Kontoor Brands (KTB) 10-Q 7 Aug 20 2020 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 27, 2020	Jul. 24, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 27, 2020
Entity Transition Report	false
Entity File Number	001-38854
Entity Registrant Name	KONTOOR BRANDS, INC.
Entity Incorporation, State or Country Code	NC
Entity Tax Identification Number	83-2680248
Entity Address, Address Line One	400 N. Elm Street
Entity Address, City or Town	Greensboro
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	27401
City Area Code	336
Local Phone Number	332-3400
Title of 12(b) Security	Common Stock, no par value
Trading Symbol	KTB
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		57,107,495
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001760965
Current Fiscal Year End Date	--12-28

Combined Balance Sheets (Unaudi

Combined Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 27, 2020	Dec. 28, 2019	Jun. 29, 2019
Current assets
Cash and equivalents	$ 256,276	$ 106,808	$ 76,687
Accounts receivable, net	153,302	228,459	254,049
Inventories	432,925	458,101	538,168
Prepaid expenses and other current assets	77,374	84,235	79,397
Total current assets	919,877	877,603	948,301
Property, plant and equipment, net	124,939	132,192	131,727
Operating lease assets	76,780	86,582	90,416
Intangible assets, net	16,629	17,293	50,953
Goodwill	211,781	212,836	213,761
Other assets	222,762	190,650	153,044
TOTAL ASSETS	1,572,768	1,517,156	1,588,202
Current liabilities
Short-term borrowings	310	1,070	2,829
Current portion of long-term debt	6,250	0	7,500
Accounts payable	108,745	147,347	159,214
Accrued liabilities	180,324	194,744	177,582
Operating lease liabilities, current	35,144	35,389	34,439
Total current liabilities	330,773	378,550	381,564
Operating lease liabilities, noncurrent	46,526	54,746	58,594
Other liabilities	109,895	101,334	86,189
Long-term debt	1,130,463	913,269	979,687
Commitments and contingencies
Total liabilities	1,617,657	1,447,899	1,506,034
Equity
Preferred Stock, Value, Issued	0	0	0
Common Stock, Value, Issued	0	0	0
Additional paid-in capital	158,660	150,673	134,621
(Accumulated deficit) retained earnings	(72,251)	(1,718)	21,235
Accumulated other comprehensive loss	(131,298)	(79,698)	(73,688)
Total (deficit) equity	(44,889)	69,257	82,168
TOTAL LIABILITIES AND EQUITY	$ 1,572,768	$ 1,517,156	$ 1,588,202

Combined Balance Sheets (Unau_2

Combined Balance Sheets (Unaudited) (Parenthetical) - shares	Jun. 27, 2020	Dec. 28, 2019	Jun. 29, 2019
Statement of Financial Position [Abstract]
Preferred Stock, shares authorized (in shares)	90,000,000	90,000,000	90,000,000
Preferred Stock, shares outstanding (in shares)	0	0	0
Common Stock, shares authorized (in shares)	600,000,000	600,000,000	600,000,000
Common Stock, shares outstanding (in shares)	56,930,737	56,811,198	56,647,561

Consolidated and Combined State

Consolidated and Combined Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 27, 2020	Jun. 29, 2019	Jun. 27, 2020	Jun. 29, 2019
Income Statement [Abstract]
Net revenues	$ 349,254	$ 609,746	$ 853,752	$ 1,258,090
Costs and operating expenses
Cost of goods sold	214,888	374,177	528,622	775,202
Selling, general and administrative expenses	156,161	182,049	347,089	404,173
Total costs and operating expenses	371,049	556,226	875,711	1,179,375
Operating (loss) income	(21,795)	53,520	(21,959)	78,715
Interest income from former parent, net	0	1,423	0	3,762
Interest expense	(13,120)	(7,638)	(24,059)	(7,736)
Interest income	556	1,408	972	2,831
Other expense, net	(509)	(1,370)	(959)	(2,341)
(Loss) income before income taxes	(34,868)	47,343	(46,005)	75,231
Income taxes	(1,606)	9,357	(10,031)	21,832
Net (loss) income	$ (33,262)	$ 37,986	$ (35,974)	$ 53,399
(Loss) earnings per common share
Basic (in USD per share)	$ (0.58)	$ 0.67	$ (0.63)	$ 0.94
Diluted (in USD per share)	$ (0.58)	$ 0.67	$ (0.63)	$ 0.94
Weighted average shares outstanding
Basic (in shares)	56,931	56,648	56,903	56,648
Diluted (in shares)	56,931	56,920	56,903	56,779

Consolidated and Combined Sta_2

Consolidated and Combined Statements of Comprehensive (Loss) Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 27, 2020	Jun. 29, 2019	Jun. 27, 2020	Jun. 29, 2019
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (33,262)	$ 37,986	$ (35,974)	$ 53,399
Foreign currency translation
Gains (losses) arising during the period	3,199	4,686	(24,011)	5,444
Defined benefit pension plans
Net change in deferred (gains) losses during the period	(17)	(14)	12	(14)
Derivative financial instruments
Losses arising during the period	(820)	(2,058)	(24,475)	(2,058)
Reclassification to net (loss) income for gains realized	(198)	(362)	(3,126)	(362)
Total other comprehensive (loss) income, net of related taxes	2,164	2,252	(51,600)	3,010
Comprehensive (loss) income	$ (31,098)	$ 40,238	$ (87,574)	$ 56,409

Combined Statements of Cash Flo

Combined Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 27, 2020	Jun. 29, 2019
OPERATING ACTIVITIES
Net (loss) income	$ (35,974)	$ 53,399
Adjustments to reconcile net (loss) income to cash provided by operating activities:
Depreciation and amortization	15,219	16,025
Stock-based compensation	7,160	11,473
Provision for doubtful accounts	18,012	2,985
Other	(18,346)	(1,068)
Changes in operating assets and liabilities:
Accounts receivable	50,319	4,355
Inventories	20,510	(69,655)
Due from former parent	0	548,301
Accounts payable	(37,988)	43,331
Income taxes	(1,810)	5,692
Accrued liabilities	(9,760)	230
Due to former parent	0	(16,065)
Other assets and liabilities	(2,915)	(18,852)
Cash provided by operating activities	4,427	580,151
INVESTING ACTIVITIES
Capital expenditures	(11,895)	(9,300)
Software purchases	(25,605)	0
Collection of notes receivable from former parent	0	517,940
Other	(1,673)	1,081
Cash (used) provided by investing activities	(39,173)	509,721
FINANCING ACTIVITIES
Borrowings under revolving credit facility	512,500	0
Repayments under revolving credit facility	(287,500)	0
Proceeds from issuance of term loans	0	1,050,000
Payment of deferred financing costs	(4,346)	(12,993)
Repayments of term loans	0	(50,000)
Repayment of notes payable to former parent	0	(269,112)
Net transfers to former parent	0	(1,814,682)
Dividends paid	(31,877)	0
Proceeds from issuance of Common Stock, net of shares withheld for taxes	(1,854)	0
Other	(718)	(14,169)
Cash provided (used) by financing activities	186,205	(1,110,956)
Effect of foreign currency rate changes on cash and cash equivalents	(1,991)	995
Net change in cash and cash equivalents	149,468	(20,089)
Cash, cash equivalents and restricted cash – beginning of year	106,808	96,776
Cash, cash equivalents and restricted cash – end of period	$ 256,276	$ 76,687

Consolidated and Combined Sta_3

Consolidated and Combined Statements of (Deficit) Equity (Unaudited) - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Common Stock	Additional Paid-in Capital	Former Parent Investment	Former Parent InvestmentCumulative Effect, Period of Adoption, Adjustment	Accumulated Deficit	Accumulated Other Comprehensive Loss
Balance, beginning (in shares) at Dec. 29, 2018			0
Balance, beginning at Dec. 29, 2018	$ 1,723,452	$ (2,713)	$ 0	$ 0	$ 1,868,634	$ (2,713)	$ 0	$ (145,182)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	15,413				15,413
Foreign currency translation	758							758
Net transfers to former parent	(157,928)				(157,928)
Balance, ending at Mar. 30, 2019	1,578,982		$ 0	0	1,723,406		0	(144,424)
Balance, ending (in shares) at Mar. 30, 2019			0
Balance, beginning (in shares) at Dec. 29, 2018			0
Balance, beginning at Dec. 29, 2018	1,723,452	$ (2,713)	$ 0	0	1,868,634	$ (2,713)	0	(145,182)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	53,399
Net transfers to former parent								68,484
Balance, ending at Jun. 29, 2019	$ 82,168		$ 0	134,621	0		21,235	(73,688)
Balance, ending (in shares) at Jun. 29, 2019	56,647,561		56,648,000
Balance, beginning (in shares) at Mar. 30, 2019			0
Balance, beginning at Mar. 30, 2019	$ 1,578,982		$ 0	0	1,723,406		0	(144,424)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	37,986				16,751		21,235
Stock-based compensation, net	1,879			1,879
Foreign currency translation	4,686							4,686
Defined benefit pension plans	(14)							(14)
Derivative financial instruments	(2,420)							(2,420)
Net transfers to former parent	(1,538,931)				(1,607,415)			68,484
Transfer of former parent investment to additional paid-in capital	0			132,742	(132,742)
Issuance of Common Stock (in shares)			56,648,000
Issuance of Common Stock	0
Balance, ending at Jun. 29, 2019	$ 82,168		$ 0	134,621	$ 0		21,235	(73,688)
Balance, ending (in shares) at Jun. 29, 2019	56,647,561		56,648,000
Balance, beginning (in shares) at Dec. 28, 2019	56,811,198		56,812,000
Balance, beginning at Dec. 28, 2019	$ 69,257		$ 0	150,673			(1,718)	(79,698)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(2,712)						(2,712)
Stock-based compensation, net (in shares)			119,000
Stock-based compensation, net	611			3,293			(2,682)
Foreign currency translation	(27,210)							(27,210)
Defined benefit pension plans	29							29
Derivative financial instruments	(26,583)							(26,583)
Dividends on Common Stock ($0.56 per share)	(31,877)						(31,877)
Balance, ending at Mar. 28, 2020	$ (18,485)		$ 0	153,966			(38,989)	(133,462)
Balance, ending (in shares) at Mar. 28, 2020			56,931,000
Balance, beginning (in shares) at Dec. 28, 2019	56,811,198		56,812,000
Balance, beginning at Dec. 28, 2019	$ 69,257		$ 0	150,673			(1,718)	(79,698)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(35,974)
Balance, ending at Jun. 27, 2020	$ (44,889)		$ 0	158,660			(72,251)	(131,298)
Balance, ending (in shares) at Jun. 27, 2020	56,930,737		56,931,000
Balance, beginning (in shares) at Mar. 28, 2020			56,931,000
Balance, beginning at Mar. 28, 2020	$ (18,485)		$ 0	153,966			(38,989)	(133,462)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(33,262)						(33,262)
Stock-based compensation, net	4,694			4,694
Foreign currency translation	3,199							3,199
Defined benefit pension plans	(17)							(17)
Derivative financial instruments	(1,018)							(1,018)
Balance, ending at Jun. 27, 2020	$ (44,889)		$ 0	$ 158,660			$ (72,251)	$ (131,298)
Balance, ending (in shares) at Jun. 27, 2020	56,930,737		56,931,000

Combined Statements of Equity (

Combined Statements of Equity (Unaudited) Parenthetical	3 Months Ended
	Mar. 28, 2020$ / shares
Statement of Stockholders' Equity [Abstract]
Dividends (in USD per share)	$ 0.56

