0001060822-21-000052 | 10-Q | XBRL Viewer

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COVER PAGE - shares	9 Months Ended
COVER PAGE - shares	Oct. 02, 2021	Oct. 22, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Oct. 02, 2021
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		42,265,791
Entity Central Index Key	0001060822
Current Fiscal Year End Date	--01-01
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Oct. 02, 2021	Jan. 02, 2021	Sep. 26, 2020
Current assets:
Cash and cash equivalents	$ 943,025	$ 1,102,323	$ 831,175
Accounts receivable, net	261,182	186,512	263,231
Inventory, net	722,396	599,262	646,608
Prepaid expenses and other current assets	56,182	57,927	56,493
Total current assets	1,982,785	1,946,024	1,797,507
Property, plant and equipment, net	218,828	262,345	274,574
Operating lease assets	510,051	593,008	619,057
Tradenames, net	307,705	307,893	307,955
Goodwill	212,016	211,776	209,507
Customer relationships, net	34,843	37,510	38,147
Other assets	28,028	34,024	34,874
Total assets	3,294,256	3,392,580	3,281,621
Current liabilities:
Accounts payable	388,726	472,140	473,473
Current operating lease liabilities	153,339	185,152	172,364
Other current liabilities	132,400	135,240	115,069
Total current liabilities	674,465	792,532	760,906
Long-term debt, net	990,900	989,530	989,086
Deferred income taxes	52,967	52,770	60,160
Long-term operating lease liabilities	464,660	554,497	587,099
Other long-term liabilities	56,390	65,218	62,489
Total liabilities	2,239,382	2,454,547	2,459,740
Commitments and contingencies
Stockholders’ equity:
Preferred stock; par value $0.01 per share; 100,000 shares authorized; none issued or outstanding at October 2, 2021, January 2, 2021, and September 26, 2020	0	0	0
Common stock, voting; par value $0.01 per share; 150,000,000 shares authorized; 42,946,790, 43,780,075, and 43,648,671 shares issued and outstanding at October 2, 2021, January 2, 2021, and September 26, 2020, respectively	429	438	436
Additional paid-in capital	0	17,752	9,258
Accumulated other comprehensive loss	(32,689)	(32,760)	(41,402)
Retained earnings	1,087,134	952,603	853,589
Total stockholders’ equity	1,054,874	938,033	821,881
Total liabilities and stockholders’ equity	$ 3,294,256	$ 3,392,580	$ 3,281,621

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Oct. 02, 2021	Jan. 02, 2021	Sep. 26, 2020
Statement of Financial Position [Abstract]
Allowance for credit loss	$ 8,678	$ 5,940	$ 7,675
Inventory Valuation Reserves	23,698	14,206	30,053
Accumulated depreciation of property, plant, and equipment	$ 557,164	$ 583,980	$ 576,123
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 and outstanding (in shares)	0	0	0
Common stock, voting; par value (in USD per share)	$ 0.01		$ 0.01
Common stock, voting; shares authorized (in shares)	150,000,000		150,000,000
Common stock voting; shares outstanding (in shares)	42,946,790	43,780,075	43,648,671

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 02, 2021	Sep. 26, 2020	Oct. 02, 2021	Sep. 26, 2020
Income Statement [Abstract]
Net sales	$ 890,586	$ 865,080	$ 2,424,347	$ 2,034,437
Cost of goods sold	481,298	483,333	1,262,822	1,170,778
Adverse purchase commitments (inventory and raw materials), net	507	(1,968)	(7,923)	16,166
Gross profit	408,781	383,715	1,169,448	847,493
Royalty income, net	8,442	9,063	22,550	19,989
Selling, general, and administrative expenses	293,192	279,251	832,889	767,237
Goodwill impairment	0	0	0	17,742
Intangible asset impairment	0	0	0	26,500
Operating income	124,031	113,527	359,109	56,003
Interest expense	15,196	16,347	45,839	40,523
Interest income	(335)	(330)	(761)	(1,217)
Other expense (income), net	844	(2,758)	(796)	2,647
Income before income taxes	108,326	100,268	314,827	14,050
Income tax provision	23,350	19,027	72,052	3,347
Net income	$ 84,976	$ 81,241	$ 242,775	$ 10,703
Basic net income per common share (in USD per share)	$ 1.94	$ 1.86	$ 5.53	$ 0.25
Diluted net income per common share (in USD per share)	1.93	1.85	5.51	0.24
Dividend declared and paid per common share (in USD per share)	$ 0.40	$ 0	$ 0.80	$ 0.60

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 02, 2021	Sep. 26, 2020	Oct. 02, 2021	Sep. 26, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 84,976	$ 81,241	$ 242,775	$ 10,703
Other comprehensive (loss) income:
Foreign currency translation adjustments	(5,426)	3,643	71	(5,768)
Comprehensive income	$ 79,550	$ 84,884	$ 242,846	$ 4,935

- 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

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 Dec. 28, 2019		43,963,103
Balance at beginning of period at Dec. 28, 2019	$ 880,130	$ 440	$ 0	$ (35,634)	$ 915,324
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)		33,158
Exercise of stock options	1,840	$ 0	1,840	0	0
Withholdings from vesting of restricted stock (in shares)		(43,611)
Withholdings from vesting of restricted stock	(4,712)	$ 0	(4,712)	0	0
Restricted stock activity (in shares)		132,759
Restricted stock activity	0	$ 1	(1)	0	0
Stock-based compensation expense	1,945	$ 0	1,945	0	0
Repurchase of common stock (in shares)		(474,684)
Repurchase of common stock	(45,255)	$ (5)	928	0	(46,178)
Cash dividends declared and paid	(26,260)	0	0	0	(26,260)
Comprehensive income (loss)	(91,686)	0	0	(12,992)	(78,694)
Balance at end of period at Mar. 28, 2020	716,002	$ 436	0	(48,626)	764,192
Balance at end of period (in shares) at Mar. 28, 2020		43,610,725
Balance at beginning of period (in shares) at Dec. 28, 2019		43,963,103
Balance at beginning of period at Dec. 28, 2019	880,130	$ 440	0	(35,634)	915,324
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income (loss)	4,935
Balance at end of period at Sep. 26, 2020	821,881	$ 436	9,258	(41,402)	853,589
Balance at end of period (in shares) at Sep. 26, 2020		43,648,671
Balance at beginning of period (in shares) at Mar. 28, 2020		43,610,725
Balance at beginning of period at Mar. 28, 2020	716,002	$ 436	0	(48,626)	764,192
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)		14,180
Exercise of stock options	1,076	$ 0	1,076	0	0
Withholdings from vesting of restricted stock (in shares)		(1,016)
Withholdings from vesting of restricted stock	(77)	$ 0	(77)	0	0
Restricted stock activity (in shares)		12,287
Restricted stock activity	0	$ 0	0	0	0
Stock-based compensation expense	4,540	0	4,540	0	0
Comprehensive income (loss)	11,737	0	0	3,581	8,156
Balance at end of period at Jun. 27, 2020	733,278	$ 436	5,539	(45,045)	772,348
Balance at end of period (in shares) at Jun. 27, 2020		43,636,176
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)		12,811
Exercise of stock options	812	$ 0	812	0	0
Withholdings from vesting of restricted stock (in shares)		(1,744)
Withholdings from vesting of restricted stock	(139)	$ 0	(139)	0	0
Restricted stock activity (in shares)		1,428
Restricted stock activity	0	$ 0	0	0	0
Stock-based compensation expense	3,046	0	3,046	0	0
Comprehensive income (loss)	84,884	0	0	3,643	81,241
Balance at end of period at Sep. 26, 2020	821,881	$ 436	9,258	(41,402)	853,589
Balance at end of period (in shares) at Sep. 26, 2020		43,648,671
Balance at beginning of period (in shares) at Jan. 02, 2021		43,780,075
Balance at beginning of period at Jan. 02, 2021	938,033	$ 438	17,752	(32,760)	952,603
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)		12,065
Exercise of stock options	811	$ 0	811	0	0
Withholdings from vesting of restricted stock (in shares)		(37,444)
Withholdings from vesting of restricted stock	(3,588)	$ 0	(3,588)	0	0
Restricted stock activity (in shares)		192,963
Restricted stock activity	0	$ 2	(2)	0	0
Stock-based compensation expense	6,931	0	6,931	0	0
Comprehensive income (loss)	87,422	0	0	1,226	86,196
Balance at end of period at Apr. 03, 2021	1,029,609	$ 440	21,904	(31,534)	1,038,799
Balance at end of period (in shares) at Apr. 03, 2021		43,947,659
Balance at beginning of period (in shares) at Jan. 02, 2021		43,780,075
Balance at beginning of period at Jan. 02, 2021	938,033	$ 438	17,752	(32,760)	952,603
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income (loss)	242,846
Balance at end of period at Oct. 02, 2021	1,054,874	$ 429	0	(32,689)	1,087,134
Balance at end of period (in shares) at Oct. 02, 2021		42,946,790
Balance at beginning of period (in shares) at Apr. 03, 2021		43,947,659
Balance at beginning of period at Apr. 03, 2021	1,029,609	$ 440	21,904	(31,534)	1,038,799
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)		57,274
Exercise of stock options	4,336	$ 0	4,336	0	0
Withholdings from vesting of restricted stock (in shares)		(1,057)
Withholdings from vesting of restricted stock	(110)	$ 0	(110)	0	0
Restricted stock activity (in shares)		7,204
Restricted stock activity	0	$ 0	0	0	0
Stock-based compensation expense	5,391	0	5,391	0	0
Cash dividends declared and paid	(17,596)	0	0	0	(17,596)
Comprehensive income (loss)	75,874	0	0	4,271	71,603
Balance at end of period at Jul. 03, 2021	1,097,504	$ 440	31,521	(27,263)	1,092,806
Balance at end of period (in shares) at Jul. 03, 2021		44,011,080
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)		30,464
Exercise of stock options	2,313	$ 0	2,313	0	0
Withholdings from vesting of restricted stock (in shares)		(1,885)
Withholdings from vesting of restricted stock	(199)	$ 0	(199)	0	0
Restricted stock activity (in shares)		3,030
Restricted stock activity	0	$ 0	0	0	0
Stock-based compensation expense	3,515	$ 0	3,515	0	0
Repurchase of common stock (in shares)		(1,095,899)
Repurchase of common stock	(110,262)	$ (11)	(37,150)	0	(73,101)
Cash dividends declared and paid	(17,547)	0	0	0	(17,547)
Comprehensive income (loss)	79,550	0	0	(5,426)	84,976
Balance at end of period at Oct. 02, 2021	$ 1,054,874	$ 429	$ 0	$ (32,689)	$ 1,087,134
Balance at end of period (in shares) at Oct. 02, 2021		42,946,790

