Crocs (CROX) 10-Q 23 Apr 20 2020 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2020	Apr. 16, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2020
Document Transition Report	false
Entity File Number	000-51754
Entity Registrant Name	CROCS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-2164234
Entity Address, Address Line One	7477 East Dry Creek Parkway
Entity Address, City or Town	Niwot
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80503
City Area Code	303
Local Phone Number	848-7000
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	CROX
Security Exchange Name	NASDAQ
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 Central Index Key	0001334036
Entity Common Stock, Shares Outstanding		67,374,960
Amendment Flag	false
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2020
Current Fiscal Year End Date	--12-31

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Statement [Abstract]
Revenues	$ 281,160	$ 295,949
Cost of sales	146,998	158,334
Gross profit	134,162	137,615
Selling, general and administrative expenses	113,350	105,037
Income from operations	20,812	32,578
Foreign currency losses, net	(231)	(1,217)
Interest income	97	195
Interest expense	(1,921)	(1,817)
Other income, net	21	590
Income before income taxes	18,778	30,329
Income tax expense	7,687	5,619
Net income	$ 11,091	$ 24,710
Net income per common share:
Basic (in dollars per share)	$ 0.16	$ 0.34
Diluted (in dollars per share)	$ 0.16	$ 0.33
Weighted average common shares outstanding:
Basic (in shares)	67,931	73,009
Diluted (in shares)	69,218	74,875

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2020	Mar. 31, 2019
Statement of Comprehensive Income [Abstract]
Net income		$ 11,091	$ 24,710
Other comprehensive income (loss):
Foreign currency translation losses, net		(11,366)	(941)
Reclassification of foreign currency translation loss to income	[1]	(164)	0
Total comprehensive income (loss)		$ (439)	$ 23,769
[1]	Represents the reclassification of cumulative foreign currency translation adjustment upon liquidation of foreign subsidiaries during the quarter ended March 31, 2020

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 107,038	$ 108,253
Accounts receivable, net of allowances of $19,922 and $18,797, respectively	172,398	108,199
Inventories	195,755	172,028
Income taxes receivable	3,174	1,341
Other receivables	12,533	8,711
Restricted cash - current	1,595	1,500
Prepaid expenses and other assets	21,508	25,350
Total current assets	514,001	425,382
Property and equipment, net of accumulated depreciation and amortization of $81,127 and $79,604, respectively	47,019	47,405
Intangible assets, net of accumulated amortization of $86,722 and $82,760, respectively	46,393	47,095
Goodwill	1,552	1,578
Deferred tax assets, net	24,108	24,747
Restricted cash	1,959	2,292
Right-of-use assets	193,070	182,228
Other assets	8,138	8,075
Total assets	836,240	738,802
Current liabilities:
Accounts payable	104,893	95,754
Accrued expenses and other liabilities	71,309	108,677
Income taxes payable	9,803	4,207
Current operating lease liabilities	50,026	48,585
Total current liabilities	236,031	257,223
Long-term income taxes payable	4,039	4,522
Long-term borrowings	350,000	205,000
Long-term operating lease liabilities	152,139	140,148
Other liabilities	2	4
Total liabilities	742,211	606,897
Commitments and contingencies
Stockholders’ equity:
Preferred stock, par value $0.001 per share, 5.0 million shares authorized including 1.0 million authorized as Series A Convertible Preferred Stock, none outstanding	0	0
Common stock, par value $0.001 per share, 250.0 million shares authorized, 104.8 million and 104.0 million issued, 67.4 million and 68.2 million outstanding, respectively	105	104
Treasury stock, at cost, 37.5 million and 35.8 million shares, respectively	(587,940)	(546,208)
Additional paid-in capital	500,197	495,903
Retained earnings	251,576	240,485
Accumulated other comprehensive loss	(69,909)	(58,379)
Total stockholders’ equity	94,029	131,905
Total liabilities and stockholders’ equity	$ 836,240	$ 738,802

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Allowances	$ 19,922	$ 18,797
Accumulated Depreciation	81,127	79,604
Intangible assets, accumulated amortization	$ 86,722	$ 82,760
Preferred stock par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock authorized (in shares)	5,000,000	5,000,000
Preferred stock outstanding (in shares)	0	0
Common stock par value (in dollars per share)	$ 0.001	$ 0.001
Common stock authorized (in shares)	250,000,000	250,000,000
Common stock issued (in shares)	104,800,000	104,000,000
Common stock outstanding (in shares)	67,400,000	68,200,000
Treasury stock (in shares)	37,500,000	35,800,000
Series A convertible preferred stock
Preferred stock authorized (in shares)	1,000,000	1,000,000

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Treasury Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Loss
Beginning balance (in shares) at Dec. 31, 2018		73,306	29,656
Beginning balance at Dec. 31, 2018	$ 150,308	$ 103	$ (397,491)	$ 481,133	$ 121,215	$ (54,652)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	3,634			3,634
Exercises of stock options, issuance of restricted stock awards, and vests of restricted stock units (in shares)		836	49
Exercises of stock options, issuance of restricted stock awards, and vests of restricted stock units	(1,061)	$ 1	$ (1,227)	165
Repurchases of common stock (in shares)		(2,133)	2,133
Repurchases of common stock	(53,478)		$ (53,478)
Net income	24,710				24,710
Other comprehensive loss	(941)					(941)
Ending balance (in shares) at Mar. 31, 2019		72,009	31,838
Ending balance at Mar. 31, 2019	122,945	$ 104	$ (452,196)	484,932	145,698	(55,593)
Beginning balance (in shares) at Dec. 31, 2019		68,232	35,796
Beginning balance at Dec. 31, 2019	131,905	$ 104	$ (546,208)	495,903	240,485	(58,379)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	3,964			3,964
Exercises of stock options, issuance of restricted stock awards, and vests of restricted stock units (in shares)		702	115
Exercises of stock options, issuance of restricted stock awards, and vests of restricted stock units	(2,242)	$ 1	$ (2,573)	330
Repurchases of common stock (in shares)		(1,559)	1,559
Repurchases of common stock	(39,159)		$ (39,159)
Net income	11,091				11,091
Other comprehensive loss	(11,530)					(11,530)
Ending balance (in shares) at Mar. 31, 2020		67,375	37,470
Ending balance at Mar. 31, 2020	$ 94,029	$ 105	$ (587,940)	$ 500,197	$ 251,576	$ (69,909)

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities:
Net income		$ 11,091	$ 24,710
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		6,907	6,136
Operating lease cost		14,994	14,930
Share-based compensation		3,964	3,634
Other non-cash items		5,877	(911)
Changes in operating assets and liabilities:
Accounts receivable, net of allowances		(73,232)	(80,722)
Inventories		(29,268)	(15,099)
Prepaid expenses and other assets		3,294	6,875
Accounts payable, accrued expenses and other liabilities		(16,218)	(3,658)
Operating lease liabilities		(12,323)	(19,610)
Cash used in operating activities		(84,914)	(63,715)
Cash flows from investing activities:
Purchases of property, equipment, and software		(16,076)	(10,553)
Proceeds from disposal of property and equipment		25	225
Other		(116)	0
Cash used in investing activities		(16,167)	(10,328)
Cash flows from financing activities:
Proceeds from bank borrowings		145,000	95,000
Dividends—Series A convertible preferred stock	[1]	0	(2,985)
Repurchases of common stock		(39,159)	(53,478)
Other		(2,717)	(1,662)
Cash provided by financing activities		103,124	36,875
Effect of exchange rate changes on cash, cash equivalents, and restricted cash		(3,496)	(22)
Net change in cash, cash equivalents, and restricted cash		(1,453)	(37,190)
Cash, cash equivalents, and restricted cash—beginning of period		112,045	127,530
Cash, cash equivalents, and restricted cash—end of period		$ 110,592	$ 90,340
[1]	For the three months ended March 31, 2019, represents $3.0 million paid to induce conversion of Series A Convertible Preferred Stock to common stock.

