0001060822-23-000152 | 10-Q | XBRL Viewer

FAIR VALUE MEASUREMENTS - Borrowings (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022	Oct. 01, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total long-term debt, net	$ 567,168,000	$ 616,624,000	$ 736,448,000
Secured revolving credit facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Secured revolving credit facility	70,000,000	$ 120,000,000	$ 240,000,000
Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument, face amount	500,000,000
Senior Notes \| Fair Value \| Fair Value, Inputs, Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total long-term debt, net	$ 481,400,000

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

SEGMENT INFORMATION - Schedule of Segment Charges (Details) - Operating Segments - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023
Segment Reporting Information [Line Items]
Corporate charge	$ 1.5	$ 4.1
U.S. Retail
Segment Reporting Information [Line Items]
Organizational restructuring	0.6	0.0
U.S. Wholesale
Segment Reporting Information [Line Items]
Organizational restructuring	0.4	0.1
International
Segment Reporting Information [Line Items]
Organizational restructuring	$ 0.3	$ 0.3

Insider Trading Arrangements

3 Months Ended

9 Months Ended

Sep. 30, 2023

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

The following table provides information about trading plans adopted or terminated for the purchase or sale of the Company’s securities during the third quarter of fiscal 2023:

Trading Plans

Name and Title

Action

Adoption Date

Rule 10b5-1 (1)

Non-Rule 10b5-1 (2)

Number of Securities to be Sold

Expiration Date

Michael D. Casey, Chairman & Chief Executive Officer

Adoption

8/2/2023

—

89,139 (3)

11/6/2024

Richard F. Westenberger, Executive Vice President & Chief Financial Officer

Adoption

8/4/2023

—

3,800 (4)

2/16/2024

Brian J. Lynch, President & Chief Operating Officer

Adoption

8/4/2023

—

19,500 (5)

11/1/2024

(1)Intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act.

(2)A “Non-Rule 10b5-1 Trading Arrangement” as defined under Item 408(c) of Regulation S-K under the Exchange Act and not intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act.

(3)Relates to (i) the potential exercises of up to 30,000 vested stock options and the potential sales of shares of the Company’s common stock received upon such exercises and (ii) the potential sales of up to 59,139 shares of the Company’s common stock.

(4)Relates to the potential exercises of vested stock options and the potential sales of shares of the Company’s common stock received upon such exercises.

(5)Relates to (i) the potential exercises of up to 7,500 vested stock options and the potential sales of shares of the Company’s common stock received upon such exercises and (ii) the potential sales of up to 12,000 shares of the Company’s common stock.

Rule 10b5-1 Arrangement Terminated

false

Non-Rule 10b5-1 Arrangement Terminated

false

Michael D. Casey [Member]

Trading Arrangements, by Individual

Name

Michael D. Casey

Title

Chairman & Chief Executive Officer

Rule 10b5-1 Arrangement Adopted

true

Non-Rule 10b5-1 Arrangement Adopted

false

Adoption Date

8/2/2023

Arrangement Duration

462 days

Aggregate Available

89,139

Richard F. Westenberger [Member]

Trading Arrangements, by Individual

Name

Richard F. Westenberger

Title

Executive Vice President & Chief Financial Officer

Rule 10b5-1 Arrangement Adopted

true

Non-Rule 10b5-1 Arrangement Adopted

false

Adoption Date

8/4/2023

Arrangement Duration

196 days

Aggregate Available

3,800

Brian J. Lynch [Member]

Trading Arrangements, by Individual

Name

Brian J. Lynch

Title

President & Chief Operating Officer

Rule 10b5-1 Arrangement Adopted

true

Non-Rule 10b5-1 Arrangement Adopted

false

Adoption Date

8/4/2023

Arrangement Duration

455 days

Aggregate Available

19,500

Trading Arrangement, Stock Options [Member] | Michael D. Casey [Member]

Trading Arrangements, by Individual

Aggregate Available

30,000

Trading Arrangement, Stock Options [Member] | Brian J. Lynch [Member]

Trading Arrangements, by Individual

Aggregate Available

7,500

Trading Arrangement, Common Stock [Member] | Michael D. Casey [Member]

Trading Arrangements, by Individual

Aggregate Available

59,139

Trading Arrangement, Common Stock [Member] | Brian J. Lynch [Member]

Trading Arrangements, by Individual

Aggregate Available

12,000

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Oct. 01, 2022	Sep. 30, 2023	Oct. 01, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 66,127	$ 64,957	$ 125,990	$ 169,859
Other comprehensive (loss) income:
Foreign currency translation adjustments	(4,179)	(8,372)	5,196	(11,677)
Comprehensive income	$ 61,948	$ 56,585	$ 131,186	$ 158,182

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Oct. 01, 2022
Other Liabilities Disclosure [Abstract]
Unredeemed gift cards	$ 23,983	$ 23,303	$ 21,217
Accrued employee benefits	17,433	16,356	14,131
Accrued taxes	13,534	10,445	11,190
Accrued bonuses and incentive compensation	12,184	7,244	1,260
Income taxes payable	6,341	17,484	7,911
Accrued salaries and wages	6,030	11,519	6,113
Accrued other	26,617	36,088	30,572
Other current liabilities	$ 106,122	$ 122,439	$ 92,394

REVENUE RECOGNITION - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Oct. 01, 2022	Sep. 30, 2023	Oct. 01, 2022	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Net sales	$ 791,651	$ 818,624	$ 2,087,730	$ 2,300,603
Total gross receivables	256,216	281,131	256,216	281,131	$ 215,035
Less: Wholesale accounts receivable reserves	(6,741)	(6,290)	(6,741)	(6,290)	(7,189)
Accounts receivable, net	240,507	265,593	240,507	265,593	198,587
Allowance for chargebacks	9,000	9,200	9,000	9,200	9,300
Trade receivables from wholesale customers, net
Disaggregation of Revenue [Line Items]
Total gross receivables	239,493	260,635	239,493	260,635	195,078
Royalties receivable
Disaggregation of Revenue [Line Items]
Total gross receivables	5,825	6,823	5,825	6,823	5,386
Other receivables
Disaggregation of Revenue [Line Items]
Total gross receivables	10,898	13,673	10,898	13,673	14,571
Allowance, Credit Loss
Disaggregation of Revenue [Line Items]
Less: Wholesale accounts receivable reserves	(15,709)	(15,538)	(15,709)	(15,538)	$ (16,448)
Wholesale channel
Disaggregation of Revenue [Line Items]
Net sales	346,180	338,943	884,741	957,712
Direct-to-consumer
Disaggregation of Revenue [Line Items]
Net sales	445,471	479,681	1,202,989	1,342,891
Royalty income, net
Disaggregation of Revenue [Line Items]
Net sales	5,713	7,273	16,573	20,349
U.S. Retail
Disaggregation of Revenue [Line Items]
Net sales	374,796	408,209	1,021,983	1,153,664
U.S. Retail \| Wholesale channel
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
U.S. Retail \| Direct-to-consumer
Disaggregation of Revenue [Line Items]
Net sales	374,796	408,209	1,021,983	1,153,664
U.S. Retail \| Royalty income, net
Disaggregation of Revenue [Line Items]
Net sales	2,236	3,073	5,746	7,631
U.S. Wholesale
Disaggregation of Revenue [Line Items]
Net sales	300,338	288,454	767,194	819,772
U.S. Wholesale \| Wholesale channel
Disaggregation of Revenue [Line Items]
Net sales	300,338	288,454	767,194	819,772
U.S. Wholesale \| Direct-to-consumer
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
U.S. Wholesale \| Royalty income, net
Disaggregation of Revenue [Line Items]
Net sales	3,147	3,349	8,694	9,664
International
Disaggregation of Revenue [Line Items]
Net sales	116,517	121,961	298,553	327,167
International \| Wholesale channel
Disaggregation of Revenue [Line Items]
Net sales	45,842	50,489	117,547	137,940
International \| Direct-to-consumer
Disaggregation of Revenue [Line Items]
Net sales	70,675	71,472	181,006	189,227
International \| Royalty income, net
Disaggregation of Revenue [Line Items]
Net sales	$ 330	$ 851	$ 2,133	$ 3,054

