Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Jan. 03, 2015 | Jan. 30, 2015 | Jun. 27, 2014 | |
Document Documentand Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 3-Jan-15 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | HBI | ||
Entity Registrant Name | Hanesbrands Inc. | ||
Entity Central Index Key | 1359841 | ||
Current Fiscal Year End Date | -2 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 100,199,650 | ||
Entity Public Float | $9,651,455,720 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Jan. 03, 2015 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
Income Statement [Abstract] | |||||||||||
Net sales | $1,522,596 | $1,400,728 | $1,342,052 | $1,059,370 | $1,285,790 | $1,197,346 | $1,199,205 | $945,461 | $5,324,746 | $4,627,802 | $4,525,721 |
Cost of sales | 3,420,339 | 3,016,109 | 3,105,674 | ||||||||
Gross profit | 545,561 | 497,715 | 504,354 | 356,777 | 427,232 | 421,680 | 435,482 | 327,299 | 1,904,407 | 1,611,693 | 1,420,047 |
Selling, general and administrative expenses | 1,340,453 | 1,096,507 | 979,932 | ||||||||
Operating profit | 563,954 | 515,186 | 440,115 | ||||||||
Other expenses | 2,599 | 17,501 | 40,315 | ||||||||
Interest expense, net | 96,387 | 101,884 | 136,855 | ||||||||
Income from continuing operations before income tax expense | 464,968 | 395,801 | 262,945 | ||||||||
Income tax expense | 60,449 | 65,307 | 30,502 | ||||||||
Income from continuing operations | 404,519 | 330,494 | 232,443 | ||||||||
Loss from discontinued operations, net of tax | 0 | 0 | -67,762 | ||||||||
Net income | $89,437 | $118,944 | $154,578 | $41,560 | $32,266 | $125,263 | $121,586 | $51,379 | $404,519 | $330,494 | $164,681 |
Earnings per share — basic: | |||||||||||
Continuing operations | $4.02 | $3.31 | $2.35 | ||||||||
Discontinued operations | $0 | $0 | $0.69 | ||||||||
Net income | $0.89 | $1.18 | $1.54 | $0.41 | $0.32 | $1.25 | $1.22 | $0.52 | $4.02 | $3.31 | $1.67 |
Earnings per share — diluted: | |||||||||||
Continuing operations | $3.97 | $3.25 | $2.32 | ||||||||
Discontinued operations | $0 | $0 | ($0.68) | ||||||||
Net income | $0.88 | $1.16 | $1.51 | $0.41 | $0.32 | $1.23 | $1.19 | $0.51 | $3.97 | $3.25 | $1.64 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
Statement Consolidated Statements Of Comprehensive Income [Abstract] | |||
Net income | $404,519 | $330,494 | $164,681 |
Other comprehensive income (loss): | |||
Foreign currency translation | -12,171 | -13,594 | -838 |
Cash flow hedges, net of tax effect of ($1,114), ($476) and $1,264, respectively | 1,679 | 717 | -1,906 |
Interest rate hedge, net of tax effect of $0, $0 and ($1,371), respectively | 0 | 0 | 2,066 |
Defined benefit plans, net of tax effect of $81,731, ($61,582) and ($11,514), respectively | -125,080 | 93,473 | 16,316 |
Other comprehensive income (loss) | -135,572 | 80,596 | 15,638 |
Comprehensive income | $268,947 | $411,090 | $180,319 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Cash flow hedges, tax | ($1,114) | ($476) | $1,264 |
Interest rate hedge, tax | 0 | 0 | -1,371 |
Defined benefit plans, tax | $81,731 | ($61,582) | ($11,514) |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Jan. 03, 2015 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Assets | ||
Cash and cash equivalents | $239,855 | $115,863 |
Trade accounts receivable, net | 672,048 | 578,558 |
Inventories | 1,537,200 | 1,283,331 |
Deferred tax assets | 215,065 | 197,260 |
Other current assets | 101,064 | 68,654 |
Total current assets | 2,765,232 | 2,243,666 |
Property, net | 674,379 | 579,883 |
Trademarks and other identifiable intangibles, net | 691,201 | 377,751 |
Goodwill | 723,120 | 626,392 |
Deferred tax assets | 294,347 | 207,426 |
Other noncurrent assets | 73,502 | 54,930 |
Total assets | 5,221,781 | 4,090,048 |
Liabilities and Stockholders’ Equity | ||
Accounts payable | 621,220 | 466,270 |
Accrued liabilities and other: | ||
Payroll and employee benefits | 143,335 | 143,543 |
Advertising and promotion | 149,345 | 73,841 |
Other | 202,947 | 97,642 |
Notes payable | 144,438 | 36,192 |
Accounts Receivable Securitization Facility | 210,963 | 181,790 |
Current portion of long-term debt | 14,354 | 0 |
Total current liabilities | 1,486,602 | 999,278 |
Long-term debt | 1,613,997 | 1,467,000 |
Pension and postretirement benefits | 472,003 | 263,819 |
Other noncurrent liabilities | 262,407 | 129,328 |
Total liabilities | 3,835,009 | 2,859,425 |
Stockholders’ equity: | ||
Preferred stock (50,000,000 authorized shares; $.01 par value) Issued and outstanding — None | 0 | 0 |
Common stock (500,000,000 authorized shares; $.01 par value) Issued and outstanding — 100,197,280 and 99,455,478, respectively | 1,002 | 995 |
Additional paid-in capital | 293,932 | 285,227 |
Retained earnings | 1,464,427 | 1,181,418 |
Accumulated other comprehensive loss | -372,589 | -237,017 |
Total stockholders’ equity | 1,386,772 | 1,230,623 |
Total liabilities and stockholders’ equity | $5,221,781 | $4,090,048 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Jan. 03, 2015 | Dec. 28, 2013 |
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 | 500,000,000 | 500,000,000 |
Common stock, shares issued | 100,197,280 | 99,455,478 |
Common stock, shares outstanding | 100,197,280 | 99,455,478 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] |
In Thousands, except Share data | |||||
Beginning Balance at Dec. 31, 2011 | |||||
Net income | $164,681 | $164,681 | |||
Translation adjustments | -838 | -838 | |||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period and Reclassification Adjustment on Amortization Of Loss On Interest Rate Hedge, Net of Tax | 160 | 160 | |||
Net unrecognized gain (loss) from pension and postretirement plans | 16,316 | 16,316 | |||
Stock-based compensation | 20,183 | 20,183 | |||
Exercise of stock options, vesting of restricted stock units and other | 5,303 | 8 | 5,295 | ||
Exercise of stock options, vesting of restricted stock units and other, shares | 753,000 | ||||
Ending Balance at Dec. 29, 2012 | 886,866 | 983 | 292,029 | 911,467 | -317,613 |
Ending Balance, Shares at Dec. 29, 2012 | 98,270,000 | ||||
Net income | 330,494 | 330,494 | |||
Translation adjustments | -13,594 | -13,594 | |||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period and Reclassification Adjustment on Amortization Of Loss On Interest Rate Hedge, Net of Tax | 717 | 717 | |||
Net unrecognized gain (loss) from pension and postretirement plans | 93,473 | 93,473 | |||
Stock-based compensation | 23,845 | 23,845 | |||
Exercise of stock options, vesting of restricted stock units and other | -16,400 | 12 | -16,412 | ||
Exercise of stock options, vesting of restricted stock units and other, shares | 1,185,000 | ||||
Net transactions related to spin off | 14,235 | 14,235 | |||
Ending Balance at Dec. 28, 2013 | 1,230,623 | 995 | 285,227 | 1,181,418 | -237,017 |
Ending Balance, Shares at Dec. 28, 2013 | 99,455,478 | 99,455,000 | |||
Net income | 404,519 | 404,519 | |||
Dividends | -121,510 | -121,510 | |||
Translation adjustments | -12,171 | -12,171 | |||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period and Reclassification Adjustment on Amortization Of Loss On Interest Rate Hedge, Net of Tax | 1,679 | 1,679 | |||
Net unrecognized gain (loss) from pension and postretirement plans | -125,080 | -125,080 | |||
Stock-based compensation | 30,230 | 30,230 | |||
Exercise of stock options, vesting of restricted stock units and other | -21,518 | 7 | -21,525 | ||
Exercise of stock options, vesting of restricted stock units and other, shares | 742,000 | ||||
Ending Balance at Jan. 03, 2015 | $1,386,772 | $1,002 | $293,932 | $1,464,427 | ($372,589) |
Ending Balance, Shares at Jan. 03, 2015 | 100,197,280 | 100,197,000 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
Operating activities: | |||
Net income | $404,519 | $330,494 | $164,681 |
Adjustments to reconcile net income to net cash from operating activities: | |||
Depreciation | 75,977 | 76,125 | 78,784 |
Amortization of intangibles | 22,225 | 14,765 | 14,252 |
Impairment of intangibles | 0 | 0 | 37,425 |
Loss on disposition of business | 0 | 0 | 32,829 |
Write-off on early extinguishment of debt | 0 | 4,865 | 9,559 |
Amortization of debt issuance costs | 6,011 | 6,921 | 9,168 |
Stock compensation expense | 30,587 | 24,178 | 20,496 |
Deferred taxes | -12,401 | 14,616 | -32,583 |
Other | 1,962 | -3,027 | -7,253 |
Changes in assets and liabilities, net of acquisition and disposition of businesses: | |||
Accounts receivable | 1,228 | 4,803 | -46,812 |
Inventories | -40,248 | 83,748 | 313,818 |
Other assets | 14,270 | 12,857 | 5,453 |
Accounts payable | 71,901 | 30,897 | -40,583 |
Accrued liabilities and other | -67,941 | -9,961 | -5,627 |
Net cash from operating activities | 508,090 | 591,281 | 553,607 |
Investing activities: | |||
Purchases of property, plant and equipment | -64,311 | -43,627 | -40,994 |
Proceeds from sales of assets | 7,120 | 6,089 | 424 |
Acquisition of business, net of cash acquired | -360,439 | -559,855 | 0 |
Disposition of business | 0 | 0 | 12,704 |
Payments for (Proceeds from) Investments | 64,380 | 0 | 0 |
Payments for (Proceeds from) Other Investing Activities | -5,065 | 0 | 0 |
Net cash from investing activities | -358,315 | -597,393 | -27,866 |
Financing activities: | |||
Borrowings on notes payable | 158,217 | 101,175 | 78,036 |
Repayments on notes payable | -138,225 | -91,027 | -115,117 |
Borrowings on Accounts Receivable Securitization Facility | 161,167 | 145,715 | 177,300 |
Repayments on Accounts Receivable Securitization Facility | -131,994 | -137,761 | -170,397 |
Borrowings on Revolving Loan Facility | 3,536,000 | 4,053,500 | 2,938,500 |
Repayments on Revolving Loan Facility | -3,826,500 | -3,654,000 | -2,885,500 |
Incurrence of debt under the Euro Term Loan Facility | 476,566 | 0 | 0 |
Repayments of Euro Term Loan Facility | -2,226 | 0 | 0 |
Repayments of assumed debt related to acquisition of business | -117,400 | 0 | 0 |
Redemption of Floating Rate Senior Notes | 0 | 0 | -293,277 |
Redemption of debt under 8% Senior Notes | 0 | 250,000 | 250,000 |
Cash dividends paid | -119,607 | -59,442 | 0 |
Payments to amend and refinance credit facilities | -6,011 | -5,630 | -2,353 |
Proceeds from stock options exercised | 0 | 5,279 | 8,752 |
Taxes paid related to net shares settlement of equity awards | -54,593 | -41,839 | -4,705 |
Excess tax benefit from stock-based compensation | 39,568 | 26,784 | 1,253 |
Other | 1,273 | 1,003 | -269 |
Net cash from financing activities | -23,765 | 93,757 | -517,777 |
Effect of changes in foreign exchange rates on cash | -2,018 | -14,578 | -513 |
Change in cash and cash equivalents | 123,992 | 73,067 | 7,451 |
Cash and cash equivalents at beginning of year | 115,863 | 42,796 | 35,345 |
Cash and cash equivalents at end of year | $239,855 | $115,863 | $42,796 |
Consolidated_Statements_of_Cas1
Consolidated Statements of Cash Flows (Parenthetical) | Dec. 29, 2012 | Nov. 09, 2010 | Jan. 03, 2015 | Dec. 28, 2013 |
Interest rate | 6.38% | 6.38% | ||
8% Senior Notes [Member] | ||||
Interest rate | 8.00% | 8.00% | 8.00% |
Background
Background | 12 Months Ended |
Jan. 03, 2015 | |
Text Block [Abstract] | |
Background | Background |
Hanesbrands Inc., a Maryland corporation (the “Company”), is a consumer goods company with a portfolio of leading apparel brands, including Hanes, Champion, Bali, Playtex, Maidenform, DIM, JMS/Just My Size, L’eggs, Nur Die/Nur Der, Flexees, barely there, Wonderbra, Gear for Sports, Lilyette, Lovable, Rinbros, Shock Absorber, Track N Field, Abanderado and Zorba. The Company designs, manufactures, sources and sells a broad range of basic apparel such as T-shirts, bras, panties, men’s underwear, children’s underwear, activewear, socks and hosiery. | |
The Company’s fiscal year ends on the Saturday closest to December 31. All references to “2014”, “2013” and “2012” relate to the 53 week fiscal year ended on January 3, 2015, and the 52 week fiscal years ended on December 28, 2013 and December 29, 2012, respectively. A significant subsidiary of the Company, DBA Lux Holding S.A. (“DBA”), had a December 27, 2014 fiscal year end. The difference in reporting one week of financial information for DBA did not have a material impact on the Company’s financial condition, results of operations or cash flows. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended |
Jan. 03, 2015 | |
Text Block [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies |
(a) Consolidation | |
The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. | |
(b) Use of Estimates | |
The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make use of estimates and assumptions that affect the reported amount of assets and liabilities, certain financial statement disclosures at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results may vary from these estimates. | |
(c) Foreign Currency Translation | |
Foreign currency-denominated assets and liabilities are translated into U.S. dollars at exchange rates existing at the respective balance sheet dates. Translation adjustments resulting from fluctuations in exchange rates are recorded as a separate component of accumulated other comprehensive loss (“AOCI”) within stockholders’ equity. The Company translates the results of operations of its foreign operations at the average exchange rates during the respective periods. Gains and losses resulting from foreign currency transactions are included in the “Selling, general and administrative expenses” line of the Consolidated Statements of Income. | |
(d) Sales Recognition and Incentives | |
The Company recognizes revenue when (i) there is persuasive evidence of an arrangement, (ii) the sales price is fixed or determinable, (iii) title and the risks of ownership have been transferred to the customer and (iv) collection of the receivable is reasonably assured, which occurs primarily upon shipment. The Company records a sales reduction for returns and allowances based upon historical return experience. The Company earns royalty revenues 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 licensee. The Company offers a variety of sales incentives to resellers and consumers of its products, and the policies regarding the recognition and display of these incentives within the Consolidated Statements of Income are as follows: | |
Discounts, Coupons, and Rebates | |
The Company recognizes the cost of these incentives at the later of the date at which the related sale is recognized or the date at which the incentive is offered. The cost of these incentives is estimated using a number of factors, including historical utilization and redemption rates. All cash incentives of this type are included in the determination of net sales. The Company includes incentives offered in the form of free products in the determination of cost of sales. | |
Volume-Based Incentives | |
These incentives typically involve rebates or refunds of cash that are redeemable only if the reseller 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. The Company includes these amounts in the determination of net sales. | |
Cooperative Advertising | |
Under these arrangements, the Company agrees to reimburse the reseller for a portion of the costs incurred by the reseller 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 first takes place. | |
Fixtures and Racks | |
Store fixtures and racks are periodically used by resellers to display Company products. The Company expenses the cost of these fixtures and racks in the period in which they are delivered to the resellers. The Company includes the costs of fixtures and racks incurred by resellers and charged back to the Company in the determination of net sales. Fixtures and racks purchased by the Company and provided to resellers are included in selling, general and administrative expenses. | |
(e) Advertising Expense | |
Advertising costs, which include the development and production of advertising materials and the communication of these materials through various forms of media, are expensed in the period the advertising first takes place. The Company recognized advertising expense in the “Selling, general and administrative expenses” caption in the Consolidated Statements of Income of $183,333, $161,541 and $123,354 in 2014, 2013 and 2012, respectively. | |
(f) Shipping and Handling Costs | |
Revenue received for shipping and handling costs is included in net sales and was $22,903, $25,423 and $25,062 in 2014, 2013 and 2012, respectively. Shipping costs, which comprise payments to third party shippers, and handling costs, which consist of warehousing costs in the Company’s various distribution facilities, were $295,280, $241,026 and $239,464 in 2014, 2013 and 2012, respectively. The Company recognizes shipping, handling and distribution costs in the “Selling, general and administrative expenses” line of the Consolidated Statements of Income. | |
(g) Catalog Expenses | |
The Company incurs expenses for printing catalogs for products to aid in the Company’s sales efforts. The Company initially records these expenses as a prepaid item and charges it against selling, general and administrative expenses over time as the catalog is used. Expenses are recognized at a rate that approximates historical experience with regard to the timing and amount of sales attributable to a catalog distribution. | |
(h) Research and Development | |
Research and development costs are expensed as incurred and are included in the “Selling, general and administrative expenses” line of the Consolidated Statements of Income. Research and development includes expenditures for new product, technological improvements for existing products and process innovation, which primarily consist of salaries, consulting and supplies attributable to time spent on research and development activities. Additional costs include depreciation and maintenance for research and development equipment and facilities. Research and development expense was $63,268, $51,316 and $48,323 in 2014, 2013 and 2012, respectively. | |
(i) Defined Contribution Benefit Plans | |
The Company sponsors 401(k) plans as well as other defined contribution benefit plans. Expense for these plans was $22,898, $23,489 and $21,564 in 2014, 2013 and 2012, respectively. | |
(j) Cash and Cash Equivalents | |
All highly liquid investments with an original maturity of three months or less at the time of purchase are considered to be cash equivalents. | |
(k) Accounts Receivable Valuation | |
Accounts receivable are stated at their net realizable value. The allowance for doubtful accounts reflects the Company’s best estimate of probable losses inherent in the accounts receivable portfolio determined on the basis of historical experience, aging of trade receivables, specific allowances for known troubled accounts and other currently available information. | |
(l) Inventory Valuation | |
Inventories are stated at the estimated lower of cost or market. Cost is determined by the first-in, first-out, or “FIFO,” method for inventories. Obsolete, damaged, and excess inventory is carried at the net realizable value, which is determined by assessing historical recovery rates, current market conditions and future marketing and sales plans. Rebates, discounts and other cash consideration received from a vendor related to inventory purchases are reflected as reductions in the cost of the related inventory item, and are therefore reflected in cost of sales when the related inventory item is sold. | |
(m) Property | |
Property is stated at historical cost and depreciation expense is computed using the straight-line method over the estimated useful lives of the assets. Machinery and equipment is depreciated over periods ranging from three to 15 years and buildings and building improvements over periods of up to 40 years. A change in the depreciable life is treated as a change in accounting estimate and the accelerated depreciation is accounted for in the period of change and future periods. Additions and improvements that substantially extend the useful life of a particular asset and interest costs incurred during the construction period of major properties are capitalized. Repairs and maintenance costs are expensed as incurred. Upon sale or disposition of an asset, the cost and related accumulated depreciation are removed from the accounts. | |
Property is tested for recoverability whenever events or changes in circumstances indicate that its carrying value may not be recoverable. Such events include significant adverse changes in the business climate, several periods of operating or cash flow losses, forecasted continuing losses or a current expectation that an asset or an asset group will be disposed of before the end of its useful life. Recoverability of property is evaluated by a comparison of the carrying amount of an asset or asset group to future net undiscounted cash flows expected to be generated by the asset or asset group. If these comparisons indicate that an asset is not recoverable, the impairment loss recognized is the amount by which the carrying amount of the asset exceeds the estimated fair value. When an impairment loss is recognized for assets to be held and used, the adjusted carrying amount of those assets is depreciated over its remaining useful life. Restoration of a previously recognized impairment loss is not permitted under U.S. GAAP. | |
(n) Trademarks and Other Identifiable Intangible Assets | |
The primary identifiable intangible assets of the Company are trademarks, license agreements, customer and distributor relationships and computer software. Identifiable intangible assets with finite lives are amortized and those with indefinite lives are not amortized. The estimated useful life of a finite-lived intangible asset is based upon a number of factors, including the effects of demand, competition, expected changes in distribution channels and the level of maintenance expenditures required to obtain future cash flows. Trademarks with finite lives are being amortized over periods ranging from seven to 30 years, license agreements are being amortized over periods ranging from three to 17 years, customer and distributor relationships are being amortized over periods ranging from two to 15 years and computer software is being amortized over periods ranging from three to seven years. | |
Identifiable intangible assets that are subject to amortization are evaluated for impairment using a process similar to that used in evaluating elements of property. Identifiable intangible assets not subject to amortization are assessed for impairment at least annually, as of the first day of the third fiscal quarter, and as triggering events occur. The impairment test for identifiable intangible assets not subject to amortization consists of comparing the fair value of the intangible asset to its carrying amount. If the carrying value exceeds the fair value of the asset, an impairment loss is recognized in an amount equal to such excess. In assessing fair value, management relies on a number of factors to discount anticipated future cash flows including operating results, business plans and present value techniques. Rates used to discount cash flows are dependent upon interest rates and the cost of capital at a point in time. There are inherent uncertainties related to these factors and management’s judgment in applying them to the analysis of intangible asset impairment. | |
The Company capitalizes internal software development costs, which include the actual costs to purchase software from vendors and generally include personnel and related costs for employees who were directly associated with the enhancement and implementation of purchased computer software. Additions to computer software are included in purchases of property, plant and equipment in the Consolidated Statements of Cash Flows. | |
(o) Goodwill | |
Goodwill is the amount by which the purchase price exceeds the fair value of the assets acquired and liabilities assumed in a business combination. When a business combination is completed, the assets acquired and liabilities assumed are assigned to the reporting unit or units of the Company given responsibility for managing, controlling and generating returns on these assets and liabilities. In many instances, all of the acquired assets and assumed liabilities are assigned to a single reporting unit and in these cases all of the goodwill is assigned to the same reporting unit. In those situations in which the acquired assets and liabilities are allocated to more than one reporting unit, the goodwill to be assigned to each reporting unit is determined in a manner similar to how the amount of goodwill recognized in a business combination is determined. | |
Goodwill is not amortized; however, it is assessed for impairment at least annually and as triggering events occur. The Company’s annual measurement date is the first day of the third fiscal quarter. In evaluating the recoverability of goodwill, the Company estimates the fair value of its reporting units and compares it to the carrying value. If the carrying value of the reporting unit exceeds its fair value, the next step of the process involves comparing the implied fair value to the carrying value of the goodwill of that reporting unit. If the carrying value of the goodwill of a reporting unit exceeds the implied fair value of that goodwill, an impairment loss is recognized in an amount equal to such excess. No impairment of goodwill was identified as a result of the testing conducted in 2014. In estimating the fair values of the reporting units, management relies on a number of factors to discount anticipated future cash flows including operating results, business plans and present value techniques. Rates used to discount cash flows are dependent upon interest rates and the cost of capital at a point in time. There are inherent uncertainties related to these factors and management’s judgment in applying them to the analysis of goodwill impairment. | |
(p) Insurance Reserves | |
The Company is self-insured for property, workers’ compensation, medical and other casualty programs up to certain stop-loss limits. Undiscounted liabilities for self-insured exposures are accrued at the present value of the expected aggregate losses below those limits and are based on a number of assumptions, including historical trends, actuarial assumptions and economic conditions. | |
(q) Stock-Based Compensation | |
The Company established the Hanesbrands Inc. Omnibus Incentive Plan (As Amended and Restated), (the “Omnibus Incentive Plan”) to award stock options, stock appreciation rights, restricted stock, restricted stock units, deferred stock units, performance shares and cash to its employees, non-employee directors and employees of its subsidiaries to promote the interests of the Company and incent performance and retention of employees. The Company recognizes the cost of employee services received in exchange for awards of equity instruments based upon the grant date fair value of those awards. | |
(r) Income Taxes | |
Deferred taxes are recognized for the future tax effects of temporary differences between financial and income tax reporting using tax rates in effect for the years in which the differences are expected to reverse. Given continuing losses in certain jurisdictions in which the Company operates on a separate return basis, a valuation allowance has been established for the deferred tax assets in these specific locations. The Company periodically estimates the probable tax obligations using historical experience in tax jurisdictions and informed judgment. There are inherent uncertainties related to the interpretation of tax regulations in the jurisdictions in which the Company transacts business. The judgments and estimates made at a point in time may change based on the outcome of tax audits, as well as changes to, or further interpretations of, regulations. Income tax expense is adjusted in the period in which these events occur, and these adjustments are included in the Company’s Consolidated Statements of Income. If such changes take place, there is a risk that the Company’s effective tax rate may increase or decrease in any period. A company must recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate resolution. | |
(s) Financial Instruments | |
The Company uses forward foreign exchange contracts to manage its exposures to movements in foreign exchange rates. The use of these financial instruments modifies the Company’s exposure to these risks with the goal of reducing the risk or cost to the Company. Depending on the nature of the underlying risk being hedged, these financial instruments are either designated as cash flow hedges or are economic hedges against changes in the value of the hedged item and therefore not designated as hedges for accounting purposes. The Company does not use derivatives for trading purposes and is not a party to leveraged derivative contracts. | |
On the date the derivative is entered into, the Company determines whether the derivative meets the criteria for cash flow hedge accounting treatment or whether the financial instrument is serving as an economic hedge against changes in the value of the hedged item and therefore is not designated as a hedge for accounting purposes. The accounting for changes in fair value of the derivative instrument depends on whether the derivative has been designated and qualifies as part of a hedging relationship. | |
The Company formally documents its hedge relationships, including identifying the hedging instruments and the hedged items, as well as its risk management objectives and strategies for undertaking the hedge transaction. This process includes linking derivatives that are designated as hedges of specific assets, liabilities, firm commitments or forecasted transactions. The Company also formally assesses, both at inception and at least quarterly thereafter, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in cash flows of the hedged item. If it is determined that a derivative ceases to be a highly effective hedge, or if the anticipated transaction is no longer likely to occur, the Company discontinues hedge accounting, and any deferred gains or losses are recorded in the “Selling, general and administrative expenses” line of the Consolidated Statements of Income. | |
Derivatives are recorded in the Consolidated Balance Sheets at fair value and classified as current or noncurrent based on the derivatives’ maturity dates. The fair value is based upon either market quotes for actively traded instruments or independent bids for nonexchange traded instruments. Cash flows hedges are classified in the same category as the item being hedged, and cash flows from derivative contracts not designated as hedges are classified as cash flows from operating activities in the Consolidated Statements of Cash Flows. | |
The Company may be exposed to credit losses in the event of nonperformance by individual counterparties or the entire group of counterparties to the Company’s derivative contracts. Risk of nonperformance by counterparties is mitigated by dealing with highly rated counterparties and by diversifying across counterparties. | |
Cash Flow Hedges | |
The effective portion of the change in the fair value of a derivative that is designated as a cash flow hedge is recorded in the “Accumulated other comprehensive loss” line of the Consolidated Balance Sheets. When the hedged item affects the income statement, the gain or loss included in AOCI is reported on the same line in the Consolidated Statements of Income as the hedged item. In addition, both the fair value of changes excluded from the Company’s effectiveness assessments and the ineffective portion of the changes in the fair value of derivatives used as cash flow hedges are reported in the “Selling, general and administrative expenses” line in the Consolidated Statements of Income. | |
Derivative Contracts Not Designated as Hedges | |
For derivative contracts not designated as hedges, changes in fair value are reported in the “Selling, general and administrative expenses” line of the Consolidated Statements of Income. These contracts are recorded at fair value when the hedged item is recorded as an asset or liability and then are revalued each accounting period. | |
(t) Assets and Liabilities Acquired in Business Combinations | |
Business combinations are accounted for using the purchase method, which requires the Company to allocate the cost of an acquired business to the acquired assets and liabilities based on their estimated fair values at the acquisition date. The Company recognizes the excess of an acquired business’ cost over the fair value of acquired assets and liabilities as goodwill. Fair values are determined using the income approach based on market participant assumptions focusing on future cash flow projections and accepted industry standards. | |
(u) Recently Issued Accounting Pronouncements | |
Disclosures About Offsetting Assets and Liabilities | |
In December 2011, the Financial Accounting Standards Board (the “FASB”) issued new accounting rules related to new disclosure requirements regarding the nature of an entity’s rights of setoff and related arrangements associated with its financial instruments and derivative instruments. The new rules were effective for the Company in the first quarter of 2014 with retrospective application required. The adoption of the new accounting rules did not have a material effect on the Company’s financial condition, results of operations or cash flows. | |
Presentation of an Unrecognized Tax Benefit | |
In July 2013, the FASB issued new accounting rules related to standardizing the financial statement presentation of an unrecognized tax benefit, or a portion thereof, when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The new rules were effective for the Company in the first quarter of 2014 and applied prospectively. The adoption of the new accounting rules did not have a material effect on the Company’s financial condition, results of operations or cash flows. | |
Discontinued Operations | |
In April 2014, the FASB issued new accounting rules related to updating the criteria for reporting discontinued operations and enhancing related disclosures requirements. The new rules are effective for the Company in the first quarter of 2015. 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. | |
Revenue from Contracts with Customers | |
In May 2014, the FASB issued new accounting rules related to revenue recognition for contracts with customers requiring revenue recognition based on the transfer of promised goods or services to customers in an amount that reflects consideration the Company expects to be entitled to in exchange for goods or services. The new rules supercede prior revenue recognition requirements and most industry-specific accounting guidance. The new rules will be effective for the Company in the first quarter of 2017 with retrospective application required. 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. | |
Extraordinary and Unusual Items | |
In January 2015, the FASB issued new accounting rules that remove the concept of extraordinary items from U.S. GAAP. Under the existing guidance, an entity is required to separately disclose extraordinary items, net of tax, in the income statement after income from continuing operations if an event or transaction is of an unusual nature and occurs infrequently. This separate, net-of-tax presentation (and corresponding earnings per share impact) will no longer be allowed. The new rules will be effective for the Company in the first quarter of 2016. 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. | |
(v) Reclassifications | |
Certain prior year amounts in the Consolidated Statements of Cash Flow, none of which are material, have been reclassified to conform with the current year presentation. These reclassifications within the statements had no impact on the Company’s results of operations. |
Acquisitions
Acquisitions | 12 Months Ended | ||||||||
Jan. 03, 2015 | |||||||||
Business Combinations [Abstract] | |||||||||
Acquisitions | Acquisitions | ||||||||
DBApparel Acquisition | |||||||||
In August 2014, MFB International Holdings S.à r.l. (“MF Lux”), a wholly owned subsidiary of the Company, acquired DBA Lux Holding S.A. (“DBA”) from SLB Brands Holdings, Ltd and certain individual DBA shareholders in an all-cash transaction equal to €400,000 enterprise value less net debt and working capital adjustments as defined in the purchase agreement. Total purchase price at closing was €297,031 (approximately $391,861 based on acquisition date exchange rates). The acquisition was financed through a combination of cash on hand and third party borrowings. | |||||||||
DBA contributed net revenues of $291,208 and pretax earnings of $24,075 (excluding acquisition and integration related charges of approximately $35,600) since the date of acquisition. The results of DBA have been included in the Company’s consolidated financial statements since the date of acquisition and are reported as part of the International segment based on geographic location and distribution channel. | |||||||||
DBA is a leading marketer of intimate apparel, hosiery and underwear in Europe with a portfolio of strong brands including DIM, Nur Die/Nur Der and Lovable. The Company believes the acquisition will create growth and cost savings opportunities and increased scale to serve retailers. DBA utilizes a mix of self-owned manufacturing and third-party manufacturers. Factors that contribute to the amount of goodwill recognized for the acquisition include the value of the existing work force and cost savings by utilizing the Company’s low-cost supply chain and expected synergies with existing Company functions. Goodwill associated with the acquisition is not tax deductible. | |||||||||
The DIM, Nur Die/Nur Der, Lovable, Shock Absorber, Abanderado, Bellinda, Elbeo and Edoo trademarks and brand names, which management believes to have indefinite lives, have been valued at $272,653. Perpetual license agreements associated with the Playtex and Wonderbra brands, which management believes to have indefinite lives, have been valued at $37,821. Amortizable intangible assets have been assigned values of $40,193 for distribution networks, $12,255 for license and franchise agreements and $2,182 for computer software and other intangibles. Distributor relationships are being amortized over 10 years. License and franchise agreements are being amortized over three to 17 years, respectively. Computer software and other intangibles are amortized over one to three years. | |||||||||
The allocation of purchase price is preliminary and subject to change. The primary areas of the purchase price that are not yet finalized are related to certain income taxes, working capital adjustments as defined in the purchase agreement and residual goodwill. Accordingly, adjustments will be made to the values of the assets acquired and liabilities assumed as additional information is obtained about the facts and circumstances that existed at the valuation date. The acquired assets and assumed liabilities at the date of acquisition (August 29, 2014) include the following: | |||||||||
Cash and cash equivalents | $ | 38,875 | |||||||
Trade accounts receivable, net | 121,169 | ||||||||
Inventories | 245,161 | ||||||||
Deferred tax assets | 7,968 | ||||||||
Other current assets | 106,489 | ||||||||
Property, net | 104,868 | ||||||||
Trademarks and other identifiable intangibles, net | 365,104 | ||||||||
Deferred tax assets, noncurrent | 5,864 | ||||||||
Other noncurrent assets | 5,755 | ||||||||
Total assets acquired | 1,001,253 | ||||||||
Accounts payables | 79,785 | ||||||||
Accrued liabilities and other | 181,626 | ||||||||
Notes payable | 97,599 | ||||||||
Deferred tax liabilities | 4,352 | ||||||||
Current portion of long-term debt | 123,891 | ||||||||
Long-term debt | 8,683 | ||||||||
Deferred tax liabilities, noncurrent | 106,720 | ||||||||
Other noncurrent liabilities | 100,621 | ||||||||
Total liabilities assumed | 703,277 | ||||||||
Net assets acquired | 297,976 | ||||||||
Goodwill | 101,338 | ||||||||
Purchase price | $ | 399,314 | |||||||
During the fourth quarter of 2014, goodwill increased $7,453 for additional working capital payments made. | |||||||||
As of January 3, 2015, the Company had a total of $5,065 in escrow deposits remaining related to the DBA acquisition in “Other Current Assets.” | |||||||||
In connection with the DBA acquisition, the Company assumed debt, totaling $132,574 as of the acquisition date. Concurrent with the closing, $107,665 was repaid utilizing proceeds from the Euro Term Loan (See Note 10, “Debt”). In addition, $9,735 of debt assumed was repaid since the date of acquisition from operating cash flows. Notes payable of $97,599 is comprised of term loans in France, Italy and Germany as well as asset backed loans in Italy and Germany. | |||||||||
Unaudited pro forma results of operations for the Company are presented below assuming that the 2014 acquisition of DBA had occurred at the beginning of 2013. Pro forma operating results for the year ended December 28, 2013 include expenses totaling $32,088 for acquisition-related charges. | |||||||||
Years Ended | |||||||||
January 3, | December 28, | ||||||||
2015 | 2013 | ||||||||
Net sales | $ | 5,872,848 | $ | 5,485,144 | |||||
Net income | 427,296 | 349,514 | |||||||
Earnings per share: | |||||||||
Basic | $ | 4.25 | $ | 3.5 | |||||
Diluted | 4.19 | 3.43 | |||||||
Pro forma financial information is not necessarily indicative of the Company’s operations results if the acquisition had been completed at the date indicated, nor is it necessarily an indication of future operating results. Amounts do not include any operating efficiencies or cost savings that the Company believes are achievable. | |||||||||
In connection with the DBA acquisition, the Company acquired certain time deposits with maturity dates beyond three months. These investments were reported in the “Other current assets” line on the Consolidated Balance Sheets at acquisition date. Since the acquisition, the Company liquidated these investments for $64,380 and reported the proceeds as investing activities on the Consolidated Statements of Cash Flows. | |||||||||
Maidenform Acquisition | |||||||||
In October 2013, the Company acquired 100% of the outstanding shares of Maidenform Brands, Inc. (“Maidenform”) at $23.50 per share for a total purchase price of $580,505. The acquisition was financed through a combination of cash on hand and short-term borrowing on the Company’s revolving credit facility. | |||||||||
