Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 28, 2019 | Jan. 31, 2020 | Jun. 28, 2019 | |
Cover page. | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 28, 2019 | ||
Document Transition Report | false | ||
Entity File Number | 001-32891 | ||
Entity Registrant Name | Hanesbrands Inc. | ||
Entity Incorporation, State or Country Code | MD | ||
Entity Tax Identification Number | 20-3552316 | ||
Entity Address, Address Line One | 1000 East Hanes Mill Road | ||
Entity Address, City or Town | Winston-Salem, | ||
Entity Address, State or Province | NC | ||
Entity Address, Postal Zip Code | 27105 | ||
City Area Code | 336 | ||
Local Phone Number | 519-8080 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Title of 12(b) Security | Common Stock, Par Value $0.01 | ||
Trading Symbol | HBI | ||
Security Exchange Name | NYSE | ||
Entity Public Float | $ 6,186,635,479 | ||
Entity Common Stock, Shares Outstanding | 362,455,755 | ||
Documents Incorporated by Reference | Part III of this Form 10-K incorporates by reference to portions of the registrant’s proxy statement for its 2020 annual meeting of stockholders. | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0001359841 | ||
Current Fiscal Year End Date | --12-28 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 28, 2019 | Sep. 28, 2019 | Jun. 29, 2019 | Mar. 30, 2019 | Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Income Statement [Abstract] | |||||||||||
Net sales | $ 1,751,005 | $ 1,866,967 | $ 1,760,927 | $ 1,588,024 | $ 1,768,301 | $ 1,848,707 | $ 1,715,443 | $ 1,471,504 | $ 6,966,923 | $ 6,803,955 | $ 6,471,410 |
Cost of sales | 1,044,262 | 1,149,934 | 1,085,404 | 967,993 | 1,064,144 | 1,136,872 | 1,056,312 | 893,408 | 4,247,593 | 4,150,736 | 3,981,959 |
Gross profit | 706,743 | 717,033 | 675,523 | 620,031 | 704,157 | 711,835 | 659,131 | 578,096 | 2,719,330 | 2,653,219 | 2,489,451 |
Selling, general and administrative expenses | 463,328 | 449,962 | 445,923 | 470,387 | 460,034 | 455,778 | 439,893 | 432,863 | 1,829,600 | 1,788,568 | 1,725,424 |
Change in fair value of contingent consideration liability | 0 | 0 | 27,852 | ||||||||
Operating profit | 243,415 | 267,071 | 229,600 | 149,644 | 244,123 | 256,057 | 219,238 | 145,233 | 889,730 | 864,651 | 736,175 |
Other expenses | 7,658 | 8,066 | 8,249 | 7,451 | 6,779 | 7,285 | 6,570 | 5,761 | 31,424 | 26,395 | 32,645 |
Interest expense, net | 40,907 | 43,091 | 46,522 | 48,059 | 47,687 | 52,795 | 48,430 | 45,763 | 178,579 | 194,675 | 174,435 |
Income from continuing operations before income tax expense | 194,850 | 215,914 | 174,829 | 94,134 | 189,657 | 195,977 | 164,238 | 93,709 | 679,727 | 643,581 | 529,095 |
Income tax expense | 9,864 | 30,823 | 25,274 | 13,046 | 39,629 | 25,168 | 24,211 | 14,907 | 79,007 | 103,915 | 453,117 |
Income from continuing operations | 600,720 | 539,666 | 75,978 | ||||||||
Loss from discontinued operations, net of tax | 0 | 0 | (2,097) | ||||||||
Net income | $ 184,986 | $ 185,091 | $ 149,555 | $ 81,088 | $ 150,028 | $ 170,809 | $ 140,027 | $ 78,802 | $ 600,720 | $ 539,666 | $ 73,881 |
Earnings (loss) per share — basic: | |||||||||||
Continuing operations | $ 1.65 | $ 1.48 | $ 0.21 | ||||||||
Discontinued operations | 0 | 0 | (0.01) | ||||||||
Net income | $ 0.51 | $ 0.51 | $ 0.41 | $ 0.22 | $ 0.41 | $ 0.47 | $ 0.39 | $ 0.22 | 1.65 | 1.48 | 0.20 |
Earnings (loss) per share — diluted: | |||||||||||
Continuing operations | 1.64 | 1.48 | 0.21 | ||||||||
Discontinued operations | 0 | 0 | (0.01) | ||||||||
Net income | $ 0.51 | $ 0.51 | $ 0.41 | $ 0.22 | $ 0.41 | $ 0.47 | $ 0.39 | $ 0.22 | $ 1.64 | $ 1.48 | $ 0.20 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Consolidated Statements of Comprehensive Income [Abstract] | |||
Net income | $ 600,720 | $ 539,666 | $ 73,881 |
Other comprehensive income (loss): | |||
Translation adjustments | (7,153) | (113,555) | 41,629 |
Unrealized gain (loss) on qualifying cash flow hedges, net of tax of $6,222, ($11,297), and $7,951, respectively | (10,806) | 35,978 | (31,281) |
Unrecognized income (loss) from pension and postretirement plans, net of tax of $9,047, ($4,852), and $930, respectively | 25,006 | (13,841) | 6,488 |
Total other comprehensive income (loss) | (42,965) | (63,736) | 3,860 |
Comprehensive income | $ 557,755 | $ 475,930 | $ 77,741 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Consolidated Statements of Comprehensive Income [Abstract] | |||
Tax portion of unrealized gain (loss) on qualifying cash flow hedges | $ 6,222 | $ (11,297) | $ 7,951 |
Tax portion of unrecognized income (loss) from pension and postretirement plans | $ 9,047 | $ (4,852) | $ 930 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 28, 2019 | Dec. 29, 2018 |
Assets | ||
Cash and cash equivalents | $ 328,876 | $ 433,022 |
Trade accounts receivable, net | 815,210 | 870,878 |
Inventories | 1,905,845 | 2,056,838 |
Other current assets | 174,634 | 181,377 |
Total current assets | 3,224,565 | 3,542,115 |
Property, net | 587,896 | 607,688 |
Right-of-use assets | 487,787 | 0 |
Trademarks and other identifiable intangibles, net | 1,520,800 | 1,555,381 |
Goodwill | 1,235,711 | 1,241,727 |
Deferred tax assets | 203,331 | 207,449 |
Other noncurrent assets | 93,896 | 83,880 |
Total assets | 7,353,986 | 7,238,240 |
Liabilities and Stockholders’ Equity | ||
Accounts payable | 959,006 | 1,029,933 |
Accrued liabilities and other: | ||
Payroll and employee benefits | 159,058 | 147,418 |
Advertising and promotion | 163,842 | 148,295 |
Other | 208,284 | 273,884 |
Lease liabilities | 166,091 | 0 |
Notes payable | 4,244 | 5,824 |
Accounts Receivable Securitization Facility | 0 | 161,608 |
Current portion of long-term debt | 110,914 | 278,976 |
Total current liabilities | 1,771,439 | 2,045,938 |
Long-term debt | 3,256,870 | 3,534,183 |
Lease liabilities - noncurrent | 358,281 | 0 |
Pension and postretirement benefits | 403,458 | 378,972 |
Other noncurrent liabilities | 327,343 | 407,021 |
Total liabilities | 6,117,391 | 6,366,114 |
Stockholders’ equity: | ||
Preferred stock (50,000,000 authorized shares; $.01 par value) Issued and outstanding — None | 0 | 0 |
Common stock (2,000,000,000 authorized shares; $.01 par value) Issued and outstanding —362,449,037 and 361,330,128, respectively | 3,624 | 3,613 |
Additional paid-in capital | 304,395 | 284,877 |
Retained earnings | 1,546,224 | 1,079,503 |
Accumulated other comprehensive loss | (617,648) | (495,867) |
Total stockholders’ equity | 1,236,595 | 872,126 |
Total liabilities and stockholders’ equity | $ 7,353,986 | $ 7,238,240 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 28, 2019 | Dec. 29, 2018 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 2,000,000,000 | 2,000,000,000 |
Common stock, shares issued | 362,449,037 | 361,330,128 |
Common stock, shares outstanding | 362,449,037 | 361,330,128 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss |
Beginning Balance at Dec. 31, 2016 | $ 1,120,113 | $ 3,787 | $ 260,002 | $ 1,292,315 | $ (435,991) |
Beginning Balance, Shares at Dec. 31, 2016 | 378,687,000 | ||||
Net income | 73,881 | 73,881 | |||
Dividends ($0.60 per common share) | (222,290) | (222,290) | |||
Other Comprehensive Income (Loss) | 3,860 | 3,860 | |||
Stock-based compensation | 23,224 | 23,224 | |||
Net exercise of stock options, vesting of restricted stock units and other, shares | 1,079,000 | ||||
Net exercise of stock options, vesting of restricted stock units and other | 2,692 | $ 10 | 2,154 | 528 | |
Stock repurchases, shares | (19,640,000) | ||||
Stock repurchases | (400,017) | $ (196) | (13,918) | (385,903) | 0 |
Ending Balance at Dec. 30, 2017 | 601,463 | $ 3,601 | 271,462 | 758,531 | (432,131) |
Ending Balance, Shares at Dec. 30, 2017 | 360,126,000 | ||||
Net income | 539,666 | 539,666 | |||
Dividends ($0.60 per common share) | (218,694) | (218,694) | |||
Other Comprehensive Income (Loss) | (63,736) | (63,736) | |||
Stock-based compensation | 21,063 | 21,063 | |||
Net exercise of stock options, vesting of restricted stock units and other, shares | 1,204,000 | ||||
Net exercise of stock options, vesting of restricted stock units and other | (7,636) | $ 12 | (7,648) | ||
Ending Balance at Dec. 29, 2018 | $ 872,126 | $ 3,613 | 284,877 | 1,079,503 | (495,867) |
Ending Balance, Shares at Dec. 29, 2018 | 361,330,128 | 361,330,000 | |||
Net income | $ 600,720 | 600,720 | |||
Dividends ($0.60 per common share) | (219,371) | (219,371) | |||
Other Comprehensive Income (Loss) | (42,965) | (42,965) | |||
Stock-based compensation | 8,908 | 8,908 | |||
Net exercise of stock options, vesting of restricted stock units and other, shares | 1,119,000 | ||||
Net exercise of stock options, vesting of restricted stock units and other | (3,753) | $ 11 | (3,764) | ||
Modification of deferred compensation plans | 14,374 | 14,374 | |||
Cumulative effect of change in adoption of leases standard | 6,556 | 6,556 | |||
Stranded tax related to U.S. pension plan | 0 | 78,816 | (78,816) | ||
Ending Balance at Dec. 28, 2019 | $ 1,236,595 | $ 3,624 | $ 304,395 | $ 1,546,224 | $ (617,648) |
Ending Balance, Shares at Dec. 28, 2019 | 362,449,037 | 362,449,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows $ in Thousands | 12 Months Ended | ||
Dec. 28, 2019USD ($) | Dec. 29, 2018USD ($) | Dec. 30, 2017USD ($) | |
Operating activities: | |||
Net income | $ 600,720 | $ 539,666 | $ 73,881 |
Adjustments to reconcile net income to net cash from operating activities: | |||
Depreciation | 96,030 | 95,359 | 87,595 |
Amortization of acquisition intangibles | 24,868 | 25,670 | 25,052 |
Other amortization | 10,069 | 10,767 | 9,840 |
Write-off on early extinguishment of debt | 0 | 0 | 4,028 |
Amortization of debt issuance costs | 10,731 | 9,278 | 10,394 |
Stock compensation expense | 9,277 | 21,416 | 23,582 |
Deferred taxes | 41,817 | 26,611 | 160,761 |
Change in fair value of contingent consideration liability | 0 | 0 | 27,852 |
Other | 5,033 | (1,134) | 8,543 |
Changes in assets and liabilities, net of acquisition and disposition of businesses: | |||
Accounts receivable | 45,157 | 10,269 | (31,656) |
Inventories | 147,330 | (202,019) | 23,748 |
Other assets | (6,597) | (7,585) | (22,159) |
Accounts payable | (67,390) | 165,788 | 71,806 |
Accrued pension and postretirement benefits | (9,843) | (5,024) | 19,042 |
Accrued liabilities and other | (103,770) | (45,660) | 163,409 |
Net cash from operating activities | 803,432 | 643,402 | 655,718 |
Investing activities: | |||
Capital expenditures | (101,084) | (86,293) | (87,008) |
Proceeds from sales of assets | 4,884 | 2,557 | 4,459 |
Acquisition of businesses, net of cash acquired | (25,232) | (334,915) | (62,249) |
Disposition of businesses | 0 | 0 | 40,285 |
Other | 11,772 | 0 | 0 |
Net cash from investing activities | (109,660) | (418,651) | (104,513) |
Financing activities: | |||
Borrowings on notes payable | 341,117 | 278,147 | 278,489 |
Repayments on notes payable | (342,576) | (286,591) | (327,615) |
Borrowings on Accounts Receivable Securitization Facility | 246,417 | 213,336 | 373,640 |
Repayments on Accounts Receivable Securitization Facility | (408,025) | (176,937) | (292,952) |
Borrowings on Revolving Loan Facilities | 3,198,277 | 3,546,360 | 4,161,799 |
Repayments on Revolving Loan Facilities | (3,199,592) | (3,506,500) | (4,153,000) |
Borrowings on Term Loan Facilities | 0 | 0 | 1,250,000 |
Repayments on Term Loan Facilities | (413,498) | (31,875) | (1,145,215) |
Borrowings on International Debt | 27,680 | 0 | 0 |
Repayments on International Debt | (48,327) | (1,105) | (45,072) |
Share repurchases | 0 | 0 | (400,017) |
Cash dividends paid | (216,958) | (216,316) | (219,903) |
Payments to amend and refinance credit facilities | (1,203) | (677) | (9,122) |
Payment of contingent consideration | 0 | (3,540) | (41,250) |
Taxes paid related to net shares settlement of equity awards | (9,543) | (12,715) | (15,463) |
Other | 2,221 | (2,084) | (87) |
Net cash from financing activities | (824,010) | (200,497) | (585,768) |
Effect of changes in foreign exchange rates on cash | 4,429 | 9,912 | (4,116) |
Change in cash, cash equivalents and restricted cash | (125,809) | 34,166 | (38,679) |
Cash, cash equivalents and restricted cash at beginning of year | 455,732 | 421,566 | 460,245 |
Cash, cash equivalents and restricted cash at end of year | 329,923 | 455,732 | 421,566 |
Less restricted cash at end of year | 1,047 | 22,710 | 0 |
Cash and cash equivalents per balance sheet at end of year | $ 328,876 | $ 433,022 | $ 421,566 |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Dec. 28, 2019 | |
Text Block [Abstract] | |
Basis of Presentation | Basis of Presentation Hanesbrands Inc., a Maryland corporation (the “Company”), is a consumer goods company with a portfolio of leading apparel brands, including Hanes, Champion, Bonds , Maidenform, DIM, Bali, Playtex, Bras N Things , Nur Die/Nur Der, Alternative , L’eggs, JMS/Just My Size, Lovable, Wonderbra, Berlei and Gear for Sports. 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. During the 2016 and 2017, the Company separately reported the results of its Dunlop Flooring and Tontine Pillow businesses as discontinued operations in its Consolidated Statements of Income. Unless otherwise noted, discussion within these notes to the consolidated financial statements relates to continuing operations. See note “Discontinued Operations” for additional information on discontinued operations. The Company’s fiscal year ends on the Saturday closest to December 31. All references to “ 2019 ”, “ 2018 ” and “ 2017 ” relate to the 52 week fiscal years ended on December 28, 2019 , December 29, 2018 and December 30, 2017 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 28, 2019 | |
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) Revisions of Previously Issued Consolidated Financial Statements In connection with the preparation of the consolidated financial statements for the year ended December 28, 2019, the Company identified tax errors in its previously filed 2018 and 2017 annual consolidated financial statements and unaudited quarterly consolidated financial statements for each of the quarterly periods of 2018 and for the first three quarterly periods of 2019. The prior period tax errors, which originated prior to 2017, primarily relate to errors in the calculation of income tax expense on intercompany inventory transactions and the Company’s application of Accounting Standards Codification (“ASC”) 740-10-25-3(e), “Income Taxes” and ASC 810-10-45-8, “Consolidation”. As a result of the misapplication of these accounting standards, the Company’s consolidated financial statements were misstated. The Company assessed the materiality of the errors in the 2018 and 2017 annual consolidated financial statements in accordance with SEC Staff Accounting Bulletin (“SAB”) Topic 1.M, “Materiality”, codified in ASC Topic 250, “Accounting Changes and Error Corrections” (“ASC 250”), and concluded that the errors were not material to the previously filed 2018 and 2017 annual consolidated financial statements or corresponding unaudited interim periods. In accordance with ASC 250 (SAB Topic 1.N, “Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements”), the Company has corrected for these errors by revising previously filed 2018 and 2017 annual consolidated financial statements in connection with the filing of this 2019 Annual Report on Form 10-K. The revised annual consolidated financial statements also include adjustments to correct certain other immaterial errors, including errors that had previously been adjusted for as out of period corrections in the period identified. The accompanying footnotes have also been corrected to reflect the impact of the revisions of the previously filed annual consolidated financial statements. Refer to Note, “Revisions of Previously Issued Consolidated Financial Statements” and Note, “Quarterly Financial Data (Unaudited)” for reconciliations between as reported and as revised annual and quarterly amounts, respectively. (d) 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 both the “Cost of sales” and “Selling, general and administrative expenses” lines of the Consolidated Statements of Income. (e) Sales Recognition and Incentives The Company recognizes revenue when obligations under the terms of a contract with a customer are satisfied, which occurs at a point in time, upon either shipment or delivery to the customer. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring goods, which includes estimates for variable consideration. 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 provides customers with discounts and rebates that are explicitly stated in the Company’s contracts and are recorded as a reduction of revenue in the period the product revenue is recognized. The cost of these incentives is estimated using a number of factors, including historical utilization and redemption rates. The Company includes incentives offered in the form of free products in the determination of cost of sales. For all variable consideration, where appropriate, the Company estimates the amount using the expected value, which takes into consideration historical experience, current contractual requirements, specific known market events and forecasted customer buying and payment patterns. Overall, these reserves reflect the Company’s best estimates of the amount of consideration to which the customer is entitled based on the terms of the contracts. Volume-Based Incentives Volume-based incentives involve rebates or refunds of cash that are redeemable only if the customer completes a specified number of sales transactions. Under these incentive programs, the Company estimates the anticipated rebate to be paid and allocates a portion of the estimated cost of the rebate to each underlying sales transaction with the customer. The Company records volume-based incentives as a reduction of revenue. Cooperative Advertising Under cooperative advertising arrangements, the Company agrees to reimburse the retailer for a portion of the costs incurred by the retailer to advertise and promote certain of the Company’s products. The Company recognizes the cost of cooperative advertising programs in the period in which the advertising and promotional activity takes place as a reduction of revenue. 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. Product Returns The Company generally offers customers a limited right of return for a purchased product. The Company estimates the amount of its product sales that may be returned by its customers and records this as a reduction of revenue in the period the related product revenue is recognized. (f) Advertising Expense Advertising costs represent one of several brand building methods used by the Company. 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 $163,769 , $152,670 and $154,969 in 2019 , 2018 and 2017 , respectively. (g) Shipping and Handling Costs Revenue received for shipping and handling costs is included in net sales and was $19,536 , $19,315 and $19,738 in 2019 , 2018 and 2017 , 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 $441,766 , $409,098 and $376,449 in 2019 , 2018 and 2017 , respectively. The Company recognizes shipping, handling and distribution costs in the “Selling, general and administrative expenses” line of the Consolidated Statements of Income. (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 $51,520 , $59,313 and $65,457 in 2019 , 2018 and 2017 , 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 $28,907 , $25,799 and $21,251 in 2019 , 2018 and 2017 , 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. Cash that is subject to legal restrictions or is unavailable for general operating purposes is classified as restricted cash and is included within “Other current assets” in the Consolidated Balance Sheets. At December 28, 2019 and December 29, 2018 , the Company’s restricted cash balance was $1,047 and $22,710 , respectively, which represents cash paid into the escrow account for the Bras N Things acquisition that closed in the first quarter of 2018. (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) Leases The Company determines whether an arrangement is a lease at inception. The Company has operating leases for real estate (primarily retail stores and operating facilities) and certain equipment. The Company’s finance leases are not material. Leases with a term of 12 months or less are not recorded on the balance sheet; the Company recognizes lease expense for these leases on a straight-line basis over the lease term. For lease agreements entered into after adoption of Topic 842, the Company combines lease and nonlease components as a single component for all asset classes. The exercise of lease renewal options is at the Company’s sole discretion. In general, for leased retail real estate, the Company will not include renewal options in the underlying lease term. However, if a situation arises where the lessor has control over the option periods, then the Company will include these periods within the lease term. The depreciable life of assets and leasehold improvements are limited by the expected lease term. Certain of the Company’s lease agreements include rental payments based on a percentage of retail sales over contractual levels and others include rental payments adjusted periodically for inflation. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. As most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. For operating leases that commenced prior to December 30, 2018, the Company used the incremental borrowing rate on December 27, 2018. (o) Trademarks and Other Identifiable Intangible Assets The primary identifiable intangible assets of the Company are trademarks, licensing 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 ten to 12 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 one to 15 years and computer software and other intangibles are being amortized over periods ranging from one to 13 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 value. 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 long-term sales growth rates, 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. In connection with the Company’s annual impairment testing performed in the third quarter of 2019 , it performed a quantitative assessment for each indefinite-lived asset. The tests indicate that the indefinite-lived intangible assets have fair values that exceeded their carrying amounts and no impairment of trademarks or other identifiable intangible assets was identified as a result of the testing conducted in 2019 . The Company capitalizes internal software development costs incurred during the application development stage, 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 capital expenditures in the Consolidated Statements of Cash Flows. (p) 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 2019 . In estimating the fair values of the reporting units, management relies on a number of factors to discount anticipated future cash flows including long-term sales growth rates, 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. (q) 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. (r) 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, incent performance and retain employees. Stock-based compensation is estimated at the grant date based on the award’s fair value and is recognized as expense over the requisite service period. The Company estimates forfeitures for stock-based awards granted that are not expected to vest. (s) 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. The enacted Tax Cuts and Jobs Act (the “Tax Act”) significantly revised U.S. corporate income tax law by, among other things, reducing the corporate income tax rate to 21% and implementing a modified territorial tax system that included a one-time transition tax on deemed repatriated earnings of foreign subsidiaries. In 2018, the Company completed the accounting for the enactment of the Tax Act based upon its current interpretation of the Tax Act in accordance with available notices and regulations issued and proposed by the U.S. Department of the Treasury and the Internal Revenue Service. The Company adjusts its accounting as necessary when new guidance is issued. In addition, the Tax Act implemented a new minimum tax on global intangible low-taxed income (“GILTI”). A company can elect an accounting policy to account for GILTI in either of the following ways: • As a period charge in the future period the tax arises; or • As part of deferred taxes related to the investment or subsidiary. The Company elected to account for GILTI as a period cost. (t) Financial Instruments The Company uses forward foreign exchange contracts to manage its exposures to movements in foreign exchange rates. The Company also uses a combination of derivative instruments and long-term debt to manage its exposure to foreign currency risk associated with the Company’s net investment in its European subsidiaries. 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 on a monthly basis 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. 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 For a cash flow hedge, the Company formally assesses, both at inception and on a monthly basis thereafter, whether the designated derivative instrument is highly effective in offsetting changes in cash flows of the hedged item. The change in the fair value of a derivative instrument that is designated and highly effective 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 recorded on the same line in the Consolidated Statements of Income as the hedged item. The Company does not exclude amounts from effectiveness testing for cash flow hedges that would require recognition into earnings based on changes in fair value. If it is determined that a designated derivative instrument ceases to be a highly effective cash flow 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 on the same line in the Consolidated Statements of Income as the hedged item. Net Investment Hedges For a net investment hedge, the Company formally assesses, both at inception and on a quarterly basis thereafter, whether the designated derivative or nonderivative instrument is highly effective as an economic hedge of foreign exchange risk associated with the hedged net investment. The change in the fair value of a derivative instrument or the change in the carrying value of a nonderivative instrument that is designated and highly effective as a net investment hedge is recorded in the cumulative translation adjustment component of AOCI, offsetting the translation adjustment of the net investment being hedged. The Company assesses net investment hedge effectiveness and measures net investment hedge results for both derivative and nonderivative hedging instruments on an after-tax basis. The interest component of a cross-currency swap derivative contract designated in a highly effective net investment hedge is excluded from the assessment of hedge effectiveness and is initially recorded in the cumulative translation adjustment component of AOCI. This excluded component is amortized in earnings using a systematic and rational method over the term of the cross-currency swap derivative contract and recorded in the “Interest expense, net” line in the Consolidated Statements of Income. Cash flows from the periodic and final settlements of the cross-currency swap contracts will be reported as cash flows from investing activities in the Consolidated Statements of Cash Flows because the hedged item is a net investment in a foreign subsidiary, and the cash paid or received from acquiring or selling the subsidiary would typically be classified as investing. If a net investment hedging relationship ceases to be highly effective, the Company discontinues hedge accounting, and any future change in the fair value of the derivative hedging instrument or future change in the carrying value of the nonderivative hedging instrument is recorded in the “Other expenses” line of the Consolidated Statements of Income, which is where the gain or loss on the sale or substantial liquidation of the underlying net investment would be recorded. However, any deferred gains or losses previously recorded in the cumulative translation adjustment component of AOCI will remain in AOCI until the hedged net investment is sold or substantially liquidated, at which time the cumulative deferred gains or losses are recorded in the “Other expenses” line of 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. (u) 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 assumed 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 assumed 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. (v) Recently Issued Accounting Pronouncements Lease Accounting In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, “Leases (Topic 842)”, which requires lessees to recognize a right-of-use asset and a lease liability for all leases that are not short-term in nature. The standard also resulted in enhanced quantitative and qualitative disclosures surrounding leases. The FASB subsequently issued updates to provide clarification on specific topics, including adoption guidance, practical expedients and interim transition disclosure requirements. The new rules were effective for the Company in the first quarter of 2019. The Company adopted the new rules utilizing the modified retrospective method and recognized a $6,556 cumulative effect adjustment in retained earnings at the beginning of the period of adoption. In addition, the Company elected the package of practical expedients permitted under the transition guidance within the new standard which among other things, allowed the Company to carry forward the historical lease classification. The Company did not elect the hindsight practical expedient to determine the lease term for existing leases. Adoption of the new standard resulted in the recording of lease assets and lease liabilities of $507,669 and $535,054 , respectively as of December 30, 2018. Derivatives and Hedging In August 2017, the FASB |
Revenue Recognition (Notes)
Revenue Recognition (Notes) | 12 Months Ended |
Dec. 28, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue Recognition On December 31, 2017, the Company adopted ASU 2014-09, “Revenue from Contracts with Customers (Topic 606)” (“Topic 606”) using the modified retrospective method applied to contracts which were pending as of December 31, 2017. Financial results included in the Company’s Consolidated Statements of Income for the year ended December 28, 2019 and December 29, 2018 are presented under Topic 606, while December 30, 2017 amounts have not been restated and continue to be reported in accordance with ASC 605, “Revenue Recognition” (“Topic 605”). As a result of adopting Topic 606, the Company did not adjust opening retained earnings. Revenue is recognized when obligations under the terms of a contract with a customer are satisfied, which occurs at a point in time, upon either shipment or delivery to the customer. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring goods, which includes estimates for variable consideration. Variable consideration includes trade discounts, rebates, volume-based incentives, cooperative advertising and product returns, which are offered within contracts between the Company and its customers, employing the practical expedient for contract costs. Incidental items that are immaterial to the context of the contract are recognized as expense at the transaction date. The following table presents the Company’s revenues disaggregated by the customer’s method of purchase: Years Ended December 28, December 29, Third-party brick-and-mortar wholesale $ 5,263,692 $ 5,288,966 Consumer-directed 1,703,231 1,514,989 Total net sales $ 6,966,923 $ 6,803,955 Revenue Sources Third-Party Brick-and-Mortar Wholesale Revenue Third-party brick-and-mortar wholesale revenue is primarily generated by sales of the Company’s products to retailers to support their brick-and-mortar operations. Also included within third-party brick-and-mortar wholesale revenue is royalty revenue from licensing agreements. The Company earns royalties through license agreements with manufacturers of other consumer products that incorporate certain of the Company’s brands. The Company accrues revenue earned under these contracts based upon reported sales from the licensees. Consumer-Directed Revenue |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 28, 2019 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions Bras N Things On February 12, 2018, the Company acquired 100% of the outstanding equity of BNT Holdco Pty Limited (“Bras N Things”) for a total purchase price of A$498,236 (U.S. $391,572 ). During the year ended December 29, 2018 , due to the final working capital adjustment, the purchase consideration was reduced by A$3,012 (U.S. $2,367 ), ultimately resulting in a revised purchase price of A$495,224 (U.S. $389,205 ) which included a cash payment of A$428,956 (U.S. $337,123 ), an indemnification escrow of A$31,988 (U.S. $25,140 ) and debt assumed of A$34,280 (U.S. $26,942 ). U.S. dollar equivalents are based on acquisition date exchange rates. The Company funded the acquisition with a combination of short-term borrowings under its existing revolving loan facility (the “Revolving Loan Facility”) and cash on hand. During the year ended December 28, 2019 , A$31,425 (U.S. $21,360 ) of the indemnification escrow, including interest earned, was paid to the sellers. The remaining indemnification escrow, held in one of the Company’s bank accounts, is recognized and classified as restricted cash, with the balance as of December 28, 2019 and December 29, 2018 included in the “Other current assets” line of the Consolidated Balance Sheets. The results of Bras N Things have been included in the Company’s consolidated financial statements since the date of acquisition and are reported as part of the International segment. Bras N Things is a leading intimate apparel retailer that sells proprietary bras, panties and lingerie sets through a retail network of approximately 170 brick-and-mortar retail stores at acquisition date in Australia, New Zealand and South Africa. The Company believes this acquisition creates opportunities for expansion of the Bras N Things’ consumer-directed sales model. Factors that contribute to the amount of goodwill recognized for the acquisition include the value of entry into the outlet store sector, expansion of online presence, including the third-party marketplace, and expected synergies with existing Company functions. Goodwill associated with the acquisition is not tax deductible. Bras N Things trademark and brand name, which management believes to have an indefinite life, has been valued at $275,071 . Amortizable intangible assets have been assigned values of $2,358 for noncompete agreements and $785 for a customer list. Noncompete agreements and the customer list are being amortized over three years. The acquired assets and liabilities as of the date of acquisition include the following: Cash and cash equivalents $ 2,765 Accounts receivable, net 197 Inventories 9,610 Other current assets 1,637 Property, net 11,764 Trademarks and other identifiable intangibles 278,214 Deferred tax assets and other noncurrent assets 2,318 Total assets acquired 306,505 Accounts payable 4,929 Accrued liabilities and other 16,339 Deferred tax liabilities and other noncurrent liabilities 7,864 Total liabilities assumed 29,132 Net assets acquired 277,373 Goodwill 111,832 Total purchase price $ 389,205 Total purchase price of the Bras N Things acquisition consisted of the following components: Cash consideration paid $ 337,123 Indemnification escrow asset 25,140 Debt assumed 26,942 Total purchase price $ 389,205 Since February 12, 2018, goodwill related to the Bras N Things acquisition decreased by $792 as a result of measurement period adjustments, primarily related to working capital adjustments. The purchase price allocation was finalized in the first quarter of 2019. Unaudited pro forma results of operations for the Company are presented below assuming that the 2018 acquisition of Bras N Things had occurred on January 1, 2017. Pro forma operating results for the year ended December 30, 2017 include expenses totaling $317 , for acquisition-related adjustments primarily related to inventory and intangible assets. Years Ended December 29, December 30, Net sales $ 6,822,462 $ 6,608,714 Net income from continuing operations 542,696 103,240 Earnings per share from continuing operations: Basic $ 1.49 $ 0.28 Diluted 1.49 0.28 Champion Europe On June 30, 2016, the Company acquired 100% of Champion Europe S.p.A. (“Champion Europe”), which owns the trademark for the Champion brand in Europe, the Middle East and Africa, from certain individual shareholders in an all-cash transaction valued at €220,751 (U.S. $245,554 ) enterprise value less working capital adjustments as defined in the purchase agreement, which included €40,700 (U.S. $45,277 ) in estimated contingent consideration. The final contingent consideration for the Champion Europe acquisition was determined to be €64,250 (U.S. $73,738 ), of which €37,820 (U.S. $41,250 ) was paid in April 2017 and €26,430 (U.S. $32,488 ) was paid in February 2018. U.S. dollar equivalents are based on acquisition date or payment date exchange rates, as applicable. The Company funded the acquisition through a combination of cash on hand and borrowings under the 3.5% Senior Notes issued in June 2016. Other Acquisitions On October 13, 2017, the Company acquired 100% of Alternative Apparel, Inc. (“Alternative Apparel”) from Rosewood Capital V, L.P. and certain individual shareholders in an all-cash transaction. Alternative Apparel sells the Alternative brand better basics T-shirts, fleece and other tops and bottoms. Alternative is a lifestyle brand known for its comfort, style and social responsibility. The Company believes this acquisition creates growth opportunities by supporting its Activewear growth strategy by expanding its market and channel penetration, including online, supported by the Company’s global low-cost supply chain and manufacturing network. Total consideration paid was $62,094 . The Company funded the acquisition with cash on hand and short term borrowing under the Revolving Loan Facility. In connection with the acquisition, the Company recorded net working capital of $18,517 , goodwill of $23,716 , intangible assets of $26,800 and other net liabilities of $6,939 . The results of Alternative Apparel have been included in the Company’s consolidated financial statements since the date of the acquisition and are reported as part of the Activewear segment. Due to the immaterial nature of this acquisition, the Company has not provided additional disclosures herein. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 28, 2019 | |