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional paid-in capital	Accumulated other comprehensive loss	Retained earnings
Balance at beginning of period (in shares) at Jan. 01, 2022		41,148,870
Balance at beginning of period at Jan. 01, 2022	$ 950,186	$ 411	$ 0	$ (28,897)	$ 978,672
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)		5,100
Exercise of stock options	222	$ 0	222	0	0
Withholdings from vesting of restricted stock (in shares)		(70,452)
Withholdings from vesting of restricted stock	(6,623)	$ 0	(6,623)	0	0
Restricted stock activity (in shares)		265,412
Restricted stock activity	0	$ 3	(3)	0	0
Stock-based compensation expense	5,859	$ 0	5,859	0	0
Repurchase of common stock (in shares)		(793,008)
Repurchase of common stock	(74,496)	$ (8)	545	0	(75,033)
Cash dividends declared and paid	(30,573)	0	0	0	(30,573)
Comprehensive income	70,715	$ 0	0	2,782	67,933
Balance at end of period (in shares) at Apr. 02, 2022		40,555,922
Balance at end of period at Apr. 02, 2022	915,290	$ 406	0	(26,115)	940,999
Balance at beginning of period (in shares) at Jan. 01, 2022		41,148,870
Balance at beginning of period at Jan. 01, 2022	950,186	$ 411	0	(28,897)	978,672
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income	$ 158,182
Balance at end of period (in shares) at Oct. 01, 2022	38,456,219	38,456,219
Balance at end of period at Oct. 01, 2022	$ 788,202	$ 385	0	(40,575)	828,392
Balance at beginning of period (in shares) at Apr. 02, 2022		40,555,922
Balance at beginning of period at Apr. 02, 2022	915,290	$ 406	0	(26,115)	940,999
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)		1,500
Exercise of stock options	89	$ 0	89	0	0
Withholdings from vesting of restricted stock (in shares)		(705)
Withholdings from vesting of restricted stock	(58)	$ 0	(58)	0	0
Restricted stock activity (in shares)		30,731
Restricted stock activity	0	$ 0	0	0	0
Stock-based compensation expense	6,359	$ 0	6,359	0	0
Repurchase of common stock (in shares)		(1,272,354)
Repurchase of common stock	(101,810)	$ (13)	(6,390)	0	(95,407)
Cash dividends declared and paid	(29,886)	0	0	0	(29,886)
Comprehensive income	30,882	$ 0	0	(6,088)	36,970
Balance at end of period (in shares) at Jul. 02, 2022		39,315,094
Balance at end of period at Jul. 02, 2022	820,866	$ 393	0	(32,203)	852,676
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)		7,850
Exercise of stock options	465	$ 0	465	0	0
Withholdings from vesting of restricted stock (in shares)		(2,065)
Withholdings from vesting of restricted stock	(169)	$ 0	(169)	0	0
Restricted stock activity (in shares)		12,459
Restricted stock activity	0	$ 0	0	0	0
Stock-based compensation expense	5,003	$ 0	5,003	0	0
Repurchase of common stock (in shares)		(877,119)
Repurchase of common stock	(65,445)	$ (8)	(5,299)	0	(60,138)
Cash dividends declared and paid	(29,103)	0	0	0	(29,103)
Comprehensive income	$ 56,585	$ 0	0	(8,372)	64,957
Balance at end of period (in shares) at Oct. 01, 2022	38,456,219	38,456,219
Balance at end of period at Oct. 01, 2022	$ 788,202	$ 385	0	(40,575)	828,392
Balance at beginning of period (in shares) at Dec. 31, 2022	37,692,132	37,692,132
Balance at beginning of period at Dec. 31, 2022	$ 796,409	$ 377	0	(34,338)	830,370
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)		1,400
Exercise of stock options	83	$ 0	83	0	0
Withholdings from vesting of restricted stock (in shares)		(61,423)
Withholdings from vesting of restricted stock	(4,776)	$ (1)	(4,404)	0	(371)
Restricted stock activity (in shares)		303,015
Restricted stock activity	0	$ 3	(3)	0	0
Stock-based compensation expense	4,343	$ 0	4,343	0	0
Repurchase of common stock (in shares)		(135,873)
Repurchase of common stock	(9,586)	$ (1)	0	0	(9,585)
Cash dividends declared and paid	(28,483)	0	0	0	(28,483)
Comprehensive income	39,922	0	0	3,926	35,996
Other	(19)	$ 0	(19)	0	0
Balance at end of period (in shares) at Apr. 01, 2023		37,799,251
Balance at end of period at Apr. 01, 2023	$ 797,893	$ 378	0	(30,412)	827,927
Balance at beginning of period (in shares) at Dec. 31, 2022	37,692,132	37,692,132
Balance at beginning of period at Dec. 31, 2022	$ 796,409	$ 377	0	(34,338)	830,370
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income	$ 131,186
Balance at end of period (in shares) at Sep. 30, 2023	36,969,967	36,969,967
Balance at end of period at Sep. 30, 2023	$ 785,311	$ 370	0	(29,142)	814,083
Balance at beginning of period (in shares) at Apr. 01, 2023		37,799,251
Balance at beginning of period at Apr. 01, 2023	797,893	$ 378	0	(30,412)	827,927
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Withholdings from vesting of restricted stock (in shares)		(932)
Withholdings from vesting of restricted stock	(61)	$ 0	(61)	0	0
Restricted stock activity (in shares)		5,626
Restricted stock activity	0	$ 0	0	0	0
Stock-based compensation expense	6,641	$ 0	6,641	0	0
Repurchase of common stock (in shares)		(449,481)
Repurchase of common stock	(30,336)	$ (4)	(6,294)	0	(24,038)
Cash dividends declared and paid	(28,158)	0	0	0	(28,158)
Comprehensive income	29,316	0	0	5,449	23,867
Other	(286)	$ 0	(286)	0	0
Balance at end of period (in shares) at Jul. 01, 2023		37,354,464
Balance at end of period at Jul. 01, 2023	775,009	$ 374	0	(24,963)	799,598
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)		4,400
Exercise of stock options	301	$ 0	301	0	0
Withholdings from vesting of restricted stock (in shares)		(2,359)
Withholdings from vesting of restricted stock	(170)	$ 0	(170)	0	0
Restricted stock activity (in shares)		3,466
Restricted stock activity	0	$ 0	0	0	0
Stock-based compensation expense	3,928	$ 0	3,928	0	0
Repurchase of common stock (in shares)		(390,004)
Repurchase of common stock	(27,570)	$ (4)	(3,786)	0	(23,780)
Cash dividends declared and paid	(27,862)	0	0	0	(27,862)
Comprehensive income	61,948	0	0	(4,179)	66,127
Other	$ (273)	$ 0	(273)	0	0
Balance at end of period (in shares) at Sep. 30, 2023	36,969,967	36,969,967
Balance at end of period at Sep. 30, 2023	$ 785,311	$ 370	$ 0	$ (29,142)	$ 814,083

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Oct. 01, 2022	Sep. 30, 2023	Oct. 01, 2022
Income Statement [Abstract]
Net sales	$ 791,651	$ 818,624	$ 2,087,730	$ 2,300,603
Cost of goods sold	415,254	448,096	1,109,970	1,243,794
Gross profit	376,397	370,528	977,760	1,056,809
Royalty income, net	5,713	7,273	16,573	20,349
Selling, general, and administrative expenses	288,680	286,218	806,988	807,533
Operating income	93,430	91,583	187,345	269,625
Interest expense	8,615	9,712	26,342	33,496
Interest income	(1,064)	(257)	(2,769)	(867)
Other expense (income), net	507	1,270	(518)	776
Loss on extinguishment of debt	0	0	0	19,940
Income before income taxes	85,372	80,858	164,290	216,280
Income tax provision	19,245	15,901	38,300	46,421
Net income	$ 66,127	$ 64,957	$ 125,990	$ 169,859
Basic net income per common share (in USD per share)	$ 1.78	$ 1.67	$ 3.36	$ 4.26
Diluted net income per common share (in USD per share)	1.78	1.67	3.36	4.26
Dividend declared and paid per common share (in USD per share)	$ 0.75	$ 0.75	$ 2.25	$ 2.25

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jul. 01, 2023	Apr. 01, 2023	Oct. 01, 2022	Jul. 02, 2022	Apr. 02, 2022	Sep. 30, 2023	Oct. 01, 2022
Statement of Stockholders' Equity [Abstract]
Dividend declared and paid per common share (in USD per share)	$ 0.75	$ 0.75	$ 0.75	$ 0.75	$ 0.75	$ 0.75	$ 2.25	$ 2.25

STOCK-BASED COMPENSATION

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATIONThe Company recorded stock-based compensation expense as follows:


	Fiscal quarter ended				Three fiscal quarters ended
(dollars in thousands)	September 30, 2023		October 1, 2022		September 30, 2023		October 1, 2022
Stock options	$	—	$	8	$	—	$	186
Restricted stock:
Time-based awards	4,353		4,506		12,898		13,961
Performance-based awards	(425)		489		464		1,368
Stock awards	—		—		1,550		1,706
Total	$	3,928	$	5,003	$	14,912	$	17,221

The Company recognizes compensation cost ratably over the applicable performance periods based on the estimated probability of achievement of its performance targets at the end of each period. During the third quarter and first three quarters of fiscal 2023, the achievement of performance target estimates related to certain performance-based grants were revised resulting in a reversal of previously recognized stock-based compensation expense of $1.1 million and $1.5 million, respectively

