Fossil (FOSL) 10-Q 13 May 21 2021 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Apr. 03, 2021	May 06, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Apr. 3, 2021
Document Transition Report	false
Entity File Number	000-19848
Entity Registrant Name	FOSSIL GROUP, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	75-2018505
Entity Address, Address Line One	901 S. Central Expressway,
Entity Address, City or Town	Richardson,
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75080
City Area Code	972
Local Phone Number	234-2525
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	FOSL
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		52,081,550
Entity Central Index Key	0000883569
Amendment Flag	false
Current Fiscal Year End Date	--01-02
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS UNAUDITED - USD ($) $ in Thousands	Apr. 03, 2021	Jan. 02, 2021
Current assets:
Cash and cash equivalents	$ 246,694	$ 315,965
Accounts receivable - net of allowances for doubtful accounts	175,507	229,847
Inventories	322,495	295,296
Prepaid expenses and other current assets	202,414	149,367
Total current assets	947,110	990,475
Property, plant and equipment - net of accumulated depreciation	104,851	114,026
Operating	211,918	226,815
Intangible and other assets-net	85,234	147,189
Total long-term assets	402,003	488,030
Total assets	1,349,113	1,478,505
Current liabilities:
Accounts payable	201,230	178,212
Short-term and current portion of long-term debt	37,860	41,561
Accrued expenses:
Current operating lease liabilities	60,137	64,851
Compensation	56,643	78,085
Royalties	16,328	27,554
Customer liabilities	39,399	50,941
Transaction taxes	7,803	21,271
Other	59,778	62,846
Income taxes payable	28,048	33,205
Total current liabilities	507,226	558,526
Long-term income taxes payable	20,013	19,840
Deferred income tax liabilities	491	495
Long-term debt	157,235	185,852
Long-term operating lease liabilities	217,522	230,635
Other long-term liabilities	37,802	43,125
Total long-term liabilities	433,063	479,947
Commitments and contingencies (Note 13)
Stockholders’ equity:
Common stock, 51,526 and 51,474 shares issued and outstanding at April 3, 2021 and January 2, 2021, respectively	515	515
Additional paid-in capital	295,287	293,777
Retained earnings	179,258	203,698
Accumulated other comprehensive income (loss)	(67,279)	(58,900)
Total Fossil Group, Inc. stockholders’ equity	407,781	439,090
Noncontrolling interests	1,043	942
Total stockholders’ equity	408,824	440,032
Total liabilities and stockholders’ equity	$ 1,349,113	$ 1,478,505

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS UNAUDITED (Parenthetical) - USD ($) $ in Thousands	Apr. 03, 2021	Jan. 02, 2021
Statement of Financial Position [Abstract]
Accounts receivable, allowances	$ 17,251	$ 20,774
Property, plant and equipment, accumulated depreciation	$ 453,231	$ 467,174
Common stock, shares issued (in shares)	51,525,632	51,474,034
Common stock, shares outstanding (in shares)	51,525,632	51,474,034

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS) UNAUDITED - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Apr. 03, 2021	Apr. 04, 2020
Income Statement [Abstract]
Net sales	$ 363,042	$ 390,718
Cost of sales	180,453	250,358
Gross profit	182,589	140,360
Operating expenses:
Selling, general and administrative expenses	187,324	245,719
Trade name impairments	0	2,464
Other long-lived asset impairments	4,500	17,143
Restructuring charges	7,520	9,375
Total operating expenses	199,344	274,701
Operating income (loss)	(16,755)	(134,341)
Interest expense	7,331	7,464
Other income (expense) - net	1,864	(7,290)
Income (loss) before income taxes	(22,222)	(149,095)
Provision for income taxes	2,117	(63,651)
Net income (loss)	(24,339)	(85,444)
Less: Net income (loss) attributable to noncontrolling interests	101	137
Net income (loss) attributable to Fossil Group, Inc.	(24,440)	(85,581)
Other comprehensive income (loss), net of taxes:
Currency translation adjustment	(10,121)	(11,193)
Cash flow hedges - net change	1,742	6,242
Total other comprehensive income (loss)	(8,379)	(4,951)
Total comprehensive income (loss)	(32,718)	(90,395)
Less: Comprehensive income (loss) attributable to noncontrolling interests	101	137
Comprehensive income (loss) attributable to Fossil Group, Inc.	$ (32,819)	$ (90,532)
Earnings (loss) per share:
Basic (in dollars per share)	$ (0.47)	$ (1.69)
Diluted (in dollars per share)	$ (0.47)	$ (1.69)
Weighted average common shares outstanding:
Basic (in shares)	51,519	50,566
Diluted (in shares)	51,519	50,566

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY UNAUDITED - USD ($) $ in Thousands	Total	Stockholders' equity attributable to Fossil Group, Inc.	Common stock	Additional paid-in capital	Treasury stock	Retained earnings	Accumulated other comprehensive income (loss)	Noncontrolling interest
Balance balance (in shares) at Dec. 28, 2019			50,516,000
Beginning balance at Dec. 28, 2019	$ 503,841	$ 503,054	$ 505	$ 283,371	$ 0	$ 299,793	$ (80,615)	$ 787
Increase (Decrease) in Shareholders' Equity
Common stock issued upon exercise of stock options, stock appreciation rights and restricted stock units (in shares)			91,000
Common stock issued upon exercise of stock options, stock appreciation rights and restricted stock units	0	0	$ 1	(1)
Acquisition of common stock for employee tax withholding	(176)	(176)			(176)
Retirement of common stock (in shares)			(24,000)
Retirement of common stock	0		$ 0	(176)	176
Stock-based compensation	3,103	3,103		3,103
Net Income (loss)	(85,444)	(85,581)				(85,581)		137
Other comprehensive income (loss)	(4,951)	(4,951)					(4,951)
Ending balance (in shares) at Apr. 04, 2020			50,583,000
Ending balance at Apr. 04, 2020	$ 416,373	415,449	$ 506	286,297	0	214,212	(85,566)	924
Balance balance (in shares) at Jan. 02, 2021	51,474,034		51,474,000
Beginning balance at Jan. 02, 2021	$ 440,032	439,090	$ 515	293,777	0	203,698	(58,900)	942
Increase (Decrease) in Shareholders' Equity
Common stock issued upon exercise of stock options, stock appreciation rights and restricted stock units (in shares)			77,000
Common stock issued upon exercise of stock options, stock appreciation rights and restricted stock units	0		$ 0	0
Acquisition of common stock for employee tax withholding	(254)	(254)			(254)
Retirement of common stock (in shares)			(25,000)
Retirement of common stock	0		$ 0	(254)	254
Stock-based compensation	1,764	1,764		1,764
Net Income (loss)	(24,339)	(24,440)				(24,440)		101
Other comprehensive income (loss)	$ (8,379)	(8,379)					(8,379)
Ending balance (in shares) at Apr. 03, 2021	51,525,632		51,526,000
Ending balance at Apr. 03, 2021	$ 408,824	$ 407,781	$ 515	$ 295,287	$ 0	$ 179,258	$ (67,279)	$ 1,043

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS UNAUDITED - USD ($) $ in Thousands	3 Months Ended
	Apr. 03, 2021	Apr. 04, 2020
Operating Activities:
Net Income (loss)	$ (24,339)	$ (85,444)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation, amortization and accretion	8,933	12,187
Non-cash lease expense	23,980	29,061
Stock-based compensation	1,764	3,103
Decrease in allowance for returns and markdowns	(5,933)	(4,092)
Property, plant and equipment and other long-lived asset impairment losses	4,500	16,970
Trade name impairment losses	0	2,464
Non-cash restructuring charges	221	684
Bad debt (recoveries) expense	(1,632)	4,442
Other non-cash items	247	(532)
Changes in operating assets and liabilities:
Accounts receivable	53,961	117,967
Inventories	(32,612)	(3,701)
Prepaid expenses and other current assets	(9,237)	(10,443)
Accounts payable	24,717	(37,393)
Accrued expenses	(48,465)	(20,564)
Income taxes	(5,214)	(71,524)
Operating lease liabilities	(28,740)	(30,324)
Net cash used in operating activities	(37,849)	(77,139)
Investing Activities:
Additions to property, plant and equipment	(2,136)	(2,852)
Decrease (increase) in intangible and other assets	6,267	(387)
Proceeds from the sale of property, plant and equipment and other	10,925	76
Net cash provided by (used in) investing activities	15,056	(3,163)
Financing Activities:
Acquisition of common stock for employee tax withholdings	(254)	(176)
Debt borrowings	55,008	291,179
Debt payments	(88,932)	(170,570)
Debt issuance costs and other	0	(8,100)
Net cash (used in) provided by financing activities	(34,178)	112,333
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	(6,550)	12,477
Net (decrease) increase in cash, cash equivalents, and restricted cash	(63,521)	44,508
Cash, cash equivalents, and restricted cash:
Beginning of period	324,246	207,749
End of period	$ 260,725	$ 252,257

FINANCIAL STATEMENT POLICIES

FINANCIAL STATEMENT POLICIES	3 Months Ended
	Apr. 03, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
FINANCIAL STATEMENT POLICIES	FINANCIAL STATEMENT POLICIES Basis of Presentation. The condensed consolidated financial statements include the accounts of Fossil Group, Inc., a Delaware corporation, and its wholly and majority-owned subsidiaries (the “Company”). The Company’s fiscal year periodically results in a 53-week year instead of a normal 52-week year. The fiscal year ended January 2, 2021 was a 53-week year, with the additional week being included in the first quarter. Accordingly, the information presented herein includes the thirteen-week period ended April 3, 2021 (“First Quarter”) as compared to the fourteen-week period ended April 4, 2020 (“Prior Year Quarter”). The condensed consolidated financial statements reflect all adjustments that are, in the opinion of management, necessary to present a fair statement of the Company’s financial position as of April 3, 2021, and the results of operations for the First Quarter and Prior Year Quarter. All adjustments are of a normal, recurring nature. Effective during fiscal year 2021, the Company made a change to the presentation of reportable segments to include all information technology costs within its Corporate cost area. The Company's historical segment disclosures have been recast to be consistent with its current presentation. These interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto included in the Annual Report on Form 10-K/A filed by the Company pursuant to the Securities Exchange Act of 1934, as amended (the “Exchange Act”), for the fiscal year ended January 2, 2021 (the “2020 Form 10-K/A”). Operating results for the First Quarter are not necessarily indicative of the results to be achieved for the full fiscal year. The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), which require the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the periods reported. We base our estimates on the information available at the time and various other assumptions believed to be reasonable under the circumstances, including estimates of the impact of the coronavirus (“COVID-19”) pandemic. Actual results could differ from those estimates, including the impact of the COVID-19 pandemic. The Company has not made any changes in its significant accounting policies from those disclosed in the 2020 Form 10-K/A. Business. The Company is a global design, marketing and distribution company that specializes in consumer fashion accessories. Its principal offerings include an extensive line of men's and women's fashion watches and jewelry, handbags, small leather goods, belts and sunglasses. In the watch and jewelry product categories, the Company has a diverse portfolio of globally recognized owned and licensed brand names under which its products are marketed. The Company's products are distributed globally through various distribution channels, including wholesale in countries where it has a physical presence, direct to the consumer through its retail stores and commercial websites and through third-party distributors in countries where the Company does not maintain a physical presence. The Company's products are offered at varying price points to meet the needs of its customers, whether they are value-conscious or luxury oriented. Based on its extensive range of accessory products, brands, distribution channels and price points, the Company is able to target style-conscious consumers across a wide age spectrum on a global basis. Operating Expenses. Operating expenses include selling, general and administrative expenses (“SG&A”), trade name impairments, other long-lived asset impairments and restructuring charges. SG&A expenses include selling and distribution expenses primarily consisting of sales and distribution labor costs, sales distribution center and warehouse facility costs, depreciation expense related to sales distribution and warehouse facilities, the four-wall operating costs of the Company’s retail stores, point-of-sale expenses, advertising expenses and art, design and product development labor costs. SG&A also includes general and administrative expenses primarily consisting of administrative support labor and “back office” or support costs such as treasury, legal, information services, accounting, internal audit, human resources, executive management costs and costs associated with stock-based compensation. Restructuring charges include costs to reorganize, refine and optimize the Company’s infrastructure as well as store closure expenses. Earnings (Loss) Per Share (“EPS”). Basic EPS is based on the weighted average number of common shares outstanding during each period. Diluted EPS adjusts basic EPS for the effects of dilutive common stock equivalents outstanding during each period using the treasury stock method. The following table reconciles the numerators and denominators used in the computations of both basic and diluted EPS (in thousands, except per share data): For the 13 Weeks Ended April 3, 2021 For the 14 Weeks Ended April 4, 2020 Numerator: Net income (loss) attributable to Fossil Group, Inc. $ (24,440) $ (85,581) Denominator: Basic EPS computation: Basic weighted average common shares outstanding 51,519 50,566 Basic EPS $ (0.47) $ (1.69) Diluted EPS computation: Basic weighted average common shares outstanding 51,519 50,566 Diluted weighted average common shares outstanding 51,519 50,566 Diluted EPS $ (0.47) $ (1.69) At the end of the First Quarter, approximately 2.0 million weighted average shares issuable under stock-based awards were not included in the diluted EPS calculation because they were antidilutive. The total antidilutive weighted average shares included 0.3 million weighted average performance-based shares at the end of the First Quarter. At the end of the Prior Year Quarter, 2.6 million weighted average shares issuable under stock-based awards were not included in the diluted EPS calculation because they were antidilutive. The total antidilutive weighted average shares included 0.3 million weighted average performance-based shares at the end of the Prior Year Quarter. Cash, Cash Equivalents and Restricted Cash. Restricted cash included in intangible and other-assets net was comprised primarily of restricted cash balances for pledged collateral to secure bank guarantees for the purpose of obtaining retail space. Restricted cash included in prepaid expenses and other current assets was comprised primarily of restricted cash balances for plan distributions related to the termination of the Company's deferred compensation plan. See Note 11—Fair Value Measurements, for more information regarding the Company's termination of its deferred compensation plan. The following table provides a reconciliation of the cash, cash equivalents, and restricted cash balances as of April 3, 2021 and April 4, 2020 that are presented in the condensed consolidated statement of cash flows (in thousands): April 3, 2021 April 4, 2020 Cash and cash equivalents $ 246,694 $ 245,427 Restricted cash included in prepaid expenses and other current assets 6,567 26 Restricted cash included in intangible and other assets-net 7,464 6,804 Cash, cash equivalents and restricted cash $ 260,725 $ 252,257 Recently Issued Accounting Standards In March 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting ("ASU 2020-04") and subsequent guidance that clarified the scope and application of its original guidance. ASU 2020-04 provides optional expedients and exceptions to the current guidance on contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this update apply only to contracts and hedging relationships that reference the London Interbank Offered Rate ("LIBOR") or another reference rate expected to be discontinued due to reference rate reform. The guidance was effective upon issuance and generally can be applied to applicable contract modifications through December 31, 2022. The Company will adopt these standards when LIBOR is discontinued and does not expect them to have a material impact on its consolidated financial statements or related disclosures. Recently Adopted Accounting Standards In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes ("ASU 2019-12"). ASU 2019-12 simplifies the accounting for income taxes by removing certain exceptions to general principles in Income Taxes (Topic 740) . It also clarifies and amends existing guidance to improve consistent application. The Company adopted ASU 2019-12 at the beginning of the First Quarter, and it did not have a material effect on the Company's condensed consolidated financial statements.

