Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 29, 2018 | Oct. 26, 2018 | |
Document Documentand Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 29, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | HBI | |
Entity Registrant Name | Hanesbrands Inc. | |
Entity Central Index Key | 1,359,841 | |
Current Fiscal Year End Date | --12-29 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Common Stock, Shares Outstanding | 360,732,707 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudted) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 29, 2018 | Sep. 30, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | |
Income Statement [Abstract] | ||||
Net sales | $ 1,848,707 | $ 1,799,270 | $ 5,035,654 | $ 4,826,235 |
Cost of sales | 1,136,040 | 1,120,813 | 3,084,110 | 2,962,345 |
Gross profit | 712,667 | 678,457 | 1,951,544 | 1,863,890 |
Selling, general and administrative expenses | 455,778 | 419,991 | 1,328,534 | 1,245,290 |
Operating profit | 256,889 | 258,466 | 623,010 | 618,600 |
Other expenses | 7,285 | 7,043 | 19,616 | 20,010 |
Interest expense, net | 52,795 | 43,917 | 146,988 | 130,184 |
Income from continuing operations before income tax expense | 196,809 | 207,506 | 456,406 | 468,406 |
Income tax expense | 25,388 | 4,150 | 64,943 | 19,804 |
Income from continuing operations | 171,421 | 203,356 | 391,463 | 448,602 |
Loss from discontinued operations, net of tax | 0 | 0 | 0 | (2,097) |
Net income | $ 171,421 | $ 203,356 | $ 391,463 | $ 446,505 |
Earnings (loss) per share — basic: | ||||
Continuing operations | $ 0.47 | $ 0.56 | $ 1.08 | $ 1.22 |
Discontinued operations | 0 | 0 | 0 | (0.01) |
Net income | 0.47 | 0.56 | 1.08 | 1.21 |
Earnings per share — diluted: | ||||
Continuing operations | 0.47 | 0.55 | 1.07 | 1.21 |
Discontinued operations | 0 | 0 | 0 | (0.01) |
Net income | $ 0.47 | $ 0.55 | $ 1.07 | $ 1.20 |
Condensed Consolidated Statem_2
Condensed Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 29, 2018 | Sep. 30, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | |
Condensed Consolidated Statements Of Comprehensive Income (Unaudited) [Abstract] | ||||
Net income | $ 171,421 | $ 203,356 | $ 391,463 | $ 446,505 |
Other comprehensive income (loss), net of tax of ($1,236), $1,427, ($12,315) and $7,870, respectively | (13,944) | 5,051 | (47,292) | 9,349 |
Comprehensive income | $ 157,477 | $ 208,407 | $ 344,171 | $ 455,854 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 29, 2018 | Sep. 30, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | |
Condensed Consolidated Statements Of Comprehensive Income (Unaudited) [Abstract] | ||||
Tax on other comprehensive income | $ (1,236) | $ 1,427 | $ (12,315) | $ 7,870 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 29, 2018 | Dec. 30, 2017 |
Assets | ||
Cash and cash equivalents | $ 398,499 | $ 421,566 |
Trade accounts receivable, net | 1,044,516 | 903,318 |
Inventories | 2,139,281 | 1,874,990 |
Other current assets | 154,909 | 186,496 |
Total current assets | 3,737,205 | 3,386,370 |
Property, net | 607,649 | 623,991 |
Trademarks and other identifiable intangibles, net | 1,586,148 | 1,402,857 |
Goodwill | 1,252,524 | 1,167,007 |
Deferred tax assets | 191,649 | 234,932 |
Other noncurrent assets | 80,331 | 79,618 |
Total assets | 7,455,506 | 6,894,775 |
Liabilities and Stockholders’ Equity | ||
Accounts payable | 975,138 | 867,649 |
Accrued liabilities | 531,740 | 649,634 |
Notes payable | 14,051 | 11,873 |
Accounts Receivable Securitization Facility | 221,979 | 125,209 |
Current portion of long-term debt | 284,220 | 124,380 |
Total current liabilities | 2,027,128 | 1,778,745 |
Long-term debt | 3,863,580 | 3,702,054 |
Pension and postretirement benefits | 386,647 | 405,238 |
Other noncurrent liabilities | 307,563 | 322,536 |
Total liabilities | 6,584,918 | 6,208,573 |
Stockholders’ equity: | ||
Preferred stock (50,000,000 authorized shares; $.01 par value) Issued and outstanding - None | 0 | 0 |
Common stock (2,000,000,000 authorized shares; $.01 par value) Issued and outstanding - 360,660,993 and 360,125,894 respectively | 3,607 | 3,601 |
Additional paid-in capital | 275,671 | 271,462 |
Retained earnings | 1,077,808 | 850,345 |
Accumulated other comprehensive loss | (486,498) | (439,206) |
Total stockholders’ equity | 870,588 | 686,202 |
Total liabilities and stockholders’ equity | $ 7,455,506 | $ 6,894,775 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 29, 2018 | Dec. 30, 2017 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 2,000,000,000 | 2,000,000,000 |
Common stock, shares issued | 360,660,993 | 360,125,894 |
Common stock, shares outstanding | 360,660,993 | 360,125,894 |
Condensed Consolidated Statem_4
Condensed Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 29, 2018 | Sep. 30, 2017 | |
Operating activities: | ||
Net income | $ 391,463 | $ 446,505 |
Adjustments to reconcile net income to net cash from operating activities: | ||
Depreciation and amortization of long-lived assets | 99,314 | 89,762 |
Write-off on early extinguishment of debt | 0 | 0 |
Amortization of debt issuance costs | 6,951 | 7,943 |
Stock compensation expense | 4,621 | 6,351 |
Deferred taxes and other | (4,170) | (10,591) |
Changes in assets and liabilities, net of acquisition of business: | ||
Accounts receivable | (156,509) | (147,933) |
Inventories | (278,962) | (74,945) |
Other assets | 42,122 | (42,664) |
Accounts payable | 116,189 | 71,264 |
Accrued pension and postretirement benefits | (4,840) | 15,021 |
Accrued liabilities and other | (74,890) | (29,623) |
Net cash from operating activities | 141,289 | 331,090 |
Investing activities: | ||
Purchases of property, plant and equipment | (63,472) | (60,418) |
Proceeds from sales of assets | 1,779 | 4,398 |
Acquisition of business, net of cash acquired | (334,916) | (524) |
Disposition of businesses | 0 | 40,285 |
Net cash from investing activities | (396,609) | (16,259) |
Financing activities: | ||
Borrowings on notes payable | 217,709 | 212,804 |
Repayments on notes payable | (217,987) | (249,708) |
Borrowings on Accounts Receivable Securitization Facility | 191,896 | 342,315 |
Repayments on Accounts Receivable Securitization Facility | (95,126) | (135,841) |
Borrowings on Revolving Loan Facilities | 2,841,860 | 2,957,799 |
Repayments on Revolving Loan Facilities | (2,488,500) | (2,738,000) |
Repayments on Term Loan Facilities | (22,500) | (201,281) |
Repayments on International Debt | (1,105) | (44,073) |
Share repurchases | 0 | (299,919) |
Cash dividends paid | (162,200) | (165,211) |
Payments to amend and refinance credit facilities | (633) | (559) |
Payment of contingent consideration | (3,540) | (41,250) |
Taxes paid related to net shares settlement of equity awards | (5,778) | (8,075) |
Other | 486 | 3,401 |
Net cash from financing activities | 254,582 | (367,598) |
Effect of changes in foreign exchange rates on cash | 879 | (7,433) |
Change in cash, cash equivalents and restricted cash | 141 | (60,200) |
Cash and cash equivalents at beginning of year | 421,566 | 460,245 |
Cash, cash equivalents and restricted cash at end of period | 421,707 | 400,045 |
Less restricted cash at end of period | 23,208 | 0 |
Cash and cash equivalents per balance sheet at end of period | $ 398,499 | $ 400,045 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 29, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation These statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) and, in accordance with those rules and regulations, do not include all information and footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Management believes that the disclosures made are adequate for a fair statement of the results of operations, financial condition and cash flows of Hanesbrands Inc. and its consolidated subsidiaries (the “Company” or “Hanesbrands”). In the opinion of management, the condensed consolidated interim financial statements reflect all adjustments, which consist only of normal recurring adjustments, necessary to state fairly the results of operations, financial condition and cash flows for the interim periods presented herein. The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make use of estimates and assumptions that affect the reported amounts and disclosures. Actual results may vary from these estimates. Three subsidiaries of the Company close one day after the Company’s consolidated quarter end. The difference in reporting of financial information for these subsidiaries did not have a material impact on the Company’s financial condition, results of operations or cash flows. These condensed consolidated interim financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s 2017 Annual Report on Form 10-K. The year end condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. The results of operations for any interim period are not necessarily indicative of the results of operations to be expected for the full year. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 29, 2018 | |
Text Block [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Revenue from Contracts with Customers In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606)”, a new accounting standard on revenue recognition that outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. The FASB has subsequently issued updates to the standard to provide additional clarification on specific topics. The new standard was effective for the Company in the first quarter of 2018 and applied using a modified retrospective method. The Company has included enhanced disclosures related to disaggregation of revenue sources and accounting policies. The adoption of the new accounting rules did not have a material impact on the Company’s financial condition, results of operations or cash flows, but did result in additional disclosures. Refer to Note, “Revenue Recognition.” Statement of Cash Flows In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments.” The new guidance addresses the classification of debt prepayment and extinguishment costs and contingent consideration payments made after a business combination. The new standard was effective for the Company in the first quarter of 2018. The adoption of the new accounting rules did not have a material impact on the Company’s financial condition, results of operations or cash flows. In November 2016, the FASB issued ASU 2016-18, “Statement of Cash Flows (Topic 230): Restricted Cash (a consensus of the FASB Emerging Issues Task Force).” This standard requires that restricted cash and restricted cash equivalents be included in cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown in the statement of cash flows. The Company adopted the provisions of ASU 2016-18 in the first quarter of 2018 using the retrospective transition method. The Company did not have restricted cash in prior periods; therefore, the adoption of the new guidance did not have an impact to previously reported cash flows. The Condensed Consolidated Statement of Cash Flow for the nine months ended September 29, 2018 includes restricted cash of $23,208 . Retirement Benefits In March 2017, the FASB issued ASU 2017-07, “Compensation - Retirement Benefits (Topic 715): Improving the presentation of net periodic pension cost and net periodic postretirement benefit cost.” The new rules require that an employer report the service cost component in the same line item or items as other compensation costs arising from services rendered by pertinent employees during the period. The other components of net benefit cost are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations. The new standard was effective for the Company in the first quarter of 2018 and applied with retrospective treatment. Accordingly, the Company reclassified $5,162 and $15,351 from the “Selling, general and administrative expenses” line to the “Other expenses” line within the Condensed Consolidated Statements of Income for the quarter and nine months ended September 30, 2017 , respectively. The adoption of the new accounting rules did not have a material impact on the Company’s financial condition, results of operations or cash flows. In August 2018, the FASB issued ASU 2018-14, “Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20).” The