Fossil (FOSL) 10-Q 8 Aug 24 2024 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 29, 2024	Jul. 30, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 29, 2024
Document Transition Report	false
Entity File Number	001-41040
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
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		53,134,303
Entity Central Index Key	0000883569
Amendment Flag	false
Current Fiscal Year End Date	--12-28
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	FOSL
Security Exchange Name	NASDAQ
Senior Notes
Document Information [Line Items]
Title of 12(b) Security	7.00% Senior Notes due 2026
Trading Symbol	FOSLL
Security Exchange Name	NASDAQ

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS UNAUDITED - USD ($) $ in Thousands	Jun. 29, 2024	Dec. 30, 2023
Current assets:
Cash and cash equivalents	$ 104,906	$ 117,197
Accounts receivable - net of allowances for doubtful accounts of $15,241 and $12,616, respectively	133,076	187,942
Inventories	202,128	252,834
Prepaid expenses and other current assets	102,299	152,717
Total current assets	542,409	710,690
Property, plant and equipment - net of accumulated depreciation of $368,016 and $384,688, respectively	47,216	57,244
Operating lease right-of-use assets	140,168	151,000
Intangible and other assets-net	55,889	59,096
Total long-term assets	243,273	267,340
Total assets	785,682	978,030
Current liabilities:
Accounts payable	132,535	147,161
Short-term debt	2,556	480
Accrued expenses:
Current operating lease liabilities	39,689	43,565
Compensation	37,573	44,789
Royalties	7,572	15,880
Customer liabilities	24,782	37,584
Transaction taxes	6,673	10,412
Other	20,630	27,811
Income taxes payable	7,660	14,795
Total current liabilities	279,670	342,477
Long-term income taxes payable	19,491	20,409
Deferred income tax liabilities	686	698
Long-term debt	156,535	206,983
Long-term operating lease liabilities	125,360	137,644
Other long-term liabilities	16,864	18,081
Total long-term liabilities	318,936	383,815
Commitments and contingencies (Note 13)
Stockholders’ equity:
Common stock, 53,099 and 52,487 shares issued and outstanding at June 29, 2024 and December 30, 2023, respectively	531	525
Additional paid-in capital	313,581	311,709
Retained (deficit) earnings	(44,678)	18,403
Accumulated other comprehensive income (loss)	(79,788)	(76,405)
Total Fossil Group, Inc. stockholders’ equity	189,646	254,232
Noncontrolling interests	(2,570)	(2,494)
Total stockholders’ equity	187,076	251,738
Total liabilities and stockholders’ equity	$ 785,682	$ 978,030

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS UNAUDITED (Parenthetical) - USD ($) $ in Thousands	Jun. 29, 2024	Dec. 30, 2023
Statement of Financial Position [Abstract]
Accounts receivable, allowances	$ 15,241	$ 12,616
Property, plant and equipment, accumulated depreciation	$ 368,016	$ 384,688
Common stock, shares issued (in shares)	53,099,052	52,487,020
Common stock, shares outstanding (in shares)	53,099,052	52,487,020

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS) UNAUDITED - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Income Statement [Abstract]
Net sales	$ 259,991	$ 321,966	$ 514,874	$ 647,002
Cost of sales	123,140	165,299	244,531	329,618
Gross profit	136,851	156,667	270,343	317,384
Operating expenses:
Selling, general and administrative expenses	153,604	187,187	305,876	378,060
Other long-lived asset impairments	577	161	950	216
Restructuring expenses	16,673	4,632	26,726	11,729
Total operating expenses	170,854	191,980	333,552	390,005
Operating income (loss)	(34,003)	(35,313)	(63,209)	(72,621)
Interest expense	4,082	5,345	9,194	10,350
Other income (expense) - net	1,450	7,172	5,338	9,906
Income (loss) before income taxes	(36,635)	(33,486)	(67,065)	(73,065)
Provision (benefit) for income taxes	2,208	(7,198)	(3,908)	(5,595)
Net income (loss)	(38,843)	(26,288)	(63,157)	(67,470)
Less: Net income (loss) attributable to noncontrolling interests	(58)	241	(76)	321
Net income (loss) attributable to Fossil Group, Inc.	(38,785)	(26,529)	(63,081)	(67,791)
Other comprehensive income (loss), net of taxes:
Currency translation adjustment	(1,631)	(4,090)	(4,117)	1,807
Cash flow hedges - net change	107	(191)	753	(2,977)
Pension plan activity	0	0	(19)	0
Total other comprehensive income (loss)	(1,524)	(4,281)	(3,383)	(1,170)
Total comprehensive income (loss)	(40,367)	(30,569)	(66,540)	(68,640)
Less: Comprehensive income (loss) attributable to noncontrolling interests	(58)	241	(76)	321
Comprehensive income (loss) attributable to Fossil Group, Inc.	$ (40,309)	$ (30,810)	$ (66,464)	$ (68,961)
Earnings (loss) per share:
Basic (in dollars per share)	$ (0.73)	$ (0.51)	$ (1.20)	$ (1.30)
Diluted (in dollars per share)	$ (0.73)	$ (0.51)	$ (1.20)	$ (1.30)
Weighted average common shares outstanding:
Basic (in shares)	52,927	52,349	52,709	52,095
Diluted (in shares)	52,927	52,349	52,709	52,095

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 deficit (earnings)	Accumulated other comprehensive income (loss)	Noncontrolling interest
Beginning balance (in shares) at Dec. 31, 2022			51,836,000
Beginning balance at Dec. 31, 2022	$ 403,009	$ 405,932	$ 518	$ 306,241	$ 0	$ 175,491	$ (76,318)	$ (2,923)
Increase (Decrease) in Shareholders' Equity
Common stock issued upon exercise of stock options, stock appreciation rights and restricted stock units (in shares)			768,000
Common stock issued upon exercise of stock options, stock appreciation rights and restricted stock units	0		$ 8	(8)
Acquisition of common stock for employee tax withholding	(516)	(516)			(516)
Retirement of common stock (in shares)			(158,000)
Retirement of common stock	0		$ (2)	(514)	516
Stock-based compensation	3,049	3,049		3,049
Net income (loss)	(67,470)	(67,791)				(67,791)		321
Other comprehensive income (loss)	(1,170)	(1,170)					(1,170)
Ending balance (in shares) at Jul. 01, 2023			52,446,000
Ending balance at Jul. 01, 2023	336,902	339,504	$ 524	308,768	0	107,700	(77,488)	(2,602)
Beginning balance (in shares) at Apr. 01, 2023			51,841,000
Beginning balance at Apr. 01, 2023	366,289	369,132	$ 518	307,592	0	134,229	(73,207)	(2,843)
Increase (Decrease) in Shareholders' Equity
Common stock issued upon exercise of stock options, stock appreciation rights and restricted stock units (in shares)			762,000
Common stock issued upon exercise of stock options, stock appreciation rights and restricted stock units			$ 8	(8)
Acquisition of common stock for employee tax withholding	(504)	(504)			(504)
Retirement of common stock (in shares)			(157,000)
Retirement of common stock	0		$ (2)	(502)	504
Stock-based compensation	1,686	1,686		1,686
Net income (loss)	(26,288)	(26,529)				(26,529)		241
Other comprehensive income (loss)	(4,281)	(4,281)					(4,281)
Ending balance (in shares) at Jul. 01, 2023			52,446,000
Ending balance at Jul. 01, 2023	$ 336,902	339,504	$ 524	308,768	0	107,700	(77,488)	(2,602)
Beginning balance (in shares) at Dec. 30, 2023	52,487,020		52,487,000
Beginning balance at Dec. 30, 2023	$ 251,738	254,232	$ 525	311,709	0	18,403	(76,405)	(2,494)
Increase (Decrease) in Shareholders' Equity
Common stock issued upon exercise of stock options, stock appreciation rights and restricted stock units (in shares)			737,000
Common stock issued upon exercise of stock options, stock appreciation rights and restricted stock units	0		$ 7	(7)
Acquisition of common stock for employee tax withholding	(111)	(111)			(111)
Retirement of common stock (in shares)			(125,000)
Retirement of common stock	0		$ (1)	(110)	111
Stock-based compensation	1,989	1,989		1,989
Net income (loss)	(63,157)	(63,081)				(63,081)		(76)
Other comprehensive income (loss)	$ (3,383)	(3,383)					(3,383)
Ending balance (in shares) at Jun. 29, 2024	53,099,052		53,099,000
Ending balance at Jun. 29, 2024	$ 187,076	189,646	$ 531	313,581	0	(44,678)	(79,788)	(2,570)
Beginning balance (in shares) at Mar. 30, 2024			52,492,000
Beginning balance at Mar. 30, 2024	226,573	229,085	$ 525	312,717	0	(5,893)	(78,264)	(2,512)
Increase (Decrease) in Shareholders' Equity
Common stock issued upon exercise of stock options, stock appreciation rights and restricted stock units (in shares)			730,000
Common stock issued upon exercise of stock options, stock appreciation rights and restricted stock units	0		$ 7	(7)
Acquisition of common stock for employee tax withholding	(108)	(108)			(108)
Retirement of common stock (in shares)			(123,000)
Retirement of common stock	0		$ (1)	(107)	108
Stock-based compensation	978	978		978
Net income (loss)	(38,843)	(38,785)				(38,785)		(58)
Other comprehensive income (loss)	$ (1,524)	(1,524)					(1,524)
Ending balance (in shares) at Jun. 29, 2024	53,099,052		53,099,000
Ending balance at Jun. 29, 2024	$ 187,076	$ 189,646	$ 531	$ 313,581	$ 0	$ (44,678)	$ (79,788)	$ (2,570)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS UNAUDITED - USD ($) $ in Thousands	6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023
Operating Activities:
Net income (loss)	$ (63,157)	$ (67,470)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation, amortization and accretion	8,407	9,868
Non-cash lease expense	33,154	37,848
Stock-based compensation	1,625	3,049
Decrease in allowance for returns and markdowns	(8,867)	(11,017)
Property, plant and equipment and other long-lived asset impairment losses	950	215
Non-cash restructuring charges	501	0
Bad debt expense	4,404	(19)
Other non-cash items	753	(3,473)
Changes in operating assets and liabilities:
Accounts receivable	48,846	48,337
Inventories	45,825	52,814
Prepaid expenses and other current assets	50,514	(17,854)
Accounts payable	(12,543)	(49,890)
Accrued expenses	(24,330)	(23,960)
Income taxes	(8,278)	(17,722)
Operating lease liabilities	(38,818)	(43,774)
Net cash provided by (used in) operating activities	38,986	(83,048)
Investing Activities:
Additions to property, plant and equipment and other	(3,423)	(4,569)
Decrease (increase) in intangible and other assets	335	(176)
Net cash used in investing activities	(3,088)	(4,745)
Financing Activities:
Acquisition of common stock	(111)	(516)
Debt borrowings	33,781	75,142
Debt payments	(82,724)	(49,008)
Payment for shares of Fossil Accessories South Africa Pty. Ltd.	(422)	(2,316)
Net cash (used in) provided by financing activities	(49,476)	23,302
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	1,076	(2,648)
Net decrease in cash, cash equivalents, and restricted cash	(12,502)	(67,139)
Cash, cash equivalents, and restricted cash:
Beginning of period	121,583	204,075
End of period	$ 109,081	$ 136,936

FINANCIAL STATEMENT POLICIES

FINANCIAL STATEMENT POLICIES	6 Months Ended
	Jun. 29, 2024
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 information presented herein includes the thirteen-week period ended June 29, 2024 (“Second Quarter”) as compared to the thirteen-week period ended July 1, 2023 (“Prior Year Quarter”), and the twenty-six week period ended June 29, 2024 ("Year To Date Period") as compared to the twenty-six week period ended July 1, 2023 ("Prior Year YTD Period"). 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 June 29, 2024, and the results of operations for the Second Quarter, Prior Year Quarter, Year To Date Period and Prior Year YTD Period. All adjustments are of a normal, recurring nature. 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 filed by the Company pursuant to the Securities Exchange Act of 1934, as amended (the “Exchange Act”), for the fiscal year ended December 30, 2023, as amended (the “2023 Form 10-K”). Operating results for the Second Quarter are not necessarily indicative of the results to be achieved for the full fiscal year. Effective during the third quarter of fiscal year 2023, the Company made a change to the presentation of its available borrowing capacity under its Revolving Facility (as defined in Note 15 - Debt Activity) to exclude available borrowings that would trigger a contingent covenant. The Company's historical disclosures have been recast to be consistent with its current presentation. 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. Actual results could differ from those estimates. The Company has not made any changes in its significant accounting policies from those disclosed in the 2023 Form 10-K. 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 ("SG&A"), 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, and design and product development labor costs. SG&A also includes general and administrative expenses primarily consisting of administrative support labor and 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 reduce and optimize the Company’s infrastructure and store closures. See Note 16— Restructuring for additional information on the Company’s restructuring plan. 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 June 29, 2024 For the 13 Weeks Ended July 1, 2023 For the 26 Weeks Ended June 29, 2024 For the 26 Weeks Ended July 1, 2023 Numerator: Net income (loss) attributable to Fossil Group, Inc. $ (38,785) $ (26,529) $ (63,081) $ (67,791) Denominator: Basic EPS computation: Basic weighted average common shares outstanding 52,927 52,349 52,709 52,095 Basic EPS $ (0.73) $ (0.51) $ (1.20) $ (1.30) Diluted EPS computation: Diluted weighted average common shares outstanding 52,927 52,349 52,709 52,095 Diluted EPS $ (0.73) $ (0.51) $ (1.20) $ (1.30) At the end of the Second Quarter and Year To Date Period, approximately 1.6 million and 1.7 million weighted average shares issuable under stock-based awards, respectively, were not included in the diluted EPS calculation because they were antidilutive. The total antidilutive weighted average shares included 0.2 million and 0.2 million weighted average performance-based shares at the end of the Second Quarter and Year To Date Period, respectively. At the end of the Prior Year Quarter and Prior Year YTD Period, approximately 2.2 million and 2.1 million weighted average shares issuable under stock-based awards, respectively, were not included in the diluted EPS calculation because they were antidilutive. The total antidilutive weighted average shares included 0.4 million and 0.3 million weighted average performance-based shares at the end of the Prior Year Quarter and Prior Year YTD Period, respectively. Cash, Cash Equivalents and Restricted Cash. Restricted cash included in intangible and other-assets net was comprised primarily of pledged collateral to secure bank guarantees for the purpose of obtaining retail space. The following table provides a reconciliation of the cash, cash equivalents, and restricted cash balances as of June 29, 2024 and July 1, 2023 that are presented in the condensed consolidated statement of cash flows (in thousands): June 29, 2024 July 1, 2023 Cash and cash equivalents $ 104,906 $ 132,107 Restricted cash included in prepaid expenses and other current assets 625 107 Restricted cash included in intangible and other assets-net 3,550 4,722 Cash, cash equivalents and restricted cash $ 109,081 $ 136,936 Recently Issued and Adopted Accounting Standards In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU"), 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , to enhance the transparency and decision usefulness of income tax disclosures through changes to the rate reconciliation and income taxes paid information. This guidance is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is evaluating the impact of adopting this guidance on its financial statement disclosures. In November 2023, FASB issued ASU 2023-07, Improvements to Reportable Segment Disclosures (Topic 280), to improve reportable segment disclosures, primarily through enhanced disclosures about significant segment expenses. The amendments in this update will require public entities to disclose significant segment expenses that are regularly provided to the Company's chief operating decision maker and included within segment profit and loss, an amount and description of its composition for other segment items, and expanded interim disclosures. This guidance is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is evaluating the impact of adopting this guidance on its financial statement disclosures. In October 2023, FASB issued ASU 2023-06, Disclosure Improvements - Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative ("ASU 2023-06"). The amendments in ASU 2023-06 modify the disclosure or presentation requirements of a variety of topics in the FASB Accounting Standards Codification (the "Codification"), with the intention of clarifying or improving them and to align the requirements in the Codification with the regulations of the U.S. Securities and Exchange Commission (the "SEC"). The effective date for ASU 2023-06 varies and is determined for each individual disclosure based on the effective date of the SEC's removal of the related disclosure. ASU 2023-06 will not have an impact on the Company's financial position or results of operations. The Organization for Economic Cooperation and Development ("OECD") and over 140 countries have agreed to enact a two-pillar solution to reform the international tax rules to address the challenges arising from the globalization and digitalization of the economy.

