Carter's (CRI) 10-Q 26 Jul 24 2024 Q2 Quarterly report Financial data

COVER PAGE

COVER PAGE - shares	6 Months Ended
	Jun. 29, 2024	Jul. 19, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 29, 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)		36,132,947
Entity Central Index Key	0001060822
Current Fiscal Year End Date	--12-28
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 29, 2024	Dec. 30, 2023	Jul. 01, 2023
Current assets:
Cash and cash equivalents	$ 316,646	$ 351,213	$ 174,503
Accounts receivable, net	132,360	183,774	132,679
Finished goods inventories, net of inventory reserves	599,295	537,125	681,573
Prepaid expenses and other current assets	54,085	29,131	56,616
Total current assets	1,102,386	1,101,243	1,045,371
Property, plant, and equipment, net of accumulated depreciation	181,659	183,111	178,100
Operating lease assets	509,168	528,407	499,689
Tradenames, net	298,097	298,186	298,274
Goodwill	209,086	210,537	210,517
Customer relationships, net	25,386	27,238	28,995
Other assets	29,735	29,891	27,525
Total assets	2,355,517	2,378,613	2,288,471
Current liabilities:
Accounts payable	313,796	242,149	281,333
Current operating lease liabilities	128,952	135,369	137,473
Other current liabilities	84,895	134,344	98,730
Total current liabilities	527,643	511,862	517,536
Long-term debt, net	497,735	497,354	496,984
Deferred income taxes	48,910	41,470	45,436
Long-term operating lease liabilities	436,575	448,810	420,805
Other long-term liabilities	32,904	33,867	32,701
Total liabilities	1,543,767	1,533,363	1,513,462
Commitments and contingencies - Note $12
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; 36,280,056, 36,551,221, and 37,354,464 shares issued and outstanding, respectively	363	366	374
Additional paid-in capital	0	0	0
Accumulated other comprehensive loss	(32,814)	(23,915)	(24,963)
Retained earnings	844,201	868,799	799,598
Total shareholders’ equity	811,750	845,250	775,009
Total liabilities and shareholders’ equity	$ 2,355,517	$ 2,378,613	$ 2,288,471

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 29, 2024	Dec. 30, 2023	Jul. 01, 2023
Statement of Financial Position [Abstract]
Accounts receivable, allowance for credit loss	$ 4,895	$ 4,754	$ 3,849
Finished goods inventories, inventory reserves	13,844	8,990	17,847
Property, plant, and equipment, accumulated depreciation	$ 640,751	$ 615,907	$ 592,310
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)	36,280,056	36,551,221	37,354,464
Common stock voting; shares outstanding (in shares)	36,280,056	36,551,221	37,354,464

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Income Statement [Abstract]
Net sales	$ 564,434	$ 600,199	$ 1,225,926	$ 1,296,079
Cost of goods sold	281,497	308,303	627,799	694,716
Gross profit	282,937	291,896	598,127	601,363
Royalty income, net	4,004	4,341	9,220	10,860
Selling, general, and administrative expenses	247,489	258,676	512,859	518,308
Operating income	39,452	37,561	94,488	93,915
Interest expense	7,870	8,083	15,775	17,727
Interest income	(3,186)	(1,005)	(6,274)	(1,705)
Other expense (income), net	404	(767)	678	(1,025)
Income before income taxes	34,364	31,250	84,309	78,918
Income tax provision	6,725	7,383	18,637	19,055
Net income	$ 27,639	$ 23,867	$ 65,672	$ 59,863
Basic net income per common share (in USD per share)	$ 0.76	$ 0.64	$ 1.80	$ 1.59
Diluted net income per common share (in USD per share)	0.76	0.64	1.80	1.59
Dividend declared and paid per common share (in USD per share)	$ 0.80	$ 0.75	$ 1.60	$ 1.50

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 27,639	$ 23,867	$ 65,672	$ 59,863
Other comprehensive income:
Foreign currency translation adjustments	(7,147)	5,449	(8,899)	9,375
Comprehensive income	$ 20,492	$ 29,316	$ 56,773	$ 69,238

CONDENSED CONSOLIDATED STATEM_3

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	$ 69,238
Balance at end of period (in shares) at Jul. 01, 2023	37,354,464	37,354,464
Balance at end of period at Jul. 01, 2023	$ 775,009	$ 374	0	(24,963)	799,598
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]
Exercise of stock options (in shares)		0
Exercise of stock options	0	$ 0	0	0	0
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	37,354,464
Balance at end of period at Jul. 01, 2023	$ 775,009	$ 374	0	(24,963)	799,598
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	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
Other	0	$ 0	0	0	0
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	$ 56,773
Balance at end of period (in shares) at Jun. 29, 2024	36,280,056	36,280,056
Balance at end of period at Jun. 29, 2024	$ 811,750	$ 363	0	(32,814)	844,201
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	36,280,056
Balance at end of period at Jun. 29, 2024	$ 811,750	$ 363	$ 0	$ (32,814)	$ 844,201

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended				6 Months Ended
	Jun. 29, 2024	Mar. 30, 2024	Jul. 01, 2023	Apr. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Statement of Stockholders' Equity [Abstract]
Dividend declared and paid per common share (in USD per share)	$ 0.80	$ 0.80	$ 0.75	$ 0.75	$ 1.60	$ 1.50