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

9 Months Ended

Oct. 02, 2021

Sep. 26, 2020

Cash flows from operating activities:

Net income

$ 242,775

$ 10,703

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation of property, plant, and equipment

65,269

66,985

Amortization of intangible assets

2,799

2,784

Provisions for excess and obsolete inventory

9,507

20,912

Goodwill impairment

17,742

Intangible asset impairments

26,500

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

1,988

9,395

Amortization of debt issuance costs

2,271

1,641

Stock-based compensation expense

15,837

9,531

Unrealized foreign currency exchange loss, net

1,354

Provisions for doubtful accounts receivable from customers

2,754

7,702

Unrealized gain on investments

(1,910)

(628)

Deferred income taxes expense (benefit)

894

(16,697)

Effect of changes in operating assets and liabilities:

Accounts receivable

(77,522)

(21,576)

Finished goods inventories

(132,999)

(76,739)

Prepaid expenses and other assets

2,483

(8,432)

^[1]

Accounts payable and other liabilities

(126,922)

267,551

Net cash provided by operating activities

7,319

318,728

Cash flows from investing activities:

Capital expenditures

(28,663)

(25,212)

Proceeds from sale of investments

5,000

1,400

^[1]

Net cash used in investing activities

(23,663)

(23,812)

Cash flows from financing activities:

Proceeds from senior notes due 2025

500,000

Payment of debt issuance costs

(223)

(7,639)

Borrowings under secured revolving credit facility

644,000

Payments on secured revolving credit facility

(744,000)

Repurchases of common stock

(110,262)

(45,255)

Dividends paid

(35,143)

(26,260)

Withholdings from vesting of restricted stock

(3,897)

(4,928)

Proceeds from exercises of stock options

7,460

3,728

Net cash (used in) provided by financing activities

(142,065)

319,646

Net effect of exchange rate changes on cash and cash equivalents

(889)

2,302

Net (decrease) increase in cash and cash equivalents

(159,298)

616,864

Cash and cash equivalents, beginning of period

1,102,323

214,311

Cash and cash equivalents, end of period

$ 943,025

$ 831,175

[1]	Cash flows for the three fiscal quarters ended September 26, 2020 were revised to reflect the reclassification of $1.4 million proceeds from sale of investments from cash flows from operating activities to cash flows from investing activities.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) $ in Millions	9 Months Ended
	Sep. 26, 2020 USD ($)
Statement of Cash Flows [Abstract]
Reclassification of proceeds from sale of investments	$ 1.4

THE COMPANY	9 Months Ended
THE COMPANY	Oct. 02, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
THE COMPANY	THE COMPANYCarter’s, Inc. and its wholly owned subsidiaries (collectively, the “Company”) design, source, and market branded childrenswear under the Carter’s, OshKosh, Skip Hop, Child of Mine, Just One You, Simple Joys, My First Love, little planet, and other brands. The Company’s products are sourced through contractual arrangements with manufacturers worldwide for: 1) wholesale distribution to leading department stores, national chains, and specialty retailers domestically and internationally and 2) distribution to the Company’s own retail stores and eCommerce sites that market its brand name merchandise and other licensed products manufactured by other companies.

BASIS OF PRESENTATION	9 Months Ended
BASIS OF PRESENTATION	Oct. 02, 2021
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 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 stockholders’ 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 October 2, 2021 are not necessarily indicative of the results that may be expected for the current fiscal year ending January 1, 2022. 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 at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ materially from those estimates. The accompanying condensed consolidated balance sheet as of January 2, 2021 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. COVID-19 The Company is closely monitoring the effects of the ongoing coronavirus (“COVID-19”) pandemic and its impact on our business. Additionally, the Company assessed certain accounting matters that generally require consideration of forecasted financial information in context with the information reasonably available to us and the unknown future impacts of COVID-19 as of October 2, 2021 and through the date of this report filing. The accounting matters assessed included, but were not limited to, our allowance for credit losses, inventory reserves, adverse fabric purchase commitments, stock-based compensation, and the carrying value of our goodwill, indefinite-lived intangible assets, and other long-lived assets. Based on these assessments, in the first three quarters of fiscal 2021, the Company released adverse purchase commitment reserves of $8.4 million related to better than expected sales of inventory and utilization of fabric that was reserved for in the first quarter of fiscal 2020 due to COVID-19 related disruptions. As of October 2, 2021, there is no outstanding reserve for adverse fabric purchase commitments related to COVID-19 disruptions in fiscal 2020. Additional COVID-19 related charges were $0.3 million and $3.5 million in the third quarter of fiscal 2021 and the first three quarters of fiscal 2021, respectively. These charges were primarily related to the costs associated with additional personal protective equipment and cleaning supplies. 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.

REVENUE RECOGNITION

9 Months Ended

Oct. 02, 2021

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. The Company also earns royalties from certain of its licensees. Disaggregated revenues from these sources for the third quarter and first three quarters of fiscal 2021 and 2020 were as follows:


	Fiscal quarter ended October 2, 2021
(dollars in thousands)	U.S. Retail		U.S. Wholesale		International		Total
Wholesale channel	$	—	$	294,180	$	48,935	$	343,115
Direct-to-consumer	465,711		—		81,760		547,471

	$	465,711	$	294,180	$	130,695	$	890,586

Royalty income	$	2,500	$	5,226	$	716	$	8,442


	Three fiscal quarters ended October 2, 2021
(dollars in thousands)	U.S. Retail		U.S. Wholesale		International		Total
Wholesale channel	$	—	$	809,186	$	125,337	$	934,523
Direct-to-consumer	1,296,405		—		193,419		1,489,824

	$	1,296,405	$	809,186	$	318,756	$	2,424,347

Royalty income	$	7,930	$	11,877	$	2,743	$	22,550


	Fiscal quarter ended September 26, 2020
(dollars in thousands)	U.S. Retail		U.S. Wholesale		International		Total
Wholesale channel	$	—	$	302,135	$	37,838	$	339,973
Direct-to-consumer	449,150		—		75,957		525,107

	$	449,150	$	302,135	$	113,795	$	865,080

Royalty income	$	3,902	$	3,986	$	1,175	$	9,063


	Three fiscal quarters ended September 26, 2020
(dollars in thousands)	U.S. Retail		U.S. Wholesale		International		Total
Wholesale channel	$	—	$	706,009	$	92,110	$	798,119
Direct-to-consumer	1,085,883		—		150,435		1,236,318

	$	1,085,883	$	706,009	$	242,545	$	2,034,437

Royalty income	$	7,648	$	9,576	$	2,765	$	19,989

Accounts Receivable from Customers and Licensees

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


(dollars in thousands)	October 2, 2021		January 2, 2021		September 26, 2020
Trade receivables from wholesale customers, net	$	262,770	$	180,830	$	255,214
Royalties receivable	7,932		5,733		8,596
Tenant allowances and other receivables	9,336		12,315		12,064
Total receivables	$	280,038	$	198,878	$	275,874
Less: Wholesale accounts receivable reserves(*)	(18,856)		(12,366)		(12,643)
Accounts receivable, net	$	261,182	$	186,512	$	263,231

(*)Includes allowance for credit losses of $8.7 million, $5.9 million, and $7.7 million for the periods ended October 2, 2021, January 2, 2021, and September 26, 2020, 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)	October 2, 2021		January 2, 2021		September 26, 2020
Contract liabilities - current:
Unredeemed gift cards	$	18,948	$	18,300	$	15,977
Unredeemed customer loyalty rewards	6,677		5,241		5,510
Carter’s credit card - upfront bonus(1)	714		714		714
Total contract liabilities - current(2)	$	26,339	$	24,255	$	22,201

Contract liabilities - non-current(3)	$	2,321	$	2,857	$	3,036
Total contract liabilities	$	28,660	$	27,112	$	25,237

(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 consolidated balance sheets.

(3)This amount reflects the non-current portion of the Carter’s credit card upfront bonus.

- 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-Paragraph 15
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

LEASES

9 Months Ended

Oct. 02, 2021

Leases [Abstract]

LEASES

The Company has operating leases for retail stores, distribution centers, corporate offices, data centers, and certain equipment. The Company’s leases generally have initial terms ranging from 1 year to 10 years, some of which may include options to extend the leases for up to 5 years, and some of which may include options to early terminate the lease.

As of the periods presented, the Company’s finance leases were not material to the consolidated balance sheets, consolidated statements of operations, or statements of cash flows.

The following components of lease expense are included in Selling, general and administrative expenses on the Company’s consolidated statements of operations for the third quarter and first three quarters of fiscal 2021 and 2020:


	Fiscal quarter ended				Three fiscal quarters ended
(dollars in thousands)	October 2, 2021		September 26, 2020		October 2, 2021		September 26, 2020
Operating lease cost	$	40,917	$	44,230	$	125,715	$	136,180




Variable lease cost (*)	15,444		19,635		48,118		55,139
Net lease cost	$	56,361	$	63,865	$	173,833	$	191,319

(*)Includes short-term leases, which are not material, and operating lease asset impairment charges.

As of October 2, 2021, the weighted average remaining operating lease term was 5.1 years, and the weighted average discount rate for operating leases was 3.28%.

Cash paid for amounts included in the measurement of operating lease liabilities in the third quarter and first three quarters of fiscal 2021 were $47.6 million and $162.3 million, respectively.

Operating lease assets obtained in exchange for operating lease liabilities in the third quarter and first three quarters of fiscal 2021 were $18.6 million and $26.2 million, respectively.

As of October 2, 2021, the maturities of lease liabilities were as follows:


(dollars in thousands)	Operating leases
Remainder of 2021	$	46,341
2022	162,896
2023	137,967
2024	109,661
2025	77,907
2026	55,589
After 2026	82,009
Total lease payments	$	672,370
Less: Interest	(54,371)
Present value of lease liabilities(*)	$	617,999

(*)As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date to determine the present value of lease payments.

As of October 2, 2021, the minimum rental commitments for additional operating lease contracts, primarily for retail stores, that have not yet commenced are $2.2 million. These operating leases will commence between the fourth quarter of fiscal 2021 and fiscal year 2022 with lease terms of 3 years to 10 years.

