0001060822-24-000062 | 10-K | XBRL Viewer

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LONG-TERM DEBT - Schedule (Details) - USD ($)	Dec. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 500,000,000
Less: unamortized issuance-related costs for senior notes	(2,646,000)	$ (3,376,000)
Total long-term debt, net	497,354,000	616,624,000
Total Senior Notes
Debt Instrument [Line Items]
Senior notes, net	497,354,000	496,624,000
Secured revolving credit facility
Debt Instrument [Line Items]
Secured revolving credit facility	0	120,000,000
$500 million, 5.625% Senior Notes due 2027 \| Senior notes
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 500,000,000	$ 500,000,000

EMPLOYEE BENEFIT PLANS - Net Periodic (Benefit) Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Pension Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Interest cost	$ 2,617	$ 1,909	$ 1,818
Expected return on plan assets	(2,372)	(3,432)	(3,577)
Amortization of net loss	189	217	428
Net periodic pension cost (benefit)	434	(1,306)	(1,331)
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax [Abstract]
Net gain arising during the fiscal year	(21)	(2,062)	(4,765)
Amortization of net loss	(189)	(217)	(428)
Total changes recognized in other comprehensive income	(210)	(2,279)	(5,193)
Total net periodic pension cost (benefit) and changes recognized in other comprehensive income	(224)	3,585	(6,524)
Pension Plans \| Reclassification out of Accumulated Other Comprehensive Income
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Amortization of net loss	200
Postretirement Benefit
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	6	14	15
Interest cost	78	63	57
Amortization of net loss	(428)	(320)	(295)
Net periodic pension cost (benefit)	(344)	(243)	(223)
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax [Abstract]
Net gain arising during the fiscal year	3	(763)	(140)
Amortization of net loss	(428)	(320)	(295)
Total changes recognized in other comprehensive income	431	(443)	155
Total net periodic pension cost (benefit) and changes recognized in other comprehensive income	(87)	$ 686	$ 68
Postretirement Benefit \| Reclassification out of Accumulated Other Comprehensive Income
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Amortization of net loss	$ 400

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Internal-Use Software ) (Details)	Dec. 30, 2023
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	3 years
Computer Software [Member] \| Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	10 years
Computer Software [Member] \| Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	3 years

THE COMPANY	12 Months Ended
THE COMPANY	Dec. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
THE COMPANY	THE COMPANY Carter’s, Inc. and its wholly owned subsidiaries (collectively, the “Company”) design, source, and market branded childrenswear under the Carter’s, OshKosh B’gosh (or “OshKosh”), Skip Hop, Child of Mine, Just One You, Simple Joys, Little Planet, and other brands. The Company’s products are sourced through contractual arrangements with manufacturers worldwide for wholesale distribution to leading department stores, national chains, and specialty retailers domestically and internationally and for sale in the Company’s retail stores and on its eCommerce sites that market its brand name merchandise and other licensed products manufactured by other companies.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Accounts Receivable) (Details) - customer	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022	Jan. 02, 2021
Largest {Member}
Accounts Receivable [Abstract]
maximum disclosure percentage of net sales	10.40%	10.00%	10.00%
Sales [Member]
Accounts Receivable [Abstract]
Number of largest wholesale customers being discussed	0		0	0
maximum disclosure percentage of net sales	1000.00%	10.00%	10.00%
Accounts Receivable [Member]
Accounts Receivable [Abstract]
Number of largest wholesale customers being discussed	3	3
Maximum disclosure percentage gross accounts receivable	10.00%	10.00%
Accounts Receivable [Member] \| Customer Concentration Risk \| Three Wholesale Customers
Accounts Receivable [Abstract]
Customer concentration risk, gross accounts receivable	56.00%	56.00%

EMPLOYEE BENEFIT PLANS - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Defined Benefit Plan Disclosure [Line Items]
Long-term rate of return	0.0475
Contribution	$ 200
Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Effect of 0.25% increase on projected benefit obligation	$ 1,500
Defined Benefit Plan, Assumptions Used in Calculation, Description	0.25%
Defined Benefit Plan, Benefit Obligation	$ 54,785	$ 53,847	$ 70,875
Benefit payments	3,210
Expected contribution and benefit payment, five years subsequent to 2017	20,030
Pension Plans \| Scenario, Adjustment
Defined Benefit Plan Disclosure [Line Items]
Effect of 0.25% increase on projected benefit obligation	1,400
Postretirement Benefit
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Benefit Obligation	1,637	1,745	2,662
Benefit payments	200
Expected contribution and benefit payment, five years subsequent to 2017	600
Postretirement Benefit \| Other Long Term Liabilities
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Benefit Obligation	$ 1,400	1,500
Defined Contribution Plan \| United States
Defined Benefit Plan Disclosure [Line Items]
Minimum age participation for the defined contribution plan	21 years
Minimum service participation for the defined contribution plan	1 month
Minimum hours service participation for the defined contribution plan	1000 hours
Defined contribution plan expense for the fiscal year	$ 8,100	$ 8,200	$ 16,100

INCOME TAXES - Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Income Tax Disclosure [Abstract]
Undistributed Earnings of Foreign Subsidiaries	$ 106,900
Unrecognized deferred tax liability related to undistributed earnings	4,900
Current tax provision:
Federal	47,643	$ 43,569	$ 75,408
State	8,943	8,307	16,905
Foreign	13,756	15,562	19,761
Total current provision	70,342	67,438	112,074
Deferred tax (benefit) provision:
Federal	(148)	(1,484)	(10,541)
State	(512)	425	(2,428)
Foreign	60	319	(563)
Total deferred (benefit) provision	(600)	(740)	(13,532)
Total provision	$ 69,742	$ 66,698	$ 98,542

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Leases) (Details)	12 Months Ended
	Dec. 30, 2023 USD ($)
Accounting Policies [Abstract]
Operating lease Remeasuremnt	$ 21,500,000

STOCK-BASED COMPENSATION (Non-Management- Board Directors) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value per share (in USD per share)	$ 73.33
Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares issued (in shares)	23,850	21,725	13,037
Fair value per share (in USD per share)	$ 65.01	$ 78.51	$ 101.09
Aggregate value (in thousands)	$ 1,550	$ 1,706	$ 1,318

- Definition

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

+ References

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+ Details

- Definition

Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.

+ References + Details

INCOME TAXES - Uncertain Tax Provisions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Unrecognized income tax benefits [Roll Forward]
Beginning Balance	$ 7,093	$ 8,856	$ 12,523
Additions based on tax positions related to fiscal year	1,545	1,040	810
Reductions for prior year tax positions	0	0	(2,207)
Reductions for lapse of statute of limitations	(2,373)	(2,803)	(2,270)
Ending Balance	6,265	7,093	$ 8,856
Impact of recognized tax benefit on effective tax rate, if recognized	5,600
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense		400
Interest accrued for uncertain tax positions	$ 1,500	$ 1,500

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) - USD ($) $ in Thousands	Dec. 30, 2023	Dec. 31, 2022
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid information technology-related contracts	$ 11,504	$ 12,652
Prepaid income taxes	2,563	1,110
Prepaid insurance	1,962	2,133
Other	13,102	17,917
Prepaid expenses and other current assets	$ 29,131	$ 33,812

FAIR VALUE MEASUREMENTS	12 Months Ended
FAIR VALUE MEASUREMENTS	Dec. 30, 2023
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS Investments The Company invests comparable amounts in marketable securities, principally equity-based mutual funds, to approximate the participant’s 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 $17.3 million and $15.1 million at the end of fiscal 2023 and fiscal 2022, respectively. These investments are classified as Level 1 within the fair value hierarchy. The change in the aggregate fair values of marketable securities is due to the net activity of gains and losses and any contributions and distributions during the period. Gains on the investments in marketable securities were $2.2 million for fiscal 2023. Losses on the investments in marketable securities were $2.5 million for fiscal 2022. These amounts are included in Other expense (income), net on the Company’s consolidated statement of operations. The fair value of the Company’s pension plan assets at December 30, 2023 and December 31, 2022, by asset category, are disclosed in Note 17, Employee Benefits Plans, to the consolidated financial statements. Borrowings As of December 30, 2023, the Company had no outstanding borrowings under its secured revolving credit facility. The fair value of the Company’s senior notes at December 30, 2023 was approximately $493.7 million. The fair value of these senior notes with a notional value and carrying value (gross of debt issuance costs) of $500.0 million was estimated using a quoted price as provided in the secondary market, which considers the Company’s credit risk and market related conditions, and is therefore within Level 2 of the fair value hierarchy. Goodwill, Intangible, and Other Long-Lived Assets Some assets are not measured at fair value on a recurring basis but are subject to fair value adjustments only in certain circumstances. These assets can include goodwill, indefinite-lived intangible assets, and other long-lived assets that have been reduced to fair value when impaired. Assets that are written down to fair value when impaired are not subsequently adjusted to fair value unless further impairment occurs. In fiscal 2022, the Company performed a quantitative impairment test on the goodwill ascribed to each of the Company’s reporting units and on the value of its indefinite-lived intangible tradename assets as of December 31, 2022 due to increased discount rates, decreased actual and projected sales and profitability, and the announcement of the substantial doubt of a Skip Hop wholesale customer’s ability to continue to operate as a going concern. The goodwill impairment assessment for each reporting unit was performed in accordance with ASC 350 and compares the carrying value of each reporting unit to its fair value. Consistent with prior practice, the Company uses a 50% weighting of the income approach and a 50% weighting of the market approach to determine the fair value of a reporting unit. Based upon this assessment, there were no impairments on the value of goodwill. The indefinite-lived tradename asset assessments were performed in accordance with ASC 350 and were determined using a discounted cash flow analysis which examined the hypothetical cost savings that accrue as a result of not having to license the tradename from another owner. Based on these assessments, a non-cash pre-tax impairment charge of $9.0 million was recorded during the fourth quarter of fiscal 2022 on our indefinite-lived Skip Hop tradename asset to write-down the carrying value to $6.0 million. The charge recorded on our indefinite-lived Skip Hop tradename asset included charges of $5.6 million, $3.0 million, and $0.4 million 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.

- 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

REVENUE RECOGNITION - Accounts Receivable from Customers and Licensees (Details) - USD ($) $ in Thousands	Dec. 30, 2023	Dec. 31, 2022
Receivables with Imputed Interest [Line Items]
Accounts receivable, gross	$ 196,891	$ 215,035
Less: Wholesale accounts receivable reserves	(13,117)	(16,448)
Accounts receivable, net	183,774	198,587
Allowance for chargebacks	8,400	9,300
Allowance for credit losses	4,754	7,189
Trade receivables from wholesale customers, net
Receivables with Imputed Interest [Line Items]
Accounts receivable, gross	172,106	195,078
Royalties receivable, net
Receivables with Imputed Interest [Line Items]
Accounts receivable, gross	4,753	5,386
Other receivables
Receivables with Imputed Interest [Line Items]
Accounts receivable, gross	20,032	$ 14,571
Accrued Income Receivable
Receivables with Imputed Interest [Line Items]
Accounts receivable, gross	$ 6,900

GOODWILL AND OTHER INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2022	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Goodwill [Roll Forward]
Goodwill, Beginning Balance		$ 209,333	$ 212,023
Foreign currency impact		1,204	(2,690)
Goodwill, Ending Balance	$ 209,333	210,537	209,333	$ 212,023
Intangible asset impairment		0	9,000	0
Amortization of intangible assets		3,700	3,700	3,700
2024		3,717
2025		3,717
2026		3,717
2027		3,566
2028		3,354
Finite-life tradenames
Goodwill [Roll Forward]
Finite intangible assets, Gross amount	3,911	3,911	3,911
Accumulated amortization	1,751	1,958	1,751
Net amount	2,160	$ 1,953	2,160
Finite-life tradenames \| Minimum
Goodwill [Roll Forward]
Weighted-average useful life		5 years
Finite-life tradenames \| Maximum
Goodwill [Roll Forward]
Weighted-average useful life		20 years
Total tradenames, net
Goodwill [Roll Forward]
Finite intangible assets, Gross amount	300,144	$ 300,144	300,144
Accumulated amortization	1,751	1,958	1,751
Net amount	298,393	$ 298,186	298,393
Skip Hop customer relationships
Goodwill [Roll Forward]
Weighted-average useful life		15 years
Finite intangible assets, Gross amount	47,300	$ 47,300	47,300
Accumulated amortization	18,187	21,363	18,187
Net amount	29,113	$ 25,937	29,113
Carter’s Mexico customer relationships
Goodwill [Roll Forward]
Weighted-average useful life		10 years
Finite intangible assets, Gross amount	3,125	$ 3,324	3,125
Accumulated amortization	1,674	2,023	1,674
Net amount	1,451	1,301	1,451
Total customer relationships, net
Goodwill [Roll Forward]
Finite intangible assets, Gross amount	50,425	50,624	50,425
Accumulated amortization	19,861	23,386	19,861
Net amount	30,564	27,238	30,564
Carter’s tradename
Goodwill [Roll Forward]
Indefinite intangible assets	220,233	220,233	220,233
OshKosh tradename
Goodwill [Roll Forward]
Indefinite intangible assets	70,000	70,000	70,000
Skip Hop tradename
Goodwill [Roll Forward]
Indefinite intangible assets	6,000	6,000	6,000
Intangible asset impairment	9,000
Indefinite intangible assets	6,000		6,000
U.S. Retail
Goodwill [Roll Forward]
Goodwill, Beginning Balance		83,934	83,934
Foreign currency impact		0	0
Goodwill, Ending Balance	83,934	83,934	83,934	83,934
U.S. Retail \| Skip Hop tradename
Goodwill [Roll Forward]
Intangible asset impairment	400
U.S. Wholesale
Goodwill [Roll Forward]
Goodwill, Beginning Balance		74,454	74,454
Foreign currency impact		0	0
Goodwill, Ending Balance	74,454	74,454	74,454	74,454
U.S. Wholesale \| Skip Hop tradename
Goodwill [Roll Forward]
Intangible asset impairment	5,600
International
Goodwill [Roll Forward]
Goodwill, Beginning Balance		50,945	53,635
Foreign currency impact		1,204	(2,690)
Goodwill, Ending Balance	50,945	52,149	50,945	53,635
Goodwill, Impaired, Accumulated Impairment Loss	17,700	$ 17,700	$ 17,700	$ 17,700
International \| Skip Hop tradename
Goodwill [Roll Forward]
Intangible asset impairment	$ 3,000

INCOME TAXES - Deferred Taxes (Details) - USD ($) $ in Thousands	Dec. 30, 2023	Dec. 31, 2022
Deferred tax assets:
Accounts receivable allowance	$ 5,263	$ 6,715
Inventory	14,271	16,902
Accrued liabilities	11,208	8,230
Equity-based compensation	3,511	4,397
Deferred employee benefits	3,397	3,247
Leasing liabilities	105,756	83,886
Other	4,771	3,724
Total deferred tax assets	148,177	127,101
Deferred tax liabilities:
Depreciation	(19,654)	(18,560)
Leasing assets	(93,943)	(72,162)
Tradename and licensing agreements	(71,361)	(73,534)
Other	(2,516)	(1,614)
Total deferred tax liabilities	187,474	165,870
Net deferred tax liability	39,297	38,769
Deferred tax assets	2,173	2,466
Deferred tax liabilities	$ (41,470)	$ (41,235)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Revenue Recognition) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Accounting Policies [Abstract]
Cooperative advertising arrangements, fair value	$ 0.0	$ 0.6	$ 0.2

AUDIT INFORMATION	12 Months Ended
AUDIT INFORMATION	Dec. 30, 2023
Auditor Information [Abstract]
Auditor Firm ID	238
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Atlanta, Georgia

REVENUE RECOGNITION - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Unredeemed gift cards	$ 25,162	$ 23,303
Unredeemed customer loyalty rewards	3,355	5,276
Carter's credit card - upfront bonus	714
Total contract liabilities - current	29,231	29,293
Contract liabilities - non-current	714	1,429
Total contract liabilities	29,945	30,722
Gift Cards Member
Recognized Revenue from Gift Card Liability	$ 9,400	$ 8,500

COMMON STOCK (Tables)

12 Months Ended

Dec. 30, 2023

Equity [Abstract]

Open Market Repurchases


	For the fiscal year ended
	December 30, 2023		December 31, 2022		January 1, 2022
Number of shares repurchased(1)	1,446,269		3,747,187		2,967,619
Aggregate cost of shares repurchased (dollars in thousands)(2)	$	100,034	$	299,667	$	299,339
Average price per share(2)	$	69.17	$	79.97	$	100.87

(1)Share repurchases were made in compliance with all applicable rules and regulations and in accordance with the share repurchase authorizations.

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

- Definition

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

+ References

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+ Details

STOCK-BASED COMPENSATION (Stock Option Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022	Jan. 02, 2021	Dec. 28, 2019
Stock Options (Number of shares)
Outstanding, beginning balance (in shares)	563,048
Granted (in shares)	0	0	0	0	0
Exercised (in shares)	(64,700)
Forfeited (in shares)	0
Expired (in shares)	(51,517)
Outstanding, ending balance (in shares)	446,831	563,048
Vested and expected to vest (in shares)	446,831
Exercisable (in shares)	446,831
Stock Options (Weighted-average exercise price)
Weighted- average exercise price per share beginning balance (in dollars per share)	$ 92.99
Granted (in dollars per share)	0
Exercised (in dollars per share)	68.29
Forfeited (in dollars per share)	0
Expired (in dollars per share)	96.18
Weighted- average exercise price per share ending balance (in dollars per share)	96.20	$ 92.99
Weighted- average exercise price per share, Vested and Expected to Vest (in dollars per share)	96.20
Weighted- average exercise price per share, Exercisable (in dollars per share)	$ 96.20
Weighted-average remaining contractual terms (years), Outstanding	2 years 11 months 12 days
Weighted-average remaining contractual terms (years), Vested and Expected to Vest	2 years 11 months 12 days
Weighted-average remaining contractual terms (years), Exercisable	2 years 11 months 12 days
Aggregate intrinsic value, Outstanding	$ 0
Aggregate intrinsic value, Vested and Expected to Vest	0
Aggregate intrinsic value, Exercisable	$ 0

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Advertising Expenses) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Accounting Policies [Abstract]
Advertising Expense	$ 74.1	$ 96.0	$ 102.8
Deferred Advertising	$ 1.2	$ 1.9

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)

12 Months Ended

Dec. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

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 January 1 2022(*)	$	83,934	$	74,454	$	53,635	$	212,023



Foreign currency impact	—		—		(2,690)		(2,690)
Balance at December 31, 2022	$	83,934	$	74,454	$	50,945	$	209,333



Foreign currency impact	—		—		1,204		1,204
Balance at December 30, 2023	$	83,934	$	74,454	$	52,149	$	210,537

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

Tradename and Intangible Assets

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


		December 30, 2023						December 31, 2022
(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(1)	Indefinite	6,000		—		6,000		6,000		—		6,000
Finite-life tradenames(2)	5 - 20 years	3,911		1,958		1,953		3,911		1,751		2,160



Total tradenames, net		$	300,144	$	1,958	$	298,186	$	300,144	$	1,751	$	298,393

Skip Hop customer relationships	15 years	$	47,300	$	21,363	$	25,937	$	47,300	$	18,187	$	29,113
Carter’s Mexico customer relationships	10 years	3,324		2,023		1,301		3,125		1,674		1,451
Total customer relationships, net		$	50,624	$	23,386	$	27,238	$	50,425	$	19,861	$	30,564

(1)In fiscal 2022, impairment charges of $5.6 million, $3.0 million, and $0.4 million were recorded on our indefinite-lived Skip Hop tradename asset in the U.S. Wholesale, International, and U.S. Retail segments, respectively, to reflect the impairment of the value ascribed to the indefinite-lived Skip Hop tradename asset.

(2)Relates to the acquisition of rights to the Carter’s brand in Chile in December 2014 and the acquisition of the Skip Hop brand in February 2017.

Future Amortization Expense

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


(dollars in thousands)	Amortization expense
2024	$	3,717
2025	$	3,717
2026	$	3,717
2027	$	3,566
2028	$	3,354

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
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+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Inventories) (Details) $ in Millions	Dec. 30, 2023 USD ($)
Accounting Policies [Abstract]
Adjustments to inventory	$ (10.3)
Percentage Change In Inventory Reserves	(53.30%)
Finished goods inventories, inventory reserves	$ 9.0

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Pension Plans
Unrealized gain (loss) on retirement plan, (tax expense) or tax benefit	$ (50)	$ (540)	$ (1,220)
Postretirement Benefit
Unrealized gain (loss) on retirement plan, (tax expense) or tax benefit	$ 100	$ (100)	$ 40

SEGMENT INFORMATION (Tables)

12 Months Ended

Dec. 30, 2023

Segment Reporting [Abstract]

Schedule of segment information

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


	For the fiscal year ended
(dollars in thousands)	December 30, 2023		% of consolidated net sales		December 31, 2022		% of consolidated net sales		January 1, 2022		% of consolidated net sales
Net sales:
U.S. Retail	$	1,501,780	51.0	%	$	1,680,159	52.3	%	$	1,899,262	54.5	%
U.S. Wholesale	1,014,584		34.4	%	1,080,471		33.6	%	1,126,415		32.3	%
International	429,230		14.6	%	452,103		14.1	%	460,763		13.2	%
Consolidated net sales	$	2,945,594	100.0	%	$	3,212,733	100.0	%	$	3,486,440	100.0	%
Operating income:			% of segment net sales				% of segment net sales				% of segment net sales
U.S. Retail	$	190,620	12.7	%	$	252,497	15.0	%	$	368,221	19.4	%
U.S. Wholesale	198,849		19.6	%	161,659		15.0	%	195,369		17.3	%
International	44,940		10.5	%	56,617		12.5	%	63,806		13.8	%
Unallocated corporate expenses(*)	(111,004)		n/a		(91,602)		n/a		(130,317)		n/a
Consolidated operating income	$	323,405	11.0	%	$	379,171	11.8	%	$	497,079	14.3	%

(*)Unallocated corporate expenses include corporate overhead expenses that are not directly attributable to one of our business segments and include unallocated accounting, finance, legal, human resources, and information technology expenses, occupancy costs for our corporate headquarters, and other benefit and compensation programs, including performance-based compensation.

The tables below present additional segment information for our reportable segments for the periods presented:


(dollars in millions)	December 30, 2023
Charges:	U.S. Retail		U.S. Wholesale		International
Organizational restructuring(*)	$	—	$	0.1	$	0.2

(*)The fiscal year ended December 30, 2023 includes a corporate charge of $4.1 million, related to organizational restructuring and related corporate office lease amendment actions.


