Kontoor Brands (KTB) DEF 14A9 Mar 23Definitive proxyFinancial data

Company Profile

Document and Entity Information

Document and Entity Information	12 Months Ended
Document and Entity Information	Dec. 31, 2022
Cover [Abstract]
Document Type	DEF 14A
Amendment Flag	false
Entity Registrant Name	KONTOOR BRANDS, INC.
Entity Central Index Key	0001760965

Pay vs Performance Disclosure

Pay vs Performance Disclosure	12 Months Ended
Pay vs Performance Disclosure	Dec. 31, 2022 USD ($) $ / shares	Dec. 31, 2021 USD ($) $ / shares	Dec. 31, 2020 USD ($) $ / shares
Pay vs Performance Disclosure [Table]
Pay vs Performance [Table Text Block]	Pay Versus Performance Table Value of Initial Fixed $100 Investment Based On: Year (1) Summary (2) Compensation Average Summary (2) Average KTB Total S&P 1500 KTB GAAP Net KTB (3) (a) (b) (c) (d) (e) (f) (g) (h) (i) 2022 $11,412,428 $10,260,831 $3,175,275 $3,052,820 $104.55 $125.35 $245,493,000 $4.49 2021 $ 9,979,870 $14,670,445 $2,375,813 $2,881,053 $127.77 $129.18 $195,423,000 $4.28 2020 $6,222,014 $5,305,530 $1,742,947 $1,485,725 $98.08 $111.33 $67,923,000 $2.61 1. Our Chief Executive Officer, Scott H. Baxter, served as our Principal Executive Officer (“PEO”) in 2022, 2021 and 2020. Our other NEOs (“Non-PEO NEOs”) included: a. For 2022, Thomas L. Doerr, Jr. (who served for seven months in 2022), Thomas E. Waldron, Christopher M. Waldeck, and Rustin E. Welton. b. For 2021, Laurel Krueger (who served for eight months in 2021), Thomas E. Waldron, Christopher M. Waldeck, and Rustin E. Welton. c. For 2020, Laurel Krueger, Thomas E. Waldron, Christopher M. Waldeck, and Rustin E. Welton. 2. For each year, the values included in columns (c) and (e) for the compensation actually paid to our PEO and the average compensation paid to our non-PEO NEOs reflect the following adjustments to the values included in column (b) and column (d), respectively: 3. The Company has identified Adjusted EPS as the company-selected measure for the pay versus performance disclosure, representing the most important financial performance measure used to link compensation actually paid to the PEO and the other NEOs in 2022 to the Company's performance. See “Appendix A-Reconciliation of Adjusted Financial Measures” at the end of this document for a reconciliation to the most directly comparable GAAP measure. 2022 2021 2020 Reconciliation of Summary Compensation Totals and Compensation Actual Paid PEO Average Non-PEO NEOs PEO Average Non-PEO NEOs PEO Average Non-PEO NEOs Summary Compensation Table Total for PEO (column (b)) $11,412,428 $3,175,275 $9,979,870 $2,375,813 $6,222,014 $1,742,947 +/- Net Change in Pension Value $0 $0 $0 $0 $0 $0 +/- Net Change in Stock Awards Value ($1,151,597) ($122,455) $4,630,601 $505,862 ($772,162) ($235,664) +/- Net Change in Option Award Value $0 $0 $59,974 ($622) ($144,322) ($21,558) Compensation Actually Paid $10,260,831 $3,052,820 $14,670,445 $2,881,053 $5,305,530 $ 1,485,725
Company Selected Measure Name	Adjusted EPS
Named Executive Officers, Footnote [Text Block]	1. Our Chief Executive Officer, Scott H. Baxter, served as our Principal Executive Officer (“PEO”) in 2022, 2021 and 2020. Our other NEOs (“Non-PEO NEOs”) included: a. For 2022, Thomas L. Doerr, Jr. (who served for seven months in 2022), Thomas E. Waldron, Christopher M. Waldeck, and Rustin E. Welton. b. For 2021, Laurel Krueger (who served for eight months in 2021), Thomas E. Waldron, Christopher M. Waldeck, and Rustin E. Welton. c. For 2020, Laurel Krueger, Thomas E. Waldron, Christopher M. Waldeck, and Rustin E. Welton.
PEO Total Compensation Amount	$ 11,412,428	$ 9,979,870	$ 6,222,014
