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Cover Page - USD ($) $ in Billions	12 Months Ended
Cover Page - USD ($) $ in Billions	Dec. 31, 2022	Feb. 09, 2023	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	0-51754
Entity Registrant Name	CROCS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-2164234
Entity Address, Address Line One	13601 Via Varra
Entity Address, City or Town	Broomfield
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80020
City Area Code	303
Local Phone Number	848-7000
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	CROX
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 2.2
Entity Common Stock, Shares Outstanding		61,751,732
Documents Incorporated by Reference	Part III incorporates certain information by reference from the registrant’s proxy statement for the 2023 annual meeting of stockholders to be filed no later than 120 days after the end of the registrant’s fiscal year ended December 31, 2022.
Amendment Flag	false
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2022
Entity Central Index Key	0001334036

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2022
Audit Information [Abstract]
Auditor Name	Deloitte & Touche LLP
Auditor Location	Denver, Colorado
Auditor Firm ID	34

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Statement [Abstract]
Revenues	$ 3,554,985	$ 2,313,416	$ 1,385,951
Cost of sales	1,694,703	893,196	636,003
Gross profit	1,860,282	1,420,220	749,948
Selling, general and administrative expenses	1,009,526	737,156	514,753
Asset impairments	0	0	21,071
Income from operations	850,756	683,064	214,124
Foreign currency gains (losses), net	3,228	(140)	(1,128)
Interest income	1,020	775	215
Interest expense	(136,158)	(21,647)	(6,742)
Other income (expense), net	(338)	1,797	510
Income before income taxes	718,508	663,849	206,979
Income tax expense (benefit)	178,349	(61,845)	(105,882)
Net income	$ 540,159	$ 725,694	$ 312,861
Net income per common share:
Basic (in dollars per share)	$ 8.82	$ 11.62	$ 4.64
Diluted (in dollars per share)	$ 8.71	$ 11.39	$ 4.56
Weighted average common shares outstanding:
Basic (in shares)	61,220	62,464	67,386
Diluted (in shares)	62,006	63,718	68,544

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Statement of Comprehensive Income [Abstract]

Net income

$ 540,159

$ 725,694

$ 312,861

Derivatives designated as hedging instruments:

Unrealized gains (losses) on derivative instruments

(576)

Foreign currency gains (losses), net

(17,929)

(20,484)

2,189

Reclassification of foreign currency translation gain (loss) to income

^[1]

(8,148)

(164)

Total comprehensive income, net of tax

$ 513,506

$ 705,210

$ 314,886

[1]	Represents the reclassification of a cumulative foreign currency translation adjustment upon substantial liquidation of foreign subsidiaries which is presented within ‘Selling, general and administrative expenses’ in the consolidated statements of operations.

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands

Dec. 31, 2022

Dec. 31, 2021

Current assets:

Cash and cash equivalents

$ 191,629

$ 213,197

Restricted cash — current

Accounts receivable, net of allowances of $24,493 and $20,715, respectively

295,594

182,629

Inventories

471,551

213,520

Income taxes receivable

14,752

22,301

Other receivables

18,842

12,252

Prepaid expenses and other assets

33,605

22,605

Total current assets

1,025,975

666,569

Property and equipment, net

181,529

108,398

Intangible assets, net

1,800,167

28,802

Goodwill

714,814

1,600

Deferred tax assets, net

528,278

567,201

Restricted cash

3,254

3,663

Right-of-use assets

239,905

160,768

Other assets

7,875

8,067

Total assets

4,501,797

1,545,068

Current liabilities:

Accounts payable

230,821

162,145

Accrued expenses and other liabilities

239,424

166,887

Income taxes payable

89,211

16,279

Current borrowings

24,362

Current operating lease liabilities

57,456

42,932

Total current liabilities

641,274

388,243

Deferred tax liabilities, net

^[1]

302,030

176

Long-term income taxes payable

^[1]

224,837

219,568

Long-term borrowings

2,298,027

771,390

Long-term operating lease liabilities

215,119

149,237

Other liabilities

2,579

2,372

Total liabilities

3,683,866

1,530,986

Stockholders’ equity:

Common stock, par value $0.001 per share, 109.5 million and 105.9 million issued, 61.7 million and 58.3 million shares outstanding, respectively

110

106

Treasury stock, at cost, 47.7 million and 47.6 million shares, respectively

(1,695,501)

(1,684,262)

Additional paid-in capital

797,614

496,036

Retained earnings

1,819,199

1,279,040

Accumulated other comprehensive loss

(103,491)

(76,838)

Total stockholders’ equity

817,931

14,082

Total liabilities and stockholders’ equity

$ 4,501,797

$ 1,545,068

[1]	Amounts for the year ended December 31, 2021 have been reclassified to conform to current period presentation.

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands, shares in Millions	Dec. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Allowances	$ 24,493	$ 20,715
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock issued (in shares)	109.5	105.9
Common shares outstanding (in shares)	61.7	58.3
Treasury stock (in shares)	47.7	47.6

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Treasury Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive (Loss)
Beginning balance (in shares) at Dec. 31, 2019		68,232
Beginning balance at Dec. 31, 2019	$ 131,905	$ 104	$ (546,208)	$ 495,903	$ 240,485	$ (58,379)
Beginning balance (in shares) at Dec. 31, 2019			35,796
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	16,361			16,361
Exercises of stock options and issuance of restricted stock units, net of shares withheld for taxes (shares)		836	124
Exercises of stock options and issuance of restricted stock units, net of shares withheld for taxes	(1,687)	$ 1	$ (3,059)	1,371
Repurchases of common stock (shares)		(3,212)	(3,212)
Repurchases of common stock	(170,832)		$ (139,582)	(31,250)
Net income	312,861				312,861
Other comprehensive income (loss)	2,025					2,025
Ending balance (in shares) at Dec. 31, 2020		65,856
Ending balance at Dec. 31, 2020	290,633	$ 105	$ (688,849)	482,385	553,346	(56,354)
Ending balance (in shares) at Dec. 31, 2020			39,132
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	38,122			38,122
Exercises of stock options and issuance of restricted stock units, net of shares withheld for taxes (shares)		716	209
Exercises of stock options and issuance of restricted stock units, net of shares withheld for taxes	(19,883)	$ 1	$ (20,119)	235
Repurchases of common stock (shares)		(8,242)	(8,242)
Repurchases of common stock	(1,000,000)		$ (975,294)	(24,706)
Net income	725,694				725,694
Other comprehensive income (loss)	$ (20,484)					(20,484)
Ending balance (in shares) at Dec. 31, 2021	58,300	58,330
Ending balance at Dec. 31, 2021	$ 14,082	$ 106	$ (1,684,262)	496,036	1,279,040	(76,838)
Ending balance (in shares) at Dec. 31, 2021	47,600		47,583
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	$ 31,303			31,303
Exercises of stock options and issuance of restricted stock units, net of shares withheld for taxes (shares)		567	147
Exercises of stock options and issuance of restricted stock units, net of shares withheld for taxes	(11,356)	$ 1	$ (11,239)	(118)
Share issuance at acquisition (in shares)		2,852
Share issuance at Acquisition	270,396	$ 3		270,393
Net income	540,159				540,159
Other comprehensive income (loss)	$ (26,653)					(26,653)
Ending balance (in shares) at Dec. 31, 2022	61,700	61,749
Ending balance at Dec. 31, 2022	$ 817,931	$ 110	$ (1,695,501)	$ 797,614	$ 1,819,199	$ (103,491)
Ending balance (in shares) at Dec. 31, 2022	47,700		47,730

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Cash flows from operating activities:

Net income

$ 540,159

$ 725,694

$ 312,861

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

39,229

31,976

27,619

Loss on disposal of assets

^[1]

9,063

310

340

Operating lease cost

66,012

58,283

61,583

Inventory donations

2,770

1,264

8,994

Provision (recovery) for doubtful accounts, net

1,101

(2,629)

5,779

Share-based compensation

31,303

38,122

16,361

Asset impairments

21,071

Deferred taxes

(4,760)

(241,283)

(325,061)

Other non-cash items

^[1]

9,947

(46)

4,967

Changes in operating assets and liabilities, net of acquired assets and assumed liabilities:

Accounts receivable, net of allowances

(56,766)

(35,063)

(47,045)

Inventories

(91,614)

(43,063)

(13,462)

Prepaid expenses and other assets

(14,435)

(6,212)

5,007

Accounts payable

41,701

34,868

23,229

Accrued expenses and other liabilities

38,629

38,448

22,358

Right-of-use assets and operating lease liabilities

(63,355)

(52,752)

(61,178)

Income taxes

54,158

19,248

203,479

Cash provided by operating activities

603,142

567,165

266,902

Cash flows from investing activities:

Purchases of property, equipment, and software

(104,190)

(55,916)

(42,033)

Acquisition of HEYDUDE, net of cash acquired

(2,046,881)

Other

^[1]

(20)

(9)

271

Cash used in investing activities

(2,151,091)

(55,925)

(41,762)

Cash flows from financing activities:

Proceeds from notes issuance

700,000

Proceeds from bank borrowings

2,169,898

390,000

210,000

Repayments of bank borrowings

(575,285)

(485,000)

(235,000)

Deferred debt issuance costs

(53,596)

(14,755)

(518)

Repurchases of common stock

(1,000,000)

(170,832)

Repurchases of common stock for tax withholding

(11,477)

(20,119)

(3,060)

Other

119

236

1,372

Cash provided by (used in) financing activities

1,529,659

(429,638)

(198,038)

Effect of exchange rate changes on cash, cash equivalents, and restricted cash

(3,750)

(3,950)

126

Net change in cash, cash equivalents, and restricted cash

(22,040)

77,652

27,228

Cash, cash equivalents, and restricted cash — beginning of year

216,925

139,273

112,045

Cash, cash equivalents, and restricted cash — end of year

194,885

216,925

139,273

Supplemental Schedule of Non-Cash Investing and Financing Activities

Cash paid for interest

127,809

10,210

6,658

Cash paid for income taxes

130,084

159,680

20,816

Cash paid for operating leases

62,852

61,412

59,579

Right-of-use assets obtained in exchange for operating lease liabilities, net of terminations

137,554

55,035

55,369

Accrued purchases of property, equipment, and software

18,245

15,831

4,222

Share issuance at Acquisition

$ 270,396

$ 0

[1]	Amounts for the years ended December 31, 2021 and 2020 have been reclassified to conform to current period presentation.

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Unless otherwise noted in this report, any description of the “Company,” “we,” “us,” or “our” includes Crocs, Inc. and its consolidated subsidiaries within our reportable operating segments and corporate operations. We are engaged in the design, development, worldwide marketing, distribution, and sale of casual lifestyle footwear and accessories for women, men, and children. We strive to be the global leader in the sale of casual footwear characterized by functionality, comfort, color, and lightweight design.

On February 17, 2022, we acquired (the “Acquisition”) 100% of the equity of a privately-owned casual footwear brand business (“HEYDUDE”), pursuant to a securities purchase agreement (the “SPA”) entered into on December 22, 2021. HEYDUDE is engaged in the business of distributing and selling casual footwear under the brand name “HEYDUDE.”

Our reportable operating segments include: (i) North America for the Crocs Brand, operating throughout the United States and Canada; (ii) Asia Pacific for the Crocs Brand, operating throughout Asia, Australia, and New Zealand; (iii) Europe, Middle East, Africa and Latin America (“EMEALA”) for the Crocs Brand; and (iv) the HEYDUDE Brand. See Note 17 — Operating Segments and Geographic Information for additional information.

Basis of Presentation and Consolidation

Our consolidated financial statements include our accounts and those of our wholly-owned subsidiaries, and they reflect all adjustments which are necessary for a fair statement of results of operations, financial position, and cash flows for the periods presented in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). All intercompany balances and transactions have been eliminated in consolidation.

Use of Estimates

Our consolidated financial statements are prepared in accordance with U.S. GAAP. These accounting principles require us to make certain estimates, judgments, and assumptions. We believe that the estimates, judgments, and assumptions used to determine certain amounts that affect the financial statements are reasonable, based on information available at the time they are made. Management believes that the estimates, judgments, and assumptions made when accounting for items and matters such as, but not limited to, the allowance for doubtful accounts, customer rebates, sales returns, impairment assessments and charges, recoverability of long-lived assets, deferred tax assets, valuation allowances, uncertain tax positions, income tax expense, share-based compensation expense, the assessment of lower of cost or net realizable value on inventory, useful lives assigned to long-lived assets, goodwill, and indefinite-lived intangible assets, and purchase price allocation for the Acquisition, as described in Note 3 — Acquisition of HEYDUDE, are reasonable based on information available at the time they are made.

Additionally, we are periodically exposed to various contingencies in the ordinary course of conducting our business, including certain litigation, contractual disputes, employee relations matters, various tax or other governmental audits, and trademark and intellectual property matters and disputes. We record a liability for such contingencies to the extent that we conclude their occurrence is probable and the related losses are estimable. If it is reasonably possible that an unfavorable settlement of a contingency could exceed the established liability, we disclose the estimated impact on our liquidity, financial condition, and results of operations, if practicable. As the ultimate resolution of contingencies is inherently unpredictable, these assessments can involve a series of complex judgments about future events including, but not limited to, court rulings, negotiations between affected parties, and governmental actions. As a result, the accounting for loss contingencies relies heavily on management’s judgment in developing the related estimates and assumptions. See Note 16 — Commitments and Contingencies for additional information regarding our contingencies and legal proceedings.

To the extent there are differences between these estimates and actual results, our consolidated financial statements may be materially affected.

Reclassifications

We have reclassified certain amounts on the consolidated balance sheets, consolidated statements of cash flows, and in Note 17 — Operating Segments and Geographic Information to conform to current period presentation.

In the fourth quarter, management identified an error in its prior quarterly condensed consolidated statements of cash flows of $85.0 million within the amounts reported in ‘Proceeds from bank borrowings’ and ‘Repayments of bank borrowings.’ This amount had no impact on cash flows from financing activities. We have corrected this amount in the consolidated statement of cash flows for the year ended December 31, 2022 and do not consider it to be material to any of the reported interim periods.

Cash and Cash Equivalents

Cash and cash equivalents represent cash and short-term, highly-liquid investments with maturities of three months or less at the date of purchase. We report receivables from credit card companies, if expected to be received within five days, in cash and cash equivalents.

Restricted Cash

Restricted cash primarily consists of funds to secure certain retail store leases, certain customs requirements, and other contractual arrangements.

Accounts Receivable, Net

Accounts receivable are recorded at invoiced amounts, net of reserves and allowances. We reduce the carrying value for estimated uncollectible accounts based on a variety of factors including the length of time receivables are past due, economic trends and conditions affecting our customer base, and historical collection experience. Specific provisions are recorded for individual receivables when we become aware of a customer’s inability to meet its financial obligations. We write off accounts receivable to the reserves when they are deemed uncollectible or, in certain jurisdictions, when legally able to do so. See Schedule II in Item 15. Exhibits, Financial Statement Schedule of this Annual Report on Form 10-K for more information.

Inventories

Inventories are comprised of finished goods, are stated at the lower of cost or net realizable value, and are recognized using the first-in-first-out method of inventory costing. We estimate the market value of inventory based on an analysis of historical sales trends of our individual product lines, the impact of market trends and economic conditions, and a forecast of future demand, giving consideration to the value of current orders in-house for future sales of inventory, as well as plans to sell discontinued or end-of-life inventory through our outlet stores, among other off-price channels. Estimates may differ from actual results due to the quantity, quality, and mix of products in inventory, consumer and retailer preferences, and market conditions. If the estimated market value is less than its carrying value, the carrying value is adjusted to the market value, and the difference is recorded in ‘Cost of sales’ in our consolidated statements of operations.

Reserves for the risk of physical loss of inventory are estimated based on historical experience and are adjusted based upon physical inventory counts, and they are recorded within ‘Cost of sales’ in our consolidated statements of operations.

Property and Equipment, Net

Property, equipment, furniture, and fixtures are stated at original cost, less accumulated depreciation. Depreciation is provided using the straight-line method over the estimated useful asset lives. The useful lives are reviewed periodically and typically range from 2 to 10 years for machinery and equipment and furniture, fixtures and others. Leasehold improvements are stated at cost and amortized on a straight-line basis over their estimated economic useful lives or the lease term, whichever is shorter. Costs of enhancements or modifications that substantially extend the capacity or useful life of an asset are capitalized and depreciated accordingly. Ordinary repairs and maintenance are expensed as incurred. Depreciation of warehouse- and distribution-related assets is included in ‘Cost of sales’ in our consolidated statements of operations. Depreciation related to retail store, corporate, and non-product assets is included in ‘Selling, general and administrative expenses’ in our consolidated statements of operations. When property is retired or otherwise disposed of, the cost and accumulated depreciation are removed from our consolidated balance sheets, and the resulting gain or loss, if any, is reflected in ‘Income from operations’ in the consolidated statements of operations.

Goodwill and Other Intangible Assets, Net

We evaluate the carrying value of our goodwill and indefinite-lived intangible assets for impairment at the reporting unit level at least annually or when an interim triggering event has occurred indicating potential impairment. During the year ended December 31, 2022, we changed our annual goodwill impairment testing date from the last day of our fiscal fourth quarter to the first day of our fiscal fourth quarter.

The excess of the purchase price over the fair value of acquired net assets represents goodwill. Our goodwill balance as of December 31, 2022 was $714.8 million and primarily related to the Acquisition. As of December 31, 2022, a goodwill amount of $713.3 million was assigned to the HEYDUDE Brand segment and consisted of the acquired workforce and economies of scale resulting from the Acquisition.

When performing our annual test for impairment, we may assess goodwill and indefinite-lived intangible assets for potential impairment using either a qualitative or quantitative assessment. Significant judgments and assumptions are required in such impairment evaluations. For the quantitative assessment, we compare the estimated fair value of a reporting unit with its carrying value, including the goodwill assigned to the reporting unit. If the carrying value of the reporting unit exceeds its estimated fair value, an impairment charge is recorded. For the year ended December 31, 2022, we elected to bypass the qualitative assessment for the HEYDUDE Brand reporting unit goodwill and indefinite-lived intangible assets and proceed directly to performing the quantitative goodwill and indefinite-lived intangible asset impairment tests. The estimated fair values of the HEYDUDE Brand reporting unit goodwill and indefinite-lived trademark exceeded their carrying values. Additionally for the years ended December 31, 2022, 2021, and 2020, we performed a qualitative assessment for the goodwill in our EMEALA segment, which indicated that it was more likely than not that the estimated fair value exceeded its carrying value. We did not record any impairment charges in the years ended December 31, 2022, 2021, or 2020 based on the results of our goodwill and indefinite-lived intangible assets impairment testing.

We continuously monitor the performance of our definite-lived intangible assets, which includes software, customer relationships, patents, copyrights, and certain trademarks, and evaluate for impairment when evidence exists that certain events or changes in circumstances indicate that the carrying amount of these assets may not be recoverable. Significant judgments and assumptions are required in such impairment evaluations. Definite-lived intangible assets are stated at cost, less accumulated amortization. Amortization is recorded using the straight-line method over the estimated lives of the assets.

We amortize our customer relationships on a straight-line basis over a useful life of 15 years. Amortization for patents, copyrights, and trademarks is provided using the straight-line method over the estimated useful asset lives, which are reviewed periodically and typically range from 7 to 25 years.

Internal-Use Software and Cloud Computing Arrangements

We capitalize direct costs of materials and services used in the development and purchase of internal-use software. Amounts capitalized are amortized on a straight-line basis over a period of 2 to 8 years and are reported as a component of ‘Intangible assets, net’ in the consolidated balance sheets.

We also capitalize certain costs incurred during the application development stage of implementation of internal-use software in cloud computing arrangements. Amounts capitalized are amortized on a straight-line basis over the expected length of the related contract and are reported as a component of ‘Prepaid expenses and other assets’ and ‘Other assets’ in the consolidated balance sheets.

Amortization of capitalized software used in warehouse- and distribution-related activities is included in ‘Cost of sales’ in the consolidated statements of operations. Amortization related to corporate and non-product, assets, such as our global information systems, is included in ‘Selling, general, and administrative expenses’ in the consolidated statements of operations.

Leases

Our lease portfolio consists primarily of real estate assets, which includes retail, warehouse, distribution center, and office spaces, under operating leases expiring at various dates through 2033. Leases with an original term of twelve months or less are not reported in the consolidated balance sheets; expense for these short-term leases is recognized on a straight-line basis over the lease term.

Many leases include one or more options to renew, with renewal terms that, if exercised by us, may extend the lease term. The exercise of these renewal options is at our discretion. When assessing the likelihood of a renewal or termination, we consider

the significance of leasehold improvements, availability of alternative locations, and the cost of relocation or replacement, among other considerations. The depreciable lives of leasehold improvements are the shorter of the useful lives of the improvements or the expected lease term. We determine the lease term for each lease based on the terms of each contract and factor in renewal and early termination options if such options are reasonably certain to be exercised. We do not generally believe such options are reasonably certain, and therefore, we have excluded them from the recorded right-of-use assets and operating lease liabilities.

Due to our centralized treasury function, we utilize a portfolio approach to discount our lease obligations. We assess the expected lease term at lease inception and discount the lease using a fully-secured annual incremental borrowing rate, adjusted for time value corresponding with the expected lease term.