REVENUE

REVENUE	6 Months Ended
	Jun. 29, 2024
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 June 29, 2024 Americas Europe Asia Corporate Total Product type Watches: Traditional watches $ 87,945 $ 55,624 $ 50,519 $ — $ 194,088 Smartwatches 5,526 538 2,328 — 8,392 Total watches 93,471 56,162 52,847 — 202,480 Leathers 18,151 3,738 5,277 — 27,166 Jewelry 5,526 12,211 6,462 — 24,199 Other 2,436 2,741 613 356 6,146 Consolidated $ 119,584 $ 74,852 $ 65,199 $ 356 $ 259,991 Timing of revenue recognition Revenue recognized at a point in time $ 119,484 $ 74,703 $ 65,087 $ 356 $ 259,630 Revenue recognized over time 100 149 112 — 361 Consolidated $ 119,584 $ 74,852 $ 65,199 $ 356 $ 259,991 For the 13 Weeks Ended July 1, 2023 Americas Europe Asia Corporate Total Product type Watches: Traditional watches $ 108,875 $ 59,411 $ 65,889 $ 1,927 $ 236,102 Smartwatches 8,443 5,263 4,073 — 17,779 Total watches $ 117,318 $ 64,674 $ 69,962 $ 1,927 $ 253,881 Leathers 20,963 4,986 7,373 — 33,322 Jewelry 6,223 15,380 5,755 — 27,358 Other 2,147 3,239 1,033 986 7,405 Consolidated $ 146,651 $ 88,279 $ 84,123 $ 2,913 $ 321,966 Timing of revenue recognition Revenue recognized at a point in time $ 146,496 $ 88,084 $ 84,009 $ 2,638 $ 321,227 Revenue recognized over time 155 195 114 275 739 Consolidated $ 146,651 $ 88,279 $ 84,123 $ 2,913 $ 321,966 For the 26 Weeks Ended June 29, 2024 Americas Europe Asia Corporate Total Product type Watches: Traditional watches $ 166,650 $ 112,757 $ 101,242 $ — $ 380,649 Smartwatches 10,680 2,099 4,490 — 17,269 Total watches $ 177,330 $ 114,856 $ 105,732 $ — $ 397,918 Leathers 35,670 8,143 10,936 — 54,749 Jewelry 12,146 25,689 12,628 — 50,463 Other 4,455 4,884 1,440 965 11,744 Consolidated $ 229,601 $ 153,572 $ 130,736 $ 965 $ 514,874 Timing of revenue recognition Revenue recognized at a point in time $ 229,393 $ 153,263 $ 130,511 $ 965 $ 514,132 Revenue recognized over time 208 309 225 — 742 Consolidated $ 229,601 $ 153,572 $ 130,736 $ 965 $ 514,874 For the 26 Weeks Ended July 1, 2023 Americas Europe Asia Corporate Total Product type Watches: Traditional watches $ 200,231 $ 131,215 $ 128,155 $ 1,927 $ 461,528 Smartwatches 20,933 11,885 9,361 — 42,179 Total watches $ 221,164 $ 143,100 $ 137,516 $ 1,927 $ 503,707 Leathers 48,074 11,758 13,753 — 73,585 Jewelry 11,642 33,880 10,880 — 56,402 Other 3,703 5,214 2,110 2,281 13,308 Consolidated $ 284,583 $ 193,952 $ 164,259 $ 4,208 $ 647,002 Timing of revenue recognition Revenue recognized at a point in time $ 284,259 $ 193,568 $ 164,036 $ 3,658 $ 645,521 Revenue recognized over time 324 384 223 550 1,481 Consolidated $ 284,583 $ 193,952 $ 164,259 $ 4,208 $ 647,002 Contract Balances.

INVENTORIES

INVENTORIES	6 Months Ended
	Jun. 29, 2024
Inventory Disclosure [Abstract]
INVENTORIES	INVENTORIES Inventories consisted of the following (in thousands): June 29, 2024 December 30, 2023 Components and parts $ 17,817 $ 18,931 Work-in-process 261 — Finished goods 184,050 233,903 Inventories $ 202,128 $ 252,834

WARRANTY LIABILITIES

WARRANTY LIABILITIES	6 Months Ended
	Jun. 29, 2024
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 26 Weeks Ended June 29, 2024 For the 26 Weeks Ended July 1, 2023 Beginning balance $ 10,122 $ 13,623 Settlements in cash or kind (2,390) (3,766) Warranties issued and adjustments to preexisting warranties (1) 35 2,403 Ending balance $ 7,767 $ 12,260 _______________________________________________ (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	6 Months Ended
	Jun. 29, 2024
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 June 29, 2024 For the 13 Weeks Ended July 1, 2023 For the 26 Weeks Ended June 29, 2024 For the 26 Weeks Ended July 1, 2023 Income tax (benefit) expense $ 2,208 $ (7,198) $ (3,908) $ (5,595) Effective tax rate (6.0) % 21.5 % 5.8 % 7.7 % The effective tax rate in the Second Quarter differed from the Prior Year Quarter primarily due to a change in the Company’s global mix of earnings. In addition, income taxes were accrued on certain income in foreign jurisdictions and no tax benefit has been accrued on the U.S. tax losses and on certain losses in other foreign jurisdictions due to valuation allowances previously recorded. The effective tax rate can also vary from quarter-to-quarter due to changes in the resolution of income tax audits, changes in uncertain tax positions, and changes in tax law. As of June 29, 2024, the Company's total amount of unrecognized tax benefits, excluding interest and penalties, was $17.5 million, of which $17.5 million would favorably impact the effective tax rate in future periods, if recognized. The Company filed amended U.S. income tax returns for 2014-2017 under the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”) which included a provision for the carryback of U.S. NOLs . The IRS reviewed the Company’s 2019 and 2020 U.S. tax returns and resulting net operating losses, as well as, the tax returns for 2014-2017; which are the carryback years. The Company has received the income tax refund for the 2019 U.S. tax NOL carryback. On March 27, 2024, The Company was informed that its 2019, 2020, and NOL carryback claims were approved by the IRS and Joint Committee on Taxation. The Company received a $57.3 million refund in April 2024. The Company released corresponding uncertain tax positions of $8.8 million in the first quarter of 2024. It is reasonably expected that certain uncertain tax positions will be resolved within the next 12 month period, and if resolved favorably, it would impact the tax rate by a benefit of approximately $14.5 million (including interest), of which $0.9 million was recognized in the second quarter. The Company is also subject to examinations in various state and foreign jurisdictions for its 2013-2023 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.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	6 Months Ended
	Jun. 29, 2024
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 53,099,052 and 52,487,020 shares issued and outstanding at June 29, 2024 and December 30, 2023, respectively. The Company has 1,000,000 shares of preferred stock, par value $0.01 per share, authorized, with none issued or outstanding at June 29, 2024 or December 30, 2023. 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. Purchases of the Company’s common stock are made from time to time pursuant to its repurchase programs, subject to market conditions and at prevailing market prices, through the open market. Repurchased shares of common stock are recorded at cost and become authorized but unissued shares which may be issued in the future for general corporate or other purposes. The Company may terminate or limit its stock repurchase program at any time. In the event the repurchased shares are cancelled, the Company accounts for retirements by allocating the repurchase price to common stock, additional paid-in capital and retained (deficit) earnings. The repurchase price allocation is based upon the equity contribution associated with historical issuances. The repurchase programs are conducted pursuant to Rule 10b-18 of the Exchange Act. At June 29, 2024 and December 30, 2023, all treasury stock had been effectively retired. As of June 29, 2024, the Company had $20.0 million of repurchase authorizations remaining under its repurchase program. The Company did not repurchase any common stock under its authorized stock repurchase plans during the Second Quarter, Prior Year Quarter, Year To Date Period or Prior Year YTD Period.

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	6 Months Ended
	Jun. 29, 2024
Share-Based Payment Arrangement [Abstract]
EMPLOYEE BENEFIT PLANS	EMPLOYEE BENEFIT PLANS Stock-Based Compensation Plans. There was no activity related to stock appreciation rights during the Second Quarter, and there were no stock appreciation rights outstanding as of June 29, 2024 Restricted Stock Units and Performance Restricted Stock Units. The following table summarizes restricted stock unit and performance restricted stock unit activity during the Second Quarter: Restricted Stock Units Number of Shares Weighted-Average (in Thousands) Nonvested at March 30, 2024 1,834 $ 6.09 Granted 700 0.88 Vested (817) 6.35 Forfeited (367) 6.08 Nonvested at June 29, 2024 1,350 $ 3.17 The total fair value of restricted stock units vested was $0.8 million during the Second Quarter. Vesting of performance restricted stock units is based on achievement of adjusted operating margin targets. Long-Term Incentive Plans.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	6 Months Ended
	Jun. 29, 2024
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 June 29, 2024 Currency Cash Flow Hedges Forward Pension Total Beginning balance $ (86,392) $ 2,334 $ 5,794 $ (78,264) Other comprehensive income (loss) before reclassifications (1,631) 376 — (1,255) Tax (expense) benefit — (6) — (6) Amounts reclassed from accumulated other comprehensive income (loss) — 202 — 202 Tax (expense) benefit — 61 — 61 Total other comprehensive income (loss) (1,631) 107 — (1,524) Ending balance $ (88,023) $ 2,441 $ 5,794 $ (79,788) For the 13 Weeks Ended July 1, 2023 Currency Cash Flow Hedges Forward Pension Total Beginning balance $ (84,784) $ (389) $ 11,966 $ (73,207) Other comprehensive income (loss) before reclassifications (4,090) (625) — (4,715) Tax (expense) benefit — 183 — 183 Amounts reclassed from accumulated other comprehensive income (loss) — (510) — (510) Tax (expense) benefit — 259 — 259 Total other comprehensive income (loss) (4,090) (191) — (4,281) Ending balance $ (88,874) $ (580) $ 11,966 $ (77,488) For the 26 Weeks Ended June 29, 2024 Currency Cash Flow Hedges Forward Pension Total Beginning balance $ (83,906) $ 1,688 $ 5,813 $ (76,405) Other comprehensive income (loss) before reclassifications (4,117) 1,050 (19) (3,086) Tax (expense) benefit — 70 — 70 Amounts reclassed from accumulated other comprehensive income — 232 — 232 Tax (expense) benefit — 135 — 135 Total other comprehensive income (loss) (4,117) 753 (19) (3,383) Ending balance $ (88,023) $ 2,441 $ 5,794 $ (79,788) For the 26 Weeks Ended July 1, 2023 Currency Cash Flow Hedges Forward Pension Total Beginning balance $ (90,681) $ 2,397 $ 11,966 $ (76,318) Other comprehensive income (loss) before reclassifications 1,807 (3,751) — (1,944) Tax (expense) benefit — 628 — 628 Amounts reclassed from accumulated other comprehensive income (loss) — (685) — (685) Tax (expense) benefit — 539 — 539 Total other comprehensive income (loss) 1,807 (2,977) — (1,170) Ending balance $ (88,874) $ (580) $ 11,966 $ (77,488) See Note—10 Derivatives and Risk Management for additional disclosures about the Company’s use of derivatives.