ACCUMULATED OTHER COMPREHENSIVE LOSS

9 Months Ended

Oct. 02, 2021

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)	October 2, 2021		January 2, 2021		September 26, 2020
Cumulative foreign currency translation adjustments	$	(21,236)	$	(21,307)	$	(32,290)
Pension and post-retirement obligations(*)	(11,453)		(11,453)		(9,112)
Total accumulated other comprehensive loss	$	(32,689)	$	(32,760)	$	(41,402)

(*)Net of income taxes of $3.5 million, $3.5 million, and $2.8 million for the period ended October 2, 2021, January 2, 2021, and September 26, 2020, respectively.

During the first three quarters of both fiscal 2021 and fiscal 2020, no amounts were reclassified from Accumulated other comprehensive loss to the statement of operations.

GOODWILL AND INTANGIBLE ASSETS

9 Months Ended

Oct. 02, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

The balances and changes in the carrying amount of Goodwill attributable to each segment were as follows:


(dollars in thousands)	U.S. Retail		U.S. Wholesale		International		Total
Balance at December 28, 2019	$	83,934	$	74,454	$	70,638	$	229,026


Goodwill impairment(1)	—		—		(17,742)		(17,742)
Foreign currency impact	—		—		(1,777)		(1,777)
Balance at September 26, 2020	$	83,934	$	74,454	$	51,119	$	209,507


Balance at January 2, 2021(2)	$	83,934	$	74,454	$	53,388	$	211,776



Foreign currency impact	—		—		240		240
Balance at October 2, 2021(2)	$	83,934	$	74,454	$	53,628	$	212,016

(1)In the first quarter of fiscal 2020, a charge of $17.7 million was recorded to reflect the impairment of the value ascribed to the goodwill in the Other International reporting unit in the International segment.

(2)Goodwill for the International reporting unit is net of accumulated impairment losses of $17.7 million.

A summary of the carrying value of the Company’s intangible assets were as follows:


		October 2, 2021						January 2, 2021
(dollars in thousands)	Weighted-average useful life	Gross amount		Accumulated amortization		Net amount		Gross amount		Accumulated amortization		Net amount
Carter’s tradename	Indefinite	$	220,233	$	—	$	220,233	$	220,233	$	—	$	220,233
OshKosh tradename	Indefinite	70,000		—		70,000		70,000		—		70,000
Skip Hop tradename	Indefinite	15,000		—		15,000		15,000		—		15,000
Finite-life tradenames	5-20 years	3,911		1,439		2,472		3,911		1,251		2,660

Total tradenames		$	309,144	$	1,439	$	307,705	$	309,144	$	1,251	$	307,893

Skip Hop customer relationships	15 years	$	47,300	$	14,216	$	33,084	$	47,300	$	11,834	$	35,466
Carter’s Mexico customer relationships	10 years	3,053		1,294		1,759		3,108		1,064		2,044
Total customer relationships		$	50,353	$	15,510	$	34,843	$	50,408	$	12,898	$	37,510


		September 26, 2020
(dollars in thousands)	Weighted-average useful life	Gross amount		Accumulated amortization		Net amount
Carter’s tradename	Indefinite	$	220,233	$	—	$	220,233
OshKosh tradename(1)	Indefinite	70,000		—		70,000
Skip Hop tradename(2)	Indefinite	15,000		—		15,000
Finite-life tradenames	5-20 years	3,911		1,189		2,722
Total tradenames		$	309,144	$	1,189	$	307,955

Skip Hop customer relationships	15 years	$	47,300	$	11,039	$	36,261
Carter’s Mexico customer relationships	10 years	2,875		989		1,886
Total customer relationships		$	50,175	$	12,028	$	38,147

(1)In the first quarter of fiscal 2020, a charge of $13.6 million, $1.6 million, and $0.3 million was recorded on our indefinite-lived OshKosh tradename asset in the U.S. Retail, U.S. Wholesale, and International segments, respectively, to reflect the impairment of the value ascribed to the indefinite-lived OshKosh tradename asset.

(2)In the first quarter of fiscal 2020, a charge of $6.8 million, $3.7 million, and $0.5 million was 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.

Amortization expense for intangible assets subject to amortization was approximately $0.9 million for quarters ended October 2, 2021 and September 26, 2020. Amortization expense was approximately $2.8 million for both the first three quarters of fiscal 2021 and for the first three quarters of fiscal 2020.

The estimated amortization expense for the next five fiscal years is as follows:


(dollars in thousands)	Amortization expense
Remainder of 2021	$	932
2022	$	3,728
2023	$	3,686
2024	$	3,656
2025	$	3,656
2026	$	3,656

COMMON STOCK

9 Months Ended

Oct. 02, 2021

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
	October 2, 2021		September 26, 2020		October 2, 2021		September 26, 2020
Number of shares repurchased	1,095,899		—		1,095,899		474,684
Aggregate cost of shares repurchased (dollars in thousands)	$	110,262	$	—	$	110,262	$	45,255
Average price per share	$	100.61	$	—	$	100.61	$	95.34

The total aggregate remaining capacity under outstanding repurchase authorizations as of October 2, 2021 was approximately $540.2 million. The authorizations have no expiration date.

In the third quarter of fiscal 2021, the Company reinstated its common stock share repurchase program. The Company had previously announced the suspension of its common stock share repurchase program, in connection with the COVID-19 pandemic, at the end of the first quarter in fiscal 2020. 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 revolving credit facility, market conditions, stock price, other investment priorities, and other factors.

Dividends

On May 1, 2020, in connection with the COVID-19 pandemic, the Company suspended its quarterly cash dividend. As a result, the Company did not declare or pay cash dividends through April 27, 2021. In each of the second and third quarters of fiscal 2021, the Board of Directors declared and the Company paid quarterly cash dividends of $0.40 per common share.

In the first quarter of fiscal 2020, the Board of Directors declared and the Company paid cash dividends of $0.60 per common share. The Company did not declare or pay cash dividends in the second or third quarters of fiscal 2020.

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 8, Long-Term Debt to the consolidated financial statements.

LONG-TERM DEBT

9 Months Ended

Oct. 02, 2021

Debt Disclosure [Abstract]

LONG-TERM DEBT

Long-term debt consisted of the following:


(dollars in thousands)	October 2, 2021		January 2, 2021		September 26, 2020
$500 million 5.500% Senior Notes due May 15, 2025	$	500,000	$	500,000	$	500,000
$500 million 5.625% Senior Notes due March 15, 2027	500,000		500,000		500,000
Total senior notes	$	1,000,000	$	1,000,000	$	1,000,000
Less unamortized issuance-related costs for senior notes	(9,100)		(10,470)		(10,914)
Senior notes, net	$	990,900	$	989,530	$	989,086
Secured revolving credit facility	—		—		—
Total long-term debt, net	$	990,900	$	989,530	$	989,086

Secured Revolving Credit Facility

As of October 2, 2021, the Company had no outstanding borrowings under its secured revolving credit facility, exclusive of $4.4 million of outstanding letters of credit. As of October 2, 2021, approximately $745.6 million remained available for future borrowing. Any outstanding borrowings under the Company’s secured revolving credit facility are classified as non-current liabilities on the Company’s consolidated balance sheets because of the contractual repayment terms under the credit facility.

On April 21, 2021, the Company, through its wholly owned subsidiary, The William Carter Company (“TWCC”), entered into Amendment No. 3 to its fourth amended and restated credit agreement (“Amendment No. 3”). Among other things, Amendment No. 3 provides that through the remainder of the Restricted Period, which ends on the date the Company delivers its financial statements and associated certificates relating to the third fiscal quarter of 2021:

•the Company must maintain a minimum liquidity (defined as cash-on-hand plus availability under the secured revolving credit facility) on the last day of each fiscal month of at least $950 million (the “Revised Liquidity Requirement”), which was increased by $250 million from $700 million; and

•the Company may make additional restricted payments, including to pay cash dividends and repurchase common stock, in an amount not to exceed $250 million, provided that (a) no default or event of default will have occurred and be continuing or would result from the payment and (b) after giving effect to the payment, the Company would have been in compliance with Revised Liquidity Requirement as of the last day of the most recent month.

Approximately $0.2 million, including both bank fees and other third party expenses, has been capitalized in connection with Amendment No. 3 and is being amortized over the remaining term of the secured revolving credit facility.

As of October 2, 2021, the interest rate margins applicable to the secured revolving credit facility were 1.125% for LIBOR (London Interbank Offered Rate) rate loans and 0.125% for base rate loans.

As of October 2, 2021, the Company was in compliance with its financial and other covenants under the secured revolving credit facility.

STOCK-BASED COMPENSATION

9 Months Ended

Oct. 02, 2021

Share-based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION

The Company recorded stock-based compensation expense as follows:


	Fiscal quarter ended				Three fiscal quarters ended
(dollars in thousands)	October 2, 2021		September 26, 2020		October 2, 2021		September 26, 2020
Stock options	$	290	$	597	$	1,064	$	2,065
Restricted stock:
Time-based awards	3,665		2,449		11,070		7,798
Performance-based awards	(440)		—		2,463		(1,927)
Stock awards	—		—		1,240		1,595
Total	$	3,515	$	3,046	$	15,837	$	9,531

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 first quarter of fiscal 2021, the achievement of performance target estimates related to certain performance-based grants were revised resulting in a $2.6 million increase to stock-based compensation expense. During the third quarter of fiscal 2021, the achievement of performance target estimates related to certain performance-based grants were revised resulting in a reversal of $0.7 million of previously recognized stock-based compensation expense.

INCOME TAXES	9 Months Ended
INCOME TAXES	Oct. 02, 2021
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES As of October 2, 2021, the Company had gross unrecognized income tax benefits of approximately $10.8 million, of which $9.1 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 October 2, 2021 is approximately $2.3 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 2021 or fiscal 2022 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 fiscal quarter ended October 2, 2021 and September 26, 2020. Interest expense recorded on uncertain tax positions was $0.4 million and $0.6 million for the first three quarters of fiscal 2021 and fiscal 2020, respectively. The Company had approximately $2.3 million, $2.7 million, and $2.9 million of interest accrued on uncertain tax positions as of October 2, 2021, January 2, 2021, and September 26, 2020, 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.

+ References + Details

FAIR VALUE MEASUREMENTS	9 Months Ended
FAIR VALUE MEASUREMENTS	Oct. 02, 2021
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 consolidated balance sheets, and their aggregate fair values were approximately $17.1 million, $20.2 million, and $18.9 million at October 2, 2021, January 2, 2021, and September 26, 2020, 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 $0.6 million and $1.9 million for the third fiscal quarter and three fiscal quarters ended October 2, 2021, respectively. Gains on the investments in marketable securities were $2.5 million and $0.6 million for the third fiscal quarter and first three fiscal quarters ended September 26, 2020. These amounts are included in Other expense (income), net on the Company’s consolidated statement of operations. Borrowings As of October 2, 2021, the Company had no outstanding borrowings under its secured revolving credit facility. The fair value of the Company’s senior notes at October 2, 2021 was approximately $1.05 billion. The fair value of these senior notes with a notional value and carrying value (gross of debt issuance costs) of $1.00 billion 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.

