ACQUISITION OF HEYDUDE (Tables)

3 Months Ended

Mar. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the final 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	68,698
Inventories	155,773
Prepaid expenses and other assets (1)	7,880
Intangible assets	1,780,000
Goodwill (1)(2)	710,034
Right-of-use assets	2,844
Accounts payable (2)	(30,017)
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

(1) Includes a valuation adjustment that increased prepaid expenses and other assets by $3.5 million and decreased goodwill by $3.5 million during the three months ended March 31, 2023.

(2) Includes a valuation adjustment that increased goodwill by $0.2 million and increased accounts payable by $0.2 million during the three months ended March 31, 2023.

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

Schedule of 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.

	Three Months Ended March 31,
	2022
	(in thousands)
Revenues	$	750,477
Net income	115,092