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 December 28, December 29, December 30, Basic weighted average shares outstanding 364,709 363,513 367,680 Effect of potentially dilutive securities: Stock options 430 801 1,435 Restricted stock units 376 186 307 Employee stock purchase plan and other 4 5 4 Diluted weighted average shares outstanding 365,519 364,505 369,426 In 2019 , there were no anti-dilutive restricted stock units. Restricted stock units totaling 450 and 488 units were excluded from the diluted earnings per share calculation because their effect would be anti-dilutive for 2018 , and 2017 , respectively. In 2019 , 2018 and 2017 , there were no |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 28, 2019 | |
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, incent performance and retain 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- Options outstanding at December 31, 2016 2,275 $ 5.56 $ 36,438 2.20 Exercised (736 ) 6.22 Options outstanding at December 30, 2017 1,539 $ 5.24 $ 24,108 1.76 Exercised (756 ) 3.92 Options outstanding at December 29, 2018 783 $ 6.51 $ 4,449 1.54 Exercised (312 ) 6.09 Options outstanding and exercisable at December 28, 2019 471 $ 6.79 $ 3,786 0.94 The total intrinsic value of options that were exercised during 2019 , 2018 and 2017 was $3,084 , $6,242 and $10,821 , 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. 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 performanced-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- Nonvested share units outstanding at December 31, 2016 2,520 $ 26.46 $ 54,356 2.11 Granted — non-performanced based 628 21.22 Granted — performanced based 590 23.04 Vested (991 ) 26.74 Forfeited (81 ) 26.81 Nonvested share units outstanding at December 30, 2017 2,666 $ 24.36 $ 55,741 2.00 Granted — non-performanced based 970 15.52 Granted — performanced based 777 15.57 Vested (1,114 ) 27.55 Forfeited (38 ) 25.15 Nonvested share units outstanding at December 29, 2018 3,261 $ 18.53 $ 39,747 2.23 Granted — non-performanced based 114 16.20 Granted — performanced based (93 ) 20.71 Vested (1,246 ) 20.66 Forfeited (169 ) 17.52 Nonvested share units outstanding at December 28, 2019 1,867 $ 16.93 $ 27,692 1.50 The total fair value of shares vested during 2019 , 2018 and 2017 was $25,730 , $30,701 and $26,510 , 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 RSUs 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 RSUs granted each year represents the initial units granted on the date of grant plus or minus any adjustment for 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 2019 , 2018 and 2017 , the Company recognized total compensation expense of $8,908 , $21,063 and $23,224 and recognized a deferred tax benefit of $1,470 , $1,888 and $6,085 , respectively. At December 28, 2019 , there was $6,708 of total unrecognized compensation cost related to non-vested stock-based compensation arrangements, of which $5,048 , $1,488 , and $172 is expected to be recognized in 2020 , 2021 , and 2022 , 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 63,220 shares for awards of stock options and restricted stock units, of which 8,197 were available for future grants as of December 28, 2019 . |
Trade Accounts Receivable
Trade Accounts Receivable | 12 Months Ended |
Dec. 28, 2019 | |
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 Balance at December 31, 2016 $ 6,658 $ 12,068 $ 18,726 Charged to expenses 6,642 16,169 22,811 Deductions and write-offs (632 ) (18,264 ) (18,896 ) Currency translation 904 2,551 3,455 Balance at December 30, 2017 $ 13,572 $ 12,524 $ 26,096 Charged to expenses 15,813 13,487 29,300 Deductions and write-offs (8,893 ) (12,959 ) (21,852 ) Currency translation (430 ) (510 ) (940 ) Balance at December 29, 2018 $ 20,062 $ 12,542 $ 32,604 Charged to expenses 8,658 12,942 21,600 Deductions and write-offs (9,198 ) (11,101 ) (20,299 ) Currency translation (518 ) (159 ) (677 ) Balance at December 28, 2019 $ 19,004 $ 14,224 $ 33,228 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 based on programs offered by certain of the Company’s largest customers. As a result of the strong credit worthiness of these customers, the discount taken on most of these programs is less than the marginal borrowing rate on the Company’s variable rate credit facilities. 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. In addition to the programs noted above, in December 2019, the Company entered into agreements to sell selected trade accounts receivables to financial institutions based on programs sponsored by the Company. As a result of the strong credit worthiness of these customers, the discount taken on these programs is less than the marginal borrowing rate on the Company’s variable rate credit facilities. In a small portion of these programs, the Company obtains beneficial interest in the receivable subsequent to the sale. Cash received at the time of sale is recognized within the Consolidated Statements of Cash Flows as part of operating activities. Any subsequent cash received on the beneficial interest is recognized within the Consolidated Statements of Cash Flows as part of investing activities. At December 28, 2019, the Company had $2,984 of beneficial interest assets. The Company is the servicer of the receivables under some of these arrangements and is responsible for performing all accounts receivable administration functions. Where the Company receives a fee to service and monitor these transferred accounts receivables, such fees are sufficient to offset the costs and as such, a servicing asset or liability is not recorded as a result of such activities. The Company recognized total funding fees of $9,891 , $9,566 and $6,059 in 2019 , 2018 and 2017 , 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 |
Dec. 28, 2019 | |
Text Block [Abstract] | |
Inventories | Inventories Inventories consisted of the following: December 28, December 29, Raw materials $ 83,545 $ 107,300 Work in process 136,592 182,966 Finished goods 1,685,708 1,766,572 $ 1,905,845 $ 2,056,838 |
Property, Net
Property, Net | 12 Months Ended |
Dec. 28, 2019 | |
Text Block [Abstract] | |
Property, Net | Property, Net Property is summarized as follows: December 28, December 29, Land $ 44,542 $ 44,980 Buildings and improvements 500,733 500,366 Machinery and equipment 1,085,451 1,097,536 Construction in progress 33,625 34,643 1,664,351 1,677,525 Less accumulated depreciation 1,076,455 1,069,837 Property, net $ 587,896 $ 607,688 Capital expenditures included in accounts payable at December 28, 2019 , December 29, 2018 and December 30, 2017 was $19,327 , $20,275 and $11,285 |
Leases (Notes)
Leases (Notes) | 12 Months Ended |
Dec. 28, 2019 | |
Leases [Abstract] | |
Leases Disclosure | Leases The Company has operating leases for real estate (primarily retail stores and operating facilities) and certain equipment. The Company’s finance leases are not material. The Company’s leases have remaining lease terms of one to 38 years, some of which include options to extend the leases for up to 15 years , and some of which include options to terminate the leases within one year . Total operating lease costs, which includes short-term leases and variable cost, were $231,607 for the year ended December 28, 2019 . For the year ended December 28, 2019 , variable costs of $71,728 were included in total operating lease costs. Short-term lease costs were immaterial for the year ended December 28, 2019 . Rental expense under operating leases was $185,696 and $184,603 in 2018 and 2017 , respectively. The following table presents supplemental cash flow and non-cash information related to leases: Year Ended December 28, Cash paid for amounts included in the measurement of lease liabilities - operating cash flows from leases $ 158,140 Right-of-use assets obtained in exchange for lease obligations - non-cash activity $ 66,496 The following table presents supplemental information related to leases at December 28, 2019 : Weighted average remaining lease term 5.3 years Weighted average discount rate 4.89 % The following table presents future minimum rental commitments under noncancelable operating leases as of December 29, 2018 : 2019 $ 148,218 2020 129,660 2021 110,185 2022 91,411 2023 66,753 Thereafter 115,941 $ 662,168 The following table presents maturities of operating lease liabilities as of December 28, 2019 : 2020 $ 166,833 2021 125,546 2022 91,443 2023 73,784 2024 44,239 Thereafter 93,754 Total lease payments 595,599 Less interest 71,227 $ 524,372 As of December 28, 2019 , the Company’s additional operating lease contracts that have not yet commenced are immaterial. |
Notes Payable
Notes Payable | 12 Months Ended |
Dec. 28, 2019 | |
Text Block [Abstract] | |
Notes Payable | Notes Payable The Company had short-term revolving facilities in the following location at December 28, 2019 and December 29, 2018 : Interest Principal Amount December 28, December 29, Europe Various $ 4,244 $ 5,824 As of December 28, 2019 and December 29, 2018 , the Company had total borrowing availability of $125,955 and $158,135 , respectively, under its international notes payable facilities. Total interest paid on notes payable was $475 , $1,579 and $364 in 2019 , 2018 and 2017 , respectively. The Company was in compliance with the financial covenants contained in each of the facilities at December 28, 2019 . |
Debt
Debt | 12 Months Ended |
Dec. 28, 2019 | |
Debt Disclosure [Abstract] | |
Debt | Debt The Company had the following debt at December 28, 2019 and December 29, 2018 : Interest Principal Amount December 28, December 29, Maturity Date Senior Secured Credit Facility: Revolving Loan Facility — $ — $ — December 2022 Term Loan A 3.10% 625,000 721,875 December 2022 Term Loan B 3.45% 300,000 496,250 December 2024 Australian Term A-1 — — 122,968 — Australian Revolving Loan Facility — — 21,118 July 2021 4.875% Senior Notes 4.88% 900,000 900,000 May 2026 4.625% Senior Notes 4.63% 900,000 900,000 May 2024 3.5% Senior Notes 3.50% 558,847 572,213 June 2024 European Revolving Loan Facility 1.50% 110,914 113,520 September 2020 Accounts Receivable Securitization Facility — — 161,608 March 2020 Other International Debt Various — 1 Various 3,394,761 4,009,553 Less long-term debt issuance costs 26,977 34,774 Less current maturities (1) 110,914 440,596 $ 3,256,870 $ 3,534,183 (1) Current maturities excludes $12 of short-term debt issuance costs at December 29, 2018 . The Company’s primary financing arrangements are the senior secured credit facility (the “Senior Secured Credit Facility”), 4.875% senior notes (the “ 4.875% Senior Notes”), 4.625% senior notes (the “ 4.625% Senior Notes”), 3.5% senior notes (the “ 3.5% Senior Notes”), the Accounts Receivable Securitization Facility and the European Revolving Loan Facility. The outstanding balances at December 28, 2019 and December 29, 2018 are reported in the “Accounts Receivable Securitization Facility”, “Current portion of long-term debt” and “Long-term debt” lines of the Consolidated Balance Sheets. Total cash paid for interest related to debt in 2019 , 2018 and 2017 was $173,133 , $177,717 and $164,716 , respectively. Senior Secured Credit Facility On December 15, 2017, the Company refinanced its Senior Secured Credit Facility to extend the maturity date of the Revolving Loan Facility to December 2022 and re-price at more favorable rates, extend the maturity date of the Term Loan A to December 2022 and re-price at more favorable rates, extend the maturity date of the Term Loan B to December 2024 and re-price at more favorable rates, and add an additional $325,750 in term loan borrowings ( $144,375 for Term Loan A and $181,375 for Term Loan B). The Company incurred $11,935 in fees related to this refinancing. The proceeds of the Term Loan A and the Term Loan B were used to pay down existing borrowings under the Senior Secured Credit Facility and pay fees and expenses in connection with the closing of the Senior Secured Credit Facility. Proceeds of the Revolving Loan Facility are used for general corporate purposes and working capital needs. All borrowings under the Revolving Loan Facility must be repaid in full upon maturity. Outstanding borrowings under the Term Loan A are repayable in 1.25% quarterly installments, with the remainder of the outstanding principal to be repaid at maturity. Outstanding borrowings under the Term Loan B are repayable in 0.25% quarterly installments, with the remainder of the outstanding principal to be repaid 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 3.50 to 1.00 on a pro forma basis after giving effect to the incurrence of such indebtedness. As of December 28, 2019 , the Company had $4,435 of standby and trade letters of credit issued and outstanding under the Revolving Loan Facility and $995,565 of borrowing availability. 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. The Term Loan A and the Term Loan B require the Company and its subsidiary MFB International Holdings, as applicable, to prepay any outstanding term loans in connection with (i) the incurrence of certain indebtedness and (ii) non-ordinary course asset sales or other dispositions (including as a result of casualty or condemnation) that exceed certain thresholds in any period of twelve-consecutive months, with customary reinvestment provisions. The Term Loan B also requires the Company and MFB International Holdings, as applicable, to prepay any outstanding term loans under the Term Loan B in connection with excess cash flow, which percentage will be based upon the Company’s leverage ratio during the relevant fiscal period. All such prepayments will be made on a pro rata basis under each of the applicable term loans that are subject to such prepayments. Borrowings under the Revolving Loan Facility, the Term Loan A and the Term Loan B bear interest based on the LIBOR rate or the “base rate” plus, in each case, an applicable margin. The applicable margin for the Revolving Loan Facility and the Term Loan A is determined by reference to a leverage-based pricing grid set forth in the Senior Secured Credit Facility, ranging from a maximum of 2.00% in the case of LIBOR-based loans and 1.00% in the case of Base Rate loans if the Company’s leverage ratio is greater than or equal to 4.50 to 1.00, and will step down in 0.25% increments to a minimum of 1.00% in the case of LIBOR-based loans and 0.00% in the case of Base Rate loans if the Company’s leverage ratio is less than 2.25 to 1.00. The applicable margin under the Term Loan B is 1.75% in the case of LIBOR-based loans and 0.75% in the case of Base Rate loans. 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 interest, 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 3.00 to 1.00 for each fiscal quarter. 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 4.50 to 1.00 for each fiscal quarter provided that, following a permitted acquisition in which the consideration is at least $200,000 , such maximum leverage ratio covenant shall be increased to 5.00 to 1.00 for each fiscal quarter ending in the succeeding 12-month period following such permitted acquisition. 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 40 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 4.50 to 1.00, the commitment fee margin is 0.40% . When the leverage ratio is less than 4.50 to 1.00 but greater than or equal to 3.00 to 1.00, the applicable commitment fee margin is 0.30% . When the leverage ratio is less than 3.00 to 1.00, the applicable commitment fee margin is 0.25% . 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 December 28, 2019 , the Company was in compliance with all financial covenants. Senior Notes Refinancing In 2016, the Company refinanced its debt structure to reduce interest rates, increase borrowing capacity, increase the proportion of fixed rate debt and fund a portion of the acquisitions of Champion Europe and Hanes Australasia. The refinancing: (i) issued $900,000 aggregate principal amount of the 4.875% Senior Notes due 2026 (the “4.875% Senior Notes”), $900,000 aggregate principal amount of the 4.625% Senior Notes due 2024 (the “4.625% Senior Notes”), and €500,000 aggregate principal amount of the 3.5% Senior Notes due 2024 (the “3.5% Senior Notes”); (ii) redeemed in full the Company’s 6.375% Senior Notes due 2020; and (iii) repaid a portion of the indebtedness outstanding under the Revolving Loan Facility. The refinancing activity resulted in the incurrence of $39,523 in capitalized debt issuance costs for the series of senior notes, each of which is discussed in more detail below. Debt issuance costs are amortized to interest expense over the respective lives of the debt instruments, which ranged from eight to 10 years . 4.875% Senior Notes and 4.625% Senior Notes On May 6, 2016, the Company issued $900,000 aggregate principal amount of 4.875% Senior Notes and $900,000 aggregate principal amount of 4.625% Senior Notes (collectively, the “USD Senior Notes”), with interest payable on May 15 and November 15 of each year. The 4.875% Senior Notes will mature on May 15, 2026 and the 4.625% Senior Notes will mature on May 15, 2024. The sale of the USD Senior Notes resulted in aggregate net proceeds from the sale of approximately $1,773,000 , which were used to repay all outstanding borrowings under the 6.375% Senior Notes and reduce the outstanding borrowings under the Revolving Loan Facility. On or after February 15, 2026, in the case of the 4.875% Senior Notes, and February 15, 2024, in the case of the 4.625% Senior Notes, the Company may redeem all or a portion of such notes at a price equal to 100% of the principal amount, plus a ny accrued and unpaid interest. The USD Senior Notes are senior unsecured obligations of the Company and are fully and unconditionally guaranteed, subject to certain exceptions, by substantially all of the Company’s current domestic subsidiaries. The indenture governing the USD Senior Notes limits the ability of the Company and its subsidiaries to incur liens, enter into certain sale and leaseback transactions and consolidate, merge or sell all or substantially all of their assets. The indenture also 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. The USD Senior Notes were issued in a transaction exempt from registration under the Securities Act and do not require disclosure of separate financial information for the guarantor subsidiaries. 3.5% Senior Notes On June 3, 2016, the Company issued €500,000 aggregate principal amount of 3.5% Senior Notes, with interest payable on June 15 and December 15 of each year. The 3.5% Senior Notes will mature on June 15, 2024. The sale of the 3.5% Senior Notes resulted in net proceeds of approximately €492,500 , which were used to fund a portion of the acquisition of Champion Europe and Hanes Australasia. On or after March 15, 2024, the Company may redeem all or a portion of the 3.5% Senior Notes at a price equal to 100% of the principal amount, plus any accrued and unpaid interest. The Company may also redeem all, but not less than all, of the 3.5% Senior Notes upon the occurrence of certain changes in applicable tax law. The 3.5% Senior Notes are senior unsecured obligations of the Company and are fully and unconditionally guaranteed, subject to certain exceptions, by the Company and certain of its subsidiaries that guarantee the Company’s Euro Term Loan facility, which was paid in full in August 2016, under the Company’s Senior Secured Credit Facility. The indenture governing the 3.5% Senior Notes limits the ability of the Company and each of the guarantors of the Notes (including the Company) to incur certain liens, enter into certain sale and leaseback transactions and consolidate, merge or sell all or substantially all of their assets. The indenture also 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 the indenture; failure to pay certain other indebtedness; certain events of bankruptcy, insolvency or reorganization; failure to pay certain final judgments; and failure of certain guarantees to be enforceable. The 3.5% Senior Notes were issued in a transaction exempt from registration under the Securities Act and do not require disclosure of separate financial information for the guarantor subsidiaries. Australian Term A-1 and Australian Revolver On July 4, 2016, the Company established a floating rate A$ 200,000 Australian Term A-1 Loan Facility (the “Australian Term A-1”) with interest payable every three or six months. In June 2019, the Company paid the outstanding balance and terminated the Australian Term A-1 loan which would have matured on July 7, 2019. On July 15, 2016, the Company established the Australian Revolving Facility (the “Australian Revolver”) in the amount of A$ 65,000 with interest payable at a variable rate. The Australian Revolver is comprised of a bilateral cash advance of A $50,000 , a bank overdraft of A $10,000 and a bank guarantee of A $5,000 . The Australian Revolver will mature on July 15, 2021. The Australian Revolver interest rates are based on the Bank Bill Swap Bid Rate (“BBSY”) plus an applicable margin which is driven by the Company’s debt rating. The Australian Term A-1 was issued to help fund the Hanes Australasia acquisition while the Revolver is utilized for future working capital requirements. The Australian Term A-1 and Australian Revolver were established under the Company’s Syndicated Facility, a joinder to the Company’s Senior Secured Credit Facility. The Syndicated Facility Agreement requires the Company to prepay any outstanding Term Loans in connection with (i) the incurrence of certain indebtedness and (ii) non-ordinary course asset sales or other dispositions (including as a result of casualty or condemnation) that exceed certain thresholds in any period of twelve consecutive months, with customary reinvestment provisions. The Syndicated Facility Agreement also requires the Company, and certain of its subsidiary guarantors, as applicable, to prepay any outstanding Term Loans in connection with excess cash flow, which amount will be based upon the Company’s leverage ratio during the relevant fiscal period. All such prepayments will be made on a pro rata basis under each of the applicable Term Loan Facilities that are subject to such prepayments. Under the terms of the Syndicated Facility Agreement, 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 4.50 to 1.00 for each fiscal quarter provided that, following a permitted acquisition in which the consideration is at least $200,000 , the maximum leverage ratio covenant increases to 5.00 to 1.00 for each fiscal quarter in the succeeding 12-month period following such permitted acquisition. There were no letters of credit issued and outstanding under the Australian Revolving Loan Facility at December 28, 2019 , and the Company had $41,497 of borrowing availability. European Revolving Loan Facility On September 9, 2016, the Company established a €100,000 European Revolving Loan Facility. Proceeds from the European Revolving Loan Facility were used to refinance existing debt for Hanes Europe Innerwear and will be used for future working capital requirements. In July 2019, the Company refinanced the European Revolving Loan Facility primarily to extend the maturity date to September 2020. The Company may from time to time voluntarily prepay the European Revolving Loan Facility in whole or in part without a premium or penalty provided that among other items, principal payments be made in amounts of €5,000 or in whole multiple of €1,000 in excess thereof. Any prepayment of principal shall be accompanied by all accrued interest on the amount prepaid. Interest under the European Revolving Credit Facility is calculated using LIBOR for Euro with a zero floor plus a 150 basis point margin. Interest is based on the outstanding principal amount for each interest period from the applicable borrowing date at a rate per annum equal to the Eurocurrency Rate for such interest period plus the applicable rate. At December 28, 2019 , the Company had no borrowing availability, taking into account the outstanding balance at the end of the year. Accounts Receivable Securitization Facility Borrowings under the Accounts Receivable Securitization Facility are permitted only to the extent that the outstanding principal balance of the receivables in the collateral pool, net of applicable concentrations, reserves and other deductions, exceeds the outstanding loans and also subject to a fluctuating facility limit, not to exceed $300,000 . The Company’s maximum borrowing capacity and borrowing availability under the Accounts Receivable Securitization Facility was $300,000 and $235,743 as of December 28, 2019 , respectively. Under the terms of the Accounts Receivable Securitization Facility, the Company and certain of its subsidiaries sell or otherwise assign, on an ongoing basis, certain domestic trade receivables to HBI Receivables LLC (“Receivables LLC”), a wholly owned bankruptcy-remote subsidiary that in turn pledges the trade receivables to secure the borrowings, which are funded through conduits and financial institutions that are not affiliated with the Company. Funding under the Accounts Receivable Securitization Facility is received either from conduits party to the Accounts Receivable Securitization Facility through the issuance of commercial paper in the short-term market or through committed bank purchasers. The assets and liabilities of Receivables LLC are fully reflected on the Consolidated Balance Sheets, and the securitization is treated as a secured borrowing by Receivables LLC from the third-party conduits and financial institutions party thereto for accounting purposes, but the assets of Receivables LLC will be used solely to satisfy the creditors of Receivables LLC, not the Company’s other creditors. The borrowings under the Accounts Receivable Securitization Facility remain outstanding throughout the term of the agreement subject to Receivables LLC maintaining sufficient eligible receivables, by continuing to acquire trade receivables from the Company and certain of its subsidiaries, unless an event of default occurs. In March 2018, the Company amended the Accounts Receivable Securitization Facility primarily to extend the termination date to March 2019. In June 2018, the Company amended the Accounts Receivable Securitization Facility to remove certain receivables from being pledged as collateral for the facility and reduce the maximum availability to $225,000 . In September 2018, the Company amended the Accounts Receivable Securitization Facility to remove certain additional receivables from being pledged as collateral for the facility. In March 2019, the Company amended the Accounts Receivable Securitization Facility to primarily increase the fluctuating facility limit to $300,000 (previously $225,000 ) and extend the maturity date to March 2020 . Availability of funding under the Accounts Receivable Securitization Facility depends primarily upon the eligible outstanding receivables balance. The outstanding balance under the Accounts Receivable Securitization Facility is reported on the Consolidated Balance Sheets in the line “Accounts Receivable Securitization Facility.” In the case of any creditors party to the Accounts Receivable Securitization Facility that are conduits, 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 Statements of Income. In the case of any creditors party to the Accounts Receivable Securitization Facility that are committed bank purchasers, the interest rate would be payable at the Company’s option at the rate announced from time to time by PNC Bank, 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. If 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 interest rate would be the prime rate. These amounts are also considered financing costs and are included in interest expense on the Consolidated Statements of Income. In addition, Receivables LLC is required to make certain indemnity and other payments to a conduit purchaser, a committed purchaser, or certain entities that provide funding to or are affiliated with them, including in the event that assets and liabilities of a conduit purchaser subject to the Accounts Receivable Securitization Facility are consolidated for financial and/or regulatory accounting purposes with certain other entities. 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 December 28, 2019 , the Company was in compliance with all financial covenants. The total outstanding principal amount of receivables in the collateral pool available for borrowings under the credit facility was $235,743 at December 28, 2019 . Future Principal Payments Future principal payments for all of the facilities described above are as follows: $110,914 due in 2020 , $25,000 due in 2021 , $600,000 due in 2022 , $0 due in 2023 , $1,758,847 due in 2024 and $900,000 due thereafter. Debt Issuance Costs During 2019, 2018 and 2017, the Company incurred $1,203 , $677 and $9,130 , respectively, in capitalized debt issuance costs in connection with the amendments to the Company’s financing arrangements. 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 December 28, 2019 , the net carrying value of unamortized debt issuance costs for the revolving loan facilities, which is included in “Other Noncurrent Assets” in the Consolidated Balance Sheet, was $6,609 and the net carrying value of unamortized debt issuance costs for the remainder of the Company’s debt, which is included in “Long-term debt” in the Consolidated Balance Sheet was $26,977 . The Company’s debt issuance cost amortization was $10,731 , $9,278 and $10,394 in 2019 , 2018 and 2017 , 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, amendments and write-offs incurred in the early extinguishment of debt. In 2019 and 2018, the Company did not recognize any of these charges. In 2017, the Company recognized charges of $380 for acceleration of unamortized debt costs related to the Euro Term Loan, $1,909 for the Australian Term Loans, and $1,739 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 28, 2019 | |
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. Purchase Commitments In the ordinary course of business, the Company has entered into purchase commitments for raw materials, production and finished goods. These agreements, typically with terms ending within a year, require total payments of $485,968 in 2020 , $3,592 in 2021 and $3,843 in 2022 . License Agreements The Company is party to several royalty-bearing license agreements for the 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 2019 , 2018 and 2017 , the Company incurred royalty expense of approximately $105,829 , $109,851 and $100,869 , respectively. Minimum amounts due under the license agreements are approximately $57,396 in 2020 , $57,656 in 2021 , $56,443 in 2022 , $53,181 in 2023 , $37,445 in 2024 and $57,100 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill | 12 Months Ended |