- 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

EARNINGS PER SHARE

9 Months Ended

Oct. 02, 2021

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
	October 2, 2021		September 26, 2020		October 2, 2021		September 26, 2020
Weighted-average number of common and common equivalent shares outstanding:
Basic number of common shares outstanding	43,260,471		43,193,752		43,358,998		43,237,319
Dilutive effect of equity awards	155,575		156,878		153,252		174,351
Diluted number of common and common equivalent shares outstanding	43,416,046		43,350,630		43,512,250		43,411,670

Earnings per share:
(dollars in thousands, except per share data)
Basic net income per common share:
Net income	$	84,976	$	81,241	$	242,775	$	10,703
Income allocated to participating securities	(1,024)		(837)		(2,919)		(88)
Net income available to common shareholders	$	83,952	$	80,404	$	239,856	$	10,615

Basic net income per common share	$	1.94	$	1.86	$	5.53	$	0.25

Diluted net income per common share:
Net income	$	84,976	$	81,241	$	242,775	$	10,703
Income allocated to participating securities	(1,021)		(834)		(2,910)		(89)
Net income available to common shareholders	$	83,955	$	80,407	$	239,865	$	10,614

Diluted net income per common share	$	1.93	$	1.85	$	5.51	$	0.24

Anti-dilutive awards excluded from diluted earnings per share computation(1)	164,080		729,476		187,245		744,499

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

OTHER CURRENT LIABILITIES

9 Months Ended

Oct. 02, 2021

Other Liabilities Disclosure [Abstract]

OTHER CURRENT LIABILITIES

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


(dollars in thousands)	October 2, 2021		January 2, 2021		September 26, 2020
Accrued bonuses and incentive compensation	$	28,159	$	8,873	$	990
Accrued employee benefits	21,035		22,876		9,337
Unredeemed gift cards	18,948		18,300		15,977
Accrued taxes	13,985		10,900		15,453
Accrued interest	11,827		12,092		11,556
Accrued salaries and wages	5,683		10,650		11,351
Income taxes payable	3,710		21,164		18,744
Accrued other	29,053		30,385		31,661
Other current liabilities	$	132,400	$	135,240	$	115,069

COMMITMENTS AND CONTINGENCIES	9 Months Ended
COMMITMENTS AND CONTINGENCIES	Oct. 02, 2021
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIESThe 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, employee benefit plans, and facility consolidations/closures as disclosed in Note 16, Organizational Restructuring and Office Consolidation, to the consolidated financial statements.

SEGMENT INFORMATION

9 Months Ended

Oct. 02, 2021

Segment Reporting [Abstract]

SEGMENT INFORMATION

The tables below presents certain information for our reportable segments and unallocated corporate expenses for the periods indicated:


	Fiscal quarter ended								Three fiscal quarters ended
(dollars in thousands)	October 2, 2021		% of consolidated net sales		September 26, 2020		% of consolidated net sales		October 2, 2021		% of consolidated net sales		September 26, 2020		% of consolidated net sales
Net sales:
U.S. Retail	$	465,711	52.3	%	$	449,150	51.9	%	$	1,296,405	53.5	%	$	1,085,883	53.4	%
U.S. Wholesale	294,180		33.0	%	302,135		34.9	%	809,186		33.4	%	706,009		34.7	%
International	130,695		14.7	%	113,795		13.2	%	318,756		13.1	%	242,545		11.9	%
Consolidated net sales	$	890,586	100.0	%	$	865,080	100.0	%	$	2,424,347	100.0	%	$	2,034,437	100.0	%

Operating income (loss):			% of segment net sales				% of segment net sales				% of segment net sales				% of segment net sales
U.S. Retail	$	87,151	18.7	%	$	47,559	10.6	%	$	250,751	19.3	%	$	38,902	3.6	%
U.S. Wholesale	40,074		13.6	%	65,718		21.8	%	150,724		18.6	%	89,141		12.6	%
International	22,754		17.4	%	17,400		15.3	%	41,495		13.0	%	(15,819)		(6.5)	%
Corporate expenses(*)	(25,948)		n/a		(17,150)		n/a		(83,861)		n/a		(56,221)		n/a
Consolidated operating income	$	124,031	13.9	%	$	113,527	13.1	%	$	359,109	14.8	%	$	56,003	2.8	%

(*)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 October 2, 2021						Three fiscal quarters ended October 2, 2021
Charges:	U.S. Retail		U.S. Wholesale		International		U.S. Retail		U.S. Wholesale		International
Incremental costs associated with COVID-19 pandemic	$	0.2	$	0.1	$	—	$	1.7	$	1.5	$	0.3
Organizational restructuring(1)	(0.1)		—		—		(0.6)		0.1		2.3
Gain on modification of retail store leases(2)	(0.3)		—		—		(2.2)		—		—
Total charges(3)	$	(0.2)	$	0.1	$	—	$	(1.1)	$	1.6	$	2.6

(1)First three fiscal quarters ended October 2, 2021 include $2.3 million of costs associated with the early exit of the Canada corporate office lease. Fiscal quarter and first three fiscal quarters ended October 2, 2021 also includes a corporate benefit related to organizational restructuring of $0.1 million and corporate charges related to organizational restructuring of $0.8 million, respectively.

(2)Related to gains on the modification of previously impaired retail store leases.

(3)Total charges for the first three fiscal quarters ended October 2, 2021 exclude a customer bankruptcy recovery of $38,000.


(dollars in millions)	Fiscal quarter ended September 26, 2020						Three fiscal quarters ended September 26, 2020
Charges:	U.S. Retail		U.S. Wholesale		International		U.S. Retail		U.S. Wholesale		International
Organizational restructuring(1)	$	0.3	$	0.2	$	0.3	$	3.4	$	1.5	$	1.9
Goodwill impairment	—		—		—		—		—		17.7
Skip Hop tradename impairment charge	—		—		—		0.5		6.8		3.7
OshKosh tradename impairment charge	—		—		—		13.6		1.6		0.3
Incremental costs associated with COVID-19 pandemic	1.6		1.4		0.3		8.3		8.5		2.0
Retail store operating leases and other long-lived asset impairments(2)	1.5		—		—		6.3		—		0.2
Total charges	$	3.4	$	1.6	$	0.6	$	32.1	$	18.4	$	25.8

(1)The third fiscal quarter ended September 26, 2020 and the first three fiscal quarters ended September 26, 2020 also include corporate charges related to organizational restructuring of $0.4 million and $2.0 million, respectively.

(2)Impairments include an immaterial gain on the remeasurement of retail store operating leases.

- 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Subparagraph (a)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Paragraph 32
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

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-Name Accounting Standards Codification
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-Publisher FASB
-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 280
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

+ Details

ORGANIZATIONAL RESTRUCTURING AND OFFICE CONSOLIDATION

9 Months Ended

Oct. 02, 2021

Restructuring and Related Activities [Abstract]

ORGANIZATIONAL RESTRUCTURING AND OFFICE CONSOLIDATION

As previously announced, the Company initiated several organizational restructuring initiatives which included a reorganization of staffing models across multiple functions to drive labor savings and increase efficiencies, the consolidation of certain functions into our corporate headquarters in Atlanta, Georgia, and over 100 planned store closures by the end of fiscal 2021.

In conjunction with these initiatives, the Company recorded the following charges in selling, general and administrative expenses:


	Fiscal quarter ended				Three fiscal quarters ended
(dollars in thousands)	October 2, 2021		September 26, 2020		October 2, 2021		September 26, 2020
Severance and other termination benefits(*)	$	(120)	$	181	$	(893)	$	4,423
Lease exit costs	7		780		3,419		2,495
Relocation and recruiting(*)	(70)		253		(63)		1,755
Other closure costs	23		—		76		80
Total	$	(160)	$	1,214	$	2,539	$	8,753

(*)Severance and other termination benefits and relocation and recruiting in the third quarter and three fiscal quarters ended October 2, 2021 reflect revised severance accrual assumptions.

The Company paid approximately $0.9 million and $5.4 million in severance and other termination benefits during the third fiscal quarter and first three fiscal quarters ended October 2, 2021, respectively. As of October 2, 2021, there was approximately $1.4 million in reserves related to severance and other termination benefits expected to be paid out through the first quarter of fiscal 2022 included in Other current liabilities in the accompanying unaudited condensed consolidated balance sheets as of October 2, 2021. The Company expects to incur additional restructuring-related severance charges of approximately $0.5 million through fiscal 2021.

REVENUE RECOGNITION (Tables)

9 Months Ended

Oct. 02, 2021

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue


	Fiscal quarter ended October 2, 2021
(dollars in thousands)	U.S. Retail		U.S. Wholesale		International		Total
Wholesale channel	$	—	$	294,180	$	48,935	$	343,115
Direct-to-consumer	465,711		—		81,760		547,471

	$	465,711	$	294,180	$	130,695	$	890,586

Royalty income	$	2,500	$	5,226	$	716	$	8,442


	Three fiscal quarters ended October 2, 2021
(dollars in thousands)	U.S. Retail		U.S. Wholesale		International		Total
Wholesale channel	$	—	$	809,186	$	125,337	$	934,523
Direct-to-consumer	1,296,405		—		193,419		1,489,824

	$	1,296,405	$	809,186	$	318,756	$	2,424,347

Royalty income	$	7,930	$	11,877	$	2,743	$	22,550


	Fiscal quarter ended September 26, 2020
(dollars in thousands)	U.S. Retail		U.S. Wholesale		International		Total
Wholesale channel	$	—	$	302,135	$	37,838	$	339,973
Direct-to-consumer	449,150		—		75,957		525,107

	$	449,150	$	302,135	$	113,795	$	865,080

Royalty income	$	3,902	$	3,986	$	1,175	$	9,063


	Three fiscal quarters ended September 26, 2020
(dollars in thousands)	U.S. Retail		U.S. Wholesale		International		Total
Wholesale channel	$	—	$	706,009	$	92,110	$	798,119
Direct-to-consumer	1,085,883		—		150,435		1,236,318

	$	1,085,883	$	706,009	$	242,545	$	2,034,437

Royalty income	$	7,648	$	9,576	$	2,765	$	19,989

Accounts Receivable from Customers and Licensees

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


(dollars in thousands)	October 2, 2021		January 2, 2021		September 26, 2020
Trade receivables from wholesale customers, net	$	262,770	$	180,830	$	255,214
Royalties receivable	7,932		5,733		8,596
Tenant allowances and other receivables	9,336		12,315		12,064
Total receivables	$	280,038	$	198,878	$	275,874
Less: Wholesale accounts receivable reserves(*)	(18,856)		(12,366)		(12,643)
Accounts receivable, net	$	261,182	$	186,512	$	263,231

(*)Includes allowance for credit losses of $8.7 million, $5.9 million, and $7.7 million for the periods ended October 2, 2021, January 2, 2021, and September 26, 2020, respectively.