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Oct. 01, 2022	Sep. 30, 2023	Oct. 01, 2022
Weighted-average number of common and common equivalent shares outstanding:
Basic number of common shares outstanding (in shares)	36,438,403	38,222,151	36,789,140	39,279,293
Dilutive effect of equity awards (in shares)	3,881	23,222	3,781	34,835
Diluted number of common and common equivalent shares outstanding (in shares)	36,442,284	38,245,373	36,792,921	39,314,128
Basic net income per common share:
Net income	$ 66,127	$ 64,957	$ 125,990	$ 169,859
Income allocated to participating securities	(1,267)	(1,013)	(2,254)	(2,478)
Net income available to common shareholders	$ 64,860	$ 63,944	$ 123,736	$ 167,381
Basic net income per common share (in USD per share)	$ 1.78	$ 1.67	$ 3.36	$ 4.26
Diluted net income per common share:
Net income	$ 66,127	$ 64,957	$ 125,990	$ 169,859
Income allocated to participating securities	(1,267)	(1,012)	(2,254)	(2,477)
Net income available to common shareholders	$ 64,860	$ 63,945	$ 123,736	$ 167,382
Diluted net income per common share (in USD per share)	$ 1.78	$ 1.67	$ 3.36	$ 4.26
Anti-dilutive awards excluded from diluted earnings per share computation (in shares)	460,947	525,349	483,921	465,529

REVENUE RECOGNITION

9 Months Ended

Sep. 30, 2023

Revenue from Contract with Customer [Abstract]

REVENUE RECOGNITION

The Company’s revenues are earned from contracts or arrangements with retail and wholesale customers and licensees. Contracts include written agreements, as well as arrangements that are implied by customary practices or law.

Disaggregation of Revenue

The Company sells its products directly to consumers (“direct-to-consumer”) and to other retail companies and partners that subsequently sell the products directly to their own retail customers (“wholesale channel”). The Company also earns royalties from certain of its licensees. Disaggregated revenues from these sources for the fiscal periods indicated were as follows:


	Fiscal quarter ended September 30, 2023
(dollars in thousands)	U.S. Retail		U.S. Wholesale		International		Total
Wholesale channel	$	—	$	300,338	$	45,842	$	346,180
Direct-to-consumer	374,796		—		70,675		445,471

	$	374,796	$	300,338	$	116,517	$	791,651

Royalty income, net	$	2,236	$	3,147	$	330	$	5,713


	Three fiscal quarters ended September 30, 2023
(dollars in thousands)	U.S. Retail		U.S. Wholesale		International		Total
Wholesale channel	$	—	$	767,194	$	117,547	$	884,741
Direct-to-consumer	1,021,983		—		181,006		1,202,989

	$	1,021,983	$	767,194	$	298,553	$	2,087,730

Royalty income, net	$	5,746	$	8,694	$	2,133	$	16,573


	Fiscal quarter ended October 1, 2022
(dollars in thousands)	U.S. Retail		U.S. Wholesale		International		Total
Wholesale channel	$	—	$	288,454	$	50,489	$	338,943
Direct-to-consumer	408,209		—		71,472		479,681

	$	408,209	$	288,454	$	121,961	$	818,624

Royalty income, net	$	3,073	$	3,349	$	851	$	7,273


	Three fiscal quarters ended October 1, 2022
(dollars in thousands)	U.S. Retail		U.S. Wholesale		International		Total
Wholesale channel	$	—	$	819,772	$	137,940	$	957,712
Direct-to-consumer	1,153,664		—		189,227		1,342,891

	$	1,153,664	$	819,772	$	327,167	$	2,300,603

Royalty income, net	$	7,631	$	9,664	$	3,054	$	20,349

Accounts Receivable from Customers and Licensees

The components of Accounts receivable, net, were as follows:


(dollars in thousands)	September 30, 2023		December 31, 2022		October 1, 2022
Trade receivables from wholesale customers, net	$	239,493	$	195,078	$	260,635
Royalties receivable	5,825		5,386		6,823
Other receivables(1)	10,898		14,571		13,673
Total gross receivables	$	256,216	$	215,035	$	281,131
Less: Wholesale accounts receivable reserves(2)(3)	(15,709)		(16,448)		(15,538)
Accounts receivable, net	$	240,507	$	198,587	$	265,593

(1)Includes tax, payroll, gift card and other receivables.

(2)Includes allowance for chargebacks of $9.0 million, $9.3 million, and $9.2 million for the periods ended September 30, 2023, December 31, 2022, and October 1, 2022, respectively.

(3)Includes allowance for credit losses of $6.7 million, $7.2 million, and $6.3 million for the periods ended September 30, 2023, December 31, 2022, and October 1, 2022, respectively.

Contract Assets and Liabilities

The Company’s contract assets are not material.

Contract Liabilities

The Company recognizes a contract liability when it has received consideration from a customer and has a future obligation to transfer goods to the customer. Total contract liabilities consisted of the following amounts:


(dollars in thousands)	September 30, 2023		December 31, 2022		October 1, 2022
Contract liabilities - current:
Unredeemed gift cards	$	23,983	$	23,303	$	21,217
Unredeemed customer loyalty rewards	4,020		5,276		7,527
Carter’s credit card - upfront bonus(1)	714		714		714
Total contract liabilities - current(2)	$	28,717	$	29,293	$	29,458

Contract liabilities - non-current(3)	$	893	$	1,429	$	1,607
Total contract liabilities	$	29,610	$	30,722	$	31,065

(1)The Company received an upfront signing bonus from a third-party financial institution, which will be recognized as revenue on a straight-line basis over the term of the agreement. This amount reflects the current portion of this bonus to be recognized as revenue over the next twelve months.

(2)Included with Other current liabilities on the Company’s condensed consolidated balance sheets.

(3)This amount reflects the non-current portion of the Carter’s credit card upfront bonus and is included within Other long-term liabilities on the Company’s condensed consolidated balance sheets.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

STOCK-BASED COMPENSATION (Tables)

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Summary of recorded stock-based compensation cost

The Company recorded stock-based compensation expense as follows:


	Fiscal quarter ended				Three fiscal quarters ended
(dollars in thousands)	September 30, 2023		October 1, 2022		September 30, 2023		October 1, 2022
Stock options	$	—	$	8	$	—	$	186
Restricted stock:
Time-based awards	4,353		4,506		12,898		13,961
Performance-based awards	(425)		489		464		1,368
Stock awards	—		—		1,550		1,706
Total	$	3,928	$	5,003	$	14,912	$	17,221

FAIR VALUE MEASUREMENTS - Investments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Oct. 01, 2022	Sep. 30, 2023	Oct. 01, 2022	Dec. 31, 2022
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Gain (loss) on investments	$ 0.8	$ (0.5)	$ 1.4	$ (2.4)
Fair Value, Inputs, Level 1
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments	$ 16.4	$ 15.1	$ 16.4	$ 15.1	$ 15.1

COVER PAGE - shares	9 Months Ended
COVER PAGE - shares	Sep. 30, 2023	Oct. 20, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	001-31829
Entity Registrant Name	CARTER’S, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	13-3912933
Entity Address, Address Line One	Phipps Tower
Entity Address, Address Line Two	3438 Peachtree Road NE
Entity Address, Address Line Three	Suite 1800
Entity Address, City or Town	Atlanta
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30326
City Area Code	678
Local Phone Number	791-1000
Title of 12(b) Security	Common stock, par value $0.01 per share
Trading Symbol	CRI
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		36,824,808
Entity Central Index Key	0001060822
Current Fiscal Year End Date	--12-30
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false