BASIS OF PRESENTATION

BASIS OF PRESENTATION	6 Months Ended
	Jun. 27, 2020
Accounting Policies [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION Description of Business Kontoor Brands, Inc. ("Kontoor," the "Company," "we," "us" or "our") is a global lifestyle apparel company headquartered in the United States ("U.S."). The Company designs, produces, procures, markets and distributes apparel primarily under the brand names Wrangler ® and Lee ® . The Company's products are sold in the U.S. through mass merchants, specialty stores, mid-tier and traditional department stores, company-operated stores and online. The Company's products are also sold internationally, primarily in Europe and Asia, through department, specialty, company-operated, concession retail and independently operated partnership stores and online. VF Outlet ™ stores carry Wrangler ® and Lee ® branded products, as well as merchandise that is specifically purchased for sale in these stores. Fiscal Year The Company operates and reports using a 52/53 week fiscal year ending on the Saturday closest to December 31 of each year. Accordingly, this Form 10-Q presents the second quarter of the Company's fiscal year ending January 2, 2021 ("fiscal 2020"), which is a 53-week fiscal year. For presentation purposes herein, all references to periods ended June 2020, December 2019 and June 2019 correspond to the fiscal periods ended June 27, 2020, December 28, 2019 and June 29, 2019, respectively. Spin-Off Transaction On May 22, 2019, VF Corporation ("VF" or "former parent") completed the spin-off of its Jeanswear business (the "Separation"), which included the Wrangler ® , Lee ® and Rock & Republic ® brands, as well as the VF Outlet ™ business. Kontoor began to trade as a standalone public company (NYSE: KTB) on May 23, 2019. Accordingly, the Company’s financial statements for periods through the Separation date of May 22, 2019 were combined financial statements prepared on a "carve-out" basis as discussed below, and the Company’s financial statements for periods from May 23, 2019 were consolidated financial statements based on the reported results of Kontoor Brands, Inc. as a standalone company. The Company’s unaudited consolidated and combined financial statements for all periods presented are referred to throughout this document as “financial statements.” Impact of COVID-19 During the first and second quarter of 2020, the novel coronavirus (“COVID-19”) pandemic significantly impacted global economic conditions, as well as the Company's operations. Given the uncertainties of COVID-19 and the associated potential impact on future results of operations and liquidity, the Company implemented strategic actions to reduce expenses and enhance liquidity. These actions included draws on the Revolving Credit Facility (as defined in Note 6 to the Company's financial statements), temporary suspension of the payment of a dividend, targeted reductions in operating expenses and capital expenditures, temporary reduction of fees for the Board of Directors, reduction of payroll costs through restructuring, furloughs and temporary salary reductions, and focused management of working capital, including reduction in finished goods received from owned manufacturing and sourced vendors. Additionally, on May 5, 2020, the Company entered into an amendment to the Credit Agreement (as defined in Note 6 to the Company's financial statements) to provide relief for potential financial covenant compliance issues during future reporting periods. As of June 2020, the Company was in compliance with all applicable financial covenants and expects to maintain compliance with the applicable financial covenants for at least one year from the issuance of these financial statements. See Note 6 to the Company's financial statements for additional information. The Company considered the impact of COVID-19 on the assumptions and estimates used when preparing these quarterly financial statements including, but not limited to, our allowance for doubtful accounts, inventory valuations, liabilities for variable consideration, deferred tax valuation allowances, fair value measurements, asset impairment charges, the effectiveness of the Company’s hedging instruments, and expected compliance with applicable financial covenants in our Credit Agreement. These assumptions and estimates may change as new events occur and additional information is obtained regarding the impact of COVID-19. Such future changes may have an adverse impact on the Company's results of operations, financial position and liquidity. Basis of Presentation - Interim Financial Statements The accompanying unaudited interim financial statements have been prepared in accordance with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X and do not include all of the information and notes required by generally accepted accounting principles in the U.S. ("GAAP") for complete financial statements. In the opinion of management, the accompanying financial statements contain all normal and recurring adjustments necessary to fairly state the financial position, results of operations and cash flows of the Company for the interim periods presented. The financial statements may not be indicative of the Company's future performance and do not necessarily reflect what the financial position, results of operations and cash flows would have been had it operated as a standalone company for all periods presented. Additionally, operating results for the three and six months ended June 2020 are not necessarily indicative of results that may be expected for any other interim period or for fiscal 2020. The unaudited financial statements should be read in conjunction with the audited consolidated and combined financial statements for the fiscal year ended December 28, 2019 included in the Company's 2019 Annual Report on Form 10-K, as filed with the Securities and Exchange Commission ("SEC") on March 11, 2020 ("2019 Annual Report on Form 10-K"). Basis of Presentation - Carve Out Accounting Through the Separation date in 2019, the Company's combined financial statements were prepared on a carve-out basis under GAAP, which reflected the historical financial position, results of operations and cash flows of the Company as historically managed within VF. The unaudited combined financial statements were derived from the consolidated financial statements and accounting records of VF. The combined statements of operations included costs for certain centralized functions and programs provided and administered by VF that were charged directly to the Company. These centralized functions and programs included, but were not limited to, information technology, human resources, accounting shared services, supply chain and insurance. In addition, for purposes of preparing these combined financial statements on a carve-out basis, a portion of VF's total corporate expenses were allocated to the Company. These expense allocations included the cost of corporate functions and resources provided by or administered by VF including, but not limited to, executive management, finance, accounting, legal, human resources and related benefit costs associated with such functions, such as stock-based compensation and pension. Allocations also included the cost of operating VF's corporate headquarters located in Greensboro, North Carolina. Costs were allocated to the Company based on direct usage when identifiable or, when not directly identifiable, on the basis of proportional revenues, cost of goods sold or square footage, as applicable. Management considered the basis on which the expenses were allocated to reasonably reflect the utilization of services provided to, or benefit received by, the Company during the periods presented. However, the allocations may not reflect the expenses that would have been incurred if the Company had been a standalone company for the periods presented. All intracompany transactions were eliminated. All transactions between the Company and VF were included in the combined financial statements. For those transactions between the Company and VF that were historically settled in cash, the Company reflected such balances in the balance sheet within "due from former parent" or "due to former parent." All amounts due to and from former parent were settled in connection with the Separation. The aggregate net effect of transactions between the Company and VF that were not historically settled in cash were reflected in the balance sheet within "former parent investment" and in the statements of cash flows within "net transfers to former parent." Subsequent to the Separation, the Company continued to service commercial arrangements with VF, which included sales of VF-branded products at VF Outlet ™ stores, as well as sales to VF for products manufactured in our plants, use of our transportation fleet and fulfillment of a transition services agreement related to VF’s sale of its Nautica ® brand business in mid-2018. None of these arrangements with VF have continued in 2020. Income Taxes — Prior to the Separation, the Company's operations were included in VF’s U.S. federal consolidated and certain state income tax returns and certain foreign tax returns. For periods prior to the Separation, the income tax expense and deferred tax balances presented in the financial statements were calculated on a carve-out basis, which applied accounting guidance as if the Company filed its own tax returns in each jurisdiction and included tax losses and tax credits that may not reflect tax positions taken by VF. Certain tax attributes reported by the Company on a carve-out basis were not transferred to the Company as part of the Separation. These attributes primarily related to losses in certain Central America and South America jurisdictions. Reclassifications Certain prior year amounts in the Company's financial statements and related disclosures have been reclassified to conform with the current year presentation. Recently Adopted Accounting Standards In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-13, "Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” and has since issued additional updates to provide further clarification. This guidance requires use of the current expected credit loss ("CECL") model, thus replacing the existing incurred credit loss model. The CECL model requires an entity to recognize an allowance for credit losses at each reporting period that reflects the entity’s current estimate of credit losses expected to be incurred over the life of the financial instrument. The Company determined this guidance primarily applied to trade accounts receivable from customers and licensees, and adopted it on the first day of fiscal 2020 using the modified retrospective approach. There was no cumulative-effect adjustment to (accumulated deficit) retained earnings required upon adoption. See Note 4 to the Company's financial statements for additional disclosures on credit losses. In August 2018, the FASB issued ASU 2018-13, "Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement," which modifies the disclosure requirements for fair value measurements by removing, modifying or adding certain disclosures. This guidance was adopted by the Company during the first quarter of 2020 using a prospective approach and did not have a significant impact on the Company's financial statement disclosures. In August 2018, the FASB issued ASU 2018-14, "Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20): Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans," which modifies the disclosure requirements for employers who sponsor defined benefit pension or other postretirement plans. This guidance was adopted by the Company during the first quarter of 2020 using a prospective approach and did not have a significant impact on the Company's financial statement disclosures. In August 2018, the FASB issued ASU 2018-15, "Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract," which aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. This guidance was adopted by the Company during the first quarter of 2020 using a prospective approach and did not have a significant impact on the Company's financial statements as the new guidance is generally consistent with the Company's historical accounting policies. In April 2020, the FASB provided interpretive guidance that simplifies accounting for rent concessions, including rent deferrals, that are a direct consequence of COVID-19. In response to temporary store closures related to COVID-19, the Company is engaged in discussions with landlords regarding potential rent deferrals and other rent concessions. The Company has elected to not evaluate whether a COVID-19 related rent concession constitutes a lease modification and will continue to account for rent deferrals or other rent concessions as lease modifications in accordance with existing Accounting Standards Codification ("ASC") 842 guidance. Lease modifications resulting from COVID-19 did not have a significant impact on the Company's financial statements for the three and six months ended June 2020. Recently Issued Accounting Standards In December 2019, the FASB issued ASU 2019-12, "Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes," which amends and simplifies the accounting for income taxes by removing certain exceptions in existing guidance and providing new guidance to reduce complexity in certain areas. This guidance is effective for the Company beginning in the first quarter of 2021 with early adoption permitted. The Company is currently evaluating the impact that adoption of this guidance will have on its financial statements and related disclosures, which is not expected to be significant. In March 2020, the FASB issued ASU 2020-04, “Facilitation of the Effects of Reference Rate Reform on Financial Reporting ,” which is intended to provide temporary optional expedients and exceptions for applying GAAP to contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. This guidance was effective upon issuance and can be applied anytime from the issuance date through December 31, 2022. The impact of this guidance on the Company's financial statements and related disclosures will continue to be evaluated by the Company through the application period, and is not expected to be significant.

REVENUES

REVENUES	6 Months Ended
	Jun. 27, 2020
Revenue from Contract with Customer [Abstract]
REVENUES	REVENUES The Company recognizes revenue when performance obligations under the terms of a contract with the customer are satisfied based on the transfer of control of promised goods or services. Performance Obligations Disclosure is required for the aggregate transaction price allocated to performance obligations that are unsatisfied at the end of a reporting period, unless the optional practical expedients are applicable. The Company elected the practical expedients that do not require disclosure of the transaction price allocated to remaining performance obligations for (i) variable consideration related to sales-based royalty arrangements and (ii) contracts with an original expected duration of one year or less. As of June 2020, there were no arrangements with transaction price allocated to remaining performance obligations other than (i) contracts for which the Company has applied the practical expedients discussed above and (ii) fixed consideration related to future minimum guarantees. For the three and six months ended June 2020, revenue recognized from performance obligations satisfied, or partially satisfied, in prior periods was not significant. Contract Balances Accounts receivable represent the Company's unconditional right to receive consideration from a customer and are recorded at net invoiced amounts, less estimated allowances. The Company's primary contract assets relate to sales-based royalty arrangements and the Company's primary contract liabilities relate to gift cards, loyalty programs and sales-based royalty arrangements. The following table presents information about contract balances recorded in the Company's balance sheets: (In thousands) June 2020 December 2019 June 2019 Accounts receivable, net $ 153,302 $ 228,459 $ 254,049 Contract assets (a) 3,113 10,679 2,529 Contract liabilities (b) 1,688 1,775 2,787 (a) Included within "prepaid expenses and other current assets" in the Company's balance sheets. (b) Included within "accrued liabilities" in the Company's balance sheets. For the three and six months ended June 2020, the Company recognized revenue of $0.1 million and $1.2 million, respectively, that was included in contract liabilities as of December 2019. For the three and six months ended June 2019, the Company recognized revenue of $0.2 million and $1.5 million, respectively, that was included in contract liabilities as of December 2018. The changes in the contract asset and contract liability balances primarily result from timing differences between the Company's satisfaction of performance obligations and the customer's payment. Most of the Company's licensing agreements include minimum guarantees for sales-based royalties. As of June 2020, the Company has contractual rights under its licensing agreements to receive $19.2 million of fixed consideration related to the future minimum guarantees through December 2024. The variable consideration is not disclosed as a remaining performance obligation as the licensing arrangements qualify for the sales-based royalty exemption. Disaggregation of Revenue The following tables present revenues disaggregated by channel and geography, which provides a meaningful depiction of how the nature, timing and uncertainty of revenues are affected by economic factors. Revenues from licensing arrangements have been included within the U.S. or Non-U.S. Wholesale channels, based on the respective region covered by the agreement. Branded Direct-to-Consumer revenues include the distribution of our products via concession retail locations internationally, Wrangler ® and Lee ® branded full-price stores globally and Company-operated outlet stores globally. The Branded Direct-to-Consumer channel also includes sales of our branded products in U.S.-based VF Outlet ™ stores and digital sales via www.wrangler.com and www.lee.com. The Other channel primarily includes sales of third-party branded merchandise at VF Outlet™ stores. Sales of Wrangler ® and Lee ® branded products at VF Outlet™ stores are not included in Other and are reported in the Branded Direct-to-Consumer channel discussed above. Prior to 2020, the Other channel also included transactions with VF for pre-Separation activities, none of which continued in 2020. These transactions included sales of VF-branded products at VF Outlet ™ stores, as well as sales to VF for products manufactured in our plants, use of our transportation fleet and fulfillment of a transition services agreement related to VF’s sale of its Nautica ® brand business in mid-2018. Three Months Ended June 2020 (In thousands) Wrangler Lee Other Total Channel revenues U.S. Wholesale $ 217,183 $ 33,194 $ 2,503 $ 252,880 Non-U.S. Wholesale 17,251 27,005 — 44,256 Branded Direct-to-Consumer 17,221 25,767 1 42,989 Other — — 9,129 9,129 Total $ 251,655 $ 85,966 $ 11,633 $ 349,254 Geographic revenues U.S. $ 232,566 $ 44,119 $ 11,633 $ 288,318 International 19,089 41,847 — 60,936 Total $ 251,655 $ 85,966 $ 11,633 $ 349,254 Three Months Ended June 2019 (In thousands) Wrangler Lee Other Total Channel revenues U.S. Wholesale $ 299,040 $ 108,757 $ 4,710 $ 412,507 Non-U.S. Wholesale 40,569 56,845 633 98,047 Branded Direct-to-Consumer 24,383 41,306 14 65,703 Other — — 33,489 33,489 Total $ 363,992 $ 206,908 $ 38,846 $ 609,746 Geographic revenues U.S. $ 317,831 $ 130,795 $ 38,002 $ 486,628 International 46,161 76,113 844 123,118 Total $ 363,992 $ 206,908 $ 38,846 $ 609,746 Six Months Ended June 2020 (In thousands) Wrangler Lee Other Total Channel revenues U.S. Wholesale $ 453,465 $ 125,772 $ 6,564 $ 585,801 Non-U.S. Wholesale 64,188 86,858 304 151,350 Branded Direct-to-Consumer 37,388 56,092 3 93,483 Other — — 23,118 23,118 Total $ 555,041 $ 268,722 $ 29,989 $ 853,752 Geographic revenues U.S. $ 485,150 $ 152,087 $ 29,685 $ 666,922 International 69,891 116,635 304 186,830 Total $ 555,041 $ 268,722 $ 29,989 $ 853,752 Six Months Ended June 2019 (In thousands) Wrangler Lee Other Total Channel revenues U.S. Wholesale $ 575,865 $ 209,616 $ 11,435 $ 796,916 Non-U.S. Wholesale 109,224 157,741 633 267,598 Branded Direct-to-Consumer 48,838 81,082 14 129,934 Other — — 63,642 63,642 Total $ 733,927 $ 448,439 $ 75,724 $ 1,258,090 Geographic revenues U.S. $ 611,700 $ 249,915 $ 74,880 $ 936,495 International 122,227 198,524 844 321,595 Total $ 733,927 $ 448,439 $ 75,724 $ 1,258,090

BUSINESS SEGMENT INFORMATION

BUSINESS SEGMENT INFORMATION	6 Months Ended
	Jun. 27, 2020
Segment Reporting [Abstract]
BUSINESS SEGMENT INFORMATION	BUSINESS SEGMENT INFORMATION The Company has two reportable segments: • Wrangler — Wrangler ® branded denim, apparel and accessories. • Lee — Lee ® branded denim, apparel and accessories. The chief operating decision maker allocates resources and assesses performance based on a global brand view which determines the Company's operating segments. Operating segments are the basis for the Company's reportable segments. In addition, we report an "Other" category in order to reconcile segment revenues and segment profit to the Company's operating results, but the Other category is not considered a reportable segment based on evaluation of aggregation criteria. Other includes sales of third-party branded merchandise at VF Outlet ™ stores, sales and licensing of Rock & Republic ® branded apparel, and sales of products manufactured for third parties. Sales of Wrangler ® and Lee ® branded products at VF Outlet ™ stores are not included in Other and are reported in the respective segments discussed above. Prior to 2020, the Other category also included transactions with VF for pre-Separation activities, none of which continued in 2020. These transactions included sales of VF-branded products at VF Outlet ™ stores, as well as sales to VF for products manufactured in our plants, use of our transportation fleet and fulfillment of a transition services agreement related to VF’s sale of its Nautica ® brand business in mid-2018. Accounting policies utilized for internal management reporting at the individual segments are consistent with those included in Note 1 to the Company's financial statements included in the Company's 2019 Annual Report on Form 10-K, except as noted below. After the Separation, as a standalone public company, the Company has allocated costs for certain centralized functions and programs to the Lee ® and Wrangler ® segments based on appropriate metrics such as usage or production of net revenues. These centralized functions and programs include, but are not limited to, information technology, human resources, supply chain, insurance and related benefit costs associated with those functions. Through the Separation date, the Company's statements of operations included costs for certain centralized functions and programs provided and administered by VF that were charged directly to VF's businesses, including the Company. These centralized functions and programs included, but were not limited to, information technology, human resources, accounting shared services, supply chain, insurance and the related benefits. These historical allocations were included in the measurement of segment profit below. In addition, for purposes of preparing these financial statements on a carve-out basis, a portion of VF's total corporate expenses were allocated to the Company. These expense allocations included the cost of corporate functions and resources provided by or administered by VF including, but not limited to, executive management, finance, accounting, legal, human resources and related benefit costs associated with such functions. Allocations also included the cost of operating VF's corporate headquarters located in Greensboro, North Carolina. These additional allocations were reported as "corporate and other expenses" in the table below. Corporate and other expenses and interest income and expense are not controlled by segment management and therefore are excluded from the measurement of segment profit. The following table presents financial information for the Company's reportable segments and (loss) income before income taxes: Three Months Ended June Six Months Ended June (In thousands) 2020 2019 2020 2019 Segment revenues: Wrangler $ 251,655 $ 363,992 $ 555,041 $ 733,927 Lee 85,966 206,908 268,722 448,439 Total reportable segment revenues 337,621 570,900 823,763 1,182,366 Other revenues 11,633 38,846 29,989 75,724 Total net revenues $ 349,254 $ 609,746 $ 853,752 $ 1,258,090 Segment profit: Wrangler $ 28,938 $ 56,980 $ 62,801 $ 80,645 Lee (18,417) 13,747 (17,444) 31,380 Total reportable segment profit $ 10,521 $ 70,727 $ 45,357 $ 112,025 Corporate and other expenses (26,348) (20,382) (59,570) (34,371) Interest income from former parent, net — 1,423 — 3,762 Interest expense (13,120) (7,638) (24,059) (7,736) Interest income 556 1,408 972 2,831 (Loss) profit related to other revenues (6,477) 1,805 (8,705) (1,280) (Loss) income before income taxes $ (34,868) $ 47,343 $ (46,005) $ 75,231

