0001060822-24-000155 | 10-Q | XBRL Viewer

COMMON STOCK

9 Months Ended

Sep. 28, 2024

Stockholders' Equity Note [Abstract]

Open Market Share Repurchases

The Company repurchased and retired shares in open market transactions as follows:


	Fiscal quarter ended				Three fiscal quarters ended
	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Number of shares repurchased(1)	274,535		390,004		736,423		975,358
Aggregate cost of shares repurchased (dollars in thousands)(2)	$	16,749	$	27,570	$	50,526	$	67,492
Average price per share(2)	$	61.01	$	70.69	$	68.61	$	69.20

(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 exclude excise tax on share repurchases.

The total aggregate remaining capacity under outstanding repurchase authorizations as of September 28, 2024 was approximately $599.0 million, based on settled repurchase transactions. The share repurchase authorizations have no expiration date.

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

Dividends

In each of the first three quarters of fiscal 2024, the Board of Directors declared, and the Company paid, a cash dividend per common share of $0.80 (for an aggregate cash dividend per common share of $2.40 for the first three quarters of fiscal 2024). Additionally, in each of the first three quarters of fiscal 2023, the Board of Directors declared, and the Company paid, a cash dividend per common share of $0.75 (for an aggregate cash dividend per common share of $2.25 for the first three quarters of fiscal 2023). The Board of Directors will evaluate future dividend declarations based on a number of factors, including restrictions under the Company’s secured revolving credit facility, business conditions, the Company’s financial performance, and other considerations.

Provisions in the Company’s secured revolving credit facility could have the effect of restricting the Company’s ability to pay cash dividends on, or make future repurchases of, its common stock, as further described in Note 5, Long-term Debt, to the condensed consolidated financial statements.

- Definition

The entire disclosure for equity.

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+ Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net income	$ 58,320	$ 66,127	$ 123,992	$ 125,990

- Definition

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

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional paid-in capital	Accumulated other comprehensive loss	Retained earnings
Balance at beginning of period (in shares) at Dec. 31, 2022		37,692,132
Balance at beginning of period at Dec. 31, 2022	$ 796,409	$ 377	$ 0	$ (34,338)	$ 830,370
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)		1,400
Exercise of stock options	83	$ 0	83	0	0
Withholdings from vesting of restricted stock (in shares)		(61,423)
Withholdings from vesting of restricted stock	(4,776)	$ (1)	(4,404)	0	(371)
Restricted stock activity (in shares)		303,015
Restricted stock activity	0	$ 3	(3)	0	0
Stock-based compensation expense	4,343	$ 0	4,343	0	0
Repurchase of common stock (in shares)		(135,873)
Repurchase of common stock	(9,586)	$ (1)	0	0	(9,585)
Cash dividends declared and paid	(28,483)	0	0	0	(28,483)
Comprehensive income	39,922	0	0	3,926	35,996
Other	(19)	$ 0	(19)	0	0
Balance at end of period (in shares) at Apr. 01, 2023		37,799,251
Balance at end of period at Apr. 01, 2023	797,893	$ 378	0	(30,412)	827,927
Balance at beginning of period (in shares) at Dec. 31, 2022		37,692,132
Balance at beginning of period at Dec. 31, 2022	796,409	$ 377	0	(34,338)	830,370
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income	$ 131,186
Balance at end of period (in shares) at Sep. 30, 2023	36,969,967	36,969,967
Balance at end of period at Sep. 30, 2023	$ 785,311	$ 370	0	(29,142)	814,083
Balance at beginning of period (in shares) at Apr. 01, 2023		37,799,251
Balance at beginning of period at Apr. 01, 2023	797,893	$ 378	0	(30,412)	827,927
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Withholdings from vesting of restricted stock (in shares)		(932)
Withholdings from vesting of restricted stock	(61)	$ 0	(61)	0	0
Restricted stock activity (in shares)		5,626
Restricted stock activity	0	$ 0	0	0	0
Stock-based compensation expense	6,641	$ 0	6,641	0	0
Repurchase of common stock (in shares)		(449,481)
Repurchase of common stock	(30,336)	$ (4)	(6,294)	0	(24,038)
Cash dividends declared and paid	(28,158)	0	0	0	(28,158)
Comprehensive income	29,316	0	0	5,449	23,867
Other	(286)	$ 0	(286)	0	0
Balance at end of period (in shares) at Jul. 01, 2023		37,354,464
Balance at end of period at Jul. 01, 2023	775,009	$ 374	0	(24,963)	799,598
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)		4,400
Exercise of stock options	301	$ 0	301	0	0
Withholdings from vesting of restricted stock (in shares)		(2,359)
Withholdings from vesting of restricted stock	(170)	$ 0	(170)	0	0
Restricted stock activity (in shares)		3,466
Restricted stock activity	0	$ 0	0	0	0
Stock-based compensation expense	3,928	$ 0	3,928	0	0
Repurchase of common stock (in shares)		(390,004)
Repurchase of common stock	(27,570)	$ (4)	(3,786)	0	(23,780)
Cash dividends declared and paid	(27,862)	0	0	0	(27,862)
Comprehensive income	61,948	0	0	(4,179)	66,127
Other	$ (273)	$ 0	(273)	0	0
Balance at end of period (in shares) at Sep. 30, 2023	36,969,967	36,969,967
Balance at end of period at Sep. 30, 2023	$ 785,311	$ 370	0	(29,142)	814,083
Balance at beginning of period (in shares) at Dec. 30, 2023	36,551,221	36,551,221
Balance at beginning of period at Dec. 30, 2023	$ 845,250	$ 366	0	(23,915)	868,799
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)		4,408
Exercise of stock options	367	$ 0	367	0	0
Withholdings from vesting of restricted stock (in shares)		(90,922)
Withholdings from vesting of restricted stock	(7,378)	$ (1)	(5,535)	0	(1,842)
Restricted stock activity (in shares)		243,120
Restricted stock activity	0	$ 2	(2)	0	0
Stock-based compensation expense	5,170	$ 0	5,170	0	0
Repurchase of common stock (in shares)		(107,795)
Repurchase of common stock	(8,999)	$ (1)		0	(8,998)
Cash dividends declared and paid	(29,338)	0	0	0	(29,338)
Comprehensive income	36,281	$ 0	0	(1,752)	38,033
Balance at end of period (in shares) at Mar. 30, 2024		36,600,032
Balance at end of period at Mar. 30, 2024	$ 841,353	$ 366	0	(25,667)	866,654
Balance at beginning of period (in shares) at Dec. 30, 2023	36,551,221	36,551,221
Balance at beginning of period at Dec. 30, 2023	$ 845,250	$ 366	0	(23,915)	868,799
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income	$ 115,546
Balance at end of period (in shares) at Sep. 28, 2024	36,038,814	36,038,814
Balance at end of period at Sep. 28, 2024	$ 829,340	$ 360	0	(32,361)	861,341
Balance at beginning of period (in shares) at Mar. 30, 2024		36,600,032
Balance at beginning of period at Mar. 30, 2024	841,353	$ 366	0	(25,667)	866,654
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Withholdings from vesting of restricted stock (in shares)		(839)
Withholdings from vesting of restricted stock	(58)	$ 0	(58)	0	0
Restricted stock activity (in shares)		34,956
Restricted stock activity	0	$ 1	(1)	0	0
Stock-based compensation expense	4,120	$ 0	4,120	0	0
Repurchase of common stock (in shares)		(354,093)
Repurchase of common stock	(24,778)	$ (4)	(3,854)	0	(20,920)
Cash dividends declared and paid	(29,172)	0	0	0	(29,172)
Comprehensive income	20,492	0	0	(7,147)	27,639
Other	(207)	$ 0	(207)	0	0
Balance at end of period (in shares) at Jun. 29, 2024		36,280,056
Balance at end of period at Jun. 29, 2024	811,750	$ 363	0	(32,814)	844,201
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Withholdings from vesting of restricted stock (in shares)		(2,187)
Withholdings from vesting of restricted stock	(133)	$ 0	(133)	0	0
Restricted stock activity (in shares)		35,480
Restricted stock activity	0	$ 0	0	0	0
Stock-based compensation expense	4,686	$ 0	4,686	0	0
Repurchase of common stock (in shares)		(274,535)
Repurchase of common stock	(16,749)	$ (3)	(4,401)	0	(12,345)
Cash dividends declared and paid	(28,835)	0	0	0	(28,835)
Comprehensive income	58,773	0	0	453	58,320
Other	$ (152)	$ 0	(152)	0	0
Balance at end of period (in shares) at Sep. 28, 2024	36,038,814	36,038,814
Balance at end of period at Sep. 28, 2024	$ 829,340	$ 360	$ 0	$ (32,361)	$ 861,341