Dec. 28, 2019 | |
Text Block [Abstract] | |
Intangible Assets and Goodwill | Intangible Assets and Goodwill As described in Note, “Acquisitions,” the Company acquired Bras N things in February 2018, which resulted in the recognition of certain intangible assets and goodwill. (a) Intangible Assets The primary components of the Company’s intangible assets and the related accumulated amortization are as follows: Gross Accumulated Net Book Year ended December 28, 2019: Intangible assets subject to amortization: Trademarks and brand names $ 36,152 $ 27,752 $ 8,400 Licensing agreements 102,634 57,942 44,692 Customer and distributor relationships 163,831 71,603 92,228 Computer software 88,296 46,840 41,456 Other intangibles 3,156 1,812 1,344 $ 394,069 $ 205,949 188,120 Intangible assets not subject to amortization: Trademarks 1,298,598 Perpetual licensing agreements and other 34,082 Net book value of intangible assets $ 1,520,800 Gross Accumulated Net Book Year ended December 29, 2018: Intangible assets subject to amortization: Trademarks and brand names $ 35,818 $ 26,218 $ 9,600 Licensing agreements 102,929 50,222 52,707 Customer and distributor relationships 166,176 56,923 109,253 Computer software 125,319 90,203 35,116 Other intangibles 3,343 1,670 1,673 $ 433,585 $ 225,236 208,349 Intangible assets not subject to amortization: Trademarks 1,312,202 Perpetual licensing agreements and other 34,830 Net book value of intangible assets $ 1,555,381 The amortization expense for intangible assets subject to amortization was $34,937 , $36,437 and $34,892 for 2019 , 2018 and 2017 , 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: $32,858 in 2020 , $29,056 in 2021 , $27,461 in 2022 , $23,964 in 2023 and $20,863 in 2024 . (b) Goodwill Goodwill and the changes in those amounts during the period are as follows: Innerwear Activewear International Other Total Net book value at December 30, 2017 $ 406,853 $ 316,950 $ 415,531 $ 27,673 $ 1,167,007 Acquisition of businesses — (566 ) 111,611 — 111,045 Currency translation — — (36,325 ) — (36,325 ) Net book value at December 29, 2018 $ 406,853 $ 316,384 $ 490,817 $ 27,673 $ 1,241,727 Acquisition of businesses — — 221 — 221 Currency translation — — (6,237 ) — (6,237 ) Net book value at December 28, 2019 $ 406,853 $ 316,384 $ 484,801 $ 27,673 $ 1,235,711 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 28, 2019 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss The components of AOCI are as follows: Cumulative Translation Adjustment (1) Cash Flow Hedges Defined Benefit Plans Income Taxes Accumulated Other Comprehensive Loss Balance at December 30, 2017 $ (36,430 ) $ (25,461 ) $ (614,000 ) $ 243,760 $ (432,131 ) Amounts reclassified from accumulated other comprehensive loss — 9,836 19,693 (7,552 ) 21,977 Current-period other comprehensive income (loss) activity (113,555 ) 37,439 (1,000 ) (8,597 ) (85,713 ) Balance at December 29, 2018 $ (149,985 ) $ 21,814 $ (595,307 ) $ 227,611 $ (495,867 ) Amounts reclassified from accumulated other comprehensive loss — (28,931 ) 20,121 2,012 (6,798 ) Current-period other comprehensive income (loss) activity (7,153 ) 11,903 (54,174 ) 13,257 (36,167 ) Total other comprehensive income (loss) (7,153 ) (17,028 ) (34,053 ) 15,269 (42,965 ) Reclassification of stranded tax related to U.S. pension plan to retained earnings — — — (78,816 ) (78,816 ) Balance at December 28, 2019 $ (157,138 ) $ 4,786 $ (629,360 ) $ 164,064 $ (617,648 ) (1) Cumulative Translation Adjustment includes translation adjustments and net investment hedges. See Note, “Financial Instruments and Risk Management” for additional disclosures about net investment hedges. The Company had the following reclassifications out of AOCI: Component of AOCI Location of Reclassification into Income Amount of Reclassification from AOCI Years Ended December 28, December 29, December 30, Gain (loss) on foreign exchange contracts designated as cash flow hedges Cost of sales $ 28,931 $ (9,836 ) $ 1,825 Income tax (7,276 ) 2,038 (225 ) Net of tax 21,655 (7,798 ) 1,600 Amortization of deferred actuarial loss and prior service cost Other expenses (20,121 ) (19,693 ) (19,062 ) Income tax 5,264 5,514 7,320 Net of tax (14,857 ) (14,179 ) (11,742 ) Total reclassifications $ 6,798 $ (21,977 ) $ (10,142 ) |
Financial Instruments and Risk
Financial Instruments and Risk Management | 12 Months Ended |
Dec. 28, 2019 | |
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. The Company also uses a combination of derivative instruments and long-term debt to manage its exposure to foreign currency risk associated with the Company’s net investment in its European subsidiaries. As of December 28, 2019 and December 29, 2018, the notional U.S. dollar equivalent of the Company’s derivative portfolio of forward foreign exchange contracts was $652,423 and $575,469 , respectively, consisting of contracts hedging exposures primarily related to the Australian dollar, Euro, Canadian dollar and Mexican peso. As of December 28, 2019 , the U.S. dollar equivalent carrying value of long-term debt designated as a partial European net investment hedge was $558,847 . The notional U.S. dollar equivalent of the Company’s cross-currency swap contracts, which are also designated as partial European net investment hedges, was $335,940 as of December 28, 2019 . Fair Values of Derivative Instruments The fair values of derivative financial instruments related to forward foreign exchange contracts and cross-currency swap contracts recognized in the Consolidated Balance Sheets of the Company were as follows: Balance Sheet Location Fair Value December 28, December 29, Derivatives designated as hedging instruments: Forward foreign exchange contracts Other current assets $ 2,716 $ 18,381 Cross-currency swap contracts Other current assets 926 — Cross-currency swap contracts Other noncurrent assets 2,975 — Derivatives not designated as hedging instruments: Forward foreign exchange contracts Other current assets 5,314 12,410 Total derivative assets 11,931 30,791 Derivatives designated as hedging instruments: Forward foreign exchange contracts Accrued liabilities (2,246 ) (286 ) Derivatives not designated as hedging instruments: Forward foreign exchange contracts Accrued liabilities (1,147 ) (114 ) Total derivative liabilities (3,393 ) (400 ) Net derivative asset $ 8,538 $ 30,391 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 $6,337 . The Company is hedging exposure to the variability in future cash flows for forecasted transactions over the next 16 months. The effect of cash flow hedge derivative instruments on the Consolidated Statements of Income and AOCI is as follows: Amount of Gain (Loss) Years Ended December 28, December 29, December 30, Foreign exchange contracts $ 11,903 $ 37,439 $ (37,408 ) Location of Gain (Loss) Amount of Gain (Loss) Years Ended December 28, December 29, December 30, Foreign exchange contracts (1) Cost of sales $ 28,931 $ (9,836 ) $ 1,825 (1) The Company does not exclude amounts from effectiveness testing for cash flow hedges that would require recognition into earnings based on changes in fair value. Years Ended December 28, December 29, December 30, Total cost of sales in which the effects of cash flow hedges are recorded $ 4,247,593 $ 4,150,736 $ 3,981,959 Net Investment Hedges In July 2019, the Company entered into two pay-fixed rate, receive-fixed rate cross-currency swap contracts with a total notional amount of €300,000 that were designated as hedges of a portion of the beginning balance of the Company’s net investment in its European subsidiaries. These cross-currency swap contracts, which mature on May 15, 2024, swap U.S. Dollar-denominated interest payments for Euro-denominated interest payments, thereby economically converting a portion of the Company’s fixed-rate 4.625% Senior Notes to a fixed-rate 2.3215% Euro-denominated obligation. In July 2019, the Company also designated its 3.5% Senior Notes with a carrying value of €500,000 , which is a nonderivative financial instrument, as a hedge of a portion of the beginning balance of the Company’s European net investment. The amount of after-tax gains (losses) included in AOCI in the Consolidated Balance Sheets related to derivative instruments and nonderivative financial instruments designated as net investment hedges and the amount of gains included in the “Interest expense, net” line in the Consolidated Statements of Income related to amounts excluded from the assessment of hedge effectiveness for derivative instruments designated as net investment hedges are as follows: Amount of Gain (Loss) Recognized in AOCI Years Ended December 28, December 29, December 30, Euro-denominated long-term debt $ (23 ) $ — $ — Cross-currency swap contracts 2,201 — — Total $ 2,178 $ — $ — Location of Gain (Loss) Recognized in Income Amount of Gain Recognized in Income Years Ended December 28, December 29, December 30, Cross-currency swap contracts Interest expense, net $ 3,613 $ — $ — Years Ended December 28, December 29, December 30, Total interest expense, net in which the amounts excluded from effectiveness testing for net investment hedges are recorded $ 178,579 $ 194,675 $ 174,435 Mark to Market Hedges A derivative used as a hedging instrument whose change in fair value is recognized to act as a hedge against changes in the values of the hedged item is designated as a mark to market hedge. The Company uses foreign exchange derivative contracts as hedges against the impact of foreign exchange fluctuations on existing accounts receivable and payable balances and intercompany lending transactions denominated in foreign currencies. Foreign exchange derivative contracts are recorded as mark to market hedges when the hedged item is a recorded asset or liability that is revalued in each accounting period. These contracts are not designated as hedges under the accounting standards and are recorded at fair value in the Consolidated Balance Sheets. Any gains or losses resulting from changes in fair value are recognized directly into earnings. Gains or losses on these contracts largely offset the net remeasurement gains or losses on the related assets and liabilities. The effect of derivative contracts not designated as hedges on the Consolidated Statements of Income is as follows: Location of Gain (Loss) Amount of Gain (Loss) Recognized in Income Years Ended December 28, December 29, December 30, Foreign exchange contracts Cost of sales $ (31,809 ) $ 16,782 $ — Foreign exchange contracts Selling, general and (1,073 ) 726 114 Total $ (32,882 ) $ 17,508 $ 114 |
Fair Value of Assets and Liabil
Fair Value of Assets and Liabilities | 12 Months Ended |
Dec. 28, 2019 | |
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 December 28, 2019 and December 29, 2018 , the Company held certain financial assets and liabilities that are required to be measured at fair value on a recurring basis. These consisted of the Company’s derivative instruments related to foreign exchange rates, cross-currency swap derivative contracts, defined benefit pension plan investment assets and deferred compensation plan liabilities. The fair values of foreign exchange rate derivatives are determined using the cash flows of the foreign exchange contract, discount rates to account for the passage of time and current foreign exchange market data which are all based on inputs readily available in public markets and are categorized as Level 2. The fair values of cross-currency swap derivative contracts are determined using the cash flows of the contracts, discount rates to account for the passage of time, current foreign exchange and interest rate market data and credit risk, which are all based on inputs readily available in public markets and are categorized as Level 2. The fair value of deferred compensation plans is based on readily available current market data and is categorized as Level 2. The fair values of defined benefit pension plan investments include: certain U.S. equity securities, certain foreign equity securities, cash and cash equivalents and debt securities that are determined based on quoted prices in public markets categorized as Level 1; insurance contracts 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; certain foreign equity securities, debt securities and commodity investments measured at their net asset value, which is determined based on inputs readily available in public markets; 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 and are measured at a net asset value. Assets valued utilizing a net asset value are not required to be classified within the fair value hierarchy. There were no changes during 2019 to the Company’s valuation techniques used to measure asset and liability fair values on a recurring basis. There were no transfers into or out of Level 1, Level 2 or Level 3 during the year ended December 28, 2019 . As of December 28, 2019 , 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 Total Quoted Prices In Significant Defined benefit pension plan investment assets: U.S. equity securities $ 162,455 $ 162,455 $ — $ — Foreign equity securities 34,224 34,224 — — Debt securities 41,356 41,356 — — Cash and other 7,382 7,382 — — Insurance contracts 2,971 — 2,971 — Total plan assets in the fair value hierarchy 248,388 245,417 2,971 — Plan assets measured at net asset value: (1) Hedge fund of funds 350,270 Foreign equity securities 101,299 Debt securities 94,384 Real estate 55,067 Commodities 17,736 Total plan assets measured at net asset value 618,756 Total plan assets 867,144 Derivative contracts: Forward foreign exchange contracts - assets 8,030 — 8,030 — Cross-currency swap contracts - assets 3,901 — 3,901 — Forward foreign exchange contracts - liabilities (3,393 ) — (3,393 ) — 8,538 — 8,538 — Deferred compensation plan liability (31,221 ) — (31,221 ) — Total $ 844,461 $ 245,417 $ (19,712 ) $ — (1) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the tables above are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Balance Sheets. Assets (Liabilities) at Fair Value as of Total Quoted Prices In Significant Defined benefit pension plan investment assets: U.S. equity securities $ 138,356 $ 138,356 $ — $ — Foreign equity securities 29,345 29,345 — — Debt securities 52,896 52,896 — — Cash and other 6,286 6,286 — — Insurance contracts 1,474 — 1,474 — Total plan assets in the fair value hierarchy 228,357 226,883 1,474 — Plan assets measured at net asset value: (1) Hedge fund of funds 311,730 Foreign equity securities 84,698 Debt securities 101,910 Real estate 43,998 Commodities 15,919 Total plan assets measured at net asset value 558,255 Total plan assets 786,612 Derivative contracts: Forward foreign exchange contracts - assets 30,791 — 30,791 — Forward foreign exchange contracts - liabilities (400 ) — (400 ) — 30,391 — 30,391 — Deferred compensation plan liability (39,542 ) — (39,542 ) — Total $ 777,461 $ 226,883 $ (7,677 ) $ — (1) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the tables above are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Balance Sheets. 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 December 28, 2019 and December 29, 2018 . The fair value of debt, which is classified as a Level 2 liability, was $3,560,623 and $3,863,299 as of December 28, 2019 and December 29, 2018 and had a carrying value of $3,394,761 and $4,009,553 , 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 December 28, 2019 and December 29, 2018 |
Defined Benefit Pension Plans
Defined Benefit Pension Plans | 12 Months Ended |
Dec. 28, 2019 | |
Text Block [Abstract] | |
Defined Benefit Pension Plans | Defined Benefit Pension Plans At December 28, 2019 , the Company’s pension plans consisted of the Hanesbrands Inc. Pension Plan, various nonqualified retirement plans and international plans, which include certain defined benefit plans acquired in connection with the purchases of Hanes Europe Innerwear, Champion Europe and Hanes Australasia. 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 December 28, December 29, December 30, Service cost $ 2,892 $ 2,776 $ 2,216 Interest cost 43,670 40,208 40,830 Expected return on assets (44,697 ) (45,280 ) (41,780 ) Curtailments — (186 ) 154 Settlement cost 115 42 23 Amortization of: Prior service cost (6 ) (6 ) 9 Net actuarial loss 20,127 19,699 19,053 Net periodic benefit cost $ 22,101 $ 17,253 $ 20,505 Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income Net (gain) loss $ 34,038 $ (20,965 ) $ 15,186 Prior service credit (cost) 6 6 (380 ) Total (gain) loss recognized in other comprehensive income 34,044 (20,959 ) 14,806 Total recognized in net periodic benefit cost and other comprehensive income $ 56,145 $ (3,706 ) $ 35,311 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 2020 are $22,453 and $(6) , respectively. The funded status of the Company’s defined benefit pension plans at the respective year ends was as follows: December 28, December 29, Benefit obligation: Beginning of year $ 1,164,518 $ 1,277,722 Service cost 2,892 2,776 Interest cost 43,670 40,208 Benefits paid (66,450 ) (59,808 ) Curtailments — (186 ) Settlements (1,255 ) (878 ) Impact of exchange rate change (286 ) (4,621 ) Actuarial (gain) loss 124,577 (92,156 ) Other (15 ) 1,461 End of year 1,267,651 1,164,518 Fair value of plan assets: Beginning of year 786,612 872,686 Actual return (loss) on plan assets 115,210 (46,370 ) Employer contributions 32,476 23,176 Benefits paid (66,450 ) (59,808 ) Settlements (1,255 ) (878 ) Impact of exchange rate change 566 (2,176 ) Other (15 ) (18 ) End of year 867,144 786,612 Funded status $ (400,507 ) $ (377,906 ) 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: December 28, December 29, Benefit obligation $ 1,267,651 $ 1,164,518 Plans with benefit obligation in excess of plan assets: Benefit obligation 1,239,077 1,136,559 Fair value of plan assets 837,554 760,155 Amounts recognized in the Company’s Consolidated Balance Sheets consist of: December 28, December 29, Noncurrent assets $ 1,016 $ — Current liabilities (3,001 ) (3,765 ) Noncurrent liabilities (398,522 ) (374,615 ) Accumulated other comprehensive loss (631,501 ) (597,457 ) Amounts recognized in accumulated other comprehensive loss consist of: December 28, December 29, Prior service cost $ (151 ) $ (157 ) Actuarial loss 631,652 597,614 $ 631,501 $ 597,457 Accrued benefit costs related to the Company’s defined benefit pension plans are reported in the “Accrued liabilities and other — 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 a full yield curve approach in the estimation of the interest component of benefit costs by applying the specific spot rates along the yield curve used in the determination of the benefit obligations to the relevant projected cash flows. 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: December 28, December 29, December 30, Net periodic benefit cost: Discount rate 4.24 % 3.60 % 4.15 % Long-term rate of return on plan assets 5.79 5.32 5.21 Rate of compensation increase (1) 4.40 4.40 3.84 Plan obligations: Discount rate 3.16 % 4.24 % 3.60 % Rate of compensation increase (1) 3.01 4.40 4.40 (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 December 28, 2019 , December 29, 2018 and December 30, 2017 . (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: December 28, December 29, Asset category: Hedge fund of funds 40 % 40 % Debt securities 16 20 U.S. equity securities 19 18 Foreign equity securities 16 14 Real estate 6 6 Commodities 2 2 Insurance contracts — — Cash and other 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 December 28, 2019 . 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 December 28, 2019 , the Company had $245,417 classified as Level 1 assets, $2,971 classified as Level 2 assets and no assets classified as Level 3. At December 29, 2018 , the Company had $ 226,883 classified as Level 1 assets, $1,474 classified as Level 2 assets and no assets classified as Level 3. The Level 1 assets consisted primarily of certain U.S. equity securities, certain foreign equity securities, certain debt securities and cash and cash equivalents. Certain foreign equity securities, debt securities, insurance contracts and commodity investments measured at their net asset value, which is determined based on inputs readily available in public markets, 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 and are measured at a net asset value per share shall not be categorized within the fair value hierarchy. Refer to Note, “Fair Value of Assets and Liabilities,” for the Company’s complete disclosure of the fair value of pension plan assets. Expected benefit payments are as follows: $63,665 in 2020 , $67,775 in 2021 , $68,262 in 2022 , $70,319 in 2023 , $70,931 in 2024 and $364,815 in 2025 through 2029. (c) Nonretirement Postemployment Benefit Plans Certain of the international plans, specifically those acquired in connection with the purchases of Hanes Europe Innerwear and Champion Europe, are in substance nonretirement postemployment benefit plans, which are future liabilities funded through future operational results of the Company. However, for purposes of consolidation, the Company is including these plans within the defined benefit reporting. At December 28, 2019 and December 29, 2018 , the total amounts accrued for these plans were $47,751 and $49,808 , respectively and the total expense was $1,223 , $1,264 and $2,778 for 2019 , 2018 and 2017 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 28, 2019 | |
Text Block [Abstract] | |
Income Taxes | Income Taxes All current and comparative income tax information presented and described below reflect the effects of the revisions described in Note, “Revisions of Previously Issued Consolidated Financial Statements.” 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 December 28, December 29, December 30, Income before income tax expense: Domestic (6.5 )% (9.5 )% (6.7 )% Foreign 106.5 109.5 106.7 100.0 % 100.0 % 100.0 % Tax expense at U.S. statutory rate 21.0 % 21.0 % 35.0 % State income tax 1.1 (0.3 ) 0.2 Tax on actual and planned remittances of foreign earnings (0.4 ) 9.9 0.6 Tax on foreign earnings due to U.S. tax reform including measurement period adjustments — (0.5 ) 68.0 Revaluation of net deferred tax assets due to U.S. tax reform including measurement period adjustments — (1.2 ) 12.0 Tax on foreign earnings (U.S. tax reform - GILTI and FDII) 2.2 2.3 N/A Foreign taxes less than U.S. statutory rate (11.9 ) (12.3 ) (29.8 ) Statutory stock deduction and Luxembourg Adjustments 2.2 (17.3 ) N/A Employee benefits (0.2 ) (0.1 ) (0.2 ) Change in valuation allowance due to statutory stock deduction — 17.3 — Other changes in valuation allowance 1.8 (3.9 ) 0.1 Tax benefits related to tax basis adjustments in acquired intangibles (1.7 ) — — Increase in unrecognized tax benefits — 0.5 1.9 Release of unrecognized tax benefit reserves (0.5 ) — (0.9 ) State tax rate change 0.3 0.4 0.1 Provision to return adjustment (2.4 ) (0.2 ) (2.2 ) Other, net 0.1 0.5 0.8 Taxes at effective worldwide tax rates 11.6 % 16.1 % 85.6 % The Tax Act was enacted in the U.S. on December 22, 2017. The Tax Act reduced the U.S. federal corporate income tax rate to 21% from 35% and required companies to pay a one-time transition tax on earnings of certain foreign subsidiaries that were previously tax deferred and created new taxes on certain foreign-sourced earnings. In response to the Tax Act, the SEC issued SAB 118 which allowed issuers to recognize provisional estimates of the impact of the Tax Act in their financial statements and adjust in the period in which the estimate becomes finalized, or in circumstances where estimates cannot be made, to disclose and recognize within a one year measurement period. At December 30, 2017 and throughout 2018, the Company applied the guidance described under Staff Accounting Bulletin No. 118 (“SAB 118”) and recorded provisional estimates for the effects of the Tax Act in connection with the following: one-time transition tax, remeasurement of deferred tax assets and liabilities, tax on global intangible low-taxed income and the impact of the Tax Act on the Company’s permanent reinvestment assertion with respect to its unremitted foreign earnings. The Company completed the accounting for the income tax effects of the Tax Act as of December 29, 2018. As a result, the Company recognized additional tax expense of $45,203 which consisted of additional income tax expense associated with the Company’s plan to remit certain foreign earnings that are no longer considered to be permanently reinvested less income tax benefits resulting from reductions in the Company’s original provisional charges recorded in connection with the one-time transition tax and the remeasurement of deferred tax assets and liabilities. One-time Transition Tax The Company recorded a provisional amount for the one-time transition tax liability for each of the Company’s foreign subsidiaries, resulting in a transition tax liability of $359,938 at December 30, 2017. Upon further analysis of the Tax Act, notices, and regulations issued and proposed by the U.S. Department of the Treasury and the Internal Revenue Service (“IRS”), the Company finalized the calculations of the transition tax liability during 2018. The Company decreased the December 30, 2017 provisional amount by approximately $2,925 , which is included as a component of income tax expense in 2018. The Company has elected to pay its transition tax over the eight-year period provided in the Tax Act. As of December 28, 2019 , the remaining balance of the Company’s transition tax obligation is $100,626 , which will be paid over the next six years. Remeasurement of Deferred Tax Assets and Liabilities As of December 30, 2017, the Company remeasured certain deferred tax assets and liabilities based on the rates at which they were expected to reverse in the future (which was generally 21%), by recording a provisional amount of $72,333 . This amount was reduced by approximately $7,627 due to additional deferred tax assets reversing in the 2017 tax return year and therefore not being repriced to 21% but rather being realized at their carrying value. Global Intangible Low-taxed Income (GILTI) The Tax Act subjects a U.S. shareholder to tax on GILTI earned by certain foreign subsidiaries. The FASB Staff Q&A, Topic 740, No. 5, “Accounting for Global Intangible Low-Taxed Income,” states that an entity can make an accounting policy election to either recognize deferred taxes for temporary basis differences expected to reverse as GILTI in future years or to provide for the tax expense related to GILTI in the year the tax is incurred as a period expense only. The Company has elected to account for GILTI as a period cost in the year the tax is incurred. Permanent Reinvestment Assertion As a result of the Tax Act, the Company continued to evaluate the permanent reinvestment assertion with respect to unremitted foreign earnings, including those unremitted foreign earnings that were taxed in the U.S. as part of the one-time transition tax. As a result of this evaluation, the Company has determined that a portion of the Company’s unremitted foreign earnings, totaling approximately $1,035,000 will no longer be permanently reinvested. The remainder of the Company’s foreign earnings will continue to be permanently reinvested to fund working capital requirements and operations abroad. As of December 28, 2019, the Company has accrued $42,653 of income taxes with respect to the $1,035,000 of foreign earnings the Company intends to remit in the future. These income tax effects include U.S. federal, state, foreign and withholding tax implications in accordance with the planned remittance of such foreign earnings. Tax costs associated with the permanently reinvested portion of the outside basis difference are considered too complex to calculate. The Company has been granted income tax rates lower than statutory rates in two foreign jurisdictions through 2019. These lower rates, when compared with the countries’ statutory rates, resulted in an income tax reduction of approximately $344 ( negligible impact per diluted share) in 2019 , $424 ( negligible impact per diluted share) in 2018 and $2,800 ( $0.01 impact per diluted share) in 2017 . Current and deferred tax provisions (benefits) were: Current Deferred Total Year ended December 28, 2019 Domestic $ (20,548 ) $ 12,164 $ (8,384 ) Foreign 67,037 5,599 72,636 State (9,299 ) 24,054 14,755 $ 37,190 $ 41,817 $ 79,007 Year ended December 29, 2018 Domestic $ (16,746 ) $ 61,202 $ 44,456 Foreign 86,006 (42,446 ) 43,560 State 8,044 7,855 15,899 $ 77,304 $ 26,611 $ 103,915 Year ended December 30, 2017 Domestic $ 217,996 $ 180,846 $ 398,842 Foreign 62,684 (15,098 ) 47,586 State 11,676 (4,987 ) 6,689 $ 292,356 $ 160,761 $ 453,117 Years Ended December 28, December 29, December 30, Cash payments for income taxes $ 112,477 $ 94,556 $ 57,882 The deferred tax assets and liabilities at the respective year-ends were as follows: December 28, December 29, Deferred tax assets: Nondeductible reserves $ 1,246 $ 3,388 Inventories 28,467 26,391 Bad debt allowance 9,108 8,671 Accrued expenses 10,305 18,975 Employee benefits 125,617 121,133 Tax credits 5,841 9,585 Net operating loss and other tax carryforwards 266,472 256,274 Leasing 142,379 — Other 5,537 11,466 Gross deferred tax assets 594,972 455,883 Less valuation allowances (197,347 ) (179,599 ) Deferred tax assets 397,625 276,284 Deferred tax liabilities: Property and equipment 656 2,943 Derivatives 1,525 1,101 Section 481(a) liability 26,762 — Leasing 132,559 — Accrued tax on unremitted foreign earnings 42,653 55,728 Intangibles 92,577 94,700 Prepaids 5,583 2,742 Deferred tax liabilities 302,315 157,214 Net deferred tax assets $ 95,310 $ 119,070 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. The changes in the Company’s valuation allowance for deferred tax assets are as follows: December 31, 2016 $ 67,451 Charge to expenses 729 Charged to other accounts (1) 4,422 December 30, 2017 $ 72,602 Charge to expenses 52,135 Charged to other accounts (1) 20,819 Charged to retained earnings upon adoption of ASU 2016-16 (2) 34,043 December 29, 2018 $ 179,599 Charge to expenses 12,316 Charged to other accounts (1) 5,432 December 28, 2019 $ 197,347 (1) Charges to other accounts include the effects of foreign currency translation and purchase accounting adjustments. (2) The Company adopted ASU 2016-16 on December 31, 2017 using the modified retrospective method, however there was no net cumulative-effect adjustment recorded to retained earnings as of that date. Upon adoption, the Company recognized additional net deferred tax assets of $34,043 and a corresponding increase in valuation allowance against these additional deferred tax assets as these deferred tax assets are not considered to be more likely than not realizable. As of December 28, 2019 , the valuation allowance for deferred tax assets was $197,347 , made up of $136,243 for foreign loss carryforwards, $41,833 for other foreign deferred tax assets, and $19,271 for federal and state operating loss carryforwards. The net change in the total valuation allowance for 2019 was $17,748 related to an increase of $7,510 for foreign loss carryforwards, an increase of $199 for other foreign deferred tax assets, and an increase of $10,039 for state operating loss carryforwards and other domestic deferred tax assets. The foreign net increase included the benefits of a release of a valuation allowance in Mexico due to the enactment of Mexican tax reform which was offset by increases in foreign valuation allowances in other foreign jurisdictions. At December 28, 2019 , the Company had total net operating loss carryforwards of approximately $828,928 for foreign jurisdictions, which will expire as follows: Fiscal Year: 2020 $ 3,042 2021 5,414 2022 3,899 2023 4,493 2024 9,125 Thereafter 802,955 At December 28, 2019 , the Company had tax credit carryforwards totaling $5,841 , which expire beginning after 2019 . At December 28, 2019 , the Company had federal and state net operating loss carryforwards of approximately $39,058 and $857,980 , respectively, which expire beginning after 2019 . In 2019 and 2018 , the Company recognized a benefit related to a reduction of unrecognized tax benefits for tax positions of prior years of $48,613 and $4,128 , respectively. Of this, in 2019 and 2018, the benefit resulting from the expiration of statutes of limitations was $4,016 and $1,000 , respectively. In 2019, the Company also recognized a reduction for tax positions of prior years of $44,597 related to the filing of tax accounting method changes which led to the uncertain tax position being reclassified to current taxes payable and deferred tax liability. 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 $15,080 for unrecognized tax benefits accrued at December 28, 2019 within the next 12 months. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: Balance at December 30, 2017 (gross balance of $99,469) $ 94,906 Additions based on tax positions related to the current year 2,877 Additions based on tax positions of prior years 430 Additions based on tax positions related to the acquisition of Bras N Things 10,911 Settlements (542 ) Reductions for tax positions of prior years (4,128 ) Balance at December 29, 2018 (gross balance of $107,306) $ 104,454 Additions based on tax positions related to the current year 2,797 Additions based on tax positions of prior years 19,585 Settlements (2,730 ) Reductions for tax positions of prior years (48,613 ) Balance at December 28, 2019 (gross balance of $79,897) $ 75,493 At December 28, 2019 , the balance of the Company’s unrecognized tax benefits, which would, if recognized, affect the Company’s annual effective tax rate was $70,133 . The Company’s policy is to recognize interest and/or penalties related to income tax matters in income tax expense. The Company recognized $(1,792) , $5,744 and $1,588 in 2019 , 2018 and 2017 , respectively, for interest and penalties classified as income tax expense in the Consolidated Statements of Income. At December 28, 2019 and December 29, 2018 , the Company had a total of $9,648 and $11,440 , respectively, of interest and penalties accrued related to unrecognized tax benefits. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 28, 2019 | |
Text Block [Abstract] | |