(dollars in millions)	December 31, 2022						January 1, 2022
Charges:	U.S. Retail		U.S. Wholesale		International		U.S. Retail		U.S. Wholesale		International
Organizational restructuring(1)	$	—	$	—	$	—	$	(0.6)	$	0.1	$	2.3

Skip Hop tradename impairment charge	0.4		5.6		3.0		—		—		—

Incremental costs associated with COVID-19 pandemic	—		—		—		2.0		1.7		0.2
Retail store operating leases and other long-lived asset impairments, net of gain(2)	—		—		—		(2.6)		—		—
Total charges	$	0.4	$	5.6	$	3.0	$	(1.2)	$	1.8	$	2.5

(1)The fiscal year ended January 1, 2022 also includes corporate charges related to organizational restructuring of $0.7 million,

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

Additional Data by Segment

Significant expenses

The table below represents cost of goods sold by segment:


	For the fiscal year ended
(dollars in thousands)	December 30, 2023		% of consolidated net sales		December 31, 2022		% of consolidated net sales		January 1, 2022		% of consolidated net sales
Cost of goods sold:
U.S. Retail	$	602,152	20.4	%	$	689,543	21.5	%	$	760,100	21.8	%
U.S. Wholesale	717,936		24.4	%	800,974		24.9	%	819,028		23.5	%
International	229,571		7.8	%	249,858		7.8	%	245,038		7.0	%
Total cost of goods sold(*)	$	1,549,659	52.6	%	$	1,740,375	54.2	%	$	1,824,166	52.3	%

(*)Amounts for the fiscal year ended December 31, 2022 and January 1, 2022 have been recast to conform to our current presentation of combining Adverse purchase commitments within Cost of goods sold.

Note: Percentages may not be additive due to rounding.

The table below represents SG&A expenses by segment:


	For the fiscal year ended
(dollars in thousands)	December 30, 2023		% of consolidated net sales		December 31, 2022		% of consolidated net sales		January 1, 2022		% of consolidated net sales
SG&A expenses:
U.S. Retail	$	715,558	24.3	%	$	746,575	23.2	%	$	779,482	22.4	%
U.S. Wholesale	109,459		3.7	%	125,173		3.9	%	127,826		3.7	%
International	157,919		5.4	%	146,657		4.6	%	156,251		4.5	%
Corporate expenses	111,004		n/a		91,602		n/a		130,317		n/a
Total SG&A expenses	$	1,093,940	37.1	%	$	1,110,007	34.6	%	$	1,193,876	34.2	%

Inventory, net, by segment

The table below represents inventory by segment:


	For the fiscal year ended
(dollars in thousands)	December 30, 2023		December 31, 2022
U.S. Wholesale(*)	$	381,146	$	580,918
U.S. Retail	73,366		57,518
International	82,613		106,137
Total	$	537,125	$	744,573

(*)U.S. Wholesale inventories also include inventory produced and warehoused for the U.S. Retail segment.

Consolidated Net Sales by Product

The table below represents consolidated net sales by product:


	For the fiscal year ended
(dollars in thousands)	December 30, 2023		December 31, 2022		January 1, 2022
Baby	$	1,098,304	$	1,103,023	$	1,124,961
Playclothes	992,726		1,125,352		1,261,622
Sleepwear	411,678		492,152		500,596
Other(*)	442,886		492,206		599,261
Total net sales	$	2,945,594	$	3,212,733	$	3,486,440

(*)Other product offerings include bedding, outerwear, swimwear, shoes, socks, diaper bags, gift sets, toys, and hair accessories.

Property, plant, and equipment, net, by geographic area

The following represents Property, plant, and equipment, net, and Operating lease assets by geographic area:


	For the fiscal year ended
(dollars in thousands)	December 30, 2023		December 31, 2022
United States	$	582,049	$	580,171
International	129,469		101,986
Total	$	711,518	$	682,157

EARNINGS PER SHARE

12 Months Ended

Dec. 30, 2023

Earnings Per Share [Abstract]

EARNINGS PER SHARE

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


	For the fiscal year ended
		December 30, 2023		December 31, 2022		January 1, 2022
Weighted-average number of common and common equivalent shares outstanding:
Basic number of common shares outstanding		36,589,922		38,822,737		42,853,009
Dilutive effect of equity awards		3,344		27,908		149,619
Diluted number of common and common equivalent shares outstanding		36,593,266		38,850,645		43,002,628
Earnings per share:
(dollars in thousands, except per share data)
Basic net income per common share:
Net income		$	232,500	$	250,038	$	339,748
Income allocated to participating securities		(4,285)		(3,714)		(4,113)
Net income available to common shareholders		$	228,215	$	246,324	$	335,635
Basic net income per common share		$	6.24	$	6.34	$	7.83

Diluted net income per common share:
Net income		$	232,500	$	250,038	$	339,748
Income allocated to participating securities		(4,285)		(3,712)		(4,102)
Net income available to common shareholders		$	228,215	$	246,326	$	335,646
Diluted net income per common share		$	6.24	$	6.34	$	7.81

Anti-dilutive shares excluded from dilutive earnings per share calculations (*)		477,373		526,618		176,475

(*)The volume of antidilutive shares is, in part, due to the related unamortized compensation costs.

The Company grants shares of its common stock in the form of restricted stock awards to certain key employees under the Company’s Amended and Restated Equity Incentive Plan (see Note 12, Stock-based Compensation, to the consolidated financial statements). Prior to vesting of the restricted stock awards, the grant recipients are entitled to receive non-forfeitable cash dividends if the Company declares and pays dividends on the Company’s common stock. Accordingly, unvested shares of the Company’s restricted stock awards are deemed to be participating securities for purposes of computing diluted earnings per share (EPS), and therefore the Company’s diluted EPS represents the lower of the amounts calculated under the treasury stock method or the two-class method of calculating diluted EPS.

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Cash flows from operating activities:
Net income	$ 232,500	$ 250,038	$ 339,748
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of property, plant, and equipment	60,407	61,543	90,378
Amortization of intangible assets	3,732	3,733	3,730
(Recoveries of) provisions for excess and obsolete inventory, net	(10,439)	5,039	4,042
Intangible asset impairment	0	9,000	0
Gain on partial termination of corporate lease	(4,366)	0	0
Other asset impairments and loss on disposal of property, plant and equipment, net of recoveries	3,078	372	213
Amortization of debt issuance costs	1,586	1,950	3,052
Stock-based compensation expense	19,463	21,879	21,029
Unrealized foreign currency exchange (gain) loss, net	(207)	(78)	371
Provisions for doubtful accounts receivable from customers	471	75	1,345
Loss on extinguishment of debt	0	19,940	0
Unrealized (gain) loss on investments	(2,237)	2,475	(2,279)
Deferred income tax benefit	(600)	(740)	(13,532)
Other	0	919	0
Effect of changes in operating assets and liabilities:
Accounts receivable	15,453	32,683	(46,480)
Finished goods inventories	222,920	(106,763)	(52,914)
Prepaid expenses and other assets	4,317	14,897	20,665
Accounts payable and other liabilities	(16,946)	(228,601)	(101,110)
Net cash provided by operating activities	529,132	88,361	268,258
Cash flows from investing activities:
Capital expenditures	(59,860)	(40,364)	(37,442)
Proceeds from sale of investments	0	0	5,000
Net cash used in investing activities	(59,860)	(40,364)	(32,442)
Cash flows from financing activities:
Payment of senior notes due 2025	0	(500,000)	0
Premiums paid to extinguish debt	0	(15,678)	0
Payments of debt issuance costs	0	(2,420)	(223)
Borrowings under secured revolving credit facility	70,000	240,000	0
Payments on secured revolving credit facility	(190,000)	(120,000)	0
Repurchases of common stock	(100,034)	(299,667)	(299,339)
Dividends paid	(112,005)	(118,113)	(60,124)
Withholdings from vesting of restricted stock	(5,024)	(6,930)	(4,019)
Proceeds from exercise of stock options	4,418	4,457	10,995
Other	0	(919)	0
Net cash used in financing activities	(332,645)	(819,270)	(352,710)
Net effect of exchange rate changes on cash and cash equivalents	2,838	(1,273)	(1,135)
Net increase (decrease) in cash and cash equivalents	139,465	(772,546)	(118,029)
Cash and cash equivalents, beginning of fiscal year	211,748	984,294	1,102,323
Cash and cash equivalents, end of fiscal year	$ 351,213	$ 211,748	$ 984,294

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Accounts receivable, allowance for credit losses	$ 4,754	$ 7,189
Preferred stock; par value (USD per share)	$ 0.01	$ 0.01
Preferred stock; shares authorized (in shares)	100,000	100,000
Preferred stock; issued (in shares)	0	0
Preferred stock; outstanding (in shares)	0	0
Common stock, voting; par value (USD per share)	$ 0.01	$ 0.01
Common stock, voting; shares authorized (in shares)	150,000,000	150,000,000
Common stock voting; shares issued (in shares)	36,551,221	37,692,132
Common stock voting; shares outstanding (in shares)	36,551,221	37,692,132

STOCK-BASED COMPENSATION (Stock-Based Compensation by Award Type) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 19,463	$ 21,879	$ 21,029
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	0	189	1,347
Time-based awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	17,243	17,893	14,756
Performance-based Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	670	2,091	3,608
Stock awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 1,550	$ 1,706	$ 1,318

- Definition

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

+ References

+ Details

SEGMENT INFORMATION

12 Months Ended

Dec. 30, 2023

Segment Reporting [Abstract]

SEGMENT INFORMATION

The Company reports segment information based upon a “management approach.” The management approach refers to the internal reporting that is used by management for making operating decisions and assessing the performance of the Company’s reportable segments. The Company reports its corporate expenses separately as they are not included in the internal measures of segment operating performance used by the Company to measure the underlying performance of its reportable segments.

Segment results include the direct costs of each segment and all other costs are allocated based upon detailed estimates and analysis of actual time and expenses incurred to support the operations of each segment or units produced or sourced to support each segment’s revenue. Certain costs, including incentive compensation for certain employees, and various other general corporate costs that are not specifically allocable to segments, are included in corporate expenses below. Intersegment sales and transfers are recorded at cost and are treated as a transfer of inventory. The Company does not evaluate performance or allocate resources based on segment asset data, and therefore total segment assets are not presented. The accounting policies of the segments are the same as those described in Note 2, Summary of Significant Accounting Policies, to the consolidated financial statements.

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


	For the fiscal year ended
(dollars in thousands)	December 30, 2023		% of consolidated net sales		December 31, 2022		% of consolidated net sales		January 1, 2022		% of consolidated net sales
Net sales:
U.S. Retail	$	1,501,780	51.0	%	$	1,680,159	52.3	%	$	1,899,262	54.5	%
U.S. Wholesale	1,014,584		34.4	%	1,080,471		33.6	%	1,126,415		32.3	%
International	429,230		14.6	%	452,103		14.1	%	460,763		13.2	%
Consolidated net sales	$	2,945,594	100.0	%	$	3,212,733	100.0	%	$	3,486,440	100.0	%
Operating income:			% of segment net sales				% of segment net sales				% of segment net sales
U.S. Retail	$	190,620	12.7	%	$	252,497	15.0	%	$	368,221	19.4	%
U.S. Wholesale	198,849		19.6	%	161,659		15.0	%	195,369		17.3	%
International	44,940		10.5	%	56,617		12.5	%	63,806		13.8	%
Unallocated corporate expenses(*)	(111,004)		n/a		(91,602)		n/a		(130,317)		n/a
Consolidated operating income	$	323,405	11.0	%	$	379,171	11.8	%	$	497,079	14.3	%

The tables below present additional segment information for our reportable segments for the periods presented:


(dollars in millions)	December 30, 2023
Charges:	U.S. Retail		U.S. Wholesale		International
Organizational restructuring(*)	$	—	$	0.1	$	0.2

(*)The fiscal year ended December 30, 2023 includes a corporate charge of $4.1 million, related to organizational restructuring and related corporate office lease amendment actions.


(dollars in millions)	December 31, 2022						January 1, 2022
Charges:	U.S. Retail		U.S. Wholesale		International		U.S. Retail		U.S. Wholesale		International
Organizational restructuring(1)	$	—	$	—	$	—	$	(0.6)	$	0.1	$	2.3

Skip Hop tradename impairment charge	0.4		5.6		3.0		—		—		—

Incremental costs associated with COVID-19 pandemic	—		—		—		2.0		1.7		0.2
Retail store operating leases and other long-lived asset impairments, net of gain(2)	—		—		—		(2.6)		—		—
Total charges	$	0.4	$	5.6	$	3.0	$	(1.2)	$	1.8	$	2.5

(1)The fiscal year ended January 1, 2022 also includes corporate charges related to organizational restructuring of $0.7 million,

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

Additional Data by Segment

Significant expenses

The table below represents cost of goods sold by segment:


	For the fiscal year ended
(dollars in thousands)	December 30, 2023		% of consolidated net sales		December 31, 2022		% of consolidated net sales		January 1, 2022		% of consolidated net sales
Cost of goods sold:
U.S. Retail	$	602,152	20.4	%	$	689,543	21.5	%	$	760,100	21.8	%
U.S. Wholesale	717,936		24.4	%	800,974		24.9	%	819,028		23.5	%
International	229,571		7.8	%	249,858		7.8	%	245,038		7.0	%
Total cost of goods sold(*)	$	1,549,659	52.6	%	$	1,740,375	54.2	%	$	1,824,166	52.3	%

(*)Amounts for the fiscal year ended December 31, 2022 and January 1, 2022 have been recast to conform to our current presentation of combining Adverse purchase commitments within Cost of goods sold.

Note: Percentages may not be additive due to rounding.

The table below represents SG&A expenses by segment:


	For the fiscal year ended
(dollars in thousands)	December 30, 2023		% of consolidated net sales		December 31, 2022		% of consolidated net sales		January 1, 2022		% of consolidated net sales
SG&A expenses:
U.S. Retail	$	715,558	24.3	%	$	746,575	23.2	%	$	779,482	22.4	%
U.S. Wholesale	109,459		3.7	%	125,173		3.9	%	127,826		3.7	%
International	157,919		5.4	%	146,657		4.6	%	156,251		4.5	%
Corporate expenses	111,004		n/a		91,602		n/a		130,317		n/a
Total SG&A expenses	$	1,093,940	37.1	%	$	1,110,007	34.6	%	$	1,193,876	34.2	%

Inventory

The table below represents inventory by segment:


	For the fiscal year ended
(dollars in thousands)	December 30, 2023		December 31, 2022
U.S. Wholesale(*)	$	381,146	$	580,918
U.S. Retail	73,366		57,518
International	82,613		106,137
Total	$	537,125	$	744,573

(*)U.S. Wholesale inventories also include inventory produced and warehoused for the U.S. Retail segment.

The table below represents consolidated net sales by product:


	For the fiscal year ended
(dollars in thousands)	December 30, 2023		December 31, 2022		January 1, 2022
Baby	$	1,098,304	$	1,103,023	$	1,124,961
Playclothes	992,726		1,125,352		1,261,622
Sleepwear	411,678		492,152		500,596
Other(*)	442,886		492,206		599,261
Total net sales	$	2,945,594	$	3,212,733	$	3,486,440

(*)Other product offerings include bedding, outerwear, swimwear, shoes, socks, diaper bags, gift sets, toys, and hair accessories.

Geographical Data

Revenue

The Company’s international sales principally represent sales to customers in Canada. Such sales were 61.5%, 64.0%, and 65.0% of total international net sales in fiscal 2023, 2022, and 2021, respectively.

Long-Lived Assets

The following represents Property, plant, and equipment, net, and Operating lease assets by geographic area:


	For the fiscal year ended
(dollars in thousands)	December 30, 2023		December 31, 2022
United States	$	582,049	$	580,171
International	129,469		101,986
Total	$	711,518	$	682,157

Long-lived assets in the international segment primarily relate to Canada. Long-lived assets in Canada were 51.0% and 63.3% of total international long-lived assets at the end of fiscal 2023 and 2022, respectively.

Major Customer

Sales to our largest customer, all through the U.S. Wholesale segment, represented 10.4% of consolidated net sales in fiscal 2023. Sales to this customer did not exceed 10% in fiscal 2022 or in fiscal 2021.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

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

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

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

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

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

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

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

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

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

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

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

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

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

+ Details

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional paid-in capital	Accumulated other comprehensive (loss) income	Retained earnings
Beginning balance (in shares) at Jan. 02, 2021		43,780,075
Beginning balance 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)		178,803
Exercise of stock options	10,995	$ 1	10,994	0	0
Withholdings from vesting of restricted stock (in shares)		(41,523)
Withholdings from vesting of restricted stock	(4,019)	$ 0	(4,019)	0	0
Restricted stock activity (in shares)		199,134
Restricted stock activity	0	$ 2	(2)	0	0
Stock-based compensation expense	21,029	$ 0	21,029	0	0
Repurchase of common stock (in shares)		(2,967,619)
Repurchases of common stock	(299,339)	$ (30)	(45,754)	0	(253,555)
Cash dividends declared and paid	(60,124)	0	0	0	(60,124)
Comprehensive income	343,611	$ 0	0	3,863
Net income (loss)	339,748				339,748
Ending balance (in shares) at Jan. 01, 2022		41,148,870
Ending balance at Jan. 01, 2022	950,186	$ 411	0	(28,897)	978,672
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)		76,550
Exercise of stock options	4,457	$ 0	4,457	0	0
Withholdings from vesting of restricted stock (in shares)		(74,307)
Withholdings from vesting of restricted stock	(6,930)	$ 0	(6,930)	0	0
Restricted stock activity (in shares)		288,206
Restricted stock activity	0	$ 3	(3)	0	0
Stock-based compensation expense	21,879	$ 0	21,879	0	0
Repurchase of common stock (in shares)		(3,747,187)
Repurchases of common stock	(299,667)	$ (37)	(19,403)	0	(280,227)
Cash dividends declared and paid	(118,113)	0	0	0	(118,113)
Comprehensive income	244,597	$ 0	0	(5,441)
Net income (loss)	$ 250,038				250,038
Ending balance (in shares) at Dec. 31, 2022	37,692,132	37,692,132
Ending balance at Dec. 31, 2022	$ 796,409	$ 377	0	(34,338)	830,370
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)	64,700	64,700
Exercise of stock options	$ 4,418	$ 1	4,417	0	0
Withholdings from vesting of restricted stock (in shares)		(64,952)
Withholdings from vesting of restricted stock	(5,024)	$ (1)	(4,652)	0	(371)
Restricted stock activity (in shares)		305,610
Restricted stock activity	0	$ 3	(3)	0	0
Stock-based compensation expense	19,463	$ 0	19,463	0	0
Repurchase of common stock (in shares)		(1,446,269)
Repurchases of common stock	(100,034)	$ (14)	(18,325)	0	(81,695)
Cash dividends declared and paid	(112,005)	0	0	0	(112,005)
Comprehensive income	242,923	0	0	10,423
Net income (loss)	232,500				232,500
Other	$ (900)	$ 0	(900)	0	0
Ending balance (in shares) at Dec. 30, 2023	36,551,221	36,551,221
Ending balance at Dec. 30, 2023	$ 845,250	$ 366	$ 0	$ (23,915)	$ 868,799

PROPERTY, PLANT, AND EQUIPMENT (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 799,018	$ 759,350
Accumulated depreciation and amortization	(615,907)	(569,528)
Total	183,111	189,822
Depreciation, Depletion and Amortization, Nonproduction	60,400	61,500	$ 90,400
Land, building, and leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	357,029	332,971
Fixtures, equipment, and computer hardware
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	302,747	281,830
Computer software
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	129,685	115,706
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 9,557	$ 28,843

LEASES

12 Months Ended

Dec. 30, 2023

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 3 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 statement 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 fiscal periods indicated:


	For the fiscal year ended
(dollars in thousands)	December 30, 2023		December 31, 2022		January 1, 2022
Operating lease cost	$	171,072	$	160,210	$	166,481
Variable lease cost(*)	56,089		66,400		64,410
Net lease cost	$	227,161	$	226,610	$	230,891

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

Supplemental balance sheet information related to leases was as follows:



	December 30, 2023	December 31, 2022
Weighted average remaining operating lease term (years)	5.8	4.7
Weighted average discount rate for operating leases	4.63%	3.72%

Cash paid for amounts included in the measurement of operating lease liabilities in fiscal 2023 and fiscal 2022 was $177.8 million and $172.9 million, respectively.

Operating lease assets obtained in exchange for operating lease liabilities in fiscal 2023 and fiscal 2022 were $184.6 million and $144.9 million, respectively. Operating lease assets obtained primarily consist of new or modified leases. In December 2023, the Company determined that it was reasonably certain to exercise the lease renewal options associated with the Braselton distribution center. As a result, the Company remeasured the operating lease to include the impact of renewal lease options, which increased both the operation lease liability and operating lease assets by approximately $21.5 million.

As of December 30, 2023, the maturities of lease liabilities were as follows:


(dollars in thousands)	Operating leases
2024	$	151,446
2025	140,412
2026	103,389
2027	75,562
2028	55,867
After 2028	155,003
Total lease payments	$	681,679
Less: Interest	(97,500)
Present value of lease liabilities(*)	$	584,179

(*)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 December 30, 2023, the minimum rental commitments for additional operating lease contracts, primarily for retail stores, that have not yet commenced are $15.5 million. These operating leases will commence in fiscal year 2024 with lease terms of 10 years

EMPLOYEE BENEFIT PLANS - Benefit Obligation and Plan Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Pension Plans
Change in projected benefit obligation:
Benefit obligation at beginning of period	$ 53,847	$ 70,875
Interest cost	2,617	1,909	$ 1,818
Actuarial loss (gain)	1,376	(16,021)
Benefits paid	(3,055)	(2,916)
Benefit obligation at end of period	54,785	53,847	70,875
Change in plan assets:
Fair value of plan assets at beginning of year	55,245	68,689
Actual return on plan assets	3,769	(10,528)
Benefits paid	(3,055)	(2,916)
Fair value of plan assets at end of year	55,959	55,245	68,689
Defined Benefit Plan, Funded (Unfunded) Status of Plan	1,174	1,398
Postretirement Benefit
Change in projected benefit obligation:
Benefit obligation at beginning of period	1,745	2,662
Service cost	6	14	15
Interest cost	78	63	57
Actuarial loss (gain)	3	(763)
Plan participants’ contribution	0	15
Benefits paid	(195)	(246)
Benefit obligation at end of period	$ 1,637	$ 1,745	$ 2,662

COMMITMENTS AND CONTINGENCIES	12 Months Ended
COMMITMENTS AND CONTINGENCIES	Dec. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES The Company is subject to various claims and pending or threatened lawsuits in the normal course of business. The Company is not currently a party to any legal proceedings that it believes would have a material adverse effect on its financial position, results of operations, or cash flows. The Company’s contractual obligations and commitments include obligations associated with leases, the secured revolving credit agreement, senior notes, and employee benefit plans.