EMPLOYEE BENEFIT PLANS

9 Months Ended

Sep. 28, 2024

Retirement Benefits [Abstract]

EMPLOYEE BENEFIT PLANS

OshKosh B’Gosh Pension Plan

During the second quarter of fiscal 2024, the Company announced the offering of a single-sum payment option to certain participants in the frozen OshKosh B’Gosh, Inc. Pension Plan (the “pension plan”), which commenced on June 1, 2024 and closed on July 15, 2024. In August 2024, the pension plan paid $6.9 million from pension plan assets to electing participants, thereby reducing its pension benefit obligations. The transaction had no cash impact on the Company but did result in a non-cash pre-tax partial pension settlement charge of $0.9 million, which is included in Other expense (income), net on the Company’s condensed consolidated statement of operations.

Additionally, the Board of Directors authorized the termination of the pension plan, with an anticipated effective date of November 30, 2024. The Company may be required to make a contribution to fully fund the plan for termination prior to the purchase of a group annuity contract to transfer its remaining liabilities under the pension plan. The contribution amount will depend upon the nature and timing of participant settlements and prevailing market conditions. The Company expects to

recognize a non-cash charge upon settlement of the pension plan’s obligations in the second half of fiscal 2025. The Company has the right to change the effective date of the termination date or revoke the decision to terminate, but it has no current intent to do so.

Funded Status

As a result of the single-sum payout, the Company remeasured the funded status of its pension plan as of August 31, 2024. The assumptions for net periodic pension cost includes a discount rate of 4.75% through the measurement date and 5.00% thereafter. We expect net periodic pension cost of $0.4 million for fiscal 2024, exclusive of the $0.9 million non-cash pre-tax partial pension settlement charge described above.

The expected rate of return on plan assets is 4.75% through the measurement date and 5.00% thereafter. The fair value of plan assets as of August 31, 2024 was $48.2 million. Plan assets are invested in fixed income securities, which include funds holding corporate bonds of companies from diverse industries and U.S. Treasuries.

The discount rate for determining the benefit obligation at the measurement date is 5.00%.

Presented below is the reconciliation of changes in the projected benefit obligation and plan assets as a result of this remeasurement and single-sum payment:


	For the period ended
(dollars in thousands)	August 31, 2024
Change in projected benefit obligation:
Projected benefit obligation at beginning of year	$	54,785
Interest cost	1,684
Actuarial gain	(2,345)
Benefits paid	(1,981)
Effect of settlement	(6,887)
Projected benefit obligation at end of period	$	45,256

Change in plan assets:
Fair value of plan assets at beginning of year	$	55,959
Actual return on plan assets	1,064
Benefits paid	(1,981)
Effect of settlement	(6,887)
Fair value of plan assets at end of period	$	48,155

Funded status	$	2,899

The accumulated benefit obligation is equal to the projected benefit obligation as of August 31, 2024 because the plan is frozen. The Company does not expect to make any contributions to the pension plan during fiscal 2024 as the plan’s funding exceeds the minimum funding requirements.

The actuarial gain for the period ended August 31, 2024 was attributable to increased discount rates and the removal of participants electing to receive a single-sum payment from the pension plan. The funded status asset is included in Other assets in the Company’s condensed consolidated balance sheets.

- 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
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

EMPLOYEE BENEFIT PLANS (Tables)

9 Months Ended

Sep. 28, 2024

Retirement Benefits [Abstract]

Reconciliation of Changes in Projected Pension Benefit Obligation and Plan Assets

Presented below is the reconciliation of changes in the projected benefit obligation and plan assets as a result of this remeasurement and single-sum payment:


	For the period ended
(dollars in thousands)	August 31, 2024
Change in projected benefit obligation:
Projected benefit obligation at beginning of year	$	54,785
Interest cost	1,684
Actuarial gain	(2,345)
Benefits paid	(1,981)
Effect of settlement	(6,887)
Projected benefit obligation at end of period	$	45,256

Change in plan assets:
Fair value of plan assets at beginning of year	$	55,959
Actual return on plan assets	1,064
Benefits paid	(1,981)
Effect of settlement	(6,887)
Fair value of plan assets at end of period	$	48,155

Funded status	$	2,899

FAIR VALUE MEASUREMENTS	9 Months Ended
FAIR VALUE MEASUREMENTS	Sep. 28, 2024
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS Investments The Company invests in marketable securities, principally equity-based mutual funds, to mitigate the risk associated with the investment return on employee deferrals of compensation. All of the marketable securities are included in Other assets on the accompanying condensed consolidated balance sheets, and their aggregate fair values were approximately $19.0 million, $17.3 million, and $16.4 million at September 28, 2024, December 30, 2023, and September 30, 2023, respectively. These investments are classified as Level 1 within the fair value hierarchy. The change in the aggregate fair values of marketable securities is due to the net activity of gains and losses and any contributions and distributions during the period. Gains on the investments in marketable securities were $0.6 million and $1.7 million for the third quarter and the first three quarters of fiscal 2024, respectively. Gains on the investments in marketable securities were $0.8 million and $1.4 million for the third quarter and the first three quarters of fiscal 2023, respectively. These amounts are included in Other expense (income), net on the Company’s condensed consolidated statement of operations. Borrowings As of September 28, 2024, the Company had no outstanding borrowings under its secured revolving credit facility. The fair value of the Company’s senior notes at September 28, 2024 was approximately $498.1 million. The fair value of these senior notes with a notional value and carrying value (gross of debt issuance costs) of $500.0 million was estimated using a quoted price as provided in the secondary market, which considers the Company’s credit risk and market related conditions, and is therefore within Level 2 of the fair value hierarchy. Goodwill, Intangible, and Long-Lived Tangible Assets Some assets are not measured at fair value on a recurring basis but are subject to fair value adjustments only in certain circumstances. These assets can include goodwill, indefinite-lived intangible assets, and long-lived tangible assets that have been reduced to fair value when impaired. Assets that are written down to fair value when impaired are not subsequently adjusted to fair value unless further impairment occurs.