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) $ in Millions	3 Months Ended
	Mar. 31, 2019USD ($)
Statement of Cash Flows [Abstract]
Payments to induce conversion of Series A Convertible Preferred Stock to common stock	$ 3

BASIS OF PRESENTATION AND SUMMA

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Unless otherwise noted in this report, any description of the “Company,” “Crocs,” “we,” “us,” or “our” includes Crocs, Inc. and our consolidated subsidiaries within our reportable operating segments and corporate operations. We are engaged in the design, development, worldwide marketing, distribution, and sale of casual lifestyle footwear and accessories for men, women, and children. We strive to be the global leader in the sale of molded footwear characterized by functionality, comfort, color, and lightweight design. Our reportable operating segments include: the Americas, operating in North and South America; Asia Pacific, operating throughout Asia, Australia, and New Zealand; and Europe, Middle East, and Africa (“EMEA”), operating throughout Europe, Russia, the Middle East, and Africa. See Note 14 — Operating Segments and Geographic Information for additional information. The accompanying unaudited condensed consolidated interim financial statements include our accounts and those of our wholly-owned subsidiaries, and reflect all adjustments which are necessary for a fair statement of the financial position, results of operations, and cash flows for the periods presented in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Such unaudited condensed consolidated interim financial statements have been prepared in accordance with the instructions to Form 10-Q pursuant to the rules and regulations of the U.S. Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. The year-end condensed balance sheet data was derived from audited financial statements but does not include all disclosures required by U.S. GAAP. These unaudited condensed consolidated interim financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2019 (“Annual Report”), and have been prepared on a consistent basis with the accounting policies described in Note 1 of the Notes to the Audited Consolidated Financial Statements included in our Annual Report. Our accounting policies did not change during the three months ended March 31, 2020, other than with respect to the new accounting pronouncements adopted as described in Note 2 — Recent Accounting Pronouncements. Use of Estimates U.S. GAAP requires us to make certain estimates, judgments, and assumptions. We believe that the estimates, judgments, and assumptions used to determine certain amounts that affect the financial statements are reasonable, based on information available at the time they are made. Management believes that the estimates, judgments, and assumptions made when accounting for items and matters such as, but not limited to, the allowance for doubtful accounts, customer rebates, sales returns, impairment assessments and charges, recoverability of long-lived assets, deferred tax assets, uncertain tax positions, income tax expense, share-based compensation expense, the assessment of lower of cost or net realizable value on inventory, useful lives assigned to long-lived assets, and depreciation and amortization, are reasonable based on information available at the time they are made. Additionally, the full impact of COVID-19 is unknown and cannot be reasonably estimated. However, we have made appropriate accounting estimates based on the facts and circumstances available as of the reporting date. To the extent there are differences between these estimates and actual results, our consolidated financial statements may be materially affected. Seasonality of Business Due to the seasonal nature of our footwear, which is more heavily focused on styles suitable for warm weather, revenues generated during our fourth quarter, when the northern hemisphere is experiencing cooler weather, are typically less than revenues generated during our first three quarters. Our quarterly results of operations may also fluctuate significantly as a result of a variety of other factors, including the timing of new model introductions, general economic conditions, and consumer confidence. Accordingly, results of operations and cash flows for any one quarter are not necessarily indicative of expected results for any other quarter or for any other year. Transactions with Affiliates In 2019, we received services from three affiliates of Blackstone Capital Partners VI L.P. (“Blackstone”). Blackstone and certain of its permitted transferees beneficially owned 6,899,027 shares of our common stock until Blackstone sold 6,864,545 shares of common stock held directly by Blackstone and its affiliates in an underwritten public offering on November 4, 2019. The other 34,482 shares of common stock were held by Gregg S. Ribatt, our former Chief Executive Officer and former member of our Board of Directors, which Blackstone may have been deemed to beneficially own, and were sold by Mr. Ribatt in October 2019. We incurred expenses to Blackstone’s legal counsel of $0.3 million in relation to this offering. Certain Blackstone affiliates provide various services to us, including inventory count services, cybersecurity and consulting, and workforce management services. We incurred expenses for services from these affiliates of $0.7 million for the three months ended March 31, 2019. Expenses related to these services are reported in ‘Selling, general and administrative expenses’ in the condensed consolidated statements of operations.

RECENT ACCOUNTING PRONOUNCEMENT

RECENT ACCOUNTING PRONOUNCEMENTS	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
RECENT ACCOUNTING PRONOUNCEMENTS	RECENT ACCOUNTING PRONOUNCEMENTS New Accounting Pronouncement Adopted Measurement of Credit Losses In June 2016, and through subsequent amendments, the FASB issued guidance that requires the measurement and recognition of expected credit losses for financial assets. This new model replaces the existing “current incurred loss” model with a forward-looking “current expected credit loss” model. On January 1, 2020, we adopted this guidance on a modified retrospective basis. Based on the nature of our financial instruments included within the scope of this standard, which are primarily trade and other receivables, the adoption did not have a material effect on our condensed consolidated financial statements. Implementation Costs Incurred in Cloud Computing Arrangements In August 2018, the FASB issued authoritative guidance related to the treatment of implementation costs incurred in a hosting arrangement that is considered a service contract. On January 1, 2020, we adopted this guidance on a prospective basis. The adoption did not have a material effect on our condensed consolidated financial statements. New Accounting Pronouncements Not Yet Adopted Simplifying Accounting for Income Taxes In December 2019, the FASB issued new guidance to simplify the accounting for income taxes by removing certain exceptions to the general principles and also simplification of areas such as franchise taxes, step-up in tax basis goodwill, separate entity financial statements and interim recognition of enactment of tax laws or rate changes. The standard will be effective for annual reporting periods beginning after December 15, 2020, including interim reporting periods within those periods. We are currently evaluating the impact of adopting this new accounting guidance on our condensed consolidated financial statements. Reference Rate Reform In March 2020, the FASB issued optional guidance related to reference rate reform, which provides practical expedients for contract modifications and certain hedging relationships associated with the transition from reference rates that are expected to be discontinued. This guidance is applicable for our borrowing instruments, which use LIBOR as a reference rate, and is effective immediately, but is only available through December 31, 2022. We are currently evaluating the potential impact of this standard on our condensed consolidated financial statements. Other Pronouncements Other new pronouncements issued but not effective until after March 31, 2020 are not expected to have a material impact on our condensed consolidated financial statements.

ACCRUED EXPENSES AND OTHER LIAB

ACCRUED EXPENSES AND OTHER LIABILITIES	3 Months Ended
	Mar. 31, 2020
Payables and Accruals [Abstract]
ACCRUED EXPENSES AND OTHER LIABILITIES	ACCRUED EXPENSES AND OTHER LIABILITIES Amounts reported in ‘Accrued expenses and other liabilities’ in the condensed consolidated balance sheets were: March 31, December 31, (in thousands) Accrued compensation and benefits $ 16,464 $ 42,460 Fulfillment, freight, and duties 18,122 20,110 Professional services 10,584 13,361 Accrued rent and occupancy 3,757 4,682 Return liabilities 3,469 7,090 Sales/use and value added taxes payable 5,624 6,843 Royalties payable and deferred revenue 2,913 3,740 Other 10,376 10,391 Total accrued expenses and other liabilities $ 71,309 $ 108,677