Certain of our retail store leases include rental payments based upon a percentage of retail sales in excess of a minimum fixed rental. In some cases, there is no fixed minimum rental, and the entire rental payment is based upon a percentage of sales. In addition, certain leases include rental payments adjusted periodically for changes in price level indices. We recognize expense for these types of payments as incurred and report them as variable lease expense. See Note 7 — Leases for additional information.

Derivative Financial Instruments

We transact business in various foreign entities and are therefore exposed to foreign currency exchange rate risk that impacts the reported U.S. Dollar (“USD”) amounts of revenues, expenses, and certain foreign currency monetary assets and liabilities. In order to manage exposure to fluctuations in foreign currency and to reduce the volatility in earnings caused by fluctuations in foreign exchange rates, we may enter into forward contracts to buy and sell foreign currency. By policy, we do not enter into these contracts for trading purposes or speculation.

Counterparty default risk is considered low because the forward contracts we enter into are over-the-counter instruments transacted with highly-rated financial institutions. We were not required to and did not post collateral as of December 31, 2022 or 2021.

Our derivative instruments are recorded at fair value as a derivative asset or liability in the consolidated balance sheets within either ‘Prepaid expenses and other assets’ or ‘Accrued expenses and other liabilities’ at December 31, 2022 and 2021. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged transactions in a cash flow hedge. We may enter into derivative contracts that are intended to economically hedge certain components of its risk, even though hedge accounting does not apply, or we elect not to apply hedge accounting.

We report derivative instruments with the same counterparty on a net basis when a master netting arrangement is in place. For the consolidated statements of cash flows, we classify cash flows from derivative instruments at settlement in the same category as the cash flows from the related hedged items within ‘Cash provided by operating activities.’

We also have cash flow hedges (“hedged derivatives”) as of December 31, 2022. We are exposed to fluctuations in various foreign currencies against our functional currency, the U.S. Dollar. Specifically, we have subsidiaries that transact in currencies other than their functional currency. We use cash flow hedges to minimize the variability in cash flows caused by fluctuations in foreign currency exchange rates related to our external sales and external purchases of inventory. Currency forward agreements involve fixing the exchange rates for delivery of a specified amount of foreign currency on a specified date. The currency forward agreements are typically cash settled in USD for their fair value at or close to their settlement date. We may also use currency option contracts under which we will pay a premium for the right to sell a specified amount of a foreign currency prior to the maturity date of the option.

For derivatives designated and that qualify as cash flow hedges of foreign exchange risk, the gain or loss on the derivative is recorded in ‘Accumulated other comprehensive loss’ in the consolidated balance sheets. In the period during which the hedged transaction affects earnings, the related gain or loss is subsequently reclassified to ‘Revenues’ or ‘Cost of sales’ in the consolidated statement of operations, which is consistent with the nature of the hedged transaction.

See Note 9 — Derivative Financial Instruments for further information on derivative financial instruments.

Other Comprehensive Income

Our foreign subsidiaries use their foreign currency as their functional currency. Functional currency assets and liabilities are translated into USD using exchange rates in effect at the balance sheet date, and revenues and expenses are translated at average exchange rates during the period. Resulting translation gains and losses are reported in other comprehensive income (loss), until the substantial liquidation of a subsidiary, at which time accumulated translation gains or losses are reclassified into net income. During the year ended December 31, 2022, we recognized a net loss of $8.1 million of cumulative foreign currency translation adjustments related to the substantial liquidation of a foreign subsidiary.

Revenue Recognition

See Note 12 — Revenues for a summary of our revenue recognition policy.

Shipping and Handling Costs and Fees

Shipping and handling costs are expensed as incurred and are included in ‘Cost of sales’ in the consolidated statements of operations. Shipping and handling fees billed to customers are included in revenues.

Taxes Assessed by Governmental Authorities

Taxes assessed by governmental authorities that are directly imposed on a revenue transaction, including value added tax, are recorded on a net basis and are therefore excluded from revenues.

Cost of Sales

Our cost of sales includes costs incurred to design, produce, procure, and ship our footwear. These costs include our raw materials, both direct and indirect labor, shipping and handling including freight costs, utilities, maintenance costs, licensing fees, depreciation, amortization, packaging, and other warehouse and distribution overhead and costs.

Selling, General and Administrative Expenses

Selling, general and administrative expenses consist primarily of labor and outside services, rent expense, bad debt expense, legal costs, amortization of intangible assets, as well as certain depreciation costs related to corporate and non-product assets and share-based compensation. Selling, general and administrative expenses also include costs for our marketing and sales organizations, and other functions including finance, legal, human resources, and information technology.

Our selling, general and administrative expenses also include media advertising (television, radio, print, social, digital), tactical advertising (signs, banners, point-of-sale materials) and promotional costs. Advertising production costs are expensed when the advertising is first run. Advertising communication costs are expensed in the periods that the communications occur. Certain of our promotional expenses result from payments under endorsement contracts. Endorsement-related expenses are recognized as performance is received over the term of each endorsement agreement.

Total marketing expenses, inclusive of advertising, production, promotion, and agency expenses, including variable marketing expenses, were $260.8 million, $172.7 million, and $101.0 million for the years ended December 31, 2022, 2021, and 2020, respectively.

Share-Based Compensation

Restricted Stock Awards (“RSAs”) and Restricted Stock Units (“RSUs”)

We grant RSAs, service-condition RSUs, performance-condition RSUs, and market-condition RSUs. The grant date fair values of RSAs, service-condition RSUs, and performance-condition RSUs are based on the closing market price of our common stock

on the grant date; the grant date fair value and derived service period of market-condition RSUs are estimated using a Monte Carlo simulation valuation model. Our service-condition RSUs vest based on continued service; our performance-condition RSUs vest based on achievement of multiple weighted performance goals, certification of performance achievement by the Compensation Committee of the Board of Directors, and continued service; and our market-condition RSUs vest based on the market price of our stock and continued service. Compensation expense, net of forfeitures, is recognized on a straight-line basis over the requisite service period. For performance-condition RSUs, compensation expense is updated for our expected performance level against performance goals at the end of each reporting period, which involves judgment as to the achievement of certain performance metrics.

See Note 13 — Share-Based Compensation for additional information related to share-based compensation.

Impairment of Long-Lived Assets

Long-lived assets to be held and used are evaluated for impairment when events or circumstances indicate the carrying value of a long-lived asset or asset group is less than the undiscounted cash flows from its use and eventual disposition over its remaining economic life. We assess recoverability by comparing the sum of projected undiscounted cash flows from the use and eventual disposition over the remaining economic life of a long-lived asset or asset group to its carrying value, and record a loss from impairment if the carrying value is more than its undiscounted cash flows. For customer relationships, impairment testing is performed at the customer group level. For assets involved in our retail businesses, the asset group is at the retail store level. As retail store performance will vary in new and existing markets due to many factors, including maturity of the market and brand recognition, we periodically evaluate the fixed assets, leasehold improvements, and right-of-use assets related to our retail locations for impairment. For all other long-lived assets, we perform impairment testing at the asset group level for which separately identifiable cash flows are available. Assets or asset groups to be abandoned are written down to zero in the period it is determined they will no longer be used and are removed entirely from service. See Note 4 — Property and Equipment, Net, Note 5 — Goodwill and Intangible Assets, Net, and Note 7 — Leases for a discussion of impairment losses recorded during the periods presented.

Foreign Currency Gains (Losses), Net

Foreign currency gains (losses), net includes realized and unrealized foreign exchange gains and losses resulting from remeasurement and settlement of foreign-currency transactions denominated in a currency other than the functional currency of an entity and realized and unrealized gains and losses on forward foreign currency exchange derivative contracts that do not qualify for hedge accounting.

Other Income (Expense), Net

Other income (expense), net primarily includes gains and losses associated with activities not directly related to making and selling footwear.

Income Taxes

Income taxes are accounted for using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and the tax basis of other assets and liabilities. We provide for income taxes at the current and future enacted tax rates and laws applicable in each taxing jurisdiction. We account for the tax effects of global intangible low-taxed income (“GILTI”) as a component of income tax expense in the period the tax arises, to the extent applicable. We use a two-step approach for recognizing and measuring tax benefits taken or expected to be taken in a tax return and disclosures regarding uncertainties in income tax positions. We recognize interest and penalties related to income tax matters in income tax expense in the consolidated statements of operations. See Note 14 — Income Taxes for further discussion.

Earnings per Share

Basic and diluted earnings per common share (“EPS”) is presented using the treasury stock method. Diluted EPS reflects the potential dilution to common shareholders from securities that could share in our earnings and is calculated by adjusting weighted average outstanding shares, assuming conversion of all potentially dilutive stock options and awards. Anti-dilutive securities are excluded from diluted EPS. See Note 15 — Earnings per Share for additional information.

Fair Value

U.S. GAAP for fair value establishes a hierarchy that prioritizes fair value measurements based on the types of inputs used for the various valuation techniques (market approach, income approach, and cost approach). We utilize a combination of market and income approaches to value derivative instruments. Our financial assets and liabilities are measured using inputs from the three levels of the fair value hierarchy. The three levels of the hierarchy and the related inputs are as follows:

Level

Inputs

Unadjusted quoted prices in active markets for identical assets and liabilities.

Unadjusted quoted prices in active markets for similar assets and liabilities;

Unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active; or

Inputs other than quoted prices that are observable for the asset or liability.

Unobservable inputs for the asset or liability.

We categorize fair value measurements within the fair value hierarchy based upon the lowest level of the most significant inputs used to determine fair value.

Our non-financial assets, which primarily consist of property and equipment, right-of-use assets, goodwill, and other intangible assets, are not required to be carried at fair value on a recurring basis and are reported at carrying value. However, on a periodic basis or whenever events or changes in circumstances indicate that their carrying value may not be fully recoverable (and at least annually for goodwill and indefinite-lived intangible assets), non-financial instruments are assessed for impairment and, if applicable, written down to and recorded at fair value. See Note 8 — Fair Value Measurements for further discussion related to estimated fair value measurements.

RECENT ACCOUNTING PRONOUNCEMENTS	12 Months Ended
RECENT ACCOUNTING PRONOUNCEMENTS	Dec. 31, 2022
Accounting Policies [Abstract]
RECENT ACCOUNTING PRONOUNCEMENTS	RECENT ACCOUNTING PRONOUNCEMENTS New Accounting Pronouncement Adopted Income Taxes The CHIPS and Science Act of 2022 (CHIPS) and the Inflation Reduction Act (IRA) of 2022 were signed into law on August 9, 2022 and August 16, 2022, respectively. The legislation introduces new options for monetizing certain credits, a corporate alternative minimum tax, and a stock repurchase excise tax. The corporate alternative minimum tax and stock repurchase excise tax are effective as of January 1, 2023 and are the main provisions that may be applicable to us. The Company is currently evaluating the impact of CHIPS and IRA, but at present does not expect that any of the provisions included in these acts would result in a material impact to our deferred tax assets, liabilities, or income taxes payable. Business Combinations In October 2021, the FASB issued new guidance primarily related to the accounting for contract assets and liabilities from contracts with customers in a business combination. The standard will be effective for annual reporting periods beginning after December 31, 2022, including interim reporting periods within those periods, with early adoption permitted. On January 1, 2022, we early adopted this guidance on a prospective basis. The adoption did not have a material impact on our consolidated financial statements. New Accounting Pronouncements Not Yet Adopted New pronouncements issued but not effective until after December 31, 2022 are not expected to have a material impact on our consolidated financial statements.

ACQUISITION OF HEYDUDE

12 Months Ended

Dec. 31, 2022

Business Combination and Asset Acquisition [Abstract]

ACQUISITION OF HEYDUDE

On February 17, 2022, (the “Acquisition Date”), we acquired 100% of the equity of HEYDUDE, pursuant to the SPA. HEYDUDE is engaged in the business of distributing and selling casual footwear under the brand name “HEYDUDE.” The Acquisition allows us to diversify and expand our business by adding a second brand to the Crocs, Inc. portfolio.

The aggregate preliminary purchase price at the closing of the Acquisition was $2.3 billion. We paid aggregate consideration of $2.05 billion in cash (the “Cash Consideration”), subject to adjustment based on, among other things, the cash, indebtedness,

transaction expenses, and working capital of the companies comprising HEYDUDE and their respective subsidiaries as of the Acquisition Date, and issued 2,852,280 shares of the Company’s common stock to one of the sellers (the “Equity Consideration Shares”). The Equity Consideration Shares are subject to a lock-up period beginning on the Acquisition Date and continuing to, and including, the date that is 12 months after the Acquisition Date, provided that (a) on the date that is six months after the Acquisition Date, 50% of the Equity Consideration Shares were released from the lock-up, and (b) on the date that is twelve months after the Acquisition Date, the remaining 50% of the Equity Consideration Shares will be released from the lock-up. In the year ended December 31, 2022, the purchase price paid to the sellers was finalized.

The Cash Consideration was financed via the Company’s entry into the $2.0 billion Term Loan B Facility (as defined below) and $50.0 million of borrowings under the Revolving Facility (as defined below). As a result of the Acquisition, HEYDUDE has become wholly owned by us. Accordingly, the results of HEYDUDE are included in our consolidated financial statements from the Acquisition Date through December 31, 2022 (the “Partial Period”) and are reported in the HEYDUDE operating segment. HEYDUDE contributed revenues of $895.9 million and income from operations of $211.4 million during the Partial Period.

Purchase Price Allocation

The Acquisition was accounted for in accordance with the ASC Topic 805 Business Combinations. As a result, we have applied acquisition accounting, which requires, among other things, that the assets acquired and liabilities assumed be recognized at their estimated fair values as of the Acquisition Date. For certain assets and liabilities, those fair values were consistent with historical carrying values. The fair value of inventory was determined using both a market approach and a cost approach. With respect to intangible assets, the estimated fair value was based on the Multi Period Excess Earnings approach for the trademark and the distributor method for the customer relationships. These models used primarily Level 2 and Level 3 inputs, including an estimate of future revenues, future cash flows, and discount rates.

The following table summarizes the preliminary allocation of the purchase price to the estimated fair values of the assets acquired and liabilities assumed on the Acquisition Date:


	February 17, 2022
	(in thousands)
Cash and cash equivalents	$	6,232
Accounts receivable, net (1)	68,698
Inventories (2)	155,773
Prepaid expenses and other assets (3)	4,380
Intangible assets (4)	1,780,000
Goodwill (5)	713,308
Right-of-use assets	2,844
Accounts payable (3)	(29,791)
Accrued expenses and other liabilities (6)	(18,860)
Income taxes payable (7)	(30,572)
Long-term deferred tax liability (7)	(312,656)
Long-term income taxes payable (7)	(13,004)
Operating lease liabilities	(2,843)
Net assets acquired (8)	$	2,323,509

(1) Includes a valuation adjustment that decreased accounts receivable, net by $0.3 million during the Partial Period.

(2) Includes valuation adjustments that decreased inventories by $20.2 million and decreased accrued expenses by $20.2 million during the Partial Period, partially offset by a valuation adjustment that increased inventories by $4.7 million and decreased goodwill by $4.7 million.

(3) Includes a valuation adjustment of $1.4 million that increased prepaid expenses and other assets and increased accounts payable by $1.4 million during the Partial Period.

(4) Includes a decrease of $90.0 million due to a valuation adjustment related to customer relationships during the Partial Period.

(5) During the Partial Period, goodwill increased $72.8 million, $66.2 million of which relates to the valuation and tax adjustments described in footnotes (1), (2), (3), (6), (7) and $6.6 million of which relates to a working capital adjustment, as described in footnote (8).

(6) Includes a net decrease of $20.8 million made during the Partial Period, comprised of net valuation adjustments of $21.8 million, partially offset by non-income tax adjustments of $1.0 million.

(7) Includes the impact of tax adjustments: a decrease of $2.4 million to income taxes payable, a decrease of $17.1 million to long-term deferred tax liability, and an increase of $0.6 million to long-term income taxes payable.

(8) During the Partial Period, the purchase price consideration was increased by $6.6 million associated with the finalization of purchase price.

The purchase price allocation for the Acquisition is preliminary. Valuation by management of certain assets and liabilities, is still in process, and therefore, the actual fair values may vary from these preliminary estimates. Final valuations are expected to be completed within one year of the Acquisition Date.

Intangible Assets

The components of intangible assets acquired in connection with the Acquisition were as follows:


	Weighted-Average Useful Life	Amortization Method	Estimated Fair Value
			(in thousands)
Customer relationships	15	Straight-line	$	210,000
Trademark	Indefinite	—	1,570,000
Total intangible assets			$	1,780,000

Goodwill

The goodwill amount of $713.3 million at December 31, 2022 includes an aggregate adjustment of $72.8 million recorded in the year ended December 31, 2022 as a result of changes to preliminary valuation estimates and a working capital adjustment. The total goodwill amount acquired was assigned to the HEYDUDE reporting segment. None of the goodwill will be deductible for income tax purposes.

Escrow and Holdback Amounts

Additionally, $125.0 million of the Cash Consideration (the “Escrow Amount”) was placed in an escrow account to partially secure the indemnification obligations of the sellers, which will be released to the sellers, less any amounts that have been released to compensate the Company as provided in the SPA, after the date that is 18 months after the Acquisition Date. As of December 31, 2022, certain receivables have been recorded related to the Escrow Amount. Further, $8.5 million of the Cash Consideration (the “Adjustment Holdback Amount”) was held back and retained as security (but not as the sole source of recovery) for any downward adjustments to the purchase price made in accordance with the SPA. During the year ended December 31, 2022, the Adjustment Holdback Amount was paid to the sellers.

Acquisition-related Costs

Costs incurred to complete the Acquisition are expensed as incurred and included in ‘Selling, general, and administrative expenses’ in our consolidated statement of operations. During the year ended December 31, 2022, there were approximately $25.7 million of Acquisition-related costs recognized. These costs represent legal, professional, and transaction fees.

Unaudited Pro Forma Information

The following unaudited pro forma financial information for the year ended December 31, 2022 and 2021 combines the historical results of the Crocs and HEYDUDE Brands, assuming that the companies were combined as of January 1, 2021 and include business combination accounting effects from the Acquisition, including amortization charges from acquired intangible assets, adjustments to the fair value of inventory, interest expense on the financing transactions used to fund the Acquisition, and Acquisition-related transaction costs and tax-related effects. The pro forma information as presented below is for informational purposes only and is not indicative of the results of operations that would have been achieved if the Acquisition had taken place on January 1, 2021.


	Year Ended December 31,
	2022		2021
	(in thousands)
Revenues	$	3,645,291	$	2,894,094
Net income	614,463		706,853

PROPERTY AND EQUIPMENT, NET

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT, NET

‘Property and equipment, net’ consists of the following:


	December 31,
	2022		2021
	(in thousands)
Machinery and equipment	$	146,821	$	53,976
Leasehold improvements	76,363		64,625
Construction-in-progress	28,699		53,332
Furniture, fixtures, and other	26,782		20,210
Property and equipment	278,665		192,143
Less: Accumulated depreciation and amortization	(97,136)		(83,745)
Property and equipment, net	$	181,529	$	108,398

Asset Retirement Obligations

We are contractually obligated, under certain of our lease agreements, to restore certain retail and office facilities back to their original condition. At lease inception, the estimated fair value of these liabilities is recorded along with a related asset. Asset retirement obligations were not significant to the consolidated balance sheets in the years ended December 31, 2022 or 2021.

Depreciation and Amortization Expense

Depreciation and amortization expense related to property and equipment, reported in ‘Cost of sales’ and ‘Selling, general and administrative expenses’ was:


	Year Ended December 31,
	2022		2021		2020
	(in thousands)
Cost of sales	$	10,043	$	6,234	$	3,921
Selling, general and administrative expenses	9,599		8,708		7,914
Total depreciation and amortization expense	$	19,642	$	14,942	$	11,835

Disposals of Property and Equipment and Intangible Assets

During the years ended December 31, 2022, 2021, and 2020, we recognized net losses on disposals of property and equipment and intangible assets of $1.0 million, $0.3 million, and $0.3 million, respectively. Gains and losses on disposals of property and equipment and intangible assets are included in ‘Selling, general and administrative expenses’ in the consolidated statements of operations.

Additionally, we impaired our leasehold improvement assets for a retail location in the year ended December 31, 2020, as described in Note 8 — Fair Value Measurements.

GOODWILL AND INTANGIBLE ASSETS, NET

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS, NET

Goodwill

The changes in goodwill for the years ended December 31, 2022 and 2021 were:


	Goodwill
	(in thousands)
Balance at December 31, 2020	$	1,719
Foreign currency translation (1)	(119)
Balance at December 31, 2021	1,600
HEYDUDE Acquisition	713,308
Foreign currency translation (1)	(94)
Balance at December 31, 2022	$	714,814

(1) Foreign currency translation only relates to the goodwill in our EMEALA operating segment, as described below.

In the year ended December 31, 2022, there was an addition to our goodwill as a result of the acquisition of HEYDUDE. As of December 31, 2022, EMEALA and the HEYDUDE Brand had goodwill balances of $1.5 million and $713.3 million, respectively. In the year ended December 31, 2021, there were no changes to our goodwill aside from insignificant changes related to foreign currency translation.

At December 31, 2022, accumulated goodwill impairment was $0.8 million.