new rule expands disclosure requirements for employer sponsored defined benefit pension and other retirement plans. The new rules will be effective for the Company in the first quarter of 2020. The Company does not expect the new accounting rules to have a material impact on the Company’s financial condition, results of operations or cash flows, however expanded disclosures will be required. Income Taxes In October 2016, the FASB issued ASU 2016-16, “Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory.” The new rules eliminate the exception for an intra-entity transfer of an asset other than inventory, which aligns the recognition of income tax consequences for such transfers. The new rules require the recognition of current and deferred income taxes resulting from these transfers when the transfer occurs rather than when it is sold to an external party. The new standard was effective for the Company in the first quarter of 2018. The adoption of the new accounting rules did not have a material impact on the Company’s financial condition, results of operations or cash flows. In March 2018, the FASB issued ASU 2018-05, “Income Taxes (Topic 740).” The new rules amended SEC Staff Accounting Bulletin No. 118 (“SAB 118”) to incorporate the impact of the Tax Cuts and Jobs Act. The new standard was effective for the Company in the first quarter of 2018 and the impact will be reflected in the Company’s tax related disclosures throughout the year. Definition of a Business In January 2017, the FASB issued ASU 2017-01, “Business Combinations (Topic 805): Clarifying the Definition of a Business.” The new rules provide for the application of a screen test to consider whether substantially all the fair value of the assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets. If the screen test determines this to be true, the set is not a business. The new standard was effective for the Company in the first quarter of 2018. The adoption of the new accounting rules did not have a material impact on the Company’s financial condition, results of operations or cash flows. Stock Compensation In May 2017, the FASB issued ASU 2017-09, “Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting.” The new rules provide guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. Under the new rules, an entity should account for the effects of a modification unless the fair value, vesting conditions and classification of the modified award are the same as the original award immediately before the original award is modified. The new standard was effective for the Company in the first quarter of 2018. The adoption of the new accounting rules did not have a material impact on the Company’s financial condition, results of operations or cash flows. Financial Instruments In February 2018, the FASB issued ASU 2018-03, “Technical Corrections and Improvements to Financial Instruments - Overall (Subtopic 825-10).” The new rules clarify previously issued guidance regarding determination of the fair value of financial instruments. The new standard was effective for the Company in the third quarter of 2018. The adoption of the new accounting rules did not have a material impact on the Company’s financial condition, results of operations and cash flows. Lease Accounting In February 2016, the FASB issued ASU 2016-02, “Leases,” which will require lessees to recognize a right-of-use asset and a lease liability for all leases that are not short-term in nature. The standard will also result in enhanced quantitative and qualitative disclosures surrounding leases. The FASB has subsequently issued updates to the standard to provide clarification on specific topics, including adoption guidance and practical expedients. The new rules will be effective for the Company in the first quarter of 2019. The Company plans to adopt the new rules utilizing the modified retrospective method and will recognize any cumulative effect adjustment in retained earnings at the beginning of the period of adoption. The Company has established a cross-functional implementation team to analyze the impact and implement the new standard. The Company has collected relevant data in order to evaluate lease arrangements, assess potential embedded leases and evaluate accounting policy elections. The Company is also evaluating its processes and internal controls to identify any changes necessary as a result of the new rules. The Company has identified a global lease management and accounting software solution, which is currently being tested and implemented. While the Company is assessing the quantitative impact, the Company expects this adoption to result in material increases in assets and liabilities in its consolidated balance sheet, as well as enhanced disclosures, but does not expect this adoption to have a material impact on the Company’s results of operations or cash flows. Derivatives and Hedging In August 2017, the FASB issued ASU 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities.” The new rules expand the hedging strategies that qualify for hedge accounting, including contractually-specified price components of a commodity purchase or sale, hedges of the benchmark rate component of the contractual coupon cash flows of fixed-rate assets and liabilities, hedges of the portion of a closed portfolio of prepayable assets and partial-term hedges of fixed-rate assets and liabilities. The new rules also allow additional time to complete hedge effectiveness testing and allow qualitative assessments subsequent to initial quantitative tests if there is a supportable expectation that the hedge will remain highly effective. The new rules will be effective for the Company in the first quarter of 2019, with early adoption permitted. The Company expects to adopt the new rules in the first quarter of 2019 and does not expect the adoption of the new accounting rules to have a material impact on the Company’s financial condition, results of operations and cash flows. Comprehensive Income In February 2018, the FASB issued ASU 2018-02, “Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income.” The new rules allow a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. The new rules will be effective for the Company in the first quarter of 2019. The Company is in the process of assessing the impact of the new accounting rules on the Company’s financial condition and does not expect the adoption of the new accounting rules to have a material impact on the Company’s results of operations or cash flows. Codification Improvements In July 2018, the FASB issued ASU 2018-09, “Codification Improvements.” The new rules clarify guidance around several subtopics by adopting enhanced verbiage to the following subtopics: reporting comprehensive income, debt modifications and extinguishments, distinguishing liabilities from equity, stock compensation, business combinations, derivatives and hedging, fair value measurement and defined contribution pension plans. Some of the amendments were effective upon issuance, but many of the amendments are effective for the Company in the first quarter of 2019. The Company does not expect the adoption of the new accounting rules to have a material impact on the Company’s results of operations or cash flows. Goodwill Impairment In January 2017, the FASB issued ASU 2017-04, “Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment.” The new rules simplify how an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test. Step 2 measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount. The new rules will be effective for the Company in the first quarter of 2020. The Company does not expect the adoption of the new accounting rules to have a material impact on the Company’s financial condition, results of operations and cash flows. Fair Value In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820),” which modifies the disclosure requirements on fair value measurements. The new rules will be effective for the Company in the first quarter of 2020. The Company does not expect the adoption of the new accounting rules to have a material impact on the Company’s financial condition, results of operations and cash flows, however its disclosures will be impacted. Internal-Use Software In August 2018, the FASB issued ASU 2018-15, “Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 340-40),” which aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The new rules will be effective for the Company in the first quarter of 2020. The Company does not expect the adoption of the new accounting rules to have a material impact on the Company’s financial condition, results of operations or cash flows. Financial Instruments - Credit Losses In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”, which require a financial asset measured at amortized cost basis to be presented at the net amount expected to be collected. The new rules eliminate the probable initial recognition threshold and, instead, reflect an entity’s current estimate of all expected credit losses. The new rules will be effective for the Company in the first quarter of 2020. The Company expects the new rules to impact its trade receivables and standby letters of credit, but does not expect the adoption of the new accounting rules to have a material impact on the Company’s financial condition, results of operations and cash flows. |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Sep. 29, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue Recognition On December 31, 2017, the Company adopted ASU 2014-09, “Revenue from Contracts with Customers (Topic 606)” (“Topic 606”) using the modified retrospective method applied to contracts which were pending as of December 31, 2017. Financial results included in the Company’s Condensed Consolidated Statement of Income for the quarter and nine months ended September 29, 2018 are presented under Topic 606, while prior year amounts have not been restated and continue to be reported in accordance with ASC 605, “Revenue Recognition” (“Topic 605”). As a result of adopting Topic 606, the Company did not adjust opening retained earnings. Revenue is recognized when obligations under the terms of a contract with a customer are satisfied, which occurs at a point in time, upon either shipment or delivery to the customer. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring goods, which includes estimates for variable consideration. Variable consideration includes trade discounts, rebates, volume-based incentives, cooperative advertising and product returns, which are offered within contracts between the Company and its customers, employing the practical expedient for contract costs. Incidental items that are immaterial to the context of the contract are recognized as expense at the transaction date. The following table presents the Company’s revenues disaggregated by the customer’s method of purchase: Quarter Ended Nine Months Ended September 29, September 29, Third-party brick-and-mortar wholesale $ 1,458,126 $ 3,968,426 Consumer-directed 390,581 1,067,228 Total net sales $ 1,848,707 $ 5,035,654 Revenue Sources Third-Party Brick-and-Mortar Wholesale Revenue Third-party brick-and-mortar wholesale revenue is primarily generated through sales to retailers to support their brick-and-mortar operations. Also included within third-party brick-and-mortar wholesale revenues is revenue from royalty agreements. The Company earns royalties through license agreements with manufacturers of other consumer products that incorporate certain of the Company’s brands. The Company accrues revenue earned under these contracts based upon reported sales from the licensees. Consumer-Directed Revenue Consumer-directed revenue is primarily generated through sales driven directly by the consumer through company-operated stores and e-commerce platforms, which include both owned sites and the sites of the Company’s retail customers. Variable Consideration Trade discounts and rebates The Company provides customers with discounts and rebates that are explicitly stated in the Company’s contracts and are recorded as a reduction of revenue in the period the product revenue is recognized. The cost of these incentives is estimated using a number of factors, including historical utilization and redemption rates. The Company includes incentives offered in the form of free products in the determination of cost of sales. Volume based incentives Volume-based incentives involve rebates or refunds of cash that are redeemable only if the customer completes a specified number of sales transactions. Under these incentive programs, the Company estimates the anticipated rebate to be paid and allocates a portion of the estimated cost of the rebate to each underlying sales transaction with the customer. Cooperative advertising Under cooperative advertising arrangements, the Company agrees to reimburse the retailer for a portion of the costs incurred by the retailer to advertise and promote certain of the Company’s products. The Company recognizes the cost of cooperative advertising programs in the period in which the advertising and promotional activity takes place. Product returns The Company generally offers customers a limited right of return for a purchased product. The Company estimates the amount of its product sales that may be returned by its customers and records this as a reduction of revenue in the period the related product revenue is recognized. For all variable consideration, where appropriate, the Company estimates the amount using the expected value, which takes into consideration historical experience, current contractual requirements, specific known market events and forecasted customer buying and payment patterns. Overall, these reserves reflect the Company’s best estimates of the amount of consideration to which the customer is entitled based on the terms of the contracts. |