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023
Cash flows from operating activities:
Net income	$ 65,672	$ 59,863
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of property, plant, and equipment	27,386	30,655
Amortization of intangible assets	1,858	1,877
Provision for (recoveries of) excess and obsolete inventory, net	4,986	(1,581)
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	87	2,751
Amortization of debt issuance costs	809	788
Stock-based compensation expense	9,290	10,984
Unrealized foreign currency exchange loss (gain), net	109	(429)
Provision for (recoveries of) doubtful accounts receivable from customers	285	(491)
Unrealized gain on investments	(1,081)	(633)
Deferred income taxes expense	7,153	4,274
Effect of changes in operating assets and liabilities:
Accounts receivable	50,516	67,425
Finished goods inventories	(70,802)	70,017
Prepaid expenses and other assets	(24,320)	(21,643)
Accounts payable and other liabilities	19,743	(10,249)
Net cash provided by operating activities	91,691	209,242
Cash flows from investing activities:
Capital expenditures	(24,315)	(26,356)
Net cash used in investing activities	(24,315)	(26,356)
Cash flows from financing activities:
Payments on secured revolving credit facility	0	(120,000)
Repurchases of common stock	(33,778)	(39,922)
Dividends paid	(58,510)	(56,641)
Withholdings from vesting of restricted stock	(7,436)	(4,837)
Proceeds from exercises of stock options	367	83
Net cash used in financing activities	(99,357)	(221,317)
Net effect of exchange rate changes on cash and cash equivalents	(2,586)	1,186
Net decrease in cash and cash equivalents	(34,567)	(37,245)
Cash and cash equivalents, beginning of period	351,213	211,748
Cash and cash equivalents, end of period	$ 316,646	$ 174,503

THE COMPANY

THE COMPANY	6 Months Ended
	Jun. 29, 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 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.

BASIS OF PRESENTATION, RECENT A

BASIS OF PRESENTATION, RECENT ACCOUNTING PRONOUNCEMENTS, AND OTHER	6 Months Ended
	Jun. 29, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	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 June 29, 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 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. 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 June 29, 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 June 29, 2024, December 30, 2023, and July 1, 2023, amounts under the SCF program included in Accounts payable were $31.9 million,$14.8 million, and $23.0 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. 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. Payments to electing participants are expected to be made in August 2024, after which the pension plan will have no further obligations to these participants. The Company expects to recognize related non-cash charges of approximately $1.0 million to $2.0 million in the third quarter of fiscal 2024 in connection with payments to these participants. The actual amount of such charges will depend on the number of participants who receive payments and various actuarial assumptions. Additionally, the Board of Directors authorized the termination of the pension plan, with an anticipated effective date of November 30, 2024. The Company expects to make a contribution to fully fund the plan for termination, followed by the purchase of annuity contracts to transfer its remaining liabilities under the pension plan, in the second half of fiscal 2025. The contribution amount will depend upon the nature and timing of participant settlements and prevailing market conditions. The Company expects to recognize non-cash charges 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.

REVENUE RECOGNITION

REVENUE RECOGNITION	6 Months Ended
	Jun. 29, 2024
Revenue from Contract with Customer [Abstract]
REVENUE RECOGNITION	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 June 29, 2024 (dollars in thousands) U.S. Retail U.S. Wholesale International Total Direct-to-consumer $ 290,249 $ — $ 54,349 $ 344,598 Wholesale channel — 192,911 26,925 219,836 $ 290,249 $ 192,911 $ 81,274 $ 564,434 Royalty income, net $ 558 $ 2,484 $ 962 $ 4,004 Two fiscal quarters ended June 29, 2024 (dollars in thousands) U.S. Retail U.S. Wholesale International Total Direct-to-consumer $ 597,890 $ — $ 109,411 $ 707,301 Wholesale channel — 457,042 61,583 518,625 $ 597,890 $ 457,042 $ 170,994 $ 1,225,926 Royalty income, net $ 2,042 $ 5,843 $ 1,335 $ 9,220 Fiscal quarter ended July 1, 2023 (dollars in thousands) U.S. Retail U.S. Wholesale International Total Direct-to-consumer $ 323,466 $ — $ 56,657 $ 380,123 Wholesale channel — 186,867 33,209 220,076 $ 323,466 $ 186,867 $ 89,866 $ 600,199 Royalty income, net $ 1,432 $ 1,988 $ 921 $ 4,341 Two fiscal quarters ended July 1, 2023 (dollars in thousands) U.S. Retail U.S. Wholesale International Total Direct-to-consumer $ 647,187 $ — $ 110,331 $ 757,518 Wholesale channel — 466,856 71,705 538,561 $ 647,187 $ 466,856 $ 182,036 $ 1,296,079 Royalty income, net $ 3,510 $ 5,546 $ 1,804 $ 10,860 Accounts Receivable from Customers and Licensees The components of Accounts receivable, net were as follows: (dollars in thousands) June 29, 2024 December 30, 2023 July 1, 2023 Trade receivables from wholesale customers, net $ 127,583 $ 172,106 $ 128,421 Royalties receivable 3,799 4,753 4,369 Other receivables (1) 10,857 20,032 11,965 Total gross receivables $ 142,239 $ 196,891 $ 144,755 Less: Wholesale accounts receivable reserves (2)(3) (9,879) (13,117) (12,076) Accounts receivable, net $ 132,360 $ 183,774 $ 132,679 (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 $8.2 million for the periods ended June 29, 2024, December 30, 2023, and July 1, 2023, respectively. (3) Includes allowance for credit losses of $4.9 million, $4.8 million, and $3.8 million for the periods ended June 29, 2024, December 30, 2023, and July 1, 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) June 29, 2024 December 30, 2023 July 1, 2023 Contract liabilities - current: Unredeemed gift cards (1) $ 24,484 $ 25,162 $ 23,987 Unredeemed customer loyalty rewards 1,832 3,355 3,575 Carter’s credit card - upfront bonus (2) 714 714 714 Total contract liabilities - current (3) $ 27,030 $ 29,231 $ 28,276 Contract liabilities - non-current (4) $ 357 $ 714 $ 1,071 Total contract liabilities $ 27,387 $ 29,945 $ 29,347 (1) During the second quarters of fiscal 2024 and fiscal 2023, the Company recognized revenue of $2.0 million and $1.8 million related to the gift card liability balance that existed at March 30, 2024 and April 1, 2023, respectively. Additionally, during the first two quarters of fiscal 2024 and fiscal 2023, the Company recognized revenue of $5.7 million and $5.3 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.