Intangible Assets, Net

‘Intangible assets, net’ reported in the consolidated balance sheets consist of the following:


	December 31, 2022						December 31, 2021
	Gross		Accum. Amortiz.		Net		Gross		Accum. Amortiz.		Net
	(in thousands)
Intangible assets subject to amortization:
Capitalized software	$	132,295	$	(109,227)	$	23,068	$	128,843	$	(104,637)	$	24,206
Customer relationships	210,000		(12,250)		197,750		—		—		—
Patents, copyrights, and trademarks	5,124		(3,537)		1,587		4,308		(3,530)		778
Intangible assets not subject to amortization:
HEYDUDE trademark	1,570,000		—		1,570,000		—		—		—
In progress	7,537		—		7,537		3,739		—		3,739
Other	225		—		225		79		—		79
Total	$	1,925,181	$	(125,014)	$	1,800,167	$	136,969	$	(108,167)	$	28,802

At December 31, 2022, the weighted average remaining useful life of intangibles subject to amortization was approximately 14.0 years.

Amortization Expense

Amortization expense related to definite-lived intangible assets, reported in ‘Cost of sales’ and ‘Selling, general and administrative expenses’ was:


	Year Ended December 31,
	2022		2021		2020
	(in thousands)
Cost of sales	$	2,366	$	4,779	$	3,975
Selling, general and administrative expenses	17,221		12,255		11,809
Total amortization expense	$	19,587	$	17,034	$	15,784

Estimated future annual amortization expense of intangible assets is:


	As of December 31, 2022
	(in thousands)
2023	$	21,826
2024	20,290
2025	18,962
2026	17,493
2027	15,490
Thereafter	128,344
Total	$	222,405

ACCRUED EXPENSES AND OTHER LIABILITIES

12 Months Ended

Dec. 31, 2022

Payables and Accruals [Abstract]

ACCRUED EXPENSES AND OTHER LIABILITIES

Amounts reported in ‘Accrued expenses and other liabilities’ in the consolidated balance sheets were:


	December 31,
	2022		2021
	(in thousands)
Accrued compensation and benefits	$	55,474	$	62,945
Professional services	45,351		33,997
Fulfillment, freight, and duties	41,646		15,629
Return liabilities	27,651		10,342
Sales/use and value added taxes payable	27,249		13,049
Royalties payable and deferred revenue	10,528		7,425
Accrued rent and occupancy	8,972		7,431
Other	22,553		16,069
Total accrued expenses and other liabilities	$	239,424	$	166,887

LEASES

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

LEASES

Right-of-Use Assets and Operating Lease Liabilities

Amounts reported in the consolidated balance sheets were:


	December 31,
	2022		2021
	(in thousands)
Assets:
Right-of-use assets	$	239,905	$	160,768
Liabilities:
Current operating lease liabilities	$	57,456	$	42,932
Long-term operating lease liabilities	215,119		149,237
Total operating lease liabilities	$	272,575	$	192,169

Lease Costs and Other Information

Lease-related costs reported within ‘Cost of sales’ and ‘Selling, general and administrative expenses’ were:


	Year Ended December 31,
	2022		2021
	(in thousands)
Operating lease cost	$	66,012	$	58,283
Short-term lease cost	9,590		7,585
Variable lease cost	37,536		32,490
Total lease costs	$	113,138	$	98,358

The weighted average remaining lease term and discount rate related to our lease liabilities as of December 31, 2022 were 6.9 years and 3.9%, respectively. As of December 31, 2021, the weighted average remaining lease term and discount rate related to our lease liabilities were 7.1 years and 3.8%, respectively.

Maturities

The maturities of our operating lease liabilities were:


	As of December 31, 2022
	(in thousands)
2023	$	60,812
2024	52,357
2025	38,629
2026	32,840
2027	28,189
Thereafter	99,700
Total future minimum lease payments	312,527
Less: imputed interest	(39,952)
Total operating lease liabilities	$	272,575

Leases That Have Not Yet Commenced

As of December 31, 2022, we had significant obligations for a lease not yet commenced related to a new HEYDUDE distribution center in Las Vegas, Nevada. The total commitment related to the lease, with payments expected to begin in the third quarter of 2023 and continue through December 2033, is approximately $75 million.

FAIR VALUE MEASUREMENTS

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

Recurring Fair Value Measurements

The financial assets and liabilities that are measured and recorded at fair value on a recurring basis consist of our derivative instruments. Our derivative instruments are forward foreign currency exchange contracts. We manage credit risk of our derivative instruments on the basis of our net exposure with our counterparty. All of our derivative instruments are classified as Level 2 of the fair value hierarchy and are reported in the consolidated balance sheets within either ‘Prepaid expenses and other assets’ or ‘Accrued expenses and other liabilities’ at December 31, 2022 and 2021, netted by counterparty. The fair values of our derivative instruments were an asset of $0.3 million and a liability $1.1 million at December 31, 2022 and a liability of $0.2 million at December 31, 2021. See Note 9 — Derivative Financial Instruments for more information.

The carrying amounts of our cash, cash equivalents, and restricted cash, accounts receivable, accounts payable, current accrued expenses and other liabilities, and our Asia revolving facilities approximate their fair value as recorded due to the short-term maturity of these instruments.

Our borrowing instruments are recorded at their carrying values in the consolidated balance sheets, which may differ from their respective fair values. During the year ended December 31, 2022, we entered into a credit agreement for an aggregate term loan B facility in the principal amount of $2.0 billion (the “Term Loan B Facility”), as described in more detail in Note 10 — Borrowings. The Term Loan B Facility is classified as Level 1 of the fair value hierarchy. The Notes (as defined below) are also classified as Level 1 of the fair value hierarchy and are reported in our consolidated balance sheet at face value, less unamortized issuance costs. The fair value of our Revolving Facility (as defined below) approximates its carrying value at December 31, 2021 based on interest rates currently available to us for similar borrowings. The carrying values and fair values of our borrowing instruments as of December 31, 2022 and 2021 were:


	December 31, 2022				December 31, 2021
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(in thousands)
Term Loan B Facility	$	1,675,000	$	1,642,547	$	—	$	—
2029 Notes	350,000		297,596		350,000		346,281
2031 Notes	350,000		284,240		350,000		341,250
Revolving Facility	—		—		85,000		85,000

Non-Financial Assets and Liabilities

Our non-financial assets, which primarily consist of property and equipment, right-of-use assets, goodwill, trademarks, customer relationships, and other intangible assets, are not required to be carried at fair value on a recurring basis and are reported at carrying value.

The fair values of these assets were determined based on Level 3 measurements, including estimates of the amount and timing of future cash flows based upon historical experience, expected market conditions, and management’s plans. We recorded impairments as follows:


	Year Ended December 31,
	2022		2021		2020
	(in thousands)
Retail store assets impairment (1)	$	—	$	—	$	2,412
Right-of-use assets impairment (1)	—		—		18,659
Total asset impairments	$	—	$	—	$	21,071

(1) During the year ended December 31, 2020, we recognized impairments for a retail location in New York City of $2.4 million to retail store assets and $17.6 million to the right-of-use asset. We also recognized an impairment of $1.1 million to the right-of-use asset for our corporate headquarters in Niwot, Colorado, as a result of our relocation to Broomfield, Colorado.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

DERIVATIVE FINANCIAL INSTRUMENTS

12 Months Ended

Dec. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE FINANCIAL INSTRUMENTS

As of December 31, 2022, we have derivatives not designated as hedging instruments (“non-hedged derivatives”), which consist of foreign currency forward contracts primarily used to hedge monetary assets and liabilities denominated in non-functional currencies, and cash flow hedges (“hedged derivatives”). During the year ended December 31, 2022, there was a loss of $0.5 million recognized due to reclassification from ‘Accumulated other comprehensive loss’ to ‘Revenues’ or ‘Cost of sales’ related to our hedged derivatives. During the next twelve months, we estimate that a loss of approximately $0.8 million will be reclassified to the consolidated statement of operations.

The fair values of derivative assets and liabilities, net, all of which are classified as Level 2, are reported within either ‘Prepaid expenses and other assets’ or ‘Accrued expenses and other liabilities’ in the consolidated balance sheets and were:


	December 31, 2022				December 31, 2021
	Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities
	(in thousands)
Non-hedged derivatives:
Forward foreign currency exchange contracts	$	345	$	(360)	$	724	$	(938)
Netting of counterparty contracts	(345)		345		(724)		724
Foreign currency forward contract derivatives	—		(15)		—		(214)
Hedged derivatives:
Cash flow foreign currency contracts	348		(1,116)		—		—
Netting of counterparty contracts	—		—		—		—
Cash flow foreign currency contract derivatives	348		(1,116)		—		—
Total derivatives	$	348	$	(1,131)	$	—	$	(214)

The notional amounts of outstanding forward foreign currency exchange contracts shown below report the total U.S. Dollar equivalent position and the net contract fair values for each foreign currency position.


	December 31, 2022				December 31, 2021
	Notional		Fair Value		Notional		Fair Value
	(in thousands)
Non-hedged derivatives:
Singapore Dollar	$	26,760	$	207	$	43,723	$	(296)
Indian Rupee	24,945		(10)		10,379		(86)
South Korean Won	18,403		(320)		14,201		(112)
British Pound Sterling	14,509		128		25,795		104
Japanese Yen	8,953		9		12,910		80
Euro	5,068		(29)		21,198		162
Other currencies	—		—		19,481		(66)
Total non-hedged derivatives	98,638		(15)		147,687		(214)
Hedged derivatives:
Euro	51,914		(360)		—		—
British Pound Sterling	23,025		235		—		—
South Korean Won	12,285		(756)		—		—
Indian Rupee	7,203		113		—		—
Total hedged derivatives	94,427		(768)		—		—
Total derivatives	$	193,065	$	(783)	$	147,687	$	(214)

Latest maturity date, non-hedged derivatives	April 2023				January 2022
Latest maturity date, hedged derivatives	June 2023				N/A

Amounts reported in ‘Foreign currency gains (losses), net’ in the consolidated statements of operations include both realized and unrealized gains (losses) from foreign currency transactions and derivative contracts and were as follows:


	Year Ended December 31,
	2022		2021		2020
	(in thousands)
Non-hedged derivatives:
Foreign currency transaction gains (losses)	$	(2,858)	$	100	$	941
Foreign currency forward exchange contracts gains (losses)	6,086		(240)		(2,069)
Foreign currency gains (losses), net	$	3,228	$	(140)	$	(1,128)

BORROWINGS

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

BORROWINGS

Our long-term borrowings were as follows:


		Stated Interest Rate		Effective Interest Rate		December 31,
	Maturity					2022		2021
						(in thousands)
Notes issuance of $350.0 million	2029	4.250	%	4.64	%	$	350,000	$	350,000
Notes issuance of $350.0 million	2031	4.125	%	4.35	%	350,000		350,000
Term Loan B Facility	2029					1,675,000		—
Revolving Facility						—		85,000
Total face value of long-term borrowings						2,375,000		785,000
Less:
Unamortized issuance costs						56,973		13,610
Current portion of long-term borrowings (1)						20,000		—
Total long-term borrowings						$	2,298,027	$	771,390

(1) Represents the current portion of the borrowings on the Term Loan B facility.

At December 31, 2022 and 2021, $10.8 million and $10.4 million, respectively, of accrued interest related to our borrowings was reported in ‘Accounts payable’ in the consolidated balance sheets.

Senior Revolving Credit Facility

In July 2019, the Company and certain of its subsidiaries (the “Borrowers”) entered into a Second Amended and Restated Credit Agreement (as amended, the “Credit Agreement”), with the lenders named therein and PNC Bank, National Association, as a lender and administrative agent for the lenders. Since that time, we have amended the Credit Agreement, which, as amended to date, provides for a revolving credit facility of $750.0 million, which can be increased by an additional $250.0 million subject to certain conditions (the “Revolving Facility”). Borrowings under the Credit Agreement bear interest at a variable interest rate based on (A) a Base Rate (defined as the highest of (i) the Overnight Bank Funding Rate (as defined in the Credit Agreement), plus 0.25%, (ii) the Prime Rate (as defined in the Credit Agreement), and (iii) the Daily Simple SOFR (as defined in the Credit Agreement), plus 1.00%), plus an applicable margin ranging from 0.25% to 0.875% based on our leverage ratio or 1.35% to 1.975% for the Daily Simple SOFR based on the leverage ratio, or (B) the Term SOFR Rate (as defined in the Credit Agreement), plus an applicable margin ranging from 1.35% to 1.975% based on our leverage ratio for one-month interest periods and 1.40% to 2.025% based on our leverage ratio for three-month interest periods. Borrowings under the Credit Agreement are secured by all of the assets of the Borrowers and guaranteed by certain other subsidiaries of the Borrowers.

The Credit Agreement requires us to maintain a minimum interest coverage ratio of 3.00 to 1.00 and a maximum leverage ratio of (i) 4.00 to 1.00 from the quarter ended March 31, 2022 through, and including, the quarter ending December 31, 2023, (ii) 3.75 to 1.00 for the quarter ending March 31, 2024, (iii) 3.50 to 1.00 for the quarter ending June 30, 2024, and (iv) 3.25 to 1.00 for the quarter ending September 30, 2024 and thereafter (subject to adjustment in certain circumstances). The Credit Agreement permits, among other things, (i) stock repurchases subject to certain restrictions, including after giving effect to such stock repurchases, the maximum leverage ratio does not exceed certain levels; and (ii) certain acquisitions so long as there is borrowing availability under the Credit Agreement of at least $40.0 million. As of December 31, 2022, we were in compliance with all financial covenants under the Credit Agreement.

As of December 31, 2022, the total commitments available from the lenders under the Revolving Facility were $750.0 million. At December 31, 2022, we had no outstanding borrowings and $1.3 million in outstanding letters of credit under the Revolving Facility, which reduces amounts available for borrowing under the Revolving Facility. As of December 31, 2022 and 2021, we had $748.7 million and $414.7 million, respectively, of available borrowing capacity under the Revolving Facility, which matures November 2027.

Term Loan B Facility

On February 17, 2022, the Company entered into a credit agreement (the “Term Loan B Credit Agreement”) with Citibank, N.A., as administrative agent and lender, to among other things, finance a portion of the cash consideration for the Acquisition.

The Term Loan B Credit Agreement provides for an aggregate term loan B facility in the principal amount of $2.0 billion (the “Term Loan B Facility”), which is secured by substantially all of the Company’s and each subsidiary guarantor’s assets on a pari passu basis with their obligations arising from the Credit Agreement and is scheduled to mature on February 17, 2029, subject to certain exceptions set forth in the Term Loan B Credit Agreement. Additionally, subject to certain conditions, including, without limitation, satisfying certain leverage ratios, the Company may, at any time, on one or more occasions, add one or more new classes of term facilities and/or increase the principal amount of the loans of any existing class by requesting one or more incremental term facilities.

Each term loan borrowing which is an alternate base rate borrowing bears interest at a rate per annum equal to the Alternate Base Rate (as defined in the Term Loan B Credit Agreement), plus 2.50%. Each term loan borrowing which is a term benchmark borrowing bears interest at a rate per annum equal to the Adjusted Term SOFR Rate (as defined in the Term Loan B Credit Agreement) plus 3.50%.

Outstanding principal under the Term Loan B Facility is payable on the last business day of each March, June, September, and December, in a quarterly aggregate principal amount of $5.0 million. Quarterly aggregate principal payments began on June 30, 2022, with the remaining principal amount due on February 17, 2029, the maturity date. As of December 31, 2022, we had $1,675.0 million in outstanding principal and the Term Loan B Facility was fully drawn with no remaining borrowing capacity.

The Term Loan B Credit Agreement also contains customary affirmative and negative covenants, incurrence financial covenants, representations and warranties, events of default and other provisions. As of December 31, 2022, we were in compliance with all financial covenants under the Term Loan B Credit Agreement.

Asia Revolving Credit Facilities

During the year ended December 31, 2022, we had two revolving credit facilities in Asia, the revolving credit facility with China Merchants Bank Company Limited, Shanghai Branch (the “CMBC Facility”), which provides up to 10.0 million RMB, or $1.4 million at current exchange rates, and matures in January 2023, and the revolving credit facility with Citibank (China) Company Limited, Shanghai Branch (the “Citibank Facility”), which provides up to an equivalent of $10.0 million. For RMB loans under the CMBC Facility, interest is based on a National Interbank Funding Center 1-year prime rate, plus 65 basis points. For USD loans under the Citibank Facility, interest is mutually agreed upon prior to utilization of a loan.

As of December 31, 2022, we had no outstanding borrowings on the CMBC Facility, and we had borrowings outstanding of $4.3 million on the Citibank Facility, which are due in January 2023 and May 2023. We had no outstanding borrowings under our Asia revolving facilities at December 31, 2021.

Senior Notes Issuances

In March 2021, the Company completed the issuance and sale of $350.0 million aggregate principal amount of 4.250% Senior Notes due March 15, 2029 (the “2029 Notes”), pursuant to the indenture related thereto (as amended and/or supplemented to date, the “2029 Notes Indenture”). Additionally, in August 2021, the Company completed the issuance and sale of $350.0 million aggregate principal amount of 4.125% Senior Notes due August 15, 2031 (the “2031 Notes”), pursuant to the indenture related thereto (as amended and/or supplemented to date, “the 2031 Notes Indenture” and, together with the 2029 Notes Indenture, the “Indentures” and, each, an “Indenture”). Interest on each of the 2029 Notes and the 2031 Notes (collectively, the “Notes”) is payable semi-annually.

The Company will have the option to redeem all or any portion of the 2029 Notes, at once or over time, at any time on or after March 15, 2024, at a redemption price equal to 100% of the principal amount thereof, plus a premium declining ratably on an

annual basis to par and accrued and unpaid interest, if any, to, but excluding, the date of redemption. The Company will also have the option to redeem some or all of the 2029 Notes at any time before March 15, 2024 at a redemption price of 100% of the principal amount to be redeemed, plus a “make-whole” premium and accrued and unpaid interest, if any, to, but excluding, the date of redemption. In addition, at any time before March 15, 2024, the Company may redeem up to 40% of the aggregate principal amount of the 2029 Notes at a redemption price of 104.250% of the principal amount with the proceeds from certain equity issuances, plus accrued and unpaid interest, if any, to, but excluding, the date of redemption.

The Company will have the option to redeem all or any portion of the 2031 Notes, at once or over time, at any time on or after August 15, 2026, at a redemption price equal to 100% of the principal amount thereof, plus a premium declining ratably on an annual basis to par and accrued and unpaid interest, if any, to, but excluding, the date of redemption. The Company will also have the option to redeem some or all of the 2031 Notes at any time before August 15, 2026 at a redemption price of 100% of the principal amount to be redeemed, plus a “make-whole” premium and accrued and unpaid interest, if any, to, but excluding, the date of redemption. In addition, at any time before August 15, 2024, the Company may redeem up to 40% of the aggregate principal amount of the 2031 Notes at a redemption price of 104.125% of the principal amount with the proceeds from certain equity issuances, plus accrued and unpaid interest, if any, to, but excluding, the date of redemption.

The Notes rank pari passu in right of payment with all of the Company’s existing and future senior debt, including the Credit Agreement, and are senior in right of payment to any of the Company’s future debt that is, by its term, expressly subordinated in right of payment to the Notes. The Notes are unconditionally guaranteed by each of the Company’s restricted subsidiaries that is a borrower or guarantor under the Credit Agreement and by each of the Company’s wholly-owned restricted subsidiaries that guarantees any debt of the Company or any guarantor under any syndicated credit facility or capital markets debt in an aggregate principal amount in excess of $25.0 million.

The Indentures contain covenants that, among other things, limit the ability of the Company and its restricted subsidiaries to incur additional debt or issue certain preferred stock; pay dividends or repurchase or redeem capital stock or make other restricted payments; declare or pay dividends or other payments; incur liens; enter into certain types of transactions with the Company’s affiliates; and consolidate or merge with or into other companies. As of December 31, 2022, we were in compliance with all financial covenants under the Notes.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI https://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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+ Details

EQUITY	12 Months Ended
EQUITY	Dec. 31, 2022
Equity [Abstract]
EQUITY	EQUITY Common Stock We have one class of common stock with a par value of $0.001 per share. There are 250.0 million shares of common stock authorized for issuance. Holders of common stock are entitled to one vote per share on all matters presented to common stockholders. Common Stock Repurchase Program On April 23, 2021, the Board approved and authorized a program to repurchase up to $1.0 billion of our common stock. Additionally, on September 23, 2021, the Board approved an increase of $1.0 billion to our share repurchase authorization. The number, price, structure, and timing of the repurchases are at our sole discretion and may be made depending on market conditions, liquidity needs, restrictions under the agreements governing our indebtedness, and other factors. The Board of Directors may suspend, modify, or terminate the program at any time without prior notice. Share repurchases may be made in the open market or in privately negotiated transactions. The repurchase authorization does not have an expiration date and does not obligate us to acquire any amount of our common stock. Under Delaware state law, these shares are not retired, and we have the right to resell any of the shares repurchased. During the year ended December 31, 2022, we did not repurchase any shares of our common stock. As of December 31, 2022, we had remaining authorization to repurchase approximately $1,050.0 million of our common stock, subject to restrictions under our Indentures, Credit Agreement, and Term Loan B Credit Agreement. During the year ended December 31, 2021, we repurchased 8.2 million shares of our common stock at a cost of $1,000.0 million, including commissions. This included 3.2 million shares delivered under the $500.0 million accelerated share repurchase arrangement (“ASR”) entered into in September 2021, 2.9 million shares delivered under the $300.0 million ASR entered into in April 2021, and 0.5 million shares delivered in January 2021 at the conclusion of the purchase period for the ASR entered into in November 2020. Under each ASR, a financial institution delivered shares of our common stock during the purchase period in exchange for an up-front payment. The total number of shares ultimately delivered under the ASR, and therefore the average repurchase price paid per share, was determined based on the volume-weighted average price of our common stock during the purchase period. The shares received were recorded in the period they were delivered, and the up-front payment was accounted for as a reduction to stockholders’ equity in our consolidated balance sheet in the period the payment was made. Preferred Stock We have authorized and available for issuance 5.0 million shares of preferred stock. Of these preferred shares, 1.0 million were authorized as Series A Convertible Preferred Stock with a par value of $0.001 per share and none were issued and outstanding as of December 31, 2022.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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+ Details

REVENUES

12 Months Ended

Dec. 31, 2022

Revenue from Contract with Customer [Abstract]

REVENUES

Revenues by reportable operating segment and by channel were:


	Year Ended December 31, 2022
	Crocs Brand		HEYDUDE Brand (1)		Total
	(in thousands)
Channel:
Wholesale	$	1,377,302	$	574,140	$	1,951,442
Direct-to-consumer	1,281,823		321,720		1,603,543
Total revenues	$	2,659,125	$	895,860	$	3,554,985

(1) The HEYDUDE Brand results reported for the year ended December 31, 2022 represent results for the Partial Period.