LONG-TERM DEBT - Senior Notes (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 30, 2023	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022	Apr. 04, 2022	Mar. 14, 2019
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 500,000	$ 500,000
Gain (Loss) on Extinguishment of Debt		$ 0	$ (19,940)	$ 0
Guarantor subsidiaries percentage of ownership	100.00%	100.00%
Redemption price, percentage		101.00%
Affirmative covenants	25.00%	25.00%
Five Point Five Percent Senior Notes due Twenty Twenty Five [Member] \| Senior notes
Debt Instrument [Line Items]
Long-term Debt, Gross					$ 500,000	$ 500,000
Stated interest rate					5.50%
5.500% Senior Notes due 2025
Debt Instrument [Line Items]
Gain (Loss) on Extinguishment of Debt		$ (19,900)
Gain (Loss) On Extinguishment Of Debt, Premium		15,700
Write off of Deferred Debt Issuance Cost	$ 4,300
$500 million, 5.625% Senior Notes due 2027 \| Senior notes
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 500,000	$ 500,000	$ 500,000
Stated interest rate						5.625%

LEASES (Tables)

12 Months Ended

Dec. 30, 2023

Leases [Abstract]

Lease Cost

The following components of lease expense are included in Selling, general, and administrative expenses on the Company’s consolidated statements of operations for the fiscal periods indicated:


	For the fiscal year ended
(dollars in thousands)	December 30, 2023		December 31, 2022		January 1, 2022
Operating lease cost	$	171,072	$	160,210	$	166,481
Variable lease cost(*)	56,089		66,400		64,410
Net lease cost	$	227,161	$	226,610	$	230,891

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

Supplemental Information

Supplemental balance sheet information related to leases was as follows:



	December 30, 2023	December 31, 2022
Weighted average remaining operating lease term (years)	5.8	4.7
Weighted average discount rate for operating leases	4.63%	3.72%

Lessee, Operating Lease, Liability, Maturity

As of December 30, 2023, the maturities of lease liabilities were as follows:


(dollars in thousands)	Operating leases
2024	$	151,446
2025	140,412
2026	103,389
2027	75,562
2028	55,867
After 2028	155,003
Total lease payments	$	681,679
Less: Interest	(97,500)
Present value of lease liabilities(*)	$	584,179

COMMON STOCK - Dividends (Details) - $ / shares		3 Months Ended											12 Months Ended
COMMON STOCK - Dividends (Details) - $ / shares	Feb. 26, 2024	Dec. 30, 2023	Sep. 30, 2023	Jul. 01, 2023	Apr. 01, 2023	Dec. 31, 2022	Oct. 01, 2022	Jul. 02, 2022	Apr. 02, 2022	Jan. 01, 2022	Oct. 02, 2021	Jul. 03, 2021	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Subsequent Event [Line Items]
Dividend declared and paid per common share (in USD per share)		$ 0.75	$ 0.75	$ 0.75	$ 0.75	$ 0.75	$ 0.75	$ 0.75	$ 0.75	$ 0.60	$ 0.40	$ 0.40	$ 3.00	$ 3.00	$ 1.40
Subsequent Event
Subsequent Event [Line Items]
Dividend declared and paid per common share (in USD per share)	$ 0.80

SEGMENT INFORMATION - Net Sales (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Revenue from External Customer [Line Items]
Net sales	$ 2,945,594	$ 3,212,733	$ 3,486,440
Baby
Revenue from External Customer [Line Items]
Net sales	1,098,304	1,103,023	1,124,961
Playclothes
Revenue from External Customer [Line Items]
Net sales	992,726	1,125,352	1,261,622
Sleepwear
Revenue from External Customer [Line Items]
Net sales	411,678	492,152	500,596
Other
Revenue from External Customer [Line Items]
Net sales	$ 442,886	$ 492,206	$ 599,261

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

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

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

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

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

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

OTHER CURRENT LIABILITIES

12 Months Ended

Dec. 30, 2023

Other Liabilities Disclosure [Abstract]

OTHER CURRENT LIABILITIES

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


(dollars in thousands)	December 30, 2023		December 31, 2022
Unredeemed gift cards	$	25,162	$	23,303
Accrued bonuses and incentive compensation(*)	20,817		7,244
Accrued employee benefits	17,928		16,356
Accrued taxes	12,909		10,445
Income taxes payable	12,697		17,484
Accrued salaries and wages	12,458		11,519





Accrued other	32,373		36,088
Other current liabilities	$	134,344	$	122,439

(*)Increase primarily related to lower than forecasted financial performance in fiscal 2022.

EMPLOYEE BENEFIT PLANS

12 Months Ended

Dec. 30, 2023

Retirement Benefits [Abstract]

EMPLOYEE BENEFIT PLANS

The Company maintains defined contribution plans, a deferred compensation plan, and two defined benefit plans. The two defined benefit plans include the OshKosh B’Gosh pension plan and a post-retirement life and medical plan.

OshKosh B’Gosh Pension Plan

Funded Status

The retirement benefits under the OshKosh B’Gosh pension plan were frozen as of December 31, 2005. A reconciliation of changes in the projected pension benefit obligation and plan assets is as follows:


	For the fiscal year ended
(dollars in thousands)	December 30, 2023		December 31, 2022
Change in projected benefit obligation:
Projected benefit obligation at beginning of year	$	53,847	$	70,875
Interest cost	2,617		1,909
Actuarial loss (gain)	1,376		(16,021)
Benefits paid	(3,055)		(2,916)
Projected benefit obligation at end of year	$	54,785	$	53,847

Change in plan assets:
Fair value of plan assets at beginning of year	$	55,245	$	68,689
Actual return on plan assets	3,769		(10,528)

Benefits paid	(3,055)		(2,916)
Fair value of plan assets at end of year	$	55,959	$	55,245

Funded status	$	1,174	$	1,398

The accumulated benefit obligation is equal to the projected benefit obligation as of December 30, 2023 and December 31, 2022 because the plan is frozen. The Company does not expect to make any contributions to the OshKosh B’Gosh pension plan during fiscal 2024 as the plan’s funding exceeds the minimum funding requirements.

The actuarial loss in fiscal 2023 was primarily attributable to decreased discount rates, and the actuarial gain in fiscal 2022 was primarily attributable to increased discount rates. The plan became fully funded in fiscal 2022. The funded status asset is included in Other assets in the Company’s consolidated balance sheet.

Net Periodic Pension Cost and Changes Recognized in Other Comprehensive Income

The components of net periodic pension cost recognized in the statement of operations and changes recognized in other comprehensive income were as follows:


	For the fiscal year ended
(dollars in thousands)	December 30, 2023		December 31, 2022		January 1, 2022
Recognized in the statement of operations:
Interest cost	$	2,617	$	1,909	$	1,818
Expected return on plan assets	(2,372)		(3,432)		(3,577)
Amortization of net loss(*)	189		217		428
Net periodic pension cost (benefit)	$	434	$	(1,306)	$	(1,331)

Changes recognized in other comprehensive income:
Net gain arising during the fiscal year	$	(21)	$	(2,062)	$	(4,765)

Amortization of net loss(*)	(189)		(217)		(428)


Total changes recognized in other comprehensive income	$	(210)	$	(2,279)	$	(5,193)
Total net periodic pension cost (benefit) and changes recognized in other comprehensive income	$	224	$	(3,585)	$	(6,524)

(*)Represents pre-tax amounts reclassified from accumulated other comprehensive loss. For fiscal 2024, approximately $0.2 million is expected to be reclassified from accumulated other comprehensive loss to a component of net periodic pension cost.

Assumptions

The actuarial assumptions used in determining the benefit obligation and net periodic pension cost for our pension plan is presented in the following table:


Benefit obligation	2023	2022
Discount rate	4.75%	5.00%

Net periodic pension cost	2023	2022	2021
Discount rate	5.00%	2.75%	2.50%
Expected long-term rate of return on plan assets	5.00%	5.50%	6.00%

The discount rates used at December 30, 2023, December 31, 2022, and January 1, 2022 were determined with consideration given to the FTSE Pension Liability Index and the Bloomberg US Aggregate AA Bond Index, adjusted for the timing of expected plan distributions. The Company believes these indexes reflect a risk-free rate consistent with a portfolio of high quality debt instruments with maturities that are comparable to the timing of the expected payments under the plan. The expected long-term rate of return assumption is equal to the assumed discount rate. Refer to “Plan Assets” below in Note 17, Employee Benefit Plans for further discussion.

The decreased discount rate assumption at December 30, 2023 resulted in an increase in the amount of the pension plan’s projected benefit obligation of approximately $1.4 million. A 0.25% change in the assumed discount rate as of December 30, 2023 would result in an increase or decrease in the amount of the pension plan's projected benefit obligation of approximately $1.5 million.

The Company currently expects benefit payments for its defined benefit pension plan as follows for the next ten fiscal years:


(dollars in thousands)
2024	$	3,210
2025	$	3,220
2026	$	3,340
2027	$	3,610
2028	$	3,710
2029-2033	$	20,030

Plan Assets

The Company conducts periodic asset-liability studies for our defined benefit pension plan to develop a policy glide path which adjusts the asset allocation with funded status. During fiscal 2022, the plan became fully funded, and the Company allocated its investments to fixed income securities as a result. These fixed income securities include funds holding corporate bonds of companies from diverse industries and U.S. Treasuries. The expected long-term rate of return on plan assets is 4.75%.

The fair value of the Company’s pension plan assets at December 30, 2023 and December 31, 2022, by asset category, were as follows:


(dollars in thousands)	December 30, 2023						December 31, 2022
Asset category	Total		Level 1		Level 2		Total		Level 1		Level 2
Cash and cash equivalents	$	—	$	—	$	—	$	2,204	$	2,204	$	—







Fixed income securities:
Corporate bonds(*)	55,959		55,959		—		53,041		52,805		236

	$	55,959	$	55,959	$	—	$	55,245	$	55,009	$	236

(*)This category invests in both U.S. Treasuries and corporate debt from U.S. issuers from diverse industries.

Post-retirement Life and Medical Plan

Under a defined benefit plan frozen in 1991, the Company offers a comprehensive post-retirement medical plan to current and certain future retirees and their spouses. The Company also offers life insurance to current and certain future retirees. Employee contributions are required as a condition of participation for both medical benefits and life insurance and the Company’s liabilities are net of these expected employee contributions.

Accumulated Post-Retirement Benefit Obligation

The following is a reconciliation of the accumulated post-retirement benefit obligation (“APBO”) under this plan:


	For the fiscal years ended
(dollars in thousands)	December 30, 2023		December 31, 2022
APBO at beginning of fiscal year	$	1,745	$	2,662
Service cost	6		14
Interest cost	78		63
Actuarial loss (gain)	3		(763)
Plan participants’ contribution	—		15

Benefits paid	(195)		(246)

APBO at end of fiscal year	$	1,637	$	1,745

Approximately $1.4 million and $1.5 million of the APBO at the end of fiscal 2023 and 2022, respectively, were classified as Other long term liabilities in the Company’s consolidated balance sheets.

Net Periodic Post-Retirement Benefit Cost and Changes Recognized in Other Comprehensive Income

The components of net periodic post-retirement benefit cost recognized in the statement of operations and changes recognized in other comprehensive income were as follows:


	For the fiscal year ended
(dollars in thousands)		December 30, 2023		December 31, 2022		January 1, 2022
Recognized in the statement of operations:
Service cost		$	6	$	14	$	15
Interest cost		78		63		57

Amortization of net gain(*)		(428)		(320)		(295)

Net periodic post-retirement benefit (income) cost		$	(344)	$	(243)	$	(223)

Changes recognized in other comprehensive income:
Net loss (gain) arising during the fiscal year		$	3	$	(763)	$	(140)



Amortization of net gain(*)		428		320		295
Total changes recognized in other comprehensive income		$	431	$	(443)	$	155
Total net periodic post-retirement benefit (income) cost and changes recognized in other comprehensive income		$	87	$	(686)	$	(68)

(*)Represents pre-tax amounts reclassified from accumulated other comprehensive loss. For fiscal 2024, approximately $0.4 million is expected to be reclassified from accumulated other comprehensive loss to a component of net periodic post-retirement benefit (income) cost.

Assumptions

The actuarial computations utilized the following assumptions, using year-end measurement dates:


Post-retirement benefit obligation	2023	2022
Discount rate	4.75%	4.75%

Net periodic post-retirement benefit cost	2023	2022	2021
Discount rate	4.75%	2.50%	2.00%

The discount rates used at December 30, 2023, December 31, 2022, and January 1, 2022, were determined with primary consideration given to the FTSE Pension Discount Curve and Liability Index adjusted for the timing of expected plan distributions. The Company believes this index reflects a risk-free rate with maturities that are comparable to the timing of the expected payments under the plan.

The effects on the Company’s plan of all future increases in health care costs are borne primarily by employees; accordingly, increasing medical costs are not expected to have any material effect on the Company’s future financial results.

The Company’s contribution for these post-retirement benefit obligations was approximately $0.2 million for fiscal years 2023 and 2022 and approximately $0.3 million for fiscal year 2021. The Company expects that its contribution and benefit payments for post-retirement benefit obligations will be approximately $0.2 million for fiscal years 2024, 2025, 2026, 2027, and 2028. For the five years subsequent to fiscal 2028, the aggregate contributions and benefit payments for post-retirement benefit obligations is expected to be approximately $0.6 million. The Company does not pre-fund this plan and as a result there are no plan assets.

Deferred Compensation Plan

The Company maintains a deferred compensation plan allowing voluntary salary and incentive compensation deferrals for qualifying employees as permitted by the Internal Revenue Code. Participant deferrals earn investment returns based on a select number of investment options, including equity, debt, and real estate mutual funds. Deferred compensation plan liabilities are recognized in Other long term liabilities on the Company’s consolidated balance sheets. Changes in the balance, excluding those related to contributions or payments, are included in Other expense (income), net on the Company’s consolidated statement of operations. The Company invests comparable amounts in marketable securities to approximate the participant’s return on selected investment options.

Defined Contribution Plan

The Company also sponsors defined contribution savings plans in the United States and Canada. The U.S. plan covers employees who are at least 21 years of age and have completed one calendar month of service and, if part-time, work a minimum of one thousand hours of service within the one-year period following the commencement of employment or during any subsequent calendar year. The plan provides for a discretionary employer match of employee contributions. The Company’s expense for the U.S. defined contribution savings plan totaled approximately $8.1 million, $8.2 million, and $16.1 million for the fiscal years ended December 30, 2023, December 31, 2022, and January 1, 2022, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Defined Benefit Plan Disclosure [Line Items]
Cumulative translation adjustment, beginning balance	$ (28,826)	$ (21,302)	$ (21,307)
Cumulative translation adjustment, current year change	10,593	(7,524)	5
Cumulative translation adjustment, ending balance	(18,233)	(28,826)	(21,302)
Accumulated other comprehensive income (loss), beginning balance	(34,338)	(28,897)	(32,760)
Total other comprehensive income (loss)	10,423	(5,441)	3,863
Accumulated other comprehensive income (loss), ending balance	(23,915)	(34,338)	(28,897)
Unrealized gain on OshKosh defined benefit plan, net of tax of $(50), $(540), and $(1,220) for the fiscal years 2023, 2022, and 2021, respectively	160	1,739	3,973
Unrealized (loss) gain on Carter’s post-retirement benefit obligation, net of tax of $100, $(100), and $40 for fiscal years 2023, 2022, and 2021, respectively	(330)	344	(115)
Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Pension/post-retirement liability adjustment, beginning balance	(7,181)	(8,920)	(12,893)
Pension/post-retirement liability adjustment, current year change		1,739	3,973
Pension/post-retirement liability adjustment, ending balance	(7,021)	(7,181)	(8,920)
Pension/post-retirement liability adjustments, tax benefit	2,200	2,200
Postretirement Benefit
Defined Benefit Plan Disclosure [Line Items]
Pension/post-retirement liability adjustment, beginning balance	1,669	1,325	1,440
Pension/post-retirement liability adjustment, current year change		344	(115)
Pension/post-retirement liability adjustment, ending balance	1,339	1,669	$ 1,325
Pension/post-retirement liability adjustments, tax benefit	$ 400	$ 500

LEASES - Supplemental balance sheet information (Details)	Dec. 30, 2023	Dec. 31, 2022
Leases [Abstract]
Weighted average remaining operating lease term (years)	5 years 9 months 18 days	4 years 8 months 12 days
Weighted average discount rate for operating leases	4.63%	3.72%

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME

12 Months Ended

Dec. 30, 2023

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

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME

The components of Accumulated other comprehensive (loss) income consisted of the following:


(dollars in thousands)	Pension liability adjustments		Post-retirement liability adjustments		Cumulative translation adjustments		Accumulated other comprehensive (loss) income
Balance at January 2, 2021	$	(12,893)	$	1,440	$	(21,307)	$	(32,760)

Fiscal year 2021 change	3,973		(115)		5		3,863
Balance at January 1, 2022	(8,920)		1,325		(21,302)		(28,897)

Fiscal year 2022 change	1,739		344		(7,524)		(5,441)
Balance at December 31, 2022	(7,181)		1,669		(28,826)		(34,338)

Fiscal year 2023 change	160		(330)		10,593		10,423
Balance at December 30, 2023	$	(7,021)	$	1,339	$	(18,233)	$	(23,915)

As of December 30, 2023 and December 31, 2022, the cumulative tax effect on the pension liability adjustments were each $2.2 million. As of December 30, 2023 and December 31, 2022, the cumulative tax effect on the post-retirement liability adjustments were approximately $0.4 million and $0.5 million, respectively.

For the fiscal years ended December 30, 2023 and December 31, 2022, amounts reclassified from Accumulated other comprehensive loss to the consolidated statements of operations consisted of amortization of actuarial gains and losses related to the Company’s defined benefit pension plan and defined benefit post-retirement plans. Such amortization amounts are included in the net periodic cost or benefit recognized for these plans during the respective fiscal year. For additional information, see Note 17, Employee Benefit Plans, to the consolidated financial statements.

LONG-TERM DEBT - Terms of the Secured Revolving Credit Facility (Details)	Apr. 11, 2022 USD ($)	Dec. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)	Aug. 25, 2017 USD ($)
Debt Instrument [Line Items]
Springing Maturity Date Provision, Amount	$ 250,000,000
Line of Credit Facility, Commitment Fee Percentage	0.20%
Minimum
Debt Instrument [Line Items]
Line of Credit Facility, Commitment Fee Percentage	0.15%
Maximum
Debt Instrument [Line Items]
Line of Credit Facility, Commitment Fee Percentage	0.25%
Amendment No. 4
Debt Instrument [Line Items]
Debt Issuance Costs, Gross			$ 2,400,000
Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Stated interest rate	1.375%	1.375%
Secured Overnight Financing Rate (SOFR) \| United States Dollar Credit Facility - Amendment No.4
Debt Instrument [Line Items]
Secured revolving credit facility, Interest Rate at Period End		6.82%
Secured revolving credit facility \| Secured Overnight Financing Rate (SOFR) \| Minimum
Debt Instrument [Line Items]
Variable interest rate, basis spread (as a percentage)	1.125%
Secured revolving credit facility \| Secured Overnight Financing Rate (SOFR) \| Maximum
Debt Instrument [Line Items]
Variable interest rate, basis spread (as a percentage)	1.625%
Secured revolving credit facility \| Base Rate \| Minimum
Debt Instrument [Line Items]
Variable interest rate, basis spread (as a percentage)	0.125%
Secured revolving credit facility \| Base Rate \| Maximum
Debt Instrument [Line Items]
Variable interest rate, basis spread (as a percentage)	0.625%
Secured revolving credit facility
Debt Instrument [Line Items]
Maximum leverage ratio	3.50
Secured revolving credit facility		$ 0	$ 120,000,000
Secured revolving credit facility \| Scenario, Adjustment
Debt Instrument [Line Items]
Maximum leverage ratio	4.00
Secured revolving credit facility \| United States Dollar Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 750,000,000
Secured revolving credit facility \| Multicurrency Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity		100,000,000		$ 100,000,000
Secured revolving credit facility		$ 0
Secured revolving credit facility \| Amendment No. 4
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 850,000,000
Secured revolving credit facility \| Amendment No. 3
Debt Instrument [Line Items]
Maximum borrowing capacity	750,000,000
Secured revolving credit facility \| United States Dollar Credit Facility - Amendment No.4
Debt Instrument [Line Items]
Maximum borrowing capacity	750,000,000
Secured revolving credit facility \| United States Dollar Credit Facility - Amendment No.3
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 650,000,000
Secured revolving credit facility \| Base Rate
Debt Instrument [Line Items]
Stated interest rate	0.375%	0.375%

GOODWILL AND OTHER INTANGIBLE ASSETS

12 Months Ended

Dec. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND OTHER 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 January 1 2022(*)	$	83,934	$	74,454	$	53,635	$	212,023



Foreign currency impact	—		—		(2,690)		(2,690)
Balance at December 31, 2022	$	83,934	$	74,454	$	50,945	$	209,333



Foreign currency impact	—		—		1,204		1,204
Balance at December 30, 2023	$	83,934	$	74,454	$	52,149	$	210,537

(*)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:


		December 30, 2023						December 31, 2022
(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(1)	Indefinite	6,000		—		6,000		6,000		—		6,000
Finite-life tradenames(2)	5 - 20 years	3,911		1,958		1,953		3,911		1,751		2,160



Total tradenames, net		$	300,144	$	1,958	$	298,186	$	300,144	$	1,751	$	298,393

Skip Hop customer relationships	15 years	$	47,300	$	21,363	$	25,937	$	47,300	$	18,187	$	29,113
Carter’s Mexico customer relationships	10 years	3,324		2,023		1,301		3,125		1,674		1,451
Total customer relationships, net		$	50,624	$	23,386	$	27,238	$	50,425	$	19,861	$	30,564

(2)Relates to the acquisition of rights to the Carter’s brand in Chile in December 2014 and the acquisition of the Skip Hop brand in February 2017.

The carrying values of goodwill and indefinite-lived tradename assets are subject to annual impairment reviews as of the last day of each fiscal year. Between annual assessments, impairment reviews may also be triggered by any significant events or changes in circumstances affecting our business. These impairment reviews are performed in accordance with ASC 350, “Intangibles--Goodwill and Other” (“ASC 350”).

In fiscal 2022, the Company performed a quantitative impairment test on the goodwill ascribed to each of the Company’s reporting units and on the value of its indefinite-lived intangible tradename assets as of December 31, 2022 due to increased discount rates, decreased actual and projected sales and profitability, and the announcement of the substantial doubt of a Skip Hop wholesale customer’s ability to continue to operate as a going concern.