REVENUE

REVENUE	3 Months Ended
	Apr. 03, 2021
Revenue from Contract with Customer [Abstract]
REVENUE	REVENUE Disaggregation of Revenue. The Company's revenue disaggregated by major product category and timing of revenue recognition was as follows (in thousands): For the 13 Weeks Ended April 3, 2021 Americas Europe Asia Corporate Total Product type Watches $ 120,866 $ 84,669 $ 86,078 $ 3 $ 291,616 Leathers 19,629 6,305 8,170 — 34,104 Jewelry 10,657 16,276 2,936 — 29,869 Other 1,354 1,984 1,456 2,659 7,453 Consolidated $ 152,506 $ 109,234 $ 98,640 $ 2,662 $ 363,042 Timing of revenue recognition Revenue recognized at a point in time $ 152,045 $ 108,887 $ 98,540 $ 907 $ 360,379 Revenue recognized over time 461 347 100 1,755 2,663 Consolidated $ 152,506 $ 109,234 $ 98,640 $ 2,662 $ 363,042 For the 14 Weeks Ended April 4, 2020 Americas Europe Asia Corporate Total Product type Watches $ 119,274 $ 97,898 $ 92,742 $ 11 $ 309,925 Leathers 27,989 9,431 9,887 — 47,307 Jewelry 4,024 17,507 1,686 — 23,217 Other 1,629 3,414 1,872 3,354 10,269 Consolidated $ 152,916 $ 128,250 $ 106,187 $ 3,365 $ 390,718 Timing of revenue recognition Revenue recognized at a point in time $ 152,285 $ 127,920 $ 105,988 $ 1,492 $ 387,685 Revenue recognized over time 631 330 199 1,873 3,033 Consolidated $ 152,916 $ 128,250 $ 106,187 $ 3,365 $ 390,718 Contract Balances. As of April 3, 2021, the Company had no material contract assets on the Company's condensed consolidated balance sheets and no deferred contract costs. The Company had contract liabilities of (i) $9.7 million and $9.9 million as of April 3, 2021 and January 2, 2021, respectively, related to remaining performance obligations on licensing income, (ii) $4.1 million and $4.6 million as of April 3, 2021 and January 2, 2021, respectively, primarily related to remaining performance obligations on wearable technology products and (iii) $4.0 million and $4.2 million as of April 3, 2021 and January 2, 2021, respectively, related to gift cards issued.

INVENTORIES

INVENTORIES	3 Months Ended
	Apr. 03, 2021
Inventory Disclosure [Abstract]
INVENTORIES	INVENTORIES Inventories consisted of the following (in thousands): April 3, 2021 January 2, 2021 Components and parts $ 24,277 $ 25,016 Work-in-process 8,211 7,913 Finished goods 290,007 262,367 Inventories $ 322,495 $ 295,296

WARRANTY LIABILITIES

WARRANTY LIABILITIES	3 Months Ended
	Apr. 03, 2021
Product Warranties Disclosures [Abstract]
WARRANTY LIABILITIES	WARRANTY LIABILITIES The Company’s warranty liability is recorded in accrued expenses-other in the Company’s condensed consolidated balance sheets. Warranty liability activity consisted of the following (in thousands): For the 13 Weeks Ended April 3, 2021 For the 14 Weeks Ended April 4, 2020 Beginning balance $ 21,916 $ 23,095 Settlements in cash or kind (2,725) (3,666) Warranties issued and adjustments to preexisting warranties (1) 1,589 2,868 Ending balance $ 20,780 $ 22,297 _______________________________________________ (1) Changes in cost estimates related to preexisting warranties are aggregated with accruals for new standard warranties issued and foreign currency changes.

INCOME TAXES

INCOME TAXES	3 Months Ended
	Apr. 03, 2021
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company’s income tax (benefit) expense and related effective rates were as follows (in thousands, except percentage data): For the 13 Weeks Ended April 3, 2021 For the 14 Weeks Ended April 4, 2020 Income tax (benefit) expense $ 2,117 $ (63,651) Effective tax rate (9.5) % 42.7 % The effective tax rate in the First Quarter was unfavorable as compared to the Prior Year Quarter since no tax benefit was accrued on the U.S. net operating loss ("NOL"), unlike in the Prior Year Quarter. The Global Intangible Low-Taxed Income (“GILTI”) provision of the Tax Cuts and Jobs Act requires the inclusion of certain foreign income in the tax return which will absorb most of the U.S. NOL. Foreign income taxes are also paid on this same foreign income, resulting in double taxation. The remaining U.S. NOL is offset with a valuation allowance since there is no certainty of any future tax benefit. The First Quarter rate is negative because foreign income tax expense is accrued on certain foreign entities with positive taxable income when the consolidated operating results are a loss. The Prior Year Quarter tax rate benefited from the enactment of the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act"), which was signed into law on March 27, 2020. The CARES Act provided many beneficial income tax changes including a provision allowing net operating losses arising in tax years 2018, 2019 and 2020 to be carried back to prior years when the U.S. tax rate was 35%, which accounts for most of the Prior Year Quarter benefit. The effective tax rate can vary from quarter-to-quarter due to changes in the Company's global mix of earnings, the resolution of income tax audits and changes in tax law. As of April 3, 2021, the Company's total amount of unrecognized tax benefits, excluding interest and penalties, was $31.4 million, of which $25.0 million would favorably impact the effective tax rate in future periods, if recognized. The Company is subject to examinations in various state and foreign jurisdictions for its 2012-2019 tax years, none of which the Company believes are significant, individually or in the aggregate. Tax audit outcomes and timing of tax audit settlements are subject to significant uncertainty. The Company has classified uncertain tax positions as long-term income taxes payable, unless such amounts are expected to be settled within twelve months of the condensed consolidated balance sheet date. As of April 3, 2021, the Company had recorded $16.2 million of unrecognized tax benefits, excluding interest and penalties, for positions that are expected to be settled within the next twelve months. Consistent with its past practice, the Company recognizes interest and/or penalties related to income tax overpayments and income tax underpayments in income tax expense and income taxes receivable/payable. At April 3, 2021, the total amount of accrued income tax-related interest and penalties included in the condensed consolidated balance sheets was $7.1 million and $0.8 million, respectively. For the First Quarter, the Company accrued income tax related interest expense of $0.4 million.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	3 Months Ended
	Apr. 03, 2021
Stockholders' Equity Note [Abstract]
STOCKHOLDERS' EQUITY	STOCKHOLDERS’ EQUITY Common and Preferred Stock. The Company has 100,000,000 shares of common stock, par value $0.01 per share, authorized, with 51,525,632 and 51,474,034 shares issued and outstanding at April 3, 2021 and January 2, 2021, respectively. The Company has 1,000,000 shares of preferred stock, par value $0.01 per share, authorized, with none issued or outstanding at April 3, 2021 or January 2, 2021. Rights, preferences and other terms of preferred stock will be determined by the Board of Directors at the time of issuance. Common Stock Repurchase Programs. At April 3, 2021 and January 2, 2021, all treasury stock had been effectively retired. As of April 3, 2021, the Company had $30.0 million of repurchase authorizations remaining under its repurchase program. The Company did not repurchase any common stock under its authorized stock repurchase plan during the First Quarter or Prior Year Quarter.

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	3 Months Ended
	Apr. 03, 2021
Share-based Payment Arrangement [Abstract]
EMPLOYEE BENEFIT PLANS	EMPLOYEE BENEFIT PLANS Stock-Based Compensation Plans. The following table summarizes stock options and stock appreciation rights activity during the First Quarter: Stock Options and Stock Appreciation Rights Shares Weighted- Weighted- Aggregate (in Thousands) (in Years) (in Thousands) Outstanding at January 2, 2021 383 $ 75.05 1.9 $ — Granted — — Exercised — — — Forfeited or expired (97) 81.66 Outstanding at April 3, 2021 286 72.78 2.2 — Exercisable at April 3, 2021 286 $ 72.78 2.2 $ — The aggregate intrinsic value shown in the table above is based on the exercise price for outstanding and exercisable options/rights at April 3, 2021. Stock Options and Stock Appreciation Rights Outstanding and Exercisable. The following tables summarize information with respect to stock options and stock appreciation rights outstanding and exercisable at April 3, 2021: Stock Options Outstanding Stock Options Exercisable Range of Number of Weighted- Weighted- Number of Weighted- (in Thousands) (in Years) (in Thousands) $127.84 - $131.46 58 128.13 1.0 58 128.13 Total 58 $ 128.13 1.0 58 $ 128.13 Stock Appreciation Rights Outstanding Stock Appreciation Rights Exercisable Range of Number of Weighted- Weighted- Number of Weighted- (in Thousands) (in Years) (in Thousands) $29.49 - $47.99 146 $ 40.92 3.0 146 $ 40.92 $55.04 - $82.55 48 77.43 2.0 48 77.43 95.91 - $113.04 34 109.58 0.9 34 109.58 Total 228 $ 58.70 2.5 228 $ 58.70 Restricted Stock Units and Performance Restricted Stock Units. The following table summarizes restricted stock unit and performance restricted stock unit activity during the First Quarter: Restricted Stock Units Number of Shares Weighted-Average (in Thousands) Nonvested at January 2, 2021 1,736 $ 7.90 Granted — — Vested (77) 9.11 Forfeited (24) 8.69 Nonvested at April 3, 2021 1,635 $ 7.83 The total fair value of restricted stock units vested during the First Quarter was approximately $0.8 million. Vesting of performance restricted stock units is based on achievement of operating margin growth and achievement of sales growth and operating margin targets in relation to the performance of a certain identified peer group.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	3 Months Ended
	Apr. 03, 2021
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The following tables disclose changes in the balances of each component of accumulated other comprehensive income (loss), net of taxes (in thousands): For the 13 Weeks Ended April 3, 2021 Currency Cash Flow Hedges Forward Pension Total Beginning balance $ (61,178) $ 850 $ 1,428 $ (58,900) Other comprehensive income (loss) before reclassifications (10,121) 1,292 — (8,829) Tax (expense) benefit — (236) — (236) Amounts reclassed from accumulated other comprehensive income (loss) — (650) — (650) Tax (expense) benefit — (36) — (36) Total other comprehensive income (loss) (10,121) 1,742 — (8,379) Ending balance $ (71,299) $ 2,592 $ 1,428 $ (67,279) For the 14 Weeks Ended April 4, 2020 Currency Cash Flow Hedges Forward Pension Total Beginning balance $ (80,474) $ 2,983 $ (3,124) $ (80,615) Other comprehensive income (loss) before reclassifications (11,193) 8,025 — (3,168) Tax (expense) benefit — (1,452) — (1,452) Amounts reclassed from accumulated other comprehensive income (loss) — 360 — 360 Tax (expense) benefit — (29) — (29) Total other comprehensive income (loss) (11,193) 6,242 — (4,951) Ending balance $ (91,667) $ 9,225 $ (3,124) $ (85,566) See “Note 10—Derivatives and Risk Management” for additional disclosures about the Company’s use of derivatives.

SEGMENT INFORMATION

SEGMENT INFORMATION	3 Months Ended
	Apr. 03, 2021
Segment Reporting [Abstract]
SEGMENT INFORMATION	SEGMENT INFORMATION The Company reports segment information based on the “management approach”. The management approach designates the internal reporting used by management for making decisions and assessing performance as the source of the Company’s reportable segments. The Company manages its business primarily on a geographic basis. The Company’s reportable operating segments are comprised of (i) Americas, (ii) Europe and (iii) Asia. Each reportable operating segment includes sales to wholesale and distributor customers, and sales through Company-owned retail stores and e-commerce activities based on the location of the selling entity. The Americas segment primarily includes sales to customers based in Canada, Latin America and the United States. The Europe segment primarily includes sales to customers based in European countries, the Middle East and Africa. The Asia segment primarily includes sales to customers based in Australia, Greater China, India, Indonesia, Japan, Malaysia, New Zealand, Singapore, South Korea and Thailand. Each reportable operating segment provides similar products and services. The Company evaluates the performance of its reportable segments based on net sales and operating income (loss). Net sales for geographic segments are based on the location of the selling entity. Operating income (loss) for each segment includes net sales to third parties, related cost of sales and operating expenses directly attributable to the segment. Corporate includes peripheral revenue generating activities from factories and intellectual property and general corporate expenses, including certain administrative, legal, accounting, technology support costs, equity compensation costs, payroll costs attributable to executive management, brand management, product development, art, creative/product design, marketing, strategy, compliance and back office supply chain expenses that are not allocated to the various segments because they are managed at the corporate level internally. The Company does not include intercompany transfers between segments for management reporting purposes. Due to changes in the Company’s reportable segments as discussed in Note 1 to the Condensed Consolidated Financial Statements, segment results for the Prior Year Quarter have been recast to present results on a comparable basis. These changes had no impact on the consolidated net sales or operating income (loss). Summary information by operating segment was as follows (in thousands): For the 13 Weeks Ended April 3, 2021 For the 14 Weeks Ended April 4, 2020 Net Sales Operating Income (Loss) Net Sales Operating Income (Loss) (1) Americas $ 152,506 $ 26,030 $ 152,916 $ (37,116) Europe 109,234 5,026 128,250 (1,205) Asia 98,640 11,724 106,187 11,941 Corporate 2,662 (59,535) 3,365 (107,961) Consolidated $ 363,042 $ (16,755) $ 390,718 $ (134,341) ________________________________________________________ (1 ) In addition to the recast disclosed above, subsequent to the issuance of the Company's condensed consolidated financial statements for the 14 weeks ended April 4, 2020, the Company's management determined that operating loss for the Americas and Corporate segments for the 14 weeks ended April 4, 2020 was incorrectly presented because $24.5 million of charges were incorrectly attributed to the Americas segment rather than the Corporate segment. As a result, operating loss for the Americas and Corporate segments for the 14 week period ended April 4, 2020 has been corrected. The Company’s management evaluated the materiality of the disclosure misstatement from a quantitative and qualitative perspective and concluded that the misstatement was not material to the 14 week period ended April 4, 2020. The following tables reflect net sales for each class of similar products in the periods presented (in thousands, except percentage data): For the 13 Weeks Ended April 3, 2021 For the 14 Weeks Ended April 4, 2020 Net Sales Percentage of Total Net Sales Percentage of Total Watches $ 291,616 80.3 % $ 309,925 79.3 % Leathers 34,104 9.4 47,307 12.1 Jewelry 29,869 8.2 23,217 6.0 Other 7,453 2.1 10,269 2.6 Total $ 363,042 100.0 % $ 390,718 100.0 %