Acquisitions
Acquisitions | 9 Months Ended |
Sep. 29, 2018 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions Bras N Things On February 12, 2018, the Company acquired 100% of the outstanding equity of BNT Holdco Pty Limited (“Bras N Things”) for a total purchase price of A$498,236 (U.S. $391,572 ), which included a cash payment of A$428,956 (U.S. $337,123 ), an indemnification escrow of A$31,988 (U.S. $25,140 ) and debt assumed of A$34,280 (U.S. $26,942 ). During the nine months ended September 29, 2018 , the purchase consideration was reduced by A$3,012 (U.S. $2,367 ) associated with the final working capital adjustment, resulting in a revised purchase price of A$495,224 (U.S. $389,205 ). U.S. dollar equivalents are based on acquisition date exchange rates. The Company funded the acquisition with a combination of short-term borrowings under its revolving loan facility (the “Revolving Loan Facility”) and cash on hand. The indemnification escrow is held in a retention account for a period of 18 months after the date of the acquisition to secure indemnification claims or other obligations of the sellers under the purchase agreement. The remaining balance of the indemnification escrow, including interest earned, if any, will be paid to the sellers at the end of the 18 month period. The indemnification escrow, held in one of the Company’s bank accounts, is recognized and classified as restricted cash, with the balance as of September 29, 2018 included in the “Other current assets” line of the Condensed Consolidated Balance Sheet. Bras N Things contributed net revenues of $79,587 and pretax earnings of $15,581 (excluding acquisition and integration related charges of approximately $5,341 ) since the date of acquisition. The results of Bras N Things have been included in the Company’s condensed consolidated financial statements since the date of acquisition and are reported as part of the International segment. Bras N Things is a leading intimate apparel retailer and e-commerce business in Australia, New Zealand and South Africa. Bras N Things sells proprietary bras, panties and lingerie sets through a retail network of approximately 170 stores and an e-commerce platform. The Company believes this acquisition will create opportunities for expansion of the Bras N Things’ consumer-directed sales model. Factors that contribute to the amount of goodwill recognized for the acquisition include the value of entry into the outlet store sector, expansion of online presence, including the third-party marketplace, and expected synergies with existing Company functions. Goodwill associated with the acquisition is not tax deductible. The Bras N Things trademark and brand name, which management believes to have an indefinite life, has been valued at $275,071 . Amortizable intangible assets have been assigned values of $2,358 for noncompete agreements and $785 for customer lists. Noncompete agreements and the customer list are being amortized over three years . The allocation of purchase price is preliminary and subject to change. The primary areas of the purchase price allocation that are not yet finalized are related to income taxes and residual goodwill. Accordingly, adjustments may be made to the values of the assets acquired and liabilities assumed as additional information is obtained about the facts and circumstances, which existed at the acquisition date. The acquired assets and liabilities as of the date of acquisition (February 12, 2018) include the following: Cash and cash equivalents $ 2,765 Accounts receivable, net 197 Inventories 9,610 Other current assets 1,637 Property, net 11,764 Trademarks and other identifiable intangibles 278,214 Deferred tax assets and other noncurrent assets 2,539 Total assets acquired 306,726 Accounts payable 4,929 Accrued liabilities and other 16,339 Deferred tax liabilities and other noncurrent liabilities 7,864 Total liabilities assumed 29,132 Net assets acquired 277,594 Goodwill 111,611 Total purchase price $ 389,205 Total purchase price of the Bras N Things acquisition consisted of the following components: Cash consideration paid $ 337,123 Indemnification escrow asset 25,140 Debt assumed 26,942 Total purchase price $ 389,205 Since February 12, 2018, goodwill related to the Bras N Things acquisition decreased by $1,013 as a result of measurement period adjustments, primarily related to working capital adjustments. Unaudited pro forma results of operations for the Company are presented below assuming that the 2018 acquisition of Bras N Things had occurred on January 1, 2017. Pro forma operating results for the quarter and nine months ended September 30, 2017 exclude and include expenses totaling $300 and $623 respectively, for acquisition-related adjustments primarily related to inventory and intangible assets. Quarter Ended Nine Months Ended September 29, September 30, September 29, September 30, Net sales $ 1,848,707 $ 1,831,502 $ 5,054,161 $ 4,919,291 Net income from continuing operations 171,421 209,768 394,494 460,947 Earnings per share from continuing operations: Basic $ 0.47 $ 0.57 $ 1.09 $ 1.25 Diluted 0.47 0.57 1.08 1.24 Champion Europe In 2016, the Company acquired 100% of Champion Europe S.p.A. (“Champion Europe”), in an all-cash transaction valued at €220,751 (U.S. $245,554 ) on an enterprise value basis, less working capital adjustments as defined in the purchase agreement, which included an estimated contingent consideration of €40,700 (U.S. $45,277 ). The final contingent consideration for the Champion Europe acquisition was determined to be €64,250 (U.S. $73,738 ), of which €37,820 (U.S. $41,250 ) was paid in April 2017 and €26,430 (U.S. $32,488 ) was paid in February 2018. U.S. dollar equivalents are based on acquisition date or payment date exchange rates, as applicable. |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 29, 2018 | |
Text Block [Abstract] | |
Stockholders' Equity | Stockholders’ Equity Basic earnings per share (“EPS”) was computed by dividing net income by the number of weighted average shares of common stock outstanding. Diluted EPS was calculated to give effect to all potentially dilutive shares of common stock using the treasury stock method. The reconciliation of basic to diluted weighted average shares outstanding is as follows: Quarter Ended Nine Months Ended September 29, September 30, September 29, September 30, Basic weighted average shares outstanding 363,510 366,083 363,338 368,885 Effect of potentially dilutive securities: Stock options 723 1,541 882 1,591 Restricted stock units 401 535 303 470 Employee stock purchase plan and other 4 1 4 1 Diluted weighted average shares outstanding 364,638 368,160 364,527 370,947 There were 84 restricted stock units excluded from the diluted earnings per share calculation because their effect would be anti-dilutive for the quarter and nine months ended September 29, 2018 . For the quarter and nine months ended September 30, 2017 , there were 28 and 58 restricted stock units, respectively, excluded from the diluted earnings per share calculation because their effect would be anti-dilutive. For the quarters and nine months ended September 29, 2018 and September 30, 2017 , there were no anti-dilutive options to purchase shares of common stock. For the quarters ended September 29, 2018 and September 30, 2017 , the Company declared cash dividends of $0.15 per share. For the nine months ended September 29, 2018 and September 30, 2017 , the Company declared cash dividends of $0.45 per share. On October 23, 2018 , the Company’s Board of Directors declared a regular quarterly cash dividend of $0.15 per share on outstanding shares of common stock to be paid on December 4, 2018 to stockholders of record at the close of business on November 13, 2018 . On April 27, 2016 , the Company’s Board of Directors approved the current share repurchase program for up to 40,000 shares to be repurchased in open market transactions, subject to market conditions, legal requirements and other factors. The Company did not repurchase any shares during the quarter and nine months ended September 29, 2018 and quarter ended September 30, 2017 . For the nine months ended September 30, 2017 , the Company entered into transactions to repurchase 14,696 shares at a weighted average purchase price of $20.39 per share. The shares were repurchased at a total cost of $299,919 . At September 29, 2018 , the remaining repurchase authorization totaled 20,360 shares. The program does not obligate the Company to acquire any particular amount of common stock and may be suspended or discontinued at any time at the Company’s discretion. |
Inventories
Inventories | 9 Months Ended |
Sep. 29, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories consisted of the following: September 29, December 30, Raw materials $ 134,684 $ 129,287 Work in process 195,559 226,659 Finished goods 1,809,038 1,519,044 $ 2,139,281 $ 1,874,990 |
Debt
Debt | 9 Months Ended |
Sep. 29, 2018 | |
Debt Disclosure [Abstract] | |