ACCOUNTS RECEIVABLE

ACCOUNTS RECEIVABLE	6 Months Ended
	Jun. 27, 2020
Receivables [Abstract]
ACCOUNTS RECEIVABLE	ACCOUNTS RECEIVABLE Allowance for Doubtful Accounts The Company is exposed to credit losses primarily through trade accounts receivable from customers and licensees which are generally short-term in nature. The Company maintains an allowance for doubtful accounts that will result from the inability of customers to make required payments of outstanding balances. In estimating this allowance, accounts receivable are evaluated on a pooled basis at each reporting date and aggregated on the basis of similar risk characteristics, including current and forecasted industry trends and economic conditions, aging status of accounts, and the financial strength and credit standing of customers, including payment and default history. Additionally, specific allowance amounts are established to record the appropriate provision for customers that have a higher probability of default. Receivables are written off against the allowance when all collection efforts have been exhausted and the likelihood of collection is remote. The Company reviews the estimates used to calculate the allowance for doubtful accounts on a quarterly basis. At June 2020, the Company updated its evaluation of expected losses and related assumptions used in the allowance for doubtful accounts, including the impact of COVID-19. The Company also wrote off accounts receivable against the allowance, primarily due to the bankruptcy of a major U.S. retail customer during the three months ended June 2020. The following table presents a rollforward of the allowance for doubtful accounts: (In thousands) Six Months Ended June 2020 Balance, December 2019 $ 11,852 Provision for expected credit losses 18,012 Accounts receivable balances written off (7,502) Other (1) (713) Balance, June 2020 $ 21,649 (1) Other includes impact of foreign currency translation and recoveries of amounts previously written off, none of which were individually significant. Sale of Trade Accounts Receivable On April 1, 2019, the Company entered into an agreement with a financial institution to sell selected trade accounts receivable on a recurring, nonrecourse basis. Under this agreement, up to $377.5 million of the Company’s trade accounts receivable may be sold to the financial institution and remain outstanding at any point in time. The Company removes the sold balances from "accounts receivable, net" in its balance sheet at the time of sale. The Company does not retain any interests in the sold trade accounts receivable but continues to service and collect outstanding trade accounts receivable on behalf of the financial institution. Prior to April 1, 2019, the Company had a separate agreement with VF, pursuant to which the Company’s trade accounts receivable were sold as part of VF’s agreement with a financial institution. Under this agreement, the Company did not retain any interests in the sold trade accounts receivable but continued to service and collect outstanding trade accounts receivable on behalf of VF. Prior to the Separation, the amount due from VF for these sales was separately reflected in the Company's balance sheets within "due from former parent." As discussed in Note 15 to the Company's financial statements, all amounts were settled at the Separation date. During the six months ended June 2020 and June 2019, the Company sold total trade accounts receivable of $405.8 million and $518.7 million, respectively. As of June 2020, December 2019 and June 2019, $144.5 million, $188.1 million and $188.2 million, respectively, of the sold trade accounts receivable had been removed from the Company's balance sheets but remained outstanding with the financial institution.

INVENTORIES

INVENTORIES	6 Months Ended
	Jun. 27, 2020
Inventory Disclosure [Abstract]
INVENTORIES	INVENTORIES The following table presents components of inventories recorded in the Company's balance sheets: (In thousands) June 2020 December 2019 June 2019 Finished products $ 367,361 $ 383,643 $ 457,508 Work-in-process 21,416 34,783 35,680 Raw materials 44,148 39,675 44,980 Total inventories $ 432,925 $ 458,101 $ 538,168

SHORT-TERM BORROWINGS AND LONG-

SHORT-TERM BORROWINGS AND LONG-TERM DEBT	6 Months Ended
	Jun. 27, 2020
Debt Disclosure [Abstract]
Short-term Borrowings and Long-term Debt	SHORT-TERM BORROWINGS AND LONG-TERM DEBT Credit Facilities On May 17, 2019, the Company entered into a $1.55 billion senior secured credit facility (the "Credit Agreement") under which it incurred $1.05 billion of indebtedness, the proceeds of which were used primarily to finance a cash transfer to VF in connection with the Separation. At inception, this facility consisted of a five seven five The Credit Agreement contained certain affirmative and negative covenants customary for financings of this type, including maintenance of ratios as defined in the Credit Agreement for consolidated earnings before interest, taxes, depreciation and amortization ("EBITDA") to consolidated debt (the "Total Leverage Ratio") of 4.00 to 1.00 and EBITDA to consolidated interest expense (the "Consolidated Interest Coverage Ratio") of 3.00 to 1.00, both as measured over the most recent four consecutive fiscal quarters. On May 5, 2020, given the uncertainties of COVID-19 and the associated impact on future results of operations, the Company entered into an amendment to the Credit Agreement (the “Amendment”) to address potential financial covenant compliance issues during future reporting periods. The Amendment established a temporary relief period for the Company (the "Relief Period") for certain provisions regarding financial covenants including (i) increase of the maximum Total Leverage Ratio, (ii) addition of a minimum liquidity floor of $200.0 million, (iii) addition of a $250.0 million limit on available cash at the time of and immediately after new borrowings, and (iv) imposition of stricter limitations on investments, acquisitions, restricted payments (including dividends) and the incurrence of indebtedness. The Relief Period is effective until the earlier of (i) the date on which a compliance certificate is delivered for the Company's quarter ended June 2021 or (ii) the date on which a compliance certificate is delivered in respect of the most recent f iscal quarter demonstrating that the Company is in full compliance with all financial covenants that were in effect prior to the Amendment and upon the Company's written notification to the administrative agent that the Relief Period should end on such date. For quarterly measurement periods during the Relief Period, the Company is required to maintain a Total Leverage Ratio not to exceed 5.50 to 1.00, 5.50 to 1.00, 5.00 to 1.00 and 4.50 to 1.00 for the periods ended June 2020, September 2020, December 2020 and March 2021, respectively. As of June 2020, the Company was in compliance with all applicable financial covenants and expects to maintain compliance with the applicable financial covenants for at least one year from the issuance of these financial statements. If economic conditions caused by COVID-19 significantly deteriorate for a prolonged period and the Company's operating results and cash flows do not recover as currently estimated by management, this could impact the Company’s ability to maintain compliance with the applicable financial covenants and require the Company to seek additional amendments to the Credit Agreement. If the Company is not able to enter into such amendments, this would lead to an event of default which, if not cured timely, could require the Company to repay its outstanding debt. In that situation, the Company may not be able to generate sufficient liquidity, through new or refinanced debt, equity financing or asset sales, to repay its outstanding debt. Short-term Borrowings At June 2020 , December 2019 and June 2019, the Company had $46.4 million, $47.8 million and $49.0 million, respectively, of international lines of credit with various banks, which are uncommitted and may be terminated at any time by either the Company or the banks. Total outstanding balances under these arrangements were $0.3 million, $1.1 million and $2.8 million at June 2020, December 2019 and June 2019, respectively, and primarily consist of letters of credit that are non-interest bearing to the Company. Long-term Debt The following table presents the components of long-term debt as recorded in the Company's balance sheet: (In thousands) June 2020 December 2019 June 2019 Revolving Credit Facility $ 225,000 $ — $ — Term Loan A 693,393 695,111 694,166 Term Loan B 218,320 218,158 293,021 Total long-term debt 1,136,713 913,269 987,187 Less: current portion (6,250) — (7,500) Long-term debt, due beyond one year $ 1,130,463 $ 913,269 $ 979,687 The Revolving Credit Facility may be used to borrow funds in both U.S. dollar and certain non-U.S. dollar currencies, and has a $75.0 million letter of credit sublimit. The Company had $475.0 million of outstanding borrowings under the Revolving Credit Facility as of March 2020, primarily resulting from drawdowns taken as a precautionary measure to provide increased financial flexibility, strengthen the Company’s near-term cash position and provide additional funding for working capital in response to COVID-19. The Company repaid $175.0 million in conjunction with the closing of the Amendment in May 2020 to comply with the available cash limitation. In June 2020, the Company made an additional discretionary repayment of $75.0 million. As of June 2020, the Company had $225.0 million of outstanding borrowings under the Revolving Credit Facility and $1.8 million of outstanding standby letters of credit issued on behalf of the Company, leaving $273.2 million available for borrowing against this facility. The interest rate per annum applicable to the Revolving Credit Facility and Term Loan A is either a base rate plus a margin or the applicable LIBOR rate plus a margin, at the Company's election. Outside of the Relief Period, the applicable margins and facility fee are subject to adjustments based on the Company's credit ratings and Total Leverage Ratio. The applicable margin varies from 37.5 basis points to 125 basis points for base rate loans and from 137.5 basis points to 225 basis points for LIBOR loans. The Company is also required to pay a facility fee to the lenders, varying from 20 basis points to 40 basis points of the undrawn amount of the facility. During the Relief Period, the interest rate is either a base rate plus a margin of 225 basis points or the applicable LIBOR rate plus a margin of 325 basis points, at the Company’s election; and the facility fee is equal to 50 basis points of the undrawn amount of the facility. Additionally, the interest rate per annum applicable to Term Loan B is either a base rate plus a margin of 325 basis points or the applicable LIBOR rate plus a margin of 425 basis points, at the Company's election. The LIBOR rate for all loans under the Credit Facility is subject to a "floor" of 0%. Interest payments on all loans under the Credit Facility are due at least quarterly, and could be due more frequently based on the Company's interest rate elections. Term Loan A had an outstanding principal amount of $700.0 million at June 2020, December 2019 and June 2019, which is recorded net of unamortized deferred financing costs. As of June 2020, interest expense on this facility was being recorded at an effective annual interest rate of 4.4%, including the amortization of deferred financing costs and the impact of the Company’s interest rate swap agreements. Term Loan B had an outstanding principal amount of $223.0 million at June 2020 and December 2019, and $300.0 million at June 2019, which is recorded net of unamortized original issue discount and deferred financing costs. As of June 2020, interest expense on this facility was being recorded at an effective annual interest rate of 5.5%, including the amortization of original issue discount, deferred financing costs and the impact of the Company’s interest rate swap agreements.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Jun. 27, 2020
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS Certain assets and liabilities measured and reported at fair value are classified in a three-level hierarchy that prioritizes the inputs used in the valuation process. Categorization within the valuation hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The hierarchy is based on the observability and objectivity of the pricing inputs, as follows: • Level 1 — Quoted prices in active markets for identical assets or liabilities. • Level 2 — Significant directly observable data (other than Level 1 quoted prices) or significant indirectly observable data through corroboration with observable market data. Inputs would normally be (i) quoted prices in active markets for similar assets or liabilities, (ii) quoted prices in inactive markets for identical or similar assets or liabilities or (iii) information derived from or corroborated by observable market data. • Level 3 — Prices or valuation techniques that require significant unobservable data inputs. These inputs would normally be the Company's own data and judgments about assumptions that market participants would use in pricing the asset or liability. Recurring Fair Value Measurements The following tables present financial assets and financial liabilities that are measured and recorded in the Company's financial statements at fair value on a recurring basis: Fair Value Measurement Using (In thousands) Total Fair Value Level 1 Level 2 Level 3 June 2020 Financial assets: Cash equivalents: Money market funds $ 194,305 $ 194,305 $ — $ — Time deposits 1,455 1,455 — — Foreign currency exchange contracts 4,559 — 4,559 — Investment securities 54,549 54,549 — — Financial liabilities: Foreign currency exchange contracts 10,019 — 10,019 — Interest rate swap agreements 18,832 — 18,832 — Deferred compensation 54,766 — 54,766 — Fair Value Measurement Using (In thousands) Total Fair Value Level 1 Level 2 Level 3 December 2019 Financial assets: Cash equivalents: Money market funds $ 25,706 $ 25,706 $ — $ — Time deposits 4,788 4,788 — — Foreign currency exchange contracts 5,563 — 5,563 — Investment securities 59,922 56,437 3,485 — Financial liabilities: Foreign currency exchange contracts 2,795 — 2,795 — Interest rate swap agreements 3,089 — 3,089 — Deferred compensation 60,129 — 60,129 — The Company's cash equivalents include money market funds and short-term time deposits that approximate fair value based on Level 1 measurements. The fair value of derivative financial instruments, which consist of foreign currency exchange contracts and interest rate swap agreements, is determined based on observable market inputs (Level 2), including spot and forward exchange rates for foreign currencies and observable interest rate yield curves for interest rate swap agreements. Investment securities are held in the Company's deferred compensation plans as an economic hedge of the related deferred compensation liabilities. As of June 2020, these investments are comprised of mutual funds that are valued based on quoted prices in active markets (Level 1). During the three months ended June 2020, all Level 2 investments held in the Company's deferred compensation plans were removed and replaced with mutual fund investment options. Liabilities related to the Company's deferred compensation plans are recorded at amounts due to participants, based on the fair value of the participants’ selection of hypothetical investments (Level 2). Additionally, at June 2020, the carrying value of the Company's long-term debt, including the current portion, was $1,136.7 million compared to a fair value of $1,095.3 million. At December 2019, the carrying value of the Company's long-term debt was $913.3 million compared to a fair value of $906.1 million. The fair value of long-term debt, including the current portion, is a Level 2 estimate based on quoted market prices or values of comparable borrowings. All other financial assets and financial liabilities are recorded in the Company's financial statements at cost. These other financial assets and financial liabilities include cash held as demand deposits, accounts receivable, short-term borrowings, accounts payable, and accrued liabilities. At June 2020 and December 2019, their carrying values approximated fair value due to the short-term nature of these instruments. Nonrecurring Fair Value Measurements Certain non-financial assets, primarily property, plant and equipment, operating lease assets, goodwill and intangible assets, are not required to be measured at fair value on a recurring basis and are reported at carrying value. However, these assets are required to be assessed for impairment when events or circumstances indicate that the carrying value may not be recoverable, and at least annually for goodwill and indefinite-lived intangible assets. In the event that an impairment is required, the asset is adjusted to fair value, using market-based assumptions. As a result of temporary and expected permanent retail store closures, the Company assessed the related retail store assets for impairment and recorded impairment charges of $1.6 million and $1.8 million during the three and six months ended June 2020, respectively. There were no significant impairment charges recorded during the three and six months ended June 2019.

