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Commitments and Contingencies | 12 Months Ended
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Dec. 28, 2024
Commitments and Contingencies Disclosure [Abstract] |
Commitments and Contingencies | Commitments and Contingencies License Agreements. The Company has various license agreements to market watches and jewelry bearing certain trademarks or incorporating certain technology owned by third parties. In accordance with these agreements, the Company incurred royalty expense of $119.1 million, $129.5 million and $140.5 million in fiscal years 2024, 2023 and 2022, respectively. These amounts are included in the Company's cost of sales or, if advertising-related, in SG&A. These license agreements have expiration dates between fiscal years 2025 and 2029 and require the Company to pay royalties ranging from 5% to 22% of defined net sales. The Company has future minimum royalty commitments through fiscal year 2028 under these license agreements as follows by fiscal year (in thousands):
Fiscal Year | Minimum Royalty Commitments
2025 | $ | 95,961 |
2026 | 9,948 |
2027 | 10,948 |
2028 | 1,448 |
Total | $ | 118,305 |
These minimum royalty commitments do not include amounts owed under these license agreements for obligations of the Company to pay the licensors a percentage of net sales of these licensed products. Purchase Obligations. As of December 28, 2024, the Company had purchase obligations totaling $169.2 million that consisted primarily of open non-cancelable purchase orders. Asset Retirement Obligations. ASC 410, Asset Retirement and Environmental Obligations requires (i) that the fair value of a liability for an asset retirement obligation be recognized in the period in which it is incurred if a reasonable estimate of fair value can be made and (ii) that the associated asset retirement costs be capitalized as part of the carrying amount of the long-lived asset. The Company's asset retirement obligations relate to costs associated with the retirement of leasehold improvements under office leases and retail store leases within the Americas, Europe and Asia segments. The following table summarizes the changes in the Company's asset retirement obligations (in thousands):
Fiscal Year | 2024 |  | 2023
Beginning asset retirement obligation | $ | 11,758 |  |  | $ | 11,547 |
Additions and changes in estimate | 559 |  |  | 1,356 |
Liabilities settled during the period | (1,453) |  |  | (1,636) |
Accretion expense | 304 |  |  | 296 |
Currency translation | (524) |  |  | 195 |
Ending asset retirement obligations | $ | 10,644 |  |  | $ | 11,758 |
Litigation. The Company is occasionally subject to litigation or other legal proceedings in the normal course of its business. In addition, from time to time, the Company receives communications from government or regulatory agencies concerning investigations or allegations of noncompliance with laws or regulations in jurisdictions in which the Company operates. The Company does not believe the outcome of any currently pending legal matters, individually or collectively, will have a material effect on the business or financial condition of the Company.

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