OTHER CURRENT LIABILITIES

OTHER CURRENT LIABILITIES	6 Months Ended
	Jun. 29, 2024
Other Liabilities Disclosure [Abstract]
OTHER CURRENT LIABILITIES	OTHER CURRENT LIABILITIES The components of Other current liabilities were as follows: (dollars in thousands) June 29, 2024 December 30, 2023 July 1, 2023 Unredeemed gift cards $ 24,484 $ 25,162 $ 23,987 Accrued salaries and wages 11,940 12,458 11,551 Accrued employee benefits 11,546 17,928 12,900 Accrued taxes 7,671 12,909 11,467 Accrued bonuses and incentive compensation 2,418 20,817 6,488 Income taxes payable — 12,697 973 Accrued other 26,836 32,373 31,364 Other current liabilities $ 84,895 $ 134,344 $ 98,730

LONG-TERM DEBT

LONG-TERM DEBT	6 Months Ended
	Jun. 29, 2024
Debt Disclosure [Abstract]
LONG-TERM DEBT	LONG-TERM DEBT The components of Long-term debt, net were as follows: (dollars in thousands) June 29, 2024 December 30, 2023 July 1, 2023 $500 million 5.625% senior notes due March 15, 2027 $ 500,000 $ 500,000 $ 500,000 Less unamortized issuance-related costs for senior notes (2,265) (2,646) (3,016) Senior notes, net $ 497,735 $ 497,354 $ 496,984 Secured revolving credit facility — — — Long-term debt, net $ 497,735 $ 497,354 $ 496,984 Secured Revolving Credit Facility As of June 29, 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 June 29, 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. On June 24, 2024, the Company, through its wholly owned subsidiary, The William Carter Company (“TWCC”), entered into Amendment No. 5 to its fourth amended and restated credit agreement (“Amendment No. 5”) that provides for the transition from Canadian Dollar Offered Rate (“CDOR”) to Canadian Overnight Repo Rate Average (“CORRA”) for use as a reference rate when determining interest for Term Benchmark Loans. As of June 29, 2024, the interest rate margins applicable to the secured revolving credit facility were 1.125% for adjusted term Secured Overnight Financing Rate (“SOFR”) loans and 0.125% for base rate loans. As of June 29, 2024, the applicable borrowing rate for 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 6.56%. As of June 29, 2024, the Company was in compliance with its financial and other covenants under the secured revolving credit facility.

COMMON STOCK

COMMON STOCK	6 Months Ended
	Jun. 29, 2024
Stockholders' Equity Note [Abstract]
COMMON STOCK	COMMON STOCK Open Market Share Repurchases The Company repurchased and retired shares in open market transactions in the following amounts for the fiscal periods indicated: Fiscal quarter ended Two fiscal quarters ended June 29, 2024 July 1, 2023 June 29, 2024 July 1, 2023 Number of shares repurchased (1) 354,093 449,481 461,888 585,354 Aggregate cost of shares repurchased (dollars in thousands) (2) $ 24,778 $ 30,336 $ 33,778 $ 39,922 Average price per share (2) $ 69.98 $ 67.49 $ 73.13 $ 68.20 (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 excludes excise tax on share repurchases. The total aggregate remaining capacity under outstanding repurchase authorizations as of June 29, 2024 was approximately $615.7 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 two 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 $1.60 for the first two quarters of fiscal 2024). Additionally, in each of the first two 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 $1.50 for the first two 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 .

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	6 Months Ended
	Jun. 29, 2024
Share-Based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION	STOCK-BASED COMPENSATION The Company recorded stock-based compensation expense as follows: Fiscal quarter ended Two fiscal quarters ended (dollars in thousands) June 29, 2024 July 1, 2023 June 29, 2024 July 1, 2023 Restricted stock: Time-based awards $ 3,670 $ 4,183 $ 8,431 $ 8,545 Performance-based awards (1,379) 908 (1,048) 889 Market-based awards 229 — 307 — Stock awards 1,600 1,550 1,600 1,550 Total $ 4,120 $ 6,641 $ 9,290 $ 10,984 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 second quarter 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.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE LOSS	6 Months Ended
	Jun. 29, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
ACCUMULATED OTHER COMPREHENSIVE LOSS	ACCUMULATED OTHER COMPREHENSIVE LOSS The components of Accumulated other comprehensive loss consisted of the following: (dollars in thousands) June 29, 2024 December 30, 2023 July 1, 2023 Cumulative foreign currency translation adjustments $ (27,132) $ (18,233) $ (19,451) Pension and post-retirement obligations (*) (5,682) (5,682) (5,512) Total accumulated other comprehensive loss $ (32,814) $ (23,915) $ (24,963) (*) Net of income taxes of $1.8 million, $1.8 million, and $1.7 million for the periods ended June 29, 2024, December 30, 2023, and July 1, 2023, respectively. During the first two quarters of both fiscal 2024 and fiscal 2023, no amounts were reclassified from Accumulated other comprehensive loss to the condensed consolidated statement of operations.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Jun. 29, 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 $18.4 million, $17.3 million, and $15.7 million at June 29, 2024, December 30, 2023, and July 1, 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 $0.5 million and $1.1 million for the second quarter and the first two quarters of fiscal 2024, respectively. Gains on the investments in marketable securities were $0.2 million and $0.6 million for the second quarter and the first two 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 June 29, 2024, the Company had no outstanding borrowings under its secured revolving credit facility. The fair value of the Company’s senior notes at June 29, 2024 was approximately $491.3 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 Assets, 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.