SEGMENT INFORMATION - Schedule of Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Oct. 01, 2022	Sep. 30, 2023	Oct. 01, 2022
Segment Reporting Information [Line Items]
Consolidated net sales	$ 791,651	$ 818,624	$ 2,087,730	$ 2,300,603
Consolidated operating income	$ 93,430	$ 91,583	$ 187,345	$ 269,625
% of segment net sales	11.80%	11.20%	9.00%	11.70%
U.S. Retail
Segment Reporting Information [Line Items]
Consolidated net sales	$ 374,796	$ 408,209	$ 1,021,983	$ 1,153,664
International
Segment Reporting Information [Line Items]
Consolidated net sales	116,517	121,961	298,553	327,167
Operating Segments
Segment Reporting Information [Line Items]
Consolidated net sales	$ 791,651	$ 818,624	$ 2,087,730	$ 2,300,603
% of consolidated net sales	100.00%	100.00%	100.00%	100.00%
Operating Segments \| U.S. Retail
Segment Reporting Information [Line Items]
Consolidated net sales	$ 374,796	$ 408,209	$ 1,021,983	$ 1,153,664
% of consolidated net sales	47.30%	49.90%	49.00%	50.10%
Consolidated operating income	$ 47,983	$ 57,723	$ 103,132	$ 163,257
% of segment net sales	12.80%	14.10%	10.10%	14.20%
Operating Segments \| U.S. Wholesale
Segment Reporting Information [Line Items]
Consolidated net sales	$ 300,338	$ 288,454	$ 767,194	$ 819,772
% of consolidated net sales	38.00%	35.20%	36.70%	35.60%
Consolidated operating income	$ 65,702	$ 39,989	$ 147,003	$ 134,088
% of segment net sales	21.90%	13.90%	19.20%	16.40%
Operating Segments \| International
Segment Reporting Information [Line Items]
Consolidated net sales	$ 116,517	$ 121,961	$ 298,553	$ 327,167
% of consolidated net sales	14.70%	14.90%	14.30%	14.30%
Consolidated operating income	$ 13,379	$ 17,113	$ 23,193	$ 39,665
% of segment net sales	11.50%	14.00%	7.80%	12.10%
Corporate
Segment Reporting Information [Line Items]
Corporate expenses	$ (33,634)	$ (23,242)	$ (85,983)	$ (67,385)

OTHER CURRENT LIABILITIES (Tables)

9 Months Ended

Sep. 30, 2023

Other Liabilities Disclosure [Abstract]

Schedule of other current liabilities

Other current liabilities at the end of any comparable period, were as follows:


(dollars in thousands)	September 30, 2023		December 31, 2022		October 1, 2022
Unredeemed gift cards	$	23,983	$	23,303	$	21,217
Accrued employee benefits	17,433		16,356		14,131
Accrued taxes	13,534		10,445		11,190
Accrued bonuses and incentive compensation(*)	12,184		7,244		1,260
Income taxes payable	6,341		17,484		7,911

Accrued salaries and wages	6,030		11,519		6,113
Accrued other	26,617		36,088		30,572
Other current liabilities	$	106,122	$	122,439	$	92,394

(*)Accrual as of December 31, 2022 and October 1, 2022 was impacted by a lower than expected financial performance in fiscal 2022.

LONG-TERM DEBT (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022	Oct. 01, 2022
Debt Instrument [Line Items]
Less unamortized issuance-related costs for senior notes	$ (2,832,000)	$ (3,376,000)	$ (3,552,000)
Total long-term debt, net	567,168,000	616,624,000	736,448,000
Outstanding letters of credit	$ 4,400,000
Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Interest rate	1.125%
U.S Dollar Credit Facility - Amendment No.4 \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Borrowing rate (as a percentage)	6.55%
Total Senior Notes
Debt Instrument [Line Items]
Senior notes, net	$ 497,168,000	496,624,000	496,448,000
Secured revolving credit facility
Debt Instrument [Line Items]
Secured revolving credit facility	70,000,000	120,000,000	240,000,000
Remaining borrowing capacity	$ 775,600,000
Secured revolving credit facility \| Base Rate
Debt Instrument [Line Items]
Interest rate	0.125%
Secured revolving credit facility \| Amendment No. 4
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 850,000,000
Secured revolving credit facility \| U.S Dollar Credit Facility - Amendment No.4
Debt Instrument [Line Items]
Maximum borrowing capacity	750,000,000
Secured revolving credit facility \| Multicurrency Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 100,000,000
5.625% Senior Notes due 2027 \| Senior Notes
Debt Instrument [Line Items]
Interest rate	5.625%
Senior notes, gross	$ 500,000,000	$ 500,000,000	$ 500,000,000

ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Apr. 01, 2023	Sep. 30, 2023	Oct. 01, 2022	Dec. 31, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total accumulated other comprehensive loss		$ (29,142)	$ (40,575)	$ (34,338)
Cumulative foreign currency translation adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total accumulated other comprehensive loss		(23,630)	(32,980)	(28,826)
Pension and post-retirement obligations
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total accumulated other comprehensive loss		(5,512)	(7,595)	$ (5,512)
Tax impact on accumulated other comprehensive loss	$ 1,700	$ 1,700	$ 2,400

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, after tax, of accumulated increase (decrease) in equity from transaction and other event and circumstance from nonowner source.

+ References + Details

SEGMENT INFORMATION

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

SEGMENT INFORMATION

The table below presents certain information for the Company’s reportable segments and unallocated corporate expenses for the periods indicated:


	Fiscal quarter ended								Three fiscal quarters ended
(dollars in thousands)	September 30, 2023		% of consolidated net sales		October 1, 2022		% of consolidated net sales		September 30, 2023		% of consolidated net sales		October 1, 2022		% of consolidated net sales
Net sales:
U.S. Retail	$	374,796	47.3	%	$	408,209	49.9	%	$	1,021,983	49.0	%	$	1,153,664	50.1	%
U.S. Wholesale	300,338		38.0	%	288,454		35.2	%	767,194		36.7	%	819,772		35.6	%
International	116,517		14.7	%	121,961		14.9	%	298,553		14.3	%	327,167		14.3	%
Consolidated net sales	$	791,651	100.0	%	$	818,624	100.0	%	$	2,087,730	100.0	%	$	2,300,603	100.0	%

Operating income:			% of segment net sales				% of segment net sales				% of segment net sales				% of segment net sales
U.S. Retail	$	47,983	12.8	%	$	57,723	14.1	%	$	103,132	10.1	%	$	163,257	14.2	%
U.S. Wholesale	65,702		21.9	%	39,989		13.9	%	147,003		19.2	%	134,088		16.4	%
International	13,379		11.5	%	17,113		14.0	%	23,193		7.8	%	39,665		12.1	%
Corporate expenses(*)	(33,634)		n/a		(23,242)		n/a		(85,983)		n/a		(67,385)		n/a
Consolidated operating income	$	93,430	11.8	%	$	91,583	11.2	%	$	187,345	9.0	%	$	269,625	11.7	%

(*)Corporate expenses include expenses related to incentive compensation, stock-based compensation, executive management, severance and relocation, finance, office occupancy, information technology, certain legal fees, consulting fees, and audit fees.


(dollars in millions)	Fiscal quarter ended September 30, 2023						Three fiscal quarters ended September 30, 2023
Charges:	U.S. Retail		U.S. Wholesale		International		U.S. Retail		U.S. Wholesale		International

Organizational restructuring(*)	$	0.6	$	0.4	$	0.3	$	—	$	0.1	$	0.3

(*)Relates to charges for organizational restructuring and related corporate office lease amendment actions. Additionally, the third fiscal quarter and first three fiscal quarters ended September 30, 2023 includes a corporate charge of $1.5 million and $4.1 million, respectively, related to organizational restructuring and related corporate office lease amendment actions.

- 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/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

BASIS OF PRESENTATION (Policies)	9 Months Ended
BASIS OF PRESENTATION (Policies)	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements Supplier Finance Programs (ASU 2022-04) In September 2022, the FASB issued Accounting Standards Update No. 2022-04, Liabilities - Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations (“ASU 2022-04”). This new guidance is designed to enhance transparency around supplier finance programs by requiring new disclosures that would allow a user of the financial statements to understand the program’s nature, activity during the period, changes from period to period, and potential magnitude. ASU 2022-04 is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, except for the disclosure of the rollforward of annual activity, which is effective for fiscal years beginning after December 15, 2023. The effect of the adoption of ASU 2022-04 was not material to the Company’s consolidated financial statements.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands

9 Months Ended

Sep. 30, 2023

Oct. 01, 2022

Cash flows from operating activities:

Net income

$ 125,990

$ 169,859

Adjustments to reconcile net income to net cash provided by (used in) operating activities:

Depreciation of property, plant, and equipment

45,764

46,011

Amortization of intangible assets

2,805

2,798

(Recoveries of) provisions for excess and obsolete inventory, net

(324)

11,488

Gain on partial termination of corporate lease

(4,366)

Other asset impairments and loss on disposal of property, plant and equipment, net of recoveries

2,807

251

Amortization of debt issuance costs

1,186

1,560

Stock-based compensation expense

14,912

17,221

Unrealized foreign currency exchange (gain) loss, net

(201)

268

Provisions for (recoveries of) doubtful accounts receivable from customers

2,402

(987)

Unrealized (gain) loss on investments

(1,391)

2,414

Loss on extinguishment of debt

19,940

Deferred income taxes (benefit) expense

(949)

8,220

Other

919

Effect of changes in operating assets and liabilities:

Accounts receivable

(43,623)

(33,697)

Finished goods inventories

127,190

(270,696)

Prepaid expenses and other assets

^[1],[2]

(3,965)

(11,359)

Accounts payable and other liabilities

^[1],[2]

(62,447)

(181,690)

Net cash provided by (used in) operating activities

205,790

(217,480)

Cash flows from investing activities:

Capital expenditures

(42,470)

(26,862)

Net cash used in investing activities

(42,470)

(26,862)

Cash flows from financing activities:

Payment of senior notes due 2025

(500,000)

Premiums paid to extinguish debt

(15,678)

Payment of debt issuance costs

(2,420)

Borrowings under secured revolving credit facility

70,000

240,000

Payments on secured revolving credit facility

(120,000)

Repurchases of common stock

(67,492)

(241,751)

Dividends paid

(84,503)

(89,562)

Withholdings from vesting of restricted stock

(5,007)

(6,850)

Proceeds from exercises of stock options

384

776

Other

(919)

Net cash used in financing activities

(206,618)

(616,404)

Net effect of exchange rate changes on cash and cash equivalents

656

(1,899)

Net decrease in cash and cash equivalents

(42,642)

(862,645)

Cash and cash equivalents, beginning of period

211,748

984,294

Cash and cash equivalents, end of period

$ 169,106

$ 121,649

[1]	Cash flows for the first three fiscal quarters ended October 1, 2022 were revised to reflect the presentation for payments of rent before payment due date of $13.6 million.
[2]	Operating lease assets obtained in exchange for operating lease liabilities were $123.1 million and $108.6 million for the first three fiscal quarters ended September 30, 2023 and first three fiscal quarters ended October 1, 2022, respectively.