Debt | Debt Debt consisted of the following: Interest Principal Amount Maturity Date September 29, December 30, Senior Secured Credit Facility: Revolving Loan Facility 3.69% $ 313,500 $ — December 2022 Term Loan A 3.70% 731,250 750,000 December 2022 Term Loan B 3.99% 496,250 500,000 December 2024 Australian Term A-1 3.39% 125,686 135,826 July 2019 4.875% Senior Notes 4.88% 900,000 900,000 May 2026 4.625% Senior Notes 4.63% 900,000 900,000 May 2024 3.5% Senior Notes 3.50% 580,248 599,649 June 2024 European Revolving Loan Facility 1.50% 116,050 81,539 September 2019 Accounts Receivable Securitization Facility 2.97% 221,979 125,209 March 2019 Other International Debt Various 21,559 1,044 Various 4,406,522 3,993,267 Less debt issuance costs 36,743 41,624 Less current maturities 506,199 249,589 $ 3,863,580 $ 3,702,054 As of September 29, 2018 , the Company had $682,165 of borrowing availability under the $1,000,000 Revolving Loan Facility after taking into account outstanding borrowings and $4,335 of standby and trade letters of credit issued and outstanding under this facility. The Company entered into an accounts receivable securitization facility (the “Accounts Receivable Securitization Facility”) in November 2007. The Company’s maximum borrowing capacity under the Accounts Receivable Securitization Facility was $225,000 as of September 29, 2018 , however based on the outstanding borrowings and net eligible receivables balance within the collateral pool, the Accounts Receivable Securitization Facility was fully utilized as of September 29, 2018 . Borrowings under the Accounts Receivable Securitization Facility are permitted only to the extent that the face of the receivables in the collateral pool, net of applicable reserves and other deductions, exceeds the outstanding loans and also subject to a fluctuating facility limit, not to exceed $225,000 . The Company had $25,507 of borrowing availability under the Australian Revolving Loan Facility, no borrowing availability under the European Revolving Loan Facility and $116,688 of borrowing availability under other international lines of credit after taking into account outstanding borrowings and letters of credit outstanding under the applicable facility. In March 2018, the Company amended the Accounts Receivable Securitization Facility. This amendment primarily extended the maturity date to March 2019 . In June 2018, the Company amended the Accounts Receivable Securitization Facility to remove certain receivables from being pledged as collateral for the facility and reduce the maximum availability to $225,000 . In September 2018, the Company amended the Accounts Receivable Securitization Facility to remove certain additional receivables from being pledged as collateral for the facility. In September 2018, the Company amended the European Revolving Loan Facility primarily to extend the maturity date to September 2019. As of September 29, 2018 , the Company was in compliance with all financial covenants under its credit facilities. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 9 Months Ended |
Sep. 29, 2018 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss The components of accumulated other comprehensive loss (“AOCI”) are as follows: Cumulative Translation Adjustment Hedges Defined Benefit Plans Income Taxes Accumulated Other Comprehensive Loss Balance at December 30, 2017 $ (43,505 ) $ (25,461 ) $ (614,000 ) $ 243,760 $ (439,206 ) Amounts reclassified from accumulated other comprehensive loss — 9,686 12,934 (5,492 ) 17,128 Current-period other comprehensive income (loss) activity (82,664 ) 25,067 — (6,823 ) (64,420 ) Balance at September 29, 2018 $ (126,169 ) $ 9,292 $ (601,066 ) $ 231,445 $ (486,498 ) The Company had the following reclassifications out of AOCI: Component of AOCI Location of Reclassification into Income Amount of Reclassification Amount of Reclassification Quarter Ended Nine Months Ended September 29, September 30, September 29, September 30, Gain (loss) on foreign exchange contracts Cost of sales $ (2,467 ) $ 414 $ (9,686 ) $ 3,348 Income tax 455 191 1,870 (934 ) Net of tax (2,012 ) 605 (7,816 ) 2,414 Amortization of deferred actuarial loss and prior service cost Other expenses (4,919 ) (4,862 ) (12,934 ) (14,440 ) Income tax 1,378 1,867 3,622 5,545 Net of tax (3,541 ) (2,995 ) (9,312 ) (8,895 ) Total reclassifications $ (5,553 ) $ (2,390 ) $ (17,128 ) $ (6,481 ) |
Financial Instruments and Risk
Financial Instruments and Risk Management | 9 Months Ended |
Sep. 29, 2018 | |
Text Block [Abstract] | |
Financial Instruments and Risk Management | Financial Instruments and Risk Management The Company uses forward foreign exchange contracts to manage its exposures to movements in foreign exchange rates. As of September 29, 2018 , the notional U.S. dollar equivalent of the Company’s derivative portfolio was $594,794 , primarily consisting of contracts hedging exposures to the Euro, Australian dollar, Canadian dollar and Mexican peso. Fair Values of Derivative Instruments The fair values of derivative financial instruments recognized in the Condensed Consolidated Balance Sheets of the Company were as follows: Balance Sheet Location Fair Value September 29, December 30, Hedges Other current assets $ 14,316 $ 1,464 Non-hedges Other current assets 4,774 136 Total derivative assets 19,090 1,600 Hedges Accrued liabilities (766 ) (14,750 ) Non-hedges Accrued liabilities (976 ) (7,818 ) Total derivative liabilities (1,742 ) (22,568 ) Net derivative asset (liability) $ 17,348 $ (20,968 ) Cash Flow Hedges A hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability is designated as a cash flow hedge. The Company uses forward foreign exchange contracts to reduce the effect of fluctuating foreign currencies on short-term foreign currency-denominated transactions, foreign currency-denominated investments and other known foreign currency exposures. Gains and losses on these contracts are intended to offset losses and gains on the hedged transaction in an effort to reduce the earnings volatility resulting from fluctuating foreign currency exchange rates. The Company expects to reclassify into earnings during the next 12 months a net gain from AOCI of approximately $13,991 . The ineffective portion of the changes in the fair value of derivatives used as cash flow hedges are reported in the “Cost of sales” line in the Condensed Consolidated Statements of Income. The effect of cash flow hedge derivative instruments on the Condensed Consolidated Statements of Income and AOCI is as follows: Amount of Loss Amount of Gain (Loss) Quarter Ended Nine Months Ended September 29, September 30, September 29, September 30, Foreign exchange contracts $ (207 ) $ (17,379 ) $ 25,067 $ (43,660 ) Location of Gain (Loss) Amount of Gain (Loss) Amount of Gain (Loss) Quarter Ended Nine Months Ended September 29, September 30, September 29, September 30, Foreign exchange contracts Cost of sales $ (2,467 ) $ 414 $ (9,686 ) $ 3,348 Mark to Market Hedges A derivative used as a hedging instrument whose change in fair value is recognized to act as an economic hedge against changes in the values of the hedged item is designated a mark to market hedge. The Company uses foreign exchange derivative contracts as economic hedges against the impact of foreign exchange fluctuations on existing accounts receivable and payable balances and intercompany lending transactions denominated in foreign currencies. Foreign exchange derivative contracts are recorded as mark to market hedges when the hedged item is a recorded asset or liability that is revalued in each accounting period. These contracts are not designated as hedges under the accounting standards and are recorded at fair value in the Condensed Consolidated Balance Sheets. Any gains or losses resulting from changes in fair value are recognized directly into earnings. Gains or losses on these contracts largely offset the net remeasurement gains or losses on the related assets and liabilities. The effect of derivative contracts not designated as hedges on the Condensed Consolidated Statements of Income is as follows: Location of Gain (Loss) Amount of Gain (Loss) Amount of Gain (Loss) Quarter Ended Nine Months Ended September 29, September 30, September 29, September 30, Foreign exchange contracts Cost of sales $ (2,241 ) $ — $ 16,870 $ — Foreign exchange contracts Selling, general and administrative expenses (445 ) 3,277 330 (1,398 ) Total $ (2,686 ) $ 3,277 $ 17,200 $ (1,398 ) |
Fair Value of Assets and Liabil
Fair Value of Assets and Liabilities | 9 Months Ended |
Sep. 29, 2018 | |
Text Block [Abstract] | |
Fair Value of Assets and Liabilities | Fair Value of Assets and Liabilities As of September 29, 2018 , the Company held certain financial assets and liabilities that are required to be measured at fair value on a recurring basis. These consisted of the Company’s derivative instruments related to foreign exchange rates and deferred compensation plan liabilities. The fair values of foreign exchange rate derivatives are determined using the cash flows of the foreign exchange contract, discount rates to account for the passage of time and current foreign exchange market data which are all based on inputs readily available in public markets and are categorized as Level 2. The fair value of deferred compensation plans is based on readily available current market data and is categorized as Level 2. The Company’s defined benefit pension plan investments are not required to be measured at fair value on a recurring basis. There were no changes during the quarter ended September 29, 2018 to the Company’s valuation techniques used to measure asset and liability fair values on a recurring basis. There were no transfers into or out of Level 1, Level 2 or Level 3 during the quarter ended September 29, 2018 . As of and during the quarter and nine months ended September 29, 2018 , the Company did not have any non-financial assets or liabilities that were required to be measured at fair value on a recurring or non-recurring basis. The following tables set forth, by level within the fair value hierarchy, the Company’s financial assets and liabilities accounted for at fair value on a recurring basis. Assets (Liabilities) at Fair Value as of Total Quoted Prices In Significant Significant Foreign exchange derivative contracts - assets $ 19,090 $ — $ 19,090 $ — Foreign exchange derivative contracts - liabilities (1,742 ) — (1,742 ) — 17,348 — 17,348 — Deferred compensation plan liability (46,340 ) — (46,340 ) — Total $ (28,992 ) $ — $ (28,992 ) $ — Assets (Liabilities) at Fair Value as of Total Quoted Prices In Significant Significant Foreign exchange derivative contracts - assets $ 1,600 $ — $ 1,600 $ — Foreign exchange derivative contracts - liabilities (22,568 ) — (22,568 ) — (20,968 ) — (20,968 ) — Deferred compensation plan liability (52,758 ) — (52,758 ) — Total $ (73,726 ) $ — $ (73,726 ) $ — Fair Value of Financial Instruments The carrying amounts of cash and cash equivalents, trade accounts receivable, notes receivable and accounts payable approximated fair value as of September 29, 2018 and December 30, 2017 . The carrying amount of trade accounts receivable included allowance for doubtful accounts, chargebacks and other deductions of $47,267 and $26,096 as of September 29, 2018 and December 30, 2017 , respectively. The fair value of debt, which is classified as a Level 2 liability, was $4,371,893 and $4,093,229 as of September 29, 2018 and December 30, 2017 , respectively. Debt had a carrying value of $4,406,522 and $3,993,267 as of September 29, 2018 and December 30, 2017 , respectively. The fair values were estimated using quoted market prices as provided in secondary markets, which consider the Company’s credit risk and market related conditions. The carrying amounts of the Company’s notes payable, which is classified as a Level 2 liability, approximated fair value as of September 29, 2018 and December 30, 2017 , primarily due to the short-term nature of these instruments. