Crocs (CROX) 10-Q 27 Apr 21 2021 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2021	Apr. 20, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
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		65,230,433
Amendment Flag	false
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2021
Entity Central Index Key	0001334036
Current Fiscal Year End Date	--12-31

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Statement [Abstract]
Revenues	$ 460,098	$ 281,160
Cost of sales	206,879	146,998
Gross profit	253,219	134,162
Selling, general and administrative expenses	128,533	113,350
Income from operations	124,686	20,812
Foreign currency losses, net	(504)	(231)
Interest income	27	97
Interest expense	(1,632)	(1,921)
Other income, net	11	21
Income before income taxes	122,588	18,778
Income tax expense	24,190	7,687
Net income	$ 98,398	$ 11,091
Net income per common share:
Basic (in dollars per share)	$ 1.50	$ 0.16
Diluted (in dollars per share)	$ 1.47	$ 0.16
Weighted average common shares outstanding:
Basic (in shares)	65,458	67,931
Diluted (in shares)	66,848	69,218

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2021	Mar. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income		$ 98,398	$ 11,091
Other comprehensive income (loss):
Foreign currency translation losses, net		(10,628)	(11,366)
Reclassification of foreign currency translation loss to income	[1]	0	(164)
Total comprehensive income (loss)		$ 87,770	$ (439)
[1]	Represents the reclassification of cumulative foreign currency translation adjustment upon liquidation of foreign subsidiaries during the three months ended March 31, 2020.

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 255,869	$ 135,802
Restricted cash - current	1,473	1,542
Accounts receivable, net of allowances of $18,615 and $21,093, respectively	228,717	149,847
Inventories	196,477	175,121
Income taxes receivable	3,830	1,857
Other receivables	19,912	10,816
Prepaid expenses and other assets	20,904	17,856
Total current assets	727,182	492,841
Property and equipment, net of accumulated depreciation and amortization of $83,429 and $86,305, respectively	70,150	57,467
Intangible assets, net of accumulated amortization of $99,513 and $95,426, respectively	34,762	37,636
Goodwill	1,651	1,719
Deferred tax assets, net	336,590	350,784
Restricted cash	3,904	1,929
Right-of-use assets	179,785	167,421
Other assets	8,299	8,926
Total assets	1,362,323	1,118,723
Current liabilities:
Accounts payable	141,942	112,778
Accrued expenses and other liabilities	111,159	126,704
Income taxes payable	24,317	5,038
Current operating lease liabilities	48,330	47,064
Total current liabilities	325,748	291,584
Long-term income taxes payable	198,769	205,974
Long-term borrowings	341,103	180,000
Long-term operating lease liabilities	165,818	146,401
Other liabilities	4,654	4,131
Total liabilities	1,036,092	828,090
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, 105.6 million and 105.0 million issued, 65.2 million and 65.9 million outstanding, respectively	106	105
Treasury stock, at cost, 40.4 million and 39.1 million shares, respectively	(783,926)	(688,849)
Additional paid-in capital	525,289	482,385
Retained earnings	651,744	553,346
Accumulated other comprehensive loss	(66,982)	(56,354)
Total stockholders’ equity	326,231	290,633
Total liabilities and stockholders’ equity	$ 1,362,323	$ 1,118,723

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Accounts receivable, net of allowance	$ 18,615	$ 21,093
Property and equipment, net of accumulated depreciation and amortization	83,429	86,305
Intangible assets, net of accumulated amortization	$ 99,513	$ 95,426
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)	105,600,000	105,000,000
Common stock outstanding (in shares)	65,200,000	65,900,000
Treasury stock (in shares)	40,400,000	39,100,000
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 (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Treasury Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Loss
Beginning balance (in shares) at Dec. 31, 2019		68,232	(35,796)
Beginning balance at Dec. 31, 2019	$ 131,905	$ 104	$ (546,208)	$ 495,903	$ 240,485	$ (58,379)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	3,964			3,964
Exercises of stock options, issuance of restricted stock awards, and vests of restricted stock units (in shares)		702	115
Exercises of stock options, issuance of restricted stock awards, and vests of restricted stock units	(2,242)	$ 1	$ (2,573)	330
Repurchases of common stock (in shares)		(1,559)	1,559
Repurchases of common stock	(39,159)		$ (39,159)
Net income	11,091				11,091
Other comprehensive loss	(11,530)					(11,530)
Ending balance (in shares) at Mar. 31, 2020		67,375	(37,470)
Ending balance at Mar. 31, 2020	94,029	$ 105	$ (587,940)	500,197	251,576	(69,909)
Beginning balance (in shares) at Dec. 31, 2020		65,856	(39,132)
Beginning balance at Dec. 31, 2020	290,633	$ 105	$ (688,849)	482,385	553,346	(56,354)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	8,054			8,054
Exercises of stock options, issuance of restricted stock awards, and vests of restricted stock units (in shares)		481	139
Exercises of stock options, issuance of restricted stock awards, and vests of restricted stock units	(10,226)	$ 1	$ (10,462)	235
Repurchases of common stock (in shares)		(1,112)	1,112
Repurchases of common stock	(50,000)		$ (84,615)	34,615
Net income	98,398				98,398
Other comprehensive loss	(10,628)					(10,628)
Ending balance (in shares) at Mar. 31, 2021		65,225	(40,383)
Ending balance at Mar. 31, 2021	$ 326,231	$ 106	$ (783,926)	$ 525,289	$ 651,744	$ (66,982)

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities:
Net income	$ 98,398	$ 11,091
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	8,054	6,907
Operating lease cost	14,832	14,994
Share-based compensation	8,054	3,964
Other non-cash items	(1,844)	5,877
Changes in operating assets and liabilities:
Accounts receivable	(81,186)	(73,232)
Inventories	(23,795)	(29,268)
Prepaid expenses and other assets	16,599	3,294
Accounts payable, accrued expenses and other liabilities	6,332	(16,218)
Operating lease liabilities	(15,294)	(12,323)
Cash provided by (used in) operating activities	30,150	(84,914)
Cash flows from investing activities:
Purchases of property, equipment, and software	(7,983)	(16,076)
Proceeds from disposal of property and equipment	0	25
Other	0	(116)
Cash used in investing activities	(7,983)	(16,167)
Cash flows from financing activities:
Proceeds from notes issuance	350,000	0
Proceeds from bank borrowings	40,000	145,000
Repayments of bank borrowings	(220,000)	0
Deferred debt issuance costs	(7,531)	(475)
Repurchases of common stock	(50,000)	(39,159)
Repurchases of common stock for tax withholding	(10,462)	(2,573)
Other	236	331
Cash provided by financing activities	102,243	103,124
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	(2,437)	(3,496)
Net change in cash, cash equivalents, and restricted cash	121,973	(1,453)
Cash, cash equivalents, and restricted cash—beginning of period	139,273	112,045
Cash, cash equivalents, and restricted cash—end of period	$ 261,246	$ 110,592