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 29, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES As of June 29, 2024, the Company had gross unrecognized income tax benefits of approximately $8.6 million, of which $6.0 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 June 29, 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 second quarter and first two quarters of fiscal 2024 and fiscal 2023. The Company had approximately $1.9 million, $1.5 million, and $1.6 million of interest accrued on uncertain tax positions as of June 29, 2024, December 30, 2023, and July 1, 2023, respectively.

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 29, 2024
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE The following is a reconciliation of basic common shares outstanding to diluted common and common equivalent shares outstanding: Fiscal quarter ended Two fiscal quarters ended June 29, 2024 July 1, 2023 June 29, 2024 July 1, 2023 Weighted-average number of common and common equivalent shares outstanding: Basic number of common shares outstanding 35,688,755 36,824,490 35,774,748 36,964,509 Dilutive effect of equity awards 135 127 1,692 3,850 Diluted number of common and common equivalent shares outstanding 35,688,890 36,824,617 35,776,440 36,968,359 Earnings per share: (dollars in thousands, except per share data) Basic net income per common share: Net income $ 27,639 $ 23,867 $ 65,672 $ 59,863 Income allocated to participating securities (523) (426) (1,218) (1,018) Net income available to common shareholders $ 27,116 $ 23,441 $ 64,454 $ 58,845 Basic net income per common share $ 0.76 $ 0.64 $ 1.80 $ 1.59 Diluted net income per common share: Net income $ 27,639 $ 23,867 $ 65,672 $ 59,863 Income allocated to participating securities (523) (426) (1,218) (1,018) Net income available to common shareholders $ 27,116 $ 23,441 $ 64,454 $ 58,845 Diluted net income per common share $ 0.76 $ 0.64 $ 1.80 $ 1.59 Anti-dilutive awards excluded from diluted earnings per share computation (*) 424,161 565,956 438,632 497,076 (*) The volume of anti-dilutive awards is, in part, due to the related unamortized compensation costs.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 29, 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.

SEGMENT INFORMATION

SEGMENT INFORMATION	6 Months Ended
	Jun. 29, 2024
Segment Reporting [Abstract]
SEGMENT INFORMATION	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 Two fiscal quarters ended (dollars in thousands) June 29, 2024 % of July 1, 2023 % of June 29, % of July 1, % of Net sales : U.S. Retail $ 290,249 51.4 % $ 323,466 53.9 % $ 597,890 48.8 % $ 647,187 49.9 % U.S. Wholesale 192,911 34.2 % 186,867 31.1 % 457,042 37.3 % 466,856 36.0 % International 81,274 14.4 % 89,866 15.0 % 170,994 13.9 % 182,036 14.1 % Consolidated net sales $ 564,434 100.0 % $ 600,199 100.0 % $ 1,225,926 100.0 % $ 1,296,079 100.0 % Operating income : % of % of segment net sales % of % of U.S. Retail $ 18,078 6.2 % $ 28,211 8.7 % $ 32,372 5.4 % $ 55,150 8.5 % U.S. Wholesale 36,207 18.8 % 29,209 15.6 % 99,535 21.8 % 81,301 17.4 % International 5,557 6.8 % 6,690 7.4 % 7,744 4.5 % 9,814 5.4 % Corporate expenses (*) (20,390) n/a (26,549) n/a (45,163) n/a (52,350) n/a Consolidated operating income $ 39,452 7.0 % $ 37,561 6.3 % $ 94,488 7.7 % $ 93,915 7.2 % (*) 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 July 1, 2023 Two fiscal quarters ended July 1, 2023 Charges: U.S. Retail U.S. Wholesale International U.S. Retail U.S. Wholesale International Organizational restructuring (*) $ 0.2 $ 0.1 $ — $ (0.6) $ (0.4) $ — (*) Relates to charges (gains) for organizational restructuring and related corporate office lease amendment actions. Additionally, the second fiscal quarter and first two fiscal quarters ended July1, 2023 includes a corporate charge of $0.1 million and $2.5 million, respectively, related to organizational restructuring and related corporate office lease amendment actions.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Pay vs Performance Disclosure
Net income	$ 27,639	$ 23,867	$ 65,672	$ 59,863

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	6 Months Ended
	Jun. 29, 2024 shares	Jun. 29, 2024 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Michael D. Casey [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		Trading Plans Name and Title Action Adoption Date Rule 10b5-1 (1) Non-Rule 10b5-1 (2) Number of Securities to be Sold Expiration Date Michael D. Casey, Chairman, Chief Executive Officer & President Adoption 5/10/2024 x — 65,267 (3) 11/4/2025 (1) Intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act. Trades are not permitted to be executed under the plan prior to November 4, 2024. (2) A “Non-Rule 10b5-1 Trading Arrangement” as defined under Item 408(c) of Regulation S-K under the Exchange Act and not intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act. (3) Relates to (i) the potential exercises of up to 28,000 vested stock options and the potential sales of shares of the Company’s common stock received upon such exercises and (ii) the potential sales of up to 37,267 shares of the Company’s common stock.
Name	Michael D. Casey
Title	Chairman, Chief Executive Officer & President
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	5/10/2024
Arrangement Duration	543 days
Aggregate Available	65,267	65,267
Michael D. Casey Trading Arrangement, Stock Option [Member] | Michael D. Casey [Member]
Trading Arrangements, by Individual
Aggregate Available	28,000	28,000
Michael D. Casey Trading Arrangement, Common Stock [Member] | Michael D. Casey [Member]
Trading Arrangements, by Individual
Aggregate Available	37,267	37,267

BASIS OF PRESENTATION, RECENT_2

BASIS OF PRESENTATION, RECENT ACCOUNTING PRONOUNCEMENTS, AND OTHER (Policies)	6 Months Ended
	Jun. 29, 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 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.