LEASES

LEASES	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
LEASES	LEASES Right-of-Use Assets and Operating Lease Liabilities Amounts reported in the condensed consolidated balance sheet were: March 31, 2020 December 31, 2019 (in thousands) Assets: Right-of-use assets $ 193,070 $ 182,228 Liabilities: Current operating lease liabilities $ 50,026 $ 48,585 Long-term operating lease liabilities 152,139 140,148 Total operating lease liabilities $ 202,165 $ 188,733 Lease Costs and Other Information Lease-related costs reported within ‘Cost of sales’ and ‘Selling, general and administrative expenses’ in our condensed consolidated statement of operations were: Three Months Ended 2020 2019 (in thousands) Operating lease cost $ 14,994 $ 14,930 Short-term lease cost 1,325 1,360 Variable lease cost 1,500 2,989 Total lease costs $ 17,819 $ 19,279 Other information related to leases, including supplemental cash flow information, consists of: Three Months Ended 2020 2019 (in thousands) Cash paid for operating leases $ 12,293 $ 18,574 Right-of-use assets obtained in exchange for operating lease liabilities (1) 24,790 177,509 (1) In the three months ended March 31, 2019, we implemented ASC 842, Leases. The previously reported amount includes $176.1 million for operating leases existing on January 1, 2019 and $1.4 million for operating leases that commenced in the first quarter of 2019. The weighted average remaining lease term and discount rate related to our lease liabilities as of March 31, 2020 were 6.3 years and 4.7%, respectively. As of March 31, 2019, the weighted average remaining lease term and discount rate related to our lease liabilities were 5.7 years and 4.7%, respectively. Maturities The maturities of our operating lease liabilities were: As of March 31, 2020 (in thousands) 2020 (remainder of year) $ 42,343 2021 50,196 2022 35,832 2023 26,650 2024 17,013 Thereafter 65,102 Total future minimum lease payments 237,136 Less: imputed interest (34,971) Total operating lease liabilities $ 202,165 Lease Commencements In the first quarter of 2020, the lease for our new corporate headquarters and regional office commenced, the impact of which is included in the above lease disclosures. We are currently evaluating when to physically relocate our headquarters, in consideration of the continuing impacts of the COVID-19 pandemic. Leases That Have Not Yet Commenced As of March 31, 2020, we had significant obligations for a lease that has not yet commenced related to our new EMEA distribution center. In the fourth quarter of 2019, we entered into a lease for a new distribution center in Dordrecht, the Netherlands, which is expected to replace our existing distribution center in Rotterdam by the end of 2021. The total contractual commitment related to this lease, with payments expected to begin in January 2021 and continuing through December 2030, is approximately €21.9 million, or $24.2 million, with expected total capital investments of approximately €20.0 million, or $22.1 million, through 2021.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS Recurring Fair Value Measurements All of our derivative instruments are classified as Level 2 of the fair value hierarchy and are reported in the condensed consolidated balance sheets within ‘Accrued expenses and other liabilities’ at March 31, 2020 and within ‘Prepaid expenses and other assets’ at December 31, 2019. The fair values of our derivative instruments were a liability of $1.0 million and an asset of $0.1 million at March 31, 2020 and December 31, 2019, respectively. See Note 6 — Derivative Financial Instruments for more information. The carrying amounts of our cash, cash equivalents, and restricted cash, accounts receivable, accounts payable, and current accrued expenses and other liabilities approximate their fair value as recorded due to the short-term maturity of these instruments. Our borrowing instruments are recorded at their carrying values in the condensed consolidated balance sheets, which may differ from their respective fair values. The fair values of our outstanding borrowings approximate their carrying values at March 31, 2020 and December 31, 2019, based on interest rates currently available to us for similar borrowings and were: March 31, 2020 December 31, 2019 Carrying Value Fair Value Carrying Value Fair Value (in thousands) Borrowings $ 350,000 $ 350,000 $ 205,000 $ 205,000 Non-Financial Assets and Liabilities Our non-financial assets, which primarily consist of property and equipment, goodwill, and other intangible assets, are not required to be carried at fair value on a recurring basis and are reported at carrying value. The fair values of these assets are determined based on Level 3 measurements, including estimates of the amount and timing of future cash flows based upon historical experience, expected market conditions, and management’s plans. Impairment expense is reported in ‘Selling, general and administrative expenses’ in our condensed consolidated statements of operations. We did not record impairment expense in the three months ended March 31, 2020 or 2019.

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS	3 Months Ended
	Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE FINANCIAL INSTRUMENTS	DERIVATIVE FINANCIAL INSTRUMENTS We transact business in various foreign countries and are therefore exposed to foreign currency exchange rate risk that impacts the reported U.S. Dollar amounts of revenues, expenses, and certain foreign currency monetary assets and liabilities. In order to manage exposure to fluctuations in foreign currency and to reduce the volatility in earnings caused by fluctuations in foreign exchange rates, we enter into forward contracts to buy and sell foreign currency. By policy, we do not enter into these contracts for trading purposes or speculation. Counterparty default risk is considered low because the forward contracts that we enter into are over-the-counter instruments transacted with highly-rated financial institutions. We were not required to and did not post collateral as of March 31, 2020 or December 31, 2019. Our derivative instruments are recorded at fair value as a derivative asset or liability in the condensed consolidated balance sheets. We report derivative instruments with the same counterparty on a net basis when a master netting arrangement is in place. Changes in fair value are recognized within ‘Foreign currency gains (losses), net’ in the condensed consolidated statements of operations. For the condensed consolidated statements of cash flows, we classify cash flows from derivative instruments at settlement in the same category as the cash flows from the related hedged items within ‘Cash provided by operating activities.’ Results of Derivative Activities The fair values of derivative assets and liabilities, net, all of which are classified as Level 2, reported within ‘Accrued expenses and other liabilities’ or ‘Prepaid expenses and other assets’ in the condensed consolidated balance sheets were: March 31, 2020 December 31, 2019 Derivative Assets Derivative Liabilities Derivative Assets Derivative Liabilities (in thousands) Forward foreign currency exchange contracts $ 1,990 $ (2,983) $ 535 $ (424) Netting of counterparty contracts (1,990) 1,990 (424) 424 Foreign currency forward contract derivatives $ — $ (993) $ 111 $ — The notional amounts of outstanding foreign currency forward exchange contracts presented below report the total U.S. Dollar equivalent position and the net contract fair values for each foreign currency position. March 31, 2020 December 31, 2019 Notional Fair Value Notional Fair Value (in thousands) Euro $ 27,818 $ (82) $ 46,757 $ 36 Singapore Dollar 37,416 (1,730) 31,255 344 Japanese Yen 28,022 (517) 11,823 63 South Korean Won 22,453 458 10,328 (82) British Pound Sterling 4,816 192 9,155 (104) Other currencies 23,219 686 24,969 (146) Total $ 143,744 $ (993) $ 134,287 $ 111 Latest maturity date April 2020 January 2020 Amounts reported in ‘Foreign currency losses, net’ in the condensed consolidated statements of operations include both realized and unrealized gains (losses) from foreign currency transactions and derivative contracts, and were: Three Months Ended 2020 2019 (in thousands) Foreign currency transaction gains (losses) $ 1,027 $ (1,433) Foreign currency forward exchange contracts gains (losses) (1,258) 216 Foreign currency losses, net $ (231) $ (1,217)

REVOLVING CREDIT FACILITIES AND

REVOLVING CREDIT FACILITIES AND BANK BORROWINGS	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
REVOLVING CREDIT FACILITIES AND BANK BORROWINGS	REVOLVING CREDIT FACILITIES AND BANK BORROWINGS Our borrowings were as follows: March 31, December 31, (in thousands) Revolving credit facilities $ 350,000 $ 205,000 Less: Current portion of borrowings — — Total long-term borrowings $ 350,000 $ 205,000 Senior Revolving Credit Facility In July 2019, the Company and certain of our subsidiaries (the “Borrowers”) entered into a Second Amended and Restated Credit Agreement (as amended, the “Credit Agreement”), with the lenders named therein and PNC Bank, National Association, as a lender and administrative agent for the lenders, which provided for a revolving credit facility of $450.0 million. In March 2020, we amended the Credit Agreement to, among other things, increase the total commitments under the Credit Agreement by $50.0 million, resulting in total commitments of $500.0 million, which can be increased by an additional $100.0 million subject to certain conditions (the “Facility”). Borrowings under the Credit Agreement bear interest at a variable rate based on (A) a domestic base rate (defined as the highest of (i) the Federal Funds open rate, plus 0.25%, (ii) the Prime Rate, and (iii) the Daily LIBOR rate, plus 1.00%), plus an applicable margin ranging from 0.25% to 0.875% based on our leverage ratio, or (B) a LIBOR rate, plus an applicable margin ranging from 1.25% to 1.875% based on our leverage ratio. Borrowings under the Credit Agreement are secured by all of the assets of the Borrowers and guaranteed by certain other subsidiaries of the Borrowers. The Credit Agreement requires us to maintain a minimum interest coverage ratio of 4.00 to 1.00, and a maximum leverage ratio of (i) 4.00 to 1.00 until September 30, 2020, (ii) 3.50 to 1.00 from December 31, 2020 to December 31, 2021, and (iii) 3.25 to 1.00 from March 31, 2022 and thereafter (subject to adjustment in certain circumstances). The Credit Agreement permits (i) stock repurchases subject to certain restrictions, including after giving effect to such stock repurchases, the maximum leverage ratio does not exceed certain levels; and (ii) certain acquisitions so long as there is borrowing availability under the Credit Agreement of at least $40.0 million. As of March 31, 2020, we were in compliance with all financial covenants under the Credit Agreement. As of March 31, 2020, the total commitments available from the lenders under the Facility were $500.0 million. At March 31, 2020, we had $350.0 million in outstanding borrowings, which are due when the Facility matures in July 2024, and $4.6 million in outstanding letters of credit under the Facility, which reduces amounts available for borrowing under the Facility. As of March 31, 2020 and December 31, 2019, we had $145.4 million and $240.4 million, respectively, of available borrowing capacity under the Facility. We also have a suspended revolving credit facility in Asia, under which we had no borrowings during the three months ended March 31, 2020 and year ended December 31, 2019 or borrowings outstanding at March 31, 2020 and December 31, 2019.