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES	6 Months Ended
	Jun. 27, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES	DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES Summary of Derivative Financial Instruments On April 24, 2019, the Company began entering into derivative contracts with external counterparties to hedge certain foreign currency transactions. The notional amount of all outstanding foreign currency exchange contracts was $290.2 million at June 2020, $341.6 million at December 2019 and $326.7 million at June 2019, consisting primarily of contracts hedging exposures to the euro, Mexican peso, Canadian dollar, British pound, Polish zloty and Swedish krona. Foreign currency exchange contracts have maturities up to 20 months. On July 24, 2019, the Company entered into "floating to fixed" derivative agreements to mitigate exposure to volatility in LIBOR rates on the Company's future interest payments. The notional amount of the interest rate swap agreements was $400.0 million at June 2020 and $475.0 million at December 2019. Because these interest rate swap agreements meet the criteria for hedge accounting, all related gains and losses are deferred within accumulated other comprehensive loss ("AOCL") and are being amortized through April 18, 2024. The Company's outstanding derivative financial instruments met the criteria for hedge accounting at the inception of the hedging relationship, although a limited number of foreign currency exchange contracts intended to hedge assets and liabilities are not designated as hedges for accounting purposes. At each reporting period, the Company assesses whether the hedging relationships continue to be highly effective in offsetting changes in cash flows of hedged items. If it was determined that the hedging relationship ceased to be highly effective, the Company would discontinue hedge accounting. All designated hedging relationships were determined to be highly effective as of June 2020. The following table presents the fair value of outstanding derivatives on an individual contract basis: Fair Value of Derivatives Fair Value of Derivatives (In thousands) June 2020 December 2019 June 2019 June 2020 December 2019 June 2019 Derivatives designated as hedging instruments: Foreign currency exchange contracts $ 3,689 $ 5,199 $ 852 $ (9,597) $ (2,690) $ (3,916) Interest rate swap agreements — — — (18,832) (3,089) — Derivatives not designated as hedging instruments: Foreign currency exchange contracts 870 364 3 (422) (105) (56) Total derivatives $ 4,559 $ 5,563 $ 855 $ (28,851) $ (5,884) $ (3,972) The Company records and presents the fair value of all derivative assets and liabilities in the Company's balance sheets on a gross basis, even though certain of the derivative contracts are subject to master netting agreements. If the Company were to offset and record the asset and liability balances of its derivative contracts on a net basis in accordance with the terms of its master netting agreements, the amounts presented in the Company's balance sheets would be adjusted from the current gross presentation to the net amounts. The following table presents a reconciliation of gross to net amounts for derivative asset and liability balances: June 2020 December 2019 June 2019 (In thousands) Derivative Asset Derivative Liability Derivative Asset Derivative Liability Derivative Asset Derivative Gross amounts presented in the balance sheet $ 4,559 $ (28,851) $ 5,563 $ (5,884) $ 855 $ (3,972) Gross amounts not offset in the balance sheet (1,745) 1,745 (1,133) 1,133 (5) 5 Net amounts $ 2,814 $ (27,106) $ 4,430 $ (4,751) $ 850 $ (3,967) The following table presents the location of derivatives in the Company's balance sheets, with current or noncurrent classification based on maturity dates: (In thousands) June 2020 December 2019 June 2019 Other current assets $ 3,716 $ 4,303 $ 741 Accrued liabilities (8,625) (2,058) (3,263) Other assets 843 1,260 114 Other liabilities (20,226) (3,826) (709) Cash Flow Hedges The following tables present the effects of cash flow hedges included in the Company's statements of operations and statements of comprehensive (loss) income: Gain (Loss) on Derivatives Recognized in AOCL (In thousands) Three Months Ended Six Months Ended Cash Flow Hedging Relationships June 2020 June 2019 June 2020 June 2019 Foreign currency exchange contracts $ 812 $ (2,058) $ (10,094) $ (2,058) Interest rate swap agreements (2,653) — (17,323) — Total $ (1,841) $ (2,058) $ (27,417) $ (2,058) Gain (Loss) Reclassified from AOCL into Income (In thousands) Three Months Ended Six Months Ended Location of Gain (Loss) June 2020 June 2019 June 2020 June 2019 Net revenues $ (194) $ (96) $ (552) $ (96) Cost of goods sold 1,615 415 5,356 415 Other expense, net 141 43 137 43 Interest expense (1,349) — (1,580) — Total $ 213 $ 362 $ 3,361 $ 362 During the three months ended March 2020, the Company determined that, due to a reduction in forecasted sales, it was probable that forecasted transactions of certain foreign currency cash flow hedges would no longer occur as originally expected. Accordingly, $0.4 million of gains related to the ineffective portion of these contracts were reclassified from AOCL into earnings during the three months ended March 2020 and the six months ended June 2020. Derivative Contracts Not Designated as Hedges The Company uses derivative contracts to manage foreign currency exchange risk on certain accounts receivable and accounts payable. These contracts are not designated as hedges and are recorded at fair value in the Company's balance sheets. Changes in the fair values of these instruments are recognized directly in earnings. Gains or losses on these contracts largely offset the net transaction gains or losses on the related assets and liabilities. The following table presents a summary of these derivatives included in the Company's statements of operations: (In thousands) Location of Gain (Loss) on Derivatives Recognized in Income Gain (Loss) on Derivatives Recognized in Income Three Months Ended Six Months Ended Derivatives Not Designated as Hedges June 2020 June 2019 June 2020 June 2019 Foreign currency exchange contracts Net revenues $ 2 $ — $ 6 $ — Cost of goods sold 550 (57) (3,122) (57) Other expense, net (13) — 10 — Total $ 539 $ (57) $ (3,106) $ (57) Other Derivative Information At June 2020, AOCL included $9.5 million of pre-tax net deferred losses for foreign currency exchange contracts and interest rate swap agreements that are expected to be reclassified to earnings during the next 12 fiscal months. The amounts ultimately reclassified to earnings will depend on rates in effect when outstanding derivative contracts are settled.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE LOSS	6 Months Ended
	Jun. 27, 2020
Equity [Abstract]
ACCUMULATED OTHER COMPREHENSIVE LOSS	ACCUMULATED OTHER COMPREHENSIVE LOSS The Company's comprehensive (loss) income consists of net (loss) income and specified components of other comprehensive (loss) income (“OCL”), which relate to changes in assets and liabilities that are not included in net (loss) income but are instead deferred and accumulated within a separate component of equity in the Company's balance sheets. The Company's comprehensive (loss) income is presented in the Company's statements of comprehensive (loss) income. The following table presents deferred components of AOCL in equity, net of related taxes: (In thousands) June 2020 December 2019 June 2019 Foreign currency translation $ (108,129) $ (84,118) $ (81,841) Defined benefit pension plans (2,289) (2,301) (1,072) Derivative financial instruments (20,880) 6,721 9,225 Accumulated other comprehensive loss $ (131,298) $ (79,698) $ (73,688) The following tables present changes in AOCL, net of related tax impact: Three Months Ended June 2020 Foreign Currency Translation Defined Benefit Pension Plans Derivative Financial Instruments (In thousands) Total Balance, March 2020 $ (111,328) $ (2,272) $ (19,862) $ (133,462) Other comprehensive income (loss) before reclassifications 3,199 (27) (820) 2,352 Amounts reclassified from accumulated other comprehensive income (loss) — 10 (198) (188) Net other comprehensive (loss) income 3,199 (17) (1,018) 2,164 Balance, June 2020 $ (108,129) $ (2,289) $ (20,880) $ (131,298) Three Months Ended June 2019 Foreign Currency Translation Defined Benefit Pension Plans Derivative Financial Instruments (In thousands) Total Balance, March 2019 $ (144,424) $ — $ — $ (144,424) Other comprehensive income (loss) before reclassifications 4,686 (14) (2,058) 2,614 Amounts reclassified from accumulated other comprehensive income (loss) — — (362) (362) Net other comprehensive income (loss) 4,686 (14) (2,420) 2,252 Amounts transferred from former parent 57,897 (1,058) 11,645 68,484 Balance, June 2019 $ (81,841) $ (1,072) $ 9,225 $ (73,688) Six Months Ended June 2020 Foreign Currency Translation Defined Benefit Pension Plans Derivative Financial Instruments (In thousands) Total Balance, December 2019 $ (84,118) $ (2,301) $ 6,721 $ (79,698) Other comprehensive income (loss) before reclassifications (24,011) (8) (24,475) (48,494) Amounts reclassified from accumulated other comprehensive income (loss) — 20 (3,126) (3,106) Net other comprehensive income (loss) (24,011) 12 (27,601) (51,600) Balance, June 2020 $ (108,129) $ (2,289) $ (20,880) $ (131,298) Six Months Ended June 2019 Foreign Currency Translation Defined Benefit Pension Plans Derivative Financial Instruments (In thousands) Total Balance, December 2018 $ (145,182) $ — $ — $ (145,182) Other comprehensive income (loss) before reclassifications 5,444 (14) (2,058) 3,372 Amounts reclassified from accumulated other comprehensive income (loss) — — (362) (362) Net other comprehensive income (loss) 5,444 (14) (2,420) 3,010 Amounts transferred from former parent 57,897 (1,058) 11,645 68,484 Balance, June 2019 $ (81,841) $ (1,072) $ 9,225 $ (73,688) The following table presents reclassifications out of AOCL: (In thousands) Three Months Ended June Six Months Ended June Details About Accumulated Other Comprehensive Loss Reclassifications Affected Line Item in the Financial Statements 2020 2019 2020 2019 Defined benefit pension plans: Net change in deferred actuarial losses Selling, general and administrative expenses $ (14) $ — $ (28) $ — Total before tax (14) — (28) — Tax benefit Income taxes 4 — 8 — Net of tax (10) — (20) — Gains (losses) on derivative financial instruments: Foreign currency exchange contracts Net revenues $ (194) $ (96) $ (552) $ (96) Foreign currency exchange contracts Cost of goods sold 1,615 415 5,356 415 Foreign currency exchange contracts Other expense, net 141 43 137 43 Interest rate swap agreements Interest expense (1,349) — (1,580) — Total before tax 213 362 3,361 362 Tax expense Income taxes (15) — (235) — Net of tax 198 362 3,126 362 Total reclassifications for the period, net of tax $ 188 $ 362 $ 3,106 $ 362

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	6 Months Ended
	Jun. 27, 2020
Share-based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION	STOCK-BASED COMPENSATION During the three months ended June 2020, the Company granted equity awards under the Kontoor Brands, Inc. 2019 Stock Compensation Plan, including performance-based restricted stock units ("PRSUs”) and time-based restricted stock units ("RSUs") for approximately 530,000 shares to employees and RSUs for approximately 30,000 shares to nonemployee members of the Board of Directors. The fair market value of Kontoor Common Stock at the date all of the awards were granted was $15.51 per share. Each PRSU entitles the employee to receive a potential final payout ranging from zero to two shares of Kontoor Common Stock at the end of a three three one

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 27, 2020
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The effective income tax rate for the six months ended June 2020 was 21.8% compared to 29.0% in the 2019 period. The six months ended June 2020 included a net discrete tax benefit of $7.7 million, primarily comprised of $6.3 million of tax benefit recognized due to the enactment of Swiss tax reform in the canton of Ticino and $1.1 million of tax benefit related to the finalization of state tax return filings. The $7.7 million net discrete tax benefit in the six months ended June 2020 increased the effective income tax rate by 16.8%. The effective tax rate for the six months ended June 2019 included a net discrete tax expense of $0.7 million, primarily comprised of $3.8 million of net tax expense related to unrecognized tax benefits and interest, and $3.1 million of tax benefit related to stock compensation. The $0.7 million net discrete tax expense in the six months ended June 2019 increased the effective income tax rate by 0.9%. The effective income tax rate without discrete items for the six months ended June 2020 was 5.0% compared to 28.1% in the 2019 period. The reduction was primarily due to a higher percentage of income in lower tax rate jurisdictions and a reduction in losses incurred for which no related tax benefit was recognized. The Company will file a consolidated U.S. federal income tax return, as well as separate and combined income tax returns in numerous state and international jurisdictions. The Company has not filed its initial consolidated U.S. federal income tax return; therefore, there are no open IRS examinations. However, the Company is currently subject to examination by various U.S. state and international tax authorities. Management regularly assesses the potential outcomes of both ongoing and future examinations for the current and prior years and has concluded that the Company's provision for income taxes is adequate. The outcome of any one examination is not expected to have a material impact on the Company’s financial statements. During the six months ended June 2020, the amount of net unrecognized tax benefits and associated interest increased by $0.3 million to $14.6 million. Management also believes that it is reasonably possible that the amount of unrecognized tax benefits may decrease by $0.9 million within the next 12 fiscal months due to settlement of audits and expiration of statutes of limitations, $0.7 million of which would reduce income tax expense.

(LOSS) EARNINGS PER SHARE

(LOSS) EARNINGS PER SHARE	6 Months Ended
	Jun. 27, 2020
Earnings Per Share [Abstract]
(LOSS) EARNINGS PER SHARE	(LOSS) EARNINGS PER SHAREThe calculations of basic and diluted (loss) earnings per share ("EPS") is based on net (loss) income divided by the basic weighted average number of common shares and diluted weighted average number of common shares outstanding, respectively. On May 22, 2019, the Separation from VF was effected through a pro-rata distribution of one share of the Company's common stock for every seven shares of VF common stock held at the close of business on the record date of May 10, 2019. As a result, on May 23, 2019, the Company had 56,647,561 shares of common stock outstanding. This share amount was utilized for the calculations of basic and diluted earnings per share for all periods presented through the Separation date. After the Separation date, actual outstanding shares were used in the calculations of both basic and diluted weighted average number of common shares outstanding. The following table presents the calculations of basic and diluted EPS: Three Months Ended June Six Months Ended June (In thousands, except per share amounts) 2020 2019 2020 2019 Net (loss) income $ (33,262) $ 37,986 $ (35,974) $ 53,399 Basic weighted average shares outstanding 56,931 56,648 56,903 56,648 Dilutive effect of stock-based awards — 272 — 131 Diluted weighted average shares outstanding 56,931 56,920 56,903 56,779 (Loss) earnings per share: Basic (loss) earnings per common share $ (0.58) $ 0.67 $ (0.63) $ 0.94 Diluted (loss) earnings per common share $ (0.58) $ 0.67 $ (0.63) $ 0.94 All potentially dilutive awards were excluded from the diluted loss per share calculations for the three and six months ended June 2020 because the Company incurred a net loss for these periods and their inclusion would be anti-dilutive. A total of 2.1 million and 1.6 million shares related to stock-based awards were excluded from the diluted loss per share calculations for the three and six months ended June 2020, respectively. The number of potentially dilutive awards excluded from the diluted earnings per share calculations for the three and six months ended June 2019 was not significant. A total of 0.4 million shares of performance-based restricted stock units were excluded from the calculations of diluted loss per share for the three and six months ended June 2020 as the units were not considered to be contingent outstanding shares.