Contract with Customer, Asset and Liability

Contract Assets and Liabilities

The Company’s contract assets are not material.

Contract Liabilities


(dollars in thousands)	October 2, 2021		January 2, 2021		September 26, 2020
Contract liabilities - current:
Unredeemed gift cards	$	18,948	$	18,300	$	15,977
Unredeemed customer loyalty rewards	6,677		5,241		5,510
Carter’s credit card - upfront bonus(1)	714		714		714
Total contract liabilities - current(2)	$	26,339	$	24,255	$	22,201

Contract liabilities - non-current(3)	$	2,321	$	2,857	$	3,036
Total contract liabilities	$	28,660	$	27,112	$	25,237

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

(3)This amount reflects the non-current portion of the Carter’s credit card upfront bonus.

LEASES (Tables)

9 Months Ended

Oct. 02, 2021

Leases [Abstract]

Lease Cost and Supplementary Information


	Fiscal quarter ended				Three fiscal quarters ended
(dollars in thousands)	October 2, 2021		September 26, 2020		October 2, 2021		September 26, 2020
Operating lease cost	$	40,917	$	44,230	$	125,715	$	136,180




Variable lease cost (*)	15,444		19,635		48,118		55,139
Net lease cost	$	56,361	$	63,865	$	173,833	$	191,319

(*)Includes short-term leases, which are not material, and operating lease asset impairment charges.

As of October 2, 2021, the weighted average remaining operating lease term was 5.1 years, and the weighted average discount rate for operating leases was 3.28%.

Lessee, Operating Lease, Liability, Maturity

As of October 2, 2021, the maturities of lease liabilities were as follows:


(dollars in thousands)	Operating leases
Remainder of 2021	$	46,341
2022	162,896
2023	137,967
2024	109,661
2025	77,907
2026	55,589
After 2026	82,009
Total lease payments	$	672,370
Less: Interest	(54,371)
Present value of lease liabilities(*)	$	617,999

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)

9 Months Ended

Oct. 02, 2021

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)	October 2, 2021		January 2, 2021		September 26, 2020
Cumulative foreign currency translation adjustments	$	(21,236)	$	(21,307)	$	(32,290)
Pension and post-retirement obligations(*)	(11,453)		(11,453)		(9,112)
Total accumulated other comprehensive loss	$	(32,689)	$	(32,760)	$	(41,402)

(*)Net of income taxes of $3.5 million, $3.5 million, and $2.8 million for the period ended October 2, 2021, January 2, 2021, and September 26, 2020, respectively.

GOODWILL AND INTANGIBLE ASSETS (Tables)

9 Months Ended

Oct. 02, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill by Segment

The balances and changes in the carrying amount of Goodwill attributable to each segment were as follows:


(dollars in thousands)	U.S. Retail		U.S. Wholesale		International		Total
Balance at December 28, 2019	$	83,934	$	74,454	$	70,638	$	229,026


Goodwill impairment(1)	—		—		(17,742)		(17,742)
Foreign currency impact	—		—		(1,777)		(1,777)
Balance at September 26, 2020	$	83,934	$	74,454	$	51,119	$	209,507


Balance at January 2, 2021(2)	$	83,934	$	74,454	$	53,388	$	211,776



Foreign currency impact	—		—		240		240
Balance at October 2, 2021(2)	$	83,934	$	74,454	$	53,628	$	212,016

(2)Goodwill for the International reporting unit is net of accumulated impairment losses of $17.7 million.

Schedule of Intangible Assets

A summary of the carrying value of the Company’s intangible assets were as follows:


		October 2, 2021						January 2, 2021
(dollars in thousands)	Weighted-average useful life	Gross amount		Accumulated amortization		Net amount		Gross amount		Accumulated amortization		Net amount
Carter’s tradename	Indefinite	$	220,233	$	—	$	220,233	$	220,233	$	—	$	220,233
OshKosh tradename	Indefinite	70,000		—		70,000		70,000		—		70,000
Skip Hop tradename	Indefinite	15,000		—		15,000		15,000		—		15,000
Finite-life tradenames	5-20 years	3,911		1,439		2,472		3,911		1,251		2,660

Total tradenames		$	309,144	$	1,439	$	307,705	$	309,144	$	1,251	$	307,893

Skip Hop customer relationships	15 years	$	47,300	$	14,216	$	33,084	$	47,300	$	11,834	$	35,466
Carter’s Mexico customer relationships	10 years	3,053		1,294		1,759		3,108		1,064		2,044
Total customer relationships		$	50,353	$	15,510	$	34,843	$	50,408	$	12,898	$	37,510


		September 26, 2020
(dollars in thousands)	Weighted-average useful life	Gross amount		Accumulated amortization		Net amount
Carter’s tradename	Indefinite	$	220,233	$	—	$	220,233
OshKosh tradename(1)	Indefinite	70,000		—		70,000
Skip Hop tradename(2)	Indefinite	15,000		—		15,000
Finite-life tradenames	5-20 years	3,911		1,189		2,722
Total tradenames		$	309,144	$	1,189	$	307,955

Skip Hop customer relationships	15 years	$	47,300	$	11,039	$	36,261
Carter’s Mexico customer relationships	10 years	2,875		989		1,886
Total customer relationships		$	50,175	$	12,028	$	38,147

Schedule of Future Amortization Expense

The estimated amortization expense for the next five fiscal years is as follows:


(dollars in thousands)	Amortization expense
Remainder of 2021	$	932
2022	$	3,728
2023	$	3,686
2024	$	3,656
2025	$	3,656
2026	$	3,656

COMMON STOCK (Tables)

9 Months Ended

Oct. 02, 2021

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
	October 2, 2021		September 26, 2020		October 2, 2021		September 26, 2020
Number of shares repurchased	1,095,899		—		1,095,899		474,684
Aggregate cost of shares repurchased (dollars in thousands)	$	110,262	$	—	$	110,262	$	45,255
Average price per share	$	100.61	$	—	$	100.61	$	95.34

- 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.

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+ Details

LONG-TERM DEBT (Tables)

9 Months Ended

Oct. 02, 2021

Debt Disclosure [Abstract]

Schedule of long-term debt

Long-term debt consisted of the following:


(dollars in thousands)	October 2, 2021		January 2, 2021		September 26, 2020
$500 million 5.500% Senior Notes due May 15, 2025	$	500,000	$	500,000	$	500,000
$500 million 5.625% Senior Notes due March 15, 2027	500,000		500,000		500,000
Total senior notes	$	1,000,000	$	1,000,000	$	1,000,000
Less unamortized issuance-related costs for senior notes	(9,100)		(10,470)		(10,914)
Senior notes, net	$	990,900	$	989,530	$	989,086
Secured revolving credit facility	—		—		—
Total long-term debt, net	$	990,900	$	989,530	$	989,086

- 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.

+ References

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+ Details

STOCK-BASED COMPENSATION (Tables)

9 Months Ended

Oct. 02, 2021

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)	October 2, 2021		September 26, 2020		October 2, 2021		September 26, 2020
Stock options	$	290	$	597	$	1,064	$	2,065
Restricted stock:
Time-based awards	3,665		2,449		11,070		7,798
Performance-based awards	(440)		—		2,463		(1,927)
Stock awards	—		—		1,240		1,595
Total	$	3,515	$	3,046	$	15,837	$	9,531

EARNINGS PER SHARE (Tables)

9 Months Ended

Oct. 02, 2021

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
	October 2, 2021		September 26, 2020		October 2, 2021		September 26, 2020
Weighted-average number of common and common equivalent shares outstanding:
Basic number of common shares outstanding	43,260,471		43,193,752		43,358,998		43,237,319
Dilutive effect of equity awards	155,575		156,878		153,252		174,351
Diluted number of common and common equivalent shares outstanding	43,416,046		43,350,630		43,512,250		43,411,670

Earnings per share:
(dollars in thousands, except per share data)
Basic net income per common share:
Net income	$	84,976	$	81,241	$	242,775	$	10,703
Income allocated to participating securities	(1,024)		(837)		(2,919)		(88)
Net income available to common shareholders	$	83,952	$	80,404	$	239,856	$	10,615

Basic net income per common share	$	1.94	$	1.86	$	5.53	$	0.25

Diluted net income per common share:
Net income	$	84,976	$	81,241	$	242,775	$	10,703
Income allocated to participating securities	(1,021)		(834)		(2,910)		(89)
Net income available to common shareholders	$	83,955	$	80,407	$	239,865	$	10,614

Diluted net income per common share	$	1.93	$	1.85	$	5.51	$	0.24

Anti-dilutive awards excluded from diluted earnings per share computation(1)	164,080		729,476		187,245		744,499

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

OTHER CURRENT LIABILITIES (Tables)

9 Months Ended

Oct. 02, 2021

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)	October 2, 2021		January 2, 2021		September 26, 2020
Accrued bonuses and incentive compensation	$	28,159	$	8,873	$	990
Accrued employee benefits	21,035		22,876		9,337
Unredeemed gift cards	18,948		18,300		15,977
Accrued taxes	13,985		10,900		15,453
Accrued interest	11,827		12,092		11,556
Accrued salaries and wages	5,683		10,650		11,351
Income taxes payable	3,710		21,164		18,744
Accrued other	29,053		30,385		31,661
Other current liabilities	$	132,400	$	135,240	$	115,069

SEGMENT INFORMATION (Tables)

9 Months Ended

Oct. 02, 2021

Segment Reporting [Abstract]

Schedule of segment information

The tables below presents certain information for our reportable segments and unallocated corporate expenses for the periods indicated:


