  |  |  |  |  |
Loss related to other revenues (3) |  | (217) |  |  |  | (153) |  |  |  |  |  |  |
Income before income taxes |  | $ | 55,931 |  |  |  | $ | 74,680 |  |  |  |  |  |  |
(1) Refer to N ot e 3 to the Company's financial statements in this Form 10-Q for the reconciliation of reportable segment revenues to consolidated net revenues. (2) "Other segment items" primarily includes funding fees related to the sale of trade accounts receivable program discussed in Note 5 to the Company's financial statements in this Form 10-Q. Funding fees are reflected in the Company's statements of operations within "other expense, net". (3) "Loss related to other revenues" includes sales and licensing of Chic®, Rock & Republic®, other company-owned brands and private label apparel, and the associated costs, for purposes of reconciling "total reportable segment profit" to consolidated "income before income taxes."

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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