LEASES

LEASES	6 Months Ended
	Jun. 27, 2020
Leases [Abstract]
LEASES	LEASES The Company enters into operating leases for offices, operational facilities, retail locations, vehicles and other assets that expire at various dates through 2031. Most leases have fixed rentals, with many of the real estate leases requiring additional payments for real estate taxes and occupancy-related costs. The following table presents supplemental cash flow and non-cash information related to leases: (In thousands) Six Months Ended June 2020 Six Months Ended June 2019 Cash paid for amounts included in the measurement of lease liabilities - operating cash flows $ 18,925 $ 22,950 Right-of-use assets obtained in exchange for new operating leases - non-cash activity $ 702 $ 23,446

RESTRUCTURING

RESTRUCTURING	6 Months Ended
	Jun. 27, 2020
Restructuring and Related Activities [Abstract]
RESTRUCTURING	RESTRUCTURING The Company generally incurs restructuring charges related to cost optimization of business activities, which primarily included severance and impairment charges related to COVID-19 and our VF Outlet TM business during the three and six months ended June 2020. Of the $5.8 million and $11.6 million of restructuring charges recognized during the three and six months ended June 2020, respectively, $5.8 million and $11.1 million were reflected within "selling, general and administrative expenses." Restructuring charges of $0.5 million were reflected within "cost of goods sold" during the six months ended June 2020. Of the $1.7 million and $24.6 million of restructuring charges recognized during the three and six months ended June 2019, respectively, $1.7 million and $13.8 million were reflected within "selling, general and administrative expenses." Restructuring charges of $10.8 million were reflected within "cost of goods sold" during the six months ended June 2019. Of the $7.4 million total restructuring accrual reported in the Company's balance sheet at June 2020, $7.3 million is expected to be paid out within the next 12 fiscal months and is classified within "accrued liabilities." The remaining $0.1 million is classified within "other liabilities." All of the $2.2 million total restructuring accrual reported in the Company's balance sheet at December 2019 was classified within "accrued liabilities." The following table presents the components of restructuring charges: Three Months Ended Six Months Ended (In thousands) June 2020 June 2019 June 2020 June 2019 Severance and employee-related benefits $ 4,215 $ 1,746 $ 10,010 $ 14,903 Asset impairments 1,579 — 1,579 1,596 Inventory write-downs — — — 4,403 Other — — — 3,660 Total restructuring charges $ 5,794 $ 1,746 $ 11,589 $ 24,562 The following table presents the restructuring costs by business segment: Three Months Ended Six Months Ended (In thousands) June 2020 June 2019 June 2020 June 2019 Wrangler $ 478 $ 1,191 $ 3,656 $ 17,613 Lee 514 461 3,131 6,685 Corporate and other 4,802 94 4,802 264 Total $ 5,794 $ 1,746 $ 11,589 $ 24,562 The following table presents activity in the restructuring accrual for the six-month period ended June 2020: (In thousands) Total Accrual at December 2019 $ 2,172 Charges 10,010 Cash payments (4,610) Adjustments to accruals (179) Accrual at June 2020 $ 7,393

TRANSACTIONS WITH FORMER PARENT

TRANSACTIONS WITH FORMER PARENT	6 Months Ended
	Jun. 27, 2020
Related Party Transactions [Abstract]
TRANSACTIONS WITH FORMER PARENT	TRANSACTIONS WITH FORMER PARENT Prior to the Separation, the Company's financial statements were prepared on a carve-out basis and were derived from the consolidated financial statements and accounting records of VF. Refer to Note 1 to the Company's financial statements for a discussion of the methodology used to allocate corporate-related costs for purposes of preparing these financial statements on a carve-out basis. The following discussion summarizes activity between the Company and VF through the Separation date. Sales and Purchases To and From Former Parent During the three and six months ended June 2019, the Compa ny's sales to VF through the Separation date were $3.4 million and $14.1 million, respectively, which were included within "net revenues" in the Company's statements of operations. During the three and six months ended June 2019, the Company's purchases from VF through the Separation date were $0.2 million and $0.5 million, which were included within "cost of goods sold" in the Company's statements of operations . At June 2020 , December 2019 and June 2019, the aggregate amount of inventories purchased from VF that remained on the Company's balance sheets was approximately $0.3 million , $0.4 million and $1.0 million, respectively. Notes To and From Former Parent All notes to and from former parent were settled in connection with the Separation and there were no remaining balances as of June 2020, December 2019 or June 2019. During the three and six months ended June 2019, the Company recorded net interest income through the Separation date related to these notes of $1.4 million and $3.8 million, respectively, which was included within "interest income from former parent, net" in the Company's statements of operations. Due To and From Former Parent All amounts due to and from former parent were settled in connection with the Separation and there were no remaining balances as of June 2020, December 2019 or June 2019. Net Transfers To and From VF Net transfers to and from VF are included within "former parent investment" in the statements of (deficit) equity. The following table presents components of the transfers to and from VF : (In thousands) Six Months Ended June 2019 (a) General financing activities $ (723,155) Corporate allocations 47,903 Stock-based compensation expense 9,582 Pension benefit (2,246) Purchases from parent 3,193 Sales to parent (13,988) Other income tax 10,863 Transition tax related to the Tax Act 3,937 Cash dividend to former parent (1,032,948) Total net transfers to former parent $ (1,696,859) (a) Activity reflected through the Separation date.

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	6 Months Ended
	Jun. 27, 2020
Accounting Policies [Abstract]
New Accounting Pronouncements, Policy	Recently Adopted Accounting Standards In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-13, "Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” and has since issued additional updates to provide further clarification. This guidance requires use of the current expected credit loss ("CECL") model, thus replacing the existing incurred credit loss model. The CECL model requires an entity to recognize an allowance for credit losses at each reporting period that reflects the entity’s current estimate of credit losses expected to be incurred over the life of the financial instrument. The Company determined this guidance primarily applied to trade accounts receivable from customers and licensees, and adopted it on the first day of fiscal 2020 using the modified retrospective approach. There was no cumulative-effect adjustment to (accumulated deficit) retained earnings required upon adoption. See Note 4 to the Company's financial statements for additional disclosures on credit losses. In August 2018, the FASB issued ASU 2018-13, "Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement," which modifies the disclosure requirements for fair value measurements by removing, modifying or adding certain disclosures. This guidance was adopted by the Company during the first quarter of 2020 using a prospective approach and did not have a significant impact on the Company's financial statement disclosures. In August 2018, the FASB issued ASU 2018-14, "Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20): Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans," which modifies the disclosure requirements for employers who sponsor defined benefit pension or other postretirement plans. This guidance was adopted by the Company during the first quarter of 2020 using a prospective approach and did not have a significant impact on the Company's financial statement disclosures. In August 2018, the FASB issued ASU 2018-15, "Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract," which aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. This guidance was adopted by the Company during the first quarter of 2020 using a prospective approach and did not have a significant impact on the Company's financial statements as the new guidance is generally consistent with the Company's historical accounting policies. In April 2020, the FASB provided interpretive guidance that simplifies accounting for rent concessions, including rent deferrals, that are a direct consequence of COVID-19. In response to temporary store closures related to COVID-19, the Company is engaged in discussions with landlords regarding potential rent deferrals and other rent concessions. The Company has elected to not evaluate whether a COVID-19 related rent concession constitutes a lease modification and will continue to account for rent deferrals or other rent concessions as lease modifications in accordance with existing Accounting Standards Codification ("ASC") 842 guidance. Lease modifications resulting from COVID-19 did not have a significant impact on the Company's financial statements for the three and six months ended June 2020. Recently Issued Accounting Standards In December 2019, the FASB issued ASU 2019-12, "Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes," which amends and simplifies the accounting for income taxes by removing certain exceptions in existing guidance and providing new guidance to reduce complexity in certain areas. This guidance is effective for the Company beginning in the first quarter of 2021 with early adoption permitted. The Company is currently evaluating the impact that adoption of this guidance will have on its financial statements and related disclosures, which is not expected to be significant. In March 2020, the FASB issued ASU 2020-04, “Facilitation of the Effects of Reference Rate Reform on Financial Reporting ,” which is intended to provide temporary optional expedients and exceptions for applying GAAP to contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. This guidance was effective upon issuance and can be applied anytime from the issuance date through December 31, 2022. The impact of this guidance on the Company's financial statements and related disclosures will continue to be evaluated by the Company through the application period, and is not expected to be significant.
Fair Value Measurement, Policy	Certain assets and liabilities measured and reported at fair value are classified in a three-level hierarchy that prioritizes the inputs used in the valuation process. Categorization within the valuation hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The hierarchy is based on the observability and objectivity of the pricing inputs, as follows: • Level 1 — Quoted prices in active markets for identical assets or liabilities. • Level 2 — Significant directly observable data (other than Level 1 quoted prices) or significant indirectly observable data through corroboration with observable market data. Inputs would normally be (i) quoted prices in active markets for similar assets or liabilities, (ii) quoted prices in inactive markets for identical or similar assets or liabilities or (iii) information derived from or corroborated by observable market data. • Level 3 — Prices or valuation techniques that require significant unobservable data inputs. These inputs would normally be the Company's own data and judgments about assumptions that market participants would use in pricing the asset or liability.
Revenue, Policy	The Company recognizes revenue when performance obligations under the terms of a contract with the customer are satisfied based on the transfer of control of promised goods or services. Performance Obligations

REVENUES (Tables)

REVENUES (Tables)	6 Months Ended
	Jun. 27, 2020
Revenue from Contract with Customer [Abstract]
Contract with Customer, Asset and Liability	The following table presents information about contract balances recorded in the Company's balance sheets: (In thousands) June 2020 December 2019 June 2019 Accounts receivable, net $ 153,302 $ 228,459 $ 254,049 Contract assets (a) 3,113 10,679 2,529 Contract liabilities (b) 1,688 1,775 2,787 (a) Included within "prepaid expenses and other current assets" in the Company's balance sheets. (b) Included within "accrued liabilities" in the Company's balance sheets.
Disaggregation of Revenue	Three Months Ended June 2020 (In thousands) Wrangler Lee Other Total Channel revenues U.S. Wholesale $ 217,183 $ 33,194 $ 2,503 $ 252,880 Non-U.S. Wholesale 17,251 27,005 — 44,256 Branded Direct-to-Consumer 17,221 25,767 1 42,989 Other — — 9,129 9,129 Total $ 251,655 $ 85,966 $ 11,633 $ 349,254 Geographic revenues U.S. $ 232,566 $ 44,119 $ 11,633 $ 288,318 International 19,089 41,847 — 60,936 Total $ 251,655 $ 85,966 $ 11,633 $ 349,254 Three Months Ended June 2019 (In thousands) Wrangler Lee Other Total Channel revenues U.S. Wholesale $ 299,040 $ 108,757 $ 4,710 $ 412,507 Non-U.S. Wholesale 40,569 56,845 633 98,047 Branded Direct-to-Consumer 24,383 41,306 14 65,703 Other — — 33,489 33,489 Total $ 363,992 $ 206,908 $ 38,846 $ 609,746 Geographic revenues U.S. $ 317,831 $ 130,795 $ 38,002 $ 486,628 International 46,161 76,113 844 123,118 Total $ 363,992 $ 206,908 $ 38,846 $ 609,746 Six Months Ended June 2020 (In thousands) Wrangler Lee Other Total Channel revenues U.S. Wholesale $ 453,465 $ 125,772 $ 6,564 $ 585,801 Non-U.S. Wholesale 64,188 86,858 304 151,350 Branded Direct-to-Consumer 37,388 56,092 3 93,483 Other — — 23,118 23,118 Total $ 555,041 $ 268,722 $ 29,989 $ 853,752 Geographic revenues U.S. $ 485,150 $ 152,087 $ 29,685 $ 666,922 International 69,891 116,635 304 186,830 Total $ 555,041 $ 268,722 $ 29,989 $ 853,752 Six Months Ended June 2019 (In thousands) Wrangler Lee Other Total Channel revenues U.S. Wholesale $ 575,865 $ 209,616 $ 11,435 $ 796,916 Non-U.S. Wholesale 109,224 157,741 633 267,598 Branded Direct-to-Consumer 48,838 81,082 14 129,934 Other — — 63,642 63,642 Total $ 733,927 $ 448,439 $ 75,724 $ 1,258,090 Geographic revenues U.S. $ 611,700 $ 249,915 $ 74,880 $ 936,495 International 122,227 198,524 844 321,595 Total $ 733,927 $ 448,439 $ 75,724 $ 1,258,090

BUSINESS SEGMENT INFORMATION (T

BUSINESS SEGMENT INFORMATION (Tables)	6 Months Ended
	Jun. 27, 2020
Segment Reporting [Abstract]
Financial Information for Reportable Segments	The following table presents financial information for the Company's reportable segments and (loss) income before income taxes: Three Months Ended June Six Months Ended June (In thousands) 2020 2019 2020 2019 Segment revenues: Wrangler $ 251,655 $ 363,992 $ 555,041 $ 733,927 Lee 85,966 206,908 268,722 448,439 Total reportable segment revenues 337,621 570,900 823,763 1,182,366 Other revenues 11,633 38,846 29,989 75,724 Total net revenues $ 349,254 $ 609,746 $ 853,752 $ 1,258,090 Segment profit: Wrangler $ 28,938 $ 56,980 $ 62,801 $ 80,645 Lee (18,417) 13,747 (17,444) 31,380 Total reportable segment profit $ 10,521 $ 70,727 $ 45,357 $ 112,025 Corporate and other expenses (26,348) (20,382) (59,570) (34,371) Interest income from former parent, net — 1,423 — 3,762 Interest expense (13,120) (7,638) (24,059) (7,736) Interest income 556 1,408 972 2,831 (Loss) profit related to other revenues (6,477) 1,805 (8,705) (1,280) (Loss) income before income taxes $ (34,868) $ 47,343 $ (46,005) $ 75,231

ACCOUNTS RECEIVABLE AND SALE OF

ACCOUNTS RECEIVABLE AND SALE OF ACCOUNTS RECEIVABLE (Tables)	6 Months Ended
	Jun. 27, 2020
Receivables [Abstract]
Allowance Accounts Receivable	The following table presents a rollforward of the allowance for doubtful accounts: (In thousands) Six Months Ended June 2020 Balance, December 2019 $ 11,852 Provision for expected credit losses 18,012 Accounts receivable balances written off (7,502) Other (1) (713) Balance, June 2020 $ 21,649 (1) Other includes impact of foreign currency translation and recoveries of amounts previously written off, none of which were individually significant.

INVENTORIES (Tables)

INVENTORIES (Tables)	6 Months Ended
	Jun. 27, 2020
Inventory Disclosure [Abstract]
Inventories	The following table presents components of inventories recorded in the Company's balance sheets: (In thousands) June 2020 December 2019 June 2019 Finished products $ 367,361 $ 383,643 $ 457,508 Work-in-process 21,416 34,783 35,680 Raw materials 44,148 39,675 44,980 Total inventories $ 432,925 $ 458,101 $ 538,168

SHORT-TERM BORROWINGS AND LON_2

SHORT-TERM BORROWINGS AND LONG-TERM DEBT (Tables)	6 Months Ended
	Jun. 27, 2020
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	Long-term Debt The following table presents the components of long-term debt as recorded in the Company's balance sheet: (In thousands) June 2020 December 2019 June 2019 Revolving Credit Facility $ 225,000 $ — $ — Term Loan A 693,393 695,111 694,166 Term Loan B 218,320 218,158 293,021 Total long-term debt 1,136,713 913,269 987,187 Less: current portion (6,250) — (7,500) Long-term debt, due beyond one year $ 1,130,463 $ 913,269 $ 979,687

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Jun. 27, 2020
Fair Value Disclosures [Abstract]
Classes of Financial Assets and Financial Liabilities Measured and Recorded at Fair Value on Recurring Basis	The following tables present financial assets and financial liabilities that are measured and recorded in the Company's financial statements at fair value on a recurring basis: Fair Value Measurement Using (In thousands) Total Fair Value Level 1 Level 2 Level 3 June 2020 Financial assets: Cash equivalents: Money market funds $ 194,305 $ 194,305 $ — $ — Time deposits 1,455 1,455 — — Foreign currency exchange contracts 4,559 — 4,559 — Investment securities 54,549 54,549 — — Financial liabilities: Foreign currency exchange contracts 10,019 — 10,019 — Interest rate swap agreements 18,832 — 18,832 — Deferred compensation 54,766 — 54,766 — Fair Value Measurement Using (In thousands) Total Fair Value Level 1 Level 2 Level 3 December 2019 Financial assets: Cash equivalents: Money market funds $ 25,706 $ 25,706 $ — $ — Time deposits 4,788 4,788 — — Foreign currency exchange contracts 5,563 — 5,563 — Investment securities 59,922 56,437 3,485 — Financial liabilities: Foreign currency exchange contracts 2,795 — 2,795 — Interest rate swap agreements 3,089 — 3,089 — Deferred compensation 60,129 — 60,129 —