The goodwill impairment assessment for each reporting unit was performed in accordance with ASC 350 and compares the carrying value of each reporting unit to its fair value. Consistent with prior practice, the Company uses a 50% weighting of the income approach and a 50% weighting of the market approach to determine the fair value of a reporting unit. Based upon this assessment, there were no impairments on the value of goodwill.

The indefinite-lived tradename asset assessments were performed in accordance with ASC 350 and were determined using a discounted cash flow analysis which examined the hypothetical cost savings that accrue as a result of not having to license the tradename from another owner. Based on these assessments, a non-cash pre-tax impairment charge of $9.0 million was recorded during the fourth quarter of fiscal 2022 on our indefinite-lived Skip Hop tradename asset to write-down the carrying value to $6.0 million. The charge recorded on our indefinite-lived Skip Hop tradename asset included charges of $5.6 million, $3.0 million, and $0.4 million 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.

Based upon our most recent annual assessment, performed as of December 30, 2023, using a qualitative assessment, there were no impairments to the value of goodwill or our indefinite-lived tradename assets.

Changes in the carrying values between comparative periods for goodwill related to the International segment were due to fluctuations in the foreign currency exchange rates between the Canadian and U.S. dollar that were used in the remeasurement process for preparing the Company’s consolidated financial statements. The changes in the carrying value of customer relationships for Carter’s Mexico, including the related accumulated amortization, that were not attributable to amortization expense was also impacted by foreign currency exchange rate fluctuations.

Amortization expense for intangible assets subject to amortization was approximately $3.7 million for each of fiscal years 2023, 2022, and 2021. Amortization expense is included in SG&A expenses on the Company’s consolidated statements of operations

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


(dollars in thousands)	Amortization expense
2024	$	3,717
2025	$	3,717
2026	$	3,717
2027	$	3,566
2028	$	3,354

INCOME TAXES - Income Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Income Tax Disclosure [Abstract]
Domestic	$ 240,627	$ 227,929	$ 333,900
Foreign	61,615	88,807	104,390
Income before income taxes	$ 302,242	$ 316,736	$ 438,290

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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+ Details

STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 30, 2023

Share-Based Payment Arrangement [Abstract]

Summary of recorded stock-based compensation cost

The Company recorded stock-based compensation cost as follows:


	For the fiscal years ended
(dollars in thousands)	December 30, 2023		December 31, 2022		January 1, 2022
Stock options	$	—	$	189	$	1,347
Restricted stock:
Time-based awards	17,243		17,893		14,756
Performance-based awards(*)	670		2,091		3,608
Stock awards	1,550		1,706		1,318
Total	$	19,463	$	21,879	$	21,029

(*)Decrease in fiscal 2023 relates to the downward revision of estimates for the achievement of performance targets related to certain performance-based grants.

Summary of stock option activity

Changes in the Company’s stock options for the fiscal year ended December 30, 2023 were as follows:


	Number of shares	Weighted- average exercise price		Weighted-average remaining contractual terms (years)	Aggregate intrinsic value (in thousands)
Outstanding, December 31, 2022	563,048	$	92.99

Granted(*)	—	$	—
Exercised	(64,700)	$	68.29
Forfeited	—	$	—
Expired	(51,517)	$	96.18
Outstanding, December 30, 2023	446,831	$	96.20	2.95	$	—

Vested and expected to vest, December 30, 2023	446,831	$	96.20	2.95	$	—
Exercisable, December 30, 2023	446,831	$	96.20	2.95	$	—

Summary of restricted stock award activity

The following table summarizes activity related to all restricted stock awards during the fiscal year ended December 30, 2023:


	Restricted stock awards	Weighted-average grant-date fair value
Outstanding, December 31, 2022	629,686	$	94.71
Granted	408,643	$	73.33
Vested	(184,803)	$	91.84
Forfeited	(98,237)	$	88.70
Outstanding, December 30, 2023	755,289	$	84.63

Summary of issued shares of common stock to non-management board members


Fiscal year	Number of shares granted	Weighted-average fair value per share
2021(*)	—	$	—
2022	89,760	$	91.12
2023	112,284	$	74.06

(*)The Company did not grant any performance-based restricted stock awards in fiscal 2021.

During fiscal years 2023, 2022, and 2021, such awards were as follows:


Fiscal year	Number of shares issued	Fair value per share		Aggregate value (in thousands)
2021	13,037	$	101.09	$	1,318
2022	21,725	$	78.51	$	1,706
2023	23,850	$	65.01	$	1,550

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 232,500	$ 250,038	$ 339,748
Other comprehensive income:
Unrealized gain on OshKosh defined benefit plan, net of tax of $(50), $(540), and $(1,220) for the fiscal years 2023, 2022, and 2021, respectively	160	1,739	3,973
Unrealized (loss) gain on Carter’s post-retirement benefit obligation, net of tax of $100, $(100), and $40 for fiscal years 2023, 2022, and 2021, respectively	(330)	344	(115)
Foreign currency translation adjustments	10,593	(7,524)	5
Total other comprehensive income (loss)	10,423	(5,441)	3,863
Comprehensive income	$ 242,923	$ 244,597	$ 343,611

- Definition

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

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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
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Reference 37: http://www.xbrl.org/2003/role/disclosureRef
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Reference 38: http://fasb.org/us-gaap/role/ref/legacyRef
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-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Income Statement [Abstract]
Net sales	$ 2,945,594	$ 3,212,733	$ 3,486,440
Cost of goods sold	1,549,659	1,740,375	1,824,166
Gross profit	1,395,935	1,472,358	1,662,274
Royalty income, net	21,410	25,820	28,681
Selling, general, and administrative expenses	1,093,940	1,110,007	1,193,876
Intangible asset impairment	0	9,000	0
Operating income	323,405	379,171	497,079
Interest expense	33,973	42,781	60,294
Interest income	(4,776)	(1,261)	(1,096)
Other (income) expense, net	(8,034)	975	(409)
Loss on extinguishment of debt	0	19,940	0
Income before income taxes	302,242	316,736	438,290
Income tax provision	69,742	66,698	98,542
Net income	$ 232,500	$ 250,038	$ 339,748
Basic net income per common share (in USD per share)	$ 6.24	$ 6.34	$ 7.83
Diluted net income per common share (in USD per share)	6.24	6.34	7.81
Dividend declared and paid per common share (in USD per share)	$ 3.00	$ 3.00	$ 1.40

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Goodwill and Other Intangible Assets ) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2022	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Acquired Indefinite-lived Intangible Assets [Line Items]
Intangible asset impairment		$ 0	$ 9,000	$ 0
Skip Hop tradename
Acquired Indefinite-lived Intangible Assets [Line Items]
Intangible asset impairment	$ 9,000
Indefinite intangible assets	6,000		$ 6,000
Skip Hop tradename \| U.S. Wholesale
Acquired Indefinite-lived Intangible Assets [Line Items]
Intangible asset impairment	5,600
Skip Hop tradename \| International
Acquired Indefinite-lived Intangible Assets [Line Items]
Intangible asset impairment	3,000
Skip Hop tradename \| U.S. Retail
Acquired Indefinite-lived Intangible Assets [Line Items]
Intangible asset impairment	$ 400

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 351,213	$ 211,748
Accounts receivable, net	183,774	198,587
Finished goods inventories	537,125	744,573
Prepaid expenses and other current assets	29,131	33,812
Total current assets	1,101,243	1,188,720
Property, plant, and equipment, net	183,111	189,822
Operating lease assets	528,407	492,335
Tradenames, net	298,186	298,393
Goodwill	210,537	209,333
Customer relationships, net	27,238	30,564
Other assets	29,891	30,548
Total assets	2,378,613	2,439,715
Current liabilities:
Accounts payable	242,149	264,078
Current operating lease liabilities	135,369	142,432
Other current liabilities	134,344	122,439
Total current liabilities	511,862	528,949
Long-term debt, net	497,354	616,624
Deferred income taxes	41,470	41,235
Long-term operating lease liabilities	448,810	421,741
Other long-term liabilities	33,867	34,757
Total liabilities	1,533,363	1,643,306
Commitments and contingencies - Note 19
Shareholders’ equity:
Preferred stock; par value $0.01 per share; 100,000 shares authorized; none issued or outstanding	0	0
Common stock, voting; par value $0.01 per share; 150,000,000 shares authorized; 36,551,221 and 37,692,132 shares issued and outstanding, respectively	366	377
Additional paid-in capital	0	0
Accumulated other comprehensive loss	(23,915)	(34,338)
Retained earnings	868,799	830,370
Total shareholders’ equity	845,250	796,409
Total liabilities and shareholders’ equity	$ 2,378,613	$ 2,439,715

REVENUE RECOGNITION

12 Months Ended

Dec. 30, 2023

Revenue from Contract with Customer [Abstract]

REVENUE RECOGNITION

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

Disaggregation of Revenue

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


	Fiscal year ended December 30, 2023
(dollars in thousands)	U.S. Retail		U.S. Wholesale		International		Total
Direct-to-consumer	$	1,501,780	$	—	$	268,596	$	1,770,376
Wholesale channel	—		1,014,584		160,634		1,175,218

	$	1,501,780	$	1,014,584	$	429,230	$	2,945,594

Royalty income, net	$	6,549	$	11,660	$	3,201	$	21,410


	Fiscal year ended December 31, 2022
(dollars in thousands)	U.S. Retail		U.S. Wholesale		International		Total
Direct-to-consumer	$	1,680,159	$	—	$	279,903	$	1,960,062
Wholesale channel	—		1,080,471		172,200		1,252,671

	$	1,680,159	$	1,080,471	$	452,103	$	3,212,733

Royalty income, net	$	8,815	$	12,915	$	4,090	$	25,820


	Fiscal year ended January 1, 2022
(dollars in thousands)	U.S. Retail		U.S. Wholesale		International		Total
Direct-to-consumer	$	1,899,262	$	—	$	289,060	$	2,188,322
Wholesale channel	—		1,126,415		171,703		1,298,118

	$	1,899,262	$	1,126,415	$	460,763	$	3,486,440

Royalty income, net	$	8,541	$	15,808	$	4,332	$	28,681

Accounts Receivable from Customers and Licensees

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


(dollars in thousands)	December 30, 2023		December 31, 2022
Trade receivables from wholesale customers, net	$	172,106	$	195,078
Royalties receivable, net	4,753		5,386
Other receivables(1)	20,032		14,571
Total receivables	$	196,891	$	215,035
Less: Wholesale accounts receivable reserves(2)(3)	(13,117)		(16,448)
Accounts receivable, net	$	183,774	$	198,587

(1)Includes tax, payroll, gift card and other receivables. Increase primarily relates to receivable for a $6.9 million court approved settlement in December 2023 related to payment card interchange fees.

(2)Includes allowance for chargebacks of $8.4 million and $9.3 million for the periods ended December 30, 2023 and December 31, 2022, respectively.

(3)Includes allowance for credit losses of $4.8 million and $7.2 million for the periods ended December 30, 2023 and December 31, 2022, respectively.

Information regarding Wholesale accounts receivable reserves is as follows:


(dollars in thousands)	Wholesale accounts receivable reserves
Balance at January 2, 2021	$	12,366
Additional provisions	13,282
Charges to reserve	(6,953)

Balance at January 1, 2022	$	18,695
Additional provisions	9,280
Charges to reserve	(11,527)

Balance at December 31, 2022	$	16,448
Additional provisions	5,220
Charges to reserve	(8,551)
Balance at December 30, 2023	$	13,117

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)	December 30, 2023		December 31, 2022
Contract liabilities - current:
Unredeemed gift cards	$	25,162	$	23,303
Unredeemed customer loyalty rewards	3,355		5,276
Carter’s credit card - upfront bonus(1)	714		714
Total contract liabilities - current(2)	$	29,231	$	29,293

Contract liabilities - non-current(3)	$	714	$	1,429
Total contract liabilities	$	29,945	$	30,722

(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 within Other current liabilities on the Company’s consolidated balance sheet.

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

Composition of Contract Liabilities

Unredeemed gift cards - the Company is obligated to transfer goods in the future to customers who have purchased gift cards. Periodic changes in the gift card contract liability result from the purchase of gift cards, the redemption of gift cards by customers and the recognition of estimated breakage revenue for those gift card balances that are not expected to be redeemed. The majority of our gift cards do not have an expiration date; however, all outstanding gift card balances are classified by the Company as current liabilities since gift cards are redeemable on demand by the valid holder. The majority of the Company’s gift cards are redeemed within one year of issuance. During fiscal 2023 and fiscal 2022, the Company recognized revenue of $9.4 million and $8.5 million related to the gift card liability balance that existed at December 31, 2022 and January 1, 2022, respectively.

Unredeemed loyalty rewards - points and reward certificates earned by customers under the Company’s loyalty program represent obligations of the Company to transfer goods to the customer upon redemption. Periodic changes in the loyalty program contract liability result from new rewards earned, reward certificate redemptions and expirations. The earning and redemption cycles for our loyalty program are under one year in duration.

Carter’s credit card - upfront bonus - the Company received an upfront bonus from a third-party financial institution, which will be recognized as revenue on a straight-line basis over the term of the agreement.

- Definition

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

+ References

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

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

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

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

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

COMMON STOCK

12 Months Ended

Dec. 30, 2023

Equity [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:


	For the fiscal year ended
	December 30, 2023		December 31, 2022		January 1, 2022
Number of shares repurchased(1)	1,446,269		3,747,187		2,967,619
Aggregate cost of shares repurchased (dollars in thousands)(2)	$	100,034	$	299,667	$	299,339
Average price per share(2)	$	69.17	$	79.97	$	100.87

(1)Share repurchases were made in compliance with all applicable rules and regulations and in accordance with the share repurchase authorizations.

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

On February 24, 2022, the Company’s Board of Directors authorized share repurchases up to $1.00 billion, inclusive of $301.9 million remaining under previous authorizations. The total remaining capacity under outstanding repurchase authorizations as of December 30, 2023 was approximately $649.5 million, based on settled repurchase transactions. The share repurchase authorizations have no expiration dates.

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

Dividends

On February 26, 2024, the Company’s Board of Directors declared a quarterly cash dividend payment of $0.80 per common share, payable on March 29, 2024 to shareholders of record at the close of business on March 11, 2024.

In each quarter of fiscal 2023, the Board of Directors declared, and the Company paid, a cash dividend per common share of $0.75 (for an aggregate cash dividend per common share of $3.00 for fiscal 2023). In fiscal 2022 the Board of Directors declared, and the Company paid, a cash dividend per common share of $0.75 (for an aggregate cash dividend per common share of $3.00 for fiscal 2022). In fiscal 2021, the Board of Directors declared and the Company paid, a cash dividend per common share of $0.40 in each of the second and third quarters of fiscal 2021 and $0.60 in the fourth quarter of fiscal 2021 (for an aggregate cash dividend per common share of $1.40 for fiscal 2021). As a result of actions taken in connection with the COVID-19 pandemic, the Board of Directors did not declare and the Company did not pay cash dividends for the first quarter of 2021.

Our Board of Directors will evaluate future dividend declarations based on a number of factors, including restrictions under the Company’s 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 10, Long-Term Debt, to the consolidated financial statements.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

LEASES - Cost (Details) - USD ($) $ in Thousands	12 Months Ended
LEASES - Cost (Details) - USD ($) $ in Thousands	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Leases [Abstract]
Operating lease cost	$ 171,072	$ 160,210	$ 166,481
Variable Lease, Cost	56,089	66,400	64,410
Net lease cost	$ 227,161	$ 226,610	$ 230,891

SEGMENT INFORMATION - Long-Lived Assets (Details) - USD ($) $ in Thousands	Dec. 30, 2023	Dec. 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-Lived Assets	$ 711,518	$ 682,157
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-Lived Assets	582,049	580,171
International
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-Lived Assets	$ 129,469	$ 101,986

Cover Page - USD ($)	12 Months Ended
Cover Page - USD ($)	Dec. 30, 2023	Feb. 20, 2024	Jul. 01, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 30, 2023
Current Fiscal Year End Date	--12-30
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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 2,614,562,313
Entity Common Stock, Shares Outstanding (in shares)		36,480,603
Documents Incorporated by Reference	Portions of the definitive proxy statement to be filed with the Securities and Exchange Commission pursuant to Regulation 14A relating to the Annual Meeting of shareholders of Carter’s, Inc., scheduled to be held on May 16, 2024, will be incorporated by reference in Part III of this Form 10-K. Carter’s, Inc. intends to file such proxy statement with the Securities and Exchange Commission not later than 120 days after its fiscal year ended December 30, 2023.
Entity Central Index Key	0001060822
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false

EMPLOYEE BENEFIT PLANS - Expected Benefit Payments (Details) $ in Thousands	Dec. 30, 2023 USD ($)
Pension Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
2024	$ 3,210
2025	3,220
2026	3,340
2027	3,610
2028	3,710
2029-2033	20,030
Postretirement Benefit
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
2024	200
2029-2033	$ 600

REVENUE RECOGNITION - Wholesale accounts receivable reserves (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning balance	$ 16,448	$ 18,695	$ 12,366
Additional provisions	5,220	9,280	13,282
Charges to reserve	(8,551)	(11,527)	(6,953)
Ending balance	$ 13,117	$ 16,448	$ 18,695

LEASES - Maturities of lease liabilities (Details) $ in Thousands	Dec. 30, 2023 USD ($)
Leases [Abstract]
2024	$ 151,446
2025	140,412
2026	103,389
2027	75,562
2028	55,867
After 2028	155,003
Total lease payments	681,679
Less: Interest	(97,500)
Operating Lease, Liability	$ 584,179

INCOME TAXES (Tables)

12 Months Ended

Dec. 30, 2023

Income Tax Disclosure [Abstract]

Provision for income taxes

The provision for income taxes consisted of the following:


	For the fiscal year ended
(dollars in thousands)	December 30, 2023		December 31, 2022		January 1, 2022
Current tax provision:
Federal	$	47,643	$	43,569	$	75,408
State	8,943		8,307		16,905
Foreign	13,756		15,562		19,761
Total current provision	$	70,342	$	67,438	$	112,074

Deferred tax (benefit) provision:
Federal	$	(148)	$	(1,484)	$	(10,541)
State	(512)		425		(2,428)
Foreign	60		319		(563)
Total deferred (benefit) provision	(600)		(740)		(13,532)
Total provision	$	69,742	$	66,698	$	98,542

The components of income before income taxes were as follows:


	For the fiscal year ended
(dollars in thousands)	December 30, 2023		December 31, 2022		January 1, 2022
Domestic	$	240,627	$	227,929	$	333,900
Foreign	61,615		88,807		104,390
Total	$	302,242	$	316,736	$	438,290

Federal statutory tax rate reconciliation

The difference between the Company’s effective income tax rate and the federal statutory tax rate is reconciled below:


	For the fiscal year ended
	December 30, 2023		December 31, 2022		January 1, 2022
Statutory federal income tax rate	21.0	%	21.0	%	21.0	%
State income taxes, net of federal income tax benefit	3.0	%	2.8	%	3.0	%
Impact of foreign operations	(0.8)	%	(2.0)	%	(1.8)	%
Settlement of uncertain tax positions	(0.6)	%	(0.7)	%	(0.3)	%
Benefit from stock-based compensation	—	%	(0.1)	%	(0.3)	%
Goodwill impairments and other	0.5	%	0.1	%	0.9	%



Total	23.1	%	21.1	%	22.5	%

Components of deferred tax assets and liabilities

The following table reflects the Company’s calculation of the components of deferred tax assets and liabilities as of December 30, 2023 and December 31, 2022.


