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Investments, Equity Method and Joint Ventures (Notes)
 12 Months Ended
Dec. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]  
Equity Method Investments and Joint Ventures Disclosure VARIABLE INTEREST ENTITIES AND RELATED PARTY TRANSACTIONS
On December 17, 2023, the Company entered into a purchase agreement to sell a 40% ownership interest in Gemini Asia Saucony, LLC, which was established for the purpose of holding, licensing and managing the intellectual property rights associated with the Saucony® brand in China, Hong Kong and Macau, to XMS Sports Co. Limited for cash of $39.0 million.
Assets and Liabilities of Consolidated VIEs
The Company has joint ventures that source and market the Company’s footwear and apparel products in China. Based upon the criteria set forth in FASB ASC 810, Consolidation, the Company has determined two of the consolidated joint ventures are variable interest entities (VIEs) of which the Company is the primary beneficiary and, as a result, the Company consolidates these VIEs. The primary beneficiary determination is based on the relationship between the Company and the VIE, including contractual agreements between the Company and the VIE. The Company has determined that two of the VIEs that are consolidated meet the criteria to be classified as held for sale as of year end 2023, refer to Note 20, "Divestitures and Assets and Liabilities Held for Sale" for additional discussion.
Specifically, the Company has the power to direct the activities that are considered most significant to the entities’ performance and the Company has the obligation to absorb losses and the right to receive benefits that are significant to the entities. The other equity holder’s interests are reflected in “net earnings (loss) attributable to noncontrolling interests” in the Consolidated Statement of Operations and “Noncontrolling interest” in the Consolidated Balance Sheets. Assets held by the VIEs are only available to settle obligations of the respective entities. Holders of liabilities of these VIEs do not have recourse to the Company.
The following is a summary of these VIE’s assets and liabilities included in the Company’s consolidated balance sheets.
Fiscal Year
(In millions)20232022
Cash$— $5.8 
Accounts receivable— 19.7
Inventory— 16.0
Other current assets— 2.4
Noncurrent assets— 0.8
Assets held for sale51.6 — 
Total assets51.644.7
Current liabilities— 9.6
Noncurrent liabilities— 1.6
Liabilities held for sale15.4 — 
Total liabilities$15.4 $11.2 
Nonconsolidated VIEs
The Company also has two joint ventures that are VIEs that are not consolidated as the Company does not have the power to direct the most significant activities that impact the VIEs' economic performance. The two VIEs distribute footwear and apparel products in the Asia Pacific region. The Company’s consolidated balance sheets in 2022 included $8.1 million in Other Assets related to VIEs for which the Company is not the primary beneficiary. The Company has determined that the VIEs that are not consolidated meet the criteria to be classified as held for sale as of year-end fiscal 2023, refer to Note 20, "Divestitures and Assets and Liabilities Held for Sale" for additional discussion.
Related Party Transactions
In the normal course of business, the Company enters into transactions with related party equity affiliates. Related party transactions consist of the sale of goods, made at arm’s length, and other arrangements. For the fiscal years ended December 30, 2023 and December 31, 2022 the Company recognized net sales to equity affiliates totaling $66.5 million and $35.5 million, respectively.
The following table summarizes related party transactions included in the consolidated balance sheets.
Fiscal Year
(In millions)20232022
Accounts receivable due from related parties$15.4 $18.1 
Long term liabilities due to related parties1.4 — 
Long term assets due from related parties— 1.6