DERIVATIVE FINANCIAL INSTRUME_2

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables)	6 Months Ended
	Jun. 27, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments	The following table presents the fair value of outstanding derivatives on an individual contract basis: Fair Value of Derivatives Fair Value of Derivatives (In thousands) June 2020 December 2019 June 2019 June 2020 December 2019 June 2019 Derivatives designated as hedging instruments: Foreign currency exchange contracts $ 3,689 $ 5,199 $ 852 $ (9,597) $ (2,690) $ (3,916) Interest rate swap agreements — — — (18,832) (3,089) — Derivatives not designated as hedging instruments: Foreign currency exchange contracts 870 364 3 (422) (105) (56) Total derivatives $ 4,559 $ 5,563 $ 855 $ (28,851) $ (5,884) $ (3,972) The following table presents a reconciliation of gross to net amounts for derivative asset and liability balances: June 2020 December 2019 June 2019 (In thousands) Derivative Asset Derivative Liability Derivative Asset Derivative Liability Derivative Asset Derivative Gross amounts presented in the balance sheet $ 4,559 $ (28,851) $ 5,563 $ (5,884) $ 855 $ (3,972) Gross amounts not offset in the balance sheet (1,745) 1,745 (1,133) 1,133 (5) 5 Net amounts $ 2,814 $ (27,106) $ 4,430 $ (4,751) $ 850 $ (3,967) The following table presents the location of derivatives in the Company's balance sheets, with current or noncurrent classification based on maturity dates: (In thousands) June 2020 December 2019 June 2019 Other current assets $ 3,716 $ 4,303 $ 741 Accrued liabilities (8,625) (2,058) (3,263) Other assets 843 1,260 114 Other liabilities (20,226) (3,826) (709)
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location	The following tables present the effects of cash flow hedges included in the Company's statements of operations and statements of comprehensive (loss) income: Gain (Loss) on Derivatives Recognized in AOCL (In thousands) Three Months Ended Six Months Ended Cash Flow Hedging Relationships June 2020 June 2019 June 2020 June 2019 Foreign currency exchange contracts $ 812 $ (2,058) $ (10,094) $ (2,058) Interest rate swap agreements (2,653) — (17,323) — Total $ (1,841) $ (2,058) $ (27,417) $ (2,058) Gain (Loss) Reclassified from AOCL into Income (In thousands) Three Months Ended Six Months Ended Location of Gain (Loss) June 2020 June 2019 June 2020 June 2019 Net revenues $ (194) $ (96) $ (552) $ (96) Cost of goods sold 1,615 415 5,356 415 Other expense, net 141 43 137 43 Interest expense (1,349) — (1,580) — Total $ 213 $ 362 $ 3,361 $ 362
Derivatives Not Designated as Hedging Instruments	The following table presents a summary of these derivatives included in the Company's statements of operations: (In thousands) Location of Gain (Loss) on Derivatives Recognized in Income Gain (Loss) on Derivatives Recognized in Income Three Months Ended Six Months Ended Derivatives Not Designated as Hedges June 2020 June 2019 June 2020 June 2019 Foreign currency exchange contracts Net revenues $ 2 $ — $ 6 $ — Cost of goods sold 550 (57) (3,122) (57) Other expense, net (13) — 10 — Total $ 539 $ (57) $ (3,106) $ (57)

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	6 Months Ended
	Jun. 27, 2020
Equity [Abstract]
Deferred Components of OCI Reported, Net of Related Income Taxes, in Accumulated OCI in Stockholders' Equity and Changes in Accumulated OCI	The following table presents deferred components of AOCL in equity, net of related taxes: (In thousands) June 2020 December 2019 June 2019 Foreign currency translation $ (108,129) $ (84,118) $ (81,841) Defined benefit pension plans (2,289) (2,301) (1,072) Derivative financial instruments (20,880) 6,721 9,225 Accumulated other comprehensive loss $ (131,298) $ (79,698) $ (73,688) The following tables present changes in AOCL, net of related tax impact: Three Months Ended June 2020 Foreign Currency Translation Defined Benefit Pension Plans Derivative Financial Instruments (In thousands) Total Balance, March 2020 $ (111,328) $ (2,272) $ (19,862) $ (133,462) Other comprehensive income (loss) before reclassifications 3,199 (27) (820) 2,352 Amounts reclassified from accumulated other comprehensive income (loss) — 10 (198) (188) Net other comprehensive (loss) income 3,199 (17) (1,018) 2,164 Balance, June 2020 $ (108,129) $ (2,289) $ (20,880) $ (131,298) Three Months Ended June 2019 Foreign Currency Translation Defined Benefit Pension Plans Derivative Financial Instruments (In thousands) Total Balance, March 2019 $ (144,424) $ — $ — $ (144,424) Other comprehensive income (loss) before reclassifications 4,686 (14) (2,058) 2,614 Amounts reclassified from accumulated other comprehensive income (loss) — — (362) (362) Net other comprehensive income (loss) 4,686 (14) (2,420) 2,252 Amounts transferred from former parent 57,897 (1,058) 11,645 68,484 Balance, June 2019 $ (81,841) $ (1,072) $ 9,225 $ (73,688) Six Months Ended June 2020 Foreign Currency Translation Defined Benefit Pension Plans Derivative Financial Instruments (In thousands) Total Balance, December 2019 $ (84,118) $ (2,301) $ 6,721 $ (79,698) Other comprehensive income (loss) before reclassifications (24,011) (8) (24,475) (48,494) Amounts reclassified from accumulated other comprehensive income (loss) — 20 (3,126) (3,106) Net other comprehensive income (loss) (24,011) 12 (27,601) (51,600) Balance, June 2020 $ (108,129) $ (2,289) $ (20,880) $ (131,298) Six Months Ended June 2019 Foreign Currency Translation Defined Benefit Pension Plans Derivative Financial Instruments (In thousands) Total Balance, December 2018 $ (145,182) $ — $ — $ (145,182) Other comprehensive income (loss) before reclassifications 5,444 (14) (2,058) 3,372 Amounts reclassified from accumulated other comprehensive income (loss) — — (362) (362) Net other comprehensive income (loss) 5,444 (14) (2,420) 3,010 Amounts transferred from former parent 57,897 (1,058) 11,645 68,484 Balance, June 2019 $ (81,841) $ (1,072) $ 9,225 $ (73,688)
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block]	(In thousands) Three Months Ended June Six Months Ended June Details About Accumulated Other Comprehensive Loss Reclassifications Affected Line Item in the Financial Statements 2020 2019 2020 2019 Defined benefit pension plans: Net change in deferred actuarial losses Selling, general and administrative expenses $ (14) $ — $ (28) $ — Total before tax (14) — (28) — Tax benefit Income taxes 4 — 8 — Net of tax (10) — (20) — Gains (losses) on derivative financial instruments: Foreign currency exchange contracts Net revenues $ (194) $ (96) $ (552) $ (96) Foreign currency exchange contracts Cost of goods sold 1,615 415 5,356 415 Foreign currency exchange contracts Other expense, net 141 43 137 43 Interest rate swap agreements Interest expense (1,349) — (1,580) — Total before tax 213 362 3,361 362 Tax expense Income taxes (15) — (235) — Net of tax 198 362 3,126 362 Total reclassifications for the period, net of tax $ 188 $ 362 $ 3,106 $ 362

(LOSS) EARNINGS PER SHARE (Tabl

(LOSS) EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 27, 2020
Earnings Per Share [Abstract]
Schedule of Earnings Per Share	The following table presents the calculations of basic and diluted EPS: Three Months Ended June Six Months Ended June (In thousands, except per share amounts) 2020 2019 2020 2019 Net (loss) income $ (33,262) $ 37,986 $ (35,974) $ 53,399 Basic weighted average shares outstanding 56,931 56,648 56,903 56,648 Dilutive effect of stock-based awards — 272 — 131 Diluted weighted average shares outstanding 56,931 56,920 56,903 56,779 (Loss) earnings per share: Basic (loss) earnings per common share $ (0.58) $ 0.67 $ (0.63) $ 0.94 Diluted (loss) earnings per common share $ (0.58) $ 0.67 $ (0.63) $ 0.94

LEASES (Tables)

LEASES (Tables)	6 Months Ended
	Jun. 27, 2020
Leases [Abstract]
Schedule of Lease Costs	The following table presents supplemental cash flow and non-cash information related to leases: (In thousands) Six Months Ended June 2020 Six Months Ended June 2019 Cash paid for amounts included in the measurement of lease liabilities - operating cash flows $ 18,925 $ 22,950 Right-of-use assets obtained in exchange for new operating leases - non-cash activity $ 702 $ 23,446

RESTRUCTURING (Tables)

RESTRUCTURING (Tables)	6 Months Ended
	Jun. 27, 2020
Restructuring and Related Activities [Abstract]
Restructuring and Related Costs	The following table presents the components of restructuring charges: Three Months Ended Six Months Ended (In thousands) June 2020 June 2019 June 2020 June 2019 Severance and employee-related benefits $ 4,215 $ 1,746 $ 10,010 $ 14,903 Asset impairments 1,579 — 1,579 1,596 Inventory write-downs — — — 4,403 Other — — — 3,660 Total restructuring charges $ 5,794 $ 1,746 $ 11,589 $ 24,562 The following table presents the restructuring costs by business segment: Three Months Ended Six Months Ended (In thousands) June 2020 June 2019 June 2020 June 2019 Wrangler $ 478 $ 1,191 $ 3,656 $ 17,613 Lee 514 461 3,131 6,685 Corporate and other 4,802 94 4,802 264 Total $ 5,794 $ 1,746 $ 11,589 $ 24,562
Activity in Restructuring	The following table presents activity in the restructuring accrual for the six-month period ended June 2020: (In thousands) Total Accrual at December 2019 $ 2,172 Charges 10,010 Cash payments (4,610) Adjustments to accruals (179) Accrual at June 2020 $ 7,393

TRANSACTIONS WITH FORMER PARE_2

TRANSACTIONS WITH FORMER PARENT (Tables)	6 Months Ended
	Jun. 27, 2020
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The following table presents components of the transfers to and from VF : (In thousands) Six Months Ended June 2019 (a) General financing activities $ (723,155) Corporate allocations 47,903 Stock-based compensation expense 9,582 Pension benefit (2,246) Purchases from parent 3,193 Sales to parent (13,988) Other income tax 10,863 Transition tax related to the Tax Act 3,937 Cash dividend to former parent (1,032,948) Total net transfers to former parent $ (1,696,859) (a) Activity reflected through the Separation date.

BASIS OF PRESENTATION (Details)

BASIS OF PRESENTATION (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 27, 2020	Jun. 29, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Borrowings under revolving credit facility	$ 512,500	$ 0

REVENUES - Remaining Performanc

REVENUES - Remaining Performance Obligation (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-06-28 $ in Millions	Jun. 27, 2020USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 19.2
Expected timing of satisfaction	3 years 6 months

REVENUES - Contract Assets and

REVENUES - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 27, 2020	Dec. 28, 2019	Jun. 29, 2019
Revenue from Contract with Customer [Abstract]
Accounts receivable, net	$ 153,302	$ 228,459	$ 254,049
Contract assets	3,113	10,679	2,529
Contract liabilities	$ 1,688	$ 1,775	$ 2,787

REVENUES - Additional Informati

REVENUES - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 27, 2020	Jun. 29, 2019	Jun. 27, 2020	Jun. 29, 2019
Revenue from Contract with Customer [Abstract]
Contract with customer, liability, revenue recognized	$ 0.1	$ 0.2	$ 1.2	$ 1.5

REVENUES - Disaggregation of Re

REVENUES - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 27, 2020	Jun. 29, 2019	Jun. 27, 2020	Jun. 29, 2019
Disaggregation of Revenue [Line Items]
Revenue	$ 349,254	$ 609,746	$ 853,752	$ 1,258,090
U.S.
Disaggregation of Revenue [Line Items]
Revenue	288,318	486,628	666,922	936,495
International
Disaggregation of Revenue [Line Items]
Revenue	60,936	123,118	186,830	321,595
Wholesale | U.S.
Disaggregation of Revenue [Line Items]
Revenue	252,880	412,507	585,801	796,916
Wholesale | International
Disaggregation of Revenue [Line Items]
Revenue	44,256	98,047	151,350	267,598
Branded Direct-to-Consumer
Disaggregation of Revenue [Line Items]
Revenue	42,989	65,703	93,483	129,934
Other
Disaggregation of Revenue [Line Items]
Revenue	9,129	33,489	23,118	63,642
Operating Segments
Disaggregation of Revenue [Line Items]
Revenue	337,621	570,900	823,763	1,182,366
Operating Segments | Wrangler
Disaggregation of Revenue [Line Items]
Revenue	251,655	363,992	555,041	733,927
Operating Segments | Wrangler | U.S.
Disaggregation of Revenue [Line Items]
Revenue	232,566	317,831	485,150	611,700
Operating Segments | Wrangler | International
Disaggregation of Revenue [Line Items]
Revenue	19,089	46,161	69,891	122,227
Operating Segments | Wrangler | Wholesale | U.S.
Disaggregation of Revenue [Line Items]
Revenue	217,183	299,040	453,465	575,865
Operating Segments | Wrangler | Wholesale | International
Disaggregation of Revenue [Line Items]
Revenue	17,251	40,569	64,188	109,224
Operating Segments | Wrangler | Branded Direct-to-Consumer
Disaggregation of Revenue [Line Items]
Revenue	17,221	24,383	37,388	48,838
Operating Segments | Wrangler | Other
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Operating Segments | Lee
Disaggregation of Revenue [Line Items]
Revenue	85,966	206,908	268,722	448,439
Operating Segments | Lee | U.S.
Disaggregation of Revenue [Line Items]
Revenue	44,119	130,795	152,087	249,915
Operating Segments | Lee | International
Disaggregation of Revenue [Line Items]
Revenue	41,847	76,113	116,635	198,524
Operating Segments | Lee | Wholesale | U.S.
Disaggregation of Revenue [Line Items]
Revenue	33,194	108,757	125,772	209,616
Operating Segments | Lee | Wholesale | International
Disaggregation of Revenue [Line Items]
Revenue	27,005	56,845	86,858	157,741
Operating Segments | Lee | Branded Direct-to-Consumer
Disaggregation of Revenue [Line Items]
Revenue	25,767	41,306	56,092	81,082
Operating Segments | Lee | Other
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Operating Segments | Other
Disaggregation of Revenue [Line Items]
Revenue	11,633	38,846	29,989	75,724
Other | Other
Disaggregation of Revenue [Line Items]
Revenue	11,633	38,846	29,989	75,724
Other | Other | U.S.
Disaggregation of Revenue [Line Items]
Revenue	11,633	38,002	29,685	74,880
Other | Other | International
Disaggregation of Revenue [Line Items]
Revenue	0	844	304	844
Other | Other | Wholesale | U.S.
Disaggregation of Revenue [Line Items]
Revenue	2,503	4,710	6,564	11,435
Other | Other | Wholesale | International
Disaggregation of Revenue [Line Items]
Revenue	0	633	304	633
Other | Other | Branded Direct-to-Consumer
Disaggregation of Revenue [Line Items]
Revenue	1	14	3	14
Other | Other | Other
Disaggregation of Revenue [Line Items]
Revenue	$ 9,129	$ 33,489	$ 23,118	$ 63,642

BUSINESS SEGMENT INFORMATION -

BUSINESS SEGMENT INFORMATION - Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 27, 2020	Jun. 29, 2019	Jun. 27, 2020	Jun. 29, 2019
Segment Reporting Information [Line Items]
Total net revenues	$ 349,254	$ 609,746	$ 853,752	$ 1,258,090
Operating income	(21,795)	53,520	(21,959)	78,715
Interest income from former parent, net	0	1,423	0	3,762
Interest expense	(13,120)	(7,638)	(24,059)	(7,736)
Interest income	556	1,408	972	2,831
(Loss) income before income taxes	(34,868)	47,343	(46,005)	75,231
Operating Segments
Segment Reporting Information [Line Items]
Total net revenues	337,621	570,900	823,763	1,182,366
Operating income	10,521	70,727	45,357	112,025
Operating Segments | Wrangler
Segment Reporting Information [Line Items]
Total net revenues	251,655	363,992	555,041	733,927
Operating income	28,938	56,980	62,801	80,645
Operating Segments | Lee
Segment Reporting Information [Line Items]
Total net revenues	85,966	206,908	268,722	448,439
Operating income	(18,417)	13,747	(17,444)	31,380
Operating Segments | Other
Segment Reporting Information [Line Items]
Total net revenues	11,633	38,846	29,989	75,724
Operating income	(6,477)	1,805	(8,705)	(1,280)
Corporate and other expenses
Segment Reporting Information [Line Items]
Corporate and other expenses	(26,348)	(20,382)	(59,570)	(34,371)
Interest income from former parent, net	$ 0	$ 1,423	$ 0	$ 3,762