	Year Ended December 31, 2021
	Crocs Brand		HEYDUDE Brand		Total
	(in thousands)
Channel:
Wholesale	$	1,174,081	$	—	$	1,174,081
Direct-to-consumer	1,139,335		—		1,139,335
Total revenues	$	2,313,416	$	—	$	2,313,416


	Year Ended December 31, 2020
	Crocs Brand		HEYDUDE Brand		Total
	(in thousands)
Channel:
Wholesale	$	692,919	$	—	$	692,919
Direct-to-consumer	693,032		—		693,032
Total revenues	$	1,385,951	$	—	$	1,385,951

Revenues are recognized in the amount expected to be received in exchange for when control of the products transfers to customers and excludes various forms of promotions, which range from contractually-fixed percentage price reductions to sales returns, discounts, rebates, and other incentives that may vary in amount, must be estimated, and are reported as a reduction in revenues. Variable amounts are estimated based on an analysis of historical experience and adjusted as better estimates become available. During the years ended December 31, 2022 and 2021, we recognized no changes to estimates for wholesale or direct-to-consumer revenues. During the year ended December 31, 2020, we recognized a net increase of $0.6 million to wholesale revenues and an increase of $1.1 million to direct-to-consumer revenues due to changes in estimates related to products transferred to customers in prior periods.

We have also elected to expense incremental costs to obtain customer contracts, consisting primarily of commission incentives, when incurred because the related amortization period is short-term. These costs are reported within ‘Selling, general and administrative expenses’ in our consolidated statements of operations.

The following is a description of our principal revenue-generating activities by distribution channel. We have four reportable operating segments and sell our products using two primary distribution channels. For more detailed information about reportable operating segments, see Note 17 — Operating Segments and Geographic Information.

Wholesale Channel

For the majority of wholesale customers, control transfers and revenues are recognized when the product is shipped or delivered from a manufacturing facility or distribution center to the wholesale customer. In certain cases, control of the product transfers and revenues are recognized when the customer receives the product at the designated delivery point. For certain customers, primarily in international markets, cash payment is required in advance of delivery and revenues are recognized upon the transfer of control to the customer. We may accept returns from our wholesale customers, on an exception basis, to ensure that our products are merchandised in the proper assortments and may provide markdown allowances at our sole discretion to key wholesalers and distributors to facilitate sales of slower moving products. Wholesale revenues are reduced by estimates of returns and allowances based on historical experience, and adjustments to our estimates are made when the most likely amount of consideration we expect to receive changes.

We have arrangements that grant certain wholesale customers exclusive licenses, concurrent with the terms of the related distribution agreements, to use our intellectual property in exchange for a sales-based royalty. Sales-based royalty revenues are recognized over the terms of the related license agreements as sales are made by the wholesalers.

Direct-to-Consumer Channel

Direct-to-consumer revenues consist of sales generated through our company-operated retail stores and company-operated e-commerce websites and third-party e-commerce marketplaces. We transfer control of products and recognize revenues at company-operated retail stores at the point of sale, in exchange for cash or other payment. For sales made through company-operated e-commerce websites and third-party e-commerce marketplaces, we transfer control and recognize revenues when the product is shipped from the distribution centers, the point at which payment, primarily through debit and credit card and other e-payment methods, is made. A portion of the transaction price charged to our customers is variable, primarily due to promotional discounts or allowances. When recognizing revenues, the amount of revenues associated with expected sales returns is estimated based on historical experience, and adjustments to our estimates are made when the most likely amount of consideration we expect to receive changes.

Contract Liabilities

Contract liabilities consist of advance cash deposits received from wholesale customers to secure product orders in connection with selling seasons and payments received in advance of delivery. As products are shipped and control transfers, we recognize the deferred revenue in ‘Revenues’ in the consolidated statements of operations. At December 31, 2022 and 2021, we recorded $6.8 million and $0.1 million, respectively, of deferred revenues associated with advance customer deposits in ‘Accrued expenses and other liabilities’ in the consolidated balance sheets.

Refund Liabilities

Refund liabilities, primarily associated with product sales returns, retrospective volume rebates, and early payment discounts are estimated based on an analysis of historical experience, and adjustments to revenues made when the most likely amount of consideration expected changes. At December 31, 2022 and 2021, $27.7 million and $10.3 million, respectively, of refund liabilities, primarily associated with product returns, were reported in ‘Accrued expenses and other liabilities’ in the consolidated balance sheets.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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+ Details

SHARE-BASED COMPENSATION

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION Our share-based compensation awards are issued under the 2020 Equity Incentive Plan (“2020 Plan”) and predecessor plan, the 2015 Equity Incentive Plan (“2015 Plan”). Any awards that expire or are forfeited under the 2015 Plan become available for issuance under the 2020 Plan. We account for forfeitures as they occur when calculating share-based compensation expense. The aforementioned plans provide for the issuance of previously unissued common stock in connection with the exercise of stock options and conversion of other share-based awards. As of December 31, 2022, 3.9 million shares of common stock

remained available for future issuance under all plans, subject to adjustment for future stock splits, stock dividends, and similar changes in capitalization.

The majority of share-based compensation expense is reported in our consolidated statements of operations as ‘Selling, general and administrative expenses’ with an insignificant amount recorded within ‘Cost of sales.’

Stock Option Activity

Stock option activity during the year ended December 31, 2022 was:


	Number of Options	Weighted Average Exercise Price		Weighted Average Contractual Life (Years)	Aggregate Intrinsic Value
	(in thousands, except exercise price and years)
Outstanding as of December 31, 2021	217	$	7.78	5.14	$	26,076
Granted	—	—
Exercised	(7)	18.62
Forfeited or expired	—	—
Outstanding as of December 31, 2022	210	$	7.44	4.28	$	21,208
Exercisable at December 31, 2022	210	$	7.44	4.28	$	21,208
Vested at December 31, 2022	210	$	7.44	4.28	$	21,208

No stock options were granted during 2022, 2021, or 2020. The aggregate intrinsic value of stock options exercised during the years ended December 31, 2022, 2021, and 2020 was $0.4 million, $0.8 million, and $0.8 million, respectively. During the years ended December 31, 2022, 2021, and 2020, we received $0.1 million, $0.2 million, and $1.4 million cash, respectively, in connection with the exercise of stock options. As of December 31, 2022, we did not have any unrecognized share-based compensation expense related to unvested options.

Stock options under our equity incentive plans generally vest ratably over four years with the first vesting occurring one year from the date of grant, followed by monthly vesting for the remaining three years, and expire ten years after the date of grant.

Restricted Stock Awards and Restricted Stock Units Activity

From time to time, we grant RSAs and RSUs. RSAs and RSUs generally vest over three years, depending on the terms of the grant. Holders of unvested RSAs have the same rights as those of common stockholders including voting rights and non-forfeitable dividend rights. However, ownership of unvested RSAs cannot be transferred until vested. Holders of unvested RSUs have a contractual right to receive shares of common stock upon vesting. RSUs have dividend equivalent rights, which accrue over the term of the award and are paid if and when the RSUs vest, but RSU holders have no voting rights. We grant service-condition RSUs, performance-condition RSUs, and market-condition RSUs.

Service-condition RSUs are typically granted on an annual basis and vest over time in three equal annual installments, beginning one year after the grant date. During the years ended December 31, 2022, 2021, and 2020, we granted 0.2 million, 0.2 million, and 0.6 million service-condition RSUs, respectively.

Performance-condition RSUs are typically granted on an annual basis and consist of a performance-based and service-based component. The performance targets and vesting conditions for performance-condition RSUs are based on achievement of multiple weighted performance goals. The number of performance-condition RSUs ultimately awarded may be between 0% and 200%, based on performance. These RSUs vest in three equal annual installments beginning one year after the grant date, pending certification of performance achievement by the Compensation Committee of our Board of Directors and continued service. The fair value of performance-condition awards is based on the closing market price of our common stock on the grant date. Compensation expense, net of forfeitures, is updated for our probable expected performance level against performance goals at the end of each reporting period. We also periodically grant market-condition RSUs to certain executives. The grant date fair value and derived service period for market-condition RSUs are estimated using a Monte Carlo simulation model. During the years ended December 31, 2022, 2021, and 2020, we granted 0.3 million, 0.5 million, and 0.5 million performance- and market-condition RSUs, respectively.

RSA and RSU activity during the year ended December 31, 2022 was:


	Restricted Stock Awards			Restricted Stock Units
	Shares	Weighted Average Grant Date Fair Value		Shares	Weighted Average Grant Date Fair Value
	(in thousands, except fair value data)
Unvested at December 31, 2021	2	$	105.18	1,455	$	49.70
Granted	9	51.13		516	76.06
Vested	(6)	62.55		(688)	43.12
Forfeited	—	—		(102)	64.57
Unvested at December 31, 2022	5	$	51.13	1,181	$	62.93

The weighted average grant date fair value of RSAs granted during the years ended December 31, 2022, 2021, and 2020 was $51.13, $88.68, and $38.10 per share, respectively. RSAs vested during the years ended December 31, 2022, 2021, and 2020 consisted entirely of service-condition awards. The total grant date fair value of RSAs vested in the years ended December 31, 2022, 2021, and 2020 was $0.3 million, $0.4 million and $0.2 million, respectively.

As of December 31, 2022, unrecognized share-based compensation expense for RSAs was $0.2 million, which is expected to amortize over a remaining weighted average period of 0.5 years.

The weighted average grant date fair value of RSUs granted during the years ended December 31, 2022, 2021, and 2020 was $76.06, $76.28, and $29.14 per share, respectively. RSUs vested during the year ended December 31, 2022 consisted of 0.3 million service-condition awards and 0.4 million performance- and market-condition awards. RSUs vested during the year ended December 31, 2021 consisted of 0.4 million service-condition awards and 0.5 million performance- and market-condition awards. RSUs vested during the year ended December 31, 2020 consisted of 0.5 million service-condition awards and 0.4 million performance- and market-condition awards. The total grant date fair value of RSUs vested during the years ended December 31, 2022, 2021, and 2020 was $29.7 million, $24.9 million and $11.9 million, respectively.

As of December 31, 2022, unrecognized share-based compensation expenses for service-condition RSUs were $20.1 million and for performance- and market-condition RSUs were $10.1 million, and are expected to amortize over remaining weighted average periods of 1.5 years and 1.6 years, respectively.

INCOME TAXES

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

INCOME TAXES

During 2020 and 2021, we completed intra-entity transfers of certain intellectual property rights primarily to align with current and future international operations. These transactions were executed using transfer pricing guidelines issued by the relevant taxing authorities. Significant estimates and assumptions were required to compute the valuation of this transaction. These estimates and assumptions include, but are not limited to, estimated future revenue growth and discount rates, which by their nature are inherently uncertain, and, therefore, may ultimately differ materially from our actual results.

We have recorded certain tax reserves to address potential differences involving our income tax positions. These potential tax liabilities result from the varying application of statutes, rules, regulations and interpretations by different taxing jurisdictions. While our tax position is not uncertain, because of the significant estimates used in the value of certain intellectual property rights, our tax reserves contain assumptions based on past experiences and judgments about the interpretation of statutes, rules and regulations by taxing jurisdictions. It is possible that the costs of the ultimate tax liability or benefit from these matters may be materially more or less than the amount that we estimated.

In order to support and sustain the amortizable tax basis (and associated deferred tax asset, net of uncertain tax position), we must demonstrate economic ownership, including the appropriate authority and expertise to manage the intellectual property owned and serviced in the Netherlands. The determination of economic substance is a judgment that has to be evaluated by management on a continual basis requiring understanding and expertise of local laws of each associated tax jurisdiction. The Netherlands subsidiary serves as the principal Crocs corporate headquarters outside of the U.S. and already performs significant functions in support of the economic ownership of the intellectual property in the Netherlands. In 2021 and 2022, we undertook many additional activities to align business operations that support the economic substance of the intellectual property in the Netherlands. As of December 31, 2022, the net deferred tax asset related to the 2020 transfer is $401.2 million and to the 2021 transfer is $37.3 million.

The following table sets forth income before taxes and the expense for income taxes:


	Year Ended December 31,
	2022		2021		2020
	(in thousands)
Income before taxes:
U.S.	$	312,501	$	510,706	$	133,574
Foreign	406,007		153,143		73,405
Total income before taxes	$	718,508	$	663,849	$	206,979
Income tax expense (benefit):
Current income taxes:
U.S. federal	$	76,092	$	94,548	$	698
U.S. state	19,257		28,460		6,577
Foreign	87,760		56,430		211,904
Total current income taxes	183,109		179,438		219,179
Deferred income taxes:
U.S. federal	(12,032)		791		529
U.S. state	861		32		(2,381)
Foreign	6,411		(242,106)		(323,209)
Total deferred income taxes	(4,760)		(241,283)		(325,061)
Total income tax expense (benefit)	$	178,349	$	(61,845)	$	(105,882)

The following table sets forth income reconciliations of the statutory federal income tax rate to actual rates based on income or loss before income taxes:


	Year Ended December 31,
	2022				2021				2020
	(in thousands)
Income tax expense and rate attributable to:
Federal income tax rate	$	150,887	21.0	%	$	139,408	21.0	%	$	43,466	21.0	%
State income tax rate, net of federal benefit	15,981		2.2	%	22,952		3.5	%	7,231		3.5	%
Foreign income tax rate differential	12,405		1.7	%	18,890		2.8	%	(6,060)		(2.9)	%
GILTI, net	4,834		0.7	%	14,157		2.1	%	7,515		3.6	%
Non-deductible / non-taxable items	3,743		0.5	%	9,637		1.5	%	6,871		3.3	%
Change in valuation allowance	4,414		0.6	%	(192,337)		(29.0)	%	143,012		69.0	%
U.S. tax on foreign earnings	16,822		2.3	%	—		—	%	—		—	%
Foreign tax credits	(28,087)		(3.9)	%	(19,925)		(3.0)	%	(15,904)		(7.7)	%
Research and development credits	(5,488)		(0.8)	%	(13,104)		(2.0)	%	(148)		(0.1)	%
Uncertain tax positions	3,952		0.6	%	21,341		3.2	%	200,571		96.9	%
Share-based compensation	(1,231)		(0.2)	%	(11,930)		(1.8)	%	(1,303)		(0.6)	%
Intra-Entity IP Transfer	—		—	%	(41,858)		(6.3)	%	(492,470)		(237.9)	%
Enacted changes in tax law	—		—	%	(9,554)		(1.4)	%	—		—	%
Other	117		0.1	%	478		0.1	%	1,337		0.7	%
Effective income tax expense and rate	$	178,349	24.8	%	$	(61,845)	(9.3)	%	$	(105,882)	(51.2)	%

Deferred income taxes reflect the net effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The following table sets forth deferred income tax assets and liabilities as of the date shown:


	December 31,
	2022		2021
	(in thousands)
Non-current deferred tax assets:
Share-based compensation expense	$	3,130	$	2,706
Accruals, reserves, and other expenses	24,324		24,346
Net operating loss	21,455		24,573
Intangible assets	438,712		502,100


Foreign tax credit	45,746		39,442
Operating lease liabilities	55,624		35,755
Other	25,354		5,811
Valuation allowance	(28,118)		(26,467)
Total non-current deferred tax assets	$	586,227	$	608,266
Non-current deferred tax liabilities:
Unrealized gain on foreign currency	$	(1,760)	$	—
Property and equipment	(2,381)		(12,189)
Right-of-use assets	(47,641)		(28,598)
Intangible assets	(307,474)		—
Other	(723)		(278)
Total non-current deferred tax liabilities	$	(359,979)	$	(41,065)

During 2022, valuation allowances recorded against deferred tax assets increased by $1.7 million. The change in the valuation allowance includes an increase of $4.4 million related to income tax expense and a decrease of $2.7 million that does not impact the tax provision because this amount reflects the cumulative impact of unrecorded tax attributes related to changes in cumulative translation adjustments. During 2021, valuation allowances decreased by $200.2 million. The change in the valuation allowance includes $192.3 million related to income tax benefit and $7.9 million that does not impact the tax provision because this amount reflects the impact of unrecorded tax attributes related to changes in cumulative translation adjustments.

Our valuation allowances are primarily the result of uncertainties regarding the future realization of tax attributes recorded in various jurisdictions. The measurement of deferred tax assets is reduced by a valuation allowance if, based upon available evidence, it is more likely than not the deferred tax assets will not be realized. We have evaluated the realizability of our deferred tax assets in each jurisdiction by assessing the adequacy of expected taxable income, including the reversal of existing temporary differences, historical and projected operating results and the availability of prudent and feasible tax planning strategies. In assessing our valuation allowance we considered all available evidence, including the magnitude of recent and current operating results, the duration of statutory carryforward periods, our historical experience utilizing tax attributes prior to their expiration dates, the historical volatility of operating results of these jurisdictions and our assessment regarding the sustainability of their profitability. The weight we give to any particular item is, in part, dependent upon the degree to which it can be objectively verified. During the three months ended June 30, 2021, a jurisdiction for which we have historically recorded significant valuation allowances enacted a favorable change in the tax law related to net operating loss carryforwards. The change in tax law impacted the assessment of valuation allowances in the jurisdiction as the reversal of existing deferred tax assets would generate indefinite carryforward net operating losses instead of losses with a limited carryforward period. During 2022, valuation allowances recorded against deferred tax assets increased by $1.7 million.

In certain other jurisdictions, we recorded additional attributes, primarily driven by operational losses recognized based on local tax accounting requirements. These carryforwards were generated in jurisdictions where results indicate it is not more likely than not the deferred tax assets would be realized. We maintain a valuation allowance against the majority of these balances.

During 2021, all U.S. federal tax credit carryforwards were utilized. We have included in the table above deferred tax assets related to U.S. state tax net operating loss carryforwards, some of which expire at various dates beginning in 2033 and some of

which do not expire, of $1.4 million and $2.4 million at December 31, 2022 and 2021, respectively. We have recorded deferred tax assets related to foreign tax carryforwards, including foreign tax credits and net operating losses, which expire starting in 2023 and those which do not expire of $66.4 million and $61.5 million as of December 31, 2022 and 2021, respectively. We maintain a valuation allowance against a portion of the foreign carryforwards and other attributes.

The transition tax in the Tax Act imposed a tax on undistributed and previously untaxed foreign earnings at various tax rates. This tax largely eliminated the differences between the financial reporting and income tax basis of foreign undistributed earnings. Furthermore, as of December 31, 2022, foreign withholding taxes have not been provided on unremitted earnings of subsidiaries operating outside of the U.S. as these amounts are considered to be indefinitely reinvested.

The following table sets forth a reconciliation of the beginning and ending amount of unrecognized tax benefits:


	Year Ended December 31,
	2022		2021		2020
	(in thousands)
Unrecognized tax benefit as of January 1	$	218,399	$	206,209	$	4,613
Additions in tax positions taken in prior period	1,697		6,169		519
Reductions in tax positions taken in prior period	(904)		(963)		(340)
Additions in tax positions taken in current period	2,948		23,061		200,947
Settlements	(375)		(763)		(294)
Lapse of statute of limitations	(510)		(342)		(258)
Current year acquisitions	10,426		—		—
Cumulative foreign currency translation adjustment	(12,318)		(14,972)		1,022
Unrecognized tax benefit as of December 31	$	219,363	$	218,399	$	206,209

We recorded a net expense of $4.0 million related to increases in 2022 unrecognized tax benefits combined with amounts effectively settled under audit. Unrecognized tax benefits as of December 31, 2022 relate to tax years that are currently open under the statute of limitation. The primary impact of uncertain tax benefits on the rate reconciliation includes audit settlements, net increases in position changes, and accrued interest expense.