(dollars in thousands)	December 30, 2023		December 31, 2022
Deferred tax assets:	Assets (Liabilities)
Accounts receivable allowance	$	5,263	$	6,715
Inventory	14,271		16,902
Accrued liabilities	11,208		8,230
Equity-based compensation	3,511		4,397
Deferred employee benefits	3,397		3,247
Leasing liabilities	105,756		83,886
Other	4,771		3,724
Total deferred tax assets	148,177		127,101
Deferred tax liabilities:
Depreciation	(19,654)		(18,560)
Leasing assets	(93,943)		(72,162)
Tradename and licensing agreements	(71,361)		(73,534)
Other	(2,516)		(1,614)
Total deferred tax liabilities	(187,474)		(165,870)

Net deferred tax liability	$	(39,297)	$	(38,769)

Net deferred tax liability


(dollars in thousands)	December 30, 2023		December 31, 2022
	Assets (Liabilities)
Deferred tax assets	$	2,173	$	2,466
Deferred tax liabilities	(41,470)		(41,235)
Net deferred tax liability	$	(39,297)	$	(38,769)

Unrecognized tax benefits

The following is a reconciliation of the beginning and ending amount of unrecognized tax benefits:


(dollars in thousands)
Balance at January 2, 2021	$	12,523
Additions based on tax positions related to fiscal 2021	810
Reductions for prior year tax positions	(2,207)
Reductions for lapse of statute of limitations	(2,270)

Balance at January 1, 2022	$	8,856
Additions based on tax positions related to fiscal 2022	1,040
Reductions for prior year tax positions	—
Reductions for lapse of statute of limitations	(2,803)

Balance at December 31, 2022	$	7,093
Additions based on tax positions related to fiscal 2023	1,545
Reductions for prior year tax positions	—
Reductions for lapse of statute of limitations	(2,373)

Balance at December 30, 2023	$	6,265

COMMON STOCK - Total Authorizations and Share Repurchases (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022	Feb. 24, 2022
Equity [Abstract]
Number of shares repurchased (in shares)	1,446,269	3,747,187	2,967,619
Aggregate cost of shares repurchased (dollars in thousands)(2)	$ 100,034	$ 299,667	$ 299,339
Average price per shares (in USD per share)	$ 69.17	$ 79.97	$ 100.87
Stock repurchase, authorized amount				$ 1,000,000
Total remaining capacity under authorization	$ 649,500			$ 301,900

- Definition

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

+ References + Details

FAIR VALUE MEASUREMENTS - Borrowings (Details) - USD ($)	Dec. 30, 2023	Dec. 31, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt, Gross	$ 500,000,000
Secured revolving credit facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Secured revolving credit facility	0	$ 120,000,000
Total Senior Notes Member [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt, Fair Value	$ 493,700,000

- Definition

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

+ References + Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Pay vs Performance Disclosure
Net income	$ 232,500	$ 250,038	$ 339,748

- Definition

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

+ References

+ Details

SEGMENT INFORMATION - Narrative (Details)	12 Months Ended
SEGMENT INFORMATION - Narrative (Details)	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Sales [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
maximum disclosure percentage of net sales	1000.00%	10.00%	10.00%
Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
Percentage of total net sales	61.50%	64.00%	65.00%
International Long-Lived Assets, Percent of Total Long-Lived Assets	51.00%	63.30%

LONG-TERM DEBT (Tables)

12 Months Ended

Dec. 30, 2023

Debt Disclosure [Abstract]

Schedule of long-term debt

Long-term debt consisted of the following:


(dollars in thousands)	December 30, 2023		December 31, 2022
$500 million, 5.625% Senior Notes due 2027	$	500,000	$	500,000
Less: unamortized issuance-related costs for senior notes	(2,646)		(3,376)
Senior notes, net	$	497,354	$	496,624
Secured revolving credit facility	—		120,000
Total long-term debt, net	$	497,354	$	616,624

Schedule of redemption price applicable where redemption occurs

The redemption price is applicable when the redemption occurs during the twelve-month period beginning on March 15 of each of the years indicated is as follows:


Year	Percentage

2023	101.406	%
2024 and thereafter	100.000	%

- 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

EMPLOYEE BENEFIT PLANS (Tables)

12 Months Ended

Dec. 30, 2023

Retirement Benefits [Abstract]

Reconciliation of changes in the projected pension benefit obligation and plan assets

A reconciliation of changes in the projected pension benefit obligation and plan assets is as follows:


	For the fiscal year ended
(dollars in thousands)	December 30, 2023		December 31, 2022
Change in projected benefit obligation:
Projected benefit obligation at beginning of year	$	53,847	$	70,875
Interest cost	2,617		1,909
Actuarial loss (gain)	1,376		(16,021)
Benefits paid	(3,055)		(2,916)
Projected benefit obligation at end of year	$	54,785	$	53,847

Change in plan assets:
Fair value of plan assets at beginning of year	$	55,245	$	68,689
Actual return on plan assets	3,769		(10,528)

Benefits paid	(3,055)		(2,916)
Fair value of plan assets at end of year	$	55,959	$	55,245

Funded status	$	1,174	$	1,398

Components of post retirement benefit expense and pension expense

The components of net periodic pension cost recognized in the statement of operations and changes recognized in other comprehensive income were as follows:


	For the fiscal year ended
(dollars in thousands)	December 30, 2023		December 31, 2022		January 1, 2022
Recognized in the statement of operations:
Interest cost	$	2,617	$	1,909	$	1,818
Expected return on plan assets	(2,372)		(3,432)		(3,577)
Amortization of net loss(*)	189		217		428
Net periodic pension cost (benefit)	$	434	$	(1,306)	$	(1,331)

Changes recognized in other comprehensive income:
Net gain arising during the fiscal year	$	(21)	$	(2,062)	$	(4,765)

Amortization of net loss(*)	(189)		(217)		(428)


Total changes recognized in other comprehensive income	$	(210)	$	(2,279)	$	(5,193)
Total net periodic pension cost (benefit) and changes recognized in other comprehensive income	$	224	$	(3,585)	$	(6,524)

The components of net periodic post-retirement benefit cost recognized in the statement of operations and changes recognized in other comprehensive income were as follows:


	For the fiscal year ended
(dollars in thousands)		December 30, 2023		December 31, 2022		January 1, 2022
Recognized in the statement of operations:
Service cost		$	6	$	14	$	15
Interest cost		78		63		57

Amortization of net gain(*)		(428)		(320)		(295)

Net periodic post-retirement benefit (income) cost		$	(344)	$	(243)	$	(223)

Changes recognized in other comprehensive income:
Net loss (gain) arising during the fiscal year		$	3	$	(763)	$	(140)



Amortization of net gain(*)		428		320		295
Total changes recognized in other comprehensive income		$	431	$	(443)	$	155
Total net periodic post-retirement benefit (income) cost and changes recognized in other comprehensive income		$	87	$	(686)	$	(68)

Schedule of assumptions used in actuarial computations

The actuarial assumptions used in determining the benefit obligation and net periodic pension cost for our pension plan is presented in the following table:


Benefit obligation	2023	2022
Discount rate	4.75%	5.00%

Net periodic pension cost	2023	2022	2021
Discount rate	5.00%	2.75%	2.50%
Expected long-term rate of return on plan assets	5.00%	5.50%	6.00%

The actuarial computations utilized the following assumptions, using year-end measurement dates:


Post-retirement benefit obligation	2023	2022
Discount rate	4.75%	4.75%

Net periodic post-retirement benefit cost	2023	2022	2021
Discount rate	4.75%	2.50%	2.00%

Expected benefit payments for defined benefit pension plans for the next ten fiscal years

The Company currently expects benefit payments for its defined benefit pension plan as follows for the next ten fiscal years:


(dollars in thousands)
2024	$	3,210
2025	$	3,220
2026	$	3,340
2027	$	3,610
2028	$	3,710
2029-2033	$	20,030

Fair value of the Company's pension plan assets by category

The fair value of the Company’s pension plan assets at December 30, 2023 and December 31, 2022, by asset category, were as follows:


(dollars in thousands)	December 30, 2023						December 31, 2022
Asset category	Total		Level 1		Level 2		Total		Level 1		Level 2
Cash and cash equivalents	$	—	$	—	$	—	$	2,204	$	2,204	$	—







Fixed income securities:
Corporate bonds(*)	55,959		55,959		—		53,041		52,805		236

	$	55,959	$	55,959	$	—	$	55,245	$	55,009	$	236

(*)This category invests in both U.S. Treasuries and corporate debt from U.S. issuers from diverse industries.

Reconciliation of accumulated post retirement benefit obligation

The following is a reconciliation of the accumulated post-retirement benefit obligation (“APBO”) under this plan:


	For the fiscal years ended
(dollars in thousands)	December 30, 2023		December 31, 2022
APBO at beginning of fiscal year	$	1,745	$	2,662
Service cost	6		14
Interest cost	78		63
Actuarial loss (gain)	3		(763)
Plan participants’ contribution	—		15

Benefits paid	(195)		(246)

APBO at end of fiscal year	$	1,637	$	1,745

SEGMENT INFORMATION - Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2022	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Segment Reporting Information [Line Items]
Net sales		$ 2,945,594	$ 3,212,733	$ 3,486,440
Percentage of total net sales		100.00%	100.00%	100.00%
Operating income (loss)		$ 323,405	$ 379,171	$ 497,079
Operating income as percentage of segment net sales		11.00%	11.80%	14.30%
Unallocated corporate expenses		$ 111,004	$ 91,602	$ 130,317
Intangible asset impairment		0	9,000	0
Cost of goods sold		$ 1,549,659	$ 1,740,375	$ 1,824,166
Cost of goods sold as a percentage of total net sales		52.60%	54.20%	52.30%
Selling, general, and administrative expenses		$ 1,093,940	$ 1,110,007	$ 1,193,876
SG&A as a percentage of total net sales		37.10%	34.60%	34.20%
Skip Hop tradename(1)
Segment Reporting Information [Line Items]
Intangible asset impairment	$ 9,000
U.S. Retail
Segment Reporting Information [Line Items]
Net sales		$ 1,501,780	$ 1,680,159	$ 1,899,262
U.S. Retail \| Skip Hop tradename(1)
Segment Reporting Information [Line Items]
Intangible asset impairment	400
U.S. Wholesale
Segment Reporting Information [Line Items]
Net sales		1,014,584	1,080,471	1,126,415
U.S. Wholesale \| Skip Hop tradename(1)
Segment Reporting Information [Line Items]
Intangible asset impairment	5,600
International \| Skip Hop tradename(1)
Segment Reporting Information [Line Items]
Intangible asset impairment	$ 3,000
Operating Segments
Segment Reporting Information [Line Items]
Organizational Restructuring		4,100		700
Operating Segments \| U.S. Retail
Segment Reporting Information [Line Items]
Net sales		$ 1,501,780	$ 1,680,159	$ 1,899,262
Percentage of total net sales		51.00%	52.30%	54.50%
Operating income (loss)		$ 190,620	$ 252,497	$ 368,221
Operating income as percentage of segment net sales		12.70%	15.00%	19.40%
Organizational Restructuring		$ 0	$ 0	$ (600)
Incremental costs associated with COVID-19 pandemic				2,000
Retail store operating leases and other long-lived asset impairments, net of gain				(2,600)
Total charges			400	(1,200)
Cost of goods sold		$ 602,152	$ 689,543	$ 760,100
Cost of goods sold as a percentage of total net sales		20.40%	21.50%	21.80%
Selling, general, and administrative expenses		$ 715,558	$ 746,575	$ 779,482
SG&A as a percentage of total net sales		24.30%	23.20%	22.40%
Operating Segments \| U.S. Retail \| Skip Hop tradename(1)
Segment Reporting Information [Line Items]
Intangible asset impairment			$ 400	$ 0
Operating Segments \| U.S. Wholesale
Segment Reporting Information [Line Items]
Net sales		$ 1,014,584	$ 1,080,471	$ 1,126,415
Percentage of total net sales		34.40%	33.60%	32.30%
Operating income (loss)		$ 198,849	$ 161,659	$ 195,369
Operating income as percentage of segment net sales		19.60%	15.00%	17.30%
Organizational Restructuring		$ 100	$ 0	$ 100
Incremental costs associated with COVID-19 pandemic				1,700
Total charges			5,600	1,800
Cost of goods sold		$ 717,936	$ 800,974	$ 819,028
Cost of goods sold as a percentage of total net sales		24.40%	24.90%	23.50%
Selling, general, and administrative expenses		$ 109,459	$ 125,173	$ 127,826
SG&A as a percentage of total net sales		3.70%	3.90%	3.70%
Operating Segments \| U.S. Wholesale \| Skip Hop tradename(1)
Segment Reporting Information [Line Items]
Intangible asset impairment			$ 5,600	$ 0
Operating Segments \| International
Segment Reporting Information [Line Items]
Net sales		$ 429,230	$ 452,103	$ 460,763
Percentage of total net sales		14.60%	14.10%	13.20%
Operating income (loss)		$ 44,940	$ 56,617	$ 63,806
Operating income as percentage of segment net sales		10.50%	12.50%	13.80%
Organizational Restructuring		$ 200
Incremental costs associated with COVID-19 pandemic				$ 200
Total charges				2,500
Cost of goods sold		$ 229,571	$ 249,858	$ 245,038
Cost of goods sold as a percentage of total net sales		7.80%	7.80%	7.00%
Selling, general, and administrative expenses		$ 157,919	$ 146,657	$ 156,251
SG&A as a percentage of total net sales		5.40%	4.60%	4.50%
Operating Segments \| International \| Skip Hop tradename(1)
Segment Reporting Information [Line Items]
Organizational Restructuring			$ 0	$ 2,300
Intangible asset impairment			3,000	$ 0
Total charges			$ 3,000

PROPERTY, PLANT, AND EQUIPMENT (Tables)

12 Months Ended

Dec. 30, 2023

Property, Plant and Equipment [Abstract]

Property, plant, and equipment

Property, plant, and equipment, net consists of the following:


(dollars in thousands)	December 30, 2023		December 31, 2022
Land, building, and leasehold improvements	$	357,029	$	332,971
Fixtures, equipment, and computer hardware	302,747		281,830
Computer software	129,685		115,706
Construction in progress(*)	9,557		28,843
	799,018		759,350
Accumulated depreciation and amortization	(615,907)		(569,528)
Total	$	183,111	$	189,822

(*)Decrease relates primarily to retail store openings and remodels placed in service during fiscal 2023.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Dec. 30, 2023	Dec. 31, 2022
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 351,213	$ 211,748
Geographic Distribution, Foreign [Member]
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 79,000

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Supplemental Cash Flow Information) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Accounting Policies [Abstract]
Interest paid in cash	$ 32.3	$ 41.2	$ 59.0
Income taxes paid in cash	76.5	64.0	115.3
Property, plant and equipment additions	$ 1.6	$ 10.1	$ 15.4

PREPAID EXPENSES AND OTHER CURRENT ASSETS

12 Months Ended

Dec. 30, 2023

Prepaid Expense and Other Assets, Current [Abstract]

PREPAID EXPENSES AND OTHER CURRENT ASSETS

Prepaid expenses and other current assets at the end of any comparable period, were as follows:


(dollars in thousands)	December 30, 2023		December 31, 2022
Prepaid information technology-related contracts(*)	11,504		12,652
Prepaid income taxes	2,563		1,110
Prepaid insurance	1,962		2,133
Other	13,102		17,917
Prepaid expenses and other current assets	$	29,131	$	33,812

(*)Primarily related to cloud computing arrangements and software maintenance contracts.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Costs of Goods Sold and Selling, General and Administrative Expenses) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Accounting Policies [Abstract]
Distribution expense	$ 183.4	$ 216.2	$ 206.6

STOCK-BASED COMPENSATION (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022	Jan. 02, 2021	Dec. 28, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock available under the existing plan (in shares)	18,778,392
Available for grant under the Plan (in shares)	2,221,612
Granted (in shares)	0	0	0	0	0
Intrinsic value of basic stock options exercised	$ 300,000	$ 1,400,000	$ 7,800,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	184,803	205,120	116,238
Vested (in dollars per share)	$ 91.84	$ 95.54	$ 99.32
Weighted-average expense recognition period	2 years 3 months 18 days
Shares outstanding (in shares)	755,289	629,686
Weighted-average grant-date fair value outstanding (in dollars per share)	$ 84.63	$ 94.71
Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from Issuance of Common Stock	$ 0
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 0
Vesting period	4 years
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 31,100,000
Time-based restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 26,700,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	184,803	162,508	116,238
Vested (in dollars per share)	$ 91.84	$ 97.29	$ 99.32
Weighted-average expense recognition period	2 years 4 months 24 days
Time-based restricted stock \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Time-based restricted stock \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years
Performance-based Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 4,400,000
Vesting period	3 years
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	0
Shares outstanding (in shares)	184,008
Weighted-average grant-date fair value outstanding (in dollars per share)	$ 81.21
Performance-based restricted stock awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average expense recognition period	2 years

PROPERTY, PLANT, AND EQUIPMENT

12 Months Ended

Dec. 30, 2023

Property, Plant and Equipment [Abstract]

PROPERTY, PLANT, AND EQUIPMENT

Property, plant, and equipment, net consists of the following:


(dollars in thousands)	December 30, 2023		December 31, 2022
Land, building, and leasehold improvements	$	357,029	$	332,971
Fixtures, equipment, and computer hardware	302,747		281,830
Computer software	129,685		115,706
Construction in progress(*)	9,557		28,843
	799,018		759,350
Accumulated depreciation and amortization	(615,907)		(569,528)
Total	$	183,111	$	189,822

(*)Decrease relates primarily to retail store openings and remodels placed in service during fiscal 2023.

Depreciation and amortization expense related to property, plant, and equipment was approximately $60.4 million, $61.5 million, and $90.4 million for fiscal years 2023, 2022, and 2021, respectively.

SUPPLIER FINANCE PROGRAM (Details) - USD ($) $ in Thousands	Dec. 30, 2023	Dec. 31, 2022
Supplier Finance Program [Line Items]
SCF revolving capacity	$ 70,000
Payment terms with suppliers, period	60 days
Amount under SCF program included in Accounts payable	$ 242,149	$ 264,078
Supply Chain Financing Program
Supplier Finance Program [Line Items]
Amount under SCF program included in Accounts payable	$ 14,800	$ 16,500

INCOME TAXES

12 Months Ended

Dec. 30, 2023

Income Tax Disclosure [Abstract]

INCOME TAXES

Provision for Income Taxes

The provision for income taxes consisted of the following:


	For the fiscal year ended
(dollars in thousands)	December 30, 2023		December 31, 2022		January 1, 2022
Current tax provision:
Federal	$	47,643	$	43,569	$	75,408
State	8,943		8,307		16,905
Foreign	13,756		15,562		19,761
Total current provision	$	70,342	$	67,438	$	112,074

Deferred tax (benefit) provision:
Federal	$	(148)	$	(1,484)	$	(10,541)
State	(512)		425		(2,428)
Foreign	60		319		(563)
Total deferred (benefit) provision	(600)		(740)		(13,532)
Total provision	$	69,742	$	66,698	$	98,542

The foreign portion of the tax position substantially relates to the Company’s international operations in Canada, Hong Kong and Mexico, in addition to foreign tax withholdings related to the Company’s foreign royalty income.

The Company plans to repatriate undistributed earnings from Hong Kong and has provided for deferred income taxes related to these earnings. Since the current U.S. tax regime taxes foreign earnings in the year earned, taxes associated with repatriation are not material. Deferred income taxes have not been provided for undistributed foreign earnings from Canada or Mexico, or any additional outside basis difference inherent in all foreign entities, as these amounts continue to be indefinitely reinvested in foreign operations. Total undistributed earnings from the Company’s subsidiaries in Canada and Mexico amounted to approximately $106.9 million. Unrecognized deferred tax liability related to undistributed earnings from the Company’s subsidiaries in Canada and Mexico is estimated to be approximately $4.9 million, based on applicable withholding taxes, levels of foreign income previously taxed in the U.S. and applicable foreign tax credit limitations. The company accounts for the additional U.S. income tax on its foreign earnings under Global Intangible Low-Taxed Income (“GILTI”) as a period expense in the period in which additional tax is due.

The components of income before income taxes were as follows:


	For the fiscal year ended
(dollars in thousands)	December 30, 2023		December 31, 2022		January 1, 2022
Domestic	$	240,627	$	227,929	$	333,900
Foreign	61,615		88,807		104,390
Total	$	302,242	$	316,736	$	438,290

Effective Rate Reconciliation

The difference between the Company’s effective income tax rate and the federal statutory tax rate is reconciled below:


	For the fiscal year ended
	December 30, 2023		December 31, 2022		January 1, 2022
Statutory federal income tax rate	21.0	%	21.0	%	21.0	%
State income taxes, net of federal income tax benefit	3.0	%	2.8	%	3.0	%
Impact of foreign operations	(0.8)	%	(2.0)	%	(1.8)	%
Settlement of uncertain tax positions	(0.6)	%	(0.7)	%	(0.3)	%
Benefit from stock-based compensation	—	%	(0.1)	%	(0.3)	%
Goodwill impairments and other	0.5	%	0.1	%	0.9	%



Total	23.1	%	21.1	%	22.5	%

The Company and its subsidiaries file a consolidated United States federal income tax return, as well as separate and combined income tax returns in numerous state and foreign jurisdictions. In most cases, the Company is no longer subject to U.S. tax authority examinations for years prior to fiscal 2020.

Deferred Taxes

The following table reflects the Company’s calculation of the components of deferred tax assets and liabilities as of December 30, 2023 and December 31, 2022.


(dollars in thousands)	December 30, 2023		December 31, 2022
Deferred tax assets:	Assets (Liabilities)
Accounts receivable allowance	$	5,263	$	6,715
Inventory	14,271		16,902
Accrued liabilities	11,208		8,230
Equity-based compensation	3,511		4,397
Deferred employee benefits	3,397		3,247
Leasing liabilities	105,756		83,886
Other	4,771		3,724
Total deferred tax assets	148,177		127,101
Deferred tax liabilities:
Depreciation	(19,654)		(18,560)
Leasing assets	(93,943)		(72,162)
Tradename and licensing agreements	(71,361)		(73,534)
Other	(2,516)		(1,614)
Total deferred tax liabilities	(187,474)		(165,870)

Net deferred tax liability	$	(39,297)	$	(38,769)

Amounts recognized in the consolidated balance sheets:


(dollars in thousands)	December 30, 2023		December 31, 2022
	Assets (Liabilities)
Deferred tax assets	$	2,173	$	2,466
Deferred tax liabilities	(41,470)		(41,235)
Net deferred tax liability	$	(39,297)	$	(38,769)

Uncertain Tax Positions

The following is a reconciliation of the beginning and ending amount of unrecognized tax benefits:


(dollars in thousands)
Balance at January 2, 2021	$	12,523
Additions based on tax positions related to fiscal 2021	810
Reductions for prior year tax positions	(2,207)
Reductions for lapse of statute of limitations	(2,270)

Balance at January 1, 2022	$	8,856
Additions based on tax positions related to fiscal 2022	1,040
Reductions for prior year tax positions	—
Reductions for lapse of statute of limitations	(2,803)

Balance at December 31, 2022	$	7,093
Additions based on tax positions related to fiscal 2023	1,545
Reductions for prior year tax positions	—
Reductions for lapse of statute of limitations	(2,373)

Balance at December 30, 2023	$	6,265

As of December 30, 2023, the Company had gross unrecognized tax benefits of approximately $6.3 million, of which $5.6 million, if ultimately recognized, will affect the Company’s effective tax rate in the period 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. Because of deferred tax accounting, changes in the timing of these deductions would not affect the annual effective tax rate but would accelerate the payment of cash to the taxing authorities.

Included in the reserves for unrecognized tax benefits are approximately $1.7 million of reserves for which the statute of limitations is expected to expire within the next fiscal year. If these tax benefits are ultimately recognized, such recognition, net of federal income taxes, may affect the annual effective tax rate for fiscal 2024 and the effective 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 penalties related to unrecognized tax benefits as a component of income tax expense. During fiscal 2023, expense recorded on uncertain tax positions was not material. Expense recorded on uncertain tax positions was approximately $0.4 million for each of the fiscal years 2022 and 2021. The Company had accrued interest on uncertain tax positions of approximately $1.5 million and $1.5 million as of December 30, 2023 and December 31, 2022, respectively.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Stock-Based Compensation Arrangements) (Details) - USD ($)	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022	Jan. 02, 2021	Dec. 28, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	0	0	0	0	0
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 0

- Definition

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

+ References

+ Details

SEGMENT INFORMATION - Inventory (Details) - USD ($) $ in Thousands	Dec. 30, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Finished goods inventories	$ 537,125	$ 744,573
Operating Segments \| U.S. Wholesale
Segment Reporting Information [Line Items]
Finished goods inventories	381,146	580,918
Operating Segments \| U.S. Retail
Segment Reporting Information [Line Items]
Finished goods inventories	73,366	57,518
Operating Segments \| International
Segment Reporting Information [Line Items]
Finished goods inventories	$ 82,613	$ 106,137

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)

12 Months Ended

Dec. 30, 2023

Prepaid Expense and Other Assets, Current [Abstract]

Schedule of prepaid expenses and other current assets

Prepaid expenses and other current assets at the end of any comparable period, were as follows:


(dollars in thousands)	December 30, 2023		December 31, 2022
Prepaid information technology-related contracts(*)	11,504		12,652
Prepaid income taxes	2,563		1,110
Prepaid insurance	1,962		2,133
Other	13,102		17,917
Prepaid expenses and other current assets	$	29,131	$	33,812

(*)Primarily related to cloud computing arrangements and software maintenance contracts.