BASIS OF PRESENTATION AND SUMMA

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2021
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 women, men, 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, 2020 (“Annual Report”) and have been prepared on a consistent basis with the accounting policies described in Note 1 of the Notes to the Audited Consolidated Financial Statements included in our Annual Report. Our accounting policies did not change during the three months ended March 31, 2021, other than with respect to the new accounting pronouncements adopted as described in Note 2 — Recent Accounting Pronouncements. Reclassifications We have reclassified certain amounts on the condensed consolidated statements of cash flows, Note 9 — Revenues, and Note 14 — Operating Segments and Geographic Information 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, valuation allowances, 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. To the extent there are differences between these estimates and actual results, our condensed consolidated financial statements may be materially affected. Condensed Consolidated Statements of Cash Flows - Supplemental Schedule of Non-Cash Investing and Financing Activities Three Months Ended March 31, 2021 2020 (in thousands) Accrued purchases of property, equipment, and software $ 15,502 $ 5,244

RECENT ACCOUNTING PRONOUNCEMENT

RECENT ACCOUNTING PRONOUNCEMENTS	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
RECENT ACCOUNTING PRONOUNCEMENTS	RECENT ACCOUNTING PRONOUNCEMENTS New Accounting Pronouncement 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, intra-period income tax expense allocation exceptions, and interim recognition of enactment of tax laws or rate changes. On January 1, 2021, we adopted this guidance. The adoption did not have a material effect on our condensed consolidated financial statements. New Accounting Pronouncements Not Yet Adopted 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 revolving borrowing instruments, which use LIBOR as a reference rate, and is available for adoption effective immediately, but is only available through December 31, 2022. We are currently evaluating the potential impact of this standard on our condensed consolidated financial statements. Other Pronouncements Other new pronouncements issued but not effective until after March 31, 2021 are not expected to have a material impact on our condensed consolidated financial statements.

ACCRUED EXPENSES AND OTHER LIAB

ACCRUED EXPENSES AND OTHER LIABILITIES	3 Months Ended
	Mar. 31, 2021
Payables and Accruals [Abstract]
ACCRUED EXPENSES AND OTHER LIABILITIES	ACCRUED EXPENSES AND OTHER LIABILITIES Amounts reported in ‘Accrued expenses and other liabilities’ in the condensed consolidated balance sheets were: March 31, 2021 December 31, 2020 (in thousands) Accrued compensation and benefits $ 29,472 $ 48,870 Professional services 14,533 18,478 Fulfillment, freight, and duties 24,606 17,868 Sales/use and value added taxes payable 13,782 12,480 Return liabilities 8,058 6,906 Royalties payable and deferred revenue 5,794 6,254 Accrued rent and occupancy 3,610 3,818 Other 11,304 12,030 Total accrued expenses and other liabilities $ 111,159 $ 126,704

LEASES

LEASES	3 Months Ended
	Mar. 31, 2021
Leases [Abstract]
LEASES	LEASES Right-of-Use Assets and Operating Lease Liabilities Amounts reported in the condensed consolidated balance sheets were: March 31, 2021 December 31, 2020 (in thousands) Assets: Right-of-use assets $ 179,785 $ 167,421 Liabilities: Current operating lease liabilities $ 48,330 $ 47,064 Long-term operating lease liabilities 165,818 146,401 Total operating lease liabilities $ 214,148 $ 193,465 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 March 31, 2021 2020 (in thousands) Operating lease cost $ 14,832 $ 14,994 Short-term lease cost 1,441 1,325 Variable lease cost 3,648 1,500 Total lease costs $ 19,921 $ 17,819 Other information related to leases, including supplemental cash flow information, consists of: Three Months Ended March 31, 2021 2020 (in thousands) Cash paid for operating leases $ 15,426 $ 12,293 Right-of-use assets obtained in exchange for operating lease liabilities 35,552 24,790 The weighted average remaining lease term and discount rate related to our lease liabilities as of March 31, 2021 were 7.0 years and 4.2 %, respectively. As of March 31, 2020, the weighted average remaining lease term and discount rate related to our lease liabilities were 6.3 years and 4.7%, respectively. Maturities The maturities of our operating lease liabilities were: As of March 31, 2021 (in thousands) 2021 (remainder of year) $ 39,865 2022 45,622 2023 34,750 2024 24,114 2025 17,957 Thereafter 85,814 Total future minimum lease payments 248,122 Less: imputed interest (33,974) Total operating lease liabilities $ 214,148 Lease Commencements In the first quarter of 2021, the lease for a new distribution center in Dordrecht, the Netherlands commenced, the impact of which is included in the above lease disclosures. Leases That Have Not Yet Commenced As of March 31, 2021, we had significant obligations for a lease not yet commenced related to the expansion of our Americas distribution center in Dayton, Ohio. The total contractual commitment related to the lease, with payments expected to begin in the first quarter of 2022 and continue through September 2030, is approximately $31 million.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS Recurring Fair Value Measurements All of our derivative instruments are classified as Level 2 of the fair value hierarchy and are reported in the condensed consolidated balance sheets within ‘Accrued expenses and other liabilities’ and ‘Prepaid expenses and other assets’ at March 31, 2021 and December 31, 2020, respectively. The fair values of our derivative instruments were an immaterial asset and liability at March 31, 2021 and December 31, 2020, respectively. See Note 6 — Derivative Financial Instruments for more information. The carrying amounts of our cash, cash equivalents, and current 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. In the three months ended March 31, 2021, we completed the issuance and sale of $350.0 million aggregate principal amount of 4.250% Senior Notes (the “Notes”), which are classified as Level 1 of the fair value hierarchy and are reported in our condensed consolidated balance sheet at face value, less unamortized issuance costs. See Note 7 — Long-Term Borrowings for more information. The carrying and fair values of our outstanding borrowings at March 31, 2021 and December 31, 2020 were: March 31, 2021 December 31, 2020 Carrying Value Fair Value Carrying Value Fair Value (in thousands) Senior notes issuance $ 350,000 $ 342,781 $ — $ — Revolving credit facilities — — 180,000 180,000 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. We did not record impairment expense in the three months ended March 31, 2021 or 2020.

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS	3 Months Ended
	Mar. 31, 2021
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. Counterparty default risk is considered low because the forward contracts that we enter into are over-the-counter instruments transacted with highly-rated financial institutions. We were not required to and did not post collateral as of March 31, 2021 or December 31, 2020. 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 (used in) 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 either ‘Accrued expenses and other liabilities’ or ‘Prepaid expenses and other assets’ in the condensed consolidated balance sheets, were: March 31, 2021 December 31, 2020 Derivative Assets Derivative Liabilities Derivative Assets Derivative Liabilities (in thousands) Forward foreign currency exchange contracts $ 1,540 $ (1,043) $ 794 $ (1,225) Netting of counterparty contracts (1,043) 1,043 (794) 794 Foreign currency forward contract derivatives $ 497 $ — $ — $ (431) The notional amounts of outstanding foreign currency forward exchange contracts presented below report the total U.S. Dollar equivalent position and the net contract fair values for each foreign currency position. March 31, 2021 December 31, 2020 Notional Fair Value Notional Fair Value (in thousands) Euro $ 22,924 $ 312 $ 28,851 $ (82) Singapore Dollar 49,022 (482) 24,211 457 Indian Rupee 11,854 (103) 18,937 (134) Japanese Yen 23,973 906 17,447 (240) British Pound Sterling 6,902 (327) 16,134 (182) South Korean Won 13,870 101 3,741 (56) Other currencies 16,694 90 9,675 (194) Total $ 145,239 $ 497 $ 118,996 $ (431) Latest maturity date April 2021 January 2021 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 March 31, 2021 2020 (in thousands) Foreign currency transaction gains (losses) $ (851) $ 1,027 Foreign currency forward exchange contracts gains (losses) 347 (1,258) Foreign currency losses, net $ (504) $ (231)