BUSINESS SEGMENT INFORMATION _2

BUSINESS SEGMENT INFORMATION - Additional Information (Details)	6 Months Ended
	Jun. 27, 2020segment
Segment Reporting [Abstract]
Number of reportable segments	2

ACCOUNTS RECEIVABLE AND SALE _2

ACCOUNTS RECEIVABLE AND SALE OF ACCOUNTS RECEIVABLE Roll-forward of the allowance for doubtful accounts (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 27, 2020	Jun. 29, 2019
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
December 2020	$ 11,852
Provision for expected credit losses	18,012	$ 2,985
Accounts receivable balances written off	(7,502)
Other	(713)
June 2020	$ 21,649

ACCOUNTS RECEIVABLE AND SALE _3

ACCOUNTS RECEIVABLE AND SALE OF ACCOUNTS RECEIVABLE (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 27, 2020	Jun. 29, 2019	Jun. 27, 2020	Jun. 29, 2019	Dec. 28, 2019
Receivables [Abstract]
Maximum amount of accounts receivable sold at any point in time (up to)	$ 377.5		$ 377.5
Sale of accounts receivable			405.8	$ 518.7
Accounts receivable removed related to sale of accounts receivable	144.5	$ 188.2	144.5	188.2	$ 188.1
Funding fee	$ 0.3	$ 1.5	$ 1.1	$ 2.9

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Thousands	Jun. 27, 2020	Dec. 28, 2019	Jun. 29, 2019
Inventory Disclosure [Abstract]
Finished products	$ 367,361	$ 383,643	$ 457,508
Work-in-process	21,416	34,783	35,680
Raw materials	44,148	39,675	44,980
Total inventories	$ 432,925	$ 458,101	$ 538,168

SHORT-TERM BORROWINGS AND LON_3

SHORT-TERM BORROWINGS AND LONG-TERM DEBT - Additional Information (Details)	May 17, 2019USD ($)	Jun. 27, 2020USD ($)	May 31, 2020USD ($)	Apr. 02, 2021	Jan. 02, 2021	Sep. 26, 2020	Jun. 27, 2020USD ($)	Jun. 27, 2020USD ($)	Jun. 29, 2019USD ($)	May 05, 2020USD ($)	Mar. 28, 2020USD ($)	Dec. 28, 2019USD ($)
Short-term Debt [Line Items]
Line of credit facility, amount outstanding	$ 1,550,000,000
Proceeds from issuance of term loans	1,050,000,000							$ 0	$ 1,050,000,000
Leverage ratio							5.50	4
Debt instrument, interest coverage ratio								3
Minimum liquidity floor										$ 200,000,000
Debt agreement, available cash threshold										$ 250,000,000
Short-term borrowings		$ 310,000					$ 310,000	$ 310,000	2,829,000			$ 1,070,000
Repayments of debt		75,000,000	$ 175,000,000					0	50,000,000
Remaining borrowing capacity		273,200,000					273,200,000	273,200,000
Long-term debt		1,136,713,000					$ 1,136,713,000	1,136,713,000	987,187,000			913,269,000
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage							0.50%
Revolving Credit Facility
Short-term Debt [Line Items]
Maximum borrowing capacity	500,000,000
Short-term borrowings		225,000,000					$ 225,000,000	$ 225,000,000	0			0
Debt instrument, term								5 years
Long-term debt		225,000,000					225,000,000	$ 225,000,000			$ 475,000,000
International borrowing arrangements
Short-term Debt [Line Items]
Maximum borrowing capacity		46,400,000					46,400,000	46,400,000	49,000,000			47,800,000
Short-term borrowings		300,000					300,000	300,000	2,800,000			1,100,000
Letter of Credit
Short-term Debt [Line Items]
Maximum borrowing capacity		75,000,000					75,000,000	75,000,000
Long-term line of credit		$ 1,800,000					$ 1,800,000	$ 1,800,000
Term Loan A facility | Term Loan
Short-term Debt [Line Items]
Maximum borrowing capacity	750,000,000
Debt instrument, term								5 years
Long-term debt												700,000,000
Effective annual interest rate		4.40%					4.40%	4.40%
Long-term debt		$ 693,393,000					$ 693,393,000	$ 693,393,000	694,166,000			695,111,000
Term Loan B facility | Term Loan
Short-term Debt [Line Items]
Maximum borrowing capacity	$ 300,000,000
Debt instrument, term								7 years
Long-term debt									300,000,000			223,000,000
Effective annual interest rate		5.50%					5.50%	5.50%
Long-term debt		$ 218,320,000					$ 218,320,000	$ 218,320,000	$ 293,021,000			$ 218,158,000
Base Rate
Short-term Debt [Line Items]
Basis spread							2.25%
Base Rate | Term Loan B facility | Term Loan
Short-term Debt [Line Items]
Basis spread								3.25%
London Interbank Offered Rate (LIBOR)
Short-term Debt [Line Items]
Basis spread							3.25%
London Interbank Offered Rate (LIBOR) | Term Loan B facility | Term Loan
Short-term Debt [Line Items]
Basis spread								4.25%
Minimum
Short-term Debt [Line Items]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage								0.20%
Minimum | Base Rate
Short-term Debt [Line Items]
Basis spread								0.375%
Minimum | London Interbank Offered Rate (LIBOR)
Short-term Debt [Line Items]
Basis spread								1.375%
Minimum | London Interbank Offered Rate (LIBOR) | Revolving Credit Facility
Short-term Debt [Line Items]
Basis spread								0.00%
Maximum
Short-term Debt [Line Items]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage								0.40%
Maximum | Base Rate
Short-term Debt [Line Items]
Basis spread								1.25%
Maximum | London Interbank Offered Rate (LIBOR)
Short-term Debt [Line Items]
Basis spread								2.25%
Forecast
Short-term Debt [Line Items]
Leverage ratio				4.50	5	5.50

SHORT-TERM BORROWINGS AND LON_4

SHORT-TERM BORROWINGS AND LONG-TERM DEBT - Long-term Debt (Details) - USD ($) $ in Thousands	Jun. 27, 2020	Mar. 28, 2020	Dec. 28, 2019	Jun. 29, 2019
Debt Instrument [Line Items]
Total long-term debt	$ 1,136,713		$ 913,269	$ 987,187
Short-term borrowings	310		1,070	2,829
Less current portion	(6,250)		0	(7,500)
Long-term debt	1,130,463		913,269	979,687
Term Loan A facility | Term Loan
Debt Instrument [Line Items]
Total long-term debt	693,393		695,111	694,166
Term Loan B facility | Term Loan
Debt Instrument [Line Items]
Total long-term debt	218,320		218,158	293,021
Revolving Credit Facility
Debt Instrument [Line Items]
Total long-term debt	225,000	$ 475,000
Short-term borrowings	$ 225,000		$ 0	$ 0

FAIR VALUE MEASUREMENTS - Measu

FAIR VALUE MEASUREMENTS - Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 27, 2020	Dec. 28, 2019	Jun. 29, 2019
Cash equivalents:
Money market funds	$ 194,305	$ 25,706
Time deposits	1,455	4,788
Foreign currency exchange contracts	4,559	5,563	$ 855
Investment securities	54,549	59,922
Financial liabilities:
Derivative liability	28,851	5,884	$ 3,972
Deferred compensation	54,766	60,129
Level 1
Cash equivalents:
Money market funds	194,305	25,706
Time deposits	1,455	4,788
Investment securities	54,549	56,437
Financial liabilities:
Deferred compensation	0	0
Level 2
Cash equivalents:
Money market funds	0	0
Time deposits	0	0
Investment securities	0	3,485
Financial liabilities:
Deferred compensation	54,766	60,129
Level 3
Cash equivalents:
Money market funds	0	0
Time deposits	0	0
Investment securities	0	0
Financial liabilities:
Deferred compensation	0	0
Foreign currency exchange contracts
Cash equivalents:
Foreign currency exchange contracts	4,559	5,563
Financial liabilities:
Derivative liability	10,019	2,795
Foreign currency exchange contracts | Level 1
Cash equivalents:
Foreign currency exchange contracts	0	0
Financial liabilities:
Derivative liability	0	0
Foreign currency exchange contracts | Level 2
Cash equivalents:
Foreign currency exchange contracts	4,559	5,563
Financial liabilities:
Derivative liability	10,019	2,795
Foreign currency exchange contracts | Level 3
Cash equivalents:
Foreign currency exchange contracts	0	0
Financial liabilities:
Derivative liability	0	0
Interest rate swap agreements
Financial liabilities:
Derivative liability	18,832	3,089
Interest rate swap agreements | Level 1
Financial liabilities:
Derivative liability	0	0
Interest rate swap agreements | Level 2
Financial liabilities:
Derivative liability	18,832	3,089
Interest rate swap agreements | Level 3
Financial liabilities:
Derivative liability	$ 0	$ 0

FAIR VALUE MEASUREMENTS - Addit

FAIR VALUE MEASUREMENTS - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 27, 2020	Jun. 29, 2019	Jun. 27, 2020	Jun. 29, 2019	Dec. 28, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	$ 1,136,713	$ 987,187	$ 1,136,713	$ 987,187	$ 913,269
Asset impairments	1,579	$ 0	$ 1,579	$ 1,596
FAIR VALUE MEASUREMENTS			FAIR VALUE MEASUREMENTS Certain assets and liabilities measured and reported at fair value are classified in a three-level hierarchy that prioritizes the inputs used in the valuation process. Categorization within the valuation hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The hierarchy is based on the observability and objectivity of the pricing inputs, as follows: • Level 1 — Quoted prices in active markets for identical assets or liabilities. • Level 2 — Significant directly observable data (other than Level 1 quoted prices) or significant indirectly observable data through corroboration with observable market data. Inputs would normally be (i) quoted prices in active markets for similar assets or liabilities, (ii) quoted prices in inactive markets for identical or similar assets or liabilities or (iii) information derived from or corroborated by observable market data. • Level 3 — Prices or valuation techniques that require significant unobservable data inputs. These inputs would normally be the Company's own data and judgments about assumptions that market participants would use in pricing the asset or liability. Recurring Fair Value Measurements The following tables present financial assets and financial liabilities that are measured and recorded in the Company's financial statements at fair value on a recurring basis: Fair Value Measurement Using (In thousands) Total Fair Value Level 1 Level 2 Level 3 June 2020 Financial assets: Cash equivalents: Money market funds $ 194,305 $ 194,305 $ — $ — Time deposits 1,455 1,455 — — Foreign currency exchange contracts 4,559 — 4,559 — Investment securities 54,549 54,549 — — Financial liabilities: Foreign currency exchange contracts 10,019 — 10,019 — Interest rate swap agreements 18,832 — 18,832 — Deferred compensation 54,766 — 54,766 — Fair Value Measurement Using (In thousands) Total Fair Value Level 1 Level 2 Level 3 December 2019 Financial assets: Cash equivalents: Money market funds $ 25,706 $ 25,706 $ — $ — Time deposits 4,788 4,788 — — Foreign currency exchange contracts 5,563 — 5,563 — Investment securities 59,922 56,437 3,485 — Financial liabilities: Foreign currency exchange contracts 2,795 — 2,795 — Interest rate swap agreements 3,089 — 3,089 — Deferred compensation 60,129 — 60,129 — The Company's cash equivalents include money market funds and short-term time deposits that approximate fair value based on Level 1 measurements. The fair value of derivative financial instruments, which consist of foreign currency exchange contracts and interest rate swap agreements, is determined based on observable market inputs (Level 2), including spot and forward exchange rates for foreign currencies and observable interest rate yield curves for interest rate swap agreements. Investment securities are held in the Company's deferred compensation plans as an economic hedge of the related deferred compensation liabilities. As of June 2020, these investments are comprised of mutual funds that are valued based on quoted prices in active markets (Level 1). During the three months ended June 2020, all Level 2 investments held in the Company's deferred compensation plans were removed and replaced with mutual fund investment options. Liabilities related to the Company's deferred compensation plans are recorded at amounts due to participants, based on the fair value of the participants’ selection of hypothetical investments (Level 2). Additionally, at June 2020, the carrying value of the Company's long-term debt, including the current portion, was $1,136.7 million compared to a fair value of $1,095.3 million. At December 2019, the carrying value of the Company's long-term debt was $913.3 million compared to a fair value of $906.1 million. The fair value of long-term debt, including the current portion, is a Level 2 estimate based on quoted market prices or values of comparable borrowings. All other financial assets and financial liabilities are recorded in the Company's financial statements at cost. These other financial assets and financial liabilities include cash held as demand deposits, accounts receivable, short-term borrowings, accounts payable, and accrued liabilities. At June 2020 and December 2019, their carrying values approximated fair value due to the short-term nature of these instruments. Nonrecurring Fair Value Measurements Certain non-financial assets, primarily property, plant and equipment, operating lease assets, goodwill and intangible assets, are not required to be measured at fair value on a recurring basis and are reported at carrying value. However, these assets are required to be assessed for impairment when events or circumstances indicate that the carrying value may not be recoverable, and at least annually for goodwill and indefinite-lived intangible assets. In the event that an impairment is required, the asset is adjusted to fair value, using market-based assumptions. As a result of temporary and expected permanent retail store closures, the Company assessed the related retail store assets for impairment and recorded impairment charges of $1.6 million and $1.8 million during the three and six months ended June 2020, respectively. There were no significant impairment charges recorded during the three and six months ended June 2019.
Fair Value, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset impairments	1,600		$ 1,800
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt, fair value	$ 1,095,300		$ 1,095,300		$ 906,100

DERIVATIVE FINANCIAL INSTRUME_3

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Additional information (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Mar. 28, 2020	Jun. 27, 2020	Dec. 28, 2019	Jun. 29, 2019
Derivative [Line Items]
Reclassified from accumulated OCI into income	$ 0.4	$ 0.4
Cash flow hedge gain (loss) to be reclassified during next 12 months		9.5
Foreign currency exchange contracts
Derivative [Line Items]
Notional amount		$ 290.2	$ 341.6	$ 326.7
Term of contract (up to)		20 months
Interest rate swap agreements
Derivative [Line Items]
Notional amount		$ 400	$ 475

DERIVATIVE FINANCIAL INSTRUME_4

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Outstanding derivatives on an individual contract basis (Details) - USD ($) $ in Thousands	Jun. 27, 2020	Dec. 28, 2019	Jun. 29, 2019
Fair Value of Derivatives with Unrealized Gains
Foreign currency exchange contracts	$ 4,559	$ 5,563	$ 855
Fair Value of Derivatives with Unrealized Losses
Foreign currency exchange contracts	(28,851)	(5,884)	(3,972)
Designated as Hedging Instrument | Foreign currency exchange contracts
Fair Value of Derivatives with Unrealized Gains
Foreign currency exchange contracts	3,689	5,199	852
Fair Value of Derivatives with Unrealized Losses
Foreign currency exchange contracts	(9,597)	(2,690)	(3,916)
Designated as Hedging Instrument | Interest rate swap agreements
Fair Value of Derivatives with Unrealized Gains
Foreign currency exchange contracts	0	0	0
Fair Value of Derivatives with Unrealized Losses
Foreign currency exchange contracts	(18,832)	(3,089)	0
Not Designated as Hedging Instrument | Foreign currency exchange contracts
Fair Value of Derivatives with Unrealized Gains
Derivatives not designated as hedging instruments:	870	364	3
Fair Value of Derivatives with Unrealized Losses
Derivatives not designated as hedging instruments:	$ (422)	$ (105)	$ (56)