	Fiscal quarter ended								Three fiscal quarters ended
(dollars in thousands)	October 2, 2021		% of consolidated net sales		September 26, 2020		% of consolidated net sales		October 2, 2021		% of consolidated net sales		September 26, 2020		% of consolidated net sales
Net sales:
U.S. Retail	$	465,711	52.3	%	$	449,150	51.9	%	$	1,296,405	53.5	%	$	1,085,883	53.4	%
U.S. Wholesale	294,180		33.0	%	302,135		34.9	%	809,186		33.4	%	706,009		34.7	%
International	130,695		14.7	%	113,795		13.2	%	318,756		13.1	%	242,545		11.9	%
Consolidated net sales	$	890,586	100.0	%	$	865,080	100.0	%	$	2,424,347	100.0	%	$	2,034,437	100.0	%

Operating income (loss):			% of segment net sales				% of segment net sales				% of segment net sales				% of segment net sales
U.S. Retail	$	87,151	18.7	%	$	47,559	10.6	%	$	250,751	19.3	%	$	38,902	3.6	%
U.S. Wholesale	40,074		13.6	%	65,718		21.8	%	150,724		18.6	%	89,141		12.6	%
International	22,754		17.4	%	17,400		15.3	%	41,495		13.0	%	(15,819)		(6.5)	%
Corporate expenses(*)	(25,948)		n/a		(17,150)		n/a		(83,861)		n/a		(56,221)		n/a
Consolidated operating income	$	124,031	13.9	%	$	113,527	13.1	%	$	359,109	14.8	%	$	56,003	2.8	%


(dollars in millions)	Fiscal quarter ended October 2, 2021						Three fiscal quarters ended October 2, 2021
Charges:	U.S. Retail		U.S. Wholesale		International		U.S. Retail		U.S. Wholesale		International
Incremental costs associated with COVID-19 pandemic	$	0.2	$	0.1	$	—	$	1.7	$	1.5	$	0.3
Organizational restructuring(1)	(0.1)		—		—		(0.6)		0.1		2.3
Gain on modification of retail store leases(2)	(0.3)		—		—		(2.2)		—		—
Total charges(3)	$	(0.2)	$	0.1	$	—	$	(1.1)	$	1.6	$	2.6

(2)Related to gains on the modification of previously impaired retail store leases.

(3)Total charges for the first three fiscal quarters ended October 2, 2021 exclude a customer bankruptcy recovery of $38,000.


(dollars in millions)	Fiscal quarter ended September 26, 2020						Three fiscal quarters ended September 26, 2020
Charges:	U.S. Retail		U.S. Wholesale		International		U.S. Retail		U.S. Wholesale		International
Organizational restructuring(1)	$	0.3	$	0.2	$	0.3	$	3.4	$	1.5	$	1.9
Goodwill impairment	—		—		—		—		—		17.7
Skip Hop tradename impairment charge	—		—		—		0.5		6.8		3.7
OshKosh tradename impairment charge	—		—		—		13.6		1.6		0.3
Incremental costs associated with COVID-19 pandemic	1.6		1.4		0.3		8.3		8.5		2.0
Retail store operating leases and other long-lived asset impairments(2)	1.5		—		—		6.3		—		0.2
Total charges	$	3.4	$	1.6	$	0.6	$	32.1	$	18.4	$	25.8

(2)Impairments include an immaterial gain on the remeasurement of retail store operating leases.

RESTRUCTURING (Tables)

9 Months Ended

Oct. 02, 2021

Restructuring and Related Activities [Abstract]

Organizational Restructuring and Office Consolidation Cost

In conjunction with these initiatives, the Company recorded the following charges in selling, general and administrative expenses:


	Fiscal quarter ended				Three fiscal quarters ended
(dollars in thousands)	October 2, 2021		September 26, 2020		October 2, 2021		September 26, 2020
Severance and other termination benefits(*)	$	(120)	$	181	$	(893)	$	4,423
Lease exit costs	7		780		3,419		2,495
Relocation and recruiting(*)	(70)		253		(63)		1,755
Other closure costs	23		—		76		80
Total	$	(160)	$	1,214	$	2,539	$	8,753

(*)Severance and other termination benefits and relocation and recruiting in the third quarter and three fiscal quarters ended October 2, 2021 reflect revised severance accrual assumptions.

BASIS OF PRESENTATION (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
BASIS OF PRESENTATION (Details) - USD ($) $ in Thousands	Oct. 02, 2021	Oct. 02, 2021
Adverse purchase commitments reserves released		$ 8,400
COVID 19 COST
COVID-19 related charges	$ 300	$ 3,500

REVENUE RECOGNITION (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
REVENUE RECOGNITION (Details) - USD ($) $ in Thousands	Oct. 02, 2021	Sep. 26, 2020	Oct. 02, 2021	Sep. 26, 2020	Jan. 02, 2021
Disaggregation of Revenue [Line Items]
Net sales	$ 890,586	$ 865,080	$ 2,424,347	$ 2,034,437
Royalty income, net	8,442	9,063	22,550	19,989
Total receivables	280,038	275,874	280,038	275,874	$ 198,878
Less: Wholesale accounts receivable reserves	(8,678)	(7,675)	(8,678)	(7,675)	(5,940)
Accounts receivable, net	261,182	263,231	261,182	263,231	186,512
Wholesale channel
Disaggregation of Revenue [Line Items]
Net sales	343,115	339,973	934,523	798,119
Direct-to-consumer
Disaggregation of Revenue [Line Items]
Net sales	547,471	525,107	1,489,824	1,236,318
Royalty income
Disaggregation of Revenue [Line Items]
Royalty income, net	8,442	9,063	22,550	19,989
U.S. Retail
Disaggregation of Revenue [Line Items]
Net sales	465,711	449,150	1,296,405	1,085,883
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	465,711	449,150	1,296,405	1,085,883
U.S. Retail \| Royalty income
Disaggregation of Revenue [Line Items]
Royalty income, net	2,500	3,902	7,930	7,648
U.S. Wholesale
Disaggregation of Revenue [Line Items]
Net sales	294,180	302,135	809,186	706,009
U.S. Wholesale \| Wholesale channel
Disaggregation of Revenue [Line Items]
Net sales	294,180	302,135	809,186	706,009
U.S. Wholesale \| Direct-to-consumer
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
U.S. Wholesale \| Royalty income
Disaggregation of Revenue [Line Items]
Royalty income, net	5,226	3,986	11,877	9,576
International
Disaggregation of Revenue [Line Items]
Net sales	130,695	113,795	318,756	242,545
International \| Wholesale channel
Disaggregation of Revenue [Line Items]
Net sales	48,935	37,838	125,337	92,110
International \| Direct-to-consumer
Disaggregation of Revenue [Line Items]
Net sales	81,760	75,957	193,419	150,435
International \| Royalty income
Disaggregation of Revenue [Line Items]
Royalty income, net	716	1,175	2,743	2,765
Trade Accounts Receivable
Disaggregation of Revenue [Line Items]
Total receivables	262,770	255,214	262,770	255,214	180,830
Royalties receivable
Disaggregation of Revenue [Line Items]
Total receivables	7,932	8,596	7,932	8,596	5,733
Tenant allowances and other receivables
Disaggregation of Revenue [Line Items]
Total receivables	9,336	12,064	9,336	12,064	12,315
SEC Schedule, 12-09, Allowance, Credit Loss
Disaggregation of Revenue [Line Items]
Less: Wholesale accounts receivable reserves	$ (18,856)	$ (12,643)	$ (18,856)	$ (12,643)	$ (12,366)

REVENUE RECOGNITION - Contract Liabilities (Details) - USD ($) $ in Thousands	Oct. 02, 2021	Jan. 02, 2021	Sep. 26, 2020
Revenue from Contract with Customer [Abstract]
Unredeemed gift cards	$ 18,948	$ 18,300	$ 15,977
Unredeemed customer loyalty rewards	6,677	5,241	5,510
Carter's credit card - upfront bonus	714	714	714
Total contract liabilities-current	26,339	24,255	22,201
Contract liabilities - non-current	2,321	2,857	3,036
Total contract liabilities	$ 28,660	$ 27,112	$ 25,237

LEASES - Operating lease Terms of Contract (Details)	3 Months Ended
LEASES - Operating lease Terms of Contract (Details)	Oct. 02, 2021
Minimum
Lessee, Lease, Description [Line Items]
Operating lease term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Operating lease term	10 years
Operating lease term of extension option	5 years

LEASES - Cost and Supplementary Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 02, 2021	Sep. 26, 2020	Oct. 02, 2021	Sep. 26, 2020
Leases [Abstract]
Operating lease cost	$ 40,917	$ 44,230	$ 125,715	$ 136,180
Variable lease cost	15,444	19,635	48,118	55,139
Net lease cost	$ 56,361	$ 63,865	$ 173,833	$ 191,319
Weighted average remaining operating lease term	5 years 1 month 6 days		5 years 1 month 6 days
Weighted average discount rate for operating lease	3.28%		3.28%
Cash paid for amount included in measurement of operating lease liabilities	$ 47,600		$ 162,300
Operating lease assets obtained in exchanged for new operating lease liabilities	18,600		26,200
Minimum rental commitments for additional operating lease contracts not yet commenced	$ 2,200		$ 2,200
Maximum
Lessee, Lease, Description [Line Items]
Operating lease term for contracts not yet commenced	10 years		10 years
Minimum
Lessee, Lease, Description [Line Items]
Operating lease term for contracts not yet commenced	3 years		3 years

LEASES - Maturities of lease liabilities (Details) $ in Thousands	Oct. 02, 2021 USD ($)
Leases [Abstract]
Remainder of 2021	$ 46,341
2022	162,896
2023	137,967
2024	109,661
2025	77,907
2026	55,589
After 2026	82,009
Total lease payments	672,370
Less: Interest	(54,371)
Present value of lease liabilities	$ 617,999

ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Apr. 03, 2021	Oct. 02, 2021	Sep. 26, 2020	Jan. 02, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total accumulated other comprehensive loss		$ (32,689)	$ (41,402)	$ (32,760)
Cumulative foreign currency translation adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total accumulated other comprehensive loss		(21,236)	(32,290)	(21,307)
Pension and post-retirement obligations
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total accumulated other comprehensive loss		(11,453)	(9,112)	$ (11,453)
Tax impact	$ 3,500	$ 3,500	$ 2,800

- Definition

Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.