In 2013, Maidenform contributed net revenues of $98,400 and pretax earnings of $827 (excluding acquisition and integration related charges of $73,798) since the date of the acquisition. The results of Maidenform have been included in the Company’s consolidated financial statements since the date of acquisition and are reported as part of the Innerwear, Direct to Consumer and International segments based on geographic location and distribution channel. | |||||||||
Maidenform was a global intimate apparel company with a portfolio of well-known brands including Maidenform, Flexees and Lilyette. The acquisition will create growth and cost savings opportunities and increased scale to serve retailers. Maidenform sourced all of its products from manufacturers, while the Company utilizes its low-cost supply chain supplemented by third party manufacturing to maximize the value of Maidenform to retailers and consumers. Factors that contribute to the amount of goodwill recognized for the acquisition include (i) long-term growth opportunities expected with combining strengths and capabilities of the portfolios and cross-introducing products, (ii) cost savings by utilizing the Company’s low-cost supply chain and expected synergies with existing Company functions. Goodwill associated with the acquisition is not tax deductible. | |||||||||
The Maidenform, Flexees and Lilyette trademarks and brand names, which management believes to have indefinite lives, have been valued at $220,200. Amortizable intangible assets have been assigned values of $34,340 for customer and distributor relationships, $11,300 for license agreements and $4,590 for computer software and other intangibles. Customer and distributor relationships are being amortized over two and 15 years, respectively. License agreements are amortized over seven years. Computer software and other intangibles are amortized over one to five years. | |||||||||
The acquired assets and assumed liabilities at the date of acquisition (October 7, 2013) include the following: | |||||||||
Cash and cash equivalents | $ | 20,650 | |||||||
Trade accounts receivable, net | 86,794 | ||||||||
Inventories | 125,179 | ||||||||
Other current assets | 29,860 | ||||||||
Property, net | 14,528 | ||||||||
Trademarks and other identifiable intangibles, net | 270,430 | ||||||||
Other noncurrent assets | 9,153 | ||||||||
Total assets acquired | 556,594 | ||||||||
Accounts payables | 34,101 | ||||||||
Accrued liabilities and other | 13,302 | ||||||||
Deferred tax liabilities, noncurrent | 118,189 | ||||||||
Other noncurrent liabilities | 8,429 | ||||||||
Total liabilities assumed | 174,021 | ||||||||
Net assets acquired | 382,573 | ||||||||
Goodwill | 197,932 | ||||||||
Purchase price | $ | 580,505 | |||||||
Since December 2013, goodwill increased by $4,606 as a result of measurement period adjustments to the acquired income tax balances. The purchase price allocation was finalized in the third quarter 2014. | |||||||||
Unaudited pro forma results of operations for the Company are presented below assuming that the 2013 acquisition of Maidenform had occurred at the beginning of 2012. | |||||||||
Year Ended | |||||||||
December 28, | |||||||||
2013 | |||||||||
Net sales | $ | 5,067,197 | |||||||
Income from continuing operations | 370,469 | ||||||||
Earnings per share from continuing operations: | |||||||||
Basic | $ | 3.71 | |||||||
Diluted | 3.64 | ||||||||
Pro forma financial information is not necessarily indicative of the Company’s operations results if the acquisition has been completed at the date indicated, nor is it necessarily an indication of future operating results. Amounts do not include any operating efficiencies or cost savings that the Company believes are achievable. |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | ||||||||
Jan. 03, 2015 | |||||||||
Text Block [Abstract] | |||||||||
Earnings Per Share | Earnings Per Share | ||||||||
Basic earnings per share (“EPS”) was computed by dividing net income by the number of weighted average shares of common stock outstanding during the period. 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: | |||||||||
Years Ended | |||||||||
January 3, | December 28, | December 29, | |||||||
2015 | 2013 | 2012 | |||||||
Basic weighted average shares outstanding | 100,575 | 99,859 | 98,709 | ||||||
Effect of potentially dilutive securities: | |||||||||
Stock options | 1,113 | 1,536 | 1,245 | ||||||
Restricted stock units | 323 | 427 | 314 | ||||||
Employee stock purchase plan and other | — | 1 | 1 | ||||||
Diluted weighted average shares outstanding | 102,011 | 101,823 | 100,269 | ||||||
Restricted stock units totaling 94, 206 and 263 units were excluded from the diluted earnings per share calculation because their effect would be anti-dilutive for 2014, 2013, and 2012, respectively. In 2014, 2013 and 2012, there were no anti-dilutive options to purchase shares of common stock. |
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | ||||||||||||
Jan. 03, 2015 | |||||||||||||
Text Block [Abstract] | |||||||||||||
Stock-Based Compensation | Stock-Based Compensation | ||||||||||||
The Company established the Omnibus Incentive Plan to award stock options, stock appreciation rights, restricted stock, restricted stock units, deferred stock units, performance shares and cash to its employees, non-employee directors and employees of its subsidiaries to promote the interests of the Company and incent performance and retention of employees. | |||||||||||||
Stock Options | |||||||||||||
The exercise price of each stock option equals the closing market price of the Company’s stock on the date of grant. Options granted vest ratably over three years and can be exercised over a term of 10 years. The fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model. There were no options granted during any of the periods presented. | |||||||||||||
A summary of the changes in stock options outstanding to the Company’s employees under the Omnibus Incentive Plan is presented below: | |||||||||||||
Shares | Weighted- | Aggregate | Weighted- | ||||||||||
Average | Intrinsic | Average | |||||||||||
Exercise | Value | Remaining | |||||||||||
Price | Contractual | ||||||||||||
Term | |||||||||||||
(Years) | |||||||||||||
Options outstanding at December 31, 2011 | 5,314 | $ | 22.42 | $ | 7,202 | 5.9 | |||||||
Exercised | (448 | ) | 19.79 | ||||||||||
Forfeited | (9 | ) | 23.73 | ||||||||||
Options outstanding at December 29, 2012 | 4,857 | $ | 22.68 | $ | 59,744 | 4.91 | |||||||
Exercised | (2,077 | ) | 23.42 | ||||||||||
Forfeited | (2 | ) | 22.37 | ||||||||||
Options outstanding at December 28, 2013 | 2,778 | $ | 22.12 | $ | 131,219 | 4.31 | |||||||
Exercised | (950 | ) | 19.29 | ||||||||||
Forfeited | (5 | ) | 22.37 | ||||||||||
Options outstanding at January 3, 2015 | 1,823 | $ | 23.67 | $ | 158,469 | 3.4 | |||||||
Options exercisable at January 3, 2015 | 1,823 | $ | 23.67 | $ | 158,469 | 3.4 | |||||||
There were 0, 63 and 1,704 options that vested during 2014, 2013 and 2012, respectively. The total intrinsic value of options that were exercised during 2014, 2013 and 2012 was $86,843, $95,380 and $6,800 respectively. | |||||||||||||
The actual tax benefit realized for the tax deductions from option exercise of the share-based payment arrangements totaled $70,196, $56,679 and $5,998 for 2014, 2013 and 2012, respectively. | |||||||||||||
Stock Unit Awards | |||||||||||||
Restricted stock units (RSUs) of the Company’s stock are granted to certain Company non-employee directors and employees to incent performance and retention over periods of one to three years, respectively. Upon vesting, the RSUs are converted into shares of the Company’s common stock on a one-for-one basis and issued to the grantees. Some RSUs which have been granted under the Omnibus Incentive Plan vest upon continued future service to the Company, while others also have a performance-based vesting feature. The cost of these awards is determined using the fair value of the shares on the date of grant, and compensation expense is recognized over the period during which the grantees provide the requisite service to the Company. A summary of the changes in the restricted stock unit awards outstanding under the Omnibus Incentive Plan is presented below: | |||||||||||||
Shares | Weighted- | Aggregate | Weighted- | ||||||||||
Average | Intrinsic | Average | |||||||||||
Grant | Value | Remaining | |||||||||||
Date Fair | Contractual | ||||||||||||
Value | Term | ||||||||||||
(Years) | |||||||||||||
Nonvested share units outstanding at December 31, 2011 | 1,225 | $ | 24.61 | $ | 26,782 | 2.37 | |||||||
Granted — non-performanced based | 335 | 35.62 | |||||||||||
Granted — performanced based | 288 | 32.2 | |||||||||||
Vested | (400 | ) | 24.56 | ||||||||||
Forfeited | (42 | ) | 25.38 | ||||||||||
Nonvested share units outstanding at December 29, 2012 | 1,406 | $ | 28.76 | $ | 49,188 | 1.99 | |||||||
Granted — non-performanced based | 201 | 67.37 | |||||||||||
Granted — performanced based | 224 | 52.93 | |||||||||||
Vested | (606 | ) | 27.95 | ||||||||||
Forfeited | (32 | ) | 28.17 | ||||||||||
Nonvested share units outstanding at December 28, 2013 | 1,193 | $ | 40.23 | $ | 82,742 | 1.79 | |||||||
Granted — non-performanced based | 122 | 109.05 | |||||||||||
Granted — performanced based | 217 | 68.16 | |||||||||||
Vested | (591 | ) | 30.15 | ||||||||||
Forfeited | (87 | ) | 37.47 | ||||||||||
Nonvested share units outstanding at January 3, 2015 | 854 | $ | 64.46 | $ | 94,521 | 1.71 | |||||||
The total fair value of shares vested during 2014, 2013 and 2012 was $17,831, $16,933 and $9,824, respectively. Certain participants elected to defer receipt of shares earned upon vesting. | |||||||||||||
In addition to granting RSUs that vest solely upon continued future service to the Company, the Company also grants performanced-based restricted stock units where the number of shares of the Company’s common stock that will be received upon vesting range from 0% to 200% of the number of units granted based on the Company’s achievement of certain performance metrics. These performanced-based stock awards, which are included in the table above, represent awards that are earned based on future performance and service. As reported in the above table, the number of performanced-based restricted stock units granted each year represents the initial units granted on the date of grant plus any additional units that were earned based on the final achievement of the respective performance thresholds. | |||||||||||||
For all share-based payments under the Omnibus Incentive Plan, during 2014, 2013 and 2012, the Company recognized total compensation expense of $30,230, $23,845 and $20,183 and recognized a deferred tax benefit of $11,757, $11,045 and $7,915, respectively. | |||||||||||||
At January 3, 2015, there was $17,506 of total unrecognized compensation cost related to non-vested stock-based compensation arrangements, of which $12,406, $3,837, $1,255 and $8 is expected to be recognized in 2015, 2016, 2017 and 2018, respectively. The Company satisfies the requirement for common shares for share-based payments to employees pursuant to the Omnibus Incentive Plan by issuing newly authorized shares. The Omnibus Incentive Plan authorized 15,805 shares for awards of stock options and restricted stock units, of which 3,210 were available for future grants as of January 3, 2015. | |||||||||||||
Employee Stock Purchase Plan | |||||||||||||
The Company established the Hanesbrands Inc. Employee Stock Purchase Plan of 2006 (the “ESPP”), which is qualified under Section 423 of the Internal Revenue Code. An aggregate of up to 2,442 shares of the Company’s common stock may be purchased by eligible employees pursuant to the ESPP. The purchase price for shares under the ESPP is equal to 85% of the stock’s fair market value on the purchase date. During 2014, 2013 and 2012, 26, 40 and 73 shares, respectively, were purchased under the ESPP by eligible employees. The Company had 1,779 shares of common stock available for issuance under the ESPP as of January 3, 2015. The Company recognized $345, $333 and $313 of stock compensation expense under the ESPP during 2014, 2013 and 2012, respectively. |
Trade_Accounts_Receivable
Trade Accounts Receivable | 12 Months Ended | |||||||||||
Jan. 03, 2015 | ||||||||||||
Text Block [Abstract] | ||||||||||||
Trade Accounts Receivable | Trade Accounts Receivable | |||||||||||
Allowances for Trade Accounts Receivable | ||||||||||||
The changes in the Company’s allowance for doubtful accounts and allowance for chargebacks and other deductions are as follows: | ||||||||||||
Allowance | Allowance | Total | ||||||||||
for | for | |||||||||||
Doubtful | Chargebacks | |||||||||||
Accounts | and Other | |||||||||||
Deductions | ||||||||||||
Balance at December 31, 2011 | $ | 8,724 | $ | 8,694 | $ | 17,418 | ||||||
Charged to expenses | 747 | 7,570 | 8,317 | |||||||||
Deductions and write-offs | (3,284 | ) | (7,511 | ) | (10,795 | ) | ||||||
Balance at December 29, 2012 | $ | 6,187 | $ | 8,753 | $ | 14,940 | ||||||
Charged to expenses | 1,445 | 5,288 | 6,733 | |||||||||
Deductions and write-offs | (2,346 | ) | (5,991 | ) | (8,337 | ) | ||||||
Balance at December 28, 2013 | $ | 5,286 | $ | 8,050 | $ | 13,336 | ||||||
Charged to expenses | 7,230 | 18,159 | 25,389 | |||||||||
Deductions and write-offs | (4,399 | ) | (17,470 | ) | (21,869 | ) | ||||||
Balance at January 3, 2015 | $ | 8,117 | $ | 8,739 | $ | 16,856 | ||||||
Charges to the allowance for doubtful accounts are reflected in the “Selling, general and administrative expenses” line and charges to the allowance for customer chargebacks and other customer deductions are primarily reflected as a reduction in the “Net sales” line of the Consolidated Statements of Income. Deductions and write-offs, which do not increase or decrease income, represent write-offs of previously reserved accounts receivable and allowed customer chargebacks and deductions against gross accounts receivable. | ||||||||||||
Sales of Accounts Receivable | ||||||||||||
The Company has entered into agreements to sell selected trade accounts receivable to financial institutions. After the sale, the Company does not retain any interests in the receivables and the applicable financial institution services and collects these accounts receivable directly from the customer. Net proceeds of these accounts receivable sale programs are recognized in the Consolidated Statements of Cash Flows as part of operating cash flows. The Company recognized funding fees of $2,599, $2,636 and $3,136 in 2014, 2013 and 2012, respectively, for sales of accounts receivable to financial institutions in the “Other expenses” line in the Consolidated Statements of Income. |
Inventories
Inventories | 12 Months Ended | |||||||
Jan. 03, 2015 | ||||||||
Text Block [Abstract] | ||||||||
Inventories | Inventories | |||||||
Inventories consisted of the following: | ||||||||
January 3, | December 28, | |||||||
2015 | 2013 | |||||||
Raw materials | $ | 207,647 | $ | 170,524 | ||||
Work in process | 164,686 | 142,713 | ||||||
Finished goods | 1,164,867 | 970,094 | ||||||
$ | 1,537,200 | $ | 1,283,331 | |||||
Property_Net
Property, Net | 12 Months Ended | |||||||
Jan. 03, 2015 | ||||||||
Text Block [Abstract] | ||||||||
Property, Net | Property, Net | |||||||
Property is summarized as follows: | ||||||||
January 3, | December 28, | |||||||
2015 | 2013 | |||||||
Land | $ | 48,109 | $ | 28,895 | ||||
Buildings and improvements | 541,096 | 477,167 | ||||||
Machinery and equipment | 891,345 | 872,038 | ||||||
Construction in progress | 51,440 | 20,855 | ||||||
Capital leases | 6,054 | 4,031 | ||||||
1,538,044 | 1,402,986 | |||||||
Less accumulated depreciation | 863,665 | 823,103 | ||||||
Property, net | $ | 674,379 | $ | 579,883 | ||||
Notes_Payable
Notes Payable | 12 Months Ended | |||||||||
Jan. 03, 2015 | ||||||||||
Text Block [Abstract] | ||||||||||
Notes Payable | Notes Payable | |||||||||
The Company had the following short-term revolving facilities at January 3, 2015 and December 28, 2013: | ||||||||||
Interest | Principal Amount | |||||||||
Rate as of January 3, 2015 | January 3, | December 28, | ||||||||
2015 | 2013 | |||||||||
El Salvador | 3.00% | $ | 30,000 | $ | 30,000 | |||||
Philippines | 5.35% | 1,409 | 1,417 | |||||||
China | 6.25% | 6,929 | 4,775 | |||||||
Australia | 4.50% | 409 | — | |||||||
Europe | 2.07% | 105,691 | — | |||||||
$ | 144,438 | $ | 36,192 | |||||||
As of January 3, 2015 and December 28, 2013, the Company had total borrowing availability of $200,327 and $104,889, respectively, under the international loan facilities. Total interest paid on notes payable was $672, $567 and $4,014 in 2014, 2013 and 2012, respectively. The Company was in compliance with the financial covenants contained in each of the facilities at January 3, 2015. |
Debt
Debt | 12 Months Ended | |||||||||||
Jan. 03, 2015 | ||||||||||||
Text Block [Abstract] | ||||||||||||
Debt | Debt | |||||||||||
The Company had the following debt at January 3, 2015 and December 28, 2013: | ||||||||||||
Interest | Principal Amount | |||||||||||
Rate as of | ||||||||||||
January 3, | ||||||||||||
2015 | January 3, | December 28, | Maturity Date | |||||||||
2015 | 2013 | |||||||||||
Senior Secured Credit Facility: | ||||||||||||
Revolving Loan Facility | 1.88% | $ | 176,500 | $ | 467,000 | Jul-18 | ||||||
Euro Term Loan | 3.50% | 436,953 | — | Aug-21 | ||||||||
6.375% Senior Notes | 6.38% | 1,000,000 | 1,000,000 | December 2020 | ||||||||
Accounts Receivable Securitization Facility | 1.22% | 210,963 | 181,790 | Mar-15 | ||||||||
Other International Debt | Various | 14,898 | — | Various | ||||||||
1,839,314 | 1,648,790 | |||||||||||
Less current maturities | 225,317 | 181,790 | ||||||||||
$ | 1,613,997 | $ | 1,467,000 | |||||||||
The Company’s primary financing arrangements are the senior secured credit facility (the “Senior Secured Credit Facility”), $1,000,000 in aggregate principal amount of 6.375% senior notes (the “6.375% Senior Notes”) and the Accounts Receivable Securitization Facility. The outstanding balances at January 3, 2015 are reported in the “Current portion of long-term debt”, “Long-term debt” and “Accounts Receivable Securitization Facility” lines of the Consolidated Balance Sheets. | ||||||||||||
Total cash paid for interest related to debt in 2014, 2013 and 2012 was $85,512, $96,434 and $124,427, respectively. | ||||||||||||
Senior Secured Credit Facility | ||||||||||||
In July 2014, the Company amended and restated the Senior Secured Credit Facility to increase the committed aggregate facility size to $1,600,000 (from $1,100,000), consisting of (a) Revolving Loan Facility, and (b) the Euro Term Loan. The Euro Term Loan accrues interest utilizing the EURIBOR rate (as defined in the Senior Secured Credit Facility) plus 2.75%. The proceeds of the Euro Term Loan are denominated in Euros and were utilized in part to purchase DBA. Proceeds of the Revolving Loan Facility are used for general corporate purposes and working capital needs. The Revolving Loan Facility matures on July 23, 2018, and the Euro Term Loan matures on August 29, 2021. All borrowings under the Revolving Loan Facility must be repaid in full upon maturity. Outstanding borrowings under the Euro Term loan are repayable in quarterly payments of 0.25% of the original borrowings, with the remainder of the outstanding principle due at maturity. | ||||||||||||
A portion of the Revolving Loan Facility is available for the issuances of letters of credit and the making of swingline loans, and any such issuance of letters of credit or making of a swingline loan will reduce the amount available under the Revolving Loan Facility. At the Company’s option, it may add one or more term loan facilities or increase the commitments under the Revolving Loan Facility so long as certain conditions are satisfied, including, among others, that no default or event of default is in existence, that the Company is in pro forma compliance with the financial covenants described below and that the Company’s senior secured leverage ratio is less than 2.50 to 1 on a pro forma basis after giving effect to the incurrence of such indebtedness. As of January 3, 2015, the Company had $176,500 outstanding under the Revolving Loan Facility, $16,824 of standby and trade letters of credit issued and outstanding under this facility and $906,676 of borrowing availability. At January 3, 2015, the interest rate on the Revolving Loan Facility was 1.88%, and the interest rate of the Euro Term Loan was 3.50%. | ||||||||||||
The Senior Secured Credit Facility is guaranteed by substantially all of the Company’s existing and future direct and indirect U.S. subsidiaries, with certain customary or agreed-upon exceptions for foreign subsidiaries and certain other subsidiaries. The Company and each of the guarantors under the Senior Secured Credit Facility have granted the lenders under the Senior Secured Credit Facility a valid and perfected first priority (subject to certain customary exceptions) lien and security interest in the following: | ||||||||||||
• | the equity interests of substantially all of the Company’s direct and indirect U.S. subsidiaries (other than U.S. subsidiaries directly or indirectly owned by foreign subsidiaries) and 65% of the voting securities of certain first tier foreign subsidiaries; and | |||||||||||
• | substantially all present and future property and assets, real and personal, tangible and intangible, of the Company and each guarantor, except for certain enumerated interests, and all proceeds and products of such property and assets. | |||||||||||
Additionally, the Euro Term Loan is guaranteed by substantially all of our subsidiary MFB International Holdings S.à r.l.’s (“MFB International Holdings”) existing and future direct and indirect subsidiaries, with certain customary or agreed-upon exceptions for certain subsidiaries and secured by a pledge of 100% of the equity interests of MFB International Holdings and its direct subsidiaries, 100% of the equity interests owned by any subsidiary of MFB International Holdings that is domiciled in Luxembourg and substantially all present and future property and assets, real and personal, tangible and intangible, of each Luxembourg domiciled guarantor, except for certain enumerated interests, and all proceeds and products of such property and assets. | ||||||||||||
At the Company’s option, borrowings under the Revolving Loan Facility may be maintained from time to time as (i) “Base Rate” loans, which bear interest at the highest of (a) 1/2 of 1% in excess of the federal funds rate, (b) the rate publicly announced by JPMorgan Chase Bank as its “prime rate” at its principal office in New York City, in effect from time to time and (c) the “LIBO Rate” (as defined in the Senior Secured Credit Facility and adjusted for maximum reserves) for LIBOR-based loans with a one-month interest period plus 1.0%, in effect from time to time, in each case plus the applicable margin, or (ii) LIBOR-based loans, which bear interest at the LIBO Rate (as defined in the Senior Secured Credit Facility and adjusted for maximum reserves), as determined by reference to the rate for deposits in dollars appearing on the Reuters Screen LIBOR01 or LIBOR02 Page for the respective interest period or other commercially available source designated by an administrative agent, plus the applicable margin. The applicable margin is determined by reference to a leverage-based pricing grid set forth in the Senior Secured Credit Facility. The applicable margin ranges from a maximum of 2.25% in the case of LIBOR-based loans and 1.25% in the case of Base Rate loans if the Company’s leverage ratio is greater than or equal to 4.00 to 1, and will step down in 0.25% increments to a minimum of 1.50% in the case of LIBOR-based loans and 0.50% in the case of Base Rate loans if the Company’s leverage ratio is less than 2.50 to 1. | ||||||||||||
The Senior Secured Credit Facility requires the Company to comply with customary affirmative, negative and financial covenants. The Senior Secured Credit Facility requires that the Company maintain a minimum interest coverage ratio and a maximum total debt to EBITDA (earnings before income taxes, depreciation expense and amortization, as computed pursuant to the Senior Secured Credit Facility), or leverage ratio. The interest coverage ratio covenant requires that the ratio of the Company’s EBITDA for the preceding four fiscal quarters to its consolidated total interest expense for such period shall not be less than a specified ratio for each fiscal quarter. This ratio was 3.25 to 1 beginning with the fourth fiscal quarter of 2012 and will remain at this level thereafter. The leverage ratio covenant requires that the ratio of the Company’s total debt to EBITDA for the preceding four fiscal quarters will not be more than a specified ratio for each fiscal quarter. This ratio was 4.0 to 1 beginning with the third fiscal quarter of 2014 and declines over time until it reaches 3.75 to 1 for the third fiscal quarter of 2015 and will remain at this level thereafter. The method of calculating all of the components used in the covenants is included in the Senior Secured Credit Facility. | ||||||||||||
In addition, the commitment fee for the unused portion of revolving loan commitments made by the Lenders is between 25 and 35 basis points based on the applicable commitment fee margin in effect from time to time. When the Leverage Ratio (as defined in the Senior Secured Credit Facility) is greater than or equal to 4.00 to 1.00, the commitment fee margin is 0.350%. When the Leverage Ratio is less than 4.00 to 1.00 but greater than or equal to 3.25 to 1.00, the applicable commitment fee margin is 0.300%. When the Leverage Ratio is less than 3.25 to 1.00, the applicable commitment fee margin is 0.250%. | ||||||||||||
The Senior Secured Credit Facility contains customary events of default, including nonpayment of principal when due; nonpayment of interest, fees or other amounts after stated grace period; material inaccuracy of representations and warranties; violations of covenants; certain bankruptcies and liquidations; any cross-default to material indebtedness; certain material judgments; certain events related to the ERISA, actual or asserted invalidity of any guarantee, security document or subordination provision or non-perfection of security interest, and a change in control (as defined in the Senior Secured Credit Facility). As of January 3, 2015 the Company was in compliance with all financial covenants. | ||||||||||||
6.375% Senior Notes | ||||||||||||
On November 9, 2010, the Company issued $1,000,000 aggregate principal amount of the 6.375% Senior Notes. The 6.375% Senior Notes are senior unsecured obligations that rank equal in right of payment with all of the Company’s existing and future unsubordinated indebtedness. The 6.375% Senior Notes bear interest at an annual rate equal to 6.375%. Interest is payable on the 6.375% Senior Notes on June 15 and December 15 of each year. The 6.375% Senior Notes will mature on December 15, 2020. The net proceeds from the sale of the 6.375% Senior Notes were approximately $979,000. The net proceeds were used to repay all outstanding borrowings under another loan facility, reduce the outstanding borrowings under the Revolving Loan Facility and to pay fees and expenses relating to these transactions. The 6.375% Senior Notes are guaranteed by substantially all of the Company’s domestic subsidiaries. | ||||||||||||
The Company may redeem some or all of the notes prior to December 15, 2015 at a redemption price equal to 100% of the principal amount of the 6.375% Senior Notes redeemed plus an applicable premium. The Company may redeem some or all of the 6.375% Senior Notes at any time on or after December 15, 2015 at a redemption price equal to the principal amount of the 6.375% Senior Notes plus a premium of 3.188% if redeemed during the 12-month period commencing on December 15, 2015, 2.125% if redeemed during the 12-month period commencing on December 15, 2016, 1.062% if redeemed during the 12-month period commencing on December 15, 2017 and no premium if redeemed after December 15, 2018, as well as any accrued and unpaid interest as of the redemption date. | ||||||||||||
The indenture governing the 6.375% Senior Notes contains customary events of default which include (subject in certain cases to customary grace and cure periods), among others, nonpayment of principal or interest; breach of other agreements in such indenture; failure to pay certain other indebtedness; failure to pay certain final judgments; failure of certain guarantees to be enforceable; and certain events of bankruptcy or insolvency. | ||||||||||||
Accounts Receivable Securitization Facility | ||||||||||||
The Accounts Receivable Securitization Facility provides for up to $225,000 in funding accounted for as a secured borrowing, limited to the availability of eligible receivables, and is secured by certain domestic trade receivables. Under the terms of the Accounts Receivable Securitization Facility, the Company and certain of its subsidiaries sell, on a revolving basis, certain domestic trade receivables to HBI Receivables LLC (“Receivables LLC”), a wholly owned bankruptcy-remote subsidiary that in turn uses the trade receivables to secure the borrowings, which are funded through conduits and financial institutions that are not affiliated with the Company. The commitments of any conduits party to the Accounts Receivable Securitization Facility are funded through the issuance of commercial paper in the short-term market or through committed bank purchasers if the conduits fail to fund. The assets and liabilities of Receivables LLC are fully reflected on the Consolidated Balance Sheet, and the securitization is treated as a secured borrowing for accounting purposes, but the assets of Receivables LLC will be used first to satisfy the creditors of Receivables LLC, not the Company’s creditors. The borrowings under the Accounts Receivable Securitization Facility remain outstanding throughout the term of the agreement subject to the Company maintaining sufficient eligible receivables, by continuing to sell trade receivables to Receivables LLC, unless an event of default occurs. In March 2014, the Company amended the Accounts Receivable Securitization Facility to decrease certain fee rates, revise concentration limits and dilutions triggers, and extended the termination date to March 14, 2015. The Company plans to extend the term. | ||||||||||||
Availability of funding under the Accounts Receivable Securitization Facility depends primarily upon the eligible outstanding receivables balance. As of January 3, 2015, Receivables LLC had $210,963 outstanding under the Accounts Receivable Securitization Facility. The outstanding balance under the Accounts Receivable Securitization Facility is reported on the Consolidated Balance Sheet in the line “Accounts Receivable Securitization Facility.” In the case of any creditors party to the Accounts Receivable Securitization Facility that are conduits, unless the conduits fail to fund, the yield on the commercial paper, which is the conduits’ cost to issue the commercial paper plus certain dealer fees, is considered a financing cost and is included in interest expense on the Consolidated Statement of Income. If the conduits fail to fund, the Accounts Receivable Securitization Facility would be funded through committed bank purchasers, and the interest rate would be payable at the Company’s option at the rate announced from time to time by HSBC Bank USA, N.A. as its prime rate or at the LIBO Rate (as defined in the Accounts Receivable Securitization Facility) plus the applicable margin in effect from time to time. In the case of borrowings from any other creditors party to the Accounts Receivable Securitization Facility that are not conduits or their related committed bank purchasers, the interest rate is payable at the LIBO Rate (as defined in the Accounts Receivable Securitization Facility) or, if this rate is unavailable or otherwise does not accurately reflect the costs to these creditors related to the borrowings, the prime rate. These amounts are also considered financing costs and are included in interest expense on the Consolidated Statement of Income. In addition, Receivables LLC is required to make certain payments to a conduit purchaser, a committed purchaser, or certain entities that provide funding to or are affiliated with them, in the event that assets and liabilities of a conduit purchaser are consolidated for financial and/or regulatory accounting purposes with certain other entities. The average blended interest rate for the outstanding balance as of January 3, 2015 was 1.22%. | ||||||||||||
The Accounts Receivable Securitization Facility contains customary events of default and requires the Company to maintain the same interest coverage ratio and leverage ratio contained from time to time in the Senior Secured Credit Facility, provided that any changes to such covenants will only be applicable for purposes of the Accounts Receivable Securitization Facility if approved by the Managing Agents or their affiliates. As of January 3, 2015, the Company was in compliance with all financial covenants. | ||||||||||||
The total amount of receivables used as collateral for the credit facility was $320,117 at January 3, 2015 and is reported on the Company’s Consolidated Balance Sheet in “Trade accounts receivable, net.” | ||||||||||||
Other International Debt | ||||||||||||
In connection with the DBA acquisition, the Company assumed debt (the “Other International Debt”), totaling $132,574 as of the acquisition date. Concurrent with the closing, $107,665 was repaid utilizing proceeds from the Euro Term Loan. The long-term debt outstanding as of January 3, 2015 consists of mortgage loans and term loans collateralized by fixed assets. These loans have maturity dates ranging from January, 2015 to May, 2018, and bear interest primarily based on EURIBOR rates ranging from 1.38% to 6.25% as of January 3, 2015. | ||||||||||||
Future Principal Payments | ||||||||||||
Future principal payments for all of the facilities described above are as follows: $225,317 due in 2015, $5,885 due in 2016 and 2017, $182,839 due in 2018, $4,391 due in 2019 and $1,414,997 due in 2020 and thereafter. | ||||||||||||
Debt Issuance Costs | ||||||||||||
During 2014, 2013 and 2012, the Company incurred $5,560, $5,630 and $2,353, respectively, in capitalized debt issuance costs in connection with the amendments to the Senior Secured Credit Facility and the Accounts Receivable Securitization Facility. Debt issuance costs are amortized to interest expense over the respective lives of the debt instruments, which range from one to 10 years. As of January 3, 2015, the net carrying value of unamortized debt issuance costs was $30,597 which is included in “Other Noncurrent Assets” in the Consolidated Balance Sheet. The Company’s debt issuance cost amortization was $6,011, $6,921 and $9,168 in 2014, 2013 and 2012, respectively. | ||||||||||||
The Company recognizes charges in the “Other expenses” line of the Consolidated Statements of Income for fees incurred in financing transactions such as refinancing and amendments and for write-offs incurred in the early extinguishment of debt. In 2013 and 2012, the Company recognized charges of $14,749 and $33,906, respectively, for the call premium and acceleration of unamortized debt costs related to the redemption of the 8% Senior Notes. In addition, in 2012 the Company recognized combined charges of $3,272 of write-offs on early extinguishment of debt related to the Floating Rate Senior Notes and the Revolving Loan Facility. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended |
Jan. 03, 2015 | |
Text Block [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies |
The Company is a party to various pending legal proceedings, claims and environmental actions by government agencies. In accordance with the accounting rules for contingencies, the Company records a provision with respect to a claim, suit, investigation or proceeding when it is probable that a liability has been incurred and the amount of the loss can reasonably be estimated. Any provisions are reviewed at least quarterly and are adjusted to reflect the impact and status of settlements, rulings, advice of counsel and other information pertinent to the particular matter. The recorded liabilities for these items were not material to the consolidated financial statements of the Company in any of the years presented. Although the outcome of such items cannot be determined with certainty, the Company’s legal counsel and management are of the opinion that the final outcome of these matters will not have a material adverse impact on the consolidated financial position, results of operations or liquidity. | |
Operating Leases | |
The Company leases certain buildings and equipment under agreements that are classified as operating leases. Rental expense under operating leases was $89,569, $75,178 and $72,639 in 2014, 2013 and 2012, respectively. | |
Future minimum lease payments under noncancelable operating leases (with initial or remaining lease terms in excess of one year) are as follows: $83,704 in 2015, $74,732 in 2016, $65,788 in 2017, $57,410 in 2018, $42,316 in 2019 and $114,301 thereafter. | |
License Agreements | |
The Company is party to several royalty-bearing license agreements for use of third party trademarks in certain of their products. The license agreements typically require a minimum guarantee to be paid either at the commencement of the agreement, by a designated date during the term of the agreement or by the end of the agreement period. When payments are made in advance of when they are due, the Company records a prepayment and amortizes the expense in the “Cost of sales” line of the Consolidated Statements of Income uniformly over the guaranteed period. For guarantees required to be paid at the completion of the agreement, royalties are expensed through “Cost of sales” as the related sales are made. Management has reviewed all license agreements and has concluded that there are no liabilities recorded at inception of the agreements. | |
During 2014, 2013 and 2012, the Company incurred royalty expense of approximately $57,072, $42,075 and $37,593, respectively. | |
Minimum amounts due under the license agreements are approximately $22,656 in 2015, $21,639 in 2016, $8,979 in 2017, $9,325 in 2018, $6,919 in 2019. In addition to the minimum guaranteed amounts under license agreements, the Company is a party to a partnership agreement that includes a minimum fee of $5,558 for each year from 2015 through 2017. |
Intangible_Assets_and_Goodwill
Intangible Assets and Goodwill | 12 Months Ended | |||||||||||||||||||
Jan. 03, 2015 | ||||||||||||||||||||
Text Block [Abstract] | ||||||||||||||||||||
Intangible Assets and Goodwill | Intangible Assets and Goodwill | |||||||||||||||||||
As described in Note 3, “Acquisitions,” the Company acquired DBA in August 2014, which resulted in the recognition of $101,338 of goodwill and $365,104 of intangible assets, which consisted primarily of trademarks, perpetual license agreements and customer and distribution relationships. Since acquisition, goodwill increased $7,453 as a result of additional working capital payments made. | ||||||||||||||||||||
As described in Note 3, “Acquisitions,” the Company acquired Maidenform in October 2013, which resulted in the recognition of $197,932 of goodwill and $270,430 of intangible assets, which consisted primarily of trademarks and customer and distribution relationships. Since December 2013, goodwill increased by $4,606 as a result of measurement period adjustments to the acquired income tax balances. The purchase price allocation was finalized in the third quarter 2014. | ||||||||||||||||||||
During 2012, the Company discontinued the Outer Banks domestic imagewear operations that served wholesalers that sell to the screen-print industry. The discontinuation resulted in write-downs of $37,253 of trademarks and $172 of goodwill. See Note 19, “Discontinued Operations,” for further details. | ||||||||||||||||||||
(a) Intangible Assets | ||||||||||||||||||||
The primary components of the Company’s intangible assets and the related accumulated amortization are as follows: | ||||||||||||||||||||
Gross | Accumulated | Net Book | ||||||||||||||||||
Amortization | Value | |||||||||||||||||||
Year ended January 3, 2015: | ||||||||||||||||||||
Intangible assets subject to amortization: | ||||||||||||||||||||
Trademarks and brand names | $ | 135,622 | $ | 78,199 | $ | 57,423 | ||||||||||||||
Licensing agreements | 69,225 | 16,122 | 53,103 | |||||||||||||||||
Customer and distributor relationships | 74,137 | 6,463 | 67,674 | |||||||||||||||||
Computer software | 68,164 | 60,937 | 7,227 | |||||||||||||||||
Other intangibles | 1,820 | 1,267 | 553 | |||||||||||||||||
$ | 348,968 | $ | 162,988 | 185,980 | ||||||||||||||||
Intangible assets not subject to amortization: | ||||||||||||||||||||
Trademarks | 470,501 | |||||||||||||||||||
Perpetual license agreements | 34,720 | |||||||||||||||||||
Net book value of intangible assets | $ | 691,201 | ||||||||||||||||||
Gross | Accumulated | Net Book | ||||||||||||||||||
Amortization | Value | |||||||||||||||||||
Year ended December 28, 2013: | ||||||||||||||||||||
Intangible assets subject to amortization: | ||||||||||||||||||||
Trademarks and brand names | $ | 136,379 | $ | 75,559 | $ | 60,820 | ||||||||||||||
Licensing agreements | 58,901 | 11,501 | 47,400 | |||||||||||||||||
Customer and distributor relationships | 37,654 | 2,430 | 35,224 | |||||||||||||||||
Computer software | 68,254 | 56,658 | 11,596 | |||||||||||||||||
Other intangibles | 3,281 | 770 | 2,511 | |||||||||||||||||
$ | 304,469 | $ | 146,918 | 157,551 | ||||||||||||||||
Intangible assets not subject to amortization: | ||||||||||||||||||||
Trademarks | 220,200 | |||||||||||||||||||
Net book value of intangible assets | $ | 377,751 | ||||||||||||||||||
The amortization expense for intangibles subject to amortization was $22,225, $14,765 and $13,526 for 2014, 2013 and 2012, respectively. The estimated amortization expense for the next five years, assuming no change in the estimated useful lives of identifiable intangible assets or changes in foreign exchange rates is as follows: $23,277 in 2015, $16,251 in 2016, $15,371 in 2017, $15,045 in 2018 and $15,041 in 2019. | ||||||||||||||||||||
(b) Goodwill | ||||||||||||||||||||
Goodwill and the changes in those amounts during the period are as follows: | ||||||||||||||||||||
Innerwear | Activewear | Direct to | International | Total | ||||||||||||||||