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 29, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company’s effective income tax rate for continuing operations was 12.9% and 2.0% for the quarters ended September 29, 2018 and September 30, 2017 , respectively. The Company’s effective income tax rate for continuing operations was 14.2% and 4.2% for the nine months ended September 29, 2018 and September 30, 2017 , respectively. The higher effective income tax rate for the quarter and nine months ended September 29, 2018 compared to the quarter and nine months ended September 30, 2017 was primarily due to certain provisions of the Tax Cuts and Jobs Act (the “Tax Act”), specifically the base-broadening provision which imposed a new minimum tax on global intangible low-tax income (“GILTI”). The recently enacted Tax Act significantly revised U.S. corporate income tax law by, among other things, reducing the federal income tax rate to 21% and implementing a modified territorial tax system that includes a one-time transition tax on deemed repatriated earnings of foreign subsidiaries. In response to the Tax Act, the SEC issued Staff Accounting Bulletin No. 118 (“SAB 118”) which allows issuers to recognize provisional estimates of the impact of the Tax Act in their financial statements, or in circumstances where estimates cannot be made, to disclose and recognize at a later date. For the year ended December 30, 2017 , the Company included in its financial statements provisional charges for the revaluation of the Company’s net domestic deferred tax assets, the transition tax, as well as other less material provisions of the Tax Act. As of September 29, 2018 , the Company is continuing to evaluate its provisional estimate regarding the overall impact of the Tax Act, including being partially reinvested with respect to prior year undistributed earnings. A $3,053 net beneficial change to the Company’s provisional estimate was recorded during the quarter ended September 29, 2018 . The net change to the Company’s provisional estimate related to a refinement of the year-end revaluation of the Company’s net domestic deferred tax assets, a refinement of the Company’s transition tax calculation, further assessment of the deductibility of executive compensation based on released guidance and the repatriations of foreign earnings during the year. The Company continues to assess the impact of new guidance on its positions, including the permanent reinvestment of a portion of prior year undistributed earnings. There are no additional changes at this time to the provisional amounts recorded as of the year ended December 30, 2017 . The accounting is expected to be completed and disclosed in the fourth quarter of 2018, within the one-year measurement period as allowed by SAB 118. During the first quarter ended March 31, 2018, the Company finalized its accounting policy decision with respect to the new GILTI tax rules, and has concluded that GILTI will be treated as a periodic charge in the year in which it arises, the Company will not record deferred taxes for the basis associated with GILTI earnings. For the quarter ended March 31, 2018 and included in the nine months ended September 29, 2018 , the Company recorded a liability for an unrecognized tax benefit of $17,643 as part of purchase accounting for the Bras N Things acquisition. The Company is fully indemnified for all pre-acquisition unrecognized tax benefits, and expects that no change to the overall purchase price should be required. The Company files a consolidated U.S. federal income tax return, as well as separate and combined income tax returns in numerous state and foreign jurisdictions. During the fourth quarter of 2017, the Company was notified by the IRS that it would begin examining the Company’s 2015 federal income tax return. During the quarter ended September 29, 2018 , the Company was notified by the IRS that it would also begin examining the 2016 federal income tax return. The company believes its unrecognized tax benefits are adequate in relation to any potential assessments. The outcome of either examination, which may conclude in the next 12 months, is not expected to have a material impact on the Company’s financial position or results of operations. |
Discontinued Operations
Discontinued Operations | 9 Months Ended |
Sep. 29, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Discontinued Operations As part of the Company’s acquisition of Hanes Australasia in 2016, the Company acquired Hanes Australasia’s legacy Dunlop Flooring and Tontine Pillow businesses. The Company concluded that these businesses were not a strategic fit; therefore, the decision was made to divest the businesses. In February 2017, the Company sold its Dunlop Flooring business for A $34,564 (U.S. $26,219 ) in net cash proceeds at the time of sale, with an additional A $1,334 (U.S. $1,012 ) of proceeds received in April 2017 related to a working capital adjustment, resulting in a pre-tax loss of A $2,715 (U.S. $2,083 ). U.S. dollar equivalents are based on exchange rates on the date of the sale transaction. The Dunlop Flooring business was reported as part of discontinued operations since the date of acquisition. In March 2017, the Company sold its Tontine Pillow business for A $13,500 (U.S. $10,363 ) in net cash proceeds at the time of sale. A working capital adjustment of A $966 (U.S. $742 ) was paid to the buyer in April 2017, resulting in a net pre-tax gain of A $2,415 (U.S. $1,856 ). U.S. dollar equivalents are based on exchange rates on the date of the sale transaction. The Tontine Pillow business was reported as part of discontinued operations since the date of acquisition. The operating results of these discontinued operations only reflect revenues and expenses that are directly attributable to these businesses that were eliminated from ongoing operations. The key components from discontinued operations related to the Dunlop Flooring and Tontine Pillow businesses were as follows: Quarter Ended Nine Months Ended September 30, September 30, Net sales $ — $ 6,865 Cost of sales — 4,507 Gross profit — 2,358 Selling, general and administrative expenses — 3,729 Operating loss — (1,371 ) Other expenses — 303 Net loss on disposal of businesses — 242 Loss from discontinued operations before income tax expense — (1,916 ) Income tax expense — 181 Net loss from discontinued operations, net of tax $ — $ (2,097 ) |
Subsequent Event
Subsequent Event | 9 Months Ended |
Sep. 29, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Event | Subsequent Event On October 15, 2018, Sears Holdings Corporation (“Sears”) filed for reorganization under Chapter 11 of the U.S. Bankruptcy Code. As a result of the filing, the Company recorded bad debt expense of approximately $14,113 in the quarter and nine months ended September 29, 2018 to reflect the Company’s assessment of the accounts receivable collectability from Sears. The Company recorded this charge in the “Selling, general and administrative expenses” line of the Condensed Consolidated Statements of Income. |
Business Segment Information
Business Segment Information | 9 Months Ended |
Sep. 29, 2018 | |
Text Block [Abstract] | |
Business Segment Information | Business Segment Information The Company’s operations are managed and reported in three operating segments, each of which is a reportable segment for financial reporting purposes: Innerwear, Activewear and International. These segments are organized principally by product category and geographic location. Each segment has its own management that is responsible for the operations of the segment’s businesses, but the segments share a common supply chain and media and marketing platforms. Other consists of the Company’s U.S. value-based (“outlet”) stores and U.S. hosiery business. The types of products and services from which each reportable segment derives its revenues are as follows: • Innerwear sells basic branded products that are replenishment in nature under the product categories of men’s underwear, panties, children’s underwear, socks and intimate apparel, which includes bras and shapewear. • Activewear sells basic branded products that are primarily seasonal in nature under the product categories of branded printwear and retail activewear, as well as licensed logo apparel in collegiate bookstores, mass retail and other channels. • International primarily relates to the Europe, Australia, Asia, Latin America and Canada geographic locations that sell products that span across the Innerwear and Activewear reportable segments. The Company evaluates the operating performance of its segments based upon segment operating profit, which is defined as operating profit before general corporate expenses, acquisition, integration and other action-related charges and amortization of intangibles. In the first quarter of 2018, the Company eliminated the allocation of certain corporate overhead selling, general and administrative expenses related to the legal, human resources, information technology, finance and real estate departments to the segments, in order to reflect the manner in which the business is managed and results are reviewed by the chief executive officer, who is the Company’s chief operating decision maker. Prior year segment operating profit disclosures have been revised to conform to the current year presentation. The accounting policies of the segments are consistent with those described in Note 2 to the Company’s consolidated financial statements included in its Annual Report on Form 10-K for the year ended December 30, 2017 . Quarter Ended Nine Months Ended September 29, September 30, September 29, September 30, Net sales: Innerwear $ 599,726 $ 644,059 $ 1,785,498 $ 1,868,255 Activewear 554,953 519,496 1,306,863 1,226,595 International 619,435 556,730 1,735,184 1,509,370 Other 74,593 78,985 208,109 222,015 Total net sales $ 1,848,707 $ 1,799,270 $ 5,035,654 $ 4,826,235 Quarter Ended Nine Months Ended September 29, September 30, September 29, September 30, Segment operating profit: Innerwear $ 132,244 $ 152,983 $ 392,792 $ 447,233 Activewear 93,605 87,497 189,400 189,819 International 99,624 78,394 253,243 191,203 Other 8,400 12,109 18,187 22,453 Total segment operating profit 333,873 330,983 853,622 850,708 Items not included in segment operating profit: General corporate expenses (46,161 ) (45,364 ) (136,694 ) (127,210 ) Acquisition, integration and other action-related charges (20,732 ) (16,874 ) (65,514 ) (81,303 ) Amortization of intangibles (10,091 ) (10,279 ) (28,404 ) (23,595 ) Total operating profit 256,889 258,466 623,010 618,600 Other expenses (7,285 ) (7,043 ) (19,616 ) (20,010 ) Interest expense, net (52,795 ) (43,917 ) (146,988 ) (130,184 ) Income from continuing operations before income tax expense $ 196,809 $ 207,506 $ 456,406 $ 468,406 For the quarter ended September 29, 2018 , the Company incurred $20,732 of acquisition, integration and other action-related charges that impact operating profit, of which $11,760 is reported in the “Cost of sales” line and $8,972 is reported in the “Selling, general and administrative expenses” line in the Condensed Consolidated Statement of Income. For the quarter ended September 30, 2017 , the Company incurred $16,874 of acquisition-related and integration charges, of which $2,230 is reported in the “Cost of sales” line and $14,644 is reported in the “Selling, general and administrative expenses” line in the Condensed Consolidated Statement of Income. For the nine months ended September 29, 2018 , the Company incurred acquisition, integration and other action-related charges that impact operating profit of $65,514 , of which $33,596 is reported in the “Cost of sales” line and $31,918 is reported in the “Selling, general and administrative expenses” line in the Condensed Consolidated Statement of Income. For the nine months ended September 30, 2017 , the Company incurred acquisition-related and integration charges of $81,303 , of which $21,989 is reported in the “Cost of sales” line and $59,314 is reported in the “Selling, general and administrative expenses” line in the Condensed Consolidated Statement of Income. As part of the Hanes Europe Innerwear acquisition strategy, in 2015 the Company identified management and administrative positions that were considered non-essential and/or duplicative that have or will be eliminated. As of December 30, 2017 , the Company had accrued $22,302 for expected benefit payments related to employee termination and other benefits for affected employees. During the nine months ended September 29, 2018 , there were net $8,484 of benefit payments, accrual adjustments and foreign currency adjustments, resulting in an ending accrual of $13,818 , of which $7,509 and $6,309 is included in the “Accrued liabilities” and “Other noncurrent liabilities” lines of the Condensed Consolidated Balance Sheet, respectively. |
Revenue Recognition (Policies)
Revenue Recognition (Policies) | 9 Months Ended |
Sep. 29, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue recognition, policy | Revenue is recognized when obligations under the terms of a contract with a customer are satisfied, which occurs at a point in time, upon either shipment or delivery to the customer. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring goods, which includes estimates for variable consideration. Variable consideration includes trade discounts, rebates, volume-based incentives, cooperative advertising and product returns, which are offered within contracts between the Company and its customers, employing the practical expedient for contract costs. Incidental items that are immaterial to the context of the contract are recognized as expense at the transaction date. |
