Crocs (CROX) 10-Q 30 Jul 20 2020 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2020	Jul. 23, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 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	13601 Via Varra
Entity Address, City or Town	Broomfield
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80020
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 Common Stock, Shares Outstanding		67,462,048
Amendment Flag	false
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2020
Entity Central Index Key	0001334036
Current Fiscal Year End Date	--12-31

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Statement [Abstract]
Revenues	$ 331,549	$ 358,899	$ 612,709	$ 654,848
Cost of sales	151,616	169,520	298,614	327,854
Gross profit	179,933	189,379	314,095	326,994
Selling, general and administrative expenses	123,338	141,548	236,688	246,585
Income from operations	56,595	47,831	77,407	80,409
Foreign currency losses, net	(687)	(261)	(918)	(1,478)
Interest income	49	131	146	326
Interest expense	(2,170)	(2,421)	(4,091)	(4,238)
Other income (expense), net	907	(604)	928	(14)
Income before income taxes	54,694	44,676	73,472	75,005
Income tax expense (benefit)	(1,857)	5,478	5,830	11,097
Net income	$ 56,551	$ 39,198	$ 67,642	$ 63,908
Net income per common share:
Basic (in dollars per share)	$ 0.84	$ 0.55	$ 1	$ 0.89
Diluted (in dollars per share)	$ 0.83	$ 0.55	$ 0.99	$ 0.87
Weighted average common shares outstanding:
Basic (in shares)	67,416	70,936	67,674	71,967
Diluted (in shares)	68,038	71,915	68,664	73,369

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Statement of Comprehensive Income [Abstract]
Net income		$ 56,551	$ 39,198	$ 67,642	$ 63,908
Other comprehensive income (loss):
Foreign currency translation gains (losses), net		3,543	992	(7,823)	51
Reclassification of foreign currency translation loss to income	[1]	0	0	(164)	0
Total comprehensive income		$ 60,094	$ 40,190	$ 59,655	$ 63,959
[1]	Represents the reclassification of cumulative foreign currency translation adjustment upon liquidation of foreign subsidiaries during the six months ended June 30, 2020.

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 151,370	$ 108,253
Accounts receivable, net of allowances of $24,997 and $18,797, respectively	160,279	108,199
Inventories	146,804	172,028
Income taxes receivable	3,809	1,341
Other receivables	10,433	8,711
Restricted cash - current	1,690	1,500
Prepaid expenses and other assets	19,545	25,350
Total current assets	493,930	425,382
Property and equipment, net of accumulated depreciation and amortization of $83,306 and $79,604, respectively	52,136	47,405
Intangible assets, net of accumulated amortization of $90,677 and $82,760, respectively	43,773	47,095
Goodwill	1,581	1,578
Deferred tax assets, net	24,218	24,747
Restricted cash	1,759	2,292
Right-of-use assets	183,490	182,228
Other assets	9,997	8,075
Total assets	810,884	738,802
Current liabilities:
Accounts payable	83,221	95,754
Accrued expenses and other liabilities	94,233	108,677
Income taxes payable	6,357	4,207
Current operating lease liabilities	49,168	48,585
Total current liabilities	232,979	257,223
Long-term income taxes payable	4,133	4,522
Long-term borrowings	275,000	205,000
Long-term operating lease liabilities	141,887	140,148
Other liabilities	1	4
Total liabilities	654,000	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, 104.9 million and 104.0 million issued, 67.5 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	502,958	495,903
Retained earnings	308,127	240,485
Accumulated other comprehensive loss	(66,366)	(58,379)
Total stockholders’ equity	156,884	131,905
Total liabilities and stockholders’ equity	$ 810,884	$ 738,802

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Accounts receivable, net of allowance	$ 24,997	$ 18,797
Property and equipment, net of accumulated depreciation and amortization	83,306	79,604
Intangible assets, net of accumulated amortization	$ 90,677	$ 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)	104,900,000	104,000,000
Common stock outstanding (in shares)	67,500,000	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	Cumulative Effect, Period of Adoption, Adjustment	[1]	Common Stock	Treasury Stock	Additional Paid-in Capital	Retained Earnings	Retained EarningsCumulative Effect, Period of Adoption, Adjustment	[1]	Accumulated Other Comprehensive Loss
Beginning balance (in shares) at Dec. 31, 2018				73,306	29,656
Beginning balance at Dec. 31, 2018	$ 150,308	$ (227)		$ 103	$ (397,491)	$ 481,133	$ 121,215	$ (227)		$ (54,652)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	7,401					7,401
Exercises of stock options, issuance of restricted stock awards, and vests of restricted stock units (in shares)				954	49
Exercises of stock options, issuance of restricted stock awards, and vests of restricted stock units	(1,030)			$ 1	$ (1,227)	196
Repurchases of common stock (in shares)				(4,645)	4,645
Repurchases of common stock	(108,475)				$ (108,475)
Net income	63,908						63,908
Other comprehensive income (loss)	51									51
Ending balance (in shares) at Jun. 30, 2019				69,615	34,350
Ending balance at Jun. 30, 2019	111,936			$ 104	$ (507,193)	488,730	184,896			(54,601)
Beginning balance (in shares) at Mar. 31, 2019				72,009	31,838
Beginning balance at Mar. 31, 2019	122,945			$ 104	$ (452,196)	484,932	145,698			(55,593)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	3,767					3,767
Exercises of stock options, issuance of restricted stock awards, and vests of restricted stock units (in shares)				118
Exercises of stock options, issuance of restricted stock awards, and vests of restricted stock units	31					31
Repurchases of common stock (in shares)				(2,512)	2,512
Repurchases of common stock	(54,997)				$ (54,997)
Net income	39,198						39,198
Other comprehensive income (loss)	992									992
Ending balance (in shares) at Jun. 30, 2019				69,615	34,350
Ending balance at Jun. 30, 2019	111,936			$ 104	$ (507,193)	488,730	184,896			(54,601)
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	5,942					5,942
Exercises of stock options, issuance of restricted stock awards, and vests of restricted stock units (in shares)				782	115
Exercises of stock options, issuance of restricted stock awards, and vests of restricted stock units	(1,459)			$ 1	$ (2,573)	1,113
Repurchases of common stock (in shares)				(1,559)	1,559
Repurchases of common stock	(39,159)				$ (39,159)
Net income	67,642						67,642
Other comprehensive income (loss)	(7,987)									(7,987)
Ending balance (in shares) at Jun. 30, 2020				67,455	37,470
Ending balance at Jun. 30, 2020	156,884			$ 105	$ (587,940)	502,958	308,127			(66,366)
Beginning balance (in shares) at Mar. 31, 2020				67,375	37,470
Beginning balance at Mar. 31, 2020	94,029			$ 105	$ (587,940)	500,197	251,576			(69,909)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	1,978					1,978
Exercises of stock options, issuance of restricted stock awards, and vests of restricted stock units (in shares)				80
Exercises of stock options, issuance of restricted stock awards, and vests of restricted stock units	783					783
Net income	56,551						56,551
Other comprehensive income (loss)	3,543									3,543
Ending balance (in shares) at Jun. 30, 2020				67,455	37,470
Ending balance at Jun. 30, 2020	$ 156,884			$ 105	$ (587,940)	$ 502,958	$ 308,127			$ (66,366)
[1]	The decrease to beginning retained earnings in the six months ended June 30, 2019 is a result of the prior year adoption of new lease accounting standards.