- 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

LONG-TERM DEBT (Details) - USD ($)	Sep. 28, 2024	Dec. 30, 2023	Sep. 30, 2023
Debt Instrument [Line Items]
Less unamortized debt issuance-related costs	$ (2,070,000)	$ (2,646,000)	$ (2,832,000)
Total long-term debt, net	497,930,000	497,354,000	567,168,000
Outstanding letters of credit	$ 5,700,000
Secured Overnight Financing Rate (SOFR) \| Minimum
Debt Instrument [Line Items]
Interest rate	1.125%
Secured Overnight Financing Rate (SOFR) \| Maximum
Debt Instrument [Line Items]
Interest rate	1.625%
U.S Dollar Credit Facility - Amendment No.4 \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Borrowing rate	6.44%
Leverage-base adjustment on borrowing rate	1.125%
Total Senior Notes
Debt Instrument [Line Items]
Senior notes, net	$ 497,930,000	497,354,000	497,168,000
Secured revolving credit facility
Debt Instrument [Line Items]
Secured revolving credit facility	0	0	70,000,000
Remaining borrowing capacity	844,300,000
Secured revolving credit facility \| Amendment No. 4
Debt Instrument [Line Items]
Maximum borrowing capacity	850,000,000
Secured revolving credit facility \| U.S Dollar Credit Facility - Amendment No.4
Debt Instrument [Line Items]
Maximum borrowing capacity	750,000,000
Secured revolving credit facility \| Multicurrency Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 100,000,000
5.625% Senior Notes due 2027 \| Senior Notes
Debt Instrument [Line Items]
Interest rate	5.625%
Senior notes, gross	$ 500,000,000	$ 500,000,000	$ 500,000,000

LONG-TERM DEBT

9 Months Ended

Sep. 28, 2024

Debt Disclosure [Abstract]

LONG-TERM DEBT

The components of Long-term debt, net were as follows:


(dollars in thousands)	September 28, 2024		December 30, 2023		September 30, 2023
$500 million 5.625% senior notes due March 15, 2027	$	500,000	$	500,000	$	500,000
Less unamortized debt issuance-related costs	(2,070)		(2,646)		(2,832)
Senior notes, net	$	497,930	$	497,354	$	497,168
Secured revolving credit facility	—		—		70,000
Total long-term debt, net	$	497,930	$	497,354	$	567,168

Secured Revolving Credit Facility

As of September 28, 2024, the Company had no outstanding borrowings under its secured revolving credit facility, exclusive of $5.7 million of outstanding letters of credit. As of September 28, 2024, there was approximately $844.3 million available for future borrowing. All outstanding borrowings under the Company’s secured revolving credit facility are classified as non-current liabilities on the Company’s condensed consolidated balance sheets because of the contractual repayment terms under the credit facility.

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

The Company’s secured revolving credit facility provides for a leverage-based pricing grid which determines an interest rate for borrowings, calculated as the applicable floating benchmark rate plus a credit spread adjustment, if any, plus an amount ranging from 1.125% to 1.625%. As of September 28, 2024, the borrowing rate for an adjusted term Secured Overnight Financing Rate (“SOFR”) loan would have been 6.44%, which includes a leverage-based adjustment of 1.125%. As of September 28, 2024, the Company was in compliance with its financial and other covenants under the secured revolving credit facility.

COMMON STOCK (Tables)

9 Months Ended

Sep. 28, 2024

Stockholders' Equity Note [Abstract]

Schedule of Repurchased and Retired Shares

The Company repurchased and retired shares in open market transactions as follows:


	Fiscal quarter ended				Three fiscal quarters ended
	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Number of shares repurchased(1)	274,535		390,004		736,423		975,358
Aggregate cost of shares repurchased (dollars in thousands)(2)	$	16,749	$	27,570	$	50,526	$	67,492
Average price per share(2)	$	61.01	$	70.69	$	68.61	$	69.20

(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 exclude excise tax on share repurchases.

- 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

REVENUE RECOGNITION (Tables)

9 Months Ended

Sep. 28, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregated Revenue

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


	Fiscal quarter ended September 28, 2024
(dollars in thousands)	U.S. Retail		U.S. Wholesale		International		Total
Direct-to-consumer	$	352,987	$	—	$	67,172	$	420,159
Wholesale channel	—		298,980		39,325		338,305

	$	352,987	$	298,980	$	106,497	$	758,464

Royalty income, net	$	2,539	$	2,884	$	317	$	5,740


	Three fiscal quarters ended September 28, 2024
(dollars in thousands)	U.S. Retail		U.S. Wholesale		International		Total
Direct-to-consumer	$	950,877	$	—	$	176,583	$	1,127,460
Wholesale channel	—		756,022		100,908		856,930

	$	950,877	$	756,022	$	277,491	$	1,984,390

Royalty income, net	$	4,581	$	8,727	$	1,651	$	14,959


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

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

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


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

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

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

Accounts Receivable from Customers and Licensees

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


(dollars in thousands)	September 28, 2024		December 30, 2023		September 30, 2023
Trade receivables from wholesale customers, net	$	243,085	$	172,106	$	239,493
Royalties receivable	5,237		4,753		5,825
Other receivables(1)	12,030		20,032		10,898
Total gross receivables	$	260,352	$	196,891	$	256,216
Less: Wholesale accounts receivable reserves(2)(3)	(13,339)		(13,117)		(15,709)
Accounts receivable, net	$	247,013	$	183,774	$	240,507

(1)Includes tenant allowances, tax, payroll, gift card and other receivables. The balance for the fiscal period ended December 30, 2023 includes a receivable for a $6.9 million court approved settlement in December 2023 related to payment card interchange fees. This payment was received in the first quarter of fiscal 2024.

(2)Includes allowance for chargebacks of $5.0 million, $8.4 million, and $9.0 million for the periods ended September 28, 2024, December 30, 2023, and September 30, 2023, respectively.

(3)Includes allowance for credit losses of $8.3 million, $4.8 million, and $6.7 million for the periods ended September 28, 2024, December 30, 2023, and September 30, 2023, respectively.

Schedule of Contract Liabilities

Total contract liabilities consisted of the following amounts:


(dollars in thousands)	September 28, 2024		December 30, 2023		September 30, 2023
Contract liabilities - current:
Unredeemed gift cards(1)	$	24,638	$	25,162	$	23,983
Unredeemed customer loyalty rewards	2,362		3,355		4,020
Carter’s credit card - upfront bonus(2)	714		714		714
Total contract liabilities - current(3)	$	27,714	$	29,231	$	28,717

Contract liabilities - non-current(4)	$	179	$	714	$	893
Total contract liabilities	$	27,893	$	29,945	$	29,610

(1)During the third quarters of fiscal 2024 and fiscal 2023, the Company recognized revenue of $1.4 million and $1.1 million related to the gift card liability balance that existed at June 29, 2024 and July 1, 2023, respectively. Additionally, during the first three quarters of fiscal 2024 and fiscal 2023, the Company recognized revenue of $7.1 million and $6.4 million related to the gift card liability balance that existed at December 30, 2023 and December 31, 2022, respectively.

(2)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.

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

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

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 28, 2024	Sep. 28, 2024
Statement of Comprehensive Income [Abstract]
Tax on partial pension settlement charge	$ 224	$ 224
Tax on unrealized gain on OshKosh B'gosh defined benefit plan	$ 476	$ 476

ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) - USD ($)	3 Months Ended			9 Months Ended
	Sep. 28, 2024	Mar. 30, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023	Dec. 30, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total accumulated other comprehensive loss	$ (32,361,000)		$ (29,142,000)	$ (32,361,000)	$ (29,142,000)	$ (23,915,000)
Gain on pension obligations, net of income taxes	1,539,000		0	1,539,000	0
Income taxes on gain on pension obligations	476,000			476,000
Deferred losses on pension obligations, net of income taxes	725,000		0	725,000	0
Income taxes on deferred losses on pension obligations	224,000			224,000
Reclassification from Accumulated other comprehensive loss to the condensed consolidated statement of operations					0
Cumulative foreign currency translation adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total accumulated other comprehensive loss	(28,943,000)		(23,630,000)	(28,943,000)	(23,630,000)	(18,233,000)
Pension and post-retirement obligations
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total accumulated other comprehensive loss	$ (3,418,000)		$ (5,512,000)	(3,418,000)	(5,512,000)	$ (5,682,000)
Tax impact on accumulated other comprehensive loss		$ 1,800,000		$ 1,100,000	$ 1,700,000

SEGMENT INFORMATION (Tables)

9 Months Ended

Sep. 28, 2024

Segment Reporting [Abstract]