Consumer | ||||||||||||||||||||
Net book value at December 29, 2012 | $ | 245,505 | $ | 171,214 | $ | 255 | $ | 16,326 | $ | 433,300 | ||||||||||
Acquisition of business | 181,726 | — | 2,900 | 8,700 | 193,326 | |||||||||||||||
Other | — | — | — | (234 | ) | (234 | ) | |||||||||||||
Net book value at December 28, 2013 | $ | 427,231 | $ | 171,214 | $ | 3,155 | $ | 24,792 | $ | 626,392 | ||||||||||
Acquisition of business | 4,330 | — | 69 | 101,545 | 105,944 | |||||||||||||||
Other | — | — | — | (9,216 | ) | (9,216 | ) | |||||||||||||
Net book value at January 3, 2015 | $ | 431,561 | $ | 171,214 | $ | 3,224 | $ | 117,121 | $ | 723,120 | ||||||||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 12 Months Ended | |||||||||||||||||||
Jan. 03, 2015 | ||||||||||||||||||||
Text Block [Abstract] | ||||||||||||||||||||
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss | |||||||||||||||||||
The components of AOCI are as follows: | ||||||||||||||||||||
Cumulative Translation Adjustment | Hedges | Defined Benefit Plans | Income Taxes | Accumulated Other Comprehensive Loss | ||||||||||||||||
Balance at December 29, 2012 | $ | (8,334 | ) | $ | 849 | $ | (512,558 | ) | $ | 202,430 | $ | (317,613 | ) | |||||||
Amounts reclassified from accumulated other comprehensive loss | — | (400 | ) | 15,418 | (5,874 | ) | 9,144 | |||||||||||||
Current-period other comprehensive income (loss) activity | (13,594 | ) | 1,593 | 139,637 | (56,184 | ) | 71,452 | |||||||||||||
Balance at December 28, 2013 | $ | (21,928 | ) | $ | 2,042 | $ | (357,503 | ) | $ | 140,372 | $ | (237,017 | ) | |||||||
Amounts reclassified from accumulated other comprehensive loss | — | (1,113 | ) | 10,417 | (3,709 | ) | 5,595 | |||||||||||||
Current-period other comprehensive income (loss) activity | (12,171 | ) | 3,905 | (217,745 | ) | 84,844 | (141,167 | ) | ||||||||||||
Balance at January 3, 2015 | $ | (34,099 | ) | $ | 4,834 | $ | (564,831 | ) | $ | 221,507 | $ | (372,589 | ) | |||||||
The Company had the following reclassifications out of AOCI: | ||||||||||||||||||||
Component of AOCI | Location of Reclassification into Income | Amount of Reclassification from AOCI | ||||||||||||||||||
January 3, | December 28, | December 29, | ||||||||||||||||||
2015 | 2013 | 2012 | ||||||||||||||||||
Gain (loss) on foreign exchange contracts | Cost of sales | $ | (1,113 | ) | $ | (400 | ) | $ | (2,594 | ) | ||||||||||
Income tax | 444 | 160 | 1,034 | |||||||||||||||||
Net of tax | $ | (669 | ) | $ | (240 | ) | $ | (1,560 | ) | |||||||||||
Amortization of loss on interest rate hedge | Interest expense, net | $ | — | $ | — | $ | 3,437 | |||||||||||||
Income tax | — | — | (1,371 | ) | ||||||||||||||||
Net of tax | $ | — | $ | — | $ | 2,066 | ||||||||||||||
Amortization of deferred actuarial loss and prior service cost | Selling, general and administrative expenses | $ | 10,417 | $ | 15,418 | $ | 15,987 | |||||||||||||
Income tax | (4,153 | ) | (6,034 | ) | (6,375 | ) | ||||||||||||||
Net of tax | $ | 6,264 | $ | 9,384 | $ | 9,612 | ||||||||||||||
Total reclassifications | $ | 5,595 | $ | 9,144 | $ | 10,118 | ||||||||||||||
Financial_Instruments_and_Risk
Financial Instruments and Risk Management | 12 Months Ended | |||||||||||||
Jan. 03, 2015 | ||||||||||||||
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 January 3, 2015, The notional U.S. dollar equivalent of commitments to sell and purchase foreign currencies within the Company’s derivative portfolio were $163,873 and $9,629, respectively, consisting of contracts hedging primarily exposures to the Euro, Mexican peso, Canadian dollar, Australian dollar, Brazilian real and Japanese yen. As of December 28, 2013, the notional U.S. dollar equivalent of commitments to sell and purchase foreign currencies within the Company’s derivative portfolio were $92,577 and $9,776 consisting of contracts hedging primarily exposures to the Euro, Mexican peso, Canadian dollar and Japanese yen. | ||||||||||||||
In prior years, the Company used interest rate cash flow hedges in the form of swaps and caps in order to mitigate the Company’s exposure to variability in cash flows for the future interest payments on a designated portion of floating rate debt. In connection with the amendment and restatement of certain credit facilities in December 2009, all outstanding interest rate hedging instruments related to the Floating Rate Senior Notes were settled, and the amounts deferred in AOCI were frozen at the termination date and amortized over the original remaining term of the interest rate hedge instrument. This interest rate hedge instrument matured in December 2012. | ||||||||||||||
Fair Values of Derivative Instruments | ||||||||||||||
The fair values of derivative financial instruments related to forward foreign exchange contracts recognized in the Consolidated Balance Sheets of the Company were as follows: | ||||||||||||||
Fair Value | ||||||||||||||
Balance Sheet Location | January 3, | December 28, | ||||||||||||
2015 | 2013 | |||||||||||||
Hedges | Other current assets | $ | 3,447 | $ | 32 | |||||||||
Non-hedges | Other current assets | 2,960 | 970 | |||||||||||
Total derivative assets | $ | 6,407 | $ | 1,002 | ||||||||||
Non-hedges | Accrued liabilities | (109 | ) | (28 | ) | |||||||||
Total derivative liabilities | $ | (109 | ) | $ | (28 | ) | ||||||||
Net derivative asset | $ | 6,298 | $ | 974 | ||||||||||
Cash Flow Hedges | ||||||||||||||
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 $6,255. | ||||||||||||||
The changes in fair value of derivatives excluded from the Company’s effectiveness assessments and the ineffective portion of the changes in the fair value of derivatives used as cash flow hedges are reported in the “Selling, general and administrative expenses” line in the Consolidated Statements of Income. | ||||||||||||||
The effect of cash flow hedge derivative instruments on the Consolidated Statements of Income and Accumulated Other Comprehensive Loss is as follows: | ||||||||||||||
Amount of Gain (Loss) Recognized in | ||||||||||||||
Accumulated Other Comprehensive Loss | ||||||||||||||
(Effective Portion) Year Ended | ||||||||||||||
January 3, | December 28, | December 29, | ||||||||||||
2015 | 2013 | 2012 | ||||||||||||
Interest rate contracts | $ | — | $ | — | $ | — | ||||||||
Foreign exchange contracts | 3,905 | 1,593 | (262 | ) | ||||||||||
Total | $ | 3,905 | $ | 1,593 | $ | (262 | ) | |||||||
Location of Loss | Amount of Gain (Loss) Reclassified from | |||||||||||||
Reclassified from | Accumulated Other Comprehensive Loss into | |||||||||||||
Accumulated Other | Income (Effective Portion) Year Ended | |||||||||||||
Comprehensive Loss into | ||||||||||||||
Income (Effective Portion) | January 3, | December 28, | December 29, | |||||||||||
2015 | 2013 | 2012 | ||||||||||||
Interest rate contracts | Interest | $ | — | $ | — | $ | (2,560 | ) | ||||||
expense, net | ||||||||||||||
Interest rate contracts | Other expenses | — | — | (877 | ) | |||||||||
Foreign exchange contracts | Cost of sales | 1,113 | 400 | (47 | ) | |||||||||
Total | $ | 1,113 | $ | 400 | $ | (3,484 | ) | |||||||
Derivative Contracts Not Designated As Hedges | ||||||||||||||
The Company uses foreign exchange derivative contracts as economic hedges against the impact of foreign exchange fluctuations on anticipated intercompany purchase and lending transactions denominated in foreign currencies. 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 Consolidated Statements of Income is as follows: | ||||||||||||||
Location of Gain (Loss) | Amount of Gain (Loss) Recognized in | |||||||||||||
Recognized in Income | Income Year Ended | |||||||||||||
on Derivative | January 3, | December 28, | December 29, | |||||||||||
2015 | 2013 | 2012 | ||||||||||||
Foreign exchange contracts | Selling, general and | $ | (1,188 | ) | $ | 458 | $ | (3,757 | ) | |||||
administrative expenses |
Fair_Value_of_Assets_and_Liabi
Fair Value of Assets and Liabilities | 12 Months Ended | |||||||||||
Jan. 03, 2015 | ||||||||||||
Text Block [Abstract] | ||||||||||||
Fair Value of Assets and Liabilities | Fair Value of Assets and Liabilities | |||||||||||
Fair value is an exit price, representing the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company utilizes market data or assumptions that market participants would use in pricing the asset or liability. A three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value, is utilized for disclosing the fair value of the Company’s assets and liabilities. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs about which little or no market data exists, therefore requiring an entity to develop its own assumptions. | ||||||||||||
Assets and liabilities measured at fair value are based on one or more of the following three valuation techniques: | ||||||||||||
• | Market approach — prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. | |||||||||||
• | Cost approach — amount that would be required to replace the service capacity of an asset or replacement cost. | |||||||||||
• | Income approach — techniques to convert future amounts to a single present amount based on market expectations, including present value techniques, option-pricing and other models. | |||||||||||
The Company primarily applies the market approach for commodity derivatives and for all defined benefit plan investment assets and the income approach for interest rate and foreign currency derivatives for recurring fair value measurements and attempts to utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The determination of fair values incorporates various factors that include not only the credit standing of the counterparties involved and the impact of credit enhancements, but also the impact of the Company’s nonperformance risk on its liabilities. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy levels. | ||||||||||||
As of January 3, 2015 and December 28, 2013, 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 interest rates and foreign exchange rates and defined benefit pension plan investment assets. The fair values of interest rate and foreign exchange rate derivatives are determined based on inputs that are readily available in public markets or can be derived from information available in publicly quoted markets and are categorized as Level 2. The fair values of defined benefit pension plan investments include: certain U.S. equity securities, certain foreign equity securities and debt securities that are determined based on quoted prices in public markets categorized as Level 1, certain foreign equity securities, certain U.S. equity securities, debt securities, insurance contracts and commodity investments that are determined based on inputs readily available in public markets or can be derived from information available in publicly quoted markets categorized as Level 2 and investments in hedge funds of funds and real estate investments that are based on unobservable inputs about which little or no market data exists that are classified as Level 3. There were no changes during 2014 to the Company’s valuation techniques used to measure asset and liability fair values on a recurring basis. The hedge fund of funds and real estate investments have varying redemption terms of monthly, quarterly, semi-annually and annually, and have required notification periods ranging from 45 to 90 days. | ||||||||||||
As of January 3, 2015, the Company did not have any non-financial assets or liabilities that are required to be measured at fair value 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 | ||||||||||||
3-Jan-15 | ||||||||||||
Quoted Prices In | Significant | |||||||||||
Active Markets | Other | Significant | ||||||||||
for Identical | Observable | Unobservable | ||||||||||
Assets | Inputs | Inputs | ||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||
Defined benefit pension plan investment assets: | ||||||||||||
Hedge fund of funds | $ | — | $ | — | $ | 305,499 | ||||||
U.S. equity securities | 124,136 | 29,192 | — | |||||||||
Foreign equity securities | 44,684 | 72,871 | — | |||||||||
Debt securities | 19,872 | 128,181 | — | |||||||||
Real estate | — | — | 40,874 | |||||||||
Commodities | — | 12,649 | — | |||||||||
Insurance contracts | — | 5,797 | — | |||||||||
Cash and other | 4,243 | — | — | |||||||||
192,935 | 248,690 | 346,373 | ||||||||||
Derivative contracts: | ||||||||||||
Foreign exchange derivative contracts | — | 6,407 | — | |||||||||
Foreign exchange derivative contracts | — | (109 | ) | — | ||||||||
— | 6,298 | — | ||||||||||
Deferred compensation plan liability | — | (28,289 | ) | — | ||||||||
Total | $ | 192,935 | $ | 226,699 | $ | 346,373 | ||||||
Assets (Liabilities) at Fair Value as of | ||||||||||||
28-Dec-13 | ||||||||||||
Quoted Prices In | Significant | |||||||||||
Active Markets | Other | Significant | ||||||||||
for Identical | Observable | Unobservable | ||||||||||
Assets | Inputs | Inputs | ||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||
Defined benefit pension plan investment assets: | ||||||||||||
Hedge fund of funds | $ | — | $ | — | $ | 281,908 | ||||||
U.S. equity securities | 140,880 | 27,902 | — | |||||||||
Foreign equity securities | 50,661 | 77,152 | — | |||||||||
Debt securities | 18,644 | 87,578 | — | |||||||||
Real estate | — | — | 33,575 | |||||||||
Commodities | — | 15,407 | — | |||||||||
Cash and other | 5,872 | — | — | |||||||||
216,057 | 208,039 | 315,483 | ||||||||||
Derivative contracts: | ||||||||||||
Foreign exchange derivative contracts | — | 1,002 | — | |||||||||
Foreign exchange derivative contracts | — | (28 | ) | — | ||||||||
— | 974 | — | ||||||||||
Deferred compensation plan liability | — | (17,036 | ) | — | ||||||||
Total | $ | 216,057 | $ | 191,977 | $ | 315,483 | ||||||
The table below sets forth a summary of changes in the fair value of the Level 3 investment assets in 2014 and 2013. | ||||||||||||
Hedge fund of | Real estate | |||||||||||
funds | ||||||||||||
Balance at December 29, 2012 | $ | 253,391 | $ | 32,584 | ||||||||
Actual return on assets | 31,253 | 4,491 | ||||||||||
Sale of assets | (2,736 | ) | (6,992 | ) | ||||||||
Purchase of assets | — | 3,492 | ||||||||||
Balance at December 28, 2013 | $ | 281,908 | $ | 33,575 | ||||||||
Actual return on assets | 13,038 | 4,869 | ||||||||||
Sale of assets | (1,447 | ) | (720 | ) | ||||||||
Purchase of assets | 12,000 | 3,150 | ||||||||||
Balance at January 3, 2015 | $ | 305,499 | $ | 40,874 | ||||||||
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 January 3, 2015 and December 28, 2013. The fair value of debt, which is classified as a Level 2 liability, was $1,893,514 and $1,744,115 as of January 3, 2015 and December 28, 2013 and had a carrying value of $1,839,314 and $1,648,790, 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 January 3, 2015 and December 28, 2013, primarily due to the short-term nature of these instruments. |
Defined_Benefit_Pension_Plans
Defined Benefit Pension Plans | 12 Months Ended | |||||||||||
Jan. 03, 2015 | ||||||||||||
Text Block [Abstract] | ||||||||||||
Defined Benefit Pension Plans | Defined Benefit Pension Plans | |||||||||||
At January 3, 2015, the Company’s pension plans consisted of the Hanesbrands Inc. Pension Plan, the Maidenform LLC Retirement Plan, various nonqualified retirement plans and international plans, which include certain defined benefit plans acquired in connection with the purchase of DBA. Benefits under the Hanesbrands Inc. Pension Plan were frozen effective December 31, 2005. | ||||||||||||
The components of net periodic benefit cost and other amounts recognized in other comprehensive loss of the Company’s noncontributory defined benefit pension plans were as follows: | ||||||||||||
Years Ended | ||||||||||||
January 3, | December 28, | December 29, | ||||||||||
2015 | 2013 | 2012 | ||||||||||
Service cost | $ | 1,903 | $ | 1,565 | $ | 1,471 | ||||||
Interest cost | 48,768 | 44,174 | 44,276 | |||||||||
Expected return on assets | (52,515 | ) | (46,777 | ) | (44,708 | ) | ||||||
Settlement cost | 130 | — | — | |||||||||
Amortization of: | ||||||||||||
Prior service cost | 40 | 35 | 31 | |||||||||
Net actuarial loss | 10,377 | 15,382 | 15,946 | |||||||||
Net periodic benefit cost | $ | 8,703 | $ | 14,379 | $ | 17,016 | ||||||
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income | ||||||||||||
Net loss (gain) | $ | 206,756 | $ | (155,314 | ) | $ | (26,633 | ) | ||||
Prior service (credit) cost | (40 | ) | 208 | (31 | ) | |||||||
Total loss (gain) recognized in other comprehensive income | 206,716 | (155,106 | ) | (26,664 | ) | |||||||
Total recognized in net periodic benefit cost and other comprehensive income | $ | 215,419 | $ | (140,727 | ) | $ | (9,648 | ) | ||||
The estimated net loss and prior service cost for the defined benefit pension plans that will be amortized from AOCI into net periodic benefit cost in 2015 are $16,315 and $22, respectively. | ||||||||||||
The funded status of the Company’s defined benefit pension plans at the respective year ends was as follows: | ||||||||||||
January 3, | December 28, | |||||||||||
2015 | 2013 | |||||||||||
Benefit obligation: | ||||||||||||
Beginning of year | $ | 1,000,065 | $ | 1,085,177 | ||||||||
Service cost | 1,903 | 1,565 | ||||||||||
Interest cost | 48,768 | 44,483 | ||||||||||
Plan amendment | — | 244 | ||||||||||
Benefits paid | (53,348 | ) | (52,829 | ) | ||||||||
Curtailments | (997 | ) | — | |||||||||
Settlements | (1,209 | ) | — | |||||||||
Impact of exchange rate change | (9,910 | ) | (3,198 | ) | ||||||||
Business combination | 72,279 | 24,403 | ||||||||||
Actuarial loss (gain) | 197,665 | (99,780 | ) | |||||||||
End of year | 1,255,216 | 1,000,065 | ||||||||||
Fair value of plan assets: | ||||||||||||
Beginning of year | 739,579 | 643,768 | ||||||||||
Actual return on plan assets | 30,703 | 86,524 | ||||||||||
Employer contributions | 68,738 | 41,177 | ||||||||||
Benefits paid | (53,348 | ) | (52,829 | ) | ||||||||
Settlements | (1,209 | ) | — | |||||||||
Business combination | 6,378 | 22,721 | ||||||||||
Impact of exchange rate change | (2,843 | ) | (1,782 | ) | ||||||||
End of year | 787,998 | 739,579 | ||||||||||
Funded status | $ | (467,218 | ) | $ | (260,486 | ) | ||||||
As most of the Company’s pension plans are frozen, the accumulated benefit obligation (“ABO”) approximates the benefit obligation. The total benefit obligation and the benefit obligation and fair value of plan assets for the Company’s pension plans with benefit obligations in excess of plan assets are as follows: | ||||||||||||
January 3, | December 28, | |||||||||||
2015 | 2013 | |||||||||||
Benefit obligation | $ | 1,255,216 | $ | 1,000,065 | ||||||||
Plans with benefit obligation in excess of plan assets: | ||||||||||||
Benefit obligation | 1,252,743 | 1,000,065 | ||||||||||
Fair value of plan assets | 785,524 | 739,579 | ||||||||||
Amounts recognized in the Company’s Consolidated Balance Sheets consist of: | ||||||||||||
January 3, | December 28, | |||||||||||
2015 | 2013 | |||||||||||
Current liabilities | $ | (5,142 | ) | $ | (3,289 | ) | ||||||
Noncurrent liabilities | (462,076 | ) | (257,197 | ) | ||||||||
Accumulated other comprehensive loss | (565,534 | ) | (358,818 | ) | ||||||||
Amounts recognized in accumulated other comprehensive loss consist of: | ||||||||||||
January 3, | December 28, | |||||||||||
2015 | 2013 | |||||||||||
Prior service cost | $ | 248 | $ | 288 | ||||||||
Actuarial loss | 565,286 | 358,530 | ||||||||||
$ | 565,534 | $ | 358,818 | |||||||||
Accrued benefit costs related to the Company’s defined benefit pension plans are reported in the “Accrued liabilities — Payroll and employee benefits” and “Pension and postretirement benefits” lines of the Consolidated Balance Sheets. | ||||||||||||
(a) Measurement Date and Assumptions | ||||||||||||
A December 31 measurement date is used to value plan assets and obligations for the pension plans. In determining the discount rate, the Company utilizes, as a general benchmark, the single discount rate equivalent to discounting the expected cash flows from each plan using the yields at each duration from a published yield curve as of the measurement date. The expected long-term rate of return on plan assets was based on the Company’s investment policy target allocation of the asset portfolio between various asset classes and the expected real returns of each asset class over various periods of time. The weighted average actuarial assumptions used in measuring the net periodic benefit cost and plan obligations for the periods presented were as follows: | ||||||||||||
January 3, | December 28, | December 29, | ||||||||||
2015 | 2013 | 2012 | ||||||||||
Net periodic benefit cost: | ||||||||||||
Discount rate | 4.96 | % | 4.17 | % | 4.2 | % | ||||||
Long-term rate of return on plan assets | 6.9 | 7.29 | 7.58 | |||||||||
Rate of compensation increase (1) | 3.74 | 3.74 | 3.75 | |||||||||
Plan obligations: | ||||||||||||
Discount rate | 4.04 | % | 4.96 | % | 4.17 | % | ||||||
Rate of compensation increase (1) | 3.5 | 3.74 | 3.74 | |||||||||
-1 | The compensation increase assumption applies to the international plans and portions of the nonqualified retirement plans, as benefits under these plans were not frozen at January 3, 2015, December 28, 2013 and December 29, 2012. | |||||||||||
(b) Plan Assets, Expected Benefit Payments, and Funding | ||||||||||||
The allocation of pension plan assets as of the respective period end measurement dates is as follows: | ||||||||||||
January 3, | December 28, | |||||||||||
2015 | 2013 | |||||||||||
Asset category: | ||||||||||||
Hedge fund of funds | 38 | % | 38 | % | ||||||||
U.S. equity securities | 19 | 23 | ||||||||||
Foreign equity securities | 15 | 17 | ||||||||||
Debt securities | 19 | 14 | ||||||||||
Real estate | 5 | 5 | ||||||||||
Commodities | 2 | 2 | ||||||||||
Insurance contracts | 1 | — | ||||||||||
Cash and other | 1 | 1 | ||||||||||
The Company’s asset strategy and primary investment objective are to maximize the principal value of the plan assets to meet current and future benefit obligations to plan participants and their beneficiaries. To accomplish this goal, the assets of the plan are broadly diversified to protect against large investment losses and to reduce the likelihood of excessive volatility of returns. Diversification of assets is achieved through strategic allocations to various asset classes, as well as various investment styles within these asset classes, and by retaining multiple, third party investment management firms with complementary investment styles and philosophies to implement these allocations. The Company has established a target asset allocation based upon analysis of risk/return tradeoffs and correlations of asset mixes given long-term historical data, prospective capital market returns and forecasted liabilities of the plans. The target asset allocation approximates the actual asset allocation as of January 3, 2015. In addition to volatility protection, diversification enables the assets of the plan the best opportunity to provide adequate returns in order to meet the Company’s investment return objectives. These objectives include, over a rolling 5-year period, to achieve a total return that exceeds the required actuarial rate of return for the plan and to outperform a passive portfolio, consisting of a similar asset allocation. | ||||||||||||
The Company utilizes market data or assumptions that market participants would use in pricing the pension plan assets. At January 3, 2015, the Company had $192,935 classified as Level 1 assets, $248,690 classified as Level 2 assets and $346,373 classified as Level 3 assets. At December 28, 2013, the Company had $216,057 classified as Level 1 assets, $208,039 classified as Level 2 assets and $315,483 classified as Level 3 assets. The Level 1 assets consisted primarily of certain U.S. equity securities, certain debt securities, certain foreign equity securities and cash and cash equivalents, Level 2 assets consisted primarily of certain debt securities, certain U.S. equity securities, commodity investments, insurance contracts and certain foreign equity securities, and Level 3 assets consisted primarily of hedge fund of funds and real estate investments. Refer to Note 15, “Fair Value of Assets and Liabilities,” for the Company’s complete disclosure of the fair value of pension plan assets. | ||||||||||||
Based on preliminary calculations by the Company’s actuary, the Company expects to make contributions of approximately $108,000 into the Company’s pension plans in 2015, of which $100,000 was made in January 2015. Expected benefit payments are as follows: $60,380 in 2015, $59,705 in 2016, $62,073 in 2017, $63,976 in 2018, $66,969 in 2019 and $347,086 thereafter. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Jan. 03, 2015 | ||||||||||||
Text Block [Abstract] | ||||||||||||
Income Taxes | Income Taxes | |||||||||||
The provision for income tax computed by applying the U.S. statutory rate to income before taxes as reconciled to the actual provisions were: | ||||||||||||
Years Ended | ||||||||||||
January 3, | December 28, | December 29, | ||||||||||
2015 | 2013 | 2012 | ||||||||||
Income before income tax expense: | ||||||||||||
Domestic | 13.6 | % | 21.5 | % | (5.8 | )% | ||||||
Foreign | 86.4 | 78.5 | 105.8 | |||||||||
100 | % | 100 | % | 100 | % | |||||||
Tax expense at U.S. statutory rate | 35 | % | 35 | % | 35 | % | ||||||
State income taxes | 0.6 | 0.4 | 0.3 | |||||||||
Tax on remittance of foreign earnings | 0.8 | 2.5 | 3.1 | |||||||||
Foreign taxes less than U.S. statutory rate | (24.0 | ) | (19.6 | ) | (24.3 | ) | ||||||
Employee benefits | 0.5 | 1 | 0.9 | |||||||||
Change in valuation allowance | 2.1 | 0.5 | 0.3 | |||||||||
Release of unrecognized tax benefit reserves | (1.7 | ) | (2.3 | ) | (3.8 | ) | ||||||
Other, net | (0.3 | ) | (1.0 | ) | 0.1 | |||||||
Taxes at effective worldwide tax rates | 13 | % | 16.5 | % | 11.6 | % | ||||||
The Company has been granted lower effective income tax rates in two foreign jurisdictions through 2019. These lower rates, when compared with the country’s statutory rates, resulted in an income tax reduction of approximately $5,000 ($0.05 per diluted share) in 2014, 2013 and 2012. | ||||||||||||
Current and deferred tax provisions (benefits) were: | ||||||||||||
Current | Deferred | Total | ||||||||||
Year ended January 3, 2015 | ||||||||||||
Domestic | $ | 41,608 | $ | (10,517 | ) | $ | 31,067 | |||||
Foreign | 24,290 | 3,663 | 27,977 | |||||||||
State | 6,951 | (5,546 | ) | 1,405 | ||||||||
$ | 72,849 | $ | (12,400 | ) | $ | 60,449 | ||||||
Year ended December 28, 2013 | ||||||||||||
Domestic | $ | 24,166 | $ | 16,310 | $ | 40,476 | ||||||
Foreign | 22,037 | (590 | ) | 21,447 | ||||||||
State | 4,488 | (1,104 | ) | 3,384 | ||||||||
$ | 50,691 | $ | 14,616 | $ | 65,307 | |||||||
Year ended December 29, 2012 | ||||||||||||
Domestic | $ | 21,222 | $ | (21,555 | ) | $ | (333 | ) | ||||
Foreign | 29,053 | (2,022 | ) | 27,031 | ||||||||
State | 1,027 | 2,777 | 3,804 | |||||||||
$ | 51,302 | $ | (20,800 | ) | $ | 30,502 | ||||||
Years Ended | ||||||||||||
January 3, | December 28, | December 29, | ||||||||||
2015 | 2013 | 2012 | ||||||||||
Cash payments for income taxes | $ | 19,126 | $ | 34,221 | $ | 32,274 | ||||||
Cash payments above represent cash tax payments made by the Company primarily in foreign jurisdictions. | ||||||||||||
The deferred tax assets and liabilities at the respective year-ends were as follows: | ||||||||||||
January 3, | December 28, | |||||||||||
2015 | 2013 | |||||||||||
Deferred tax assets: | ||||||||||||
Nondeductible reserves | $ | 8,841 | $ | 790 | ||||||||
Inventories | 124,910 | 102,482 | ||||||||||
Property and equipment | 12,007 | 7,179 | ||||||||||
Intangibles | — | 50,355 | ||||||||||
Bad debt allowance | 8,575 | 12,781 | ||||||||||
Accrued expenses | 21,600 | 8,838 | ||||||||||
Employee benefits | 223,554 | 150,391 | ||||||||||
Tax credits | 34,186 | 30,020 | ||||||||||
Net operating loss and other tax carryforwards | 56,482 | 60,724 | ||||||||||
Other | 6,091 | 17,975 | ||||||||||
Gross deferred tax assets | 496,246 | 441,535 | ||||||||||
Less valuation allowances | (43,757 | ) | (32,131 | ) | ||||||||
Deferred tax assets | 452,489 | 409,404 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Derivatives | 1,994 | 873 | ||||||||||
Intangibles | 32,281 | — | ||||||||||
Prepaids | 11,076 | 4,798 | ||||||||||
Deferred tax liabilities | 45,351 | 5,671 | ||||||||||
Net deferred tax assets | $ | 407,138 | $ | 403,733 | ||||||||
In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. Based upon the level of historical taxable income and projections for future taxable income over the periods which the deferred tax assets are deductible, management believes it is more likely than not the Company will realize the benefits of these deductible differences, net of the existing valuation allowances. | ||||||||||||
As of January 3, 2015, the valuation allowance for deferred tax assets was $43,757, made up of $35,599 for foreign loss carryforwards, $3,560 for other foreign deferred tax assets, and $4,598 for federal operating loss carryforwards. The net change in the total valuation allowance for 2014 was $11,626 related to an increase of $11,626 for foreign loss carryforwards and other foreign deferred tax assets. | ||||||||||||
At January 3, 2015, the Company has total net operating loss carryforwards of approximately $152,110 for foreign jurisdictions, which will expire as follows: | ||||||||||||
Fiscal Year: | ||||||||||||
2015 | $ | 3,180 | ||||||||||
2016 | 11,176 | |||||||||||
2017 | 24,078 | |||||||||||
2018 | 19,611 | |||||||||||
2019 | 46,174 | |||||||||||
Thereafter | 47,891 | |||||||||||
At January 3, 2015, the Company had tax credit carryforwards totaling $34,186,which expire beginning after 2020. | ||||||||||||
At January 3, 2015, the Company had federal and state net operating loss carryforwards of approximately $0 and $309,122, respectively, which expire beginning after 2018. | ||||||||||||
At January 3, 2015, applicable U.S. federal income taxes and foreign withholding taxes have not been provided on the accumulated earnings of foreign subsidiaries that are expected to be permanently reinvested. If these earnings had not been permanently reinvested, deferred taxes of approximately $664,000 would have been recognized in the Consolidated Financial Statements. | ||||||||||||
In 2014, the Company recognized a benefit of $10,391 related to the realization of unrecognized tax benefits resulting from the expiration of statutes of limitations. | ||||||||||||
In 2013, the Company recognized a benefit of $12,962 related to the realization of unrecognized tax benefits resulting from the expiration of statutes of limitations and an income tax benefit of $6,249 related to the retroactive application of the American Taxpayer Relief Act of 2012 that was signed into law in January 2013. | ||||||||||||
Although it is not reasonably possible to estimate the amount by which unrecognized tax benefits may increase or decrease within the next 12 months due to uncertainties regarding the timing of examinations and the amount of settlements that may be paid, if any, to tax authorities, the Company currently expects a reduction of approximately $6,300 for unrecognized tax benefits accrued at January 3, 2015 within the next 12 months. | ||||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: | ||||||||||||
Balance at December 29, 2012 (gross balance of $51,572) | $ | 48,916 | ||||||||||
Additions based on tax positions related to the current year | 12,377 | |||||||||||
Reductions for tax positions of prior years | (12,940 | ) | ||||||||||
Balance at December 28, 2013 (gross balance of $51,315) | $ | 48,353 | ||||||||||
Additions based on tax positions related to the current year | 14,703 | |||||||||||
Additions for tax positions of prior years | 10,058 | |||||||||||
Reductions for tax positions of prior years | (10,004 | ) | ||||||||||
Balance at January 3, 2015 (gross balance of $66,207) | $ | 63,110 | ||||||||||
Included in unrecognized tax benefits are $63,110 of tax benefits that, if recognized, would reduce the Company’s annual effective tax rate. The Company’s policy is to recognize interest and/or penalties related to income tax matters in income tax expense. The Company recognized $(636), $(969) and $1,430 for interest and penalties classified as income tax expense (benefit) in the Consolidated Statement of Income for 2014, 2013 and 2012, respectively. At January 3, 2015 and December 28, 2013, the Company had a total of $6,371 and $6,383, respectively, of interest and penalties accrued related to unrecognized tax benefits. | ||||||||||||
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. In the United States, the Internal Revenue Service (“IRS”) began an examination for the 2011 tax year during the fourth quarter of 2013. During the third quarter of 2014, the IRS began an examination of the Company’s 2012 tax year. The Company is also currently subject to examination by various state and international tax authorities. The Company regularly assesses the outcomes of both ongoing and future examinations for the current or prior years to ensure the Company’s provision for income taxes is sufficient. The Company recognizes liabilities based on estimates of whether additional taxes will be due and believes its reserves are adequate in relation to any potential assessments. The outcome of any one examination, some of which may conclude during the next 12 months, is not expected to have a material impact on the Company’s financial position or results of operations. |
Stockholders_Equity
Stockholders' Equity | 12 Months Ended |
Jan. 03, 2015 | |
Text Block [Abstract] | |
Stockholders' Equity | Stockholders’ Equity |
The Company is authorized to issue up to 500,000 shares of common stock, par value $0.01 per share, and up to 50,000 shares of preferred stock, par value $0.01 per share, and the Company’s Board of Directors may, without stockholder approval, increase or decrease the aggregate number of shares of stock or the number of shares of stock of any class or series that the Company is authorized to issue. At January 3, 2015 and December 28, 2013, 100,197 and 99,455 shares, respectively, of common stock were issued and outstanding and no shares of preferred stock were issued or outstanding. Included within the 50,000 shares of preferred stock, 500 shares are designated Junior Participating Preferred Stock, Series A (the “Series A Preferred Stock”) and reserved for issuance upon the exercise of rights under the rights agreement described below. | |
On February 1, 2007, the Company announced that the Board of Directors granted authority for the repurchase of up to 10,000 shares of the Company’s common stock. Share repurchases are made periodically in open-market transactions and are subject to market conditions, legal requirements and other factors. Additionally, management has been granted authority to establish a trading plan under Rule 10b5-1 of the Exchange Act in connection with share repurchases, which will allow the Company to repurchase shares in the open market during periods in which the stock trading window is otherwise closed for the company and certain of the Company’s officers and employees pursuant to the Company’s insider trading policy. Since inception of the program, the Company has purchased 2,800 shares of common stock at a cost of $74,747 (average price of $26.33). The primary objective of the share repurchase program is to reduce the impact of dilution caused by the exercise of options and vesting of restricted stock unit awards. | |
Preferred Stock Purchase Rights | |
Pursuant to a stockholder rights agreement entered into by the Company prior to the spin off, one preferred stock purchase right will be distributed with and attached to each share of the Company’s common stock. Each right will entitle its holder, under the circumstances described below, to purchase from the Company one one-thousandth of a share of the Series A Preferred Stock at an exercise price of $75 per right. Initially, the rights will be associated with the Company’s common stock, and will be transferable with and only with the transfer of the underlying share of common stock. Until a right is exercised, its holder, as such, will have no rights as a stockholder with respect to such rights, including, without limitation, the right to vote or to receive dividends. | |
The rights will become exercisable and separately certificated only upon the rights distribution date, which will occur upon the earlier of: (i) 10 days following a public announcement by the Company that a person or group (an “acquiring person”) has acquired, or obtained the right to acquire, beneficial ownership of 15% or more of its outstanding shares of common stock (the date of the announcement being the “stock acquisition date”); or (ii) 10 business days (or later if so determined by the Company’s Board of Directors) following the commencement of or public disclosure of an intention to commence a tender offer or exchange offer by a person if, after acquiring the maximum number of securities sought pursuant to such offer, such person, or any affiliate or associate of such person, would acquire, or obtain the right to acquire, beneficial ownership of 15% or more of outstanding shares of the Company’s common stock. | |
Upon the Company’s public announcement that a person or group has become an acquiring person, each holder of a right (other than any acquiring person and certain related parties, whose rights will have automatically become null and void) will have the right to receive, upon exercise, common stock with a value equal to two times the exercise price of the right. In the event of certain business combinations, each holder of a right (except rights which previously have been voided as described above) will have the right to receive, upon exercise, common stock of the acquiring company having a value equal to two times the exercise price of the right. | |
The Company may redeem the rights in whole, but not in part, at a price of $0.001 per right (subject to adjustment and payable in cash, common stock or other consideration deemed appropriate by the Board of Directors) at any time prior to the earlier of the stock acquisition date and the rights expiration date. Immediately upon the action of the Board of Directors authorizing any redemption, the rights will terminate and the holders of rights will only be entitled to receive the redemption price. At any time after a person becomes an acquiring person and prior to the earlier of (i) the time any person, together with all affiliates and associates, becomes the beneficial owner of 50% or more of the Company’s outstanding common stock and (ii) the occurrence of a business combination, the Board of Directors may cause the Company to exchange for all or part of the then-outstanding and exercisable rights shares of its common stock at an exchange ratio of one common share per right, adjusted to reflect any stock split, stock dividend or similar transaction. | |
Dividends | |
As part of the Company’s cash deployment strategy, on April 4, 2013, the Board of Directors declared the Company’s first dividend of $0.20 per share on outstanding common stock, which was paid on June 3, 2013. Prior to that declaration, the Company had not paid a cash dividend on its common stock. On July 23, 2013 and October 29, 2013, the Board of Directors also declared dividends of $0.20 per share on outstanding common stock, which were paid on September 3, 2013 and December 3, 2013, respectively. | |
On January 28, 2014, April 22, 2014, July 22, 2014 and October 28, 2014, the Company’s Board of Directors authorized regular quarterly dividends of $0.30 per share, which were paid on March 11, 2014, June 3, 2014, September 3, 2014 and December 9, 2014, respectively. |
Discontinued_Operations
Discontinued Operations | 12 Months Ended | |||
Jan. 03, 2015 | ||||
Text Block [Abstract] | ||||
Discontinued Operations | Discontinued Operations | |||
European Imagewear | ||||
In May 2012, the Company sold its European imagewear business to Smartwares, B.V. for €15,000 (approximately $13,000, net of fees and other transaction related costs) in cash proceeds, resulting in a pre-tax loss of approximately $33,000. The European imagewear business was previously reported within the International segment. | ||||
Domestic Imagewear | ||||
The Company completed the discontinuation of its private-label and Outer Banks domestic imagewear operations that served wholesalers that sell to the screen-print industry. During 2012, the Company incurred pre-tax charges of approximately $63,000, substantially all noncash, for the write-down of intangibles, inventory markdowns and other related items. The private-label and Outer Banks domestic imagewear operations were previously reported within the Activewear segment. | ||||
The operating results of these discontinued operations only reflect revenues and expenses that are directly attributable to these businesses and that will be eliminated from ongoing operations. The key components from discontinued operations related to the European and domestic imagewear businesses were as follows: | ||||
December 29, | ||||
2012 | ||||
Net sales | $ | 89,686 | ||
Cost of sales | 116,798 | |||
Gross loss | (27,112 | ) | ||
Selling, general and administrative expenses | 7,200 | |||
Impairment of intangibles | 37,425 | |||
Operating loss | (71,737 | ) | ||
Interest expense, net | 5 | |||
Loss on disposal of business | 32,829 | |||
Loss from discontinued operations before income tax expense benefit | (104,571 | ) | ||
Income tax benefit | (36,809 | ) | ||
Net income loss from discontinued operations, net of tax | $ | (67,762 | ) |
Subsequent_Event
Subsequent Event | 12 Months Ended | ||||||||||||
Jan. 03, 2015 | |||||||||||||
Subsequent Events [Abstract] | |||||||||||||
Subsequent Events [Text Block] | Subsequent Events | ||||||||||||
On January 27, 2015, the Board of Directors of the Company approved a four-for-one stock split on the Company’s Class A common stock in the form of a 100% stock dividend. The record date for the four-for-one stock split is the close of business on February 9, 2015, payable on March 3, 2015. As a result of the stock split, stockholders will receive three additional shares of Class A common stock, par value $0.01, for each share they hold as of the record date. | |||||||||||||
All numbers of shares outstanding and per share amounts in the consolidated financial statements and notes to the consolidated financial statements are presented on a pre-split basis. Subsequent to the effective date of the stock split, all historical numbers of shares outstanding and per share data amounts presented in future financial statements will be retroactively adjusted. | |||||||||||||