DERIVATIVES AND RISK MANAGEMENT

DERIVATIVES AND RISK MANAGEMENT	3 Months Ended
	Apr. 03, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVES AND RISK MANAGEMENT	DERIVATIVES AND RISK MANAGEMENT Cash Flow Hedges. The primary risks managed by using derivative instruments are the fluctuations in global currencies that will ultimately be used by non-U.S. dollar functional currency subsidiaries to settle future payments of intercompany inventory transactions denominated in U.S. dollars. Specifically, the Company projects future intercompany purchases by its non-U.S. dollar functional currency subsidiaries generally over a period of up to 24 months. The Company enters into forward contracts, generally for up to 85% of the forecasted purchases, to manage fluctuations in global currencies that will ultimately be used to settle such U.S. dollar denominated inventory purchases. Additionally, the Company enters into forward contracts to manage fluctuations in Japanese yen exchange rates that will be used to settle future third-party inventory component purchases by a U.S. dollar functional currency subsidiary. Forward contracts represent agreements to exchange the currency of one country for the currency of another country at an agreed-upon settlement date and exchange rate. These forward contracts are designated as single cash flow hedges. Fluctuations in exchange rates will either increase or decrease the Company’s U.S. dollar equivalent cash flows from these inventory transactions, which will affect the Company’s U.S. dollar earnings. Gains or losses on the forward contracts are expected to offset these fluctuations to the extent the cash flows are hedged by the forward contracts. For a derivative instrument that is designated and qualifies as a cash flow hedge, the gain or loss on the derivative is reported as a component of accumulated other comprehensive income (loss), net of taxes and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. As of April 3, 2021, the Company had the following outstanding forward contracts designated as cash flow hedges that were entered into to hedge future payments of inventory transactions (in millions): Functional Currency Contract Currency Type Amount Type Amount Euro 46.1 U.S. dollar 56.2 Canadian dollar 12.6 U.S. dollar 9.8 Japanese yen 869.0 U.S. dollar 8.4 British pound 5.3 U.S. dollar 7.2 Mexican peso 73.0 U.S. dollar 3.6 Australian dollar 3.5 U.S. dollar 2.7 U.S. dollar 1.1 Japanese yen 120.0 Non-designated Hedges. The Company also periodically enters into forward contracts to manage exchange rate risks associated with certain intercompany transactions and for which the Company does not elect hedge accounting treatment. As of April 3, 2021, the Company had non-designated forward contracts of $0.4 million on 5.9 million rand associated with a South African rand-denominated foreign subsidiary. Changes in the fair value of derivatives not designated as hedging instruments are recognized in earnings when they occur. The gains and losses on cash flow hedges that were recognized in other comprehensive income (loss), net of taxes are set forth below (in thousands): For the 13 Weeks Ended April 3, 2021 For the 14 Weeks Ended April 4, 2020 Cash flow hedges: Forward contracts $ 1,056 $ 6,573 Total gain (loss) recognized in other comprehensive income (loss), net of taxes $ 1,056 $ 6,573 The following tables disclose the gains and losses on derivative instruments recorded in accumulated other comprehensive income (loss), net of taxes during the term of the hedging relationship and reclassified into earnings, and gains and losses on derivatives not designated as hedging instruments recorded directly to earnings (in thousands): Derivative Instruments Condensed Consolidated Effect of Derivative For the 13 Weeks Ended April 3, 2021 For the 14 Weeks Ended April 4, 2020 Forward contracts designated as cash flow hedging instruments Cost of sales Total gain (loss) reclassified from accumulated other comprehensive income (loss) $ 681 $ 2,647 Forward contracts designated as cash flow hedging instruments Other income (expense)-net Total gain (loss) reclassified from accumulated other comprehensive income (loss) $ (1,367) $ (2,316) Forward contracts not designated as hedging instruments Other income (expense)-net Total gain (loss) recognized in income $ (59) $ 205 The following table discloses the fair value amounts for the Company’s derivative instruments as separate asset and liability values, presents the fair value of derivative instruments on a gross basis, and identifies the line items in the condensed consolidated balance sheets in which the fair value amounts for these categories of derivative instruments are included (in thousands): Asset Derivatives Liability Derivatives April 3, 2021 January 2, 2021 April 3, 2021 January 2, 2021 Derivative Instruments Condensed Fair Condensed Fair Condensed Fair Condensed Fair Forward contracts designated as cash flow hedging instruments Prepaid expenses and other current assets $ 2,391 Prepaid expenses and other current assets $ 345 Accrued expenses-other $ 614 Accrued expenses-other $ 2,178 Forward contracts not designated as cash flow hedging instruments Prepaid expenses and other current assets 4 Prepaid expenses and other current assets — Accrued expenses-other — Accrued expenses-other 86 Forward contracts designated as cash flow hedging instruments Intangible and other assets-net 253 Intangible and other assets-net 48 Other long-term liabilities 30 Other long-term liabilities 35 Total $ 2,648 $ 393 $ 644 $ 2,299 The following tables summarize the effects of the Company's derivative instruments on earnings (in thousands): Effect of Derivative Instruments For the 13 Weeks Ended April 3, 2021 For the 14 Weeks Ended April 4, 2020 Cost of Sales Other Income (Expense)-net Cost of Sales Other Income (Expense)-net Total amounts of income and expense line items presented in the condensed consolidated statements of income (loss) and comprehensive income (loss) in which the effects of cash flow hedges are recorded $ 180,453 $ 1,864 $ 250,358 $ (7,290) Gain (loss) on cash flow hedging relationships: Forward contracts designated as cash flow hedging instruments: Total gain (loss) reclassified from other comprehensive income (loss) $ 681 $ (1,367) $ 2,647 $ (2,316) Forward contracts not designated as hedging instruments: Total gain (loss) recognized in income $ — $ (59) $ — $ 205 At the end of the First Quarter, the Company had forward contracts designated as cash flow hedges with maturities extending through June 2022. As of April 3, 2021, an estimated net gain of $1.6 million is expected to be reclassified into earnings within the next twelve months at prevailing foreign currency exchange rates.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Apr. 03, 2021
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS The Company defines fair value as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. ASC 820, Fair Value Measurement and Disclosures (“ASC 820”), establishes a fair value hierarchy, which prioritizes the inputs used in measuring fair value into three broad levels as follows: • Level 1 — Quoted prices in active markets for identical assets or liabilities. • Level 2 — Inputs, other than quoted prices in active markets, that are observable either directly or indirectly. • Level 3 — Unobservable inputs based on the Company’s assumptions. ASC 820 requires the use of observable market data if such data is available without undue cost and effort. The following table presents the fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of April 3, 2021 (in thousands): Fair Value at April 3, 2021 Level 1 Level 2 Level 3 Total Assets: Forward contracts $ — $ 2,648 $ — $ 2,648 Total $ — $ 2,648 $ — $ 2,648 Liabilities: Contingent consideration $ — $ — $ 1,976 $ 1,976 Forward contracts — 644 — 644 Total $ — $ 644 $ 1,976 $ 2,620 The following table presents the fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of January 2, 2021 (in thousands): Fair Value at January 2, 2021 Level 1 Level 2 Level 3 Total Assets: Forward contracts $ — $ 393 $ — $ 393 Deferred compensation plan assets: Investment in publicly traded mutual funds 6,257 — — 6,257 Total $ 6,257 $ 393 $ — $ 6,650 Liabilities: Contingent consideration $ — $ — $ 1,924 $ 1,924 Forward contracts — 2,299 — 2,299 Total $ — $ 2,299 $ 1,924 $ 4,223 The Company's deferred compensation plan was terminated during the First Quarter, with the final distributions taking place in the second quarter of fiscal year 2021. The deferred compensation plan assets at January 2, 2021 were recorded in intangible and other assets-net in the Company’s condensed consolidated balance sheets and the fair values were based on quoted prices. The fair values of the Company’s forward contracts are based on published quotations of spot currency rates and forward points, which are converted into implied forward currency rates. See Note 10—Derivatives and Risk Management, for additional disclosures about the forward contracts. As of April 3, 2021, the fair value of the Company's debt approximated its carrying amount. The fair value of debt was obtained using observable market inputs. The fair value of trade names are measured on a non-recurring basis using Level 3 inputs, including forecasted cash flows, discount rates and implied royalty rates. No trade name impairment was recorded during the First Quarter. During the First Quarter, operating lease right-of-use ("ROU") assets with a carrying amount of $6.0 million and property, plant and equipment-net with a carrying amount of $1.6 million related to retail store leasehold improvements, fixturing and shop-in-shops were written down to a fair value of $2.3 million and $0.6 million, respectively, resulting in impairment charges of $4.7 million.

INTANGIBLE AND OTHER ASSETS

INTANGIBLE AND OTHER ASSETS	3 Months Ended
	Apr. 03, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLE AND OTHER ASSETS	INTANGIBLE AND OTHER ASSETS The following table summarizes intangible and other assets (in thousands): April 3, 2021 January 2, 2021 Useful Gross Accumulated Gross Accumulated Lives Amount Amortization Amount Amortization Intangibles-subject to amortization: Trademarks 10 yrs. $ 3,775 $ 3,241 $ 3,775 $ 3,198 Customer lists 5 - 10 yrs. 41,989 39,850 42,387 39,406 Patents 3 - 20 yrs. 2,371 1,982 2,371 1,973 Developed technology 7 yrs. 2,193 1,234 2,193 1,097 Trade name 6 yrs. 4,502 1,125 4,502 938 Other 7 - 20 yrs. 540 309 544 301 Total intangibles-subject to amortization 55,370 47,741 55,772 46,913 Intangibles-not subject to amortization: Trade names 8,867 8,895 Other assets: Deposits 19,425 19,762 Deferred compensation plan assets — 6,257 Deferred tax asset-net 32,880 33,893 Restricted cash 7,465 8,159 Tax receivable 6,478 58,734 Investments 327 327 Other 2,163 2,303 Total other assets 68,738 129,435 Total intangible and other assets $ 132,975 $ 47,741 $ 194,102 $ 46,913 Total intangible and other assets-net $ 85,234 $ 147,189 Amortization expense for intangible assets was approximately $1.2 million and $1.9 million for the First Quarter and the Prior Year Quarter, respectively. Estimated aggregate future amortization expense by fiscal year for intangible assets is as follows (in thousands): Fiscal Year Amortization 2021 (remaining) $ 2,158 2022 $ 2,504 2023 $ 897 2024 $ 884 2025 $ 693 Thereafter $ 493

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Apr. 03, 2021
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIESLitigation. The Company is occasionally subject to litigation or other legal proceedings in the normal course of its business. The Company does not believe that the outcome of any currently pending legal matters, individually or collectively, will have a material effect on the business or financial condition of the Company.

LEASES

LEASES	3 Months Ended
	Apr. 03, 2021
Leases [Abstract]
LEASES	LEASES The Company's leases consist primarily of retail space, offices, warehouses, distribution centers, equipment and vehicles. The Company determines if an agreement contains a lease at inception based on the Company's right to the economic benefits of the leased assets and its right to direct the use of the leased asset. ROU assets represent the Company's right to use an underlying asset, and ROU liabilities represent the Company's obligation to make lease payments arising from the lease. ROU assets and liabilities are recognized at the lease commencement date based on the present value of the lease payments over the lease term. As the Company's leases do not provide an implicit rate, the Company uses its estimated incremental borrowing rate based on the information available at the commencement date adjusted for the lease term and lease country to determine the present value of the lease payments. Some leases include one or more options to renew at the Company's discretion, with renewal terms that can extend the lease from one ten As a result of the COVID-19 pandemic, the Company received lease concessions from landlords in the form of rent deferrals and rent forgiveness. The Company chose the policy election provided by the FASB in April 2020 to record rent concessions as if no modifications to lease contracts were made, and thus no changes to the ROU assets and ROU liabilities were recorded with respect to these concessions. This guidance is only applicable to COVID-19 related lease concessions that do not result in a substantial increase in the rights of the lessor or the obligations of the lessee. As of April 3, 2021, the Company had outstanding deferred rent payments of $3.1 million, and the Company received rent forgiveness of $1.1 million in the First Quarter. The components of lease expense were as follows (in thousands): Lease Cost Condensed Consolidated For the 13 Weeks Ended April 3, 2021 For the 14 Weeks Ended April 4, 2020 Operating lease cost (1)(2) SG&A $ 23,366 $ 28,206 Finance lease cost: Amortization of ROU assets SG&A $ 122 $ 101 Interest on lease liabilities Interest expense $ 5 $ 11 Short-term lease cost SG&A $ 168 $ 201 Variable lease cost SG&A $ 5,407 $ 7,694 _______________________________________________ (1) Includes sublease income, which was immaterial. (2) Excludes the impact of deferred or abated rent amounts The following table discloses supplemental balance sheet information for the Company’s leases (in thousands): Leases Condensed April 3, 2021 January 2, 2021 Assets Operating Operating lease ROU assets $ 211,918 $ 226,815 Finance Property, plant and equipment - net of accumulated depreciation of $4,853 and $4,882, respectively $ 5,682 $ 5,991 Liabilities Current: Operating Current operating lease liabilities $ 60,137 $ 64,851 Finance Short-term and current portion of long-term debt $ 1,041 $ 1,088 Noncurrent: Operating Long-term operating lease liabilities $ 217,522 $ 230,635 Finance Long-term debt $ 288 $ 569 The following table discloses the weighted-average remaining lease term and weighted-average discount rate for the Company's leases: Lease Term and Discount Rate April 3, 2021 January 2, 2021 Weighted-average remaining lease term: Operating leases 5.9 years 5.9 years Finance leases 1.0 years 1.2 years Weighted-average discount rate: Operating leases 14.0 % 14.0 % Finance leases 1.2 % 1.2 % Future minimum lease payments by year as of April 3, 2021 were as follows (in thousands): Fiscal Year Operating Leases (1) Finance Leases 2021 (remaining) $ 72,864 $ 786 2022 86,488 545 2023 67,298 — 2024 46,875 — 2025 33,447 — Thereafter 124,313 — Total lease payments $ 431,285 $ 1,331 Less: Interest 153,626 2 Total lease obligations $ 277,659 $ 1,329 ________________________________________________________________________ (1) Future minimum lease payments exclude the impact of deferred or abated rent amounts Future minimum lease payments by year as of January 2, 2021 were as follows (in thousands): Fiscal Year Operating Leases Finance Leases 2021 $ 101,507 $ 1,095 2022 85,753 569 2023 66,909 — 2024 46,656 — 2025 33,012 — Thereafter 122,318 — Total lease payments $ 456,155 $ 1,664 Less: Interest 160,669 6 Finance lease obligations $ 295,486 $ 1,658 Supplemental cash flow information related to leases was as follows (in thousands): For the 13 Weeks Ended April 3, 2021 For the 14 Weeks Ended April 4, 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases (1) $ 28,740 $ 30,324 Operating cash flows from finance leases 5 11 Financing cash flows from finance leases 254 309 Leased assets obtained in exchange for new operating lease liabilities 4,931 18,284 ________________________________________________________________________________ (1) Cash flows for the 13 weeks ended April 3, 2021 exclude the impact of deferred or abated rent amounts
LEASES	LEASES The Company's leases consist primarily of retail space, offices, warehouses, distribution centers, equipment and vehicles. The Company determines if an agreement contains a lease at inception based on the Company's right to the economic benefits of the leased assets and its right to direct the use of the leased asset. ROU assets represent the Company's right to use an underlying asset, and ROU liabilities represent the Company's obligation to make lease payments arising from the lease. ROU assets and liabilities are recognized at the lease commencement date based on the present value of the lease payments over the lease term. As the Company's leases do not provide an implicit rate, the Company uses its estimated incremental borrowing rate based on the information available at the commencement date adjusted for the lease term and lease country to determine the present value of the lease payments. Some leases include one or more options to renew at the Company's discretion, with renewal terms that can extend the lease from one ten As a result of the COVID-19 pandemic, the Company received lease concessions from landlords in the form of rent deferrals and rent forgiveness. The Company chose the policy election provided by the FASB in April 2020 to record rent concessions as if no modifications to lease contracts were made, and thus no changes to the ROU assets and ROU liabilities were recorded with respect to these concessions. This guidance is only applicable to COVID-19 related lease concessions that do not result in a substantial increase in the rights of the lessor or the obligations of the lessee. As of April 3, 2021, the Company had outstanding deferred rent payments of $3.1 million, and the Company received rent forgiveness of $1.1 million in the First Quarter. The components of lease expense were as follows (in thousands): Lease Cost Condensed Consolidated For the 13 Weeks Ended April 3, 2021 For the 14 Weeks Ended April 4, 2020 Operating lease cost (1)(2) SG&A $ 23,366 $ 28,206 Finance lease cost: Amortization of ROU assets SG&A $ 122 $ 101 Interest on lease liabilities Interest expense $ 5 $ 11 Short-term lease cost SG&A $ 168 $ 201 Variable lease cost SG&A $ 5,407 $ 7,694 _______________________________________________ (1) Includes sublease income, which was immaterial. (2) Excludes the impact of deferred or abated rent amounts The following table discloses supplemental balance sheet information for the Company’s leases (in thousands): Leases Condensed April 3, 2021 January 2, 2021 Assets Operating Operating lease ROU assets $ 211,918 $ 226,815 Finance Property, plant and equipment - net of accumulated depreciation of $4,853 and $4,882, respectively $ 5,682 $ 5,991 Liabilities Current: Operating Current operating lease liabilities $ 60,137 $ 64,851 Finance Short-term and current portion of long-term debt $ 1,041 $ 1,088 Noncurrent: Operating Long-term operating lease liabilities $ 217,522 $ 230,635 Finance Long-term debt $ 288 $ 569 The following table discloses the weighted-average remaining lease term and weighted-average discount rate for the Company's leases: Lease Term and Discount Rate April 3, 2021 January 2, 2021 Weighted-average remaining lease term: Operating leases 5.9 years 5.9 years Finance leases 1.0 years 1.2 years Weighted-average discount rate: Operating leases 14.0 % 14.0 % Finance leases 1.2 % 1.2 % Future minimum lease payments by year as of April 3, 2021 were as follows (in thousands): Fiscal Year Operating Leases (1) Finance Leases 2021 (remaining) $ 72,864 $ 786 2022 86,488 545 2023 67,298 — 2024 46,875 — 2025 33,447 — Thereafter 124,313 — Total lease payments $ 431,285 $ 1,331 Less: Interest 153,626 2 Total lease obligations $ 277,659 $ 1,329 ________________________________________________________________________ (1) Future minimum lease payments exclude the impact of deferred or abated rent amounts Future minimum lease payments by year as of January 2, 2021 were as follows (in thousands): Fiscal Year Operating Leases Finance Leases 2021 $ 101,507 $ 1,095 2022 85,753 569 2023 66,909 — 2024 46,656 — 2025 33,012 — Thereafter 122,318 — Total lease payments $ 456,155 $ 1,664 Less: Interest 160,669 6 Finance lease obligations $ 295,486 $ 1,658 Supplemental cash flow information related to leases was as follows (in thousands): For the 13 Weeks Ended April 3, 2021 For the 14 Weeks Ended April 4, 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases (1) $ 28,740 $ 30,324 Operating cash flows from finance leases 5 11 Financing cash flows from finance leases 254 309 Leased assets obtained in exchange for new operating lease liabilities 4,931 18,284 ________________________________________________________________________________ (1) Cash flows for the 13 weeks ended April 3, 2021 exclude the impact of deferred or abated rent amounts