Schedule of Segment Information

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


	Fiscal quarter ended								Three fiscal quarters ended
(dollars in thousands)	September 28, 2024		% of consolidated net sales		September 30, 2023		% of consolidated net sales		September 28, 2024		% of consolidated net sales		September 30, 2023		% of consolidated net sales
Net sales:
U.S. Retail	$	352,987	46.5	%	$	374,796	47.3	%	$	950,877	47.9	%	$	1,021,983	49.0	%
U.S. Wholesale	298,980		39.5	%	300,338		38.0	%	756,022		38.1	%	767,194		36.7	%
International	106,497		14.0	%	116,517		14.7	%	277,491		14.0	%	298,553		14.3	%
Consolidated net sales	$	758,464	100.0	%	$	791,651	100.0	%	$	1,984,390	100.0	%	$	2,087,730	100.0	%

Operating income:			% of segment net sales				% of segment net sales				% of segment net sales				% of segment net sales
U.S. Retail	$	27,309	7.7	%	$	47,983	12.8	%	$	59,681	6.3	%	$	103,132	10.1	%
U.S. Wholesale	63,127		21.1	%	65,702		21.9	%	162,662		21.5	%	147,003		19.2	%
International	10,237		9.6	%	13,379		11.5	%	17,981		6.5	%	23,193		7.8	%
Corporate expenses(*)	(23,633)		n/a		(33,634)		n/a		(68,796)		n/a		(85,983)		n/a
Consolidated operating income	$	77,040	10.2	%	$	93,430	11.8	%	$	171,528	8.6	%	$	187,345	9.0	%

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


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

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

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

COMMON STOCK (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 28, 2024	Jun. 29, 2024	Mar. 30, 2024	Sep. 30, 2023	Jul. 01, 2023	Apr. 01, 2023	Sep. 28, 2024	Sep. 30, 2023
Stockholders' Equity Note [Abstract]
Number of shares repurchased (in shares)	274,535			390,004			736,423	975,358
Aggregate cost of shares repurchased	$ 16,749			$ 27,570			$ 50,526	$ 67,492
Average price per share (in USD per share)	$ 61.01			$ 70.69			$ 68.61	$ 69.20
Remaining capacity under repurchase authorization	$ 599,000						$ 599,000
Dividend declared and paid per common share (in USD per share)	$ 0.80	$ 0.80	$ 0.80	$ 0.75	$ 0.75	$ 0.75	$ 2.40	$ 2.25

- Definition

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

+ References + Details

OTHER CURRENT LIABILITIES (Tables)

9 Months Ended

Sep. 28, 2024

Other Liabilities Disclosure [Abstract]

Schedule of Other Current Liabilities

The components of Other current liabilities were as follows:


(dollars in thousands)	September 28, 2024		December 30, 2023		September 30, 2023
Unredeemed gift cards	$	24,638	$	25,162	$	23,983
Accrued employee benefits	14,995		17,928		17,433
Accrued taxes	10,512		12,909		13,534
Accrued salaries and wages	5,999		12,458		6,030
Accrued bonuses and incentive compensation(*)	2,866		20,817		12,184

Income taxes payable	1,099		12,697		6,341
Accrued other	19,950		32,373		26,617
Other current liabilities	$	80,059	$	134,344	$	106,122

(*)Decrease driven by lower than forecasted financial performance in fiscal 2024.

REVENUE RECOGNITION

9 Months Ended

Sep. 28, 2024

Revenue from Contract with Customer [Abstract]

REVENUE RECOGNITION

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

Disaggregation of Revenue

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


	Fiscal quarter ended September 28, 2024
(dollars in thousands)	U.S. Retail		U.S. Wholesale		International		Total
Direct-to-consumer	$	352,987	$	—	$	67,172	$	420,159
Wholesale channel	—		298,980		39,325		338,305

	$	352,987	$	298,980	$	106,497	$	758,464

Royalty income, net	$	2,539	$	2,884	$	317	$	5,740


	Three fiscal quarters ended September 28, 2024
(dollars in thousands)	U.S. Retail		U.S. Wholesale		International		Total
Direct-to-consumer	$	950,877	$	—	$	176,583	$	1,127,460
Wholesale channel	—		756,022		100,908		856,930

	$	950,877	$	756,022	$	277,491	$	1,984,390

Royalty income, net	$	4,581	$	8,727	$	1,651	$	14,959


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

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

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


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

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

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

Accounts Receivable from Customers and Licensees

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


(dollars in thousands)	September 28, 2024		December 30, 2023		September 30, 2023
Trade receivables from wholesale customers, net	$	243,085	$	172,106	$	239,493
Royalties receivable	5,237		4,753		5,825
Other receivables(1)	12,030		20,032		10,898
Total gross receivables	$	260,352	$	196,891	$	256,216
Less: Wholesale accounts receivable reserves(2)(3)	(13,339)		(13,117)		(15,709)
Accounts receivable, net	$	247,013	$	183,774	$	240,507

(2)Includes allowance for chargebacks of $5.0 million, $8.4 million, and $9.0 million for the periods ended September 28, 2024, December 30, 2023, and September 30, 2023, respectively.

(3)Includes allowance for credit losses of $8.3 million, $4.8 million, and $6.7 million for the periods ended September 28, 2024, December 30, 2023, and September 30, 2023, respectively.

Contract Assets and Liabilities

The Company’s contract assets are not material.

Contract Liabilities

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


(dollars in thousands)	September 28, 2024		December 30, 2023		September 30, 2023
Contract liabilities - current:
Unredeemed gift cards(1)	$	24,638	$	25,162	$	23,983
Unredeemed customer loyalty rewards	2,362		3,355		4,020
Carter’s credit card - upfront bonus(2)	714		714		714
Total contract liabilities - current(3)	$	27,714	$	29,231	$	28,717

Contract liabilities - non-current(4)	$	179	$	714	$	893
Total contract liabilities	$	27,893	$	29,945	$	29,610

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

- Definition

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

+ References

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

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

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

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

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

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

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

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

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

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

+ Details

STOCK-BASED COMPENSATION (Tables)

9 Months Ended

Sep. 28, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-Based Compensation Expense

The Company recorded stock-based compensation expense as follows:


	Fiscal quarter ended				Three fiscal quarters ended
(dollars in thousands)	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023

Restricted stock:
Time-based awards	$	4,005	$	4,353	$	12,437	$	12,898
Performance-based awards	444		(425)		(605)		464
Market-based awards	237		—		544		—
Stock awards	—		—		1,600		1,550
Total	$	4,686	$	3,928	$	13,976	$	14,912

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Weighted-average number of common and common equivalent shares outstanding:
Basic number of common shares outstanding (in shares)	35,301,131	36,438,403	35,616,875	36,789,140
Dilutive effect of equity awards (in shares)	619	3,881	1,325	3,781
Diluted number of common and common equivalent shares outstanding (in shares)	35,301,750	36,442,284	35,618,200	36,792,921
Basic net income per common share:
Net income	$ 58,320	$ 66,127	$ 123,992	$ 125,990
Income allocated to participating securities	(1,210)	(1,267)	(2,401)	(2,254)
Net income available to common shareholders	$ 57,110	$ 64,860	$ 121,591	$ 123,736
Basic net income per common share (in USD per share)	$ 1.62	$ 1.78	$ 3.41	$ 3.36
Diluted net income per common share:
Net income	$ 58,320	$ 66,127	$ 123,992	$ 125,990
Income allocated to participating securities	(1,210)	(1,267)	(2,401)	(2,254)
Net income available to common shareholders	$ 57,110	$ 64,860	$ 121,591	$ 123,736
Diluted net income per common share (in USD per share)	$ 1.62	$ 1.78	$ 3.41	$ 3.36
Anti-dilutive awards excluded from diluted earnings per share computation (in shares)	408,799	460,947	428,325	483,921

COMMITMENTS AND CONTINGENCIES	9 Months Ended
COMMITMENTS AND CONTINGENCIES	Sep. 28, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES The Company is subject to various claims and pending or threatened lawsuits in the normal course of business. The Company is not currently a party to any legal proceedings that it believes would have a material adverse impact on its financial position, results of operations, or cash flows. The Company’s contractual obligations and commitments include obligations associated with leases, the secured revolving credit agreement, senior notes, and employee benefit plans.