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2020	Jun. 30, 2019
Cash flows from operating activities:
Net income		$ 67,642	$ 63,908
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		13,499	11,865
Operating lease cost		30,213	29,679
Inventory donations		8,821	5
Provision for doubtful accounts, net		6,507	988
Share-based compensation		5,942	7,401
Other non-cash items		2,029	(1,627)
Changes in operating assets and liabilities:
Accounts receivable		(62,146)	(73,000)
Inventories		11,240	(9,955)
Prepaid expenses and other assets		1,002	(912)
Accounts payable, accrued expenses and other liabilities		(15,316)	26,548
Operating lease liabilities		(29,166)	(34,732)
Cash provided by operating activities		40,267	20,168
Cash flows from investing activities:
Purchases of property, equipment, and software		(24,328)	(18,722)
Proceeds from disposal of property and equipment		434	260
Other		(116)	0
Cash used in investing activities		(24,010)	(18,462)
Cash flows from financing activities:
Proceeds from bank borrowings		150,000	95,000
Repayments of bank borrowings		(80,000)	0
Dividends—Series A convertible preferred stock	[1]	0	(2,985)
Repurchases of common stock		(39,159)	(108,475)
Other		(1,964)	(1,635)
Cash provided by (used in) financing activities		28,877	(18,095)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash		(2,360)	410
Net change in cash, cash equivalents, and restricted cash		42,774	(15,979)
Cash, cash equivalents, and restricted cash—beginning of period		112,045	127,530
Cash, cash equivalents, and restricted cash—end of period		$ 154,819	$ 111,551
[1]	For the six months ended June 30, 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	6 Months Ended
	Jun. 30, 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	6 Months Ended
	Jun. 30, 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 six months ended June 30, 2020, other than with respect to the new accounting pronouncements adopted as described in Note 2 — Recent Accounting Pronouncements and the COVID-19-related lease accounting policy election as described in Note 4 — Leases. Reclassifications The Company has reclassified certain amounts on the condensed consolidated statements of cash flows to conform to current period presentation. 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 $0.3 million and $1.0 million for the three and six months ended June 30, 2019, respectively. 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	6 Months Ended
	Jun. 30, 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 June 30, 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	6 Months Ended
	Jun. 30, 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: June 30, December 31, 2019 (in thousands) Accrued compensation and benefits $ 18,689 $ 42,460 Fulfillment, freight, and duties 17,431 20,110 Professional services 15,321 13,361 Accrued rent and occupancy 5,318 4,682 Return liabilities 9,039 7,090 Sales/use and value added taxes payable 14,845 6,843 Royalties payable and deferred revenue 3,732 3,740 Other 9,858 10,391 Total accrued expenses and other liabilities $ 94,233 $ 108,677

LEASES

LEASES	6 Months Ended
	Jun. 30, 2020
Leases [Abstract]
LEASES	LEASES As a result of the COVID-19 pandemic, we received lease concessions from landlords in the form of rent deferrals and rent abatements in the three months ended June 30, 2020. We chose to implement the policy election provided by the FASB in April 2020 to record rent concessions as if no modifications to leases contracts were made, and thus no changes to the lease obligations were recorded in respect to these concessions. As of June 30, 2020, we had outstanding deferred rent of $4.3 million, the majority of which will be paid by December 31, 2020, and in the three months ended June 30, 2020, we received rent abatements of $1.3 million. Right-of-Use Assets and Operating Lease Liabilities Amounts reported in the condensed consolidated balance sheets were: June 30, December 31, 2019 (in thousands) Assets: Right-of-use assets $ 183,490 $ 182,228 Liabilities: Current operating lease liabilities $ 49,168 $ 48,585 Long-term operating lease liabilities 141,887 140,148 Total operating lease liabilities $ 191,055 $ 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 statements of operations were: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (in thousands) Operating lease cost $ 15,219 $ 14,749 $ 30,213 $ 29,679 Short-term lease cost 1,337 387 2,662 1,747 Variable lease cost 4,273 4,300 5,773 7,289 Total lease costs $ 20,829 $ 19,436 $ 38,648 $ 38,715 Other information related to leases, including supplemental cash flow information, consists of: Six Months Ended June 30, 2020 2019 (in thousands) Cash paid for operating leases $ 23,587 $ 33,729 Right-of-use assets obtained in exchange for operating lease liabilities (1) 27,586 190,102 (1) In the six months ended June 30, 2019, we implemented ASC 842, Leases. The previously reported amount includes $176.1 million for operating leases existing on January 1, 2019 and $14.0 million for operating leases that commenced in the six months ended June 30, 2019. The weighted average remaining lease term and discount rate related to our lease liabilities as of June 30, 2020 were 6.3 years and 4.7%, respectively. As of June 30, 2019, the weighted average remaining lease term and discount rate related to our lease liabilities were 5.5 years and 4.8%, respectively. Maturities The maturities of our operating lease liabilities were: As of June 30, 2020 (in thousands) 2020 (remainder of year) $ 25,737 2021 51,035 2022 36,554 2023 27,061 2024 17,531 Thereafter 65,996 Total future minimum lease payments 223,914 Less: imputed interest (32,859) Total operating lease liabilities $ 191,055 Leases That Have Not Yet Commenced As of June 30, 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 €23 million, or $26 million, with expected total capital investments of approximately €20 million, or $23 million, through 2021. Additionally, as of June 30, 2020, we had significant obligations for a lease that has not yet commenced related to the expansion of our Americas distribution center in Dayton, Ohio. The total contractual commitment related to this lease, with payments expected to begin August 2020 and continuing through September 2030, is approximately $26 million, with expected total capital investments of approximately $10 million through 2020.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Jun. 30, 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 ‘Prepaid expenses and other assets’ at December 31, 2019. We did not have any derivative assets or liabilities recorded at June 30, 2020. The fair values of our derivative instruments were an asset of $0.1 million at December 31, 2019. 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 June 30, 2020 and December 31, 2019, based on interest rates currently available to us for similar borrowings and were: June 30, 2020 December 31, 2019 Carrying Value Fair Value Carrying Value Fair Value (in thousands) Borrowings $ 275,000 $ 275,000 $ 205,000 $ 205,000 Non-Financial Assets and Liabilities Our non-financial assets, which primarily consist of property and equipment, right-of-use assets, 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. As a result of the COVID-19 pandemic, we evaluated our non-financial assets for potential impairment, concluding that no impairment was needed in the three and six months ended June 30, 2020. Additionally, no impairment expense was recorded in the three or six months ended June 30, 2019. During the three and six months ended June 30, 2020, we recorded inventory donations of $8.2 million and $9.9 million, respectively, at fair value within ‘Selling, general and administrative expenses’ in our condensed consolidated statements of operations. We did not record material inventory donations in the three or six months ended June 30, 2019.