SEGMENT INFORMATION (Tables)

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Schedule of segment information

The table below presents certain information for the Company’s reportable segments and unallocated corporate expenses for the periods indicated:


	Fiscal quarter ended								Three fiscal quarters ended
(dollars in thousands)	September 30, 2023		% of consolidated net sales		October 1, 2022		% of consolidated net sales		September 30, 2023		% of consolidated net sales		October 1, 2022		% of consolidated net sales
Net sales:
U.S. Retail	$	374,796	47.3	%	$	408,209	49.9	%	$	1,021,983	49.0	%	$	1,153,664	50.1	%
U.S. Wholesale	300,338		38.0	%	288,454		35.2	%	767,194		36.7	%	819,772		35.6	%
International	116,517		14.7	%	121,961		14.9	%	298,553		14.3	%	327,167		14.3	%
Consolidated net sales	$	791,651	100.0	%	$	818,624	100.0	%	$	2,087,730	100.0	%	$	2,300,603	100.0	%

Operating income:			% of segment net sales				% of segment net sales				% of segment net sales				% of segment net sales
U.S. Retail	$	47,983	12.8	%	$	57,723	14.1	%	$	103,132	10.1	%	$	163,257	14.2	%
U.S. Wholesale	65,702		21.9	%	39,989		13.9	%	147,003		19.2	%	134,088		16.4	%
International	13,379		11.5	%	17,113		14.0	%	23,193		7.8	%	39,665		12.1	%
Corporate expenses(*)	(33,634)		n/a		(23,242)		n/a		(85,983)		n/a		(67,385)		n/a
Consolidated operating income	$	93,430	11.8	%	$	91,583	11.2	%	$	187,345	9.0	%	$	269,625	11.7	%


(dollars in millions)	Fiscal quarter ended September 30, 2023						Three fiscal quarters ended September 30, 2023
Charges:	U.S. Retail		U.S. Wholesale		International		U.S. Retail		U.S. Wholesale		International

Organizational restructuring(*)	$	0.6	$	0.4	$	0.3	$	—	$	0.1	$	0.3

COMMON STOCK (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jul. 01, 2023	Apr. 01, 2023	Oct. 01, 2022	Jul. 02, 2022	Apr. 02, 2022	Sep. 30, 2023	Oct. 01, 2022
Stockholders' Equity Note [Abstract]
Number of shares repurchased (in shares)	390,004			877,119			975,358	2,942,481
Aggregate cost of shares repurchased	$ 27,570			$ 65,445			$ 67,492	$ 241,751
Average price per share (in USD per share)	$ 70.69			$ 74.61			$ 69.20	$ 82.16
Remaining capacity under repurchase authorization	$ 682,000						$ 682,000
Dividend declared and paid per common share (in USD per share)	$ 0.75	$ 0.75	$ 0.75	$ 0.75	$ 0.75	$ 0.75	$ 2.25	$ 2.25

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

EARNINGS PER SHARE (Tables)

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Reconciliation of basic common shares outstanding to diluted common and common equivalent shares outstanding

The following is a reconciliation of basic common shares outstanding to diluted common and common equivalent shares outstanding:


	Fiscal quarter ended				Three fiscal quarters ended
	September 30, 2023		October 1, 2022		September 30, 2023		October 1, 2022
Weighted-average number of common and common equivalent shares outstanding:
Basic number of common shares outstanding	36,438,403		38,222,151		36,789,140		39,279,293
Dilutive effect of equity awards	3,881		23,222		3,781		34,835
Diluted number of common and common equivalent shares outstanding	36,442,284		38,245,373		36,792,921		39,314,128

Earnings per share:
(dollars in thousands, except per share data)
Basic net income per common share:
Net income	$	66,127	$	64,957	$	125,990	$	169,859
Income allocated to participating securities	(1,267)		(1,013)		(2,254)		(2,478)
Net income available to common shareholders	$	64,860	$	63,944	$	123,736	$	167,381

Basic net income per common share	$	1.78	$	1.67	$	3.36	$	4.26

Diluted net income per common share:
Net income	$	66,127	$	64,957	$	125,990	$	169,859
Income allocated to participating securities	(1,267)		(1,012)		(2,254)		(2,477)
Net income available to common shareholders	$	64,860	$	63,945	$	123,736	$	167,382

Diluted net income per common share	$	1.78	$	1.67	$	3.36	$	4.26

Anti-dilutive awards excluded from diluted earnings per share computation(*)	460,947		525,349		483,921		465,529

(*)The volume of anti-dilutive awards is, in part, due to the related unamortized compensation costs.

REVENUE RECOGNITION (Tables)

9 Months Ended

Sep. 30, 2023

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

Disaggregated revenues from these sources for the fiscal periods indicated were as follows:


	Fiscal quarter ended September 30, 2023
(dollars in thousands)	U.S. Retail		U.S. Wholesale		International		Total
Wholesale channel	$	—	$	300,338	$	45,842	$	346,180
Direct-to-consumer	374,796		—		70,675		445,471

	$	374,796	$	300,338	$	116,517	$	791,651

Royalty income, net	$	2,236	$	3,147	$	330	$	5,713


	Three fiscal quarters ended September 30, 2023
(dollars in thousands)	U.S. Retail		U.S. Wholesale		International		Total
Wholesale channel	$	—	$	767,194	$	117,547	$	884,741
Direct-to-consumer	1,021,983		—		181,006		1,202,989

	$	1,021,983	$	767,194	$	298,553	$	2,087,730

Royalty income, net	$	5,746	$	8,694	$	2,133	$	16,573


	Fiscal quarter ended October 1, 2022
(dollars in thousands)	U.S. Retail		U.S. Wholesale		International		Total
Wholesale channel	$	—	$	288,454	$	50,489	$	338,943
Direct-to-consumer	408,209		—		71,472		479,681

	$	408,209	$	288,454	$	121,961	$	818,624

Royalty income, net	$	3,073	$	3,349	$	851	$	7,273


	Three fiscal quarters ended October 1, 2022
(dollars in thousands)	U.S. Retail		U.S. Wholesale		International		Total
Wholesale channel	$	—	$	819,772	$	137,940	$	957,712
Direct-to-consumer	1,153,664		—		189,227		1,342,891

	$	1,153,664	$	819,772	$	327,167	$	2,300,603

Royalty income, net	$	7,631	$	9,664	$	3,054	$	20,349

Accounts Receivable from Customers and Licensees

The components of Accounts receivable, net, were as follows:


(dollars in thousands)	September 30, 2023		December 31, 2022		October 1, 2022
Trade receivables from wholesale customers, net	$	239,493	$	195,078	$	260,635
Royalties receivable	5,825		5,386		6,823
Other receivables(1)	10,898		14,571		13,673
Total gross receivables	$	256,216	$	215,035	$	281,131
Less: Wholesale accounts receivable reserves(2)(3)	(15,709)		(16,448)		(15,538)
Accounts receivable, net	$	240,507	$	198,587	$	265,593

(1)Includes tax, payroll, gift card and other receivables.

(2)Includes allowance for chargebacks of $9.0 million, $9.3 million, and $9.2 million for the periods ended September 30, 2023, December 31, 2022, and October 1, 2022, respectively.

(3)Includes allowance for credit losses of $6.7 million, $7.2 million, and $6.3 million for the periods ended September 30, 2023, December 31, 2022, and October 1, 2022, respectively.