SEGMENT INFORMATION

SEGMENT INFORMATION	6 Months Ended
	Jun. 29, 2024
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 (including mainland China, Hong Kong, Macau and Taiwan), 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. Summary information by operating segment was as follows (in thousands): For the 13 Weeks Ended June 29, 2024 For the 13 Weeks Ended July 1, 2023 Net Sales Operating Income (Loss) Net Sales Operating Income (Loss) Americas $ 119,584 $ 14,604 $ 146,651 $ 23,444 Europe 74,852 9,958 88,279 (688) Asia 65,199 6,024 84,123 7,404 Corporate 356 (64,589) 2,913 (65,473) Consolidated $ 259,991 $ (34,003) $ 321,966 $ (35,313) For the 26 Weeks Ended June 29, 2024 For the 26 Weeks Ended July 1, 2023 Net Sales Operating Income (Loss) Net Sales Operating Income (Loss) Americas $ 229,601 $ 23,359 $ 284,583 $ 36,000 Europe 153,572 17,352 193,952 6,282 Asia 130,736 11,826 164,259 14,604 Corporate 965 (115,746) 4,208 (129,507) Consolidated $ 514,874 $ (63,209) $ 647,002 $ (72,621) The following table reflects net sales for each class of similar products in the periods presented (in thousands, except percentage data): For the 13 Weeks Ended June 29, 2024 For the 13 Weeks Ended July 1, 2023 Net Sales Percentage of Total Net Sales Percentage of Total Watches: Traditional watches $ 194,088 74.7 % $ 236,102 73.4 % Smartwatches 8,392 3.2 17,779 5.5 Total watches $ 202,480 77.9 % $ 253,881 78.9 % Leathers 27,166 10.4 33,322 10.3 Jewelry 24,199 9.3 27,358 8.5 Other 6,146 2.4 7,405 2.3 Total $ 259,991 100.0 % $ 321,966 100.0 % For the 26 Weeks Ended June 29, 2024 For the 26 Weeks Ended July 1, 2023 Net Sales Percentage of Total Net Sales Percentage of Total Watches: Traditional watches $ 380,649 73.9 % $ 461,528 71.3 % Smartwatches 17,269 3.4 42,179 6.5 Total watches 397,918 77.3 % $ 503,707 77.8 % Leathers 54,749 10.6 73,585 11.4 Jewelry 50,463 9.8 56,402 8.7 Other 11,744 2.3 13,308 2.1 Total $ 514,874 100.0 % $ 647,002 100.0 %

DERIVATIVES AND RISK MANAGEMENT

DERIVATIVES AND RISK MANAGEMENT	6 Months Ended
	Jun. 29, 2024
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 June 29, 2024, 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 20.6 U.S. dollar 23.1 Canadian dollar 9.2 U.S. dollar 6.9 British pound 1.9 U.S. dollar 2.4 Japanese yen 119.0 U.S. dollar 0.9 Australian dollar 0.9 U.S. dollar 0.6 U.S. dollar 0.7 Japanese yen 90.0 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 June 29, 2024, the Company had non-designated forward contracts of $0.9 million on 16.6 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 June 29, 2024 For the 13 Weeks Ended July 1, 2023 Cash flow hedges: Forward contracts $ 370 $ (442) Total gain (loss) recognized in other comprehensive income (loss), net of taxes $ 370 $ (442) For the 26 Weeks Ended June 29, 2024 For the 26 Weeks Ended July 1, 2023 Cash flow hedges: Forward contracts $ 1,120 $ (3,123) Total gain (loss) recognized in other comprehensive income (loss), net of taxes $ 1,120 $ (3,123) 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 June 29, 2024 For the 13 Weeks Ended July 1, 2023 Forward contracts designated as cash flow hedging instruments Cost of sales Total gain (loss) reclassified from accumulated other comprehensive income (loss) $ 65 $ (451) Forward contracts designated as cash flow hedging instruments Other income (expense)-net Total gain (loss) reclassified from accumulated other comprehensive income (loss) $ 198 $ 200 Forward contracts not designated as hedging instruments Other income (expense)-net Total gain (loss) recognized in income $ 11 $ 38 Derivative Instruments Condensed Consolidated Effect of Derivative For the 26 Weeks Ended June 29, 2024 For the 26 Weeks Ended July 1, 2023 Forward contracts designated as cash flow hedging instruments Cost of sales Total gain (loss) reclassified from accumulated other comprehensive income (loss) $ (6) $ (19) Forward contracts designated as cash flow hedging instruments Other income (expense)-net Total gain (loss) reclassified from accumulated other comprehensive income (loss) $ 373 $ (127) Forward contracts not designated as hedging instruments Other income (expense)-net Total gain (loss) recognized in income $ 16 $ 63 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 June 29, 2024 December 30, 2023 June 29, 2024 December 30, 2023 Derivative Instruments Condensed Fair Condensed Fair Condensed Fair Condensed Fair Forward contracts designated as cash flow hedging instruments Prepaid expenses and other current assets $ 1,231 Prepaid expenses and other current assets $ 339 Accrued expenses-other $ 110 Accrued expenses-other $ 1,044 Forward contracts not designated as cash flow hedging instruments Prepaid expenses and other current assets — Prepaid expenses and other current assets — Accrued expenses-other 8 Accrued expenses-other 7 Forward contracts designated as cash flow hedging instruments Intangible and other assets-net — Intangible and other assets-net 20 Other long-term liabilities — Other long-term liabilities 28 Total $ 1,231 $ 359 $ 118 $ 1,079 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 June 29, 2024 For the 13 Weeks Ended July 1, 2023 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 $ 123,140 $ 1,450 $ 165,299 $ 7,172 Gain (loss) on cash flow hedging relationships: Forward contracts designated as cash flow hedging instruments: Total gain (loss) reclassified from other comprehensive income (loss) $ 65 $ 198 $ (451) $ 200 Forward contracts not designated as hedging instruments: Total gain (loss) recognized in income $ — $ 11 $ — $ 38 Effect of Derivative Instruments For the 26 Weeks Ended June 29, 2024 For the 26 Weeks Ended July 1, 2023 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 $ 244,531 $ 5,338 $ 329,618 $ 9,906 Gain (loss) on cash flow hedging relationships: Forward contracts designated as cash flow hedging instruments: Total gain (loss) reclassified from other comprehensive income (loss) $ (6) $ 373 $ (19) $ (127) Forward contracts not designated as hedging instruments: Total gain (loss) recognized in income $ — $ 16 $ — $ 63 At the end of the Second Quarter, the Company had forward contracts designated as cash flow hedges with maturities extending through March 2025. As of June 29, 2024, a $1.1 million gain is expected to be reclassified into earnings within the next twelve months at prevailing foreign currency exchange rates.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Jun. 29, 2024
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 June 29, 2024 (in thousands): Fair Value at June 29, 2024 Level 1 Level 2 Level 3 Total Assets: Forward contracts $ — $ 1,231 $ — $ 1,231 Total $ — $ 1,231 $ — $ 1,231 Liabilities: Forward contracts — 118 — 118 Total $ — $ 118 $ — $ 118 The following table presents the fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of December 30, 2023 (in thousands): Fair Value at December 30, 2023 Level 1 Level 2 Level 3 Total Assets: Forward contracts $ — $ 359 $ — $ 359 Total $ — $ 359 $ — $ 359 Liabilities: Contingent consideration $ — $ — $ 586 $ 586 Forward contracts — 1,079 — 1,079 Total $ — $ 1,079 $ 586 $ 1,665 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 June 29, 2024, the Company's Notes (as defined in Note 15— Debt Activity), excluding unamortized debt issuance costs, were recorded at cost and had a carrying value of $150.0 million and had a fair value of approximately $75.0 million. The fair value of the Company's Notes was based on Level 1 inputs. The Company's Revolving Facility (as defined in Note 15—Debt Activity) was recorded at cost and had a carrying value of $10.7 million and a fair value of approximately $8.1 million. The fair value of the Company's Revolving Facility was based on Level 2 inputs. During the Year to Date Period, operating lease right-of-use ("ROU") assets with a carrying amount of $2.5 million and property, plant and equipment-net with a carrying value of $0.3 million were written down to a fair value of $1.7 million and $0.1 million, respectively, resulting in impairment charges of $1.0 million. During the Prior Year YTD Period, ROU assets with a carrying amount of $0.8 million were written down to a fair value of $0.6 million, resulting in impairment charges of $0.2 million. The fair values of operating lease ROU assets and fixed assets related to retail stores were determined using Level 3 inputs, including forecasted cash flows and discount rates. Of the $1.0 million impairment expense in the Year to Date Period, $0.8 million and $0.2 million was recorded in other long-lived asset impairments in the Asia and Europe segments, respectively. Of the $0.2 million impairment expense in the Prior Year YTD Period, $0.1 million was recorded in other long-lived asset impairments in both the Americas and Europe segments.

INTANGIBLE AND OTHER ASSETS

INTANGIBLE AND OTHER ASSETS	6 Months Ended
	Jun. 29, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLE AND OTHER ASSETS	INTANGIBLE AND OTHER ASSETS The following table summarizes intangible and other assets (in thousands): June 29, 2024 December 30, 2023 Useful Gross Accumulated Gross Accumulated Lives Amount Amortization Amount Amortization Intangibles-subject to amortization: Trademarks 10 yrs. $ 3,978 $ 3,306 $ 3,978 $ 3,256 Patents 3 - 20 yrs. 850 558 850 546 Trade name 6 yrs. 4,502 3,564 4,502 3,189 Other 7 - 20 yrs. 340 256 341 236 Total intangibles-subject to amortization 9,670 7,684 9,671 7,227 Intangibles-not subject to amortization: Trade names 8,888 8,919 Other assets: Deposits 15,175 16,168 Deferred tax asset-net 20,870 21,426 Restricted cash 3,550 4,309 Debt issuance costs 2,172 2,490 Other 3,248 3,340 Total other assets 45,015 47,733 Total intangible and other assets $ 63,573 $ 7,684 $ 66,323 $ 7,227 Total intangible and other assets-net $ 55,889 $ 59,096 Amortization expense for intangible assets was $0.2 million and $0.2 million for the Second Quarter and the Prior Year Quarter, respectively, and $0.5 million and $0.5 million for the Year To Date Period and Prior Year YTD Period, respectively. Estimated aggregate future amortization expense by fiscal year for intangible assets is as follows (in thousands): Fiscal Year Amortization 2024 (remaining) $ 458 2025 $ 726 2026 $ 138 2027 $ 120 2028 $ 114 Thereafter $ 431

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 29, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Litigation.

LEASES

LEASES	6 Months Ended
	Jun. 29, 2024
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 approximately one ten The components of lease expense were as follows (in thousands): Lease Cost Condensed Consolidated For the 13 Weeks Ended June 29, 2024 For the 13 Weeks Ended July 1, 2023 For the 26 Weeks Ended June 29, 2024 For the 26 Weeks Ended July 1, 2023 Operating lease cost (1) SG&A $ 15,869 $ 18,614 $ 32,178 $ 36,491 Short-term lease cost SG&A $ 240 $ 295 $ 526 $ 510 Variable lease cost SG&A $ 5,285 $ 5,534 $ 10,638 $ 11,653 _______________________________________________ (1) Includes sublease income, which was immaterial. The following table discloses supplemental balance sheet information for the Company’s leases (in thousands): Leases Condensed June 29, 2024 December 30, 2023 Assets Operating Operating lease ROU assets $ 140,168 $ 151,000 Liabilities Current: Operating Current operating lease liabilities $ 39,689 $ 43,565 Noncurrent: Operating Long-term operating lease liabilities $ 125,360 $ 137,644 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 June 29, 2024 December 30, 2023 Weighted-average remaining lease term: Operating leases 6.3 years 6.4 years Weighted-average discount rate: Operating leases 15.0 % 14.9 % Future minimum lease payments by year as of June 29, 2024 were as follows (in thousands): Fiscal Year Operating Leases 2024 (remaining) $ 34,997 2025 54,544 2026 41,148 2027 29,042 2028 18,375 Thereafter 87,018 Total lease payments $ 265,124 Less: Interest 100,075 Total lease obligations $ 165,049 Supplemental cash flow information related to leases was as follows (in thousands): For the 26 Weeks Ended June 29, 2024 For the 26 Weeks Ended July 1, 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 38,818 $ 43,774 Leased assets obtained in exchange for new operating lease liabilities 12,809 18,570
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 approximately one ten The components of lease expense were as follows (in thousands): Lease Cost Condensed Consolidated For the 13 Weeks Ended June 29, 2024 For the 13 Weeks Ended July 1, 2023 For the 26 Weeks Ended June 29, 2024 For the 26 Weeks Ended July 1, 2023 Operating lease cost (1) SG&A $ 15,869 $ 18,614 $ 32,178 $ 36,491 Short-term lease cost SG&A $ 240 $ 295 $ 526 $ 510 Variable lease cost SG&A $ 5,285 $ 5,534 $ 10,638 $ 11,653 _______________________________________________ (1) Includes sublease income, which was immaterial. The following table discloses supplemental balance sheet information for the Company’s leases (in thousands): Leases Condensed June 29, 2024 December 30, 2023 Assets Operating Operating lease ROU assets $ 140,168 $ 151,000 Liabilities Current: Operating Current operating lease liabilities $ 39,689 $ 43,565 Noncurrent: Operating Long-term operating lease liabilities $ 125,360 $ 137,644 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 June 29, 2024 December 30, 2023 Weighted-average remaining lease term: Operating leases 6.3 years 6.4 years Weighted-average discount rate: Operating leases 15.0 % 14.9 % Future minimum lease payments by year as of June 29, 2024 were as follows (in thousands): Fiscal Year Operating Leases 2024 (remaining) $ 34,997 2025 54,544 2026 41,148 2027 29,042 2028 18,375 Thereafter 87,018 Total lease payments $ 265,124 Less: Interest 100,075 Total lease obligations $ 165,049 Supplemental cash flow information related to leases was as follows (in thousands): For the 26 Weeks Ended June 29, 2024 For the 26 Weeks Ended July 1, 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 38,818 $ 43,774 Leased assets obtained in exchange for new operating lease liabilities 12,809 18,570