DEBT ACTIVITY

DEBT ACTIVITY	3 Months Ended
	Apr. 03, 2021
Debt Disclosure [Abstract]
DEBT ACTIVITY	DEBT ACTIVITY On February 20, 2020, the Company entered into Amendment No. 1 to that certain Term Credit Agreement, dated as of September 26, 2019, by and among the Company, as borrower, JPMorgan Chase Bank, N.A., as administrative agent, and the lenders (the “Term Credit Agreement Lenders”) party thereto (as amended to date, the “Term Credit Agreement”). On May 12, 2020, the Company entered into Amendment No. 2 to the Term Credit Agreement to extend the deadline for delivery of the Company’s unaudited quarterly financial statements and related deliverables for the fiscal quarter ended April 4, 2020. On June 5, 2020, the Company entered into Amendment No. 3 (the “Third Amendment”) to the Term Credit Agreement to further modify certain terms of the Term Credit Agreement to address the financial impact of COVID-19. Under the Term Credit Agreement: (i) amounts outstanding bear interest at (a) the adjusted LIBO rate plus 8.50% for Eurodollar loans, and (b) the alternate base rate plus 7.50% for alternate base rate loans; (ii) a quarterly amortization payment of $10.0 million is required; and (iii) a maximum total leverage ratio of (a) 2.25 to 1.00 is permitted as of the last day of each fiscal quarter ending April 3, 2021, July 3, 2021 and October 2, 2021, and (b) 1.50 to 1.00 as of the last day of each subsequent fiscal quarter. In connection with the Third Amendment, the quarterly test for maximum total leverage ratio was waived for the first three fiscal quarters of fiscal year 2021, and the Company is required to maintain specified minimum levels of EBITDA during such periods. While the Third Amendment amended, among other things, certain of the financial covenants in the Term Credit Agreement to address the financial impact of COVID-19, any material further decreases to the Company’s revenues and cash flows, or the Company's inability to successfully achieve its cost reduction targets, could result in the Company not meeting one or more of the amended financial covenants under its Term Credit Agreement within the next twelve months. On September 26, 2019, the Company and Fossil Partners L.P., as the U.S. borrowers, and Fossil Group Europe GmbH, Fossil Asia Pacific Limited, Fossil (Europe) GmbH, Fossil (UK) Limited and Fossil Canada Inc., as the non-U.S. borrowers, certain other subsidiaries of the Company from time to time party thereto designated as borrowers, and certain subsidiaries of the Company from time to time party thereto as guarantors, entered into a $275.0 million secured asset-based revolving credit agreement (the “Revolving Facility”) with JPMorgan Chase Bank, N.A. as administrative agent (the "ABL Agent"), J.P. Morgan AG, as French collateral agent, JPMorgan Chase Bank, N.A., Citizens Bank, N.A. and Wells Fargo Bank, National Association as joint bookrunners and joint lead arrangers, and Citizens Bank, N.A. and Wells Fargo Bank, National Association, as co-syndication agents and each of the lenders from time to time party thereto (the "ABL Lenders"). The Revolving Facility provides that the ABL Lenders may extend revolving loans in an aggregate principal amount not to exceed $275.0 million at any time outstanding (the “Revolving Credit Commitment”), of which up to $160.0 million is available under a U.S. facility, an aggregate of $70.0 million is available under a European facility, $30.0 million is available under a Hong Kong facility, $10.0 million is available under a French facility, and $5.0 million is available under a Canadian facility, in each case, subject to the borrowing base availability limitations described below. The Revolving Facility also includes an up to $45.0 million subfacility for the issuance of letters of credit (the “Letters of Credit”). The Revolving Facility expires and is due and payable on September 26, 2024, provided that, if on the date that is the 121st day prior to the final maturity date of any class or tranche of term loans under the Term Credit Agreement, any such term loans are outstanding on such date, then the maturity date of the Revolving Facility shall be such date. Unless the maturity of the term loans is extended beyond the current maturity date of September 26, 2024, the Revolving Facility will expire and be due and payable on May 28, 2024. The French facility includes a $1.0 million subfacility for swingline loans, and the European facility includes a $7.0 million subfacility for swingline loans. The Revolving Facility is subject to a line cap equal to the lesser of the total Revolving Credit Commitment and the aggregate borrowing bases under the U.S. facility, the European facility, the Hong Kong facility, the French facility and the Canadian facility. Loans under the Revolving Facility may be made in U.S. dollars, Canadian dollars, euros, Hong Kong dollars or pounds sterling. The Revolving Facility is an asset-based facility, in which borrowing availability is subject to a borrowing base equal to:(a) with respect to the Company, the sum of (i) the lesser of (x) 90% of the appraised net orderly liquidation value of eligible U.S. finished goods inventory and (y) 65% of the lower of cost or market value of eligible U.S. finished goods inventory, plus (ii) 85% of the eligible U.S. accounts receivable, plus (iii) 90% of eligible U.S. credit card accounts receivable, minus (iv) the aggregate amount of reserves, if any, established by the ABL Agent; (b) with respect to each non-U.S. borrower (except for the French Borrower), the sum of (i) the lesser of (x) 90% of the appraised net orderly liquidation value of eligible foreign finished goods inventory of such non-U.S. borrower and (y) 65% of the lower of cost or market value of eligible foreign finished goods inventory of such non-U.S. borrower, plus (ii) 85% of the eligible foreign accounts receivable of such non-U.S. borrower, minus (iii) the aggregate amount of reserves, if any, established by the ABL Agent; and (c) with respect to the French Borrower, (i) 85% of eligible French accounts receivable minus (ii) the aggregate amount of reserves, if any, established by the ABL Agent. Not more than 60% of the aggregate borrowing base under the Revolving Facility may consist of the non-U.S. borrowing bases. As of April 3, 2021, the Company had $138.4 million and $77.4 million outstanding under the Term Credit Agreement and Revolving Facility, respectively. The Company had net payments of $13.6 million under the Term Credit Agreement during the First Quarter. The Company had net payments of $20.0 million under the Revolving Facility during the First Quarter. Amounts available under the Revolving Facility were reduced by any amounts outstanding under standby letters of credit. As of April 3, 2021, the Company had available borrowing capacity of $2.5 million under the Revolving Facility. The Company incurred approximately $3.8 million of interest expense related to the Term Credit Agreement during the First Quarter. The Company incurred approximately $0.4 million of interest expense related to the Revolving Facility during the First Quarter. The Company incurred approximately $2.7 million of interest expense related to the amortization of debt issuance costs and the original issue discount during the First Quarter. At April 3, 2021, the Company was in compliance with all debt covenants related to its credit facilities.

RESTRUCTURING

RESTRUCTURING	3 Months Ended
	Apr. 03, 2021
Restructuring and Related Activities [Abstract]
RESTRUCTURING	RESTRUCTURING In fiscal year 2019, the Company launched New World Fossil 2.0 - Transform to Grow Program (“NWF 2.0”), which is focused on optimizing the Company’s operating structure to be more efficient, with faster decision-making and a more customer-centric focus. In addition to optimizing the way the Company goes to market, the Company pursued additional gross margin expansion opportunities. The Company has taken a zero-based budgeting approach to adjust its business model to enable more investment in digital capabilities and marketing, move closer to the consumer and react more quickly to the ever-evolving consumer shopping patterns. The Company also changed its overall business processes and resources, creating a more centrally directed operating model, reducing complexity and redundancy, and operating at a lower cost base. The NWF 2.0 restructuring program was expanded to address additional challenges posed by COVID-19, including a number of cost saving measures such as store closures. Total NWF 2.0 charges since inception in fiscal year 2019 are $62.8 million, of which $7.5 million, $36.5 million and $18.8 million were recorded during the First Quarter, fiscal year 2020 and fiscal year 2019, respectively. The following table shows a rollforward of the accrued liability related to the Company’s NWF 2.0 restructuring plan (in thousands): For the 13 Weeks Ended April 3, 2021 Liabilities Liabilities January 2, 2021 Charges Cash Payments Non-cash Items April 3, 2021 Store closures $ 240 $ 222 $ 190 $ 221 $ 51 Professional services 2,280 586 2,325 — 541 Severance and employee-related benefits 7,741 6,712 5,901 — 8,552 Total $ 10,261 $ 7,520 $ 8,416 $ 221 $ 9,144 For the 14 Weeks Ended April 4, 2020 Liabilities Liabilities December 28, 2019 Charges Cash Payments Non-cash Items April 4, 2020 Store closures $ 22 $ 732 $ 42 $ 684 $ 28 Professional services 2,824 3,189 3,963 — 2,050 Severance and employee-related benefits 4,238 5,454 5,782 — 3,910 Total $ 7,084 $ 9,375 $ 9,787 $ 684 $ 5,988 NWF 2.0 restructuring charges by operating segment were as follows (in thousands): For the 13 Weeks Ended April 3, 2021 For the 14 Weeks Ended April 4, 2020 Americas $ 672 $ 1,136 Europe 5,263 766 Asia 275 1,623 Corporate 1,310 5,850 Consolidated $ 7,520 $ 9,375

FINANCIAL STATEMENT POLICIES (P

FINANCIAL STATEMENT POLICIES (Policies)	3 Months Ended
	Apr. 03, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation. The condensed consolidated financial statements include the accounts of Fossil Group, Inc., a Delaware corporation, and its wholly and majority-owned subsidiaries (the “Company”). The Company’s fiscal year periodically results in a 53-week year instead of a normal 52-week year. The fiscal year ended January 2, 2021 was a 53-week year, with the additional week being included in the first quarter. Accordingly, the information presented herein includes the thirteen-week period ended April 3, 2021 (“First Quarter”) as compared to the fourteen-week period ended April 4, 2020 (“Prior Year Quarter”). The condensed consolidated financial statements reflect all adjustments that are, in the opinion of management, necessary to present a fair statement of the Company’s financial position as of April 3, 2021, and the results of operations for the First Quarter and Prior Year Quarter. All adjustments are of a normal, recurring nature. Effective during fiscal year 2021, the Company made a change to the presentation of reportable segments to include all information technology costs within its Corporate cost area. The Company's historical segment disclosures have been recast to be consistent with its current presentation. These interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto included in the Annual Report on Form 10-K/A filed by the Company pursuant to the Securities Exchange Act of 1934, as amended (the “Exchange Act”), for the fiscal year ended January 2, 2021 (the “2020 Form 10-K/A”). Operating results for the First Quarter are not necessarily indicative of the results to be achieved for the full fiscal year.
Business	Business. The Company is a global design, marketing and distribution company that specializes in consumer fashion accessories. Its principal offerings include an extensive line of men's and women's fashion watches and jewelry, handbags, small leather goods, belts and sunglasses. In the watch and jewelry product categories, the Company has a diverse portfolio of globally recognized owned and licensed brand names under which its products are marketed. The Company's products are distributed globally through various distribution channels, including wholesale in countries where it has a physical presence, direct to the consumer through its retail stores and commercial websites and through third-party distributors in countries where the Company does not maintain a physical presence. The Company's products are offered at varying price points to meet the needs of its customers, whether they are value-conscious or luxury oriented. Based on its extensive range of accessory products, brands, distribution channels and price points, the Company is able to target style-conscious consumers across a wide age spectrum on a global basis.
Operating Expenses	Operating Expenses. Operating expenses include selling, general and administrative expenses (“SG&A”), trade name impairments, other long-lived asset impairments and restructuring charges. SG&A expenses include selling and distribution expenses primarily consisting of sales and distribution labor costs, sales distribution center and warehouse facility costs, depreciation expense related to sales distribution and warehouse facilities, the four-wall operating costs of the Company’s retail stores, point-of-sale expenses, advertising expenses and art, design and product development labor costs. SG&A also includes general and administrative expenses primarily consisting of administrative support labor and “back office” or support costs such as treasury, legal, information services, accounting, internal audit, human resources, executive management costs and costs associated with stock-based compensation. Restructuring charges include costs to reorganize, refine and optimize the Company’s infrastructure as well as store closure expenses.
Earnings (Loss) Per Share (EPS)	Earnings (Loss) Per Share (“EPS”). Basic EPS is based on the weighted average number of common shares outstanding during each period. Diluted EPS adjusts basic EPS for the effects of dilutive common stock equivalents outstanding during each period using the treasury stock method.
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy	Cash, Cash Equivalents and Restricted Cash. Restricted cash included in intangible and other-assets net was comprised primarily of restricted cash balances for pledged collateral to secure bank guarantees for the purpose of obtaining retail space. Restricted cash included in prepaid expenses and other current assets was comprised primarily of restricted cash balances for plan distributions related to the termination of the Company's deferred compensation plan
Recently Issued and Adopted Accounting Standards	Recently Issued Accounting Standards In March 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting ("ASU 2020-04") and subsequent guidance that clarified the scope and application of its original guidance. ASU 2020-04 provides optional expedients and exceptions to the current guidance on contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this update apply only to contracts and hedging relationships that reference the London Interbank Offered Rate ("LIBOR") or another reference rate expected to be discontinued due to reference rate reform. The guidance was effective upon issuance and generally can be applied to applicable contract modifications through December 31, 2022. The Company will adopt these standards when LIBOR is discontinued and does not expect them to have a material impact on its consolidated financial statements or related disclosures. Recently Adopted Accounting Standards In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes ("ASU 2019-12"). ASU 2019-12 simplifies the accounting for income taxes by removing certain exceptions to general principles in Income Taxes (Topic 740) . It also clarifies and amends existing guidance to improve consistent application. The Company adopted ASU 2019-12 at the beginning of the First Quarter, and it did not have a material effect on the Company's condensed consolidated financial statements.
Fair Value Measurements	The Company defines fair value as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. ASC 820, Fair Value Measurement and Disclosures (“ASC 820”), establishes a fair value hierarchy, which prioritizes the inputs used in measuring fair value into three broad levels as follows: • Level 1 — Quoted prices in active markets for identical assets or liabilities. • Level 2 — Inputs, other than quoted prices in active markets, that are observable either directly or indirectly. • Level 3 — Unobservable inputs based on the Company’s assumptions. ASC 820 requires the use of observable market data if such data is available without undue cost and effort.