Any settlements or statute of limitations expirations could result in a significant decrease in our uncertain tax positions. Our assessments are based on estimates and assumptions using the best available information to management. However, our estimates of unrecognized tax benefits and potential tax benefits may not be representative of actual outcomes, and any variation from such estimates could materially affect our financial statements in the period of settlement or when the statutes of limitations expire. Finalizing audits with the relevant taxing authorities can include formal administrative and legal proceedings, and, as a result, it is difficult to estimate the timing and range of possible change related to our uncertain tax positions, and such changes could be significant.

Interest and penalties related to income tax liabilities are included in ‘Income tax expense (benefit)’ in the consolidated statements of operations. For the years ended December 31, 2022, 2021, and 2020, we recorded approximately $3.8 million, $1.0 million, and $0.6 million, respectively, of penalties and interest. During the year ended December 31, 2022, we released $0.2 million of interest from settlements, lapse of statutes, and change in certainty. The cumulative accrued balance of penalties and interest was $5.6 million, $2.0 million, and $1.2 million, as of December 31, 2022, 2021, and 2020, respectively.

Unrecognized tax benefits of $222.5 million, $218.7 million, and $205.6 million as of December 31, 2022, 2021, and 2020, respectively, if recognized, would reduce the annual effective tax rate offset by deferred tax assets recorded for uncertain tax positions.

The following table sets forth the tax years subject to examination for the major jurisdictions where we conduct business as of December 31, 2022:


The Netherlands			2010 to 2022
Canada			2014 to 2022
Hong Kong			2020 to 2022
Japan			2014 to 2022
China			2016 to 2022
Singapore			2017 to 2022
United States			2007 to 2022

U.S state tax returns are generally subject to examination for a period of three to five years after filing of the respective return. The state impact of any federal changes remains subject to examination by various state jurisdictions for a period up to two years after formal notification to the states. As such, U.S. state income tax returns for us are generally subject to examination for the years 2017 to 2022. Although the timing of income tax audit resolutions and negotiations with taxing authorities is highly uncertain, we do not anticipate a significant change in the total amount of unrecognized tax benefits within the next twelve months.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

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+ Details

EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

EARNINGS PER SHARE

Basic and diluted EPS for the years ended December 31, 2022, 2021, and 2020 were as follows:


	Year Ended December 31,
	2022		2021		2020
	(in thousands, except per share data)
Numerator:
Net income attributable to common stockholders	$	540,159	$	725,694	$	312,861


Denominator:
Weighted average common shares outstanding - basic	61,220		62,464		67,386
Plus: Dilutive effect of stock options and unvested restricted stock units	786		1,254		1,158
Weighted average common shares outstanding - diluted	62,006		63,718		68,544

Net income per common share:
Basic	$	8.82	$	11.62	$	4.64
Diluted	$	8.71	$	11.39	$	4.56

For the years ended December 31, 2022 and 2021, an insignificant number of outstanding shares issued under share-based compensation awards were anti-dilutive and, therefore, excluded from the calculation of diluted EPS. For the year ended December 31, 2020, no outstanding shares issued under share-based compensation awards were anti-dilutive and, therefore, excluded from the calculation of diluted EPS.

COMMITMENTS AND CONTINGENCIES	12 Months Ended
COMMITMENTS AND CONTINGENCIES	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Purchase Commitments As of December 31, 2022 and 2021, we had purchase commitments to our third-party manufacturers, primarily for materials and supplies used in the manufacture of our products, for an aggregate of $380.5 million and $274.9 million, respectively. We expect to fulfill our commitments under these agreements in the normal course of business, and as such, no liability has been recorded. Other We are regularly subject to, and are currently undergoing, audits by various tax authorities in the U.S. and several foreign jurisdictions, including customs duties, import and other taxes for prior tax years. During our normal course of business, we may make certain indemnities, commitments, and guarantees under which we may be required to make payments in relation to certain matters. We cannot determine a range of estimated future payments and have not recorded any liability for such payments in the accompanying consolidated balance sheets. We are also subject to litigation from time to time in the ordinary course of business, including employment, intellectual property and product liability claims. Other than as set forth below, we are not party to any other pending legal proceedings that we believe would reasonably have a material adverse impact on our business, financial results, and cash flows. For all claims and disputes, we have accrued estimated losses of $2.5 million within ‘Accrued expenses and other liabilities’ in our consolidated balance sheet as of December 31, 2022. As we are able, we estimate reasonably possible losses or a range of reasonably possible losses for claims and other disputes. As of December 31, 2022, we estimated that reasonably possible losses could potentially exceed amounts accrued by an insignificant amount.

OPERATING SEGMENTS AND GEOGRAPHIC INFORMATION

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

OPERATING SEGMENTS AND GEOGRAPHIC INFORMATION

We have four reportable operating segments. For the Crocs Brand, we have three reportable operating segments based on the geographic nature of our operations: North America, Asia Pacific, and Europe, Middle East, Africa, and Latin America (“EMEALA”). Our HEYDUDE Brand also became a reportable segment on the Acquisition Date. Each of the reportable operating segments derives its revenues from the sale of footwear and accessories to external customers.

Additionally, Crocs ‘Brand corporate’ costs represent operating expense that includes product creation, design, and marketing expenses centrally managed for the Crocs Brand, as well as certain royalty income. Crocs Brand corporate costs are included within the Crocs Brand for presentation purposes to align with the way management views the Company. ‘Enterprise corporate’ costs include global corporate costs associated with both brands, including legal, information technology, human resources, and finance, as well as costs associated with global digital operations.

Each segment’s performance is evaluated based on segment results without allocating Brand corporate or Enterprise corporate expenses. Segment profits or losses include adjustments to eliminate inter-segment sales. Reconciling items between segment income from operations and income from operations consist of unallocated brand and enterprise corporate and other expenses, as well as inter-segment eliminations.

We do not report asset information by segment because that information is not used to evaluate performance or allocate resources between segments.

The following tables set forth information related to reportable operating segments:


	Year Ended December 31,
	2022		2021		2020
	(in thousands)
Revenues:
North America (1)	$	1,644,630	$	1,553,891	$	832,540
Asia Pacific	473,935		350,160		278,515
EMEALA (1)	540,534		409,278		274,733
Brand corporate (2)	26		87		163
Total Crocs Brand	2,659,125		2,313,416		1,385,951
HEYDUDE Brand (3)	895,860		—		—
Total consolidated revenues	$	3,554,985	$	2,313,416	$	1,385,951
Income from operations:
North America (1)	$	683,350	$	755,723	$	313,913
Asia Pacific	145,011		71,936		32,830
EMEALA (1)	153,976		134,126		75,513
Brand corporate (2)	(130,312)		(100,391)		(92,833)
Total Crocs Brand	852,025		861,394		329,423
HEYDUDE Brand (3)	211,361		—		—
Reconciliation of segment income from operations to income before income taxes:
Enterprise corporate (2)	(212,630)		(178,330)		(115,299)
Total consolidated income from operations	850,756		683,064		214,124
Foreign currency gains (losses), net	3,228		(140)		(1,128)
Interest income	1,020		775		215
Interest expense	(136,158)		(21,647)		(6,742)
Other income (expense), net	(338)		1,797		510
Income before income taxes	$	718,508	$	663,849	$	206,979

Depreciation and amortization:
North America (1)	$	10,804	$	7,669	$	3,453
Asia Pacific	2,113		1,629		1,138
EMEALA (1)	3,221		1,806		805
Brand corporate (2)	2,739		5,827		8,473
Total Crocs Brand	18,877		16,931		13,869
HEYDUDE Brand (3)	12,248		—		—
Enterprise corporate (2)	8,104		15,045		13,750
Total consolidated depreciation and amortization	$	39,229	$	31,976	$	27,619

(1) In the first quarter of 2022, certain revenues and expenses associated with our Latin America businesses previously reported in our ‘Americas’ segment were shifted into the ‘EMEA’ segment to better align with how we manage our distributor business. To reflect this change, we renamed our ‘Americas’ segment to ‘North America’ and renamed our ‘EMEA’ segment to ‘EMEALA.’ As a result of these changes, the previously reported amounts for revenues, income from operations, and depreciation and amortization for the year ended December 31, 2021 and 2020 have been revised to conform to current period presentation. Refer to Part I - Item 1. Financial Statements in our Quarterly Report on Form 10-Q for the period ended June 30, 2022 for more information.

(2) In the first quarter of 2022, as a result of the Acquisition, all costs previously reported in “Unallocated corporate and other” were recast between ‘Brand corporate’ costs associated with the Crocs Brand and ‘Enterprise corporate’ costs, each of which is defined in the section preceding the above table. As a result of these changes, the previously reported amounts for income from operations and depreciation and amortization for the year ended December 31, 2021 and 2020 have been revised to conform to current period presentation. Refer to Part I - Item 1. Financial Statements in our Quarterly Report on Form 10-Q for the period ended June 30, 2022 for more information.

(3) We acquired HEYDUDE on February 17, 2022 and in connection therewith added the HEYDUDE Brand as a new reportable operating segment. Therefore, the amounts shown above for the year ended December 31, 2022 represent results during the partial period beginning on the Acquisition Date through December 31, 2022, and there are no comparative amounts for the years ended December 31, 2021 or 2020.

There were no customers who represented 10% or more of consolidated revenues during the years ended December 31, 2022, 2021 and 2020. The following table sets forth certain geographical information regarding our consolidated revenues for the periods as shown:


	Year Ended December 31,
	2022		2021		2020
	(in thousands)
Location:
United States	$	2,438,923	$	1,507,482	$	802,952
International (1)	1,116,062		805,934		582,999
Total revenues	$	3,554,985	$	2,313,416	$	1,385,951

(1) No individual international country represented 10% or more of consolidated revenues in any of the years presented.

The following table sets forth geographical information regarding property and equipment assets as of the dates shown:


	December 31,
	2022		2021
	(in thousands)
Location:
United States	$	148,078	$	80,613
International (1)	33,451		27,785
Total property and equipment, net	$	181,529	$	108,398

(1) As of December 31, 2022 and 2021, property and equipment, net in the Netherlands represented approximately 15% and 20%, respectively, of consolidated property and equipment, net, comprised primarily of property and equipment related to the distribution center in Dordrecht and the warehouses in Rotterdam and Oudenbosch. No other individual international country represented 10% or more of consolidated property and equipment, net in any of the years presented.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

EMPLOYEE BENEFIT PLAN	12 Months Ended
EMPLOYEE BENEFIT PLAN	Dec. 31, 2022
Retirement Benefits [Abstract]
EMPLOYEE BENEFIT PLAN	EMPLOYEE BENEFIT PLAN Defined Contribution Plan We sponsor a qualified defined contribution benefit plan (the “Plan”), covering substantially all of our U.S. employees. The Plan includes a savings plan feature under Section 401(k) of the Internal Revenue Code. We make matching contributions to the plans equal to 100% of the first 3%, and up to 50% of the next 2% of salary contributed by an eligible employee. Participants are vested 100% in our matching contributions when made. Contributions made by us under the Plan were $9.0 million, $7.4 million and $4.7 million for the years ended December 31, 2022, 2021, and 2020, respectively.

- Definition

The entire disclosure for retirement benefits.

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+ Details

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS

12 Months Ended

Dec. 31, 2022

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS

CROCS, INC. AND SUBSIDIARIES



	Balance at Beginning of Period		Charged to Costs and Expenses		Deductions (1)		Balance at End of Period
	(in thousands)
Year Ended December 31, 2022
Allowance for doubtful accounts	$	7,828	$	1,101	$	1,584	$	10,513
Reserve for sales returns and allowances	9,606		192,543		(193,272)		8,877
Reserve for unapplied rebates	3,281		6,107		(4,285)		5,103
Total	$	20,715	$	199,751	$	(195,973)	$	24,493
Year Ended December 31, 2021
Allowance for doubtful accounts	$	11,154	$	—	$	(3,326)	$	7,828
Reserve for sales returns and allowances	5,782		148,893		(145,069)		9,606
Reserve for unapplied rebates	4,157		4,678		(5,554)		3,281
Total	$	21,093	$	153,571	$	(153,949)	$	20,715
Year Ended December 31, 2020
Allowance for doubtful accounts	$	8,276	$	5,779	$	(2,901)	$	11,154
Reserve for sales returns and allowances	5,261		95,740		(95,219)		5,782
Reserve for unapplied rebates	5,260		4,920		(6,023)		4,157
Total	$	18,797	$	106,439	$	(104,143)	$	21,093

(1) Deductions include accounts written off, net of recoveries, and the effects of foreign currency translation.

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

Basis of Consolidation

All intercompany balances and transactions have been eliminated in consolidation.

Use of Estimates

To the extent there are differences between these estimates and actual results, our consolidated financial statements may be materially affected.

Reclassifications

Cash and Cash Equivalents

Restricted Cash

Restricted cash primarily consists of funds to secure certain retail store leases, certain customs requirements, and other contractual arrangements.

Accounts Receivable, net

Accounts Receivable, Net

Inventories

Property and Equipment, Net

Goodwill and Other Intangible Assets, Net

Internal-Use Software and Cloud Computing Arrangements

Leases

Derivative Financial Instruments

Other Comprehensive Income

Other Comprehensive IncomeOur foreign subsidiaries use their foreign currency as their functional currency. Functional currency assets and liabilities are translated into USD using exchange rates in effect at the balance sheet date, and revenues and expenses are translated at average exchange rates during the period. Resulting translation gains and losses are reported in other comprehensive income (loss), until the substantial liquidation of a subsidiary, at which time accumulated translation gains or losses are reclassified into net income. During the year ended December 31, 2022, we recognized a net loss of $8.1 million of cumulative foreign currency translation adjustments related to the substantial liquidation of a foreign subsidiary.

Revenue Recognition, Shipping and Handling Costs and Fees and Cost of Sales

Revenue Recognition

See Note 12 — Revenues for a summary of our revenue recognition policy.

Shipping and Handling Costs and Fees

Cost of Sales

Taxes Assessed by Governmental Authorities

Taxes assessed by governmental authorities that are directly imposed on a revenue transaction, including value added tax, are recorded on a net basis and are therefore excluded from revenues.

Selling, General and Administrative Expenses

Share-Based Compensation

Restricted Stock Awards (“RSAs”) and Restricted Stock Units (“RSUs”)

Impairment of Long-Lived Assets

Foreign Currency Gains (Losses), Net

Foreign Currency Gains (Losses), NetForeign currency gains (losses), net includes realized and unrealized foreign exchange gains and losses resulting from remeasurement and settlement of foreign-currency transactions denominated in a currency other than the functional currency of an entity and realized and unrealized gains and losses on forward foreign currency exchange derivative contracts that do not qualify for hedge accounting.

Other Income (Expense), Net

Other income (expense), net primarily includes gains and losses associated with activities not directly related to making and selling footwear.

Income Taxes

Income TaxesIncome taxes are accounted for using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and the tax basis of other assets and liabilities. We provide for income taxes at the current and future enacted tax rates and laws applicable in each taxing jurisdiction. We account for the tax effects of global intangible low-taxed income (“GILTI”) as a component of income tax expense in the period the tax arises, to the extent applicable. We use a two-step approach for recognizing and measuring tax benefits taken or expected to be taken in a tax return and disclosures regarding uncertainties in income tax positions. We recognize interest and penalties related to income tax matters in income tax expense in the consolidated statements of operations.

Earnings per Share

Earnings per ShareBasic and diluted earnings per common share (“EPS”) is presented using the treasury stock method. Diluted EPS reflects the potential dilution to common shareholders from securities that could share in our earnings and is calculated by adjusting weighted average outstanding shares, assuming conversion of all potentially dilutive stock options and awards. Anti-dilutive securities are excluded from diluted EPS.

Fair Value

Level

Inputs

Unadjusted quoted prices in active markets for identical assets and liabilities.

Unadjusted quoted prices in active markets for similar assets and liabilities;

Unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active; or

Inputs other than quoted prices that are observable for the asset or liability.

Unobservable inputs for the asset or liability.

We categorize fair value measurements within the fair value hierarchy based upon the lowest level of the most significant inputs used to determine fair value.

New Accounting Pronouncement Adopted and Not Yet Adopted

New Accounting Pronouncement Adopted

Income Taxes

The CHIPS and Science Act of 2022 (CHIPS) and the Inflation Reduction Act (IRA) of 2022 were signed into law on August 9, 2022 and August 16, 2022, respectively. The legislation introduces new options for monetizing certain credits, a corporate alternative minimum tax, and a stock repurchase excise tax. The corporate alternative minimum tax and stock repurchase excise tax are effective as of January 1, 2023 and are the main provisions that may be applicable to us. The Company is currently evaluating the impact of CHIPS and IRA, but at present does not expect that any of the provisions included in these acts would result in a material impact to our deferred tax assets, liabilities, or income taxes payable.

Business Combinations

In October 2021, the FASB issued new guidance primarily related to the accounting for contract assets and liabilities from contracts with customers in a business combination. The standard will be effective for annual reporting periods beginning after December 31, 2022, including interim reporting periods within those periods, with early adoption permitted. On January 1, 2022, we early adopted this guidance on a prospective basis. The adoption did not have a material impact on our consolidated financial statements.

New Accounting Pronouncements Not Yet Adopted

New pronouncements issued but not effective until after December 31, 2022 are not expected to have a material impact on our consolidated financial statements.

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Fair Value Measurements, Valuation Techniques

The three levels of the hierarchy and the related inputs are as follows:

Level

Inputs

Unadjusted quoted prices in active markets for identical assets and liabilities.

Unadjusted quoted prices in active markets for similar assets and liabilities;

Unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active; or

Inputs other than quoted prices that are observable for the asset or liability.

Unobservable inputs for the asset or liability.

ACQUISITION OF HEYDUDE (Tables)

12 Months Ended

Dec. 31, 2022

Business Combination and Asset Acquisition [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the preliminary allocation of the purchase price to the estimated fair values of the assets acquired and liabilities assumed on the Acquisition Date:


	February 17, 2022
	(in thousands)
Cash and cash equivalents	$	6,232
Accounts receivable, net (1)	68,698
Inventories (2)	155,773
Prepaid expenses and other assets (3)	4,380
Intangible assets (4)	1,780,000
Goodwill (5)	713,308
Right-of-use assets	2,844
Accounts payable (3)	(29,791)
Accrued expenses and other liabilities (6)	(18,860)
Income taxes payable (7)	(30,572)
Long-term deferred tax liability (7)	(312,656)
Long-term income taxes payable (7)	(13,004)
Operating lease liabilities	(2,843)
Net assets acquired (8)	$	2,323,509

(1) Includes a valuation adjustment that decreased accounts receivable, net by $0.3 million during the Partial Period.

(3) Includes a valuation adjustment of $1.4 million that increased prepaid expenses and other assets and increased accounts payable by $1.4 million during the Partial Period.

(4) Includes a decrease of $90.0 million due to a valuation adjustment related to customer relationships during the Partial Period.

(6) Includes a net decrease of $20.8 million made during the Partial Period, comprised of net valuation adjustments of $21.8 million, partially offset by non-income tax adjustments of $1.0 million.

(8) During the Partial Period, the purchase price consideration was increased by $6.6 million associated with the finalization of purchase price.

Schedule of Intangible Assets Acquired in Connection with the Acquisition

The components of intangible assets acquired in connection with the Acquisition were as follows:


	Weighted-Average Useful Life	Amortization Method	Estimated Fair Value
			(in thousands)
Customer relationships	15	Straight-line	$	210,000
Trademark	Indefinite	—	1,570,000
Total intangible assets			$	1,780,000

Business Acquisition, Pro Forma Information

The pro forma information as presented below is for informational purposes only and is not indicative of the results of operations that would have been achieved if the Acquisition had taken place on January 1, 2021.


	Year Ended December 31,
	2022		2021
	(in thousands)
Revenues	$	3,645,291	$	2,894,094
Net income	614,463		706,853

PROPERTY AND EQUIPMENT, NET (Tables)

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment and Depreciation Expense

‘Property and equipment, net’ consists of the following:


	December 31,
	2022		2021
	(in thousands)
Machinery and equipment	$	146,821	$	53,976
Leasehold improvements	76,363		64,625
Construction-in-progress	28,699		53,332
Furniture, fixtures, and other	26,782		20,210
Property and equipment	278,665		192,143
Less: Accumulated depreciation and amortization	(97,136)		(83,745)
Property and equipment, net	$	181,529	$	108,398

Depreciation and amortization expense related to property and equipment, reported in ‘Cost of sales’ and ‘Selling, general and administrative expenses’ was:


	Year Ended December 31,
	2022		2021		2020
	(in thousands)
Cost of sales	$	10,043	$	6,234	$	3,921
Selling, general and administrative expenses	9,599		8,708		7,914
Total depreciation and amortization expense	$	19,642	$	14,942	$	11,835

GOODWILL AND INTANGIBLE ASSETS, NET (Tables)

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The changes in goodwill for the years ended December 31, 2022 and 2021 were:


	Goodwill
	(in thousands)
Balance at December 31, 2020	$	1,719
Foreign currency translation (1)	(119)
Balance at December 31, 2021	1,600
HEYDUDE Acquisition	713,308
Foreign currency translation (1)	(94)
Balance at December 31, 2022	$	714,814

(1) Foreign currency translation only relates to the goodwill in our EMEALA operating segment, as described below.