Revenue recognition, variable consideration, policy | Variable Consideration Trade discounts and rebates The Company provides customers with discounts and rebates that are explicitly stated in the Company’s contracts and are recorded as a reduction of revenue in the period the product revenue is recognized. The cost of these incentives is estimated using a number of factors, including historical utilization and redemption rates. The Company includes incentives offered in the form of free products in the determination of cost of sales. Volume based incentives Volume-based incentives involve rebates or refunds of cash that are redeemable only if the customer completes a specified number of sales transactions. Under these incentive programs, the Company estimates the anticipated rebate to be paid and allocates a portion of the estimated cost of the rebate to each underlying sales transaction with the customer. Cooperative advertising Under cooperative advertising arrangements, the Company agrees to reimburse the retailer for a portion of the costs incurred by the retailer to advertise and promote certain of the Company’s products. The Company recognizes the cost of cooperative advertising programs in the period in which the advertising and promotional activity takes place. Product returns The Company generally offers customers a limited right of return for a purchased product. The Company estimates the amount of its product sales that may be returned by its customers and records this as a reduction of revenue in the period the related product revenue is recognized. For all variable consideration, where appropriate, the Company estimates the amount using the expected value, which takes into consideration historical experience, current contractual requirements, specific known market events and forecasted customer buying and payment patterns. Overall, these reserves reflect the Company’s best estimates of the amount of consideration to which the customer is entitled based on the terms of the contracts. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
Sep. 29, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue [Table Text Block] | The following table presents the Company’s revenues disaggregated by the customer’s method of purchase: Quarter Ended Nine Months Ended September 29, September 29, Third-party brick-and-mortar wholesale $ 1,458,126 $ 3,968,426 Consumer-directed 390,581 1,067,228 Total net sales $ 1,848,707 $ 5,035,654 |
Acquisitions (Tables)
Acquisitions (Tables) - Bras N Things | 9 Months Ended |
Sep. 29, 2018 | |
Business Acquisition [Line Items] | |
Schedule of acquired assets and liabilities assumed | The acquired assets and liabilities as of the date of acquisition (February 12, 2018) include the following: Cash and cash equivalents $ 2,765 Accounts receivable, net 197 Inventories 9,610 Other current assets 1,637 Property, net 11,764 Trademarks and other identifiable intangibles 278,214 Deferred tax assets and other noncurrent assets 2,539 Total assets acquired 306,726 Accounts payable 4,929 Accrued liabilities and other 16,339 Deferred tax liabilities and other noncurrent liabilities 7,864 Total liabilities assumed 29,132 Net assets acquired 277,594 Goodwill 111,611 Total purchase price $ 389,205 |
Schedule of components of purchase price | Total purchase price of the Bras N Things acquisition consisted of the following components: Cash consideration paid $ 337,123 Indemnification escrow asset 25,140 Debt assumed 26,942 Total purchase price $ 389,205 |
Unaudited pro forma results of operations | Pro forma operating results for the quarter and nine months ended September 30, 2017 exclude and include expenses totaling $300 and $623 respectively, for acquisition-related adjustments primarily related to inventory and intangible assets. Quarter Ended Nine Months Ended September 29, September 30, September 29, September 30, Net sales $ 1,848,707 $ 1,831,502 $ 5,054,161 $ 4,919,291 Net income from continuing operations 171,421 209,768 394,494 460,947 Earnings per share from continuing operations: Basic $ 0.47 $ 0.57 $ 1.09 $ 1.25 Diluted 0.47 0.57 1.08 1.24 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 29, 2018 | |
Text Block [Abstract] | |
Reconciliation of Basic to Diluted Weighted Average Shares | The reconciliation of basic to diluted weighted average shares outstanding is as follows: Quarter Ended Nine Months Ended September 29, September 30, September 29, September 30, Basic weighted average shares outstanding 363,510 366,083 363,338 368,885 Effect of potentially dilutive securities: Stock options 723 1,541 882 1,591 Restricted stock units 401 535 303 470 Employee stock purchase plan and other 4 1 4 1 Diluted weighted average shares outstanding 364,638 368,160 364,527 370,947 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 29, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories consisted of the following: September 29, December 30, Raw materials $ 134,684 $ 129,287 Work in process 195,559 226,659 Finished goods 1,809,038 1,519,044 $ 2,139,281 $ 1,874,990 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 29, 2018 | |
Debt Disclosure [Abstract] | |
Debt | Debt consisted of the following: Interest Principal Amount Maturity Date September 29, December 30, Senior Secured Credit Facility: Revolving Loan Facility 3.69% $ 313,500 $ — December 2022 Term Loan A 3.70% 731,250 750,000 December 2022 Term Loan B 3.99% 496,250 500,000 December 2024 Australian Term A-1 3.39% 125,686 135,826 July 2019 4.875% Senior Notes 4.88% 900,000 900,000 May 2026 4.625% Senior Notes 4.63% 900,000 900,000 May 2024 3.5% Senior Notes 3.50% 580,248 599,649 June 2024 European Revolving Loan Facility 1.50% 116,050 81,539 September 2019 Accounts Receivable Securitization Facility 2.97% 221,979 125,209 March 2019 Other International Debt Various 21,559 1,044 Various 4,406,522 3,993,267 Less debt issuance costs 36,743 41,624 Less current maturities 506,199 249,589 $ 3,863,580 $ 3,702,054 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Sep. 29, 2018 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Accumulated Other Comprehensive Loss | The components of accumulated other comprehensive loss (“AOCI”) are as follows: Cumulative Translation Adjustment Hedges Defined Benefit Plans Income Taxes Accumulated Other Comprehensive Loss Balance at December 30, 2017 $ (43,505 ) $ (25,461 ) $ (614,000 ) $ 243,760 $ (439,206 ) Amounts reclassified from accumulated other comprehensive loss — 9,686 12,934 (5,492 ) 17,128 Current-period other comprehensive income (loss) activity (82,664 ) 25,067 — (6,823 ) (64,420 ) Balance at September 29, 2018 $ (126,169 ) $ 9,292 $ (601,066 ) $ 231,445 $ (486,498 ) |
Schedule of Reclassifications Out of Accumulated Other Comprehensive Loss | The Company had the following reclassifications out of AOCI: Component of AOCI Location of Reclassification into Income Amount of Reclassification Amount of Reclassification Quarter Ended Nine Months Ended September 29, September 30, September 29, September 30, Gain (loss) on foreign exchange contracts Cost of sales $ (2,467 ) $ 414 $ (9,686 ) $ 3,348 Income tax 455 191 1,870 (934 ) Net of tax (2,012 ) 605 (7,816 ) 2,414 Amortization of deferred actuarial loss and prior service cost Other expenses (4,919 ) (4,862 ) (12,934 ) (14,440 ) Income tax 1,378 1,867 3,622 5,545 Net of tax (3,541 ) (2,995 ) (9,312 ) (8,895 ) Total reclassifications $ (5,553 ) $ (2,390 ) $ (17,128 ) $ (6,481 ) |
Financial Instruments and Ris_2
Financial Instruments and Risk Management (Tables) | 9 Months Ended |
Sep. 29, 2018 | |
Text Block [Abstract] | |
Fair Values of Derivative Instruments | The fair values of derivative financial instruments recognized in the Condensed Consolidated Balance Sheets of the Company were as follows: Balance Sheet Location Fair Value September 29, December 30, Hedges Other current assets $ 14,316 $ 1,464 Non-hedges Other current assets 4,774 136 Total derivative assets 19,090 1,600 Hedges Accrued liabilities (766 ) (14,750 ) Non-hedges Accrued liabilities (976 ) (7,818 ) Total derivative liabilities (1,742 ) (22,568 ) Net derivative asset (liability) $ 17,348 $ (20,968 ) |
Effect of Cash Flow Hedge Derivative Instruments | The effect of cash flow hedge derivative instruments on the Condensed Consolidated Statements of Income and AOCI is as follows: Amount of Loss Amount of Gain (Loss) Quarter Ended Nine Months Ended September 29, September 30, September 29, September 30, Foreign exchange contracts $ (207 ) $ (17,379 ) $ 25,067 $ (43,660 ) Location of Gain (Loss) Amount of Gain (Loss) Amount of Gain (Loss) Quarter Ended Nine Months Ended September 29, September 30, September 29, September 30, Foreign exchange contracts Cost of sales $ (2,467 ) $ 414 $ (9,686 ) $ 3,348 |
Effect of Mark to Market Hedge Derivative Instruments on Condensed Consolidated Statements of Income | The effect of derivative contracts not designated as hedges on the Condensed Consolidated Statements of Income is as follows: Location of Gain (Loss) Amount of Gain (Loss) Amount of Gain (Loss) Quarter Ended Nine Months Ended September 29, September 30, September 29, September 30, Foreign exchange contracts Cost of sales $ (2,241 ) $ — $ 16,870 $ — Foreign exchange contracts Selling, general and administrative expenses (445 ) 3,277 330 (1,398 ) Total $ (2,686 ) $ 3,277 $ 17,200 $ (1,398 ) |
Fair Value of Assets and Liab_2
Fair Value of Assets and Liabilities (Tables) | 9 Months Ended |
Sep. 29, 2018 | |
Text Block [Abstract] | |
Fair Value of Financial Assets and Liabilities Measured on a Recurring Basis | The following tables set forth, by level within the fair value hierarchy, the Company’s financial assets and liabilities accounted for at fair value on a recurring basis. Assets (Liabilities) at Fair Value as of Total Quoted Prices In Significant Significant Foreign exchange derivative contracts - assets $ 19,090 $ — $ 19,090 $ — Foreign exchange derivative contracts - liabilities (1,742 ) — (1,742 ) — 17,348 — 17,348 — Deferred compensation plan liability (46,340 ) — (46,340 ) — Total $ (28,992 ) $ — $ (28,992 ) $ — Assets (Liabilities) at Fair Value as of Total Quoted Prices In Significant Significant Foreign exchange derivative contracts - assets $ 1,600 $ — $ 1,600 $ — Foreign exchange derivative contracts - liabilities (22,568 ) — (22,568 ) — (20,968 ) — (20,968 ) — Deferred compensation plan liability (52,758 ) — (52,758 ) — Total $ (73,726 ) $ — $ (73,726 ) $ — |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 9 Months Ended |
Sep. 29, 2018 | |
Tontine Pillow and Dunlop Flooring | Discontinued Operations | |
Income Statement and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Discontinued operations | The key components from discontinued operations related to the Dunlop Flooring and Tontine Pillow businesses were as follows: Quarter Ended Nine Months Ended September 30, September 30, Net sales $ — $ 6,865 Cost of sales — 4,507 Gross profit — 2,358 Selling, general and administrative expenses — 3,729 Operating loss — (1,371 ) Other expenses — 303 Net loss on disposal of businesses — 242 Loss from discontinued operations before income tax expense — (1,916 ) Income tax expense — 181 Net loss from discontinued operations, net of tax $ — $ (2,097 ) |
Business Segment Information (T
Business Segment Information (Tables) | 9 Months Ended |
Sep. 29, 2018 | |
Text Block [Abstract] | |
Net Sales | Quarter Ended Nine Months Ended September 29, September 30, September 29, September 30, Net sales: Innerwear $ 599,726 $ 644,059 $ 1,785,498 $ 1,868,255 Activewear 554,953 519,496 1,306,863 1,226,595 International 619,435 556,730 1,735,184 1,509,370 Other 74,593 78,985 208,109 222,015 Total net sales $ 1,848,707 $ 1,799,270 $ 5,035,654 $ 4,826,235 |