LONG-TERM BORROWINGS

LONG-TERM BORROWINGS	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
LONG-TERM BORROWINGS	LONG-TERM BORROWINGS Our borrowings were as follows: Maturity Stated Interest Rate Effective Interest Rate March 31, 2021 December 31, 2020 (in thousands) Notes issuance of $350.0 million 2029 4.250 % 4.64 % $ 350,000 $ — Revolving credit facilities — 180,000 Total face value of long-term borrowings 350,000 180,000 Less: Unamortized issuance costs 8,897 — Current portion of borrowings — — Total long-term borrowings $ 341,103 $ 180,000 Senior Revolving Credit Facility In July 2019, the Company and certain of our subsidiaries (the “Borrowers”) entered into a Second Amended and Restated Credit Agreement (as amended, the “Credit Agreement”), with the lenders named therein and PNC Bank, National Association, as a lender and administrative agent for the lenders, which provided for a revolving credit facility of $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) 3.50 to 1.00 from the quarter ended December 31, 2020 to the quarter ended December 31, 2021, and (ii) 3.25 to 1.00 from the quarter ended March 31, 2022 and thereafter (subject to adjustment in certain circumstances). The Credit Agreement permits (i) stock repurchases subject to certain restrictions, including after giving effect to such stock repurchases, the maximum leverage ratio does not exceed certain levels; and (ii) certain acquisitions so long as there is borrowing availability under the Credit Agreement of at least $40.0 million. As of March 31, 2021, we were in compliance with all financial covenants under the Credit Agreement. As of March 31, 2021, the total commitments available from the lenders under the Facility were $500.0 million. At March 31, 2021, we had no outstanding borrowings and $0.3 million in outstanding letters of credit under the Facility, which reduces amounts available for borrowing under the Facility. As of March 31, 2021 and December 31, 2020, we had $499.7 million and $319.4 million, respectively, of available borrowing capacity under the Facility. Asia Revolving Credit Facilities We have two revolving credit facilities in Asia, the revolving credit facility with China Merchants Bank Company Limited, Shanghai Branch, which provides up to 30.0 million RMB, or $4.6 million at current exchange rates, and matures in May 2021, and the revolving credit facility with Citibank (China) Company Limited, Shanghai Branch, which provides up to an equivalent of $5.0 million and matures in June 2021. We had no borrowings under our Asia revolving facilities during the three months ended March 31, 2021 and year ended December 31, 2020 or borrowings outstanding at March 31, 2021 and December 31, 2020. Senior Notes Issuance On March 12, 2021, the Company completed the issuance and sale of $350.0 million aggregate principal amount of 4.250% Senior Notes due March 15, 2029 (the “Notes”), pursuant to the indenture related thereto (“the Indenture”). Interest on the Notes is payable semi-annually. The Notes rank pari passu in right of payment with all of the Company’s existing and future senior debt, including the Credit Agreement, and are senior in right of payment to any of the Company’s future debt that is, by its term, expressly subordinated in right of payment to the Notes. The Notes are unconditionally guaranteed by each of the Company’s restricted subsidiaries that is a borrower or guarantor under the Credit Agreement and by each of the Company’s wholly-owned restricted subsidiaries that guarantees any debt of the Company or any guarantor under any syndicated credit facility or capital markets debt in an aggregate principal amount in excess of $25.0 million. The Company will have the option to redeem all or any portion of the Notes, at once or over time, at any time on or after March 15, 2024, at a redemption price equal to 100% of the principal amount thereof, plus a premium declining ratably on an annual basis to par and accrued and unpaid interest, if any, to, but excluding, the date of redemption. The Company will also have the option to redeem some or all of the Notes at any time before March 15, 2024 at a redemption price of 100% of the principal amount of the Notes to be redeemed, plus a “make-whole” premium and accrued and unpaid interest, if any, to, but excluding, the date of redemption. In addition, at any time before March 15, 2024, the Company may redeem up to 40% of the aggregate principal amount of the Notes at a redemption price of 104.250% of the principal amount of the Notes with the proceeds from certain equity issuances, plus accrued and unpaid interest, if any, to, but excluding, the date of redemption. The Indenture contains covenants that, among other things, limit the ability of the Company and its restricted subsidiaries to incur additional debt or issue certain preferred stock; pay dividends or repurchase or redeem capital stock or make other restricted payments; declare or pay dividends or other payments; incur liens; enter into certain types of transactions with the Company’s affiliates; and consolidate or merge with or into other companies. As of March 31, 2021, we were in compliance with all financial covenants under the Notes.

COMMON STOCK REPURCHASE PROGRAM

COMMON STOCK REPURCHASE PROGRAM	3 Months Ended
	Mar. 31, 2021
Equity [Abstract]
COMMON STOCK REPURCHASE PROGRAM	COMMON STOCK REPURCHASE PROGRAM During the three months ended March 31, 2021, we repurchased 1.1 million shares of our common stock at a cost of $50.0 million, including commissions. This includes 0.5 million shares received in January 2021 at the conclusion of the purchase period for an accelerated share repurchase agreement we entered into in November 2020. During the three months ended March 31, 2020, we repurchased 1.6 million shares of our common stock at a cost of $39.2 million, including commissions. As of March 31, 2021, we had remaining authorization to repurchase approximately $287.8 million of our common stock, subject to restrictions under our Notes and Credit Agreement. In April 2021, the Board of Directors (the “Board”) approved a $712.2 million increase to our share repurchase authorization, after which $1.0 billion remained available for future common stock repurchases.

REVENUES

REVENUES	3 Months Ended
	Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
REVENUES	REVENUES Revenues by reportable operating segment and by channel were: Three Months Ended March 31, 2021 Americas Asia Pacific EMEA Unallocated Corporate and Other Total (in thousands) Channel: Wholesale $ 144,773 $ 58,624 $ 86,604 $ 38 $ 290,039 Direct-to-consumer (1) 131,636 23,968 14,455 170,059 Total revenues $ 276,409 $ 82,592 $ 101,059 $ 38 $ 460,098 Three Months Ended March 31, 2020 Americas Asia Pacific EMEA Unallocated Corporate and Other Total (in thousands) Channel: Wholesale $ 90,805 $ 45,580 $ 56,711 $ 76 $ 193,172 Direct-to-consumer (1) 56,918 19,880 11,190 87,988 Total revenues $ 147,723 $ 65,460 $ 67,901 $ 76 $ 281,160 (1) Direct-to-consumer revenues consist of sales generated through our company-operated retail stores (previously our “Retail” channel) and company-operated e-commerce websites and third-party e-commerce marketplaces (previously our “E-commerce” channel). During the three months ended March 31, 2021, we recognized no changes to estimates for wholesale revenues and no changes to estimates for direct-to-consumer revenues. During the three months ended March 31, 2020, we recognized an increase of $0.5 million to wholesale revenues due to changes in estimates related to products transferred to customers in prior periods and no changes to estimates for direct-to-consumer revenues. There were no material changes in contract liabilities or refund liabilities in the three months ended March 31, 2021 or 2020.