Stockholders' Equity | Stockholders’ Equity The Company is authorized to issue up to 2,000,000 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 December 28, 2019 and December 29, 2018 , 362,449 and 361,330 shares, respectively, of common stock were issued and outstanding and no shares of preferred stock were issued or outstanding. On February 6, 2020, the Company’s Board of Directors approved a new share repurchase program for up to 40,000 shares to be repurchased in open market transactions, subject to market conditions, legal requirements and other factors. The new program replaced the Company’s previous share repurchase program for up to 40,000 shares that was originally approved in 2016. 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. The Company has not yet repurchased any shares under the new share repurchase program. The Company did not purchase any shares of the Company’s common stock in 2019 or 2018. Under the prior repurchase program, the Company purchased 19,640 shares of the Company’s common stock at a cost of $400,017 (average price of $20.35 ) all during 2017 . The primary objective of the share repurchase program is to utilize excess cash to generate shareholder value. Dividends In 2017 , the Company’s Board of Directors declared regular quarterly cash dividends of $0.15 per share of the Company’s outstanding common stock, which were paid in 2017 . In 2018 , the Company’s Board of Directors declared regular quarterly cash dividends of $0.15 per share of the Company’s outstanding common stock, which were paid in 2018. During 2019 , the Company’s Board of Directors declared regular quarterly cash dividends of $0.15 per share of the Company’s outstanding common stock, which were paid on March 12, 2019, June 4, 2019, September 4, 2019 and December 3, 2019. On February 6, 2020 , the Company’s Board of Directors declared a regular quarterly cash dividend of $0.15 per share of the Company’s outstanding common stock to be paid on March 10, 2020 to stockholders of record at the close of business on February 18, 2020. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 28, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued operations | Discontinued Operations As part of the Company’s acquisition of Hanes Australasia in 2016, the Company acquired Hanes Australasia’s legacy Dunlop Flooring and Tontine Pillow businesses. The Company concluded that these businesses were not a strategic fit; therefore, the decision was made to divest the businesses. In February 2017, the Company sold its Dunlop Flooring business for A $34,564 ( $26,219 ) in net cash proceeds at the time of sale, with an additional A $1,334 ( $1,012 ) of proceeds received in April 2017 related to a working capital adjustment, resulting in a pre-tax loss of A $2,715 ( $2,083 ). U.S. dollar equivalents are based on exchange rates on the date of the sale transaction. The Dunlop Flooring business was reported as part of discontinued operations since the date of acquisition. In March 2017, the Company sold its Tontine Pillow business for A $13,500 ( $10,363 ) in net cash proceeds at the time of sale. A working capital adjustment of A $966 ( $742 ) was paid to the buyer in April 2017, resulting in a net pre-tax gain of A $2,415 ( $1,856 ). U.S. dollar equivalents are based on exchange rates on the date of the sale transaction. The Tontine Pillow business was reported as part of discontinued operations since the date of acquisition. The operating results of these discontinued operations only reflect revenues and expenses that are directly attributable to these businesses that were eliminated from ongoing operations. The key components from discontinued operations related to the Dunlop Flooring and Tontine Pillow businesses were as follows: Year Ended December 30, Net sales $ 6,865 Cost of sales 4,507 Gross profit 2,358 Selling, general and administrative expenses 3,729 Operating loss (1,371 ) Other expenses 303 Net loss on disposal of business 242 Loss from discontinued operations before income tax expense (1,916 ) Income tax expense 181 Net loss from discontinued operations, net of tax $ (2,097 ) All assets and liabilities of discontinued operations were sold in 2017. For the year ended December 30, 2017, there were no material amounts of depreciation, amortization, capital expenditures, or significant operating or investing non-cash items related to discontinued operations. |
Business Segment Information
Business Segment Information | 12 Months Ended |
Dec. 28, 2019 | |
Text Block [Abstract] | |
Business Segment Information | Business Segment Information The Company’s operations are managed and reported in three operating segments, each of which is a reportable segment for financial reporting purposes: Innerwear, Activewear and International. These segments are organized principally by product category and geographic location. Each segment has its own management team that is responsible for the operations of the segment’s businesses, but the segments share a common supply chain and media and marketing platforms. Other consists of the Company’s U.S. value-based (“outlet”) stores and U.S. hosiery business. The types of products and services from which each reportable segment derives its revenues are as follows: • Innerwear includes sales of basic branded apparel products that are replenishment in nature under the product categories of men’s underwear, women’s panties, children’s underwear and socks, and intimate apparel, which includes bras and shapewear. • Activewear includes sales of basic branded products that are primarily seasonal in nature to both retailers and wholesalers, as well as licensed sports apparel and licensed logo apparel in collegiate bookstores, mass retailers and other channels. • International includes sales of products in all of the Company’s categories outside the United States, primarily in Europe, Australia, Asia, Latin America and Canada. The Company evaluates the operating performance of its segments based upon segment operating profit, which is defined as operating profit before general corporate expenses, restructuring and other action-related charges and amortization of intangibles. The accounting policies of the segments are consistent with those described in Note, “Summary of Significant Accounting Policies.” Years Ended December 28, December 29, December 30, Net sales: Innerwear $ 2,302,632 $ 2,379,675 $ 2,462,876 Activewear 1,854,704 1,792,280 1,654,278 International 2,529,375 2,344,115 2,054,664 Other 280,212 287,885 299,592 Total net sales $ 6,966,923 $ 6,803,955 $ 6,471,410 Years Ended December 28, December 29, December 30, Segment operating profit: Innerwear $ 515,991 $ 526,831 $ 580,879 Activewear 281,319 267,428 264,975 International 384,784 351,769 268,367 Other 24,829 25,348 31,540 Total segment operating profit 1,206,923 1,171,376 1,145,761 Items not included in segment operating profit: General corporate expenses (218,770 ) (190,090 ) (183,790 ) Restructuring and other action-related charges (63,486 ) (80,198 ) (190,904 ) Amortization of intangibles (34,937 ) (36,437 ) (34,892 ) Total operating profit 889,730 864,651 736,175 Other expenses (31,424 ) (26,395 ) (32,645 ) Interest expense, net (178,579 ) (194,675 ) (174,435 ) Income from continuing operations before income tax expense $ 679,727 $ 643,581 $ 529,095 For the year ended December 28, 2019 , the Company incurred pre-tax restructuring and other action-related charges of $63,486 , of which $58,267 is reported in the “Cost of sales” line and $5,219 is reported in the “Selling, general and administrative expenses” line in the Consolidated Statement of Income. For the year ended December 29, 2018 , the Company incurred pre-tax restructuring and other action-related charges of $80,162 , of which $38,355 is reported in the “Cost of sales” line, $41,843 is reported in the “Selling, general and administrative expenses” line, and a gain of $36 is reported in the “Other Expenses” line in the Consolidated Statement of Income. For the year ended December 30, 2017 , the Company incurred pre-tax restructuring and other action-related charges of $197,904 , of which $54,970 is reported in the “Cost of sales” line, $108,082 is reported in the “Selling, general and administrative expenses” line, $27,852 is reported in the “Change in fair value of contingent consideration” line and $7,000 is reported in the “Other Expenses” line in the Consolidated Statement of Income. As of December 29, 2018 , the Company had an accrual of $10,806 for expected benefit payments related to actions taken in prior years. During the year ended December 28, 2019 , the Company approved actions to close certain supply chain facilities and reduce overhead costs and incurred charges of $12,392 for employee termination and other benefits for employees affected by separation programs, with $9,720 and $2,672 of charges reflected in the “Cost of sales” and “Selling, general and administrative expenses” lines, respectively, in the Consolidated Statement of Income. During the year ended December 28, 2019 , benefit payments, other accrual adjustments and foreign currency adjustments of $16,078 have been made, resulting in an ending accrual of $7,120 ; of which $6,051 and $1,069 is included in the “Accrued liabilities and other - Other” and “Other noncurrent liabilities” lines of the Consolidated Balance Sheet, respectively. December 28, December 29, Assets: Innerwear $ 1,352,773 $ 1,482,373 Activewear 1,045,567 1,071,895 International 1,578,251 1,266,580 Other 197,312 146,138 4,173,903 3,966,986 Corporate (1) 3,180,083 3,271,254 Total assets $ 7,353,986 $ 7,238,240 Years Ended December 28, December 29, December 30, Depreciation and amortization expense: Innerwear $ 30,408 $ 33,348 $ 32,000 Activewear 23,804 18,768 19,485 International 35,618 37,642 30,219 Other 6,200 5,601 5,891 96,030 95,359 87,595 Corporate 34,937 36,437 34,892 Total depreciation and amortization expense $ 130,967 $ 131,796 $ 122,487 Years Ended December 28, December 29, December 30, Capital expenditures: Innerwear $ 16,852 $ 20,459 $ 21,427 Activewear 19,902 16,024 11,263 International 43,421 33,632 31,127 Other 4,436 3,221 3,455 84,611 73,336 67,272 Corporate 16,473 12,957 19,736 Total capital expenditures $ 101,084 $ 86,293 $ 87,008 (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 and Target were substantially in the Innerwear and Activewear segments and represented 14% and 11% of total sales in 2019 , respectively. Sales to Wal-Mart and Target represented 16% and 12% of total net sales in 2018 , respectively. Sales to Wal-Mart and Target represented 18% and 13% of total net sales in 2017 , respectively. Worldwide sales by product category for Innerwear and Activewear were $4,120,284 and $2,846,639 , respectively, in 2019 . Worldwide sales by product category for Innerwear and Activewear were $4,253,338 and $2,550,617 , respectively, in 2018 . Worldwide sales by product category for Innerwear and Activewear were $4,257,877 and $2,213,533 , respectively, in 2017 |
Geographic Area Information
Geographic Area Information | 12 Months Ended |
Dec. 28, 2019 | |
Text Block [Abstract] | |
Geographic Area Information | Geographic Area Information Years Ended or at December 28, December 29, December 30, Sales Property, Net Sales Property, Net Sales Property, Net Americas $ 4,659,772 $ 383,219 $ 4,658,346 $ 402,370 $ 4,620,931 $ 413,900 Asia Pacific 1,247,989 104,041 1,129,605 104,305 909,539 102,430 Europe 1,023,639 99,560 987,016 99,835 914,415 105,825 Other 35,523 1,076 28,988 1,178 26,525 1,836 $ 6,966,923 $ 587,896 $ 6,803,955 $ 607,688 $ 6,471,410 $ 623,991 |
Revisions of Previously Issued
Revisions of Previously Issued Consolidated Financial Statements (Notes) | 12 Months Ended |
Dec. 28, 2019 | |
Revisions of Previously Issued Consolidated Financial Statements [Abstract] | |
Revisions of Previously Issued Consolidated Financial Statements [Text Block] | Revisions of Previously Issued Consolidated Financial Statements As described in Note, “Summary of Significant Accounting Policies,” in connection with the preparation of the consolidated financial statements for the year ended December 28, 2019, the Company identified tax errors in its previously filed 2018 and 2017 annual consolidated financial statements and unaudited quarterly consolidated financial statements for each of the quarterly periods of 2018 and for the first three quarterly periods of 2019. The prior period tax errors, which originated prior to 2017, primarily relate to errors in the calculation of income tax expense on intercompany inventory transactions and the Company’s application of ASC 740-10-25-3(e), “Income Taxes” and ASC 810-10-45-8, “Consolidation”. As a result of the misapplication of these accounting standards, the Company’s consolidated financial statements were misstated. The Company has corrected for these errors by revising previously filed 2018 and 2017 annual consolidated financial statements in connection with the filing of this 2019 Annual Report on Form 10-K. The revised annual consolidated financial statements also include adjustments to correct certain other immaterial errors, including errors that had previously been adjusted for as out of period corrections in the period identified. The following tables present the impact of the revisions of the previously filed annual consolidated financial statements to correct for prior period errors, including the impact to retained earnings as of January 1, 2017 to correct for that portion of the errors which originated in years prior to 2017. Additionally, see Note, “Quarterly Financial Data (Unaudited),” for the impact of these revisions on each of the quarterly periods. Year Ended December 29, 2018 Consolidated Statement of Income As Previously Reported Adjustments As Revised Net sales $ 6,803,955 $ — $ 6,803,955 Cost of sales 4,147,436 3,300 4,150,736 Gross profit 2,656,519 (3,300 ) 2,653,219 Selling, general and administrative expenses 1,788,568 — 1,788,568 Operating profit 867,951 (3,300 ) 864,651 Other expenses 26,395 — 26,395 Interest expense, net 194,675 — 194,675 Income before income tax expense 646,881 (3,300 ) 643,581 Income tax expense 93,797 10,118 103,915 Net income $ 553,084 $ (13,418 ) $ 539,666 Earnings per share: Basic $ 1.52 $ (0.04 ) $ 1.48 Diluted $ 1.52 $ (0.04 ) $ 1.48 Year Ended December 30, 2017 Consolidated Statement of Income As Previously Reported Adjustments As Revised Net sales $ 6,471,410 $ — $ 6,471,410 Cost of sales 3,980,859 1,100 3,981,959 Gross profit 2,490,551 (1,100 ) 2,489,451 Selling, general and administrative expenses 1,718,349 7,075 1,725,424 Change in fair value of contingent consideration 27,852 — 27,852 Operating profit 744,350 (8,175 ) 736,175 Other expenses 32,645 — 32,645 Interest expense, net 174,435 — 174,435 Income from continuing operations before income tax expense 537,270 (8,175 ) 529,095 Income tax expense 473,279 (20,162 ) 453,117 Income from continuing operations 63,991 11,987 75,978 Loss from discontinued operations, net of tax (2,097 ) — (2,097 ) Net income $ 61,894 $ 11,987 $ 73,881 Earnings (loss) per share — basic: Continuing operations $ 0.17 $ 0.03 $ 0.21 Discontinued operations (0.01 ) — (0.01 ) Net income $ 0.17 $ 0.03 $ 0.20 Earnings (loss) per share — diluted: Continuing operations $ 0.17 $ 0.03 $ 0.21 Discontinued operations (0.01 ) — (0.01 ) Net income $ 0.17 $ 0.03 $ 0.20 Year Ended December 29, 2018 Consolidated Statement of Comprehensive Income As Previously Reported Adjustments As Revised Net income $ 553,084 $ (13,418 ) $ 539,666 Other comprehensive income (loss): Translation adjustments (113,555 ) — (113,555 ) Unrealized gain on qualifying cash flow hedges, net of tax of ($11,297) 35,978 — 35,978 Unrecognized income from pension and postretirement plans, net of tax of ($4,852) 13,841 — 13,841 Total other comprehensive loss (63,736 ) — (63,736 ) Comprehensive income $ 489,348 $ (13,418 ) $ 475,930 Year Ended December 30, 2017 Consolidated Statement of Comprehensive Income As Previously Reported Adjustments As Revised Net income $ 61,894 $ 11,987 $ 73,881 Other comprehensive income (loss): Translation adjustments 34,554 7,075 41,629 Unrealized loss on qualifying cash flow hedges, net of tax of $7,951 (31,281 ) — (31,281 ) Unrecognized loss from pension and postretirement plans, net of tax of $930 (6,488 ) — (6,488 ) Total other comprehensive income (loss) (3,215 ) 7,075 3,860 Comprehensive income $ 58,679 $ 19,062 $ 77,741 December 29, 2018 Consolidated Balance Sheet As Previously Reported Adjustments As Revised Assets Cash and cash equivalents $ 433,022 $ — $ 433,022 Trade accounts receivable, net 870,878 — 870,878 Inventories 2,054,458 2,380 2,056,838 Other current assets 159,231 22,146 181,377 Total current assets 3,517,589 24,526 3,542,115 Property, net 607,688 — 607,688 Trademarks and other identifiable intangibles, net 1,555,381 — 1,555,381 Goodwill 1,241,727 — 1,241,727 Deferred tax assets 249,693 (42,244 ) 207,449 Other noncurrent assets 83,880 — 83,880 Total assets $ 7,255,958 $ (17,718 ) $ 7,238,240 Liabilities and Stockholders’ Equity Accounts payable $ 1,029,933 $ — $ 1,029,933 Accrued liabilities and other: Payroll and employee benefits 147,418 — 147,418 Advertising and promotion 148,295 — 148,295 Other 258,188 15,696 273,884 Notes payable 5,824 — 5,824 Accounts Receivable Securitization Facility 161,608 — 161,608 Current portion of long-term debt 278,976 — 278,976 Total current liabilities 2,030,242 15,696 2,045,938 Long-term debt 3,534,183 — 3,534,183 Pension and postretirement benefits 378,972 — 378,972 Other noncurrent liabilities 342,278 64,743 407,021 Total liabilities 6,285,675 80,439 6,366,114 Stockholders’ equity: Preferred stock (50,000,000 authorized shares; $.01 par value) Issued and outstanding — None — — — Common stock (2,000,000,000 authorized shares; $.01 par value) Issued and outstanding — 361,330,128 3,613 — 3,613 Additional paid-in capital 284,877 — 284,877 Retained earnings 1,184,735 (105,232 ) 1,079,503 Accumulated other comprehensive loss (502,942 ) 7,075 (495,867 ) Total stockholders’ equity 970,283 (98,157 ) 872,126 Total liabilities and stockholders’ equity $ 7,255,958 $ (17,718 ) $ 7,238,240 Consolidated Statements of Stockholders’ Equity As Previously Reported Adjustments As Revised Balance at December 31, 2016 $ 1,223,914 $ (103,801 ) $ 1,120,113 Net income 61,894 11,987 73,881 Dividends ($0.60 per common share) (222,290 ) — (222,290 ) Other comprehensive income (loss) (3,215 ) 7,075 3,860 Stock-based compensation 23,224 — 23,224 Net exercise of stock options, vesting of restricted stock units and other 2,692 — 2,692 Share repurchases (400,017 ) — (400,017 ) Balance at December 30, 2017 $ 686,202 $ (84,739 ) $ 601,463 Net income 553,084 (13,418 ) 539,666 Dividends ($0.60 per common share) (218,694 ) — (218,694 ) Other comprehensive loss (63,736 ) — (63,736 ) Stock-based compensation 21,063 — 21,063 Net exercise of stock options, vesting of restricted stock units and other (7,636 ) — (7,636 ) Balance at December 29, 2018 $ 970,283 $ (98,157 ) $ 872,126 Year Ended December 29, 2018 Consolidated Statement of Cash Flows As Previously Reported Adjustments As Revised Operating activities: Net income $ 553,084 $ (13,418 ) $ 539,666 Adjustments to reconcile net income to net cash from operating activities: Depreciation 95,359 — 95,359 Amortization of acquisition intangibles 25,670 — 25,670 Other amortization 10,767 — 10,767 Amortization of debt issuance costs 9,278 — 9,278 Stock compensation expense 21,416 — 21,416 Deferred taxes 22,146 4,465 26,611 Other (1,134 ) — (1,134 ) Changes in assets and liabilities, net of acquisition of businesses: Accounts receivable 10,269 — 10,269 Inventories (205,319 ) 3,300 (202,019 ) Other assets (4 ) (7,581 ) (7,585 ) Accounts payable 165,788 — 165,788 Accrued pension and postretirement benefits (5,024 ) — (5,024 ) Accrued liabilities and other (58,894 ) 13,234 (45,660 ) Net cash from operating activities 643,402 — 643,402 Investing activities: Capital expenditures (86,293 ) — (86,293 ) Proceeds from sales of assets 2,557 — 2,557 Acquisition of businesses, net of cash acquired (334,915 ) — (334,915 ) Net cash from investing activities (418,651 ) — (418,651 ) Financing activities: Borrowings on notes payable 278,147 — 278,147 Repayments on notes payable (286,591 ) — (286,591 ) Borrowings on Accounts Receivable Securitization Facility 213,336 — 213,336 Repayments on Accounts Receivable Securitization Facility (176,937 ) — (176,937 ) Borrowings on Revolving Loan Facilities 3,546,360 — 3,546,360 Repayments on Revolving Loan Facilities (3,506,500 ) — (3,506,500 ) Repayments on Term Loan Facilities (31,875 ) — (31,875 ) Repayments on International Debt (1,105 ) — (1,105 ) Cash dividends paid (216,316 ) — (216,316 ) Payments to amend and refinance credit facilities (677 ) — (677 ) Payment of contingent consideration (3,540 ) — (3,540 ) Taxes paid related to net shares settlement of equity awards (12,715 ) — (12,715 ) Other (2,084 ) — (2,084 ) Net cash from financing activities (200,497 ) — (200,497 ) Effect of changes in foreign exchange rates on cash 9,912 — 9,912 Change in cash, cash equivalents and restricted cash 34,166 — 34,166 Cash, cash equivalents and restricted cash at beginning of year 421,566 — 421,566 Cash, cash equivalents and restricted cash at end of year 455,732 — 455,732 Less restricted cash at end of year 22,710 — 22,710 Cash and cash equivalents per balance sheet at end of year $ 433,022 $ — $ 433,022 Year Ended December 30, 2017 Consolidated Statement of Cash Flows As Previously Reported Adjustments As Revised Operating activities: Net income $ 61,894 $ 11,987 $ 73,881 Adjustments to reconcile net income to net cash from operating activities: Depreciation 87,595 — 87,595 Amortization of acquisition intangibles 25,052 — 25,052 Other amortization 9,840 — 9,840 Write-off on early extinguishment of debt 4,028 — 4,028 Amortization of debt issuance costs 10,394 — 10,394 Stock compensation expense 23,582 — 23,582 Deferred taxes 239,068 (78,307 ) 160,761 Change in fair value of contingent consideration liability 27,852 — 27,852 Other 1,468 7,075 8,543 Changes in assets and liabilities, net of acquisition and disposition of businesses: Accounts receivable (31,656 ) — (31,656 ) Inventories 22,648 1,100 23,748 Other assets (28,346 ) 6,187 (22,159 ) Accounts payable 71,806 — 71,806 Accrued pension and postretirement benefits 19,042 — 19,042 Accrued liabilities and other 111,451 51,958 163,409 Net cash from operating activities 655,718 — 655,718 Investing activities: Capital expenditures (87,008 ) — (87,008 ) Proceeds from sales of assets 4,459 — 4,459 Acquisition of businesses, net of cash acquired (62,249 ) — (62,249 ) Disposition of businesses 40,285 — 40,285 Net cash from investing activities (104,513 ) — (104,513 ) Financing activities: Borrowings on notes payable 278,489 — 278,489 Repayments on notes payable (327,615 ) — (327,615 ) Borrowings on Accounts Receivable Securitization Facility 373,640 — 373,640 Repayments on Accounts Receivable Securitization Facility (292,952 ) — (292,952 ) Borrowings on Revolving Loan Facilities 4,161,799 — 4,161,799 Repayments on Revolving Loan Facilities (4,153,000 ) — (4,153,000 ) Borrowings on Term Loan Facilities 1,250,000 — 1,250,000 Repayments on Term Loan Facilities (1,145,215 ) — (1,145,215 ) Repayments on International Debt (45,072 ) — (45,072 ) Share repurchases (400,017 ) — (400,017 ) Cash dividends paid (219,903 ) — (219,903 ) Payments to amend and refinance credit facilities (9,122 ) — (9,122 ) Payment of contingent consideration (41,250 ) — (41,250 ) Taxes paid related to net shares settlement of equity awards (15,463 ) — (15,463 ) Other (87 ) — (87 ) Net cash from financing activities (585,768 ) — (585,768 ) Effect of changes in foreign exchange rates on cash (4,116 ) — (4,116 ) Change in cash, cash equivalents and restricted cash (38,679 ) — (38,679 ) Cash, cash equivalents and restricted cash at beginning of year 460,245 — 460,245 Cash, cash equivalents and restricted cash at end of year 421,566 — 421,566 Less restricted cash at end of year — — — Cash and cash equivalents per balance sheet at end of year $ 421,566 $ — $ 421,566 |
Quarterly Financial Data
Quarterly Financial Data | 12 Months Ended |
Dec. 28, 2019 | |
Text Block [Abstract] | |
Quarterly Financial Data | Quarterly Financial Data (Unaudited) The amounts below reflect the revisions to previously filed unaudited interim consolidated financial data to correct immaterial prior period errors as discussed in Note, “Summary of Significant Accounting Policies” and Note, “Revisions of Previously Issued Consolidated Financial Statements” and certain other immaterial errors, including errors that had previously been adjusted for as out of period corrections in the period identified. The revisions to each of the 2019 quarterly unaudited interim consolidated financial statements, including the correction of the previously issued unaudited statements of income, comprehensive income, cash flows and stockholders’ equity and related footnote disclosures, will be made in connection with the Company's future filings of its unaudited interim consolidated financial statements on Form 10-Q in 2020. Quarters Ended March 30, June 29, September 28, December 28, Total Net sales $ 1,588,024 $ 1,760,927 $ 1,866,967 $ 1,751,005 $ 6,966,923 Cost of sales 967,993 1,085,404 1,149,934 1,044,262 4,247,593 Gross profit 620,031 675,523 717,033 706,743 2,719,330 Selling, general and administrative expenses 470,387 445,923 449,962 463,328 1,829,600 Operating profit 149,644 229,600 267,071 243,415 889,730 Other expenses 7,451 8,249 8,066 7,658 31,424 Interest expense, net 48,059 46,522 43,091 40,907 178,579 Income before income tax expense 94,134 174,829 215,914 194,850 679,727 Income tax expense 13,046 25,274 30,823 9,864 79,007 Net income $ 81,088 $ 149,555 $ 185,091 $ 184,986 $ 600,720 Earnings per share: Basic $ 0.22 $ 0.41 $ 0.51 $ 0.51 $ 1.65 Diluted $ 0.22 $ 0.41 $ 0.51 $ 0.51 $ 1.64 Quarters Ended March 31, June 30, September 29, December 29, Total Net sales $ 1,471,504 $ 1,715,443 $ 1,848,707 $ 1,768,301 $ 6,803,955 Cost of sales 893,408 1,056,312 1,136,872 1,064,144 4,150,736 Gross profit 578,096 659,131 711,835 704,157 2,653,219 Selling, general and administrative expenses 432,863 439,893 455,778 460,034 1,788,568 Operating profit 145,233 219,238 256,057 244,123 864,651 Other expenses 5,761 6,570 7,285 6,779 26,395 Interest expense, net 45,763 48,430 52,795 47,687 194,675 Income before income tax expense 93,709 164,238 195,977 189,657 643,581 Income tax expense 14,907 24,211 25,168 39,629 103,915 Net income $ 78,802 $ 140,027 $ 170,809 $ 150,028 $ 539,666 Earnings per share: Basic $ 0.22 $ 0.39 $ 0.47 $ 0.41 $ 1.48 Diluted $ 0.22 $ 0.39 $ 0.47 $ 0.41 $ 1.48 The following tables set forth the effects of the revisions of previously issued unaudited quarterly consolidated financial data to correct for prior period errors as described in Note, “Summary of Significant Accounting Policies” and Note, “Revisions of Previously Issued Consolidated Financial Statements”. Quarter Ended September 28, 2019 Consolidated Statement of Income As Previously Reported Adjustments As Revised Net sales $ 1,866,967 $ — $ 1,866,967 Cost of sales 1,154,629 (4,695 ) 1,149,934 Gross profit 712,338 4,695 717,033 Selling, general and administrative expenses 442,582 7,380 449,962 Operating profit 269,756 (2,685 ) 267,071 Other expenses 8,066 — 8,066 Interest expense, net 43,091 — 43,091 Income before income tax expense 218,599 (2,685 ) 215,914 Income tax expense 30,823 — 30,823 Net income $ 187,776 $ (2,685 ) $ 185,091 Comprehensive income $ 148,443 $ (2,685 ) $ 145,758 Earnings per share: Basic $ 0.51 $ (0.01 ) $ 0.51 Diluted $ 0.51 $ (0.01 ) $ 0.51 Quarter Ended June 29, 2019 Consolidated Statement of Income As Previously Reported Adjustments As Revised Net sales $ 1,760,927 $ — $ 1,760,927 Cost of sales 1,086,248 (844 ) 1,085,404 Gross profit 674,679 844 675,523 Selling, general and administrative expenses 440,662 5,261 445,923 Operating profit 234,017 (4,417 ) 229,600 Other expenses 8,249 — 8,249 Interest expense, net 46,522 — 46,522 Income before income tax expense 179,246 (4,417 ) 174,829 Income tax expense 25,274 — 25,274 Net income $ 153,972 $ (4,417 ) $ 149,555 Comprehensive income $ 149,165 $ (4,417 ) $ 144,748 Earnings per share: Basic $ 0.42 $ (0.01 ) $ 0.41 Diluted $ 0.42 $ (0.01 ) $ 0.41 Quarter ended March 30, 2019 Consolidated Statement of Income As Previously Reported Adjustments As Revised Net sales $ 1,588,024 $ — $ 1,588,024 Cost of sales 967,148 845 967,993 Gross profit 620,876 (845 ) 620,031 Selling, general and administrative expenses 472,838 (2,451 ) 470,387 Operating profit 148,038 1,606 149,644 Other expenses 7,451 — 7,451 Interest expense, net 48,059 — 48,059 Income before income tax expense 92,528 1,606 94,134 Income tax expense 13,046 — 13,046 Net income $ 79,482 $ 1,606 $ 81,088 Comprehensive income $ 93,421 $ (5,469 ) $ 87,952 Earnings per share: Basic $ 0.22 $ 0.00 $ 0.22 Diluted $ 0.22 $ 0.00 $ 0.22 Quarter Ended December 29, 2018 Consolidated Statement of Income As Previously Reported Adjustments As Revised Net sales $ 1,768,301 $ — $ 1,768,301 Cost of sales 1,063,326 818 1,064,144 Gross profit 704,975 (818 ) 704,157 Selling, general and administrative expenses 460,034 — 460,034 Operating profit 244,941 (818 ) 244,123 Other expenses 6,779 — 6,779 Interest expense, net 47,687 — 47,687 Income before income tax expense 190,475 (818 ) 189,657 Income tax expense 28,854 10,775 39,629 Net income $ 161,621 $ (11,593 ) $ 150,028 Comprehensive income $ 145,177 $ (11,593 ) $ 133,584 Earnings per share: Basic $ 0.44 $ (0.03 ) $ 0.41 Diluted $ 0.44 $ (0.03 ) $ 0.41 Quarter Ended September 29, 2018 Consolidated Statement of Income As Previously Reported Adjustments As Revised Net sales $ 1,848,707 $ — $ 1,848,707 Cost of sales 1,136,040 832 1,136,872 Gross profit 712,667 (832 ) 711,835 Selling, general and administrative expenses 455,778 — 455,778 Operating profit 256,889 (832 ) 256,057 Other expenses 7,285 — 7,285 Interest expense, net 52,795 — 52,795 Income before income tax expense 196,809 (832 ) 195,977 Income tax expense 25,388 (220 ) 25,168 Net income $ 171,421 $ (612 ) $ 170,809 Comprehensive income $ 157,477 $ (612 ) $ 156,865 Earnings per share: Basic $ 0.47 $ 0.00 $ 0.47 Diluted $ 0.47 $ 0.00 $ 0.47 Quarter Ended June 30, 2018 Consolidated Statement of Income As Previously Reported Adjustments As Revised Net sales $ 1,715,443 $ — $ 1,715,443 Cost of sales 1,055,487 825 1,056,312 Gross profit 659,956 (825 ) 659,131 Selling, general and administrative expenses 439,893 — 439,893 Operating profit 220,063 (825 ) 219,238 Other expenses 6,570 — 6,570 Interest expense, net 48,430 — 48,430 Income before income tax expense 165,063 (825 ) 164,238 Income tax expense 24,430 (219 ) 24,211 Net income $ 140,633 $ (606 ) $ 140,027 Comprehensive income $ 118,778 $ (606 ) $ 118,172 Earnings per share: Basic $ 0.39 $ 0.00 $ 0.39 Diluted $ 0.39 $ 0.00 $ 0.39 Quarter Ended March 31, 2018 Consolidated Statement of Income As Previously Reported Adjustments As Revised Net sales $ 1,471,504 $ — $ 1,471,504 Cost of sales 892,583 825 893,408 Gross profit 578,921 (825 ) 578,096 Selling, general and administrative expenses 432,863 — 432,863 Operating profit 146,058 (825 ) 145,233 Other expenses 5,761 — 5,761 Interest expense, net 45,763 — 45,763 Income before income tax expense 94,534 (825 ) 93,709 Income tax expense 15,125 (218 ) 14,907 Net income $ 79,409 $ (607 ) $ 78,802 Comprehensive income $ 67,916 $ (607 ) $ 67,309 Earnings per share: Basic $ 0.22 $ 0.00 $ 0.22 Diluted $ 0.22 $ 0.00 $ 0.22 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 28, 2019 | |
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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. |
Revisions of Previously Issued Consolidated Financial Statements | Revisions of Previously Issued Consolidated Financial Statements In connection with the preparation of the consolidated financial statements for the year ended December 28, 2019, the Company identified tax errors in its previously filed 2018 and 2017 annual consolidated financial statements and unaudited quarterly consolidated financial statements for each of the quarterly periods of 2018 and for the first three quarterly periods of 2019. The prior period tax errors, which originated prior to 2017, primarily relate to errors in the calculation of income tax expense on intercompany inventory transactions and the Company’s application of Accounting Standards Codification (“ASC”) 740-10-25-3(e), “Income Taxes” and ASC 810-10-45-8, “Consolidation”. As a result of the misapplication of these accounting standards, the Company’s consolidated financial statements were misstated. The Company assessed the materiality of the errors in the 2018 and 2017 annual consolidated financial statements in accordance with SEC Staff Accounting Bulletin (“SAB”) Topic 1.M, “Materiality”, codified in ASC Topic 250, “Accounting Changes and Error Corrections” (“ASC 250”), and concluded that the errors were not material to the previously filed 2018 and 2017 annual consolidated financial statements or corresponding unaudited interim periods. In accordance with ASC 250 (SAB Topic 1.N, “Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements”), the Company has corrected for these errors by revising previously filed 2018 and 2017 annual consolidated financial statements in connection with the filing of this 2019 Annual Report on Form 10-K. The revised annual consolidated financial statements also include adjustments to correct certain other immaterial errors, including errors that had previously been adjusted for as out of period corrections in the period identified. The accompanying footnotes have also been corrected to reflect the impact of the revisions of the previously filed annual consolidated financial statements. Refer to Note, “Revisions of Previously Issued Consolidated Financial Statements” and Note, |
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 both the “Cost of sales” and “Selling, general and administrative expenses” lines of the Consolidated Statements of Income. |
Sales Recognition | The Company recognizes revenue when obligations under the terms of a contract with a customer are satisfied, which occurs at a point in time, upon either shipment or delivery to the customer. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring goods, which includes estimates for variable consideration. 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. |