Pro-forma unaudited earnings per share are as follows, giving retroactive effect to the stock split: | |||||||||||||
Years Ended | |||||||||||||
January 3, | December 28, | December 29, | |||||||||||
2015 | 2013 | 2012 | |||||||||||
Basic: | |||||||||||||
Net Income | $ | 404,519 | $ | 330,494 | $ | 164,681 | |||||||
Weighted average shares outstanding, as reported | 100,575 | 99,859 | 98,709 | ||||||||||
Weighted average shares outstanding, pro-forma | 402,300 | 399,436 | 394,836 | ||||||||||
Earnings per share, as reported | 4.02 | 3.31 | 1.67 | ||||||||||
Earnings per share, pro-forma | 1.01 | 0.83 | 0.42 | ||||||||||
Years Ended | |||||||||||||
January 3, | December 28, | December 29, | |||||||||||
2015 | 2013 | 2012 | |||||||||||
Diluted: | |||||||||||||
Net Income | $ | 404,519 | $ | 330,494 | $ | 164,681 | |||||||
Weighted average shares outstanding, as reported | 102,011 | 101,823 | 100,269 | ||||||||||
Weighted average shares outstanding, pro-forma | 408,044 | 407,292 | 401,076 | ||||||||||
Earnings per share, as reported | 3.97 | 3.25 | 1.64 | ||||||||||
Earnings per share, pro-forma | 0.99 | 0.81 | 0.41 | ||||||||||
Business_Segment_Information
Business Segment Information | 12 Months Ended | |||||||||||
Jan. 03, 2015 | ||||||||||||
Text Block [Abstract] | ||||||||||||
Business Segment Information | Business Segment Information | |||||||||||
The Company’s operations are managed and reported in four operating segments, each of which is a reportable segment for financial reporting purposes: Innerwear, Activewear, Direct to Consumer and International. These segments are organized principally by product category, geographic location and distribution channel. 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. The operating results for Maidenform are included in the Company’s Innerwear, Direct to Consumer and International segments based on geographic location and distribution channel. The operating results for DBA are included in the Company’s International segment. | ||||||||||||
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, children’s underwear, socks and intimates, which includes bras, panties, hosiery 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 and other channels. | |||||||||||
• | Direct to Consumer includes the Company’s value-based (“outlet”) stores and Internet operations that sell products from the Company’s portfolio of leading brands. The Company’s Internet operations are supported by its catalogs. | |||||||||||
• | International primarily relates to the Europe, Asia, Latin America, Canada and Australia 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 and amortization of intangibles. The accounting policies of the segments are consistent with those described in Note 2, “Summary of Significant Accounting Policies.” | ||||||||||||
Years Ended | ||||||||||||
January 3, | December 28, | December 29, | ||||||||||
2015 | 2013 | 2012 | ||||||||||
Net sales: | ||||||||||||
Innerwear | $ | 2,707,474 | $ | 2,444,935 | $ | 2,334,006 | ||||||
Activewear | 1,410,036 | 1,306,936 | 1,318,012 | |||||||||
Direct to Consumer | 409,028 | 380,079 | 372,359 | |||||||||
International | 798,208 | 495,852 | 501,344 | |||||||||
Total net sales | $ | 5,324,746 | $ | 4,627,802 | $ | 4,525,721 | ||||||
Years Ended | ||||||||||||
January 3, | December 28, | December 29, | ||||||||||
2015 | 2013 | 2012 | ||||||||||
Segment operating profit: | ||||||||||||
Innerwear | $ | 552,507 | $ | 467,398 | $ | 407,318 | ||||||
Activewear | 193,952 | 170,749 | 72,820 | |||||||||
Direct to Consumer | 40,367 | 34,737 | 25,890 | |||||||||
International | 89,979 | 42,850 | 46,713 | |||||||||
Total segment operating profit | 876,805 | 715,734 | 552,741 | |||||||||
Items not included in segment operating profit: | ||||||||||||
General corporate expenses | (91,693 | ) | (104,993 | ) | (99,100 | ) | ||||||
Acquisition, integration and other action related charges | (198,933 | ) | (80,790 | ) | — | |||||||
Amortization of intangibles | (22,225 | ) | (14,765 | ) | (13,526 | ) | ||||||
Total operating profit | 563,954 | 515,186 | 440,115 | |||||||||
Other expenses | (2,599 | ) | (17,501 | ) | (40,315 | ) | ||||||
Interest expense, net | (96,387 | ) | (101,884 | ) | (136,855 | ) | ||||||
Income from continuing operations before income tax expense | $ | 464,968 | $ | 395,801 | $ | 262,945 | ||||||
January 3, | December 28, | |||||||||||
2015 | 2013 | |||||||||||
Assets: | ||||||||||||
Innerwear | $ | 1,493,977 | $ | 1,519,555 | ||||||||
Activewear | 788,610 | 654,049 | ||||||||||
Direct to Consumer | 108,278 | 95,428 | ||||||||||
International | 810,844 | 332,012 | ||||||||||
3,201,709 | 2,601,044 | |||||||||||
Corporate (1) | 2,020,072 | 1,489,004 | ||||||||||
Total assets | $ | 5,221,781 | $ | 4,090,048 | ||||||||
Years Ended | ||||||||||||
January 3, | December 28, | December 29, | ||||||||||
2015 | 2013 | 2012 | ||||||||||
Depreciation and amortization expense: | ||||||||||||
Innerwear | $ | 40,688 | $ | 42,990 | $ | 42,617 | ||||||
Activewear | 21,314 | 21,827 | 21,907 | |||||||||
Direct to Consumer | 6,931 | 7,773 | 9,323 | |||||||||
International | 7,044 | 3,535 | 4,154 | |||||||||
75,977 | 76,125 | 78,001 | ||||||||||
Corporate | 22,225 | 14,765 | 14,252 | |||||||||
Total depreciation and amortization expense | $ | 98,202 | $ | 90,890 | $ | 92,253 | ||||||
Years Ended | ||||||||||||
January 3, | December 28, | December 29, | ||||||||||
2015 | 2013 | 2012 | ||||||||||
Additions to long-lived assets: | ||||||||||||
Innerwear | $ | 37,641 | $ | 24,192 | $ | 22,241 | ||||||
Activewear | 13,378 | 11,653 | 11,532 | |||||||||
Direct to Consumer | 7,641 | 2,188 | 2,962 | |||||||||
International | 4,737 | 3,025 | 2,054 | |||||||||
63,397 | 41,058 | 38,789 | ||||||||||
Corporate | 914 | 2,569 | 2,202 | |||||||||
Total additions to long-lived assets | $ | 64,311 | $ | 43,627 | $ | 40,991 | ||||||
-1 | Principally cash and equivalents, certain fixed assets, net deferred tax assets, goodwill, trademarks and other identifiable intangibles, and certain other noncurrent assets. | |||||||||||
Sales to Wal-Mart, Target and Kohl’s were substantially in the Innerwear and Activewear segments and represented 24%, 17% and 5% of total sales in 2014, respectively. | ||||||||||||
Worldwide sales by product category for Innerwear and Activewear were $3,734 and $1,591, respectively, in 2014. |
Geographic_Area_Information
Geographic Area Information | 12 Months Ended | |||||||||||||||||||||||
Jan. 03, 2015 | ||||||||||||||||||||||||
Text Block [Abstract] | ||||||||||||||||||||||||
Geographic Area Information | Geographic Area Information | |||||||||||||||||||||||
Years Ended or at | ||||||||||||||||||||||||
3-Jan-15 | 28-Dec-13 | 29-Dec-12 | ||||||||||||||||||||||
Sales | Long-Lived | Sales | Long-Lived | Sales | Long-Lived | |||||||||||||||||||
Assets | Assets | Assets | ||||||||||||||||||||||
United States | $ | 4,525,216 | $ | 126,239 | $ | 4,133,645 | $ | 132,980 | $ | 4,026,139 | $ | 132,147 | ||||||||||||
Europe | 302,397 | 91,497 | 4,721 | 421 | — | — | ||||||||||||||||||
Canada | 140,132 | 1,316 | 142,004 | 1,561 | 129,919 | 1,943 | ||||||||||||||||||
Japan | 107,820 | 524 | 101,371 | 563 | 120,498 | 172 | ||||||||||||||||||
Mexico | 74,698 | 1,889 | 68,379 | 1,659 | 70,482 | 1,871 | ||||||||||||||||||
Brazil | 48,462 | 2,643 | 53,062 | 1,912 | 58,972 | 792 | ||||||||||||||||||
China | 9,152 | 116,656 | 17,827 | 132,564 | 15,778 | 144,494 | ||||||||||||||||||
Central America and the Caribbean Basin | 3,832 | 278,678 | 3,568 | 267,277 | 1,604 | 270,611 | ||||||||||||||||||
Other | 113,037 | 54,937 | 103,225 | 40,946 | 102,329 | 44,128 | ||||||||||||||||||
$ | 5,324,746 | $ | 674,379 | $ | 4,627,802 | $ | 579,883 | $ | 4,525,721 | $ | 596,158 | |||||||||||||
The net sales by geographic region are attributed by customer location. |
Quarterly_Financial_Data
Quarterly Financial Data | 12 Months Ended | |||||||||||||||||||
Jan. 03, 2015 | ||||||||||||||||||||
Text Block [Abstract] | ||||||||||||||||||||
Quarterly Financial Data | Quarterly Financial Data (Unaudited) | |||||||||||||||||||
First | Second | Third | Fourth | Total | ||||||||||||||||
2014 | ||||||||||||||||||||
Net sales | $ | 1,059,370 | $ | 1,342,052 | $ | 1,400,728 | $ | 1,522,596 | $ | 5,324,746 | ||||||||||
Gross profit | 356,777 | 504,354 | 497,715 | 545,561 | 1,904,407 | |||||||||||||||
Net income | 41,560 | 154,578 | 118,944 | 89,437 | 404,519 | |||||||||||||||
Basic weighted average shares outstanding, as reported | 100,391 | 100,480 | 100,598 | 100,829 | 100,575 | |||||||||||||||
Diluted weighted average shares outstanding, as reported | 101,969 | 102,057 | 102,131 | 102,100 | 102,011 | |||||||||||||||
Basic earnings per share, as reported | 0.41 | 1.54 | 1.18 | 0.89 | 4.02 | |||||||||||||||
Diluted earnings per share, as reported | 0.41 | 1.51 | 1.16 | 0.88 | 3.97 | |||||||||||||||
Basic weighted average shares outstanding, pro-forma | 401,564 | 401,920 | 402,392 | 403,316 | 402,300 | |||||||||||||||
Diluted weighted average shares outstanding, pro-forma | 407,876 | 408,228 | 408,056 | 408,400 | 408,044 | |||||||||||||||
Basic earnings per share, pro forma | 0.1 | 0.38 | 0.3 | 0.22 | 1.01 | |||||||||||||||
Diluted earnings per share, pro forma | 0.1 | 0.38 | 0.29 | 0.22 | 0.99 | |||||||||||||||
2013 | ||||||||||||||||||||
Net sales | $ | 945,461 | $ | 1,199,205 | $ | 1,197,346 | $ | 1,285,790 | $ | 4,627,802 | ||||||||||
Gross profit | 327,299 | 435,482 | 421,680 | 427,232 | 1,611,693 | |||||||||||||||
Net income | 51,379 | 121,586 | 125,263 | 32,266 | 330,494 | |||||||||||||||
Basic weighted average shares outstanding, as reported | 99,369 | 99,855 | 100,066 | 100,159 | 99,859 | |||||||||||||||
Diluted weighted average shares outstanding, as reported | 101,460 | 102,013 | 101,987 | 101,881 | 101,823 | |||||||||||||||
Basic earnings per share, as reported | 0.52 | 1.22 | 1.25 | 0.32 | 3.31 | |||||||||||||||
Diluted earnings per share, as reported | 0.51 | 1.19 | 1.23 | 0.32 | 3.25 | |||||||||||||||
Basic weighted average shares outstanding, pro-forma | 397,476 | 399,420 | 400,264 | 400,636 | 399,436 | |||||||||||||||
Diluted weighted average shares outstanding, pro-forma | 405,840 | 408,052 | 407,948 | 407,524 | 407,292 | |||||||||||||||
Basic earnings per share, pro forma | 0.13 | 0.3 | 0.31 | 0.08 | 0.83 | |||||||||||||||
Diluted earnings per share, pro forma | 0.13 | 0.3 | 0.31 | 0.08 | 0.81 | |||||||||||||||
Consolidating_Financial_Inform
Consolidating Financial Information | 12 Months Ended | |||||||||||||||||||
Jan. 03, 2015 | ||||||||||||||||||||
Text Block [Abstract] | ||||||||||||||||||||
Consolidating Financial Information | Consolidating Financial Information | |||||||||||||||||||
In accordance with the indenture governing the Company’s $1,000,000 6.375% Senior Notes issued on November 9, 2010, as supplemented from time to time, certain of the Company’s subsidiaries have guaranteed the Company’s obligations under the 6.375% Senior Notes. The following presents the condensed consolidating financial information separately for: | ||||||||||||||||||||
(i) Parent Company, the issuer of the guaranteed obligations. Parent Company includes Hanesbrands Inc. and its 100% owned operating divisions, which are not legal entities, and excludes its subsidiaries, which are legal entities; | ||||||||||||||||||||
(ii) Guarantor subsidiaries, on a combined basis, as specified in the Indentures; | ||||||||||||||||||||
(iii) Non-guarantor subsidiaries, on a combined basis; | ||||||||||||||||||||
(iv) Consolidating entries and eliminations representing adjustments to (a) eliminate intercompany transactions between or among Parent Company, the guarantor subsidiaries and the non-guarantor subsidiaries, (b) eliminate intercompany profit in inventory, (c) eliminate the investments in the Company’s subsidiaries and (d) record consolidating entries; and | ||||||||||||||||||||
(v) The Company, on a consolidated basis. | ||||||||||||||||||||
The 6.375% Senior Notes are fully and unconditionally guaranteed on a joint and several basis by each guarantor subsidiary, each of which is 100% owned, directly or indirectly, by Hanesbrands Inc. A guarantor subsidiary’s guarantee can be released in certain customary circumstances. Each entity in the consolidating financial information follows the same accounting policies as described in the consolidated financial statements, except for the use by the Parent Company and guarantor subsidiaries of the equity method of accounting to reflect ownership interests in subsidiaries that are eliminated upon consolidation. | ||||||||||||||||||||
Consolidating Statement of Comprehensive Income | ||||||||||||||||||||
Year Ended January 3, 2015 | ||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Consolidating | Consolidated | ||||||||||||||||
Company | Subsidiaries | Subsidiaries | Entries and | |||||||||||||||||
Eliminations | ||||||||||||||||||||
Net sales | $ | 4,325,897 | $ | 839,306 | $ | 2,743,114 | $ | (2,583,571 | ) | $ | 5,324,746 | |||||||||
Cost of sales | 3,728,833 | 437,262 | 2,105,317 | (2,851,073 | ) | 3,420,339 | ||||||||||||||
Gross profit | 597,064 | 402,044 | 637,797 | 267,502 | 1,904,407 | |||||||||||||||
Selling, general and administrative expenses | 920,002 | 227,853 | 199,022 | (6,424 | ) | 1,340,453 | ||||||||||||||
Operating profit | (322,938 | ) | 174,191 | 438,775 | 273,926 | 563,954 | ||||||||||||||
Equity in earnings of subsidiaries | 833,642 | 276,369 | — | (1,110,011 | ) | — | ||||||||||||||
Other expenses | 2,599 | — | — | — | 2,599 | |||||||||||||||
Interest expense, net | 76,096 | 2,228 | 17,312 | 751 | 96,387 | |||||||||||||||
Income from continuing operations before income tax expense | 432,009 | 448,332 | 421,463 | (836,836 | ) | 464,968 | ||||||||||||||
Income tax expense | 27,490 | 12,210 | 20,749 | — | 60,449 | |||||||||||||||
Income from continuing operations | 404,519 | 436,122 | 400,714 | (836,836 | ) | 404,519 | ||||||||||||||
Income (loss) from discontinued operations, net of tax | — | — | — | — | — | |||||||||||||||
Net income | $ | 404,519 | $ | 436,122 | $ | 400,714 | $ | (836,836 | ) | $ | 404,519 | |||||||||
Comprehensive income | $ | 268,947 | $ | 436,122 | $ | 386,959 | $ | (823,081 | ) | $ | 268,947 | |||||||||
Consolidating Statement of Comprehensive Income | ||||||||||||||||||||
Year Ended December 28, 2013 | ||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Consolidating | Consolidated | ||||||||||||||||
Company | Subsidiaries | Subsidiaries | Entries and | |||||||||||||||||
Eliminations | ||||||||||||||||||||
Net sales | $ | 3,933,591 | $ | 762,257 | $ | 2,300,794 | $ | (2,368,840 | ) | $ | 4,627,802 | |||||||||
Cost of sales | 3,097,826 | 396,489 | 1,852,065 | (2,330,271 | ) | 3,016,109 | ||||||||||||||
Gross profit | 835,765 | 365,768 | 448,729 | (38,569 | ) | 1,611,693 | ||||||||||||||
Selling, general and administrative expenses | 802,325 | 178,434 | 121,478 | (5,730 | ) | 1,096,507 | ||||||||||||||
Operating profit (loss) | 33,440 | 187,334 | 327,251 | (32,839 | ) | 515,186 | ||||||||||||||
Equity in earnings of subsidiaries | 425,833 | 215,230 | — | (641,063 | ) | — | ||||||||||||||
Other expenses | 17,501 | — | — | — | 17,501 | |||||||||||||||
Interest expense, net | 95,116 | (20 | ) | 6,867 | (79 | ) | 101,884 | |||||||||||||
Income from continuing operations before income tax expense | 346,656 | 402,584 | 320,384 | (673,823 | ) | 395,801 | ||||||||||||||
Income tax expense | 16,162 | 21,850 | 27,295 | — | 65,307 | |||||||||||||||
Income from continuing operations | 330,494 | 380,734 | 293,089 | (673,823 | ) | 330,494 | ||||||||||||||
Loss from discontinued operations, net of tax | — | — | — | — | — | |||||||||||||||
Net income | $ | 330,494 | $ | 380,734 | $ | 293,089 | $ | (673,823 | ) | $ | 330,494 | |||||||||
Comprehensive income | $ | 411,090 | $ | 380,734 | $ | 282,050 | $ | (662,784 | ) | $ | 411,090 | |||||||||
Consolidating Statement of Comprehensive Income | ||||||||||||||||||||
Year Ended December 29, 2012 | ||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Consolidating | Consolidated | ||||||||||||||||
Company | Subsidiaries | Subsidiaries | Entries and | |||||||||||||||||
Eliminations | ||||||||||||||||||||
Net sales | $ | 3,887,087 | $ | 661,270 | $ | 2,284,831 | $ | (2,307,467 | ) | $ | 4,525,721 | |||||||||
Cost of sales | 3,170,582 | 318,326 | 1,849,219 | (2,232,453 | ) | 3,105,674 | ||||||||||||||
Gross profit | 716,505 | 342,944 | 435,612 | (75,014 | ) | 1,420,047 | ||||||||||||||
Selling, general and administrative expenses | 730,116 | 129,978 | 124,174 | (4,336 | ) | 979,932 | ||||||||||||||
Operating profit (loss) | (13,611 | ) | 212,966 | 311,438 | (70,678 | ) | 440,115 | |||||||||||||
Equity in earnings of subsidiaries | 345,094 | 195,183 | — | (540,277 | ) | — | ||||||||||||||
Other expenses | 40,315 | — | — | — | 40,315 | |||||||||||||||
Interest expense, net | 126,654 | (9 | ) | 10,210 | — | 136,855 | ||||||||||||||
Income from continuing operations before income tax expense (benefit) | 164,514 | 408,158 | 301,228 | (610,955 | ) | 262,945 | ||||||||||||||
Income tax expense (benefit) | (24,467 | ) | 28,281 | 26,688 | — | 30,502 | ||||||||||||||
Income from continuing operations | 188,981 | 379,877 | 274,540 | (610,955 | ) | 232,443 | ||||||||||||||
Loss from discontinued operations, net of tax | (24,300 | ) | (31,792 | ) | (15,655 | ) | 3,985 | (67,762 | ) | |||||||||||
Net income | $ | 164,681 | $ | 348,085 | $ | 258,885 | $ | (606,970 | ) | $ | 164,681 | |||||||||
Comprehensive income | $ | 180,319 | $ | 348,085 | $ | 253,850 | $ | (601,935 | ) | $ | 180,319 | |||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||
January 3, 2015 | ||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Consolidating | Consolidated | ||||||||||||||||
Company | Subsidiaries | Subsidiaries | Entries and | |||||||||||||||||
Eliminations | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 10,910 | $ | 10,796 | $ | 218,149 | $ | — | $ | 239,855 | ||||||||||
Trade accounts receivable, net | 73,794 | 37,511 | 561,514 | (771 | ) | 672,048 | ||||||||||||||
Inventories | 958,376 | 120,341 | 607,356 | (148,873 | ) | 1,537,200 | ||||||||||||||
Deferred tax assets | 200,050 | 3,515 | 11,500 | — | 215,065 | |||||||||||||||
Other current assets | 38,446 | 11,224 | 51,394 | — | 101,064 | |||||||||||||||
Total current assets | 1,281,576 | 183,387 | 1,449,913 | (149,644 | ) | 2,765,232 | ||||||||||||||
Property, net | 88,599 | 46,221 | 539,559 | — | 674,379 | |||||||||||||||
Trademarks and other identifiable intangibles, net | 4,102 | 79,393 | 607,706 | — | 691,201 | |||||||||||||||
Goodwill | 232,881 | 124,247 | 365,992 | — | 723,120 | |||||||||||||||
Investments in subsidiaries | 3,732,783 | 1,792,790 | — | (5,525,573 | ) | — | ||||||||||||||
Deferred tax assets | 202,910 | 74,735 | 16,702 | — | 294,347 | |||||||||||||||
Receivables from related entities | 4,585,755 | 4,471,644 | 2,087,280 | (11,144,679 | ) | — | ||||||||||||||
Other noncurrent assets | 55,540 | 428 | 17,534 | — | 73,502 | |||||||||||||||
Total assets | $ | 10,184,146 | $ | 6,772,845 | $ | 5,084,686 | $ | (16,819,896 | ) | $ | 5,221,781 | |||||||||
Liabilities and Stockholders’ | ||||||||||||||||||||
Equity | ||||||||||||||||||||
Accounts payable | $ | 353,799 | $ | 11,925 | $ | 255,496 | $ | — | $ | 621,220 | ||||||||||
Accrued liabilities | 190,739 | 61,339 | 242,437 | 1,112 | 495,627 | |||||||||||||||
Notes payable | — | — | 144,438 | — | 144,438 | |||||||||||||||
Accounts Receivable Securitization Facility | — | — | 210,963 | — | 210,963 | |||||||||||||||
Current portion of long-term debt | — | — | 14,354 | — | 14,354 | |||||||||||||||
Total current liabilities | 544,538 | 73,264 | 867,688 | 1,112 | 1,486,602 | |||||||||||||||
Long-term debt | 1,176,500 | — | 437,497 | — | 1,613,997 | |||||||||||||||
Pension and postretirement benefits | 399,931 | — | 72,072 | — | 472,003 | |||||||||||||||
Payables to related entities | 6,544,095 | 3,270,513 | 1,330,071 | (11,144,679 | ) | — | ||||||||||||||
Other noncurrent liabilities | 132,310 | 12,609 | 118,287 | (799 | ) | 262,407 | ||||||||||||||
Total liabilities | 8,797,374 | 3,356,386 | 2,825,615 | (11,144,366 | ) | 3,835,009 | ||||||||||||||
Stockholders’ equity | 1,386,772 | 3,416,459 | 2,259,071 | (5,675,530 | ) | 1,386,772 | ||||||||||||||
Total liabilities and stockholders’ equity | $ | 10,184,146 | $ | 6,772,845 | $ | 5,084,686 | $ | (16,819,896 | ) | $ | 5,221,781 | |||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||
December 28, 2013 | ||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Consolidating | Consolidated | ||||||||||||||||
Company | Subsidiaries | Subsidiaries | Entries and | |||||||||||||||||
Eliminations | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 5,695 | $ | 7,811 | $ | 102,357 | $ | — | $ | 115,863 | ||||||||||
Trade accounts receivable, net | 44,366 | 69,944 | 465,662 | (1,414 | ) | 578,558 | ||||||||||||||
Inventories | 825,300 | 208,250 | 405,756 | (155,975 | ) | 1,283,331 | ||||||||||||||
Deferred tax assets | 178,732 | 15,373 | 3,155 | — | 197,260 | |||||||||||||||
Other current assets | 37,429 | 14,354 | 16,871 | — | 68,654 | |||||||||||||||
Total current assets | 1,091,522 | 315,732 | 993,801 | (157,389 | ) | 2,243,666 | ||||||||||||||
Property, net | 82,786 | 50,193 | 446,904 | — | 579,883 | |||||||||||||||
Trademarks and other identifiable intangibles, net | 8,385 | 88,716 | 280,650 | — | 377,751 | |||||||||||||||
Goodwill | 232,882 | 124,247 | 269,263 | — | 626,392 | |||||||||||||||
Investments in subsidiaries | 2,881,739 | 1,535,404 | — | (4,417,143 | ) | — | ||||||||||||||
Deferred tax assets | 139,102 | 53,317 | 15,007 | — | 207,426 | |||||||||||||||
Receivables from related entities | 4,706,001 | 4,065,909 | 1,987,603 | (10,759,513 | ) | — | ||||||||||||||
Other noncurrent assets | 52,712 | 412 | 1,806 | — | 54,930 | |||||||||||||||
Total assets | $ | 9,195,129 | $ | 6,233,930 | $ | 3,995,034 | $ | (15,334,045 | ) | $ | 4,090,048 | |||||||||
Liabilities and Stockholders’ | ||||||||||||||||||||
Equity | ||||||||||||||||||||
Accounts payable | $ | 253,494 | $ | 61,964 | $ | 150,812 | $ | — | $ | 466,270 | ||||||||||
Accrued liabilities | 184,653 | 63,906 | 66,497 | (30 | ) | 315,026 | ||||||||||||||
Notes payable | — | — | 36,192 | — | 36,192 | |||||||||||||||
Accounts Receivable Securitization Facility | — | — | 181,790 | — | 181,790 | |||||||||||||||
Total current liabilities | 438,147 | 125,870 | 435,291 | (30 | ) | 999,278 | ||||||||||||||
Long-term debt | 1,467,000 | — | — | — | 1,467,000 | |||||||||||||||
Pension and postretirement benefits | 253,299 | 2,159 | 8,361 | — | 263,819 | |||||||||||||||
Payables to related entities | 5,699,670 | 3,114,701 | 1,673,828 | (10,488,199 | ) | — | ||||||||||||||
Other noncurrent liabilities | 106,390 | 11,318 | 11,620 | — | 129,328 | |||||||||||||||
Total liabilities | 7,964,506 | 3,254,048 | 2,129,100 | (10,488,229 | ) | 2,859,425 | ||||||||||||||
Stockholders’ equity | 1,230,623 | 2,979,882 | 1,865,934 | (4,845,816 | ) | 1,230,623 | ||||||||||||||
Total liabilities and stockholders’ equity | $ | 9,195,129 | $ | 6,233,930 | $ | 3,995,034 | $ | (15,334,045 | ) | $ | 4,090,048 | |||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
Year Ended January 3, 2015 | ||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Consolidating | Consolidated | ||||||||||||||||
Company | Subsidiaries | Subsidiaries | Entries and | |||||||||||||||||
Eliminations | ||||||||||||||||||||
Net cash from operating activities | $ | 1,012,798 | $ | 219,645 | $ | 381,797 | $ | (1,106,150 | ) | $ | 508,090 | |||||||||
Investing activities: | ||||||||||||||||||||
Purchases of property, plant and equipment | (13,045 | ) | (8,970 | ) | (42,296 | ) | — | (64,311 | ) | |||||||||||
Proceeds from sales of assets | 83 | 55 | 6,982 | — | 7,120 | |||||||||||||||
Acquisition of business, net of cash acquired | (360,439 | ) | — | (360,439 | ) | |||||||||||||||
Proceeds from sale of investments | — | — | 64,380 | — | 64,380 | |||||||||||||||
Other | — | — | (5,065 | ) | — | (5,065 | ) | |||||||||||||
Net cash from investing activities | (12,962 | ) | (8,915 | ) | (336,438 | ) | — | (358,315 | ) | |||||||||||
Financing activities: | ||||||||||||||||||||
Borrowings on notes payable | — | — | 158,217 | — | 158,217 | |||||||||||||||
Repayments on notes payable | — | — | (138,225 | ) | — | (138,225 | ) | |||||||||||||
Borrowings on Accounts Receivable Securitization Facility | — | — | 161,167 | — | 161,167 | |||||||||||||||
Repayments on Accounts Receivable Securitization Facility | — | — | (131,994 | ) | — | (131,994 | ) | |||||||||||||
Borrowings on Revolving Loan Facility | 3,536,000 | — | — | — | 3,536,000 | |||||||||||||||
Repayments on Revolving Loan Facility | (3,826,500 | ) | — | — | — | (3,826,500 | ) | |||||||||||||
Incurrence of debt under the Euro Term Loan Facility | — | — | 476,566 | — | 476,566 | |||||||||||||||
Repayments of Euro Term Loan Facility | — | — | (2,226 | ) | — | (2,226 | ) | |||||||||||||
Repayments of assumed debt related to acquisition of business | — | — | (117,400 | ) | — | (117,400 | ) | |||||||||||||
Cash dividends paid | (119,607 | ) | — | — | — | (119,607 | ) | |||||||||||||
Payments to amend and refinance credit facilities | — | — | (6,011 | ) | — | (6,011 | ) | |||||||||||||
Taxes paid related to net shares settlement of equity awards | (54,593 | ) | — | — | — | (54,593 | ) | |||||||||||||
Excess tax benefit from stock-based compensation | 39,568 | — | — | — | 39,568 | |||||||||||||||
Other | 1,741 | — | 332 | (800 | ) | 1,273 | ||||||||||||||
Net transactions with related entities | (571,230 | ) | (207,745 | ) | (327,975 | ) | 1,106,950 | — | ||||||||||||
Net cash from financing activities | (994,621 | ) | (207,745 | ) | 72,451 | 1,106,150 | (23,765 | ) | ||||||||||||
Effect of changes in foreign exchange rates on cash | — | — | (2,018 | ) | — | (2,018 | ) | |||||||||||||
Change in cash and cash equivalents | 5,215 | 2,985 | 115,792 | — | 123,992 | |||||||||||||||
Cash and cash equivalents at beginning of year | 5,695 | 7,811 | 102,357 | — | 115,863 | |||||||||||||||
Cash and cash equivalents at end of year | $ | 10,910 | $ | 10,796 | $ | 218,149 | $ | — | $ | 239,855 | ||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
Year Ended December 28, 2013 | ||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Consolidating | Consolidated | ||||||||||||||||
Company | Subsidiaries | Subsidiaries | Entries and | |||||||||||||||||
Eliminations | ||||||||||||||||||||
Net cash from operating activities | $ | 757,127 | $ | 173,085 | $ | 301,962 | $ | (640,893 | ) | $ | 591,281 | |||||||||
Investing activities: | ||||||||||||||||||||
Purchases of property, plant and equipment | (13,493 | ) | (5,189 | ) | (24,945 | ) | — | (43,627 | ) | |||||||||||
Proceeds from sales of assets | 3,338 | 33 | 2,718 | — | 6,089 | |||||||||||||||
Acquisition of business, net of cash acquired | — | (61,870 | ) | (497,985 | ) | — | (559,855 | ) | ||||||||||||
Net cash from investing activities | (10,155 | ) | (67,026 | ) | (520,212 | ) | — | (597,393 | ) | |||||||||||
Financing activities: | ||||||||||||||||||||
Borrowings on notes payable | — | — | 101,175 | — | 101,175 | |||||||||||||||
Repayments on notes payable | — | — | (91,027 | ) | — | (91,027 | ) | |||||||||||||
Borrowings on Accounts Receivable Securitization Facility | — | — | 145,715 | — | 145,715 | |||||||||||||||
Repayments on Accounts Receivable Securitization Facility | — | — | (137,761 | ) | — | (137,761 | ) | |||||||||||||
Borrowings on Revolving Loan Facility | 4,053,500 | — | — | — | 4,053,500 | |||||||||||||||
Repayments on Revolving Loan Facility | (3,654,000 | ) | — | — | — | (3,654,000 | ) | |||||||||||||
Redemption of debt under 8% Senior Notes | (250,000 | ) | — | — | — | (250,000 | ) | |||||||||||||
Cash dividends paid | (59,442 | ) | — | — | — | (59,442 | ) | |||||||||||||
Payments to amend and refinance credit facilities | (5,405 | ) | — | (225 | ) | — | (5,630 | ) | ||||||||||||
Proceeds from stock options exercised | 5,279 | — | — | — | 5,279 | |||||||||||||||
Taxes paid related to net shares settlement of equity awards | (41,839 | ) | — | — | — | (41,839 | ) | |||||||||||||
Excess tax benefit from stock-based compensation | 26,784 | — | — | — | 26,784 | |||||||||||||||
Other | 1,116 | — | (113 | ) | — | 1,003 | ||||||||||||||
Net transactions with related entities | (822,887 | ) | (100,167 | ) | 282,161 | 640,893 | — | |||||||||||||
Net cash from financing activities | (746,894 | ) | (100,167 | ) | 299,925 | 640,893 | 93,757 | |||||||||||||
Effect of changes in foreign exchange rates on cash | — | — | (14,578 | ) | — | (14,578 | ) | |||||||||||||
Change in cash and cash equivalents | 78 | 5,892 | 67,097 | — | 73,067 | |||||||||||||||
Cash and cash equivalents at beginning of year | 5,617 | 1,919 | 35,260 | — | 42,796 | |||||||||||||||
Cash and cash equivalents at end of year | $ | 5,695 | $ | 7,811 | $ | 102,357 | $ | — | $ | 115,863 | ||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
Year Ended December 29, 2012 | ||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Consolidating | Consolidated | ||||||||||||||||
Company | Subsidiaries | Subsidiaries | Entries and | |||||||||||||||||
Eliminations | ||||||||||||||||||||
Net cash from operating activities | $ | 791,636 | $ | 168,544 | $ | 133,699 | $ | (540,272 | ) | $ | 553,607 | |||||||||
Investing activities: | ||||||||||||||||||||
Purchases of property, plant and equipment | (10,688 | ) | (5,493 | ) | (24,813 | ) | — | (40,994 | ) | |||||||||||
Proceeds from sales of assets | 70 | 16 | 338 | — | 424 | |||||||||||||||
Disposition of business | — | — | 12,704 | — | 12,704 | |||||||||||||||
Net cash from investing activities | (10,618 | ) | (5,477 | ) | (11,771 | ) | — | (27,866 | ) | |||||||||||
Financing activities: | ||||||||||||||||||||
Borrowings on notes payable | — | — | 78,036 | — | 78,036 | |||||||||||||||
Repayments on notes payable | — | — | (115,117 | ) | — | (115,117 | ) | |||||||||||||
Borrowings on Accounts Receivable Securitization Facility | — | — | 177,300 | — | 177,300 | |||||||||||||||
Repayments on Accounts Receivable Securitization Facility | — | — | (170,397 | ) | — | (170,397 | ) | |||||||||||||
Borrowings on Revolving Loan Facility | 2,938,500 | — | — | — | 2,938,500 | |||||||||||||||
Repayments on Revolving Loan Facility | (2,885,500 | ) | — | — | — | (2,885,500 | ) | |||||||||||||
Redemption of Floating Rate Senior Notes | (293,277 | ) | — | — | — | (293,277 | ) | |||||||||||||
Redemption of debt under 8% Senior Notes | (250,000 | ) | — | — | — | (250,000 | ) | |||||||||||||
Payments to amend and refinance credit facilities | (2,128 | ) | — | (225 | ) | — | (2,353 | ) | ||||||||||||
Proceeds from stock options exercised | 8,752 | — | — | — | 8,752 | |||||||||||||||
Taxes paid related to net shares settlement of equity awards | (4,705 | ) | — | — | — | (4,705 | ) | |||||||||||||
Excess tax benefit from stock-based compensation | 1,253 | — | — | — | 1,253 | |||||||||||||||
Other | (173 | ) | — | (96 | ) | — | (269 | ) | ||||||||||||
Net transactions with related entities | (296,453 | ) | (163,874 | ) | (79,945 | ) | 540,272 | — | ||||||||||||
Net cash from financing activities | (783,731 | ) | (163,874 | ) | (110,444 | ) | 540,272 | (517,777 | ) | |||||||||||
Effect of changes in foreign exchange rates on cash | — | — | (513 | ) | — | (513 | ) | |||||||||||||
Change in cash and cash equivalents | (2,713 | ) | (807 | ) | 10,971 | — | 7,451 | |||||||||||||
Cash and cash equivalents at beginning of year | 8,330 | 2,726 | 24,289 | — | 35,345 | |||||||||||||||
Cash and cash equivalents at end of year | $ | 5,617 | $ | 1,919 | $ | 35,260 | $ | — | $ | 42,796 | ||||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jan. 03, 2015 | |
Text Block [Abstract] | |
Consolidation | Consolidation |
The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. | |
Use of Estimates | Use of Estimates |
The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make use of estimates and assumptions that affect the reported amount of assets and liabilities, certain financial statement disclosures at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results may vary from these estimates. | |
Foreign Currency Translation | Foreign Currency Translation |
Foreign currency-denominated assets and liabilities are translated into U.S. dollars at exchange rates existing at the respective balance sheet dates. Translation adjustments resulting from fluctuations in exchange rates are recorded as a separate component of accumulated other comprehensive loss (“AOCI”) within stockholders’ equity. The Company translates the results of operations of its foreign operations at the average exchange rates during the respective periods. Gains and losses resulting from foreign currency transactions are included in the “Selling, general and administrative expenses” line of the Consolidated Statements of Income. | |
Sales Recognition and Incentives | Sales Recognition and Incentives |
The Company recognizes revenue when (i) there is persuasive evidence of an arrangement, (ii) the sales price is fixed or determinable, (iii) title and the risks of ownership have been transferred to the customer and (iv) collection of the receivable is reasonably assured, which occurs primarily upon shipment. The Company records a sales reduction for returns and allowances based upon historical return experience. The Company earns royalty revenues 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 licensee. The Company offers a variety of sales incentives to resellers and consumers of its products, and the policies regarding the recognition and display of these incentives within the Consolidated Statements of Income are as follows: | |
Discounts, Coupons, and Rebates | |
The Company recognizes the cost of these incentives at the later of the date at which the related sale is recognized or the date at which the incentive is offered. The cost of these incentives is estimated using a number of factors, including historical utilization and redemption rates. All cash incentives of this type are included in the determination of net sales. The Company includes incentives offered in the form of free products in the determination of cost of sales. | |
Volume-Based Incentives | |
These incentives typically involve rebates or refunds of cash that are redeemable only if the reseller 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. The Company includes these amounts in the determination of net sales. | |
Cooperative Advertising | |
Under these arrangements, the Company agrees to reimburse the reseller for a portion of the costs incurred by the reseller 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 first takes place. | |
Fixtures and Racks | |
Store fixtures and racks are periodically used by resellers to display Company products. The Company expenses the cost of these fixtures and racks in the period in which they are delivered to the resellers. The Company includes the costs of fixtures and racks incurred by resellers and charged back to the Company in the determination of net sales. Fixtures and racks purchased by the Company and provided to resellers are included in selling, general and administrative expenses. | |
Advertising Expense | Advertising Expense |
Advertising costs, which include the development and production of advertising materials and the communication of these materials through various forms of media, are expensed in the period the advertising first takes place. The Company recognized advertising expense in the “Selling, general and administrative expenses” caption in the Consolidated Statements of Income of $183,333, $161,541 and $123,354 in 2014, 2013 and 2012, respectively. | |
Shipping and Handling Costs | Shipping and Handling Costs |
Revenue received for shipping and handling costs is included in net sales and was $22,903, $25,423 and $25,062 in 2014, 2013 and 2012, respectively. Shipping costs, which comprise payments to third party shippers, and handling costs, which consist of warehousing costs in the Company’s various distribution facilities, were $295,280, $241,026 and $239,464 in 2014, 2013 and 2012, respectively. The Company recognizes shipping, handling and distribution costs in the “Selling, general and administrative expenses” line of the Consolidated Statements of Income. | |
Catalog Expenses | Catalog Expenses |
The Company incurs expenses for printing catalogs for products to aid in the Company’s sales efforts. The Company initially records these expenses as a prepaid item and charges it against selling, general and administrative expenses over time as the catalog is used. Expenses are recognized at a rate that approximates historical experience with regard to the timing and amount of sales attributable to a catalog distribution. | |
Research and Development | Research and Development |
Research and development costs are expensed as incurred and are included in the “Selling, general and administrative expenses” line of the Consolidated Statements of Income. Research and development includes expenditures for new product, technological improvements for existing products and process innovation, which primarily consist of salaries, consulting and supplies attributable to time spent on research and development activities. Additional costs include depreciation and maintenance for research and development equipment and facilities. Research and development expense was $63,268, $51,316 and $48,323 in 2014, 2013 and 2012, respectively. | |
Defined Contribution Benefit Plans | Defined Contribution Benefit Plans |
The Company sponsors 401(k) plans as well as other defined contribution benefit plans. Expense for these plans was $22,898, $23,489 and $21,564 in 2014, 2013 and 2012, respectively. | |
Cash and Cash Equivalents | Cash and Cash Equivalents |
All highly liquid investments with an original maturity of three months or less at the time of purchase are considered to be cash equivalents. | |
Accounts Receivable Valuation | Accounts Receivable Valuation |
Accounts receivable are stated at their net realizable value. The allowance for doubtful accounts reflects the Company’s best estimate of probable losses inherent in the accounts receivable portfolio determined on the basis of historical experience, aging of trade receivables, specific allowances for known troubled accounts and other currently available information. | |
Inventory Valuation | Inventory Valuation |
Inventories are stated at the estimated lower of cost or market. Cost is determined by the first-in, first-out, or “FIFO,” method for inventories. Obsolete, damaged, and excess inventory is carried at the net realizable value, which is determined by assessing historical recovery rates, current market conditions and future marketing and sales plans. Rebates, discounts and other cash consideration received from a vendor related to inventory purchases are reflected as reductions in the cost of the related inventory item, and are therefore reflected in cost of sales when the related inventory item is sold. | |
Property | Property |
Property is stated at historical cost and depreciation expense is computed using the straight-line method over the estimated useful lives of the assets. Machinery and equipment is depreciated over periods ranging from three to 15 years and buildings and building improvements over periods of up to 40 years. A change in the depreciable life is treated as a change in accounting estimate and the accelerated depreciation is accounted for in the period of change and future periods. Additions and improvements that substantially extend the useful life of a particular asset and interest costs incurred during the construction period of major properties are capitalized. Repairs and maintenance costs are expensed as incurred. Upon sale or disposition of an asset, the cost and related accumulated depreciation are removed from the accounts. | |
Property is tested for recoverability whenever events or changes in circumstances indicate that its carrying value may not be recoverable. Such events include significant adverse changes in the business climate, several periods of operating or cash flow losses, forecasted continuing losses or a current expectation that an asset or an asset group will be disposed of before the end of its useful life. Recoverability of property is evaluated by a comparison of the carrying amount of an asset or asset group to future net undiscounted cash flows expected to be generated by the asset or asset group. If these comparisons indicate that an asset is not recoverable, the impairment loss recognized is the amount by which the carrying amount of the asset exceeds the estimated fair value. When an impairment loss is recognized for assets to be held and used, the adjusted carrying amount of those assets is depreciated over its remaining useful life. Restoration of a previously recognized impairment loss is not permitted under U.S. GAAP. | |
Trademarks and Other Identifiable Intangible Assets | Trademarks and Other Identifiable Intangible Assets |
The primary identifiable intangible assets of the Company are trademarks, license agreements, customer and distributor relationships and computer software. Identifiable intangible assets with finite lives are amortized and those with indefinite lives are not amortized. The estimated useful life of a finite-lived intangible asset is based upon a number of factors, including the effects of demand, competition, expected changes in distribution channels and the level of maintenance expenditures required to obtain future cash flows. Trademarks with finite lives are being amortized over periods ranging from seven to 30 years, license agreements are being amortized over periods ranging from three to 17 years, customer and distributor relationships are being amortized over periods ranging from two to 15 years and computer software is being amortized over periods ranging from three to seven years. | |
Identifiable intangible assets that are subject to amortization are evaluated for impairment using a process similar to that used in evaluating elements of property. Identifiable intangible assets not subject to amortization are assessed for impairment at least annually, as of the first day of the third fiscal quarter, and as triggering events occur. The impairment test for identifiable intangible assets not subject to amortization consists of comparing the fair value of the intangible asset to its carrying amount. If the carrying value exceeds the fair value of the asset, an impairment loss is recognized in an amount equal to such excess. In assessing fair value, management relies on a number of factors to discount anticipated future cash flows including operating results, business plans and present value techniques. Rates used to discount cash flows are dependent upon interest rates and the cost of capital at a point in time. There are inherent uncertainties related to these factors and management’s judgment in applying them to the analysis of intangible asset impairment. | |
