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Investments, Equity Method and Joint Ventures | 9 Months Ended
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Sep. 30, 2023
Equity Method Investments and Joint Ventures [Abstract] |
Equity Method Investments and Joint Ventures Disclosure | VARIABLE INTEREST ENTITIES AND RELATED PARTY TRANSACTIONS Assets and Liabilities of Consolidated VIEs The Company has joint ventures that source and market the Company’s footwear and apparel products in China. Based upon the criteria set forth in FASB ASC 810, Consolidation, the Company has determined two of the joint ventures are variable interest entities (VIEs) of which the Company is the primary beneficiary and, as a result, the Company consolidates these VIEs. The primary beneficiary determination is based on the relationship between the Company and the VIE, including contractual agreements between the Company and the VIE. Specifically, the Company has the power to direct the activities that are considered most significant to the entities’ performance and the Company has the obligation to absorb losses and the right to receive benefits that are significant to the entities. The other equity holder’s interests are reflected in “net loss attributable to noncontrolling interests” in the consolidated condensed statement of operations and “Noncontrolling interest” in the consolidated condensed balance sheets. Assets held by these VIEs are only available to settle obligations of the respective entities. Holders of liabilities of these VIEs do not have recourse to the Company. The following is a summary of these VIE’s assets and liabilities included in the Company’s consolidated condensed balance sheets.
(In millions) | September 30, 2023 |  | December 31, 2022 |  | October 1, 2022
Cash | $ | 4.1 |  |  | $ | 5.8 |  |  | $ | 8.9 |
Accounts receivable | 8.4 |  |  | 19.7 |  |  | 11.3 |
Inventory | 36.1 |  |  | 16.0 |  |  | 16.3 |
Other current assets | 4.0 |  |  | 2.4 |  |  | 1.7 |
Noncurrent assets | 0.9 |  |  | 0.8 |  |  | 2.9 |
Total assets | $ | 53.5 |  |  | $ | 44.7 |  |  | $ | 41.1 |
Current liabilities | $ | 11.8 |  |  | $ | 9.6 |  |  | $ | 5.8 |
Noncurrent liabilities | 0.1 |  |  | 1.6 |  |  | — |
Total liabilities | $ | 11.9 |  |  | $ | 11.2 |  |  | $ | 5.8 |
Nonconsolidated VIEs The Company also has two joint ventures that are VIEs that are not consolidated as the Company does not have the power to direct the most significant activities that impact the VIEs' economic performance. The two VIEs distribute footwear and apparel products in the Asia Pacific region. The following is a summary of carrying amounts of assets included in the Company’s consolidated condensed balance sheets as of September 30, 2023, December 31, 2022 and October 1, 2022, respectively, related to VIEs for which the Company is not the primary beneficiary. The Company’s maximum exposure to loss is the same as the carrying amounts. The following is a summary of the carrying amounts of assets included in the Company’s Consolidated Condensed Balance Sheets.
(In millions) | September 30, 2023 |  | December 31, 2022 |  | October 1, 2022
Equity method investments (1) | $ | 7.9 |  |  | $ | 8.1 |  |  | $ | 8.9 |
(1) Equity method investments are included in “Other Assets” on the consolidated condensed balance sheets. Related Party Transactions In the normal course of business, the Company enters into transactions with related party equity affiliates. Related party transactions consist of the sale of goods, made at arm’s length, and other arrangements. For the quarter and year-to-date ended September 30, 2023, the Company recognized net sales to equity affiliates totaling $16.8 million and $41.1 million, respectively. For the quarter and year-to-date ended October 1, 2022, the Company recognized net sales to equity affiliates totaling $9.5 million and $20.5 million, respectively. The following table summarizes related party transactions included in the consolidated condensed balance sheets.
(In millions) | September 30, 2023 |  | December 31, 2022 |  | October 1, 2022
Accounts receivable due from related parties | $ | 8.4 |  |  | $ | 18.1 |  |  | $ | 11.3 |
Long term liabilities due to related parties | — |  |  | — |  |  | — |
Long term assets due from related parties | — |  |  | 1.6 |  |  | 2.4 |

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3 Reference 3: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 323 -SubTopic 740 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481543/323-740-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 323 -Publisher FASB -URI https://asc.fasb.org//323/tableOfContent + Details
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