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS	6 Months Ended
	Jun. 30, 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 may enter into forward contracts to buy and sell foreign currency. By policy, we do not enter into these contracts for trading purposes or speculation. To maximize liquidity and cash flow during the COVID-19 pandemic, we did not enter into any foreign currency exchange forward contracts in the three months ended June 30, 2020. 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 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 ‘Prepaid expenses and other assets’ in the condensed consolidated balance sheets were: June 30, 2020 December 31, 2019 Derivative Assets Derivative Liabilities Derivative Assets Derivative Liabilities (in thousands) Forward foreign currency exchange contracts $ — $ — $ 535 $ (424) Netting of counterparty contracts — — (424) 424 Foreign currency forward contract derivatives $ — $ — $ 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. June 30, 2020 December 31, 2019 Notional Fair Value Notional Fair Value (in thousands) Euro $ — $ — $ 46,757 $ 36 Singapore Dollar — — 31,255 344 Japanese Yen — — 11,823 63 South Korean Won — — 10,328 (82) British Pound Sterling — — 9,155 (104) Other currencies — — 24,969 (146) Total $ — $ — $ 134,287 $ 111 Latest maturity date Not applicable 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 June 30, Six Months Ended June 30, 2020 2019 2020 2019 (in thousands) Foreign currency transaction gains (losses) $ (327) $ 525 $ 700 $ (908) Foreign currency forward exchange contracts losses (360) (786) (1,618) (570) Foreign currency losses, net $ (687) $ (261) $ (918) $ (1,478)

REVOLVING CREDIT FACILITIES AND

REVOLVING CREDIT FACILITIES AND BANK BORROWINGS	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
REVOLVING CREDIT FACILITIES AND BANK BORROWINGS	REVOLVING CREDIT FACILITIES AND BANK BORROWINGS Our borrowings were as follows: June 30, December 31, (in thousands) Revolving credit facilities $ 275,000 $ 205,000 Less: Current portion of borrowings — — Total long-term borrowings $ 275,000 $ 205,000 Senior Revolving Credit Facility In July 2019, the Company and certain of its 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 June 30, 2020, we were in compliance with all financial covenants under the Credit Agreement. As of June 30, 2020, the total commitments available from the lenders under the Facility were $500.0 million. At June 30, 2020, we had $275.0 million in outstanding borrowings, which are due when the Facility matures in July 2024, and $0.6 million in outstanding letters of credit under the Facility, which reduces amounts available for borrowing under the Facility. As of June 30, 2020 and December 31, 2019, we had $224.4 million and $240.4 million, respectively, of available borrowing capacity under the Facility. In July 2020, we repaid an additional $50.0 million of our outstanding borrowings under the Facility. Our borrowings may continue to fluctuate as we manage our liquidity needs. Asia Revolving Credit Facilities In the three months ended June 30, 2020, we entered into two separate credit agreements in Asia, which provide for revolving credit facilities with China Merchants Bank Company Limited, Shanghai Branch (the "CMBC Facility") and Citibank (China) Company Limited, Shanghai Branch (the "Citibank Facility"). The CMBC Facility provides a revolving credit facility of up to 30.0 million RMB, or $4.2 million at current exchange rates, and matures in May 2021. For RMB loans under the CMBC Facility, interest is determined at the time of borrowing based on variable rates in effect at that time. The Citibank Facility provides a revolving credit facility of up to an equivalent of $5.0 million and matures in June 2021. For RMB loans under the Citibank Facility, interest is based on a National Interbank Funding Center 1-year prime rate, plus 65 basis points. For USD loans under the Citibank Facility, interest is based on a LIBOR rate, plus 1.5%. We had no borrowings under our Asia revolving facilities during the six months ended June 30, 2020 and year ended December 31, 2019 or borrowings outstanding at June 30, 2020 and December 31, 2019.

COMMON STOCK REPURCHASE PROGRAM

COMMON STOCK REPURCHASE PROGRAM	6 Months Ended
	Jun. 30, 2020
Equity [Abstract]
COMMON STOCK REPURCHASE PROGRAM	COMMON STOCK REPURCHASE PROGRAM During the three months ended June 30, 2020, to preserve maximum liquidity and flexibility as a result of the COVID-19 pandemic, we did not repurchase shares of our common stock. During the six months ended June 30, 2020, we repurchased 1.6 million shares of our common stock at a cost of $39.2 million, including commissions. During the three and six months ended June 30, 2019, we repurchased 2.5 million and 4.6 million shares of our common stock at a cost of $55.0 million and $108.5 million, including commissions, respectively. As of June 30, 2020, we had remaining authorization to repurchase approximately $469.5 million of our common stock, subject to restrictions under our Credit Agreement.

REVENUES

REVENUES	6 Months Ended
	Jun. 30, 2020
Revenue from Contract with Customer [Abstract]
REVENUES	REVENUES Revenues by reportable operating segment and by channel were: Second Quarter Three Months Ended June 30, 2020 Americas Asia Pacific EMEA Other Businesses Total (in thousands) Channel: Wholesale $ 67,428 $ 35,282 $ 42,166 $ 16 $ 144,892 Retail 34,220 21,805 4,187 — 60,212 E-commerce 69,936 36,486 20,023 — 126,445 Total revenues $ 171,584 $ 93,573 $ 66,376 $ 16 $ 331,549 Three Months Ended June 30, 2019 Americas Asia Pacific EMEA Other Businesses Total (in thousands) Channel: Wholesale $ 69,957 $ 63,862 $ 46,136 $ 74 $ 180,029 Retail 65,900 26,865 10,688 — 103,453 E-commerce 34,583 27,697 13,137 — 75,417 Total revenues $ 170,440 $ 118,424 $ 69,961 $ 74 $ 358,899 Full Year to Date Six Months Ended June 30, 2020 Americas Asia Pacific EMEA Other Businesses Total (in thousands) Channel: Wholesale $ 158,233 $ 80,863 $ 98,877 $ 92 $ 338,065 Retail 68,839 31,991 8,181 — 109,011 E-commerce 92,236 46,179 27,218 — 165,633 Total revenues $ 319,308 $ 159,033 $ 134,276 $ 92 $ 612,709 Six Months Ended June 30, 2019 Americas Asia Pacific EMEA Other Businesses Total (in thousands) Channel: Wholesale $ 141,186 $ 132,812 $ 110,627 $ 126 $ 384,751 Retail 103,976 40,768 16,105 — 160,849 E-commerce 54,404 35,891 18,953 — 109,248 Total revenues $ 299,566 $ 209,471 $ 145,685 $ 126 $ 654,848 We recognized immaterial changes during the three months ended June 30, 2020 and increases of $0.5 million during the six months ended June 30, 2020 to wholesale revenues due to changes in estimates related to products transferred to customers in prior periods. During the three and six months ended June 30, 2019, we recognized increases of $0.1 million 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 or six months ended June 30, 2020 or 2019.