Schedule of Intangible Assets, net

‘Intangible assets, net’ reported in the consolidated balance sheets consist of the following:


	December 31, 2022						December 31, 2021
	Gross		Accum. Amortiz.		Net		Gross		Accum. Amortiz.		Net
	(in thousands)
Intangible assets subject to amortization:
Capitalized software	$	132,295	$	(109,227)	$	23,068	$	128,843	$	(104,637)	$	24,206
Customer relationships	210,000		(12,250)		197,750		—		—		—
Patents, copyrights, and trademarks	5,124		(3,537)		1,587		4,308		(3,530)		778
Intangible assets not subject to amortization:
HEYDUDE trademark	1,570,000		—		1,570,000		—		—		—
In progress	7,537		—		7,537		3,739		—		3,739
Other	225		—		225		79		—		79
Total	$	1,925,181	$	(125,014)	$	1,800,167	$	136,969	$	(108,167)	$	28,802

Schedule of Intangible Asset Amortization Expense

Amortization expense related to definite-lived intangible assets, reported in ‘Cost of sales’ and ‘Selling, general and administrative expenses’ was:


	Year Ended December 31,
	2022		2021		2020
	(in thousands)
Cost of sales	$	2,366	$	4,779	$	3,975
Selling, general and administrative expenses	17,221		12,255		11,809
Total amortization expense	$	19,587	$	17,034	$	15,784

Schedule of Future Amortization of Intangible Assets

Estimated future annual amortization expense of intangible assets is:


	As of December 31, 2022
	(in thousands)
2023	$	21,826
2024	20,290
2025	18,962
2026	17,493
2027	15,490
Thereafter	128,344
Total	$	222,405

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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+ Details

ACCRUED EXPENSES AND OTHER LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2022

Payables and Accruals [Abstract]

Schedule of Accrued Expenses and Other Liabilities

Amounts reported in ‘Accrued expenses and other liabilities’ in the consolidated balance sheets were:


	December 31,
	2022		2021
	(in thousands)
Accrued compensation and benefits	$	55,474	$	62,945
Professional services	45,351		33,997
Fulfillment, freight, and duties	41,646		15,629
Return liabilities	27,651		10,342
Sales/use and value added taxes payable	27,249		13,049
Royalties payable and deferred revenue	10,528		7,425
Accrued rent and occupancy	8,972		7,431
Other	22,553		16,069
Total accrued expenses and other liabilities	$	239,424	$	166,887

LEASES (Tables)

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Schedule of Rights-of-use Assets and Operating Lease Liabilities

Amounts reported in the consolidated balance sheets were:


	December 31,
	2022		2021
	(in thousands)
Assets:
Right-of-use assets	$	239,905	$	160,768
Liabilities:
Current operating lease liabilities	$	57,456	$	42,932
Long-term operating lease liabilities	215,119		149,237
Total operating lease liabilities	$	272,575	$	192,169

Schedule of Lease Costs and Other Information

Lease-related costs reported within ‘Cost of sales’ and ‘Selling, general and administrative expenses’ were:


	Year Ended December 31,
	2022		2021
	(in thousands)
Operating lease cost	$	66,012	$	58,283
Short-term lease cost	9,590		7,585
Variable lease cost	37,536		32,490
Total lease costs	$	113,138	$	98,358

Schedule of Maturities of Operating Lease Liabilities

The maturities of our operating lease liabilities were:


	As of December 31, 2022
	(in thousands)
2023	$	60,812
2024	52,357
2025	38,629
2026	32,840
2027	28,189
Thereafter	99,700
Total future minimum lease payments	312,527
Less: imputed interest	(39,952)
Total operating lease liabilities	$	272,575

FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value of Company's Notes Payable

The carrying values and fair values of our borrowing instruments as of December 31, 2022 and 2021 were:


	December 31, 2022				December 31, 2021
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(in thousands)
Term Loan B Facility	$	1,675,000	$	1,642,547	$	—	$	—
2029 Notes	350,000		297,596		350,000		346,281
2031 Notes	350,000		284,240		350,000		341,250
Revolving Facility	—		—		85,000		85,000

Fair Value of Company's Non-financial Assets


	Year Ended December 31,
	2022		2021		2020
	(in thousands)
Retail store assets impairment (1)	$	—	$	—	$	2,412
Right-of-use assets impairment (1)	—		—		18,659
Total asset impairments	$	—	$	—	$	21,071

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Fair Values of Derivative Assets and Liabilities


	December 31, 2022				December 31, 2021
	Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities
	(in thousands)
Non-hedged derivatives:
Forward foreign currency exchange contracts	$	345	$	(360)	$	724	$	(938)
Netting of counterparty contracts	(345)		345		(724)		724
Foreign currency forward contract derivatives	—		(15)		—		(214)
Hedged derivatives:
Cash flow foreign currency contracts	348		(1,116)		—		—
Netting of counterparty contracts	—		—		—		—
Cash flow foreign currency contract derivatives	348		(1,116)		—		—
Total derivatives	$	348	$	(1,131)	$	—	$	(214)

Summary of Derivative Financial Instruments Notional Amounts on Outstanding Positions


	December 31, 2022				December 31, 2021
	Notional		Fair Value		Notional		Fair Value
	(in thousands)
Non-hedged derivatives:
Singapore Dollar	$	26,760	$	207	$	43,723	$	(296)
Indian Rupee	24,945		(10)		10,379		(86)
South Korean Won	18,403		(320)		14,201		(112)
British Pound Sterling	14,509		128		25,795		104
Japanese Yen	8,953		9		12,910		80
Euro	5,068		(29)		21,198		162
Other currencies	—		—		19,481		(66)
Total non-hedged derivatives	98,638		(15)		147,687		(214)
Hedged derivatives:
Euro	51,914		(360)		—		—
British Pound Sterling	23,025		235		—		—
South Korean Won	12,285		(756)		—		—
Indian Rupee	7,203		113		—		—
Total hedged derivatives	94,427		(768)		—		—
Total derivatives	$	193,065	$	(783)	$	147,687	$	(214)

Latest maturity date, non-hedged derivatives	April 2023				January 2022
Latest maturity date, hedged derivatives	June 2023				N/A

Schedule of Gains / Losses from Foreign Currency Transactions and Derivative Contracts


	Year Ended December 31,
	2022		2021		2020
	(in thousands)
Non-hedged derivatives:
Foreign currency transaction gains (losses)	$	(2,858)	$	100	$	941
Foreign currency forward exchange contracts gains (losses)	6,086		(240)		(2,069)
Foreign currency gains (losses), net	$	3,228	$	(140)	$	(1,128)

BORROWINGS (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Components Of Our Consolidated Debt

Our long-term borrowings were as follows:


		Stated Interest Rate		Effective Interest Rate		December 31,
	Maturity					2022		2021
						(in thousands)
Notes issuance of $350.0 million	2029	4.250	%	4.64	%	$	350,000	$	350,000
Notes issuance of $350.0 million	2031	4.125	%	4.35	%	350,000		350,000
Term Loan B Facility	2029					1,675,000		—
Revolving Facility						—		85,000
Total face value of long-term borrowings						2,375,000		785,000
Less:
Unamortized issuance costs						56,973		13,610
Current portion of long-term borrowings (1)						20,000		—
Total long-term borrowings						$	2,298,027	$	771,390

(1) Represents the current portion of the borrowings on the Term Loan B facility.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
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-Section S99
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-Subparagraph (SX 210.12-04(a))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

REVENUES (Tables)

12 Months Ended

Dec. 31, 2022

Revenue from Contract with Customer [Abstract]

Schedule of Revenues by Reportable Operating Segment and by Channel

Revenues by reportable operating segment and by channel were:


	Year Ended December 31, 2022
	Crocs Brand		HEYDUDE Brand (1)		Total
	(in thousands)
Channel:
Wholesale	$	1,377,302	$	574,140	$	1,951,442
Direct-to-consumer	1,281,823		321,720		1,603,543
Total revenues	$	2,659,125	$	895,860	$	3,554,985

(1) The HEYDUDE Brand results reported for the year ended December 31, 2022 represent results for the Partial Period.


	Year Ended December 31, 2021
	Crocs Brand		HEYDUDE Brand		Total
	(in thousands)
Channel:
Wholesale	$	1,174,081	$	—	$	1,174,081
Direct-to-consumer	1,139,335		—		1,139,335
Total revenues	$	2,313,416	$	—	$	2,313,416


	Year Ended December 31, 2020
	Crocs Brand		HEYDUDE Brand		Total
	(in thousands)
Channel:
Wholesale	$	692,919	$	—	$	692,919
Direct-to-consumer	693,032		—		693,032
Total revenues	$	1,385,951	$	—	$	1,385,951

SHARE-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Stock Option Activity

Stock option activity during the year ended December 31, 2022 was:


	Number of Options	Weighted Average Exercise Price		Weighted Average Contractual Life (Years)	Aggregate Intrinsic Value
	(in thousands, except exercise price and years)
Outstanding as of December 31, 2021	217	$	7.78	5.14	$	26,076
Granted	—	—
Exercised	(7)	18.62
Forfeited or expired	—	—
Outstanding as of December 31, 2022	210	$	7.44	4.28	$	21,208
Exercisable at December 31, 2022	210	$	7.44	4.28	$	21,208
Vested at December 31, 2022	210	$	7.44	4.28	$	21,208

Schedule Of Restricted Stock Award And Restricted Stock Unit Activity

RSA and RSU activity during the year ended December 31, 2022 was:


	Restricted Stock Awards			Restricted Stock Units
	Shares	Weighted Average Grant Date Fair Value		Shares	Weighted Average Grant Date Fair Value
	(in thousands, except fair value data)
Unvested at December 31, 2021	2	$	105.18	1,455	$	49.70
Granted	9	51.13		516	76.06
Vested	(6)	62.55		(688)	43.12
Forfeited	—	—		(102)	64.57
Unvested at December 31, 2022	5	$	51.13	1,181	$	62.93

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The following table sets forth income before taxes and the expense for income taxes:


	Year Ended December 31,
	2022		2021		2020
	(in thousands)
Income before taxes:
U.S.	$	312,501	$	510,706	$	133,574
Foreign	406,007		153,143		73,405
Total income before taxes	$	718,508	$	663,849	$	206,979
Income tax expense (benefit):
Current income taxes:
U.S. federal	$	76,092	$	94,548	$	698
U.S. state	19,257		28,460		6,577
Foreign	87,760		56,430		211,904
Total current income taxes	183,109		179,438		219,179
Deferred income taxes:
U.S. federal	(12,032)		791		529
U.S. state	861		32		(2,381)
Foreign	6,411		(242,106)		(323,209)
Total deferred income taxes	(4,760)		(241,283)		(325,061)
Total income tax expense (benefit)	$	178,349	$	(61,845)	$	(105,882)

Summary of Tax Expense and Effective Tax Rates

The following table sets forth income reconciliations of the statutory federal income tax rate to actual rates based on income or loss before income taxes:


	Year Ended December 31,
	2022				2021				2020
	(in thousands)
Income tax expense and rate attributable to:
Federal income tax rate	$	150,887	21.0	%	$	139,408	21.0	%	$	43,466	21.0	%
State income tax rate, net of federal benefit	15,981		2.2	%	22,952		3.5	%	7,231		3.5	%
Foreign income tax rate differential	12,405		1.7	%	18,890		2.8	%	(6,060)		(2.9)	%
GILTI, net	4,834		0.7	%	14,157		2.1	%	7,515		3.6	%
Non-deductible / non-taxable items	3,743		0.5	%	9,637		1.5	%	6,871		3.3	%
Change in valuation allowance	4,414		0.6	%	(192,337)		(29.0)	%	143,012		69.0	%
U.S. tax on foreign earnings	16,822		2.3	%	—		—	%	—		—	%
Foreign tax credits	(28,087)		(3.9)	%	(19,925)		(3.0)	%	(15,904)		(7.7)	%
Research and development credits	(5,488)		(0.8)	%	(13,104)		(2.0)	%	(148)		(0.1)	%
Uncertain tax positions	3,952		0.6	%	21,341		3.2	%	200,571		96.9	%
Share-based compensation	(1,231)		(0.2)	%	(11,930)		(1.8)	%	(1,303)		(0.6)	%
Intra-Entity IP Transfer	—		—	%	(41,858)		(6.3)	%	(492,470)		(237.9)	%
Enacted changes in tax law	—		—	%	(9,554)		(1.4)	%	—		—	%
Other	117		0.1	%	478		0.1	%	1,337		0.7	%
Effective income tax expense and rate	$	178,349	24.8	%	$	(61,845)	(9.3)	%	$	(105,882)	(51.2)	%

Schedule of Deferred Tax Assets and Liabilities


	December 31,
	2022		2021
	(in thousands)
Non-current deferred tax assets:
Share-based compensation expense	$	3,130	$	2,706
Accruals, reserves, and other expenses	24,324		24,346
Net operating loss	21,455		24,573
Intangible assets	438,712		502,100


Foreign tax credit	45,746		39,442
Operating lease liabilities	55,624		35,755
Other	25,354		5,811
Valuation allowance	(28,118)		(26,467)
Total non-current deferred tax assets	$	586,227	$	608,266
Non-current deferred tax liabilities:
Unrealized gain on foreign currency	$	(1,760)	$	—
Property and equipment	(2,381)		(12,189)
Right-of-use assets	(47,641)		(28,598)
Intangible assets	(307,474)		—
Other	(723)		(278)
Total non-current deferred tax liabilities	$	(359,979)	$	(41,065)

Schedule of Unrecognized Tax Benefits Roll Forward

The following table sets forth a reconciliation of the beginning and ending amount of unrecognized tax benefits:


	Year Ended December 31,
	2022		2021		2020
	(in thousands)
Unrecognized tax benefit as of January 1	$	218,399	$	206,209	$	4,613
Additions in tax positions taken in prior period	1,697		6,169		519
Reductions in tax positions taken in prior period	(904)		(963)		(340)
Additions in tax positions taken in current period	2,948		23,061		200,947
Settlements	(375)		(763)		(294)
Lapse of statute of limitations	(510)		(342)		(258)
Current year acquisitions	10,426		—		—
Cumulative foreign currency translation adjustment	(12,318)		(14,972)		1,022
Unrecognized tax benefit as of December 31	$	219,363	$	218,399	$	206,209

Summary of Income Tax Examinations

The following table sets forth the tax years subject to examination for the major jurisdictions where we conduct business as of December 31, 2022:


The Netherlands			2010 to 2022
Canada			2014 to 2022
Hong Kong			2020 to 2022
Japan			2014 to 2022
China			2016 to 2022
Singapore			2017 to 2022
United States			2007 to 2022

EARNINGS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Summary Of Basic And Diluted Earnings Per Share

Basic and diluted EPS for the years ended December 31, 2022, 2021, and 2020 were as follows:


	Year Ended December 31,
	2022		2021		2020
	(in thousands, except per share data)
Numerator:
Net income attributable to common stockholders	$	540,159	$	725,694	$	312,861


Denominator:
Weighted average common shares outstanding - basic	61,220		62,464		67,386
Plus: Dilutive effect of stock options and unvested restricted stock units	786		1,254		1,158
Weighted average common shares outstanding - diluted	62,006		63,718		68,544

Net income per common share:
Basic	$	8.82	$	11.62	$	4.64
Diluted	$	8.71	$	11.39	$	4.56

OPERATING SEGMENTS AND GEOGRAPHIC INFORMATION (Tables)

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

The following tables set forth information related to reportable operating segments:


	Year Ended December 31,
	2022		2021		2020
	(in thousands)
Revenues:
North America (1)	$	1,644,630	$	1,553,891	$	832,540
Asia Pacific	473,935		350,160		278,515
EMEALA (1)	540,534		409,278		274,733
Brand corporate (2)	26		87		163
Total Crocs Brand	2,659,125		2,313,416		1,385,951
HEYDUDE Brand (3)	895,860		—		—
Total consolidated revenues	$	3,554,985	$	2,313,416	$	1,385,951
Income from operations:
North America (1)	$	683,350	$	755,723	$	313,913
Asia Pacific	145,011		71,936		32,830
EMEALA (1)	153,976		134,126		75,513
Brand corporate (2)	(130,312)		(100,391)		(92,833)
Total Crocs Brand	852,025		861,394		329,423
HEYDUDE Brand (3)	211,361		—		—
Reconciliation of segment income from operations to income before income taxes:
Enterprise corporate (2)	(212,630)		(178,330)		(115,299)
Total consolidated income from operations	850,756		683,064		214,124
Foreign currency gains (losses), net	3,228		(140)		(1,128)
Interest income	1,020		775		215
Interest expense	(136,158)		(21,647)		(6,742)
Other income (expense), net	(338)		1,797		510
Income before income taxes	$	718,508	$	663,849	$	206,979

Depreciation and amortization:
North America (1)	$	10,804	$	7,669	$	3,453
Asia Pacific	2,113		1,629		1,138
EMEALA (1)	3,221		1,806		805
Brand corporate (2)	2,739		5,827		8,473
Total Crocs Brand	18,877		16,931		13,869
HEYDUDE Brand (3)	12,248		—		—
Enterprise corporate (2)	8,104		15,045		13,750
Total consolidated depreciation and amortization	$	39,229	$	31,976	$	27,619


	Year Ended December 31,
	2022		2021		2020
	(in thousands)
Location:
United States	$	2,438,923	$	1,507,482	$	802,952
International (1)	1,116,062		805,934		582,999
Total revenues	$	3,554,985	$	2,313,416	$	1,385,951

(1) No individual international country represented 10% or more of consolidated revenues in any of the years presented.

The following table sets forth geographical information regarding property and equipment assets as of the dates shown:


	December 31,
	2022		2021
	(in thousands)
Location:
United States	$	148,078	$	80,613
International (1)	33,451		27,785
Total property and equipment, net	$	181,529	$	108,398

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)
$ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2022

USD ($)

renewalOption

Dec. 31, 2022

USD ($)

renewalOption

Dec. 31, 2021

USD ($)

Dec. 31, 2020

USD ($)

Feb. 17, 2022

USD ($)

Error correction

$ 85,000

Goodwill

$ 714,814

$ 1,600

$ 1,719

Number of renewal options (or more) | renewalOption

Reclassification of foreign currency translation gain (loss) to income

^[1]

$ (8,148)

(164)

Marketing expenses, including advertising, production, promotion, and agency expenses

260,800

$ 172,700

$ 101,000

HEYDUDE

Percentage of voting interests acquired

100.00%

Goodwill

$ 713,300

$ 713,308

Minimum | Capitalized software

Intangible asset useful life

2 years

Minimum | Patents, copyrights, and trademarks

Intangible asset useful life

7 years

Minimum | Machinery and equipment

Property and equipment useful life

2 years

Minimum | Furniture, fixtures, and other

Property and equipment useful life

2 years

Maximum | Capitalized software

Intangible asset useful life

8 years

Maximum | Patents, copyrights, and trademarks

Intangible asset useful life

25 years

Maximum | Machinery and equipment

Property and equipment useful life

10 years

Maximum | Furniture, fixtures, and other

Property and equipment useful life

10 years

[1]	Represents the reclassification of a cumulative foreign currency translation adjustment upon substantial liquidation of foreign subsidiaries which is presented within ‘Selling, general and administrative expenses’ in the consolidated statements of operations.