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	3 Months Ended
	Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
SHARE-BASED COMPENSATION	SHARE-BASED COMPENSATION Our share-based compensation awards are issued under the 2020 Equity Incentive Plan (“2020 Plan”) and predecessor plan, the 2015 Equity Incentive Plan (“2015 Plan”). 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 March 31, 2021 2020 (in thousands) Cost of sales $ 86 $ 146 Selling, general and administrative expenses 7,968 3,818 Total share-based compensation expense $ 8,054 $ 3,964 On January 11, 2021, our Board awarded 0.4 million market-condition restricted stock units (“RSUs”) to certain senior executives. For the executives to earn the target number of shares, the 30 trading day average of the daily volume weighted average trading price of the common stock must meet or exceed certain performance hurdles. Any earned shares will also be subject to time vesting. When a performance hurdle is met or exceeded, one third of the earned portion of the RSUs will vest immediately, and the remaining two thirds will be subject to the executive’s continued employment, with one third vesting one year later and the remaining one third vesting two years later, but in no case later than the fourth anniversary of the award, in each case, subject to certain change in control provisions. The grant date fair value and derived service period for the market-condition RSUs granted on January 11, 2021 (“January market-condition RSUs”) were estimated using a Monte Carlo simulation valuation model. The grant date fair value for the January market-condition RSUs was $21.9 million. As of March 31, 2021, unrecognized share-based compensation for the January market-condition RSUs, which are expected to be recognized through March 2024 based on the Monte Carlo valuation model, was $18.6 million.

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2021
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES Income tax expense and effective tax rates were: Three Months Ended March 31, 2021 2020 (in thousands, except effective tax rate) Income before income taxes $ 122,588 $ 18,778 Income tax expense 24,190 7,687 Effective tax rate 19.7 % 40.9 % The decrease in the effective tax rate for the three months ended March 31, 2021, compared to the same period in 2020, was driven primarily by the realization of deferred tax assets which were subject to a valuation allowance. 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 the realization of deferred tax assets which were subject to a valuation allowance. There were no significant or unusual discrete tax items during the three months ended March 31, 2021. We had unrecognized tax benefits of $198.0 million and $206.2 million at March 31, 2021 and December 31, 2020, respectively, and we do not expect any significant changes in unrecognized tax benefits in the next twelve months. Our tax rate is volatile and may increase or decrease with changes in, among other things, the amount of income or loss by jurisdiction, our ability to utilize net operating losses and foreign tax credits, changes in tax laws, and the movement of liabilities established pursuant to accounting guidance for uncertain tax positions as statutes of limitations expire, positions are effectively settled, or when additional information becomes available. There are proposed or pending tax law changes in various jurisdictions and other changes to regulatory environments in countries in which we do business that, if enacted, may have an impact on our effective tax rate. 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 March 31, 2021, 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 significant earnings trend, sufficient positive evidence may become available for us to release 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 our deferred tax assets.

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE Basic and diluted earnings per common share (“EPS”) for the three months ended March 31, 2021 and 2020 were: Three Months Ended March 31, 2021 2020 (in thousands, except per share data) Numerator: Net income $ 98,398 $ 11,091 Denominator: Weighted average common shares outstanding - basic 65,458 67,931 Plus: Dilutive effect of stock options and unvested restricted stock units 1,390 1,287 Weighted average common shares outstanding - diluted 66,848 69,218 Net income per common share: Basic $ 1.50 $ 0.16 Diluted $ 1.47 $ 0.16 For the three months ended March 31, 2021, an aggregate of 0.1 million options and restricted stock units (“RSUs”) were excluded from the calculation of diluted EPS because the effect was anti-dilutive. For the three months ended March 31, 2020, less than 0.1 million options and RSUs were excluded from the calculation of diluted EPS because the effect was anti-dilutive.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Purchase Commitments As of March 31, 2021, we had purchase commitments to third-party manufacturers, primarily for materials and supplies used in the manufacture of our products, for an aggregate of $228.6 million. We expect to fulfill our commitments under these agreements in the normal course of business, and as such, no liability has been recorded. Other We are regularly subject to, and are currently undergoing, audits by various tax authorities in the United States and several foreign jurisdictions, including customs duties, import, and other taxes for prior tax years. During our normal course of business, we may make certain indemnities, commitments, and guarantees under which we may be required to make payments. We cannot determine a range of estimated future payments and have not recorded any liability for indemnities, commitments, and guarantees in the accompanying condensed consolidated balance sheets. See Note 15 — Legal Proceedings for further details regarding potential loss contingencies related to government tax audits and other current legal proceedings.

OPERATING SEGMENTS AND GEOGRAPH

OPERATING SEGMENTS AND GEOGRAPHIC INFORMATION	3 Months Ended
	Mar. 31, 2021
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. Each of the reportable operating segments derives its revenues from the sale of footwear and accessories to external customers. 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 unallocated corporate and other expenses, as well as inter-segment eliminations. In the first quarter of 2021, certain costs previously reported within ‘Other Businesses’ were shifted to the Americas, Asia Pacific, and EMEA segments, as applicable, to reflect changes in the way management evaluates segment performance, makes operating decisions, and allocates resources. Additionally, any costs remaining in ‘Other Businesses,’ including depreciation and amortization, have been consolidated into ‘Unallocated corporate and other.’ The previously reported amounts for income from operations for the three months ended March 31, 2020 have been revised to conform to current period presentation, as shown in the following tables. 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 March 31, 2021 2020 (in thousands) Revenues: Americas $ 276,409 $ 147,723 Asia Pacific 82,592 65,460 EMEA 101,059 67,901 Total segment revenues 460,060 281,084 Unallocated corporate and other (2) 38 76 Total consolidated revenues $ 460,098 $ 281,160 Income from operations: Americas (1) $ 118,344 $ 39,946 Asia Pacific (1) 23,293 9,246 EMEA (1) 37,113 17,845 Total segment income from operations 178,750 67,037 Reconciliation of total segment income from operations to income before income taxes: Unallocated corporate and other (1)(2) (54,064) (46,225) Income from operations 124,686 20,812 Foreign currency losses, net (504) (231) Interest income 27 97 Interest expense (1,632) (1,921) Other income, net 11 21 Income before income taxes $ 122,588 $ 18,778 Depreciation and amortization: Americas $ 943 $ 854 Asia Pacific 287 279 EMEA 166 176 Total segment depreciation and amortization 1,396 1,309 Unallocated corporate and other (1)(2) 6,658 5,598 Total consolidated depreciation and amortization $ 8,054 $ 6,907 (1) In the first quarter of 2021, certain costs previously reported within ‘Other Businesses’ were shifted to the Americas, Asia Pacific, and EMEA segments. Additionally, any costs remaining in ‘Other Businesses,’ including depreciation and amortization, have been consolidated into ‘Unallocated corporate and other.’ The previously reported amounts for income from operations for the three months ended March 31, 2020 have been revised to conform to current period presentation. See the ‘Impacts of segment composition change’ table below for more information. (2) Unallocated corporate and other primarily includes corporate support and administrative functions, certain royalty income, 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. Impacts of segment composition change: Three Months Ended March 31, 2020 (in thousands) Impacts on income from operations: Americas $ (6,716) Asia Pacific (178) EMEA 200 Total impact on segment income from operations $ (6,694) Unallocated corporate and other $ 6,694