COMMON STOCK REPURCHASE PROGRAM

COMMON STOCK REPURCHASE PROGRAM	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
COMMON STOCK REPURCHASE PROGRAM	COMMON STOCK REPURCHASE PROGRAM During the three months ended March 31, 2020, we repurchased 1.6 million shares of our common stock at a cost of $39.2 million, including commissions. During the three months ended March 31, 2019, we repurchased 2.1 million shares of our common stock at a cost of $53.5 million, including commissions. As of March 31, 2020, we had remaining authorization to repurchase approximately $469.5 million of our common stock, subject to restrictions under our Credit Agreement, and we have suspended share repurchases to preserve maximum liquidity and flexibility.

REVENUES

REVENUES	3 Months Ended
	Mar. 31, 2020
Revenue from Contract with Customer [Abstract]
REVENUES	REVENUES Revenues by reportable operating segment and by channel were: Fiscal Year 2020 Three Months Ended March 31, 2020 Americas Asia Pacific EMEA Other Businesses Total (in thousands) Channel: Wholesale $ 90,805 $ 45,580 $ 56,711 $ 76 $ 193,172 Retail 34,618 10,187 3,994 — 48,799 E-commerce 22,300 9,693 7,196 — 39,189 Total revenues $ 147,723 $ 65,460 $ 67,901 $ 76 $ 281,160 Fiscal Year 2019 Three Months Ended March 31, 2019 Americas Asia Pacific EMEA Other Businesses Total (in thousands) Channel: Wholesale $ 71,229 $ 68,950 $ 64,491 $ 52 $ 204,722 Retail 38,076 13,903 5,417 — 57,396 E-commerce 19,821 8,194 5,816 — 33,831 Total revenues $ 129,126 $ 91,047 $ 75,724 $ 52 $ 295,949 During the three months ended March 31, 2020 and 2019, we recognized increases of $0.5 million and less than $0.1 million, respectively, to wholesale revenues due to changes in estimates related to products transferred to customers in prior periods. There were no changes to estimates for retail or e-commerce revenues during the three months ended March 31, 2020 or 2019.

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	3 Months Ended
	Mar. 31, 2020
Share-based Payment Arrangement [Abstract]
SHARE-BASED COMPENSATION	SHARE-BASED COMPENSATION Our share-based compensation awards are issued under the 2015 Equity Incentive Plan (“2015 Plan”) and predecessor plan, the 2007 Equity Incentive Plan (“2007 Plan”). Any awards that expire or are forfeited under the 2007 Plan become available for issuance under the 2015 Plan. Pre-tax share-based compensation expense reported in our condensed consolidated statements of operations was: Three Months Ended 2020 2019 (in thousands) Cost of sales $ 146 $ 88 Selling, general and administrative expenses 3,818 3,546 Total share-based compensation expense $ 3,964 $ 3,634

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2020
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES Income tax expense and effective tax rates were: Three Months Ended 2020 2019 (in thousands, except effective tax rate) Income before income taxes $ 18,778 $ 30,329 Income tax expense 7,687 5,619 Effective tax rate 40.9 % 18.5 % The increase in the effective tax rate for the three months ended March 31, 2020, compared to the same period in 2019, was driven primarily by tax expense recorded in profitable jurisdictions and by operating losses in certain jurisdictions where we have determined that it is not more likely than not to realize the associated tax benefits. Our effective income tax rate, for each period presented, also differs from the federal U.S. statutory rate primarily due to differences in income tax rates between U.S. and foreign jurisdictions. There were no significant or unusual discrete tax items during the three months ended March 31, 2020. We had unrecognized tax benefits of $4.3 million and $4.6 million at March 31, 2020 and December 31, 2019, respectively, and we do not expect any significant changes in tax benefits in the next twelve months. Our tax rate is volatile and may increase or decrease with changes in, among other things, the amount of income or loss by jurisdiction, our ability to utilize net operating losses and foreign tax credits, changes in tax laws, and the movement of liabilities established pursuant to accounting guidance for uncertain tax positions as statutes of limitations expire, positions are effectively settled, or when additional information becomes available. There are proposed or pending tax law changes in various jurisdictions and other changes to regulatory environments in countries in which we do business that, if enacted, may have an impact on our effective tax rate.

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE Basic and diluted earnings per common share (“EPS”) for the three months ended March 31, 2020 and 2019 were: Three Months Ended 2020 2019 (in thousands, except per share data) Numerator: Net income $ 11,091 $ 24,710 Denominator: Weighted average common shares outstanding - basic 67,931 73,009 Plus: Dilutive effect of stock options and unvested restricted stock units 1,287 1,866 Weighted average common shares outstanding - diluted 69,218 74,875 Net income per common share: Basic $ 0.16 $ 0.34 Diluted $ 0.16 $ 0.33 For the three months ended March 31, 2020, less than 0.1 million options and restricted stock units (“RSUs”) were excluded from the calculation of diluted EPS because the effect was anti-dilutive. For the three months ended March 31, 2019, no options or RSUs were excluded from the calculation of diluted EPS because the effect was anti-dilutive.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Purchase Commitments As of March 31, 2020, we had purchase commitments to third-party manufacturers, primarily for materials and supplies used in the manufacture of our products, for an aggregate of $57.4 million. We expect to fulfill our commitments under these agreements in the normal course of business, and as such, no liability has been recorded. Other We are regularly subject to, and are currently undergoing, audits by various tax authorities in the United States and several foreign jurisdictions, including customs duties, import, and other taxes for prior tax years. During our normal course of business, we may make certain indemnities, commitments, and guarantees under which we may be required to make payments. We cannot determine a range of estimated future payments and have not recorded any liability for indemnities, commitments, and guarantees in the accompanying condensed consolidated balance sheets. See Note 15 — Legal Proceedings for further details regarding potential loss contingencies related to government tax audits and other current legal proceedings.

OPERATING SEGMENTS AND GEOGRAPH

OPERATING SEGMENTS AND GEOGRAPHIC INFORMATION	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
OPERATING SEGMENTS AND GEOGRAPHIC INFORMATION	OPERATING SEGMENTS AND GEOGRAPHIC INFORMATION We have three reportable operating segments based on the geographic nature of our operations: Americas, Asia Pacific, and EMEA. In addition, the ‘Other businesses’ category aggregates insignificant operating segments that do not meet the reportable segment threshold, including corporate and supply chain operations. Each of the reportable operating segments derives its revenues from the sale of footwear and accessories to external customers. Revenues for ‘Other businesses’ include non-footwear and accessories product sales to external customers that are excluded from the measurement of segment operating revenues and income. Segment performance is evaluated based on segment results without allocating corporate expenses, or indirect general, administrative, and other expenses. Segment profits or losses include adjustments to eliminate inter-segment sales. Reconciling items between segment income from operations and income from operations consist of other businesses and unallocated corporate and other expenses, as well as inter-segment eliminations. We do not report asset information by segment because that information is not used to evaluate performance or allocate resources between segments. The following tables set forth information related to reportable operating segments: Three Months Ended 2020 2019 (in thousands) Revenues: Americas $ 147,723 $ 129,126 Asia Pacific 65,460 91,047 EMEA 67,901 75,724 Total segment revenues 281,084 295,897 Other businesses 76 52 Total consolidated revenues $ 281,160 $ 295,949 Income from operations: Americas $ 46,662 $ 33,609 Asia Pacific 9,424 26,681 EMEA 17,645 25,044 Total segment income from operations 73,731 85,334 Reconciliation of total segment income from operations to income before income taxes: Other businesses (13,924) (16,337) Unallocated corporate and other (1) (38,995) (36,419) Income from operations 20,812 32,578 Foreign currency losses, net (231) (1,217) Interest income 97 195 Interest expense (1,921) (1,817) Other income, net 21 590 Income before income taxes $ 18,778 $ 30,329 Depreciation and amortization: Americas $ 854 $ 909 Asia Pacific 279 224 EMEA 176 221 Total segment depreciation and amortization 1,309 1,354 Other businesses 2,051 1,323 Unallocated corporate and other (1) 3,547 3,459 Total consolidated depreciation and amortization $ 6,907 $ 6,136 (1) Unallocated corporate and other includes corporate support and administrative functions, costs associated with share-based compensation, research and development, brand marketing, legal, and depreciation and amortization of corporate and other assets not allocated to operating segments.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
LEGAL PROCEEDINGS	LEGAL PROCEEDINGS We were subjected to an audit by the Brazilian Federal Tax Authorities related to imports of footwear from China between 2010 and 2014. On January 13, 2015, we were notified about the issuance of assessments totaling 14.4 million Brazilian Real (“BRL”), or approximately $2.8 million at current exchange rates, plus interest and penalties, for the period January 2010 through May 2011. We disputed these assessments and asserted defenses to the claims. On February 25, 2015, we received additional assessments totaling 33.3 million BRL, or approximately $6.4 million at current exchange rates, plus interest and penalties, related to the remainder of the audit period. We also disputed these assessments and asserted defenses to these claims in administrative appeals. On August 29, 2017, we received a favorable ruling on our appeal of the first assessment, which dismissed all fines, penalties, and interest. The tax authorities have appealed that decision and we challenged the appeal on both the merits and procedure. Additionally, the second appeal for the remaining assessments was heard on March 22, 2018. That decision was partially favorable for us and resulted in an approximately 38% reduction in principal, penalties, and interest, leaving approximately $4.0 million at current exchange rates, plus interest and penalties, at risk for those assessments. The tax authorities have appealed that decision, and we filed a response to the tax authorities’ appeal as well as a separate appeal against the unfavorable portion of the ruling. Should the Brazilian Tax Authority prevail in this final administrative appeal, we may challenge the assessments through the court system, which would likely require the posting of a bond. We have not recorded these items within the condensed consolidated financial statements as it is not possible at this time to predict the timing or outcome of this matter or to estimate a potential amount of loss, if any. For all other claims and disputes, as we are able, we estimate reasonably possible losses or a range of reasonably possible losses. As of March 31, 2020, we estimate that reasonably possible losses associated with these claims and other disputes could potentially exceed amounts accrued by up to $1.4 million. Although we are subject to other litigation from time to time in the ordinary course of business, including employment, intellectual property and product liability claims, other than as set forth above, we are not party to any other pending legal proceedings that we believe would reasonably have a material adverse impact on our business, financial results, and cash flows.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2020
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTSIn April 2020, in response to the COVID-19 pandemic, we eliminated select corporate and regional roles, placed certain employees on temporary unpaid leave, and asked some employees to shift to a reduced work day. As a result, we expect to record employee separation benefit costs in the three months ended June 30, 2020. We do not expect these changes to have a material impact on our operations or internal controls.