PEO Actually Paid Compensation Amount	$ 10,260,831	14,670,445	5,305,530
Adjustment To PEO Compensation, Footnote [Text Block]	2022 2021 2020 Reconciliation of Summary Compensation Totals and Compensation Actual Paid PEO Average Non-PEO NEOs PEO Average Non-PEO NEOs PEO Average Non-PEO NEOs Summary Compensation Table Total for PEO (column (b)) $11,412,428 $3,175,275 $9,979,870 $2,375,813 $6,222,014 $1,742,947 +/- Net Change in Pension Value $0 $0 $0 $0 $0 $0 +/- Net Change in Stock Awards Value ($1,151,597) ($122,455) $4,630,601 $505,862 ($772,162) ($235,664) +/- Net Change in Option Award Value $0 $0 $59,974 ($622) ($144,322) ($21,558) Compensation Actually Paid $10,260,831 $3,052,820 $14,670,445 $2,881,053 $5,305,530 $ 1,485,725
Non-PEO NEO Average Total Compensation Amount	$ 3,175,275	2,375,813	1,742,947
Non-PEO NEO Average Compensation Actually Paid Amount	$ 3,052,820	2,881,053	1,485,725
Adjustment to Non-PEO NEO Compensation Footnote [Text Block]	2022 2021 2020 Reconciliation of Summary Compensation Totals and Compensation Actual Paid PEO Average Non-PEO NEOs PEO Average Non-PEO NEOs PEO Average Non-PEO NEOs Summary Compensation Table Total for PEO (column (b)) $11,412,428 $3,175,275 $9,979,870 $2,375,813 $6,222,014 $1,742,947 +/- Net Change in Pension Value $0 $0 $0 $0 $0 $0 +/- Net Change in Stock Awards Value ($1,151,597) ($122,455) $4,630,601 $505,862 ($772,162) ($235,664) +/- Net Change in Option Award Value $0 $0 $59,974 ($622) ($144,322) ($21,558) Compensation Actually Paid $10,260,831 $3,052,820 $14,670,445 $2,881,053 $5,305,530 $ 1,485,725
Compensation Actually Paid vs. Total Shareholder Return [Text Block]	Relationship Between Compensation Actually Paid and Performance Measures Period Compensation Actually Average compensation Actually KTB TSR Peer Group TSR GAAP Net Income Adjusted EPS 2020 to 2022 93% 105% 5% 25% 261% 72% • Relationship Between Compensation Actually Paid to our PEO and the Average of the Compensation Actually Paid to the Other NEOs and the Company’s Cumulative TSR
Compensation Actually Paid vs. Net Income [Text Block]	Relationship Between Compensation Actually Paid and Performance Measures Period Compensation Actually Average compensation Actually KTB TSR Peer Group TSR GAAP Net Income Adjusted EPS 2020 to 2022 93% 105% 5% 25% 261% 72% • Relationship Between Compensation Actually Paid to our PEO and the Average of the Compensation Actually Paid to the Other NEOs and the Company’s Net Income
Compensation Actually Paid vs. Company Selected Measure [Text Block]	Relationship Between Compensation Actually Paid and Performance Measures Period Compensation Actually Average compensation Actually KTB TSR Peer Group TSR GAAP Net Income Adjusted EPS 2020 to 2022 93% 105% 5% 25% 261% 72% • Relationship Between Compensation Actually Paid to our PEO and the Average of the Compensation Actually Paid to the Other NEOs and the Company’s Adjusted EPS.
Total Shareholder Return Vs Peer Group [Text Block]	Relationship Between Compensation Actually Paid and Performance Measures Period Compensation Actually Average compensation Actually KTB TSR Peer Group TSR GAAP Net Income Adjusted EPS 2020 to 2022 93% 105% 5% 25% 261% 72% • Relationship Between the Company’s