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
LEGAL PROCEEDINGS	LEGAL PROCEEDINGS We were subject 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 $5.9 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. 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. Taking current rulings into consideration, we estimate the remaining principal for these assessments to be $4.4 million, plus interest and penalties. Should the Brazilian Tax Authority prevail in these final administrative appeals, 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, we have accrued estimated losses of $0.9 million within ‘Accrued expenses and other liabilities’ in the condensed consolidated balance sheet as of March 31, 2021. As we are able, we estimate reasonably possible losses or a range of reasonably possible losses. As of March 31, 2021, we estimated that reasonably possible losses associated with these claims and other disputes could potentially exceed amounts accrued by an immaterial amount. 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)	3 Months Ended
	Mar. 31, 2021
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 women, men, 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, 2020 (“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 We have reclassified certain amounts on the condensed consolidated statements of cash flows, Note 9 — Revenues, and Note 14 — Operating Segments and Geographic Information 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, valuation allowances, 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. To the extent there are differences between these estimates and actual results, our condensed consolidated financial statements may be materially affected.
New Accounting Pronouncement Adopted and Not Yet Adopted	New Accounting Pronouncement 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, intra-period income tax expense allocation exceptions, and interim recognition of enactment of tax laws or rate changes. On January 1, 2021, we adopted this guidance. The adoption did not have a material effect on our condensed consolidated financial statements. New Accounting Pronouncements Not Yet Adopted 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 revolving borrowing instruments, which use LIBOR as a reference rate, and is available for adoption effective immediately, but is only available through December 31, 2022. We are currently evaluating the potential impact of this standard on our condensed consolidated financial statements. Other Pronouncements Other new pronouncements issued but not effective until after March 31, 2021 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 (used in) operating activities.’

BASIS OF PRESENTATION AND SUM_3

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Supplemental Schedule of Non-Cash Investing and Financing Activities	Condensed Consolidated Statements of Cash Flows - Supplemental Schedule of Non-Cash Investing and Financing Activities Three Months Ended March 31, 2021 2020 (in thousands) Accrued purchases of property, equipment, and software $ 15,502 $ 5,244

ACCRUED EXPENSES AND OTHER LI_2

ACCRUED EXPENSES AND OTHER LIABILITIES (Tables)	3 Months Ended
	Mar. 31, 2021
Payables and Accruals [Abstract]
Schedule of Accrued Expenses & Other Liabilities	Amounts reported in ‘Accrued expenses and other liabilities’ in the condensed consolidated balance sheets were: March 31, 2021 December 31, 2020 (in thousands) Accrued compensation and benefits $ 29,472 $ 48,870 Professional services 14,533 18,478 Fulfillment, freight, and duties 24,606 17,868 Sales/use and value added taxes payable 13,782 12,480 Return liabilities 8,058 6,906 Royalties payable and deferred revenue 5,794 6,254 Accrued rent and occupancy 3,610 3,818 Other 11,304 12,030 Total accrued expenses and other liabilities $ 111,159 $ 126,704

LEASES (Tables)

LEASES (Tables)	3 Months Ended
	Mar. 31, 2021
Leases [Abstract]
Schedule of Rights-of-use Assets and Operating Lease Liabilities	Amounts reported in the condensed consolidated balance sheets were: March 31, 2021 December 31, 2020 (in thousands) Assets: Right-of-use assets $ 179,785 $ 167,421 Liabilities: Current operating lease liabilities $ 48,330 $ 47,064 Long-term operating lease liabilities 165,818 146,401 Total operating lease liabilities $ 214,148 $ 193,465
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 March 31, 2021 2020 (in thousands) Operating lease cost $ 14,832 $ 14,994 Short-term lease cost 1,441 1,325 Variable lease cost 3,648 1,500 Total lease costs $ 19,921 $ 17,819 Other information related to leases, including supplemental cash flow information, consists of: Three Months Ended March 31, 2021 2020 (in thousands) Cash paid for operating leases $ 15,426 $ 12,293 Right-of-use assets obtained in exchange for operating lease liabilities 35,552 24,790
Schedule of Maturities of Operating Lease Liabilities	The maturities of our operating lease liabilities were: As of March 31, 2021 (in thousands) 2021 (remainder of year) $ 39,865 2022 45,622 2023 34,750 2024 24,114 2025 17,957 Thereafter 85,814 Total future minimum lease payments 248,122 Less: imputed interest (33,974) Total operating lease liabilities $ 214,148

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value of the Company's Outstanding Borrowings	The carrying and fair values of our outstanding borrowings at March 31, 2021 and December 31, 2020 were: March 31, 2021 December 31, 2020 Carrying Value Fair Value Carrying Value Fair Value (in thousands) Senior notes issuance $ 350,000 $ 342,781 $ — $ — Revolving credit facilities — — 180,000 180,000

DERIVATIVE FINANCIAL INSTRUME_2

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
	Mar. 31, 2021
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 either ‘Accrued expenses and other liabilities’ or ‘Prepaid expenses and other assets’ in the condensed consolidated balance sheets, were: March 31, 2021 December 31, 2020 Derivative Assets Derivative Liabilities Derivative Assets Derivative Liabilities (in thousands) Forward foreign currency exchange contracts $ 1,540 $ (1,043) $ 794 $ (1,225) Netting of counterparty contracts (1,043) 1,043 (794) 794 Foreign currency forward contract derivatives $ 497 $ — $ — $ (431)
Summary of Derivative Financial Instruments Notional Amounts on Outstanding Positions	The notional amounts of outstanding foreign currency forward exchange contracts presented below report the total U.S. Dollar equivalent position and the net contract fair values for each foreign currency position. March 31, 2021 December 31, 2020 Notional Fair Value Notional Fair Value (in thousands) Euro $ 22,924 $ 312 $ 28,851 $ (82) Singapore Dollar 49,022 (482) 24,211 457 Indian Rupee 11,854 (103) 18,937 (134) Japanese Yen 23,973 906 17,447 (240) British Pound Sterling 6,902 (327) 16,134 (182) South Korean Won 13,870 101 3,741 (56) Other currencies 16,694 90 9,675 (194) Total $ 145,239 $ 497 $ 118,996 $ (431) Latest maturity date April 2021 January 2021
Schedule of 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 March 31, 2021 2020 (in thousands) Foreign currency transaction gains (losses) $ (851) $ 1,027 Foreign currency forward exchange contracts gains (losses) 347 (1,258) Foreign currency losses, net $ (504) $ (231)