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	6 Months Ended
	Jun. 29, 2024
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	Disaggregated revenues from these sources for the fiscal periods indicated were as follows: Fiscal quarter ended June 29, 2024 (dollars in thousands) U.S. Retail U.S. Wholesale International Total Direct-to-consumer $ 290,249 $ — $ 54,349 $ 344,598 Wholesale channel — 192,911 26,925 219,836 $ 290,249 $ 192,911 $ 81,274 $ 564,434 Royalty income, net $ 558 $ 2,484 $ 962 $ 4,004 Two fiscal quarters ended June 29, 2024 (dollars in thousands) U.S. Retail U.S. Wholesale International Total Direct-to-consumer $ 597,890 $ — $ 109,411 $ 707,301 Wholesale channel — 457,042 61,583 518,625 $ 597,890 $ 457,042 $ 170,994 $ 1,225,926 Royalty income, net $ 2,042 $ 5,843 $ 1,335 $ 9,220 Fiscal quarter ended July 1, 2023 (dollars in thousands) U.S. Retail U.S. Wholesale International Total Direct-to-consumer $ 323,466 $ — $ 56,657 $ 380,123 Wholesale channel — 186,867 33,209 220,076 $ 323,466 $ 186,867 $ 89,866 $ 600,199 Royalty income, net $ 1,432 $ 1,988 $ 921 $ 4,341 Two fiscal quarters ended July 1, 2023 (dollars in thousands) U.S. Retail U.S. Wholesale International Total Direct-to-consumer $ 647,187 $ — $ 110,331 $ 757,518 Wholesale channel — 466,856 71,705 538,561 $ 647,187 $ 466,856 $ 182,036 $ 1,296,079 Royalty income, net $ 3,510 $ 5,546 $ 1,804 $ 10,860 Accounts Receivable from Customers and Licensees The components of Accounts receivable, net were as follows: (dollars in thousands) June 29, 2024 December 30, 2023 July 1, 2023 Trade receivables from wholesale customers, net $ 127,583 $ 172,106 $ 128,421 Royalties receivable 3,799 4,753 4,369 Other receivables (1) 10,857 20,032 11,965 Total gross receivables $ 142,239 $ 196,891 $ 144,755 Less: Wholesale accounts receivable reserves (2)(3) (9,879) (13,117) (12,076) Accounts receivable, net $ 132,360 $ 183,774 $ 132,679 (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 $8.2 million for the periods ended June 29, 2024, December 30, 2023, and July 1, 2023, respectively. (3) Includes allowance for credit losses of $4.9 million, $4.8 million, and $3.8 million for the periods ended June 29, 2024, December 30, 2023, and July 1, 2023, respectively.
Contract with Customer, Asset and Liability	Total contract liabilities consisted of the following amounts: (dollars in thousands) June 29, 2024 December 30, 2023 July 1, 2023 Contract liabilities - current: Unredeemed gift cards (1) $ 24,484 $ 25,162 $ 23,987 Unredeemed customer loyalty rewards 1,832 3,355 3,575 Carter’s credit card - upfront bonus (2) 714 714 714 Total contract liabilities - current (3) $ 27,030 $ 29,231 $ 28,276 Contract liabilities - non-current (4) $ 357 $ 714 $ 1,071 Total contract liabilities $ 27,387 $ 29,945 $ 29,347 (1) During the second quarters of fiscal 2024 and fiscal 2023, the Company recognized revenue of $2.0 million and $1.8 million related to the gift card liability balance that existed at March 30, 2024 and April 1, 2023, respectively. Additionally, during the first two quarters of fiscal 2024 and fiscal 2023, the Company recognized revenue of $5.7 million and $5.3 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.

OTHER CURRENT LIABILITIES (Tabl

OTHER CURRENT LIABILITIES (Tables)	6 Months Ended
	Jun. 29, 2024
Other Liabilities Disclosure [Abstract]
Schedule of other current liabilities	The components of Other current liabilities were as follows: (dollars in thousands) June 29, 2024 December 30, 2023 July 1, 2023 Unredeemed gift cards $ 24,484 $ 25,162 $ 23,987 Accrued salaries and wages 11,940 12,458 11,551 Accrued employee benefits 11,546 17,928 12,900 Accrued taxes 7,671 12,909 11,467 Accrued bonuses and incentive compensation 2,418 20,817 6,488 Income taxes payable — 12,697 973 Accrued other 26,836 32,373 31,364 Other current liabilities $ 84,895 $ 134,344 $ 98,730

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	6 Months Ended
	Jun. 29, 2024
Debt Disclosure [Abstract]
Schedule of long-term debt	The components of Long-term debt, net were as follows: (dollars in thousands) June 29, 2024 December 30, 2023 July 1, 2023 $500 million 5.625% senior notes due March 15, 2027 $ 500,000 $ 500,000 $ 500,000 Less unamortized issuance-related costs for senior notes (2,265) (2,646) (3,016) Senior notes, net $ 497,735 $ 497,354 $ 496,984 Secured revolving credit facility — — — Long-term debt, net $ 497,735 $ 497,354 $ 496,984

COMMON STOCK (Tables)

COMMON STOCK (Tables)	6 Months Ended
	Jun. 29, 2024
Stockholders' Equity Note [Abstract]
Schedule of Shares Repurchased and Retired	The Company repurchased and retired shares in open market transactions in the following amounts for the fiscal periods indicated: Fiscal quarter ended Two fiscal quarters ended June 29, 2024 July 1, 2023 June 29, 2024 July 1, 2023 Number of shares repurchased (1) 354,093 449,481 461,888 585,354 Aggregate cost of shares repurchased (dollars in thousands) (2) $ 24,778 $ 30,336 $ 33,778 $ 39,922 Average price per share (2) $ 69.98 $ 67.49 $ 73.13 $ 68.20 (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 excludes excise tax on share repurchases.