The Company capitalizes internal software development costs, which include the actual costs to purchase software from vendors and generally include personnel and related costs for employees who were directly associated with the enhancement and implementation of purchased computer software. Additions to computer software are included in purchases of property, plant and equipment in the Consolidated Statements of Cash Flows. | |
Goodwill | Goodwill |
Goodwill is the amount by which the purchase price exceeds the fair value of the assets acquired and liabilities assumed in a business combination. When a business combination is completed, the assets acquired and liabilities assumed are assigned to the reporting unit or units of the Company given responsibility for managing, controlling and generating returns on these assets and liabilities. In many instances, all of the acquired assets and assumed liabilities are assigned to a single reporting unit and in these cases all of the goodwill is assigned to the same reporting unit. In those situations in which the acquired assets and liabilities are allocated to more than one reporting unit, the goodwill to be assigned to each reporting unit is determined in a manner similar to how the amount of goodwill recognized in a business combination is determined. | |
Goodwill is not amortized; however, it is assessed for impairment at least annually and as triggering events occur. The Company’s annual measurement date is the first day of the third fiscal quarter. In evaluating the recoverability of goodwill, the Company estimates the fair value of its reporting units and compares it to the carrying value. If the carrying value of the reporting unit exceeds its fair value, the next step of the process involves comparing the implied fair value to the carrying value of the goodwill of that reporting unit. If the carrying value of the goodwill of a reporting unit exceeds the implied fair value of that goodwill, an impairment loss is recognized in an amount equal to such excess. No impairment of goodwill was identified as a result of the testing conducted in 2014. In estimating the fair values of the reporting units, management relies on a number of factors to discount anticipated future cash flows including operating results, business plans and present value techniques. Rates used to discount cash flows are dependent upon interest rates and the cost of capital at a point in time. There are inherent uncertainties related to these factors and management’s judgment in applying them to the analysis of goodwill impairment. | |
Insurance Reserves | Insurance Reserves |
The Company is self-insured for property, workers’ compensation, medical and other casualty programs up to certain stop-loss limits. Undiscounted liabilities for self-insured exposures are accrued at the present value of the expected aggregate losses below those limits and are based on a number of assumptions, including historical trends, actuarial assumptions and economic conditions. | |
Stock-Based Compensation | Stock-Based Compensation |
The Company established the Hanesbrands Inc. Omnibus Incentive Plan (As Amended and Restated), (the “Omnibus Incentive Plan”) to award stock options, stock appreciation rights, restricted stock, restricted stock units, deferred stock units, performance shares and cash to its employees, non-employee directors and employees of its subsidiaries to promote the interests of the Company and incent performance and retention of employees. The Company recognizes the cost of employee services received in exchange for awards of equity instruments based upon the grant date fair value of those awards. | |
Income Taxes | Income Taxes |
Deferred taxes are recognized for the future tax effects of temporary differences between financial and income tax reporting using tax rates in effect for the years in which the differences are expected to reverse. Given continuing losses in certain jurisdictions in which the Company operates on a separate return basis, a valuation allowance has been established for the deferred tax assets in these specific locations. The Company periodically estimates the probable tax obligations using historical experience in tax jurisdictions and informed judgment. There are inherent uncertainties related to the interpretation of tax regulations in the jurisdictions in which the Company transacts business. The judgments and estimates made at a point in time may change based on the outcome of tax audits, as well as changes to, or further interpretations of, regulations. Income tax expense is adjusted in the period in which these events occur, and these adjustments are included in the Company’s Consolidated Statements of Income. If such changes take place, there is a risk that the Company’s effective tax rate may increase or decrease in any period. A company must recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate resolution. | |
Financial Instruments | Financial Instruments |
The Company uses forward foreign exchange contracts to manage its exposures to movements in foreign exchange rates. The use of these financial instruments modifies the Company’s exposure to these risks with the goal of reducing the risk or cost to the Company. Depending on the nature of the underlying risk being hedged, these financial instruments are either designated as cash flow hedges or are economic hedges against changes in the value of the hedged item and therefore not designated as hedges for accounting purposes. The Company does not use derivatives for trading purposes and is not a party to leveraged derivative contracts. | |
On the date the derivative is entered into, the Company determines whether the derivative meets the criteria for cash flow hedge accounting treatment or whether the financial instrument is serving as an economic hedge against changes in the value of the hedged item and therefore is not designated as a hedge for accounting purposes. The accounting for changes in fair value of the derivative instrument depends on whether the derivative has been designated and qualifies as part of a hedging relationship. | |
The Company formally documents its hedge relationships, including identifying the hedging instruments and the hedged items, as well as its risk management objectives and strategies for undertaking the hedge transaction. This process includes linking derivatives that are designated as hedges of specific assets, liabilities, firm commitments or forecasted transactions. The Company also formally assesses, both at inception and at least quarterly thereafter, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in cash flows of the hedged item. If it is determined that a derivative ceases to be a highly effective hedge, or if the anticipated transaction is no longer likely to occur, the Company discontinues hedge accounting, and any deferred gains or losses are recorded in the “Selling, general and administrative expenses” line of the Consolidated Statements of Income. | |
Derivatives are recorded in the Consolidated Balance Sheets at fair value and classified as current or noncurrent based on the derivatives’ maturity dates. The fair value is based upon either market quotes for actively traded instruments or independent bids for nonexchange traded instruments. Cash flows hedges are classified in the same category as the item being hedged, and cash flows from derivative contracts not designated as hedges are classified as cash flows from operating activities in the Consolidated Statements of Cash Flows. | |
The Company may be exposed to credit losses in the event of nonperformance by individual counterparties or the entire group of counterparties to the Company’s derivative contracts. Risk of nonperformance by counterparties is mitigated by dealing with highly rated counterparties and by diversifying across counterparties. | |
Cash Flow Hedges | |
The effective portion of the change in the fair value of a derivative that is designated as a cash flow hedge is recorded in the “Accumulated other comprehensive loss” line of the Consolidated Balance Sheets. When the hedged item affects the income statement, the gain or loss included in AOCI is reported on the same line in the Consolidated Statements of Income as the hedged item. In addition, both the fair value of changes excluded from the Company’s effectiveness assessments and the ineffective portion of the changes in the fair value of derivatives used as cash flow hedges are reported in the “Selling, general and administrative expenses” line in the Consolidated Statements of Income. | |
Derivative Contracts Not Designated as Hedges | |
For derivative contracts not designated as hedges, changes in fair value are reported in the “Selling, general and administrative expenses” line of the Consolidated Statements of Income. These contracts are recorded at fair value when the hedged item is recorded as an asset or liability and then are revalued each accounting period. | |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements |
Reclassifications | Reclassifications |
Certain prior year amounts in the Consolidated Statements of Cash Flow, none of which are material, have been reclassified to conform with the current year presentation. These reclassifications within the statements had no impact on the Company’s results of operations. |
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | ||||||||
Jan. 03, 2015 | |||||||||
DBA Lux Holding S.A. [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Acquired assets and assumed liabilities at date of acquisition | The acquired assets and assumed liabilities at the date of acquisition (August 29, 2014) include the following: | ||||||||
Cash and cash equivalents | $ | 38,875 | |||||||
Trade accounts receivable, net | 121,169 | ||||||||
Inventories | 245,161 | ||||||||
Deferred tax assets | 7,968 | ||||||||
Other current assets | 106,489 | ||||||||
Property, net | 104,868 | ||||||||
Trademarks and other identifiable intangibles, net | 365,104 | ||||||||
Deferred tax assets, noncurrent | 5,864 | ||||||||
Other noncurrent assets | 5,755 | ||||||||
Total assets acquired | 1,001,253 | ||||||||
Accounts payables | 79,785 | ||||||||
Accrued liabilities and other | 181,626 | ||||||||
Notes payable | 97,599 | ||||||||
Deferred tax liabilities | 4,352 | ||||||||
Current portion of long-term debt | 123,891 | ||||||||
Long-term debt | 8,683 | ||||||||
Deferred tax liabilities, noncurrent | 106,720 | ||||||||
Other noncurrent liabilities | 100,621 | ||||||||
Total liabilities assumed | 703,277 | ||||||||
Net assets acquired | 297,976 | ||||||||
Goodwill | 101,338 | ||||||||
Purchase price | $ | 399,314 | |||||||
Unaudited pro forma results of operations | Pro forma operating results for the year ended December 28, 2013 include expenses totaling $32,088 for acquisition-related charges. | ||||||||
Years Ended | |||||||||
January 3, | December 28, | ||||||||
2015 | 2013 | ||||||||
Net sales | $ | 5,872,848 | $ | 5,485,144 | |||||
Net income | 427,296 | 349,514 | |||||||
Earnings per share: | |||||||||
Basic | $ | 4.25 | $ | 3.5 | |||||
Diluted | 4.19 | 3.43 | |||||||
Maidenform Brands, Inc [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Acquired assets and assumed liabilities at date of acquisition | The acquired assets and assumed liabilities at the date of acquisition (October 7, 2013) include the following: | ||||||||
Cash and cash equivalents | $ | 20,650 | |||||||
Trade accounts receivable, net | 86,794 | ||||||||
Inventories | 125,179 | ||||||||
Other current assets | 29,860 | ||||||||
Property, net | 14,528 | ||||||||
Trademarks and other identifiable intangibles, net | 270,430 | ||||||||
Other noncurrent assets | 9,153 | ||||||||
Total assets acquired | 556,594 | ||||||||
Accounts payables | 34,101 | ||||||||
Accrued liabilities and other | 13,302 | ||||||||
Deferred tax liabilities, noncurrent | 118,189 | ||||||||
Other noncurrent liabilities | 8,429 | ||||||||
Total liabilities assumed | 174,021 | ||||||||
Net assets acquired | 382,573 | ||||||||
Goodwill | 197,932 | ||||||||
Purchase price | $ | 580,505 | |||||||
Unaudited pro forma results of operations | Unaudited pro forma results of operations for the Company are presented below assuming that the 2013 acquisition of Maidenform had occurred at the beginning of 2012. | ||||||||
Year Ended | |||||||||
December 28, | |||||||||
2013 | |||||||||
Net sales | $ | 5,067,197 | |||||||
Income from continuing operations | 370,469 | ||||||||
Earnings per share from continuing operations: | |||||||||
Basic | $ | 3.71 | |||||||
Diluted | 3.64 | ||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | ||||||||||||
Jan. 03, 2015 | |||||||||||||
Text Block [Abstract] | |||||||||||||
Reconciliation of Basic to Diluted Weighted Average Shares | The reconciliation of basic to diluted weighted average shares outstanding is as follows: | ||||||||||||
Years Ended | |||||||||||||
January 3, | December 28, | December 29, | |||||||||||
2015 | 2013 | 2012 | |||||||||||
Basic weighted average shares outstanding | 100,575 | 99,859 | 98,709 | ||||||||||
Effect of potentially dilutive securities: | |||||||||||||
Stock options | 1,113 | 1,536 | 1,245 | ||||||||||
Restricted stock units | 323 | 427 | 314 | ||||||||||
Employee stock purchase plan and other | — | 1 | 1 | ||||||||||
Diluted weighted average shares outstanding | 102,011 | 101,823 | 100,269 | ||||||||||
Pro-forma unaudited earnings per share are as follows, giving retroactive effect to the stock split: | |||||||||||||
Years Ended | |||||||||||||
January 3, | December 28, | December 29, | |||||||||||
2015 | 2013 | 2012 | |||||||||||
Basic: | |||||||||||||
Net Income | $ | 404,519 | $ | 330,494 | $ | 164,681 | |||||||
Weighted average shares outstanding, as reported | 100,575 | 99,859 | 98,709 | ||||||||||
Weighted average shares outstanding, pro-forma | 402,300 | 399,436 | 394,836 | ||||||||||
Earnings per share, as reported | 4.02 | 3.31 | 1.67 | ||||||||||
Earnings per share, pro-forma | 1.01 | 0.83 | 0.42 | ||||||||||
Years Ended | |||||||||||||
January 3, | December 28, | December 29, | |||||||||||
2015 | 2013 | 2012 | |||||||||||
Diluted: | |||||||||||||
Net Income | $ | 404,519 | $ | 330,494 | $ | 164,681 | |||||||
Weighted average shares outstanding, as reported | 102,011 | 101,823 | 100,269 | ||||||||||
Weighted average shares outstanding, pro-forma | 408,044 | 407,292 | 401,076 | ||||||||||
Earnings per share, as reported | 3.97 | 3.25 | 1.64 | ||||||||||
Earnings per share, pro-forma | 0.99 | 0.81 | 0.41 | ||||||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | ||||||||||||
Jan. 03, 2015 | |||||||||||||
Text Block [Abstract] | |||||||||||||
Summary of Changes in Stock Options Outstanding to Company's Employees Under Hanesbrands Omnibus Incentive Plan | A summary of the changes in stock options outstanding to the Company’s employees under the Omnibus Incentive Plan is presented below: | ||||||||||||
Shares | Weighted- | Aggregate | Weighted- | ||||||||||
Average | Intrinsic | Average | |||||||||||
Exercise | Value | Remaining | |||||||||||
Price | Contractual | ||||||||||||
Term | |||||||||||||
(Years) | |||||||||||||
Options outstanding at December 31, 2011 | 5,314 | $ | 22.42 | $ | 7,202 | 5.9 | |||||||
Exercised | (448 | ) | 19.79 | ||||||||||
Forfeited | (9 | ) | 23.73 | ||||||||||
Options outstanding at December 29, 2012 | 4,857 | $ | 22.68 | $ | 59,744 | 4.91 | |||||||
Exercised | (2,077 | ) | 23.42 | ||||||||||
Forfeited | (2 | ) | 22.37 | ||||||||||
Options outstanding at December 28, 2013 | 2,778 | $ | 22.12 | $ | 131,219 | 4.31 | |||||||
Exercised | (950 | ) | 19.29 | ||||||||||
Forfeited | (5 | ) | 22.37 | ||||||||||
Options outstanding at January 3, 2015 | 1,823 | $ | 23.67 | $ | 158,469 | 3.4 | |||||||
Options exercisable at January 3, 2015 | 1,823 | $ | 23.67 | $ | 158,469 | 3.4 | |||||||
Summary of Changes in Restricted Stock Unit Awards Outstanding Under Hanesbrands Omnibus Incentive Plan | A summary of the changes in the restricted stock unit awards outstanding under the Omnibus Incentive Plan is presented below: | ||||||||||||
Shares | Weighted- | Aggregate | Weighted- | ||||||||||
Average | Intrinsic | Average | |||||||||||
Grant | Value | Remaining | |||||||||||
Date Fair | Contractual | ||||||||||||
Value | Term | ||||||||||||
(Years) | |||||||||||||
Nonvested share units outstanding at December 31, 2011 | 1,225 | $ | 24.61 | $ | 26,782 | 2.37 | |||||||
Granted — non-performanced based | 335 | 35.62 | |||||||||||
Granted — performanced based | 288 | 32.2 | |||||||||||
Vested | (400 | ) | 24.56 | ||||||||||
Forfeited | (42 | ) | 25.38 | ||||||||||
Nonvested share units outstanding at December 29, 2012 | 1,406 | $ | 28.76 | $ | 49,188 | 1.99 | |||||||
Granted — non-performanced based | 201 | 67.37 | |||||||||||
Granted — performanced based | 224 | 52.93 | |||||||||||
Vested | (606 | ) | 27.95 | ||||||||||
Forfeited | (32 | ) | 28.17 | ||||||||||
Nonvested share units outstanding at December 28, 2013 | 1,193 | $ | 40.23 | $ | 82,742 | 1.79 | |||||||
Granted — non-performanced based | 122 | 109.05 | |||||||||||
Granted — performanced based | 217 | 68.16 | |||||||||||
Vested | (591 | ) | 30.15 | ||||||||||
Forfeited | (87 | ) | 37.47 | ||||||||||
Nonvested share units outstanding at January 3, 2015 | 854 | $ | 64.46 | $ | 94,521 | 1.71 | |||||||
Trade_Accounts_Receivable_Tabl
Trade Accounts Receivable (Tables) | 12 Months Ended | |||||||||||
Jan. 03, 2015 | ||||||||||||
Text Block [Abstract] | ||||||||||||
Allowances for Trade Accounts Receivable | The changes in the Company’s allowance for doubtful accounts and allowance for chargebacks and other deductions are as follows: | |||||||||||
Allowance | Allowance | Total | ||||||||||
for | for | |||||||||||
Doubtful | Chargebacks | |||||||||||
Accounts | and Other | |||||||||||
Deductions | ||||||||||||
Balance at December 31, 2011 | $ | 8,724 | $ | 8,694 | $ | 17,418 | ||||||
Charged to expenses | 747 | 7,570 | 8,317 | |||||||||
Deductions and write-offs | (3,284 | ) | (7,511 | ) | (10,795 | ) | ||||||
Balance at December 29, 2012 | $ | 6,187 | $ | 8,753 | $ | 14,940 | ||||||
Charged to expenses | 1,445 | 5,288 | 6,733 | |||||||||
Deductions and write-offs | (2,346 | ) | (5,991 | ) | (8,337 | ) | ||||||
Balance at December 28, 2013 | $ | 5,286 | $ | 8,050 | $ | 13,336 | ||||||
Charged to expenses | 7,230 | 18,159 | 25,389 | |||||||||
Deductions and write-offs | (4,399 | ) | (17,470 | ) | (21,869 | ) | ||||||
Balance at January 3, 2015 | $ | 8,117 | $ | 8,739 | $ | 16,856 | ||||||
Inventories_Tables
Inventories (Tables) | 12 Months Ended | |||||||
Jan. 03, 2015 | ||||||||
Text Block [Abstract] | ||||||||
Inventories | Inventories consisted of the following: | |||||||
January 3, | December 28, | |||||||
2015 | 2013 | |||||||
Raw materials | $ | 207,647 | $ | 170,524 | ||||
Work in process | 164,686 | 142,713 | ||||||
Finished goods | 1,164,867 | 970,094 | ||||||
$ | 1,537,200 | $ | 1,283,331 | |||||
Property_Net_Tables
Property, Net (Tables) | 12 Months Ended | |||||||
Jan. 03, 2015 | ||||||||
Text Block [Abstract] | ||||||||
Summary of Property | Property is summarized as follows: | |||||||
January 3, | December 28, | |||||||
2015 | 2013 | |||||||
Land | $ | 48,109 | $ | 28,895 | ||||
Buildings and improvements | 541,096 | 477,167 | ||||||
Machinery and equipment | 891,345 | 872,038 | ||||||
Construction in progress | 51,440 | 20,855 | ||||||
Capital leases | 6,054 | 4,031 | ||||||
1,538,044 | 1,402,986 | |||||||
Less accumulated depreciation | 863,665 | 823,103 | ||||||
Property, net | $ | 674,379 | $ | 579,883 | ||||
Notes_Payable_Tables
Notes Payable (Tables) | 12 Months Ended | |||||||||
Jan. 03, 2015 | ||||||||||
Text Block [Abstract] | ||||||||||
Summary of Short Term Obligations | The Company had the following short-term revolving facilities at January 3, 2015 and December 28, 2013: | |||||||||
Interest | Principal Amount | |||||||||
Rate as of January 3, 2015 | January 3, | December 28, | ||||||||
2015 | 2013 | |||||||||
El Salvador | 3.00% | $ | 30,000 | $ | 30,000 | |||||
Philippines | 5.35% | 1,409 | 1,417 | |||||||
China | 6.25% | 6,929 | 4,775 | |||||||
Australia | 4.50% | 409 | — | |||||||
Europe | 2.07% | 105,691 | — | |||||||
$ | 144,438 | $ | 36,192 | |||||||
Debt_Tables
Debt (Tables) | 12 Months Ended | |||||||||||
Jan. 03, 2015 | ||||||||||||
Text Block [Abstract] | ||||||||||||
Debt | The Company had the following debt at January 3, 2015 and December 28, 2013: | |||||||||||
Interest | Principal Amount | |||||||||||
Rate as of | ||||||||||||
January 3, | ||||||||||||
2015 | January 3, | December 28, | Maturity Date | |||||||||
2015 | 2013 | |||||||||||
Senior Secured Credit Facility: | ||||||||||||
Revolving Loan Facility | 1.88% | $ | 176,500 | $ | 467,000 | Jul-18 | ||||||
Euro Term Loan | 3.50% | 436,953 | — | Aug-21 | ||||||||
6.375% Senior Notes | 6.38% | 1,000,000 | 1,000,000 | December 2020 | ||||||||
Accounts Receivable Securitization Facility | 1.22% | 210,963 | 181,790 | Mar-15 | ||||||||
Other International Debt | Various | 14,898 | — | Various | ||||||||
1,839,314 | 1,648,790 | |||||||||||
Less current maturities | 225,317 | 181,790 | ||||||||||
$ | 1,613,997 | $ | 1,467,000 | |||||||||
Intangible_Assets_and_Goodwill1
Intangible Assets and Goodwill (Tables) | 12 Months Ended | |||||||||||||||||||
Jan. 03, 2015 | ||||||||||||||||||||
Text Block [Abstract] | ||||||||||||||||||||
Intangible Assets and Related Accumulated Amortization | The primary components of the Company’s intangible assets and the related accumulated amortization are as follows: | |||||||||||||||||||
Gross | Accumulated | Net Book | ||||||||||||||||||
Amortization | Value | |||||||||||||||||||
Year ended January 3, 2015: | ||||||||||||||||||||
Intangible assets subject to amortization: | ||||||||||||||||||||
Trademarks and brand names | $ | 135,622 | $ | 78,199 | $ | 57,423 | ||||||||||||||
Licensing agreements | 69,225 | 16,122 | 53,103 | |||||||||||||||||
Customer and distributor relationships | 74,137 | 6,463 | 67,674 | |||||||||||||||||
Computer software | 68,164 | 60,937 | 7,227 | |||||||||||||||||
Other intangibles | 1,820 | 1,267 | 553 | |||||||||||||||||
$ | 348,968 | $ | 162,988 | 185,980 | ||||||||||||||||
Intangible assets not subject to amortization: | ||||||||||||||||||||
Trademarks | 470,501 | |||||||||||||||||||
Perpetual license agreements | 34,720 | |||||||||||||||||||
Net book value of intangible assets | $ | 691,201 | ||||||||||||||||||
Gross | Accumulated | Net Book | ||||||||||||||||||
Amortization | Value | |||||||||||||||||||
Year ended December 28, 2013: | ||||||||||||||||||||
Intangible assets subject to amortization: | ||||||||||||||||||||
Trademarks and brand names | $ | 136,379 | $ | 75,559 | $ | 60,820 | ||||||||||||||
Licensing agreements | 58,901 | 11,501 | 47,400 | |||||||||||||||||
Customer and distributor relationships | 37,654 | 2,430 | 35,224 | |||||||||||||||||
Computer software | 68,254 | 56,658 | 11,596 | |||||||||||||||||
Other intangibles | 3,281 | 770 | 2,511 | |||||||||||||||||
$ | 304,469 | $ | 146,918 | 157,551 | ||||||||||||||||
Intangible assets not subject to amortization: | ||||||||||||||||||||
Trademarks | 220,200 | |||||||||||||||||||
Net book value of intangible assets | $ | 377,751 | ||||||||||||||||||
Goodwill | Goodwill and the changes in those amounts during the period are as follows: | |||||||||||||||||||
Innerwear | Activewear | Direct to | International | Total | ||||||||||||||||
Consumer | ||||||||||||||||||||
Net book value at December 29, 2012 | $ | 245,505 | $ | 171,214 | $ | 255 | $ | 16,326 | $ | 433,300 | ||||||||||
Acquisition of business | 181,726 | — | 2,900 | 8,700 | 193,326 | |||||||||||||||
Other | — | — | — | (234 | ) | (234 | ) | |||||||||||||
Net book value at December 28, 2013 | $ | 427,231 | $ | 171,214 | $ | 3,155 | $ | 24,792 | $ | 626,392 | ||||||||||
Acquisition of business | 4,330 | — | 69 | 101,545 | 105,944 | |||||||||||||||
Other | — | — | — | (9,216 | ) | (9,216 | ) | |||||||||||||
Net book value at January 3, 2015 | $ | 431,561 | $ | 171,214 | $ | 3,224 | $ | 117,121 | $ | 723,120 | ||||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended | |||||||||||||||||||
Jan. 03, 2015 | ||||||||||||||||||||
Text Block [Abstract] | ||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Loss | The components of AOCI are as follows: | |||||||||||||||||||
Cumulative Translation Adjustment | Hedges | Defined Benefit Plans | Income Taxes | Accumulated Other Comprehensive Loss | ||||||||||||||||
Balance at December 29, 2012 | $ | (8,334 | ) | $ | 849 | $ | (512,558 | ) | $ | 202,430 | $ | (317,613 | ) | |||||||
Amounts reclassified from accumulated other comprehensive loss | — | (400 | ) | 15,418 | (5,874 | ) | 9,144 | |||||||||||||
Current-period other comprehensive income (loss) activity | (13,594 | ) | 1,593 | 139,637 | (56,184 | ) | 71,452 | |||||||||||||
Balance at December 28, 2013 | $ | (21,928 | ) | $ | 2,042 | $ | (357,503 | ) | $ | 140,372 | $ | (237,017 | ) | |||||||
Amounts reclassified from accumulated other comprehensive loss | — | (1,113 | ) | 10,417 | (3,709 | ) | 5,595 | |||||||||||||
Current-period other comprehensive income (loss) activity | (12,171 | ) | 3,905 | (217,745 | ) | 84,844 | (141,167 | ) | ||||||||||||
Balance at January 3, 2015 | $ | (34,099 | ) | $ | 4,834 | $ | (564,831 | ) | $ | 221,507 | $ | (372,589 | ) | |||||||
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 from AOCI | ||||||||||||||||||
January 3, | December 28, | December 29, | ||||||||||||||||||
2015 | 2013 | 2012 | ||||||||||||||||||
Gain (loss) on foreign exchange contracts | Cost of sales | $ | (1,113 | ) | $ | (400 | ) | $ | (2,594 | ) | ||||||||||
Income tax | 444 | 160 | 1,034 | |||||||||||||||||
Net of tax | $ | (669 | ) | $ | (240 | ) | $ | (1,560 | ) | |||||||||||
Amortization of loss on interest rate hedge | Interest expense, net | $ | — | $ | — | $ | 3,437 | |||||||||||||
Income tax | — | — | (1,371 | ) | ||||||||||||||||
Net of tax | $ | — | $ | — | $ | 2,066 | ||||||||||||||
Amortization of deferred actuarial loss and prior service cost | Selling, general and administrative expenses | $ | 10,417 | $ | 15,418 | $ | 15,987 | |||||||||||||
Income tax | (4,153 | ) | (6,034 | ) | (6,375 | ) | ||||||||||||||
Net of tax | $ | 6,264 | $ | 9,384 | $ | 9,612 | ||||||||||||||
Total reclassifications | $ | 5,595 | $ | 9,144 | $ | 10,118 | ||||||||||||||
Financial_Instruments_and_Risk1
Financial Instruments and Risk Management (Tables) | 12 Months Ended | |||||||||||||
Jan. 03, 2015 | ||||||||||||||
Text Block [Abstract] | ||||||||||||||
Fair Values of Derivative Instruments | The fair values of derivative financial instruments related to forward foreign exchange contracts recognized in the Consolidated Balance Sheets of the Company were as follows: | |||||||||||||
Fair Value | ||||||||||||||
Balance Sheet Location | January 3, | December 28, | ||||||||||||
2015 | 2013 | |||||||||||||
Hedges | Other current assets | $ | 3,447 | $ | 32 | |||||||||
Non-hedges | Other current assets | 2,960 | 970 | |||||||||||
Total derivative assets | $ | 6,407 | $ | 1,002 | ||||||||||
Non-hedges | Accrued liabilities | (109 | ) | (28 | ) | |||||||||
Total derivative liabilities | $ | (109 | ) | $ | (28 | ) | ||||||||
Net derivative asset | $ | 6,298 | $ | 974 | ||||||||||
Effect of Cash Flow Hedge Derivative Instruments | The effect of cash flow hedge derivative instruments on the Consolidated Statements of Income and Accumulated Other Comprehensive Loss is as follows: | |||||||||||||
Amount of Gain (Loss) Recognized in | ||||||||||||||
Accumulated Other Comprehensive Loss | ||||||||||||||
(Effective Portion) Year Ended | ||||||||||||||
January 3, | December 28, | December 29, | ||||||||||||
2015 | 2013 | 2012 | ||||||||||||
Interest rate contracts | $ | — | $ | — | $ | — | ||||||||
Foreign exchange contracts | 3,905 | 1,593 | (262 | ) | ||||||||||
Total | $ | 3,905 | $ | 1,593 | $ | (262 | ) | |||||||
Location of Loss | Amount of Gain (Loss) Reclassified from | |||||||||||||
Reclassified from | Accumulated Other Comprehensive Loss into | |||||||||||||
Accumulated Other | Income (Effective Portion) Year Ended | |||||||||||||
Comprehensive Loss into | ||||||||||||||
Income (Effective Portion) | January 3, | December 28, | December 29, | |||||||||||
2015 | 2013 | 2012 | ||||||||||||
Interest rate contracts | Interest | $ | — | $ | — | $ | (2,560 | ) | ||||||
expense, net | ||||||||||||||
Interest rate contracts | Other expenses | — | — | (877 | ) | |||||||||
Foreign exchange contracts | Cost of sales | 1,113 | 400 | (47 | ) | |||||||||
Total | $ | 1,113 | $ | 400 | $ | (3,484 | ) | |||||||
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 Consolidated Statements of Income is as follows: | |||||||||||||
Location of Gain (Loss) | Amount of Gain (Loss) Recognized in | |||||||||||||
Recognized in Income | Income Year Ended | |||||||||||||
on Derivative | January 3, | December 28, | December 29, | |||||||||||
2015 | 2013 | 2012 | ||||||||||||
Foreign exchange contracts | Selling, general and | $ | (1,188 | ) | $ | 458 | $ | (3,757 | ) | |||||
administrative expenses |
Fair_Value_of_Assets_and_Liabi1
Fair Value of Assets and Liabilities (Tables) | 12 Months Ended | |||||||||||
Jan. 03, 2015 | ||||||||||||
Text Block [Abstract] | ||||||||||||
Fair Value of Financial Assets and Liabilities Measured on 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 | ||||||||||||
3-Jan-15 | ||||||||||||
Quoted Prices In | Significant | |||||||||||
Active Markets | Other | Significant | ||||||||||
for Identical | Observable | Unobservable | ||||||||||
Assets | Inputs | Inputs | ||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||
Defined benefit pension plan investment assets: | ||||||||||||
Hedge fund of funds | $ | — | $ | — | $ | 305,499 | ||||||
U.S. equity securities | 124,136 | 29,192 | — | |||||||||
Foreign equity securities | 44,684 | 72,871 | — | |||||||||
Debt securities | 19,872 | 128,181 | — | |||||||||
Real estate | — | — | 40,874 | |||||||||
Commodities | — | 12,649 | — | |||||||||
Insurance contracts | — | 5,797 | — | |||||||||
Cash and other | 4,243 | — | — | |||||||||
192,935 | 248,690 | 346,373 | ||||||||||
Derivative contracts: | ||||||||||||
Foreign exchange derivative contracts | — | 6,407 | — | |||||||||
Foreign exchange derivative contracts | — | (109 | ) | — | ||||||||
— | 6,298 | — | ||||||||||
Deferred compensation plan liability | — | (28,289 | ) | — | ||||||||
Total | $ | 192,935 | $ | 226,699 | $ | 346,373 | ||||||
Assets (Liabilities) at Fair Value as of | ||||||||||||
28-Dec-13 | ||||||||||||
Quoted Prices In | Significant | |||||||||||
Active Markets | Other | Significant | ||||||||||
for Identical | Observable | Unobservable | ||||||||||
Assets | Inputs | Inputs | ||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||
Defined benefit pension plan investment assets: | ||||||||||||
Hedge fund of funds | $ | — | $ | — | $ | 281,908 | ||||||
U.S. equity securities | 140,880 | 27,902 | — | |||||||||
Foreign equity securities | 50,661 | 77,152 | — | |||||||||
Debt securities | 18,644 | 87,578 | — | |||||||||
Real estate | — | — | 33,575 | |||||||||
Commodities | — | 15,407 | — | |||||||||
Cash and other | 5,872 | — | — | |||||||||
216,057 | 208,039 | 315,483 | ||||||||||
Derivative contracts: | ||||||||||||
Foreign exchange derivative contracts | — | 1,002 | — | |||||||||
Foreign exchange derivative contracts | — | (28 | ) | — | ||||||||
— | 974 | — | ||||||||||
Deferred compensation plan liability | — | (17,036 | ) | — | ||||||||
Total | $ | 216,057 | $ | 191,977 | $ | 315,483 | ||||||
Summary of Changes in Fair Value of Level 3 Investment Assets | The table below sets forth a summary of changes in the fair value of the Level 3 investment assets in 2014 and 2013. | |||||||||||
Hedge fund of | Real estate | |||||||||||
funds | ||||||||||||
Balance at December 29, 2012 | $ | 253,391 | $ | 32,584 | ||||||||
Actual return on assets | 31,253 | 4,491 | ||||||||||
Sale of assets | (2,736 | ) | (6,992 | ) | ||||||||
Purchase of assets | — | 3,492 | ||||||||||
Balance at December 28, 2013 | $ | 281,908 | $ | 33,575 | ||||||||
Actual return on assets | 13,038 | 4,869 | ||||||||||
Sale of assets | (1,447 | ) | (720 | ) | ||||||||
Purchase of assets | 12,000 | 3,150 | ||||||||||
Balance at January 3, 2015 | $ | 305,499 | $ | 40,874 | ||||||||
Defined_Benefit_Pension_Plans_
Defined Benefit Pension Plans (Tables) | 12 Months Ended | |||||||||||
Jan. 03, 2015 | ||||||||||||
Text Block [Abstract] | ||||||||||||
Components of Net Periodic Benefit Cost and Other Amounts Recognized in Other Comprehensive Loss | The components of net periodic benefit cost and other amounts recognized in other comprehensive loss of the Company’s noncontributory defined benefit pension plans were as follows: | |||||||||||
Years Ended | ||||||||||||
January 3, | December 28, | December 29, | ||||||||||
2015 | 2013 | 2012 | ||||||||||
Service cost | $ | 1,903 | $ | 1,565 | $ | 1,471 | ||||||
Interest cost | 48,768 | 44,174 | 44,276 | |||||||||
Expected return on assets | (52,515 | ) | (46,777 | ) | (44,708 | ) | ||||||
Settlement cost | 130 | — | — | |||||||||
Amortization of: | ||||||||||||
Prior service cost | 40 | 35 | 31 | |||||||||
Net actuarial loss | 10,377 | 15,382 | 15,946 | |||||||||
Net periodic benefit cost | $ | 8,703 | $ | 14,379 | $ | 17,016 | ||||||
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income | ||||||||||||
Net loss (gain) | $ | 206,756 | $ | (155,314 | ) | $ | (26,633 | ) | ||||
Prior service (credit) cost | (40 | ) | 208 | (31 | ) | |||||||
Total loss (gain) recognized in other comprehensive income | 206,716 | (155,106 | ) | (26,664 | ) | |||||||
Total recognized in net periodic benefit cost and other comprehensive income | $ | 215,419 | $ | (140,727 | ) | $ | (9,648 | ) | ||||
Funded Status of Company's Defined Benefit Pension Plans | The funded status of the Company’s defined benefit pension plans at the respective year ends was as follows: | |||||||||||
January 3, | December 28, | |||||||||||
2015 | 2013 | |||||||||||
Benefit obligation: | ||||||||||||
Beginning of year | $ | 1,000,065 | $ | 1,085,177 | ||||||||
Service cost | 1,903 | 1,565 | ||||||||||
Interest cost | 48,768 | 44,483 | ||||||||||
Plan amendment | — | 244 | ||||||||||
Benefits paid | (53,348 | ) | (52,829 | ) | ||||||||
Curtailments | (997 | ) | — | |||||||||
Settlements | (1,209 | ) | — | |||||||||
Impact of exchange rate change | (9,910 | ) | (3,198 | ) | ||||||||
Business combination | 72,279 | 24,403 | ||||||||||
Actuarial loss (gain) | 197,665 | (99,780 | ) | |||||||||
End of year | 1,255,216 | 1,000,065 | ||||||||||
Fair value of plan assets: | ||||||||||||
Beginning of year | 739,579 | 643,768 | ||||||||||
Actual return on plan assets | 30,703 | 86,524 | ||||||||||
Employer contributions | 68,738 | 41,177 | ||||||||||
Benefits paid | (53,348 | ) | (52,829 | ) | ||||||||
Settlements | (1,209 | ) | — | |||||||||
Business combination | 6,378 | 22,721 | ||||||||||
Impact of exchange rate change | (2,843 | ) | (1,782 | ) | ||||||||
End of year | 787,998 | 739,579 | ||||||||||
Funded status | $ | (467,218 | ) | $ | (260,486 | ) | ||||||
Accumulated Benefit Obligation and Fair Value of Plan Assets with Accumulated Benefit Obligations in Excess of Plan Assets | The total benefit obligation and the benefit obligation and fair value of plan assets for the Company’s pension plans with benefit obligations in excess of plan assets are as follows: | |||||||||||
January 3, | December 28, | |||||||||||
2015 | 2013 | |||||||||||
Benefit obligation | $ | 1,255,216 | $ | 1,000,065 | ||||||||
Plans with benefit obligation in excess of plan assets: | ||||||||||||
Benefit obligation | 1,252,743 | 1,000,065 | ||||||||||
Fair value of plan assets | 785,524 | 739,579 | ||||||||||
Amounts Recognized in Company's Consolidated Balance Sheets | Amounts recognized in the Company’s Consolidated Balance Sheets consist of: | |||||||||||
January 3, | December 28, | |||||||||||
2015 | 2013 | |||||||||||
Current liabilities | $ | (5,142 | ) | $ | (3,289 | ) | ||||||
Noncurrent liabilities | (462,076 | ) | (257,197 | ) | ||||||||
Accumulated other comprehensive loss | (565,534 | ) | (358,818 | ) | ||||||||
Amounts Recognized in Accumulated Other Comprehensive Loss | Amounts recognized in accumulated other comprehensive loss consist of: | |||||||||||
January 3, | December 28, | |||||||||||
2015 | 2013 | |||||||||||
Prior service cost | $ | 248 | $ | 288 | ||||||||
Actuarial loss | 565,286 | 358,530 | ||||||||||
$ | 565,534 | $ | 358,818 | |||||||||
Weighted Average Actuarial Assumptions Used in Measuring Net Periodic Benefit Cost and Plan Obligation | The weighted average actuarial assumptions used in measuring the net periodic benefit cost and plan obligations for the periods presented were as follows: | |||||||||||
January 3, | December 28, | December 29, | ||||||||||
2015 | 2013 | 2012 | ||||||||||
Net periodic benefit cost: | ||||||||||||
Discount rate | 4.96 | % | 4.17 | % | 4.2 | % | ||||||
Long-term rate of return on plan assets | 6.9 | 7.29 | 7.58 | |||||||||
Rate of compensation increase (1) | 3.74 | 3.74 | 3.75 | |||||||||
Plan obligations: | ||||||||||||
Discount rate | 4.04 | % | 4.96 | % | 4.17 | % | ||||||
Rate of compensation increase (1) | 3.5 | 3.74 | 3.74 | |||||||||
-1 | The compensation increase assumption applies to the international plans and portions of the nonqualified retirement plans, as benefits under these plans were not frozen at January 3, 2015, December 28, 2013 and December 29, 2012. | |||||||||||
Allocation of Pension Plan Assets | The allocation of pension plan assets as of the respective period end measurement dates is as follows: | |||||||||||
January 3, | December 28, | |||||||||||
2015 | 2013 | |||||||||||
Asset category: | ||||||||||||
Hedge fund of funds | 38 | % | 38 | % | ||||||||
U.S. equity securities | 19 | 23 | ||||||||||
Foreign equity securities | 15 | 17 | ||||||||||
Debt securities | 19 | 14 | ||||||||||
Real estate | 5 | 5 | ||||||||||
Commodities | 2 | 2 | ||||||||||
Insurance contracts | 1 | — | ||||||||||
Cash and other | 1 | 1 | ||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Jan. 03, 2015 | ||||||||||||
Text Block [Abstract] | ||||||||||||
Provision for Income Tax Computed by Applying U.S. Statutory Rate to Income Before Taxes as Reconciled to Actual Provisions | The provision for income tax computed by applying the U.S. statutory rate to income before taxes as reconciled to the actual provisions were: | |||||||||||
Years Ended | ||||||||||||
January 3, | December 28, | December 29, | ||||||||||
2015 | 2013 | 2012 | ||||||||||
Income before income tax expense: | ||||||||||||
Domestic | 13.6 | % | 21.5 | % | (5.8 | )% | ||||||
Foreign | 86.4 | 78.5 | 105.8 | |||||||||
100 | % | 100 | % | 100 | % | |||||||
Tax expense at U.S. statutory rate | 35 | % | 35 | % | 35 | % | ||||||
State income taxes | 0.6 | 0.4 | 0.3 | |||||||||
Tax on remittance of foreign earnings | 0.8 | 2.5 | 3.1 | |||||||||
Foreign taxes less than U.S. statutory rate | (24.0 | ) | (19.6 | ) | (24.3 | ) | ||||||
Employee benefits | 0.5 | 1 | 0.9 | |||||||||
Change in valuation allowance | 2.1 | 0.5 | 0.3 | |||||||||
Release of unrecognized tax benefit reserves | (1.7 | ) | (2.3 | ) | (3.8 | ) | ||||||
Other, net | (0.3 | ) | (1.0 | ) | 0.1 | |||||||
Taxes at effective worldwide tax rates | 13 | % | 16.5 | % | 11.6 | % | ||||||
Current and Deferred Tax Provisions (Benefits) | Current and deferred tax provisions (benefits) were: | |||||||||||
Current | Deferred | Total | ||||||||||
Year ended January 3, 2015 | ||||||||||||
Domestic | $ | 41,608 | $ | (10,517 | ) | $ | 31,067 | |||||
Foreign | 24,290 | 3,663 | 27,977 | |||||||||
State | 6,951 | (5,546 | ) | 1,405 | ||||||||
$ | 72,849 | $ | (12,400 | ) | $ | 60,449 | ||||||
Year ended December 28, 2013 | ||||||||||||
Domestic | $ | 24,166 | $ | 16,310 | $ | 40,476 | ||||||
Foreign | 22,037 | (590 | ) | 21,447 | ||||||||
State | 4,488 | (1,104 | ) | 3,384 | ||||||||
$ | 50,691 | $ | 14,616 | $ | 65,307 | |||||||
Year ended December 29, 2012 | ||||||||||||
Domestic | $ | 21,222 | $ | (21,555 | ) | $ | (333 | ) | ||||
Foreign | 29,053 | (2,022 | ) | 27,031 | ||||||||
State | 1,027 | 2,777 | 3,804 | |||||||||
$ | 51,302 | $ | (20,800 | ) | $ | 30,502 | ||||||
Cash Tax Payments Made by Company Primarily in Foreign Jurisdictions | ||||||||||||
Years Ended | ||||||||||||
January 3, | December 28, | December 29, | ||||||||||
2015 | 2013 | 2012 | ||||||||||
Cash payments for income taxes | $ | 19,126 | $ | 34,221 | $ | 32,274 | ||||||
Deferred Tax Assets and Liabilities | The deferred tax assets and liabilities at the respective year-ends were as follows: | |||||||||||
January 3, | December 28, | |||||||||||
2015 | 2013 | |||||||||||
Deferred tax assets: | ||||||||||||
Nondeductible reserves | $ | 8,841 | $ | 790 | ||||||||
Inventories | 124,910 | 102,482 | ||||||||||
Property and equipment | 12,007 | 7,179 | ||||||||||
Intangibles | — | 50,355 | ||||||||||
Bad debt allowance | 8,575 | 12,781 | ||||||||||
Accrued expenses | 21,600 | 8,838 | ||||||||||
Employee benefits | 223,554 | 150,391 | ||||||||||
Tax credits | 34,186 | 30,020 | ||||||||||
Net operating loss and other tax carryforwards | 56,482 | 60,724 | ||||||||||
Other | 6,091 | 17,975 | ||||||||||
Gross deferred tax assets | 496,246 | 441,535 | ||||||||||
Less valuation allowances | (43,757 | ) | (32,131 | ) | ||||||||
Deferred tax assets | 452,489 | 409,404 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Derivatives | 1,994 | 873 | ||||||||||
Intangibles | 32,281 | — | ||||||||||
Prepaids | 11,076 | 4,798 | ||||||||||
Deferred tax liabilities | 45,351 | 5,671 | ||||||||||
Net deferred tax assets | $ | 407,138 | $ | 403,733 | ||||||||
Net Operating Loss Carryforwards | At January 3, 2015, the Company has total net operating loss carryforwards of approximately $152,110 for foreign jurisdictions, which will expire as follows: | |||||||||||
Fiscal Year: | ||||||||||||
2015 | $ | 3,180 | ||||||||||
2016 | 11,176 | |||||||||||
2017 | 24,078 | |||||||||||
2018 | 19,611 | |||||||||||
2019 | 46,174 | |||||||||||
Thereafter | 47,891 | |||||||||||
Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: | |||||||||||
Balance at December 29, 2012 (gross balance of $51,572) | $ | 48,916 | ||||||||||