LONG-TERM BORROWINGS (Tables)

LONG-TERM BORROWINGS (Tables)	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Components of Company's Borrowings	Our borrowings were as follows: Maturity Stated Interest Rate Effective Interest Rate March 31, 2021 December 31, 2020 (in thousands) Notes issuance of $350.0 million 2029 4.250 % 4.64 % $ 350,000 $ — Revolving credit facilities — 180,000 Total face value of long-term borrowings 350,000 180,000 Less: Unamortized issuance costs 8,897 — Current portion of borrowings — — Total long-term borrowings $ 341,103 $ 180,000

REVENUES (Tables)

REVENUES (Tables)	3 Months Ended
	Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
Revenues Disaggregated by Region and by Channel	Revenues by reportable operating segment and by channel were: Three Months Ended March 31, 2021 Americas Asia Pacific EMEA Unallocated Corporate and Other Total (in thousands) Channel: Wholesale $ 144,773 $ 58,624 $ 86,604 $ 38 $ 290,039 Direct-to-consumer (1) 131,636 23,968 14,455 170,059 Total revenues $ 276,409 $ 82,592 $ 101,059 $ 38 $ 460,098 Three Months Ended March 31, 2020 Americas Asia Pacific EMEA Unallocated Corporate and Other Total (in thousands) Channel: Wholesale $ 90,805 $ 45,580 $ 56,711 $ 76 $ 193,172 Direct-to-consumer (1) 56,918 19,880 11,190 87,988 Total revenues $ 147,723 $ 65,460 $ 67,901 $ 76 $ 281,160 (1) Direct-to-consumer revenues consist of sales generated through our company-operated retail stores (previously our “Retail” channel) and company-operated e-commerce websites and third-party e-commerce marketplaces (previously our “E-commerce” channel).

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021 2020 (in thousands) Cost of sales $ 86 $ 146 Selling, general and administrative expenses 7,968 3,818 Total share-based compensation expense $ 8,054 $ 3,964

INCOME TAXES (Tables)

INCOME TAXES (Tables)	3 Months Ended
	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Summary of Income Tax Expense and Effective Tax Rates	Income tax expense and effective tax rates were: Three Months Ended March 31, 2021 2020 (in thousands, except effective tax rate) Income before income taxes $ 122,588 $ 18,778 Income tax expense 24,190 7,687 Effective tax rate 19.7 % 40.9 %

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Summary of Basic and Diluted Earnings Per Share	Basic and diluted earnings per common share (“EPS”) for the three months ended March 31, 2021 and 2020 were: Three Months Ended March 31, 2021 2020 (in thousands, except per share data) Numerator: Net income $ 98,398 $ 11,091 Denominator: Weighted average common shares outstanding - basic 65,458 67,931 Plus: Dilutive effect of stock options and unvested restricted stock units 1,390 1,287 Weighted average common shares outstanding - diluted 66,848 69,218 Net income per common share: Basic $ 1.50 $ 0.16 Diluted $ 1.47 $ 0.16

OPERATING SEGMENTS AND GEOGRA_2

OPERATING SEGMENTS AND GEOGRAPHIC INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Information Related to Reportable Operating Segments	The following tables set forth information related to reportable operating segments: Three Months Ended March 31, 2021 2020 (in thousands) Revenues: Americas $ 276,409 $ 147,723 Asia Pacific 82,592 65,460 EMEA 101,059 67,901 Total segment revenues 460,060 281,084 Unallocated corporate and other (2) 38 76 Total consolidated revenues $ 460,098 $ 281,160 Income from operations: Americas (1) $ 118,344 $ 39,946 Asia Pacific (1) 23,293 9,246 EMEA (1) 37,113 17,845 Total segment income from operations 178,750 67,037 Reconciliation of total segment income from operations to income before income taxes: Unallocated corporate and other (1)(2) (54,064) (46,225) Income from operations 124,686 20,812 Foreign currency losses, net (504) (231) Interest income 27 97 Interest expense (1,632) (1,921) Other income, net 11 21 Income before income taxes $ 122,588 $ 18,778 Depreciation and amortization: Americas $ 943 $ 854 Asia Pacific 287 279 EMEA 166 176 Total segment depreciation and amortization 1,396 1,309 Unallocated corporate and other (1)(2) 6,658 5,598 Total consolidated depreciation and amortization $ 8,054 $ 6,907 (1) In the first quarter of 2021, certain costs previously reported within ‘Other Businesses’ were shifted to the Americas, Asia Pacific, and EMEA segments. Additionally, any costs remaining in ‘Other Businesses,’ including depreciation and amortization, have been consolidated into ‘Unallocated corporate and other.’ The previously reported amounts for income from operations for the three months ended March 31, 2020 have been revised to conform to current period presentation. See the ‘Impacts of segment composition change’ table below for more information. (2) Unallocated corporate and other primarily includes corporate support and administrative functions, certain royalty income, 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. Impacts of segment composition change: Three Months Ended March 31, 2020 (in thousands) Impacts on income from operations: Americas $ (6,716) Asia Pacific (178) EMEA 200 Total impact on segment income from operations $ (6,694) Unallocated corporate and other $ 6,694

BASIS OF PRESENTATION AND SUM_4

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Supplemental Schedule of Noncash Investing and Financing Activities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Supplemental Cash Flow Information [Abstract]
Accrued purchases of property, equipment, and software	$ 15,502	$ 5,244

ACCRUED EXPENSES AND OTHER LI_3

ACCRUED EXPENSES AND OTHER LIABILITIES - Schedule Of Accrued Expenses & Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Payables and Accruals [Abstract]
Accrued compensation and benefits	$ 29,472	$ 48,870
Professional services	14,533	18,478
Fulfillment, freight, and duties	24,606	17,868
Sales/use and value added taxes payable	13,782	12,480
Return liabilities	8,058	6,906
Royalties payable and deferred revenue	5,794	6,254
Accrued rent and occupancy	3,610	3,818
Other	11,304	12,030
Total accrued expenses and other liabilities	$ 111,159	$ 126,704

LEASES - Right-of-Use Assets an

LEASES - Right-of-Use Assets and Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Assets:
Right-of-use assets	$ 179,785	$ 167,421
Liabilities:
Current operating lease liabilities	48,330	47,064
Long-term operating lease liabilities	165,818	146,401
Total operating lease liabilities	$ 214,148	$ 193,465

LEASES - Lease Costs and Other

LEASES - Lease Costs and Other Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Leases [Abstract]
Operating lease cost	$ 14,832	$ 14,994
Short-term lease cost	1,441	1,325
Variable lease cost	3,648	1,500
Total lease costs	19,921	17,819
Cash paid for operating leases	15,426	12,293
Right-of-use assets obtained in exchange for operating lease liabilities	$ 35,552	$ 24,790

LEASES - Narrative (Details)

LEASES - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2021	Mar. 31, 2020
Leases [Abstract]
Weighted average remaining lease term	7 years	6 years 3 months 18 days
Weighted average discount rate (percent)	4.20%	4.70%
Expected payments on leases not yet commenced	$ 31