Sales Incentives | 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 provides customers with discounts and rebates that are explicitly stated in the Company’s contracts and are recorded as a reduction of revenue in the period the product revenue is recognized. The cost of these incentives is estimated using a number of factors, including historical utilization and redemption rates. The Company includes incentives offered in the form of free products in the determination of cost of sales. For all variable consideration, where appropriate, the Company estimates the amount using the expected value, which takes into consideration historical experience, current contractual requirements, specific known market events and forecasted customer buying and payment patterns. Overall, these reserves reflect the Company’s best estimates of the amount of consideration to which the customer is entitled based on the terms of the contracts. Volume-Based Incentives Volume-based incentives involve rebates or refunds of cash that are redeemable only if the customer completes a specified number of sales transactions. Under these incentive programs, the Company estimates the anticipated rebate to be paid and allocates a portion of the estimated cost of the rebate to each underlying sales transaction with the customer. The Company records volume-based incentives as a reduction of revenue. Cooperative Advertising Under cooperative advertising arrangements, the Company agrees to reimburse the retailer for a portion of the costs incurred by the retailer to advertise and promote certain of the Company’s products. The Company recognizes the cost of cooperative advertising programs in the period in which the advertising and promotional activity takes place as a reduction of revenue. 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. |
Sales Returns | Product Returns The Company generally offers customers a limited right of return for a purchased product. The Company estimates the amount of its product sales that may be returned by its customers and records this as a reduction of revenue in the period the related product revenue is recognized. |
Advertising Expense | Advertising Expense Advertising costs represent one of several brand building methods used by the Company. 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 $163,769 , $152,670 and $154,969 in 2019 , 2018 and 2017 |
Shipping and Handling Costs | Shipping and Handling Costs Revenue received for shipping and handling costs is included in net sales and was $19,536 , $19,315 and $19,738 in 2019 , 2018 and 2017 , 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 $441,766 , $409,098 and $376,449 in 2019 , 2018 and 2017 , respectively. The Company recognizes shipping, handling and distribution costs in the “Selling, general and administrative expenses” line of the Consolidated Statements of Income. |
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 $51,520 , $59,313 and $65,457 in 2019 , 2018 and 2017 , 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 $28,907 , $25,799 and $21,251 in 2019 , 2018 and 2017 , 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. Cash that is subject to legal restrictions or is unavailable for general operating purposes is classified as restricted cash and is included within “Other current assets” in the Consolidated Balance Sheets. At December 28, 2019 and December 29, 2018 , the Company’s restricted cash balance was $1,047 and $22,710 , respectively, which represents cash paid into the escrow account for the Bras N Things acquisition that closed in the first quarter of 2018. |
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. |
Leases | Leases The Company determines whether an arrangement is a lease at inception. The Company has operating leases for real estate (primarily retail stores and operating facilities) and certain equipment. The Company’s finance leases are not material. Leases with a term of 12 months or less are not recorded on the balance sheet; the Company recognizes lease expense for these leases on a straight-line basis over the lease term. For lease agreements entered into after adoption of Topic 842, the Company combines lease and nonlease components as a single component for all asset classes. The exercise of lease renewal options is at the Company’s sole discretion. In general, for leased retail real estate, the Company will not include renewal options in the underlying lease term. However, if a situation arises where the lessor has control over the option periods, then the Company will include these periods within the lease term. The depreciable life of assets and leasehold improvements are limited by the expected lease term. Certain of the Company’s lease agreements include rental payments based on a percentage of retail sales over contractual levels and others include rental payments adjusted periodically for inflation. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. As most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. For operating leases that commenced prior to December 30, 2018, the Company used the incremental borrowing rate on December 27, 2018. |
Trademarks and Other Identifiable Intangible Assets | Trademarks and Other Identifiable Intangible Assets The primary identifiable intangible assets of the Company are trademarks, licensing 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 ten to 12 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 one to 15 years and computer software and other intangibles are being amortized over periods ranging from one to 13 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 value. 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 long-term sales growth rates, 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. In connection with the Company’s annual impairment testing performed in the third quarter of 2019 , it performed a quantitative assessment for each indefinite-lived asset. The tests indicate that the indefinite-lived intangible assets have fair values that exceeded their carrying amounts and no impairment of trademarks or other identifiable intangible assets was identified as a result of the testing conducted in 2019 . The Company capitalizes internal software development costs incurred during the application development stage, 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 capital expenditures 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 2019 . In estimating the fair values of the reporting units, management relies on a number of factors to discount anticipated future cash flows including long-term sales growth rates, 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, incent performance and retain employees. Stock-based compensation is estimated at the grant date based on the award’s fair value and is recognized as expense over the requisite service period. The Company estimates forfeitures for stock-based awards granted that are not expected to vest. |
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. The enacted Tax Cuts and Jobs Act (the “Tax Act”) significantly revised U.S. corporate income tax law by, among other things, reducing the corporate income tax rate to 21% and implementing a modified territorial tax system that included a one-time transition tax on deemed repatriated earnings of foreign subsidiaries. In 2018, the Company completed the accounting for the enactment of the Tax Act based upon its current interpretation of the Tax Act in accordance with available notices and regulations issued and proposed by the U.S. Department of the Treasury and the Internal Revenue Service. The Company adjusts its accounting as necessary when new guidance is issued. In addition, the Tax Act implemented a new minimum tax on global intangible low-taxed income (“GILTI”). A company can elect an accounting policy to account for GILTI in either of the following ways: • As a period charge in the future period the tax arises; or • As part of deferred taxes related to the investment or subsidiary. The Company elected to account for GILTI as a period cost. |
Financial Instruments | Financial Instruments The Company uses forward foreign exchange contracts to manage its exposures to movements in foreign exchange rates. The Company also uses a combination of derivative instruments and long-term debt to manage its exposure to foreign currency risk associated with the Company’s net investment in its European subsidiaries. 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 on a monthly basis 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. 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 For a cash flow hedge, the Company formally assesses, both at inception and on a monthly basis thereafter, whether the designated derivative instrument is highly effective in offsetting changes in cash flows of the hedged item. The change in the fair value of a derivative instrument that is designated and highly effective 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 recorded on the same line in the Consolidated Statements of Income as the hedged item. The Company does not exclude amounts from effectiveness testing for cash flow hedges that would require recognition into earnings based on changes in fair value. If it is determined that a designated derivative instrument ceases to be a highly effective cash flow 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 on the same line in the Consolidated Statements of Income as the hedged item. Net Investment Hedges For a net investment hedge, the Company formally assesses, both at inception and on a quarterly basis thereafter, whether the designated derivative or nonderivative instrument is highly effective as an economic hedge of foreign exchange risk associated with the hedged net investment. The change in the fair value of a derivative instrument or the change in the carrying value of a nonderivative instrument that is designated and highly effective as a net investment hedge is recorded in the cumulative translation adjustment component of AOCI, offsetting the translation adjustment of the net investment being hedged. The Company assesses net investment hedge effectiveness and measures net investment hedge results for both derivative and nonderivative hedging instruments on an after-tax basis. The interest component of a cross-currency swap derivative contract designated in a highly effective net investment hedge is excluded from the assessment of hedge effectiveness and is initially recorded in the cumulative translation adjustment component of AOCI. This excluded component is amortized in earnings using a systematic and rational method over the term of the cross-currency swap derivative contract and recorded in the “Interest expense, net” line in the Consolidated Statements of Income. Cash flows from the periodic and final settlements of the cross-currency swap contracts will be reported as cash flows from investing activities in the Consolidated Statements of Cash Flows because the hedged item is a net investment in a foreign subsidiary, and the cash paid or received from acquiring or selling the subsidiary would typically be classified as investing. If a net investment hedging relationship ceases to be highly effective, the Company discontinues hedge accounting, and any future change in the fair value of the derivative hedging instrument or future change in the carrying value of the nonderivative hedging instrument is recorded in the “Other expenses” line of the Consolidated Statements of Income, which is where the gain or loss on the sale or substantial liquidation of the underlying net investment would be recorded. However, any deferred gains or losses previously recorded in the cumulative translation adjustment component of AOCI will remain in AOCI until the hedged net investment is sold or substantially liquidated, at which time the cumulative deferred gains or losses are recorded in the “Other expenses” line of 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. |
Assets and Liabilities Acquired in Business Combinations | 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 assumed 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 assumed 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. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements Lease Accounting In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, “Leases (Topic 842)”, which requires lessees to recognize a right-of-use asset and a lease liability for all leases that are not short-term in nature. The standard also resulted in enhanced quantitative and qualitative disclosures surrounding leases. The FASB subsequently issued updates to provide clarification on specific topics, including adoption guidance, practical expedients and interim transition disclosure requirements. The new rules were effective for the Company in the first quarter of 2019. The Company adopted the new rules utilizing the modified retrospective method and recognized a $6,556 cumulative effect adjustment in retained earnings at the beginning of the period of adoption. In addition, the Company elected the package of practical expedients permitted under the transition guidance within the new standard which among other things, allowed the Company to carry forward the historical lease classification. The Company did not elect the hindsight practical expedient to determine the lease term for existing leases. Adoption of the new standard resulted in the recording of lease assets and lease liabilities of $507,669 and $535,054 , respectively as of December 30, 2018. Derivatives and Hedging In August 2017, the FASB issued ASU 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities.” The new rules expand the hedging strategies that qualify for hedge accounting, including contractually-specified price components of a commodity purchase or sale, hedges of the benchmark rate component of the contractual coupon cash flows of fixed-rate assets and liabilities, hedges of the portion of a closed portfolio of prepayable assets and partial-term hedges of fixed-rate assets and liabilities. The new rules also allow additional time to complete hedge effectiveness testing and allow qualitative assessments subsequent to initial quantitative tests if there is a supportable expectation that the hedge will remain highly effective. The new standard was effective for the Company in the first quarter of 2019. The adoption of the new accounting rules did not have a material impact on the Company’s financial condition, results of operations or cash flows. Comprehensive Income In February 2018, the FASB issued ASU 2018-02, “Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income.” The new rules allow a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act (the “Tax Act”). The new rules were effective for the Company in the first quarter of 2019. The Company reclassified $78,816 from accumulated other comprehensive loss to retained earnings for stranded tax effects related to the Company’s U.S. pension plan. The Company uses a portfolio approach to release the income tax effects in accumulated other comprehensive loss related to pension and postretirement benefits. Under this approach, the income tax effects are released from accumulated other comprehensive loss based on the pre-tax adjustments to pension liabilities or assets recognized within other comprehensive income. Any tax effects remaining in accumulated other comprehensive loss are released only when the entire portfolio of the pension and postretirement benefits is liquidated, sold or extinguished. Codification Improvements In July 2018, the FASB issued ASU 2018-09, “Codification Improvements.” The new rules clarify guidance around several subtopics by adopting enhanced verbiage to the following subtopics: reporting comprehensive income, debt modifications and extinguishments, distinguishing liabilities from equity, stock compensation, business combinations, derivatives and hedging, fair value measurement and defined contribution pension plans. The standard was effective for the Company in the first quarter of 2019. The adoption of the new accounting rules did not have a material impact on the Company’s financial condition, results of operations or cash flows. Statements of Stockholders’ Equity In August 2018, the SEC amended Rule 3-04 of Regulation S-X to extend the annual disclosure requirement for changes in stockholders’ equity and the amount of dividends per share for each class of shares to interim periods. The disclosures can be included either in a note to the financial statements or in a separate financial statement. The disclosures require both year to date information and subtotals for each interim period. The amendment was effective for the Company in the first quarter of 2019. The Company elected to include Condensed Consolidated Statements of Stockholders’ Equity, which include disclosure of the dividends per share in each period, as a separate statement in its interim financial statements within all applicable SEC filings. Financial Instruments - Credit Losses In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”, which require a financial asset measured at amortized cost basis to be presented at the net amount expected to be collected. The new rules eliminate the probable initial recognition threshold and, instead, reflect an entity’s current estimate of all expected credit losses. The new rules will be effective for the Company in the first quarter of 2020. The Company expects the new rules to apply to its trade receivables, but does not expect the adoption of the new accounting rules to have a material impact on the Company’s financial condition, results of operations or cash flows, however we anticipate changes to our controls and procedures, as applicable, to ensure compliance with the new accounting rules. Goodwill Impairment In January 2017, the FASB issued ASU 2017-04, “Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment.” The new rules simplify how an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test. Step 2 measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount. The new rules will be effective for the Company in the first quarter of 2020. The Company does not expect the adoption of the new accounting rules to have a material impact on the Company’s financial condition, results of operations or cash flows. Fair Value In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820),” which modifies the disclosure requirements on fair value measurements. The new rules will be effective for the Company in the first quarter of 2020. The Company does not expect the adoption of the new accounting rules to have a material impact on the Company’s financial condition, results of operations or cash flows; however, its disclosures will be impacted. Retirement Benefits In August 2018, the FASB issued ASU 2018-14, “Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20).” The new rule expands disclosure requirements for employer sponsored defined benefit pension and other retirement plans. The new rules will be effective for the Company in the first quarter of 2020. The Company does not expect the new accounting rules to have a material impact on the Company’s financial condition, results of operations or cash flows; however, expanded disclosures will be required. Internal-Use Software In August 2018, the FASB issued ASU 2018-15, “Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 340-40),” which aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The new rules will be effective for the Company in the first quarter of 2020. The Company does not expect the adoption of the new accounting rules to have a material impact on the Company’s financial condition, results of operations or cash flows. Income Taxes In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.” The new rules reduce complexity by removing specific exceptions to general principles related to intraperiod tax allocations, ownership changes in foreign investments, and interim period income tax accounting for year-to-date losses that exceed anticipated losses. The new rules also simplify accounting for franchise taxes that are partially based on income, transactions with a government that result in a step up in the tax basis of goodwill, separate financial statements of legal entities that are not subject to tax, and enacted changes in tax laws in interim periods. The new rules will be effective for the Company in the first quarter of 2021. The Company is currently in the process of evaluating the impact of adoption of the new rules on the Company’s financial condition, results of operations, cash flows and disclosures. |
Reclassifications | ReclassificationsCertain prior year amounts in the notes to the Consolidated Financial Statements, none of which are material, have been reclassified to conform with the current year presentation. These classifications within the statements had no impact on the Company’s results of operations. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 28, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table presents the Company’s revenues disaggregated by the customer’s method of purchase: Years Ended December 28, December 29, Third-party brick-and-mortar wholesale $ 5,263,692 $ 5,288,966 Consumer-directed 1,703,231 1,514,989 Total net sales $ 6,966,923 $ 6,803,955 |
Acquisitions (Tables)
Acquisitions (Tables) - Bras N Things | 12 Months Ended |
Dec. 28, 2019 | |
Business Acquisition | |
Schedule of acquired assets and liabilities assumed | The acquired assets and liabilities as of the date of acquisition include the following: Cash and cash equivalents $ 2,765 Accounts receivable, net 197 Inventories 9,610 Other current assets 1,637 Property, net 11,764 Trademarks and other identifiable intangibles 278,214 Deferred tax assets and other noncurrent assets 2,318 Total assets acquired 306,505 Accounts payable 4,929 Accrued liabilities and other 16,339 Deferred tax liabilities and other noncurrent liabilities 7,864 Total liabilities assumed 29,132 Net assets acquired 277,373 Goodwill 111,832 Total purchase price $ 389,205 |
Schedule of components of purchase price | Total purchase price of the Bras N Things acquisition consisted of the following components: Cash consideration paid $ 337,123 Indemnification escrow asset 25,140 Debt assumed 26,942 Total purchase price $ 389,205 |
Unaudited pro forma results of operations | Pro forma operating results for the year ended December 30, 2017 include expenses totaling $317 , for acquisition-related adjustments primarily related to inventory and intangible assets. Years Ended December 29, December 30, Net sales $ 6,822,462 $ 6,608,714 Net income from continuing operations 542,696 103,240 Earnings per share from continuing operations: Basic $ 1.49 $ 0.28 Diluted 1.49 0.28 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 28, 2019 | |
Text Block [Abstract] | |
Reconciliation of Basic to Diluted Weighted Average Shares Outstanding | The reconciliation of basic to diluted weighted average shares outstanding is as follows: Years Ended December 28, December 29, December 30, Basic weighted average shares outstanding 364,709 363,513 367,680 Effect of potentially dilutive securities: Stock options 430 801 1,435 Restricted stock units 376 186 307 Employee stock purchase plan and other 4 5 4 Diluted weighted average shares outstanding 365,519 364,505 369,426 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 28, 2019 | |
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- Options outstanding at December 31, 2016 2,275 $ 5.56 $ 36,438 2.20 Exercised (736 ) 6.22 Options outstanding at December 30, 2017 1,539 $ 5.24 $ 24,108 1.76 Exercised (756 ) 3.92 Options outstanding at December 29, 2018 783 $ 6.51 $ 4,449 1.54 Exercised (312 ) 6.09 Options outstanding and exercisable at December 28, 2019 471 $ 6.79 $ 3,786 0.94 |
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- Nonvested share units outstanding at December 31, 2016 2,520 $ 26.46 $ 54,356 2.11 Granted — non-performanced based 628 21.22 Granted — performanced based 590 23.04 Vested (991 ) 26.74 Forfeited (81 ) 26.81 Nonvested share units outstanding at December 30, 2017 2,666 $ 24.36 $ 55,741 2.00 Granted — non-performanced based 970 15.52 Granted — performanced based 777 15.57 Vested (1,114 ) 27.55 Forfeited (38 ) 25.15 Nonvested share units outstanding at December 29, 2018 3,261 $ 18.53 $ 39,747 2.23 Granted — non-performanced based 114 16.20 Granted — performanced based (93 ) 20.71 Vested (1,246 ) 20.66 Forfeited (169 ) 17.52 Nonvested share units outstanding at December 28, 2019 1,867 $ 16.93 $ 27,692 1.50 |
Trade Accounts Receivable (Tabl
Trade Accounts Receivable (Tables) | 12 Months Ended |
Dec. 28, 2019 | |
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 Balance at December 31, 2016 $ 6,658 $ 12,068 $ 18,726 Charged to expenses 6,642 16,169 22,811 Deductions and write-offs (632 ) (18,264 ) (18,896 ) Currency translation 904 2,551 3,455 Balance at December 30, 2017 $ 13,572 $ 12,524 $ 26,096 Charged to expenses 15,813 13,487 29,300 Deductions and write-offs (8,893 ) (12,959 ) (21,852 ) Currency translation (430 ) (510 ) (940 ) Balance at December 29, 2018 $ 20,062 $ 12,542 $ 32,604 Charged to expenses 8,658 12,942 21,600 Deductions and write-offs (9,198 ) (11,101 ) (20,299 ) Currency translation (518 ) (159 ) (677 ) Balance at December 28, 2019 $ 19,004 $ 14,224 $ 33,228 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 28, 2019 | |
Text Block [Abstract] | |
Inventories | Inventories consisted of the following: December 28, December 29, Raw materials $ 83,545 $ 107,300 Work in process 136,592 182,966 Finished goods 1,685,708 1,766,572 $ 1,905,845 $ 2,056,838 |
Property, Net (Tables)
Property, Net (Tables) | 12 Months Ended |
Dec. 28, 2019 | |
Text Block [Abstract] | |
Summary of Property | Property is summarized as follows: December 28, December 29, Land $ 44,542 $ 44,980 Buildings and improvements 500,733 500,366 Machinery and equipment 1,085,451 1,097,536 Construction in progress 33,625 34,643 1,664,351 1,677,525 Less accumulated depreciation 1,076,455 1,069,837 Property, net $ 587,896 $ 607,688 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 28, 2019 | |
Leases [Abstract] | |
Schedule of Lease Cash Flow and Non-cash Information, Supplemental Disclosures | The following table presents supplemental cash flow and non-cash information related to leases: Year Ended December 28, Cash paid for amounts included in the measurement of lease liabilities - operating cash flows from leases $ 158,140 Right-of-use assets obtained in exchange for lease obligations - non-cash activity $ 66,496 |
Schedule of Supplemental Lease Information | The following table presents supplemental information related to leases at December 28, 2019 : Weighted average remaining lease term 5.3 years Weighted average discount rate 4.89 % |
Future Minimum Rental Commitments Under Noncancelable Operating Leases (ASC 840) | The following table presents future minimum rental commitments under noncancelable operating leases as of December 29, 2018 : 2019 $ 148,218 2020 129,660 2021 110,185 2022 91,411 2023 66,753 Thereafter 115,941 $ 662,168 |
Lessee, Operating Lease, Maturity Schedule (ASC 842) | The following table presents maturities of operating lease liabilities as of December 28, 2019 : 2020 $ 166,833 2021 125,546 2022 91,443 2023 73,784 2024 44,239 Thereafter 93,754 Total lease payments 595,599 Less interest 71,227 $ 524,372 |
Notes Payable (Tables)
Notes Payable (Tables) | 12 Months Ended |
Dec. 28, 2019 | |
Text Block [Abstract] | |
Summary of Short Term Obligations | The Company had short-term revolving facilities in the following location at December 28, 2019 and December 29, 2018 : Interest Principal Amount December 28, December 29, Europe Various $ 4,244 $ 5,824 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 28, 2019 | |
Debt Disclosure [Abstract] | |
Debt | The Company had the following debt at December 28, 2019 and December 29, 2018 : Interest Principal Amount December 28, December 29, Maturity Date Senior Secured Credit Facility: Revolving Loan Facility — $ — $ — December 2022 Term Loan A 3.10% 625,000 721,875 December 2022 Term Loan B 3.45% 300,000 496,250 December 2024 Australian Term A-1 — — 122,968 — Australian Revolving Loan Facility — — 21,118 July 2021 4.875% Senior Notes 4.88% 900,000 900,000 May 2026 4.625% Senior Notes 4.63% 900,000 900,000 May 2024 3.5% Senior Notes 3.50% 558,847 572,213 June 2024 European Revolving Loan Facility 1.50% 110,914 113,520 September 2020 Accounts Receivable Securitization Facility — — 161,608 March 2020 Other International Debt Various — 1 Various 3,394,761 4,009,553 Less long-term debt issuance costs 26,977 34,774 Less current maturities (1) 110,914 440,596 $ 3,256,870 $ 3,534,183 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill (Tables) | 12 Months Ended |
Dec. 28, 2019 | |
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 Year ended December 28, 2019: Intangible assets subject to amortization: Trademarks and brand names $ 36,152 $ 27,752 $ 8,400 Licensing agreements 102,634 57,942 44,692 Customer and distributor relationships 163,831 71,603 92,228 Computer software 88,296 46,840 41,456 Other intangibles 3,156 1,812 1,344 $ 394,069 $ 205,949 188,120 Intangible assets not subject to amortization: Trademarks 1,298,598 Perpetual licensing agreements and other 34,082 Net book value of intangible assets $ 1,520,800 Gross Accumulated Net Book Year ended December 29, 2018: Intangible assets subject to amortization: Trademarks and brand names $ 35,818 $ 26,218 $ 9,600 Licensing agreements 102,929 50,222 52,707 Customer and distributor relationships 166,176 56,923 109,253 Computer software 125,319 90,203 35,116 Other intangibles 3,343 1,670 1,673 $ 433,585 $ 225,236 208,349 Intangible assets not subject to amortization: Trademarks 1,312,202 Perpetual licensing agreements and other 34,830 Net book value of intangible assets $ 1,555,381 |
Goodwill | Goodwill and the changes in those amounts during the period are as follows: Innerwear Activewear International Other Total Net book value at December 30, 2017 $ 406,853 $ 316,950 $ 415,531 $ 27,673 $ 1,167,007 Acquisition of businesses — (566 ) 111,611 — 111,045 Currency translation — — (36,325 ) — (36,325 ) Net book value at December 29, 2018 $ 406,853 $ 316,384 $ 490,817 $ 27,673 $ 1,241,727 Acquisition of businesses — — 221 — 221 Currency translation — — (6,237 ) — (6,237 ) Net book value at December 28, 2019 $ 406,853 $ 316,384 $ 484,801 $ 27,673 $ 1,235,711 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 28, 2019 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Accumulated Other Comprehensive Loss | The components of AOCI are as follows: Cumulative Translation Adjustment (1) Cash Flow Hedges Defined Benefit Plans Income Taxes Accumulated Other Comprehensive Loss Balance at December 30, 2017 $ (36,430 ) $ (25,461 ) $ (614,000 ) $ 243,760 $ (432,131 ) Amounts reclassified from accumulated other comprehensive loss — 9,836 19,693 (7,552 ) 21,977 Current-period other comprehensive income (loss) activity (113,555 ) 37,439 (1,000 ) (8,597 ) (85,713 ) Balance at December 29, 2018 $ (149,985 ) $ 21,814 $ (595,307 ) $ 227,611 $ (495,867 ) Amounts reclassified from accumulated other comprehensive loss — (28,931 ) 20,121 2,012 (6,798 ) Current-period other comprehensive income (loss) activity (7,153 ) 11,903 (54,174 ) 13,257 (36,167 ) Total other comprehensive income (loss) (7,153 ) (17,028 ) (34,053 ) 15,269 (42,965 ) Reclassification of stranded tax related to U.S. pension plan to retained earnings — — — (78,816 ) (78,816 ) Balance at December 28, 2019 $ (157,138 ) $ 4,786 $ (629,360 ) $ 164,064 $ (617,648 ) (1) Cumulative Translation Adjustment includes translation adjustments and net investment hedges. See Note, “Financial Instruments and Risk Management” for additional disclosures about net investment hedges. |
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 Years Ended December 28, December 29, December 30, Gain (loss) on foreign exchange contracts designated as cash flow hedges Cost of sales $ 28,931 $ (9,836 ) $ 1,825 Income tax (7,276 ) 2,038 (225 ) Net of tax 21,655 (7,798 ) 1,600 Amortization of deferred actuarial loss and prior service cost Other expenses (20,121 ) (19,693 ) (19,062 ) Income tax 5,264 5,514 7,320 Net of tax (14,857 ) (14,179 ) (11,742 ) Total reclassifications $ 6,798 $ (21,977 ) $ (10,142 ) |
Financial Instruments and Ris_2
Financial Instruments and Risk Management (Tables) | 12 Months Ended |
Dec. 28, 2019 | |
Text Block [Abstract] | |
Fair Values of Derivative Instruments | The fair values of derivative financial instruments related to forward foreign exchange contracts and cross-currency swap contracts recognized in the Consolidated Balance Sheets of the Company were as follows: Balance Sheet Location Fair Value December 28, December 29, Derivatives designated as hedging instruments: Forward foreign exchange contracts Other current assets $ 2,716 $ 18,381 Cross-currency swap contracts Other current assets 926 — Cross-currency swap contracts Other noncurrent assets 2,975 — Derivatives not designated as hedging instruments: Forward foreign exchange contracts Other current assets 5,314 12,410 Total derivative assets 11,931 30,791 Derivatives designated as hedging instruments: Forward foreign exchange contracts Accrued liabilities (2,246 ) (286 ) Derivatives not designated as hedging instruments: Forward foreign exchange contracts Accrued liabilities (1,147 ) (114 ) Total derivative liabilities (3,393 ) (400 ) Net derivative asset $ 8,538 $ 30,391 |
Effect of Cash Flow Hedge Derivative Instruments | The effect of cash flow hedge derivative instruments on the Consolidated Statements of Income and AOCI is as follows: Amount of Gain (Loss) Years Ended December 28, December 29, December 30, Foreign exchange contracts $ 11,903 $ 37,439 $ (37,408 ) Location of Gain (Loss) Amount of Gain (Loss) Years Ended December 28, December 29, December 30, Foreign exchange contracts (1) Cost of sales $ 28,931 $ (9,836 ) $ 1,825 (1) The Company does not exclude amounts from effectiveness testing for cash flow hedges that would require recognition into earnings based on changes in fair value. Years Ended December 28, December 29, December 30, Total cost of sales in which the effects of cash flow hedges are recorded $ 4,247,593 $ 4,150,736 $ 3,981,959 |
Effect of Net Investment Hedge Derivative Instruments | The amount of after-tax gains (losses) included in AOCI in the Consolidated Balance Sheets related to derivative instruments and nonderivative financial instruments designated as net investment hedges and the amount of gains included in the “Interest expense, net” line in the Consolidated Statements of Income related to amounts excluded from the assessment of hedge effectiveness for derivative instruments designated as net investment hedges are as follows: Amount of Gain (Loss) Recognized in AOCI Years Ended December 28, December 29, December 30, Euro-denominated long-term debt $ (23 ) $ — $ — Cross-currency swap contracts 2,201 — — Total $ 2,178 $ — $ — Location of Gain (Loss) Recognized in Income Amount of Gain Recognized in Income Years Ended December 28, December 29, December 30, Cross-currency swap contracts Interest expense, net $ 3,613 $ — $ — Years Ended December 28, December 29, December 30, Total interest expense, net in which the amounts excluded from effectiveness testing for net investment hedges are recorded $ 178,579 $ 194,675 $ 174,435 |