DERIVATIVE FINANCIAL INSTRUME_5

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Balance sheet (Details) - USD ($) $ in Thousands	Jun. 27, 2020	Dec. 28, 2019	Jun. 29, 2019
Derivative Asset
Gross amounts presented in the balance sheet	$ 4,559	$ 5,563	$ 855
Gross amounts not offset in the balance sheet	(1,745)	(1,133)	(5)
Derivative Asset	2,814	4,430	850
Derivative Liability
Gross amounts presented in the balance sheet	(28,851)	(5,884)	(3,972)
Gross amounts not offset in the balance sheet	1,745	1,133	5
Derivative Liability	$ (27,106)	$ (4,751)	$ (3,967)

DERIVATIVE FINANCIAL INSTRUME_6

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Derivatives are classified as current or noncurrent (Details) - USD ($) $ in Thousands	Jun. 27, 2020	Dec. 28, 2019	Jun. 29, 2019
Derivatives, Fair Value [Line Items]
Foreign currency exchange contracts	$ 4,559	$ 5,563	$ 855
Foreign currency exchange contracts	(28,851)	(5,884)	(3,972)
Other current assets
Derivatives, Fair Value [Line Items]
Foreign currency exchange contracts	3,716	4,303	741
Accrued liabilities
Derivatives, Fair Value [Line Items]
Foreign currency exchange contracts	(8,625)	(2,058)	(3,263)
Other assets
Derivatives, Fair Value [Line Items]
Foreign currency exchange contracts	843	1,260	114
Other liabilities
Derivatives, Fair Value [Line Items]
Foreign currency exchange contracts	$ (20,226)	$ (3,826)	$ (709)

DERIVATIVE FINANCIAL INSTRUME_7

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Cash flows hedges (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 27, 2020	Jun. 29, 2019	Jun. 27, 2020	Jun. 29, 2019
Derivative [Line Items]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, Tax	$ (1,841)	$ (2,058)	$ (27,417)	$ (2,058)
Foreign currency exchange contracts
Derivative [Line Items]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, Tax	812	(2,058)	(10,094)	(2,058)
Interest rate swap agreements
Derivative [Line Items]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, Tax	$ (2,653)	$ 0	$ (17,323)	$ 0

DERIVATIVE FINANCIAL INSTRUME_8

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Location of gain (loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 27, 2020	Jun. 29, 2019	Jun. 27, 2020	Jun. 29, 2019
Derivative [Line Items]
Gain (Loss) Reclassified from Accumulated OCI into Income	$ 213	$ 362	$ 3,361	$ 362
Net revenues
Derivative [Line Items]
Gain (Loss) Reclassified from Accumulated OCI into Income	(194)	(96)	(552)	(96)
Cost of goods sold
Derivative [Line Items]
Gain (Loss) Reclassified from Accumulated OCI into Income	1,615	415	5,356	415
Other expense, net
Derivative [Line Items]
Gain (Loss) Reclassified from Accumulated OCI into Income	141	43	137	43
Interest expense
Derivative [Line Items]
Gain (Loss) Reclassified from Accumulated OCI into Income	$ (1,349)	$ 0	$ (1,580)	$ 0

DERIVATIVE FINANCIAL INSTRUME_9

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Derivative contracts not designated as hedges (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 27, 2020	Jun. 29, 2019	Jun. 27, 2020	Jun. 29, 2019
Derivative [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	$ 539	$ (57)	$ (3,106)	$ (57)
Net revenues
Derivative [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	2	0	6	0
Cost of goods sold
Derivative [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	550	(57)	(3,122)	(57)
Other expense, net
Derivative [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	$ (13)	$ 0	$ 10	$ 0

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE LOSS - Deferred Components of OCI Reported, Net of Related Income Taxes, in Accumulated OCI in Stockholders' Equity (Details) - USD ($) $ in Thousands	Jun. 27, 2020	Dec. 28, 2019	Jun. 29, 2019
Equity [Abstract]
Foreign currency translation	$ (108,129)	$ (84,118)	$ (81,841)
Defined benefit pension plans	(2,289)	(2,301)	(1,072)
Derivative financial instruments	(20,880)	6,721	9,225
Accumulated other comprehensive loss	$ (131,298)	$ (79,698)	$ (73,688)

ACCUMULATED OTHER COMPREHENSI_4

ACCUMULATED OTHER COMPREHENSIVE LOSS - Changes in Accumulated OCI, Net of Related Taxes (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 27, 2020	Jun. 29, 2019	Mar. 30, 2019	Jun. 27, 2020	Jun. 29, 2019
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance, beginning	$ (18,485)	$ 1,578,982	$ 1,723,452	$ 69,257	$ 1,723,452
Other comprehensive income (loss) before reclassifications	2,352	2,614		(48,494)	3,372
Amounts reclassified from accumulated other comprehensive income (loss)	(188)	(362)		(3,106)	(362)
Net other comprehensive (loss) income	2,164	2,252		(51,600)	3,010
Net transfers to former parent		(1,538,931)	(157,928)
Balance, ending	(44,889)	82,168	1,578,982	(44,889)	82,168
Foreign Currency Translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance, beginning	(111,328)	(144,424)	(145,182)	(84,118)	(145,182)
Other comprehensive income (loss) before reclassifications	3,199	4,686		(24,011)	5,444
Amounts reclassified from accumulated other comprehensive income (loss)	0	0		0	0
Net other comprehensive (loss) income	3,199	4,686		(24,011)	5,444
Net transfers to former parent		57,897			57,897
Balance, ending	(108,129)	(81,841)	(144,424)	(108,129)	(81,841)
Defined Benefit Pension Plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance, beginning	(2,272)	0	0	(2,301)	0
Other comprehensive income (loss) before reclassifications	(27)	(14)		(8)	(14)
Amounts reclassified from accumulated other comprehensive income (loss)	10	0		20	0
Net other comprehensive (loss) income	(17)	(14)		12	(14)
Net transfers to former parent		(1,058)			(1,058)
Balance, ending	(2,289)	(1,072)	0	(2,289)	(1,072)
Derivative Financial Instruments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance, beginning	(19,862)	0	0	6,721	0
Other comprehensive income (loss) before reclassifications	(820)	(2,058)		(24,475)	(2,058)
Amounts reclassified from accumulated other comprehensive income (loss)	(198)	(362)		(3,126)	(362)
Net other comprehensive (loss) income	(1,018)	(2,420)		(27,601)	(2,420)
Net transfers to former parent		11,645			11,645
Balance, ending	(20,880)	9,225	0	(20,880)	9,225
Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance, beginning	(133,462)	(144,424)	(145,182)	(79,698)	(145,182)
Net transfers to former parent		68,484			68,484
Balance, ending	$ (131,298)	$ (73,688)	$ (144,424)	$ (131,298)	$ (73,688)

ACCUMULATED OTHER COMPREHENSI_5

ACCUMULATED OTHER COMPREHENSIVE LOSS - Reclassification Out of Accumulated OCI (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 27, 2020	Jun. 29, 2019	Jun. 27, 2020	Jun. 29, 2019
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net revenues	$ 349,254	$ 609,746	$ 853,752	$ 1,258,090
Other expense, net	(509)	(1,370)	(959)	(2,341)
Total before tax	(34,868)	47,343	(46,005)	75,231
Income taxes	1,606	(9,357)	10,031	(21,832)
Total reclassifications for the period, net of tax	188	362	3,106	362
Defined Benefit Pension Plans
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total reclassifications for the period, net of tax	(10)	0	(20)	0
Defined Benefit Pension Plans | Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other expense, net	(14)	0	(28)	0
Total before tax	(14)	0	(28)	0
Income taxes	4	0	8	0
Total reclassifications for the period, net of tax	(10)	0	(20)	0
Derivative Financial Instruments
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total reclassifications for the period, net of tax	198	362	3,126	362
Derivative Financial Instruments | Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total before tax	213	362	3,361	362
Income taxes	(15)	0	(235)	0
Total reclassifications for the period, net of tax	198	362	3,126	362
Foreign currency exchange contracts | Derivative Financial Instruments | Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net revenues	(194)	(96)	(552)	(96)
Cost of goods sold	1,615	415	5,356	415
Other expense, net	141	43	137	43
Interest rate swap agreements | Derivative Financial Instruments | Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest expense	$ (1,349)	$ 0	$ (1,580)	$ 0

STOCK-BASED COMPENSATION - Addi

STOCK-BASED COMPENSATION - Additional Information (Details)	3 Months Ended
	Jun. 27, 2020$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair market value (in USD per share) | $ / shares	$ 15.51
Vesting period	3 years
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payout percentage	0.00%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payout percentage	200.00%
Performance Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in Period (in shares)	530,000
Time Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in Period (in shares)	530,000
Nonemployee, Board of Directors | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in Period (in shares)	30,000
Vesting period	1 year
RSU conversion ratio	1
Non Employee Board Of Directors And Employees In International Jurisdiction | Non Performance Based Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Share Based Compensation Arrangement, Number of Shares of Common Stock that can be Issued for Each Restricted Stock Unit Granted	1

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 27, 2020	Jun. 29, 2019
Operating Loss Carryforwards [Line Items]
Effective income tax rate	21.80%	29.00%
Net discrete tax benefits	$ (7.7)	$ 0.7
Tax increase (reduction) due to discrete items	16.80%	0.90%
Realization of unrecognized net tax benefit (expense)		$ (3.8)
Tax benefit related stock compensation		$ 3.1
Income tax rate, excluding discrete items	5.00%	28.10%
Decrease in unrecognized tax benefits and associated interest	$ 0.3
Net unrecognized tax benefits and interest, if recognized, would reduce the annual effective tax rate	14.6
Possible decrease in unrecognized income tax benefits	0.9
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit	0.7
Foreign Tax Authority [Member]
Operating Loss Carryforwards [Line Items]
Net discrete tax benefits	(6.3)
State and Local Jurisdiction [Member]
Operating Loss Carryforwards [Line Items]
Net discrete tax benefits	$ (1.1)

(LOSS) EARNINGS PER SHARE - Add

(LOSS) EARNINGS PER SHARE - Additional Information (Details) - shares	May 22, 2019	Jun. 27, 2020	Jun. 27, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average number of shares outstanding - basic and diluted (in shares)	56,647,561
Anti-dilutive stock-based awards excluded from diluted calculation (in USD per share)		2,100,000	1,600,000
Performance Based Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive stock-based awards excluded from diluted calculation (in USD per share)		400,000

(LOSS) EARNINGS PER SHARE - (Lo

(LOSS) EARNINGS PER SHARE - (Loss) Earnings per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 27, 2020	Mar. 28, 2020	Jun. 29, 2019	Mar. 30, 2019	Jun. 27, 2020	Jun. 29, 2019
Earnings Per Share [Abstract]
Net (loss) income	$ (33,262)	$ (2,712)	$ 37,986	$ 15,413	$ (35,974)	$ 53,399
Basic weighted average shares outstanding (in shares)	56,931		56,648		56,903	56,648
Dilutive effect of stock-based awards (in shares)	0		272		0	131
Diluted weighted average shares outstanding (in shares)	56,931		56,920		56,903	56,779
(Loss) earnings per share:
Basic earnings per share (in USD per share)	$ (0.58)		$ 0.67		$ (0.63)	$ 0.94
Diluted earnings per share (in USD per share)	$ (0.58)		$ 0.67		$ (0.63)	$ 0.94

LEASES - Lease Costs (Details)

LEASES - Lease Costs (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 27, 2020	Jun. 29, 2019
Leases [Abstract]
Cash paid for amounts included in the measurement of lease liabilities - operating cash flows	$ 18,925	$ 22,950
Right-of-use assets obtained in exchange for new operating leases - non-cash activity	$ 702	$ 23,446

RESTRUCTURING - Additional Info

RESTRUCTURING - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 27, 2020	Jun. 29, 2019	Jun. 27, 2020	Jun. 29, 2019	Dec. 28, 2019
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 5,794	$ 1,746	$ 11,589	$ 24,562
Restructuring reserve	7,393		7,393		$ 2,172
Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Accrued Liabilities	7,300		7,300
Other Accrued Liabilities	100		100
Selling, general and administrative expenses
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 5,800	$ 1,700	11,100	13,800
Cost of goods sold
Restructuring Cost and Reserve [Line Items]
Restructuring charges			$ 500	$ 10,800

RESTRUCTURING - Restructuring c

RESTRUCTURING - Restructuring costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 27, 2020	Jun. 29, 2019	Jun. 27, 2020	Jun. 29, 2019
Restructuring and Related Activities [Abstract]
Severance and employee-related benefits	$ 4,215	$ 1,746	$ 10,010	$ 14,903
Asset impairments	1,579	0	1,579	1,596
Inventory write-downs	0	0	0	4,403
Other	0	0	0	3,660
Total restructuring charges	$ 5,794	$ 1,746	$ 11,589	$ 24,562

RESTRUCTURING - Restructuring_2

RESTRUCTURING - Restructuring costs by business segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 27, 2020	Jun. 29, 2019	Jun. 27, 2020	Jun. 29, 2019
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 5,794	$ 1,746	$ 11,589	$ 24,562
Operating Segments | Wrangler
Restructuring Cost and Reserve [Line Items]
Restructuring charges	478	1,191	3,656	17,613
Operating Segments | Lee
Restructuring Cost and Reserve [Line Items]
Restructuring charges	514	461	3,131	6,685
Operating Segments | Corporate and other
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 4,802	$ 94	$ 4,802	$ 264

RESTRUCTURING - Activity in res

RESTRUCTURING - Activity in restructuring accrual (Details) $ in Thousands	6 Months Ended
	Jun. 27, 2020USD ($)
Restructuring Reserve [Roll Forward]
Amounts recorded in accrued liabilities, beginning	$ 2,172
Amounts recorded in accrued liabilities. ending	7,393
Total
Restructuring Reserve [Roll Forward]
Charges	10,010
Cash payments	(4,610)
Adjustments to accruals	$ (179)

TRANSACTIONS WITH FORMER PARE_3

TRANSACTIONS WITH FORMER PARENT - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 27, 2020	Jun. 29, 2019	Jun. 27, 2020	Jun. 29, 2019	Dec. 28, 2019
Related Party Transactions [Abstract]
Sales to related party		$ 3,400		$ 14,100
Related party transaction, cost of goods sold		200		500
Related party transaction, remaining inventory purchased from related party	$ 300	1,000	$ 300	1,000	$ 400
Interest income from former parent, net	$ 0	$ 1,423	$ 0	$ 3,762

TRANSACTIONS WITH FORMER PARE_4

TRANSACTIONS WITH FORMER PARENT - Net Transfers To and From VF (Details) $ in Thousands	6 Months Ended
	Jun. 27, 2020USD ($)
Related Party Transaction [Line Items]
Transfer (To) From Related Party	$ (1,696,859)
General financing activities
Related Party Transaction [Line Items]
Transfer (To) From Related Party	(723,155)
Corporate allocations
Related Party Transaction [Line Items]
Transfer (To) From Related Party	47,903
Stock-based compensation expense
Related Party Transaction [Line Items]
Transfer (To) From Related Party	9,582
Pension benefit
Related Party Transaction [Line Items]
Transfer (To) From Related Party	(2,246)
Purchases from parent
Related Party Transaction [Line Items]
Transfer (To) From Related Party	3,193
Sales to parent
Related Party Transaction [Line Items]
Transfer (To) From Related Party	(13,988)
Other income tax
Related Party Transaction [Line Items]
Transfer (To) From Related Party	10,863
Transition tax related to the Tax Act
Related Party Transaction [Line Items]
Transfer (To) From Related Party	3,937
Cash dividend to former parent
Related Party Transaction [Line Items]
Transfer (To) From Related Party	$ (1,032,948)