DEBT ACTIVITY

DEBT ACTIVITY	6 Months Ended
	Jun. 29, 2024
Debt Disclosure [Abstract]
DEBT ACTIVITY	DEBT ACTIVITY 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"). On November 8, 2022, the Company entered into Amendment No. 4 (the "Amendment") to the Revolving Facility. The Amendment, among other things, (i) extended the maturity date of the credit facility to November 8, 2027 (provided, that if the Company has any indebtedness in an amount in excess of $35 million that matures prior to November 8, 2027, the maturity date of the credit facility shall be the 91st day prior to the maturity date of such other indebtedness) and (ii) changed the calculation methodology of the borrowing base to include the value of certain of the Company’s intellectual property in such methodology and to provide for seasonal increases to certain advance rates. In November 2021, the Company sold $150.0 million aggregate principal amount of 7.00% senior notes due 2026 (the “Notes”), generating net proceeds of approximately $141.7 million. The Notes were issued pursuant to an indenture (the "Base Indenture") and a first supplemental indenture (the "First Supplemental Indenture" and, together with the Base Indenture, the "Indenture") with The Bank of New York Mellon Trust Company, N.A., as trustee (the "Trustee"). The Notes are general unsecured obligations of the Company and rank equally in right of payment with all of the Company’s existing and future senior unsecured and unsubordinated indebtedness, and will rank senior in right of payment to the Company’s future subordinated indebtedness, if any. The Notes are effectively subordinated to all of the Company’s existing and future secured indebtedness, to the extent of the value of the assets securing such indebtedness, and the Notes are structurally subordinated to all existing and future indebtedness and other liabilities (including trade payables) of the Company’s subsidiaries (excluding any amounts owed by such subsidiaries to the Company). The Notes bear interest at the rate of 7.00% per annum. Interest on the Notes is payable quarterly in arrears on February 28, May 31, August 31 and November 30 of each year. The Notes mature on November 30, 2026. The Company may redeem the Notes for cash in whole or in part at any time at its option. On and after November 30, 2023, the Company may redeem the Notes at the following prices: (i) on or after November 30, 2023 and prior to November 30, 2024, at a price equal to $25.50 per $25.00 principal amount of Notes, (ii) on or after November 30, 2024 and prior to November 30, 2025, at a price equal to $25.25 per $25.00 principal amount of Notes and (iii) on or after November 30, 2025, at a price equal to $25.00 per $25.00 principal amount of Notes, plus (in each case noted above) accrued and unpaid interest, if any, to, but excluding, the date of redemption. The Indenture contains customary events of default and cure provisions. If an event of default (other than an event of default of the type described in the following sentence) occurs and is continuing with respect to the Notes, the Trustee may, and at the direction of the registered holders of at least 25% in aggregate principal amount of the outstanding debt securities of the Notes shall, declare the principal amount plus accrued and unpaid interest, premium and additional amounts, if any, on the Notes to be due and payable immediately. If an event of default relating to certain events of bankruptcy, insolvency or reorganization of the Company occurs, the principal amount plus accrued and unpaid interest, and premium, if any, on the Notes will become immediately due and payable without any action on the part of the Trustee or any holder of the Notes. The Revolving Facility provides that the ABL Lenders may extend revolving loans in an aggregate principal amount not to exceed $225.0 million at any time outstanding (the “Revolving Credit Commitment”), of which up to $125.0 million is available under a U.S. facility, an aggregate of $80.0 million is available under a European facility, $10.0 million is available under a Hong Kong facility, $5.0 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 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, plus (iv) the lesser of (x) 40% of the appraised net orderly liquidation value of eligible U.S. intellectual property and (y) $20.0 million, minus (v) 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. The above advance rates (other than the advance rates with respect to intellectual property) are seasonally increased by 5% (e.g. from 90% to 95%) during the period commencing on the date of delivery of the borrowing base certificate with respect to the second fiscal month of the Company and ending on the last day of the period covered by the borrowing base certificate delivered with respect to the fifth fiscal month of the Company. The Revolving Facility also includes a commitment fee, payable quarterly in arrears, of 0.250% or 0.375% determined by reference to the average daily unused portion of the overall commitment under the Revolving Facility. The ABL Borrowers will pay the ABL Agent, on the account of the issuing ABL Lenders, an issuance fee of 0.125% for any issued Letters of Credit. The ABL Borrowers have the right to request an increase to the commitments under the Revolving Facility or any subfacility in an aggregate principal amount not to exceed $75.0 million in increments no less than $10.0 million, subject to certain terms and conditions as defined in the Revolving Facility. The Revolving Facility is secured by guarantees by the Company and certain of its domestic subsidiaries. Additionally, the Company and such subsidiaries have granted liens on all or substantially all of their assets in order to secure the obligations under the Revolving Facility. In addition, the Swiss Borrower, the Hong Kong Borrower, the French Borrower, the German Borrower and the Canadian Borrower, and the other non-U.S. borrowers from time to time party to the Revolving Facility are required to enter into security instruments with respect to all or substantially all of their assets that can be pledged under applicable local law, and certain of their respective subsidiaries may guarantee the respective non-U.S. obligations under the Revolving Facility. The Revolving Facility contains customary affirmative and negative covenants and events of default, such as compliance with annual audited and quarterly unaudited financial statements disclosures. Upon an event of default, the ABL Agent will have the right to declare the revolving loans and other obligations outstanding immediately due and payable and all commitments immediately terminated or reduced, subject to cure periods and grace periods set forth in the Revolving Facility. As of June 29, 2024, the Company had $150.0 million and $10.7 million outstanding under the Notes and Revolving Facility, respectively. The Company had net payments of $46.8 million and $51.3 million under the Revolving Facility during the Second Quarter and Year To Date Period, respectively. Amounts available under the Revolving Facility were reduced by any amounts outstanding under standby Letters of Credit. As of June 29, 2024, the Company had available borrowing capacity of $50.8 million under the Revolving Facility. As of June 29, 2024, the Company had unamortized debt issuance costs of $4.2 million recorded in long-term debt and $2.2 million recorded in intangible and other assets-net on the Company's consolidated balance sheets. The Company incurred $2.6 million and $5.2 million of interest expense related to the Notes during the Second Quarter and Year To Date Period, respectively. The Company incurred $0.3 million and $1.3 million of interest expense related to the Revolving Facility during the Second Quarter and Year To Date Period, respectively. The Company incurred $0.6 million and $1.2 million of interest expense related to the amortization of debt issuance costs during the Second Quarter and Year To Date Period, respectively. At June 29, 2024, the Company was in compliance with all debt covenants related to its credit facilities.

RESTRUCTURING

RESTRUCTURING	6 Months Ended
	Jun. 29, 2024
Restructuring and Related Activities [Abstract]
RESTRUCTURING	RESTRUCTURING In fiscal year 2023, the Company announced its Transform and Grow strategy ("TAG") designed to reduce operating costs, improve operating margins, and advance the Company’s commitment to profitable growth. The Company expanded the scope and duration of TAG to focus on a more comprehensive review of its global business operations. The expansion of TAG will put greater emphasis on initiatives to exit or minimize certain product offerings, brands and distribution, and to strengthen gross margin and increase the level of operating expense efficiencies. TAG is estimated to generate approximately $300 million of annualized operating benefits by the end of 2025. The Company estimates approximately $100 million to $120 million in total charges over the duration of TAG, with approximately $40 million in fiscal year 2024. Aided by these measures, the Company's long-term goal is to achieve adjusted gross margins in the low to mid 50% range and adjusted operating margins of approximately 10%. The following table shows a summary of TAG plan charges (in thousands): For the 13 Weeks Ended June 29, 2024 For the 13 Weeks Ended July 1, 2023 For the 26 Weeks Ended June 29, 2024 For the 26 Weeks Ended July 1, 2023 Cost of sales $ — $ 2,911 $ (241) $ 8,174 Selling, general and administrative expenses 16,673 4,632 26,726 11,729 Consolidated $ 16,673 $ 7,543 $ 26,485 $ 19,903 The following table shows a rollforward of the accrued liability related to the Company’s TAG plan (in thousands): For the 13 Weeks Ended June 29, 2024 Liabilities Liabilities March 30, 2024 Charges Cash Payments Non-cash Items June 29, 2024 Stores and facilities closures $ 1 $ 36 $ 1 $ 36 $ — Professional services 211 11,568 460 — 11,319 Severance and employee-related benefits 8,479 5,069 4,834 365 8,349 Charges related to exits of certain product offerings 750 — 450 — 300 Total $ 9,441 $ 16,673 $ 5,745 $ 401 $ 19,968 For the 13 Weeks Ended July 1, 2023 Liabilities Liabilities April 1, 2023 Charges Cash Payments July 1, 2023 Professional services $ 20 $ 967 $ 89 $ 898 Severance and employee-related benefits 4,500 3,666 3,353 4,813 Charges related to exits of certain product offerings 5,264 2,910 700 7,474 Total 9,784 7,543 4,142 13,185 For the 26 Weeks Ended June 29, 2024 Liabilities Liabilities December 30, 2023 Charges Cash Payments Non-cash Items June 29, 2024 Stores and facilities closures $ — $ 143 $ 7 $ 136 $ — Professional services 117 14,052 2,850 — 11,319 Severance and employee-related benefits 8,117 12,531 11,934 365 8,349 Charges related to exits of certain product offerings 3,821 (241) 3,280 — 300 Total $ 12,055 $ 26,485 $ 18,071 $ 501 $ 19,968 For the 26 Weeks Ended July 1, 2023 Liabilities Liabilities December 31, 2022 Charges Cash Payments July 1, 2023 Professional services $ — $ 1,002 $ 104 $ 898 Severance and employee-related benefits — 10,727 5,914 4,813 Charges related to exits of certain product offerings — 8,174 700 7,474 Total $ — $ 19,903 $ 6,718 $ 13,185 TAG plan restructuring charges by operating segment were as follows (in thousands): For the 13 Weeks Ended June 29, 2024 For the 13 Weeks Ended July 1, 2023 For the 26 Weeks Ended June 29, 2024 For the 26 Weeks Ended July 1, 2023 Americas $ 262 $ 1,535 $ 626 $ 4,493 Europe 1,869 3,386 5,426 7,342 Asia 93 1,686 1,056 5,953 Corporate 14,449 936 19,377 2,115 Consolidated $ 16,673 $ 7,543 $ 26,485 $ 19,903 In fiscal year 2022, the Company completed its New World Fossil 2.0 ("NWF 2.0”) restructuring program it launched in 2019. 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 July 1, 2023 Liabilities Liabilities April 1, 2023 Cash Payments July 1, 2023 Professional services $ 60 $ 13 $ 47 Severance and employee-related benefits 587 327 260 Total $ 647 $ 340 $ 307 For the 26 Weeks Ended July 1, 2023 Liabilities Liabilities December 31, 2022 Cash Payments July 1, 2023 Professional services $ 74 $ 27 $ 47 Severance and employee-related benefits 2,821 2,561 260 Total $ 2,895 $ 2,588 $ 307

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 29, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

FINANCIAL STATEMENT POLICIES (P

FINANCIAL STATEMENT POLICIES (Policies)	6 Months Ended
	Jun. 29, 2024
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 information presented herein includes the thirteen-week period ended June 29, 2024 (“Second Quarter”) as compared to the thirteen-week period ended July 1, 2023 (“Prior Year Quarter”), and the twenty-six week period ended June 29, 2024 ("Year To Date Period") as compared to the twenty-six week period ended July 1, 2023 ("Prior Year YTD Period"). 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 June 29, 2024, and the results of operations for the Second Quarter, Prior Year Quarter, Year To Date Period and Prior Year YTD Period. All adjustments are of a normal, recurring nature. 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 filed by the Company pursuant to the Securities Exchange Act of 1934, as amended (the “Exchange Act”), for the fiscal year ended December 30, 2023, as amended (the “2023 Form 10-K”). Operating results for the Second Quarter are not necessarily indicative of the results to be achieved for the full fiscal year. Effective during the third quarter of fiscal year 2023, the Company made a change to the presentation of its available borrowing capacity under its Revolving Facility (as defined in Note 15 - Debt Activity) to exclude available borrowings that would trigger a contingent covenant. The Company's historical disclosures have been recast to be consistent with its current presentation.
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 ("SG&A"), 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, and design and product development labor costs. SG&A also includes general and administrative expenses primarily consisting of administrative support labor and 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 reduce and optimize the Company’s infrastructure and store closures. See Note 16— Restructuring for additional information on the Company’s restructuring plan.
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, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash.
Recently Issued and Adopted Accounting Standards	Recently Issued and Adopted Accounting Standards In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU"), 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , to enhance the transparency and decision usefulness of income tax disclosures through changes to the rate reconciliation and income taxes paid information. This guidance is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is evaluating the impact of adopting this guidance on its financial statement disclosures. In November 2023, FASB issued ASU 2023-07, Improvements to Reportable Segment Disclosures (Topic 280), to improve reportable segment disclosures, primarily through enhanced disclosures about significant segment expenses. The amendments in this update will require public entities to disclose significant segment expenses that are regularly provided to the Company's chief operating decision maker and included within segment profit and loss, an amount and description of its composition for other segment items, and expanded interim disclosures. This guidance is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is evaluating the impact of adopting this guidance on its financial statement disclosures. In October 2023, FASB issued ASU 2023-06, Disclosure Improvements - Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative ("ASU 2023-06"). The amendments in ASU 2023-06 modify the disclosure or presentation requirements of a variety of topics in the FASB Accounting Standards Codification (the "Codification"), with the intention of clarifying or improving them and to align the requirements in the Codification with the regulations of the U.S. Securities and Exchange Commission (the "SEC"). The effective date for ASU 2023-06 varies and is determined for each individual disclosure based on the effective date of the SEC's removal of the related disclosure. ASU 2023-06 will not have an impact on the Company's financial position or results of operations. The Organization for Economic Cooperation and Development ("OECD") and over 140 countries have agreed to enact a two-pillar solution to reform the international tax rules to address the challenges arising from the globalization and digitalization of the economy.
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)	6 Months Ended
	Jun. 29, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	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 June 29, 2024 For the 13 Weeks Ended July 1, 2023 For the 26 Weeks Ended June 29, 2024 For the 26 Weeks Ended July 1, 2023 Numerator: Net income (loss) attributable to Fossil Group, Inc. $ (38,785) $ (26,529) $ (63,081) $ (67,791) Denominator: Basic EPS computation: Basic weighted average common shares outstanding 52,927 52,349 52,709 52,095 Basic EPS $ (0.73) $ (0.51) $ (1.20) $ (1.30) Diluted EPS computation: Diluted weighted average common shares outstanding 52,927 52,349 52,709 52,095 Diluted EPS $ (0.73) $ (0.51) $ (1.20) $ (1.30)
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 June 29, 2024 and July 1, 2023 that are presented in the condensed consolidated statement of cash flows (in thousands): June 29, 2024 July 1, 2023 Cash and cash equivalents $ 104,906 $ 132,107 Restricted cash included in prepaid expenses and other current assets 625 107 Restricted cash included in intangible and other assets-net 3,550 4,722 Cash, cash equivalents and restricted cash $ 109,081 $ 136,936
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 June 29, 2024 and July 1, 2023 that are presented in the condensed consolidated statement of cash flows (in thousands): June 29, 2024 July 1, 2023 Cash and cash equivalents $ 104,906 $ 132,107 Restricted cash included in prepaid expenses and other current assets 625 107 Restricted cash included in intangible and other assets-net 3,550 4,722 Cash, cash equivalents and restricted cash $ 109,081 $ 136,936

REVENUE (Tables)