Effect of Mark to Market Hedge Derivative Instruments | 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 Income Years Ended December 28, December 29, December 30, Foreign exchange contracts Cost of sales $ (31,809 ) $ 16,782 $ — Foreign exchange contracts Selling, general and (1,073 ) 726 114 Total $ (32,882 ) $ 17,508 $ 114 |
Fair Value of Assets and Liab_2
Fair Value of Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 28, 2019 | |
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 Total Quoted Prices In Significant Defined benefit pension plan investment assets: U.S. equity securities $ 162,455 $ 162,455 $ — $ — Foreign equity securities 34,224 34,224 — — Debt securities 41,356 41,356 — — Cash and other 7,382 7,382 — — Insurance contracts 2,971 — 2,971 — Total plan assets in the fair value hierarchy 248,388 245,417 2,971 — Plan assets measured at net asset value: (1) Hedge fund of funds 350,270 Foreign equity securities 101,299 Debt securities 94,384 Real estate 55,067 Commodities 17,736 Total plan assets measured at net asset value 618,756 Total plan assets 867,144 Derivative contracts: Forward foreign exchange contracts - assets 8,030 — 8,030 — Cross-currency swap contracts - assets 3,901 — 3,901 — Forward foreign exchange contracts - liabilities (3,393 ) — (3,393 ) — 8,538 — 8,538 — Deferred compensation plan liability (31,221 ) — (31,221 ) — Total $ 844,461 $ 245,417 $ (19,712 ) $ — (1) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the tables above are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Balance Sheets. Assets (Liabilities) at Fair Value as of Total Quoted Prices In Significant Defined benefit pension plan investment assets: U.S. equity securities $ 138,356 $ 138,356 $ — $ — Foreign equity securities 29,345 29,345 — — Debt securities 52,896 52,896 — — Cash and other 6,286 6,286 — — Insurance contracts 1,474 — 1,474 — Total plan assets in the fair value hierarchy 228,357 226,883 1,474 — Plan assets measured at net asset value: (1) Hedge fund of funds 311,730 Foreign equity securities 84,698 Debt securities 101,910 Real estate 43,998 Commodities 15,919 Total plan assets measured at net asset value 558,255 Total plan assets 786,612 Derivative contracts: Forward foreign exchange contracts - assets 30,791 — 30,791 — Forward foreign exchange contracts - liabilities (400 ) — (400 ) — 30,391 — 30,391 — Deferred compensation plan liability (39,542 ) — (39,542 ) — Total $ 777,461 $ 226,883 $ (7,677 ) $ — (1) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the tables above are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Balance Sheets. |
Defined Benefit Pension Plans (
Defined Benefit Pension Plans (Tables) | 12 Months Ended |
Dec. 28, 2019 | |
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 December 28, December 29, December 30, Service cost $ 2,892 $ 2,776 $ 2,216 Interest cost 43,670 40,208 40,830 Expected return on assets (44,697 ) (45,280 ) (41,780 ) Curtailments — (186 ) 154 Settlement cost 115 42 23 Amortization of: Prior service cost (6 ) (6 ) 9 Net actuarial loss 20,127 19,699 19,053 Net periodic benefit cost $ 22,101 $ 17,253 $ 20,505 Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income Net (gain) loss $ 34,038 $ (20,965 ) $ 15,186 Prior service credit (cost) 6 6 (380 ) Total (gain) loss recognized in other comprehensive income 34,044 (20,959 ) 14,806 Total recognized in net periodic benefit cost and other comprehensive income $ 56,145 $ (3,706 ) $ 35,311 |
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: December 28, December 29, Benefit obligation: Beginning of year $ 1,164,518 $ 1,277,722 Service cost 2,892 2,776 Interest cost 43,670 40,208 Benefits paid (66,450 ) (59,808 ) Curtailments — (186 ) Settlements (1,255 ) (878 ) Impact of exchange rate change (286 ) (4,621 ) Actuarial (gain) loss 124,577 (92,156 ) Other (15 ) 1,461 End of year 1,267,651 1,164,518 Fair value of plan assets: Beginning of year 786,612 872,686 Actual return (loss) on plan assets 115,210 (46,370 ) Employer contributions 32,476 23,176 Benefits paid (66,450 ) (59,808 ) Settlements (1,255 ) (878 ) Impact of exchange rate change 566 (2,176 ) Other (15 ) (18 ) End of year 867,144 786,612 Funded status $ (400,507 ) $ (377,906 ) |
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: December 28, December 29, Benefit obligation $ 1,267,651 $ 1,164,518 Plans with benefit obligation in excess of plan assets: Benefit obligation 1,239,077 1,136,559 Fair value of plan assets 837,554 760,155 |
Amounts Recognized in Company's Consolidated Balance Sheets | Amounts recognized in the Company’s Consolidated Balance Sheets consist of: December 28, December 29, Noncurrent assets $ 1,016 $ — Current liabilities (3,001 ) (3,765 ) Noncurrent liabilities (398,522 ) (374,615 ) Accumulated other comprehensive loss (631,501 ) (597,457 ) |
Amounts Recognized in Accumulated Other Comprehensive Loss | Amounts recognized in accumulated other comprehensive loss consist of: December 28, December 29, Prior service cost $ (151 ) $ (157 ) Actuarial loss 631,652 597,614 $ 631,501 $ 597,457 |
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: December 28, December 29, December 30, Net periodic benefit cost: Discount rate 4.24 % 3.60 % 4.15 % Long-term rate of return on plan assets 5.79 5.32 5.21 Rate of compensation increase (1) 4.40 4.40 3.84 Plan obligations: Discount rate 3.16 % 4.24 % 3.60 % Rate of compensation increase (1) 3.01 4.40 4.40 (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 December 28, 2019 , December 29, 2018 and December 30, 2017 . |
Allocation of Pension Plan Assets | The allocation of pension plan assets as of the respective period end measurement dates is as follows: December 28, December 29, Asset category: Hedge fund of funds 40 % 40 % Debt securities 16 20 U.S. equity securities 19 18 Foreign equity securities 16 14 Real estate 6 6 Commodities 2 2 Insurance contracts — — Cash and other 1 — |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 28, 2019 | |
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 December 28, December 29, December 30, Income before income tax expense: Domestic (6.5 )% (9.5 )% (6.7 )% Foreign 106.5 109.5 106.7 100.0 % 100.0 % 100.0 % Tax expense at U.S. statutory rate 21.0 % 21.0 % 35.0 % State income tax 1.1 (0.3 ) 0.2 Tax on actual and planned remittances of foreign earnings (0.4 ) 9.9 0.6 Tax on foreign earnings due to U.S. tax reform including measurement period adjustments — (0.5 ) 68.0 Revaluation of net deferred tax assets due to U.S. tax reform including measurement period adjustments — (1.2 ) 12.0 Tax on foreign earnings (U.S. tax reform - GILTI and FDII) 2.2 2.3 N/A Foreign taxes less than U.S. statutory rate (11.9 ) (12.3 ) (29.8 ) Statutory stock deduction and Luxembourg Adjustments 2.2 (17.3 ) N/A Employee benefits (0.2 ) (0.1 ) (0.2 ) Change in valuation allowance due to statutory stock deduction — 17.3 — Other changes in valuation allowance 1.8 (3.9 ) 0.1 Tax benefits related to tax basis adjustments in acquired intangibles (1.7 ) — — Increase in unrecognized tax benefits — 0.5 1.9 Release of unrecognized tax benefit reserves (0.5 ) — (0.9 ) State tax rate change 0.3 0.4 0.1 Provision to return adjustment (2.4 ) (0.2 ) (2.2 ) Other, net 0.1 0.5 0.8 Taxes at effective worldwide tax rates 11.6 % 16.1 % 85.6 % |
Current and Deferred Tax Provisions (Benefits) | Current and deferred tax provisions (benefits) were: Current Deferred Total Year ended December 28, 2019 Domestic $ (20,548 ) $ 12,164 $ (8,384 ) Foreign 67,037 5,599 72,636 State (9,299 ) 24,054 14,755 $ 37,190 $ 41,817 $ 79,007 Year ended December 29, 2018 Domestic $ (16,746 ) $ 61,202 $ 44,456 Foreign 86,006 (42,446 ) 43,560 State 8,044 7,855 15,899 $ 77,304 $ 26,611 $ 103,915 Year ended December 30, 2017 Domestic $ 217,996 $ 180,846 $ 398,842 Foreign 62,684 (15,098 ) 47,586 State 11,676 (4,987 ) 6,689 $ 292,356 $ 160,761 $ 453,117 |
Cash Payments For Income Taxes | Years Ended December 28, December 29, December 30, Cash payments for income taxes $ 112,477 $ 94,556 $ 57,882 |
Deferred Tax Assets and Liabilities | The deferred tax assets and liabilities at the respective year-ends were as follows: December 28, December 29, Deferred tax assets: Nondeductible reserves $ 1,246 $ 3,388 Inventories 28,467 26,391 Bad debt allowance 9,108 8,671 Accrued expenses 10,305 18,975 Employee benefits 125,617 121,133 Tax credits 5,841 9,585 Net operating loss and other tax carryforwards 266,472 256,274 Leasing 142,379 — Other 5,537 11,466 Gross deferred tax assets 594,972 455,883 Less valuation allowances (197,347 ) (179,599 ) Deferred tax assets 397,625 276,284 Deferred tax liabilities: Property and equipment 656 2,943 Derivatives 1,525 1,101 Section 481(a) liability 26,762 — Leasing 132,559 — Accrued tax on unremitted foreign earnings 42,653 55,728 Intangibles 92,577 94,700 Prepaids 5,583 2,742 Deferred tax liabilities 302,315 157,214 Net deferred tax assets $ 95,310 $ 119,070 |
Summary of Changes in Valuation Allowance | The changes in the Company’s valuation allowance for deferred tax assets are as follows: December 31, 2016 $ 67,451 Charge to expenses 729 Charged to other accounts (1) 4,422 December 30, 2017 $ 72,602 Charge to expenses 52,135 Charged to other accounts (1) 20,819 Charged to retained earnings upon adoption of ASU 2016-16 (2) 34,043 December 29, 2018 $ 179,599 Charge to expenses 12,316 Charged to other accounts (1) 5,432 December 28, 2019 $ 197,347 (1) Charges to other accounts include the effects of foreign currency translation and purchase accounting adjustments. (2) The Company adopted ASU 2016-16 on December 31, 2017 using the modified retrospective method, however there was no net cumulative-effect adjustment recorded to retained earnings as of that date. Upon adoption, the Company recognized additional net deferred tax assets of $34,043 and a corresponding increase in valuation allowance against these additional deferred tax assets as these deferred tax assets are not considered to be more likely than not realizable. |
Net Operating Loss Carryforwards | At December 28, 2019 , the Company had total net operating loss carryforwards of approximately $828,928 for foreign jurisdictions, which will expire as follows: Fiscal Year: 2020 $ 3,042 2021 5,414 2022 3,899 2023 4,493 2024 9,125 Thereafter 802,955 |
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 30, 2017 (gross balance of $99,469) $ 94,906 Additions based on tax positions related to the current year 2,877 Additions based on tax positions of prior years 430 Additions based on tax positions related to the acquisition of Bras N Things 10,911 Settlements (542 ) Reductions for tax positions of prior years (4,128 ) Balance at December 29, 2018 (gross balance of $107,306) $ 104,454 Additions based on tax positions related to the current year 2,797 Additions based on tax positions of prior years 19,585 Settlements (2,730 ) Reductions for tax positions of prior years (48,613 ) Balance at December 28, 2019 (gross balance of $79,897) $ 75,493 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 28, 2019 | |
Tontine Pillow and Dunlop Flooring [Member] | Discontinued Operations | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Discontinued operations | The operating results of these discontinued operations only reflect revenues and expenses that are directly attributable to these businesses that were eliminated from ongoing operations. The key components from discontinued operations related to the Dunlop Flooring and Tontine Pillow businesses were as follows: Year Ended December 30, Net sales $ 6,865 Cost of sales 4,507 Gross profit 2,358 Selling, general and administrative expenses 3,729 Operating loss (1,371 ) Other expenses 303 Net loss on disposal of business 242 Loss from discontinued operations before income tax expense (1,916 ) Income tax expense 181 Net loss from discontinued operations, net of tax $ (2,097 ) |
Business Segment Information (T
Business Segment Information (Tables) | 12 Months Ended |
Dec. 28, 2019 | |
Text Block [Abstract] | |
Net Sales | Years Ended December 28, December 29, December 30, Net sales: Innerwear $ 2,302,632 $ 2,379,675 $ 2,462,876 Activewear 1,854,704 1,792,280 1,654,278 International 2,529,375 2,344,115 2,054,664 Other 280,212 287,885 299,592 Total net sales $ 6,966,923 $ 6,803,955 $ 6,471,410 |
Segment Operating Profit | Years Ended December 28, December 29, December 30, Segment operating profit: Innerwear $ 515,991 $ 526,831 $ 580,879 Activewear 281,319 267,428 264,975 International 384,784 351,769 268,367 Other 24,829 25,348 31,540 Total segment operating profit 1,206,923 1,171,376 1,145,761 Items not included in segment operating profit: General corporate expenses (218,770 ) (190,090 ) (183,790 ) Restructuring and other action-related charges (63,486 ) (80,198 ) (190,904 ) Amortization of intangibles (34,937 ) (36,437 ) (34,892 ) Total operating profit 889,730 864,651 736,175 Other expenses (31,424 ) (26,395 ) (32,645 ) Interest expense, net (178,579 ) (194,675 ) (174,435 ) Income from continuing operations before income tax expense $ 679,727 $ 643,581 $ 529,095 |
Assets | December 28, December 29, Assets: Innerwear $ 1,352,773 $ 1,482,373 Activewear 1,045,567 1,071,895 International 1,578,251 1,266,580 Other 197,312 146,138 4,173,903 3,966,986 Corporate (1) 3,180,083 3,271,254 Total assets $ 7,353,986 $ 7,238,240 |
Depreciation and Amortization Expense | Years Ended December 28, December 29, December 30, Depreciation and amortization expense: Innerwear $ 30,408 $ 33,348 $ 32,000 Activewear 23,804 18,768 19,485 International 35,618 37,642 30,219 Other 6,200 5,601 5,891 96,030 95,359 87,595 Corporate 34,937 36,437 34,892 Total depreciation and amortization expense $ 130,967 $ 131,796 $ 122,487 |
Additions to Long-Lived Assets | Years Ended December 28, December 29, December 30, Capital expenditures: Innerwear $ 16,852 $ 20,459 $ 21,427 Activewear 19,902 16,024 11,263 International 43,421 33,632 31,127 Other 4,436 3,221 3,455 84,611 73,336 67,272 Corporate 16,473 12,957 19,736 Total capital expenditures $ 101,084 $ 86,293 $ 87,008 |
Geographic Area Information (Ta
Geographic Area Information (Tables) | 12 Months Ended |
Dec. 28, 2019 | |
Text Block [Abstract] | |
Sales and Long Lived Assets by Geographical Area | Geographic Area Information Years Ended or at December 28, December 29, December 30, Sales Property, Net Sales Property, Net Sales Property, Net Americas $ 4,659,772 $ 383,219 $ 4,658,346 $ 402,370 $ 4,620,931 $ 413,900 Asia Pacific 1,247,989 104,041 1,129,605 104,305 909,539 102,430 Europe 1,023,639 99,560 987,016 99,835 914,415 105,825 Other 35,523 1,076 28,988 1,178 26,525 1,836 $ 6,966,923 $ 587,896 $ 6,803,955 $ 607,688 $ 6,471,410 $ 623,991 |
Revisions of Previously Issue_2
Revisions of Previously Issued Consolidated Financial Statements (Tables) | 12 Months Ended |
Dec. 28, 2019 | |
Revisions of Previously Issued Consolidated Financial Statements [Abstract] | |
Revisions of Previously Issued Consolidated Financial Statements | The following tables present the impact of the revisions of the previously filed annual consolidated financial statements to correct for prior period errors, including the impact to retained earnings as of January 1, 2017 to correct for that portion of the errors which originated in years prior to 2017. Additionally, see Note, “Quarterly Financial Data (Unaudited),” for the impact of these revisions on each of the quarterly periods. Year Ended December 29, 2018 Consolidated Statement of Income As Previously Reported Adjustments As Revised Net sales $ 6,803,955 $ — $ 6,803,955 Cost of sales 4,147,436 3,300 4,150,736 Gross profit 2,656,519 (3,300 ) 2,653,219 Selling, general and administrative expenses 1,788,568 — 1,788,568 Operating profit 867,951 (3,300 ) 864,651 Other expenses 26,395 — 26,395 Interest expense, net 194,675 — 194,675 Income before income tax expense 646,881 (3,300 ) 643,581 Income tax expense 93,797 10,118 103,915 Net income $ 553,084 $ (13,418 ) $ 539,666 Earnings per share: Basic $ 1.52 $ (0.04 ) $ 1.48 Diluted $ 1.52 $ (0.04 ) $ 1.48 Year Ended December 30, 2017 Consolidated Statement of Income As Previously Reported Adjustments As Revised Net sales $ 6,471,410 $ — $ 6,471,410 Cost of sales 3,980,859 1,100 3,981,959 Gross profit 2,490,551 (1,100 ) 2,489,451 Selling, general and administrative expenses 1,718,349 7,075 1,725,424 Change in fair value of contingent consideration 27,852 — 27,852 Operating profit 744,350 (8,175 ) 736,175 Other expenses 32,645 — 32,645 Interest expense, net 174,435 — 174,435 Income from continuing operations before income tax expense 537,270 (8,175 ) 529,095 Income tax expense 473,279 (20,162 ) 453,117 Income from continuing operations 63,991 11,987 75,978 Loss from discontinued operations, net of tax (2,097 ) — (2,097 ) Net income $ 61,894 $ 11,987 $ 73,881 Earnings (loss) per share — basic: Continuing operations $ 0.17 $ 0.03 $ 0.21 Discontinued operations (0.01 ) — (0.01 ) Net income $ 0.17 $ 0.03 $ 0.20 Earnings (loss) per share — diluted: Continuing operations $ 0.17 $ 0.03 $ 0.21 Discontinued operations (0.01 ) — (0.01 ) Net income $ 0.17 $ 0.03 $ 0.20 Year Ended December 29, 2018 Consolidated Statement of Comprehensive Income As Previously Reported Adjustments As Revised Net income $ 553,084 $ (13,418 ) $ 539,666 Other comprehensive income (loss): Translation adjustments (113,555 ) — (113,555 ) Unrealized gain on qualifying cash flow hedges, net of tax of ($11,297) 35,978 — 35,978 Unrecognized income from pension and postretirement plans, net of tax of ($4,852) 13,841 — 13,841 Total other comprehensive loss (63,736 ) — (63,736 ) Comprehensive income $ 489,348 $ (13,418 ) $ 475,930 Year Ended December 30, 2017 Consolidated Statement of Comprehensive Income As Previously Reported Adjustments As Revised Net income $ 61,894 $ 11,987 $ 73,881 Other comprehensive income (loss): Translation adjustments 34,554 7,075 41,629 Unrealized loss on qualifying cash flow hedges, net of tax of $7,951 (31,281 ) — (31,281 ) Unrecognized loss from pension and postretirement plans, net of tax of $930 (6,488 ) — (6,488 ) Total other comprehensive income (loss) (3,215 ) 7,075 3,860 Comprehensive income $ 58,679 $ 19,062 $ 77,741 December 29, 2018 Consolidated Balance Sheet As Previously Reported Adjustments As Revised Assets Cash and cash equivalents $ 433,022 $ — $ 433,022 Trade accounts receivable, net 870,878 — 870,878 Inventories 2,054,458 2,380 2,056,838 Other current assets 159,231 22,146 181,377 Total current assets 3,517,589 24,526 3,542,115 Property, net 607,688 — 607,688 Trademarks and other identifiable intangibles, net 1,555,381 — 1,555,381 Goodwill 1,241,727 — 1,241,727 Deferred tax assets 249,693 (42,244 ) 207,449 Other noncurrent assets 83,880 — 83,880 Total assets $ 7,255,958 $ (17,718 ) $ 7,238,240 Liabilities and Stockholders’ Equity Accounts payable $ 1,029,933 $ — $ 1,029,933 Accrued liabilities and other: Payroll and employee benefits 147,418 — 147,418 Advertising and promotion 148,295 — 148,295 Other 258,188 15,696 273,884 Notes payable 5,824 — 5,824 Accounts Receivable Securitization Facility 161,608 — 161,608 Current portion of long-term debt 278,976 — 278,976 Total current liabilities 2,030,242 15,696 2,045,938 Long-term debt 3,534,183 — 3,534,183 Pension and postretirement benefits 378,972 — 378,972 Other noncurrent liabilities 342,278 64,743 407,021 Total liabilities 6,285,675 80,439 6,366,114 Stockholders’ equity: Preferred stock (50,000,000 authorized shares; $.01 par value) Issued and outstanding — None — — — Common stock (2,000,000,000 authorized shares; $.01 par value) Issued and outstanding — 361,330,128 3,613 — 3,613 Additional paid-in capital 284,877 — 284,877 Retained earnings 1,184,735 (105,232 ) 1,079,503 Accumulated other comprehensive loss (502,942 ) 7,075 (495,867 ) Total stockholders’ equity 970,283 (98,157 ) 872,126 Total liabilities and stockholders’ equity $ 7,255,958 $ (17,718 ) $ 7,238,240 Consolidated Statements of Stockholders’ Equity As Previously Reported Adjustments As Revised Balance at December 31, 2016 $ 1,223,914 $ (103,801 ) $ 1,120,113 Net income 61,894 11,987 73,881 Dividends ($0.60 per common share) (222,290 ) — (222,290 ) Other comprehensive income (loss) (3,215 ) 7,075 3,860 Stock-based compensation 23,224 — 23,224 Net exercise of stock options, vesting of restricted stock units and other 2,692 — 2,692 Share repurchases (400,017 ) — (400,017 ) Balance at December 30, 2017 $ 686,202 $ (84,739 ) $ 601,463 Net income 553,084 (13,418 ) 539,666 Dividends ($0.60 per common share) (218,694 ) — (218,694 ) Other comprehensive loss (63,736 ) — (63,736 ) Stock-based compensation 21,063 — 21,063 Net exercise of stock options, vesting of restricted stock units and other (7,636 ) — (7,636 ) Balance at December 29, 2018 $ 970,283 $ (98,157 ) $ 872,126 Year Ended December 29, 2018 Consolidated Statement of Cash Flows As Previously Reported Adjustments As Revised Operating activities: Net income $ 553,084 $ (13,418 ) $ 539,666 Adjustments to reconcile net income to net cash from operating activities: Depreciation 95,359 — 95,359 Amortization of acquisition intangibles 25,670 — 25,670 Other amortization 10,767 — 10,767 Amortization of debt issuance costs 9,278 — 9,278 Stock compensation expense 21,416 — 21,416 Deferred taxes 22,146 4,465 26,611 Other (1,134 ) — (1,134 ) Changes in assets and liabilities, net of acquisition of businesses: Accounts receivable 10,269 — 10,269 Inventories (205,319 ) 3,300 (202,019 ) Other assets (4 ) (7,581 ) (7,585 ) Accounts payable 165,788 — 165,788 Accrued pension and postretirement benefits (5,024 ) — (5,024 ) Accrued liabilities and other (58,894 ) 13,234 (45,660 ) Net cash from operating activities 643,402 — 643,402 Investing activities: Capital expenditures (86,293 ) — (86,293 ) Proceeds from sales of assets 2,557 — 2,557 Acquisition of businesses, net of cash acquired (334,915 ) — (334,915 ) Net cash from investing activities (418,651 ) — (418,651 ) Financing activities: Borrowings on notes payable 278,147 — 278,147 Repayments on notes payable (286,591 ) — (286,591 ) Borrowings on Accounts Receivable Securitization Facility 213,336 — 213,336 Repayments on Accounts Receivable Securitization Facility (176,937 ) — (176,937 ) Borrowings on Revolving Loan Facilities 3,546,360 — 3,546,360 Repayments on Revolving Loan Facilities (3,506,500 ) — (3,506,500 ) Repayments on Term Loan Facilities (31,875 ) — (31,875 ) Repayments on International Debt (1,105 ) — (1,105 ) Cash dividends paid (216,316 ) — (216,316 ) Payments to amend and refinance credit facilities (677 ) — (677 ) Payment of contingent consideration (3,540 ) — (3,540 ) Taxes paid related to net shares settlement of equity awards (12,715 ) — (12,715 ) Other (2,084 ) — (2,084 ) Net cash from financing activities (200,497 ) — (200,497 ) Effect of changes in foreign exchange rates on cash 9,912 — 9,912 Change in cash, cash equivalents and restricted cash 34,166 — 34,166 Cash, cash equivalents and restricted cash at beginning of year 421,566 — 421,566 Cash, cash equivalents and restricted cash at end of year 455,732 — 455,732 Less restricted cash at end of year 22,710 — 22,710 Cash and cash equivalents per balance sheet at end of year $ 433,022 $ — $ 433,022 Year Ended December 30, 2017 Consolidated Statement of Cash Flows As Previously Reported Adjustments As Revised Operating activities: Net income $ 61,894 $ 11,987 $ 73,881 Adjustments to reconcile net income to net cash from operating activities: Depreciation 87,595 — 87,595 Amortization of acquisition intangibles 25,052 — 25,052 Other amortization 9,840 — 9,840 Write-off on early extinguishment of debt 4,028 — 4,028 Amortization of debt issuance costs 10,394 — 10,394 Stock compensation expense 23,582 — 23,582 Deferred taxes 239,068 (78,307 ) 160,761 Change in fair value of contingent consideration liability 27,852 — 27,852 Other 1,468 7,075 8,543 Changes in assets and liabilities, net of acquisition and disposition of businesses: Accounts receivable (31,656 ) — (31,656 ) Inventories 22,648 1,100 23,748 Other assets (28,346 ) 6,187 (22,159 ) Accounts payable 71,806 — 71,806 Accrued pension and postretirement benefits 19,042 — 19,042 Accrued liabilities and other 111,451 51,958 163,409 Net cash from operating activities 655,718 — 655,718 Investing activities: Capital expenditures (87,008 ) — (87,008 ) Proceeds from sales of assets 4,459 — 4,459 Acquisition of businesses, net of cash acquired (62,249 ) — (62,249 ) Disposition of businesses 40,285 — 40,285 Net cash from investing activities (104,513 ) — (104,513 ) Financing activities: Borrowings on notes payable 278,489 — 278,489 Repayments on notes payable (327,615 ) — (327,615 ) Borrowings on Accounts Receivable Securitization Facility 373,640 — 373,640 Repayments on Accounts Receivable Securitization Facility (292,952 ) — (292,952 ) Borrowings on Revolving Loan Facilities 4,161,799 — 4,161,799 Repayments on Revolving Loan Facilities (4,153,000 ) — (4,153,000 ) Borrowings on Term Loan Facilities 1,250,000 — 1,250,000 Repayments on Term Loan Facilities (1,145,215 ) — (1,145,215 ) Repayments on International Debt (45,072 ) — (45,072 ) Share repurchases (400,017 ) — (400,017 ) Cash dividends paid (219,903 ) — (219,903 ) Payments to amend and refinance credit facilities (9,122 ) — (9,122 ) Payment of contingent consideration (41,250 ) — (41,250 ) Taxes paid related to net shares settlement of equity awards (15,463 ) — (15,463 ) Other (87 ) — (87 ) Net cash from financing activities (585,768 ) — (585,768 ) Effect of changes in foreign exchange rates on cash (4,116 ) — (4,116 ) Change in cash, cash equivalents and restricted cash (38,679 ) — (38,679 ) Cash, cash equivalents and restricted cash at beginning of year 460,245 — 460,245 Cash, cash equivalents and restricted cash at end of year 421,566 — 421,566 Less restricted cash at end of year — — — Cash and cash equivalents per balance sheet at end of year $ 421,566 $ — $ 421,566 |
Quarterly Financial Data (Table
Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 28, 2019 | |
Text Block [Abstract] | |
Quarterly Information | The amounts below reflect the revisions to previously filed unaudited interim consolidated financial data to correct immaterial prior period errors as discussed in Note, “Summary of Significant Accounting Policies” and Note, “Revisions of Previously Issued Consolidated Financial Statements” and certain other immaterial errors, including errors that had previously been adjusted for as out of period corrections in the period identified. The revisions to each of the 2019 quarterly unaudited interim consolidated financial statements, including the correction of the previously issued unaudited statements of income, comprehensive income, cash flows and stockholders’ equity and related footnote disclosures, will be made in connection with the Company's future filings of its unaudited interim consolidated financial statements on Form 10-Q in 2020. Quarters Ended March 30, June 29, September 28, December 28, Total Net sales $ 1,588,024 $ 1,760,927 $ 1,866,967 $ 1,751,005 $ 6,966,923 Cost of sales 967,993 1,085,404 1,149,934 1,044,262 4,247,593 Gross profit 620,031 675,523 717,033 706,743 2,719,330 Selling, general and administrative expenses 470,387 445,923 449,962 463,328 1,829,600 Operating profit 149,644 229,600 267,071 243,415 889,730 Other expenses 7,451 8,249 8,066 7,658 31,424 Interest expense, net 48,059 46,522 43,091 40,907 178,579 Income before income tax expense 94,134 174,829 215,914 194,850 679,727 Income tax expense 13,046 25,274 30,823 9,864 79,007 Net income $ 81,088 $ 149,555 $ 185,091 $ 184,986 $ 600,720 Earnings per share: Basic $ 0.22 $ 0.41 $ 0.51 $ 0.51 $ 1.65 Diluted $ 0.22 $ 0.41 $ 0.51 $ 0.51 $ 1.64 Quarters Ended March 31, June 30, September 29, December 29, Total Net sales $ 1,471,504 $ 1,715,443 $ 1,848,707 $ 1,768,301 $ 6,803,955 Cost of sales 893,408 1,056,312 1,136,872 1,064,144 4,150,736 Gross profit 578,096 659,131 711,835 704,157 2,653,219 Selling, general and administrative expenses 432,863 439,893 455,778 460,034 1,788,568 Operating profit 145,233 219,238 256,057 244,123 864,651 Other expenses 5,761 6,570 7,285 6,779 26,395 Interest expense, net 45,763 48,430 52,795 47,687 194,675 Income before income tax expense 93,709 164,238 195,977 189,657 643,581 Income tax expense 14,907 24,211 25,168 39,629 103,915 Net income $ 78,802 $ 140,027 $ 170,809 $ 150,028 $ 539,666 Earnings per share: Basic $ 0.22 $ 0.39 $ 0.47 $ 0.41 $ 1.48 Diluted $ 0.22 $ 0.39 $ 0.47 $ 0.41 $ 1.48 The following tables set forth the effects of the revisions of previously issued unaudited quarterly consolidated financial data to correct for prior period errors as described in Note, “Summary of Significant Accounting Policies” and Note, “Revisions of Previously Issued Consolidated Financial Statements”. Quarter Ended September 28, 2019 Consolidated Statement of Income As Previously Reported Adjustments As Revised Net sales $ 1,866,967 $ — $ 1,866,967 Cost of sales 1,154,629 (4,695 ) 1,149,934 Gross profit 712,338 4,695 717,033 Selling, general and administrative expenses 442,582 7,380 449,962 Operating profit 269,756 (2,685 ) 267,071 Other expenses 8,066 — 8,066 Interest expense, net 43,091 — 43,091 Income before income tax expense 218,599 (2,685 ) 215,914 Income tax expense 30,823 — 30,823 Net income $ 187,776 $ (2,685 ) $ 185,091 Comprehensive income $ 148,443 $ (2,685 ) $ 145,758 Earnings per share: Basic $ 0.51 $ (0.01 ) $ 0.51 Diluted $ 0.51 $ (0.01 ) $ 0.51 Quarter Ended June 29, 2019 Consolidated Statement of Income As Previously Reported Adjustments As Revised Net sales $ 1,760,927 $ — $ 1,760,927 Cost of sales 1,086,248 (844 ) 1,085,404 Gross profit 674,679 844 675,523 Selling, general and administrative expenses 440,662 5,261 445,923 Operating profit 234,017 (4,417 ) 229,600 Other expenses 8,249 — 8,249 Interest expense, net 46,522 — 46,522 Income before income tax expense 179,246 (4,417 ) 174,829 Income tax expense 25,274 — 25,274 Net income $ 153,972 $ (4,417 ) $ 149,555 Comprehensive income $ 149,165 $ (4,417 ) $ 144,748 Earnings per share: Basic $ 0.42 $ (0.01 ) $ 0.41 Diluted $ 0.42 $ (0.01 ) $ 0.41 Quarter ended March 30, 2019 Consolidated Statement of Income As Previously Reported Adjustments As Revised Net sales $ 1,588,024 $ — $ 1,588,024 Cost of sales 967,148 845 967,993 Gross profit 620,876 (845 ) 620,031 Selling, general and administrative expenses 472,838 (2,451 ) 470,387 Operating profit 148,038 1,606 149,644 Other expenses 7,451 — 7,451 Interest expense, net 48,059 — 48,059 Income before income tax expense 92,528 1,606 94,134 Income tax expense 13,046 — 13,046 Net income $ 79,482 $ 1,606 $ 81,088 Comprehensive income $ 93,421 $ (5,469 ) $ 87,952 Earnings per share: Basic $ 0.22 $ 0.00 $ 0.22 Diluted $ 0.22 $ 0.00 $ 0.22 Quarter Ended December 29, 2018 Consolidated Statement of Income As Previously Reported Adjustments As Revised Net sales $ 1,768,301 $ — $ 1,768,301 Cost of sales 1,063,326 818 1,064,144 Gross profit 704,975 (818 ) 704,157 Selling, general and administrative expenses 460,034 — 460,034 Operating profit 244,941 (818 ) 244,123 Other expenses 6,779 — 6,779 Interest expense, net 47,687 — 47,687 Income before income tax expense 190,475 (818 ) 189,657 Income tax expense 28,854 10,775 39,629 Net income $ 161,621 $ (11,593 ) $ 150,028 Comprehensive income $ 145,177 $ (11,593 ) $ 133,584 Earnings per share: Basic $ 0.44 $ (0.03 ) $ 0.41 Diluted $ 0.44 $ (0.03 ) $ 0.41 Quarter Ended September 29, 2018 Consolidated Statement of Income As Previously Reported Adjustments As Revised Net sales $ 1,848,707 $ — $ 1,848,707 Cost of sales 1,136,040 832 1,136,872 Gross profit 712,667 (832 ) 711,835 Selling, general and administrative expenses 455,778 — 455,778 Operating profit 256,889 (832 ) 256,057 Other expenses 7,285 — 7,285 Interest expense, net 52,795 — 52,795 Income before income tax expense 196,809 (832 ) 195,977 Income tax expense 25,388 (220 ) 25,168 Net income $ 171,421 $ (612 ) $ 170,809 Comprehensive income $ 157,477 $ (612 ) $ 156,865 Earnings per share: Basic $ 0.47 $ 0.00 $ 0.47 Diluted $ 0.47 $ 0.00 $ 0.47 Quarter Ended June 30, 2018 Consolidated Statement of Income As Previously Reported Adjustments As Revised Net sales $ 1,715,443 $ — $ 1,715,443 Cost of sales 1,055,487 825 1,056,312 Gross profit 659,956 (825 ) 659,131 Selling, general and administrative expenses 439,893 — 439,893 Operating profit 220,063 (825 ) 219,238 Other expenses 6,570 — 6,570 Interest expense, net 48,430 — 48,430 Income before income tax expense 165,063 (825 ) 164,238 Income tax expense 24,430 (219 ) 24,211 Net income $ 140,633 $ (606 ) $ 140,027 Comprehensive income $ 118,778 $ (606 ) $ 118,172 Earnings per share: Basic $ 0.39 $ 0.00 $ 0.39 Diluted $ 0.39 $ 0.00 $ 0.39 Quarter Ended March 31, 2018 Consolidated Statement of Income As Previously Reported Adjustments As Revised Net sales $ 1,471,504 $ — $ 1,471,504 Cost of sales 892,583 825 893,408 Gross profit 578,921 (825 ) 578,096 Selling, general and administrative expenses 432,863 — 432,863 Operating profit 146,058 (825 ) 145,233 Other expenses 5,761 — 5,761 Interest expense, net 45,763 — 45,763 Income before income tax expense 94,534 (825 ) 93,709 Income tax expense 15,125 (218 ) 14,907 Net income $ 79,409 $ (607 ) $ 78,802 Comprehensive income $ 67,916 $ (607 ) $ 67,309 Earnings per share: Basic $ 0.22 $ 0.00 $ 0.22 Diluted $ 0.22 $ 0.00 $ 0.22 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | Dec. 30, 2018 | |
Summary of Significant Accounting Policies | ||||
Advertising Expense | $ 163,769 | $ 152,670 | $ 154,969 | |
Shipping and handling costs | 441,766 | 409,098 | 376,449 | |
Research and development expense | 51,520 | 59,313 | 65,457 | |
Defined contribution benefit plans | 28,907 | 25,799 | 21,251 | |
Restricted Cash | 1,047 | 22,710 | 0 | |
Goodwill, Impairment Loss | 0 | |||
Cumulative effect of change in adoption of leases standard | 6,556 | |||
Operating Lease, Right-of-Use Asset | 487,787 | 0 | ||
Operating Lease, Liability | 524,372 | |||
Stranded tax related to U.S. pension plan | $ 0 | |||
Buildings and Improvements | ||||
Summary of Significant Accounting Policies | ||||
Estimated useful life | 40 years | |||
Minimum | Trademarks | ||||
Summary of Significant Accounting Policies | ||||
Finite-lived intangible assets amortization period | 10 years | |||
Minimum | Licensing Agreements | ||||
Summary of Significant Accounting Policies | ||||
Finite-lived intangible assets amortization period | 3 years | |||