LEASES - Maturities of Company'

LEASES - Maturities of Company's Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Leases [Abstract]
2021 (remainder of year)	$ 39,865
2022	45,622
2023	34,750
2024	24,114
2025	17,957
Thereafter	85,814
Total future minimum lease payments	248,122
Less: imputed interest	(33,974)
Total operating lease liabilities	$ 214,148	$ 193,465

FAIR VALUE MEASUREMENTS - Sched

FAIR VALUE MEASUREMENTS - Schedule of Assets and Liabilities at Fair Value (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 12, 2021	Dec. 31, 2020
4.25% Senior Notes Due March 15, 2029 | Senior Notes
Fair Value and Carrying Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Aggregate principal amount	$ 350,000,000		$ 350,000,000
Stated Interest Rate	4.25%		4.25%
Carrying Value | Line of Credit | Revolving credit facilities
Fair Value and Carrying Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Outstanding borrowings	$ 0			$ 180,000,000
Carrying Value | 4.25% Senior Notes Due March 15, 2029 | Senior Notes
Fair Value and Carrying Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Outstanding borrowings	350,000,000			0
Fair Value | Fair Value Measurements, Nonrecurring | Level 3
Fair Value and Carrying Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment expense	0	$ 0
Fair Value | Line of Credit | Revolving credit facilities
Fair Value and Carrying Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Outstanding borrowings	0			180,000,000
Fair Value | 4.25% Senior Notes Due March 15, 2029 | Senior Notes
Fair Value and Carrying Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Outstanding borrowings	$ 342,781,000			$ 0

DERIVATIVE FINANCIAL INSTRUME_3

DERIVATIVE FINANCIAL INSTRUMENTS - Fair Value of Derivative Assets and Liabilities (Details) - Level 2 - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Foreign Currency Derivatives [Abstract]
Derivative asset, gross forward foreign currency exchange contracts	$ 1,540	$ 794
Derivative asset, netting of counterparty contracts	(1,043)	(794)
Derivative asset, net foreign currency forward contract derivatives	497	0
Derivative liability, gross forward foreign currency exchange contracts	(1,043)	(1,225)
Derivative liability, netting of counterparty contracts	1,043	794
Derivative liability, net foreign currency forward contract derivatives	$ 0	$ (431)

DERIVATIVE FINANCIAL INSTRUME_4

DERIVATIVE FINANCIAL INSTRUMENTS - Summary of Derivative Financial Instruments Notional Amounts on Outstanding Positions (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Derivatives - Fair Value [Line Items]
Notional	$ 145,239	$ 118,996
Fair Value	497	(431)
Euro
Derivatives - Fair Value [Line Items]
Notional	22,924	28,851
Fair Value	312	(82)
Singapore Dollar
Derivatives - Fair Value [Line Items]
Notional	49,022	24,211
Fair Value	(482)	457
Indian Rupee
Derivatives - Fair Value [Line Items]
Notional	11,854	18,937
Fair Value	(103)	(134)
Japanese Yen
Derivatives - Fair Value [Line Items]
Notional	23,973	17,447
Fair Value	906	(240)
British Pound Sterling
Derivatives - Fair Value [Line Items]
Notional	6,902	16,134
Fair Value	(327)	(182)
South Korean Won
Derivatives - Fair Value [Line Items]
Notional	13,870	3,741
Fair Value	101	(56)
Other currencies
Derivatives - Fair Value [Line Items]
Notional	16,694	9,675
Fair Value	$ 90	$ (194)

DERIVATIVE FINANCIAL INSTRUME_5

DERIVATIVE FINANCIAL INSTRUMENTS - Gains / Losses on Foreign Currency Derivatives (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Foreign currency transaction gains (losses)	$ (851)	$ 1,027
Foreign currency forward exchange contracts gains (losses)	347	(1,258)
Foreign currency losses, net	$ (504)	$ (231)

LONG-TERM BORROWINGS - Schedule

LONG-TERM BORROWINGS - Schedule of the Company's Borrowings (Details) - USD ($)	Mar. 31, 2021	Mar. 12, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Total face value of long-term borrowings	$ 350,000,000		$ 180,000,000
Unamortized issuance costs	8,897,000		0
Current portion of borrowings	0		0
Total long-term borrowings	341,103,000		180,000,000
Senior Notes | 4.25% Senior Notes Due March 15, 2029
Debt Instrument [Line Items]
Total face value of long-term borrowings	350,000,000		0
Note issuance cost	$ 350,000,000	$ 350,000,000
Stated Interest Rate	4.25%	4.25%
Effective Interest Rate	4.64%
Revolving credit facilities | Line of Credit
Debt Instrument [Line Items]
Total face value of long-term borrowings	$ 0		$ 180,000,000

LONG-TERM BORROWINGS - Narrativ

LONG-TERM BORROWINGS - Narrative (Details) - Revolving credit facilities ¥ in Millions	1 Months Ended	3 Months Ended	12 Months Ended
	Jul. 31, 2019USD ($)	Mar. 31, 2021USD ($)facility	Dec. 31, 2020USD ($)	Mar. 31, 2021CNY (¥)
Revolving Credit Facilities and Bank Borrowings
Number of credit facility | facility		2
Senior Revolving Credit Facility
Revolving Credit Facilities and Bank Borrowings
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
Commitments available under credit facility		$ 500,000,000
Borrowings outstanding		0
Outstanding letters of credit		300,000
Available borrowing capacity		499,700,000	$ 319,400,000
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		4,600,000		¥ 30
Citybank Revolving Credit Facility
Revolving Credit Facilities and Bank Borrowings
Commitments available under credit facility		5,000,000
Asia Pacific Revolving Credit Facility
Revolving Credit Facilities and Bank Borrowings
Borrowings outstanding		0	0
Borrowings from credit facility		$ 0	$ 0

LONG-TERM BORROWINGS - Senior N

LONG-TERM BORROWINGS - Senior Notes Issuance (Details) - 4.25% Senior Notes Due March 15, 2029 - Senior Notes - USD ($)	Mar. 12, 2021	Mar. 31, 2021
Debt Instrument [Line Items]
Aggregate principal amount	$ 350,000,000	$ 350,000,000
Stated Interest Rate	4.25%	4.25%
Excess of principal amount	$ 25,000,000
Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Redemption price, percentage	100.00%
Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Redemption price, percentage	100.00%
Debt Instrument, Redemption, Period Three
Debt Instrument [Line Items]
Redemption price, percentage	104.25%
Percentage of principal amount redeemed	40.00%

COMMON STOCK REPURCHASE PROGR_2

COMMON STOCK REPURCHASE PROGRAM (Details) - USD ($) shares in Millions, $ in Millions	1 Months Ended	3 Months Ended
	Jan. 31, 2021	Mar. 31, 2021	Mar. 31, 2020	Apr. 27, 2021
Class of Stock [Line Items]
Stock repurchased during period (in shares)	0.5	1.1	1.6
Stock repurchased during period		$ 50	$ 39.2
Remaining authorization to repurchase common stock		$ 287.8
Subsequent Event
Class of Stock [Line Items]
Remaining authorization to repurchase common stock				$ 1,000
Stock repurchase increase in authorized amount				$ 712.2