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 28, 2024	Dec. 30, 2023	Sep. 30, 2023
Statement of Financial Position [Abstract]
Accounts receivable, allowance for credit loss	$ 8,303	$ 4,754	$ 6,741
Finished goods inventories, inventory reserves	17,135	8,990	19,014
Property, plant, and equipment, accumulated depreciation	$ 642,420	$ 615,907	$ 605,857
Preferred stock; par value (in USD per share)	$ 0.01	$ 0.01	$ 0.01
Preferred stock; shares authorized (in shares)	100,000	100,000	100,000
Preferred stock; shares issued (in shares)	0	0	0
Preferred stock; shares outstanding (in shares)	0	0	0
Common stock, voting; par value (in USD per share)	$ 0.01	$ 0.01	$ 0.01
Common stock, voting; shares authorized (in shares)	150,000,000	150,000,000	150,000,000
Common stock voting; shares issued (in shares)	36,038,814	36,551,221	36,969,967
Common stock voting; shares outstanding (in shares)	36,038,814	36,551,221	36,969,967

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

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Income Statement [Abstract]
Net sales	$ 758,464	$ 791,651	$ 1,984,390	$ 2,087,730
Cost of goods sold	402,450	415,254	1,030,249	1,109,970
Gross profit	356,014	376,397	954,141	977,760
Royalty income, net	5,740	5,713	14,959	16,573
Selling, general, and administrative expenses	284,714	288,680	797,572	806,988
Operating income	77,040	93,430	171,528	187,345
Interest expense	7,381	8,615	23,156	26,342
Interest income	(2,370)	(1,064)	(8,644)	(2,769)
Other expense (income), net	1,299	507	1,977	(518)
Income before income taxes	70,730	85,372	155,039	164,290
Income tax provision	12,410	19,245	31,047	38,300
Net income	$ 58,320	$ 66,127	$ 123,992	$ 125,990
Basic net income per common share (in USD per share)	$ 1.62	$ 1.78	$ 3.41	$ 3.36
Diluted net income per common share (in USD per share)	1.62	1.78	3.41	3.36
Dividend declared and paid per common share (in USD per share)	$ 0.80	$ 0.75	$ 2.40	$ 2.25

INCOME TAXES (Details) - USD ($) $ in Millions	Sep. 28, 2024	Dec. 30, 2023	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Gross unrecognized tax benefits	$ 8.3
Unrecognized tax benefits that if recognized would impact effective tax rate	5.9
Reserves for unrecognized tax benefits	1.3
Interest accrued on uncertain tax positions	$ 1.6	$ 1.5	$ 2.0

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)

9 Months Ended

Sep. 28, 2024

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

Schedule of Accumulated Other Comprehensive Loss

The components of Accumulated other comprehensive loss were as follows:


(dollars in thousands)	September 28, 2024		December 30, 2023		September 30, 2023
Cumulative foreign currency translation adjustments	$	(28,943)	$	(18,233)	$	(23,630)
Pension and post-retirement obligations(*)	(3,418)		(5,682)		(5,512)
Total accumulated other comprehensive loss	$	(32,361)	$	(23,915)	$	(29,142)

(*)Net of income taxes of $1.1 million, $1.8 million, and $1.7 million for the period ended September 28, 2024, December 30, 2023, and September 30, 2023, respectively.

BASIS OF PRESENTATION, RECENT ACCOUNTING PRONOUCEMENTS, AND OTHER (Details) - USD ($) $ in Millions	Sep. 28, 2024	Dec. 30, 2023	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
SCF revolving capacity	$ 70.0
SCF payment terms	60 days
SCF included in accounts payable	$ 14.3	$ 14.8	$ 16.7

SEGMENT INFORMATION - Schedule of Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Consolidated net sales	$ 758,464	$ 791,651	$ 1,984,390	$ 2,087,730
Consolidated operating income	$ 77,040	$ 93,430	$ 171,528	$ 187,345
% of segment net sales	10.20%	11.80%	8.60%	9.00%
U.S. Retail
Segment Reporting Information [Line Items]
Consolidated net sales	$ 352,987	$ 374,796	$ 950,877	$ 1,021,983
International
Segment Reporting Information [Line Items]
Consolidated net sales	106,497	116,517	277,491	298,553
Operating Segments
Segment Reporting Information [Line Items]
Consolidated net sales	$ 758,464	$ 791,651	$ 1,984,390	$ 2,087,730
% of consolidated net sales	100.00%	100.00%	100.00%	100.00%
Operating Segments \| U.S. Retail
Segment Reporting Information [Line Items]
Consolidated net sales	$ 352,987	$ 374,796	$ 950,877	$ 1,021,983
% of consolidated net sales	46.50%	47.30%	47.90%	49.00%
Consolidated operating income	$ 27,309	$ 47,983	$ 59,681	$ 103,132
% of segment net sales	7.70%	12.80%	6.30%	10.10%
Operating Segments \| U.S. Wholesale
Segment Reporting Information [Line Items]
Consolidated net sales	$ 298,980	$ 300,338	$ 756,022	$ 767,194
% of consolidated net sales	39.50%	38.00%	38.10%	36.70%
Consolidated operating income	$ 63,127	$ 65,702	$ 162,662	$ 147,003
% of segment net sales	21.10%	21.90%	21.50%	19.20%
Operating Segments \| International
Segment Reporting Information [Line Items]
Consolidated net sales	$ 106,497	$ 116,517	$ 277,491	$ 298,553
% of consolidated net sales	14.00%	14.70%	14.00%	14.30%
Consolidated operating income	$ 10,237	$ 13,379	$ 17,981	$ 23,193
% of segment net sales	9.60%	11.50%	6.50%	7.80%
Corporate
Segment Reporting Information [Line Items]
Corporate expenses	$ (23,633)	$ (33,634)	$ (68,796)	$ (85,983)

COVER PAGE - shares	9 Months Ended
COVER PAGE - shares	Sep. 28, 2024	Oct. 18, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 28, 2024
Document Transition Report	false
Entity File Number	001-31829
Entity Registrant Name	CARTER’S, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	13-3912933
Entity Address, Address Line One	Phipps Tower
Entity Address, Address Line Two	3438 Peachtree Road NE
Entity Address, Address Line Three	Suite 1800
Entity Address, City or Town	Atlanta
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30326
City Area Code	678
Local Phone Number	791-1000
Title of 12(b) Security	Common stock, par value $0.01 per share
Trading Symbol	CRI
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		36,038,814
Entity Central Index Key	0001060822
Current Fiscal Year End Date	--12-28
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

EARNINGS PER SHARE

9 Months Ended

Sep. 28, 2024

Earnings Per Share [Abstract]

EARNINGS PER SHARE

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


	Fiscal quarter ended				Three fiscal quarters ended
	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Weighted-average number of common and common equivalent shares outstanding:
Basic number of common shares outstanding	35,301,131		36,438,403		35,616,875		36,789,140
Dilutive effect of equity awards	619		3,881		1,325		3,781
Diluted number of common and common equivalent shares outstanding	35,301,750		36,442,284		35,618,200		36,792,921

Earnings per share:
(dollars in thousands, except per share data)
Basic net income per common share:
Net income	$	58,320	$	66,127	$	123,992	$	125,990
Income allocated to participating securities	(1,210)		(1,267)		(2,401)		(2,254)
Net income available to common shareholders	$	57,110	$	64,860	$	121,591	$	123,736

Basic net income per common share	$	1.62	$	1.78	$	3.41	$	3.36

Diluted net income per common share:
Net income	$	58,320	$	66,127	$	123,992	$	125,990
Income allocated to participating securities	(1,210)		(1,267)		(2,401)		(2,254)
Net income available to common shareholders	$	57,110	$	64,860	$	121,591	$	123,736

Diluted net income per common share	$	1.62	$	1.78	$	3.41	$	3.36

Anti-dilutive awards excluded from diluted earnings per share computation(*)	408,799		460,947		428,325		483,921

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

STOCK-BASED COMPENSATION

9 Months Ended

Sep. 28, 2024

Share-Based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION

The Company recorded stock-based compensation expense as follows:


	Fiscal quarter ended				Three fiscal quarters ended
(dollars in thousands)	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023

Restricted stock:
Time-based awards	$	4,005	$	4,353	$	12,437	$	12,898
Performance-based awards	444		(425)		(605)		464
Market-based awards	237		—		544		—
Stock awards	—		—		1,600		1,550
Total	$	4,686	$	3,928	$	13,976	$	14,912

The Company recognizes compensation cost ratably over the applicable performance periods based on the estimated probability of achievement of its performance targets at the end of each period. During the first three quarters of fiscal 2024, the achievement of performance target estimates related to certain performance-based grants were revised resulting in a reversal of $1.9 million of previously recognized stock-based compensation expense. During the third quarter and first three quarters of fiscal 2023, performance-based grants were revised resulting in a reversal of previously recognized stock-based compensation expense of $1.1 million and $1.5 million, respectively.