BASIS OF PRESENTATION AND SUM_2

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Unless otherwise noted in this report, any description of the “Company,” “Crocs,” “we,” “us,” or “our” includes Crocs, Inc. and our consolidated subsidiaries within our reportable operating segments and corporate operations. We are engaged in the design, development, worldwide marketing, distribution, and sale of casual lifestyle footwear and accessories for men, women, and children. We strive to be the global leader in the sale of molded footwear characterized by functionality, comfort, color, and lightweight design.
Segment Reporting	Our reportable operating segments include: the Americas, operating in North and South America; Asia Pacific, operating throughout Asia, Australia, and New Zealand; and Europe, Middle East, and Africa (“EMEA”), operating throughout Europe, Russia, the Middle East, and Africa. See Note 14 — Operating Segments and Geographic Information for additional information.
Principles of Consolidation	The accompanying unaudited condensed consolidated interim financial statements include our accounts and those of our wholly-owned subsidiaries, and reflect all adjustments which are necessary for a fair statement of the financial position, results of operations, and cash flows for the periods presented in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Such unaudited condensed consolidated interim financial statements have been prepared in accordance with the instructions to Form 10-Q pursuant to the rules and regulations of the U.S. Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. The year-end condensed balance sheet data was derived from audited financial statements but does not include all disclosures required by U.S. GAAP.These unaudited condensed consolidated interim financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2019 (“Annual Report”), and have been prepared on a consistent basis with the accounting policies described in Note 1 of the Notes to the Audited Consolidated Financial Statements included in our Annual Report.
Use of Estimates	Use of Estimates U.S. GAAP requires us to make certain estimates, judgments, and assumptions. We believe that the estimates, judgments, and assumptions used to determine certain amounts that affect the financial statements are reasonable, based on information available at the time they are made. Management believes that the estimates, judgments, and assumptions made when accounting for items and matters such as, but not limited to, the allowance for doubtful accounts, customer rebates, sales returns, impairment assessments and charges, recoverability of long-lived assets, deferred tax assets, uncertain tax positions, income tax expense, share-based compensation expense, the assessment of lower of cost or net realizable value on inventory, useful lives assigned to long-lived assets, and depreciation and amortization, are reasonable based on information available at the time they are made. Additionally, the full impact of COVID-19 is unknown and cannot be reasonably estimated. However, we have made appropriate accounting estimates based on the facts and circumstances available as of the reporting date. To the extent there are differences between these estimates and actual results, our consolidated financial statements may be materially affected.
Seasonality of Business	Seasonality of Business Due to the seasonal nature of our footwear, which is more heavily focused on styles suitable for warm weather, revenues generated during our fourth quarter, when the northern hemisphere is experiencing cooler weather, are typically less than revenues generated during our first three quarters. Our quarterly results of operations may also fluctuate significantly as a result of a variety of other factors, including the timing of new model introductions, general economic conditions, and consumer confidence. Accordingly, results of operations and cash flows for any one quarter are not necessarily indicative of expected results for any other quarter or for any other year.
Recent Accounting Pronouncements	New Accounting Pronouncement Adopted Measurement of Credit Losses In June 2016, and through subsequent amendments, the FASB issued guidance that requires the measurement and recognition of expected credit losses for financial assets. This new model replaces the existing “current incurred loss” model with a forward-looking “current expected credit loss” model. On January 1, 2020, we adopted this guidance on a modified retrospective basis. Based on the nature of our financial instruments included within the scope of this standard, which are primarily trade and other receivables, the adoption did not have a material effect on our condensed consolidated financial statements. Implementation Costs Incurred in Cloud Computing Arrangements In August 2018, the FASB issued authoritative guidance related to the treatment of implementation costs incurred in a hosting arrangement that is considered a service contract. On January 1, 2020, we adopted this guidance on a prospective basis. The adoption did not have a material effect on our condensed consolidated financial statements. New Accounting Pronouncements Not Yet Adopted Simplifying Accounting for Income Taxes In December 2019, the FASB issued new guidance to simplify the accounting for income taxes by removing certain exceptions to the general principles and also simplification of areas such as franchise taxes, step-up in tax basis goodwill, separate entity financial statements and interim recognition of enactment of tax laws or rate changes. The standard will be effective for annual reporting periods beginning after December 15, 2020, including interim reporting periods within those periods. We are currently evaluating the impact of adopting this new accounting guidance on our condensed consolidated financial statements. Reference Rate Reform In March 2020, the FASB issued optional guidance related to reference rate reform, which provides practical expedients for contract modifications and certain hedging relationships associated with the transition from reference rates that are expected to be discontinued. This guidance is applicable for our borrowing instruments, which use LIBOR as a reference rate, and is effective immediately, but is only available through December 31, 2022. We are currently evaluating the potential impact of this standard on our condensed consolidated financial statements. Other Pronouncements Other new pronouncements issued but not effective until after March 31, 2020 are not expected to have a material impact on our condensed consolidated financial statements.
Fair Value of Non-Financial Assets and Liabilities	Our non-financial assets, which primarily consist of property and equipment, goodwill, and other intangible assets, are not required to be carried at fair value on a recurring basis and are reported at carrying value. The fair values of these assets are determined based on Level 3 measurements, including estimates of the amount and timing of future cash flows based upon historical experience, expected market conditions, and management’s plans. Impairment expense is reported in ‘Selling, general and administrative expenses’ in our condensed consolidated statements of operations.
Derivatives Financial Instruments	Our derivative instruments are recorded at fair value as a derivative asset or liability in the condensed consolidated balance sheets. We report derivative instruments with the same counterparty on a net basis when a master netting arrangement is in place. Changes in fair value are recognized within ‘Foreign currency gains (losses), net’ in the condensed consolidated statements of operations. For the condensed consolidated statements of cash flows, we classify cash flows from derivative instruments at settlement in the same category as the cash flows from the related hedged items within ‘Cash provided by operating activities.’