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Weighted-average number of common and common equivalent shares outstanding:
Basic number of common shares outstanding (in shares)	36,589,922	38,822,737	42,853,009
Dilutive effect of unvested restricted stock awards (in shares)	3,344	27,908	149,619
Diluted number of common and common equivalent shares outstanding (in shares)	36,593,266	38,850,645	43,002,628
Basic net income per common share:
Net income	$ 232,500	$ 250,038	$ 339,748
Income allocated to participating securities	4,285	3,714	4,113
Net income available to common shareholders	$ 228,215	$ 246,324	$ 335,635
Basic net income per common share (in USD per share)	$ 6.24	$ 6.34	$ 7.83
Diluted net income per common share:
Net income	$ 232,500	$ 250,038	$ 339,748
Income allocated to participating securities	(4,285)	(3,712)	(4,102)
Net income available to common shareholders	$ 228,215	$ 246,326	$ 335,646
Diluted net income per common share (in USD per share)	$ 6.24	$ 6.34	$ 7.81
Anti-dilutive shares excluded from dilutive earnings per share calculations (in shares)	477,373	526,618	176,475

EARNINGS PER SHARE (Tables)

12 Months Ended

Dec. 30, 2023

Earnings Per Share [Abstract]

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

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


	For the fiscal year ended
		December 30, 2023		December 31, 2022		January 1, 2022
Weighted-average number of common and common equivalent shares outstanding:
Basic number of common shares outstanding		36,589,922		38,822,737		42,853,009
Dilutive effect of equity awards		3,344		27,908		149,619
Diluted number of common and common equivalent shares outstanding		36,593,266		38,850,645		43,002,628
Earnings per share:
(dollars in thousands, except per share data)
Basic net income per common share:
Net income		$	232,500	$	250,038	$	339,748
Income allocated to participating securities		(4,285)		(3,714)		(4,113)
Net income available to common shareholders		$	228,215	$	246,324	$	335,635
Basic net income per common share		$	6.24	$	6.34	$	7.83

Diluted net income per common share:
Net income		$	232,500	$	250,038	$	339,748
Income allocated to participating securities		(4,285)		(3,712)		(4,102)
Net income available to common shareholders		$	228,215	$	246,326	$	335,646
Diluted net income per common share		$	6.24	$	6.34	$	7.81

Anti-dilutive shares excluded from dilutive earnings per share calculations (*)		477,373		526,618		176,475

(*)The volume of antidilutive shares is, in part, due to the related unamortized compensation costs.

OTHER CURRENT LIABILITIES (Tables)

12 Months Ended

Dec. 30, 2023

Other Liabilities Disclosure [Abstract]

Schedule of other current liabilities

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


(dollars in thousands)	December 30, 2023		December 31, 2022
Unredeemed gift cards	$	25,162	$	23,303
Accrued bonuses and incentive compensation(*)	20,817		7,244
Accrued employee benefits	17,928		16,356
Accrued taxes	12,909		10,445
Income taxes payable	12,697		17,484
Accrued salaries and wages	12,458		11,519





Accrued other	32,373		36,088
Other current liabilities	$	134,344	$	122,439

(*)Increase primarily related to lower than forecasted financial performance in fiscal 2022.

LONG-TERM DEBT - Secured Revolving Credit Facility (Details) - USD ($)	Dec. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Outstanding letters of credit	$ 4,400,000	$ 3,500,000
Secured revolving credit facility
Debt Instrument [Line Items]
Secured revolving credit facility	0	120,000,000
Available for future borrowing	$ 845,600,000	$ 726,500,000

- Definition

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

+ References

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-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
-Paragraph 1E
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

- Definition

+ References + Details

STOCK-BASED COMPENSATION (Restricted Stock Activity) (Details) - $ / shares	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Restricted Stock
Shares outstanding (in shares)	629,686
Granted (in shares)	408,643
Vested (in shares)	(184,803)	(205,120)	(116,238)
Forfeited (in shares)	(98,237)
Shares outstanding (in shares)	755,289	629,686
Weighted-average grant-date fair value
Weighted-average grant-date fair value outstanding (in dollars per share)	$ 84.63	$ 94.71
Granted (in dollars per share)	73.33
Vested (in dollars per share)	91.84	95.54	$ 99.32
Forfeited (in dollars per share)	88.70
Weighted-average grant-date fair value outstanding (in dollars per share)	$ 84.63	$ 94.71
Performance-based restricted stock awards
Restricted Stock
Granted (in shares)	112,284	89,760	0
Weighted-average grant-date fair value
Granted (in dollars per share)	$ 74.06	$ 91.12	$ 0

LEASES - Operating lease term of contract and Other (Details) - USD ($)	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022
Lessee, Lease, Description [Line Items]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 177,800,000	$ 172,900,000
Operating lease assets obtained in exchange for operating lease liabilities	184,600,000	$ 144,900,000
Operating lease Remeasuremnt	21,500,000
Lessee Operating Lease Lease Not yet Commenced Liability Incurred	$ 15,500,000
Minimum
Lessee, Lease, Description [Line Items]
Initial term of lease	3 years
Maximum
Lessee, Lease, Description [Line Items]
Initial term of lease	10 years
Lessee, Operating Lease, Option to Extend	5 years
Lessee, Operating Lease, Lease Not yet Commenced, Term of Contract	10 years

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 30, 2023

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

Principles of Consolidation

The accompanying consolidated financial statements include the accounts of Carter’s, Inc. and its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.

We have recast the consolidated statement of operations for the fiscal year ended December 31, 2022 and January 1, 2022 to conform to our current presentation of combining Adverse purchase commitments within Cost of goods sold.

Fiscal Year

The Company’s fiscal year ends on the Saturday in December or January nearest December 31. Every five or six years, our fiscal year includes an additional 53rd week of results. Fiscal 2023 ended on December 30, 2023, fiscal 2022 ended on December 31, 2022, and fiscal 2021 ended on January 1, 2022. All three fiscal years contained 52 calendar weeks.

Use of Estimates in the Preparation of the Consolidated Financial Statements

The preparation of these consolidated financial statements in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Foreign Currency Translation and Transactions

Translation Adjustments

The functional currency of substantially all of the Company’s foreign operations is the local currency in each foreign country. Assets and liabilities are translated into U.S. dollars using the current exchange rates in effect at the balance sheet date, while revenues and expenses are translated at the average exchange rates for the period. The resulting translation adjustments are recorded as a component of Accumulated other comprehensive income (loss) within the accompanying consolidated balance sheets.

Transaction Adjustments

The Company also recognizes gains and losses on transactions that are denominated in a currency other than the respective entity’s functional currency. Foreign currency transaction gains and losses also include the impact of intercompany loans with foreign subsidiaries. Foreign currency transaction gains and losses are recognized in earnings, as a separate component of Other expense (income), net, within the consolidated statements of operations. Foreign currency transaction gains and losses related to intercompany loans with foreign subsidiaries that are of a long-term nature are accounted for as translation adjustments and are included in Accumulated other comprehensive income (loss) within the accompanying consolidated balance sheets.

Cash and Cash Equivalents

The Company considers all highly liquid investments that have original maturities of three months or less to be cash equivalents. Cash and cash equivalents consist of deposit accounts and cash management funds invested in U.S. government instruments. These investments are stated at cost, which approximates fair value. Cash equivalents also include amounts due from third-party financial institutions for credit and debit card transactions; these amounts typically settle in less than five days. Money market funds held in a rabbi trust that are being used as investments to satisfy the Company’s obligations under its

deferred compensation plans are treated as investments and recorded in Other assets on the accompanying consolidated balance sheets.

Concentration of Cash Deposits Risk

As of December 30, 2023, the Company had approximately $351.2 million of cash and cash equivalents in major financial institutions, including approximately $79.0 million in financial institutions located outside of the U.S. The Company maintains cash deposits with major financial institutions that exceed the insurance coverage limits provided by the Federal Deposit Insurance Corporation in the U.S. and by similar insurers for deposits located outside the U.S. To mitigate this risk, the Company utilizes a policy of allocating cash deposits among major financial institutions that have been evaluated by the Company and third-party rating agencies as having acceptable risk profiles.

Accounts Receivable

Concentration of Credit Risk

In fiscal 2023, our largest wholesale customer accounted for approximately 10.4% of the Company’s consolidated net sales. No other customer accounted for 10% or more of the Company’s consolidated net sales in fiscal 2023. In fiscal 2022 and 2021, no customer accounted for 10% or more of the Company’s consolidated net sales.

At December 30, 2023, three wholesale customers each had individual receivable balances in excess of 10% of gross accounts receivable, and the total receivable balances due from these three wholesale customers in the aggregate equaled approximately 56% of total gross trade receivables outstanding. At December 31, 2022, three wholesale customers each had individual receivable balances in excess of 10% of gross accounts receivable, and the total receivable balances due from these three wholesale customers in the aggregate equaled approximately 56% of total gross trade receivables outstanding.

Valuation Accounts for Wholesale Accounts Receivable

Accounts Receivable Reserves

The Company’s accounts receivable reserves for wholesale customers include an allowance for expected credit losses and an allowance for chargebacks. The allowance for expected credit losses includes estimated losses resulting from the inability of our customers to make payments. If the financial condition of a customer were to deteriorate, resulting in an impairment of its ability to make payments, an additional allowance could be required. Past due balances over 90 days are reviewed individually for collectability. The Company’s credit and collections department reviews all other balances regularly. Account balances are charged off against the allowance when it is probable that the receivable will not be recovered. The allowance for chargebacks is based on historical experience and includes estimated losses resulting from pricing adjustments, short shipments, handling charges, returns, and freight. Provisions for the allowance for expected credit losses are reflected in Selling, general, and administrative (“SG&A”) expenses on the consolidated statement of operations and provisions for chargebacks are reflected as a reduction in Net sales on the consolidated statement of operations.

Sales Returns Reserves

Except in very limited instances, the Company does not allow its wholesale customers to return goods to the Company.

Inventories

Inventories, which consist primarily of finished goods, are stated approximately at the lower of cost (using first-in, first-out basis for wholesale inventory and average cost for retail inventory) or net realizable value. Costs of finished goods inventories include all costs incurred to bring inventory to its current condition, including inbound freight, duties, and other costs. Obsolete, damaged, and excess inventory is carried at net realizable value by establishing reserves after assessing method of cost determination, historical recovery rates, current market conditions, and future marketing and sales plans. Rebates, discounts, and other cash consideration received from a vendor related to inventory purchases are reflected as reductions in the cost of the related inventory item and are therefore reflected in cost of sales when the related inventory item is sold.

Adjustments to bring inventory to net realizable value as a result of obsolete, damaged, and excess inventory decreased $10.3 million, or 53.3%, to $9.0 million as of December 30, 2023. This decrease is primarily due to the decrease in inventory balances, including decreased “pack and hold” inventory.

Leases

The Company has operating leases for retail stores, distribution centers, corporate offices, data centers, and certain equipment.

Financial Presentation

The Company determines if an arrangement is a lease at its inception. Operating leases are included in operating lease assets, current operating lease liabilities, and long-term operating lease liabilities in our consolidated balance sheets.

Right of use (“ROU”) assets represent our right to use an underlying asset for the lease term, and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option.

The operating lease ROU asset also includes initial direct costs and excludes lease incentives. Lease expense is recognized on a straight-line basis over the lease term.

Certain of our lease agreements include variable rental payments based on a percentage of retail sales over contractual levels and others include variable rental payments adjusted periodically for inflation. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants.

Policy Elections

Portfolio approach - In general, the Company accounts for the underlying leased asset and applies a discount rate at the lease level. However, there are certain non-real estate leases for which the Company utilizes the portfolio method by aggregating similar leased assets based on the underlying lease term.

Non-lease component - The Company has lease agreements with lease and non-lease components. The Company has elected a policy to account for lease and non-lease components as a single component for all asset classes.

Short-term lease - Leases with an initial term of 12 months or less are not recorded on the balance sheets.

Discount rate - As most of the Company’s leases do not provide an implicit rate, the Company uses the incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments.

Renewal options - The Company evaluates the inclusion of renewal options on a lease by lease basis. In general, for leased retail real estate, the Company does not include renewal options in the underlying lease term. In fiscal 2023, the Company determined that it was reasonably certain to exercise the lease renewal options associated with the Braselton, Georgia distribution center. As a result, the Company remeasured the operating lease liability to include the impact of the renewal option, which increased both the operation lease liability and operating lease assets by approximately $21.5 million.

Property, Plant, and Equipment

Property, plant, and equipment are stated at cost, less accumulated depreciation and amortization. When fixed assets are sold or otherwise disposed of, the accounts are relieved of the original cost of the assets and the related accumulated depreciation or amortization and any resulting gain or loss is credited or charged to income. For financial reporting purposes, depreciation and amortization are computed on the straight-line method over the estimated useful lives of the assets as follows: buildings and improvements from 15 to 26 years, retail store fixtures, equipment, and computers from 3 to 10 years. Leasehold improvements and fixed assets purchased under capital leases are amortized over the lesser of the asset life or the related lease term. The Company capitalizes the cost of its fixtures designed and purchased for use at major wholesale accounts. The cost of these fixtures is amortized over 3 years.

Internal-Use Software

The Company purchases software licenses from external vendors and also develops software internally using Company employees and consultants. Software license costs, as well as development-stage costs for internally-developed software, are capitalized within Property, plant, and equipment, net on the consolidated balance sheets. All other costs, including preliminary project costs and post-implementation costs for internally-developed software, are expensed as incurred. Capitalized software is depreciated or amortized on the straight-line method over its estimated useful lives, from 3 to 10 years.

If a software application does not include a purchased license for the software, such as a cloud-based software application, the arrangement is accounted for as a service contract. Implementation costs incurred in the development stage of such software

applications are capitalized and reported in Prepaid expenses and other current assets on the consolidated balances sheets. All other costs, including preliminary project costs and post-implementation costs for these software applications, are expensed as incurred. Any capitalized costs are amortized over the term of the hosting arrangement, and the expense is presented in the same line item within the consolidated statements of operations as the expense for the service contract’s fees.

Goodwill and Other Indefinite-Lived Intangible Assets

Annual Impairment Reviews

The carrying values of the goodwill and indefinite-lived tradename assets are subject to annual impairment reviews, which are performed as of the last day of each fiscal year. Additionally, a review for potential impairment is performed whenever significant events or changes in circumstances indicate that the carrying value of the assets may not be recoverable. These impairment reviews are performed in accordance with ASC 350, “Intangibles--Goodwill and Other” (“ASC 350”). Significant assumptions in the impairment models include estimates of revenue growth and profitability, terminal growth rates, discount rates, market multiples, an implied control premium, and, in the case of tradenames, royalty rates. Discount rates are dependent upon interest rates and the cost of capital at a point in time.

Goodwill

The Company performs impairment tests of its goodwill at the reporting unit level. Qualitative and quantitative methods are used to assess for impairment, including the use of discounted cash flows (“income approach”) and relevant data from guideline public companies (“market approach”).

Under a qualitative assessment, the Company determines if it is “more likely than not” that the fair value of the reporting unit is less than its carrying value. Qualitative factors may include but are not limited to: macroeconomic conditions, industry and market considerations, cost factors that may have a negative effect on earnings, overall financial performance, and other relevant entity-specific events. If the Company determines that it is “more likely than not” that the fair value of the reporting unit is less than its carrying value, then a goodwill impairment test using quantitative assessments must be performed. If it is determined that it is “not more likely than not” that the fair value of the reporting unit is less than its carrying value, then no further testing is required and the Company documents the relevant qualitative factors that support the strength in the fair value.

Under a quantitative assessment for goodwill, the Company compares the fair value of a reporting unit to its carrying value, including goodwill. The Company uses a 50% weighting of the income approach and a 50% weighting of the market approach to determine the fair value of a reporting unit. The assumptions used in these approaches include revenue growth and profitability, terminal growth rates, discount rates, market multiples and an implied control premium. These assumptions are consistent with those of hypothetical marketplace participants. An impairment is recorded for any excess carrying value above the fair value of the reporting unit, not to exceed the carrying value of goodwill.

Based upon our most recent annual assessment, performed as of December 30, 2023, using a qualitative assessment, there were no impairments to the value of our goodwill.

Indefinite-Lived Intangible Assets

For indefinite-lived tradenames, the Company may utilize a qualitative assessment, as described above, to determine whether the fair value of an indefinite-lived asset is less than its carrying value. If a quantitative assessment is necessary, the Company determines fair value using the relief-from-royalty valuation method, which examines the hypothetical cost savings that accrue as a result of not having to license the tradename from another owner. The relief-from-royalty valuation method involves two steps: (1) estimation of reasonable royalty rates for the tradename assets and (2) the application of these royalty rates to a forecasted net revenue stream and discounting the resulting cash flows to determine a fair value. If the carrying amount exceeds the fair value of the tradename, an impairment charge is recognized in the amount of the excess.

As discussed above, the Company performed quantitative impairment assessments on the value of the Company’s indefinite-lived intangible tradename assets as of December 31, 2022. Based upon this assessment, a non-cash pre-tax impairment charge of $9.0 million was recorded during the fourth quarter of fiscal 2022 on our indefinite-lived Skip Hop tradename asset to write-down the carrying value to $6.0 million. The charge recorded on our indefinite-lived Skip Hop tradename asset included

charges of $5.6 million, $3.0 million, and $0.4 million 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.

Based upon our most recent annual assessment, performed as of December 30, 2023, using a qualitative assessment, there were no impairments to the value of our indefinite-lived tradenames.

Impairment of Other Long-Lived Assets

The Company reviews other long-lived assets, including right of use (“ROU”) lease assets, property, plant, and equipment, definite-lived tradename assets, and customer relationship assets, for impairment whenever events or changes in circumstances indicate that the carrying amount of such an asset may not be recoverable. To determine whether there has been a permanent impairment on such assets, a recoverability test is performed by comparing anticipated undiscounted future cash flows from the use and eventual disposition of the asset or asset group to the carrying value of the asset. If the undiscounted cash flows are less than the related carrying value of the other long-lived asset, they are written down to their fair value. The process of estimating the fair value requires us to make assumptions and to apply judgement including forecasting revenue growth and profitability, utilizing external market participant assumptions, including estimated market rents, and selecting the appropriate discount rate. Long-lived assets that meet the definition of held for sale will be valued at the lower of carrying amount or fair value, less costs to sell.

Deferred Debt Issuance Costs

Debt issuance costs associated with the Company’s secured revolving credit facility and senior notes are deferred and amortized to interest expense over the term of the related debt using the effective interest method. Debt issuance costs associated with Company’s senior notes are presented on the Company’s consolidated balance sheet as a direct reduction in the carrying value of the associated debt liability. Fees paid to lenders by the Company to obtain its secured revolving credit facility are included within Other assets on the Company’s consolidated balance sheets and classified as either current or non-current based on the expiration date of the credit facility.

Fair Value Measurements

The fair value framework requires the Company to categorize certain assets and liabilities into three levels, based upon the assumptions used to price those assets or liabilities. The three levels are defined as follows:


Level 1:			Quoted prices in active markets for identical assets or liabilities.

Level 2:			Quoted prices for similar assets and liabilities in active markets or inputs that are observable.

Level 3:			Unobservable inputs reflecting management’s own assumptions about the inputs used in pricing the asset or liability.

The Company measures its pension assets, deferred compensation plan investment assets, and any unsettled foreign currency forward contracts at fair value. The Company’s cash and cash equivalents, accounts receivable, and accounts payable are short-term in nature. As such, their carrying value approximates fair value.

The carrying values of the Company’s outstanding borrowings are not required to be remeasured and adjusted to the then-current fair values at the end of each reporting period. Instead, the fair values of the Company’s outstanding borrowings are disclosed at the end of each reporting period in Note 14, Fair Value Measurements, to the consolidated financial statements. Had the Company been required to remeasure and adjust the carrying values of its outstanding borrowings to fair value at the end of each reporting period, such fair value measurements would have been disclosed as a Level 2 liability in the fair value hierarchy.

Revenue Recognition

In accordance with ASC 606, “Revenue from Contracts with Customers”, the Company uses the five-step model to recognize revenue:

1)Identify the contract with the customer;

2)Identity the performance obligation(s);

3)Determine the transaction price;

4)Allocate the transaction price to each performance obligation if multiple obligations exist; and

5)Recognize the revenue when (or as) the performance obligations are satisfied.

Performance Obligations

The Company identifies each distinct performance obligation to transfer goods (or bundle of goods). Revenue transactions associated with the sale of products to customers through wholesale and international channels and to retail customers that are not members of the My Rewarding Moments loyalty program comprise of a single performance obligation. Revenue transactions associated with the sale of products to retail customers that are members of the My Rewarding Moments loyalty program comprise of two performance obligations: the transfer of control of the goods to the customer and the option for members to earn loyalty points that accumulate towards earning reward certificates. Other than inbound and outbound freight and shipping arrangements, the Company does not use third parties to satisfy its performance obligations in revenue arrangements with customers.

When Performance Obligations Are Satisfied

Wholesale Revenues - The Company has a single performance obligation in its wholesale arrangements, including replenishment orders. The Company typically satisfies its performance obligation when it transfers control of the goods to the customer upon shipment. However, in certain arrangements where the Company retains the risk of loss during shipment, satisfaction of the performance obligation occurs when the goods reach the customer. To ensure proper timing of revenue recognition, the Company defers the recognition of revenue for shipments that originated at the end of the reporting period in which the Company retains the risk of loss during shipment. “Pack and hold” inventories are not yet associated with any purchase order or purchase commitment. Therefore, these inventories are treated consistently with the rest of our wholesale inventory, and no deferral of revenue has been recognized.

Retail Revenues - For transactions in stores, the Company satisfies its performance obligation at point of sale when the customer takes possession of the goods and tenders payment. For purchases made through the Company’s eCommerce channel, revenue is recognized when the goods are physically delivered to the customer or picked up in store. To ensure proper timing of revenue recognition, the Company defers the recognition of revenue for eCommerce channel shipments that originated at the end of the reporting period.

Loyalty Program - U.S. retail customers can earn loyalty points that accumulate towards earning reward certificates that are redeemable for a specified amount off of future purchases. Loyalty points expire six months from the day they were earned, and reward certificates expire 45 days after issuance. Points and reward certificates earned by retail customers under My Rewarding Moments, the Company’s loyalty program, represent a separate performance obligation. For transactions where a customer earns loyalty points, the Company allocates revenue between the goods sold and the loyalty points expected to be earned towards a reward certificate based upon the relative standalone selling price. The revenue that is deferred is recorded within Other current liabilities on the Company’s consolidated balance sheets and then recognized as revenue upon redemption of the reward certificate. Loyalty program breakage is recognized as revenue based on the customer redemption pattern.

Gift Cards - Customer purchases of gift cards are not recognized as revenue until the gift card is redeemed. The revenue that is deferred is recorded within Other current liabilities on the Company’s consolidated balance sheets. Gifts cards do not have an expiration date however, gift card breakage is recognized as revenue based upon the historical customer redemption pattern.