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	6 Months Ended
	Jun. 30, 2020
Share-based Payment Arrangement [Abstract]
SHARE-BASED COMPENSATION	SHARE-BASED COMPENSATION On June 10, 2020, the Company’s stockholders approved the Crocs, Inc. 2020 Equity Incentive Plan (the “2020 Plan”). The 2020 Plan provides for the grant of incentive and non-qualified stock options, stock appreciation rights, restricted stock, restricted stock units, performance units, and other stock-based awards. The 2020 Plan replaces the Company’s 2015 Equity Incentive Plan (the “2015 Plan”), and no further awards will be made under the 2015 Plan after the effective date of the 2020 Plan. Additionally, any awards that expire or are forfeited under the 2015 Plan become available for issuance under the 2020 Plan. Pre-tax share-based compensation expense reported in our condensed consolidated statements of operations was: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (in thousands) Cost of sales $ (107) $ 92 $ 39 $ 180 Selling, general and administrative expenses 2,085 3,675 5,903 7,221 Total share-based compensation expense $ 1,978 $ 3,767 $ 5,942 $ 7,401

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2020
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES Income tax expense and effective tax rates were: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (in thousands, except effective tax rate) Income before income taxes $ 54,694 $ 44,676 $ 73,472 $ 75,005 Income tax expense (benefit) (1,857) 5,478 5,830 11,097 Effective tax rate (3.4) % 12.3 % 7.9 % 14.8 % The decrease in the effective tax rate for the three months ended June 30, 2020, compared to the same period in 2019, was driven primarily by the utilization of deferred tax assets which were subject to a valuation allowance, 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, as well as utilization of deferred tax assets which were subject to a valuation allowance. There were no significant or unusual discrete tax items during the six months ended June 30, 2020. We had unrecognized tax benefits of $4.4 million and $4.6 million at June 30, 2020 and December 31, 2019, respectively, and we do not expect any significant changes in tax benefits in the next twelve months. During the six months ended June 30, 2020, income tax expense decreased $5.3 million compared to the same period in 2019. The effective tax rate for the six months ended June 30, 2020 was 7.9% compared to an effective tax rate of 14.8% for the same period in 2019, a 6.9% decrease. This decrease in the effective tax rate was driven primarily by the utilization of deferred tax assets which were subject to a valuation allowance, 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, as well as utilization of deferred tax assets which were subject to a valuation allowance. 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. We evaluate our ability to realize the tax benefits associated with deferred tax assets by analyzing our forecasted taxable income by considering both historical and projected future operating results, the reversal of existing temporary differences, taxable income in prior carry back years (if permitted) and the availability of tax planning strategies. As of June 30, 2020, valuation allowances remain in certain jurisdictions where we believe it is necessary to see further positive evidence, such as sustained achievement of cumulative profits, before these valuation allowances can be released. Given the current earnings trend, sufficient positive evidence may become available for us to release all or a portion of the valuation allowance within twelve months. However, the exact timing and amount of the valuation allowance releases are subject to change based on the level of profitability achieved in future periods. We will continue to assess the realizability of its deferred tax assets.

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE Basic and diluted earnings per common share (“EPS”) for the three and six months ended June 30, 2020 and 2019 were: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (in thousands, except per share data) Numerator: Net income $ 56,551 $ 39,198 $ 67,642 $ 63,908 Denominator: Weighted average common shares outstanding - basic 67,416 70,936 67,674 71,967 Plus: Dilutive effect of stock options and unvested restricted stock units 622 979 990 1,402 Weighted average common shares outstanding - diluted 68,038 71,915 68,664 73,369 Net income per common share: Basic $ 0.84 $ 0.55 $ 1.00 $ 0.89 Diluted $ 0.83 $ 0.55 $ 0.99 $ 0.87 For the three and six months ended June 30, 2020, an aggregate of 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 and six months ended June 30, 2019, 0.3 million and 0.2 million options and RSUs, respectively, were excluded from the calculation of diluted EPS because the effect was anti-dilutive.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Purchase Commitments As of June 30, 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 $130.9 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	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, 2020 2019 2020 2019 (in thousands) Revenues: Americas $ 171,584 $ 170,440 $ 319,308 $ 299,566 Asia Pacific 93,573 118,424 159,033 209,471 EMEA 66,376 69,961 134,276 145,685 Total segment revenues 331,533 358,825 612,617 654,722 Other businesses 16 74 92 126 Total consolidated revenues $ 331,549 $ 358,899 $ 612,709 $ 654,848 Income from operations: Americas $ 64,258 $ 56,945 $ 110,920 $ 90,554 Asia Pacific 16,318 28,083 25,742 54,764 EMEA 20,353 22,533 37,998 47,577 Total segment income from operations 100,929 107,561 174,660 192,895 Reconciliation of total segment income from operations to income before income taxes: Other businesses (12,065) (10,133) (25,988) (26,470) Unallocated corporate and other (1) (32,269) (49,597) (71,265) (86,016) Income from operations 56,595 47,831 77,407 80,409 Foreign currency losses, net (687) (261) (918) (1,478) Interest income 49 131 146 326 Interest expense (2,170) (2,421) (4,091) (4,238) Other income (expense), net 907 (604) 928 (14) Income before income taxes $ 54,694 $ 44,676 $ 73,472 $ 75,005 Depreciation and amortization: Americas $ 896 $ 869 $ 1,750 $ 1,778 Asia Pacific 286 208 565 432 EMEA 163 194 339 415 Total segment depreciation and amortization 1,345 1,271 2,654 2,625 Other businesses 1,702 1,058 3,753 2,381 Unallocated corporate and other (1) 3,545 3,400 7,092 6,859 Total consolidated depreciation and amortization $ 6,592 $ 5,729 $ 13,499 $ 11,865 (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	6 Months Ended
	Jun. 30, 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 $2.6 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 $6.1 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 $3.8 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 June 30, 2020, we estimated that reasonably possible losses associated with these claims and other disputes could potentially exceed amounts accrued by up to $1.5 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.

