Quarterly report pursuant to Section 13 or 15(d)

BUSINESS SEGMENT INFORMATION

v3.23.2
BUSINESS SEGMENT INFORMATION
 6 Months Ended
Jul. 01, 2023
Segment Reporting [Abstract]  
BUSINESS SEGMENT INFORMATION BUSINESS SEGMENT INFORMATION
The Company has two reportable segments:
•Wrangler — Wrangler® branded denim, apparel, footwear and accessories.
•Lee — Lee® branded denim, apparel, footwear and accessories.
The Company considers its chief executive officer to be its chief operating decision maker. The chief operating decision maker allocates resources and assesses performance based on the global brand operating results of Wrangler® and Lee®, which are the Company's operating and reportable segments.
In addition, we report an "Other" category to reconcile segment revenues and segment profit to the Company's operating results, but the Other category does not meet the criteria to be considered a reportable segment. Other includes sales and licensing of Rock & Republic®, other company-owned brands and private label apparel.
Accounting policies utilized for internal management reporting at the individual segments are consistent with those disclosed in the Company's 2022 Annual Report on Form 10-K. Corporate and other expenses and interest income and expense are not controlled by segment management and therefore are excluded from the measurement of segment profit.
The following table presents financial information for the Company's reportable segments and income before income taxes:
  Three Months Ended June Six Months Ended June
(In thousands) 2023 2022 2023 2022
Segment revenues:
Wrangler $ 425,485  $ 417,944  $ 848,632  $ 830,367 
Lee 188,008  193,053  428,657  457,273 
Total reportable segment revenues 613,493  610,997  1,277,289  1,287,640 
Other revenues 2,516  2,575  5,843  5,675 
Total net revenues $ 616,009  $ 613,572  $ 1,283,132  $ 1,293,315 
Segment profit:
Wrangler $ 70,976  $ 75,064  $ 142,083  $ 150,452 
Lee 17,165  22,904  56,738  75,134 
Total reportable segment profit $ 88,141  $ 97,968  $ 198,821  $ 225,586 
Corporate and other expenses (27,660) (12,017) (45,724) (31,999)
Interest expense (9,663) (8,234) (19,936) (16,257)
Interest income 691  296  1,110  765 
(Loss) profit related to other revenues (236) 48  (129) 411 
Income before income taxes $ 51,273  $ 78,061  $ 134,142  $ 178,506