Contract with Customer, Asset and Liability

Total contract liabilities consisted of the following amounts:


(dollars in thousands)	September 30, 2023		December 31, 2022		October 1, 2022
Contract liabilities - current:
Unredeemed gift cards	$	23,983	$	23,303	$	21,217
Unredeemed customer loyalty rewards	4,020		5,276		7,527
Carter’s credit card - upfront bonus(1)	714		714		714
Total contract liabilities - current(2)	$	28,717	$	29,293	$	29,458

Contract liabilities - non-current(3)	$	893	$	1,429	$	1,607
Total contract liabilities	$	29,610	$	30,722	$	31,065

(2)Included with Other current liabilities on the Company’s condensed consolidated balance sheets.

EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

EARNINGS PER SHARE

The following is a reconciliation of basic common shares outstanding to diluted common and common equivalent shares outstanding:


	Fiscal quarter ended				Three fiscal quarters ended
	September 30, 2023		October 1, 2022		September 30, 2023		October 1, 2022
Weighted-average number of common and common equivalent shares outstanding:
Basic number of common shares outstanding	36,438,403		38,222,151		36,789,140		39,279,293
Dilutive effect of equity awards	3,881		23,222		3,781		34,835
Diluted number of common and common equivalent shares outstanding	36,442,284		38,245,373		36,792,921		39,314,128

Earnings per share:
(dollars in thousands, except per share data)
Basic net income per common share:
Net income	$	66,127	$	64,957	$	125,990	$	169,859
Income allocated to participating securities	(1,267)		(1,013)		(2,254)		(2,478)
Net income available to common shareholders	$	64,860	$	63,944	$	123,736	$	167,381

Basic net income per common share	$	1.78	$	1.67	$	3.36	$	4.26

Diluted net income per common share:
Net income	$	66,127	$	64,957	$	125,990	$	169,859
Income allocated to participating securities	(1,267)		(1,012)		(2,254)		(2,477)
Net income available to common shareholders	$	64,860	$	63,945	$	123,736	$	167,382

Diluted net income per common share	$	1.78	$	1.67	$	3.36	$	4.26

Anti-dilutive awards excluded from diluted earnings per share computation(*)	460,947		525,349		483,921		465,529

(*)The volume of anti-dilutive awards is, in part, due to the related unamortized compensation costs.

OTHER CURRENT LIABILITIES

9 Months Ended

Sep. 30, 2023

Other Liabilities Disclosure [Abstract]

OTHER CURRENT LIABILITIES

Other current liabilities at the end of any comparable period, were as follows:


(dollars in thousands)	September 30, 2023		December 31, 2022		October 1, 2022
Unredeemed gift cards	$	23,983	$	23,303	$	21,217
Accrued employee benefits	17,433		16,356		14,131
Accrued taxes	13,534		10,445		11,190
Accrued bonuses and incentive compensation(*)	12,184		7,244		1,260
Income taxes payable	6,341		17,484		7,911

Accrued salaries and wages	6,030		11,519		6,113
Accrued other	26,617		36,088		30,572
Other current liabilities	$	106,122	$	122,439	$	92,394

(*)Accrual as of December 31, 2022 and October 1, 2022 was impacted by a lower than expected financial performance in fiscal 2022.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Oct. 01, 2022
Statement of Cash Flows [Abstract]
Payments of rent before payment due date		$ 13.6
Operating lease assets obtained in exchange for operating lease liabilities	$ 123.1	$ 108.6

LONG-TERM DEBT

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

LONG-TERM DEBT

Long-term debt consisted of the following:


(dollars in thousands)	September 30, 2023		December 31, 2022		October 1, 2022
$500 million 5.625% senior notes due March 15, 2027	$	500,000	$	500,000	$	500,000
Less unamortized issuance-related costs for senior notes	(2,832)		(3,376)		(3,552)
Senior notes, net	$	497,168	$	496,624	$	496,448
Secured revolving credit facility	70,000		120,000		240,000
Total long-term debt, net	$	567,168	$	616,624	$	736,448

Secured Revolving Credit Facility

As of September 30, 2023, the Company had $70.0 million outstanding borrowings under its secured revolving credit facility, exclusive of $4.4 million of outstanding letters of credit. As of September 30, 2023, there was approximately $775.6 million available for future borrowing. All outstanding borrowings under the Company’s secured revolving credit facility are classified as non-current liabilities on the Company’s condensed consolidated balance sheets because of the contractual repayment terms under the credit facility.

The Company’s secured revolving credit facility provides for an aggregate credit line of $850 million which includes a $750 million U.S. dollar facility and a $100 million multicurrency facility. The credit facility matures in April 2027. The facility contains covenants that restrict the Company’s ability to, among other things: (i) create or incur liens, debt, guarantees or other investments, (ii) engage in mergers and consolidations, (iii) pay dividends or other distributions to, and redemptions and repurchases from, equity holders, (iv) prepay, redeem or repurchase subordinated or junior debt, (v) amend organizational documents, and (vi) engage in certain transactions with affiliates.

On October 17, 2023, Carter’s Holdings B.V., a subsidiary of the Company, was released from its obligations under the secured revolving credit facility.

As of September 30, 2023, the interest rate margins applicable to the secured revolving credit facility were 1.125% for adjusted term Secured Overnight Financing Rate (“SOFR”) loans and 0.125% for base rate loans. As of September 30, 2023, U.S. dollar borrowings outstanding under the secured revolving credit facility accrued interest at an adjusted term SOFR rate plus the applicable margin, which resulted in a weighted-average borrowing rate of 6.55%. There were no foreign currency borrowings outstanding on September 30, 2023. As of September 30, 2023, the Company was in compliance with its financial and other covenants under the secured revolving credit facility.

FAIR VALUE MEASUREMENTS	9 Months Ended
FAIR VALUE MEASUREMENTS	Sep. 30, 2023
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS Investments The Company invests in marketable securities, principally equity-based mutual funds, to mitigate the risk associated with the investment return on employee deferrals of compensation. All of the marketable securities are included in Other assets on the accompanying condensed consolidated balance sheets, and their aggregate fair values were approximately $16.4 million, $15.1 million, and $15.1 million at September 30, 2023, December 31, 2022, and October 1, 2022, respectively. These investments are classified as Level 1 within the fair value hierarchy. The change in the aggregate fair values of marketable securities is due to the net activity of gains and losses and any contributions and distributions during the period. Gains on the investments in marketable securities were $0.8 million and $1.4 million for the third quarter and the first three quarters of fiscal 2023, respectively. Losses on the investments in marketable securities were $0.5 million and $2.4 million for the third quarter and the first three quarters of fiscal 2022, respectively. These amounts are included in Other (income) expense, net on the Company’s condensed consolidated statement of operations. Borrowings As of September 30, 2023, the Company had $70.0 million outstanding borrowings under its secured revolving credit facility. The fair value of the Company’s senior notes at September 30, 2023 was approximately $481.4 million. The fair value of these senior notes with a notional value and carrying value (gross of debt issuance costs) of $500.0 million was estimated using a quoted price as provided in the secondary market, which considers the Company’s credit risk and market related conditions, and is therefore within Level 2 of the fair value hierarchy. Goodwill, Intangible, and Long-Lived Tangible Assets Some assets are not measured at fair value on a recurring basis but are subject to fair value adjustments only in certain circumstances. These assets can include goodwill, indefinite-lived intangible assets, and long-lived tangible assets that have been reduced to fair value when impaired. Assets that are written down to fair value when impaired are not subsequently adjusted to fair value unless further impairment occurs. In the fourth quarter of fiscal 2022, impairment charges of $5.6 million, $3.0 million, and $0.4 million were recorded on our indefinite-lived Skip Hop tradename asset in the U.S. Wholesale, International, and U.S. Retail segments, respectively, to reflect the impairment of the value ascribed to the indefinite-lived Skip Hop tradename asset. The carrying value of the indefinite-lived Skip Hop tradename asset as of September 30, 2023 was $6.0 million.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

COMMON STOCK (Tables)

9 Months Ended

Sep. 30, 2023

Stockholders' Equity Note [Abstract]

Schedule of Shares Repurchased and Retired

The Company repurchased and retired shares in open market transactions in the following amounts for the fiscal periods indicated:


	Fiscal quarter ended				Three fiscal quarters ended
	September 30, 2023		October 1, 2022		September 30, 2023		October 1, 2022
Number of shares repurchased	390,004		877,119		975,358		2,942,481
Aggregate cost of shares repurchased (dollars in thousands)(*)	$	27,570	$	65,445	$	67,492	$	241,751
Average price per share(*)	$	70.69	$	74.61	$	69.20	$	82.16

(*)The aggregate cost of share repurchases and average price paid per share excludes excise tax on share repurchases imposed as part of the Inflation Reduction Act of 2022.