BASIS OF PRESENTATION AND SUM_2

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 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.
Reclassifications	Reclassifications The Company has reclassified certain amounts on the condensed consolidated statements of cash flows to conform to current period presentation.
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
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 June 30, 2020 are not expected to have a material impact on our condensed consolidated financial statements.
Fair Value of Non-Financial Assets and Liabilities	Non-Financial Assets and LiabilitiesOur non-financial assets, which primarily consist of property and equipment, right-of-use assets, 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)	6 Months Ended
	Jun. 30, 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: June 30, December 31, 2019 (in thousands) Accrued compensation and benefits $ 18,689 $ 42,460 Fulfillment, freight, and duties 17,431 20,110 Professional services 15,321 13,361 Accrued rent and occupancy 5,318 4,682 Return liabilities 9,039 7,090 Sales/use and value added taxes payable 14,845 6,843 Royalties payable and deferred revenue 3,732 3,740 Other 9,858 10,391 Total accrued expenses and other liabilities $ 94,233 $ 108,677

LEASES (Tables)

LEASES (Tables)	6 Months Ended
	Jun. 30, 2020
Leases [Abstract]
Schedule of Rights-of-use Assets and Operating Lease Liabilities	Amounts reported in the condensed consolidated balance sheets were: June 30, December 31, 2019 (in thousands) Assets: Right-of-use assets $ 183,490 $ 182,228 Liabilities: Current operating lease liabilities $ 49,168 $ 48,585 Long-term operating lease liabilities 141,887 140,148 Total operating lease liabilities $ 191,055 $ 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 statements of operations were: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (in thousands) Operating lease cost $ 15,219 $ 14,749 $ 30,213 $ 29,679 Short-term lease cost 1,337 387 2,662 1,747 Variable lease cost 4,273 4,300 5,773 7,289 Total lease costs $ 20,829 $ 19,436 $ 38,648 $ 38,715 Other information related to leases, including supplemental cash flow information, consists of: Six Months Ended June 30, 2020 2019 (in thousands) Cash paid for operating leases $ 23,587 $ 33,729 Right-of-use assets obtained in exchange for operating lease liabilities (1) 27,586 190,102 (1) In the six months ended June 30, 2019, we implemented ASC 842, Leases. The previously reported amount includes $176.1 million for operating leases existing on January 1, 2019 and $14.0 million for operating leases that commenced in the six months ended June 30, 2019.
Schedule of Maturities of Operating Lease Liabilities	The maturities of our operating lease liabilities were: As of June 30, 2020 (in thousands) 2020 (remainder of year) $ 25,737 2021 51,035 2022 36,554 2023 27,061 2024 17,531 Thereafter 65,996 Total future minimum lease payments 223,914 Less: imputed interest (32,859) Total operating lease liabilities $ 191,055

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2020 and December 31, 2019, based on interest rates currently available to us for similar borrowings and were: June 30, 2020 December 31, 2019 Carrying Value Fair Value Carrying Value Fair Value (in thousands) Borrowings $ 275,000 $ 275,000 $ 205,000 $ 205,000

DERIVATIVE FINANCIAL INSTRUME_2

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
	Jun. 30, 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 ‘Prepaid expenses and other assets’ in the condensed consolidated balance sheets were: June 30, 2020 December 31, 2019 Derivative Assets Derivative Liabilities Derivative Assets Derivative Liabilities (in thousands) Forward foreign currency exchange contracts $ — $ — $ 535 $ (424) Netting of counterparty contracts — — (424) 424 Foreign currency forward contract derivatives $ — $ — $ 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. June 30, 2020 December 31, 2019 Notional Fair Value Notional Fair Value (in thousands) Euro $ — $ — $ 46,757 $ 36 Singapore Dollar — — 31,255 344 Japanese Yen — — 11,823 63 South Korean Won — — 10,328 (82) British Pound Sterling — — 9,155 (104) Other currencies — — 24,969 (146) Total $ — $ — $ 134,287 $ 111 Latest maturity date Not applicable 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 June 30, Six Months Ended June 30, 2020 2019 2020 2019 (in thousands) Foreign currency transaction gains (losses) $ (327) $ 525 $ 700 $ (908) Foreign currency forward exchange contracts losses (360) (786) (1,618) (570) Foreign currency losses, net $ (687) $ (261) $ (918) $ (1,478)

REVOLVING CREDIT FACILITIES A_2

REVOLVING CREDIT FACILITIES AND BANK BORROWINGS (Tables)	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Components Of Company's Borrowings	Our borrowings were as follows: June 30, December 31, (in thousands) Revolving credit facilities $ 275,000 $ 205,000 Less: Current portion of borrowings — — Total long-term borrowings $ 275,000 $ 205,000

REVENUES (Tables)

REVENUES (Tables)	6 Months Ended
	Jun. 30, 2020
Revenue from Contract with Customer [Abstract]
Revenues Disaggregated by Region and by Channel	Revenues by reportable operating segment and by channel were: Second Quarter Three Months Ended June 30, 2020 Americas Asia Pacific EMEA Other Businesses Total (in thousands) Channel: Wholesale $ 67,428 $ 35,282 $ 42,166 $ 16 $ 144,892 Retail 34,220 21,805 4,187 — 60,212 E-commerce 69,936 36,486 20,023 — 126,445 Total revenues $ 171,584 $ 93,573 $ 66,376 $ 16 $ 331,549 Three Months Ended June 30, 2019 Americas Asia Pacific EMEA Other Businesses Total (in thousands) Channel: Wholesale $ 69,957 $ 63,862 $ 46,136 $ 74 $ 180,029 Retail 65,900 26,865 10,688 — 103,453 E-commerce 34,583 27,697 13,137 — 75,417 Total revenues $ 170,440 $ 118,424 $ 69,961 $ 74 $ 358,899 Full Year to Date Six Months Ended June 30, 2020 Americas Asia Pacific EMEA Other Businesses Total (in thousands) Channel: Wholesale $ 158,233 $ 80,863 $ 98,877 $ 92 $ 338,065 Retail 68,839 31,991 8,181 — 109,011 E-commerce 92,236 46,179 27,218 — 165,633 Total revenues $ 319,308 $ 159,033 $ 134,276 $ 92 $ 612,709 Six Months Ended June 30, 2019 Americas Asia Pacific EMEA Other Businesses Total (in thousands) Channel: Wholesale $ 141,186 $ 132,812 $ 110,627 $ 126 $ 384,751 Retail 103,976 40,768 16,105 — 160,849 E-commerce 54,404 35,891 18,953 — 109,248 Total revenues $ 299,566 $ 209,471 $ 145,685 $ 126 $ 654,848