SEGMENT INFORMATION

9 Months Ended

Sep. 28, 2024

Segment Reporting [Abstract]

SEGMENT INFORMATION

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


	Fiscal quarter ended								Three fiscal quarters ended
(dollars in thousands)	September 28, 2024		% of consolidated net sales		September 30, 2023		% of consolidated net sales		September 28, 2024		% of consolidated net sales		September 30, 2023		% of consolidated net sales
Net sales:
U.S. Retail	$	352,987	46.5	%	$	374,796	47.3	%	$	950,877	47.9	%	$	1,021,983	49.0	%
U.S. Wholesale	298,980		39.5	%	300,338		38.0	%	756,022		38.1	%	767,194		36.7	%
International	106,497		14.0	%	116,517		14.7	%	277,491		14.0	%	298,553		14.3	%
Consolidated net sales	$	758,464	100.0	%	$	791,651	100.0	%	$	1,984,390	100.0	%	$	2,087,730	100.0	%

Operating income:			% of segment net sales				% of segment net sales				% of segment net sales				% of segment net sales
U.S. Retail	$	27,309	7.7	%	$	47,983	12.8	%	$	59,681	6.3	%	$	103,132	10.1	%
U.S. Wholesale	63,127		21.1	%	65,702		21.9	%	162,662		21.5	%	147,003		19.2	%
International	10,237		9.6	%	13,379		11.5	%	17,981		6.5	%	23,193		7.8	%
Corporate expenses(*)	(23,633)		n/a		(33,634)		n/a		(68,796)		n/a		(85,983)		n/a
Consolidated operating income	$	77,040	10.2	%	$	93,430	11.8	%	$	171,528	8.6	%	$	187,345	9.0	%


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

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

- 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
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-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
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-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
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-Subparagraph (f)
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-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
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-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
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended						9 Months Ended
	Sep. 28, 2024	Jun. 29, 2024	Mar. 30, 2024	Sep. 30, 2023	Jul. 01, 2023	Apr. 01, 2023	Sep. 28, 2024	Sep. 30, 2023
Statement of Stockholders' Equity [Abstract]
Dividend declared and paid per common share (in USD per share)	$ 0.80	$ 0.80	$ 0.80	$ 0.75	$ 0.75	$ 0.75	$ 2.40	$ 2.25

EMPLOYEE BENEFIT PLANS (Details) - USD ($) $ in Thousands	1 Months Ended	8 Months Ended	9 Months Ended
EMPLOYEE BENEFIT PLANS (Details) - USD ($) $ in Thousands	Aug. 31, 2024	Aug. 31, 2024	Sep. 28, 2024	Sep. 30, 2023
Change in projected benefit obligation:
Effect of settlement	$ (6,900)
Change in plan assets:
Effect of settlement	(6,900)
Pension plan paid	6,900
Partial pension plan settlement	$ 900		$ (949)	$ 0
Discount rate on on assumptions for the net periodic pension costs		4.75%	5.00%
Expected net periodic pension cost			$ 400
Expected rate of return on plan assets	4.75%	4.75%	5.00%
Discount rate for determining the benefit obligation at the measurement date	5.00%	5.00%
Pension Plan
Change in projected benefit obligation:
Benefit obligation at beginning of period		$ 54,785	$ 54,785
Interest cost		1,684
Actuarial gain		(2,345)
Benefits paid		(1,981)
Effect of settlement		(6,887)
Benefit obligation at end of period	$ 45,256	45,256
Change in plan assets:
Fair value of plan assets at beginning of year		55,959	55,959
Actual return on plan assets		1,064
Benefits paid		(1,981)
Effect of settlement		(6,887)
Fair value of plan assets at end of period	48,155	48,155
Funded status			$ 2,899
Pension plan paid		6,887
Fair value of plan assets at end of period	$ 48,155	$ 48,155

FAIR VALUE MEASUREMENTS - Investments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023	Dec. 30, 2023
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Gain (loss) on investments	$ 0.6	$ 0.8	$ 1.7	$ 1.4
Fair Value, Inputs, Level 1
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments	$ 19.0	$ 16.4	$ 19.0	$ 16.4	$ 17.3

THE COMPANY (Details)	Sep. 28, 2024 countryAndTerritory
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of countries and territories registered with company trademarks	100

EARNINGS PER SHARE (Tables)

9 Months Ended

Sep. 28, 2024

Earnings Per Share [Abstract]

Reconciliation of Basic Common Shares Outstanding to Diluted Common and Common Equivalent Shares Outstanding

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


	Fiscal quarter ended				Three fiscal quarters ended
	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Weighted-average number of common and common equivalent shares outstanding:
Basic number of common shares outstanding	35,301,131		36,438,403		35,616,875		36,789,140
Dilutive effect of equity awards	619		3,881		1,325		3,781
Diluted number of common and common equivalent shares outstanding	35,301,750		36,442,284		35,618,200		36,792,921

Earnings per share:
(dollars in thousands, except per share data)
Basic net income per common share:
Net income	$	58,320	$	66,127	$	123,992	$	125,990
Income allocated to participating securities	(1,210)		(1,267)		(2,401)		(2,254)
Net income available to common shareholders	$	57,110	$	64,860	$	121,591	$	123,736

Basic net income per common share	$	1.62	$	1.78	$	3.41	$	3.36

Diluted net income per common share:
Net income	$	58,320	$	66,127	$	123,992	$	125,990
Income allocated to participating securities	(1,210)		(1,267)		(2,401)		(2,254)
Net income available to common shareholders	$	57,110	$	64,860	$	121,591	$	123,736

Diluted net income per common share	$	1.62	$	1.78	$	3.41	$	3.36

Anti-dilutive awards excluded from diluted earnings per share computation(*)	408,799		460,947		428,325		483,921

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

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 28, 2024	Dec. 30, 2023	Sep. 30, 2023
Current assets:
Cash and cash equivalents	$ 175,536	$ 351,213	$ 169,106
Accounts receivable, net	247,013	183,774	240,507
Finished goods inventories, net of inventory reserves	607,384	537,125	620,669
Prepaid expenses and other current assets	41,577	29,131	37,604
Total current assets	1,071,510	1,101,243	1,067,886
Property, plant, and equipment, net of accumulated depreciation	182,292	183,111	180,888
Operating lease assets	560,246	528,407	506,010
Tradenames, net	298,053	298,186	298,230
Goodwill	209,384	210,537	209,494
Customer relationships, net	24,440	27,238	28,087
Other assets	32,460	29,891	29,211
Total assets	2,378,385	2,378,613	2,319,806
Current liabilities:
Accounts payable	273,909	242,149	222,210
Current operating lease liabilities	130,140	135,369	135,865
Other current liabilities	80,059	134,344	106,122
Total current liabilities	484,108	511,862	464,197
Long-term debt, net	497,930	497,354	567,168
Deferred income taxes	48,890	41,470	41,217
Long-term operating lease liabilities	485,613	448,810	427,280
Other long-term liabilities	32,504	33,867	34,633
Total liabilities	1,549,045	1,533,363	1,534,495
Commitments and contingencies - Note $13
Shareholders’ equity:
Preferred stock; par value $0.01 per share; 100,000 shares authorized; none issued or outstanding	0	0	0
Common stock, voting; par value $0.01 per share; 150,000,000 shares authorized; 36,038,814, 36,551,221, and 36,969,967 shares issued and outstanding, respectively	360	366	370
Additional paid-in capital	0	0	0
Accumulated other comprehensive loss	(32,361)	(23,915)	(29,142)
Retained earnings	861,341	868,799	814,083
Total shareholders’ equity	829,340	845,250	785,311
Total liabilities and shareholders’ equity	$ 2,378,385	$ 2,378,613	$ 2,319,806