FINANCIAL STATEMENT POLICIES (T

FINANCIAL STATEMENT POLICIES (Tables)	3 Months Ended
	Apr. 03, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Numerators and denominators used in the computations of both basic and diluted EPS	The following table reconciles the numerators and denominators used in the computations of both basic and diluted EPS (in thousands, except per share data): For the 13 Weeks Ended April 3, 2021 For the 14 Weeks Ended April 4, 2020 Numerator: Net income (loss) attributable to Fossil Group, Inc. $ (24,440) $ (85,581) Denominator: Basic EPS computation: Basic weighted average common shares outstanding 51,519 50,566 Basic EPS $ (0.47) $ (1.69) Diluted EPS computation: Basic weighted average common shares outstanding 51,519 50,566 Diluted weighted average common shares outstanding 51,519 50,566 Diluted EPS $ (0.47) $ (1.69)
Schedule of cash, cash equivalents and restricted cash	The following table provides a reconciliation of the cash, cash equivalents, and restricted cash balances as of April 3, 2021 and April 4, 2020 that are presented in the condensed consolidated statement of cash flows (in thousands): April 3, 2021 April 4, 2020 Cash and cash equivalents $ 246,694 $ 245,427 Restricted cash included in prepaid expenses and other current assets 6,567 26 Restricted cash included in intangible and other assets-net 7,464 6,804 Cash, cash equivalents and restricted cash $ 260,725 $ 252,257
Schedule of cash, cash equivalents and restricted cash	The following table provides a reconciliation of the cash, cash equivalents, and restricted cash balances as of April 3, 2021 and April 4, 2020 that are presented in the condensed consolidated statement of cash flows (in thousands): April 3, 2021 April 4, 2020 Cash and cash equivalents $ 246,694 $ 245,427 Restricted cash included in prepaid expenses and other current assets 6,567 26 Restricted cash included in intangible and other assets-net 7,464 6,804 Cash, cash equivalents and restricted cash $ 260,725 $ 252,257

REVENUE (Tables)

REVENUE (Tables)	3 Months Ended
	Apr. 03, 2021
Revenue from Contract with Customer [Abstract]
Disaggregation of revenue	The Company's revenue disaggregated by major product category and timing of revenue recognition was as follows (in thousands): For the 13 Weeks Ended April 3, 2021 Americas Europe Asia Corporate Total Product type Watches $ 120,866 $ 84,669 $ 86,078 $ 3 $ 291,616 Leathers 19,629 6,305 8,170 — 34,104 Jewelry 10,657 16,276 2,936 — 29,869 Other 1,354 1,984 1,456 2,659 7,453 Consolidated $ 152,506 $ 109,234 $ 98,640 $ 2,662 $ 363,042 Timing of revenue recognition Revenue recognized at a point in time $ 152,045 $ 108,887 $ 98,540 $ 907 $ 360,379 Revenue recognized over time 461 347 100 1,755 2,663 Consolidated $ 152,506 $ 109,234 $ 98,640 $ 2,662 $ 363,042 For the 14 Weeks Ended April 4, 2020 Americas Europe Asia Corporate Total Product type Watches $ 119,274 $ 97,898 $ 92,742 $ 11 $ 309,925 Leathers 27,989 9,431 9,887 — 47,307 Jewelry 4,024 17,507 1,686 — 23,217 Other 1,629 3,414 1,872 3,354 10,269 Consolidated $ 152,916 $ 128,250 $ 106,187 $ 3,365 $ 390,718 Timing of revenue recognition Revenue recognized at a point in time $ 152,285 $ 127,920 $ 105,988 $ 1,492 $ 387,685 Revenue recognized over time 631 330 199 1,873 3,033 Consolidated $ 152,916 $ 128,250 $ 106,187 $ 3,365 $ 390,718

INVENTORIES (Tables)

INVENTORIES (Tables)	3 Months Ended
	Apr. 03, 2021
Inventory Disclosure [Abstract]
Schedule of inventories	Inventories consisted of the following (in thousands): April 3, 2021 January 2, 2021 Components and parts $ 24,277 $ 25,016 Work-in-process 8,211 7,913 Finished goods 290,007 262,367 Inventories $ 322,495 $ 295,296

WARRANTY LIABILITIES (Tables)

WARRANTY LIABILITIES (Tables)	3 Months Ended
	Apr. 03, 2021
Product Warranties Disclosures [Abstract]
Schedule of warranty liability activity	Warranty liability activity consisted of the following (in thousands): For the 13 Weeks Ended April 3, 2021 For the 14 Weeks Ended April 4, 2020 Beginning balance $ 21,916 $ 23,095 Settlements in cash or kind (2,725) (3,666) Warranties issued and adjustments to preexisting warranties (1) 1,589 2,868 Ending balance $ 20,780 $ 22,297 _______________________________________________ (1) Changes in cost estimates related to preexisting warranties are aggregated with accruals for new standard warranties issued and foreign currency changes.

INCOME TAXES (Tables)

INCOME TAXES (Tables)	3 Months Ended
	Apr. 03, 2021
Income Tax Disclosure [Abstract]
Schedule of income tax expense and related effective rate	The Company’s income tax (benefit) expense and related effective rates were as follows (in thousands, except percentage data): For the 13 Weeks Ended April 3, 2021 For the 14 Weeks Ended April 4, 2020 Income tax (benefit) expense $ 2,117 $ (63,651) Effective tax rate (9.5) % 42.7 %

EMPLOYEE BENEFIT PLANS (Tables)

EMPLOYEE BENEFIT PLANS (Tables)	3 Months Ended
	Apr. 03, 2021
Share-based Payment Arrangement [Abstract]
Summary of stock options and stock appreciation rights activity	The following table summarizes stock options and stock appreciation rights activity during the First Quarter: Stock Options and Stock Appreciation Rights Shares Weighted- Weighted- Aggregate (in Thousands) (in Years) (in Thousands) Outstanding at January 2, 2021 383 $ 75.05 1.9 $ — Granted — — Exercised — — — Forfeited or expired (97) 81.66 Outstanding at April 3, 2021 286 72.78 2.2 — Exercisable at April 3, 2021 286 $ 72.78 2.2 $ —
Summary of stock options and stock appreciation rights outstanding and exercisable	The following tables summarize information with respect to stock options and stock appreciation rights outstanding and exercisable at April 3, 2021: Stock Options Outstanding Stock Options Exercisable Range of Number of Weighted- Weighted- Number of Weighted- (in Thousands) (in Years) (in Thousands) $127.84 - $131.46 58 128.13 1.0 58 128.13 Total 58 $ 128.13 1.0 58 $ 128.13 Stock Appreciation Rights Outstanding Stock Appreciation Rights Exercisable Range of Number of Weighted- Weighted- Number of Weighted- (in Thousands) (in Years) (in Thousands) $29.49 - $47.99 146 $ 40.92 3.0 146 $ 40.92 $55.04 - $82.55 48 77.43 2.0 48 77.43 95.91 - $113.04 34 109.58 0.9 34 109.58 Total 228 $ 58.70 2.5 228 $ 58.70
Summary of restricted stock, restricted stock units and performance restricted stock units activity	The following table summarizes restricted stock unit and performance restricted stock unit activity during the First Quarter: Restricted Stock Units Number of Shares Weighted-Average (in Thousands) Nonvested at January 2, 2021 1,736 $ 7.90 Granted — — Vested (77) 9.11 Forfeited (24) 8.69 Nonvested at April 3, 2021 1,635 $ 7.83

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)	3 Months Ended
	Apr. 03, 2021
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of changes in the balances of each component of accumulated other comprehensive income (loss), net of taxes	The following tables disclose changes in the balances of each component of accumulated other comprehensive income (loss), net of taxes (in thousands): For the 13 Weeks Ended April 3, 2021 Currency Cash Flow Hedges Forward Pension Total Beginning balance $ (61,178) $ 850 $ 1,428 $ (58,900) Other comprehensive income (loss) before reclassifications (10,121) 1,292 — (8,829) Tax (expense) benefit — (236) — (236) Amounts reclassed from accumulated other comprehensive income (loss) — (650) — (650) Tax (expense) benefit — (36) — (36) Total other comprehensive income (loss) (10,121) 1,742 — (8,379) Ending balance $ (71,299) $ 2,592 $ 1,428 $ (67,279) For the 14 Weeks Ended April 4, 2020 Currency Cash Flow Hedges Forward Pension Total Beginning balance $ (80,474) $ 2,983 $ (3,124) $ (80,615) Other comprehensive income (loss) before reclassifications (11,193) 8,025 — (3,168) Tax (expense) benefit — (1,452) — (1,452) Amounts reclassed from accumulated other comprehensive income (loss) — 360 — 360 Tax (expense) benefit — (29) — (29) Total other comprehensive income (loss) (11,193) 6,242 — (4,951) Ending balance $ (91,667) $ 9,225 $ (3,124) $ (85,566) See “Note 10—Derivatives and Risk Management” for additional disclosures about the Company’s use of derivatives.

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	3 Months Ended
	Apr. 03, 2021
Segment Reporting [Abstract]
Summary information by operating segment	Summary information by operating segment was as follows (in thousands): For the 13 Weeks Ended April 3, 2021 For the 14 Weeks Ended April 4, 2020 Net Sales Operating Income (Loss) Net Sales Operating Income (Loss) (1) Americas $ 152,506 $ 26,030 $ 152,916 $ (37,116) Europe 109,234 5,026 128,250 (1,205) Asia 98,640 11,724 106,187 11,941 Corporate 2,662 (59,535) 3,365 (107,961) Consolidated $ 363,042 $ (16,755) $ 390,718 $ (134,341) ________________________________________________________ (1 ) In addition to the recast disclosed above, subsequent to the issuance of the Company's condensed consolidated financial statements for the 14 weeks ended April 4, 2020, the Company's management determined that operating loss for the Americas and Corporate segments for the 14 weeks ended April 4, 2020 was incorrectly presented because $24.5 million of charges were incorrectly attributed to the Americas segment rather than the Corporate segment. As a result, operating loss for the Americas and Corporate segments for the 14 week period ended April 4, 2020 has been corrected. The Company’s management evaluated the materiality of the disclosure misstatement from a quantitative and qualitative perspective and concluded that the misstatement was not material to the 14 week period ended April 4, 2020.
Schedule of net sales for each class of similar products	The following tables reflect net sales for each class of similar products in the periods presented (in thousands, except percentage data): For the 13 Weeks Ended April 3, 2021 For the 14 Weeks Ended April 4, 2020 Net Sales Percentage of Total Net Sales Percentage of Total Watches $ 291,616 80.3 % $ 309,925 79.3 % Leathers 34,104 9.4 47,307 12.1 Jewelry 29,869 8.2 23,217 6.0 Other 7,453 2.1 10,269 2.6 Total $ 363,042 100.0 % $ 390,718 100.0 %

DERIVATIVES AND RISK MANAGEME_2

DERIVATIVES AND RISK MANAGEMENT (Tables)	3 Months Ended
	Apr. 03, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of outstanding forward contracts	As of April 3, 2021, the Company had the following outstanding forward contracts designated as cash flow hedges that were entered into to hedge future payments of inventory transactions (in millions): Functional Currency Contract Currency Type Amount Type Amount Euro 46.1 U.S. dollar 56.2 Canadian dollar 12.6 U.S. dollar 9.8 Japanese yen 869.0 U.S. dollar 8.4 British pound 5.3 U.S. dollar 7.2 Mexican peso 73.0 U.S. dollar 3.6 Australian dollar 3.5 U.S. dollar 2.7 U.S. dollar 1.1 Japanese yen 120.0
Schedule of effective portion of gains and losses on derivative instruments recognized in other comprehensive income (loss), net of taxes	The gains and losses on cash flow hedges that were recognized in other comprehensive income (loss), net of taxes are set forth below (in thousands): For the 13 Weeks Ended April 3, 2021 For the 14 Weeks Ended April 4, 2020 Cash flow hedges: Forward contracts $ 1,056 $ 6,573 Total gain (loss) recognized in other comprehensive income (loss), net of taxes $ 1,056 $ 6,573
Schedule of effective portion of gains and losses on derivative instruments recognized in other comprehensive income (loss), net of taxes reclassified into earnings and derivatives not designated as hedging instruments recorded directly to earnings	he following tables disclose the gains and losses on derivative instruments recorded in accumulated other comprehensive income (loss), net of taxes during the term of the hedging relationship and reclassified into earnings, and gains and losses on derivatives not designated as hedging instruments recorded directly to earnings (in thousands): Derivative Instruments Condensed Consolidated Effect of Derivative For the 13 Weeks Ended April 3, 2021 For the 14 Weeks Ended April 4, 2020 Forward contracts designated as cash flow hedging instruments Cost of sales Total gain (loss) reclassified from accumulated other comprehensive income (loss) $ 681 $ 2,647 Forward contracts designated as cash flow hedging instruments Other income (expense)-net Total gain (loss) reclassified from accumulated other comprehensive income (loss) $ (1,367) $ (2,316) Forward contracts not designated as hedging instruments Other income (expense)-net Total gain (loss) recognized in income $ (59) $ 205
Schedule of fair value amounts for derivative instruments as separate asset and liability values on a gross basis and their location on condensed consolidated balance sheets	The following table discloses the fair value amounts for the Company’s derivative instruments as separate asset and liability values, presents the fair value of derivative instruments on a gross basis, and identifies the line items in the condensed consolidated balance sheets in which the fair value amounts for these categories of derivative instruments are included (in thousands): Asset Derivatives Liability Derivatives April 3, 2021 January 2, 2021 April 3, 2021 January 2, 2021 Derivative Instruments Condensed Fair Condensed Fair Condensed Fair Condensed Fair Forward contracts designated as cash flow hedging instruments Prepaid expenses and other current assets $ 2,391 Prepaid expenses and other current assets $ 345 Accrued expenses-other $ 614 Accrued expenses-other $ 2,178 Forward contracts not designated as cash flow hedging instruments Prepaid expenses and other current assets 4 Prepaid expenses and other current assets — Accrued expenses-other — Accrued expenses-other 86 Forward contracts designated as cash flow hedging instruments Intangible and other assets-net 253 Intangible and other assets-net 48 Other long-term liabilities 30 Other long-term liabilities 35 Total $ 2,648 $ 393 $ 644 $ 2,299 The following tables summarize the effects of the Company's derivative instruments on earnings (in thousands): Effect of Derivative Instruments For the 13 Weeks Ended April 3, 2021 For the 14 Weeks Ended April 4, 2020 Cost of Sales Other Income (Expense)-net Cost of Sales Other Income (Expense)-net Total amounts of income and expense line items presented in the condensed consolidated statements of income (loss) and comprehensive income (loss) in which the effects of cash flow hedges are recorded $ 180,453 $ 1,864 $ 250,358 $ (7,290) Gain (loss) on cash flow hedging relationships: Forward contracts designated as cash flow hedging instruments: Total gain (loss) reclassified from other comprehensive income (loss) $ 681 $ (1,367) $ 2,647 $ (2,316) Forward contracts not designated as hedging instruments: Total gain (loss) recognized in income $ — $ (59) $ — $ 205

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Apr. 03, 2021
Fair Value Disclosures [Abstract]
Schedule of the fair value hierarchy of assets and liabilities measured at fair value on a recurring basis	The following table presents the fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of April 3, 2021 (in thousands): Fair Value at April 3, 2021 Level 1 Level 2 Level 3 Total Assets: Forward contracts $ — $ 2,648 $ — $ 2,648 Total $ — $ 2,648 $ — $ 2,648 Liabilities: Contingent consideration $ — $ — $ 1,976 $ 1,976 Forward contracts — 644 — 644 Total $ — $ 644 $ 1,976 $ 2,620 The following table presents the fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of January 2, 2021 (in thousands): Fair Value at January 2, 2021 Level 1 Level 2 Level 3 Total Assets: Forward contracts $ — $ 393 $ — $ 393 Deferred compensation plan assets: Investment in publicly traded mutual funds 6,257 — — 6,257 Total $ 6,257 $ 393 $ — $ 6,650 Liabilities: Contingent consideration $ — $ — $ 1,924 $ 1,924 Forward contracts — 2,299 — 2,299 Total $ — $ 2,299 $ 1,924 $ 4,223