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

+ References

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-Name Accounting Standards Codification
-Section S99
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+ Details

ACCUMULATED OTHER COMPREHENSIVE LOSS

9 Months Ended

Sep. 30, 2023

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

ACCUMULATED OTHER COMPREHENSIVE LOSS

The components of Accumulated other comprehensive loss consisted of the following:


(dollars in thousands)	September 30, 2023		December 31, 2022		October 1, 2022
Cumulative foreign currency translation adjustments	$	(23,630)	$	(28,826)	$	(32,980)
Pension and post-retirement obligations(*)	(5,512)		(5,512)		(7,595)
Total accumulated other comprehensive loss	$	(29,142)	$	(34,338)	$	(40,575)

(*)Net of income taxes of $1.7 million, $1.7 million, and $2.4 million for the period ended September 30, 2023, December 31, 2022, and October 1, 2022, respectively.

During the first three quarters of both fiscal 2023 and fiscal 2022, no amounts were reclassified from Accumulated other comprehensive loss to the consolidated statement of operations.

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands

Sep. 30, 2023

Dec. 31, 2022

Oct. 01, 2022

Current assets:

Cash and cash equivalents

$ 169,106

$ 211,748

$ 121,649

Accounts receivable, net

240,507

198,587

265,593

Finished goods inventories, net of inventory reserves

620,669

744,573

899,326

Prepaid expenses and other current assets

^[1]

37,604

33,812

59,964

Total current assets

1,067,886

1,188,720

1,346,532

Property, plant, and equipment, net of accumulated depreciation

180,888

189,822

181,575

Operating lease assets

506,010

492,335

491,863

Tradenames, net

298,230

298,393

307,456

Goodwill

209,494

209,333

208,454

Customer relationships, net

28,087

30,564

31,386

Other assets

29,211

30,548

30,687

Total assets

2,319,806

2,439,715

2,597,953

Current liabilities:

Accounts payable

222,210

264,078

318,026

Current operating lease liabilities

^[1]

135,865

142,432

141,585

Other current liabilities

106,122

122,439

92,394

Total current liabilities

464,197

528,949

552,005

Long-term debt, net

567,168

616,624

736,448

Deferred income taxes

41,217

41,235

48,930

Long-term operating lease liabilities

427,280

421,741

430,479

Other long-term liabilities

34,633

34,757

41,889

Total liabilities

1,534,495

1,643,306

1,809,751

Commitments and contingencies - Note 12

Stockholders’ equity:

Preferred stock; par value $0.01 per share; 100,000 shares authorized; none issued or outstanding

Common stock, voting; par value $0.01 per share; 150,000,000 shares authorized; 36,969,967, 37,692,132, and 38,456,219 shares issued and outstanding, respectively

370

377

385

Additional paid-in capital

Accumulated other comprehensive loss

(29,142)

(34,338)

(40,575)

Retained earnings

814,083

830,370

828,392

Total stockholders’ equity

785,311

796,409

788,202

Total liabilities and stockholders’ equity

$ 2,319,806

$ 2,439,715

$ 2,597,953

[1]	Prepaid expenses and other current assets and Current operating lease liabilities as of October 1, 2022 were revised to reflect the presentation for payments of rent before payment due date of $13.6 million.

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2023	Oct. 01, 2022	Sep. 30, 2023	Oct. 01, 2022
Pay vs Performance Disclosure
Net income	$ 66,127	$ 64,957	$ 125,990	$ 169,859

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

BASIS OF PRESENTATION (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Oct. 01, 2022
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Finished goods inventories, net	$ 620,669	$ 744,573	$ 899,326
Change in inventory	$ (278,700)
Percent change in inventory	(31.00%)
Percentage change in inventory adjustment	25.80%
Liability for adverse inventory and fabric purchase commitments	$ 800		3,100
SCF revolving capacity	$ 70,000
Payment terms with suppliers, period	90 days
Accounts payable	$ 222,210	264,078	318,026
SCF
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Accounts payable	$ 16,700	$ 16,500	$ 15,300

REVENUE RECOGNITION - Contract Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Oct. 01, 2022
Revenue from Contract with Customer [Abstract]
Unredeemed gift cards	$ 23,983	$ 23,303	$ 21,217
Unredeemed customer loyalty rewards	4,020	5,276	7,527
Carter's credit card - upfront bonus	714	714	714
Total contract liabilities-current	28,717	29,293	29,458
Contract liabilities - non-current	893	1,429	1,607
Total contract liabilities	$ 29,610	$ 30,722	$ 31,065

STOCK-BASED COMPENSATION (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
STOCK-BASED COMPENSATION (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Oct. 01, 2022	Sep. 30, 2023	Oct. 01, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 3,928	$ 5,003	$ 14,912	$ 17,221
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	0	8	0	186
Time-based awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	4,353	4,506	12,898	13,961
Performance-based awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	(425)	489	464	1,368
Reversal of previously recognized stock compensation expense	1,100		1,500
Stock awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 0	$ 0	$ 1,550	$ 1,706

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

THE COMPANY	9 Months Ended
THE COMPANY	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
THE COMPANY	THE COMPANY Carter’s, Inc. and its wholly-owned subsidiaries (collectively, the “Company”) design, source, and market branded childrenswear under the Carter’s, OshKosh B’gosh (or “OshKosh”), Skip Hop, Child of Mine, Just One You, Simple Joys, Little Planet, and other brands. The Company’s products are sourced through contractual arrangements with manufacturers worldwide for wholesale distribution to leading department stores, national chains, and specialty retailers domestically and internationally and for sale in the Company’s retail stores and on its eCommerce sites that market its brand name merchandise and other licensed products manufactured by other companies. Our trademarks that are referred to in this Quarterly Report on Form 10-Q, including Carter’s, OshKosh B’gosh, OshKosh, Child of Mine, Just One You, Simple Joys, Little Planet, and other brands, many of which are registered in the United States and in over 100 other countries and territories, are each the property of one or more subsidiaries of Carter’s, Inc.

COMMON STOCK

9 Months Ended

Sep. 30, 2023

Stockholders' Equity Note [Abstract]

COMMON STOCK

Open Market Share Repurchases

The Company repurchased and retired shares in open market transactions in the following amounts for the fiscal periods indicated:


	Fiscal quarter ended				Three fiscal quarters ended
	September 30, 2023		October 1, 2022		September 30, 2023		October 1, 2022
Number of shares repurchased	390,004		877,119		975,358		2,942,481
Aggregate cost of shares repurchased (dollars in thousands)(*)	$	27,570	$	65,445	$	67,492	$	241,751
Average price per share(*)	$	70.69	$	74.61	$	69.20	$	82.16

(*)The aggregate cost of share repurchases and average price paid per share excludes excise tax on share repurchases imposed as part of the Inflation Reduction Act of 2022.

The total aggregate remaining capacity under outstanding repurchase authorizations as of September 30, 2023 was approximately $682.0 million, based on settled repurchase transactions. The share repurchase authorizations have no expiration date.

The Inflation Reduction Act of 2022 imposed a nondeductible 1% excise tax on the net value of certain share repurchases made after December 31, 2022. Beginning in fiscal year 2023, the Company reflected the applicable excise tax in Additional paid-in capital on the Company’s condensed consolidated balance sheets as part of the cost basis of the shares repurchased. The corresponding liability for the excise tax payable is recorded in Other current liabilities on the Company’s condensed consolidated balance sheets.

Future repurchases may occur from time to time in the open market, in privately negotiated transactions, or otherwise. The timing and amount of any repurchases will be at the discretion of the Company subject to restrictions under the Company’s secured revolving credit facility, market conditions, stock price, other investment priorities, and other factors.

Dividends

In each of the first three quarters of fiscal 2023, the Board of Directors declared, and the Company paid, a cash dividend per common share of $0.75 (for an aggregate cash dividend per common share of $2.25 for the first three quarters of fiscal 2023). Additionally, in each of the first three quarters of fiscal 2022, the Board of Directors declared, and the Company paid, a cash dividend per common share of $0.75 (for an aggregate cash dividend per common share of $2.25 for the first three quarters of fiscal 2022). The Board of Directors will evaluate future dividend declarations based on a number of factors, including restrictions under the Company’s secured revolving credit facility, business conditions, the Company’s financial performance, and other considerations.

Provisions in the Company’s secured revolving credit facility could have the effect of restricting the Company’s ability to pay cash dividends on, or make future repurchases of, its common stock, as further described in Note 6, Long-term Debt, to the consolidated financial statements.

- Definition

The entire disclosure for equity.