STOCK-BASED COMPENSATION (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
STOCK-BASED COMPENSATION (Details) - USD ($) $ in Thousands	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 4,686	$ 3,928	$ 13,976	$ 14,912
Time-based awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	4,005	4,353	12,437	12,898
Performance-based awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	444	(425)	(605)	464
Reversal of previously recognized stock compensation expense		1,100	1,900	1,500
Market-based awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	237	0	544	0
Stock awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 0	$ 0	$ 1,600	$ 1,550

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 35
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+ Details

REVENUE RECOGNITION - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023	Dec. 30, 2023
Disaggregation of Revenue [Line Items]
Net sales	$ 758,464	$ 791,651	$ 1,984,390	$ 2,087,730
Total gross receivables	260,352	256,216	260,352	256,216	$ 196,891
Less: Wholesale accounts receivable reserves	(8,303)	(6,741)	(8,303)	(6,741)	(4,754)
Accounts receivable, net	247,013	240,507	247,013	240,507	183,774
Allowance for chargebacks	5,000	9,000	5,000	9,000	8,400
Trade receivables from wholesale customers, net
Disaggregation of Revenue [Line Items]
Total gross receivables	243,085	239,493	243,085	239,493	172,106
Royalties receivable
Disaggregation of Revenue [Line Items]
Total gross receivables	5,237	5,825	5,237	5,825	4,753
Other receivables
Disaggregation of Revenue [Line Items]
Total gross receivables	12,030	10,898	12,030	10,898	20,032
Allowance, Credit Loss
Disaggregation of Revenue [Line Items]
Less: Wholesale accounts receivable reserves	(13,339)	(15,709)	(13,339)	(15,709)	(13,117)
Accrued Income Receivable
Disaggregation of Revenue [Line Items]
Total gross receivables					$ 6,900
Direct-to-consumer
Disaggregation of Revenue [Line Items]
Net sales	420,159	445,471	1,127,460	1,202,989
Wholesale channel
Disaggregation of Revenue [Line Items]
Net sales	338,305	346,180	856,930	884,741
Royalty income, net
Disaggregation of Revenue [Line Items]
Net sales	5,740	5,713	14,959	16,573
U.S. Retail
Disaggregation of Revenue [Line Items]
Net sales	352,987	374,796	950,877	1,021,983
U.S. Retail \| Direct-to-consumer
Disaggregation of Revenue [Line Items]
Net sales	352,987	374,796	950,877	1,021,983
U.S. Retail \| Wholesale channel
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
U.S. Retail \| Royalty income, net
Disaggregation of Revenue [Line Items]
Net sales	2,539	2,236	4,581	5,746
U.S. Wholesale
Disaggregation of Revenue [Line Items]
Net sales	298,980	300,338	756,022	767,194
U.S. Wholesale \| Direct-to-consumer
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
U.S. Wholesale \| Wholesale channel
Disaggregation of Revenue [Line Items]
Net sales	298,980	300,338	756,022	767,194
U.S. Wholesale \| Royalty income, net
Disaggregation of Revenue [Line Items]
Net sales	2,884	3,147	8,727	8,694
International
Disaggregation of Revenue [Line Items]
Net sales	106,497	116,517	277,491	298,553
International \| Direct-to-consumer
Disaggregation of Revenue [Line Items]
Net sales	67,172	70,675	176,583	181,006
International \| Wholesale channel
Disaggregation of Revenue [Line Items]
Net sales	39,325	45,842	100,908	117,547
International \| Royalty income, net
Disaggregation of Revenue [Line Items]
Net sales	$ 317	$ 330	$ 1,651	$ 2,133

FAIR VALUE MEASUREMENTS - Borrowings (Details) - USD ($)	Sep. 28, 2024	Dec. 30, 2023	Sep. 30, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total long-term debt, net	$ 497,930,000	$ 497,354,000	$ 567,168,000
Secured revolving credit facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Secured revolving credit facility	0	$ 0	$ 70,000,000
Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument, face amount	500,000,000.0
Senior Notes \| Fair Value \| Fair Value, Inputs, Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total long-term debt, net	$ 498,100,000

- 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

OTHER CURRENT LIABILITIES

9 Months Ended

Sep. 28, 2024

Other Liabilities Disclosure [Abstract]

OTHER CURRENT LIABILITIES

The components of Other current liabilities were as follows:


(dollars in thousands)	September 28, 2024		December 30, 2023		September 30, 2023
Unredeemed gift cards	$	24,638	$	25,162	$	23,983
Accrued employee benefits	14,995		17,928		17,433
Accrued taxes	10,512		12,909		13,534
Accrued salaries and wages	5,999		12,458		6,030
Accrued bonuses and incentive compensation(*)	2,866		20,817		12,184

Income taxes payable	1,099		12,697		6,341
Accrued other	19,950		32,373		26,617
Other current liabilities	$	80,059	$	134,344	$	106,122

(*)Decrease driven by lower than forecasted financial performance in fiscal 2024.

BASIS OF PRESENTATION, RECENT ACCOUNTING PRONOUCEMENTS, AND OTHER (Policies)	9 Months Ended
	Sep. 28, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements 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 on 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 the adoption of ASU 2023-07 on its disclosures, but does not expect it to have a material impact on its consolidated financial statements. 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 the adoption of ASU 2023-09 on its disclosures, but does not expect it to have a material impact on its consolidated financial statements.

REVENUE RECOGNITION - Contract Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023	Dec. 30, 2023
Revenue from Contract with Customer [Abstract]
Unredeemed gift cards	$ 24,638	$ 23,983	$ 24,638	$ 23,983	$ 25,162
Unredeemed customer loyalty rewards	2,362	4,020	2,362	4,020	3,355
Carter's credit card - upfront bonus	714	714	714	714	714
Total contract liabilities-current	27,714	28,717	27,714	28,717	29,231
Contract liabilities - non-current	179	893	179	893	714
Total contract liabilities	27,893	29,610	27,893	29,610	$ 29,945
Gift card liability revenue recognized	$ 1,400	$ 1,100	$ 7,100	$ 6,400

OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Thousands	Sep. 28, 2024	Dec. 30, 2023	Sep. 30, 2023
Other Liabilities Disclosure [Abstract]
Unredeemed gift cards	$ 24,638	$ 25,162	$ 23,983
Accrued employee benefits	14,995	17,928	17,433
Accrued taxes	10,512	12,909	13,534
Accrued salaries and wages	5,999	12,458	6,030
Accrued bonuses and incentive compensation	2,866	20,817	12,184
Income taxes payable	1,099	12,697	6,341
Accrued other	19,950	32,373	26,617
Other current liabilities	$ 80,059	$ 134,344	$ 106,122

