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ACQUISITION OF HEYDUDE (Tables)
6 Months Ended
Jun. 30, 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, net69,031 
Inventories (1)
176,000 
Prepaid expenses and other assets2,977 
Intangible assets (2)
1,780,000 
Goodwill (3)
712,668 
Right-of-use assets 2,844 
Accounts payable(28,388)
Accrued expenses and other liabilities (4)
(38,780)
Income taxes payable (5)
(30,572)
Long-term deferred tax liability (5)
(312,656)
Long-term income taxes payable (5)
(13,004)
Operating lease liabilities(2,843)
Net assets acquired (6)
$2,323,509 
(1) Includes an increase of $4.7 million due to a valuation adjustment during the three months ended June 30, 2022.
(2) Includes a decrease of $90.0 million due to a valuation adjustment during the three months ended June 30, 2022 related to customer relationships.
(3) During the three months ended June 30, 2022, goodwill increased $72.2 million, $65.6 million of which relates to the valuation and tax adjustments described in footnotes (1), (2), (4), and (5), and $6.6 million of which relates to a working capital adjustment, as described in footnote (6).
(4) Includes a net decrease of $0.8 million made during the three months ended June 30, 2022, comprised of a valuation adjustment of $1.5 million related to the acquired loyalty program and a tax adjustment of $0.7 million.
(5) 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.
(6) During the three months ended June 30, 2022, the purchase price consideration was increased by $6.6 million associated with a working capital adjustment.
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 LifeAmortization MethodEstimated Fair Value
(in thousands)
Customer relationships15Straight-line$210,000 
TrademarkIndefinite1,570,000 
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 June 30,Six Months Ended June 30,
2022202120222021
(in thousands)
Revenues$964,558 $759,417 $1,715,035 $1,333,016 
Net income187,630 334,980 302,722 341,692