INTANGIBLE AND OTHER ASSETS (Ta

INTANGIBLE AND OTHER ASSETS (Tables)	3 Months Ended
	Apr. 03, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of intangible and other assets-net	The following table summarizes intangible and other assets (in thousands): April 3, 2021 January 2, 2021 Useful Gross Accumulated Gross Accumulated Lives Amount Amortization Amount Amortization Intangibles-subject to amortization: Trademarks 10 yrs. $ 3,775 $ 3,241 $ 3,775 $ 3,198 Customer lists 5 - 10 yrs. 41,989 39,850 42,387 39,406 Patents 3 - 20 yrs. 2,371 1,982 2,371 1,973 Developed technology 7 yrs. 2,193 1,234 2,193 1,097 Trade name 6 yrs. 4,502 1,125 4,502 938 Other 7 - 20 yrs. 540 309 544 301 Total intangibles-subject to amortization 55,370 47,741 55,772 46,913 Intangibles-not subject to amortization: Trade names 8,867 8,895 Other assets: Deposits 19,425 19,762 Deferred compensation plan assets — 6,257 Deferred tax asset-net 32,880 33,893 Restricted cash 7,465 8,159 Tax receivable 6,478 58,734 Investments 327 327 Other 2,163 2,303 Total other assets 68,738 129,435 Total intangible and other assets $ 132,975 $ 47,741 $ 194,102 $ 46,913 Total intangible and other assets-net $ 85,234 $ 147,189
Schedule of estimated aggregate future amortization expense by fiscal year for intangible assets	Estimated aggregate future amortization expense by fiscal year for intangible assets is as follows (in thousands): Fiscal Year Amortization 2021 (remaining) $ 2,158 2022 $ 2,504 2023 $ 897 2024 $ 884 2025 $ 693 Thereafter $ 493

LEASES (Tables)

LEASES (Tables)	3 Months Ended
	Apr. 03, 2021
Leases [Abstract]
Components of leases	The components of lease expense were as follows (in thousands): Lease Cost Condensed Consolidated For the 13 Weeks Ended April 3, 2021 For the 14 Weeks Ended April 4, 2020 Operating lease cost (1)(2) SG&A $ 23,366 $ 28,206 Finance lease cost: Amortization of ROU assets SG&A $ 122 $ 101 Interest on lease liabilities Interest expense $ 5 $ 11 Short-term lease cost SG&A $ 168 $ 201 Variable lease cost SG&A $ 5,407 $ 7,694 _______________________________________________ (1) Includes sublease income, which was immaterial. (2) Excludes the impact of deferred or abated rent amounts The following table discloses supplemental balance sheet information for the Company’s leases (in thousands): Leases Condensed April 3, 2021 January 2, 2021 Assets Operating Operating lease ROU assets $ 211,918 $ 226,815 Finance Property, plant and equipment - net of accumulated depreciation of $4,853 and $4,882, respectively $ 5,682 $ 5,991 Liabilities Current: Operating Current operating lease liabilities $ 60,137 $ 64,851 Finance Short-term and current portion of long-term debt $ 1,041 $ 1,088 Noncurrent: Operating Long-term operating lease liabilities $ 217,522 $ 230,635 Finance Long-term debt $ 288 $ 569 The following table discloses the weighted-average remaining lease term and weighted-average discount rate for the Company's leases: Lease Term and Discount Rate April 3, 2021 January 2, 2021 Weighted-average remaining lease term: Operating leases 5.9 years 5.9 years Finance leases 1.0 years 1.2 years Weighted-average discount rate: Operating leases 14.0 % 14.0 % Finance leases 1.2 % 1.2 %
Maturity of lease liabilities	Future minimum lease payments by year as of April 3, 2021 were as follows (in thousands): Fiscal Year Operating Leases (1) Finance Leases 2021 (remaining) $ 72,864 $ 786 2022 86,488 545 2023 67,298 — 2024 46,875 — 2025 33,447 — Thereafter 124,313 — Total lease payments $ 431,285 $ 1,331 Less: Interest 153,626 2 Total lease obligations $ 277,659 $ 1,329 ________________________________________________________________________ (1) Future minimum lease payments exclude the impact of deferred or abated rent amounts Future minimum lease payments by year as of January 2, 2021 were as follows (in thousands): Fiscal Year Operating Leases Finance Leases 2021 $ 101,507 $ 1,095 2022 85,753 569 2023 66,909 — 2024 46,656 — 2025 33,012 — Thereafter 122,318 — Total lease payments $ 456,155 $ 1,664 Less: Interest 160,669 6 Finance lease obligations $ 295,486 $ 1,658
Maturity of lease liabilities	Future minimum lease payments by year as of April 3, 2021 were as follows (in thousands): Fiscal Year Operating Leases (1) Finance Leases 2021 (remaining) $ 72,864 $ 786 2022 86,488 545 2023 67,298 — 2024 46,875 — 2025 33,447 — Thereafter 124,313 — Total lease payments $ 431,285 $ 1,331 Less: Interest 153,626 2 Total lease obligations $ 277,659 $ 1,329 ________________________________________________________________________ (1) Future minimum lease payments exclude the impact of deferred or abated rent amounts Future minimum lease payments by year as of January 2, 2021 were as follows (in thousands): Fiscal Year Operating Leases Finance Leases 2021 $ 101,507 $ 1,095 2022 85,753 569 2023 66,909 — 2024 46,656 — 2025 33,012 — Thereafter 122,318 — Total lease payments $ 456,155 $ 1,664 Less: Interest 160,669 6 Finance lease obligations $ 295,486 $ 1,658
Supplemental cash flow information	Supplemental cash flow information related to leases was as follows (in thousands): For the 13 Weeks Ended April 3, 2021 For the 14 Weeks Ended April 4, 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases (1) $ 28,740 $ 30,324 Operating cash flows from finance leases 5 11 Financing cash flows from finance leases 254 309 Leased assets obtained in exchange for new operating lease liabilities 4,931 18,284 ________________________________________________________________________________ (1) Cash flows for the 13 weeks ended April 3, 2021 exclude the impact of deferred or abated rent amounts

RESTRUCTURING (Tables)

RESTRUCTURING (Tables)	3 Months Ended
	Apr. 03, 2021
Restructuring and Related Activities [Abstract]
Rollforward of liability incurred on restructuring plan	The following table shows a rollforward of the accrued liability related to the Company’s NWF 2.0 restructuring plan (in thousands): For the 13 Weeks Ended April 3, 2021 Liabilities Liabilities January 2, 2021 Charges Cash Payments Non-cash Items April 3, 2021 Store closures $ 240 $ 222 $ 190 $ 221 $ 51 Professional services 2,280 586 2,325 — 541 Severance and employee-related benefits 7,741 6,712 5,901 — 8,552 Total $ 10,261 $ 7,520 $ 8,416 $ 221 $ 9,144 For the 14 Weeks Ended April 4, 2020 Liabilities Liabilities December 28, 2019 Charges Cash Payments Non-cash Items April 4, 2020 Store closures $ 22 $ 732 $ 42 $ 684 $ 28 Professional services 2,824 3,189 3,963 — 2,050 Severance and employee-related benefits 4,238 5,454 5,782 — 3,910 Total $ 7,084 $ 9,375 $ 9,787 $ 684 $ 5,988
Schedule of restructuring charges by operating segment	NWF 2.0 restructuring charges by operating segment were as follows (in thousands): For the 13 Weeks Ended April 3, 2021 For the 14 Weeks Ended April 4, 2020 Americas $ 672 $ 1,136 Europe 5,263 766 Asia 275 1,623 Corporate 1,310 5,850 Consolidated $ 7,520 $ 9,375

FINANCIAL STATEMENT POLICIES -

FINANCIAL STATEMENT POLICIES - Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Apr. 03, 2021	Apr. 04, 2020
Numerator:
Net income (loss) attributable to Fossil Group, Inc.	$ (24,440)	$ (85,581)
Basic EPS computation:
Basic weighted average common shares outstanding (in shares)	51,519	50,566
Basic EPS (in dollars per share)	$ (0.47)	$ (1.69)
Diluted EPS computation:
Basic weighted average common shares outstanding (in shares)	51,519	50,566
Diluted weighted average common shares outstanding (in shares)	51,519	50,566
Diluted EPS (in dollars per share)	$ (0.47)	$ (1.69)
Stock Compensation Plan
Other EPS Disclosures
Weighted shares issuable under stock-based awards not included in the diluted EPS calculation (in shares)	2,000	2,600
Performance Shares
Other EPS Disclosures
Weighted shares issuable under stock-based awards not included in the diluted EPS calculation (in shares)	300	300

FINANCIAL STATEMENT POLICIES _2

FINANCIAL STATEMENT POLICIES - Schedule Of Cash And Restricted Cash Equivalents (Details) - USD ($) $ in Thousands	Apr. 03, 2021	Jan. 02, 2021	Apr. 04, 2020	Dec. 28, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 246,694	$ 315,965	$ 245,427
Restricted cash included in prepaid expenses and other current assets	6,567		26
Restricted cash included in intangible and other assets-net	7,464		6,804
Cash, cash equivalents and restricted cash	$ 260,725	$ 324,246	$ 252,257	$ 207,749

REVENUE - Disaggregation Of Rev

REVENUE - Disaggregation Of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 03, 2021	Apr. 04, 2020
Disaggregation of Revenue [Line Items]
Net sales	$ 363,042	$ 390,718
Watches
Disaggregation of Revenue [Line Items]
Net sales	291,616	309,925
Leathers
Disaggregation of Revenue [Line Items]
Net sales	34,104	47,307
Jewelry
Disaggregation of Revenue [Line Items]
Net sales	29,869	23,217
Other
Disaggregation of Revenue [Line Items]
Net sales	7,453	10,269
Revenue recognized at a point in time
Disaggregation of Revenue [Line Items]
Net sales	360,379	387,685
Revenue recognized over time
Disaggregation of Revenue [Line Items]
Net sales	2,663	3,033
Operating segments | Americas
Disaggregation of Revenue [Line Items]
Net sales	152,506	152,916
Operating segments | Americas | Watches
Disaggregation of Revenue [Line Items]
Net sales	120,866	119,274
Operating segments | Americas | Leathers
Disaggregation of Revenue [Line Items]
Net sales	19,629	27,989
Operating segments | Americas | Jewelry
Disaggregation of Revenue [Line Items]
Net sales	10,657	4,024
Operating segments | Americas | Other
Disaggregation of Revenue [Line Items]
Net sales	1,354	1,629
Operating segments | Americas | Revenue recognized at a point in time
Disaggregation of Revenue [Line Items]
Net sales	152,045	152,285
Operating segments | Americas | Revenue recognized over time
Disaggregation of Revenue [Line Items]
Net sales	461	631
Operating segments | Europe
Disaggregation of Revenue [Line Items]
Net sales	109,234	128,250
Operating segments | Europe | Watches
Disaggregation of Revenue [Line Items]
Net sales	84,669	97,898
Operating segments | Europe | Leathers
Disaggregation of Revenue [Line Items]
Net sales	6,305	9,431
Operating segments | Europe | Jewelry
Disaggregation of Revenue [Line Items]
Net sales	16,276	17,507
Operating segments | Europe | Other
Disaggregation of Revenue [Line Items]
Net sales	1,984	3,414
Operating segments | Europe | Revenue recognized at a point in time
Disaggregation of Revenue [Line Items]
Net sales	108,887	127,920
Operating segments | Europe | Revenue recognized over time
Disaggregation of Revenue [Line Items]
Net sales	347	330
Operating segments | Asia
Disaggregation of Revenue [Line Items]
Net sales	98,640	106,187
Operating segments | Asia | Watches
Disaggregation of Revenue [Line Items]
Net sales	86,078	92,742
Operating segments | Asia | Leathers
Disaggregation of Revenue [Line Items]
Net sales	8,170	9,887
Operating segments | Asia | Jewelry
Disaggregation of Revenue [Line Items]
Net sales	2,936	1,686
Operating segments | Asia | Other
Disaggregation of Revenue [Line Items]
Net sales	1,456	1,872
Operating segments | Asia | Revenue recognized at a point in time
Disaggregation of Revenue [Line Items]
Net sales	98,540	105,988
Operating segments | Asia | Revenue recognized over time
Disaggregation of Revenue [Line Items]
Net sales	100	199
Corporate
Disaggregation of Revenue [Line Items]
Net sales	2,662	3,365
Corporate | Watches
Disaggregation of Revenue [Line Items]
Net sales	3	11
Corporate | Leathers
Disaggregation of Revenue [Line Items]
Net sales	0	0
Corporate | Jewelry
Disaggregation of Revenue [Line Items]
Net sales	0	0
Corporate | Other
Disaggregation of Revenue [Line Items]
Net sales	2,659	3,354
Corporate | Revenue recognized at a point in time
Disaggregation of Revenue [Line Items]
Net sales	907	1,492
Corporate | Revenue recognized over time
Disaggregation of Revenue [Line Items]
Net sales	$ 1,755	$ 1,873

REVENUE - Contract Balances (De

REVENUE - Contract Balances (Details) - USD ($)	Apr. 03, 2021	Jan. 02, 2021
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Contract assets	$ 0
Deferred contract costs	0
Contract liabilities	9,700,000	$ 9,900,000
Wearable technology
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Contract liabilities	4,100,000	4,600,000
Gift Cards
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Contract liabilities	$ 4,000,000	$ 4,200,000

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Thousands	Apr. 03, 2021	Jan. 02, 2021
Inventory Disclosure [Abstract]
Components and parts	$ 24,277	$ 25,016
Work-in-process	8,211	7,913
Finished goods	290,007	262,367
Inventories	$ 322,495	$ 295,296

WARRANTY LIABILITIES (Details)

WARRANTY LIABILITIES (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 03, 2021	Apr. 04, 2020
Warranty liability activity
Beginning balance	$ 21,916	$ 23,095
Settlements in cash or kind	(2,725)	(3,666)
Warranties issued and adjustments to preexisting warranties	1,589	2,868
Ending balance	$ 20,780	$ 22,297

INCOME TAXES - Schedule of Inco

INCOME TAXES - Schedule of Income Tax Expense and Related Effective Rate (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 03, 2021	Apr. 04, 2020
Income Tax Disclosure [Abstract]
Income tax (benefit) expense	$ 2,117	$ (63,651)
Effective tax rate	(9.50%)	42.70%

INCOME TAXES - Narrative (Detai

INCOME TAXES - Narrative (Details) $ in Millions	3 Months Ended
	Apr. 03, 2021USD ($)
Income Tax Disclosure [Abstract]
Unrecognized tax benefits, excluding interest and penalties	$ 31.4
Unrecognized tax benefits that would favorably impact effective tax rate in future periods	25
Unrecognized tax benefits, excluding interest and penalties, that are expected to be settled within the next twelve months	16.2
Accrued income tax-related interest	7.1
Accrued income tax-related penalties	0.8
Income tax related interest expense	$ 0.4

STOCKHOLDERS' EQUITY (Details)

STOCKHOLDERS' EQUITY (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Apr. 03, 2021	Apr. 04, 2020	Jan. 02, 2021
Stockholders' Equity Note [Abstract]
Common stock, shares authorized (in shares)	100,000,000		100,000,000
Common stock, par value (in dollars per share)	$ 0.01		$ 0.01
Common stock, shares issued (in shares)	51,525,632		51,474,034
Common stock, shares outstanding (in shares)	51,525,632		51,474,034
Preferred stock, shares authorized (in shares)	1,000,000		1,000,000
Preferred stock, par value (in dollars per share)	$ 0.01		$ 0.01
Preferred stock, shares issued (in shares)	0		0
Preferred stock, shares outstanding (in shares)	0		0
Authorizations remaining	$ 30
Common stock repurchased (in shares)	0	0