Additions based on tax positions related to the current year | 12,377 | |||||||||||
Reductions for tax positions of prior years | (12,940 | ) | ||||||||||
Balance at December 28, 2013 (gross balance of $51,315) | $ | 48,353 | ||||||||||
Additions based on tax positions related to the current year | 14,703 | |||||||||||
Additions for tax positions of prior years | 10,058 | |||||||||||
Reductions for tax positions of prior years | (10,004 | ) | ||||||||||
Balance at January 3, 2015 (gross balance of $66,207) | $ | 63,110 | ||||||||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 12 Months Ended | |||
Jan. 03, 2015 | ||||
Text Block [Abstract] | ||||
Components of Loss from Discontinued Operations | The key components from discontinued operations related to the European and domestic imagewear businesses were as follows: | |||
December 29, | ||||
2012 | ||||
Net sales | $ | 89,686 | ||
Cost of sales | 116,798 | |||
Gross loss | (27,112 | ) | ||
Selling, general and administrative expenses | 7,200 | |||
Impairment of intangibles | 37,425 | |||
Operating loss | (71,737 | ) | ||
Interest expense, net | 5 | |||
Loss on disposal of business | 32,829 | |||
Loss from discontinued operations before income tax expense benefit | (104,571 | ) | ||
Income tax benefit | (36,809 | ) | ||
Net income loss from discontinued operations, net of tax | $ | (67,762 | ) |
Subsequent_Event_Tables
Subsequent Event (Tables) | 12 Months Ended | ||||||||||||
Jan. 03, 2015 | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Pro forma earnings per share | The reconciliation of basic to diluted weighted average shares outstanding is as follows: | ||||||||||||
Years Ended | |||||||||||||
January 3, | December 28, | December 29, | |||||||||||
2015 | 2013 | 2012 | |||||||||||
Basic weighted average shares outstanding | 100,575 | 99,859 | 98,709 | ||||||||||
Effect of potentially dilutive securities: | |||||||||||||
Stock options | 1,113 | 1,536 | 1,245 | ||||||||||
Restricted stock units | 323 | 427 | 314 | ||||||||||
Employee stock purchase plan and other | — | 1 | 1 | ||||||||||
Diluted weighted average shares outstanding | 102,011 | 101,823 | 100,269 | ||||||||||
Pro-forma unaudited earnings per share are as follows, giving retroactive effect to the stock split: | |||||||||||||
Years Ended | |||||||||||||
January 3, | December 28, | December 29, | |||||||||||
2015 | 2013 | 2012 | |||||||||||
Basic: | |||||||||||||
Net Income | $ | 404,519 | $ | 330,494 | $ | 164,681 | |||||||
Weighted average shares outstanding, as reported | 100,575 | 99,859 | 98,709 | ||||||||||
Weighted average shares outstanding, pro-forma | 402,300 | 399,436 | 394,836 | ||||||||||
Earnings per share, as reported | 4.02 | 3.31 | 1.67 | ||||||||||
Earnings per share, pro-forma | 1.01 | 0.83 | 0.42 | ||||||||||
Years Ended | |||||||||||||
January 3, | December 28, | December 29, | |||||||||||
2015 | 2013 | 2012 | |||||||||||
Diluted: | |||||||||||||
Net Income | $ | 404,519 | $ | 330,494 | $ | 164,681 | |||||||
Weighted average shares outstanding, as reported | 102,011 | 101,823 | 100,269 | ||||||||||
Weighted average shares outstanding, pro-forma | 408,044 | 407,292 | 401,076 | ||||||||||
Earnings per share, as reported | 3.97 | 3.25 | 1.64 | ||||||||||
Earnings per share, pro-forma | 0.99 | 0.81 | 0.41 | ||||||||||
Business_Segment_Information_T
Business Segment Information (Tables) | 12 Months Ended | |||||||||||
Jan. 03, 2015 | ||||||||||||
Text Block [Abstract] | ||||||||||||
Net Sales | ||||||||||||
Years Ended | ||||||||||||
January 3, | December 28, | December 29, | ||||||||||
2015 | 2013 | 2012 | ||||||||||
Net sales: | ||||||||||||
Innerwear | $ | 2,707,474 | $ | 2,444,935 | $ | 2,334,006 | ||||||
Activewear | 1,410,036 | 1,306,936 | 1,318,012 | |||||||||
Direct to Consumer | 409,028 | 380,079 | 372,359 | |||||||||
International | 798,208 | 495,852 | 501,344 | |||||||||
Total net sales | $ | 5,324,746 | $ | 4,627,802 | $ | 4,525,721 | ||||||
Segment Operating Profit | ||||||||||||
Years Ended | ||||||||||||
January 3, | December 28, | December 29, | ||||||||||
2015 | 2013 | 2012 | ||||||||||
Segment operating profit: | ||||||||||||
Innerwear | $ | 552,507 | $ | 467,398 | $ | 407,318 | ||||||
Activewear | 193,952 | 170,749 | 72,820 | |||||||||
Direct to Consumer | 40,367 | 34,737 | 25,890 | |||||||||
International | 89,979 | 42,850 | 46,713 | |||||||||
Total segment operating profit | 876,805 | 715,734 | 552,741 | |||||||||
Items not included in segment operating profit: | ||||||||||||
General corporate expenses | (91,693 | ) | (104,993 | ) | (99,100 | ) | ||||||
Acquisition, integration and other action related charges | (198,933 | ) | (80,790 | ) | — | |||||||
Amortization of intangibles | (22,225 | ) | (14,765 | ) | (13,526 | ) | ||||||
Total operating profit | 563,954 | 515,186 | 440,115 | |||||||||
Other expenses | (2,599 | ) | (17,501 | ) | (40,315 | ) | ||||||
Interest expense, net | (96,387 | ) | (101,884 | ) | (136,855 | ) | ||||||
Income from continuing operations before income tax expense | $ | 464,968 | $ | 395,801 | $ | 262,945 | ||||||
Assets | Principally cash and equivalents, certain fixed assets, net deferred tax assets, goodwill, trademarks and other identifiable intangibles, and certain other noncurrent assets. | |||||||||||
January 3, | December 28, | |||||||||||
2015 | 2013 | |||||||||||
Assets: | ||||||||||||
Innerwear | $ | 1,493,977 | $ | 1,519,555 | ||||||||
Activewear | 788,610 | 654,049 | ||||||||||
Direct to Consumer | 108,278 | 95,428 | ||||||||||
International | 810,844 | 332,012 | ||||||||||
3,201,709 | 2,601,044 | |||||||||||
Corporate (1) | 2,020,072 | 1,489,004 | ||||||||||
Total assets | $ | 5,221,781 | $ | 4,090,048 | ||||||||
Depreciation and Amortization Expense | ||||||||||||
Years Ended | ||||||||||||
January 3, | December 28, | December 29, | ||||||||||
2015 | 2013 | 2012 | ||||||||||
Depreciation and amortization expense: | ||||||||||||
Innerwear | $ | 40,688 | $ | 42,990 | $ | 42,617 | ||||||
Activewear | 21,314 | 21,827 | 21,907 | |||||||||
Direct to Consumer | 6,931 | 7,773 | 9,323 | |||||||||
International | 7,044 | 3,535 | 4,154 | |||||||||
75,977 | 76,125 | 78,001 | ||||||||||
Corporate | 22,225 | 14,765 | 14,252 | |||||||||
Total depreciation and amortization expense | $ | 98,202 | $ | 90,890 | $ | 92,253 | ||||||
Additions to Long-Lived Assets | ||||||||||||
Years Ended | ||||||||||||
January 3, | December 28, | December 29, | ||||||||||
2015 | 2013 | 2012 | ||||||||||
Additions to long-lived assets: | ||||||||||||
Innerwear | $ | 37,641 | $ | 24,192 | $ | 22,241 | ||||||
Activewear | 13,378 | 11,653 | 11,532 | |||||||||
Direct to Consumer | 7,641 | 2,188 | 2,962 | |||||||||
International | 4,737 | 3,025 | 2,054 | |||||||||
63,397 | 41,058 | 38,789 | ||||||||||
Corporate | 914 | 2,569 | 2,202 | |||||||||
Total additions to long-lived assets | $ | 64,311 | $ | 43,627 | $ | 40,991 | ||||||
Geographic_Area_Information_Ta
Geographic Area Information (Tables) | 12 Months Ended | |||||||||||||||||||||||
Jan. 03, 2015 | ||||||||||||||||||||||||
Text Block [Abstract] | ||||||||||||||||||||||||
Sales and Long Lived Assets by Geographical Area | Geographic Area Information | |||||||||||||||||||||||
Years Ended or at | ||||||||||||||||||||||||
3-Jan-15 | 28-Dec-13 | 29-Dec-12 | ||||||||||||||||||||||
Sales | Long-Lived | Sales | Long-Lived | Sales | Long-Lived | |||||||||||||||||||
Assets | Assets | Assets | ||||||||||||||||||||||
United States | $ | 4,525,216 | $ | 126,239 | $ | 4,133,645 | $ | 132,980 | $ | 4,026,139 | $ | 132,147 | ||||||||||||
Europe | 302,397 | 91,497 | 4,721 | 421 | — | — | ||||||||||||||||||
Canada | 140,132 | 1,316 | 142,004 | 1,561 | 129,919 | 1,943 | ||||||||||||||||||
Japan | 107,820 | 524 | 101,371 | 563 | 120,498 | 172 | ||||||||||||||||||
Mexico | 74,698 | 1,889 | 68,379 | 1,659 | 70,482 | 1,871 | ||||||||||||||||||
Brazil | 48,462 | 2,643 | 53,062 | 1,912 | 58,972 | 792 | ||||||||||||||||||
China | 9,152 | 116,656 | 17,827 | 132,564 | 15,778 | 144,494 | ||||||||||||||||||
Central America and the Caribbean Basin | 3,832 | 278,678 | 3,568 | 267,277 | 1,604 | 270,611 | ||||||||||||||||||
Other | 113,037 | 54,937 | 103,225 | 40,946 | 102,329 | 44,128 | ||||||||||||||||||
$ | 5,324,746 | $ | 674,379 | $ | 4,627,802 | $ | 579,883 | $ | 4,525,721 | $ | 596,158 | |||||||||||||
Quarterly_Financial_Data_Table
Quarterly Financial Data (Tables) | 12 Months Ended | |||||||||||||||||||
Jan. 03, 2015 | ||||||||||||||||||||
Text Block [Abstract] | ||||||||||||||||||||
Quarterly Information | Quarterly Financial Data (Unaudited) | |||||||||||||||||||
First | Second | Third | Fourth | Total | ||||||||||||||||
2014 | ||||||||||||||||||||
Net sales | $ | 1,059,370 | $ | 1,342,052 | $ | 1,400,728 | $ | 1,522,596 | $ | 5,324,746 | ||||||||||
Gross profit | 356,777 | 504,354 | 497,715 | 545,561 | 1,904,407 | |||||||||||||||
Net income | 41,560 | 154,578 | 118,944 | 89,437 | 404,519 | |||||||||||||||
Basic weighted average shares outstanding, as reported | 100,391 | 100,480 | 100,598 | 100,829 | 100,575 | |||||||||||||||
Diluted weighted average shares outstanding, as reported | 101,969 | 102,057 | 102,131 | 102,100 | 102,011 | |||||||||||||||
Basic earnings per share, as reported | 0.41 | 1.54 | 1.18 | 0.89 | 4.02 | |||||||||||||||
Diluted earnings per share, as reported | 0.41 | 1.51 | 1.16 | 0.88 | 3.97 | |||||||||||||||
Basic weighted average shares outstanding, pro-forma | 401,564 | 401,920 | 402,392 | 403,316 | 402,300 | |||||||||||||||
Diluted weighted average shares outstanding, pro-forma | 407,876 | 408,228 | 408,056 | 408,400 | 408,044 | |||||||||||||||
Basic earnings per share, pro forma | 0.1 | 0.38 | 0.3 | 0.22 | 1.01 | |||||||||||||||
Diluted earnings per share, pro forma | 0.1 | 0.38 | 0.29 | 0.22 | 0.99 | |||||||||||||||
2013 | ||||||||||||||||||||
Net sales | $ | 945,461 | $ | 1,199,205 | $ | 1,197,346 | $ | 1,285,790 | $ | 4,627,802 | ||||||||||
Gross profit | 327,299 | 435,482 | 421,680 | 427,232 | 1,611,693 | |||||||||||||||
Net income | 51,379 | 121,586 | 125,263 | 32,266 | 330,494 | |||||||||||||||
Basic weighted average shares outstanding, as reported | 99,369 | 99,855 | 100,066 | 100,159 | 99,859 | |||||||||||||||
Diluted weighted average shares outstanding, as reported | 101,460 | 102,013 | 101,987 | 101,881 | 101,823 | |||||||||||||||
Basic earnings per share, as reported | 0.52 | 1.22 | 1.25 | 0.32 | 3.31 | |||||||||||||||
Diluted earnings per share, as reported | 0.51 | 1.19 | 1.23 | 0.32 | 3.25 | |||||||||||||||
Basic weighted average shares outstanding, pro-forma | 397,476 | 399,420 | 400,264 | 400,636 | 399,436 | |||||||||||||||
Diluted weighted average shares outstanding, pro-forma | 405,840 | 408,052 | 407,948 | 407,524 | 407,292 | |||||||||||||||
Basic earnings per share, pro forma | 0.13 | 0.3 | 0.31 | 0.08 | 0.83 | |||||||||||||||
Diluted earnings per share, pro forma | 0.13 | 0.3 | 0.31 | 0.08 | 0.81 | |||||||||||||||
Consolidating_Financial_Inform1
Consolidating Financial Information (Tables) | 12 Months Ended | |||||||||||||||||||
Jan. 03, 2015 | ||||||||||||||||||||
Text Block [Abstract] | ||||||||||||||||||||
Consolidating Statement of Comprehensive Income | ||||||||||||||||||||
Consolidating Statement of Comprehensive Income | ||||||||||||||||||||
Year Ended January 3, 2015 | ||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Consolidating | Consolidated | ||||||||||||||||
Company | Subsidiaries | Subsidiaries | Entries and | |||||||||||||||||
Eliminations | ||||||||||||||||||||
Net sales | $ | 4,325,897 | $ | 839,306 | $ | 2,743,114 | $ | (2,583,571 | ) | $ | 5,324,746 | |||||||||
Cost of sales | 3,728,833 | 437,262 | 2,105,317 | (2,851,073 | ) | 3,420,339 | ||||||||||||||
Gross profit | 597,064 | 402,044 | 637,797 | 267,502 | 1,904,407 | |||||||||||||||
Selling, general and administrative expenses | 920,002 | 227,853 | 199,022 | (6,424 | ) | 1,340,453 | ||||||||||||||
Operating profit | (322,938 | ) | 174,191 | 438,775 | 273,926 | 563,954 | ||||||||||||||
Equity in earnings of subsidiaries | 833,642 | 276,369 | — | (1,110,011 | ) | — | ||||||||||||||
Other expenses | 2,599 | — | — | — | 2,599 | |||||||||||||||
Interest expense, net | 76,096 | 2,228 | 17,312 | 751 | 96,387 | |||||||||||||||
Income from continuing operations before income tax expense | 432,009 | 448,332 | 421,463 | (836,836 | ) | 464,968 | ||||||||||||||
Income tax expense | 27,490 | 12,210 | 20,749 | — | 60,449 | |||||||||||||||
Income from continuing operations | 404,519 | 436,122 | 400,714 | (836,836 | ) | 404,519 | ||||||||||||||
Income (loss) from discontinued operations, net of tax | — | — | — | — | — | |||||||||||||||
Net income | $ | 404,519 | $ | 436,122 | $ | 400,714 | $ | (836,836 | ) | $ | 404,519 | |||||||||
Comprehensive income | $ | 268,947 | $ | 436,122 | $ | 386,959 | $ | (823,081 | ) | $ | 268,947 | |||||||||
Consolidating Statement of Comprehensive Income | ||||||||||||||||||||
Year Ended December 28, 2013 | ||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Consolidating | Consolidated | ||||||||||||||||
Company | Subsidiaries | Subsidiaries | Entries and | |||||||||||||||||
Eliminations | ||||||||||||||||||||
Net sales | $ | 3,933,591 | $ | 762,257 | $ | 2,300,794 | $ | (2,368,840 | ) | $ | 4,627,802 | |||||||||
Cost of sales | 3,097,826 | 396,489 | 1,852,065 | (2,330,271 | ) | 3,016,109 | ||||||||||||||
Gross profit | 835,765 | 365,768 | 448,729 | (38,569 | ) | 1,611,693 | ||||||||||||||
Selling, general and administrative expenses | 802,325 | 178,434 | 121,478 | (5,730 | ) | 1,096,507 | ||||||||||||||
Operating profit (loss) | 33,440 | 187,334 | 327,251 | (32,839 | ) | 515,186 | ||||||||||||||
Equity in earnings of subsidiaries | 425,833 | 215,230 | — | (641,063 | ) | — | ||||||||||||||
Other expenses | 17,501 | — | — | — | 17,501 | |||||||||||||||
Interest expense, net | 95,116 | (20 | ) | 6,867 | (79 | ) | 101,884 | |||||||||||||
Income from continuing operations before income tax expense | 346,656 | 402,584 | 320,384 | (673,823 | ) | 395,801 | ||||||||||||||
Income tax expense | 16,162 | 21,850 | 27,295 | — | 65,307 | |||||||||||||||
Income from continuing operations | 330,494 | 380,734 | 293,089 | (673,823 | ) | 330,494 | ||||||||||||||
Loss from discontinued operations, net of tax | — | — | — | — | — | |||||||||||||||
Net income | $ | 330,494 | $ | 380,734 | $ | 293,089 | $ | (673,823 | ) | $ | 330,494 | |||||||||
Comprehensive income | $ | 411,090 | $ | 380,734 | $ | 282,050 | $ | (662,784 | ) | $ | 411,090 | |||||||||
Consolidating Statement of Comprehensive Income | ||||||||||||||||||||
Year Ended December 29, 2012 | ||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Consolidating | Consolidated | ||||||||||||||||
Company | Subsidiaries | Subsidiaries | Entries and | |||||||||||||||||
Eliminations | ||||||||||||||||||||
Net sales | $ | 3,887,087 | $ | 661,270 | $ | 2,284,831 | $ | (2,307,467 | ) | $ | 4,525,721 | |||||||||
Cost of sales | 3,170,582 | 318,326 | 1,849,219 | (2,232,453 | ) | 3,105,674 | ||||||||||||||
Gross profit | 716,505 | 342,944 | 435,612 | (75,014 | ) | 1,420,047 | ||||||||||||||
Selling, general and administrative expenses | 730,116 | 129,978 | 124,174 | (4,336 | ) | 979,932 | ||||||||||||||
Operating profit (loss) | (13,611 | ) | 212,966 | 311,438 | (70,678 | ) | 440,115 | |||||||||||||
Equity in earnings of subsidiaries | 345,094 | 195,183 | — | (540,277 | ) | — | ||||||||||||||
Other expenses | 40,315 | — | — | — | 40,315 | |||||||||||||||
Interest expense, net | 126,654 | (9 | ) | 10,210 | — | 136,855 | ||||||||||||||
Income from continuing operations before income tax expense (benefit) | 164,514 | 408,158 | 301,228 | (610,955 | ) | 262,945 | ||||||||||||||
Income tax expense (benefit) | (24,467 | ) | 28,281 | 26,688 | — | 30,502 | ||||||||||||||
Income from continuing operations | 188,981 | 379,877 | 274,540 | (610,955 | ) | 232,443 | ||||||||||||||
Loss from discontinued operations, net of tax | (24,300 | ) | (31,792 | ) | (15,655 | ) | 3,985 | (67,762 | ) | |||||||||||
Net income | $ | 164,681 | $ | 348,085 | $ | 258,885 | $ | (606,970 | ) | $ | 164,681 | |||||||||
Comprehensive income | $ | 180,319 | $ | 348,085 | $ | 253,850 | $ | (601,935 | ) | $ | 180,319 | |||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||
January 3, 2015 | ||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Consolidating | Consolidated | ||||||||||||||||
Company | Subsidiaries | Subsidiaries | Entries and | |||||||||||||||||
Eliminations | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 10,910 | $ | 10,796 | $ | 218,149 | $ | — | $ | 239,855 | ||||||||||
Trade accounts receivable, net | 73,794 | 37,511 | 561,514 | (771 | ) | 672,048 | ||||||||||||||
Inventories | 958,376 | 120,341 | 607,356 | (148,873 | ) | 1,537,200 | ||||||||||||||
Deferred tax assets | 200,050 | 3,515 | 11,500 | — | 215,065 | |||||||||||||||
Other current assets | 38,446 | 11,224 | 51,394 | — | 101,064 | |||||||||||||||
Total current assets | 1,281,576 | 183,387 | 1,449,913 | (149,644 | ) | 2,765,232 | ||||||||||||||
Property, net | 88,599 | 46,221 | 539,559 | — | 674,379 | |||||||||||||||
Trademarks and other identifiable intangibles, net | 4,102 | 79,393 | 607,706 | — | 691,201 | |||||||||||||||
Goodwill | 232,881 | 124,247 | 365,992 | — | 723,120 | |||||||||||||||
Investments in subsidiaries | 3,732,783 | 1,792,790 | — | (5,525,573 | ) | — | ||||||||||||||
Deferred tax assets | 202,910 | 74,735 | 16,702 | — | 294,347 | |||||||||||||||
Receivables from related entities | 4,585,755 | 4,471,644 | 2,087,280 | (11,144,679 | ) | — | ||||||||||||||
Other noncurrent assets | 55,540 | 428 | 17,534 | — | 73,502 | |||||||||||||||
Total assets | $ | 10,184,146 | $ | 6,772,845 | $ | 5,084,686 | $ | (16,819,896 | ) | $ | 5,221,781 | |||||||||
Liabilities and Stockholders’ | ||||||||||||||||||||
Equity | ||||||||||||||||||||
Accounts payable | $ | 353,799 | $ | 11,925 | $ | 255,496 | $ | — | $ | 621,220 | ||||||||||
Accrued liabilities | 190,739 | 61,339 | 242,437 | 1,112 | 495,627 | |||||||||||||||
Notes payable | — | — | 144,438 | — | 144,438 | |||||||||||||||
Accounts Receivable Securitization Facility | — | — | 210,963 | — | 210,963 | |||||||||||||||
Current portion of long-term debt | — | — | 14,354 | — | 14,354 | |||||||||||||||
Total current liabilities | 544,538 | 73,264 | 867,688 | 1,112 | 1,486,602 | |||||||||||||||
Long-term debt | 1,176,500 | — | 437,497 | — | 1,613,997 | |||||||||||||||
Pension and postretirement benefits | 399,931 | — | 72,072 | — | 472,003 | |||||||||||||||
Payables to related entities | 6,544,095 | 3,270,513 | 1,330,071 | (11,144,679 | ) | — | ||||||||||||||
Other noncurrent liabilities | 132,310 | 12,609 | 118,287 | (799 | ) | 262,407 | ||||||||||||||
Total liabilities | 8,797,374 | 3,356,386 | 2,825,615 | (11,144,366 | ) | 3,835,009 | ||||||||||||||
Stockholders’ equity | 1,386,772 | 3,416,459 | 2,259,071 | (5,675,530 | ) | 1,386,772 | ||||||||||||||
Total liabilities and stockholders’ equity | $ | 10,184,146 | $ | 6,772,845 | $ | 5,084,686 | $ | (16,819,896 | ) | $ | 5,221,781 | |||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||
December 28, 2013 | ||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Consolidating | Consolidated | ||||||||||||||||
Company | Subsidiaries | Subsidiaries | Entries and | |||||||||||||||||
Eliminations | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 5,695 | $ | 7,811 | $ | 102,357 | $ | — | $ | 115,863 | ||||||||||
Trade accounts receivable, net | 44,366 | 69,944 | 465,662 | (1,414 | ) | 578,558 | ||||||||||||||
Inventories | 825,300 | 208,250 | 405,756 | (155,975 | ) | 1,283,331 | ||||||||||||||
Deferred tax assets | 178,732 | 15,373 | 3,155 | — | 197,260 | |||||||||||||||
Other current assets | 37,429 | 14,354 | 16,871 | — | 68,654 | |||||||||||||||
Total current assets | 1,091,522 | 315,732 | 993,801 | (157,389 | ) | 2,243,666 | ||||||||||||||
Property, net | 82,786 | 50,193 | 446,904 | — | 579,883 | |||||||||||||||
Trademarks and other identifiable intangibles, net | 8,385 | 88,716 | 280,650 | — | 377,751 | |||||||||||||||
Goodwill | 232,882 | 124,247 | 269,263 | — | 626,392 | |||||||||||||||
Investments in subsidiaries | 2,881,739 | 1,535,404 | — | (4,417,143 | ) | — | ||||||||||||||
Deferred tax assets | 139,102 | 53,317 | 15,007 | — | 207,426 | |||||||||||||||
Receivables from related entities | 4,706,001 | 4,065,909 | 1,987,603 | (10,759,513 | ) | — | ||||||||||||||
Other noncurrent assets | 52,712 | 412 | 1,806 | — | 54,930 | |||||||||||||||
Total assets | $ | 9,195,129 | $ | 6,233,930 | $ | 3,995,034 | $ | (15,334,045 | ) | $ | 4,090,048 | |||||||||
Liabilities and Stockholders’ | ||||||||||||||||||||
Equity | ||||||||||||||||||||
Accounts payable | $ | 253,494 | $ | 61,964 | $ | 150,812 | $ | — | $ | 466,270 | ||||||||||
Accrued liabilities | 184,653 | 63,906 | 66,497 | (30 | ) | 315,026 | ||||||||||||||
Notes payable | — | — | 36,192 | — | 36,192 | |||||||||||||||
Accounts Receivable Securitization Facility | — | — | 181,790 | — | 181,790 | |||||||||||||||
Total current liabilities | 438,147 | 125,870 | 435,291 | (30 | ) | 999,278 | ||||||||||||||
Long-term debt | 1,467,000 | — | — | — | 1,467,000 | |||||||||||||||
Pension and postretirement benefits | 253,299 | 2,159 | 8,361 | — | 263,819 | |||||||||||||||
Payables to related entities | 5,699,670 | 3,114,701 | 1,673,828 | (10,488,199 | ) | — | ||||||||||||||
Other noncurrent liabilities | 106,390 | 11,318 | 11,620 | — | 129,328 | |||||||||||||||
Total liabilities | 7,964,506 | 3,254,048 | 2,129,100 | (10,488,229 | ) | 2,859,425 | ||||||||||||||
Stockholders’ equity | 1,230,623 | 2,979,882 | 1,865,934 | (4,845,816 | ) | 1,230,623 | ||||||||||||||
Total liabilities and stockholders’ equity | $ | 9,195,129 | $ | 6,233,930 | $ | 3,995,034 | $ | (15,334,045 | ) | $ | 4,090,048 | |||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
Year Ended January 3, 2015 | ||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Consolidating | Consolidated | ||||||||||||||||
Company | Subsidiaries | Subsidiaries | Entries and | |||||||||||||||||
Eliminations | ||||||||||||||||||||
Net cash from operating activities | $ | 1,012,798 | $ | 219,645 | $ | 381,797 | $ | (1,106,150 | ) | $ | 508,090 | |||||||||
Investing activities: | ||||||||||||||||||||
Purchases of property, plant and equipment | (13,045 | ) | (8,970 | ) | (42,296 | ) | — | (64,311 | ) | |||||||||||
Proceeds from sales of assets | 83 | 55 | 6,982 | — | 7,120 | |||||||||||||||
Acquisition of business, net of cash acquired | (360,439 | ) | — | (360,439 | ) | |||||||||||||||
Proceeds from sale of investments | — | — | 64,380 | — | 64,380 | |||||||||||||||
Other | — | — | (5,065 | ) | — | (5,065 | ) | |||||||||||||
Net cash from investing activities | (12,962 | ) | (8,915 | ) | (336,438 | ) | — | (358,315 | ) | |||||||||||
Financing activities: | ||||||||||||||||||||
Borrowings on notes payable | — | — | 158,217 | — | 158,217 | |||||||||||||||
Repayments on notes payable | — | — | (138,225 | ) | — | (138,225 | ) | |||||||||||||
Borrowings on Accounts Receivable Securitization Facility | — | — | 161,167 | — | 161,167 | |||||||||||||||
Repayments on Accounts Receivable Securitization Facility | — | — | (131,994 | ) | — | (131,994 | ) | |||||||||||||
Borrowings on Revolving Loan Facility | 3,536,000 | — | — | — | 3,536,000 | |||||||||||||||
Repayments on Revolving Loan Facility | (3,826,500 | ) | — | — | — | (3,826,500 | ) | |||||||||||||
Incurrence of debt under the Euro Term Loan Facility | — | — | 476,566 | — | 476,566 | |||||||||||||||
Repayments of Euro Term Loan Facility | — | — | (2,226 | ) | — | (2,226 | ) | |||||||||||||
Repayments of assumed debt related to acquisition of business | — | — | (117,400 | ) | — | (117,400 | ) | |||||||||||||
Cash dividends paid | (119,607 | ) | — | — | — | (119,607 | ) | |||||||||||||
Payments to amend and refinance credit facilities | — | — | (6,011 | ) | — | (6,011 | ) | |||||||||||||
Taxes paid related to net shares settlement of equity awards | (54,593 | ) | — | — | — | (54,593 | ) | |||||||||||||
Excess tax benefit from stock-based compensation | 39,568 | — | — | — | 39,568 | |||||||||||||||
Other | 1,741 | — | 332 | (800 | ) | 1,273 | ||||||||||||||
Net transactions with related entities | (571,230 | ) | (207,745 | ) | (327,975 | ) | 1,106,950 | — | ||||||||||||
Net cash from financing activities | (994,621 | ) | (207,745 | ) | 72,451 | 1,106,150 | (23,765 | ) | ||||||||||||
Effect of changes in foreign exchange rates on cash | — | — | (2,018 | ) | — | (2,018 | ) | |||||||||||||
Change in cash and cash equivalents | 5,215 | 2,985 | 115,792 | — | 123,992 | |||||||||||||||
Cash and cash equivalents at beginning of year | 5,695 | 7,811 | 102,357 | — | 115,863 | |||||||||||||||
Cash and cash equivalents at end of year | $ | 10,910 | $ | 10,796 | $ | 218,149 | $ | — | $ | 239,855 | ||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
Year Ended December 28, 2013 | ||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Consolidating | Consolidated | ||||||||||||||||
Company | Subsidiaries | Subsidiaries | Entries and | |||||||||||||||||
Eliminations | ||||||||||||||||||||
Net cash from operating activities | $ | 757,127 | $ | 173,085 | $ | 301,962 | $ | (640,893 | ) | $ | 591,281 | |||||||||
Investing activities: | ||||||||||||||||||||
Purchases of property, plant and equipment | (13,493 | ) | (5,189 | ) | (24,945 | ) | — | (43,627 | ) | |||||||||||
Proceeds from sales of assets | 3,338 | 33 | 2,718 | — | 6,089 | |||||||||||||||
Acquisition of business, net of cash acquired | — | (61,870 | ) | (497,985 | ) | — | (559,855 | ) | ||||||||||||
Net cash from investing activities | (10,155 | ) | (67,026 | ) | (520,212 | ) | — | (597,393 | ) | |||||||||||
Financing activities: | ||||||||||||||||||||
Borrowings on notes payable | — | — | 101,175 | — | 101,175 | |||||||||||||||
Repayments on notes payable | — | — | (91,027 | ) | — | (91,027 | ) | |||||||||||||
Borrowings on Accounts Receivable Securitization Facility | — | — | 145,715 | — | 145,715 | |||||||||||||||
Repayments on Accounts Receivable Securitization Facility | — | — | (137,761 | ) | — | (137,761 | ) | |||||||||||||
Borrowings on Revolving Loan Facility | 4,053,500 | — | — | — | 4,053,500 | |||||||||||||||
Repayments on Revolving Loan Facility | (3,654,000 | ) | — | — | — | (3,654,000 | ) | |||||||||||||
Redemption of debt under 8% Senior Notes | (250,000 | ) | — | — | — | (250,000 | ) | |||||||||||||
Cash dividends paid | (59,442 | ) | — | — | — | (59,442 | ) | |||||||||||||
Payments to amend and refinance credit facilities | (5,405 | ) | — | (225 | ) | — | (5,630 | ) | ||||||||||||
Proceeds from stock options exercised | 5,279 | — | — | — | 5,279 | |||||||||||||||
Taxes paid related to net shares settlement of equity awards | (41,839 | ) | — | — | — | (41,839 | ) | |||||||||||||
Excess tax benefit from stock-based compensation | 26,784 | — | — | — | 26,784 | |||||||||||||||
Other | 1,116 | — | (113 | ) | — | 1,003 | ||||||||||||||
Net transactions with related entities | (822,887 | ) | (100,167 | ) | 282,161 | 640,893 | — | |||||||||||||
Net cash from financing activities | (746,894 | ) | (100,167 | ) | 299,925 | 640,893 | 93,757 | |||||||||||||
Effect of changes in foreign exchange rates on cash | — | — | (14,578 | ) | — | (14,578 | ) | |||||||||||||
Change in cash and cash equivalents | 78 | 5,892 | 67,097 | — | 73,067 | |||||||||||||||
Cash and cash equivalents at beginning of year | 5,617 | 1,919 | 35,260 | — | 42,796 | |||||||||||||||
Cash and cash equivalents at end of year | $ | 5,695 | $ | 7,811 | $ | 102,357 | $ | — | $ | 115,863 | ||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
Year Ended December 29, 2012 | ||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Consolidating | Consolidated | ||||||||||||||||
Company | Subsidiaries | Subsidiaries | Entries and | |||||||||||||||||
Eliminations | ||||||||||||||||||||
Net cash from operating activities | $ | 791,636 | $ | 168,544 | $ | 133,699 | $ | (540,272 | ) | $ | 553,607 | |||||||||
Investing activities: | ||||||||||||||||||||
Purchases of property, plant and equipment | (10,688 | ) | (5,493 | ) | (24,813 | ) | — | (40,994 | ) | |||||||||||
Proceeds from sales of assets | 70 | 16 | 338 | — | 424 | |||||||||||||||
Disposition of business | — | — | 12,704 | — | 12,704 | |||||||||||||||
Net cash from investing activities | (10,618 | ) | (5,477 | ) | (11,771 | ) | — | (27,866 | ) | |||||||||||
Financing activities: | ||||||||||||||||||||
Borrowings on notes payable | — | — | 78,036 | — | 78,036 | |||||||||||||||
Repayments on notes payable | — | — | (115,117 | ) | — | (115,117 | ) | |||||||||||||
Borrowings on Accounts Receivable Securitization Facility | — | — | 177,300 | — | 177,300 | |||||||||||||||
Repayments on Accounts Receivable Securitization Facility | — | — | (170,397 | ) | — | (170,397 | ) | |||||||||||||
Borrowings on Revolving Loan Facility | 2,938,500 | — | — | — | 2,938,500 | |||||||||||||||
Repayments on Revolving Loan Facility | (2,885,500 | ) | — | — | — | (2,885,500 | ) | |||||||||||||
Redemption of Floating Rate Senior Notes | (293,277 | ) | — | — | — | (293,277 | ) | |||||||||||||
Redemption of debt under 8% Senior Notes | (250,000 | ) | — | — | — | (250,000 | ) | |||||||||||||
Payments to amend and refinance credit facilities | (2,128 | ) | — | (225 | ) | — | (2,353 | ) | ||||||||||||
Proceeds from stock options exercised | 8,752 | — | — | — | 8,752 | |||||||||||||||
Taxes paid related to net shares settlement of equity awards | (4,705 | ) | — | — | — | (4,705 | ) | |||||||||||||
Excess tax benefit from stock-based compensation | 1,253 | — | — | — | 1,253 | |||||||||||||||
Other | (173 | ) | — | (96 | ) | — | (269 | ) | ||||||||||||
Net transactions with related entities | (296,453 | ) | (163,874 | ) | (79,945 | ) | 540,272 | — | ||||||||||||
Net cash from financing activities | (783,731 | ) | (163,874 | ) | (110,444 | ) | 540,272 | (517,777 | ) | |||||||||||
Effect of changes in foreign exchange rates on cash | — | — | (513 | ) | — | (513 | ) | |||||||||||||
Change in cash and cash equivalents | (2,713 | ) | (807 | ) | 10,971 | — | 7,451 | |||||||||||||
Cash and cash equivalents at beginning of year | 8,330 | 2,726 | 24,289 | — | 35,345 | |||||||||||||||
Cash and cash equivalents at end of year | $ | 5,617 | $ | 1,919 | $ | 35,260 | $ | — | $ | 42,796 | ||||||||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
Summary of Significant Accounting Policies [Line Items] | |||
Advertising Expense | $183,333 | $161,541 | $123,354 |
Shipping and handling revenue | 22,903 | 25,423 | 25,062 |
Shipping and handling costs | 295,280 | 241,026 | 239,464 |
Research and development expense | 63,268 | 51,316 | 48,323 |
Defined contribution benefit plans | $22,898 | $23,489 | $21,564 |
Building Improvements [Member] | |||
Summary of Significant Accounting Policies [Line Items] | |||
Estimated useful life | 40 years | ||
Minimum [Member] | Trademarks [Member] | |||
Summary of Significant Accounting Policies [Line Items] | |||
Finite-lived intangible assets amortization period | 7 years | ||
Minimum [Member] | Licensing Agreements [Member] | |||
Summary of Significant Accounting Policies [Line Items] | |||
Finite-lived intangible assets amortization period | 3 years | ||
Minimum [Member] | Customer and Distributor Relationships [Member] | |||
Summary of Significant Accounting Policies [Line Items] | |||
Finite-lived intangible assets amortization period | 2 years | ||
Minimum [Member] | Computer Software [Member] | |||
Summary of Significant Accounting Policies [Line Items] | |||
Finite-lived intangible assets amortization period | 3 years | ||
Minimum [Member] | Machinery and Equipment [Member] | |||
Summary of Significant Accounting Policies [Line Items] | |||
Estimated useful life | 3 years | ||
Maximum [Member] | Trademarks [Member] | |||
Summary of Significant Accounting Policies [Line Items] | |||
Finite-lived intangible assets amortization period | 30 years | ||
Maximum [Member] | Licensing Agreements [Member] | |||
Summary of Significant Accounting Policies [Line Items] | |||
Finite-lived intangible assets amortization period | 17 years | ||
Maximum [Member] | Customer and Distributor Relationships [Member] | |||
Summary of Significant Accounting Policies [Line Items] | |||
Finite-lived intangible assets amortization period | 15 years | ||
Maximum [Member] | Computer Software [Member] | |||
Summary of Significant Accounting Policies [Line Items] | |||
Finite-lived intangible assets amortization period | 7 years | ||
Maximum [Member] | Machinery and Equipment [Member] | |||
Summary of Significant Accounting Policies [Line Items] | |||
Estimated useful life | 15 years |
Acquisitions_Narrative_Details
Acquisitions Narrative (Details) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | |||||||||||
Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 | Aug. 29, 2014 | Aug. 29, 2014 | Jan. 03, 2015 | Aug. 29, 2014 | Oct. 31, 2013 | Dec. 28, 2013 | Oct. 07, 2013 | Aug. 29, 2014 | Sep. 27, 2014 | Aug. 29, 2014 | Oct. 31, 2013 | Aug. 29, 2014 | Aug. 29, 2014 | Aug. 29, 2014 | Oct. 31, 2013 | Oct. 31, 2013 | Aug. 29, 2014 | Oct. 31, 2013 | Jan. 03, 2015 | Oct. 31, 2013 | Jan. 03, 2015 | Aug. 29, 2014 | Aug. 29, 2014 | Oct. 31, 2013 | Jan. 03, 2015 | Oct. 31, 2013 | Jan. 03, 2015 | Aug. 29, 2014 | Aug. 29, 2014 | Oct. 31, 2013 | Jan. 03, 2015 | Jan. 03, 2015 | |
USD ($) | USD ($) | USD ($) | DBA Lux Holding S.A. [Member] | DBA Lux Holding S.A. [Member] | DBA Lux Holding S.A. [Member] | DBA Lux Holding S.A. [Member] | Maidenform Brands, Inc [Member] | Maidenform Brands, Inc [Member] | Maidenform Brands, Inc [Member] | Paid from Euro Term Loan[Member] [Member] | Paid With Operating Cash [Member] | Trademarks And Brand Names [Member] | Trademarks And Brand Names [Member] | Licensing Agreements [Member] | Distributor Relationships [Member] | Licensing and Franchise Agreements [Member] | Customer and Distributor Relationships [Member] | Licensing Agreements [Member] | Computer Software and Other Intangibles [Member] | Computer Software and Other Intangibles [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Deferred Taxes [Member] | Working Capital [Member] | |
USD ($) | EUR (€) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | DBA Lux Holding S.A. [Member] | Maidenform Brands, Inc [Member] | DBA Lux Holding S.A. [Member] | DBA Lux Holding S.A. [Member] | DBA Lux Holding S.A. [Member] | Maidenform Brands, Inc [Member] | Maidenform Brands, Inc [Member] | DBA Lux Holding S.A. [Member] | Maidenform Brands, Inc [Member] | Customer and Distributor Relationships [Member] | Customer and Distributor Relationships [Member] | Licensing Agreements [Member] | Licensing Agreements [Member] | Computer Software and Other Intangibles [Member] | Computer Software and Other Intangibles [Member] | Customer and Distributor Relationships [Member] | Customer and Distributor Relationships [Member] | Licensing Agreements [Member] | Licensing Agreements [Member] | Computer Software and Other Intangibles [Member] | Computer Software and Other Intangibles [Member] | Maidenform Brands, Inc [Member] | DBA Lux Holding S.A. [Member] | ||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Maidenform Brands, Inc [Member] | DBA Lux Holding S.A. [Member] | DBA Lux Holding S.A. [Member] | Maidenform Brands, Inc [Member] | Maidenform Brands, Inc [Member] | DBA Lux Holding S.A. [Member] | DBA Lux Holding S.A. [Member] | Maidenform Brands, Inc [Member] | USD ($) | USD ($) | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||||||
Goodwill, Purchase Accounting Adjustments | $4,606,000 | $7,453,000 | |||||||||||||||||||||||||||||||||
Escrow deposit | 5,065,000 | ||||||||||||||||||||||||||||||||||
Payments to acquire businesses | 400,000,000 | ||||||||||||||||||||||||||||||||||
Percentage of business acquired | 100.00% | ||||||||||||||||||||||||||||||||||
Acquisition share price (in dollars per share) | $23.50 | ||||||||||||||||||||||||||||||||||
Total purchase price | 391,861,000 | 297,031,000 | 580,505,000 | ||||||||||||||||||||||||||||||||
Pro forma revenue since acquisition | 291,208,000 | 98,400,000 | |||||||||||||||||||||||||||||||||
Pro forma profit since acquisition | 24,075,000 | 827,000 | |||||||||||||||||||||||||||||||||
Acquisition related costs | 198,933,000 | 80,790,000 | 0 | 35,600,000 | 73,798,000 | ||||||||||||||||||||||||||||||
Indefinite-lived intangible assets | 272,653,000 | 220,200,000 | 37,821,000 | ||||||||||||||||||||||||||||||||
Acquisition of intangible assets | 40,193,000 | 12,255,000 | 34,340,000 | 11,300,000 | 2,182,000 | 4,590,000 | |||||||||||||||||||||||||||||
Finite-lived intangible assets amortization period | 10 years | 10 years | 7 years | 2 years | 2 years | 3 years | 3 years | 1 year | 1 year | 15 years | 15 years | 17 years | 17 years | 3 years | 5 years | ||||||||||||||||||||
Long-term debt assumed | 132,574,000 | ||||||||||||||||||||||||||||||||||
Repayments of Assumed Debt | 117,400,000 | 0 | 0 | 107,665,000 | 9,735,000 | ||||||||||||||||||||||||||||||
Notes payable | $97,599,000 |
Acquisitions_Acquired_Assets_a
Acquisitions - Acquired Assets and Assumed Liabilities (Details) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 | Aug. 29, 2014 | Oct. 07, 2013 |
Business Acquisition [Line Items] | |||||
Payments for (Proceeds from) Investments | ($64,380) | $0 | $0 | ||
Goodwill | 723,120 | 626,392 | 433,300 | ||
DBA Lux Holding S.A. [Member] | |||||
Business Acquisition [Line Items] | |||||
Cash and cash equivalents | 38,875 | ||||
Trade accounts receivable, net | 121,169 | ||||
Inventories | 245,161 | ||||
Property, net | 104,868 | ||||
Trademarks and other identifiable intangibles, net | 365,104 | ||||
Other noncurrent assets | 5,755 | ||||
Total assets acquired | 1,001,253 | ||||
Accounts payables | 79,785 | ||||
Deferred tax liabilities, noncurrent | 106,720 | ||||
Other noncurrent liabilities | 100,621 | ||||
Total liabilities assumed | 703,277 | ||||
Net assets acquired | 297,976 | ||||
Goodwill | 101,338 | ||||
Purchase price | 399,314 | ||||
Business Combination, Acquired Assets and Liabilities Assumed, Deferred Tax Assets, Current | 7,968 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other | 106,489 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets Noncurrent | 5,864 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other | 181,626 | ||||
Notes payable | 97,599 | ||||
Business Combination, Acquired Assets and Assumed Liabilities, Deferred Tax Liabilities, Current | 4,352 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-term Debt | 123,891 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | 8,683 | ||||
Maidenform Brands, Inc [Member] | |||||
Business Acquisition [Line Items] | |||||
Cash and cash equivalents | 20,650 | ||||
Trade accounts receivable, net | 86,794 | ||||
Inventories | 125,179 | ||||
Other current assets | 29,860 | ||||
Property, net | 14,528 | ||||
Trademarks and other identifiable intangibles, net | 270,430 | ||||
Other noncurrent assets | 9,153 | ||||
Total assets acquired | 556,594 | ||||
Accounts payables | 34,101 | ||||
Accrued liabilities and other | 13,302 | ||||
Deferred tax liabilities, noncurrent | 118,189 | ||||
Other noncurrent liabilities | 8,429 | ||||
Total liabilities assumed | 174,021 | ||||
Net assets acquired | 382,573 | ||||
Goodwill | 197,932 | ||||
Purchase price | $580,505 |
Acquisitions_Pro_Forma_Informa
Acquisitions - Pro Forma Information (Details) (USD $) | 12 Months Ended | 3 Months Ended | ||
Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 28, 2013 | |
Business Acquisition [Line Items] | ||||
Acquisition related costs | $198,933,000 | $80,790,000 | $0 | |
DBA Lux Holding S.A. [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquisition related costs | 35,600,000 | |||
Maidenform Brands, Inc [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquisition related costs | 73,798,000 | |||
Net sales | 5,067,197,000 | |||
Income from continuing operations | 370,469,000 | |||
Earnings per share from continuing operations: | ||||
Basic | $3.71 | |||
Diluted | $3.64 | |||
Pro Forma [Member] | DBA Lux Holding S.A. [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquisition related costs | 32,088,000 | |||
Net sales | 5,872,848,000 | 5,485,144,000 | ||
Income from continuing operations | $427,296,000 | $349,514,000 | ||
Earnings per share from continuing operations: | ||||
Basic | $4.25 | $3.50 | ||
Diluted | $4.19 | $3.43 |
Earnings_Per_Share_Reconciliat
Earnings Per Share - Reconciliation of Basic to Diluted Weighted Average Shares (Detail) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Jan. 03, 2015 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
Disclosure Earnings Per Share Reconciliation Of Basic To Diluted Weighted Average Shares [Abstract] | |||||||||||
Basic weighted average shares outstanding | 100,829 | 100,598 | 100,480 | 100,391 | 100,159 | 100,066 | 99,855 | 99,369 | 100,575 | 99,859 | 98,709 |
Effect of potentially dilutive securities: | |||||||||||
Stock options | 1,113 | 1,536 | 1,245 | ||||||||
Restricted stock units | 323 | 427 | 314 | ||||||||
Employee stock purchase plan and other | 0 | 1 | 1 | ||||||||
Diluted weighted average shares outstanding | 102,100 | 102,131 | 102,057 | 101,969 | 101,881 | 101,987 | 102,013 | 101,460 | 102,011 | 101,823 | 100,269 |
Earnings_Per_Share_Additional_
Earnings Per Share - Additional Information (Detail) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
Common Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options to Purchase shares of Common Stock | 0 | ||
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options to Purchase shares of Common Stock | 94 | 206 | 263 |
Stock_Based_Compensation_Addit
Stock Based Compensation - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Generally vesting period of Options granted and Restricted stock Units | 3 years | ||
Period of exercise of Option granted to date | 10 years | ||
Option vested | 0 | 63 | 1,704 |
The total intrinsic value of options that were exercised | $86,843 | $95,380 | $6,800 |
Total of actual tax benefit realized for the tax deductions from option exercise of the share-based payment arrangements | 70,196 | 56,679 | 5,998 |
Total compensation expense, recognized | 30,230 | 23,845 | 20,183 |
Stock's fair market value on the purchase date for purchase price of shares, percentage | 85.00% | ||
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fair value of shares vested | 17,831 | 16,933 | 9,824 |
Minimum percentage of target of granted performance-based restricted stock units | 0.00% | ||
Maximum percentage of target of granted performance-based restricted stock units | 200.00% | ||
Deferred tax benefit, recognized | 11,757 | 11,045 | 7,915 |
Total unrecognized compensation cost related to non-vested stock-based compensation arrangements | 17,506 | ||