ACQUISITION OF HEYDUDE (Narrative) (Details) - USD ($)		10 Months Ended	12 Months Ended
ACQUISITION OF HEYDUDE (Narrative) (Details) - USD ($)	Feb. 17, 2022	Dec. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Goodwill		$ 714,814,000	$ 714,814,000	$ 1,600,000	$ 1,719,000
Term Loan B Facility \| Line of Credit
Business Acquisition [Line Items]
Borrowing capacity under revolving credit facility	$ 2,000,000,000	2,000,000,000	2,000,000,000
HEYDUDE
Business Acquisition [Line Items]
Percentage of voting interests acquired	100.00%
Consideration transferred	$ 2,300,000,000
Cash consideration	$ 2,050,000,000.00
Equity interest issued (in shares)	2,852,280
Equity consideration shares, percentage	50.00%
Revenue of acquiree since acquisition date, actual		895,900,000
Income from acquiree		211,400,000
Goodwill	$ 713,308,000	713,300,000	713,300,000
Goodwill valuation adjustments		72,800,000	72,800,000
Goodwill deductible for income tax purposes		$ 0	0
Business combination, acquisition related costs			$ 25,700,000
HEYDUDE \| Escrow Amount
Business Acquisition [Line Items]
Escrow deposit	$ 125,000,000
Business acquisition, escrow period	18 months
HEYDUDE \| Adjustment Holdback Amount
Business Acquisition [Line Items]
Escrow deposit	$ 8,500,000
HEYDUDE \| Term Loan B Facility \| Line of Credit
Business Acquisition [Line Items]
Borrowing capacity under revolving credit facility	2,000,000,000
HEYDUDE \| Revolving Facility \| Line of Credit
Business Acquisition [Line Items]
Borrowing capacity under revolving credit facility	$ 50,000,000

ACQUISITION OF HEYDUDE (Schedule of Asset Acquired and Liabilities Assumed) (Details) - USD ($) $ in Thousands		10 Months Ended	12 Months Ended
	Feb. 17, 2022	Dec. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Goodwill		$ 714,814	$ 714,814	$ 1,600	$ 1,719
HEYDUDE
Business Acquisition [Line Items]
Cash and cash equivalents	$ 6,232
Accounts receivable, net	68,698
Inventories	155,773
Prepaid expenses and other assets	4,380
Intangible assets	1,780,000
Goodwill	713,308	713,300	713,300
Right-of-use assets	2,844
Accounts payable	(29,791)
Accrued expenses and other liabilities	(18,860)
Income taxes payable	(30,572)
Long-term deferred tax liability	(312,656)
Long-term income taxes payable	(13,004)
Operating lease liabilities	(2,843)
Net assets acquired	2,323,509
Accounts receivable adjustment		300
Inventories adjustment, (decrease) increase	4,700	(20,200)
Increase in valuation adjustment, prepaid expenses and other assets		1,400
Increase in valuation adjustment, accounts payable		1,400
Goodwill valuation adjustments		72,800	$ 72,800
Accrued expenses adjustments, (decrease) increase		(20,800)
Income taxes payable adjustments, increase (decrease)	(2,400)
HEYDUDE \| Customer relationships
Business Acquisition [Line Items]
Decrease in valuation adjustment		90,000
HEYDUDE \| Valuation And Tax Adjustments
Business Acquisition [Line Items]
Goodwill valuation adjustments		66,200
HEYDUDE \| Working Capital Adjustments
Business Acquisition [Line Items]
Goodwill valuation adjustments		6,600
HEYDUDE \| Acquired Loyalty Program Adjustments
Business Acquisition [Line Items]
Accrued expenses adjustments, (decrease) increase		(21,800)
HEYDUDE \| Tax Adjustments
Business Acquisition [Line Items]
Accrued expenses adjustments, (decrease) increase		$ 1,000
HEYDUDE \| Noncurrent Deferred Tax Liability Adjustments
Business Acquisition [Line Items]
Income taxes payable adjustments, increase (decrease)	(17,100)
HEYDUDE \| Noncurrent Income Taxes Payable Adjustments
Business Acquisition [Line Items]
Income taxes payable adjustments, increase (decrease)	$ 600

ACQUISITION OF HEYDUDE (Schedule of Intangible Assets) (Details) - HEYDUDE $ in Thousands	Feb. 17, 2022 USD ($)
Business Acquisition [Line Items]
Intangible assets	$ 1,780,000
Trademark
Business Acquisition [Line Items]
Indefinite-lived intangible assets acquired	$ 1,570,000
Customer relationships
Business Acquisition [Line Items]
Weighted-Average Useful Life	15 years
Finite-lived intangible assets acquired	$ 210,000

ACQUISITION OF HEYDUDE (Proforma Information) (Details) - HEYDUDE - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Revenues	$ 3,645,291	$ 2,894,094
Net income	$ 614,463	$ 706,853

PROPERTY AND EQUIPMENT, NET (Schedule of Property and Equipment) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Property, plant and equipment [Line Items]
Property and equipment	$ 278,665	$ 192,143
Less: Accumulated depreciation and amortization	(97,136)	(83,745)
Property and equipment, net	181,529	108,398
Machinery and equipment
Property, plant and equipment [Line Items]
Property and equipment	146,821	53,976
Leasehold improvements
Property, plant and equipment [Line Items]
Property and equipment	76,363	64,625
Construction-in-progress
Property, plant and equipment [Line Items]
Property and equipment	28,699	53,332
Furniture, fixtures, and other
Property, plant and equipment [Line Items]
Property and equipment	$ 26,782	$ 20,210

PROPERTY AND EQUIPMENT, NET (Schedule of Depreciation and Amortization Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property, plant and equipment [Line Items]
Depreciation	$ 19,642	$ 14,942	$ 11,835
Cost of sales
Property, plant and equipment [Line Items]
Depreciation	10,043	6,234	3,921
Selling, general and administrative expenses
Property, plant and equipment [Line Items]
Depreciation	$ 9,599	$ 8,708	$ 7,914

PROPERTY AND EQUIPMENT, NET (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Net losses on disposal of property and equipment and intangible assets	$ 1.0	$ 0.3	$ 0.3

GOODWILL AND INTANGIBLE ASSETS, NET (Goodwill Rollforward) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 1,600	$ 1,719
HEYDUDE Acquisition	713,308
Foreign currency translation	(94)	(119)
Goodwill, ending balance	$ 714,814	$ 1,600

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

GOODWILL AND INTANGIBLE ASSETS, NET (Goodwill) (Narrative) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Feb. 17, 2022	Dec. 31, 2021	Dec. 31, 2020
Goodwill [Line Items]
Goodwill	$ 714,814		$ 1,600	$ 1,719
Goodwill impairment loss	800
EMEALA
Goodwill [Line Items]
Goodwill	1,500
HEYDUDE
Goodwill [Line Items]
Goodwill	$ 713,300	$ 713,308

- Definition

+ References + Details

GOODWILL AND INTANGIBLE ASSETS, NET (Summary of Intangible Assets) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization	$ (125,014)	$ (108,167)
Total	222,405
Intangible assets, gross	1,925,181	136,969
Intangible assets, net	$ 1,800,167	28,802
Weighted average remaining useful life of intangible assets	14 years
HEYDUDE trademark
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	$ 1,570,000	0
In progress
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	7,537	3,739
Other
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	225	79
Capitalized software
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount of finite-lived intangible assets	132,295	128,843
Accumulated amortization	(109,227)	(104,637)
Total	23,068	24,206
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount of finite-lived intangible assets	210,000	0
Accumulated amortization	(12,250)	0
Total	197,750	0
Patents, copyrights, and trademarks
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount of finite-lived intangible assets	5,124	4,308
Accumulated amortization	(3,537)	(3,530)
Total	$ 1,587	$ 778

GOODWILL AND INTANGIBLE ASSETS, NET (Schedule of Intangible Asset Amortization Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Total amortization expense	$ 19,587	$ 17,034	$ 15,784
Cost of sales
Finite-Lived Intangible Assets [Line Items]
Total amortization expense	2,366	4,779	3,975
Selling, general and administrative expenses
Finite-Lived Intangible Assets [Line Items]
Total amortization expense	$ 17,221	$ 12,255	$ 11,809

GOODWILL AND INTANGIBLE ASSETS, NET (Schedule Of Future Amortization Of Intangible Assets) (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2023	$ 21,826
2024	20,290
2025	18,962
2026	17,493
2027	15,490
Thereafter	128,344
Total	$ 222,405

ACCRUED EXPENSES AND OTHER LIABILITIES (Schedule Of Accrued Expenses & Other Current Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Accrued compensation and benefits	$ 55,474	$ 62,945
Professional services	45,351	33,997
Fulfillment, freight, and duties	41,646	15,629
Return liabilities	27,651	10,342
Sales/use and value added taxes payable	27,249	13,049
Royalties payable and deferred revenue	10,528	7,425
Accrued rent and occupancy	8,972	7,431
Other	22,553	16,069
Total accrued expenses and other liabilities	$ 239,424	$ 166,887

LEASES (Narrative) (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Weighted average remaining lease term	6 years 10 months 24 days	7 years 1 month 6 days
Weighted average discount rate	3.90%	3.80%
Leases not yet commenced	$ 75

LEASES (Right-of-Use Assets and Operating Lease Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Right-of-use assets	$ 239,905	$ 160,768
Current operating lease liabilities	57,456	42,932
Long-term operating lease liabilities	215,119	149,237
Total operating lease liabilities	$ 272,575	$ 192,169

LEASES (Lease Costs and Other Information) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Operating lease cost	$ 66,012	$ 58,283	$ 61,583
Short-term lease cost	9,590	7,585
Variable lease cost	37,536	32,490
Total lease costs	$ 113,138	$ 98,358

LEASES (Maturities of Company's Operating Lease Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
2023	$ 60,812
2024	52,357
2025	38,629
2026	32,840
2027	28,189
Thereafter	99,700
Total future minimum lease payments	312,527
Less: imputed interest	(39,952)
Total operating lease liabilities	$ 272,575	$ 192,169

FAIR VALUE MEASUREMENTS (Narrative) (Details) - USD ($)	Dec. 31, 2022	Feb. 17, 2022	Dec. 31, 2021
Level 2
Fair value assets and liabilities measured on a recurring and nonrecurring Basis [Line Items]
Derivative asset	$ 348,000		$ 0
Derivative liability	(1,131,000)		$ (214,000)
Line of Credit \| Term Loan B Facility
Fair value assets and liabilities measured on a recurring and nonrecurring Basis [Line Items]
Borrowing capacity under revolving credit facility	$ 2,000,000,000	$ 2,000,000,000

FAIR VALUE MEASUREMENTS (Schedule of Assets and Liabilities at Fair Value) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Fair value assets and liabilities measured on a recurring and nonrecurring Basis [Line Items]
Total asset impairments	$ 0	$ 0	$ 21,071
New York City Retail Location
Fair value assets and liabilities measured on a recurring and nonrecurring Basis [Line Items]
Retail store assets impairment			2,400
Right-of-use assets impairment			17,600
Corporate Headquarters Relocation
Fair value assets and liabilities measured on a recurring and nonrecurring Basis [Line Items]
Right-of-use assets impairment			1,100
Carrying Value \| Line of Credit \| Term Loan B Facility
Fair value assets and liabilities measured on a recurring and nonrecurring Basis [Line Items]
Outstanding borrowings	1,675,000	0
Carrying Value \| Line of Credit \| Revolving Facility
Fair value assets and liabilities measured on a recurring and nonrecurring Basis [Line Items]
Outstanding borrowings	0	85,000
Carrying Value \| 2029 Notes \| Senior Notes
Fair value assets and liabilities measured on a recurring and nonrecurring Basis [Line Items]
Outstanding borrowings	350,000	350,000
Carrying Value \| 2031 Notes \| Senior Notes
Fair value assets and liabilities measured on a recurring and nonrecurring Basis [Line Items]
Outstanding borrowings	350,000	350,000
Fair Value \| Line of Credit \| Term Loan B Facility
Fair value assets and liabilities measured on a recurring and nonrecurring Basis [Line Items]
Outstanding borrowings	1,642,547	0
Fair Value \| Line of Credit \| Revolving Facility
Fair value assets and liabilities measured on a recurring and nonrecurring Basis [Line Items]
Outstanding borrowings	0	85,000
Fair Value \| 2029 Notes \| Senior Notes
Fair value assets and liabilities measured on a recurring and nonrecurring Basis [Line Items]
Outstanding borrowings	297,596	346,281
Fair Value \| 2031 Notes \| Senior Notes
Fair value assets and liabilities measured on a recurring and nonrecurring Basis [Line Items]
Outstanding borrowings	284,240	341,250
Nonrecurring \| Fair Value \| Level 3
Fair value assets and liabilities measured on a recurring and nonrecurring Basis [Line Items]
Retail store assets impairment	0	0	2,412
Right-of-use assets impairment	0	0	18,659
Total asset impairments	$ 0	$ 0	$ 21,071

DERIVATIVE FINANCIAL INSTRUMENTS (Narrative) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Foreign currency cash flow hedge gain (loss) reclassified to earnings, net	$ (0.5)
Foreign currency cash flow hedge (loss) to be reclassified during next 12 months	$ 0.8

DERIVATIVE FINANCIAL INSTRUMENTS (Fair Value of Derivative Assets and Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Foreign Currency Derivatives [Abstract]
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Accrued expenses and other liabilities
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Prepaid expenses and other assets
Level 2
Foreign Currency Derivatives [Abstract]
Derivative assets - foreign currency forward contract derivatives	$ 348	$ 0
Derivative liabilities - foreign currency forward contract derivatives	(1,131)	(214)
Level 2 \| Not Designated as Hedging Instrument
Foreign Currency Derivatives [Abstract]
Derivative assets - forward foreign currency exchange contracts	345	724
Derivative assets - netting of counterparty contracts	(345)	(724)
Derivative assets - foreign currency forward contract derivatives	0	0
Derivative liabilities - forward foreign currency exchange contracts	(360)	(938)
Derivative liabilities - netting of counterparty contracts	345	724
Derivative liabilities - foreign currency forward contract derivatives	(15)	(214)
Level 2 \| Designated as Hedging Instrument
Foreign Currency Derivatives [Abstract]
Derivative assets - forward foreign currency exchange contracts	348	0
Derivative assets - netting of counterparty contracts	0	0
Derivative assets - foreign currency forward contract derivatives	348	0
Derivative liabilities - forward foreign currency exchange contracts	(1,116)	0
Derivative liabilities - netting of counterparty contracts	0	0
Derivative liabilities - foreign currency forward contract derivatives	$ (1,116)	$ 0

DERIVATIVE FINANCIAL INSTRUMENTS (Summary Of Derivative Financial Instruments Notional Amounts On Outstanding Positions) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Derivatives, Fair Value [Line Items]
Notional	$ 193,065	$ 147,687
Fair Value	(783)	(214)
Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Notional	98,638	147,687
Fair Value	(15)	(214)
Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Notional	94,427	0
Fair Value	(768)	0
Singapore Dollar \| Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Notional	26,760	43,723
Fair Value	207	(296)
Indian Rupee \| Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Notional	24,945	10,379
Fair Value	(10)	(86)
Indian Rupee \| Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Notional	7,203	0
Fair Value	113	0
South Korean Won \| Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Notional	18,403	14,201
Fair Value	(320)	(112)
South Korean Won \| Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Notional	12,285	0
Fair Value	(756)	0
British Pound Sterling \| Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Notional	14,509	25,795
Fair Value	128	104
British Pound Sterling \| Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Notional	23,025	0
Fair Value	235	0
Japanese Yen \| Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Notional	8,953	12,910
Fair Value	9	80
Euro \| Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Notional	5,068	21,198
Fair Value	(29)	162
Euro \| Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Notional	51,914	0
Fair Value	(360)	0
Other currencies \| Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Notional	0	19,481
Fair Value	$ 0	$ (66)

DERIVATIVE FINANCIAL INSTRUMENTS (Losses on Foreign Currency Derivatives) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Derivative [Line Items]
Foreign currency gains (losses), net	$ 3,228	$ (140)	$ (1,128)
Not Designated as Hedging Instrument
Derivative [Line Items]
Foreign currency transaction gains (losses)	(2,858)	100	941
Foreign currency forward exchange contracts gains (losses)	6,086	(240)	(2,069)
Foreign currency gains (losses), net	$ 3,228	$ (140)	$ (1,128)

BORROWINGS (Components Of Our Consolidated Debt And Capital Lease Obligations) (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Aug. 31, 2021	Mar. 31, 2021
Debt Instrument [Line Items]
Total face value of long-term borrowings	$ 2,375,000,000	$ 785,000,000
Unamortized issuance costs	56,973,000	13,610,000
Current portion of long-term borrowings	24,362,000	0
Long-term borrowings	2,298,027,000	771,390,000
Senior Notes \| 2029 Notes
Debt Instrument [Line Items]
Aggregate principal amount	$ 350,000,000			$ 350,000,000
Stated Interest Rate				4.25%
Effective Interest Rate	4.64%
Total face value of long-term borrowings	$ 350,000,000	350,000,000
Senior Notes \| 2031 Notes
Debt Instrument [Line Items]
Aggregate principal amount	$ 350,000,000		$ 350,000,000
Stated Interest Rate			4.125%
Effective Interest Rate	4.35%
Total face value of long-term borrowings	$ 350,000,000	350,000,000
Line of Credit \| Term Loan B Facility
Debt Instrument [Line Items]
Total face value of long-term borrowings	1,675,000,000	0
Current portion of long-term borrowings	20,000,000	0
Line of Credit \| Revolving Facility
Debt Instrument [Line Items]
Total face value of long-term borrowings	$ 0	$ 85,000,000

BORROWINGS (Revolving Credit Facilities and Notes Payable) (Details) ¥ in Millions		1 Months Ended			12 Months Ended
	Feb. 17, 2022 USD ($)	Aug. 31, 2021 USD ($)	Mar. 31, 2021 USD ($)	Jul. 31, 2019 USD ($)	Dec. 31, 2022 USD ($) facility	Dec. 31, 2021 USD ($)	Dec. 31, 2022 CNY (¥)
Line of Credit Facility [Line Items]
Total face value of long-term borrowings					$ 2,375,000,000	$ 785,000,000
Number of credit facility \| facility					2
Accounts Payable
Line of Credit Facility [Line Items]
Interest payable					$ 10,800,000	10,400,000
Revolving Facility \| Senior Revolving Credit Facility
Line of Credit Facility [Line Items]
Borrowing capacity under revolving credit facility				$ 750,000,000
Additional borrowing capacity available under revolving credit facility				$ 250,000,000
Minimum interest coverage ratio				3.00
Minimum borrowing capacity available for certain acquisitions				$ 40,000,000
Current borrowing capacity					750,000,000
Outstanding borrowings on the facility					0
Outstanding letters of credit					1,300,000
Available borrowing capacity					748,700,000	414,700,000
Revolving Facility \| Senior Revolving Credit Facility \| From December 31, 2020 and thereafter
Line of Credit Facility [Line Items]
Maximum leverage coverage ratio				4.00
Revolving Facility \| Senior Revolving Credit Facility \| Debt Instrument, Covenant Period Four
Line of Credit Facility [Line Items]
Maximum leverage coverage ratio				3.50
Revolving Facility \| Senior Revolving Credit Facility \| Debt Instrument, Covenant Period Five
Line of Credit Facility [Line Items]
Maximum leverage coverage ratio				3.25
Revolving Facility \| Senior Revolving Credit Facility \| Debt Instrument, Covenant Period Three
Line of Credit Facility [Line Items]
Maximum leverage coverage ratio				3.75
Revolving Facility \| Senior Revolving Credit Facility \| Fed Funds Rate
Line of Credit Facility [Line Items]
Margin on variable rate				0.25%
Revolving Facility \| Senior Revolving Credit Facility \| Daily London Interbank Offered Rate
Line of Credit Facility [Line Items]
Margin on variable rate				1.00%
Revolving Facility \| Senior Revolving Credit Facility \| Base Rate \| Minimum
Line of Credit Facility [Line Items]
Margin on variable rate				0.25%
Revolving Facility \| Senior Revolving Credit Facility \| Base Rate \| Maximum
Line of Credit Facility [Line Items]
Margin on variable rate				0.875%
Revolving Facility \| Senior Revolving Credit Facility \| Simple Secured Overnight Financing Rate (SOFR) \| Minimum
Line of Credit Facility [Line Items]
Margin on variable rate				1.35%
Revolving Facility \| Senior Revolving Credit Facility \| Simple Secured Overnight Financing Rate (SOFR) \| Maximum
Line of Credit Facility [Line Items]
Margin on variable rate				1.975%
Revolving Facility \| Senior Revolving Credit Facility \| SOFR \| Minimum
Line of Credit Facility [Line Items]
Margin on variable rate				1.40%
Revolving Facility \| Senior Revolving Credit Facility \| SOFR \| Minimum \| Debt Instrument, Redemption, Period One
Line of Credit Facility [Line Items]
Margin on variable rate				1.35%
Revolving Facility \| Senior Revolving Credit Facility \| SOFR \| Maximum
Line of Credit Facility [Line Items]
Margin on variable rate				2.025%
Revolving Facility \| Senior Revolving Credit Facility \| SOFR \| Maximum \| Debt Instrument, Redemption, Period One
Line of Credit Facility [Line Items]
Margin on variable rate				1.975%
Revolving Facility \| Asia Pacific CMBC Revolving Credit Facility
Line of Credit Facility [Line Items]
Current borrowing capacity					1,400,000		¥ 10.0
Outstanding borrowings on the facility					0
Revolving Facility \| Asia Pacific Citybank Revolving Credit Facility
Line of Credit Facility [Line Items]
Current borrowing capacity					10,000,000
Outstanding borrowings on the facility					$ 4,300,000
Revolving Facility \| Asia Pacific Citybank Revolving Credit Facility \| Prime Rate
Line of Credit Facility [Line Items]
Margin on variable rate					0.65%
Revolving Facility \| Asia Pacific Revolving Credit Facility
Line of Credit Facility [Line Items]
Borrowings under credit facility						0
Line of Credit \| Revolving Facility
Line of Credit Facility [Line Items]
Total face value of long-term borrowings					$ 0	85,000,000
Line of Credit \| Term Loan B Facility
Line of Credit Facility [Line Items]
Borrowing capacity under revolving credit facility	$ 2,000,000,000				2,000,000,000
Available borrowing capacity					0
Debt instrument, periodic payment, principal					5,000,000
Total face value of long-term borrowings					1,675,000,000	0
Line of Credit \| Term Loan B Facility \| Base Rate
Line of Credit Facility [Line Items]
Margin on variable rate	2.50%
Line of Credit \| Term Loan B Facility \| SOFR
Line of Credit Facility [Line Items]
Margin on variable rate	3.50%
Senior Notes \| 2029 Notes
Line of Credit Facility [Line Items]
Total face value of long-term borrowings					350,000,000	350,000,000
Aggregate principal amount			$ 350,000,000		350,000,000
Stated Interest Rate			4.25%
Senior Notes \| 2029 Notes \| Debt Instrument, Redemption, Period One
Line of Credit Facility [Line Items]
Redemption price, percentage			100.00%
Senior Notes \| 2029 Notes \| Debt Instrument, Redemption, Period Two
Line of Credit Facility [Line Items]
Redemption price, percentage			100.00%
Senior Notes \| 2029 Notes \| Debt Instrument, Redemption, Period Three
Line of Credit Facility [Line Items]
Redemption price, percentage			104.25%
Percentage of principal amount redeemable			40.00%
Senior Notes \| 2031 Notes
Line of Credit Facility [Line Items]
Total face value of long-term borrowings					350,000,000	$ 350,000,000
Aggregate principal amount		$ 350,000,000			$ 350,000,000
Stated Interest Rate		4.125%
Guarantor		$ 25,000,000
Senior Notes \| 2031 Notes \| Debt Instrument, Redemption, Period One
Line of Credit Facility [Line Items]
Redemption price, percentage		100.00%
Senior Notes \| 2031 Notes \| Debt Instrument, Redemption, Period Two
Line of Credit Facility [Line Items]
Redemption price, percentage		100.00%
Senior Notes \| 2031 Notes \| Debt Instrument, Redemption, Period Three
Line of Credit Facility [Line Items]
Redemption price, percentage		104.125%
Percentage of principal amount redeemable		40.00%