+ References + Details

GOODWILL AND INTANGIBLE ASSETS - Goodwill by Segment (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Oct. 02, 2021	Sep. 26, 2020	Mar. 28, 2020	Oct. 02, 2021	Sep. 26, 2020	Jan. 02, 2021	Sep. 28, 2019
Goodwill [Roll Forward]
Goodwill, gross						$ 211,776	$ 229,026
Goodwill impairment	$ 0	$ 0		$ 0	$ (17,742)
Foreign currency impact				240	(1,777)
Goodwill	212,016	209,507		212,016	209,507	211,776
U.S. Retail
Goodwill [Roll Forward]
Goodwill, gross						83,934	83,934
Goodwill impairment					0
Foreign currency impact				0	0
Goodwill	83,934	83,934		83,934	83,934
U.S. Wholesale
Goodwill [Roll Forward]
Goodwill, gross						74,454	74,454
Goodwill impairment					0
Foreign currency impact				0	0
Goodwill	74,454	74,454		74,454	74,454
International
Goodwill [Roll Forward]
Goodwill, gross						$ 53,388	$ 70,638
Foreign currency impact				240	(1,777)
Goodwill	53,628	51,119		53,628	$ 51,119
Goodwill accumulated impairment losses	$ 17,700			$ 17,700
Other International Reporting Unit Member
Goodwill [Roll Forward]
Goodwill impairment		$ 17,742	$ (17,700)

GOODWILL AND INTANGIBLE ASSETS - Carrying Value of Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Oct. 02, 2021	Sep. 26, 2020	Mar. 28, 2020	Oct. 02, 2021	Sep. 26, 2020	Jan. 02, 2021
Goodwill and Other Intangible Assets [Line Items]
Gross amount		$ 50,175			$ 50,175
Accumulated amortization		12,028			12,028
Finite-lived intangible assets, net		38,147			38,147
Intangible asset impairment	$ 0	0		$ 0	26,500
Amortization of intangible assets	900	900		2,799	2,784
Carter’s tradename
Goodwill and Other Intangible Assets [Line Items]
Indefinite-lived intangible assets	220,233	220,233		220,233	220,233	$ 220,233
OshKosh tradename
Goodwill and Other Intangible Assets [Line Items]
Indefinite-lived intangible assets	70,000	70,000		70,000	70,000	70,000
Skip Hop tradename
Goodwill and Other Intangible Assets [Line Items]
Indefinite-lived intangible assets	15,000	15,000		15,000	15,000	15,000
Other Tradenames
Goodwill and Other Intangible Assets [Line Items]
Gross amount	3,911	3,911		3,911	3,911	3,911
Accumulated amortization	1,439	1,189		1,439	1,189	1,251
Finite-lived intangible assets, net	2,472	2,722		$ 2,472	$ 2,722	2,660
Other Tradenames \| Minimum
Goodwill and Other Intangible Assets [Line Items]
Weighted-average useful life				5 years	5 years
Other Tradenames \| Maximum
Goodwill and Other Intangible Assets [Line Items]
Weighted-average useful life				20 years	20 years
Trade Names
Goodwill and Other Intangible Assets [Line Items]
Indefinite and finite lived intangible assets, gross	309,144	309,144		$ 309,144	$ 309,144	309,144
Accumulated amortization	1,439	1,189		1,439	1,189	1,251
Indefinite-lived trademarks	$ 307,705	$ 307,955		307,705	307,955	307,893
Skip Hop customer relationships
Goodwill and Other Intangible Assets [Line Items]
Weighted-average useful life	15 years	15 years
Gross amount	$ 47,300	$ 47,300		47,300	47,300	47,300
Accumulated amortization	14,216	11,039		14,216	11,039	11,834
Finite-lived intangible assets, net	$ 33,084	$ 36,261		33,084	36,261	35,466
Carter’s Mexico customer relationships
Goodwill and Other Intangible Assets [Line Items]
Weighted-average useful life	10 years	10 years
Gross amount	$ 3,053	$ 2,875		3,053	2,875	3,108
Accumulated amortization	1,294	989		1,294	989	1,064
Finite-lived intangible assets, net	1,759	$ 1,886		1,759	$ 1,886	2,044
Customer Relationships
Goodwill and Other Intangible Assets [Line Items]
Gross amount	50,353			50,353		50,408
Accumulated amortization	15,510			15,510		12,898
Finite-lived intangible assets, net	$ 34,843			$ 34,843		$ 37,510
U.S. Retail \| OshKosh tradename
Goodwill and Other Intangible Assets [Line Items]
Intangible asset impairment			$ 13,600
U.S. Retail \| Skip Hop tradename
Goodwill and Other Intangible Assets [Line Items]
Intangible asset impairment			500
U.S. Wholesale \| OshKosh tradename
Goodwill and Other Intangible Assets [Line Items]
Intangible asset impairment			1,600
U.S. Wholesale \| Skip Hop tradename
Goodwill and Other Intangible Assets [Line Items]
Intangible asset impairment			6,800
International \| OshKosh tradename
Goodwill and Other Intangible Assets [Line Items]
Intangible asset impairment			300
International \| Skip Hop tradename
Goodwill and Other Intangible Assets [Line Items]
Intangible asset impairment			$ 3,700

GOODWILL AND INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Oct. 02, 2021	Sep. 26, 2020	Mar. 28, 2020	Oct. 02, 2021	Sep. 26, 2020	Jan. 02, 2021
Goodwill and Other Intangible Assets [Line Items]
Goodwill impairment	$ 0	$ 0		$ 0	$ 17,742
Intangible asset impairment	0	0		0	26,500
Amortization of intangible assets	900	900		2,799	2,784
Skip Hop tradename
Goodwill and Other Intangible Assets [Line Items]
Indefinite-lived intangible assets	15,000	15,000		15,000	15,000	$ 15,000
OshKosh tradename
Goodwill and Other Intangible Assets [Line Items]
Indefinite-lived intangible assets	$ 70,000	$ 70,000		$ 70,000	70,000	$ 70,000
U.S. Wholesale
Goodwill and Other Intangible Assets [Line Items]
Goodwill impairment					0
U.S. Wholesale \| Skip Hop tradename
Goodwill and Other Intangible Assets [Line Items]
Intangible asset impairment			$ 6,800
U.S. Wholesale \| OshKosh tradename
Goodwill and Other Intangible Assets [Line Items]
Intangible asset impairment			1,600
International \| Skip Hop tradename
Goodwill and Other Intangible Assets [Line Items]
Intangible asset impairment			3,700
International \| OshKosh tradename
Goodwill and Other Intangible Assets [Line Items]
Intangible asset impairment			300
U.S. Retail
Goodwill and Other Intangible Assets [Line Items]
Goodwill impairment					$ 0
U.S. Retail \| Skip Hop tradename
Goodwill and Other Intangible Assets [Line Items]
Intangible asset impairment			500
U.S. Retail \| OshKosh tradename
Goodwill and Other Intangible Assets [Line Items]
Intangible asset impairment			$ 13,600

GOODWILL AND INTANGIBLE ASSETS - Estimated Amortization Expense (Details) $ in Thousands	Oct. 02, 2021 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2021	$ 932
2022	3,728
2023	3,686
2024	3,656
2025	3,656
2026	$ 3,656

COMMON STOCK - Share Repurchases (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended			9 Months Ended
	Oct. 02, 2021	Jul. 03, 2021	Sep. 26, 2020	Oct. 02, 2021	Sep. 26, 2020
Stockholders' Equity Note [Abstract]
Number of shares repurchased (in shares)	1,095,899		0	1,095,899	474,684
Aggregate cost of shares repurchased	$ 110,262		$ 0	$ 110,262	$ 45,255
Average price per share (in USD per share)	$ 100.61		$ 0	$ 100.61	$ 95.34
Remaining capacity under authorization	$ 540,200			$ 540,200
Dividends paid (in USD per share)	$ 0.40	$ 0.40	$ 0	$ 0.80	$ 0.60

LONG-TERM DEBT-Schedule (Details) - USD ($) $ in Thousands	Oct. 02, 2021	Apr. 21, 2021	Jan. 02, 2021	Sep. 26, 2020
Debt Instrument [Line Items]
Total long-term debt, net	$ 990,900		$ 989,530	$ 989,086
Outstanding letters of credit	4,400
Amendment No. 2
Debt Instrument [Line Items]
Minimum liquidity		$ 700,000
Amendment No. 3
Debt Instrument [Line Items]
Minimum liquidity		950,000
Increase in minimum liquidity		250,000
Debt issuance costs	$ 200
Amendment No. 3 \| Maximum
Debt Instrument [Line Items]
Additional restricted payments		$ 250,000
LIBOR
Debt Instrument [Line Items]
Interest rate	1.125%
Base Rate
Debt Instrument [Line Items]
Interest rate	0.125%
Total Senior Notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 1,000,000		1,000,000	1,000,000
Debt issuance costs, net	(9,100)		(10,470)	(10,914)
Senior notes, net	990,900		989,530	989,086
Secured Revolving Credit Facility
Debt Instrument [Line Items]
Secured revolving credit facility	0		0	0
Remaining borrowing capacity	$ 745,600
5.500% Senior Notes due 2025 \| Senior Notes
Debt Instrument [Line Items]
Interest rate	5.50%
Long-term debt, gross	$ 500,000		500,000	500,000
5.625% Senior Notes due 2027 \| Senior Notes
Debt Instrument [Line Items]
Interest rate	5.625%
Long-term debt, gross	$ 500,000		$ 500,000	$ 500,000

STOCK-BASED COMPENSATION (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
STOCK-BASED COMPENSATION (Details) - USD ($) $ in Thousands	Oct. 02, 2021	Apr. 03, 2021	Sep. 26, 2020	Oct. 02, 2021	Sep. 26, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 3,515		$ 3,046	$ 15,837	$ 9,531
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	290		597	1,064	2,065
Time-based awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	3,665		2,449	11,070	7,798
Performance-based awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	(440)		0	2,463	(1,927)
Previously recognized stock-based compensation expense	700	$ 2,600
Stock awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 0		$ 0	$ 1,240	$ 1,595

INCOME TAXES (Details) - USD ($) $ in Millions	9 Months Ended
INCOME TAXES (Details) - USD ($) $ in Millions	Oct. 02, 2021	Sep. 26, 2020	Jan. 02, 2021
Income Tax Disclosure [Abstract]
Gross unrecognized tax benefits	$ 10.8
Unrecognized tax benefits that if recognized would impact effective tax rate	9.1
Reserves for unrecognized tax benefits	2.3
Interest expense recorded on uncertain tax positions	0.4	$ 0.6
Interest accrued on uncertain tax positions	$ 2.3	$ 2.9	$ 2.7

FAIR VALUE MEASUREMENTS - Investments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 02, 2021	Sep. 26, 2020	Oct. 02, 2021	Sep. 26, 2020	Jan. 02, 2021
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Gain (loss) on investments	$ 600	$ 2,500	$ 1,900	$ 600
Fair Value, Inputs, Level 1
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments	$ 17,100	$ 18,900	$ 17,100	$ 18,900	$ 20,200