Segment Operating Profit | Quarter Ended Nine Months Ended September 29, September 30, September 29, September 30, Segment operating profit: Innerwear $ 132,244 $ 152,983 $ 392,792 $ 447,233 Activewear 93,605 87,497 189,400 189,819 International 99,624 78,394 253,243 191,203 Other 8,400 12,109 18,187 22,453 Total segment operating profit 333,873 330,983 853,622 850,708 Items not included in segment operating profit: General corporate expenses (46,161 ) (45,364 ) (136,694 ) (127,210 ) Acquisition, integration and other action-related charges (20,732 ) (16,874 ) (65,514 ) (81,303 ) Amortization of intangibles (10,091 ) (10,279 ) (28,404 ) (23,595 ) Total operating profit 256,889 258,466 623,010 618,600 Other expenses (7,285 ) (7,043 ) (19,616 ) (20,010 ) Interest expense, net (52,795 ) (43,917 ) (146,988 ) (130,184 ) Income from continuing operations before income tax expense $ 196,809 $ 207,506 $ 456,406 $ 468,406 |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements Recent Accounting Pronouncements (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2017 | Sep. 29, 2018 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Restricted cash | $ 0 | $ 0 | $ 23,208 |
Accounting Standards Update 2017-07 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Prior Period Reclassification Adjustment | $ 5,162 | $ 15,351 |
Revenue Recognition (Details)
Revenue Recognition (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 29, 2018 | Sep. 29, 2018 | |
Disaggregation of Revenue | ||
Net sales | $ 1,848,707 | $ 5,035,654 |
Third-party brick-and-mortar wholesale | ||
Disaggregation of Revenue | ||
Net sales | 1,458,126 | 3,968,426 |
Consumer-directed | ||
Disaggregation of Revenue | ||
Net sales | $ 390,581 | $ 1,067,228 |
Acquisitions Narrative (Details
Acquisitions Narrative (Details) € in Thousands, $ in Thousands, $ in Thousands | Feb. 12, 2018AUD ($) | Feb. 12, 2018USD ($) | Feb. 28, 2018EUR (€) | Feb. 28, 2018USD ($) | Apr. 29, 2017EUR (€) | Apr. 29, 2017USD ($) | Jun. 30, 2016EUR (€) | Jun. 30, 2016USD ($) | Sep. 30, 2017USD ($) | Sep. 29, 2018AUD ($) | Sep. 29, 2018USD ($) | Sep. 30, 2017USD ($) | Feb. 12, 2018USD ($) | Dec. 30, 2017EUR (€) | Dec. 30, 2017USD ($) | Jun. 30, 2016USD ($) |
Business Acquisition [Line Items] | ||||||||||||||||
Goodwill | $ 1,252,524 | $ 1,167,007 | ||||||||||||||
Bras N Things | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Consideration Transferred | $ 498,236 | $ 391,572 | ||||||||||||||
Business acquistion, percent of business acquired | 100.00% | 100.00% | ||||||||||||||
Total purchase price | $ 495,224 | 389,205 | ||||||||||||||
Cash consideration paid | 428,956 | 337,123 | ||||||||||||||
Goodwill | $ 111,611 | |||||||||||||||
Indemnification escrow asset | 31,988 | 25,140 | ||||||||||||||
Debt assumed | $ 34,280 | $ 26,942 | ||||||||||||||
Increase (decrease) in consideration transferred | $ (3,012) | $ (2,367) | ||||||||||||||
Acquisition Related Costs | $ 300 | $ (623) | ||||||||||||||
Number of Stores | 170 | |||||||||||||||
Goodwill, Purchase Accounting Adjustments | $ 1,013 | |||||||||||||||
Champion Europe | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Business acquistion, percent of business acquired | 100.00% | 100.00% | ||||||||||||||
Cash consideration paid | € 220,751 | $ 245,554 | ||||||||||||||
Final contingent consideration | € 40,700 | € 64,250 | $ 73,738 | $ 45,277 | ||||||||||||
Payment for Contingent Consideration | € 26,430 | $ 32,488 | € 37,820 | $ 41,250 | ||||||||||||
Pro Forma | Bras N Things | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Revenue of Acquiree since Acquisition Date, Actual | 79,587 | |||||||||||||||
Earnings or Loss of Acquiree since Acquisition Date, Actual | 15,581 | |||||||||||||||
Acquisition Related Costs | $ 5,341 | |||||||||||||||
Trademarks And Brand Names | Bras N Things | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Indefinite-lived Intangible Assets Acquired | 275,071 | |||||||||||||||
Noncompete Agreements | Bras N Things | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Finite-lived Intangible Assets Acquired | $ 2,358 | |||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 3 years | 3 years | ||||||||||||||
Customer Lists | Bras N Things | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Finite-lived Intangible Assets Acquired | $ 785 | |||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 3 years | 3 years |
Acquisitions Purchase Price All
Acquisitions Purchase Price Allocation (Details) - USD ($) $ in Thousands | Sep. 29, 2018 | Feb. 12, 2018 | Dec. 30, 2017 |
Business Acquisition [Line Items] | |||
Goodwill | $ 1,252,524 | $ 1,167,007 | |
Bras N Things | |||
Business Acquisition [Line Items] | |||
Cash and cash equivalents | $ 2,765 | ||
Accounts receivable, net | 197 | ||
Inventories | 9,610 | ||
Other current assets | 1,637 | ||
Property, net | 11,764 | ||
Trademarks and other identifiable intangibles | 278,214 | ||
Deferred tax assets and other noncurrent assets | 2,539 | ||
Total assets acquired | 306,726 | ||
Accounts payable | 4,929 | ||
Accrued liabilities and other | 16,339 | ||
Deferred tax liabilities and other noncurrent liabilities | 7,864 | ||
Total liabilities assumed | 29,132 | ||
Net assets acquired | 277,594 | ||
Goodwill | 111,611 | ||
Total purchase price | $ 389,205 |
Acquisitions Components of Purc
Acquisitions Components of Purchase Price (Details) - Feb. 12, 2018 - Bras N Things $ in Thousands, $ in Thousands | AUD ($) | USD ($) | USD ($) |
Business Acquisition [Line Items] | |||
Cash consideration paid | $ 428,956 | $ 337,123 | |
Indemnification escrow asset | 31,988 | $ 25,140 | |
Debt assumed | 34,280 | $ 26,942 | |
Total purchase price | $ 495,224 | $ 389,205 |
Acquisition Pro Forma (Details)
Acquisition Pro Forma (Details) - Bras N Things - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 29, 2018 | Sep. 30, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | |
Business Acquisition [Line Items] | ||||
Acquisition Related Costs | $ 300 | $ (623) | ||
Pro Forma | ||||
Business Acquisition [Line Items] | ||||
Acquisition Related Costs | $ 5,341 | |||
Pro forma revenue | $ 1,848,707 | 1,831,502 | 5,054,161 | 4,919,291 |
Pro forma net income | $ 171,421 | $ 209,768 | $ 394,494 | $ 460,947 |
Pro forma earnings per share, basic | $ 0.47 | $ 0.57 | $ 1.09 | $ 1.25 |
Pro forma earnings per share, diluted | $ 0.47 | $ 0.57 | $ 1.08 | $ 1.24 |
Stockholders' Equity (Reconcili
Stockholders' Equity (Reconciliation of basic to diluted weighted average shares) (Detail) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 29, 2018 | Sep. 30, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | |
Disclosure Reconciliation Of Basic To Diluted Weighted Average Shares [Abstract] | ||||
Basic weighted average shares outstanding | 363,510 | 366,083 | 363,338 | 368,885 |
Effect of potentially dilutive securities: | ||||
Stock options | 723 | 1,541 | 882 | 1,591 |
Restricted stock units | 401 | 535 | 303 | 470 |
Employee stock purchase plan and other | 4 | 1 | 4 | 1 |
Diluted weighted average shares outstanding | 364,638 | 368,160 | 364,527 | 370,947 |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | Oct. 23, 2018 | Sep. 29, 2018 | Sep. 30, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | Apr. 27, 2016 |
Stockholders' Equity [Line Items] | ||||||
Dividends, Per Share, Declared | $ 0.15 | $ 0.15 | $ 0.45 | $ 0.45 | ||
Stock Options | ||||||
Stockholders' Equity [Line Items] | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 0 | 0 | 0 | ||
Restricted Stock Units (RSUs) | ||||||
Stockholders' Equity [Line Items] | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 84 | 28 | 84 | 58 | ||
2007 Share Repurchase Plan [Member] | ||||||
Stockholders' Equity [Line Items] | ||||||
Stock repurchased during period, shares | 14,696 | |||||
Shares acquired weighted average cost per share | $ 20.39 | |||||
Stock repurchased during period, value | $ 299,919 | |||||
2016 Share Repurchase Plan [Member] | ||||||
Stockholders' Equity [Line Items] | ||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 40,000 | |||||
Remaining number of shares authorized to be repurchased | 20,360 | 20,360 | ||||
Subsequent Event [Member] | ||||||
Stockholders' Equity [Line Items] | ||||||
Dividends, Per Share, Declared | $ 0.15 |
Inventories (Detail)
Inventories (Detail) - USD ($) $ in Thousands | Sep. 29, 2018 | Dec. 30, 2017 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 134,684 | $ 129,287 |
Work in process | 195,559 | 226,659 |
Finished goods | 1,809,038 | 1,519,044 |
Total Inventories | $ 2,139,281 | $ 1,874,990 |
Debt (Detail)
Debt (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 29, 2018 | Dec. 30, 2017 | |
Debt Instrument [Line Items] | ||
Principal amount | $ 4,406,522 | $ 3,993,267 |
Less debt issuance costs | 36,743 | 41,624 |
Less current maturities | 506,199 | 249,589 |
Long-term debt, excluding current maturities | $ 3,863,580 | 3,702,054 |
Revolving Loan Facility | ||
Debt Instrument [Line Items] | ||
Interest rate as of September 29, 2018 | 3.69% | |
Principal amount | $ 313,500 | 0 |
Term Loan A | ||
Debt Instrument [Line Items] | ||
Interest rate as of September 29, 2018 | 3.70% | |
Principal amount | $ 731,250 | 750,000 |
Term Loan B | ||
Debt Instrument [Line Items] | ||
Interest rate as of September 29, 2018 | 3.99% | |
Principal amount | $ 496,250 | 500,000 |
Australian Term A-1 Loan Facility | ||
Debt Instrument [Line Items] | ||
Interest rate as of September 29, 2018 | 3.39% | |
Principal amount | $ 125,686 | 135,826 |
4.875% Senior Notes | ||
Debt Instrument [Line Items] | ||
Interest rate as of September 29, 2018 | 4.875% | |
Principal amount | $ 900,000 | 900,000 |
4.625% Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate as of September 29, 2018 | 4.625% | |
Principal amount | $ 900,000 | 900,000 |
3.50% Senior Notes | ||
Debt Instrument [Line Items] | ||
Interest rate as of September 29, 2018 | 3.50% | |
Principal amount | $ 580,248 | 599,649 |
European Revolving Loan Facility | ||
Debt Instrument [Line Items] | ||
Interest rate as of September 29, 2018 | 1.50% | |
Principal amount | $ 116,050 | 81,539 |
Accounts Receivable Securitization Facility | ||
Debt Instrument [Line Items] | ||
Interest rate as of September 29, 2018 | 2.97% | |
Principal amount | $ 221,979 | 125,209 |
Other International Debt | ||
Debt Instrument [Line Items] | ||
Principal amount | $ 21,559 | $ 1,044 |
Interest rate terms | Various |
Debt (Additional Information) (
Debt (Additional Information) (Detail) $ in Thousands | Sep. 29, 2018USD ($) |
Revolving Loan Facility | |
Debt Instrument [Line Items] | |
Remaining capacity | $ 682,165 |
Maximum borrowing capacity | 1,000,000 |
Standby and trade letters of credit issued | 4,335 |
European Revolving Loan Facility | |
Debt Instrument [Line Items] | |
Remaining capacity | 0 |
Australian Revolving Facility | |
Debt Instrument [Line Items] | |
Remaining capacity | 25,507 |
Accounts Receivable Securitization Facility | |
Debt Instrument [Line Items] | |
Maximum borrowing capacity | 225,000 |
Other International Debt | |
Debt Instrument [Line Items] | |
Remaining capacity | $ 116,688 |
(Accumulated Other Comprehensiv
(Accumulated Other Comprehensive Income (Loss) Rollforward) (Details) $ in Thousands | 9 Months Ended |
Sep. 29, 2018USD ($) | |
Accumulated Other Comprehensive Income (Loss), Tax [Roll Forward] | |
Balance at December 30, 2017, tax | $ 243,760 |
Amounts reclassified from accumulated other comprehensive loss, tax | (5,492) |
Current-period other comprehensive income (loss) activity, tax | (6,823) |
Balance at September 29, 2018, tax | 231,445 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |
Balance at December 30, 2017, net of tax | (439,206) |
Amounts reclassified from accumulated other comprehensive loss, net of tax | 17,128 |
Current-period other comprehensive income (loss) activity, net of tax | (64,420) |
Balance at September 29, 2018, net of tax | (486,498) |
Cumulative translation adjustment | |
Accumulated Other Comprehensive Income (Loss), Before Tax [Roll Forward] | |
Balance at December 30, 2017, before tax | (43,505) |
Amounts reclassified from accumulated other comprehensive loss, before tax | 0 |
Current-period other comprehensive income (loss) activity, before tax | (82,664) |
Balance at September 29, 2018, before tax | (126,169) |
Hedges | |
Accumulated Other Comprehensive Income (Loss), Before Tax [Roll Forward] | |
Balance at December 30, 2017, before tax | (25,461) |
Amounts reclassified from accumulated other comprehensive loss, before tax | 9,686 |
Current-period other comprehensive income (loss) activity, before tax | 25,067 |
Balance at September 29, 2018, before tax | 9,292 |