REVENUE (Tables)	6 Months Ended
	Jun. 29, 2024
Revenue from Contract with Customer [Abstract]
Schedule of 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 June 29, 2024 Americas Europe Asia Corporate Total Product type Watches: Traditional watches $ 87,945 $ 55,624 $ 50,519 $ — $ 194,088 Smartwatches 5,526 538 2,328 — 8,392 Total watches 93,471 56,162 52,847 — 202,480 Leathers 18,151 3,738 5,277 — 27,166 Jewelry 5,526 12,211 6,462 — 24,199 Other 2,436 2,741 613 356 6,146 Consolidated $ 119,584 $ 74,852 $ 65,199 $ 356 $ 259,991 Timing of revenue recognition Revenue recognized at a point in time $ 119,484 $ 74,703 $ 65,087 $ 356 $ 259,630 Revenue recognized over time 100 149 112 — 361 Consolidated $ 119,584 $ 74,852 $ 65,199 $ 356 $ 259,991 For the 13 Weeks Ended July 1, 2023 Americas Europe Asia Corporate Total Product type Watches: Traditional watches $ 108,875 $ 59,411 $ 65,889 $ 1,927 $ 236,102 Smartwatches 8,443 5,263 4,073 — 17,779 Total watches $ 117,318 $ 64,674 $ 69,962 $ 1,927 $ 253,881 Leathers 20,963 4,986 7,373 — 33,322 Jewelry 6,223 15,380 5,755 — 27,358 Other 2,147 3,239 1,033 986 7,405 Consolidated $ 146,651 $ 88,279 $ 84,123 $ 2,913 $ 321,966 Timing of revenue recognition Revenue recognized at a point in time $ 146,496 $ 88,084 $ 84,009 $ 2,638 $ 321,227 Revenue recognized over time 155 195 114 275 739 Consolidated $ 146,651 $ 88,279 $ 84,123 $ 2,913 $ 321,966 For the 26 Weeks Ended June 29, 2024 Americas Europe Asia Corporate Total Product type Watches: Traditional watches $ 166,650 $ 112,757 $ 101,242 $ — $ 380,649 Smartwatches 10,680 2,099 4,490 — 17,269 Total watches $ 177,330 $ 114,856 $ 105,732 $ — $ 397,918 Leathers 35,670 8,143 10,936 — 54,749 Jewelry 12,146 25,689 12,628 — 50,463 Other 4,455 4,884 1,440 965 11,744 Consolidated $ 229,601 $ 153,572 $ 130,736 $ 965 $ 514,874 Timing of revenue recognition Revenue recognized at a point in time $ 229,393 $ 153,263 $ 130,511 $ 965 $ 514,132 Revenue recognized over time 208 309 225 — 742 Consolidated $ 229,601 $ 153,572 $ 130,736 $ 965 $ 514,874 For the 26 Weeks Ended July 1, 2023 Americas Europe Asia Corporate Total Product type Watches: Traditional watches $ 200,231 $ 131,215 $ 128,155 $ 1,927 $ 461,528 Smartwatches 20,933 11,885 9,361 — 42,179 Total watches $ 221,164 $ 143,100 $ 137,516 $ 1,927 $ 503,707 Leathers 48,074 11,758 13,753 — 73,585 Jewelry 11,642 33,880 10,880 — 56,402 Other 3,703 5,214 2,110 2,281 13,308 Consolidated $ 284,583 $ 193,952 $ 164,259 $ 4,208 $ 647,002 Timing of revenue recognition Revenue recognized at a point in time $ 284,259 $ 193,568 $ 164,036 $ 3,658 $ 645,521 Revenue recognized over time 324 384 223 550 1,481 Consolidated $ 284,583 $ 193,952 $ 164,259 $ 4,208 $ 647,002

INVENTORIES (Tables)

INVENTORIES (Tables)	6 Months Ended
	Jun. 29, 2024
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories consisted of the following (in thousands): June 29, 2024 December 30, 2023 Components and parts $ 17,817 $ 18,931 Work-in-process 261 — Finished goods 184,050 233,903 Inventories $ 202,128 $ 252,834

WARRANTY LIABILITIES (Tables)

WARRANTY LIABILITIES (Tables)	6 Months Ended
	Jun. 29, 2024
Product Warranties Disclosures [Abstract]
Schedule of Warranty Liability Activity	Warranty liability activity consisted of the following (in thousands): For the 26 Weeks Ended June 29, 2024 For the 26 Weeks Ended July 1, 2023 Beginning balance $ 10,122 $ 13,623 Settlements in cash or kind (2,390) (3,766) Warranties issued and adjustments to preexisting warranties (1) 35 2,403 Ending balance $ 7,767 $ 12,260 _______________________________________________ (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)	6 Months Ended
	Jun. 29, 2024
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 June 29, 2024 For the 13 Weeks Ended July 1, 2023 For the 26 Weeks Ended June 29, 2024 For the 26 Weeks Ended July 1, 2023 Income tax (benefit) expense $ 2,208 $ (7,198) $ (3,908) $ (5,595) Effective tax rate (6.0) % 21.5 % 5.8 % 7.7 %

EMPLOYEE BENEFIT PLANS (Tables)

EMPLOYEE BENEFIT PLANS (Tables)	6 Months Ended
	Jun. 29, 2024
Share-Based Payment Arrangement [Abstract]
Schedule 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 Second Quarter: Restricted Stock Units Number of Shares Weighted-Average (in Thousands) Nonvested at March 30, 2024 1,834 $ 6.09 Granted 700 0.88 Vested (817) 6.35 Forfeited (367) 6.08 Nonvested at June 29, 2024 1,350 $ 3.17

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)	6 Months Ended
	Jun. 29, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of 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 June 29, 2024 Currency Cash Flow Hedges Forward Pension Total Beginning balance $ (86,392) $ 2,334 $ 5,794 $ (78,264) Other comprehensive income (loss) before reclassifications (1,631) 376 — (1,255) Tax (expense) benefit — (6) — (6) Amounts reclassed from accumulated other comprehensive income (loss) — 202 — 202 Tax (expense) benefit — 61 — 61 Total other comprehensive income (loss) (1,631) 107 — (1,524) Ending balance $ (88,023) $ 2,441 $ 5,794 $ (79,788) For the 13 Weeks Ended July 1, 2023 Currency Cash Flow Hedges Forward Pension Total Beginning balance $ (84,784) $ (389) $ 11,966 $ (73,207) Other comprehensive income (loss) before reclassifications (4,090) (625) — (4,715) Tax (expense) benefit — 183 — 183 Amounts reclassed from accumulated other comprehensive income (loss) — (510) — (510) Tax (expense) benefit — 259 — 259 Total other comprehensive income (loss) (4,090) (191) — (4,281) Ending balance $ (88,874) $ (580) $ 11,966 $ (77,488) For the 26 Weeks Ended June 29, 2024 Currency Cash Flow Hedges Forward Pension Total Beginning balance $ (83,906) $ 1,688 $ 5,813 $ (76,405) Other comprehensive income (loss) before reclassifications (4,117) 1,050 (19) (3,086) Tax (expense) benefit — 70 — 70 Amounts reclassed from accumulated other comprehensive income — 232 — 232 Tax (expense) benefit — 135 — 135 Total other comprehensive income (loss) (4,117) 753 (19) (3,383) Ending balance $ (88,023) $ 2,441 $ 5,794 $ (79,788) For the 26 Weeks Ended July 1, 2023 Currency Cash Flow Hedges Forward Pension Total Beginning balance $ (90,681) $ 2,397 $ 11,966 $ (76,318) Other comprehensive income (loss) before reclassifications 1,807 (3,751) — (1,944) Tax (expense) benefit — 628 — 628 Amounts reclassed from accumulated other comprehensive income (loss) — (685) — (685) Tax (expense) benefit — 539 — 539 Total other comprehensive income (loss) 1,807 (2,977) — (1,170) Ending balance $ (88,874) $ (580) $ 11,966 $ (77,488) See Note—10 Derivatives and Risk Management for additional disclosures about the Company’s use of derivatives.

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	6 Months Ended
	Jun. 29, 2024
Segment Reporting [Abstract]
Schedule of Information by Operating Segment	Summary information by operating segment was as follows (in thousands): For the 13 Weeks Ended June 29, 2024 For the 13 Weeks Ended July 1, 2023 Net Sales Operating Income (Loss) Net Sales Operating Income (Loss) Americas $ 119,584 $ 14,604 $ 146,651 $ 23,444 Europe 74,852 9,958 88,279 (688) Asia 65,199 6,024 84,123 7,404 Corporate 356 (64,589) 2,913 (65,473) Consolidated $ 259,991 $ (34,003) $ 321,966 $ (35,313) For the 26 Weeks Ended June 29, 2024 For the 26 Weeks Ended July 1, 2023 Net Sales Operating Income (Loss) Net Sales Operating Income (Loss) Americas $ 229,601 $ 23,359 $ 284,583 $ 36,000 Europe 153,572 17,352 193,952 6,282 Asia 130,736 11,826 164,259 14,604 Corporate 965 (115,746) 4,208 (129,507) Consolidated $ 514,874 $ (63,209) $ 647,002 $ (72,621)
Schedule of Net Sales for each Class of Similar Products	The following table reflects net sales for each class of similar products in the periods presented (in thousands, except percentage data): For the 13 Weeks Ended June 29, 2024 For the 13 Weeks Ended July 1, 2023 Net Sales Percentage of Total Net Sales Percentage of Total Watches: Traditional watches $ 194,088 74.7 % $ 236,102 73.4 % Smartwatches 8,392 3.2 17,779 5.5 Total watches $ 202,480 77.9 % $ 253,881 78.9 % Leathers 27,166 10.4 33,322 10.3 Jewelry 24,199 9.3 27,358 8.5 Other 6,146 2.4 7,405 2.3 Total $ 259,991 100.0 % $ 321,966 100.0 % For the 26 Weeks Ended June 29, 2024 For the 26 Weeks Ended July 1, 2023 Net Sales Percentage of Total Net Sales Percentage of Total Watches: Traditional watches $ 380,649 73.9 % $ 461,528 71.3 % Smartwatches 17,269 3.4 42,179 6.5 Total watches 397,918 77.3 % $ 503,707 77.8 % Leathers 54,749 10.6 73,585 11.4 Jewelry 50,463 9.8 56,402 8.7 Other 11,744 2.3 13,308 2.1 Total $ 514,874 100.0 % $ 647,002 100.0 %

DERIVATIVES AND RISK MANAGEME_2

DERIVATIVES AND RISK MANAGEMENT (Tables)	6 Months Ended
	Jun. 29, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Outstanding Forward Contracts	As of June 29, 2024, 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 20.6 U.S. dollar 23.1 Canadian dollar 9.2 U.S. dollar 6.9 British pound 1.9 U.S. dollar 2.4 Japanese yen 119.0 U.S. dollar 0.9 Australian dollar 0.9 U.S. dollar 0.6 U.S. dollar 0.7 Japanese yen 90.0
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 June 29, 2024 For the 13 Weeks Ended July 1, 2023 Cash flow hedges: Forward contracts $ 370 $ (442) Total gain (loss) recognized in other comprehensive income (loss), net of taxes $ 370 $ (442) For the 26 Weeks Ended June 29, 2024 For the 26 Weeks Ended July 1, 2023 Cash flow hedges: Forward contracts $ 1,120 $ (3,123) Total gain (loss) recognized in other comprehensive income (loss), net of taxes $ 1,120 $ (3,123)
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	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 June 29, 2024 For the 13 Weeks Ended July 1, 2023 Forward contracts designated as cash flow hedging instruments Cost of sales Total gain (loss) reclassified from accumulated other comprehensive income (loss) $ 65 $ (451) Forward contracts designated as cash flow hedging instruments Other income (expense)-net Total gain (loss) reclassified from accumulated other comprehensive income (loss) $ 198 $ 200 Forward contracts not designated as hedging instruments Other income (expense)-net Total gain (loss) recognized in income $ 11 $ 38 Derivative Instruments Condensed Consolidated Effect of Derivative For the 26 Weeks Ended June 29, 2024 For the 26 Weeks Ended July 1, 2023 Forward contracts designated as cash flow hedging instruments Cost of sales Total gain (loss) reclassified from accumulated other comprehensive income (loss) $ (6) $ (19) Forward contracts designated as cash flow hedging instruments Other income (expense)-net Total gain (loss) reclassified from accumulated other comprehensive income (loss) $ 373 $ (127) Forward contracts not designated as hedging instruments Other income (expense)-net Total gain (loss) recognized in income $ 16 $ 63
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 June 29, 2024 December 30, 2023 June 29, 2024 December 30, 2023 Derivative Instruments Condensed Fair Condensed Fair Condensed Fair Condensed Fair Forward contracts designated as cash flow hedging instruments Prepaid expenses and other current assets $ 1,231 Prepaid expenses and other current assets $ 339 Accrued expenses-other $ 110 Accrued expenses-other $ 1,044 Forward contracts not designated as cash flow hedging instruments Prepaid expenses and other current assets — Prepaid expenses and other current assets — Accrued expenses-other 8 Accrued expenses-other 7 Forward contracts designated as cash flow hedging instruments Intangible and other assets-net — Intangible and other assets-net 20 Other long-term liabilities — Other long-term liabilities 28 Total $ 1,231 $ 359 $ 118 $ 1,079 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 June 29, 2024 For the 13 Weeks Ended July 1, 2023 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 $ 123,140 $ 1,450 $ 165,299 $ 7,172 Gain (loss) on cash flow hedging relationships: Forward contracts designated as cash flow hedging instruments: Total gain (loss) reclassified from other comprehensive income (loss) $ 65 $ 198 $ (451) $ 200 Forward contracts not designated as hedging instruments: Total gain (loss) recognized in income $ — $ 11 $ — $ 38 Effect of Derivative Instruments For the 26 Weeks Ended June 29, 2024 For the 26 Weeks Ended July 1, 2023 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 $ 244,531 $ 5,338 $ 329,618 $ 9,906 Gain (loss) on cash flow hedging relationships: Forward contracts designated as cash flow hedging instruments: Total gain (loss) reclassified from other comprehensive income (loss) $ (6) $ 373 $ (19) $ (127) Forward contracts not designated as hedging instruments: Total gain (loss) recognized in income $ — $ 16 $ — $ 63

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Jun. 29, 2024
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 June 29, 2024 (in thousands): Fair Value at June 29, 2024 Level 1 Level 2 Level 3 Total Assets: Forward contracts $ — $ 1,231 $ — $ 1,231 Total $ — $ 1,231 $ — $ 1,231 Liabilities: Forward contracts — 118 — 118 Total $ — $ 118 $ — $ 118 The following table presents the fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of December 30, 2023 (in thousands): Fair Value at December 30, 2023 Level 1 Level 2 Level 3 Total Assets: Forward contracts $ — $ 359 $ — $ 359 Total $ — $ 359 $ — $ 359 Liabilities: Contingent consideration $ — $ — $ 586 $ 586 Forward contracts — 1,079 — 1,079 Total $ — $ 1,079 $ 586 $ 1,665