Tabular List [Table Text Block]	Performance Metrics The table below lists our most important performance measures used to link "Compensation Actually Paid" for our NEOs to company performance, over the fiscal year 2022. These measures are used to determine the AIP and PRSU payouts for each of the NEOs. For more information on AIP and actual payouts for each NEO, see “Annual Cash Incentives” beginning on page 41 of this Proxy Statement. For more information on PRSU awards and actual payouts for each NEO, see "Long-Term Incentive Awards" beginning on page 45 of this Proxy Statement. The performance measures included in this table are not ranked by relative importance. GAAP Revenue (as defined in “Compensation Discussion & Analysis—Components of Total Direct Compensation—Annual Cash Incentives”, described on page 42) Gross Margin (as defined in “Compensation Discussion & Analysis—Components of Total Direct Compensation—Annual Cash Incentives”, described on page 42) Profit Before Taxes (as defined in “Compensation Discussion & Analysis—Components of Total Direct Compensation—Annual Cash Incentives”, described on page 42) Operating Cash Flow (as defined in “Compensation Discussion & Analysis—Components of Total Direct Compensation—Long-Term Incentive Awards”, described on page 45) Adjusted EPS (as defined in “Compensation Discussion & Analysis—Components of Total Direct Compensation—Long-Term Incentive Awards”, described on page 45)
Total Shareholder Return Amount	$ 104.55	127.77	98.08
Peer Group Total Shareholder Return Amount	125.35	129.18	111.33
Net Income (Loss)	$ 245,493,000	$ 195,423,000	$ 67,923,000
Company Selected Measure Amount \| $ / shares	4.49	4.28	2.61
PEO Name	Scott H. Baxter
Measure [Axis]: 1
Pay vs Performance Disclosure [Table]
Measure Name	GAAP Revenue
Measure [Axis]: 2
Pay vs Performance Disclosure [Table]
Measure Name	Gross Margin
Measure [Axis]: 3
Pay vs Performance Disclosure [Table]
Measure Name	Profit Before Taxes
Measure [Axis]: 4
Pay vs Performance Disclosure [Table]
Measure Name	Operating Cash Flow
Measure [Axis]: 5
Pay vs Performance Disclosure [Table]
Measure Name	Adjusted EPS
Adjustment for Restricted Stock Units [Member]
Pay vs Performance Disclosure [Table]
Stock Price, Minimum \| $ / shares	$ 39.91	$ 41.47	$ 17.72
Stock Price, Maximum \| $ / shares	46.9	51.25	42.22
Adjustment for Performance Stock Units [Member]
Pay vs Performance Disclosure [Table]
Stock Price, Minimum \| $ / shares	$ 44.11	$ 51.25	$ 40.56
Performance Multiplier, Minimum	107%	91%	88%
Performance Multiplier, Maximum	114%	133%	107%
Adjustment for Stock Options [Member]
Pay vs Performance Disclosure [Table]
Stock Price, Minimum \| $ / shares		$ 40.56	$ 17.66
Stock Price, Maximum \| $ / shares		$ 43.41	$ 41.99
Expected Life, Minimum		4 years 2 months 12 days	3 years 3 months 18 days
Expected Life, Maximum		6 years 7 months 6 days	6 years
Risk-Free Rate, Minimum		0.40%	0.40%
Risk-Free Rate, Maximum		0.60%	1.60%
Volatility, Minimum		53.70%	35.90%
Volatility, Maximum		56.10%	56.70%
Dividend Yield, Minimum		3.70%	5.30%
Dividend Yield, Maximum		3.90%	9.10%
PEO [Member] \| Adjustment for Net Change in Pension Value [Member]
Pay vs Performance Disclosure [Table]
Adjustment to Compensation Amount	$ 0	$ 0	$ 0
PEO [Member] \| Adjustment for Net Change in Stock Awards Value [Member]
Pay vs Performance Disclosure [Table]
Adjustment to Compensation Amount	(1,151,597)	4,630,601	(772,162)
PEO [Member] \| Adjustment for Net Change in Option Award Value [Member]
Pay vs Performance Disclosure [Table]
Adjustment to Compensation Amount	0	59,974	(144,322)
Non-PEO NEO [Member] \| Adjustment for Net Change in Pension Value [Member]
Pay vs Performance Disclosure [Table]
Adjustment to Compensation Amount	0	0	0
Non-PEO NEO [Member] \| Adjustment for Net Change in Stock Awards Value [Member]
Pay vs Performance Disclosure [Table]
Adjustment to Compensation Amount	(122,455)	505,862	(235,664)
Non-PEO NEO [Member] \| Adjustment for Net Change in Option Award Value [Member]
Pay vs Performance Disclosure [Table]
Adjustment to Compensation Amount	$ 0	$ (622)	$ (21,558)