EMPLOYEE BENEFIT PLANS - Summar

EMPLOYEE BENEFIT PLANS - Summary of Stock Options and Stock Appreciation Rights Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Apr. 03, 2021	Jan. 02, 2021
Shares
Outstanding at beginning of period (in shares)	383
Granted (in shares)	0
Exercised (in shares)	0
Forfeited or expired (in shares)	(97)
Outstanding at end of period (in shares)	286	383
Exercisable at end of period (in shares)	286
Weighted- Average Exercise Price
Outstanding at beginning of period (in dollars per share)	$ 75.05
Granted (in dollars per share)	0
Exercised (in dollars per share)	0
Forfeited or expired (in dollars per share)	81.66
Outstanding at end of period (in dollars per share)	72.78	$ 75.05
Exercisable at end of period (in dollars per share)	$ 72.78
Weighted- Average Remaining Contractual Term
Outstanding	2 years 2 months 12 days	1 year 10 months 24 days
Exercisable at end of period	2 years 2 months 12 days
Aggregate Intrinsic Value
Aggregate intrinsic value outstanding	$ 0	$ 0
Exercised	0
Exercisable at end of period	$ 0

EMPLOYEE BENEFIT PLANS - Summ_2

EMPLOYEE BENEFIT PLANS - Summary of Stock Options and Stock Appreciation Rights Outstanding and Exercisable (Details) shares in Thousands	3 Months Ended
	Apr. 03, 2021$ / sharesshares
Stock options
Stock-based compensation plans disclosures
Stock options outstanding, number of shares (in shares) | shares	58
Stock options outstanding, weighted- average exercise price (in dollars per share)	$ 128.13
Stock options outstanding, weighted- average remaining contractual term	1 year
Stock options exercisable, number of shares (in shares) | shares	58
Stock options exercisable, weighted- average exercise price (in dollars per share)	$ 128.13
Stock appreciation rights
Stock-based compensation plans disclosures
Equity instruments other than options outstanding, number of shares (in shares) | shares	228
Equity instruments other than options outstanding, weighted- average exercise price (in dollars per share)	$ 58.70
Equity instruments other than options outstanding, weighted- average remaining contractual term	2 years 6 months
Equity instruments other than options exercisable, number of shares (in shares) | shares	228
Equity instruments other than options exercisable, weighted- average exercise price (in dollars per share)	$ 58.70
Range One Of Exercise Prices | Stock appreciation rights
Stock-based compensation plans disclosures
Equity instruments other than options outstanding, number of shares (in shares) | shares	146
Equity instruments other than options outstanding, weighted- average exercise price (in dollars per share)	$ 40.92
Equity instruments other than options outstanding, weighted- average remaining contractual term	3 years
Equity instruments other than options exercisable, number of shares (in shares) | shares	146
Equity instruments other than options exercisable, weighted- average exercise price (in dollars per share)	$ 40.92
Range One Of Exercise Prices | Minimum | Stock appreciation rights
Stock-based compensation plans disclosures
Outstanding, lower range (in dollars per share)	29.49
Range One Of Exercise Prices | Maximum | Stock appreciation rights
Stock-based compensation plans disclosures
Outstanding, upper range (in dollars per share)	$ 47.99
Range Two Of Exercise Prices | Stock appreciation rights
Stock-based compensation plans disclosures
Equity instruments other than options outstanding, number of shares (in shares) | shares	48
Equity instruments other than options outstanding, weighted- average exercise price (in dollars per share)	$ 77.43
Equity instruments other than options outstanding, weighted- average remaining contractual term	2 years
Equity instruments other than options exercisable, number of shares (in shares) | shares	48
Equity instruments other than options exercisable, weighted- average exercise price (in dollars per share)	$ 77.43
Range Two Of Exercise Prices | Minimum | Stock appreciation rights
Stock-based compensation plans disclosures
Outstanding, lower range (in dollars per share)	55.04
Range Two Of Exercise Prices | Maximum | Stock appreciation rights
Stock-based compensation plans disclosures
Outstanding, upper range (in dollars per share)	$ 82.55
Range Three Of Exercise Prices | Stock appreciation rights
Stock-based compensation plans disclosures
Equity instruments other than options outstanding, number of shares (in shares) | shares	34
Equity instruments other than options outstanding, weighted- average exercise price (in dollars per share)	$ 109.58
Equity instruments other than options outstanding, weighted- average remaining contractual term	10 months 24 days
Equity instruments other than options exercisable, number of shares (in shares) | shares	34
Equity instruments other than options exercisable, weighted- average exercise price (in dollars per share)	$ 109.58
Range Three Of Exercise Prices | Minimum | Stock appreciation rights
Stock-based compensation plans disclosures
Outstanding, lower range (in dollars per share)	95.91
Range Three Of Exercise Prices | Maximum | Stock appreciation rights
Stock-based compensation plans disclosures
Outstanding, upper range (in dollars per share)	$ 113.04
Range Four Of Exercise Prices | Stock options
Stock-based compensation plans disclosures
Stock options outstanding, number of shares (in shares) | shares	58
Stock options outstanding, weighted- average exercise price (in dollars per share)	$ 128.13
Stock options outstanding, weighted- average remaining contractual term	1 year
Stock options exercisable, number of shares (in shares) | shares	58
Stock options exercisable, weighted- average exercise price (in dollars per share)	$ 128.13
Range Four Of Exercise Prices | Minimum | Stock options
Stock-based compensation plans disclosures
Outstanding, lower range (in dollars per share)	127.84
Range Four Of Exercise Prices | Maximum | Stock options
Stock-based compensation plans disclosures
Outstanding, upper range (in dollars per share)	$ 131.46

EMPLOYEE BENEFIT PLANS - Summ_3

EMPLOYEE BENEFIT PLANS - Summary of Restricted Stock Units and Performance Restricted Stock Units Activity (Details) - Restricted Stock Units (RSUs) shares in Thousands	3 Months Ended
	Apr. 03, 2021$ / sharesshares
Number of Shares
Nonvested (in shares) | shares	1,736
Granted (in shares) | shares	0
Vested (in shares) | shares	(77)
Forfeited (in shares) | shares	(24)
Nonvested (in shares) | shares	1,635
Weighted-Average Grant Date Fair Value Per Share
Nonvested (in dollars per share) | $ / shares	$ 7.90
Granted (in dollars per share) | $ / shares	0
Vested (in dollars per share) | $ / shares	9.11
Forfeited (in dollars per share) | $ / shares	8.69
Nonvested (in dollars per share) | $ / shares	$ 7.83

EMPLOYEE BENEFIT PLANS - Narrat

EMPLOYEE BENEFIT PLANS - Narrative (Details) - Restricted Stock Units (RSUs) $ in Thousands	3 Months Ended
	Apr. 03, 2021USD ($)
Stock-based compensation plans disclosures
Fair value of restricted stock and restricted stock units vested	$ 800
Non Employee Director
Stock-based compensation plans disclosures
Value of awards granted	$ 130
Vesting percentage of awards granted	100.00%

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 03, 2021	Apr. 04, 2020
Accumulated Other Comprehensive Income (Loss), Net of Tax
Beginning balance	$ 440,032	$ 503,841
Other comprehensive income (loss) before reclassifications	(8,829)	(3,168)
Tax (expense) benefit	(236)	(1,452)
Amounts reclassed from accumulated other comprehensive income (loss)	(650)	360
Tax (expense) benefit	(36)	(29)
Total other comprehensive income (loss)	(8,379)	(4,951)
Ending balance	408,824	416,373
Total
Accumulated Other Comprehensive Income (Loss), Net of Tax
Beginning balance	(58,900)	(80,615)
Total other comprehensive income (loss)	(8,379)	(4,951)
Ending balance	(67,279)	(85,566)
Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss), Net of Tax
Beginning balance	(61,178)	(80,474)
Other comprehensive income (loss) before reclassifications	(10,121)	(11,193)
Tax (expense) benefit	0	0
Amounts reclassed from accumulated other comprehensive income (loss)	0	0
Tax (expense) benefit	0	0
Total other comprehensive income (loss)	(10,121)	(11,193)
Ending balance	(71,299)	(91,667)
Cash Flow Hedges | Forward Contracts
Accumulated Other Comprehensive Income (Loss), Net of Tax
Beginning balance	850	2,983
Other comprehensive income (loss) before reclassifications	1,292	8,025
Tax (expense) benefit	(236)	(1,452)
Amounts reclassed from accumulated other comprehensive income (loss)	(650)	360
Tax (expense) benefit	(36)	(29)
Total other comprehensive income (loss)	1,742	6,242
Ending balance	2,592	9,225
Pension Plan
Accumulated Other Comprehensive Income (Loss), Net of Tax
Beginning balance	1,428	(3,124)
Other comprehensive income (loss) before reclassifications	0	0
Tax (expense) benefit	0	0
Amounts reclassed from accumulated other comprehensive income (loss)	0	0
Tax (expense) benefit	0	0
Total other comprehensive income (loss)	0	0
Ending balance	$ 1,428	$ (3,124)

SEGMENT INFORMATION - Summary I

SEGMENT INFORMATION - Summary Information by Operating Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 03, 2021	Apr. 04, 2020
Summary information by operating segment
Net sales	$ 363,042	$ 390,718
Operating Income (Loss)	(16,755)	(134,341)
Operating segments | Americas
Summary information by operating segment
Net sales	152,506	152,916
Operating Income (Loss)	26,030	(37,116)
Operating segments | Americas | Operating Loss incorrectly attributed to Americas segment rather than Corporate segment
Summary information by operating segment
Operating Income (Loss)		24,500
Operating segments | Europe
Summary information by operating segment
Net sales	109,234	128,250
Operating Income (Loss)	5,026	(1,205)
Operating segments | Asia
Summary information by operating segment
Net sales	98,640	106,187
Operating Income (Loss)	11,724	11,941
Corporate
Summary information by operating segment
Net sales	2,662	3,365
Operating Income (Loss)	$ (59,535)	$ (107,961)

SEGMENT INFORMATION - Schedule

SEGMENT INFORMATION - Schedule of Net Sales for Each Class of Similar Products (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 03, 2021	Apr. 04, 2020
Net sales for each class of similar products
Net sales	$ 363,042	$ 390,718
Percentage of Total	100.00%	100.00%
Watches
Net sales for each class of similar products
Net sales	$ 291,616	$ 309,925
Percentage of Total	80.30%	79.30%
Leathers
Net sales for each class of similar products
Net sales	$ 34,104	$ 47,307
Percentage of Total	9.40%	12.10%
Jewelry
Net sales for each class of similar products
Net sales	$ 29,869	$ 23,217
Percentage of Total	8.20%	6.00%
Other
Net sales for each class of similar products
Net sales	$ 7,453	$ 10,269
Percentage of Total	2.10%	2.60%

DERIVATIVES AND RISK MANAGEME_3

DERIVATIVES AND RISK MANAGEMENT - Cash Flow Hedges (Details) € in Millions, ¥ in Millions, £ in Millions, $ in Millions, $ in Millions, $ in Millions, $ in Millions	3 Months Ended
	Apr. 03, 2021EUR (€)	Apr. 03, 2021USD ($)	Apr. 03, 2021CAD ($)	Apr. 03, 2021JPY (¥)	Apr. 03, 2021GBP (£)	Apr. 03, 2021MXN ($)	Apr. 03, 2021AUD ($)
Derivative [Line Items]
Foreign currency cash flow hedge maximum length of projection term	24 months
Forecasted purchases to manage fluctuations (as a percent) (up to)	85.00%	85.00%	85.00%	85.00%	85.00%	85.00%	85.00%
Forward Contracts | Designated as cash flow hedges | Euro
Derivative [Line Items]
Notional amount	€ 46.1	$ 56.2
Forward Contracts | Designated as cash flow hedges | Canadian dollar
Derivative [Line Items]
Notional amount		9.8	$ 12.6
Forward Contracts | Designated as cash flow hedges | Japanese yen
Derivative [Line Items]
Notional amount		8.4		¥ 869
Forward Contracts | Designated as cash flow hedges | British pound
Derivative [Line Items]
Notional amount		7.2			£ 5.3
Forward Contracts | Designated as cash flow hedges | Mexican peso
Derivative [Line Items]
Notional amount		3.6				$ 73
Forward Contracts | Designated as cash flow hedges | Australian dollar
Derivative [Line Items]
Notional amount		2.7					$ 3.5
Forward Contracts | Designated as cash flow hedges | U.S. dollar
Derivative [Line Items]
Notional amount		$ 1.1		¥ 120

DERIVATIVES AND RISK MANAGEME_4

DERIVATIVES AND RISK MANAGEMENT - Non-designated Hedges (Details) - Apr. 03, 2021 - Forward Contracts - Not designated as hedging instruments R in Millions, $ in Millions	USD ($)	ZAR (R)
Derivative [Line Items]
Fair value of designated forward contracts | $	$ 0.4
Hedged amount | R		R 5.9

DERIVATIVES AND RISK MANAGEME_5

DERIVATIVES AND RISK MANAGEMENT - Derivative Instruments Recognized in Other Comprehensive Income (Loss) (Details) - Cash flow hedges - USD ($) $ in Thousands	3 Months Ended
	Apr. 03, 2021	Apr. 04, 2020
Derivative [Line Items]
Total gain (loss) recognized in other comprehensive income (loss), net of taxes	$ 1,056	$ 6,573
Forward Contracts
Derivative [Line Items]
Total gain (loss) recognized in other comprehensive income (loss), net of taxes	$ 1,056	$ 6,573

DERIVATIVES AND RISK MANAGEME_6

DERIVATIVES AND RISK MANAGEMENT - Derivative Instruments Designated and Qualifying as Cash Flow Hedges (Details) - Forward Contracts - USD ($) $ in Thousands	3 Months Ended
	Apr. 03, 2021	Apr. 04, 2020
Cost of sales | Designated as cash flow hedges | Cash flow hedges
Effective portion of gains and losses on derivative instruments
Total gain (loss) reclassified from accumulated other comprehensive income (loss)	$ 681	$ 2,647
Other income (expense)-net | Designated as cash flow hedges | Cash flow hedges
Effective portion of gains and losses on derivative instruments
Total gain (loss) reclassified from accumulated other comprehensive income (loss)	(1,367)	(2,316)
Other income (expense)-net | Not designated as hedging instruments
Effective portion of gains and losses on derivative instruments
Total gain (loss) recognized in income	$ (59)	$ 205

DERIVATIVES AND RISK MANAGEME_7

DERIVATIVES AND RISK MANAGEMENT - Fair Value Amounts for Derivative Instruments (Details) - USD ($) $ in Thousands	Apr. 03, 2021	Jan. 02, 2021
Fair value of derivative instruments
Asset derivatives, fair value	$ 2,648	$ 393
Liability derivatives, fair value	644	2,299
Forward Contracts | Designated as cash flow hedges | Cash flow hedges | Prepaid expenses and other current assets
Fair value of derivative instruments
Asset derivatives, fair value	2,391	345
Forward Contracts | Designated as cash flow hedges | Cash flow hedges | Intangible and other assets-net
Fair value of derivative instruments
Asset derivatives, fair value	253	48
Forward Contracts | Designated as cash flow hedges | Cash flow hedges | Accrued expenses-other
Fair value of derivative instruments
Liability derivatives, fair value	614	2,178
Forward Contracts | Designated as cash flow hedges | Cash flow hedges | Other long-term liabilities
Fair value of derivative instruments
Liability derivatives, fair value	30	35
Forward Contracts | Not designated as hedging instruments | Prepaid expenses and other current assets
Fair value of derivative instruments
Asset derivatives, fair value	4	0
Forward Contracts | Not designated as hedging instruments | Accrued expenses-other
Fair value of derivative instruments
Liability derivatives, fair value	$ 0	$ 86