REVENUES - Disaggregated Revenu

REVENUES - Disaggregated Revenues (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Disaggregation of Revenue [Line Items]
Revenues	$ 460,098	$ 281,160
Wholesale
Disaggregation of Revenue [Line Items]
Revenues	290,039	193,172
Directly-to-consumer
Disaggregation of Revenue [Line Items]
Revenues	170,059	87,988
Americas
Disaggregation of Revenue [Line Items]
Revenues	276,409	147,723
Americas | Wholesale
Disaggregation of Revenue [Line Items]
Revenues	144,773	90,805
Americas | Directly-to-consumer
Disaggregation of Revenue [Line Items]
Revenues	131,636	56,918
Asia Pacific
Disaggregation of Revenue [Line Items]
Revenues	82,592	65,460
Asia Pacific | Wholesale
Disaggregation of Revenue [Line Items]
Revenues	58,624	45,580
Asia Pacific | Directly-to-consumer
Disaggregation of Revenue [Line Items]
Revenues	23,968	19,880
EMEA
Disaggregation of Revenue [Line Items]
Revenues	101,059	67,901
EMEA | Wholesale
Disaggregation of Revenue [Line Items]
Revenues	86,604	56,711
EMEA | Directly-to-consumer
Disaggregation of Revenue [Line Items]
Revenues	14,455	11,190
Unallocated Corporate and Other
Disaggregation of Revenue [Line Items]
Revenues	38	76
Unallocated Corporate and Other | Wholesale
Disaggregation of Revenue [Line Items]
Revenues	38	76
Unallocated Corporate and Other | Directly-to-consumer
Disaggregation of Revenue [Line Items]
Revenues

REVENUES - Narrative (Details)

REVENUES - Narrative (Details) - Change in Estimate of Product Transfers - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Wholesale
Revenue from External Customer
Increase (decrease) on revenue from changes in estimates	$ 0	$ 500,000
Directly-to-consumer
Revenue from External Customer
Increase (decrease) on revenue from changes in estimates	$ 0	$ 0

SHARE-BASED COMPENSATION - Sche

SHARE-BASED COMPENSATION - Schedule of Share-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	$ 8,054	$ 3,964
Cost of sales
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	86	146
Selling, general and administrative expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	$ 7,968	$ 3,818

SHARE-BASED COMPENSATION - Narr

SHARE-BASED COMPENSATION - Narrative (Details) - USD ($) shares in Millions, $ in Millions	Jan. 11, 2021	Mar. 31, 2021
Share-based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rights, percentage		33.00%
Share-based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rights, percentage		33.00%
Share-based Payment Arrangement, Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rights, percentage		33.00%
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted in period (in shares)	0.4
Weighted average trading price average trading days	30 days
Grant date fair value	$ 21.9
Unrecognized share-based compensation expense		$ 18.6

INCOME TAXES - Summary of Tax E

INCOME TAXES - Summary of Tax Expense and Effective Tax Rates (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Income before income taxes	$ 122,588	$ 18,778
Income tax expense	$ 24,190	$ 7,687
Effective tax rate	19.70%	40.90%

INCOME TAXES - Narrative (Detai

INCOME TAXES - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Unrecognized tax benefits	$ 198	$ 206.2

EARNINGS PER SHARE - Summary of

EARNINGS PER SHARE - Summary of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Numerator:
Net income	$ 98,398	$ 11,091
Denominator:
Weighted average common shares outstanding - basic (in shares)	65,458	67,931
Plus: dilutive effect of stock options and unvested restricted stock units (in shares)	1,390	1,287
Weighted average common shares outstanding - diluted (in shares)	66,848	69,218
Net income per common share:
Basic (in dollars per share)	$ 1.50	$ 0.16
Diluted (in dollars per share)	$ 1.47	$ 0.16

EARNINGS PER SHARE - Narrative

EARNINGS PER SHARE - Narrative (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
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	0.1

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Purchase Commitments (Details) $ in Millions	Mar. 31, 2021USD ($)
Commitments and Contingencies Disclosure [Abstract]
Purchase commitments with third party manufacturers	$ 228.6

OPERATING SEGMENTS AND GEOGRA_3

OPERATING SEGMENTS AND GEOGRAPHIC INFORMATION - Narrative (Details)	3 Months Ended
	Mar. 31, 2021segment
Segment Reporting [Abstract]
Number of reportable 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
	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting Information [Line Items]
Total consolidated revenues	$ 460,098	$ 281,160
Income from operations	124,686	20,812
Foreign currency losses, net	(504)	(231)
Interest income	27	97
Interest expense	(1,632)	(1,921)
Other income, net	11	21
Income before income taxes	122,588	18,778
Total consolidated depreciation and amortization	8,054	6,907
Total impact on segment income from operations		(6,694)
Americas
Segment Reporting Information [Line Items]
Total consolidated revenues	276,409	147,723
Asia Pacific
Segment Reporting Information [Line Items]
Total consolidated revenues	82,592	65,460
EMEA
Segment Reporting Information [Line Items]
Total consolidated revenues	101,059	67,901
Reportable Operating Segments
Segment Reporting Information [Line Items]
Total consolidated revenues	460,060	281,084
Income from operations	178,750	67,037
Total consolidated depreciation and amortization	1,396	1,309
Reportable Operating Segments | Americas
Segment Reporting Information [Line Items]
Total consolidated revenues	276,409	147,723
Income from operations	118,344	39,946
Total consolidated depreciation and amortization	943	854
Total impact on segment income from operations		(6,716)
Reportable Operating Segments | Asia Pacific
Segment Reporting Information [Line Items]
Total consolidated revenues	82,592	65,460
Income from operations	23,293	9,246
Total consolidated depreciation and amortization	287	279
Total impact on segment income from operations		(178)
Reportable Operating Segments | EMEA
Segment Reporting Information [Line Items]
Total consolidated revenues	101,059	67,901
Income from operations	37,113	17,845
Total consolidated depreciation and amortization	166	176
Total impact on segment income from operations		200
Unallocated corporate and other
Segment Reporting Information [Line Items]
Total consolidated revenues	38	76
Income from operations	(54,064)	(46,225)
Total consolidated depreciation and amortization	$ 6,658	5,598
Total impact on segment income from operations		$ 6,694

LEGAL PROCEEDINGS (Details)

LEGAL PROCEEDINGS (Details) R$ in Millions, $ in Millions	Mar. 22, 2018	Feb. 25, 2015BRL (R$)	Feb. 25, 2015USD ($)	Jan. 13, 2015BRL (R$)	Jan. 13, 2015USD ($)	Mar. 31, 2021USD ($)
Income Tax Examination [Line Items]
Loss contingency, accrual						$ 0.9
Brazilian Federal Tax Authorities
Income Tax Examination [Line Items]
Assessments sought against entity		R$ 33.3	$ 5.9	R$ 14.4	$ 2.6	$ 4.4
Reduction in principal, penalties and interest	38.00%