GOODWILL AND INTANGIBLE ASSETS, NET (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The changes in goodwill for the years ended December 31, 2023 and 2022 were:

	Goodwill
	(in thousands)
Balance at December 31, 2021	$	1,600
HEYDUDE Acquisition	713,308
Foreign currency translation (1)	(94)
Balance at December 31, 2022	714,814
HEYDUDE valuation adjustment (2)	(3,274)
Foreign currency translation (1)	48
Balance at December 31, 2023	$	711,588

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

(2) We acquired HEYDUDE on February 17, 2022, and the purchase price allocation was finalized during the year ended December 31, 2023, resulting in a change to the goodwill balance. During the year ended December 31, 2023, there were valuation adjustments that resulted in a net decrease to goodwill of $3.3 million. Refer to Note 3 — Acquisition of HEYDUDE for additional details.

Schedule of Intangible Assets, net

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

	December 31, 2023						December 31, 2022
	Gross		Accum. Amortiz.		Net		Gross		Accum. Amortiz.		Net
	(in thousands)
Intangible assets subject to amortization:
Capitalized software	$	136,343	$	(108,675)	$	27,668	$	132,295	$	(109,227)	$	23,068
Customer relationships	210,000		(26,250)		183,750		210,000		(12,250)		197,750
Patents, copyrights, and trademarks	5,055		(3,686)		1,369		5,124		(3,537)		1,587
Intangible assets not subject to amortization:
HEYDUDE trademark	1,570,000		—		1,570,000		1,570,000		—		1,570,000
In progress	8,562		—		8,562		7,537		—		7,537
Other	1,213		—		1,213		225		—		225
Total	$	1,931,173	$	(138,611)	$	1,792,562	$	1,925,181	$	(125,014)	$	1,800,167

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,
	2023		2022		2021
	(in thousands)
Cost of sales	$	3,080	$	2,366	$	4,779
Selling, general and administrative expenses	19,539		17,221		12,255
Total amortization expense	$	22,619	$	19,587	$	17,034

Schedule of Future Amortization of Intangible Assets

Estimated future annual amortization expense of intangible assets is:

	As of December 31, 2023
	(in thousands)
2024	$	22,778
2025	21,582
2026	20,073
2027	18,080
2028	16,060
Thereafter	114,214
Total	$	212,787