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, 2020 2019 2020 2019 (in thousands) Cost of sales $ (107) $ 92 $ 39 $ 180 Selling, general and administrative expenses 2,085 3,675 5,903 7,221 Total share-based compensation expense $ 1,978 $ 3,767 $ 5,942 $ 7,401

INCOME TAXES (Tables)

INCOME TAXES (Tables)	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, 2020 2019 2020 2019 (in thousands, except effective tax rate) Income before income taxes $ 54,694 $ 44,676 $ 73,472 $ 75,005 Income tax expense (benefit) (1,857) 5,478 5,830 11,097 Effective tax rate (3.4) % 12.3 % 7.9 % 14.8 %

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Summary Of Basic And Diluted Earnings Per Share	Basic and diluted earnings per common share (“EPS”) for the three and six months ended June 30, 2020 and 2019 were: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (in thousands, except per share data) Numerator: Net income $ 56,551 $ 39,198 $ 67,642 $ 63,908 Denominator: Weighted average common shares outstanding - basic 67,416 70,936 67,674 71,967 Plus: Dilutive effect of stock options and unvested restricted stock units 622 979 990 1,402 Weighted average common shares outstanding - diluted 68,038 71,915 68,664 73,369 Net income per common share: Basic $ 0.84 $ 0.55 $ 1.00 $ 0.89 Diluted $ 0.83 $ 0.55 $ 0.99 $ 0.87

OPERATING SEGMENTS AND GEOGRA_2

OPERATING SEGMENTS AND GEOGRAPHIC INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2020
Segment Reporting [Abstract]
Information Related to Reportable Operating Segments	The following tables set forth information related to reportable operating segments: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (in thousands) Revenues: Americas $ 171,584 $ 170,440 $ 319,308 $ 299,566 Asia Pacific 93,573 118,424 159,033 209,471 EMEA 66,376 69,961 134,276 145,685 Total segment revenues 331,533 358,825 612,617 654,722 Other businesses 16 74 92 126 Total consolidated revenues $ 331,549 $ 358,899 $ 612,709 $ 654,848 Income from operations: Americas $ 64,258 $ 56,945 $ 110,920 $ 90,554 Asia Pacific 16,318 28,083 25,742 54,764 EMEA 20,353 22,533 37,998 47,577 Total segment income from operations 100,929 107,561 174,660 192,895 Reconciliation of total segment income from operations to income before income taxes: Other businesses (12,065) (10,133) (25,988) (26,470) Unallocated corporate and other (1) (32,269) (49,597) (71,265) (86,016) Income from operations 56,595 47,831 77,407 80,409 Foreign currency losses, net (687) (261) (918) (1,478) Interest income 49 131 146 326 Interest expense (2,170) (2,421) (4,091) (4,238) Other income (expense), net 907 (604) 928 (14) Income before income taxes $ 54,694 $ 44,676 $ 73,472 $ 75,005 Depreciation and amortization: Americas $ 896 $ 869 $ 1,750 $ 1,778 Asia Pacific 286 208 565 432 EMEA 163 194 339 415 Total segment depreciation and amortization 1,345 1,271 2,654 2,625 Other businesses 1,702 1,058 3,753 2,381 Unallocated corporate and other (1) 3,545 3,400 7,092 6,859 Total consolidated depreciation and amortization $ 6,592 $ 5,729 $ 13,499 $ 11,865 (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	Jun. 30, 2019USD ($)	Jun. 30, 2019USD ($)	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 | $		$ 0.3	$ 1
Blackstone | Legal Costs For Blackstone Affiliates Public Offering Transaction
Transactions with Affiliates
Expenses incurred for services from subsidiaries | $				$ 0.3
Blackstone | Blackstone
Transactions with Affiliates
Beneficial ownership (in shares)					6,899,027
Number of shares of common stock sold (in shares)	6,864,545
Blackstone | Gregg S. Ribatt
Transactions with Affiliates
Number of shares of common stock sold (in 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	Jun. 30, 2020	Dec. 31, 2019
Payables and Accruals [Abstract]
Accrued compensation and benefits	$ 18,689	$ 42,460
Fulfillment, freight, and duties	17,431	20,110
Professional services	15,321	13,361
Accrued rent and occupancy	5,318	4,682
Return liabilities	9,039	7,090
Sales/use and value added taxes payable	14,845	6,843
Royalties payable and deferred revenue	3,732	3,740
Other	9,858	10,391
Total accrued expenses and other liabilities	$ 94,233	$ 108,677

LEASES (Narrative) (Details)

LEASES (Narrative) (Details) $ in Thousands, € in Millions	Jan. 01, 2019USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020EUR (€)
Lessee, Lease, Description [Line Items]
Outstanding deferred rent		$ 4,300	$ 4,300
Rent abatements		1,300
Right-of-use assets obtained in exchange for operating lease liabilities			27,586	$ 190,102
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 period
Lessee, Lease, Description [Line Items]
Right-of-use assets obtained in exchange for operating lease liabilities				$ 14,000
New Distribution Center In Dordrecht
Lessee, Lease, Description [Line Items]
Expected payments on leases not yet commenced		26,000	26,000		€ 23
Expected total capital investments on leases not yet commenced		23,000	23,000		€ 20
Expansion of Americas Distribution Center, Dayton, Ohio
Lessee, Lease, Description [Line Items]
Expected payments on leases not yet commenced		26,000	26,000
Expected total capital investments on leases not yet commenced		$ 10,000	$ 10,000

LEASES (Right-of-Use Assets and

LEASES (Right-of-Use Assets and Operating Lease Liabilities) (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Leases [Abstract]
Right-of-use assets	$ 183,490	$ 182,228
Current operating lease liabilities	49,168	48,585
Long-term operating lease liabilities	141,887	140,148
Total operating lease liabilities	$ 191,055	$ 188,733

LEASES (Lease Costs and Other I

LEASES (Lease Costs and Other Information) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Leases [Abstract]
Operating lease cost	$ 15,219	$ 14,749	$ 30,213	$ 29,679
Short-term lease cost	1,337	387	2,662	1,747
Variable lease cost	4,273	4,300	5,773	7,289
Total lease costs	$ 20,829	$ 19,436	38,648	38,715
Cash paid for operating leases			23,587	33,729
Right-of-use assets obtained in exchange for operating lease liabilities			$ 27,586	$ 190,102
Weighted average remaining lease term	6 years 3 months 18 days	5 years 6 months	6 years 3 months 18 days	5 years 6 months
Weighted average discount rate (percent)	4.70%	4.80%	4.70%	4.80%