Minimum | Customer and Distributor Relationships | ||||
Summary of Significant Accounting Policies | ||||
Finite-lived intangible assets amortization period | 1 year | |||
Minimum | Computer Software | ||||
Summary of Significant Accounting Policies | ||||
Finite-lived intangible assets amortization period | 1 year | |||
Minimum | Machinery and Equipment | ||||
Summary of Significant Accounting Policies | ||||
Estimated useful life | 3 years | |||
Maximum | Trademarks | ||||
Summary of Significant Accounting Policies | ||||
Finite-lived intangible assets amortization period | 12 years | |||
Maximum | Licensing Agreements | ||||
Summary of Significant Accounting Policies | ||||
Finite-lived intangible assets amortization period | 17 years | |||
Maximum | Customer and Distributor Relationships | ||||
Summary of Significant Accounting Policies | ||||
Finite-lived intangible assets amortization period | 15 years | |||
Maximum | Computer Software | ||||
Summary of Significant Accounting Policies | ||||
Finite-lived intangible assets amortization period | 13 years | |||
Maximum | Machinery and Equipment | ||||
Summary of Significant Accounting Policies | ||||
Estimated useful life | 15 years | |||
Shipping and Handling | ||||
Summary of Significant Accounting Policies | ||||
Revenue received for shipping and handling costs included in net sales | $ 19,536 | $ 19,315 | $ 19,738 | |
Accounting Standards Update 2016-02 | ||||
Summary of Significant Accounting Policies | ||||
Operating Lease, Right-of-Use Asset | $ 507,669 | |||
Operating Lease, Liability | $ 535,054 | |||
Retained Earnings | ||||
Summary of Significant Accounting Policies | ||||
Cumulative effect of change in adoption of leases standard | 6,556 | |||
Stranded tax related to U.S. pension plan | $ 78,816 |
Revenue Recognition (Details)
Revenue Recognition (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 28, 2019 | Sep. 28, 2019 | Jun. 29, 2019 | Mar. 30, 2019 | Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Disaggregation of Revenue | |||||||||||
Net sales | $ 1,751,005 | $ 1,866,967 | $ 1,760,927 | $ 1,588,024 | $ 1,768,301 | $ 1,848,707 | $ 1,715,443 | $ 1,471,504 | $ 6,966,923 | $ 6,803,955 | $ 6,471,410 |
Third-party brick-and-mortar wholesale | |||||||||||
Disaggregation of Revenue | |||||||||||
Net sales | 5,263,692 | 5,288,966 | |||||||||
Consumer-directed | |||||||||||
Disaggregation of Revenue | |||||||||||
Net sales | $ 1,703,231 | $ 1,514,989 |
Acquisitions Narrative (Details
Acquisitions Narrative (Details) € in Thousands, $ in Thousands, $ in Thousands | Feb. 12, 2018AUD ($)stores | Feb. 12, 2018USD ($) | Oct. 13, 2017USD ($) | Feb. 28, 2018USD ($) | Feb. 28, 2018EUR (€) | Apr. 29, 2017USD ($) | Apr. 29, 2017EUR (€) | Jun. 30, 2016USD ($) | Jun. 30, 2016EUR (€) | Dec. 28, 2019AUD ($) | Dec. 28, 2019USD ($) | Dec. 29, 2018AUD ($) | Dec. 29, 2018USD ($) | Dec. 30, 2017USD ($) | Feb. 12, 2018USD ($)stores | Dec. 30, 2017EUR (€) | Oct. 01, 2016 | Jul. 02, 2016 | Jun. 30, 2016EUR (€) |
Business Acquisition | |||||||||||||||||||
Acquisition related costs | $ 63,486 | $ 80,198 | $ 190,904 | ||||||||||||||||
Goodwill | 1,235,711 | 1,241,727 | 1,167,007 | ||||||||||||||||
Bras N Things | |||||||||||||||||||
Business Acquisition | |||||||||||||||||||
Percent of business acquired | 100.00% | 100.00% | |||||||||||||||||
Initial total purchase price | $ 498,236 | $ 391,572 | |||||||||||||||||
Increase (decrease) in consideration transferred | $ (3,012) | (2,367) | |||||||||||||||||
Revised total purchase price | 495,224 | 389,205 | |||||||||||||||||
Cash consideration paid | 428,956 | 337,123 | |||||||||||||||||
Indemnification escrow asset | 31,988 | $ 25,140 | |||||||||||||||||
Debt assumed | $ 34,280 | $ 26,942 | |||||||||||||||||
Indemnification escrow disbursement | $ 31,425 | 21,360 | |||||||||||||||||
Number of stores | stores | 170 | 170 | |||||||||||||||||
Goodwill, Purchase Accounting Adjustments | $ (792) | ||||||||||||||||||
Goodwill | $ 111,832 | ||||||||||||||||||
Trademarks and other identifiable intangibles | 278,214 | ||||||||||||||||||
Other net liabilities | $ 29,132 | ||||||||||||||||||
Champion Europe | |||||||||||||||||||
Business Acquisition | |||||||||||||||||||
Percent of business acquired | 100.00% | 100.00% | |||||||||||||||||
Cash consideration paid | $ 245,554 | € 220,751 | |||||||||||||||||
Contingent consideration | $ 45,277 | $ 73,738 | € 64,250 | € 40,700 | |||||||||||||||
Payment for contingent consideration | $ 32,488 | € 26,430 | $ 41,250 | € 37,820 | |||||||||||||||
Alternative Apparel | |||||||||||||||||||
Business Acquisition | |||||||||||||||||||
Percent of business acquired | 100.00% | ||||||||||||||||||
Cash consideration paid | $ 62,094 | ||||||||||||||||||
Net working capital | 18,517 | ||||||||||||||||||
Goodwill | 23,716 | ||||||||||||||||||
Trademarks and other identifiable intangibles | 26,800 | ||||||||||||||||||
Other net liabilities | $ 6,939 | ||||||||||||||||||
Trademarks And Brand Names | Bras N Things | |||||||||||||||||||
Business Acquisition | |||||||||||||||||||
Indefinite-lived Intangible Assets Acquired | 275,071 | ||||||||||||||||||
Noncompete Agreements | Bras N Things | |||||||||||||||||||
Business Acquisition | |||||||||||||||||||
Finite-lived Intangible Assets Acquired | 2,358 | ||||||||||||||||||
Customer Lists | Bras N Things | |||||||||||||||||||
Business Acquisition | |||||||||||||||||||
Finite-lived Intangible Assets Acquired | $ 785 | ||||||||||||||||||
Finite-lived intangible assets amortization period | 3 years | 3 years | |||||||||||||||||
3.50% Senior Notes | |||||||||||||||||||
Business Acquisition | |||||||||||||||||||
Interest rate | 3.50% | 3.50% | 3.50% | ||||||||||||||||
Pro Forma | Bras N Things | |||||||||||||||||||
Business Acquisition | |||||||||||||||||||
Acquisition related costs | $ 317 |
Acquisitions - Acquired Assets
Acquisitions - Acquired Assets and Assumed Liabilities (Details) - USD ($) $ in Thousands | Dec. 28, 2019 | Dec. 29, 2018 | Feb. 12, 2018 | Dec. 30, 2017 |
Business Acquisition | ||||
Goodwill | $ 1,235,711 | $ 1,241,727 | $ 1,167,007 | |
Bras N Things | ||||
Business Acquisition | ||||
Cash and cash equivalents | $ 2,765 | |||
Accounts receivable, net | 197 | |||
Inventories | 9,610 | |||
Other current assets | 1,637 | |||
Property, net | 11,764 | |||
Trademarks and other identifiable intangibles | 278,214 | |||
Deferred tax assets and other noncurrent assets | 2,318 | |||
Total assets acquired | 306,505 | |||
Accounts payables | 4,929 | |||
Accrued liabilities and other | 16,339 | |||
Deferred tax liabilities and other noncurrent liabilities | 7,864 | |||
Total liabilities assumed | 29,132 | |||
Net assets acquired | 277,373 | |||
Goodwill | 111,832 | |||
Total purchase price | $ 389,205 |
Acquisitions Acquisitions - Com
Acquisitions Acquisitions - Components of Purchase Price (Details) - Feb. 12, 2018 - Bras N Things $ in Thousands, $ in Thousands | AUD ($) | USD ($) | USD ($) |
Business Acquisition | |||
Cash consideration paid | $ 428,956 | $ 337,123 | |
Indemnification escrow asset | 31,988 | $ 25,140 | |
Debt assumed | 34,280 | $ 26,942 | |
Total purchase price | $ 495,224 | $ 389,205 |
Acquisitions - Pro Forma Inform
Acquisitions - Pro Forma Information (Details) - Pro Forma - Bras N Things - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 28, 2019 | Dec. 29, 2018 | |
Business Acquisition | ||
Net sales | $ 6,822,462 | $ 6,608,714 |
Income from continuing operations | $ 542,696 | $ 103,240 |
Earnings per share from continuing operations: | ||
Basic | $ 1.49 | $ 0.28 |
Diluted | $ 1.49 | $ 0.28 |
Earnings Per Share - Reconcilia
Earnings Per Share - Reconciliation of Basic to Diluted Weighted Average Shares (Detail) - shares shares in Thousands | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Reconciliation of basic to diluted weighted average shares | |||
Basic weighted average shares outstanding | 364,709 | 363,513 | 367,680 |
Diluted weighted average shares outstanding | 365,519 | 364,505 | 369,426 |
Stock options | |||
Effect of potentially dilutive securities: | |||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 430 | 801 | 1,435 |
Restricted stock units | |||
Effect of potentially dilutive securities: | |||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 376 | 186 | 307 |
Employee stock purchase plan and other | |||
Effect of potentially dilutive securities: | |||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 4 | 5 | 4 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares shares in Thousands | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Stock options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share | 0 | 0 | 0 |
Restricted stock units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share | 0 | 450 | 488 |
Stock Based Compensation - Addi
Stock Based Compensation - Additional Information (Detail) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
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 | ||
The total intrinsic value of options that were exercised | $ 3,084 | $ 6,242 | $ 10,821 |
Total compensation expense, recognized | 8,908 | 21,063 | 23,224 |
Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fair value of shares vested | $ 25,730 | 30,701 | 26,510 |
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 | $ 1,470 | $ 1,888 | $ 6,085 |
Total unrecognized compensation cost related to non-vested stock-based compensation arrangements | 6,708 | ||
Unrecognized compensation cost expected to be recognized in 2020 | 5,048 | ||
Unrecognized compensation cost expected to be recognized in 2021 | 1,488 | ||
Unrecognized compensation cost expected to be recognized in 2022 | $ 172 | ||
Restricted Stock Units (RSUs) | Minimum | |||
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) | Maximum | |||
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 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common stock shares may be purchased by eligible employees | 63,220 | ||
Number of shares available for future grants | 8,197 |
Stock Based Compensation - Summ
Stock Based Compensation - Summary of Changes in Stock Options Outstanding to Company's Employees Under Hanesbrands Omnibus Incentive Plan (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Options outstanding, Shares, Beginning Balance | 783 | 1,539 | 2,275 | |
Exercised, Shares | (312) | (756) | (736) | |
Options outstanding, Shares, Ending Balance | 471 | 783 | 1,539 | 2,275 |
Options exercisable, Shares, Ending Balance | 471 | |||
Options outstanding,Weighted-Average Exercise Price, Beginning Balance | $ 6.51 | $ 5.24 | $ 5.56 | |
Weighted-Average Exercise Price, Exercised | 6.09 | 3.92 | 6.22 | |
Options outstanding, Weighted Average Exercise Price, Ending Balance | 6.79 | $ 6.51 | $ 5.24 | $ 5.56 |
Weighted-Average Exercise Price, Exercisable | $ 6.79 | |||
Options Outstanding, Aggregate Intrinsic Value, Beginning Balance | $ 3,786 | $ 4,449 | $ 24,108 | $ 36,438 |
Options Outstanding, Aggregate Intrinsic Value, Ending Balance | $ 3,786 | |||
Option Outstanding, Weighted-Average Remaining Contractual Term (Years) | 11 months 8 days | 1 year 6 months 14 days | 1 year 9 months 3 days | 2 years 2 months 12 days |
Option Exercisable, Weighted-Average Remaining Contractual Term (Years) | 11 months 9 days |
Stock Based Compensation - Su_2
Stock Based Compensation - Summary of Changes in Restricted Stock Unit Awards Outstanding Under Hanesbrands Omnibus Incentive Plan (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | Jan. 02, 2016 | |
Restricted Stock Units (RSUs) | ||||
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 | 3,261 | 2,666 | ||
Vested, Shares | (1,246) | (1,114) | (991) | |
Forfeited, Shares | (169) | (38) | (81) | |
Nonvested share units outstanding, Ending Balance | 1,867 | 3,261 | 2,666 | 2,520 |
Weighted Average Grant Date Fair Value, Share units, Beginning Balance | $ 18.53 | $ 24.36 | ||
Weighted Average Grant Date Fair Value, Vested | 20.66 | 27.55 | $ 26.74 | |
Weighted Average Grant Date Fair Value, Forfeited | 17.52 | 25.15 | 26.81 | |
Weighted Average Grant Date Fair Value, Share units, Ending Balance | $ 16.93 | $ 18.53 | $ 24.36 | $ 26.46 |
Aggregate Intrinsic Value | $ 27,692 | $ 39,747 | $ 55,741 | $ 54,356 |
Weighted-Average Remaining Contractual Term (Years) | 1 year 6 months | 2 years 2 months 23 days | 2 years | 2 years 1 month 9 days |
Non-Performanced Based | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Granted, Shares | (114) | (970) | (628) | |
Granted, Weighted Average Grant Date Fair Value | $ 16.20 | $ 15.52 | $ 21.22 | |
Performanced Based | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Granted, Shares | (93) | (777) | (590) | |
Granted, Weighted Average Grant Date Fair Value | $ 20.71 | $ 15.57 | $ 23.04 |
Trade Accounts Receivable - All
Trade Accounts Receivable - Allowances for Trade Accounts Receivable (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Accounts Receivable, Allowance for Doubtful Accounts, Chargebacks and Other Deductions [Roll Forward] | |||
Beginning Balance | $ 32,604 | $ 26,096 | $ 18,726 |
Charged to expenses | 21,600 | 29,300 | 22,811 |
Deductions and write-offs | (20,299) | (21,852) | (18,896) |
Currency Translation | (677) | (940) | 3,455 |
Ending Balance | 33,228 | 32,604 | 26,096 |
Allowance for Doubtful Accounts | |||
Accounts Receivable, Allowance for Doubtful Accounts, Chargebacks and Other Deductions [Roll Forward] | |||
Beginning Balance | 20,062 | 13,572 | 6,658 |
Charged to expenses | 8,658 | 15,813 | 6,642 |
Deductions and write-offs | (9,198) | (8,893) | (632) |
Currency Translation | (518) | (430) | 904 |
Ending Balance | 19,004 | 20,062 | 13,572 |
Allowance for Chargebacks and Other Deductions | |||
Accounts Receivable, Allowance for Doubtful Accounts, Chargebacks and Other Deductions [Roll Forward] | |||
Beginning Balance | 12,542 | 12,524 | 12,068 |
Charged to expenses | 12,942 | 13,487 | 16,169 |
Deductions and write-offs | (11,101) | (12,959) | (18,264) |
Currency Translation | (159) | (510) | 2,551 |
Ending Balance | $ 14,224 | $ 12,542 | $ 12,524 |
Trade Accounts Receivable - Add
Trade Accounts Receivable - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Trade Accounts Receivable [Abstract] | |||
Beneficial Interest Asset | $ 2,984 | ||
Funding Fees For Sales Of Accounts Receivable | $ 9,891 | $ 9,566 | $ 6,059 |
Inventories Disclosure (Detail)
Inventories Disclosure (Detail) - USD ($) $ in Thousands | Dec. 28, 2019 | Dec. 29, 2018 |
Inventories Disclosure [Abstract] | ||
Raw materials | $ 83,545 | $ 107,300 |
Work in process | 136,592 | 182,966 |
Finished goods | 1,685,708 | 1,766,572 |
Total Inventories | $ 1,905,845 | $ 2,056,838 |
Summary of Property (Detail)
Summary of Property (Detail) - USD ($) $ in Thousands | Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 |
Property, Net - Summary Of Property [Abstract] | |||
Land | $ 44,542 | $ 44,980 | |
Buildings and improvements | 500,733 | 500,366 | |
Machinery and equipment | 1,085,451 | 1,097,536 | |
Construction in progress | 33,625 | 34,643 | |
Property, gross | 1,664,351 | 1,677,525 | |
Less accumulated depreciation | 1,076,455 | 1,069,837 | |
Property, net | $ 587,896 | $ 607,688 | $ 623,991 |
Property, Net Narrative (Detail
Property, Net Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Property, Plant and Equipment [Abstract] | |||
Capital expenditures included in accounts payable | $ 19,327 | $ 20,275 | $ 11,285 |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Leases [Abstract] | |||
Lease cost | $ 231,607 | ||
Variable cost | $ 71,728 | ||
Operating lease, rent expense | $ 185,696 | $ 184,603 | |
Lessee, Lease, Description [Line Items] | |||
Option to terminate, period | 1 year | ||
Minimum | |||
Lessee, Lease, Description [Line Items] | |||
Remaining lease terms | 1 year | ||
Maximum | |||
Lessee, Lease, Description [Line Items] | |||
Remaining lease terms | 38 years | ||
Option to extend, term | 15 years |
Leases Schedule of lease cash f
Leases Schedule of lease cash flow and non-cash, supplemental disclosures (Details) $ in Thousands | 12 Months Ended |
Dec. 28, 2019USD ($) | |
Leases [Abstract] | |
Cash paid for amounts included in the measurement of lease liabilities - operating cash flows from leases | $ 158,140 |
Right-of-use assets obtained in exchange for lease obligations - non-cash activity | $ 66,496 |
Leases Schedule of supplemental
Leases Schedule of supplemental lease information (Details) | Dec. 28, 2019 |
Leases [Abstract] | |
Weighted average remaining lease term | 5 years 3 months 18 days |
Weighted average discount rate | 4.89% |
Leases Schedule of lease maturi
Leases Schedule of lease maturities (ASC 840) (Details) $ in Thousands | Dec. 29, 2018USD ($) |
Leases [Abstract] | |
2019 | $ 148,218 |
2020 | 129,660 |
2021 | 110,185 |
2022 | 91,411 |
2023 | 66,753 |
Thereafter | 115,941 |
Total lease payments | $ 662,168 |
Leases Schedule of lease matu_2
Leases Schedule of lease maturities (ASC 842) (Details) $ in Thousands | Dec. 28, 2019USD ($) |
Leases [Abstract] | |
2019 | $ 166,833 |
2020 | 125,546 |
2021 | 91,443 |
2022 | 73,784 |
2023 | 44,239 |
Thereafter | 93,754 |
Total lease payments | 595,599 |
Less interest | 71,227 |
Total operating lease liabilities | $ 524,372 |
Notes Payable - Summary of Shor
Notes Payable - Summary of Short Term Obligations (Detail) - USD ($) $ in Thousands | Dec. 28, 2019 | Dec. 29, 2018 |
Line of Credit Facility [Line Items] | ||
Principal amount | $ 4,244 | $ 5,824 |
Revolving Facility | Europe | ||
Line of Credit Facility [Line Items] | ||
Principal amount | $ 4,244 | $ 5,824 |
Notes Payable - Additional Info
Notes Payable - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Notes Payable [Line Items] | |||
Total interest paid on notes payable | $ 173,133 | $ 177,717 | $ 164,716 |
Revolving Facility | Notes Payable to Banks | |||
Notes Payable [Line Items] | |||
Total borrowing availability | 125,955 | 158,135 | |
Total interest paid on notes payable | $ 475 | $ 1,579 | $ 364 |
Debt (Details)
Debt (Details) € in Thousands, $ in Thousands | Dec. 28, 2019USD ($) | Dec. 29, 2018USD ($) | Oct. 01, 2016 | Jul. 02, 2016USD ($) | Jul. 02, 2016EUR (€) | Jun. 03, 2016EUR (€) | |
Debt Instrument [Line Items] | |||||||
Short-term debt issuance costs | $ 12 | ||||||
Long-term Debt | $ 3,394,761 | 4,009,553 | |||||
Long-term debt issuance cost | 26,977 | 34,774 | |||||
Current maturities | 110,914 | [1] | 440,596 | ||||
Long-term debt, net | $ 3,256,870 | 3,534,183 | |||||
Revolving Loan Facility | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 0.00% | ||||||
Long-term Debt | $ 0 | 0 | |||||
Term Loan A | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 3.10% | ||||||
Long-term Debt | $ 625,000 | 721,875 | |||||
Term Loan B | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 3.45% | ||||||
Long-term Debt | $ 300,000 | 496,250 | |||||
Australian Term A-1 Loan Facility | |||||||
Debt Instrument [Line Items] | |||||||
Long-term Debt | $ 0 | 122,968 | |||||
Interest rate | 0.00% | ||||||
Australian Revolving Loan Facility | |||||||
Debt Instrument [Line Items] | |||||||
Long-term Debt | $ 0 | 21,118 | |||||
Interest rate | 0.00% | ||||||
4.875% Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Long-term Debt | $ 900,000 | 900,000 | $ 900,000 | ||||
Interest rate | 4.88% | 4.875% | 4.875% | ||||
4.625% Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Long-term Debt | $ 900,000 | 900,000 | $ 900,000 | ||||
Interest rate | 4.63% | 4.625% | 4.625% | ||||
3.50% Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Long-term Debt | $ 558,847 | 572,213 | € 500,000 | € 500,000 | |||
Interest rate | 3.50% | 3.50% | 3.50% | 3.50% | |||
European Revolving Loan Facility | |||||||
Debt Instrument [Line Items] | |||||||
Long-term Debt | $ 110,914 | 113,520 | |||||
Interest rate | 1.50% | ||||||
Accounts Receivable Securitization Facility | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 0.00% | ||||||
Long-term Debt | $ 0 | 161,608 | |||||
Other International Debt | |||||||
Debt Instrument [Line Items] | |||||||
Long-term Debt | $ 0 | $ 1 | |||||
[1] | Current maturities excludes $12 of short-term debt issuance costs at December 29, 2018 . |
Debt - Additional Information (
Debt - Additional Information (Detail) € in Thousands, $ in Thousands, $ in Thousands | Dec. 15, 2017USD ($) | Jul. 04, 2016AUD ($) | Jun. 03, 2016EUR (€) | Jul. 02, 2016USD ($) | Dec. 28, 2019USD ($) | Dec. 28, 2019EUR (€) | Dec. 29, 2018USD ($) | Dec. 30, 2017USD ($) | Mar. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Oct. 01, 2016 | Sep. 09, 2016EUR (€) | Jul. 15, 2016USD ($) | Jul. 02, 2016EUR (€) | Nov. 09, 2010 |
Debt Instrument [Line Items] | |||||||||||||||
Long-term Debt | $ 3,394,761 | $ 4,009,553 | |||||||||||||
Cash paid for interest related to debt | 173,133 | 177,717 | $ 164,716 | ||||||||||||
Carrying value of unamortized debt issuance costs | 6,609 | ||||||||||||||
Long-term debt issuance cost | 26,977 | 34,774 | |||||||||||||
Trade accounts receivable less allowances | 815,210 | 870,878 | |||||||||||||
Future principal payment, 2020 | 110,914 | ||||||||||||||
Future principal payment, 2021 | 25,000 | ||||||||||||||
Future principal payment, 2022 | 600,000 | ||||||||||||||
Future principal payment, 2023 | 0 | ||||||||||||||
Future principal payment, 2024 | 1,758,847 | ||||||||||||||
Future principal payment, 2025 and beyond | 900,000 | ||||||||||||||
Amortization of debt issuance costs | 10,731 | 9,278 | 10,394 | ||||||||||||
Capitalized debt issuance cost | 1,203 | 677 | 9,130 | ||||||||||||
Write-off on early extinguishment of debt | $ 0 | 0 | $ 4,028 | ||||||||||||
Minimum | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Leverage Ratio | 3 | ||||||||||||||
Debt Issuance Costs Amortization Period, In Years | 1 year | 1 year | |||||||||||||
Maximum | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Leverage Ratio | 4.50 | ||||||||||||||
Debt Issuance Costs Amortization Period, In Years | 10 years | 10 years | |||||||||||||
Senior Secured Credit Facility | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Trade letters of credit issued | $ 4,435 | ||||||||||||||
Variable rate on base rate | 0.50% | 0.50% | |||||||||||||
Leverage Ratio | 3.50 | ||||||||||||||
Syndicated Facility Agreement | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt to EBITDA Ratio | 4.50 | 4.50 | |||||||||||||
Permitted Acquisition Amount for Increased Debt to EBITDA Ratio | $ 200,000 | ||||||||||||||
Syndicated Facility Agreement | Maximum | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt to EBITDA Ratio | 5 | 5 | |||||||||||||
Australian Revolving Loan Facility | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Remaining borrowing capacity | $ 41,497 | ||||||||||||||
2016 New Senior Notes, Combined [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt Instrument, Redemption Price, Percentage | 100.00% | 100.00% | |||||||||||||
Borrowings on Senior Notes | $ 1,773,000 | ||||||||||||||
Debt Issuance Costs, Gross | $ 39,523 | ||||||||||||||
2016 New Senior Notes, Combined [Member] | Minimum | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt Issuance Costs Amortization Period, In Years | 8 years | 8 years | |||||||||||||
2016 New Senior Notes, Combined [Member] | Maximum | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt Issuance Costs Amortization Period, In Years | 10 years | 10 years | |||||||||||||
4.875% Senior Notes | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Long-term Debt | $ 900,000 | $ 900,000 | 900,000 | ||||||||||||
Interest rate | 4.875% | 4.88% | 4.875% | ||||||||||||
4.625% Senior Notes | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Long-term Debt | $ 900,000 | $ 900,000 | 900,000 | ||||||||||||
Interest rate | 4.625% | 4.63% | 4.625% | ||||||||||||
3.50% Senior Notes | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Long-term Debt | € 500,000 | $ 558,847 | 572,213 | € 500,000 | |||||||||||
Interest rate | 3.50% | 3.50% | 3.50% | 3.50% | |||||||||||
Proceeds from Issuance of Debt | € | € 492,500 | ||||||||||||||
Debt Instrument, Redemption Price, Percentage | 100.00% | 100.00% | |||||||||||||
Revolving Loan Facility | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Long-term Debt | $ 0 | 0 | |||||||||||||
Interest rate | 0.00% | ||||||||||||||
Revolving Loan Facility | Minimum | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Commitment fee percentage | 0.25% | 0.25% | |||||||||||||
Revolving Loan Facility | Maximum | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Commitment fee percentage | 0.40% | 0.40% | |||||||||||||
Revolving Loan Facility | Senior Secured Credit Facility | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Remaining borrowing capacity | $ 995,565 | ||||||||||||||
LIBOR Based Loan | Minimum | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Interest rate | 1.00% | ||||||||||||||
LIBOR Based Loan | Maximum | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Interest rate | 2.00% | ||||||||||||||
Base Rate Loan | Minimum | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Interest rate | 0.00% | ||||||||||||||
Base Rate Loan | Maximum | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Interest rate | 1.00% | ||||||||||||||
Debt Instrument, Interest Rate, Increase (Decrease) | 0.25% | 0.25% | |||||||||||||
Senior Secured Credit Facility | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Interest Coverage Ratio | 3 | 3 | |||||||||||||
Permitted Acquisition Amount for Increase Leverage Ratio | $ 200,000 | ||||||||||||||
Leverage Ratio After Permitted Acquisition | 5 | 5 | |||||||||||||
Capitalized debt issuance cost | $ 11,935 | ||||||||||||||
Senior Secured Credit Facility | Leverage Ratio Range One | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Applicable commitment fee margin | 0.40% | 0.40% | |||||||||||||
Senior Secured Credit Facility | Leverage Ratio Range Two | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Applicable commitment fee margin | 0.30% | 0.30% | |||||||||||||
Senior Secured Credit Facility | Leverage Ratio Range Three | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Applicable commitment fee margin | 0.25% | 0.25% | |||||||||||||
Senior Secured Credit Facility | Minimum | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Leverage Ratio | 2.25 | ||||||||||||||
Senior Secured Credit Facility | Maximum | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Leverage Ratio | 4.50 | ||||||||||||||
Accounts Receivable Securitization Facility | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Long-term Debt | $ 0 | 161,608 | |||||||||||||
Remaining borrowing capacity | $ 235,743 | ||||||||||||||
Interest rate | 0.00% | ||||||||||||||
Trade accounts receivable less allowances | $ 235,743 | ||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 300,000 | 225,000 | $ 300,000 | $ 225,000 | |||||||||||
Australian Term A-1 Loan Facility | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Long-term Debt | $ 0 | 122,968 | |||||||||||||
Interest rate | 0.00% | ||||||||||||||
Proceeds from Issuance of Debt | $ 200,000 | ||||||||||||||
Australian Revolving Loan Facility | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Long-term Debt | $ 0 | 21,118 | |||||||||||||
Interest rate | 0.00% | ||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 65,000 | ||||||||||||||
Australian Revolving Loan Facility | Bilateral Cash Advance [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 50,000 | ||||||||||||||
Australian Revolving Loan Facility | Bank Overdraft [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 10,000 | ||||||||||||||
Australian Revolving Loan Facility | Bank Guarantee [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 5,000 | ||||||||||||||
European Revolving Loan Facility | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Long-term Debt | $ 110,914 | 113,520 | |||||||||||||
Interest rate | 1.50% | ||||||||||||||
Remaining borrowing capacity | $ 0 | ||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | € | € 100,000 | ||||||||||||||
Voluntary Minimum Prepayment Principal Amount | € | € 5,000 | ||||||||||||||
Voluntary Prepayment Principal Amount, Increments above Minimum | € | € 1,000 | ||||||||||||||
Other International Debt | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Long-term Debt | 0 | 1 | |||||||||||||
Term Loans | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Term Loans Borrowing Capacity | 325,750 | ||||||||||||||
Term Loan A | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Long-term Debt | $ 625,000 | 721,875 | |||||||||||||
Interest rate | 3.10% | ||||||||||||||
Annual repayment percentage | 1.25% | 1.25% | |||||||||||||
Term Loans Borrowing Capacity | 144,375 | ||||||||||||||
Term Loan B | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Long-term Debt | $ 300,000 | 496,250 | |||||||||||||
Interest rate | 3.45% | ||||||||||||||
Debt Instrument, Periodic Payment, Percent of Original Borrowing | 0.25% | 0.25% | |||||||||||||
Term Loans Borrowing Capacity | $ 181,375 | ||||||||||||||
Euro Term Loan | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Write-off on early extinguishment of debt | 380 | ||||||||||||||
6.375% Senior Notes | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Interest rate | 6.375% | ||||||||||||||
Write-off on early extinguishment of debt | 1,909 | ||||||||||||||
US Term Loans | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Write-off on early extinguishment of debt | $ 1,739 | ||||||||||||||
Euro LIBOR | Minimum | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Variable rate on base rate | 0.00% | 0.00% | |||||||||||||
Euro LIBOR | Maximum | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Variable rate on base rate | 1.50% | 1.50% | |||||||||||||
London Interbank Offered Rate (LIBOR) | Term Loan B | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Variable rate on base rate | 1.75% | 1.75% | |||||||||||||
Base Rate | Term Loan B | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Variable rate on base rate | 0.75% | 0.75% |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Disclosure Commitments And Contingencies Additional Information [Abstract] | |||
Purchase commitments due in 2020 | $ 485,968 | ||
Purchase commitments due in 2021 | 3,592 | ||
Purchase commitments due in 2022 | 3,843 | ||
Royalty expense | 105,829 | $ 109,851 | $ 100,869 |
Minimum amounts due under license agreements, 2020 | 57,396 | ||
Minimum amounts due under license agreements, 2021 | 57,656 | ||
Minimum amounts due under license agreements, 2022 | 56,443 | ||
Minimum amounts due under license agreements, 2023 | 53,181 | ||
Minimum amounts due under license agreements, 2024 | 37,445 | ||
Minimum amounts under license agreements due thereafter | $ 57,100 |
Intangible Assets and Goodwil_2
Intangible Assets and Goodwill - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Goodwill [Line Items] | |||
Amortization expense for intangibles subject to amortization | $ 34,937 | $ 36,437 | $ 34,892 |
Estimated Amortization Expense, 2020 | 32,858 | ||
Estimated Amortization Expense, 2021 | 29,056 | ||
Estimated Amortization Expense, 2022 | 27,461 | ||
Estimated Amortization Expense, 2023 | 23,964 | ||
Estimated Amortization Expense, 2024 | $ 20,863 |
Intangible Assets and Goodwil_3
Intangible Assets and Goodwill - Intangible Assets and Related Accumulated Amortization (Detail) - USD ($) $ in Thousands | Dec. 28, 2019 | Dec. 29, 2018 |
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Gross | $ 394,069 | $ 433,585 |
Accumulated Amortization | 205,949 | 225,236 |
Net Book Value | 188,120 | 208,349 |
Trademarks and other identifiable intangibles, net | 1,520,800 | 1,555,381 |
Trademarks And Brand Names | ||
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Gross | 36,152 | 35,818 |
Accumulated Amortization | 27,752 | 26,218 |
Net Book Value | 8,400 | 9,600 |
Licensing Agreements | ||
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Gross | 102,634 | 102,929 |
Accumulated Amortization | 57,942 | 50,222 |
Net Book Value | 44,692 | 52,707 |
Customer and Distributor Relationships | ||
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Gross | 163,831 | 166,176 |
Accumulated Amortization | 71,603 | 56,923 |
Net Book Value | 92,228 | 109,253 |
Computer Software | ||
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Gross | 88,296 | 125,319 |
Accumulated Amortization | 46,840 | 90,203 |
Net Book Value | 41,456 | 35,116 |
Other Intangibles | ||
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Gross | 3,156 | 3,343 |
Accumulated Amortization | 1,812 | 1,670 |
Net Book Value | 1,344 | 1,673 |
Trademarks | ||
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Intangible assets not subject to amortization | 1,298,598 | 1,312,202 |
Perpetual licensing agreements and other | ||
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Intangible assets not subject to amortization | $ 34,082 | $ 34,830 |
Intangible Assets and Goodwil_4
Intangible Assets and Goodwill - Goodwill (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 28, 2019 | Dec. 29, 2018 | |
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | $ 1,241,727 | $ 1,167,007 |
Acquisition of businesses | 221 | 111,045 |
Currency Translation | (6,237) | (36,325) |
Goodwill, Ending Balance | 1,235,711 | 1,241,727 |
Innerwear | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 406,853 | 406,853 |
Acquisition of businesses | 0 | 0 |
Currency Translation | 0 | 0 |
Goodwill, Ending Balance | 406,853 | 406,853 |
Activewear | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 316,384 | 316,950 |
Acquisition of businesses | 0 | (566) |
Currency Translation | 0 | 0 |
Goodwill, Ending Balance | 316,384 | 316,384 |
International | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 490,817 | 415,531 |
Acquisition of businesses | 221 | 111,611 |
Currency Translation | (6,237) | (36,325) |
Goodwill, Ending Balance | 484,801 | 490,817 |
Other | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 27,673 | 27,673 |
Acquisition of businesses | 0 | 0 |
Currency Translation | 0 | 0 |
Goodwill, Ending Balance | $ 27,673 | $ 27,673 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss - Rollforward (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning Period, net of tax | $ (495,867) | ||
Other Comprehensive Income (Loss), Net of Tax | (42,965) | $ (63,736) | $ 3,860 |
Stranded tax related to U.S. pension plan | 0 | ||
Ending Period, net of tax | (617,648) | (495,867) | |
Cumulative Translation Adjustment | |||
Accumulated Other Comprehensive Income (Loss), Before Tax [Roll Forward] | |||
Beginning Balance, before tax | (149,985) | (36,430) | |
Amounts reclassified from accumulated other comprehensive loss, before tax | 0 | 0 | |
Current-period other comprehensive income (loss) activity, before tax | (7,153) | (113,555) | |