EQUITY (Details)	12 Months Ended
EQUITY (Details)	Dec. 31, 2022 USD ($) class_of_stock vote $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Sep. 23, 2021 USD ($)	Apr. 23, 2021 USD ($)
Class of Stock [Line Items]
Number of classes of stock \| class_of_stock	1
Common stock, par value (in dollars per share) \| $ / shares	$ 0.001	$ 0.001
Common stock authorized (in shares)	250,000,000
Number of votes entitled to for each common share \| vote	1
Preferred stock authorized (in shares)	5,000,000
Common Stock
Class of Stock [Line Items]
Common stock authorized for repurchase \| $			$ 1,000,000,000	$ 1,000,000,000
Stock repurchased during period (in shares)	0	8,200,000
Remaining authorization to repurchase \| $	$ 1,050,000,000
Stock repurchased during period \| $		$ 1,000,000,000
Common Stock \| September 2021
Class of Stock [Line Items]
Stock repurchased during period (in shares)		3,200,000
Accelerated share repurchase program \| $		$ 500,000,000
Common Stock \| April 2021
Class of Stock [Line Items]
Stock repurchased during period (in shares)		2,900,000
Accelerated share repurchase program \| $		$ 300,000,000
Common Stock \| January 2021
Class of Stock [Line Items]
Stock repurchased during period (in shares)		500,000
Series A Convertible Preferred Stock
Class of Stock [Line Items]
Preferred stock authorized (in shares)	1,000,000
Preferred stock, par value (in dollars per share) \| $ / shares	$ 0.001
Preferred stock issued (in shares)	0
Preferred stock outstanding (in shares)	0

REVENUES (Revenue by Reportable Operating Segment and by Channel) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Revenues	$ 3,554,985	$ 2,313,416	$ 1,385,951
Total Crocs Brand
Disaggregation of Revenue [Line Items]
Revenues	2,659,125	2,313,416	1,385,951
HEYDUDE Brand (1)
Disaggregation of Revenue [Line Items]
Revenues	895,860	0	0
Wholesale
Disaggregation of Revenue [Line Items]
Revenues	1,951,442	1,174,081	692,919
Wholesale \| Total Crocs Brand
Disaggregation of Revenue [Line Items]
Revenues	1,377,302	1,174,081	692,919
Wholesale \| HEYDUDE Brand (1)
Disaggregation of Revenue [Line Items]
Revenues	574,140	0	0
Direct-to-consumer
Disaggregation of Revenue [Line Items]
Revenues	1,603,543	1,139,335	693,032
Direct-to-consumer \| Total Crocs Brand
Disaggregation of Revenue [Line Items]
Revenues	1,281,823	1,139,335	693,032
Direct-to-consumer \| HEYDUDE Brand (1)
Disaggregation of Revenue [Line Items]
Revenues	$ 321,720	$ 0	$ 0

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI https://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

REVENUES (Narrative) (Details)	12 Months Ended
REVENUES (Narrative) (Details)	Dec. 31, 2022 USD ($) segment distribution_channel	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Revenue from External Customer [Line Items]
Number of distribution channels \| distribution_channel	2
Crocs Inc
Revenue from External Customer [Line Items]
Number of reportable segments \| segment	4
Advance Customer Deposits
Revenue from External Customer [Line Items]
Deferred revenues	$ 6,800,000	$ 100,000
Refund Liability
Revenue from External Customer [Line Items]
Deferred revenues	27,700,000	10,300,000
Change in Estimate of Product Transfers \| Wholesale
Revenue from External Customer [Line Items]
Increase (decrease) in revenues	$ 0	$ 0	$ 600,000
Change in Estimate of Product Transfers \| Direct-to-consumer
Revenue from External Customer [Line Items]
Increase (decrease) in revenues			$ 1,100,000

SHARE-BASED COMPENSATION (Narrative) (Details) shares in Millions	Dec. 31, 2022 shares
Share-Based Payment Arrangement [Abstract]
Shares available for future issuance (in shares)	3.9

SHARE-BASED COMPENSATION (Stock Option Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Number of Options
Options outstanding at beginning of period (in shares)	217,000
Granted (in shares)	0	0	0
Exercised (in shares)	(7,000)
Forfeited or expired (in shares)	0
Options outstanding at end of period (in shares)	210,000	217,000
Exercisable at end of period (in shares)	210,000
Vested at end of period (in shares)	210,000
Weighted Average Exercise Price
Beginning of period (in dollars per share)	$ 7.78
Granted (in dollars per share)	0
Exercised (in dollars per share)	18.62
Forfeited or expired (in dollars per share)	0
End of period (in dollars per share)	7.44	$ 7.78
Exercisable, weighted average exercise price at end of period (in dollars per share)	7.44
Vested, weighted average exercise price at end of period (in dollars per share)	$ 7.44
Weighted Average Contractual Life (Years)
Weighted average contractual life at beginning of period	4 years 3 months 10 days	5 years 1 month 20 days
Exercisable, weighted average contractual life at end of period	4 years 3 months 10 days
Vested, weighted average contractual life at end of period	4 years 3 months 10 days
Aggregate Intrinsic Value
Aggregate intrinsic value, outstanding	$ 21,208	$ 26,076
Exercisable, aggregate intrinsic value at end of period	21,208
Vested, aggregate intrinsic value at end of period	$ 21,208

SHARE-BASED COMPENSATION (Stock Option Activity Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	0	0	0
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate intrinsic value of options exercised	$ 400,000	$ 800,000	$ 800,000
Proceeds from options exercised	100,000	$ 200,000	$ 1,400,000
Unrecognized share-based compensation expense related to unvested options	$ 0
Options vesting period	4 years
Options expiration period	10 years
Stock Options \| Remaining Years Monthly Vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options vesting period	3 years

SHARE-BASED COMPENSATION (Restricted Stock Awards And Restricted Stock Units Activity Narrative) (Details) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) vesting_installment $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares
Restricted Stock Awards
Schedule of Restricted Stock Award and Restricted Stock Unit Activity [Line Items]
RSAs and RSUs general vesting period	3 years
Shares granted in period (in shares)	9
Granted (in dollars per share) \| $ / shares	$ 51.13	$ 88.68	$ 38.10
Grant date fair value of awards \| $	$ 0.3	$ 0.4	$ 0.2
Unrecognized share-based compensation expense related to unvested awards \| $	$ 0.2
Amortized over a weighted average period	6 months
Awards vested in period (in shares)	6
Restricted Stock Units
Schedule of Restricted Stock Award and Restricted Stock Unit Activity [Line Items]
Shares granted in period (in shares)	516
Granted (in dollars per share) \| $ / shares	$ 76.06	$ 76.28	$ 29.14
Grant date fair value of awards \| $	$ 29.7	$ 24.9	$ 11.9
Awards vested in period (in shares)	688
Time-based RSUs
Schedule of Restricted Stock Award and Restricted Stock Unit Activity [Line Items]
Number of annual vesting installments \| vesting_installment	3
Shares granted in period (in shares)	200	200	600
Unrecognized share-based compensation expense related to unvested awards \| $	$ 20.1
Amortized over a weighted average period	1 year 6 months
Awards vested in period (in shares)	300	400	500
Performance-based RSUs
Schedule of Restricted Stock Award and Restricted Stock Unit Activity [Line Items]
Number of annual vesting installments \| vesting_installment	3
Shares granted in period (in shares)	300	500	500
Unrecognized share-based compensation expense related to unvested awards \| $	$ 10.1
Amortized over a weighted average period	1 year 7 months 6 days
Awards vested in period (in shares)	400	500	400
Performance-based RSUs \| Minimum
Schedule of Restricted Stock Award and Restricted Stock Unit Activity [Line Items]
Percentage of performance range of RSUs that may be awarded (percent)	0.00%
Performance-based RSUs \| Maximum
Schedule of Restricted Stock Award and Restricted Stock Unit Activity [Line Items]
Percentage of performance range of RSUs that may be awarded (percent)	200.00%

SHARE-BASED COMPENSATION (Schedule Of Restricted Stock Award And Restricted Stock Unit Activity) (Details) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Restricted Stock Awards
Shares
Unvested beginning balance (in shares)	2
Granted (in shares)	9
Vested (in shares)	(6)
Forfeited (in shares)	0
Unvested ending balance (in shares)	5	2
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share)	$ 105.18
Granted (in dollars per share)	51.13	$ 88.68	$ 38.10
Vested (in dollars per share)	62.55
Forfeited (in dollars per share)	0
Ending balance (in dollars per share)	$ 51.13	$ 105.18
Restricted Stock Units
Shares
Unvested beginning balance (in shares)	1,455
Granted (in shares)	516
Vested (in shares)	(688)
Forfeited (in shares)	(102)
Unvested ending balance (in shares)	1,181	1,455
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share)	$ 49.70
Granted (in dollars per share)	76.06	$ 76.28	$ 29.14
Vested (in dollars per share)	43.12
Forfeited (in dollars per share)	64.57
Ending balance (in dollars per share)	$ 62.93	$ 49.70

INCOME TAXES (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
INCOME TAXES (Narrative) (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating Loss Carryforwards [Line Items]
Net increase (decrease) in deferred tax asset valuation allowance	$ 1.7	$ (200.2)
Net expense related to increase in unrecognized tax benefits	4.0
Income tax penalties and interest	3.8	1.0	$ 0.6
Interest from settlements, lapse of statutes, and change in certainty released	0.2
Cumulative accrued balance of penalties and interest	5.6	2.0	1.2
Unrecognized tax benefits that would impact effective tax rate	222.5	218.7	$ 205.6
Tax Year 2020 \| Netherlands
Operating Loss Carryforwards [Line Items]
Net deferred tax assets	401.2
Tax Year 2021 \| Netherlands
Operating Loss Carryforwards [Line Items]
Net deferred tax assets	37.3
U.S. State Tax
Operating Loss Carryforwards [Line Items]
Aggregate tax loss carryforward	1.4	2.4
Foreign Taxing Authority
Operating Loss Carryforwards [Line Items]
Aggregate tax loss carryforward	66.4	61.5
Valuation Allowance Related To Income Tax Benefit
Operating Loss Carryforwards [Line Items]
Net increase (decrease) in deferred tax asset valuation allowance	4.4
Impact of Unrecorded Tax Attributes Related to Changes in Cumulative Translation Adjustments
Operating Loss Carryforwards [Line Items]
Net increase (decrease) in deferred tax asset valuation allowance	$ (2.7)	(7.9)
Valuation Allowance Related To Income Tax Expense
Operating Loss Carryforwards [Line Items]
Net increase (decrease) in deferred tax asset valuation allowance		$ (192.3)

INCOME TAXES (Components of Income Tax Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income before taxes:
U.S.	$ 312,501	$ 510,706	$ 133,574
Foreign	406,007	153,143	73,405
Income before income taxes	718,508	663,849	206,979
Current income taxes:
U.S. federal	76,092	94,548	698
U.S. state	19,257	28,460	6,577
Foreign	87,760	56,430	211,904
Total current income taxes	183,109	179,438	219,179
Deferred income taxes:
U.S. federal	(12,032)	791	529
U.S. state	861	32	(2,381)
Foreign	6,411	(242,106)	(323,209)
Total deferred income taxes	(4,760)	(241,283)	(325,061)
Total income tax expense (benefit)	$ 178,349	$ (61,845)	$ (105,882)

INCOME TAXES (Effective Income Tax Reconciliation) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income tax expense and rate attributable to:
Federal income tax rate	$ 150,887	$ 139,408	$ 43,466
State income tax rate, net of federal benefit	15,981	22,952	7,231
Foreign income tax rate differential	12,405	18,890	(6,060)
GILTI, net	4,834	14,157	7,515
Non-deductible / non-taxable items	3,743	9,637	6,871
Change in valuation allowance	4,414	(192,337)	143,012
U.S. tax on foreign earnings	16,822	0	0
Foreign tax credits	(28,087)	(19,925)	(15,904)
Research and development credits	(5,488)	(13,104)	(148)
Uncertain tax positions	3,952	21,341	200,571
Share-based compensation	(1,231)	(11,930)	(1,303)
Intra-Entity IP Transfer	0	(41,858)	(492,470)
Enacted changes in tax law	0	(9,554)	0
Other	117	478	1,337
Total income tax expense (benefit)	$ 178,349	$ (61,845)	$ (105,882)
Income tax expense and rate attributable to (percent):
Federal income tax rate	21.00%	21.00%	21.00%
State income tax rate, net of federal benefit	2.20%	3.50%	3.50%
Foreign income tax rate differential	1.70%	2.80%	(2.90%)
GILTI, net	0.70%	2.10%	3.60%
Non-deductible / non-taxable items	0.50%	1.50%	3.30%
Change in valuation allowance	0.60%	(29.00%)	69.00%
U.S. tax on foreign earnings	2.30%	0.00%	0.00%
Foreign tax credits	(3.90%)	(3.00%)	(7.70%)
Research and development credits	(0.80%)	(2.00%)	(0.10%)
Uncertain tax positions	0.60%	3.20%	96.90%
Share-based compensation	(0.20%)	(1.80%)	(0.60%)
Intra-Entity IP Transfer	0.00%	(6.30%)	(237.90%)
Enacted changes in tax law	0.00%	(1.40%)	0.00%
Other	0.10%	0.10%	0.70%
Effective income tax expense and rate	24.80%	(9.30%)	(51.20%)

INCOME TAXES (Deferred Income Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Non-current deferred tax assets:
Share-based compensation expense	$ 3,130	$ 2,706
Accruals, reserves, and other expenses	24,324	24,346
Net operating loss	21,455	24,573
Intangible assets	438,712	502,100
Foreign tax credit	45,746	39,442
Operating lease liabilities	55,624	35,755
Other	25,354	5,811
Valuation allowance	(28,118)	(26,467)
Total non-current deferred tax assets	586,227	608,266
Non-current deferred tax liabilities:
Unrealized gain on foreign currency	(1,760)	0
Property and equipment	(2,381)	(12,189)
Right-of-use assets	(47,641)	(28,598)
Intangible assets	(307,474)	0
Other	(723)	(278)
Total non-current deferred tax liabilities	$ (359,979)	$ (41,065)

INCOME TAXES (Reconciliation of Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Unrecognized tax benefit as of January 1	$ 218,399	$ 206,209	$ 4,613
Additions in tax positions taken in prior period	1,697	6,169	519
Reductions in tax positions taken in prior period	(904)	(963)	(340)
Additions in tax positions taken in current period	2,948	23,061	200,947
Settlements	(375)	(763)	(294)
Lapse of statute of limitations	(510)	(342)	(258)
Current year acquisitions	10,426	0	0
Cumulative foreign currency translation adjustment	(12,318)	(14,972)
Cumulative foreign currency translation adjustment			1,022
Unrecognized tax benefit as of December 31	$ 219,363	$ 218,399	$ 206,209

EARNINGS PER SHARE (Summary Of Basic And Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Numerator:
Net income attributable to common stockholders	$ 540,159	$ 725,694	$ 312,861
Denominator:
Weighted average common shares outstanding - basic (in shares)	61,220	62,464	67,386
Plus: dilutive effect of stock options and unvested restricted stock units (in shares)	786	1,254	1,158
Weighted average common shares outstanding - diluted (in shares)	62,006	63,718	68,544
Net income per common share:
Basic (in dollars per share)	$ 8.82	$ 11.62	$ 4.64
Diluted (in dollars per share)	$ 8.71	$ 11.39	$ 4.56

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

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+ Details

COMMITMENTS AND CONTINGENCIES (Purchase Commitments) (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Accrued estimated losses	$ 2.5
Purchase commitment
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Purchase commitments with third party manufacturers	$ 380.5	$ 274.9

OPERATING SEGMENTS AND GEOGRAPHIC INFORMATION (Narrative) (Details) - segment	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Crocs Inc
Segment Reporting Information [Line Items]
Number of operating segments	4
Crocs Brand
Segment Reporting Information [Line Items]
Number of operating segments	3
Property, Plant and Equipment \| Geographic Concentration Risk \| Netherlands
Segment Reporting Information [Line Items]
Percentage of consolidated revenues (percent)	15.00%	20.00%

OPERATING SEGMENTS AND GEOGRAPHIC INFORMATION (Information Related To Reportable Operating Business Segments) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Total consolidated revenues	$ 3,554,985	$ 2,313,416	$ 1,385,951
Income from operations	850,756	683,064	214,124
Foreign currency gains (losses), net	3,228	(140)	(1,128)
Interest income	1,020	775	215
Interest expense	(136,158)	(21,647)	(6,742)
Other income (expense), net	(338)	1,797	510
Income before income taxes	718,508	663,849	206,979
Total consolidated depreciation and amortization	39,229	31,976	27,619
Total property and equipment, net	181,529	108,398
United States
Segment Reporting Information [Line Items]
Total consolidated revenues	2,438,923	1,507,482	802,952
Total property and equipment, net	148,078	80,613
International
Segment Reporting Information [Line Items]
Total consolidated revenues	1,116,062	805,934	582,999
Total property and equipment, net	33,451	27,785
Total Crocs Brand
Segment Reporting Information [Line Items]
Total consolidated revenues	2,659,125	2,313,416	1,385,951
HEYDUDE Brand (1)
Segment Reporting Information [Line Items]
Total consolidated revenues	895,860	0	0
Reportable Operating Segments
Segment Reporting Information [Line Items]
Income from operations	852,025	861,394	329,423
Reportable Operating Segments \| Total Crocs Brand
Segment Reporting Information [Line Items]
Total consolidated revenues	2,659,125	2,313,416	1,385,951
Income from operations	852,025	861,394	329,423
Total consolidated depreciation and amortization	18,877	16,931	13,869
Reportable Operating Segments \| North America
Segment Reporting Information [Line Items]
Total consolidated revenues	1,644,630	1,553,891	832,540
Income from operations	683,350	755,723	313,913
Total consolidated depreciation and amortization	10,804	7,669	3,453
Reportable Operating Segments \| Asia Pacific
Segment Reporting Information [Line Items]
Total consolidated revenues	473,935	350,160	278,515
Income from operations	145,011	71,936	32,830
Total consolidated depreciation and amortization	2,113	1,629	1,138
Reportable Operating Segments \| EMEALA
Segment Reporting Information [Line Items]
Total consolidated revenues	540,534	409,278	274,733
Income from operations	153,976	134,126	75,513
Total consolidated depreciation and amortization	3,221	1,806	805
Reportable Operating Segments \| HEYDUDE Brand (1)
Segment Reporting Information [Line Items]
Total consolidated revenues	895,860	0	0
Income from operations	211,361	0	0
Total consolidated depreciation and amortization	12,248	0	0
Brand corporate \| Brand corporate (2)
Segment Reporting Information [Line Items]
Total consolidated revenues	26	87	163
Income from operations	(130,312)	(100,391)	(92,833)
Total consolidated depreciation and amortization	2,739	5,827	8,473
Enterprise corporate
Segment Reporting Information [Line Items]
Income from operations	(212,630)	(178,330)	(115,299)
Total consolidated depreciation and amortization	$ 8,104	$ 15,045	$ 13,750

EMPLOYEE BENEFIT PLAN (Details) - Defined Contribution Plan - Defined Contribution Benefit Plan - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Defined Contribution Plan Disclosure [Line Items]
Employees' vesting percentage in matching contributions (percent)	100.00%
Contributions made by the Company under the Plan	$ 9.0	$ 7.4	$ 4.7
Tranches One
Defined Contribution Plan Disclosure [Line Items]
Employer matching contribution (percent)	100.00%
Employee's salary contribution (percent)	3.00%
Tranches Two
Defined Contribution Plan Disclosure [Line Items]
Employer matching contribution (percent)	50.00%
Employee's salary contribution (percent)	2.00%

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	$ 20,715	$ 21,093	$ 18,797
Charged to Costs and Expenses	199,751	153,571	106,439
Deductions	(195,973)	(153,949)	(104,143)
Balance at End of Period	24,493	20,715	21,093
Allowance for doubtful accounts
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	7,828	11,154	8,276
Charged to Costs and Expenses	1,101	0	5,779
Deductions	1,584	(3,326)	(2,901)
Balance at End of Period	10,513	7,828	11,154
Reserve for sales returns and allowances
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	9,606	5,782	5,261
Charged to Costs and Expenses	192,543	148,893	95,740
Deductions	(193,272)	(145,069)	(95,219)
Balance at End of Period	8,877	9,606	5,782
Reserve for unapplied rebates
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	3,281	4,157	5,260
Charged to Costs and Expenses	6,107	4,678	4,920
Deductions	(4,285)	(5,554)	(6,023)
Balance at End of Period	$ 5,103	$ 3,281	$ 4,157