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	6 Months Ended
	Jun. 29, 2024
Share-Based Payment Arrangement [Abstract]
Summary of recorded stock-based compensation cost	The Company recorded stock-based compensation expense as follows: Fiscal quarter ended Two fiscal quarters ended (dollars in thousands) June 29, 2024 July 1, 2023 June 29, 2024 July 1, 2023 Restricted stock: Time-based awards $ 3,670 $ 4,183 $ 8,431 $ 8,545 Performance-based awards (1,379) 908 (1,048) 889 Market-based awards 229 — 307 — Stock awards 1,600 1,550 1,600 1,550 Total $ 4,120 $ 6,641 $ 9,290 $ 10,984

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	6 Months Ended
	Jun. 29, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of Accumulated Other Comprehensive Loss	The components of Accumulated other comprehensive loss consisted of the following: (dollars in thousands) June 29, 2024 December 30, 2023 July 1, 2023 Cumulative foreign currency translation adjustments $ (27,132) $ (18,233) $ (19,451) Pension and post-retirement obligations (*) (5,682) (5,682) (5,512) Total accumulated other comprehensive loss $ (32,814) $ (23,915) $ (24,963) (*) Net of income taxes of $1.8 million, $1.8 million, and $1.7 million for the periods ended June 29, 2024, December 30, 2023, and July 1, 2023, respectively.

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 29, 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 Two fiscal quarters ended June 29, 2024 July 1, 2023 June 29, 2024 July 1, 2023 Weighted-average number of common and common equivalent shares outstanding: Basic number of common shares outstanding 35,688,755 36,824,490 35,774,748 36,964,509 Dilutive effect of equity awards 135 127 1,692 3,850 Diluted number of common and common equivalent shares outstanding 35,688,890 36,824,617 35,776,440 36,968,359 Earnings per share: (dollars in thousands, except per share data) Basic net income per common share: Net income $ 27,639 $ 23,867 $ 65,672 $ 59,863 Income allocated to participating securities (523) (426) (1,218) (1,018) Net income available to common shareholders $ 27,116 $ 23,441 $ 64,454 $ 58,845 Basic net income per common share $ 0.76 $ 0.64 $ 1.80 $ 1.59 Diluted net income per common share: Net income $ 27,639 $ 23,867 $ 65,672 $ 59,863 Income allocated to participating securities (523) (426) (1,218) (1,018) Net income available to common shareholders $ 27,116 $ 23,441 $ 64,454 $ 58,845 Diluted net income per common share $ 0.76 $ 0.64 $ 1.80 $ 1.59 Anti-dilutive awards excluded from diluted earnings per share computation (*) 424,161 565,956 438,632 497,076 (*) The volume of anti-dilutive awards is, in part, due to the related unamortized compensation costs.

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	6 Months Ended
	Jun. 29, 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 Two fiscal quarters ended (dollars in thousands) June 29, 2024 % of July 1, 2023 % of June 29, % of July 1, % of Net sales : U.S. Retail $ 290,249 51.4 % $ 323,466 53.9 % $ 597,890 48.8 % $ 647,187 49.9 % U.S. Wholesale 192,911 34.2 % 186,867 31.1 % 457,042 37.3 % 466,856 36.0 % International 81,274 14.4 % 89,866 15.0 % 170,994 13.9 % 182,036 14.1 % Consolidated net sales $ 564,434 100.0 % $ 600,199 100.0 % $ 1,225,926 100.0 % $ 1,296,079 100.0 % Operating income : % of % of segment net sales % of % of U.S. Retail $ 18,078 6.2 % $ 28,211 8.7 % $ 32,372 5.4 % $ 55,150 8.5 % U.S. Wholesale 36,207 18.8 % 29,209 15.6 % 99,535 21.8 % 81,301 17.4 % International 5,557 6.8 % 6,690 7.4 % 7,744 4.5 % 9,814 5.4 % Corporate expenses (*) (20,390) n/a (26,549) n/a (45,163) n/a (52,350) n/a Consolidated operating income $ 39,452 7.0 % $ 37,561 6.3 % $ 94,488 7.7 % $ 93,915 7.2 % (*) 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 July 1, 2023 Two fiscal quarters ended July 1, 2023 Charges: U.S. Retail U.S. Wholesale International U.S. Retail U.S. Wholesale International Organizational restructuring (*) $ 0.2 $ 0.1 $ — $ (0.6) $ (0.4) $ — (*) Relates to charges (gains) for organizational restructuring and related corporate office lease amendment actions. Additionally, the second fiscal quarter and first two fiscal quarters ended July1, 2023 includes a corporate charge of $0.1 million and $2.5 million, respectively, related to organizational restructuring and related corporate office lease amendment actions.

THE COMPANY (Details)

THE COMPANY (Details)	Jun. 29, 2024 countryAndTerritory
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of countries and territories registered with company trademarks	100

BASIS OF PRESENTATION, RECENT_3

BASIS OF PRESENTATION, RECENT ACCOUNTING PRONOUNCEMENTS, AND OTHER (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 29, 2024	Dec. 30, 2023	Jul. 01, 2023
Organization, Consolidation and Presentation of Financial Statements [Line Items]
SCF revolving capacity	$ 70
SCF payment terms	60 days
SCF included in accounts payable	$ 31.9	$ 14.8	$ 23
Minimum
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Expected non- cash charges	1
Maximum
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Expected non- cash charges	$ 2