ACCRUED EXPENSES AND OTHER LI_2

ACCRUED EXPENSES AND OTHER LIABILITIES (Tables)	3 Months Ended
	Mar. 31, 2020
Payables and Accruals [Abstract]
Schedule of Accrued Expenses & Other Liabilities	Amounts reported in ‘Accrued expenses and other liabilities’ in the condensed consolidated balance sheets were: March 31, December 31, (in thousands) Accrued compensation and benefits $ 16,464 $ 42,460 Fulfillment, freight, and duties 18,122 20,110 Professional services 10,584 13,361 Accrued rent and occupancy 3,757 4,682 Return liabilities 3,469 7,090 Sales/use and value added taxes payable 5,624 6,843 Royalties payable and deferred revenue 2,913 3,740 Other 10,376 10,391 Total accrued expenses and other liabilities $ 71,309 $ 108,677

LEASES (Tables)

LEASES (Tables)	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Schedule of Rights-of-use Assets and Operating Lease Liabilities	Amounts reported in the condensed consolidated balance sheet were: March 31, 2020 December 31, 2019 (in thousands) Assets: Right-of-use assets $ 193,070 $ 182,228 Liabilities: Current operating lease liabilities $ 50,026 $ 48,585 Long-term operating lease liabilities 152,139 140,148 Total operating lease liabilities $ 202,165 $ 188,733
Schedule of Lease Costs and Other Information	Lease-related costs reported within ‘Cost of sales’ and ‘Selling, general and administrative expenses’ in our condensed consolidated statement of operations were: Three Months Ended 2020 2019 (in thousands) Operating lease cost $ 14,994 $ 14,930 Short-term lease cost 1,325 1,360 Variable lease cost 1,500 2,989 Total lease costs $ 17,819 $ 19,279 Other information related to leases, including supplemental cash flow information, consists of: Three Months Ended 2020 2019 (in thousands) Cash paid for operating leases $ 12,293 $ 18,574 Right-of-use assets obtained in exchange for operating lease liabilities (1) 24,790 177,509 (1) In the three months ended March 31, 2019, we implemented ASC 842, Leases. The previously reported amount includes $176.1 million for operating leases existing on January 1, 2019 and $1.4 million for operating leases that commenced in the first quarter of 2019.
Schedule of Maturities of Operating Lease Liabilities	The maturities of our operating lease liabilities were: As of March 31, 2020 (in thousands) 2020 (remainder of year) $ 42,343 2021 50,196 2022 35,832 2023 26,650 2024 17,013 Thereafter 65,102 Total future minimum lease payments 237,136 Less: imputed interest (34,971) Total operating lease liabilities $ 202,165

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value of the Company's Outstanding Borrowings	The fair values of our outstanding borrowings approximate their carrying values at March 31, 2020 and December 31, 2019, based on interest rates currently available to us for similar borrowings and were: March 31, 2020 December 31, 2019 Carrying Value Fair Value Carrying Value Fair Value (in thousands) Borrowings $ 350,000 $ 350,000 $ 205,000 $ 205,000

DERIVATIVE FINANCIAL INSTRUME_2

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
	Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Fair Values of Derivative Assets and Liabilities	The fair values of derivative assets and liabilities, net, all of which are classified as Level 2, reported within ‘Accrued expenses and other liabilities’ or ‘Prepaid expenses and other assets’ in the condensed consolidated balance sheets were: March 31, 2020 December 31, 2019 Derivative Assets Derivative Liabilities Derivative Assets Derivative Liabilities (in thousands) Forward foreign currency exchange contracts $ 1,990 $ (2,983) $ 535 $ (424) Netting of counterparty contracts (1,990) 1,990 (424) 424 Foreign currency forward contract derivatives $ — $ (993) $ 111 $ —
Summary of Derivative Financial Instruments Notional Amounts on Outstanding Positions	The notional amounts of outstanding foreign currency forward exchange contracts presented below report the total U.S. Dollar equivalent position and the net contract fair values for each foreign currency position. March 31, 2020 December 31, 2019 Notional Fair Value Notional Fair Value (in thousands) Euro $ 27,818 $ (82) $ 46,757 $ 36 Singapore Dollar 37,416 (1,730) 31,255 344 Japanese Yen 28,022 (517) 11,823 63 South Korean Won 22,453 458 10,328 (82) British Pound Sterling 4,816 192 9,155 (104) Other currencies 23,219 686 24,969 (146) Total $ 143,744 $ (993) $ 134,287 $ 111 Latest maturity date April 2020 January 2020
Schedule of Gains / Losses from Foreign Currency Transactions and Derivative Contracts	Amounts reported in ‘Foreign currency losses, net’ in the condensed consolidated statements of operations include both realized and unrealized gains (losses) from foreign currency transactions and derivative contracts, and were: Three Months Ended 2020 2019 (in thousands) Foreign currency transaction gains (losses) $ 1,027 $ (1,433) Foreign currency forward exchange contracts gains (losses) (1,258) 216 Foreign currency losses, net $ (231) $ (1,217)

REVOLVING CREDIT FACILITIES A_2

REVOLVING CREDIT FACILITIES AND BANK BORROWINGS (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Components Of Company's Borrowings	Our borrowings were as follows: March 31, December 31, (in thousands) Revolving credit facilities $ 350,000 $ 205,000 Less: Current portion of borrowings — — Total long-term borrowings $ 350,000 $ 205,000

REVENUES (Tables)

REVENUES (Tables)	3 Months Ended
	Mar. 31, 2020
Revenue from Contract with Customer [Abstract]
Revenues Disaggregated by Region and by Channel	Revenues by reportable operating segment and by channel were: Fiscal Year 2020 Three Months Ended March 31, 2020 Americas Asia Pacific EMEA Other Businesses Total (in thousands) Channel: Wholesale $ 90,805 $ 45,580 $ 56,711 $ 76 $ 193,172 Retail 34,618 10,187 3,994 — 48,799 E-commerce 22,300 9,693 7,196 — 39,189 Total revenues $ 147,723 $ 65,460 $ 67,901 $ 76 $ 281,160 Fiscal Year 2019 Three Months Ended March 31, 2019 Americas Asia Pacific EMEA Other Businesses Total (in thousands) Channel: Wholesale $ 71,229 $ 68,950 $ 64,491 $ 52 $ 204,722 Retail 38,076 13,903 5,417 — 57,396 E-commerce 19,821 8,194 5,816 — 33,831 Total revenues $ 129,126 $ 91,047 $ 75,724 $ 52 $ 295,949

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2020
Share-based Payment Arrangement [Abstract]
Schedule of Share-based Compensation Expense	Pre-tax share-based compensation expense reported in our condensed consolidated statements of operations was: Three Months Ended 2020 2019 (in thousands) Cost of sales $ 146 $ 88 Selling, general and administrative expenses 3,818 3,546 Total share-based compensation expense $ 3,964 $ 3,634

INCOME TAXES (Tables)

INCOME TAXES (Tables)	3 Months Ended
	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Summary of Income Tax Expense and Effective Tax Rates	Income tax expense and effective tax rates were: Three Months Ended 2020 2019 (in thousands, except effective tax rate) Income before income taxes $ 18,778 $ 30,329 Income tax expense 7,687 5,619 Effective tax rate 40.9 % 18.5 %

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Summary Of Basic And Diluted Earnings Per Share	Basic and diluted earnings per common share (“EPS”) for the three months ended March 31, 2020 and 2019 were: Three Months Ended 2020 2019 (in thousands, except per share data) Numerator: Net income $ 11,091 $ 24,710 Denominator: Weighted average common shares outstanding - basic 67,931 73,009 Plus: Dilutive effect of stock options and unvested restricted stock units 1,287 1,866 Weighted average common shares outstanding - diluted 69,218 74,875 Net income per common share: Basic $ 0.16 $ 0.34 Diluted $ 0.16 $ 0.33

OPERATING SEGMENTS AND GEOGRA_2

OPERATING SEGMENTS AND GEOGRAPHIC INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Information Related to Reportable Operating Segments	The following tables set forth information related to reportable operating segments: Three Months Ended 2020 2019 (in thousands) Revenues: Americas $ 147,723 $ 129,126 Asia Pacific 65,460 91,047 EMEA 67,901 75,724 Total segment revenues 281,084 295,897 Other businesses 76 52 Total consolidated revenues $ 281,160 $ 295,949 Income from operations: Americas $ 46,662 $ 33,609 Asia Pacific 9,424 26,681 EMEA 17,645 25,044 Total segment income from operations 73,731 85,334 Reconciliation of total segment income from operations to income before income taxes: Other businesses (13,924) (16,337) Unallocated corporate and other (1) (38,995) (36,419) Income from operations 20,812 32,578 Foreign currency losses, net (231) (1,217) Interest income 97 195 Interest expense (1,921) (1,817) Other income, net 21 590 Income before income taxes $ 18,778 $ 30,329 Depreciation and amortization: Americas $ 854 $ 909 Asia Pacific 279 224 EMEA 176 221 Total segment depreciation and amortization 1,309 1,354 Other businesses 2,051 1,323 Unallocated corporate and other (1) 3,547 3,459 Total consolidated depreciation and amortization $ 6,907 $ 6,136 (1) Unallocated corporate and other includes corporate support and administrative functions, costs associated with share-based compensation, research and development, brand marketing, legal, and depreciation and amortization of corporate and other assets not allocated to operating segments.