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+ Details

THE COMPANY (Details)	Sep. 30, 2023 countryAndTerritory
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of countries and territories registered with company trademarks	100

LONG-TERM DEBT (Tables)

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Schedule of long-term debt

Long-term debt consisted of the following:


(dollars in thousands)	September 30, 2023		December 31, 2022		October 1, 2022
$500 million 5.625% senior notes due March 15, 2027	$	500,000	$	500,000	$	500,000
Less unamortized issuance-related costs for senior notes	(2,832)		(3,376)		(3,552)
Senior notes, net	$	497,168	$	496,624	$	496,448
Secured revolving credit facility	70,000		120,000		240,000
Total long-term debt, net	$	567,168	$	616,624	$	736,448

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)

9 Months Ended

Sep. 30, 2023

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Schedule of Accumulated Other Comprehensive Loss

The components of Accumulated other comprehensive loss consisted of the following:


(dollars in thousands)	September 30, 2023		December 31, 2022		October 1, 2022
Cumulative foreign currency translation adjustments	$	(23,630)	$	(28,826)	$	(32,980)
Pension and post-retirement obligations(*)	(5,512)		(5,512)		(7,595)
Total accumulated other comprehensive loss	$	(29,142)	$	(34,338)	$	(40,575)

(*)Net of income taxes of $1.7 million, $1.7 million, and $2.4 million for the period ended September 30, 2023, December 31, 2022, and October 1, 2022, respectively.

BASIS OF PRESENTATION	9 Months Ended
BASIS OF PRESENTATION	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”). All intercompany transactions and balances have been eliminated in consolidation. In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all normal and recurring adjustments necessary to state fairly the consolidated financial condition, results of operations, comprehensive income, statement of shareholders’ equity, and cash flows of the Company for the interim periods presented. Except as otherwise disclosed, all such adjustments consist only of those of a normal recurring nature. Operating results for the fiscal quarter ended September 30, 2023 are not necessarily indicative of the results that may be expected for the current fiscal year ending December 30, 2023. The preparation of these unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. The accompanying condensed consolidated balance sheet as of December 31, 2022 was derived from the Company’s audited consolidated financial statements included in its most recently filed Annual Report on Form 10-K. Certain information and footnote disclosure normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to the rules and regulations of the SEC and the instructions to Form 10-Q. We have recast the consolidated statement of operations for the fiscal quarter and three fiscal quarters ended October 1, 2022 to conform to our current presentation of combining Adverse purchase commitments within Cost of goods sold. Inventories Our inventories, which consist primarily of finished goods, are stated at the lower of cost (first-in, first-out basis for wholesale inventory and average cost for retail inventories) or net realizable value. Inventories at September 30, 2023 were $620.7 million compared to $899.3 million at October 1, 2022 and $744.6 million at December 31, 2022. The decrease of $278.7 million, or 31.0%, at September 30, 2023 compared to October 1, 2022 is primarily due to decreased in-transit inventory, decreased “pack and hold” inventory, and lower forecasted net sales for fiscal 2023. Due to the seasonal nature of our operations, the inventories balance at September 30, 2023 is not comparable to the inventories balance at December 31, 2022. Adjustments to bring inventory to net realizable value as a result of obsolete, damaged, and excess inventory at September 30, 2023 decreased 25.8% compared to October 1, 2022. These adjustments as a percentage of gross inventory have remained relatively stable due to the overall quality and planned use of the inventory. The liability for adverse inventory and fabric purchase commitments decreased from $3.1 million as of October 1, 2022 to $0.8 million as of September 30, 2023, primarily due to settlements with vendors for canceled production and the utilization of previously reserved fabric. Supply Chain Financing Program We have established a voluntary supply chain finance (“SCF”) program through participating financial institutions. This SCF program enables participating suppliers to accelerate payments for receivables due from the Company by selling them directly to the participating financial institutions at their discretion. As of September 30, 2023, the SCF program has a $70.0 million revolving capacity. We are not a party to the agreements between the participating financial institutions and the suppliers in connection with the SCF program. The payment terms with the majority of our suppliers are 90 days, irrespective of whether a supplier participates in the SCF program. No guarantees are provided by the Company or any of our subsidiaries under the SCF program. The Company’s liability related to amounts payable to the participating financial institution for suppliers who voluntarily participate in the SCF program are included in Accounts payable on our condensed consolidated balance sheets. Amounts under the SCF program included in Accounts payable were $16.7 million, $16.5 million, and $15.3 million as of September 30, 2023, December 31, 2022, and October 1, 2022, respectively. Payments made in connection with the SCF program, like payments of other accounts payable, are reflected as a reduction to our operating cash flow. Accounting Policies The accounting policies the Company follows are set forth in its most recently filed Annual Report on Form 10-K. There have been no material changes to these accounting policies. New accounting pronouncements adopted at the beginning of fiscal 2023 are noted below. Recent Accounting Pronouncements Supplier Finance Programs (ASU 2022-04) In September 2022, the FASB issued Accounting Standards Update No. 2022-04, Liabilities - Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations (“ASU 2022-04”). This new guidance is designed to enhance transparency around supplier finance programs by requiring new disclosures that would allow a user of the financial statements to understand the program’s nature, activity during the period, changes from period to period, and potential magnitude. ASU 2022-04 is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, except for the disclosure of the rollforward of annual activity, which is effective for fiscal years beginning after December 15, 2023. The effect of the adoption of ASU 2022-04 was not material to the Company’s consolidated financial statements.

INCOME TAXES (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022	Oct. 01, 2022
Income Tax Disclosure [Abstract]
Gross unrecognized tax benefits	$ 9.5
Unrecognized tax benefits that if recognized would impact effective tax rate	6.5
Reserves for unrecognized tax benefits	2.4
Interest accrued on uncertain tax positions	$ 2.0	$ 1.5	$ 2.3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Oct. 01, 2022
Statement of Financial Position [Abstract]
Accounts receivable, allowance for credit loss	$ 6,741	$ 7,189	$ 6,290
Finished goods inventories, inventory reserves	19,014	19,268	25,628
Property, plant, and equipment, accumulated depreciation	$ 605,857	$ 569,528	$ 559,085
Preferred stock; par value (in USD per share)	$ 0.01	$ 0.01	$ 0.01
Preferred stock; shares authorized (in shares)	100,000	100,000	100,000
Preferred stock; shares issued (in shares)	0	0	0
Preferred stock; shares outstanding (in shares)	0	0	0
Common stock, voting; par value (in USD per share)	$ 0.01	$ 0.01	$ 0.01
Common stock, voting; shares authorized (in shares)	150,000,000	150,000,000	150,000,000
Common stock voting; shares issued (in shares)	36,969,967	37,692,132	38,456,219
Common stock voting; shares outstanding (in shares)	36,969,967	37,692,132	38,456,219
Payments of rent before payment due date			$ 13,600

FAIR VALUE MEASUREMENTS - Goodwill, Intangible, and Long-Lived Tangible Assets (Details) - Skip Hop Trade Name - USD ($) $ in Millions	3 Months Ended
	Apr. 01, 2023	Sep. 30, 2023
Goodwill and Other Intangible Assets [Line Items]
Carrying value of indefinite-lived assets		$ 6.0
U.S. Wholesale
Goodwill and Other Intangible Assets [Line Items]
Intangible asset impairment	$ 5.6
International
Goodwill and Other Intangible Assets [Line Items]
Intangible asset impairment	3.0
U.S. Retail
Goodwill and Other Intangible Assets [Line Items]
Intangible asset impairment	$ 0.4

COMMITMENTS AND CONTINGENCIES	9 Months Ended
COMMITMENTS AND CONTINGENCIES	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES The Company is subject to various claims and pending or threatened lawsuits in the normal course of business. The Company is not currently a party to any legal proceedings that it believes would have a material adverse impact on its financial position, results of operations, or cash flows. The Company’s contractual obligations and commitments include obligations associated with leases, the secured revolving credit agreement, senior notes, and employee benefit plans.

INCOME TAXES	9 Months Ended
INCOME TAXES	Sep. 30, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES As of September 30, 2023, the Company had gross unrecognized income tax benefits of approximately $9.5 million, of which $6.5 million, if ultimately recognized, may affect the Company’s effective income tax rate in the periods settled. The Company has recorded tax positions for which the ultimate deductibility is more likely than not, but for which there is uncertainty about the timing of such deductions. Included in the reserves for unrecognized tax benefits at September 30, 2023 is approximately $2.4 million of reserves for which the statute of limitations is expected to expire within the next 12 months. If these tax benefits are ultimately recognized, such recognition, net of federal income taxes, may affect the annual effective income tax rate for fiscal 2023 along with the effective income tax rate in the quarter in which the benefits are recognized. The Company recognizes interest related to unrecognized tax benefits as a component of interest expense and recognizes penalties related to unrecognized income tax benefits as a component of income tax expense. Interest expense recorded on uncertain tax positions was not material for the third quarter and first three quarters of fiscal 2023 and fiscal 2022. The Company had approximately $2.0 million, $1.5 million, and $2.3 million of interest accrued on uncertain tax positions as of September 30, 2023, December 31, 2022, and October 1, 2022, respectively.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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