REVENUE RECOGNITION - Disaggreg

REVENUE RECOGNITION - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023	Dec. 30, 2023
Disaggregation of Revenue [Line Items]
Net sales	$ 564,434	$ 600,199	$ 1,225,926	$ 1,296,079
Total gross receivables	142,239	144,755	142,239	144,755	$ 196,891
Less: Wholesale accounts receivable reserves	(4,895)	(3,849)	(4,895)	(3,849)	(4,754)
Accounts receivable, net	132,360	132,679	132,360	132,679	183,774
Allowance for chargebacks	5,000	8,200	5,000	8,200	8,400
Trade receivables from wholesale customers, net
Disaggregation of Revenue [Line Items]
Total gross receivables	127,583	128,421	127,583	128,421	172,106
Royalties receivable
Disaggregation of Revenue [Line Items]
Total gross receivables	3,799	4,369	3,799	4,369	4,753
Other receivables
Disaggregation of Revenue [Line Items]
Total gross receivables	10,857	11,965	10,857	11,965	20,032
Allowance, Credit Loss
Disaggregation of Revenue [Line Items]
Less: Wholesale accounts receivable reserves	(9,879)	(12,076)	(9,879)	(12,076)	(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	344,598	380,123	707,301	757,518
Wholesale channel
Disaggregation of Revenue [Line Items]
Net sales	219,836	220,076	518,625	538,561
Royalty income, net
Disaggregation of Revenue [Line Items]
Net sales	4,004	4,341	9,220	10,860
U.S. Retail
Disaggregation of Revenue [Line Items]
Net sales	290,249	323,466	597,890	647,187
U.S. Retail | Direct-to-consumer
Disaggregation of Revenue [Line Items]
Net sales	290,249	323,466	597,890	647,187
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	558	1,432	2,042	3,510
U.S. Wholesale
Disaggregation of Revenue [Line Items]
Net sales	192,911	186,867	457,042	466,856
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	192,911	186,867	457,042	466,856
U.S. Wholesale | Royalty income, net
Disaggregation of Revenue [Line Items]
Net sales	2,484	1,988	5,843	5,546
International
Disaggregation of Revenue [Line Items]
Net sales	81,274	89,866	170,994	182,036
International | Direct-to-consumer
Disaggregation of Revenue [Line Items]
Net sales	54,349	56,657	109,411	110,331
International | Wholesale channel
Disaggregation of Revenue [Line Items]
Net sales	26,925	33,209	61,583	71,705
International | Royalty income, net
Disaggregation of Revenue [Line Items]
Net sales	$ 962	$ 921	$ 1,335	$ 1,804

REVENUE RECOGNITION - Contract

REVENUE RECOGNITION - Contract Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023	Dec. 30, 2023
Revenue from Contract with Customer [Abstract]
Unredeemed gift cards	$ 24,484	$ 23,987	$ 24,484	$ 23,987	$ 25,162
Unredeemed customer loyalty rewards	1,832	3,575	1,832	3,575	3,355
Carter's credit card - upfront bonus	714	714	714	714	714
Total contract liabilities-current	27,030	28,276	27,030	28,276	29,231
Contract liabilities - non-current	357	1,071	357	1,071	714
Total contract liabilities	27,387	29,347	27,387	29,347	$ 29,945
Gift card liability revenue recognized	$ 2,000	$ 1,800	$ 5,700	$ 5,300

OTHER CURRENT LIABILITIES (Deta

OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Thousands	Jun. 29, 2024	Dec. 30, 2023	Jul. 01, 2023
Other Liabilities Disclosure [Abstract]
Unredeemed gift cards	$ 24,484	$ 25,162	$ 23,987
Accrued salaries and wages	11,940	12,458	11,551
Accrued employee benefits	11,546	17,928	12,900
Accrued taxes	7,671	12,909	11,467
Accrued bonuses and incentive compensation	2,418	20,817	6,488
Income taxes payable	0	12,697	973
Accrued other	26,836	32,373	31,364
Other current liabilities	$ 84,895	$ 134,344	$ 98,730

LONG-TERM DEBT (Details)

LONG-TERM DEBT (Details) - USD ($)	Jun. 29, 2024	Dec. 30, 2023	Jul. 01, 2023
Debt Instrument [Line Items]
Less unamortized issuance-related costs for senior notes	$ (2,265,000)	$ (2,646,000)	$ (3,016,000)
Long-term debt, net	497,735,000	497,354,000	496,984,000
Outstanding letters of credit	$ 5,700,000
Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Interest rate	1.125%
U.S Dollar Credit Facility - Amendment No.5 | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Borrowing rate	6.56%
Total Senior Notes
Debt Instrument [Line Items]
Senior notes, net	$ 497,735,000	497,354,000	496,984,000
Secured revolving credit facility
Debt Instrument [Line Items]
Secured revolving credit facility	0	0	0
Remaining borrowing capacity	$ 844,300,000
Secured revolving credit facility | Base Rate
Debt Instrument [Line Items]
Interest rate	0.125%
Secured revolving credit facility | Amendment No. 5
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 850,000,000
Secured revolving credit facility | U.S Dollar Credit Facility - Amendment No.5
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

COMMON STOCK (Details)

COMMON STOCK (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 29, 2024	Mar. 30, 2024	Jul. 01, 2023	Apr. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Stockholders' Equity Note [Abstract]
Number of shares repurchased (in shares)	354,093		449,481		461,888	585,354
Aggregate cost of shares repurchased	$ 24,778		$ 30,336		$ 33,778	$ 39,922
Average price per share (in USD per share)	$ 69.98		$ 67.49		$ 73.13	$ 68.20
Remaining capacity under repurchase authorization	$ 615,700				$ 615,700
Dividend declared and paid per common share (in USD per share)	$ 0.80	$ 0.80	$ 0.75	$ 0.75	$ 1.60	$ 1.50

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 4,120	$ 6,641	$ 9,290	$ 10,984
Time-based awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	3,670	4,183	8,431	8,545
Performance-based awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	(1,379)	908	(1,048)	889
Reversal of previously recognized stock compensation expense	1,900
Market-based awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	229	0	307	0
Stock awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 1,600	$ 1,550	$ 1,600	$ 1,550