LEASES (Maturities of Company's

LEASES (Maturities of Company's Operating Lease Liabilities) (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Leases [Abstract]
2020 (remainder of year)	$ 25,737
2021	51,035
2022	36,554
2023	27,061
2024	17,531
Thereafter	65,996
Total future minimum lease payments	223,914
Less: imputed interest	(32,859)
Total operating lease liabilities	$ 191,055	$ 188,733

FAIR VALUE MEASUREMENTS (Schedu

FAIR VALUE MEASUREMENTS (Schedule of Assets and Liabilities at Fair Value) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of Company's derivative liability	$ 0		$ 0
Fair value of Company's derivative asset	0		0
Inventory donations	8,200,000		9,900,000
Fair Value Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
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	275,000,000		275,000,000		205,000,000
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Borrowings	275,000,000		275,000,000		$ 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	$ 0	$ 0

DERIVATIVE FINANCIAL INSTRUME_3

DERIVATIVE FINANCIAL INSTRUMENTS (Fair Value of Derivative Assets and Liabilities) (Details) - Level 2 - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Foreign Currency Derivatives [Abstract]
Derivative asset, gross forward foreign currency exchange contracts	$ 0	$ 535
Derivative asset, netting of counterparty contracts	0	(424)
Derivative asset, net foreign currency forward contract derivatives	0	111
Derivative liability, gross forward foreign currency exchange contracts	0	(424)
Derivative liability, netting of counterparty contracts	0	424
Derivative liability, net foreign currency forward contract derivatives	$ 0	$ 0

DERIVATIVE FINANCIAL INSTRUME_4

DERIVATIVE FINANCIAL INSTRUMENTS (Summary Of Derivative Financial Instruments Notional Amounts On Outstanding Positions) (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Derivatives - Fair Value [Line Items]
Notional	$ 0	$ 134,287
Fair Value	0	111
Euro
Derivatives - Fair Value [Line Items]
Notional	0	46,757
Fair Value	0	36
Singapore Dollar
Derivatives - Fair Value [Line Items]
Notional	0	31,255
Fair Value	0	344
Japanese Yen
Derivatives - Fair Value [Line Items]
Notional	0	11,823
Fair Value	0	63
South Korean Won
Derivatives - Fair Value [Line Items]
Notional	0	10,328
Fair Value	0	(82)
British Pound Sterling
Derivatives - Fair Value [Line Items]
Notional	0	9,155
Fair Value	0	(104)
Other currencies
Derivatives - Fair Value [Line Items]
Notional	0	24,969
Fair Value	$ 0	$ (146)

DERIVATIVE FINANCIAL INSTRUME_5

DERIVATIVE FINANCIAL INSTRUMENTS (Gains / Losses on Foreign Currency Derivatives) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Foreign currency transaction gains (losses)	$ (327)	$ 525	$ 700	$ (908)
Foreign currency forward exchange contracts losses	(360)	(786)	(1,618)	(570)
Foreign currency losses, net	$ (687)	$ (261)	$ (918)	$ (1,478)

REVOLVING CREDIT FACILITIES A_3

REVOLVING CREDIT FACILITIES AND BANK BORROWINGS (Schedule of the Company's Borrowings) (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Less: Current portion of borrowings	$ 0	$ 0
Total long-term borrowings	275,000	205,000
Revolving credit facilities
Debt Instrument [Line Items]
Revolving credit facilities	$ 275,000	$ 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	6 Months Ended	12 Months Ended
	Jul. 31, 2020USD ($)	Mar. 31, 2020USD ($)	Jun. 30, 2020USD ($)	Dec. 31, 2019USD ($)	Jun. 30, 2020CNY (¥)	Jul. 31, 2019USD ($)
Revolving Credit Facilities and Bank Borrowings
Borrowings outstanding			$ 275,000,000	$ 205,000,000
Senior Revolving Credit Facility
Revolving Credit Facilities and Bank Borrowings
Commitments available under credit facility			500,000,000			$ 450,000,000
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			275,000,000
Outstanding letters of credit			600,000
Available borrowing capacity			224,400,000	240,400,000
Senior Revolving Credit Facility | Subsequent Event
Revolving Credit Facilities and Bank Borrowings
Repayment of outstanding borrowings	$ 50,000,000
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%
CMBC Revolving Credit Facility
Revolving Credit Facilities and Bank Borrowings
Commitments available under credit facility			4,200,000		¥ 30,000,000
Citybank Revolving Credit Facility
Revolving Credit Facilities and Bank Borrowings
Commitments available under credit facility			5,000,000
Citybank Revolving Credit Facility | LIBOR
Revolving Credit Facilities and Bank Borrowings
Margin on variable rate (percent)		1.50%
Citybank Revolving Credit Facility | Prime Rate
Revolving Credit Facilities and Bank Borrowings
Margin on variable rate (percent)		0.65%
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 ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Equity [Abstract]
Stock repurchased during period (in shares)	0	2,500,000	1,600,000	4,600,000
Stock repurchased during period		$ 55	$ 39.2	$ 108.5
Remaining authorization to repurchase common stock	$ 469.5		$ 469.5

REVENUES - Disaggregated Revenu

REVENUES - Disaggregated Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Disaggregation of Revenue [Line Items]
Revenues	$ 331,549	$ 358,899	$ 612,709	$ 654,848
Wholesale
Disaggregation of Revenue [Line Items]
Revenues	144,892	180,029	338,065	384,751
Retail
Disaggregation of Revenue [Line Items]
Revenues	60,212	103,453	109,011	160,849
E-commerce
Disaggregation of Revenue [Line Items]
Revenues	126,445	75,417	165,633	109,248
Americas
Disaggregation of Revenue [Line Items]
Revenues	171,584	170,440	319,308	299,566
Americas | Wholesale
Disaggregation of Revenue [Line Items]
Revenues	67,428	69,957	158,233	141,186
Americas | Retail
Disaggregation of Revenue [Line Items]
Revenues	34,220	65,900	68,839	103,976
Americas | E-commerce
Disaggregation of Revenue [Line Items]
Revenues	69,936	34,583	92,236	54,404
Asia Pacific
Disaggregation of Revenue [Line Items]
Revenues	93,573	118,424	159,033	209,471
Asia Pacific | Wholesale
Disaggregation of Revenue [Line Items]
Revenues	35,282	63,862	80,863	132,812
Asia Pacific | Retail
Disaggregation of Revenue [Line Items]
Revenues	21,805	26,865	31,991	40,768
Asia Pacific | E-commerce
Disaggregation of Revenue [Line Items]
Revenues	36,486	27,697	46,179	35,891
EMEA
Disaggregation of Revenue [Line Items]
Revenues	66,376	69,961	134,276	145,685
EMEA | Wholesale
Disaggregation of Revenue [Line Items]
Revenues	42,166	46,136	98,877	110,627
EMEA | Retail
Disaggregation of Revenue [Line Items]
Revenues	4,187	10,688	8,181	16,105
EMEA | E-commerce
Disaggregation of Revenue [Line Items]
Revenues	20,023	13,137	27,218	18,953
Other Businesses | Wholesale
Disaggregation of Revenue [Line Items]
Revenues	16	74	92	126
Other Businesses | Retail
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Other Businesses | E-commerce
Disaggregation of Revenue [Line Items]
Revenues	$ 0	$ 0	$ 0	$ 0