Defined benefit plans | |
Accumulated Other Comprehensive Income (Loss), Before Tax [Roll Forward] | |
Balance at December 30, 2017, before tax | (614,000) |
Amounts reclassified from accumulated other comprehensive loss, before tax | 12,934 |
Current-period other comprehensive income (loss) activity, before tax | 0 |
Balance at September 29, 2018, before tax | $ (601,066) |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 29, 2018 | Sep. 30, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | |
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||||
Cost of sales | $ 1,136,040 | $ 1,120,813 | $ 3,084,110 | $ 2,962,345 |
Other expenses | 455,778 | 419,991 | 1,328,534 | 1,245,290 |
Income tax expense (benefit) | 25,388 | 4,150 | 64,943 | 19,804 |
Net income (loss) | 171,421 | 203,356 | 391,463 | 446,505 |
Reclassification out of Accumulated Other Comprehensive Income | ||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net income (loss) | (5,553) | (2,390) | (17,128) | (6,481) |
Reclassification out of Accumulated Other Comprehensive Income | Amortization of deferred actuarial loss and prior service cost | ||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||||
Other expenses | (4,919) | (4,862) | (12,934) | (14,440) |
Income tax expense (benefit) | (1,378) | (1,867) | (3,622) | (5,545) |
Net income (loss) | (3,541) | (2,995) | (9,312) | (8,895) |
Reclassification out of Accumulated Other Comprehensive Income | Foreign Exchange Contract | Gain (loss) on cash flow hedges: | ||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||||
Cost of sales | (2,467) | 414 | (9,686) | 3,348 |
Income tax expense (benefit) | (455) | (191) | (1,870) | 934 |
Net income (loss) | $ (2,012) | $ 605 | $ (7,816) | $ 2,414 |
Financial Instruments and Ris_3
Financial Instruments and Risk Management (Additional Information) (Detail) $ in Thousands | 9 Months Ended |
Sep. 29, 2018USD ($) | |
Derivative [Line Items] | |
Amount expected to be reclassified into earnings | $ 13,991 |
Foreign Exchange Contract | Designated as Hedging Instrument | |
Derivative [Line Items] | |
Commitments to purchase and sell foreign currencies in foreign currency cash flow hedge derivative portfolio | $ 594,794 |
Financial Instruments and Ris_4
Financial Instruments and Risk Management (Fair Values of Derivative Instruments) (Detail) - USD ($) $ in Thousands | Sep. 29, 2018 | Dec. 30, 2017 |
Derivatives, Fair Value [Line Items] | ||
Fair value of assets and liabilities | $ 17,348 | $ (20,968) |
Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Total derivative assets | 19,090 | 1,600 |
Other current assets | Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Total derivative assets | 14,316 | 1,464 |
Other current assets | Non-hedges | ||
Derivatives, Fair Value [Line Items] | ||
Total derivative assets | 4,774 | 136 |
Accrued liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Total derivative liabilities | 1,742 | 22,568 |
Accrued liabilities | Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Total derivative liabilities | 766 | 14,750 |
Accrued liabilities | Non-hedges | ||
Derivatives, Fair Value [Line Items] | ||
Total derivative liabilities | $ 976 | $ 7,818 |
Financial Instruments and Ris_5
Financial Instruments and Risk Management (Effect of cash flow hedge derivative instruments) (Detail) - Foreign Exchange Contract - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 29, 2018 | Sep. 30, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | |
Derivatives, Fair Value [Line Items] | ||||
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Loss (Effective Portion) | $ (207) | $ (17,379) | $ 25,067 | $ (43,660) |
Cost of Sales | ||||
Derivatives, Fair Value [Line Items] | ||||
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion) | $ (2,467) | $ 414 | $ (9,686) | $ 3,348 |
Financial Instruments and Ris_6
Financial Instruments and Risk Management (Effect of mark to market hedge derivative instruments on Condensed Consolidated Statements of Income) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 29, 2018 | Sep. 30, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in Income | $ (2,686) | $ 3,277 | $ 17,200 | $ (1,398) |
Foreign Exchange Contract | Cost of Sales | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in Income | (2,241) | 0 | 16,870 | 0 |
Foreign Exchange Contract | Selling, General and Administrative Expenses | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in Income | $ (445) | $ 3,277 | $ 330 | $ (1,398) |
Fair Value of Assets and Liab_3
Fair Value of Assets and Liabilities (Additional Information) (Detail) - USD ($) $ in Thousands | Sep. 29, 2018 | Dec. 30, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Allowance for Doubtful Accounts Receivable, Current | $ 47,267 | $ 26,096 |
Carrying value of debt | 4,406,522 | 3,993,267 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of debt | $ 4,371,893 | $ 4,093,229 |
Fair Value of Assets and Liab_4
Fair Value of Assets and Liabilities (Fair Value of Financial Assets and Liabilities Measured on Recurring Basis) (Detail) - USD ($) $ in Thousands | Sep. 29, 2018 | Dec. 30, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets and liabilities | $ 17,348 | $ (20,968) |
Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets and liabilities | 17,348 | (20,968) |
Deferred compensation plan liability | 46,340 | 52,758 |
Net Effect Of Financial Asset Less Financial Liability | (28,992) | (73,726) |
Fair Value, Measurements, Recurring | Quoted Prices In Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets and liabilities | 0 | 0 |
Deferred compensation plan liability | 0 | 0 |
Net Effect Of Financial Asset Less Financial Liability | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets and liabilities | 17,348 | (20,968) |
Deferred compensation plan liability | 46,340 | 52,758 |
Net Effect Of Financial Asset Less Financial Liability | (28,992) | (73,726) |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets and liabilities | 0 | 0 |
Deferred compensation plan liability | 0 | 0 |
Net Effect Of Financial Asset Less Financial Liability | 0 | 0 |
Fair Value, Measurements, Recurring | Foreign exchange derivative contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 19,090 | 1,600 |
Total derivative liabilities | 1,742 | 22,568 |
Fair Value, Measurements, Recurring | Foreign exchange derivative contracts | Quoted Prices In Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 0 | 0 |
Total derivative liabilities | 0 | 0 |
Fair Value, Measurements, Recurring | Foreign exchange derivative contracts | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 19,090 | 1,600 |
Total derivative liabilities | 1,742 | 22,568 |
Fair Value, Measurements, Recurring | Foreign exchange derivative contracts | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 0 | 0 |
Total derivative liabilities | $ 0 | $ 0 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 29, 2018 | Sep. 30, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | |
Unrecognized Tax Benefits [Line Items] | ||||
Income tax expense | $ 25,388 | $ 4,150 | $ 64,943 | $ 19,804 |
Effective Income Tax Rate, Percent | 12.90% | 2.00% | 14.20% | 4.20% |
Tax Cuts and Jobs Act | One-Time Provisional Transition [Member] | ||||
Unrecognized Tax Benefits [Line Items] | ||||
Income tax expense | $ (3,053) | |||
Bras N Things | ||||
Unrecognized Tax Benefits [Line Items] | ||||
Unrecognized Tax Benefits, Increase Resulting from Acquisition | $ 17,643 |
Discontinued Operations (Detail
Discontinued Operations (Details) - Discontinued Operations - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2017 | Sep. 30, 2017 | |
Income Statement and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Net sales | $ 0 | $ 6,865 |
Cost of sales | 0 | 4,507 |
Gross profit | 0 | 2,358 |
Selling, general and administrative expenses | 0 | 3,729 |
Operating loss | 0 | (1,371) |
Other expenses | 0 | 303 |
Net (loss) on disposal of businesses | 0 | (242) |
Loss from discontinued operations before income tax expense | 0 | (1,916) |
Income tax expense | 0 | 181 |
Net loss from discontinued operations, net of tax | $ 0 | $ (2,097) |
Discontinued Operations Narrati
Discontinued Operations Narrative (Details) $ in Thousands, $ in Thousands | 1 Months Ended | |||||
Apr. 30, 2017AUD ($) | Apr. 30, 2017USD ($) | Mar. 31, 2017AUD ($) | Mar. 31, 2017USD ($) | Feb. 28, 2017AUD ($) | Feb. 28, 2017USD ($) | |
Dunlop Flooring [Member] | ||||||
Income Statement and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Proceeds from Divestiture of Businesses | $ 34,564 | $ 26,219 | ||||
Adjustments to Proceeds from Previous Divestiture | $ 1,334 | $ 1,012 | ||||
Gain (Loss) on Disposition of Business | (2,715) | (2,083) | ||||
Tontine Pillow [Member] | ||||||
Income Statement and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Proceeds from Divestiture of Businesses | $ 13,500 | $ 10,363 | ||||
Adjustments to Proceeds from Previous Divestiture | (966) | (742) | ||||
Gain (Loss) on Disposition of Business | $ 2,415 | $ 1,856 |
Subsequent Event (Details)
Subsequent Event (Details) - Sears - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 29, 2018 | Sep. 29, 2018 | |
Subsequent Event [Line Items] | ||
Bad debt expense | $ 14,113 | $ 17,086 |
Reserve for customer specific identifiable inventory | $ 0 | $ 2,895 |
Business Segment Information (D
Business Segment Information (Detail) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 29, 2018USD ($) | Sep. 30, 2017USD ($) | Sep. 29, 2018USD ($) | Sep. 30, 2017USD ($) | Dec. 30, 2017USD ($) | |
Segment Reporting Information [Line Items] | |||||
Number of operating segments | 3 | ||||
Net sales: | |||||
Net sales | $ 1,848,707 | $ 1,799,270 | $ 5,035,654 | $ 4,826,235 | |
Segment operating profit: | |||||
Total operating profit | 256,889 | 258,466 | 623,010 | 618,600 | |
General corporate expenses | 46,161 | 45,364 | 136,694 | 127,210 | |
Acquisition, integration and other action-related charges | 20,732 | 16,874 | 65,514 | 81,303 | |
Amortization of intangibles | 10,091 | 10,279 | 28,404 | 23,595 | |
Other expenses | (7,285) | (7,043) | (19,616) | (20,010) | |
Interest expense, net | 52,795 | 43,917 | 146,988 | 130,184 | |
Income before income tax expense | 196,809 | 207,506 | 456,406 | 468,406 | |
Innerwear | |||||
Net sales: | |||||
Net sales | 599,726 | 644,059 | 1,785,498 | 1,868,255 | |
Segment operating profit: | |||||
Total operating profit | 132,244 | 152,983 | 392,792 | 447,233 | |
Activewear | |||||
Net sales: | |||||
Net sales | 554,953 | 519,496 | 1,306,863 | 1,226,595 | |
Segment operating profit: | |||||
Total operating profit | 93,605 | 87,497 | 189,400 | 189,819 | |
International | |||||
Net sales: | |||||
Net sales | 619,435 | 556,730 | 1,735,184 | 1,509,370 | |
Segment operating profit: | |||||
Total operating profit | 99,624 | 78,394 | 253,243 | 191,203 | |
Total segment operating profit | |||||
Segment operating profit: | |||||
Total operating profit | 333,873 | 330,983 | 853,622 | 850,708 | |
Total | |||||
Segment operating profit: | |||||
Acquisition, integration and other action-related charges | 20,732 | 16,874 | 65,514 | 81,303 | |
Cost of Sales | |||||
Segment operating profit: | |||||
Acquisition, integration and other action-related charges | 11,760 | 2,230 | 33,596 | 21,989 | |
Selling, General and Administrative Expenses | |||||
Segment operating profit: | |||||
Acquisition, integration and other action-related charges | 8,972 | 14,644 | 31,918 | 59,314 | |
Corporate, Non-Segment | |||||
Net sales: | |||||
Net sales | 74,593 | 78,985 | 208,109 | 222,015 | |
Segment operating profit: | |||||
Total operating profit | 8,400 | $ 12,109 | 18,187 | $ 22,453 | |
Hanes Europe Innerwear | |||||
Segment operating profit: | |||||
Other Employee Related Liabilities | 13,818 | 13,818 | $ 22,302 | ||
Employee termination and other benefits paid | 8,484 | ||||
Hanes Europe Innerwear | Accrued liabilities | |||||
Segment operating profit: | |||||
Other Employee Related Liabilities | 7,509 | 7,509 | |||
Hanes Europe Innerwear | Other Noncurrent Liabilities | |||||
Segment operating profit: | |||||
Other Employee Related Liabilities | $ 6,309 | $ 6,309 |