INTANGIBLE AND OTHER ASSETS (Ta

INTANGIBLE AND OTHER ASSETS (Tables)	6 Months Ended
	Jun. 29, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible and Other Assets-net	The following table summarizes intangible and other assets (in thousands): June 29, 2024 December 30, 2023 Useful Gross Accumulated Gross Accumulated Lives Amount Amortization Amount Amortization Intangibles-subject to amortization: Trademarks 10 yrs. $ 3,978 $ 3,306 $ 3,978 $ 3,256 Patents 3 - 20 yrs. 850 558 850 546 Trade name 6 yrs. 4,502 3,564 4,502 3,189 Other 7 - 20 yrs. 340 256 341 236 Total intangibles-subject to amortization 9,670 7,684 9,671 7,227 Intangibles-not subject to amortization: Trade names 8,888 8,919 Other assets: Deposits 15,175 16,168 Deferred tax asset-net 20,870 21,426 Restricted cash 3,550 4,309 Debt issuance costs 2,172 2,490 Other 3,248 3,340 Total other assets 45,015 47,733 Total intangible and other assets $ 63,573 $ 7,684 $ 66,323 $ 7,227 Total intangible and other assets-net $ 55,889 $ 59,096
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 2024 (remaining) $ 458 2025 $ 726 2026 $ 138 2027 $ 120 2028 $ 114 Thereafter $ 431

LEASES (Tables)

LEASES (Tables)	6 Months Ended
	Jun. 29, 2024
Leases [Abstract]
Schedule of Components of Leases	The components of lease expense were as follows (in thousands): Lease Cost Condensed Consolidated For the 13 Weeks Ended June 29, 2024 For the 13 Weeks Ended July 1, 2023 For the 26 Weeks Ended June 29, 2024 For the 26 Weeks Ended July 1, 2023 Operating lease cost (1) SG&A $ 15,869 $ 18,614 $ 32,178 $ 36,491 Short-term lease cost SG&A $ 240 $ 295 $ 526 $ 510 Variable lease cost SG&A $ 5,285 $ 5,534 $ 10,638 $ 11,653 _______________________________________________ (1) Includes sublease income, which was immaterial. The following table discloses supplemental balance sheet information for the Company’s leases (in thousands): Leases Condensed June 29, 2024 December 30, 2023 Assets Operating Operating lease ROU assets $ 140,168 $ 151,000 Liabilities Current: Operating Current operating lease liabilities $ 39,689 $ 43,565 Noncurrent: Operating Long-term operating lease liabilities $ 125,360 $ 137,644 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 June 29, 2024 December 30, 2023 Weighted-average remaining lease term: Operating leases 6.3 years 6.4 years Weighted-average discount rate: Operating leases 15.0 % 14.9 %
Schedule of Finance Lease, Liability, to be Paid, Maturity	Future minimum lease payments by year as of June 29, 2024 were as follows (in thousands): Fiscal Year Operating Leases 2024 (remaining) $ 34,997 2025 54,544 2026 41,148 2027 29,042 2028 18,375 Thereafter 87,018 Total lease payments $ 265,124 Less: Interest 100,075 Total lease obligations $ 165,049
Schedule of Lessee, Operating Lease, Liability, to be Paid, Maturity	Future minimum lease payments by year as of June 29, 2024 were as follows (in thousands): Fiscal Year Operating Leases 2024 (remaining) $ 34,997 2025 54,544 2026 41,148 2027 29,042 2028 18,375 Thereafter 87,018 Total lease payments $ 265,124 Less: Interest 100,075 Total lease obligations $ 165,049
Schedule of Supplemental Cash Flow Information	Supplemental cash flow information related to leases was as follows (in thousands): For the 26 Weeks Ended June 29, 2024 For the 26 Weeks Ended July 1, 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 38,818 $ 43,774 Leased assets obtained in exchange for new operating lease liabilities 12,809 18,570

RESTRUCTURING (Tables)

RESTRUCTURING (Tables)	6 Months Ended
	Jun. 29, 2024
Restructuring and Related Activities [Abstract]
Schedule of Restructuring Charges by Operating Segment	The following table shows a summary of TAG plan charges (in thousands): For the 13 Weeks Ended June 29, 2024 For the 13 Weeks Ended July 1, 2023 For the 26 Weeks Ended June 29, 2024 For the 26 Weeks Ended July 1, 2023 Cost of sales $ — $ 2,911 $ (241) $ 8,174 Selling, general and administrative expenses 16,673 4,632 26,726 11,729 Consolidated $ 16,673 $ 7,543 $ 26,485 $ 19,903 TAG plan restructuring charges by operating segment were as follows (in thousands): For the 13 Weeks Ended June 29, 2024 For the 13 Weeks Ended July 1, 2023 For the 26 Weeks Ended June 29, 2024 For the 26 Weeks Ended July 1, 2023 Americas $ 262 $ 1,535 $ 626 $ 4,493 Europe 1,869 3,386 5,426 7,342 Asia 93 1,686 1,056 5,953 Corporate 14,449 936 19,377 2,115 Consolidated $ 16,673 $ 7,543 $ 26,485 $ 19,903
Schedule of Liability Incurred On Restructuring Plan	The following table shows a rollforward of the accrued liability related to the Company’s TAG plan (in thousands): For the 13 Weeks Ended June 29, 2024 Liabilities Liabilities March 30, 2024 Charges Cash Payments Non-cash Items June 29, 2024 Stores and facilities closures $ 1 $ 36 $ 1 $ 36 $ — Professional services 211 11,568 460 — 11,319 Severance and employee-related benefits 8,479 5,069 4,834 365 8,349 Charges related to exits of certain product offerings 750 — 450 — 300 Total $ 9,441 $ 16,673 $ 5,745 $ 401 $ 19,968 For the 13 Weeks Ended July 1, 2023 Liabilities Liabilities April 1, 2023 Charges Cash Payments July 1, 2023 Professional services $ 20 $ 967 $ 89 $ 898 Severance and employee-related benefits 4,500 3,666 3,353 4,813 Charges related to exits of certain product offerings 5,264 2,910 700 7,474 Total 9,784 7,543 4,142 13,185 For the 26 Weeks Ended June 29, 2024 Liabilities Liabilities December 30, 2023 Charges Cash Payments Non-cash Items June 29, 2024 Stores and facilities closures $ — $ 143 $ 7 $ 136 $ — Professional services 117 14,052 2,850 — 11,319 Severance and employee-related benefits 8,117 12,531 11,934 365 8,349 Charges related to exits of certain product offerings 3,821 (241) 3,280 — 300 Total $ 12,055 $ 26,485 $ 18,071 $ 501 $ 19,968 For the 26 Weeks Ended July 1, 2023 Liabilities Liabilities December 31, 2022 Charges Cash Payments July 1, 2023 Professional services $ — $ 1,002 $ 104 $ 898 Severance and employee-related benefits — 10,727 5,914 4,813 Charges related to exits of certain product offerings — 8,174 700 7,474 Total $ — $ 19,903 $ 6,718 $ 13,185 For the 13 Weeks Ended July 1, 2023 Liabilities Liabilities April 1, 2023 Cash Payments July 1, 2023 Professional services $ 60 $ 13 $ 47 Severance and employee-related benefits 587 327 260 Total $ 647 $ 340 $ 307 For the 26 Weeks Ended July 1, 2023 Liabilities Liabilities December 31, 2022 Cash Payments July 1, 2023 Professional services $ 74 $ 27 $ 47 Severance and employee-related benefits 2,821 2,561 260 Total $ 2,895 $ 2,588 $ 307

FINANCIAL STATEMENT POLICIES -

FINANCIAL STATEMENT POLICIES - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Numerator:
Net income (loss) attributable to Fossil Group, Inc.	$ (38,785)	$ (26,529)	$ (63,081)	$ (67,791)
Basic EPS computation:
Basic weighted average common shares outstanding (in shares)	52,927	52,349	52,709	52,095
Basic EPS (in dollars per share)	$ (0.73)	$ (0.51)	$ (1.20)	$ (1.30)
Diluted EPS computation:
Diluted weighted average common shares outstanding (in shares)	52,927	52,349	52,709	52,095
Diluted EPS (in dollars per share)	$ (0.73)	$ (0.51)	$ (1.20)	$ (1.30)
Stock Compensation Plan
Other EPS Disclosures
Weighted shares issuable under stock-based awards not included in the diluted EPS calculation (in shares)	1,600	2,200	1,700	2,100
Performance Shares
Other EPS Disclosures
Weighted shares issuable under stock-based awards not included in the diluted EPS calculation (in shares)	200	400	200	300

FINANCIAL STATEMENT POLICIES _2

FINANCIAL STATEMENT POLICIES - Schedule Of Cash And Restricted Cash Equivalents (Details) - USD ($) $ in Thousands	Jun. 29, 2024	Dec. 30, 2023	Jul. 01, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 104,906	$ 117,197	$ 132,107
Restricted cash included in prepaid expenses and other current assets	625		107
Restricted cash included in intangible and other assets-net	3,550		4,722
Cash, cash equivalents and restricted cash	$ 109,081	$ 121,583	$ 136,936	$ 204,075

REVENUE - Schedule of Disaggreg

REVENUE - Schedule of Disaggregation Of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Disaggregation of Revenue [Line Items]
Net sales	$ 259,991	$ 321,966	$ 514,874	$ 647,002
Traditional watches
Disaggregation of Revenue [Line Items]
Net sales	194,088	236,102	380,649	461,528
Smartwatches
Disaggregation of Revenue [Line Items]
Net sales	8,392	17,779	17,269	42,179
Total watches
Disaggregation of Revenue [Line Items]
Net sales	202,480	253,881	397,918	503,707
Leathers
Disaggregation of Revenue [Line Items]
Net sales	27,166	33,322	54,749	73,585
Jewelry
Disaggregation of Revenue [Line Items]
Net sales	24,199	27,358	50,463	56,402
Other
Disaggregation of Revenue [Line Items]
Net sales	6,146	7,405	11,744	13,308
Revenue recognized at a point in time
Disaggregation of Revenue [Line Items]
Net sales	259,630	321,227	514,132	645,521
Revenue recognized over time
Disaggregation of Revenue [Line Items]
Net sales	361	739	742	1,481
Operating Segments | Americas
Disaggregation of Revenue [Line Items]
Net sales	119,584	146,651	229,601	284,583
Operating Segments | Americas | Traditional watches
Disaggregation of Revenue [Line Items]
Net sales	87,945	108,875	166,650	200,231
Operating Segments | Americas | Smartwatches
Disaggregation of Revenue [Line Items]
Net sales	5,526	8,443	10,680	20,933
Operating Segments | Americas | Total watches
Disaggregation of Revenue [Line Items]
Net sales	93,471	117,318	177,330	221,164
Operating Segments | Americas | Leathers
Disaggregation of Revenue [Line Items]
Net sales	18,151	20,963	35,670	48,074
Operating Segments | Americas | Jewelry
Disaggregation of Revenue [Line Items]
Net sales	5,526	6,223	12,146	11,642
Operating Segments | Americas | Other
Disaggregation of Revenue [Line Items]
Net sales	2,436	2,147	4,455	3,703
Operating Segments | Americas | Revenue recognized at a point in time
Disaggregation of Revenue [Line Items]
Net sales	119,484	146,496	229,393	284,259
Operating Segments | Americas | Revenue recognized over time
Disaggregation of Revenue [Line Items]
Net sales	100	155	208	324
Operating Segments | Europe
Disaggregation of Revenue [Line Items]
Net sales	74,852	88,279	153,572	193,952
Operating Segments | Europe | Traditional watches
Disaggregation of Revenue [Line Items]
Net sales	55,624	59,411	112,757	131,215
Operating Segments | Europe | Smartwatches
Disaggregation of Revenue [Line Items]
Net sales	538	5,263	2,099	11,885
Operating Segments | Europe | Total watches
Disaggregation of Revenue [Line Items]
Net sales	56,162	64,674	114,856	143,100
Operating Segments | Europe | Leathers
Disaggregation of Revenue [Line Items]
Net sales	3,738	4,986	8,143	11,758
Operating Segments | Europe | Jewelry
Disaggregation of Revenue [Line Items]
Net sales	12,211	15,380	25,689	33,880
Operating Segments | Europe | Other
Disaggregation of Revenue [Line Items]
Net sales	2,741	3,239	4,884	5,214
Operating Segments | Europe | Revenue recognized at a point in time
Disaggregation of Revenue [Line Items]
Net sales	74,703	88,084	153,263	193,568
Operating Segments | Europe | Revenue recognized over time
Disaggregation of Revenue [Line Items]
Net sales	149	195	309	384
Operating Segments | Asia
Disaggregation of Revenue [Line Items]
Net sales	65,199	84,123	130,736	164,259
Operating Segments | Asia | Traditional watches
Disaggregation of Revenue [Line Items]
Net sales	50,519	65,889	101,242	128,155
Operating Segments | Asia | Smartwatches
Disaggregation of Revenue [Line Items]
Net sales	2,328	4,073	4,490	9,361
Operating Segments | Asia | Total watches
Disaggregation of Revenue [Line Items]
Net sales	52,847	69,962	105,732	137,516
Operating Segments | Asia | Leathers
Disaggregation of Revenue [Line Items]
Net sales	5,277	7,373	10,936	13,753
Operating Segments | Asia | Jewelry
Disaggregation of Revenue [Line Items]
Net sales	6,462	5,755	12,628	10,880
Operating Segments | Asia | Other
Disaggregation of Revenue [Line Items]
Net sales	613	1,033	1,440	2,110
Operating Segments | Asia | Revenue recognized at a point in time
Disaggregation of Revenue [Line Items]
Net sales	65,087	84,009	130,511	164,036
Operating Segments | Asia | Revenue recognized over time
Disaggregation of Revenue [Line Items]
Net sales	112	114	225	223
Corporate
Disaggregation of Revenue [Line Items]
Net sales	356	2,913	965	4,208
Corporate | Traditional watches
Disaggregation of Revenue [Line Items]
Net sales	0	1,927	0	1,927
Corporate | Smartwatches
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
Corporate | Total watches
Disaggregation of Revenue [Line Items]
Net sales	0	1,927	0	1,927
Corporate | Leathers
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
Corporate | Jewelry
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
Corporate | Other
Disaggregation of Revenue [Line Items]
Net sales	356	986	965	2,281
Corporate | Revenue recognized at a point in time
Disaggregation of Revenue [Line Items]
Net sales	356	2,638	965	3,658
Corporate | Revenue recognized over time
Disaggregation of Revenue [Line Items]
Net sales	$ 0	$ 275	$ 0	$ 550