DERIVATIVES AND RISK MANAGEME_8

DERIVATIVES AND RISK MANAGEMENT - Effect of Derivative Instruments on Earnings (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 03, 2021	Apr. 04, 2020
Derivative [Line Items]
Cost of Sales	$ 180,453	$ 250,358
Other Income (Expense)-net	1,864	(7,290)
Net gain expected to be reclassified into earnings within the next twelve months	1,600
Designated as cash flow hedges | Cash flow hedges | Forward Contracts | Cost of Sales
Derivative [Line Items]
Total gain (loss) reclassified from other comprehensive income (loss)	681	2,647
Designated as cash flow hedges | Cash flow hedges | Forward Contracts | Other income (expense)-net
Derivative [Line Items]
Total gain (loss) reclassified from other comprehensive income (loss)	(1,367)	(2,316)
Not designated as hedging instruments | Forward Contracts | Other income (expense)-net
Derivative [Line Items]
Total gain (loss) recognized in income	$ (59)	$ 205

FAIR VALUE MEASUREMENTS - Fair

FAIR VALUE MEASUREMENTS - Fair Value Hierarchy of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Fair Value Measurement, Recurring Basis - USD ($) $ in Thousands	Apr. 03, 2021	Jan. 02, 2021
Assets:
Forward contracts	$ 2,648	$ 393
Investment in publicly traded mutual funds		6,257
Total	2,648	6,650
Liabilities:
Contingent consideration	1,976	1,924
Forward contracts	644	2,299
Total	2,620	4,223
Level 1
Assets:
Forward contracts	0	0
Investment in publicly traded mutual funds		6,257
Total	0	6,257
Liabilities:
Contingent consideration	0	0
Forward contracts	0	0
Total	0	0
Level 2
Assets:
Forward contracts	2,648	393
Investment in publicly traded mutual funds		0
Total	2,648	393
Liabilities:
Contingent consideration	0	0
Forward contracts	644	2,299
Total	644	2,299
Level 3
Assets:
Forward contracts	0	0
Investment in publicly traded mutual funds		0
Total	0	0
Liabilities:
Contingent consideration	1,976	1,924
Forward contracts	0	0
Total	$ 1,976	$ 1,924

FAIR VALUE MEASUREMENTS - Narra

FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($)	3 Months Ended
	Apr. 03, 2021	Apr. 04, 2020	Jan. 02, 2021
Fair value hierarchy for assets and liabilities measured at fair value on a recurring basis
Operating lease assets	$ 211,918,000		$ 226,815,000
Property, plant and equipment - net	104,851,000		114,026,000
Impairment charges	4,500,000	$ 16,970,000
Specific Company Owned Stores
Fair value hierarchy for assets and liabilities measured at fair value on a recurring basis
Operating lease assets	6,000,000
Property, plant and equipment - net	1,600,000
Fair value of operating lease assets	2,300,000
Fair value of property, plant and equipment - net	600,000
Impairment charges	4,700,000
Selling, General and Administrative | Americas | Specific Company Owned Stores
Fair value hierarchy for assets and liabilities measured at fair value on a recurring basis
Impairment charges	2,300,000
Selling, General and Administrative | Europe | Specific Company Owned Stores
Fair value hierarchy for assets and liabilities measured at fair value on a recurring basis
Impairment charges	1,800,000
Selling, General and Administrative | Asia | Specific Company Owned Stores
Fair value hierarchy for assets and liabilities measured at fair value on a recurring basis
Impairment charges	400,000
Restructuring Charges | Europe | Specific Company Owned Stores
Fair value hierarchy for assets and liabilities measured at fair value on a recurring basis
Impairment charges	200,000
Fair Value Measurement, Recurring Basis
Fair value hierarchy for assets and liabilities measured at fair value on a recurring basis
Contingent consideration liability	1,976,000		1,924,000
Fair Value Measurement, Recurring Basis | Level 3
Fair value hierarchy for assets and liabilities measured at fair value on a recurring basis
Contingent consideration liability	1,976,000		$ 1,924,000
Trade name
Fair value hierarchy for assets and liabilities measured at fair value on a recurring basis
Trade name impairment charge	$ 0

INTANGIBLE AND OTHER ASSETS - I

INTANGIBLE AND OTHER ASSETS - Intangible and Other Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 03, 2021	Jan. 02, 2021
Intangibles-subject to amortization:
Gross Amount	$ 55,370	$ 55,772
Accumulated Amortization	47,741	46,913
Intangibles-not subject to amortization:
Gross Amount	8,867	8,895
Other assets:
Gross Amount	68,738	129,435
Total Gross Amount	132,975	194,102
Total Accumulated Amortization	47,741	46,913
Total intangible and other assets-net	85,234	147,189
Deposits
Other assets:
Gross Amount	19,425	19,762
Deferred compensation plan assets
Other assets:
Gross Amount	0	6,257
Deferred tax asset-net
Other assets:
Gross Amount	32,880	33,893
Restricted cash
Other assets:
Gross Amount	7,465	8,159
Tax receivable
Other assets:
Gross Amount	6,478	58,734
Investments
Other assets:
Gross Amount	327	327
Other
Other assets:
Gross Amount	$ 2,163	2,303
Trademarks
Intangibles-subject to amortization:
Useful Lives	10 years
Gross Amount	$ 3,775	3,775
Accumulated Amortization	3,241	3,198
Customer lists
Intangibles-subject to amortization:
Gross Amount	41,989	42,387
Accumulated Amortization	$ 39,850	39,406
Customer lists | Minimum
Intangibles-subject to amortization:
Useful Lives	5 years
Customer lists | Maximum
Intangibles-subject to amortization:
Useful Lives	10 years
Patents
Intangibles-subject to amortization:
Gross Amount	$ 2,371	2,371
Accumulated Amortization	$ 1,982	1,973
Patents | Minimum
Intangibles-subject to amortization:
Useful Lives	3 years
Patents | Maximum
Intangibles-subject to amortization:
Useful Lives	20 years
Developed technology
Intangibles-subject to amortization:
Useful Lives	7 years
Gross Amount	$ 2,193	2,193
Accumulated Amortization	$ 1,234	1,097
Trade name
Intangibles-subject to amortization:
Useful Lives	6 years
Gross Amount	$ 4,502	4,502
Accumulated Amortization	1,125	938
Other
Intangibles-subject to amortization:
Gross Amount	540	544
Accumulated Amortization	$ 309	$ 301
Other | Minimum
Intangibles-subject to amortization:
Useful Lives	7 years
Other | Maximum
Intangibles-subject to amortization:
Useful Lives	20 years

INTANGIBLE AND OTHER ASSETS - N

INTANGIBLE AND OTHER ASSETS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 03, 2021	Apr. 04, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense for intangible assets	$ 1.2	$ 1.9

INTANGIBLE AND OTHER ASSETS - A

INTANGIBLE AND OTHER ASSETS - Amortization Expense (Details) $ in Thousands	Apr. 03, 2021USD ($)
Amortization Expense
2021 (remaining)	$ 2,158
2022	2,504
2023	897
2024	884
2025	693
Thereafter	$ 493

LEASES - Narrative (Details)

LEASES - Narrative (Details) $ in Millions	3 Months Ended
	Apr. 03, 2021USD ($)
Minimum
Lessee, Lease, Description [Line Items]
Renewal term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Renewal term	10 years
COVID-19
Lessee, Lease, Description [Line Items]
Outstanding deferred rent payments	$ 3.1
Rent forgiveness	$ 1.1

LEASES - Components of Lease Ex

LEASES - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 03, 2021	Apr. 04, 2020
Leases [Abstract]
Operating lease cost	$ 23,366	$ 28,206
Finance lease cost:
Amortization of ROU assets	122	101
Interest on lease liabilities	5	11
Short-term lease cost	168	201
Variable lease cost	$ 5,407	$ 7,694

LEASES - Supplemental Balance S

LEASES - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Apr. 03, 2021	Jan. 02, 2021
Assets
Operating	$ 211,918	$ 226,815
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Property, plant and equipment - net of accumulated depreciation	Property, plant and equipment - net of accumulated depreciation
Property, plant and equipment - net of accumulated depreciation	$ 4,853	$ 4,882
Finance	5,682	5,991
Current:
Operating	$ 60,137	$ 64,851
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Short-term and current portion of long-term debt	Short-term and current portion of long-term debt
Finance	$ 1,041	$ 1,088
Noncurrent:
Operating	$ 217,522	$ 230,635
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Long-term debt	Long-term debt
Finance	$ 288	$ 569

LEASES - Weighted-Average Remai

LEASES - Weighted-Average Remaining Lease Term and Discount Rate (Details)	Apr. 03, 2021	Jan. 02, 2021
Weighted-average remaining lease term:
Operating leases	5 years 10 months 24 days	5 years 10 months 24 days
Finance leases	1 year	1 year 2 months 12 days
Weighted-average discount rate:
Operating leases	14.00%	14.00%
Finance leases	1.20%	1.20%

LEASES - Maturity of Lease Liab

LEASES - Maturity of Lease Liabilities (Details) - USD ($) $ in Thousands	Apr. 03, 2021	Jan. 02, 2021
Operating Leases
2021 (remaining)	$ 72,864
2022	86,488	$ 101,507
2023	67,298	85,753
2024	46,875	66,909
2025	33,447	46,656
Thereafter	124,313
Lessee, Operating Lease, Liability, to be Paid, Year Five		33,012
Thereafter		122,318
Total lease payments	431,285	456,155
Less: Interest	153,626	160,669
Total lease obligations	277,659	295,486
Finance Leases
2021 (remaining)	786
2022	545	1,095
2023	0	569
2024	0	0
2025	0	0
Thereafter	0
Finance Lease, Liability, to be Paid, Year Five		0
Thereafter		0
Total lease payments	1,331	1,664
Less: Interest	2	6
Total lease obligations	$ 1,329	$ 1,658

LEASES - Supplemental Cash Flow

LEASES - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 03, 2021	Apr. 04, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 28,740	$ 30,324
Operating cash flows from finance leases	5	11
Financing cash flows from finance leases	254	309
Leased assets obtained in exchange for new operating lease liabilities	$ 4,931	$ 18,284

DEBT ACTIVITY (Details)

DEBT ACTIVITY (Details)	Feb. 20, 2020	Sep. 26, 2019USD ($)	Apr. 03, 2021USD ($)	Apr. 04, 2020USD ($)	Jun. 05, 2020USD ($)
Debt Instrument [Line Items]
Interest expense			$ 7,331,000	$ 7,464,000
Term Credit Agreement
Debt Instrument [Line Items]
Debt issuance amortization			2,700,000
Term Loan Facility | Term Credit Agreement
Debt Instrument [Line Items]
Quarterly amortization payment, initial amount					$ 10,000,000
Aggregate outstanding principal amount			138,400,000
Net borrowings (repayments) of debt			(13,600,000)
Interest expense			3,800,000
Term Loan Facility | Term Credit Agreement | Debt Covenant Period Two
Debt Instrument [Line Items]
Maximum total leverage ratio permitted	2.25
Term Loan Facility | Term Credit Agreement | Debt Covenant Period Three
Debt Instrument [Line Items]
Maximum total leverage ratio permitted	1.50
Term Loan Facility | Term Credit Agreement | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	8.50%
Term Loan Facility | Term Credit Agreement | Alternate Base Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	7.50%
Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing amount		$ 275,000,000	275,000,000
Revolving Credit Facility | Term Credit Agreement
Debt Instrument [Line Items]
Aggregate outstanding principal amount			77,400,000
Net borrowings (repayments) of debt			(20,000,000)
Line of credit facility, remaining borrowing capacity			2,500,000
Interest expense			400,000
Revolving Credit Facility | Second A&R Credit Agreement
Debt Instrument [Line Items]
Remaining borrowing capacity as a percentage of accounts receivable		60.00%
Revolving Credit Facility | Second A&R Credit Agreement | United States Finished Goods Inventory | Net Liquidation Value
Debt Instrument [Line Items]
Remaining borrowing capacity as a percentage of accounts receivable		90.00%
Revolving Credit Facility | Second A&R Credit Agreement | United States Finished Goods Inventory | Lower Of Cost Or Market Value
Debt Instrument [Line Items]
Remaining borrowing capacity as a percentage of accounts receivable		65.00%
Revolving Credit Facility | Second A&R Credit Agreement | United States Accounts Receivable
Debt Instrument [Line Items]
Remaining borrowing capacity as a percentage of accounts receivable		85.00%
Revolving Credit Facility | Second A&R Credit Agreement | United States Credit Card Accounts Receivable
Debt Instrument [Line Items]
Remaining borrowing capacity as a percentage of accounts receivable		90.00%
Revolving Credit Facility | Second A&R Credit Agreement | Foreign Finished Goods Inventory | Net Liquidation Value
Debt Instrument [Line Items]
Remaining borrowing capacity as a percentage of accounts receivable		90.00%
Revolving Credit Facility | Second A&R Credit Agreement | Foreign Finished Goods Inventory | Lower Of Cost Or Market Value
Debt Instrument [Line Items]
Remaining borrowing capacity as a percentage of accounts receivable		65.00%
Revolving Credit Facility | Second A&R Credit Agreement | Foreign Accounts Receivable
Debt Instrument [Line Items]
Remaining borrowing capacity as a percentage of accounts receivable		85.00%
Revolving Credit Facility | Second A&R Credit Agreement | French Accounts Receivable
Debt Instrument [Line Items]
Remaining borrowing capacity as a percentage of accounts receivable		85.00%
US Credit Facility
Debt Instrument [Line Items]
Aggregate principal amount available			160,000,000
European Credit Facility
Debt Instrument [Line Items]
Maximum borrowing amount			70,000,000
Subfacility for swingline loans			7,000,000
Hong Kong Credit Facility
Debt Instrument [Line Items]
Maximum borrowing amount			30,000,000
French Credit Facility
Debt Instrument [Line Items]
Maximum borrowing amount			10,000,000
Subfacility for swingline loans			1,000,000
Canadian Credit Facility
Debt Instrument [Line Items]
Maximum borrowing amount			5,000,000
Letter of Credit
Debt Instrument [Line Items]
Long-term llne of credit			$ 45,000,000

RESTRUCTURING - Narrative (Deta

RESTRUCTURING - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended		27 Months Ended
	Apr. 03, 2021	Jan. 02, 2021	Dec. 28, 2019	Apr. 03, 2021
COVID-19 | NWF 2.0
Restructuring Cost and Reserve [Line Items]
Restructuring Costs	$ 7.5	$ 36.5	$ 18.8	$ 62.8

RESTRUCTURING - Liability Incur

RESTRUCTURING - Liability Incurred for Restructuring Plan (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 03, 2021	Apr. 04, 2020
Restructuring Reserve
Charges	$ 7,520	$ 9,375
NWF 2.0
Restructuring Reserve
Beginning balance	10,261	7,084
Charges	7,520	9,375
Cash Payments	8,416	9,787
Non-cash Items	221	684
Ending balance	9,144	5,988
NWF 2.0 | Store closures
Restructuring Reserve
Beginning balance	240	22
Charges	222	732
Cash Payments	190	42
Non-cash Items	221	684
Ending balance	51	28
NWF 2.0 | Professional services
Restructuring Reserve
Beginning balance	2,280	2,824
Charges	586	3,189
Cash Payments	2,325	3,963
Non-cash Items	0	0
Ending balance	541	2,050
NWF 2.0 | Severance and employee-related benefits
Restructuring Reserve
Beginning balance	7,741	4,238
Charges	6,712	5,454
Cash Payments	5,901	5,782
Non-cash Items	0	0
Ending balance	$ 8,552	$ 3,910

RESTRUCTURING - Restructuring C

RESTRUCTURING - Restructuring Charges by Operating Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 03, 2021	Apr. 04, 2020
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 7,520	$ 9,375
NWF 2.0
Restructuring Cost and Reserve [Line Items]
Restructuring charges	7,520	9,375
NWF 2.0 | Operating segments | Americas
Restructuring Cost and Reserve [Line Items]
Restructuring charges	672	1,136
NWF 2.0 | Operating segments | Europe
Restructuring Cost and Reserve [Line Items]
Restructuring charges	5,263	766
NWF 2.0 | Operating segments | Asia
Restructuring Cost and Reserve [Line Items]
Restructuring charges	275	1,623
NWF 2.0 | Corporate
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 1,310	$ 5,850