Unrecognized compensation cost expected to be recognized in 2012 | 12,406 | ||
Unrecognized compensation cost expected to be recognized in 2013 | 3,837 | ||
Unrecognized compensation cost expected to be recognized in 2014 | 1,255 | ||
Restricted Stock Units (RSUs) [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Period of Restricted Stock Units to generally vest | 1 year | ||
Restricted Stock Units (RSUs) [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Period of Restricted Stock Units to generally vest | 3 years | ||
Share Based Compensation Arrangement [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common stock shares may be purchased by eligible employees | 15,805 | ||
Number of shares available for Future grants | 3,210 | ||
Employee Stock Purchase Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total compensation expense, recognized | $345 | $333 | $313 |
Common stock shares may be purchased by eligible employees | 2,442 | ||
Number of shares available for Future grants | 1,779 | ||
Shares purchased by eligible employees | 26 | 40 | 73 |
Stock_Based_Compensation_Summa
Stock Based Compensation - Summary of Changes in Stock Options Outstanding to Company's Employees Under Hanesbrands Omnibus Incentive Plan (Detail) (USD $) | 12 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 | Jan. 01, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Options outstanding, Shares, Beginning Balance | 2,778 | 4,857 | ||
Exercised, Shares | -950 | -2,077 | -448 | |
Forfeited, Shares | -5 | -2 | -9 | |
Options outstanding, Shares, Ending Balance | 1,823 | 2,778 | 4,857 | 5,314 |
Options exercisable, Shares, Ending Balance | 1,823 | |||
Options outstanding,Weighted-Average Exercise Price, Beginning Balance | $22.12 | $22.68 | ||
Weighted-Average Exercise Price, Exercised | $19.29 | $23.42 | $19.79 | |
Weighted-Average Exercise Price, Forfeited | $22.37 | $22.37 | $23.73 | |
Options outstanding, Weighted Average Exercise Price, Ending Balance | $23.67 | $22.12 | $22.68 | $22.42 |
Weighted-Average Exercise Price, Exercisable | $23.67 | |||
Options Outstanding, Aggregate Intrinsic Value, Beginning Balance | $158,469 | $131,219 | $59,744 | $7,202 |
Options Outstanding, Aggregate Intrinsic Value, Ending Balance | $158,469 | |||
Option Outstanding, Weighted-Average Remaining Contractual Term (Years) | 3 years 4 months 24 days | 4 years 3 months 22 days | 4 years 10 months 28 days | 5 years 10 months 24 days |
Option Exercisable, Weighted-Average Remaining Contractual Term (Years), Ending Balance | 3 years 4 months 24 days |
Stock_Based_Compensation_Summa1
Stock Based Compensation - Summary of Changes in Restricted Stock Unit Awards Outstanding Under Hanesbrands Omnibus Incentive Plan (Detail) (USD $) | 12 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 | Jan. 01, 2011 |
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Nonvested share units outstanding, Beginning Balance | 1,193 | 1,406 | ||
Vested, Shares | -591 | -606 | -400 | |
Forfeited, Shares | -87 | -32 | -42 | |
Nonvested share units outstanding, Ending Balance | 854 | 1,193 | 1,406 | 1,225 |
Weighted Average Grant Date Fair Value, Share units, Beginning Balance | $40.23 | $28.76 | ||
Weighted Average Grant Date Fair Value, Vested | $30.15 | $27.95 | $24.56 | |
Weighted Average Grant Date Fair Value, Forfeited | $37.47 | $28.17 | $25.38 | |
Weighted Average Grant Date Fair Value, Share units, Ending Balance | $64.46 | $40.23 | $28.76 | $24.61 |
Aggregate Intrinsic Value | $94,521 | $82,742 | $49,188 | $26,782 |
Weighted-Average Remaining Contractual Term (Years), Beginning | 1 year 8 months 16 days | 1 year 9 months 15 days | 1 year 11 months 27 days | 2 years 4 months 13 days |
Weighted-Average Remaining Contractual Term (Years), Ending | 1 year 8 months 16 days | 1 year 9 months 15 days | 1 year 11 months 27 days | 2 years 4 months 13 days |
Non-Performanced Based [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Granted, Shares | 122 | 201 | 335 | |
Granted, Weighted Average Grant Date Fair Value | $109.05 | $67.37 | $35.62 | |
Performanced Based [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Granted, Shares | 217 | 224 | 288 | |
Granted, Weighted Average Grant Date Fair Value | $68.16 | $52.93 | $32.20 |
Trade_Accounts_Receivable_Allo
Trade Accounts Receivable - Allowances for Trade Accounts Receivable (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||
Beginning Balance | $13,336 | $14,940 | $17,418 |
Charged to expenses | 25,389 | 6,733 | 8,317 |
Deductions and write-offs | -21,869 | -8,337 | -10,795 |
Ending Balance | 16,856 | 13,336 | 14,940 |
Allowance for Doubtful Accounts [Member] | |||
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||
Beginning Balance | 5,286 | 6,187 | 8,724 |
Charged to expenses | 7,230 | 1,445 | 747 |
Deductions and write-offs | -4,399 | -2,346 | -3,284 |
Ending Balance | 8,117 | 5,286 | 6,187 |
Allowance for Charge backs and other Deductions [Member] | |||
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||
Beginning Balance | 8,050 | 8,753 | 8,694 |
Charged to expenses | 18,159 | 5,288 | 7,570 |
Deductions and write-offs | -17,470 | -5,991 | -7,511 |
Ending Balance | $8,739 | $8,050 | $8,753 |
Trade_Accounts_Receivable_Addi
Trade Accounts Receivable - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
Disclosure Trade Accounts Receivable Additional Information [Abstract] | |||
Funding fees for sales of accounts receivable | $2,599 | $2,636 | $3,136 |
Inventories_Inventories_Detail
Inventories - Inventories (Detail) (USD $) | Jan. 03, 2015 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Disclosure Inventories Inventories [Abstract] | ||
Raw materials | $207,647 | $170,524 |
Work in process | 164,686 | 142,713 |
Finished goods | 1,164,867 | 970,094 |
Total Inventories | $1,537,200 | $1,283,331 |
Property_Net_Summary_of_Proper
Property, Net - Summary of Property (Detail) (USD $) | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | |||
Disclosure Property Net Summary Of Property [Abstract] | |||
Land | $48,109 | $28,895 | |
Buildings and improvements | 541,096 | 477,167 | |
Machinery and equipment | 891,345 | 872,038 | |
Construction in progress | 51,440 | 20,855 | |
Capital leases | 6,054 | 4,031 | |
Property, gross | 1,538,044 | 1,402,986 | |
Less accumulated depreciation | 863,665 | 823,103 | |
Property, net | $674,379 | $579,883 | $596,158 |
Notes_Payable_Summary_of_Short
Notes Payable - Summary of Short Term Obligations (Detail) (USD $) | Jan. 03, 2015 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Line of Credit Facility [Line Items] | ||
Principal amount | $144,438 | $36,192 |
Revolving Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Principal amount | 144,438 | 36,192 |
Revolving Facility [Member] | El Salvador [Member] | ||
Line of Credit Facility [Line Items] | ||
Interest rate | 3.00% | |
Principal amount | 30,000 | 30,000 |
Revolving Facility [Member] | Philippines [Member] | ||
Line of Credit Facility [Line Items] | ||
Interest rate | 5.35% | |
Principal amount | 1,409 | 1,417 |
Revolving Facility [Member] | China [Member] | ||
Line of Credit Facility [Line Items] | ||
Interest rate | 6.25% | |
Principal amount | 6,929 | 4,775 |
Revolving Facility [Member] | Australia [Member] | ||
Line of Credit Facility [Line Items] | ||
Interest rate | 4.50% | |
Principal amount | 409 | 0 |
Revolving Facility [Member] | DBA Lux Holding S.A. [Member] | ||
Line of Credit Facility [Line Items] | ||
Interest rate | 2.07% | |
Principal amount | $105,691 | $0 |
Notes_Payable_Additional_Infor
Notes Payable - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
Notes Payable [Line Items] | |||
Total interest paid on notes payable | $85,512 | $96,434 | $124,427 |
Revolving Facility [Member] | Notes Payable to Banks [Member] | |||
Notes Payable [Line Items] | |||
Total borrowing availability | 200,327 | 104,889 | |
Total interest paid on notes payable | $672 | $567 | $4,014 |
Debt_Debt_Detail
Debt - Debt (Detail) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 | Nov. 09, 2010 |
Debt Instrument [Line Items] | ||||
Interest rate | 6.38% | 6.38% | ||
Principal Amount | $1,839,314 | $1,648,790 | ||
Less current maturities | 225,317 | 181,790 | ||
Long-term debt non current | 1,613,997 | 1,467,000 | ||
Revolving Loan Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 1.88% | |||
Principal Amount | 176,500 | 467,000 | ||
Maturity Date | Jul-18 | |||
6.375% Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 6.38% | 6.38% | 6.38% | 6.38% |
Interest rate | 6.38% | |||
Principal Amount | 1,000,000 | 1,000,000 | ||
Maturity Date | December 2020 | |||
Accounts Receivable Securitization Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 1.22% | |||
Principal Amount | 210,963 | 181,790 | ||
Maturity Date | Mar-15 | |||
8% Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 8.00% | 8.00% | 8.00% | |
Principal Amount | $14,898 | $0 |
Debt_Additional_Information_De
Debt - Additional Information (Detail) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 | Jan. 01, 2011 | Nov. 09, 2010 |
Debt Instrument [Line Items] | |||||
Principal Amount | $1,839,314 | $1,648,790 | |||
Interest rate | 6.38% | 6.38% | |||
Cash paid for interest related to debt | 85,512 | 96,434 | 124,427 | ||
Extension of maturity, End date | 23-Jul-18 | ||||
Rate at which margin rate will step down | 0.25% | ||||
Maximum senior secured leverage ratio pursuant to amendment of senior secured credit facility | 2.5 | ||||
Maximum ratio of senior secured indebtedness to leverage ratio original | 3.25 | ||||
Minimum leverage ratio original | 3.75 | ||||
Increased leverage ratio pursuant to amendment of senior secured credit facility | 4 | ||||
Carrying value of unamortized debt issuance costs | 30,597 | ||||
Outstanding under Account receivable securitization facility | 210,963 | 181,790 | |||
Trade accounts receivable less allowances | 672,048 | 578,558 | |||
Future principal payment, 2014 | 225,317 | ||||
Future principal payment, 2015 | 5,885 | ||||
Future principal payment, 2016 | 0 | ||||
Future principal payment, 2017 | 0 | ||||
Future principal payment, 2018 | 4,391 | ||||
Future principal payment, 2020 | 1,414,997 | ||||
Amortization of debt issuance costs | 6,011 | 6,921 | 9,168 | ||
Write-off on early extinguishment of debt | 0 | -4,865 | -9,559 | ||
Senior Secured Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Trade letters of credit issued | 16,824 | ||||
Voting securities of first tier foreign subsidiaries granted under Security interest | 65.00% | ||||
Variable rate on base rate | 0.50% | ||||
Leverage ratio minimum for determining maximum margin ranges | 4 | ||||
8% Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal Amount | 14,898 | 0 | |||
Interest rate | 8.00% | 8.00% | 8.00% | ||
Premiums and an acceleration of unamortized debt issue cost | 33,906 | ||||
6.375% Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal Amount | 1,000,000 | 1,000,000 | |||
Interest rate | 6.38% | 6.38% | 6.38% | 6.38% | |
Interest rate | 6.38% | ||||
Debt Instrument, Face Amount | 1,000,000 | ||||
Maturity Date | 15-Dec-20 | ||||
Proceeds from sale of senior notes | 979,000 | ||||
6.375% Senior Notes [Member] | Dec 15, 2016 [Member] | |||||
Debt Instrument [Line Items] | |||||
Premium on redemption of notes | 2.13% | ||||
6.375% Senior Notes [Member] | Dec 15, 2017 [Member] | |||||
Debt Instrument [Line Items] | |||||
Premium on redemption of notes | 1.06% | ||||
6.375% Senior Notes [Member] | Dec 15, 2015 [Member] | |||||
Debt Instrument [Line Items] | |||||
Premium on redemption of notes | 3.19% | ||||
6.375% Senior Notes [Member] | Dec 15, 2013 [Member] | |||||
Debt Instrument [Line Items] | |||||
Redemption price of notes equal to specific percentage of principal amount | 100.00% | ||||
Revolving Loan Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal Amount | 176,500 | 467,000 | |||
Interest rate | 1.88% | ||||
Revolving Loan Facility [Member] | Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Variable rate on base rate | 0.25% | ||||
Revolving Loan Facility [Member] | Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Variable rate on base rate | 0.35% | ||||
Revolving Loan Facility [Member] | Senior Secured Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal Amount | 176,500 | ||||
Remaining capacity under senior secured credit facility | 906,676 | ||||
Interest rate | 1.88% | ||||
LIBOR Based Loan [Member] | |||||
Debt Instrument [Line Items] | |||||
Margin rate Maximum | 2.25% | ||||
Margin rate Minimum | 1.50% | ||||
Base Rate Loan [Member] | |||||
Debt Instrument [Line Items] | |||||
Margin rate Maximum | 1.25% | ||||
Margin rate Minimum | 0.50% | ||||
Senior Secured Credit Facility [Member] | Leverage Ratio Range One [Member] | |||||
Debt Instrument [Line Items] | |||||
Leverage Ratio | 4 | ||||
Applicable commitment fee margin | 0.35% | ||||
Senior Secured Credit Facility [Member] | Leverage Ratio Range Two [Member] | |||||
Debt Instrument [Line Items] | |||||
Leverage Ratio | 3.25 | ||||
Applicable commitment fee margin | 0.30% | ||||
Senior Secured Credit Facility [Member] | Leverage Ratio Range Three [Member] | |||||
Debt Instrument [Line Items] | |||||
Leverage Ratio | 3.25 | ||||
Applicable commitment fee margin | 0.25% | ||||
Accounts Receivable Securitization Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal Amount | 210,963 | 181,790 | |||
Interest rate | 1.22% | ||||
Accounts receivable securitization facility current borrowing capacity | 225,000 | ||||
Average blended interest rate for outstanding balances | 1.22% | ||||
Trade accounts receivable less allowances | 320,117 | ||||
Accounts Receivable Securitization Facility [Member] | Senior Secured Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Capitalized debt issuance cost | 5,560 | 5,630 | 2,353 | ||
Floating Rate Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Write-off on early extinguishment of debt | ($3,272) | ||||
London Interbank Offered Rate (LIBOR) [Member] | Senior Secured Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Variable rate on base rate | 1.00% |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
Disclosure Commitments And Contingencies Additional Information [Abstract] | |||
Rental expense under operating leases | $89,569 | $75,178 | $72,639 |
Future minimum lease payments under noncancelable operating leases in 2014 | 83,704 | ||
Future minimum lease payments under noncancelable operating leases in 2015 | 74,732 | ||
Future minimum lease payments under noncancelable operating leases in 2016 | 65,788 | ||
Future minimum lease payments under noncancelable operating leases in 2017 | 57,410 | ||
Future minimum lease payments under noncancelable operating leases in 2018 | 42,316 | ||
Future minimum lease payments under noncancelable operating leases thereafter | 114,301 | ||
Royalty expense | 57,072 | 42,075 | 37,593 |
Minimum amounts due under license agreements, 2014 | 22,656 | ||
Minimum amounts due under license agreements, 2015 | 21,639 | ||
Minimum amounts due under license agreements, 2016 | 8,979 | ||
Minimum amounts due under license agreements, 2017 | 9,325 | ||
Minimum amounts due under license agreements, 2018 | 6,919 | ||
Minimum partnership fee, 2014 | 5,558 | ||
Minimum partnership fee, 2015 | 5,558 | ||
Minimum partnership fee, 2016 | 5,558 | ||
Minimum partnership fee, 2017 | $5,558 |
Intangible_Assets_and_Goodwill2
Intangible Assets and Goodwill - Additional Information (Detail) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 | Aug. 29, 2014 | Oct. 07, 2013 |
Goodwill [Line Items] | |||||
Goodwill | $723,120 | $626,392 | $433,300 | ||
Written down of trademark | 0 | 0 | 37,425 | ||
Written down of goodwill | 172 | ||||
Amortization expense for intangibles subject to amortization | 22,225 | 14,765 | 13,526 | ||
Estimated Amortization Expense, 2014 | 23,277 | ||||
Estimated Amortization Expense, 2015 | 16,251 | ||||
Estimated Amortization Expense, 2016 | 15,371 | ||||
Estimated Amortization Expense, 2017 | 15,045 | ||||
Estimated Amortization Expense, 2018 | 15,041 | ||||
Trademarks [Member] | |||||
Goodwill [Line Items] | |||||
Written down of trademark | 37,253 | ||||
DBA Lux Holding S.A. [Member] | |||||
Goodwill [Line Items] | |||||
Goodwill | 101,338 | ||||
Maidenform Brands, Inc [Member] | |||||
Goodwill [Line Items] | |||||
Goodwill | 197,932 | ||||
Working Capital [Member] | DBA Lux Holding S.A. [Member] | |||||
Goodwill [Line Items] | |||||
Goodwill, Purchase Accounting Adjustments | 7,453 | ||||
Deferred Taxes [Member] | Maidenform Brands, Inc [Member] | |||||
Goodwill [Line Items] | |||||
Goodwill, Purchase Accounting Adjustments | $4,606 |
Intangible_Assets_and_Goodwill3
Intangible Assets and Goodwill - Intangible Assets and Related Accumulated Amortization (Detail) (USD $) | Jan. 03, 2015 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Gross | $348,968 | $304,469 |
Accumulated Amortization | 162,988 | 146,918 |
Net Book Value | 185,980 | 157,551 |
Trademarks and other identifiable intangibles, net | 691,201 | 377,751 |
Trademarks And Brand Names [Member] | ||
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Gross | 135,622 | 136,379 |
Accumulated Amortization | 78,199 | 75,559 |
Net Book Value | 57,423 | 60,820 |
Licensing Agreements [Member] | ||
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Gross | 69,225 | 58,901 |
Accumulated Amortization | 16,122 | 11,501 |
Net Book Value | 53,103 | 47,400 |
Customer and Distributor Relationships [Member] | ||
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Gross | 74,137 | 37,654 |
Accumulated Amortization | 6,463 | 2,430 |
Net Book Value | 67,674 | 35,224 |
Computer Software [Member] | ||
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Gross | 68,164 | 68,254 |
Accumulated Amortization | 60,937 | 56,658 |
Net Book Value | 7,227 | 11,596 |
Other Intangibles [Member] | ||
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Gross | 1,820 | 3,281 |
Accumulated Amortization | 1,267 | 770 |
Net Book Value | 553 | 2,511 |
Trademarks [Member] | ||
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Intangible assets not subject to amortization | 470,501 | 220,200 |
Licensing Agreements [Member] | ||
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Intangible assets not subject to amortization | $34,720 |
Intangible_Assets_and_Goodwill4
Intangible Assets and Goodwill - Goodwill (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 |
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | $626,392 | $433,300 |
Other | -9,216 | -234 |
Acquisition of business | 105,944 | 193,326 |
Goodwill, Ending Balance | 723,120 | 626,392 |
Innerwear [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 427,231 | 245,505 |
Other | 0 | 0 |
Acquisition of business | 4,330 | 181,726 |
Goodwill, Ending Balance | 431,561 | 427,231 |
Outerwear [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 171,214 | 171,214 |
Other | 0 | 0 |
Acquisition of business | 0 | 0 |
Goodwill, Ending Balance | 171,214 | 171,214 |
Direct to Consumer [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 3,155 | 255 |
Other | 0 | 0 |
Acquisition of business | 69 | 2,900 |
Goodwill, Ending Balance | 3,224 | 3,155 |
International [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 24,792 | 16,326 |
Other | -9,216 | -234 |
Acquisition of business | 101,545 | 8,700 |
Goodwill, Ending Balance | $117,121 | $24,792 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss - Rollforward (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 |
Accumulated Other Comprehensive Income (Loss), Tax [Roll Forward] | ||
Beginning Balance, tax | $140,372 | $202,430 |
Amounts reclassified from accumulated other comprehensive loss, tax | -3,709 | -5,874 |
Current-period other comprehensive income (loss) activity, tax | 84,844 | -56,184 |
Ending Balance, tax | 221,507 | 140,372 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning Period, net of tax | -237,017 | -317,613 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 5,595 | 9,144 |
Current-period other comprehensive income (loss) activity, net of tax | -141,167 | 71,452 |
Ending Period, net of tax | -372,589 | -237,017 |
Cumulative translation adjustment [Member] | ||
Accumulated Other Comprehensive Income (Loss), Before Tax [Roll Forward] | ||
Beginning Balance, before tax | -21,928 | -8,334 |
Amounts reclassified from accumulated other comprehensive loss, before tax | 0 | 0 |
Current-period other comprehensive income (loss) activity, before tax | -12,171 | -13,594 |
Ending Balance, before tax | -34,099 | -21,928 |
Foreign exchange contracts [Member] | ||
Accumulated Other Comprehensive Income (Loss), Before Tax [Roll Forward] | ||
Beginning Balance, before tax | 2,042 | 849 |
Amounts reclassified from accumulated other comprehensive loss, before tax | -1,113 | -400 |
Current-period other comprehensive income (loss) activity, before tax | 3,905 | 1,593 |
Ending Balance, before tax | 4,834 | 2,042 |
Defined benefit plans [Member] | ||
Accumulated Other Comprehensive Income (Loss), Before Tax [Roll Forward] | ||
Beginning Balance, before tax | -357,503 | -512,558 |
Amounts reclassified from accumulated other comprehensive loss, before tax | 10,417 | 15,418 |
Current-period other comprehensive income (loss) activity, before tax | -217,745 | 139,637 |
Ending Balance, before tax | ($564,831) | ($357,503) |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Loss (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Jan. 03, 2015 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Cost of sales | ($3,420,339) | ($3,016,109) | ($3,105,674) | ||||||||
Income tax expense (benefit) | -60,449 | -65,307 | -30,502 | ||||||||
Interest expense, net | -96,387 | -101,884 | -136,855 | ||||||||
Selling, general and administrative expenses | -1,340,453 | -1,096,507 | -979,932 | ||||||||
Net income | 89,437 | 118,944 | 154,578 | 41,560 | 32,266 | 125,263 | 121,586 | 51,379 | 404,519 | 330,494 | 164,681 |
Reclassification out of Accumulated Other Comprehensive Income | |||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Net income | 5,595 | 9,144 | 10,118 | ||||||||
Reclassification out of Accumulated Other Comprehensive Income | Amortization of loss on interest rate hedge [Member] | |||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Income tax expense (benefit) | 0 | 0 | -1,371 | ||||||||
Interest expense, net | 0 | 0 | 3,437 | ||||||||
Net income | 0 | 0 | 2,066 | ||||||||
Reclassification out of Accumulated Other Comprehensive Income | Amortization of deferred actuarial loss and prior service cost [Member] | |||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Income tax expense (benefit) | -4,153 | -6,034 | -6,375 | ||||||||
Selling, general and administrative expenses | 10,417 | 15,418 | 15,987 | ||||||||
Net income | 6,264 | 9,384 | 9,612 | ||||||||
Reclassification out of Accumulated Other Comprehensive Income | Foreign Exchange Contract [Member] | Gain (loss) on cash flow hedges [Member] | |||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Cost of sales | -1,113 | -400 | -2,594 | ||||||||
Income tax expense (benefit) | 444 | 160 | 1,034 | ||||||||
Net income | ($669) | ($240) | ($1,560) |
Financial_Instruments_and_Risk2
Financial Instruments and Risk Management - Fair Values of Derivative Instruments (Detail) (USD $) | Jan. 03, 2015 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Derivative [Line Items] | ||
Total derivative assets | $6,407 | $1,002 |
Total derivative liabilities | -109 | -28 |
Net derivative asset | 6,298 | 974 |
Other Current Assets [Member] | Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Total derivative assets | 3,447 | 32 |
Other Current Assets [Member] | Non Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Total derivative assets | 2,960 | 970 |
Accrued Liabilities [Member] | Non Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Total derivative liabilities | -109 | -28 |
Forward Contracts [Member] | Foreign Exchange Contract [Member] | Long [Member] | ||
Derivative [Line Items] | ||
Derivative, notional amount | $9,629 | $9,776 |
Financial_Instruments_and_Risk3
Financial Instruments and Risk Management - Effect of Cash Flow Hedge Derivative Instruments (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Loss (Effective Portion) Year Ended | $3,905 | $1,593 | ($262) |
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion) Year Ended | 1,113 | 400 | -3,484 |
Interest Rate Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Loss (Effective Portion) Year Ended | 0 | 0 | 0 |
Interest Rate Contracts [Member] | Interest expense, net [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion) Year Ended | 0 | 0 | -2,560 |
Interest Rate Contracts [Member] | Other expenses [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion) Year Ended | 0 | 0 | -877 |
Foreign Exchange Contract [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Loss (Effective Portion) Year Ended | 3,905 | 1,593 | -262 |
Foreign Exchange Contract [Member] | Cost of sales [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion) Year Ended | $1,113 | $400 | ($47) |
Financial_Instruments_and_Risk4
Financial Instruments and Risk Management - Effect of Mark to Market Hedge Derivative Instruments on Condensed Consolidated Statements of Income (Detail) (Selling, General and Administrative Expenses [Member], Foreign Exchange Contract [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
Selling, General and Administrative Expenses [Member] | Foreign Exchange Contract [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments, Gain (Loss) Recognized in Income | ($1,188) | $458 | ($3,757) |
Financial_Instruments_and_Risk5
Financial Instruments and Risk Management Financial Instruments and Risk Management - Additional Information (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 |
Derivative [Line Items] | ||
Amount expected to be reclassified into earnings | ($6,255) | |
Short [Member] | Foreign Exchange Contract [Member] | Forward Contracts [Member] | ||
Derivative [Line Items] | ||
Derivative, notional amount | $163,873 | $92,577 |
Fair_Value_of_Assets_and_Liabi2
Fair Value of Assets and Liabilities - Additional Information (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 |
Disclosure Fair Value Of Assets And Liabilities Additional Information [Abstract] | ||
Minimum notification period for hedge fund of funds and real estate investments | 45 days | |
Maximum notification period for hedge fund of funds and real estate investments | 90 days | |
Fair value of debt | $1,893,514 | $1,744,115 |
Carrying value of debt | $1,839,314 | $1,648,790 |
Fair_Value_of_Assets_and_Liabi3
Fair Value of Assets and Liabilities - Fair Value of Financial Assets and Liabilities Measured on Recurring Basis (Detail) (USD $) | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefit pension plan investment assets | $787,998 | $739,579 | $643,768 |
Total derivative assets | 6,407 | 1,002 | |
Total derivative liabilities | -109 | -28 | |
Net derivative asset | 6,298 | 974 | |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefit pension plan investment assets | 192,935 | 216,057 | |
Total derivative assets | 0 | 0 | |
Total derivative liabilities | 0 | 0 | |
Net derivative asset | 0 | 0 | |
Deferred Compensation Plan, Fair Value of Plan Liability | 0 | 0 | |
Net effect of financial asset less financial liability | 192,935 | 216,057 | |
Fair Value, Inputs, Level 1 [Member] | Hedge Funds [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefit pension plan investment assets | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | U.S. Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefit pension plan investment assets | 124,136 | 140,880 | |
Fair Value, Inputs, Level 1 [Member] | Foreign Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefit pension plan investment assets | 44,684 | 50,661 | |
Fair Value, Inputs, Level 1 [Member] | Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefit pension plan investment assets | 19,872 | 18,644 | |
Fair Value, Inputs, Level 1 [Member] | Real Estate [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefit pension plan investment assets | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | Commodities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefit pension plan investment assets | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | Cash and Other [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefit pension plan investment assets | 4,243 | 5,872 | |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefit pension plan investment assets | 248,690 | 208,039 | |
Total derivative assets | 6,407 | 1,002 | |
Total derivative liabilities | -109 | -28 | |
Net derivative asset | 6,298 | 974 | |
Deferred Compensation Plan, Fair Value of Plan Liability | -28,289 | -17,036 | |
Net effect of financial asset less financial liability | 226,699 | 191,977 | |
Fair Value, Inputs, Level 2 [Member] | Hedge Funds [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefit pension plan investment assets | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | U.S. Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefit pension plan investment assets | 29,192 | 27,902 | |
Fair Value, Inputs, Level 2 [Member] | Foreign Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefit pension plan investment assets | 72,871 | 77,152 | |
Fair Value, Inputs, Level 2 [Member] | Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefit pension plan investment assets | 128,181 | 87,578 | |
Fair Value, Inputs, Level 2 [Member] | Real Estate [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefit pension plan investment assets | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | Commodities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefit pension plan investment assets | 12,649 | 15,407 | |
Fair Value, Inputs, Level 2 [Member] | Cash and Other [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefit pension plan investment assets | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefit pension plan investment assets | 346,373 | 315,483 | |
Total derivative assets | 0 | 0 | |
Total derivative liabilities | 0 | 0 | |
Net derivative asset | 0 | 0 | |
Deferred Compensation Plan, Fair Value of Plan Liability | 0 | 0 | |
Net effect of financial asset less financial liability | 346,373 | 315,483 | |
Fair Value, Inputs, Level 3 [Member] | Hedge Funds [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefit pension plan investment assets | 305,499 | 281,908 | 253,391 |
Fair Value, Inputs, Level 3 [Member] | Hedge Funds [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefit pension plan investment assets | 305,499 | 281,908 | |
Fair Value, Inputs, Level 3 [Member] | U.S. Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefit pension plan investment assets | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Foreign Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefit pension plan investment assets | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefit pension plan investment assets | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Real Estate [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefit pension plan investment assets | 40,874 | 33,575 | 32,584 |
Fair Value, Inputs, Level 3 [Member] | Real Estate [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefit pension plan investment assets | 40,874 | 33,575 | |
Fair Value, Inputs, Level 3 [Member] | Commodities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefit pension plan investment assets | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Cash and Other [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefit pension plan investment assets | $0 | $0 |
Fair_Value_of_Assets_and_Liabi4
Fair Value of Assets and Liabilities - Summary of Changes in Fair Value of Level 3 Investment Assets (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 |
Defined Benefit Plan Disclosure [Line Items] | ||
Beginning of year | $739,579 | $643,768 |
Actual return on assets | 30,703 | 86,524 |
End of year | 787,998 | 739,579 |
Hedge Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Beginning of year | 281,908 | 253,391 |
Actual return on assets | 13,038 | 31,253 |
Sale of assets | -1,447 | -2,736 |
Purchase of assets | 12,000 | 0 |
End of year | 305,499 | 281,908 |
Real Estate [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Beginning of year | 33,575 | 32,584 |
Actual return on assets | 4,869 | 4,491 |
Sale of assets | -720 | -6,992 |
Purchase of assets | 3,150 | 3,492 |
End of year | $40,874 | $33,575 |
Defined_Benefit_Pension_Plans_1
Defined Benefit Pension Plans - Components of Net Periodic Benefit Cost and Other Amounts Recognized in Other Comprehensive Loss (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
Disclosure Defined Benefit Pension Plans Components Of Net Periodic Benefit Cost And Other Amounts Recognized In Other Comprehensive Loss [Abstract] | |||
Service cost | $1,903 | $1,565 | $1,471 |
Interest cost | 48,768 | 44,174 | 44,276 |
Expected return on assets | -52,515 | -46,777 | -44,708 |
Settlement cost | |||
Amortization of: | 40 | 35 | 31 |
Prior service cost | 10,377 | 15,382 | 15,946 |
Net periodic benefit cost | 8,703 | 14,379 | 17,016 |
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income | |||
Net loss (gain) | 206,756 | -155,314 | -26,633 |
Prior service (credit) cost | -40 | 208 | -31 |
Total loss (gain) recognized in other comprehensive income | 206,716 | -155,106 | -26,664 |
Total recognized in net periodic benefit cost and other comprehensive income | $215,419 | ($140,727) | ($9,648) |
Defined_Benefit_Pension_Plans_2
Defined Benefit Pension Plans - Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 | Feb. 07, 2015 | Dec. 29, 2012 |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||||
Estimated net loss that will be amortized from accumulated other comprehensive loss | $16,315 | |||
Estimated prior service credit that will be amortized from accumulated other comprehensive loss | 22 | |||
Target asset allocation period | 5 years | |||
End of year | 787,998 | 739,579 | 643,768 | |
Expected contribution to pension plan in 2015 | 108,000 | |||
Contribution already made in 2015 | 68,738 | 41,177 | ||
Expected benefit payments, 2014 | 60,380 | |||
Expected benefit payments, 2015 | 59,705 | |||
Expected benefit payments, 2016 | 62,073 | |||
Expected benefit payments, 2017 | 63,976 | |||
Expected benefit payments, 2018 | 66,969 | |||
Expected benefit payments, Thereafter | 347,086 | |||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||||
End of year | 192,935 | 216,057 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||||
End of year | 248,690 | 208,039 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||||
End of year | 346,373 | 315,483 | ||
Subsequent Event [Member] | ||||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||||
Contribution already made in 2015 | $100,000 |
Defined_Benefit_Pension_Plans_3
Defined Benefit Pension Plans - Funded Status of Company's Defined Benefit Pension Plans (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
Benefit obligation: | |||
Beginning of year | $1,000,065 | $1,085,177 | |
Service cost | 1,903 | 1,565 | 1,471 |
Interest cost | 48,768 | 44,483 | |
Plan amendment | 0 | 244 | |
Benefits paid | -53,348 | -52,829 | |
Impact of exchange rate change | -9,910 | -3,198 | |
Business combination | 72,279 | 24,403 | |
Actuarial loss (gain) | 197,665 | -99,780 | |
End of year | 1,255,216 | 1,000,065 | 1,085,177 |
Fair value of plan assets: | |||
Beginning of year | 739,579 | 643,768 | |
Actual return on plan assets | 30,703 | 86,524 | |
Employer contributions | 68,738 | 41,177 | |
Benefits paid | -53,348 | -52,829 | |
Business combination | 6,378 | 22,721 | |
Impact of exchange rate change | -2,843 | -1,782 | |
End of year | 787,998 | 739,579 | 643,768 |
Funded status | ($467,218) | ($260,486) |
Defined_Benefit_Pension_Plans_4
Defined Benefit Pension Plans - Accumulated Benefit Obligation and Fair Value of Plan Assets with Accumulated Benefit Obligations in Excess of Plan Assets (Detail) (USD $) | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | |||
Disclosure Defined Benefit Pension Plans Accumulated Benefit Obligation And Fair Value Of Plan Assets With Accumulated Benefit Obligations In Excess Of Plan Assets [Abstract] | |||
Benefit obligation | $1,255,216 | $1,000,065 | $1,085,177 |
Plans with benefit obligation in excess of plan assets: | |||
Fair value of plan assets | $785,524 | $739,579 |
Defined_Benefit_Pension_Plans_5
Defined Benefit Pension Plans - Amounts Recognized in Company's Consolidated Balance Sheets (Detail) (USD $) | Jan. 03, 2015 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Disclosure Defined Benefit Pension Plans Amounts Recognized In Companys Consolidated Balance Sheets [Abstract] | ||
Current liabilities | ($5,142) | ($3,289) |
Noncurrent liabilities | -462,076 | -257,197 |
Accumulated other comprehensive loss | ($565,534) | ($358,818) |
Defined_Benefit_Pension_Plans_6
Defined Benefit Pension Plans - Amounts Recognized in Accumulated Other Comprehensive Loss (Detail) (USD $) | Jan. 03, 2015 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Disclosure Defined Benefit Pension Plans Amounts Recognized In Accumulated Other Comprehensive Loss [Abstract] | ||
Prior service cost | $248 | $288 |
Actuarial loss | 565,286 | 358,530 |
Accumulated other comprehensive loss | $565,534 | $358,818 |
Defined_Benefit_Pension_Plans_7
Defined Benefit Pension Plans - Weighted Average Actuarial Assumptions Used in Measuring Net Periodic Benefit Cost and Plan Obligation (Detail) | 12 Months Ended | |||||
Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 | ||||
Net periodic benefit cost: | ||||||
Discount rate | 4.96% | 4.17% | 4.20% | |||
Long-term rate of return on plan assets | 6.90% | 7.29% | 7.58% | |||
Rate of compensation increase | 3.74% | [1] | 3.74% | [1] | 3.75% | [1] |
Plan obligations: | ||||||
Discount rate | 4.04% | 4.96% | 4.17% | |||
Rate of compensation increase | 3.50% | [1] | 3.74% | [1] | 3.74% | [1] |
[1] | The compensation increase assumption applies to the international plans and portions of the nonqualified retirement plans, as benefits under these plans were not frozen at January 3, 2015, December 28, 2013 and December 29, 2012. |
Defined_Benefit_Pension_Plans_8
Defined Benefit Pension Plans - Allocation of Pension Plan Assets (Detail) | Jan. 03, 2015 | Dec. 28, 2013 |
Hedge Funds [Member] | ||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||
Pension plan assets allocation percentage | 38.00% | 38.00% |
U.S. Equity Securities [Member] | ||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||
Pension plan assets allocation percentage | 19.00% | 23.00% |
Debt Securities [Member] | ||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||
Pension plan assets allocation percentage | 19.00% | 14.00% |
Foreign Equity Securities [Member] | ||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||
Pension plan assets allocation percentage | 15.00% | 17.00% |
Real Estate [Member] | ||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||
Pension plan assets allocation percentage | 5.00% | 5.00% |
Commodity [Member] | ||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||
Pension plan assets allocation percentage | 2.00% | 2.00% |
Cash and Cash Equivalents [Member] | ||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||
Pension plan assets allocation percentage | 1.00% | 1.00% |
Income_Taxes_Provision_for_Inc
Income Taxes - Provision for Income Tax Computed by Applying U.S. Statutory Rate to Income Before Taxes as Reconciled to Actual Provisions (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
Disclosure Income Taxes Provision For Income Tax Computed By Applying U S Statutory Rate To Income Before Taxes As Reconciled To Actual Provisions [Abstract] | |||
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate,EPS | $0.05 | $0.05 | $0.05 |
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | $5,000 | $5,000 | $5,000 |
Domestic | 13.60% | 21.50% | -5.80% |
Foreign | 86.40% | 78.50% | 105.80% |
Total | 100.00% | 100.00% | 100.00% |
Tax expense at U.S. statutory rate | 35.00% | 35.00% | 35.00% |
State income taxes | 0.60% | 0.40% | 0.30% |
Tax on remittance of foreign earnings | 0.80% | 2.50% | 3.10% |
Foreign taxes less than U.S. statutory rate | -24.00% | -19.60% | -24.30% |
Employee benefits | 0.50% | 1.00% | 0.90% |
Change in valuation allowance | 2.10% | 0.50% | 0.30% |
Release of unrecognized tax benefit reserves | -1.70% | -2.30% | -3.80% |
Other, net | -0.30% | -1.00% | 0.10% |
Taxes at effective worldwide tax rates | 13.00% | 16.50% | 11.60% |
Income_taxes_Current_and_Defer
Income taxes - Current and Deferred Tax Provisions (Benefits) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
Disclosure Income Taxes Current And Deferred Tax Provisions Benefits [Abstract] | |||
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | $5,000 | $5,000 | $5,000 |
Domestic, current | 41,608 | 24,166 | 21,222 |
Foreign, current | 24,290 | 22,037 | 29,053 |
State, current | 6,951 | 4,488 | 1,027 |
Current Total | 72,849 | 50,691 | 51,302 |
Deferred, Domestic | -10,517 | 16,310 | -21,555 |
Deferred, Foreign | 3,663 | -590 | -2,022 |
Deferred, State | -5,546 | -1,104 | 2,777 |
Deferred, Total | -12,400 | 14,616 | -20,800 |
Total, Domestic | 31,067 | 40,476 | -333 |
Total, Foreign | 27,977 | 21,447 | 27,031 |
Total, State | 1,405 | 3,384 | 3,804 |
Total, Current and deferred tax provisions (benefits) | $60,449 | $65,307 | $30,502 |
Income_Taxes_Cash_Tax_Payments
Income Taxes - Cash Tax Payments Made by Company Primarily in Foreign Jurisdictions (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
Disclosure Income Taxes Cash Tax Payments Made By Company Primarily In Foreign Jurisdictions [Abstract] | |||
Cash payments for income taxes | $19,126 | $34,221 | $32,274 |
Income_Taxes_Deferred_Tax_Asse
Income Taxes - Deferred Tax Assets and Liabilities (Detail) (USD $) | Jan. 03, 2015 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ||
Nondeductible reserves | $8,841 | $790 |
Inventories | 124,910 | 102,482 |
Property and equipment | 12,007 | 7,179 |
Intangibles | 0 | 50,355 |
Bad debt allowance | 8,575 | 12,781 |
Accrued expenses | 21,600 | 8,838 |
Employee benefits | 223,554 | 150,391 |
Tax credits | 34,186 | 30,020 |
Net operating loss and other tax carryforwards | 56,482 | 60,724 |
Other | 6,091 | 17,975 |
Gross deferred tax assets | 496,246 | 441,535 |
Less valuation allowances | -43,757 | -32,131 |
Deferred tax assets | 452,489 | 409,404 |
Deferred Tax Liabilities, Net [Abstract] | ||
Derivatives | 1,994 | 873 |
Deferred Tax Liabilities, Intangible Assets | 32,281 | 0 |
Prepaids | 11,076 | 4,798 |
Deferred tax liabilities | 45,351 | 5,671 |