REVENUE - Contract Balances (De

REVENUE - Contract Balances (Details) - USD ($)	Jun. 29, 2024	Dec. 30, 2023
Disaggregation of Revenue [Line Items]
Contract assets	$ 0
Deferred contract costs	0
Licensing Income
Disaggregation of Revenue [Line Items]
Contract liabilities	0	$ 0
Wearable technology
Disaggregation of Revenue [Line Items]
Contract liabilities	1,200,000	1,700,000
Gift Cards
Disaggregation of Revenue [Line Items]
Contract liabilities	$ 2,200,000	$ 2,700,000

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Thousands	Jun. 29, 2024	Dec. 30, 2023
Inventory Disclosure [Abstract]
Components and parts	$ 17,817	$ 18,931
Work-in-process	261	0
Finished goods	184,050	233,903
Inventories	$ 202,128	$ 252,834

WARRANTY LIABILITIES (Details)

WARRANTY LIABILITIES (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023
Warranty liability activity
Beginning balance	$ 10,122	$ 13,623
Settlements in cash or kind	(2,390)	(3,766)
Warranties issued and adjustments to preexisting warranties	35	2,403
Ending balance	$ 7,767	$ 12,260

INCOME TAXES - Schedule of Inco

INCOME TAXES - Schedule of Income Tax Expense and Related Effective Rate (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Income Tax Disclosure [Abstract]
Income tax (benefit) expense	$ 2,208	$ (7,198)	$ (3,908)	$ (5,595)
Effective tax rate	(6.00%)	21.50%	5.80%	7.70%

INCOME TAXES - Narrative (Detai

INCOME TAXES - Narrative (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended
	Apr. 30, 2024	Jun. 29, 2024	Mar. 30, 2024	Jun. 29, 2024
Income Tax Disclosure [Abstract]
Unrecognized tax benefits, excluding interest and penalties		$ 17.5		$ 17.5
Unrecognized tax benefits, excluding interest and penalties, amount that would favorably impact effective tax rate in future periods		17.5		17.5
Income tax refunds	$ 57.3
Uncertain tax position release		0.9	$ 8.8
Unrecognized tax benefits that would favorably impact effective tax rate in future periods		14.5		14.5
Penalties and interest accrued		2		2
Income tax related interest expense				6.6
Accrued income tax-related interest		$ 4.6		$ 4.6

STOCKHOLDERS' EQUITY - Narrativ

STOCKHOLDERS' EQUITY - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	Jun. 29, 2024	Dec. 30, 2023
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)	53,099,052	52,487,020
Common stock, shares outstanding (in shares)	53,099,052	52,487,020
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 outstanding (in shares)	0	0
Preferred stock, shares issued (in shares)	0	0
Repurchase agreement, authorizations remaining	$ 20

EMPLOYEE BENEFIT PLANS - Schedu

EMPLOYEE BENEFIT PLANS - Schedule of Restricted Stock, Restricted Stock Units and Performance Restricted Stock Units Activity (Details) - Restricted Stock Units (RSUs) shares in Thousands	3 Months Ended
	Jun. 29, 2024 $ / shares shares
Number of Shares
Nonvested (in shares) | shares	1,834
Granted (in shares) | shares	700
Vested (in shares) | shares	(817)
Forfeited (in shares) | shares	(367)
Nonvested (in shares) | shares	1,350
Weighted-Average Grant Date Fair Value Per Share
Nonvested (in dollars per share) | $ / shares	$ 6.09
Granted (in dollars per share) | $ / shares	0.88
Vested (in dollars per share) | $ / shares	6.35
Forfeited (in dollars per share) | $ / shares	6.08
Nonvested (in dollars per share) | $ / shares	$ 3.17

EMPLOYEE BENEFIT PLANS - Narrat

EMPLOYEE BENEFIT PLANS - Narrative (Details) - Restricted Stock Units (RSUs) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 29, 2024	Jun. 29, 2024
Stock-based compensation plans disclosures
Fair value of restricted stock units vested	$ 800
Non Employee Director
Stock-based compensation plans disclosures
Fair value of restricted stock units vested		$ 130
Vesting percentage of awards granted		100%

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax
Beginning balance	$ 226,573	$ 366,289	$ 251,738	$ 403,009
Other comprehensive income (loss) before reclassifications	(1,255)	(4,715)	(3,086)	(1,944)
Tax (expense) benefit	(6)	183	70	628
Amounts reclassed from accumulated other comprehensive income (loss)	202	(510)	232	(685)
Tax (expense) benefit	61	259	135	539
Total other comprehensive income (loss)	(1,524)	(4,281)	(3,383)	(1,170)
Ending balance	187,076	336,902	187,076	336,902
Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss), Net of Tax
Beginning balance	(86,392)	(84,784)	(83,906)	(90,681)
Other comprehensive income (loss) before reclassifications	(1,631)	(4,090)	(4,117)	1,807
Tax (expense) benefit	0	0	0	0
Amounts reclassed from accumulated other comprehensive income (loss)	0	0	0	0
Tax (expense) benefit	0	0	0	0
Total other comprehensive income (loss)	(1,631)	(4,090)	(4,117)	1,807
Ending balance	(88,023)	(88,874)	(88,023)	(88,874)
Cash Flow Hedges | Forward Contracts
Accumulated Other Comprehensive Income (Loss), Net of Tax
Beginning balance	2,334	(389)	1,688	2,397
Other comprehensive income (loss) before reclassifications	376	(625)	1,050	(3,751)
Tax (expense) benefit	(6)	183	70	628
Amounts reclassed from accumulated other comprehensive income (loss)	202	(510)	232	(685)
Tax (expense) benefit	61	259	135	539
Total other comprehensive income (loss)	107	(191)	753	(2,977)
Ending balance	2,441	(580)	2,441	(580)
Pension Plan
Accumulated Other Comprehensive Income (Loss), Net of Tax
Beginning balance	5,794	11,966	5,813	11,966
Other comprehensive income (loss) before reclassifications	0	0	(19)	0
Tax (expense) benefit	0	0	0	0
Amounts reclassed from accumulated other comprehensive income (loss)	0	0	0	0
Tax (expense) benefit	0	0	0	0
Total other comprehensive income (loss)	0	0	(19)	0
Ending balance	5,794	11,966	5,794	11,966
Total
Accumulated Other Comprehensive Income (Loss), Net of Tax
Beginning balance	(78,264)	(73,207)	(76,405)	(76,318)
Total other comprehensive income (loss)	(1,524)	(4,281)	(3,383)	(1,170)
Ending balance	$ (79,788)	$ (77,488)	$ (79,788)	$ (77,488)

SEGMENT INFORMATION - Schedule

SEGMENT INFORMATION - Schedule of Information by Operating Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Summary information by operating segment
Net sales	$ 259,991	$ 321,966	$ 514,874	$ 647,002
Operating Income (Loss)	(34,003)	(35,313)	(63,209)	(72,621)
Operating Segments | Americas
Summary information by operating segment
Net sales	119,584	146,651	229,601	284,583
Operating Income (Loss)	14,604	23,444	23,359	36,000
Operating Segments | Europe
Summary information by operating segment
Net sales	74,852	88,279	153,572	193,952
Operating Income (Loss)	9,958	(688)	17,352	6,282
Operating Segments | Asia
Summary information by operating segment
Net sales	65,199	84,123	130,736	164,259
Operating Income (Loss)	6,024	7,404	11,826	14,604
Corporate
Summary information by operating segment
Net sales	356	2,913	965	4,208
Operating Income (Loss)	$ (64,589)	$ (65,473)	$ (115,746)	$ (129,507)

SEGMENT INFORMATION - Schedul_2

SEGMENT INFORMATION - Schedule of Net Sales for each Class of Similar Products (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Net sales for each class of similar products
Net sales	$ 259,991	$ 321,966	$ 514,874	$ 647,002
Revenue Benchmark | Product Concentration Risk
Net sales for each class of similar products
Percentage of Total	100%	100%	100%	100%
Traditional watches
Net sales for each class of similar products
Net sales	$ 194,088	$ 236,102	$ 380,649	$ 461,528
Traditional watches | Revenue Benchmark | Product Concentration Risk
Net sales for each class of similar products
Percentage of Total	74.70%	73.40%	73.90%	71.30%
Smartwatches
Net sales for each class of similar products
Net sales	$ 8,392	$ 17,779	$ 17,269	$ 42,179
Smartwatches | Revenue Benchmark | Product Concentration Risk
Net sales for each class of similar products
Percentage of Total	3.20%	5.50%	3.40%	6.50%
Total watches
Net sales for each class of similar products
Net sales	$ 202,480	$ 253,881	$ 397,918	$ 503,707
Total watches | Revenue Benchmark | Product Concentration Risk
Net sales for each class of similar products
Percentage of Total	77.90%	78.90%	77.30%	77.80%
Leathers
Net sales for each class of similar products
Net sales	$ 27,166	$ 33,322	$ 54,749	$ 73,585
Leathers | Revenue Benchmark | Product Concentration Risk
Net sales for each class of similar products
Percentage of Total	10.40%	10.30%	10.60%	11.40%
Jewelry
Net sales for each class of similar products
Net sales	$ 24,199	$ 27,358	$ 50,463	$ 56,402
Jewelry | Revenue Benchmark | Product Concentration Risk
Net sales for each class of similar products
Percentage of Total	9.30%	8.50%	9.80%	8.70%
Other
Net sales for each class of similar products
Net sales	$ 6,146	$ 7,405	$ 11,744	$ 13,308
Other | Revenue Benchmark | Product Concentration Risk
Net sales for each class of similar products
Percentage of Total	2.40%	2.30%	2.30%	2.10%

DERIVATIVES AND RISK MANAGEME_3

DERIVATIVES AND RISK MANAGEMENT - Cash Flow Hedges (Details)	6 Months Ended
	Jun. 29, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Foreign currency cash flow hedge maximum length of projection term	24 months
Forecasted purchases to manage fluctuations (as a percent) (up to)	85%

DERIVATIVES AND RISK MANAGEME_4

DERIVATIVES AND RISK MANAGEMENT - Schedule of Outstanding Forward Contracts (Details) - Jun. 29, 2024 - Forward Contracts - Designated as Cash Flow Hedges € in Millions, ¥ in Millions, £ in Millions, $ in Millions, $ in Millions, $ in Millions	EUR (€)	USD ($)	CAD ($)	GBP (£)	JPY (¥)	AUD ($)
Euro
Derivative [Line Items]
Notional amount	€ 20.6	$ 23.1
Canadian dollar
Derivative [Line Items]
Notional amount		6.9	$ 9.2
British pound
Derivative [Line Items]
Notional amount		2.4		£ 1.9
Japanese yen
Derivative [Line Items]
Notional amount		0.9			¥ 119
Australian dollar
Derivative [Line Items]
Notional amount		0.6				$ 0.9
U.S. dollar
Derivative [Line Items]
Notional amount		$ 0.7			¥ 90

DERIVATIVES AND RISK MANAGEME_5

DERIVATIVES AND RISK MANAGEMENT - Non-designated Hedges (Details) - Jun. 29, 2024 - Forward Contracts - Not designated as hedging instruments R in Millions, $ in Millions	USD ($)	ZAR (R)
Derivative [Line Items]
Fair value of designated forward contracts | $	$ 0.9
Hedged amount | R		R 16.6

DERIVATIVES AND RISK MANAGEME_6

DERIVATIVES AND RISK MANAGEMENT - Schedule of Derivative Instruments Recognized in Other Comprehensive Income (Loss) (Details) - Cash flow hedges - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Derivative [Line Items]
Total gain (loss) recognized in other comprehensive income (loss), net of taxes	$ 370	$ (442)	$ 1,120	$ (3,123)
Forward Contracts
Derivative [Line Items]
Total gain (loss) recognized in other comprehensive income (loss), net of taxes	$ 370	$ (442)	$ 1,120	$ (3,123)

DERIVATIVES AND RISK MANAGEME_7

DERIVATIVES AND RISK MANAGEMENT - Schedule of Derivative Instruments Designated and Qualifying as Cash Flow Hedges (Details) - Forward Contracts - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
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)	$ 65	$ (451)	$ (6)	$ (19)
Cost of sales | Not designated as hedging instruments
Effective portion of gains and losses on derivative instruments
Total gain (loss) recognized in income	0	0	0	0
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)	198	200	373	(127)
Other income (expense)-net | Not designated as hedging instruments
Effective portion of gains and losses on derivative instruments
Total gain (loss) recognized in income	$ 11	$ 38	$ 16	$ 63

DERIVATIVES AND RISK MANAGEME_8

DERIVATIVES AND RISK MANAGEMENT - Schedule of Fair Value Amounts for Derivative Instruments (Details) - USD ($) $ in Thousands	Jun. 29, 2024	Dec. 30, 2023
Fair value of derivative instruments
Asset derivatives, fair value	$ 1,231	$ 359
Liability derivatives, fair value	118	1,079
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	1,231	339
Forward Contracts | Designated as Cash Flow Hedges | Cash flow hedges | Accrued expenses-other
Fair value of derivative instruments
Liability derivatives, fair value	110	1,044
Forward Contracts | Designated as Cash Flow Hedges | Cash flow hedges | Intangible and other assets-net
Fair value of derivative instruments
Asset derivatives, fair value	0	20
Forward Contracts | Designated as Cash Flow Hedges | Cash flow hedges | Other long-term liabilities
Fair value of derivative instruments
Liability derivatives, fair value	0	28
Forward Contracts | Not Designated as Hedging Instrument | Prepaid expenses and other current assets
Fair value of derivative instruments
Asset derivatives, fair value	0	0
Forward Contracts | Not Designated as Hedging Instrument | Accrued expenses-other
Fair value of derivative instruments
Liability derivatives, fair value	$ 8	$ 7

DERIVATIVES AND RISK MANAGEME_9

DERIVATIVES AND RISK MANAGEMENT - Schedule of Effect of Derivative Instruments on Earnings (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Derivative [Line Items]
Cost of Sales	$ 123,140	$ 165,299	$ 244,531	$ 329,618
Other Income (Expense)-net	1,450	7,172	5,338	9,906
Net gain expected to be reclassified into earnings within the next twelve months	1,100		1,100
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)	65	(451)	(6)	(19)
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)	198	200	373	(127)
Not designated as hedging instruments | Forward Contracts | Cost of Sales
Derivative [Line Items]
Total gain (loss) recognized in income	0	0	0	0
Not designated as hedging instruments | Forward Contracts | Other Income (Expense)-net
Derivative [Line Items]
Total gain (loss) recognized in income	$ 11	$ 38	$ 16	$ 63