REVENUES - Narrative (Details)

REVENUES - Narrative (Details) - Change in Estimate of Product Transfers - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Wholesale
Revenues [Abstract]
Impact on revenue from changes in estimates		$ 100,000	$ 500,000	$ 100,000
Retail
Revenues [Abstract]
Impact on revenue from changes in estimates	$ 0	0	0	0
E-commerce
Revenues [Abstract]
Impact on revenue from changes in estimates	$ 0	$ 0	$ 0	$ 0

SHARE-BASED COMPENSATION (Sched

SHARE-BASED COMPENSATION (Schedule of Share-based Compensation Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	$ 1,978	$ 3,767	$ 5,942	$ 7,401
Cost of sales
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	(107)	92	39	180
Selling, general and administrative expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	$ 2,085	$ 3,675	$ 5,903	$ 7,221

INCOME TAXES (Summary of Tax Ex

INCOME TAXES (Summary of Tax Expense and Effective Tax Rates) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Tax Disclosure [Abstract]
Income before income taxes	$ 54,694	$ 44,676	$ 73,472	$ 75,005
Income tax expense (benefit)	$ (1,857)	$ 5,478	$ 5,830	$ 11,097
Effective tax rate	(3.40%)	12.30%	7.90%	14.80%

INCOME TAXES (Narrative) (Detai

INCOME TAXES (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Unrecognized tax benefits	$ 4,400		$ 4,400		$ 4,600
Decrease in income taxes			$ 5,300
Effective tax rate	(3.40%)	12.30%	7.90%	14.80%
Increase (decrease) in effective income tax rate			(6.90%)

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		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Earnings Per Share [Abstract]
Net income	$ 56,551	$ 39,198	$ 67,642	$ 63,908
Weighted average common shares outstanding - basic (in shares)	67,416	70,936	67,674	71,967
Plus: dilutive effect of stock options and unvested restricted stock units (in shares)	622	979	990	1,402
Weighted average common shares outstanding - diluted (in shares)	68,038	71,915	68,664	73,369
Basic (in dollars per share)	$ 0.84	$ 0.55	$ 1	$ 0.89
Diluted (in dollars per share)	$ 0.83	$ 0.55	$ 0.99	$ 0.87

EARNINGS PER SHARE (Narrative)

EARNINGS PER SHARE (Narrative) (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 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)	0.1	0.3	0.1	0.2

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Purchase Commitments) (Details) $ in Millions	Jun. 30, 2020USD ($)
Commitments and Contingencies Disclosure [Abstract]
Purchase commitments with third party manufacturers	$ 130.9

OPERATING SEGMENTS AND GEOGRA_3

OPERATING SEGMENTS AND GEOGRAPHIC INFORMATION (Narrative) (Details)	6 Months Ended
	Jun. 30, 2020segment
Segment Reporting [Abstract]
Number of operating segments	3
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		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Segment Reporting Information [Line Items]
Total consolidated revenues	$ 331,549	$ 358,899	$ 612,709	$ 654,848
Total income from operations	56,595	47,831	77,407	80,409
Foreign currency losses, net	(687)	(261)	(918)	(1,478)
Interest income	49	131	146	326
Interest expense	(2,170)	(2,421)	(4,091)	(4,238)
Other income (expense), net	907	(604)	928	(14)
Income before income taxes	54,694	44,676	73,472	75,005
Total consolidated depreciation and amortization	6,592	5,729	13,499	11,865
Americas
Segment Reporting Information [Line Items]
Total consolidated revenues	171,584	170,440	319,308	299,566
Asia Pacific
Segment Reporting Information [Line Items]
Total consolidated revenues	93,573	118,424	159,033	209,471
EMEA
Segment Reporting Information [Line Items]
Total consolidated revenues	66,376	69,961	134,276	145,685
Reportable Operating Segments
Segment Reporting Information [Line Items]
Total consolidated revenues	331,533	358,825	612,617	654,722
Total income from operations	100,929	107,561	174,660	192,895
Total consolidated depreciation and amortization	1,345	1,271	2,654	2,625
Reportable Operating Segments | Americas
Segment Reporting Information [Line Items]
Total consolidated revenues	171,584	170,440	319,308	299,566
Total income from operations	64,258	56,945	110,920	90,554
Total consolidated depreciation and amortization	896	869	1,750	1,778
Reportable Operating Segments | Asia Pacific
Segment Reporting Information [Line Items]
Total consolidated revenues	93,573	118,424	159,033	209,471
Total income from operations	16,318	28,083	25,742	54,764
Total consolidated depreciation and amortization	286	208	565	432
Reportable Operating Segments | EMEA
Segment Reporting Information [Line Items]
Total consolidated revenues	66,376	69,961	134,276	145,685
Total income from operations	20,353	22,533	37,998	47,577
Total consolidated depreciation and amortization	163	194	339	415
Reportable Operating Segments | Other businesses
Segment Reporting Information [Line Items]
Total consolidated revenues	16	74	92	126
Total income from operations	(12,065)	(10,133)	(25,988)	(26,470)
Total consolidated depreciation and amortization	1,702	1,058	3,753	2,381
Unallocated corporate and other
Segment Reporting Information [Line Items]
Total income from operations	(32,269)	(49,597)	(71,265)	(86,016)
Total consolidated depreciation and amortization	$ 3,545	$ 3,400	$ 7,092	$ 6,859

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 ($)	Jun. 30, 2020USD ($)
Income Tax Examination [Line Items]
Amount of loss that could potentially exceed amounts accrued						$ 1.5
Brazilian Federal Tax Authorities
Income Tax Examination [Line Items]
Assessments sought against entity	$ 3.8	R$ 33.3	$ 6.1	R$ 14.4	$ 2.6
Reduction in principal, penalties and interest	38.00%

Uncategorized Items - crox-2020

Label	Element	Value
Accounting Standards Update [Extensible List]	us-gaap_AccountingStandardsUpdateExtensibleList	us-gaap:AccountingStandardsUpdate201602Member