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net income	$ 123,992	$ 125,990
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of property, plant, and equipment	40,893	45,764
Amortization of intangible assets	2,778	2,805
Provision for (recoveries of) excess and obsolete inventory, net	8,348	(324)
Gain on partial termination of corporate lease	0	(4,366)
Other asset impairments and loss on disposal of property, plant and equipment, net of recoveries	235	2,807
Amortization of debt issuance costs	1,218	1,186
Stock-based compensation expense	13,976	14,912
Unrealized foreign currency exchange loss (gain), net	307	(201)
Provisions for doubtful accounts receivable from customers	3,689	2,402
Unrealized gain on investments	(1,678)	(1,391)
Partial pension plan settlement	949	0
Deferred income taxes expense (benefit)	6,416	(949)
Effect of changes in operating assets and liabilities:
Accounts receivable	(68,035)	(43,623)
Finished goods inventories	(83,268)	127,190
Prepaid expenses and other assets	(12,376)	(3,965)
Accounts payable and other liabilities	(26,125)	(62,447)
Net cash provided by operating activities	11,319	205,790
Cash flows from investing activities:
Capital expenditures	(39,637)	(42,470)
Net cash used in investing activities	(39,637)	(42,470)
Cash flows from financing activities:
Borrowings under secured revolving credit facility	0	70,000
Payments on secured revolving credit facility	0	(120,000)
Repurchases of common stock	(50,526)	(67,492)
Dividends paid	(87,345)	(84,503)
Withholdings from vesting of restricted stock	(7,569)	(5,007)
Proceeds from exercises of stock options	367	384
Net cash used in financing activities	(145,073)	(206,618)
Net effect of exchange rate changes on cash and cash equivalents	(2,286)	656
Net decrease in cash and cash equivalents	(175,677)	(42,642)
Cash and cash equivalents, beginning of period	351,213	211,748
Cash and cash equivalents, end of period	$ 175,536	$ 169,106

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 28, 2024
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

INCOME TAXES	9 Months Ended
INCOME TAXES	Sep. 28, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES As of September 28, 2024, the Company had gross unrecognized income tax benefits of approximately $8.3 million, of which $5.9 million, if ultimately recognized, may affect the Company’s effective income tax rate in the periods settled. The Company has recorded tax positions for which the ultimate deductibility is more likely than not, but for which there is uncertainty about the timing of such deductions. Included in the reserves for unrecognized tax benefits at September 28, 2024 is approximately $1.3 million of reserves for which the statute of limitations is expected to expire within the next 12 months. If these tax benefits are ultimately recognized, such recognition, net of federal income taxes, may affect the annual effective income tax rate for fiscal 2024 along with the effective income tax rate in the quarter in which the benefits are recognized. The Company recognizes interest related to unrecognized tax benefits as a component of interest expense and recognizes penalties related to unrecognized income tax benefits as a component of income tax expense. Interest expense recorded on uncertain tax positions was not material for the third quarter and first three quarters of fiscal 2024 and fiscal 2023. The Company had approximately $1.6 million, $1.5 million, and $2.0 million of interest accrued on uncertain tax positions as of September 28, 2024, December 30, 2023, and September 30, 2023, 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

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+ Details

LONG-TERM DEBT (Tables)

9 Months Ended

Sep. 28, 2024

Debt Disclosure [Abstract]

Schedule of Long-term Debt, Net

The components of Long-term debt, net were as follows:


(dollars in thousands)	September 28, 2024		December 30, 2023		September 30, 2023
$500 million 5.625% senior notes due March 15, 2027	$	500,000	$	500,000	$	500,000
Less unamortized debt issuance-related costs	(2,070)		(2,646)		(2,832)
Senior notes, net	$	497,930	$	497,354	$	497,168
Secured revolving credit facility	—		—		70,000
Total long-term debt, net	$	497,930	$	497,354	$	567,168

- Definition

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

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 58,320	$ 66,127	$ 123,992	$ 125,990
Other comprehensive income (loss):
Partial pension settlement charge, net of tax	725	0	725	0
Unrealized gain on OshKosh B'gosh defined benefit plan, net of tax	1,539	0	1,539	0
Foreign currency translation adjustments	(1,811)	(4,179)	(10,710)	5,196
Total other comprehensive income (loss)	453	(4,179)	(8,446)	5,196
Comprehensive income	$ 58,773	$ 61,948	$ 115,546	$ 131,186

- Definition

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

+ References

+ Details

THE COMPANY	9 Months Ended
THE COMPANY	Sep. 28, 2024
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 and related products 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 eCommerce sites that market its brand name merchandise and other licensed products manufactured by other companies. Our trademarks that are referred to in this Quarterly Report on Form 10-Q, including Carter’s, OshKosh B’gosh, OshKosh, Skip Hop, Child of Mine, Just One You, Simple Joys, Little Planet, and other brands, many of which are registered in the United States and in over 100 other countries and territories, are each the property of one or more subsidiaries of Carter’s, Inc.

ACCUMULATED OTHER COMPREHENSIVE LOSS

9 Months Ended

Sep. 28, 2024

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

ACCUMULATED OTHER COMPREHENSIVE LOSS

The components of Accumulated other comprehensive loss were as follows:


(dollars in thousands)	September 28, 2024		December 30, 2023		September 30, 2023
Cumulative foreign currency translation adjustments	$	(28,943)	$	(18,233)	$	(23,630)
Pension and post-retirement obligations(*)	(3,418)		(5,682)		(5,512)
Total accumulated other comprehensive loss	$	(32,361)	$	(23,915)	$	(29,142)

(*)Net of income taxes of $1.1 million, $1.8 million, and $1.7 million for the period ended September 28, 2024, December 30, 2023, and September 30, 2023, respectively.

In the third quarter of fiscal 2024 the Company made single-sum payments to certain participants in the frozen OshKosh B’Gosh, Inc. Pension Plan (the “pension plan”), thereby reducing its pension benefit obligations. As a result of the single-sum payout, the Company remeasured the funded status of the pension plan as of August 31, 2024. In the third quarter and first three quarters of fiscal 2024, a gain on pension obligations of $1.5 million (net of income taxes of $0.5 million) was recognized in Accumulated other comprehensive income related to this remeasurement.

Additionally, in the third quarter and first three quarters of fiscal 2024, $0.7 million of deferred losses on pension obligations (net of income taxes of $0.2 million) were reclassified from Accumulated other comprehensive loss to Other expense (income), net within the condensed consolidated statement of operations related to the partial settlement of the pension plan. Refer to Note 12, Employee Benefit Plans, to the condensed consolidated financial statement.

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

BASIS OF PRESENTATION, RECENT ACCOUNTING PRONOUCEMENTS, AND OTHER	9 Months Ended
	Sep. 28, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION, RECENT ACCOUNTING PRONOUCEMENTS, AND OTHER	BASIS OF PRESENTATION, RECENT ACCOUNTING PRONOUNCEMENTS, AND OTHER The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”). All intercompany transactions and balances have been eliminated in consolidation. In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all normal and recurring adjustments necessary to state fairly the consolidated financial condition, results of operations, comprehensive income, statement of shareholders’ equity, and cash flows of the Company for the interim periods presented. Except as otherwise disclosed, all such adjustments consist only of those of a normal recurring nature. Operating results for the fiscal quarter ended September 28, 2024 are not necessarily indicative of the results that may be expected for the current fiscal year ending December 28, 2024. The preparation of these unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. The accompanying condensed consolidated balance sheet as of December 30, 2023 was derived from the Company’s audited consolidated financial statements included in its most recently filed Annual Report on Form 10-K. Certain information and footnote disclosure normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to the rules and regulations of the SEC and the instructions to Form 10-Q.. Accounting Policies The accounting policies the Company follows are set forth in its most recently filed Annual Report on Form 10-K. There have been no material changes to these accounting policies. Recent Accounting Pronouncements 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 on 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 the adoption of ASU 2023-07 on its disclosures, but does not expect it to have a material impact on its consolidated financial statements. 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 the adoption of ASU 2023-09 on its disclosures, but does not expect it to have a material impact on its consolidated financial statements. 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 September 28, 2024, 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 condensed consolidated balance sheets. As of September 28, 2024, December 30, 2023, and September 30, 2023, amounts under the SCF program included in Accounts payable were $14.3 million, $14.8 million, and $16.7 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.