Net deferred tax assets | $407,138 | $403,733 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
Unrecognized Tax Benefits [Line Items] | |||
Valuation allowance for deferred tax assets | $43,757 | $32,131 | |
Document Fiscal Year Focus | 2014 | ||
Net change in the total valuation allowance, including foreign currency fluctuations | 11,626 | ||
Net operating loss carryforwards, approximately, for foreign jurisdictions | 152,110 | ||
Tax credit carryforwards, Total | 34,186 | ||
Years after which tax credit carryforwards expires | beginning after 2020 | ||
Estimated deferred taxes if earnings had not been permanently reinvested | 664,000 | ||
Recognized Benefit Related to Realization of Unrecognized Tax Benefit Resulting from Expiration of Statutes of Limitations | 10,391 | 12,962 | |
Recognized Income Tax Benefit Related To Increase In Research And Development Tax Credit | 6,249 | ||
Reduction of unrecognized tax benefits | 6,300 | ||
Unrecognized tax benefits increase or decrease | 12 months | ||
Tax benefits that may reduce company's annual effective tax rate | 63,110 | ||
Interest and penalties classified as income tax expense in the Consolidated Statement of Income | -636 | -969 | 1,430 |
Interest and penalties accrued related to unrecognized tax benefits | 6,371 | 6,383 | |
Federal [Member] | |||
Unrecognized Tax Benefits [Line Items] | |||
Net operating loss carryforwards | 0 | ||
State [Member] | |||
Unrecognized Tax Benefits [Line Items] | |||
Net operating loss carryforwards | 309,122 | ||
Valuation Allowance, Operating Loss Carryforwards [Member] | |||
Unrecognized Tax Benefits [Line Items] | |||
Valuation allowance for deferred tax assets | 4,598 | ||
Valuation Allowance, Operating Loss Carryforwards [Member] | Foreign Tax Authority [Member] | |||
Unrecognized Tax Benefits [Line Items] | |||
Valuation allowance for deferred tax assets | 35,599 | ||
Net change in the total valuation allowance, including foreign currency fluctuations | 11,626 | ||
Other Foreign Deferred Tax Assets [Member] | |||
Unrecognized Tax Benefits [Line Items] | |||
Valuation allowance for deferred tax assets | $3,560 |
Income_Taxes_Net_Operating_Los
Income Taxes - Net Operating Loss Carryforwards (Detail) (USD $) | Jan. 03, 2015 |
In Thousands, unless otherwise specified | |
Disclosure Income Taxes Net Operating Loss Carryforwards [Abstract] | |
2014 | $3,180 |
2015 | 11,176 |
2016 | 24,078 |
2017 | 19,611 |
2018 | 46,174 |
Thereafter | $47,891 |
Income_Taxes_Reconciliation_of
Income Taxes - Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
Disclosure Income Taxes Reconciliation Of Beginning And Ending Amount Of Unrecognized Tax Benefits [Abstract] | |||
Unrecognized Tax Benefits, Gross | $66,207 | $51,315 | $51,572 |
Beginning Balance | 48,353 | 48,916 | |
Additions based on tax positions related to the current year | 14,703 | 12,377 | |
Reductions for tax positions of prior years | 10,058 | ||
Reductions for tax positions of prior years | -10,004 | -12,940 | |
Ending Balance | $63,110 | $48,353 |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Detail) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Oct. 29, 2013 | Apr. 04, 2013 | Jan. 31, 2014 | Jan. 03, 2015 | Dec. 28, 2013 | Feb. 01, 2007 |
Right | ||||||
Class of Stock [Line Items] | ||||||
Common stock, shares authorized | 500,000,000 | 500,000,000 | ||||
Common stock, par value (in dollars per share) | $0.01 | $0.01 | ||||
Preferred stock, shares authorized | 50,000,000 | 50,000,000 | ||||
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 | ||||
Common stock, shares issued | 100,197,280 | 99,455,478 | ||||
Common stock, shares outstanding | 100,197,280 | 99,455,478 | ||||
Repurchase of common stock, Authority granted | 10,000,000 | |||||
Common Stock, Repurchased | 2,800,000 | |||||
Common stock repurchased, Cost | $74,747 | |||||
Common stock repurchased, Average price | $26.33 | |||||
Number of preferred stock purchase right attached to each share of Company's common stock | 1 | |||||
Number of days following specified condition for rights become exercisable | 10 days | |||||
Minimum percentage of beneficial ownership of common stock for rights become exercisable | 15.00% | |||||
Number of business days following specified condition for rights become exercisable | 10 days | |||||
Value of common stock receivable by each holder of a right on becoming an acquiring person (percent) | 2 | |||||
Value of common stock receivable by each holder of a right in the event of certain business combinations (percent) | 2 | |||||
Redemption Price Per right | $0.00 | |||||
Minimum percentage of beneficial ownership of common stock to become entitled to receive redemption price | 50.00% | |||||
Dividends declared, common stock | $0.20 | $0.20 | $0.30 | |||
Series A Preferred Stock [Member] | ||||||
Class of Stock [Line Items] | ||||||
Preferred stock, shares authorized | 500,000 | |||||
Exercise price per right to purchase Series A preferred stock | $75 |
Discontinued_Operations_Additi
Discontinued Operations - Additional Information (Detail) | 1 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | 31-May-12 | 31-May-12 | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
USD ($) | EUR (€) | USD ($) | USD ($) | USD ($) | |
Disclosure Discontinued Operations Additional Information [Abstract] | |||||
Cash proceeds from sale of division | $13,000 | € 15,000 | |||
Pre-tax loss | 33,000 | 0 | 0 | -32,829 | |
Pre-tax charges | $63,000 |
Discontinued_Operations_Compon
Discontinued Operations - Components of loss from Discontinued Operations (Detail) (USD $) | 1 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | 31-May-12 | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
Division [Line Items] | ||||
Loss on disposal of business | ($33,000) | $0 | $0 | $32,829 |
Net income loss from discontinued operations, net of tax | 0 | 0 | -67,762 | |
European and Domestic Imagewear [Member] | ||||
Division [Line Items] | ||||
Net sales | 89,686 | |||
Cost of sales | 116,798 | |||
Gross loss | -27,112 | |||
Selling, general and administrative expenses | 7,200 | |||
Impairment of intangibles | 37,425 | |||
Operating loss | -71,737 | |||
Interest expense, net | 5 | |||
Loss on disposal of business | 32,829 | |||
Loss from discontinued operations before income tax expense benefit | -104,571 | |||
Income tax benefit | -36,809 | |||
Net income loss from discontinued operations, net of tax | ($67,762) |
Subsequent_Event_Pro_forma_inf
Subsequent Event - Pro forma information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Jan. 03, 2015 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
Subsequent Event [Line Items] | |||||||||||
Net income | $89,437 | $118,944 | $154,578 | $41,560 | $32,266 | $125,263 | $121,586 | $51,379 | $404,519 | $330,494 | $164,681 |
Basic weighted average shares outstanding | 100,829 | 100,598 | 100,480 | 100,391 | 100,159 | 100,066 | 99,855 | 99,369 | 100,575 | 99,859 | 98,709 |
Weighted Average Basic Shares Outstanding, Pro Forma | 403,316 | 402,392 | 401,920 | 401,564 | 400,636 | 400,264 | 399,420 | 397,476 | 402,300 | 399,436 | 394,836 |
Earnings Per Share, Basic | $0.89 | $1.18 | $1.54 | $0.41 | $0.32 | $1.25 | $1.22 | $0.52 | $4.02 | $3.31 | $1.67 |
Basic Earnings Per Share, Pro Forma | $0.22 | $0.30 | $0.38 | $0.10 | $0.08 | $0.31 | $0.30 | $0.13 | $1.01 | $0.83 | $0.42 |
Weighted Average Number of Shares Outstanding, Diluted | 102,100 | 102,131 | 102,057 | 101,969 | 101,881 | 101,987 | 102,013 | 101,460 | 102,011 | 101,823 | 100,269 |
Pro Forma Weighted Average Shares Outstanding, Diluted | 408,400 | 408,056 | 408,228 | 407,876 | 407,524 | 407,948 | 408,052 | 405,840 | 408,044 | 407,292 | 401,076 |
Earnings Per Share, Diluted | $0.88 | $1.16 | $1.51 | $0.41 | $0.32 | $1.23 | $1.19 | $0.51 | $3.97 | $3.25 | $1.64 |
Diluted Earnings Per Share Pro Forma | $0.22 | $0.29 | $0.38 | $0.10 | $0.08 | $0.31 | $0.30 | $0.13 | $0.99 | $0.81 | $0.41 |
Subsequent_Event_Subsequent_Ev
Subsequent Event Subsequent Event (Details) (USD $) | 0 Months Ended | ||
Jan. 27, 2015 | Jan. 03, 2015 | Dec. 28, 2013 | |
Subsequent Event [Line Items] | |||
Common stock, par value (in dollars per share) | $0.01 | $0.01 | |
Common Stock [Member] | Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 4 | ||
Number of additional shares to be received in stock split for each share held | 3 |
Business_Segment_Information_N
Business Segment Information - Net Sales (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Jan. 03, 2015 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
Net sales: | |||||||||||
Net sales | $1,522,596 | $1,400,728 | $1,342,052 | $1,059,370 | $1,285,790 | $1,197,346 | $1,199,205 | $945,461 | $5,324,746 | $4,627,802 | $4,525,721 |
Innerwear [Member] | |||||||||||
Net sales: | |||||||||||
Net sales | 2,707,474 | 2,444,935 | 2,334,006 | ||||||||
Outerwear [Member] | |||||||||||
Net sales: | |||||||||||
Net sales | 1,410,036 | 1,306,936 | 1,318,012 | ||||||||
Direct to Consumer [Member] | |||||||||||
Net sales: | |||||||||||
Net sales | 409,028 | 380,079 | 372,359 | ||||||||
International [Member] | |||||||||||
Net sales: | |||||||||||
Net sales | $798,208 | $495,852 | $501,344 |
Business_Segment_Information_S
Business Segment Information - Segment Operating Profit (Detail) (USD $) | 12 Months Ended | ||
Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 | |
Segment operating profit: | |||
General corporate expenses | ($91,693,000) | ($104,993,000) | ($99,100,000) |
Acquisition, integration and other action related charges | -198,933,000 | -80,790,000 | 0 |
Amortization of intangibles | -22,225,000 | -14,765,000 | -13,526,000 |
Total operating profit | 563,954,000 | 515,186,000 | 440,115,000 |
Other expenses | -2,599,000 | -17,501,000 | -40,315,000 |
Interest expense, net | -96,387,000 | -101,884,000 | -136,855,000 |
Income from continuing operations before income tax expense | 464,968,000 | 395,801,000 | 262,945,000 |
Innerwear [Member] | |||
Segment operating profit: | |||
Total operating profit | 552,507,000 | 467,398,000 | 407,318,000 |
Outerwear [Member] | |||
Segment operating profit: | |||
Total operating profit | 193,952,000 | 170,749,000 | 72,820,000 |
Direct to Consumer [Member] | |||
Segment operating profit: | |||
Total operating profit | 40,367,000 | 34,737,000 | 25,890,000 |
International [Member] | |||
Segment operating profit: | |||
Total operating profit | 89,979,000 | 42,850,000 | 46,713,000 |
Operating Segments [Member] | |||
Segment operating profit: | |||
Total operating profit | $876,805,000 | $715,734,000 | $552,741,000 |
Business_Segment_Information_A
Business Segment Information - Assets (Detail) (USD $) | Jan. 03, 2015 | Dec. 28, 2013 | ||
In Thousands, unless otherwise specified | ||||
Assets: | ||||
Total assets | $5,221,781 | $4,090,048 | ||
Corporate, Non-Segment [Member] | ||||
Assets: | ||||
Total assets | 2,020,072 | [1] | 1,489,004 | [1] |
Operating Segments [Member] | ||||
Assets: | ||||
Total assets | 3,201,709 | 2,601,044 | ||
Operating Segments [Member] | Innerwear [Member] | ||||
Assets: | ||||
Total assets | 1,493,977 | 1,519,555 | ||
Operating Segments [Member] | Outerwear [Member] | ||||
Assets: | ||||
Total assets | 788,610 | 654,049 | ||
Operating Segments [Member] | Direct to Consumer [Member] | ||||
Assets: | ||||
Total assets | 108,278 | 95,428 | ||
Operating Segments [Member] | International [Member] | ||||
Assets: | ||||
Total assets | $810,844 | $332,012 | ||
[1] | Principally cash and equivalents, certain fixed assets, net deferred tax assets, goodwill, trademarks and other identifiable intangibles, and certain other noncurrent assets. |
Business_Segment_Information_D
Business Segment Information - Depreciation and Amortization Expense (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
Depreciation and amortization expense: | |||
Segment depreciation and amortization expense | $98,202 | $90,890 | $92,253 |
Innerwear [Member] | |||
Depreciation and amortization expense: | |||
Segment depreciation and amortization expense | 40,688 | 42,990 | 42,617 |
Outerwear [Member] | |||
Depreciation and amortization expense: | |||
Segment depreciation and amortization expense | 21,314 | 21,827 | 21,907 |
Direct to Consumer [Member] | |||
Depreciation and amortization expense: | |||
Segment depreciation and amortization expense | 6,931 | 7,773 | 9,323 |
International [Member] | |||
Depreciation and amortization expense: | |||
Segment depreciation and amortization expense | 7,044 | 3,535 | 4,154 |
Operating Segments [Member] | |||
Depreciation and amortization expense: | |||
Segment depreciation and amortization expense | 75,977 | 76,125 | 78,001 |
Corporate Segment [Member] | |||
Depreciation and amortization expense: | |||
Segment depreciation and amortization expense | $22,225 | $14,765 | $14,252 |
Business_Segment_Information_A1
Business Segment Information - Additions to Long-Lived Assets (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
Additions to long-lived assets: | |||
Total additions to long-lived assets | $64,311 | $43,627 | $40,991 |
Operating Segments [Member] | |||
Additions to long-lived assets: | |||
Total additions to long-lived assets | 63,397 | 41,058 | 38,789 |
Operating Segments [Member] | Innerwear [Member] | |||
Additions to long-lived assets: | |||
Total additions to long-lived assets | 37,641 | 24,192 | 22,241 |
Operating Segments [Member] | Outerwear [Member] | |||
Additions to long-lived assets: | |||
Total additions to long-lived assets | 13,378 | 11,653 | 11,532 |
Operating Segments [Member] | Direct to Consumer [Member] | |||
Additions to long-lived assets: | |||
Total additions to long-lived assets | 7,641 | 2,188 | 2,962 |
Operating Segments [Member] | International [Member] | |||
Additions to long-lived assets: | |||
Total additions to long-lived assets | 4,737 | 3,025 | 2,054 |
Corporate, Non-Segment [Member] | |||
Additions to long-lived assets: | |||
Total additions to long-lived assets | $914 | $2,569 | $2,202 |
Business_Segment_Information_A2
Business Segment Information - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Jan. 03, 2015 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
Revenue from External Customer [Line Items] | |||||||||||
Worldwide sales by product category | $1,522,596 | $1,400,728 | $1,342,052 | $1,059,370 | $1,285,790 | $1,197,346 | $1,199,205 | $945,461 | $5,324,746 | $4,627,802 | $4,525,721 |
Innerwear Product Category [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Worldwide sales by product category | 3,734 | ||||||||||
Outerwear Product Category [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Worldwide sales by product category | $1,591 | ||||||||||
Wal-Mart [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Percentage sales in the Innerwear and Outerwear segments | 24.00% | ||||||||||
Target [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Percentage sales in the Innerwear and Outerwear segments | 17.00% | ||||||||||
Kohl's [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Percentage sales in the Innerwear and Outerwear segments | 5.00% |
Geographic_Area_Information_Sa
Geographic Area Information - Sales and Long Lived Assets by Geographical Area (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Jan. 03, 2015 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | $1,522,596 | $1,400,728 | $1,342,052 | $1,059,370 | $1,285,790 | $1,197,346 | $1,199,205 | $945,461 | $5,324,746 | $4,627,802 | $4,525,721 |
Long-Lived Assets | 674,379 | 579,883 | 674,379 | 579,883 | 596,158 | ||||||
United States [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 4,525,216 | 4,133,645 | 4,026,139 | ||||||||
Long-Lived Assets | 126,239 | 132,980 | 126,239 | 132,980 | 132,147 | ||||||
Canada [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 140,132 | 142,004 | 129,919 | ||||||||
Long-Lived Assets | 1,316 | 1,561 | 1,316 | 1,561 | 1,943 | ||||||
Japan [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 107,820 | 101,371 | 120,498 | ||||||||
Long-Lived Assets | 524 | 563 | 524 | 563 | 172 | ||||||
Mexico [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 74,698 | 68,379 | 70,482 | ||||||||
Long-Lived Assets | 1,889 | 1,659 | 1,889 | 1,659 | 1,871 | ||||||
Brazil [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 48,462 | 53,062 | 58,972 | ||||||||
Long-Lived Assets | 2,643 | 1,912 | 2,643 | 1,912 | 792 | ||||||
China [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 9,152 | 17,827 | 15,778 | ||||||||
Long-Lived Assets | 116,656 | 132,564 | 116,656 | 132,564 | 144,494 | ||||||
Central America and Caribbean Basin [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 3,832 | 3,568 | 1,604 | ||||||||
Long-Lived Assets | 278,678 | 267,277 | 278,678 | 267,277 | 270,611 | ||||||
Other [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 113,037 | 103,225 | 102,329 | ||||||||
Long-Lived Assets | $54,937 | $40,946 | $54,937 | $40,946 | $44,128 |
Quarterly_Financial_Data_Quart
Quarterly Financial Data - Quarterly Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Jan. 03, 2015 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
Disclosure Quarterly Financial Data Quarterly Information [Abstract] | |||||||||||
Net sales | $1,522,596 | $1,400,728 | $1,342,052 | $1,059,370 | $1,285,790 | $1,197,346 | $1,199,205 | $945,461 | $5,324,746 | $4,627,802 | $4,525,721 |
Gross profit | 545,561 | 497,715 | 504,354 | 356,777 | 427,232 | 421,680 | 435,482 | 327,299 | 1,904,407 | 1,611,693 | 1,420,047 |
Net income | $89,437 | $118,944 | $154,578 | $41,560 | $32,266 | $125,263 | $121,586 | $51,379 | $404,519 | $330,494 | $164,681 |
Basic weighted average shares outstanding | 100,829 | 100,598 | 100,480 | 100,391 | 100,159 | 100,066 | 99,855 | 99,369 | 100,575 | 99,859 | 98,709 |
Weighted Average Number of Shares Outstanding, Diluted | 102,100 | 102,131 | 102,057 | 101,969 | 101,881 | 101,987 | 102,013 | 101,460 | 102,011 | 101,823 | 100,269 |
Earnings per share — basic: | |||||||||||
Continuing operations | $4.02 | $3.31 | $2.35 | ||||||||
Discontinued operations | $0 | $0 | $0.69 | ||||||||
Net income | $0.89 | $1.18 | $1.54 | $0.41 | $0.32 | $1.25 | $1.22 | $0.52 | $4.02 | $3.31 | $1.67 |
Earnings per share — diluted: | |||||||||||
Continuing operations | $3.97 | $3.25 | $2.32 | ||||||||
Discontinued operations | $0 | $0 | ($0.68) | ||||||||
Net income | $0.88 | $1.16 | $1.51 | $0.41 | $0.32 | $1.23 | $1.19 | $0.51 | $3.97 | $3.25 | $1.64 |
Weighted Average Basic Shares Outstanding, Pro Forma | 403,316 | 402,392 | 401,920 | 401,564 | 400,636 | 400,264 | 399,420 | 397,476 | 402,300 | 399,436 | 394,836 |
Pro Forma Weighted Average Shares Outstanding, Diluted | 408,400 | 408,056 | 408,228 | 407,876 | 407,524 | 407,948 | 408,052 | 405,840 | 408,044 | 407,292 | 401,076 |
Basic Earnings Per Share, Pro Forma | $0.22 | $0.30 | $0.38 | $0.10 | $0.08 | $0.31 | $0.30 | $0.13 | $1.01 | $0.83 | $0.42 |
Diluted Earnings Per Share Pro Forma | $0.22 | $0.29 | $0.38 | $0.10 | $0.08 | $0.31 | $0.30 | $0.13 | $0.99 | $0.81 | $0.41 |
Consolidating_Financial_Inform2
Consolidating Financial Information - Additional Information (Detail) (USD $) | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 | Nov. 09, 2010 |
In Thousands, unless otherwise specified | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Interest rate | 6.38% | 6.38% | ||
Owned Operating Division of Parent Company | 100.00% | |||
Guarantor subsidiary, ownership interest | 100.00% | |||
6.375% Senior Notes [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Debt Instrument, face amount | $1,000,000 | |||
Interest rate | 6.38% | 6.38% | 6.38% | 6.38% |
Consolidating_Financial_Inform3
Consolidating Financial Information - Consolidating Statement of Comprehensive Income (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Jan. 03, 2015 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net sales | $1,522,596 | $1,400,728 | $1,342,052 | $1,059,370 | $1,285,790 | $1,197,346 | $1,199,205 | $945,461 | $5,324,746 | $4,627,802 | $4,525,721 |
Cost of sales | 3,420,339 | 3,016,109 | 3,105,674 | ||||||||
Gross profit | 545,561 | 497,715 | 504,354 | 356,777 | 427,232 | 421,680 | 435,482 | 327,299 | 1,904,407 | 1,611,693 | 1,420,047 |
Selling, general and administrative expenses | 1,340,453 | 1,096,507 | 979,932 | ||||||||
Operating profit | 563,954 | 515,186 | 440,115 | ||||||||
Equity in earnings of subsidiaries | 0 | 0 | 0 | ||||||||
Other expenses | 2,599 | 17,501 | 40,315 | ||||||||
Interest expense, net | 96,387 | 101,884 | 136,855 | ||||||||
Income from continuing operations before income tax expense | 464,968 | 395,801 | 262,945 | ||||||||
Income tax expense | 60,449 | 65,307 | 30,502 | ||||||||
Income from continuing operations | 404,519 | 330,494 | 232,443 | ||||||||
Loss from discontinued operations, net of tax | 0 | 0 | -67,762 | ||||||||
Net income | 89,437 | 118,944 | 154,578 | 41,560 | 32,266 | 125,263 | 121,586 | 51,379 | 404,519 | 330,494 | 164,681 |
Comprehensive income | 268,947 | 411,090 | 180,319 | ||||||||
Parent Company [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net sales | 4,325,897 | 3,933,591 | 3,887,087 | ||||||||
Cost of sales | 3,728,833 | 3,097,826 | 3,170,582 | ||||||||
Gross profit | 597,064 | 835,765 | 716,505 | ||||||||
Selling, general and administrative expenses | 920,002 | 802,325 | 730,116 | ||||||||
Operating profit | -322,938 | 33,440 | -13,611 | ||||||||
Equity in earnings of subsidiaries | 833,642 | 425,833 | 345,094 | ||||||||
Other expenses | 2,599 | 17,501 | 40,315 | ||||||||
Interest expense, net | 76,096 | 95,116 | 126,654 | ||||||||
Income from continuing operations before income tax expense | 432,009 | 346,656 | 164,514 | ||||||||
Income tax expense | 27,490 | 16,162 | -24,467 | ||||||||
Income from continuing operations | 404,519 | 330,494 | 188,981 | ||||||||
Loss from discontinued operations, net of tax | 0 | 0 | -24,300 | ||||||||
Net income | 404,519 | 330,494 | 164,681 | ||||||||
Comprehensive income | 268,947 | 411,090 | 180,319 | ||||||||
Guarantor Subsidiaries [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net sales | 839,306 | 762,257 | 661,270 | ||||||||
Cost of sales | 437,262 | 396,489 | 318,326 | ||||||||
Gross profit | 402,044 | 365,768 | 342,944 | ||||||||
Selling, general and administrative expenses | 227,853 | 178,434 | 129,978 | ||||||||
Operating profit | 174,191 | 187,334 | 212,966 | ||||||||
Equity in earnings of subsidiaries | 276,369 | 215,230 | 195,183 | ||||||||
Other expenses | 0 | 0 | 0 | ||||||||
Interest expense, net | 2,228 | -20 | -9 | ||||||||
Income from continuing operations before income tax expense | 448,332 | 402,584 | 408,158 | ||||||||
Income tax expense | 12,210 | 21,850 | 28,281 | ||||||||
Income from continuing operations | 436,122 | 380,734 | 379,877 | ||||||||
Loss from discontinued operations, net of tax | 0 | 0 | -31,792 | ||||||||
Net income | 436,122 | 380,734 | 348,085 | ||||||||
Comprehensive income | 436,122 | 380,734 | 348,085 | ||||||||
Non-Guarantor Subsidiaries [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net sales | 2,743,114 | 2,300,794 | 2,284,831 | ||||||||
Cost of sales | 2,105,317 | 1,852,065 | 1,849,219 | ||||||||
Gross profit | 637,797 | 448,729 | 435,612 | ||||||||
Selling, general and administrative expenses | 199,022 | 121,478 | 124,174 | ||||||||
Operating profit | 438,775 | 327,251 | 311,438 | ||||||||
Equity in earnings of subsidiaries | 0 | 0 | 0 | ||||||||
Other expenses | 0 | 0 | 0 | ||||||||
Interest expense, net | 17,312 | 6,867 | 10,210 | ||||||||
Income from continuing operations before income tax expense | 421,463 | 320,384 | 301,228 | ||||||||
Income tax expense | 20,749 | 27,295 | 26,688 | ||||||||
Income from continuing operations | 400,714 | 293,089 | 274,540 | ||||||||
Loss from discontinued operations, net of tax | 0 | 0 | -15,655 | ||||||||
Net income | 400,714 | 293,089 | 258,885 | ||||||||
Comprehensive income | 386,959 | 282,050 | 253,850 | ||||||||
Consolidating Entries and Eliminations [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net sales | -2,583,571 | -2,368,840 | -2,307,467 | ||||||||
Cost of sales | -2,851,073 | -2,330,271 | -2,232,453 | ||||||||
Gross profit | 267,502 | -38,569 | -75,014 | ||||||||
Selling, general and administrative expenses | -6,424 | -5,730 | -4,336 | ||||||||
Operating profit | 273,926 | -32,839 | -70,678 | ||||||||
Equity in earnings of subsidiaries | -1,110,011 | -641,063 | -540,277 | ||||||||
Other expenses | 0 | 0 | 0 | ||||||||
Interest expense, net | 751 | -79 | 0 | ||||||||
Income from continuing operations before income tax expense | -836,836 | -673,823 | -610,955 | ||||||||
Income tax expense | 0 | 0 | 0 | ||||||||
Income from continuing operations | -836,836 | -673,823 | -610,955 | ||||||||
Loss from discontinued operations, net of tax | 0 | 0 | 3,985 | ||||||||
Net income | -836,836 | -673,823 | -606,970 | ||||||||
Comprehensive income | ($823,081) | ($662,784) | ($601,935) |
Consolidating_Financial_Inform4
Consolidating Financial Information - Condensed Consolidating Balance Sheet (Detail) (USD $) | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 | Jan. 01, 2011 |
In Thousands, unless otherwise specified | ||||
Assets | ||||
Cash and cash equivalents | $239,855 | $115,863 | $42,796 | |
Trade accounts receivable, net | 672,048 | 578,558 | ||
Inventories | 1,537,200 | 1,283,331 | ||
Deferred tax assets | 215,065 | 197,260 | ||
Other current assets | 101,064 | 68,654 | ||
Total current assets | 2,765,232 | 2,243,666 | ||
Property, net | 674,379 | 579,883 | 596,158 | |
Trademarks and other identifiable intangibles, net | 691,201 | 377,751 | ||
Goodwill | 723,120 | 626,392 | 433,300 | |
Investments in subsidiaries | 0 | 0 | ||
Deferred tax assets | 294,347 | 207,426 | ||
Receivables from related entities | 0 | 0 | ||
Other noncurrent assets | 73,502 | 54,930 | ||
Total assets | 5,221,781 | 4,090,048 | ||
Liabilities and Stockholders’ Equity | ||||
Accounts payable | 621,220 | 466,270 | ||
Accrued liabilities | 495,627 | 315,026 | ||
Notes payable | 144,438 | 36,192 | ||
Accounts Receivable Securitization Facility | 210,963 | 181,790 | ||
Current portion of long-term debt | 14,354 | 0 | ||
Total current liabilities | 1,486,602 | 999,278 | ||
Long-term debt | 1,613,997 | 1,467,000 | ||
Pension and postretirement benefits | 472,003 | 263,819 | ||
Payables to related entities | 0 | 0 | ||
Other noncurrent liabilities | 262,407 | 129,328 | ||
Total liabilities | 3,835,009 | 2,859,425 | ||
Total stockholders’ equity | 1,386,772 | 1,230,623 | 886,866 | 681,061 |
Total liabilities and stockholders’ equity | 5,221,781 | 4,090,048 | ||
Parent Company [Member] | ||||
Assets | ||||
Cash and cash equivalents | 10,910 | 5,695 | 5,617 | |
Trade accounts receivable, net | 73,794 | 44,366 | ||
Inventories | 958,376 | 825,300 | ||
Deferred tax assets | 200,050 | 178,732 | ||
Other current assets | 38,446 | 37,429 | ||
Total current assets | 1,281,576 | 1,091,522 | ||
Property, net | 88,599 | 82,786 | ||
Trademarks and other identifiable intangibles, net | 4,102 | 8,385 | ||
Goodwill | 232,881 | 232,882 | ||
Investments in subsidiaries | 3,732,783 | 2,881,739 | ||
Deferred tax assets | 202,910 | 139,102 | ||
Receivables from related entities | 4,585,755 | 4,706,001 | ||
Other noncurrent assets | 55,540 | 52,712 | ||
Total assets | 10,184,146 | 9,195,129 | ||
Liabilities and Stockholders’ Equity | ||||
Accounts payable | 353,799 | 253,494 | ||
Accrued liabilities | 190,739 | 184,653 | ||
Notes payable | 0 | 0 | ||
Accounts Receivable Securitization Facility | 0 | 0 | ||
Current portion of long-term debt | 0 | |||
Total current liabilities | 544,538 | 438,147 | ||
Long-term debt | 1,176,500 | 1,467,000 | ||
Pension and postretirement benefits | 399,931 | 253,299 | ||
Payables to related entities | 6,544,095 | 5,699,670 | ||
Other noncurrent liabilities | 132,310 | 106,390 | ||
Total liabilities | 8,797,374 | 7,964,506 | ||
Total stockholders’ equity | 1,386,772 | 1,230,623 | ||
Total liabilities and stockholders’ equity | 10,184,146 | 9,195,129 | ||
Guarantor Subsidiaries [Member] | ||||
Assets | ||||
Cash and cash equivalents | 10,796 | 7,811 | 1,919 | |
Trade accounts receivable, net | 37,511 | 69,944 | ||
Inventories | 120,341 | 208,250 | ||
Deferred tax assets | 3,515 | 15,373 | ||
Other current assets | 11,224 | 14,354 | ||
Total current assets | 183,387 | 315,732 | ||
Property, net | 46,221 | 50,193 | ||
Trademarks and other identifiable intangibles, net | 79,393 | 88,716 | ||
Goodwill | 124,247 | 124,247 | ||
Investments in subsidiaries | 1,792,790 | 1,535,404 | ||
Deferred tax assets | 74,735 | 53,317 | ||
Receivables from related entities | 4,471,644 | 4,065,909 | ||
Other noncurrent assets | 428 | 412 | ||
Total assets | 6,772,845 | 6,233,930 | ||
Liabilities and Stockholders’ Equity | ||||
Accounts payable | 11,925 | 61,964 | ||
Accrued liabilities | 61,339 | 63,906 | ||
Notes payable | 0 | 0 | ||
Accounts Receivable Securitization Facility | 0 | 0 | ||
Current portion of long-term debt | 0 | |||
Total current liabilities | 73,264 | 125,870 | ||
Long-term debt | 0 | 0 | ||
Pension and postretirement benefits | 0 | 2,159 | ||
Payables to related entities | 3,270,513 | 3,114,701 | ||
Other noncurrent liabilities | 12,609 | 11,318 | ||
Total liabilities | 3,356,386 | 3,254,048 | ||
Total stockholders’ equity | 3,416,459 | 2,979,882 | ||
Total liabilities and stockholders’ equity | 6,772,845 | 6,233,930 | ||
Non-Guarantor Subsidiaries [Member] | ||||
Assets | ||||
Cash and cash equivalents | 218,149 | 102,357 | 35,260 | |
Trade accounts receivable, net | 561,514 | 465,662 | ||
Inventories | 607,356 | 405,756 | ||
Deferred tax assets | 11,500 | 3,155 | ||
Other current assets | 51,394 | 16,871 | ||
Total current assets | 1,449,913 | 993,801 | ||
Property, net | 539,559 | 446,904 | ||
Trademarks and other identifiable intangibles, net | 607,706 | 280,650 | ||
Goodwill | 365,992 | 269,263 | ||
Investments in subsidiaries | 0 | 0 | ||
Deferred tax assets | 16,702 | 15,007 | ||
Receivables from related entities | 2,087,280 | 1,987,603 | ||
Other noncurrent assets | 17,534 | 1,806 | ||
Total assets | 5,084,686 | 3,995,034 | ||
Liabilities and Stockholders’ Equity | ||||
Accounts payable | 255,496 | 150,812 | ||
Accrued liabilities | 242,437 | 66,497 | ||
Notes payable | 144,438 | 36,192 | ||
Accounts Receivable Securitization Facility | 210,963 | 181,790 | ||
Current portion of long-term debt | 14,354 | |||
Total current liabilities | 867,688 | 435,291 | ||
Long-term debt | 437,497 | 0 | ||
Pension and postretirement benefits | 72,072 | 8,361 | ||
Payables to related entities | 1,330,071 | 1,673,828 | ||
Other noncurrent liabilities | 118,287 | 11,620 | ||
Total liabilities | 2,825,615 | 2,129,100 | ||
Total stockholders’ equity | 2,259,071 | 1,865,934 | ||
Total liabilities and stockholders’ equity | 5,084,686 | 3,995,034 | ||
Consolidating Entries and Eliminations [Member] | ||||
Assets | ||||
Cash and cash equivalents | 0 | 0 | 0 | |
Trade accounts receivable, net | -771 | -1,414 | ||
Inventories | -148,873 | -155,975 | ||
Deferred tax assets | 0 | 0 | ||
Other current assets | 0 | 0 | ||
Total current assets | -149,644 | -157,389 | ||
Property, net | 0 | 0 | ||
Trademarks and other identifiable intangibles, net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Investments in subsidiaries | -5,525,573 | -4,417,143 | ||
Deferred tax assets | 0 | 0 | ||
Receivables from related entities | -11,144,679 | -10,759,513 | ||
Other noncurrent assets | 0 | 0 | ||
Total assets | -16,819,896 | -15,334,045 | ||
Liabilities and Stockholders’ Equity | ||||
Accounts payable | 0 | 0 | ||
Accrued liabilities | 1,112 | -30 | ||
Notes payable | 0 | 0 | ||
Accounts Receivable Securitization Facility | 0 | 0 | ||
Current portion of long-term debt | 0 | |||
Total current liabilities | 1,112 | -30 | ||
Long-term debt | 0 | 0 | ||
Pension and postretirement benefits | 0 | 0 | ||
Payables to related entities | -11,144,679 | -10,488,199 | ||
Other noncurrent liabilities | -799 | 0 | ||
Total liabilities | -11,144,366 | -10,488,229 | ||
Total stockholders’ equity | -5,675,530 | -4,845,816 | ||
Total liabilities and stockholders’ equity | ($16,819,896) | ($15,334,045) |
Consolidating_Financial_Inform5
Consolidating Financial Information - Condensed Consolidating Statement of Cash Flows (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by operating activities | $508,090 | $591,281 | $553,607 |
Investing activities: | |||
Purchases of property, plant and equipment | -64,311 | -43,627 | -40,994 |
Proceeds from sales of assets | 7,120 | 6,089 | 424 |
Disposition of business | -360,439 | -559,855 | 0 |
Payments for (Proceeds from) Investments | 64,380 | 0 | 0 |
Payments for (Proceeds from) Other Investing Activities | -5,065 | 0 | 0 |
Disposition of business | 0 | 0 | 12,704 |
Net cash from investing activities | -358,315 | -597,393 | -27,866 |
Financing activities: | |||
Borrowings on notes payable | 158,217 | 101,175 | 78,036 |
Repayments on notes payable | -138,225 | -91,027 | -115,117 |
Borrowings on Accounts Receivable Securitization Facility | 161,167 | 145,715 | 177,300 |
Repayments on Accounts Receivable Securitization Facility | -131,994 | -137,761 | -170,397 |
Borrowings on Revolving Loan Facility | 3,536,000 | 4,053,500 | 2,938,500 |
Repayments on Revolving Loan Facility | -3,826,500 | -3,654,000 | -2,885,500 |
Incurrence of debt under the Euro Term Loan Facility | 476,566 | 0 | 0 |
Repayments of Long-term Debt | 2,226 | 0 | 0 |
Repayments of Assumed Debt | 117,400 | 0 | 0 |
Redemption of Floating Rate Senior Notes | -293,277 | ||
Redemption Of Floating Rate Senior Notes | 0 | 0 | -293,277 |
Repayments of Other Long-term Debt | 0 | -250,000 | -250,000 |
Cash dividends paid | -119,607 | -59,442 | 0 |
Payments to amend and refinance credit facilities | -6,011 | -5,630 | -2,353 |
Proceeds from stock options exercised | 0 | 5,279 | 8,752 |
Taxes paid related to net shares settlement of equity awards | -54,593 | -41,839 | -4,705 |
Excess tax benefit from stock-based compensation | 39,568 | 26,784 | 1,253 |
Other | 1,273 | 1,003 | -269 |
Net transactions with related entities | 0 | 0 | 0 |
Net cash from financing activities | -23,765 | 93,757 | -517,777 |
Effect of changes in foreign exchange rates on cash | -2,018 | -14,578 | -513 |
Change in cash and cash equivalents | 123,992 | 73,067 | 7,451 |
Cash and cash equivalents at beginning of year | 115,863 | 42,796 | 35,345 |
Cash and cash equivalents at end of year | 239,855 | 115,863 | 42,796 |
Parent Company [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by operating activities | 1,012,798 | 757,127 | 791,636 |
Investing activities: | |||
Purchases of property, plant and equipment | -13,045 | -13,493 | -10,688 |
Proceeds from sales of assets | 83 | 3,338 | 70 |
Disposition of business | 0 | ||
Payments for (Proceeds from) Investments | 0 | ||
Payments for (Proceeds from) Other Investing Activities | 0 | ||
Disposition of business | 0 | ||
Net cash from investing activities | -12,962 | -10,155 | -10,618 |
Financing activities: | |||
Borrowings on notes payable | 0 | 0 | 0 |
Repayments on notes payable | 0 | 0 | 0 |
Borrowings on Accounts Receivable Securitization Facility | 0 | 0 | 0 |
Repayments on Accounts Receivable Securitization Facility | 0 | 0 | 0 |
Borrowings on Revolving Loan Facility | 3,536,000 | 4,053,500 | 2,938,500 |
Repayments on Revolving Loan Facility | -3,826,500 | -3,654,000 | -2,885,500 |
Incurrence of debt under the Euro Term Loan Facility | 0 | ||
Repayments of Long-term Debt | 0 | ||
Repayments of Assumed Debt | 0 | ||
Redemption of Floating Rate Senior Notes | -293,277 | ||
Repayments of Other Long-term Debt | -250,000 | -250,000 | |
Cash dividends paid | -119,607 | -59,442 | |
Payments to amend and refinance credit facilities | 0 | -5,405 | -2,128 |
Proceeds from stock options exercised | 5,279 | 8,752 | |
Taxes paid related to net shares settlement of equity awards | -54,593 | -41,839 | -4,705 |
Excess tax benefit from stock-based compensation | 39,568 | 26,784 | 1,253 |
Other | 1,741 | 1,116 | -173 |
Net transactions with related entities | -571,230 | -822,887 | -296,453 |
Net cash from financing activities | -994,621 | -746,894 | -783,731 |
Effect of changes in foreign exchange rates on cash | 0 | 0 | 0 |
Change in cash and cash equivalents | 5,215 | 78 | -2,713 |
Cash and cash equivalents at beginning of year | 5,695 | 5,617 | |
Cash and cash equivalents at end of year | 10,910 | 5,695 | 5,617 |
Guarantor Subsidiaries [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by operating activities | 219,645 | 173,085 | 168,544 |
Investing activities: | |||
Purchases of property, plant and equipment | -8,970 | -5,189 | -5,493 |
Proceeds from sales of assets | 55 | 33 | 16 |
Disposition of business | -61,870 | ||
Payments for (Proceeds from) Investments | 0 | ||
Payments for (Proceeds from) Other Investing Activities | 0 | ||
Disposition of business | 0 | ||
Net cash from investing activities | -8,915 | -67,026 | -5,477 |
Financing activities: | |||
Borrowings on notes payable | 0 | 0 | 0 |
Repayments on notes payable | 0 | 0 | 0 |
Borrowings on Accounts Receivable Securitization Facility | 0 | 0 | 0 |
Repayments on Accounts Receivable Securitization Facility | 0 | 0 | 0 |
Borrowings on Revolving Loan Facility | 0 | 0 | 0 |
Repayments on Revolving Loan Facility | 0 | 0 | 0 |
Incurrence of debt under the Euro Term Loan Facility | 0 | ||
Repayments of Long-term Debt | 0 | ||
Repayments of Assumed Debt | 0 | ||
Redemption of Floating Rate Senior Notes | 0 | ||
Repayments of Other Long-term Debt | 0 | 0 | |
Cash dividends paid | 0 | 0 | |
Payments to amend and refinance credit facilities | 0 | 0 | 0 |
Proceeds from stock options exercised | 0 | 0 | |
Taxes paid related to net shares settlement of equity awards | 0 | 0 | 0 |
Excess tax benefit from stock-based compensation | 0 | 0 | 0 |
Other | 0 | 0 | 0 |
Net transactions with related entities | -207,745 | -100,167 | -163,874 |
Net cash from financing activities | -207,745 | -100,167 | -163,874 |
Effect of changes in foreign exchange rates on cash | 0 | 0 | 0 |
Change in cash and cash equivalents | 2,985 | 5,892 | -807 |
Cash and cash equivalents at beginning of year | 7,811 | 1,919 | |
Cash and cash equivalents at end of year | 10,796 | 7,811 | 1,919 |
Non-Guarantor Subsidiaries [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by operating activities | 381,797 | 301,962 | 133,699 |
Investing activities: | |||
Purchases of property, plant and equipment | -42,296 | -24,945 | -24,813 |
Proceeds from sales of assets | 6,982 | 2,718 | 338 |
Disposition of business | -360,439 | -497,985 | |
Payments for (Proceeds from) Investments | 64,380 | ||
Payments for (Proceeds from) Other Investing Activities | -5,065 | ||
Disposition of business | 12,704 | ||
Net cash from investing activities | -336,438 | -520,212 | -11,771 |
Financing activities: | |||
Borrowings on notes payable | 158,217 | 101,175 | 78,036 |
Repayments on notes payable | -138,225 | -91,027 | -115,117 |
Borrowings on Accounts Receivable Securitization Facility | 161,167 | 145,715 | 177,300 |
Repayments on Accounts Receivable Securitization Facility | -131,994 | -137,761 | -170,397 |
Borrowings on Revolving Loan Facility | 0 | 0 | 0 |
Repayments on Revolving Loan Facility | 0 | 0 | 0 |
Incurrence of debt under the Euro Term Loan Facility | 476,566 | ||
Repayments of Long-term Debt | 2,226 | ||
Repayments of Assumed Debt | 117,400 | ||
Redemption of Floating Rate Senior Notes | 0 | ||
Repayments of Other Long-term Debt | 0 | 0 | |
Cash dividends paid | 0 | 0 | |
Payments to amend and refinance credit facilities | -6,011 | -225 | -225 |
Proceeds from stock options exercised | 0 | 0 | |
Taxes paid related to net shares settlement of equity awards | 0 | 0 | 0 |
Excess tax benefit from stock-based compensation | 0 | 0 | 0 |
Other | 332 | -113 | -96 |
Net transactions with related entities | -327,975 | 282,161 | -79,945 |
Net cash from financing activities | 72,451 | 299,925 | -110,444 |
Effect of changes in foreign exchange rates on cash | -2,018 | -14,578 | -513 |
Change in cash and cash equivalents | 115,792 | 67,097 | 10,971 |
Cash and cash equivalents at beginning of year | 102,357 | 35,260 | |
Cash and cash equivalents at end of year | 218,149 | 102,357 | 35,260 |
Consolidating Entries and Eliminations [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by operating activities | -1,106,150 | -640,893 | -540,272 |
Investing activities: | |||
Purchases of property, plant and equipment | 0 | 0 | 0 |
Proceeds from sales of assets | 0 | 0 | 0 |
Disposition of business | 0 | 0 | |
Payments for (Proceeds from) Investments | 0 | ||
Payments for (Proceeds from) Other Investing Activities | 0 | ||
Disposition of business | 0 | ||
Net cash from investing activities | 0 | 0 | 0 |
Financing activities: | |||
Borrowings on notes payable | 0 | 0 | 0 |
Repayments on notes payable | 0 | 0 | 0 |
Borrowings on Accounts Receivable Securitization Facility | 0 | 0 | 0 |
Repayments on Accounts Receivable Securitization Facility | 0 | 0 | 0 |
Borrowings on Revolving Loan Facility | 0 | 0 | 0 |
Repayments on Revolving Loan Facility | 0 | 0 | 0 |
Incurrence of debt under the Euro Term Loan Facility | 0 | ||
Repayments of Long-term Debt | 0 | ||
Repayments of Assumed Debt | 0 | ||
Redemption of Floating Rate Senior Notes | 0 | ||
Repayments of Other Long-term Debt | 0 | 0 | |
Cash dividends paid | 0 | 0 | |
Payments to amend and refinance credit facilities | 0 | 0 | 0 |
Proceeds from stock options exercised | 0 | 0 | |
Taxes paid related to net shares settlement of equity awards | 0 | 0 | 0 |
Excess tax benefit from stock-based compensation | 0 | 0 | 0 |
Other | -800 | 0 | 0 |
Net transactions with related entities | 1,106,950 | 640,893 | 540,272 |
Net cash from financing activities | 1,106,150 | 640,893 | 540,272 |
Effect of changes in foreign exchange rates on cash | 0 | 0 | 0 |
Change in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents at beginning of year | 0 | 0 | |
Cash and cash equivalents at end of year | $0 | $0 | $0 |
Consolidating_Financial_Inform6
Consolidating Financial Information - Condensed Consolidating Statement of Cash Flows (Parenthetical) (Detail) | Dec. 29, 2012 | Nov. 09, 2010 | Jan. 03, 2015 | Dec. 28, 2013 |
Condensed Financial Statements, Captions [Line Items] | ||||
Interest rate | 6.38% | 6.38% | ||
8% Senior Notes [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Interest rate | 8.00% | 8.00% | 8.00% |
Uncategorized_Items
Uncategorized Items | 1/1/11 | |||||||||
USD ($) | ||||||||||
[us-gaap_CashAndCashEquivalentsAtCarryingValue] | 35,345,000 | 0 | 2,726,000 | 24,289,000 | 8,330,000 | |||||
[us-gaap_CommonStockSharesOutstanding] | 97,517,000 | |||||||||
[us-gaap_StockholdersEquity] | -333,251,000 | 266,551,000 | 975,000 | 746,786,000 |