Credit Card Revenues - The Company’s private label credit card is issued to customers for use exclusively at the Company’s U.S. stores and U.S. eCommerce sites. Credit is extended to such customers by a third-party financial institution without recourse to the Company. The Company’s performance obligations under the private label credit card agreement include providing program marketing and intellectual property to the third-party financial institution in support of the private label credit card program, as well as operating a loyalty program. The upfront bonus paid to the Company is recognized as revenue on a straight-line basis over the term of the agreement. Usage-based royalties are primarily recognized as revenue in the period of usage and an amount is recognized on a point-in-time basis as redemptions under the loyalty program occur. Revenue

associated with the establishment of new credit accounts is recognized in the period the activity occurred. Revenues related to the Company’s private label credit card program are recorded as Net sales on the Company’s consolidated statement of operations.

Royalty Revenues - The Company has a single performance obligation in its licensing agreements with domestic and international licensees: to grant licensees the right to access certain trademarks in return for royalty payments or licensing fees. The Company satisfies its performance obligations with licensees over time as customers have the right to use the intellectual property over the contract period. Royalty revenues are included within Royalty income, net on the Company’s consolidated statements of operations.

Significant Payment Terms

Retail customers tender a form of payment, such as cash or a credit/debit card, at point of sale. For wholesale customers and licensees, payment is due based on established terms, which is generally sixty days or less from date of shipment.

Returns and Refunds

The Company establishes return provisions for retail customers in the period the sales occur. Return provisions are calculated based on historical return data and are recorded within Accounts receivable, net on the Company’s consolidated balance sheets. Except in very limited instances, the Company does not allow its wholesale customers to return goods to the Company.

Significant Judgments

Sale of Goods - The Company relies on shipping terms to determine when performance obligations are satisfied. The Company recognizes the revenue once control passes to the customer. When goods are shipped to wholesale customers “FOB Shipping Point,” control of the goods is transferred to the customer at the time of shipment. When goods are shipped to wholesale customers “FOB Destination,” control of the goods is transferred to the customer when the goods reach the customer. For most retail transactions in stores, no significant judgments are involved since revenue is recognized at the point of sale when tender is exchanged and the customer receives the goods. For retail transactions made through the Company's eCommerce channel, revenue is recognized when the goods are physically delivered to the customer. The Company recognizes revenue from omni-channel sales, including buy-online and pick-up in-store, buy-online, ship-to-store, and buy-online, deliver-from-store, when the product has been picked up by the customer at the store or when the product is physically delivered to the customer.

Royalty Revenues - The Company transfers the right-to-use benefit to the licensee for the contract term and therefore the Company satisfies its performance obligation over time. Revenue recognized for each reporting period is based on the greater of: 1) the royalties owed on actual net sales by the licensee and 2) a minimum royalty guarantee, if applicable.

Transaction Price - The transaction price is the amount of consideration the Company expects to receive under the arrangement. The Company is required to estimate variable consideration (if any) and to factor that estimation into the determination of the transaction price. The Company may offer sales incentives to wholesale and retail customers, including discounts. Additionally, the Company recognizes an allowance for chargebacks for wholesale customers that is based on historical experience and includes estimated losses resulting from pricing adjustments, short shipments, handling charges, returns, and freight. For retail transactions, the Company has significant experience with return patterns and relies on this experience to estimate expected returns when determining the transaction price.

Standalone Selling Prices - For arrangements that contain multiple performance obligations, including sales through our My Rewarding Moments loyalty program, the Company allocates the transaction price to each performance obligation on a relative standalone selling price basis.

Costs Incurred to Obtain a Contract - Incremental costs to obtain contracts are not material to the Company.

Policy Elections

In addition to those previously disclosed, the Company has made the following accounting policy elections and practical expedients:

•Portfolio Approach - The Company uses the portfolio approach when multiple contracts or performance obligations are involved in the determination of revenue recognition. This approach is primarily used to estimate the redemption of loyalty points, loyalty point breakage, and gift card breakage.

•Taxes - The Company excludes from the transaction price any taxes collected from customers that are remitted to taxing authorities.

•Shipping and Handling Charges - Charges that are incurred before and after the customer obtains control of goods are deemed to be fulfillment costs and are included in Cost of goods sold when the related revenues are recognized.

•Time Value of Money - The Company’s payment terms are less than one year from the transfer of goods. Therefore, the Company does not adjust promised amounts of consideration for the effects of the time value of money.

•Disclosure of Remaining Performance Obligations - The Company does not disclose the aggregate amount of the transaction price allocated to remaining performance obligations for contracts that are one year or less in term.

Cooperative advertising arrangements reimburse customers for marketing activities for certain of our products. The Company records these reimbursements under cooperative advertising arrangements with certain of its major wholesale customers at fair value. Fair value is determined based upon, among other factors, comparable market analysis for similar advertisements. The Company has included the fair value of these arrangements of approximately $0.6 million for fiscal 2022 and $0.2 million for fiscal 2021 as a component of SG&A expenses on the Company’s consolidated statements of operations, rather than as a reduction of Net sales. There were no amounts for cooperative advertising arrangements recorded as a component of SG&A expenses for fiscal 2023. Amounts determined to be in excess of the fair value of these arrangements are recorded as a reduction of Net sales. For arrangements in which the Company does not receive a distinct good or service, we record these reimbursements as a reduction of net sales. The majority of the Company’s digital cooperative advertising arrangements are recorded as a reduction of net sales as there was no distinct good or service received by the Company.

Costs of Goods Sold and Selling, General and Administrative Expenses

In addition to the cost of product, cost of goods sold include changes to our inventory reserve and expenses related to the merchandising, design, and procurement of product, including inbound freight costs, purchasing and receiving costs, and inspection costs. Also included in costs of goods sold are the costs of shipping eCommerce product to end consumers. For omni-channel transactions, costs of goods sold include the costs of shipping product to end customers or to retail stores.

Retail store occupancy costs, distribution expenses, and generally all expenses other than interest and income taxes are included in SG&A expenses. Distribution expenses that are included in SG&A primarily consist of payments to third-party shippers and handling costs to process product through our distribution facilities, including eCommerce fulfillment costs, and delivery to our wholesale customers and to our retail stores. Distribution expenses included in SG&A totaled $183.4 million, $216.2 million, and $206.6 million for fiscal years 2023, 2022, and 2021, respectively.

Gross Profit

Gross profit is calculated as consolidated net sales less cost of goods sold. Gross margin is calculated as gross profit divided by consolidated net sales. Our gross profit and gross margin may not be comparable to other entities that define their metrics differently.

Income from Royalties and License Fees

We license our Carter’s, OshKosh, Child of Mine, Just One You, Simple Joys, and Little Planet brands to various license partners in order to expand our product offerings into footwear, outerwear, accessories (such as hair accessories and jewelry), toys, paper goods, home décor, cribs and baby furniture, and bedding. These royalties are recorded as earned, based upon the sales of licensed products by licensees and reported as royalty income on the Company’s consolidated statements of operations.

Advertising Expenses

Advertising production costs and costs associated with communicating advertising that has been produced are expensed when the advertising event takes place. Certain other advertising costs where it is uncertain when the expected benefits would occur are expensed in the period incurred. Advertising expenses were $74.1 million, $96.0 million, and $102.8 million for fiscal years 2023, 2022, and 2021, respectively, and are included in SG&A expenses on the Company’s consolidated statement of operations. Deferred advertising costs for advertisements that have not yet occurred or for advertising services that have not yet been received were $1.2 million and $1.9 million at December 30, 2023 and December 31, 2022, respectively, and are included in Prepaid expenses and other current assets on the Company’s consolidated balance sheets.

Stock-Based Compensation Arrangements

The Company recognizes the cost resulting from all stock-based compensation arrangements in the financial statements at grant date fair value. Stock-based compensation expense is recognized over the requisite service period, net of estimated forfeitures. Subjective assumptions include a forfeiture rate assumption for all restricted stock awards and an estimate for the probability

that the performance criteria will be achieved for performance awards. We estimate forfeitures of restricted stock awards based on historical experience and expected future activity.

Changes in the subjective assumptions can materially affect the estimate of fair value of stock-based compensation and consequently, the related amount recognized in the accompanying consolidated statements of operations.

During the requisite service period, the Company also recognizes a deferred income tax benefit for the expense recognized for U.S. GAAP. At time of subsequent vesting, exercise, forfeiture, or expiration of an award, the difference between the Company’s actual income tax deduction, if any, and the previously accrued income tax benefit is recognized in income tax expense/benefit during the current period.

Stock Options

The fair value of stock options is determined based on the Black-Scholes option pricing model, which requires the use of subjective assumptions. There has been no issuances of stock options since 2018, and there are no unrecognized compensation costs remaining related to stock options.

Time-Based Restricted Stock Awards

The fair value of time-based restricted stock awards is determined based on the quoted closing price of the Company’s common stock on the date of grant and is recognized as compensation expense over the vesting term of the awards, net of estimated forfeitures.

Performance-Based Restricted Stock Awards

The Company accounts for its performance-based restricted stock awards based on the quoted closing price of the Company’s common stock on the date of grant and records stock-based compensation expense over the vesting term of the awards based on the probability that the performance criteria will be achieved, net of estimated forfeitures. The Company reassesses the probability of vesting at each reporting period and adjusts stock-based compensation expense based on its probability assessment.

Stock Awards

The fair value of stock granted to non-management board members is determined based on the quoted closing price of the Company’s common stock on the date of grant. The Company records the stock-based compensation expense immediately as there are no vesting terms.

Income Taxes

The accompanying consolidated financial statements reflect current and deferred tax provisions, in accordance with ASC 740, Income Taxes. The deferred tax provision is determined under the liability method. Deferred tax assets and liabilities are recognized based on differences between the book and tax basis of assets and liabilities using presently enacted tax rates. Deferred tax assets are a component of non-current Other assets in the Company’s consolidated balance sheet. Valuation allowances are established when it is “more likely than not” that a deferred tax asset will not be recovered. The provision for income taxes is the sum of the amount of income taxes paid or payable for the year as determined by applying the provisions of enacted tax laws to the taxable income for that year, the net change during the year in deferred tax assets and liabilities, and the net change during the year in any valuation allowances.

The Company assesses its income tax positions and records tax benefits for all years subject to examination based upon management’s evaluation of the facts, circumstances, and information available at the reporting dates. A company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. If it is more likely than not that a tax position would not be sustained, then no tax benefit would be recognized. Where applicable, associated interest and penalties are also recorded. Interest is recorded as a component of Interest expense and penalties, if any, are recorded within the provision for incomes taxes in the consolidated statements of operations and are classified on the consolidated balance sheets with the related liability for uncertain tax contingency liabilities.

Supplemental Cash Flow Information

Interest paid in cash approximated $32.3 million, $41.2 million, and $59.0 million for fiscal years 2023, 2022, and 2021, respectively. Income taxes paid in cash approximated $76.5 million, $64.0 million, and $115.3 million for fiscal years 2023, 2022, and 2021, respectively.

Additions to property, plant and equipment of approximately $1.6 million, $10.1 million, and $15.4 million were excluded from capital expenditures on the Company’s consolidated statements of cash flows for fiscal years 2023, 2022, and 2021, respectively, since these amounts were accrued and unpaid at the end of each respective fiscal year.

Earnings Per Share

The Company calculates basic and diluted net income per common share under the two-class method for unvested share-based payment awards that contain participating rights to dividends or dividend equivalents (whether paid or unpaid).

Basic net income per share is calculated by dividing net income for the period by the weighted-average common shares outstanding for the period. Diluted net income per share includes the effect of dilutive instruments (primarily stock options) and uses the average share price for the period in determining the number of shares that are to be added to the weighted-average number of shares outstanding.

Open Market Repurchases of Common Stock

Shares of the Company’s common stock that are repurchased by the Company through open market transactions are retired. Through the end of fiscal 2023, all such open market repurchases have been at prices that exceeded the par value of the repurchased common stock, and the amounts of the purchase prices that exceeded par value were charged to additional paid-in capital or to retained earnings if the balance in additional paid-in capital was not sufficient.

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

Employee Benefit Plans

The Company has several defined benefit plans. Various actuarial methods and assumptions are used in determining net pension and post-retirement costs and obligations. Key assumptions include the discount rate used to determine the present value of future benefits and the expected long-term rate of return on plan assets. The over-funded or under-funded status of the defined benefit plans is recorded as an asset or liability on the consolidated balance sheet. Any service costs that arise during the period are presented in the same statement line item as other employee compensation on the consolidated statement of operations. All other components of current period costs related to defined benefit plans, such as prior service costs and actuarial gains and losses, are presented in Other (income) expense, net on the consolidated statement of operations. The actuarial gains or losses that arise during the period are recognized as a component of comprehensive income or loss, net of tax. These costs or income are then subsequently recognized as components of net periodic benefit cost in the consolidated statements of operations. Under the provisions of ASU No. 2015-04, Practical Expedient for the Measurement Date of an Employer’s Defined Benefit Obligation and Plan Assets, the Company is permitted to use December 31 of each year, as opposed to the Company’s last day of each fiscal year, as an alternate measurement date for its defined benefit plans.

Facility Closure and Severance Costs

The Company records severance costs when the appropriate notifications have been made to affected employees or when the decision is made, if the one-time benefits are contractual. When employees are required to work for a period before termination, the severance costs are recognized over the required service period. For operating leases, lease termination costs are recognized at fair value at the date the Company ceases to use the leased property. Useful lives assigned to fixed assets at the facility to be closed are revised based on the specifics of the exit plan, resulting in accelerated depreciation expense.

Seasonality

The Company experiences seasonal fluctuations in its sales and profitability due to the timing of certain holidays and key retail shopping periods, typically resulting in lower sales and gross profit in the first half of its fiscal year. Accordingly, the Company’s results of operations during the first half of the year may not be indicative of the results for the full year.

Recent Accounting Pronouncements

Adopted in Fiscal 2023

Supplier Finance Programs (ASU 2022-04)

In September 2022, the FASB issued Accounting Standards Update No. 2022-04, Liabilities - Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations (“ASU 2022-04”). This new guidance is designed to

enhance transparency around supplier finance programs by requiring new disclosures that would allow a user of the financial statements to understand the program’s nature, activity during the period, changes from period to period, and potential magnitude. ASU 2022-04 is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, except for the disclosure of the rollforward of annual activity, which is effective for fiscal years beginning after December 15, 2023. The Company adopted the annual disclosure requirements, except for the rollforward of annual activity, in fiscal 2023. The Company expects to adopt the rollforward of annual activity requirement in fiscal 2024. The effect of the adoption of ASU 2022-04 was not material to the Company’s consolidated financial statements.

To Be Adopted After Fiscal 2023

Segment Reporting - Improvements to Reportable Segment Disclosures (ASU 2023-07)

In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting - Improvements to Reportable Segment Disclosures. This new guidance is designed to improve the disclosures about a public entity’s reportable segments and address requests from investors for more detailed information about a reportable segment’s expenses in an interim and annual basis. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Public entities must adopt the changes to the segment reporting guidance on a retrospective basis. Early adoption is permitted. The Company is currently evaluating the impact of this amendment on its consolidated financial statements but does not expect the effect of the adoption of ASU 2023-07 to be material.

Income Taxes - Improvements to Income Tax Disclosures (ASU 2023-09)

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes - Improvements to Income Tax Disclosures. This new guidance requires consistent categories and greater disaggregation of information in the rate reconciliation and greater disaggregation of income taxes paid by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of this amendment on its consolidated financial statements but does not expect the effect of the adoption of ASU 2023-09 to be material.

EMPLOYEE BENEFIT PLANS - Assumptions (Details)	12 Months Ended
EMPLOYEE BENEFIT PLANS - Assumptions (Details)	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Pension Plans
Benefit obligation
Discount rate	4.75%	5.00%
Net periodic pension cost
Discount rate	5.00%	2.75%	2.50%
Expected long-term rate of return on plan assets	5.00%	5.50%	6.00%
Postretirement Benefit
Benefit obligation
Discount rate	4.75%	4.75%
Net periodic pension cost
Discount rate	4.75%	2.50%	2.00%

FAIR VALUE MEASUREMENTS - Goodwill, Intangible, and Long-Lived Tangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2022	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Fair Value Disclosures [Abstract]
Intangible asset impairment		$ 0	$ 9,000	$ 0
Goodwill and Other Intangible Assets [Line Items]
Intangible asset impairment		$ 0	9,000	$ 0
Skip Hop tradename
Fair Value Disclosures [Abstract]
Intangible asset impairment	$ 9,000
Goodwill and Other Intangible Assets [Line Items]
Intangible asset impairment	9,000
Indefinite intangible assets	6,000		$ 6,000
Skip Hop tradename \| U.S. Wholesale
Fair Value Disclosures [Abstract]
Intangible asset impairment	5,600
Goodwill and Other Intangible Assets [Line Items]
Intangible asset impairment	5,600
Skip Hop tradename \| International
Fair Value Disclosures [Abstract]
Intangible asset impairment	3,000
Goodwill and Other Intangible Assets [Line Items]
Intangible asset impairment	3,000
Skip Hop tradename \| U.S. Retail
Fair Value Disclosures [Abstract]
Intangible asset impairment	400
Goodwill and Other Intangible Assets [Line Items]
Intangible asset impairment	$ 400

LONG-TERM DEBT

12 Months Ended

Dec. 30, 2023

Debt Disclosure [Abstract]

LONG-TERM DEBT

Long-term debt consisted of the following:


(dollars in thousands)	December 30, 2023		December 31, 2022
$500 million, 5.625% Senior Notes due 2027	$	500,000	$	500,000
Less: unamortized issuance-related costs for senior notes	(2,646)		(3,376)
Senior notes, net	$	497,354	$	496,624
Secured revolving credit facility	—		120,000
Total long-term debt, net	$	497,354	$	616,624

Secured Revolving Credit Facility

As of December 30, 2023, the Company had no outstanding borrowings under its secured revolving credit facility, exclusive of $4.4 million of outstanding letters of credit. As of December 31, 2022, the Company had $120.0 million outstanding borrowings under its secured revolving credit facility, exclusive of $3.5 million of outstanding letters of credit. As of December 30, 2023 and December 31, 2022, there was approximately $845.6 million and $726.5 million available for future borrowing, respectively. All outstanding borrowings under the Company’s secured revolving credit facility are classified as non-current liabilities on the Company’s consolidated balance sheets due to contractual repayment terms under the credit facility.

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

Terms of the Secured Revolving Credit Facility

The Company’s secured revolving credit facility provides for an aggregate credit line of $850.0 million which includes a $750.0 million U.S. dollar facility and a $100.0 million multicurrency facility. The credit facility matures in April 2027. The facility contains covenants that restrict the Company’s ability to, among other things: (i) create or incur liens, debt, guarantees or other investments, (ii) engage in mergers and consolidations, (iii) pay dividends or other distributions to, and redemptions and repurchases from, equity holders, (iv) prepay, redeem or repurchase subordinated or junior debt, (v) amend organizational documents, and (vi) engage in certain transactions with affiliates.

On April 11, 2022, the Company, through TWCC entered into Amendment No. 4 to its fourth amended and restated credit agreement (“Amendment No. 4”) that, among other things, increased the borrowing capacity of the secured revolving credit facility to $850.0 million (combined U.S. dollar and multicurrency facility borrowings), extended the maturity of the secured revolving credit facility from September 2023 to April 2027, and reduced the number of financial maintenance covenants from two to one.

In particular, Amendment No. 4 provides for the following:

•increases the borrowing capacity of the secured revolving credit facility from $750 million to $850 million (the U.S. Dollar facility commitment increases to $750 million from $650 million and the multicurrency facility commitment remains at $100 million);

•extends the maturity of the secured revolving credit facility from September 2023 to April 2027;

•adds a springing maturity date component, which states that if the Company has not redeemed or refinanced at least $250 million of the senior notes due 2027 prior to the 91st day before the maturity of the senior notes due March 15, 2027, then the maturity date of the secured revolving credit facility will be the 91st day before the original maturity of the senior notes due 2027;

•reduces the number of financial maintenance covenants from two to one. The Lease Adjusted Leverage Ratio has been simplified to a Consolidated Total Leverage Ratio and the Consolidated Fixed Charge Coverage Ratio has been eliminated. The Consolidated Total Leverage Ratio maximum permitted shall be 3.50:1.00 and temporarily increases to 4.00:1:00 in the event of a Material Acquisition;

•Term Benchmark Loans bear interest at a rate determined by reference to the Adjusted Term SOFR (Secured Overnight Financing Rate), CDOR (Canadian Dollar Offered Rate), or the Adjusted EURIBOR (Euro Interbank

Offered Rate). Each Term Benchmark Loan is subject to interest charges equal to the per annum respective benchmark rate plus an initial applicable rate of 1.375% which may be adjusted from 1.125% to 1.625% based upon a leverage-based pricing schedule; and

•Other Base, Prime, and Overnight Rate Loans are subject to interest charges equal to the per annum, respective, benchmark rate plus an initial applicable rate of 0.375% which may be adjusted from 0.125% to 0.625% based upon a leverage-based pricing schedule. An Applicable Commitment Fee initially equal to 0.20% per annum and ranging from 0.15% per annum to 0.25% per annum, based upon a leverage-based pricing grid, is payable quarterly in arrears with respect to the average daily unused portion of the revolving loan commitments. Capitalized items are Defined Terms pursuant to Amendment No. 4, dated as of April 11, 2022.

Approximately $2.4 million, including both bank fees and other third-party expenses, was capitalized in fiscal 2022 in connection with Amendment No. 4 and is being amortized over the remaining term of the secured revolving credit facility.

As of December 30, 2023, the interest rate margins applicable to the amended revolving credit facility were 1.375% for adjusted term SOFR rate loans and 0.375% for base rate loans. As of December 30, 2023, any U.S. dollar borrowings outstanding under the secured revolving credit facility would have accrued interest at an adjusted term SOFR rate plus the applicable margin, which would have resulted in a borrowing rate of 6.82%. There were no foreign currency borrowings outstanding on December 30, 2023 or December 31, 2022.

As of December 30, 2023, the Company was in compliance with its financial and other covenants under the secured revolving credit facility.

Senior Notes

2022 Redemption of Senior Notes due 2025

On April 4, 2022, the Company, through its wholly-owned subsidiary, TWCC redeemed $500 million principal amount of senior notes, bearing interest at a rate of 5.500% per annum, and originally maturing on May 15, 2025. Pursuant to the optional redemption provisions described in the Indenture dated as of May 11, 2020, TWCC paid the outstanding principal plus accrued interest and an Applicable Premium as defined in the Indenture. This debt redemption resulted in a loss on extinguishment of debt of approximately $19.9 million, primarily consisting of $15.7 million of the Applicable Premium and $4.3 million related to the write-off of unamortized debt issuance costs.