FAIR VALUE MEASUREMENTS - Borrowings (Details) - USD ($)	Oct. 02, 2021	Jan. 02, 2021	Sep. 26, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total long-term debt, net	$ 990,900,000	$ 989,530,000	$ 989,086,000
Secured Revolving Credit Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Secured revolving credit facility	0	$ 0	$ 0
Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument, face amount	1,000,000,000
Fair Value \| Fair Value, Inputs, Level 2 \| Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total long-term debt, net	$ 1,050,000,000.00

- 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

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 02, 2021	Sep. 26, 2020	Oct. 02, 2021	Sep. 26, 2020
Weighted-average number of common and common equivalent shares outstanding:
Basic number of common shares outstanding (in shares)	43,260,471	43,193,752	43,358,998	43,237,319
Dilutive effect of equity awards (in shares)	155,575	156,878	153,252	174,351
Dilutive number of common and common equivalent shares outstanding (in shares)	43,416,046	43,350,630	43,512,250	43,411,670
Basic net income per common share:
Net income	$ 84,976	$ 81,241	$ 242,775	$ 10,703
Income allocated to participating securities	(1,024)	(837)	(2,919)	(88)
Net income available to common shareholders	$ 83,952	$ 80,404	$ 239,856	$ 10,615
Basic net income per common share (in USD per share)	$ 1.94	$ 1.86	$ 5.53	$ 0.25
Diluted net income per common share:
Net income	$ 84,976	$ 81,241	$ 242,775	$ 10,703
Income allocated to participating securities	(1,021)	(834)	(2,910)	(89)
Net income available to common shareholders	$ 83,955	$ 80,407	$ 239,865	$ 10,614
Diluted net income per common share (in USD per share)	$ 1.93	$ 1.85	$ 5.51	$ 0.24
Anti-dilutive awards excluded from diluted earnings per share computation (in shares)	164,080	729,476	187,245	744,499

OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Thousands	Oct. 02, 2021	Jan. 02, 2021	Sep. 26, 2020
Other Liabilities Disclosure [Abstract]
Accrued bonuses and incentive compensation	$ 28,159	$ 8,873	$ 990
Accrued employee benefits	21,035	22,876	9,337
Unredeemed gift cards	18,948	18,300	15,977
Accrued taxes	13,985	10,900	15,453
Accrued interest	11,827	12,092	11,556
Accrued salaries and wages	5,683	10,650	11,351
Income taxes payable	3,710	21,164	18,744
Accrued other	29,053	30,385	31,661
Other current liabilities	$ 132,400	$ 135,240	$ 115,069

SEGMENT INFORMATION (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
SEGMENT INFORMATION (Details) - USD ($) $ in Thousands	Oct. 02, 2021	Sep. 26, 2020	Oct. 02, 2021	Sep. 26, 2020
Segment Reporting Information [Line Items]
Net sales	$ 890,586	$ 865,080	$ 2,424,347	$ 2,034,437
Operating income (loss):	$ 124,031	$ 113,527	$ 359,109	$ 56,003
% of segment net sales	13.90%	13.10%	14.80%	2.80%
U.S. Retail
Segment Reporting Information [Line Items]
Net sales	$ 465,711	$ 449,150	$ 1,296,405	$ 1,085,883
International
Segment Reporting Information [Line Items]
Net sales	130,695	113,795	318,756	242,545
Operating Segments
Segment Reporting Information [Line Items]
Net sales	$ 890,586	$ 865,080	$ 2,424,347	$ 2,034,437
% of consolidated net sales	100.00%	100.00%	100.00%	100.00%
Operating Segments \| U.S. Retail
Segment Reporting Information [Line Items]
Net sales	$ 465,711	$ 449,150	$ 1,296,405	$ 1,085,883
% of consolidated net sales	52.30%	51.90%	53.50%	53.40%
Operating income (loss):	$ 87,151	$ 47,559	$ 250,751	$ 38,902
% of segment net sales	18.70%	10.60%	19.30%	3.60%
Operating Segments \| U.S. Wholesale
Segment Reporting Information [Line Items]
Net sales	$ 294,180	$ 302,135	$ 809,186	$ 706,009
% of consolidated net sales	33.00%	34.90%	33.40%	34.70%
Operating income (loss):	$ 40,074	$ 65,718	$ 150,724	$ 89,141
% of segment net sales	13.60%	21.80%	18.60%	12.60%
Operating Segments \| International
Segment Reporting Information [Line Items]
Net sales	$ 130,695	$ 113,795	$ 318,756	$ 242,545
% of consolidated net sales	14.70%	13.20%	13.10%	11.90%
Operating income (loss):	$ 22,754	$ 17,400	$ 41,495	$ (15,819)
% of segment net sales	17.40%	15.30%	13.00%	(6.50%)
Corporate
Segment Reporting Information [Line Items]
Corporate expenses	$ (25,948)	$ (17,150)	$ (83,861)	$ (56,221)

SEGMENT INFORMATION SEGMENT CHARGES (Details) - USD ($)	3 Months Ended			9 Months Ended
SEGMENT INFORMATION SEGMENT CHARGES (Details) - USD ($)	Oct. 02, 2021	Sep. 26, 2020	Mar. 28, 2020	Oct. 02, 2021	Sep. 26, 2020
Segment Reporting Information [Line Items]
Goodwill impairment	$ 0	$ 0		$ 0	$ 17,742,000
Intangible asset impairment	0	0		0	26,500,000
Early exit cost Canada corporate lease				2,300,000
Provisions for doubtful accounts receivable from customers				2,754,000	7,702,000
Operating Segments
Segment Reporting Information [Line Items]
Organizational restructuring	100,000	400,000		800,000	2,000,000
U.S. Retail
Segment Reporting Information [Line Items]
Goodwill impairment					0
U.S. Retail \| Operating Segments
Segment Reporting Information [Line Items]
Incremental costs associated with COVID-19 pandemic	200,000	1,600,000		1,700,000	8,300,000
Organizational restructuring	(100,000)	300,000		(600,000)	3,400,000
Gain on modification of retail store leases	(300,000)			(2,200,000)
Goodwill impairment		0			0
Retail store operating leases and other long-lived asset impairments		1,500,000			6,300,000
Total charges	200,000	3,400,000		1,100,000	32,100,000
U.S. Wholesale
Segment Reporting Information [Line Items]
Goodwill impairment					0
U.S. Wholesale \| Operating Segments
Segment Reporting Information [Line Items]
Incremental costs associated with COVID-19 pandemic	100,000	1,400,000		1,500,000	8,500,000
Organizational restructuring	0	200,000		100,000	1,500,000
Gain on modification of retail store leases	0			0
Goodwill impairment		0			0
Retail store operating leases and other long-lived asset impairments		0			0
Total charges	100,000	1,600,000		1,600,000	18,400,000
Provisions for doubtful accounts receivable from customers				38,000
International \| Operating Segments
Segment Reporting Information [Line Items]
Incremental costs associated with COVID-19 pandemic	0	300,000		300,000	2,000,000.0
Organizational restructuring	0	300,000		2,300,000	1,900,000
Gain on modification of retail store leases	0			0
Goodwill impairment		0			17,700,000
Retail store operating leases and other long-lived asset impairments		0			200,000
Total charges	$ 0	600,000		$ 2,600,000	25,800,000
Skip Hop tradename \| U.S. Retail
Segment Reporting Information [Line Items]
Intangible asset impairment			$ 500,000
Skip Hop tradename \| U.S. Retail \| Operating Segments
Segment Reporting Information [Line Items]
Intangible asset impairment		0			500,000
Skip Hop tradename \| U.S. Wholesale
Segment Reporting Information [Line Items]
Intangible asset impairment			6,800,000
Skip Hop tradename \| U.S. Wholesale \| Operating Segments
Segment Reporting Information [Line Items]
Intangible asset impairment		0			6,800,000
Skip Hop tradename \| International
Segment Reporting Information [Line Items]
Intangible asset impairment			3,700,000
Skip Hop tradename \| International \| Operating Segments
Segment Reporting Information [Line Items]
Intangible asset impairment		0			3,700,000
OshKosh tradename \| U.S. Retail
Segment Reporting Information [Line Items]
Intangible asset impairment			13,600,000
OshKosh tradename \| U.S. Retail \| Operating Segments
Segment Reporting Information [Line Items]
Intangible asset impairment		0			13,600,000
OshKosh tradename \| U.S. Wholesale
Segment Reporting Information [Line Items]
Intangible asset impairment			1,600,000
OshKosh tradename \| U.S. Wholesale \| Operating Segments
Segment Reporting Information [Line Items]
Intangible asset impairment		0			1,600,000
OshKosh tradename \| International
Segment Reporting Information [Line Items]
Intangible asset impairment			$ 300,000
OshKosh tradename \| International \| Operating Segments
Segment Reporting Information [Line Items]
Intangible asset impairment		$ 0			$ 300,000

ORGANIZATIONAL RESTRUCTURING AND OFFICE CONSOLIDATION (Details) - Selling, General and Administrative Expenses - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 02, 2021	Sep. 26, 2020	Oct. 02, 2021	Sep. 26, 2020
Organizational Restructuring and Office Consolidation [Line Items]
Restructuring charges	$ (160)	$ 1,214	$ 2,539	$ 8,753
Severance and other termination benefits
Organizational Restructuring and Office Consolidation [Line Items]
Restructuring charges	120	181	893	4,423
Lease exit costs
Organizational Restructuring and Office Consolidation [Line Items]
Restructuring charges	7	780	3,419	2,495
Relocating and recruiting
Organizational Restructuring and Office Consolidation [Line Items]
Restructuring charges	(70)	253	(63)	1,755
Other closure costs
Organizational Restructuring and Office Consolidation [Line Items]
Restructuring charges	$ 23	$ 0	$ 76	$ 80

ORGANIZATIONAL RESTRUCTURING AND OFFICE CONSOLIDATION - RESERVE (Details) $ in Millions	3 Months Ended	9 Months Ended
	Oct. 02, 2021 USD ($) store	Oct. 02, 2021 USD ($) store
Organizational Restructuring and Office Consolidation [Line Items]
Number of planned store closures \| store	100	100
Severance and other termination benefits
Organizational Restructuring and Office Consolidation [Line Items]
Payments in severance and other termination benefits	$ 0.9	$ 5.4
Reserves related to severance and other termination benefits	1.4	1.4
Minimum
Organizational Restructuring and Office Consolidation [Line Items]
Additional restructuring-related charges	$ 0.5	$ 0.5