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Dec. 30, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total accumulated other comprehensive loss	$ (32,814)	$ (24,963)	$ (23,915)
Cumulative foreign currency translation adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total accumulated other comprehensive loss	(27,132)	(19,451)	(18,233)
Pension and post-retirement obligations
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total accumulated other comprehensive loss	(5,682)	(5,512)	(5,682)
Tax impact on accumulated other comprehensive loss	$ 1,800	$ 1,700	$ 1,800

FAIR VALUE MEASUREMENTS - Inves

FAIR VALUE MEASUREMENTS - Investments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023	Dec. 30, 2023
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Gain (loss) on investments	$ 0.5	$ 0.2	$ 1.1	$ 0.6
Fair Value, Inputs, Level 1
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments	$ 18.4	$ 15.7	$ 18.4	$ 15.7	$ 17.3

FAIR VALUE MEASUREMENTS - Borro

FAIR VALUE MEASUREMENTS - Borrowings (Details) - USD ($)	Jun. 29, 2024	Dec. 30, 2023	Jul. 01, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, net	$ 497,735,000	$ 497,354,000	$ 496,984,000
Secured revolving credit facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Secured revolving credit facility	0	$ 0	$ 0
Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument, face amount	500,000,000
Senior Notes | Fair Value | Fair Value, Inputs, Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, net	$ 491,300,000

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Millions	Jun. 29, 2024	Dec. 30, 2023	Jul. 01, 2023
Income Tax Disclosure [Abstract]
Gross unrecognized tax benefits	$ 8.6
Unrecognized tax benefits that if recognized would impact effective tax rate	6
Reserves for unrecognized tax benefits	1.3
Interest accrued on uncertain tax positions	$ 1.9	$ 1.5	$ 1.6

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Weighted-average number of common and common equivalent shares outstanding:
Basic number of common shares outstanding (in shares)	35,688,755	36,824,490	35,774,748	36,964,509
Dilutive effect of equity awards (in shares)	135	127	1,692	3,850
Diluted number of common and common equivalent shares outstanding (in shares)	35,688,890	36,824,617	35,776,440	36,968,359
Basic net income per common share:
Net income	$ 27,639	$ 23,867	$ 65,672	$ 59,863
Income allocated to participating securities	(523)	(426)	(1,218)	(1,018)
Net income available to common shareholders	$ 27,116	$ 23,441	$ 64,454	$ 58,845
Basic net income per common share (in USD per share)	$ 0.76	$ 0.64	$ 1.80	$ 1.59
Diluted net income per common share:
Net income	$ 27,639	$ 23,867	$ 65,672	$ 59,863
Income allocated to participating securities	(523)	(426)	(1,218)	(1,018)
Net income available to common shareholders	$ 27,116	$ 23,441	$ 64,454	$ 58,845
Diluted net income per common share (in USD per share)	$ 0.76	$ 0.64	$ 1.80	$ 1.59
Anti-dilutive awards excluded from diluted earnings per share computation (in shares)	424,161	565,956	438,632	497,076

SEGMENT INFORMATION - Schedule

SEGMENT INFORMATION - Schedule of Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Segment Reporting Information [Line Items]
Consolidated net sales	$ 564,434	$ 600,199	$ 1,225,926	$ 1,296,079
Consolidated operating income	$ 39,452	$ 37,561	$ 94,488	$ 93,915
% of segment net sales	7%	6.30%	7.70%	7.20%
U.S. Retail
Segment Reporting Information [Line Items]
Consolidated net sales	$ 290,249	$ 323,466	$ 597,890	$ 647,187
International
Segment Reporting Information [Line Items]
Consolidated net sales	81,274	89,866	170,994	182,036
Operating Segments
Segment Reporting Information [Line Items]
Consolidated net sales	$ 564,434	$ 600,199	$ 1,225,926	$ 1,296,079
% of consolidated net sales	100%	100%	100%	100%
Operating Segments | U.S. Retail
Segment Reporting Information [Line Items]
Consolidated net sales	$ 290,249	$ 323,466	$ 597,890	$ 647,187
% of consolidated net sales	51.40%	53.90%	48.80%	49.90%
Consolidated operating income	$ 18,078	$ 28,211	$ 32,372	$ 55,150
% of segment net sales	6.20%	8.70%	5.40%	8.50%
Operating Segments | U.S. Wholesale
Segment Reporting Information [Line Items]
Consolidated net sales	$ 192,911	$ 186,867	$ 457,042	$ 466,856
% of consolidated net sales	34.20%	31.10%	37.30%	36%
Consolidated operating income	$ 36,207	$ 29,209	$ 99,535	$ 81,301
% of segment net sales	18.80%	15.60%	21.80%	17.40%
Operating Segments | International
Segment Reporting Information [Line Items]
Consolidated net sales	$ 81,274	$ 89,866	$ 170,994	$ 182,036
% of consolidated net sales	14.40%	15%	13.90%	14.10%
Consolidated operating income	$ 5,557	$ 6,690	$ 7,744	$ 9,814
% of segment net sales	6.80%	7.40%	4.50%	5.40%
Corporate
Segment Reporting Information [Line Items]
Corporate expenses	$ (20,390)	$ (26,549)	$ (45,163)	$ (52,350)

SEGMENT INFORMATION - Schedul_2

SEGMENT INFORMATION - Schedule of Segment Charges (Details) - Operating Segments - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jul. 01, 2023	Jul. 01, 2023
Segment Reporting Information [Line Items]
Organizational restructuring, corporate charge	$ 0.1	$ 2.5
U.S. Retail
Segment Reporting Information [Line Items]
Organizational restructuring	0.2	(0.6)
U.S. Wholesale
Segment Reporting Information [Line Items]
Organizational restructuring	0.1	(0.4)
International
Segment Reporting Information [Line Items]
Organizational restructuring	$ 0	$ 0