BASIS OF PRESENTATION AND SUM_3

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Millions	Nov. 04, 2019shares	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)affiliate	Nov. 03, 2019shares
Transactions with Affiliates
Number of affiliates | affiliate			3
Blackstone
Transactions with Affiliates
Expenses incurred for services from subsidiaries | $		$ 0.7
Blackstone | Legal Costs For Blackstone Affiliates Public Offering Transaction [Member]
Transactions with Affiliates
Expenses incurred for services from subsidiaries | $			$ 0.3
Blackstone | Blackstone
Transactions with Affiliates
Beneficial ownership (shares)				6,899,027
Number of shares of common stock sold (shares)	6,864,545
Blackstone | Gregg S. Ribatt
Transactions with Affiliates
Number of shares of common stock sold (shares)	34,482

ACCRUED EXPENSES AND OTHER LI_3

ACCRUED EXPENSES AND OTHER LIABILITIES (Schedule Of Accrued Expenses & Other Current Liabilities) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Payables and Accruals [Abstract]
Accrued compensation and benefits	$ 16,464	$ 42,460
Fulfillment, freight, and duties	18,122	20,110
Professional services	10,584	13,361
Accrued rent and occupancy	3,757	4,682
Return liabilities	3,469	7,090
Sales/use and value added taxes payable	5,624	6,843
Royalties payable and deferred revenue	2,913	3,740
Other	10,376	10,391
Total accrued expenses and other liabilities	$ 71,309	$ 108,677

LEASES (Narrative) (Details)

LEASES (Narrative) (Details) $ in Thousands, € in Millions		Jan. 01, 2019USD ($)	Mar. 31, 2020USD ($)	Mar. 31, 2019USD ($)	Mar. 31, 2020EUR (€)
Lessee, Lease, Description [Line Items]
Right-of-use assets obtained in exchange for operating lease liabilities	[1]		$ 24,790	$ 177,509
New Distribution Center In Dordrecht
Lessee, Lease, Description [Line Items]
Expected payments on leases not yet commenced			24,200		€ 21.9
Expected total capital investments on leases not yet commenced			$ 22,100		€ 20
Operating leases existing at January 1, 2019 Existing at Beginning of Period
Lessee, Lease, Description [Line Items]
Right-of-use assets obtained in exchange for operating lease liabilities		$ 176,100
Operating leases commenced during the quarter
Lessee, Lease, Description [Line Items]
Right-of-use assets obtained in exchange for operating lease liabilities				$ 1,400
[1]	For the three months ended March 31, 2019, we implemented ASC 842, Leases.

LEASES (Right-of-Use Assets and

LEASES (Right-of-Use Assets and Operating Lease Liabilities) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Right-of-use assets	$ 193,070	$ 182,228
Current operating lease liabilities	50,026	48,585
Long-term operating lease liabilities	152,139	140,148
Total operating lease liabilities	$ 202,165	$ 188,733

LEASES (Lease Costs and Other I

LEASES (Lease Costs and Other Information) (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2020	Mar. 31, 2019
Leases [Abstract]
Operating lease cost		$ 14,994	$ 14,930
Short-term lease cost		1,325	1,360
Variable lease cost		1,500	2,989
Total lease costs		17,819	19,279
Cash paid for operating leases		12,293	18,574
Right-of-use assets obtained in exchange for operating lease liabilities	[1]	$ 24,790	$ 177,509
Weighted average remaining lease term		6 years 3 months 18 days	5 years 8 months 12 days
Weighted average discount rate (percent)		4.70%	4.70%
[1]	For the three months ended March 31, 2019, we implemented ASC 842, Leases.

LEASES (Maturities of Company's

LEASES (Maturities of Company's Operating Lease Liabilities) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Leases [Abstract]
2020 (remainder of year)	$ 42,343
2021	50,196
2022	35,832
2023	26,650
2024	17,013
Thereafter	65,102
Total future minimum lease payments	237,136
Less: imputed interest	(34,971)
Total operating lease liabilities	$ 202,165	$ 188,733

FAIR VALUE MEASUREMENTS (Schedu

FAIR VALUE MEASUREMENTS (Schedule of Assets and Liabilities at Fair Value) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Fair Value Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of Company's derivative liability	$ 1,000,000
Fair value of Company's derivative asset			$ 100,000
Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Borrowings	350,000,000		205,000,000
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Borrowings	350,000,000		$ 205,000,000
Fair Value | Fair Value Measurements, Nonrecurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment expense	$ 0	$ 0

DERIVATIVE FINANCIAL INSTRUME_3

DERIVATIVE FINANCIAL INSTRUMENTS (Fair Value of Derivative Assets and Liabilities) (Details) - Level 2 - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Foreign Currency Derivatives [Abstract]
Derivative asset, gross forward foreign currency exchange contracts	$ 1,990	$ 535
Derivative asset, netting of counterparty contracts	(1,990)	(424)
Derivative asset, net foreign currency forward contract derivatives	0	111
Derivative liability, gross forward foreign currency exchange contracts	(2,983)	(424)
Derivative liability, netting of counterparty contracts	1,990	424
Derivative liability, net foreign currency forward contract derivatives	$ (993)	$ 0

DERIVATIVE FINANCIAL INSTRUME_4

DERIVATIVE FINANCIAL INSTRUMENTS (Summary Of Derivative Financial Instruments Notional Amounts On Outstanding Positions) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Derivatives - Fair Value [Line Items]
Notional	$ 143,744	$ 134,287
Fair Value	(993)	111
Euro
Derivatives - Fair Value [Line Items]
Notional	27,818	46,757
Fair Value	(82)	36
Singapore Dollar
Derivatives - Fair Value [Line Items]
Notional	37,416	31,255
Fair Value	(1,730)	344
Japanese Yen
Derivatives - Fair Value [Line Items]
Notional	28,022	11,823
Fair Value	(517)	63
South Korean Won
Derivatives - Fair Value [Line Items]
Notional	22,453	10,328
Fair Value	458	(82)
British Pound Sterling
Derivatives - Fair Value [Line Items]
Notional	4,816	9,155
Fair Value	192	(104)
Other currencies
Derivatives - Fair Value [Line Items]
Notional	23,219	24,969
Fair Value	$ 686	$ (146)

DERIVATIVE FINANCIAL INSTRUME_5

DERIVATIVE FINANCIAL INSTRUMENTS (Gains / Losses on Foreign Currency Derivatives) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Foreign currency transaction gains (losses)	$ 1,027	$ (1,433)
Foreign currency forward exchange contracts gains (losses)	(1,258)	216
Foreign currency losses, net	$ (231)	$ (1,217)

REVOLVING CREDIT FACILITIES A_3

REVOLVING CREDIT FACILITIES AND BANK BORROWINGS (Schedule of the Company's Borrowings) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Less: Current portion of borrowings	$ 0	$ 0
Total long-term borrowings	350,000	205,000
Revolving credit facilities
Debt Instrument [Line Items]
Revolving credit facilities	$ 350,000	$ 205,000

REVOLVING CREDIT FACILITIES A_4

REVOLVING CREDIT FACILITIES AND BANK BORROWINGS (Senior Revolving Credit Facility) (Details) - Revolving credit facilities	1 Months Ended	3 Months Ended	12 Months Ended
	Jul. 31, 2019USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Revolving Credit Facilities and Bank Borrowings
Borrowings outstanding		$ 350,000,000	$ 205,000,000
Senior Revolving Credit Facility
Revolving Credit Facilities and Bank Borrowings
Commitments available under credit facility	$ 450,000,000	500,000,000
Increase to the total commitments available under Credit Agreement		50,000,000
Borrowing capacity under revolving credit facility		500,000,000
Additional borrowing under credit agreement		$ 100,000,000
Minimum interest coverage ratio		4
Minimum borrowing availability for certain acquisitions		$ 40,000,000
Borrowings outstanding		350,000,000
Outstanding letters of credit		4,600,000
Available borrowing capacity		$ 145,400,000	240,400,000
Senior Revolving Credit Facility | Until September 30, 2020
Revolving Credit Facilities and Bank Borrowings
Maximum leverage coverage ratio		4
Senior Revolving Credit Facility | From December 31, 2020 to December 31, 2021
Revolving Credit Facilities and Bank Borrowings
Maximum leverage coverage ratio		3.50
Senior Revolving Credit Facility | From March 31, 2022 and thereafter
Revolving Credit Facilities and Bank Borrowings
Maximum leverage coverage ratio		3.25
Senior Revolving Credit Facility | Federal Funds Open Rate
Revolving Credit Facilities and Bank Borrowings
Margin on variable rate (percent)		0.25%
Senior Revolving Credit Facility | Daily LIBOR
Revolving Credit Facilities and Bank Borrowings
Margin on variable rate (percent)		1.00%
Senior Revolving Credit Facility | Base Rate | Minimum
Revolving Credit Facilities and Bank Borrowings
Margin on variable rate (percent)	0.25%
Senior Revolving Credit Facility | Base Rate | Maximum
Revolving Credit Facilities and Bank Borrowings
Margin on variable rate (percent)	0.875%
Senior Revolving Credit Facility | LIBOR | Minimum
Revolving Credit Facilities and Bank Borrowings
Margin on variable rate (percent)	1.25%
Senior Revolving Credit Facility | LIBOR | Maximum
Revolving Credit Facilities and Bank Borrowings
Margin on variable rate (percent)	1.875%
Asia Pacific Revolving Credit Facility
Revolving Credit Facilities and Bank Borrowings
Borrowings outstanding		$ 0	0
Borrowings from credit facility		$ 0	$ 0