Senior Notes due 2027

On March 14, 2019, TWCC issued $500 million principal amount of senior notes at par, bearing interest at a rate of 5.625% per annum, and maturing on March 15, 2027. On and after March 15, 2022, TWCC may redeem all or part of the senior notes at the redemption prices (expressed as percentages of principal amount of the senior notes to be redeemed) set forth below, plus accrued and unpaid interest. The redemption price is applicable when the redemption occurs during the twelve-month period beginning on March 15 of each of the years indicated is as follows:


Year	Percentage

2023	101.406	%
2024 and thereafter	100.000	%

The senior notes mentioned above are unsecured and are fully and unconditionally guaranteed by Carter’s, Inc. and certain domestic subsidiaries of TWCC. The guarantor subsidiaries are 100% owned directly or indirectly by Carter’s, Inc. and all guarantees are joint, several and unconditional.

The indenture governing the senior notes provides that upon the occurrence of specific kinds of changes of control, unless a redemption notice with respect to all the outstanding senior notes has previously or concurrently been mailed or delivered, TWCC will be required to make an offer to purchase the senior notes at 101% of their principal amount, plus accrued and unpaid interest to (but excluding) the date of purchase.

The indenture governing the senior notes includes a number of covenants, that, among other things and subject to certain exceptions, restrict TWCC’s ability and the ability of certain of its subsidiaries to: (a) incur certain types of indebtedness that is secured by a lien; (b) enter into certain sale and leaseback transactions; and (c) consolidate or merge with or into, or sell substantially all of the issuer’s assets to, another person, under certain circumstances. Terms of the notes contain customary affirmative covenants and provide for events of default which, if certain of them occur, would permit the trustee or the holders

of at least 25.0% in principal amount of the then total outstanding senior notes to declare all amounts owning under the notes to be due and payable. Carter’s, Inc. is not subject to these covenants.

EMPLOYEE BENEFIT PLANS - Plan Assets (Details) - Pension Plans - USD ($) $ in Thousands	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 55,959	$ 55,245	$ 68,689
Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	55,959	55,009
Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	236
Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	2,204
Cash and cash equivalents \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	2,204
Cash and cash equivalents \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Corporate bond
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	55,959	53,041
Corporate bond \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	55,959	52,805
Corporate bond \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 0	$ 236

- Definition

Amount of asset segregated and restricted to provide benefit under defined benefit plan. Asset includes, but is not limited to, stock, bond, other investment, earning from investment, and contribution by employer and employee.

+ References + Details

STOCK-BASED COMPENSATION

12 Months Ended

Dec. 30, 2023

Share-Based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION

Under the Company’s Amended and Restated Equity Incentive Plan (the “Plan”), the Compensation Committee of the Board of Directors may award incentive stock options, stock appreciation rights, restricted stock, unrestricted stock, stock deliverable on a deferred basis (including restricted stock units), and performance-based stock awards.

As of December 30, 2023, the maximum number of shares of stock available under the Plan was 18,778,392, and there were 2,221,612 remaining shares available for grant under the Plan. The Plan makes a provision for the treatment of awards upon termination of service or in the case of a merger or similar corporate transaction. Participation in the Plan is limited to members of the Company’s Board of Directors, executive officers and other key employees.

The limit on shares available under the Plan, the individual limits, and other award terms are subject to adjustment to reflect stock splits or stock dividends, combinations, and certain other events. All stock options issued under the Plan expire no later than ten years from the date of grant. The Company believes that the current level of authorized shares is sufficient to satisfy future grants for the foreseeable future.

The Company recorded stock-based compensation cost as follows:


	For the fiscal years ended
(dollars in thousands)	December 30, 2023		December 31, 2022		January 1, 2022
Stock options	$	—	$	189	$	1,347
Restricted stock:
Time-based awards	17,243		17,893		14,756
Performance-based awards(*)	670		2,091		3,608
Stock awards	1,550		1,706		1,318
Total	$	19,463	$	21,879	$	21,029

(*)Decrease in fiscal 2023 relates to the downward revision of estimates for the achievement of performance targets related to certain performance-based grants.

As of December 30, 2023, and December 31, 2022, there was no unrecognized compensation costs remaining related to stock options.

Stock Options

Stock options vest in equal annual installments over a four-year period. The Company issues new shares to satisfy stock option exercises. There were no stock options granted in fiscal 2023, 2022, and 2021.

Changes in the Company’s stock options for the fiscal year ended December 30, 2023 were as follows:


	Number of shares	Weighted- average exercise price		Weighted-average remaining contractual terms (years)	Aggregate intrinsic value (in thousands)
Outstanding, December 31, 2022	563,048	$	92.99

Granted(*)	—	$	—
Exercised	(64,700)	$	68.29
Forfeited	—	$	—
Expired	(51,517)	$	96.18
Outstanding, December 30, 2023	446,831	$	96.20	2.95	$	—

Vested and expected to vest, December 30, 2023	446,831	$	96.20	2.95	$	—
Exercisable, December 30, 2023	446,831	$	96.20	2.95	$	—

(*)The Company did not grant any stock options in fiscal 2023.

The intrinsic value of stock options exercised during the fiscal years ended December 30, 2023, December 31, 2022, and January 1, 2022 was approximately $0.3 million, $1.4 million, and $7.8 million, respectively.

Restricted Stock Awards

Restricted stock awards issued under the Plan vest based upon: 1) continued service (time-based) or 2) a combination of continued service and performance targets (performance-based).

The following table summarizes activity related to all restricted stock awards during the fiscal year ended December 30, 2023:


	Restricted stock awards	Weighted-average grant-date fair value
Outstanding, December 31, 2022	629,686	$	94.71
Granted	408,643	$	73.33
Vested	(184,803)	$	91.84
Forfeited	(98,237)	$	88.70
Outstanding, December 30, 2023	755,289	$	84.63

During fiscal 2022, a total of 205,120 shares of restricted stock vested with a weighted-average fair value of $95.54 per share. During fiscal 2021, a total of 116,238 shares of restricted stock vested with a weighted-average fair value of $99.32 per share.

At December 30, 2023, there was approximately $31.1 million of unrecognized compensation cost (net of estimated forfeitures) related to all restricted stock awards which is expected to be recognized over a weighted-average period of approximately 2.3 years.

Time-based Restricted Stock Awards

Time-based restricted stock awards vest in equal annual installments or cliff vest after a three-year or four-year period. During fiscal years 2023, 2022, and 2021, a total of 184,803 shares, 162,508 shares, and 116,238 shares, respectively, of time-based restricted stock vested with a weighted-average fair value of $91.84 per share, $97.29 per share, and $99.32 per share, respectively. At December 30, 2023, there was approximately $26.7 million of unrecognized compensation cost (net of estimated forfeitures) related to time-based restricted stock which is expected to be recognized over a weighted-average period of approximately 2.4 years.

Performance-based Restricted Stock Awards


Fiscal year	Number of shares granted	Weighted-average fair value per share
2021(*)	—	$	—
2022	89,760	$	91.12
2023	112,284	$	74.06

(*)The Company did not grant any performance-based restricted stock awards in fiscal 2021.

Performance-based restricted stock awards cliff vest after a three-year period, subject to the achievement of the performance target. During the fiscal year ended December 30, 2023, no performance shares vested. As of December 30, 2023, a total of 184,008 performance shares were unvested with a weighted-average fair value of $81.21 per share. Vesting of these 184,008 performance shares is based on the performance targets for the shares granted in fiscal 2023 and 2022. As of December 30, 2023, there was $4.4 million unrecognized compensation cost (net of estimated forfeitures) related to the unvested performance-based restricted stock awards based which is expected to be recognized over a weighted-average period of approximately 2.0 years. 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.

Stock Awards

Included in restricted stock awards are grants to non-management members of the Company’s Board of Directors. At issuance, these awards were fully vested and issued as shares of the Company’s common stock. The Company records the stock-based compensation expense immediately as there are no vesting terms. During fiscal years 2023, 2022, and 2021, such awards were as follows:


Fiscal year	Number of shares issued	Fair value per share		Aggregate value (in thousands)
2021	13,037	$	101.09	$	1,318
2022	21,725	$	78.51	$	1,706
2023	23,850	$	65.01	$	1,550

The Company received no proceeds from the issuance of these shares.

INCOME TAXES - Effective Rate Reconciliation (Details)	12 Months Ended
INCOME TAXES - Effective Rate Reconciliation (Details)	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Income tax rate reconciliation [Abstract]
Statutory federal income tax rate	21.00%	21.00%	21.00%
State income taxes, net of federal income tax benefit	3.00%	2.80%	3.00%
Impact of foreign operations	(0.80%)	(2.00%)	(1.80%)
Settlement of uncertain tax positions	(0.60%)	(0.70%)	(0.30%)
Benefit from stock-based compensation	0.00%	(0.10%)	(0.30%)
Goodwill impairments and other	0.50%	0.10%	0.90%
Total	23.10%	21.10%	22.50%

OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Thousands	Dec. 30, 2023	Dec. 31, 2022
Other Liabilities Disclosure [Abstract]
Unredeemed gift cards	$ 25,162	$ 23,303
Accrued bonuses and incentive compensation	20,817	7,244
Accrued employee benefits	17,928	16,356
Accrued taxes	12,909	10,445
Income taxes payable	12,697	17,484
Accrued salaries and wages	12,458	11,519
Accrued other	32,373	36,088
Other current liabilities	$ 134,344	$ 122,439

LONG-TERM DEBT - Redemption Schedule (Details)	12 Months Ended
LONG-TERM DEBT - Redemption Schedule (Details)	Dec. 30, 2023
Debt Instrument, Redemption [Line Items]
Redemption price, percentage	101.00%
$500 million, 5.625% Senior Notes due 2027 \| Senior notes \| 2023
Debt Instrument, Redemption [Line Items]
Redemption price, percentage	101.406%
$500 million, 5.625% Senior Notes due 2027 \| Senior notes \| 2024 and thereafter
Debt Instrument, Redemption [Line Items]
Redemption price, percentage	100.00%

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (Tables)

12 Months Ended

Dec. 30, 2023

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

Schedule of accumulated other comprehensive (loss) income

The components of Accumulated other comprehensive (loss) income consisted of the following:


(dollars in thousands)	Pension liability adjustments		Post-retirement liability adjustments		Cumulative translation adjustments		Accumulated other comprehensive (loss) income
Balance at January 2, 2021	$	(12,893)	$	1,440	$	(21,307)	$	(32,760)

Fiscal year 2021 change	3,973		(115)		5		3,863
Balance at January 1, 2022	(8,920)		1,325		(21,302)		(28,897)

Fiscal year 2022 change	1,739		344		(7,524)		(5,441)
Balance at December 31, 2022	(7,181)		1,669		(28,826)		(34,338)

Fiscal year 2023 change	160		(330)		10,593		10,423
Balance at December 30, 2023	$	(7,021)	$	1,339	$	(18,233)	$	(23,915)

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended											12 Months Ended
	Dec. 30, 2023	Sep. 30, 2023	Jul. 01, 2023	Apr. 01, 2023	Dec. 31, 2022	Oct. 01, 2022	Jul. 02, 2022	Apr. 02, 2022	Jan. 01, 2022	Oct. 02, 2021	Jul. 03, 2021	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Statement of Stockholders' Equity [Abstract]
Dividend declared and paid per common share (in USD per share)	$ 0.75	$ 0.75	$ 0.75	$ 0.75	$ 0.75	$ 0.75	$ 0.75	$ 0.75	$ 0.60	$ 0.40	$ 0.40	$ 3.00	$ 3.00	$ 1.40

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Property, Plant, and Equipment) (Details)	Dec. 30, 2023
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	3 years
Building and Building Improvements [Member] \| Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	15 years
Building and Building Improvements [Member] \| Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	26 years
Retail Store Fixtures, Equipment, and Computers [Member] \| Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	3 years
Retail Store Fixtures, Equipment, and Computers [Member] \| Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	10 years

REVENUE RECOGNITION (Tables)

12 Months Ended

Dec. 30, 2023

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue


	Fiscal year ended December 30, 2023
(dollars in thousands)	U.S. Retail		U.S. Wholesale		International		Total
Direct-to-consumer	$	1,501,780	$	—	$	268,596	$	1,770,376
Wholesale channel	—		1,014,584		160,634		1,175,218

	$	1,501,780	$	1,014,584	$	429,230	$	2,945,594

Royalty income, net	$	6,549	$	11,660	$	3,201	$	21,410


	Fiscal year ended December 31, 2022
(dollars in thousands)	U.S. Retail		U.S. Wholesale		International		Total
Direct-to-consumer	$	1,680,159	$	—	$	279,903	$	1,960,062
Wholesale channel	—		1,080,471		172,200		1,252,671

	$	1,680,159	$	1,080,471	$	452,103	$	3,212,733

Royalty income, net	$	8,815	$	12,915	$	4,090	$	25,820


	Fiscal year ended January 1, 2022
(dollars in thousands)	U.S. Retail		U.S. Wholesale		International		Total
Direct-to-consumer	$	1,899,262	$	—	$	289,060	$	2,188,322
Wholesale channel	—		1,126,415		171,703		1,298,118

	$	1,899,262	$	1,126,415	$	460,763	$	3,486,440

Royalty income, net	$	8,541	$	15,808	$	4,332	$	28,681

Accounts Receivable from Customers and Licensees

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


(dollars in thousands)	December 30, 2023		December 31, 2022
Trade receivables from wholesale customers, net	$	172,106	$	195,078
Royalties receivable, net	4,753		5,386
Other receivables(1)	20,032		14,571
Total receivables	$	196,891	$	215,035
Less: Wholesale accounts receivable reserves(2)(3)	(13,117)		(16,448)
Accounts receivable, net	$	183,774	$	198,587

(2)Includes allowance for chargebacks of $8.4 million and $9.3 million for the periods ended December 30, 2023 and December 31, 2022, respectively.

(3)Includes allowance for credit losses of $4.8 million and $7.2 million for the periods ended December 30, 2023 and December 31, 2022, respectively.

Accounts Receivable Reserves

Information regarding Wholesale accounts receivable reserves is as follows:


(dollars in thousands)	Wholesale accounts receivable reserves
Balance at January 2, 2021	$	12,366
Additional provisions	13,282
Charges to reserve	(6,953)

Balance at January 1, 2022	$	18,695
Additional provisions	9,280
Charges to reserve	(11,527)

Balance at December 31, 2022	$	16,448
Additional provisions	5,220
Charges to reserve	(8,551)
Balance at December 30, 2023	$	13,117

Contract Liabilities


(dollars in thousands)	December 30, 2023		December 31, 2022
Contract liabilities - current:
Unredeemed gift cards	$	25,162	$	23,303
Unredeemed customer loyalty rewards	3,355		5,276
Carter’s credit card - upfront bonus(1)	714		714
Total contract liabilities - current(2)	$	29,231	$	29,293

Contract liabilities - non-current(3)	$	714	$	1,429
Total contract liabilities	$	29,945	$	30,722

(2)Included within Other current liabilities on the Company’s consolidated balance sheet.

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

REVENUE RECOGNITION - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Disaggregation of Revenue [Line Items]
Net sales	$ 2,945,594	$ 3,212,733	$ 3,486,440
Royalty income, net	21,410	25,820	28,681
Direct-to-consumer
Disaggregation of Revenue [Line Items]
Net sales	1,770,376	1,960,062	2,188,322
Wholesale channel
Disaggregation of Revenue [Line Items]
Net sales	1,175,218	1,252,671	1,298,118
Royalty income, net
Disaggregation of Revenue [Line Items]
Royalty income, net	21,410	25,820	28,681
U.S. Retail
Disaggregation of Revenue [Line Items]
Net sales	1,501,780	1,680,159	1,899,262
U.S. Retail \| Direct-to-consumer
Disaggregation of Revenue [Line Items]
Net sales	1,501,780	1,680,159	1,899,262
U.S. Retail \| Wholesale channel
Disaggregation of Revenue [Line Items]
Net sales	0	0	0
U.S. Retail \| Royalty income, net
Disaggregation of Revenue [Line Items]
Royalty income, net	6,549	8,815	8,541
U.S. Wholesale
Disaggregation of Revenue [Line Items]
Net sales	1,014,584	1,080,471	1,126,415
U.S. Wholesale \| Direct-to-consumer
Disaggregation of Revenue [Line Items]
Net sales	0	0	0
U.S. Wholesale \| Wholesale channel
Disaggregation of Revenue [Line Items]
Net sales	1,014,584	1,080,471	1,126,415
U.S. Wholesale \| Royalty income, net
Disaggregation of Revenue [Line Items]
Royalty income, net	11,660	12,915	15,808
International
Disaggregation of Revenue [Line Items]
Net sales	429,230	452,103	460,763
International \| Direct-to-consumer
Disaggregation of Revenue [Line Items]
Net sales	268,596	279,903	289,060
International \| Wholesale channel
Disaggregation of Revenue [Line Items]
Net sales	160,634	172,200	171,703
International \| Royalty income, net
Disaggregation of Revenue [Line Items]
Royalty income, net	$ 3,201	$ 4,090	$ 4,332

- Definition

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

+ References + Details

- Definition

+ References

+ Details

FAIR VALUE MEASUREMENTS - Investments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gain (Loss) on Investments	$ 2.2	$ (2.5)
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable Securities	$ 17.3	$ 15.1

SUPPLIER FINANCE PROGRAM	12 Months Ended
SUPPLIER FINANCE PROGRAM	Dec. 30, 2023
Payables and Accruals [Abstract]
Supplier Finance Program	SUPPLIER FINANCE PROGRAM We have established a voluntary supply chain finance (“SCF”) program through participating financial institutions. This SCF program enables participating suppliers to accelerate payments for receivables due from the Company by selling them directly to the participating financial institutions at their discretion. As of December 30, 2023, the SCF program has a $70.0 million revolving capacity. We are not a party to the agreements between the participating financial institutions and the suppliers in connection with the SCF program. Payment terms for most of our suppliers are 60 days, regardless of participation in the SCF program. The Company does not provide any guarantees under the SCF program. The Company’s liability related to amounts payable to the participating financial institution for suppliers who voluntarily participate in the SCF program are included in Accounts payable on our consolidated balance sheets. As of December 30, 2023 and December 31, 2022, amounts under the SCF program included in Accounts payable were $14.8 million and $16.5 million, respectively. Payments made in connection with the SCF program, like payments of other accounts payable, are reflected as a reduction to our operating cash flow.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 30, 2023

Accounting Policies [Abstract]

PRINCIPLES OF CONSOLIDATION

Principles of Consolidation

FISCAL YEAR

Fiscal Year

USE OF ESTIMATES IN THE PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS

Use of Estimates in the Preparation of the Consolidated Financial Statements

FOREIGN CURRENCY TRANSLATION AND TRANSACTIONS

Foreign Currency Translation and Transactions

Translation Adjustments

Transaction Adjustments

CASH AND CASH EQUIVALENTS

Cash and Cash Equivalents

deferred compensation plans are treated as investments and recorded in Other assets on the accompanying consolidated balance sheets.

Concentration of Cash Deposits Risk

ACCOUNTS RECEIVABLE

Accounts Receivable

Concentration of Credit Risk

Valuation Accounts for Wholesale Accounts Receivable

Accounts Receivable Reserves

Sales Returns Reserves

Except in very limited instances, the Company does not allow its wholesale customers to return goods to the Company.

INVENTORIES

Inventories

LEASES

Leases

The Company has operating leases for retail stores, distribution centers, corporate offices, data centers, and certain equipment.

Financial Presentation

The operating lease ROU asset also includes initial direct costs and excludes lease incentives. Lease expense is recognized on a straight-line basis over the lease term.

Policy Elections

Short-term lease - Leases with an initial term of 12 months or less are not recorded on the balance sheets.

PROPERTY, PLANT, AND EQUIPMENT

Property, Plant, and Equipment

INTERNAL-USE SOFTWARE

Internal-Use Software

GOODWILL AND OTHER INDEFINITE-LIVED INTANGIBILE ASSETS

Goodwill and Other Indefinite-Lived Intangible Assets

Annual Impairment Reviews

Goodwill

Based upon our most recent annual assessment, performed as of December 30, 2023, using a qualitative assessment, there were no impairments to the value of our goodwill.

Indefinite-Lived Intangible Assets

Based upon our most recent annual assessment, performed as of December 30, 2023, using a qualitative assessment, there were no impairments to the value of our indefinite-lived tradenames.

IMPAIRMENT OF OTHER LONG-LIVED ASSETS

Impairment of Other Long-Lived Assets

DEFERRED DEBT ISSUANCE COSTS

Deferred Debt Issuance Costs

FAIR VALUE MEASUREMENTS

Fair Value Measurements


Level 1:			Quoted prices in active markets for identical assets or liabilities.

Level 2:			Quoted prices for similar assets and liabilities in active markets or inputs that are observable.

Level 3:			Unobservable inputs reflecting management’s own assumptions about the inputs used in pricing the asset or liability.

REVENUE RECOGNITION

Revenue Recognition

In accordance with ASC 606, “Revenue from Contracts with Customers”, the Company uses the five-step model to recognize revenue:

1)Identify the contract with the customer;

2)Identity the performance obligation(s);

3)Determine the transaction price;

4)Allocate the transaction price to each performance obligation if multiple obligations exist; and

5)Recognize the revenue when (or as) the performance obligations are satisfied.

Performance Obligations

When Performance Obligations Are Satisfied

Significant Payment Terms

Returns and Refunds

Significant Judgments

Costs Incurred to Obtain a Contract - Incremental costs to obtain contracts are not material to the Company.

Policy Elections

In addition to those previously disclosed, the Company has made the following accounting policy elections and practical expedients:

•Taxes - The Company excludes from the transaction price any taxes collected from customers that are remitted to taxing authorities.

COST OF GOODS SOLD AND SELLING, GENERAL AND ADMINISTRATIVE EXPENSES

Costs of Goods Sold and Selling, General and Administrative Expenses

Gross Profit

INCOME FROM ROYALTIES AND LICENSE FEES

Income from Royalties and License Fees

ADVERTISING EXPENSES

Advertising Expenses

STOCK-BASED COMPENSATION ARRANGEMENTS

Stock-Based Compensation Arrangements

that the performance criteria will be achieved for performance awards. We estimate forfeitures of restricted stock awards based on historical experience and expected future activity.

Stock Options

Time-Based Restricted Stock Awards

Performance-Based Restricted Stock Awards

Stock Awards

INCOME TAXES

Income Taxes

Supplemental Cash Flow Information

EARNINGS PER SHARE

Earnings Per Share

OPEN MARKET REPURCHASES OF COMMON STOCK

Open Market Repurchases of Common Stock

EMPLOYEE BENEFIT PLANS