FAIR VALUE MEASUREMENTS - Sched

FAIR VALUE MEASUREMENTS - Schedule of Fair Value Hierarchy of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Fair Value Measurement, Recurring Basis - USD ($) $ in Thousands	Jun. 29, 2024	Dec. 30, 2023
Assets:
Forward contracts	$ 1,231	$ 359
Total	1,231	359
Liabilities:
Contingent consideration		586
Forward contracts	118	1,079
Total	118	1,665
Level 1
Assets:
Forward contracts	0	0
Total	0	0
Liabilities:
Contingent consideration		0
Forward contracts	0	0
Total	0	0
Level 2
Assets:
Forward contracts	1,231	359
Total	1,231	359
Liabilities:
Contingent consideration		0
Forward contracts	118	1,079
Total	118	1,079
Level 3
Assets:
Forward contracts	0	0
Total	0	0
Liabilities:
Contingent consideration		586
Forward contracts	0	0
Total	$ 0	$ 586

FAIR VALUE MEASUREMENTS - Narra

FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Dec. 30, 2023
Fair value hierarchy for assets and liabilities measured at fair value on a recurring basis
Long-term debt, gross	$ 150,000
Fair value of debt	75,000
Operating lease assets	140,168		$ 151,000
Impairment charges	950	$ 215
Specific Company Owned Stores
Fair value hierarchy for assets and liabilities measured at fair value on a recurring basis
Operating lease assets	2,500	800
Property, plant and equipment - net	300
Fair value of operating lease assets	1,700	600
Fair value of property, plant and equipment - net	100
Impairment charges	1,000	200
Specific Company Owned Stores | Asia
Fair value hierarchy for assets and liabilities measured at fair value on a recurring basis
Impairment charges	800
Specific Company Owned Stores | Europe
Fair value hierarchy for assets and liabilities measured at fair value on a recurring basis
Impairment charges	200	100
Specific Company Owned Stores | Americas
Fair value hierarchy for assets and liabilities measured at fair value on a recurring basis
Impairment charges		$ 100
Revolving Credit Facility
Fair value hierarchy for assets and liabilities measured at fair value on a recurring basis
Long-term debt, gross	10,700
Revolving Credit Facility | Level 2
Fair value hierarchy for assets and liabilities measured at fair value on a recurring basis
Fair value of debt	$ 8,100

INTANGIBLE AND OTHER ASSETS - S

INTANGIBLE AND OTHER ASSETS - Schedule of Intangible and Other Assets-net (Details) - USD ($) $ in Thousands	Jun. 29, 2024	Dec. 30, 2023
Intangibles-subject to amortization:
Gross Amount	$ 9,670	$ 9,671
Accumulated Amortization	7,684	7,227
Intangibles-not subject to amortization:
Gross Amount	8,888	8,919
Other assets:
Gross Amount	45,015	47,733
Total Gross Amount	63,573	66,323
Total Accumulated Amortization	7,684	7,227
Total intangible and other assets-net	55,889	59,096
Deposits
Other assets:
Gross Amount	15,175	16,168
Deferred tax asset-net
Other assets:
Gross Amount	20,870	21,426
Restricted cash
Other assets:
Gross Amount	3,550	4,309
Debt issuance costs
Other assets:
Gross Amount	2,172	2,490
Other
Other assets:
Gross Amount	$ 3,248	3,340
Trademarks
Intangibles-subject to amortization:
Useful Lives	10 years
Gross Amount	$ 3,978	3,978
Accumulated Amortization	3,306	3,256
Patents
Intangibles-subject to amortization:
Gross Amount	850	850
Accumulated Amortization	$ 558	546
Patents | Minimum
Intangibles-subject to amortization:
Useful Lives	3 years
Patents | Maximum
Intangibles-subject to amortization:
Useful Lives	20 years
Trade name
Intangibles-subject to amortization:
Useful Lives	6 years
Gross Amount	$ 4,502	4,502
Accumulated Amortization	3,564	3,189
Other
Intangibles-subject to amortization:
Gross Amount	340	341
Accumulated Amortization	$ 256	$ 236
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		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense for intangible assets	$ 0.2	$ 0.2	$ 0.5	$ 0.5

INTANGIBLE AND OTHER ASSETS -_2

INTANGIBLE AND OTHER ASSETS - Schedule of Estimated Aggregate Future Amortization Expense by Fiscal Year for Intangible Assets (Details) $ in Thousands	Jun. 29, 2024 USD ($)
Amortization Expense
2024 (remaining)	$ 458
2025	726
2026	138
2027	120
2028	114
Thereafter	$ 431

LEASES - Narrative (Details)

LEASES - Narrative (Details)	Jun. 29, 2024 option
Lessee, Lease, Description [Line Items]
Number of renewals (or more)	1
Minimum
Lessee, Lease, Description [Line Items]
Renewal term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Renewal term	10 years

LEASES - Schedule of Components

LEASES - Schedule of Components of Leases (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Leases [Abstract]
Operating lease cost	$ 15,869	$ 18,614	$ 32,178	$ 36,491
Short-term lease cost	240	295	526	510
Variable lease cost	$ 5,285	$ 5,534	$ 10,638	$ 11,653

LEASES - Schedule of Supplement

LEASES - Schedule of Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Jun. 29, 2024	Dec. 30, 2023
Assets
Operating lease right-of-use assets	$ 140,168	$ 151,000
Current:
Current operating lease liabilities	39,689	43,565
Noncurrent:
Long-term operating lease liabilities	$ 125,360	$ 137,644

LEASES - Schedule of Weighted-A

LEASES - Schedule of Weighted-Average Remaining Lease Term and Discount Rate (Details)	Jun. 29, 2024	Dec. 30, 2023
Weighted-average remaining lease term:
Operating leases	6 years 3 months 18 days	6 years 4 months 24 days
Weighted-average discount rate:
Operating leases	15%	14.90%

LEASES - Schedule of Future Min

LEASES - Schedule of Future Minimum Lease Payments (Details) $ in Thousands	Jun. 29, 2024 USD ($)
Operating Leases
2023 (remaining)	$ 34,997
2025	54,544
2026	41,148
2027	29,042
2028	18,375
Thereafter	87,018
Total lease payments	265,124
Less: Interest	100,075
Total lease obligations	$ 165,049

LEASES - Schedule of Suppleme_2

LEASES - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 38,818	$ 43,774
Leased assets obtained in exchange for new operating lease liabilities	$ 12,809	$ 18,570

DEBT ACTIVITY (Details)

DEBT ACTIVITY (Details) - USD ($)		1 Months Ended	3 Months Ended	6 Months Ended
	Sep. 26, 2019	Nov. 30, 2021	Jun. 29, 2024	Jun. 29, 2024	Nov. 08, 2022
7.00 Percent Senior Notes | Senior Notes
Debt Instrument [Line Items]
Debt instrument, face amount		$ 150,000,000
Stated interest percentage		7%
Net proceeds		$ 141,700,000
Debt securities, ownership percentage by registered holders		25%
Debt issuance costs			$ 4,200,000	$ 4,200,000
7.00 Percent Senior Notes | Senior Notes | Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Redemption price per increment of principal		$ 25.50
Principal amount, increment used to calculate redemption price		25
7.00 Percent Senior Notes | Senior Notes | Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Redemption price per increment of principal		25.25
Principal amount, increment used to calculate redemption price		25
7.00 Percent Senior Notes | Senior Notes | Debt Instrument, Redemption, Period Three
Debt Instrument [Line Items]
Redemption price per increment of principal		25
Principal amount, increment used to calculate redemption price		25
Term Credit Agreement
Debt Instrument [Line Items]
Debt issuance amortization			600,000	$ 1,200,000
Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing amount	$ 275,000,000	225,000,000
Line of credit facility, issuance fee percentage				0.125%
Line of credit facility, increase in maximum borrowing capacity			75,000,000	$ 75,000,000
Line of credit facility, increase in maximum borrowing capacity minimum increment			10,000,000	$ 10,000,000
Revolving Credit Facility | Maximum
Debt Instrument [Line Items]
Line of credit facility, commitment fee percentage				0.375%
Revolving Credit Facility | Minimum
Debt Instrument [Line Items]
Line of credit facility, commitment fee percentage				0.25%
Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Debt issuance costs			2,200,000	$ 2,200,000
Revolving Credit Facility | Fourth A&R Credit Agreement
Debt Instrument [Line Items]
Aggregate principal amount available					$ 35,000,000
Revolving Credit Facility | Second A&R Credit Agreement
Debt Instrument [Line Items]
Remaining borrowing capacity as a percentage of accounts receivable	60%
Revolving Credit Facility | Second A&R Credit Agreement | Net Liquidation Value
Debt Instrument [Line Items]
Remaining borrowing capacity as a percentage of accounts receivable	90%
Increase in percentage of assets	5%
Revolving Credit Facility | Second A&R Credit Agreement | Net Liquidation Value | Maximum
Debt Instrument [Line Items]
Remaining borrowing capacity as a percentage of accounts receivable	95%
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%
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%
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%
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%
Revolving Credit Facility | Second A&R Credit Agreement | United States Intellectual Property | Net Liquidation Value
Debt Instrument [Line Items]
Maximum borrowing amount	$ 20,000,000
Remaining borrowing capacity as a percentage of accounts receivable	40%
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%
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%
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%
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%
Revolving Credit Facility | Term Credit Agreement
Debt Instrument [Line Items]
Total debt outstanding			10,700,000	10,700,000
Net borrowings (repayments) of debt			46,800,000	51,300,000
Line of credit facility, remaining borrowing capacity			50,800,000	50,800,000
Revolving Credit Facility | Term Credit Agreement | Line of Credit
Debt Instrument [Line Items]
Interest expense			300,000	1,300,000
US Credit Facility
Debt Instrument [Line Items]
Aggregate principal amount available		125,000,000
European Credit Facility
Debt Instrument [Line Items]
Maximum borrowing amount		80,000,000
Subfacility for swingline loans		7,000,000
Hong Kong Credit Facility
Debt Instrument [Line Items]
Maximum borrowing amount		10,000,000
French Credit Facility
Debt Instrument [Line Items]
Maximum borrowing amount		5,000,000
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 line of credit		$ 45,000,000
Term Loan Facility | Term Credit Agreement
Debt Instrument [Line Items]
Total debt outstanding			150,000,000	150,000,000
Interest expense			$ 2,600,000	$ 5,200,000

RESTRUCTURING - Narrative (Deta

RESTRUCTURING - Narrative (Details) - Forecast - TAG Plan - USD ($) $ in Millions	Dec. 27, 2025	Dec. 28, 2024
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, annualized benefits cost	$ 300
Expected restructuring charges		$ 40
Adjusted gross margins achievement percentage		50%
Adjusted operating margins achievement percentage		10%
Minimum
Restructuring Cost and Reserve [Line Items]
Expected restructuring charges		$ 100
Maximum
Restructuring Cost and Reserve [Line Items]
Expected restructuring charges		$ 120

RESTRUCTURING - Schedule of TAG

RESTRUCTURING - Schedule of TAG Plan charges (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Restructuring Cost and Reserve [Line Items]
Restructuring expenses	$ 16,673	$ 4,632	$ 26,726	$ 11,729
TAG Plan
Restructuring Cost and Reserve [Line Items]
Restructuring expenses	16,673	7,543	26,485	19,903
Cost of sales | TAG Plan
Restructuring Cost and Reserve [Line Items]
Restructuring expenses	0	2,911	(241)	8,174
Selling, general and administrative expenses | TAG Plan
Restructuring Cost and Reserve [Line Items]
Restructuring expenses	$ 16,673	$ 4,632	$ 26,726	$ 11,729

RESTRUCTURING - Schedule of Lia

RESTRUCTURING - Schedule of Liability Incurred On Restructuring Plan (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Restructuring Reserve
Charges	$ 16,673	$ 4,632	$ 26,726	$ 11,729
TAG Plan
Restructuring Reserve
Beginning balance	9,441	9,784	12,055	0
Charges	16,673	7,543	26,485	19,903
Cash Payments	5,745	4,142	18,071	6,718
Non-cash Items	401		501
Ending balance	19,968	13,185	19,968	13,185
TAG Plan | Stores and facilities closures
Restructuring Reserve
Beginning balance	1		0
Charges	36		143
Cash Payments	1		7
Non-cash Items	36		136
Ending balance	0		0
TAG Plan | Professional services
Restructuring Reserve
Beginning balance	211	20	117	0
Charges	11,568	967	14,052	1,002
Cash Payments	460	89	2,850	104
Non-cash Items	0		0
Ending balance	11,319	898	11,319	898
TAG Plan | Severance and employee-related benefits
Restructuring Reserve
Beginning balance	8,479	4,500	8,117	0
Charges	5,069	3,666	12,531	10,727
Cash Payments	4,834	3,353	11,934	5,914
Non-cash Items	365		365
Ending balance	8,349	4,813	8,349	4,813
TAG Plan | Charges related to exits of certain product offerings
Restructuring Reserve
Beginning balance	750	5,264	3,821	0
Charges	0	2,910	(241)	8,174
Cash Payments	450	700	3,280	700
Non-cash Items	0		0
Ending balance	$ 300	7,474	$ 300	7,474
NWF 2.0
Restructuring Reserve
Beginning balance		647		2,895
Cash Payments		340		2,588
Ending balance		307		307
NWF 2.0 | Professional services
Restructuring Reserve
Beginning balance		60		74
Cash Payments		13		27
Ending balance		47		47
NWF 2.0 | Severance and employee-related benefits
Restructuring Reserve
Beginning balance		587		2,821
Cash Payments		327		2,561
Ending balance		$ 260		$ 260

RESTRUCTURING - Schedule of Res

RESTRUCTURING - Schedule of Restructuring Charges by Operating Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 16,673	$ 4,632	$ 26,726	$ 11,729
TAG Plan
Restructuring Cost and Reserve [Line Items]
Restructuring charges	16,673	7,543	26,485	19,903
TAG Plan | Operating Segments | Americas
Restructuring Cost and Reserve [Line Items]
Restructuring charges	262	1,535	626	4,493
TAG Plan | Operating Segments | Europe
Restructuring Cost and Reserve [Line Items]
Restructuring charges	1,869	3,386	5,426	7,342
TAG Plan | Operating Segments | Asia
Restructuring Cost and Reserve [Line Items]
Restructuring charges	93	1,686	1,056	5,953
TAG Plan | Corporate
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 14,449	$ 936	$ 19,377	$ 2,115