COMMON STOCK REPURCHASE PROGR_2

COMMON STOCK REPURCHASE PROGRAM (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Equity [Abstract]
Stock repurchased during period (in shares)	1.6	2.1
Stock repurchased during period	$ 39.2	$ 53.5
Remaining authorization to repurchase common stock	$ 469.5

REVENUES - Disaggregated Revenu

REVENUES - Disaggregated Revenues (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Disaggregation of Revenue [Line Items]
Revenues	$ 281,160	$ 295,949
Wholesale
Disaggregation of Revenue [Line Items]
Revenues	193,172	204,722
Retail
Disaggregation of Revenue [Line Items]
Revenues	48,799	57,396
E-commerce
Disaggregation of Revenue [Line Items]
Revenues	39,189	33,831
Americas
Disaggregation of Revenue [Line Items]
Revenues	147,723	129,126
Americas | Wholesale
Disaggregation of Revenue [Line Items]
Revenues	90,805	71,229
Americas | Retail
Disaggregation of Revenue [Line Items]
Revenues	34,618	38,076
Americas | E-commerce
Disaggregation of Revenue [Line Items]
Revenues	22,300	19,821
Asia Pacific
Disaggregation of Revenue [Line Items]
Revenues	65,460	91,047
Asia Pacific | Wholesale
Disaggregation of Revenue [Line Items]
Revenues	45,580	68,950
Asia Pacific | Retail
Disaggregation of Revenue [Line Items]
Revenues	10,187	13,903
Asia Pacific | E-commerce
Disaggregation of Revenue [Line Items]
Revenues	9,693	8,194
EMEA
Disaggregation of Revenue [Line Items]
Revenues	67,901	75,724
EMEA | Wholesale
Disaggregation of Revenue [Line Items]
Revenues	56,711	64,491
EMEA | Retail
Disaggregation of Revenue [Line Items]
Revenues	3,994	5,417
EMEA | E-commerce
Disaggregation of Revenue [Line Items]
Revenues	7,196	5,816
Other Businesses
Disaggregation of Revenue [Line Items]
Revenues	76	52
Other Businesses | Wholesale
Disaggregation of Revenue [Line Items]
Revenues	76	52
Other Businesses | Retail
Disaggregation of Revenue [Line Items]
Revenues	0	0
Other Businesses | E-commerce
Disaggregation of Revenue [Line Items]
Revenues	$ 0	$ 0

REVENUES - Narrative (Details)

REVENUES - Narrative (Details) - Change in Estimate of Product Transfers - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Wholesale
Revenues [Abstract]
Impact on revenue from changes in estimates	$ 500,000	$ 100,000
Retail
Revenues [Abstract]
Impact on revenue from changes in estimates	0	0
E-commerce
Revenues [Abstract]
Impact on revenue from changes in estimates	$ 0	$ 0

SHARE-BASED COMPENSATION (Sched

SHARE-BASED COMPENSATION (Schedule of Share-based Compensation Expense) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	$ 3,964	$ 3,634
Cost of sales
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	146	88
Selling, general and administrative expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	$ 3,818	$ 3,546

INCOME TAXES (Summary of Tax Ex

INCOME TAXES (Summary of Tax Expense and Effective Tax Rates) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Income before income taxes	$ 18,778	$ 30,329
Income tax expense	$ 7,687	$ 5,619
Effective tax rate	40.90%	18.50%

INCOME TAXES (Narrative) (Detai

INCOME TAXES (Narrative) (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Unrecognized tax benefits	$ 4.3	$ 4.6

EARNINGS PER SHARE (Summary Of

EARNINGS PER SHARE (Summary Of Basic And Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Earnings Per Share [Abstract]
Net income	$ 11,091	$ 24,710
Weighted average common shares outstanding - basic (in shares)	67,931	73,009
Plus: dilutive effect of stock options and unvested restricted stock units (in shares)	1,287	1,866
Weighted average common shares outstanding - diluted (in shares)	69,218	74,875
Basic (in dollars per share)	$ 0.16	$ 0.34
Diluted (in dollars per share)	$ 0.16	$ 0.33

EARNINGS PER SHARE (Narrative)

EARNINGS PER SHARE (Narrative) (Details) - shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Options and RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities not included in the calculation of diluted income per share (in shares)	100,000	0

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Purchase Commitments) (Details) $ in Millions	Mar. 31, 2020USD ($)
Commitments and Contingencies Disclosure [Abstract]
Purchase commitments with third party manufacturers	$ 57.4

OPERATING SEGMENTS AND GEOGRA_3

OPERATING SEGMENTS AND GEOGRAPHIC INFORMATION (Narrative) (Details)	3 Months Ended
	Mar. 31, 2020segment
Segment Reporting [Abstract]
Number of operating segments	3

OPERATING SEGMENTS AND GEOGRA_4

OPERATING SEGMENTS AND GEOGRAPHIC INFORMATION (Information Related To Reportable Operating Business Segments) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Segment Reporting Information [Line Items]
Total consolidated revenues	$ 281,160	$ 295,949
Total income from operations	20,812	32,578
Foreign currency losses, net	(231)	(1,217)
Interest income	97	195
Interest expense	(1,921)	(1,817)
Other income, net	21	590
Income before income taxes	18,778	30,329
Total consolidated depreciation and amortization	6,907	6,136
Americas
Segment Reporting Information [Line Items]
Total consolidated revenues	147,723	129,126
Asia Pacific
Segment Reporting Information [Line Items]
Total consolidated revenues	65,460	91,047
EMEA
Segment Reporting Information [Line Items]
Total consolidated revenues	67,901	75,724
Reportable Operating Segments
Segment Reporting Information [Line Items]
Total consolidated revenues	281,084	295,897
Total income from operations	73,731	85,334
Total consolidated depreciation and amortization	1,309	1,354
Reportable Operating Segments | Americas
Segment Reporting Information [Line Items]
Total consolidated revenues	147,723	129,126
Total income from operations	46,662	33,609
Total consolidated depreciation and amortization	854	909
Reportable Operating Segments | Asia Pacific
Segment Reporting Information [Line Items]
Total consolidated revenues	65,460	91,047
Total income from operations	9,424	26,681
Total consolidated depreciation and amortization	279	224
Reportable Operating Segments | EMEA
Segment Reporting Information [Line Items]
Total consolidated revenues	67,901	75,724
Total income from operations	17,645	25,044
Total consolidated depreciation and amortization	176	221
Reportable Operating Segments | Other businesses
Segment Reporting Information [Line Items]
Total consolidated revenues	76	52
Total income from operations	(13,924)	(16,337)
Total consolidated depreciation and amortization	2,051	1,323
Unallocated corporate and other
Segment Reporting Information [Line Items]
Total income from operations	(38,995)	(36,419)
Total consolidated depreciation and amortization	$ 3,547	$ 3,459

LEGAL PROCEEDINGS (Details)

LEGAL PROCEEDINGS (Details) R$ in Millions, $ in Millions	Mar. 22, 2018USD ($)	Feb. 25, 2015BRL (R$)	Feb. 25, 2015USD ($)	Jan. 13, 2015BRL (R$)	Jan. 13, 2015USD ($)	Mar. 31, 2020USD ($)
Income Tax Examination [Line Items]
Amount of loss that could potentially exceed amounts accrued						$ 1.4
Brazilian Federal Tax Authorities
Income Tax Examination [Line Items]
Assessments sought against entity	$ 4	R$ 33.3	$ 6.4	R$ 14.4	$ 2.8
Reduction in principal, penalties and interest	38.00%

Uncategorized Items - crox-2020

Label	Element	Value	[1]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (227,000)
Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (227,000)
[1]	The decrease to beginning retained earnings in the three months ended March 31, 2019 is a result of the prior year adoption of new lease accounting standards.