Other Comprehensive Income (Loss), before Tax | (7,153) | ||
Ending Balance, before tax | (157,138) | (149,985) | (36,430) |
Cash Flow Hedges | |||
Accumulated Other Comprehensive Income (Loss), Before Tax [Roll Forward] | |||
Beginning Balance, before tax | 21,814 | (25,461) | |
Amounts reclassified from accumulated other comprehensive loss, before tax | (28,931) | 9,836 | |
Current-period other comprehensive income (loss) activity, before tax | 11,903 | 37,439 | |
Other Comprehensive Income (Loss), before Tax | (17,028) | ||
Ending Balance, before tax | 4,786 | 21,814 | (25,461) |
Defined Benefit Plans | |||
Accumulated Other Comprehensive Income (Loss), Before Tax [Roll Forward] | |||
Beginning Balance, before tax | (595,307) | (614,000) | |
Amounts reclassified from accumulated other comprehensive loss, before tax | 20,121 | 19,693 | |
Current-period other comprehensive income (loss) activity, before tax | (54,174) | (1,000) | |
Other Comprehensive Income (Loss), before Tax | (34,053) | ||
Ending Balance, before tax | (629,360) | (595,307) | (614,000) |
Income Taxes | |||
Accumulated Other Comprehensive Income (Loss), Tax [Roll Forward] | |||
Beginning Balance, tax | 227,611 | 243,760 | |
Amounts reclassified from accumulated other comprehensive loss, tax | 2,012 | (7,552) | |
Current-period other comprehensive income (loss) activity, tax | 13,257 | (8,597) | |
Other Comprehensive Income (Loss), Tax | 15,269 | ||
Stranded tax related to U.S. pension plan, tax | (78,816) | ||
Ending Balance, tax | 164,064 | 227,611 | 243,760 |
Accumulated Other Comprehensive Loss | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning Period, net of tax | (495,867) | (432,131) | |
Amounts reclassified from accumulated other comprehensive loss, net of tax | (6,798) | 21,977 | |
Current-period other comprehensive income (loss) activity, net of tax | (36,167) | (85,713) | |
Other Comprehensive Income (Loss), Net of Tax | (42,965) | (63,736) | 3,860 |
Stranded tax related to U.S. pension plan | (78,816) | ||
Ending Period, net of tax | $ (617,648) | $ (495,867) | $ (432,131) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 28, 2019 | Sep. 28, 2019 | Jun. 29, 2019 | Mar. 30, 2019 | Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Cost of sales | $ 1,044,262 | $ 1,149,934 | $ 1,085,404 | $ 967,993 | $ 1,064,144 | $ 1,136,872 | $ 1,056,312 | $ 893,408 | $ 4,247,593 | $ 4,150,736 | $ 3,981,959 |
Other expenses | (7,658) | (8,066) | (8,249) | (7,451) | (6,779) | (7,285) | (6,570) | (5,761) | (31,424) | (26,395) | (32,645) |
Income tax expense (benefit) | (9,864) | (30,823) | (25,274) | (13,046) | (39,629) | (25,168) | (24,211) | (14,907) | (79,007) | (103,915) | (453,117) |
Net income (loss) | $ 184,986 | $ 185,091 | $ 149,555 | $ 81,088 | $ 150,028 | $ 170,809 | $ 140,027 | $ 78,802 | 600,720 | 539,666 | 73,881 |
Reclassification out of Accumulated Other Comprehensive Income | |||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Net income (loss) | 6,798 | (21,977) | (10,142) | ||||||||
Reclassification out of Accumulated Other Comprehensive Income | Amortization of deferred actuarial loss and prior service cost | |||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Other expenses | 20,121 | 19,693 | 19,062 | ||||||||
Income tax expense (benefit) | 5,264 | 5,514 | 7,320 | ||||||||
Net income (loss) | (14,857) | (14,179) | (11,742) | ||||||||
Foreign Exchange Contract | Reclassification out of Accumulated Other Comprehensive Income | Gain (loss) on foreign exchange contracts designated as cash flow hedges | |||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Cost of sales | 28,931 | (9,836) | 1,825 | ||||||||
Income tax expense (benefit) | (7,276) | 2,038 | (225) | ||||||||
Net income (loss) | $ 21,655 | $ (7,798) | $ 1,600 |
Financial Instruments and Ris_3
Financial Instruments and Risk Management Additional Information (Details) € in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 28, 2019USD ($) | Jul. 10, 2019EUR (€) | Dec. 29, 2018USD ($) | |
Foreign Exchange Contract | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | $ 652,423 | $ 575,469 | |
Amount expected to be reclassified into earnings during the next twelve months | $ 6,337 | ||
Maximum Length of Time Hedged in Interest Rate Cash Flow Hedge | 16 months | ||
Cross-currency Swap Contract | |||
Derivative [Line Items] | |||
Number of cross currency swaps | 2 | ||
Derivative, Notional Amount | $ 335,940 | € 300,000 |
Financial Instruments and Ris_4
Financial Instruments and Risk Management Fair Values of Derivative Instruments (Details) - USD ($) $ in Thousands | Dec. 28, 2019 | Dec. 29, 2018 |
Derivatives, Fair Value [Line Items] | ||
Net fair value of derivative assets and liabilities | $ 8,538 | $ 30,391 |
Assets, Total | ||
Derivatives, Fair Value [Line Items] | ||
Total derivative assets | 11,931 | 30,791 |
Liabilities, Total | ||
Derivatives, Fair Value [Line Items] | ||
Total derivative liabilities | 3,393 | 400 |
Foreign Exchange Contract | Other current assets | Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Total derivative assets | 2,716 | 18,381 |
Foreign Exchange Contract | Other current assets | Non-hedges | ||
Derivatives, Fair Value [Line Items] | ||
Total derivative assets | 5,314 | 12,410 |
Foreign Exchange Contract | Accrued liabilities | Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Total derivative liabilities | 2,246 | 286 |
Foreign Exchange Contract | Accrued liabilities | Non-hedges | ||
Derivatives, Fair Value [Line Items] | ||
Total derivative liabilities | 1,147 | 114 |
Cross-currency Swap Contract | Other current assets | Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Total derivative assets | 926 | 0 |
Cross-currency Swap Contract | Other noncurrent assets | Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Total derivative assets | $ 2,975 | $ 0 |
Financial Instruments and Ris_5
Financial Instruments and Risk Management Effect of Cash Flow Hedge Derivative Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 28, 2019 | Sep. 28, 2019 | Jun. 29, 2019 | Mar. 30, 2019 | Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||||||||
Cost of sales | $ 1,044,262 | $ 1,149,934 | $ 1,085,404 | $ 967,993 | $ 1,064,144 | $ 1,136,872 | $ 1,056,312 | $ 893,408 | $ 4,247,593 | $ 4,150,736 | $ 3,981,959 |
Foreign Exchange Contract | |||||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||||||||
Amount of Gain (Loss) Recognized in AOCI | 11,903 | 37,439 | (37,408) | ||||||||
Foreign Exchange Contract | Cost of sales | |||||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||||||||
Amount of Gain (Loss) Reclassified from AOCI into Income | $ 28,931 | $ (9,836) | $ 1,825 |
Financial Instruments and Ris_6
Financial Instruments and Risk Management Effect of Net Investment Hedge Instruments (Details) € in Thousands, $ in Thousands | Jul. 10, 2019EUR (€) | Dec. 28, 2019USD ($) | Sep. 28, 2019USD ($) | Jun. 29, 2019USD ($) | Mar. 30, 2019USD ($) | Dec. 29, 2018USD ($) | Sep. 29, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 28, 2019USD ($) | Dec. 29, 2018USD ($) | Dec. 30, 2017USD ($) | Oct. 01, 2016 | Jul. 02, 2016 |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||||||||||
Interest expense, net | $ 40,907 | $ 43,091 | $ 46,522 | $ 48,059 | $ 47,687 | $ 52,795 | $ 48,430 | $ 45,763 | $ 178,579 | $ 194,675 | $ 174,435 | |||
4.625% Senior Notes | ||||||||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||||||||||
Interest Rate on Senior Notes Issued | 4.63% | 4.63% | 4.625% | |||||||||||
3.50% Senior Notes | ||||||||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||||||||||
Interest Rate on Senior Notes Issued | 3.50% | 3.50% | 3.50% | 3.50% | ||||||||||
Euro-denominated Long-term Debt [Member] | 3.50% Senior Notes | ||||||||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||||||||||
Interest Rate on Senior Notes Issued | 3.50% | 3.50% | ||||||||||||
Notional Amount of Nonderivative Instruments | € 500,000 | $ 558,847 | ||||||||||||
Cross-currency Swap Contract | ||||||||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||||||||||
Cross-Currency Swap Contract - Fixed Interest Rate | 2.3215% | |||||||||||||
Cross-currency Swap Contract | Interest expense, net | ||||||||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||||||||||
Amount of Gain (Loss) Recognized in Income | $ 3,613 | 0 | 0 | |||||||||||
Cross-currency Swap Contract | 4.625% Senior Notes | ||||||||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||||||||||
Interest Rate on Senior Notes Issued | 4.625% | 4.625% | ||||||||||||
Accumulated Other Comprehensive Loss | ||||||||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||||||||||
Amount of Gain (Loss) Recognized in AOCI on Net Investment Hedges | $ 2,178 | 0 | 0 | |||||||||||
Accumulated Other Comprehensive Loss | Euro-denominated Long-term Debt [Member] | ||||||||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||||||||||
Amount of Gain (Loss) Recognized in AOCI | (23) | 0 | 0 | |||||||||||
Accumulated Other Comprehensive Loss | Cross-currency Swap Contract | ||||||||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||||||||||
Amount of Gain (Loss) Recognized in AOCI | $ 2,201 | $ 0 | $ 0 |
Effect of Mark to Market Hedge
Effect of Mark to Market Hedge Derivative Instruments (Details) - Foreign Exchange Contract - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Recognized in Income | $ (32,882) | $ 17,508 | $ 114 |
Cost of sales | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Recognized in Income | (31,809) | 16,782 | 0 |
Selling, general and administrative expenses | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Recognized in Income | $ (1,073) | $ 726 | $ 114 |
Fair Value of Assets and Liab_3
Fair Value of Assets and Liabilities - Fair Value of Financial Assets and Liabilities Measured on Recurring Basis (Detail) - USD ($) $ in Thousands | Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefit pension plan investment assets | $ 867,144 | $ 786,612 | $ 872,686 |
Net fair value of derivative assets and liabilities | 8,538 | 30,391 | |
Carrying value of debt | 3,394,761 | 4,009,553 | |
Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefit pension plan investment assets | 248,388 | 228,357 | |
Net fair value of derivative assets and liabilities | 8,538 | 30,391 | |
Deferred Compensation Plan, Fair Value of Plan Liability | (31,221) | (39,542) | |
Net effect of financial asset less financial liability | 844,461 | 777,461 | |
U.S. Equity Securities | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefit pension plan investment assets | 162,455 | 138,356 | |
Foreign Equity Securities | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefit pension plan investment assets | 34,224 | 29,345 | |
Debt Securities | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefit pension plan investment assets | 41,356 | 52,896 | |
Cash and Other | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefit pension plan investment assets | 7,382 | 6,286 | |
Insurance contracts | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefit pension plan investment assets | 2,971 | 1,474 | |
Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefit pension plan investment assets | 245,417 | 226,883 | |
Net fair value of derivative assets and liabilities | 0 | 0 | |
Deferred Compensation Plan, Fair Value of Plan Liability | 0 | 0 | |
Net effect of financial asset less financial liability | 245,417 | 226,883 | |
Fair Value, Inputs, Level 1 | U.S. Equity Securities | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefit pension plan investment assets | 162,455 | 138,356 | |
Fair Value, Inputs, Level 1 | Foreign Equity Securities | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefit pension plan investment assets | 34,224 | 29,345 | |
Fair Value, Inputs, Level 1 | Debt Securities | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefit pension plan investment assets | 41,356 | 52,896 | |
Fair Value, Inputs, Level 1 | Cash and Other | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefit pension plan investment assets | 7,382 | 6,286 | |
Fair Value, Inputs, Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of debt | 3,560,623 | 3,863,299 | |
Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefit pension plan investment assets | 2,971 | 1,474 | |
Net fair value of derivative assets and liabilities | 8,538 | 30,391 | |
Deferred Compensation Plan, Fair Value of Plan Liability | (31,221) | (39,542) | |
Net effect of financial asset less financial liability | (19,712) | (7,677) | |
Fair Value, Inputs, Level 2 | U.S. Equity Securities | Fair Value, Measurements, Recurring | |||
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 | Foreign Equity Securities | Fair Value, Measurements, Recurring | |||
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 | Debt Securities | Fair Value, Measurements, Recurring | |||
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 | Cash and Other | Fair Value, Measurements, Recurring | |||
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 | Insurance contracts | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefit pension plan investment assets | 2,971 | 1,474 | |
Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefit pension plan investment assets | 0 | 0 | |
Net fair value of derivative assets and liabilities | 0 | 0 | |
Deferred Compensation Plan, Fair Value of Plan Liability | 0 | 0 | |
Net effect of financial asset less financial liability | 0 | 0 | |
Fair Value, Inputs, Level 3 | U.S. Equity Securities | Fair Value, Measurements, Recurring | |||
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 | Foreign Equity Securities | Fair Value, Measurements, Recurring | |||
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 | Debt Securities | Fair Value, Measurements, Recurring | |||
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 | Cash and Other | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefit pension plan investment assets | 0 | 0 | |
Fair Value Measured at Net Asset Value Per Share [Member] | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefit pension plan investment assets | 618,756 | 558,255 | |
Fair Value Measured at Net Asset Value Per Share [Member] | Hedge Funds | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefit pension plan investment assets | 350,270 | 311,730 | |
Fair Value Measured at Net Asset Value Per Share [Member] | Foreign Equity Securities | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefit pension plan investment assets | 101,299 | 84,698 | |
Fair Value Measured at Net Asset Value Per Share [Member] | Debt Securities | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefit pension plan investment assets | 94,384 | 101,910 | |
Fair Value Measured at Net Asset Value Per Share [Member] | Real Estate | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefit pension plan investment assets | 55,067 | 43,998 | |
Fair Value Measured at Net Asset Value Per Share [Member] | Commodities | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefit pension plan investment assets | 17,736 | 15,919 | |
Foreign Exchange Contract | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total derivative assets | 8,030 | 30,791 | |
Total derivative liabilities | (3,393) | (400) | |
Foreign Exchange Contract | Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total derivative assets | 0 | 0 | |
Total derivative liabilities | 0 | 0 | |
Foreign Exchange Contract | Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total derivative assets | 8,030 | 30,791 | |
Total derivative liabilities | (3,393) | (400) | |
Foreign Exchange Contract | Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total derivative assets | 0 | 0 | |
Total derivative liabilities | 0 | $ 0 | |
Cross-currency Swap Contract | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total derivative assets | 3,901 | ||
Cross-currency Swap Contract | Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total derivative assets | 0 | ||
Cross-currency Swap Contract | Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total derivative assets | 3,901 | ||
Cross-currency Swap Contract | Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total derivative assets | $ 0 |
Defined Benefit Pension Plans -
Defined Benefit Pension Plans - Components of Net Periodic Benefit Cost and Other Amounts Recognized in Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Disclosure Defined Benefit Pension Plans Components Of Net Periodic Benefit Cost And Other Amounts Recognized In Other Comprehensive Loss [Abstract] | |||
Service cost | $ 2,892 | $ 2,776 | $ 2,216 |
Interest cost | 43,670 | 40,208 | 40,830 |
Expected return on assets | (44,697) | (45,280) | (41,780) |
Curtailments | 0 | (186) | 154 |
Settlement cost | 115 | 42 | 23 |
Amortization of: | |||
Prior service cost | (6) | (6) | 9 |
Net actuarial loss | 20,127 | 19,699 | 19,053 |
Net periodic benefit cost | 22,101 | 17,253 | 20,505 |
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Loss | |||
Net (gain) loss | 34,038 | (20,965) | 15,186 |
Prior service credit (cost) | 6 | 6 | (380) |
Total (gain) loss recognized in other comprehensive income | 34,044 | (20,959) | 14,806 |
Total recognized in net periodic benefit cost and other comprehensive income | $ 56,145 | $ (3,706) | $ 35,311 |
Defined Benefit Pension Plans_2
Defined Benefit Pension Plans - Funded Status of Company's Defined Benefit Pension Plans (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Benefit obligation: | |||
Beginning of year | $ 1,164,518 | $ 1,277,722 | |
Service cost | 2,892 | 2,776 | $ 2,216 |
Interest cost | 43,670 | 40,208 | 40,830 |
Benefits paid | (66,450) | (59,808) | |
Curtailments | 0 | (186) | |
Settlements | (1,255) | (878) | |
Impact of exchange rate change | (286) | (4,621) | |
Actuarial (gain) loss | 124,577 | (92,156) | |
Other | (15) | 1,461 | |
End of year | 1,267,651 | 1,164,518 | 1,277,722 |
Fair value of plan assets: | |||
Beginning of year | 786,612 | 872,686 | |
Actual return (loss) on plan assets | 115,210 | (46,370) | |
Employer contributions | 32,476 | 23,176 | |
Benefits paid | 66,450 | 59,808 | |
Settlements | (1,255) | (878) | |
Impact of exchange rate change | 566 | (2,176) | |
Other | (15) | (18) | |
End of year | 867,144 | 786,612 | $ 872,686 |
Funded status | $ (400,507) | $ (377,906) |
Defined Benefit Pension Plans_3
Defined Benefit Pension Plans - Accumulated Benefit Obligation and Fair Value of Plan Assets with Accumulated Benefit Obligations in Excess of Plan Assets (Detail) - USD ($) $ in Thousands | Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 |
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 | $ 1,267,651 | $ 1,164,518 | $ 1,277,722 |
Plans with benefit obligation in excess of plan assets: | |||
Benefit obligation | 1,239,077 | 1,136,559 | |
Fair value of plan assets | $ 837,554 | $ 760,155 |
Defined Benefit Pension Plans_4
Defined Benefit Pension Plans - Amounts Recognized in Company's Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands | Dec. 28, 2019 | Dec. 29, 2018 |
Disclosure Defined Benefit Pension Plans Amounts Recognized In Companys Consolidated Balance Sheets [Abstract] | ||
Noncurrent assets | $ 1,016 | $ 0 |
Current liabilities | (3,001) | (3,765) |
Noncurrent liabilities | (398,522) | (374,615) |
Accumulated other comprehensive loss | $ (631,501) | $ (597,457) |
Defined Benefit Pension Plans_5
Defined Benefit Pension Plans - Amounts Recognized in Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | Dec. 28, 2019 | Dec. 29, 2018 |
Disclosure Defined Benefit Pension Plans Amounts Recognized In Accumulated Other Comprehensive Loss [Abstract] | ||
Prior service cost | $ (151) | $ (157) |
Actuarial loss | 631,652 | 597,614 |
Accumulated other comprehensive loss | $ 631,501 | $ 597,457 |
Defined Benefit Pension Plans_6
Defined Benefit Pension Plans - Weighted Average Actuarial Assumptions Used in Measuring Net Periodic Benefit Cost and Plan Obligation (Detail) | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Net periodic benefit cost: | |||
Discount rate | 4.24% | 3.60% | 4.15% |
Long-term rate of return on plan assets | 5.79% | 5.32% | 5.21% |
Rate of compensation increase | 4.40% | 4.40% | 3.84% |
Plan obligations: | |||
Discount rate | 3.16% | 4.24% | 3.60% |
Rate of compensation increase | 3.01% | 4.40% | 4.40% |
Defined Benefit Pension Plans_7
Defined Benefit Pension Plans - Allocation of Pension Plan Assets (Detail) | Dec. 28, 2019 | Dec. 29, 2018 |
Hedge Funds | ||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||
Pension plan assets allocation percentage | 40.00% | 40.00% |
Debt Securities | ||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||
Pension plan assets allocation percentage | 16.00% | 20.00% |
U.S. Equity Securities | ||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||
Pension plan assets allocation percentage | 19.00% | 18.00% |
Foreign Equity Securities | ||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||
Pension plan assets allocation percentage | 16.00% | 14.00% |
Real Estate | ||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||
Pension plan assets allocation percentage | 6.00% | 6.00% |
Commodities | ||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||
Pension plan assets allocation percentage | 2.00% | 2.00% |
Insurance contracts | ||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||
Pension plan assets allocation percentage | 0.00% | 0.00% |
Cash and other | ||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||
Pension plan assets allocation percentage | 1.00% | 0.00% |
Defined Benefit Pension Plans_8
Defined Benefit Pension Plans - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Estimated net loss that will be amortized from accumulated other comprehensive loss | $ 22,453 | ||
Estimated prior service credit that will be amortized from accumulated other comprehensive loss | (6) | ||
Target asset allocation period | 5 years | ||
End of year | 867,144 | $ 786,612 | $ 872,686 |
Expected benefit payments, 2020 | 63,665 | ||
Expected benefit payments, 2021 | 67,775 | ||
Expected benefit payments, 2022 | 68,262 | ||
Expected benefit payments, 2023 | 70,319 | ||
Expected benefit payments, 2024 | 70,931 | ||
Expected benefit payments through 2029 | 364,815 | ||
Nonretirement postemployment benefit plans liability | 47,751 | 49,808 | |
Nonretirment postemployement benefit plans expense | 1,223 | 1,264 | $ 2,778 |
Fair Value, Measurements, Recurring | |||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
End of year | 248,388 | 228,357 | |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | |||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
End of year | 245,417 | 226,883 | |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | |||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
End of year | 2,971 | 1,474 | |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | |||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
End of year | $ 0 | $ 0 |
Income Taxes - Provision for In
Income Taxes - Provision for Income Tax Computed by Applying U.S. Statutory Rate to Income Before Taxes as Reconciled to Actual Provisions (Detail) | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Disclosure Income Taxes Provision For Income Tax Computed By Applying U S Statutory Rate To Income Before Taxes As Reconciled To Actual Provisions [Abstract] | |||
Domestic | (6.50%) | (9.50%) | (6.70%) |
Foreign | 106.50% | 109.50% | 106.70% |
Total | 100.00% | 100.00% | 100.00% |
Tax expense at U.S. statutory rate | 21.00% | 21.00% | 35.00% |
State income tax | 1.10% | (0.30%) | 0.20% |
Tax on actual and planned remittances of foreign earnings | (0.40%) | 9.90% | 0.60% |
Tax on foreign earnings due to U.S. tax reform including measurement period adjustments | 0.00% | (0.50%) | 68.00% |
Revaluation of net deferred tax assets due to U.S. tax reform including measurement period adjustments | 0.00% | (1.20%) | 12.00% |
Tax on foreign earnings (U.S. tax reform - GILTI and FDII) | 2.20% | 2.30% | |
Foreign taxes less than U.S. statutory rate | (11.90%) | (12.30%) | (29.80%) |
Statutory stock deduction | 2.20% | (17.30%) | |
Employee benefits | (0.20%) | (0.10%) | (0.20%) |
Change in valuation allowance due to statutory stock deduction | 0.00% | 17.30% | 0.00% |
Other changes in valuation allowance | 1.80% | (3.90%) | 0.10% |
Tax benefits related to tax basis adjustments in acquired intangibles | (1.70%) | 0.00% | 0.00% |
Increase in unrecognized tax benefits | 0.00% | 0.50% | 1.90% |
Release of unrecognized tax benefit reserves | (0.50%) | 0.00% | (0.90%) |
State tax rate change | 0.30% | 0.40% | 0.10% |
Federal and state provision to return | (2.40%) | (0.20%) | (2.20%) |
Other, net | 0.10% | 0.50% | 0.80% |
Taxes at effective worldwide tax rates | 11.60% | 16.10% | 85.60% |
Income taxes - Current and Defe
Income taxes - Current and Deferred Tax Provisions (Benefits) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 28, 2019 | Sep. 28, 2019 | Jun. 29, 2019 | Mar. 30, 2019 | Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Disclosure Income Taxes Current And Deferred Tax Provisions Benefits [Abstract] | |||||||||||
Domestic, current | $ (20,548) | $ (16,746) | $ 217,996 | ||||||||
Foreign, current | 67,037 | 86,006 | 62,684 | ||||||||
State, current | (9,299) | 8,044 | 11,676 | ||||||||
Current Total | 37,190 | 77,304 | 292,356 | ||||||||
Deferred, Domestic | 12,164 | 61,202 | 180,846 | ||||||||
Deferred, Foreign | 5,599 | (42,446) | (15,098) | ||||||||
Deferred, State | 24,054 | 7,855 | (4,987) | ||||||||
Deferred, Total | 41,817 | 26,611 | 160,761 | ||||||||
Total, Domestic | (8,384) | 44,456 | 398,842 | ||||||||
Total, Foreign | 72,636 | 43,560 | 47,586 | ||||||||
Total, State | 14,755 | 15,899 | 6,689 | ||||||||
Total, Current and deferred tax provisions (benefits) | $ 9,864 | $ 30,823 | $ 25,274 | $ 13,046 | $ 39,629 | $ 25,168 | $ 24,211 | $ 14,907 | $ 79,007 | $ 103,915 | $ 453,117 |
Income Taxes - Cash Tax Payment
Income Taxes - Cash Tax Payments Made by Company Primarily in Foreign Jurisdictions (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Disclosure Income Taxes Cash Tax Payments Made By Company Primarily In Foreign Jurisdictions [Abstract] | |||
Cash payments for income taxes | $ 112,477 | $ 94,556 | $ 57,882 |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | Jan. 02, 2016 |
Deferred tax assets: | ||||
Nondeductible reserves | $ 1,246 | $ 3,388 | ||
Inventories | 28,467 | 26,391 | ||
Bad debt allowance | 9,108 | 8,671 | ||
Accrued expenses | 10,305 | 18,975 | ||
Employee benefits | 125,617 | 121,133 | ||
Tax credits | 5,841 | 9,585 | ||
Net operating loss and other tax carryforwards | 266,472 | 256,274 | ||
Leasing | 142,379 | 0 | ||
Other | 5,537 | 11,466 | ||
Gross deferred tax assets | 594,972 | 455,883 | ||
Less valuation allowances | (197,347) | (179,599) | $ (72,602) | $ (67,451) |
Deferred tax assets | 397,625 | 276,284 | ||
Deferred Tax Liabilities, Net [Abstract] | ||||
Property and equipment | 656 | 2,943 | ||
Derivatives | 1,525 | 1,101 | ||
Section 481(a) liability | 26,762 | 0 | ||
Leasing | 132,559 | 0 | ||
Accrued tax on unremitted foreign earnings | 42,653 | 55,728 | ||
Intangibles | 92,577 | 94,700 | ||
Prepaids | 5,583 | 2,742 | ||
Deferred tax liabilities | 302,315 | 157,214 | ||
Net deferred tax assets | $ 95,310 | $ 119,070 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 28, 2019 | Sep. 28, 2019 | Jun. 29, 2019 | Mar. 30, 2019 | Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | Jan. 02, 2016 | |
Unrecognized Tax Benefits [Line Items] | ||||||||||||
Income tax expense (benefit) | $ 9,864 | $ 30,823 | $ 25,274 | $ 13,046 | $ 39,629 | $ 25,168 | $ 24,211 | $ 14,907 | $ 79,007 | $ 103,915 | $ 453,117 | |
Foreign earnings no longer deemed to be permanently reinvested | 1,035,000 | 1,035,000 | ||||||||||
Accrued tax on unremitted foreign earnings | 42,653 | 55,728 | $ 42,653 | $ 55,728 | ||||||||
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate,EPS | $ 0 | $ 0 | $ 0.01 | |||||||||
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | $ 344 | $ 424 | $ 2,800 | |||||||||
Valuation allowance for deferred tax assets | 197,347 | 179,599 | 197,347 | 179,599 | 72,602 | $ 67,451 | ||||||
Net change in the total valuation allowance, including foreign currency fluctuations | 17,748 | |||||||||||
Net operating loss carryforwards, approximately, for foreign jurisdictions | 828,928 | 828,928 | ||||||||||
Tax credit carryforwards, Total | 5,841 | $ 5,841 | ||||||||||
Years after which tax credit carryforwards expires | beginning after 2019 | |||||||||||
Recognized Benefit Related to Realization of Unrecognized Tax Benefit Resulting from Expiration of Statutes of Limitations | $ 4,016 | 1,000 | ||||||||||
Recognized Reduction Related to Realization of Unrecognized Tax Benefit Resulting From Prior Year Tax Positions | 48,613 | 4,128 | ||||||||||
Reduction of unrecognized tax benefits | 15,080 | $ 15,080 | ||||||||||
Unrecognized tax benefits increase or decrease | 12 months | |||||||||||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 70,133 | $ 70,133 | ||||||||||
Interest and penalties classified as income tax expense in the Consolidated Statement of Income | (1,792) | 5,744 | 1,588 | |||||||||
Interest and penalties accrued related to unrecognized tax benefits | 9,648 | $ 11,440 | 9,648 | 11,440 | ||||||||
Tax Cuts and Jobs Act | ||||||||||||
Unrecognized Tax Benefits [Line Items] | ||||||||||||
Income tax expense (benefit) | 45,203 | |||||||||||
Federal | ||||||||||||
Unrecognized Tax Benefits [Line Items] | ||||||||||||
Net operating loss carryforwards | 39,058 | 39,058 | ||||||||||
State | ||||||||||||
Unrecognized Tax Benefits [Line Items] | ||||||||||||
Net operating loss carryforwards | 857,980 | 857,980 | ||||||||||
Operating loss carryforward | ||||||||||||
Unrecognized Tax Benefits [Line Items] | ||||||||||||
Valuation allowance for deferred tax assets | 19,271 | 19,271 | ||||||||||
Operating loss carryforward | Foreign Tax Authority | ||||||||||||
Unrecognized Tax Benefits [Line Items] | ||||||||||||
Valuation allowance for deferred tax assets | 136,243 | 136,243 | ||||||||||
Net change in the total valuation allowance, including foreign currency fluctuations | 7,510 | |||||||||||
Operating loss carryforward | Federal and State | ||||||||||||
Unrecognized Tax Benefits [Line Items] | ||||||||||||
Net change in the total valuation allowance, including foreign currency fluctuations | 10,039 | |||||||||||
Other foreign deferred tax assets | ||||||||||||
Unrecognized Tax Benefits [Line Items] | ||||||||||||
Valuation allowance for deferred tax assets | 41,833 | 41,833 | ||||||||||
Other foreign deferred tax assets | Foreign Tax Authority | ||||||||||||
Unrecognized Tax Benefits [Line Items] | ||||||||||||
Net change in the total valuation allowance, including foreign currency fluctuations | 199 | |||||||||||
Charged to other accounts | ||||||||||||
Unrecognized Tax Benefits [Line Items] | ||||||||||||
Net change in the total valuation allowance, including foreign currency fluctuations | 5,432 | 20,819 | 4,422 | |||||||||
Recognized Reduction Related to Realization of Unrecognized Tax Benefit Resulting From Prior Year Tax Positions | 44,597 | |||||||||||
Domestic Deferred Tax Assets | Tax Cuts and Jobs Act | ||||||||||||
Unrecognized Tax Benefits [Line Items] | ||||||||||||
Income tax expense (benefit) | 7,627 | |||||||||||
Deferred Tax Liabilities, Other | 72,333 | |||||||||||
One-time provisional transition | ||||||||||||
Unrecognized Tax Benefits [Line Items] | ||||||||||||
Income tax expense (benefit) | $ (2,925) | |||||||||||
Taxes Payable | $ 100,626 | $ 100,626 | $ 359,938 |
Income Taxes - Net Operating Lo
Income Taxes - Net Operating Loss Carryforwards (Detail) $ in Thousands | Dec. 28, 2019USD ($) |
Disclosure Income Taxes Net Operating Loss Carryforwards [Abstract] | |
2020 | $ 3,042 |
2021 | 5,414 |
2022 | 3,899 |
2023 | 4,493 |
2024 | 9,125 |
Thereafter | $ 802,955 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Disclosure Income Taxes Reconciliation Of Beginning And Ending Amount Of Unrecognized Tax Benefits [Abstract] | |||
Unrecognized Tax Benefits, Gross | $ 79,897 | $ 107,306 | $ 99,469 |
Beginning Balance | 104,454 | 94,906 | |
Additions based on tax positions related to the current year | 2,797 | 2,877 | |
Additions based on tax positions of prior years | 19,585 | 430 | |
Additions based on tax positions related to the acquisition of Bras N Things | 10,911 | ||
Settlements | (2,730) | (542) | |
Reductions for tax positions of prior years | (48,613) | (4,128) | |
Ending Balance | $ 75,493 | $ 104,454 |
Income Taxes Summary of changes
Income Taxes Summary of changes in valuation allowance (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | Jan. 02, 2016 | |
Valuation Allowance [Line Items] | ||||
Valuation allowance for deferred tax assets | $ 197,347 | $ 179,599 | $ 72,602 | $ 67,451 |
Change in valuation allowance | 17,748 | |||
Charged to expense | ||||
Valuation Allowance [Line Items] | ||||
Change in valuation allowance | 12,316 | 52,135 | 729 | |
Charged to other accounts | ||||
Valuation Allowance [Line Items] | ||||
Change in valuation allowance | $ 5,432 | 20,819 | $ 4,422 | |
Charged to retained earnings upon adoption of ASU 2016-16 | ||||
Valuation Allowance [Line Items] | ||||
Deferred Tax Assets, Tax Deferred Expense, Other | 34,043 | |||
Change in valuation allowance | $ 34,043 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Feb. 06, 2020 | Dec. 03, 2019 | Sep. 04, 2019 | Jun. 04, 2019 | Mar. 12, 2019 | Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | Apr. 30, 2016 |
Class of Stock [Line Items] | |||||||||
Preferred stock, shares issued | 0 | 0 | |||||||
Preferred stock, shares outstanding | 0 | 0 | |||||||
Common stock, shares authorized | 2,000,000,000 | 2,000,000,000 | |||||||
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 | 362,449,037 | 361,330,128 | |||||||
Common Stock, shares outstanding | 362,449,037 | 361,330,128 | |||||||
Common stock repurchased, Cost | $ 400,017 | ||||||||
Quarterly dividends declared, common stock, per share | $ 0.15 | $ 0.15 | $ 0.15 | ||||||
Quarterly dividends paid, common stock, per share | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.15 | |||
2016 Share Repurchase Plan | |||||||||
Class of Stock [Line Items] | |||||||||
Repurchase of common stock, Authority granted | 40,000,000 | ||||||||
Common Stock, Repurchased | 19,640,000 | ||||||||
Common stock repurchased, Cost | $ 400,017 | ||||||||
Common stock repurchased, Average price | $ 20.35 | ||||||||
Subsequent Event | |||||||||
Class of Stock [Line Items] | |||||||||
Quarterly dividends declared, common stock, per share | $ 0.15 | ||||||||
Subsequent Event | 2020 Share Repurchase Plan | |||||||||
Class of Stock [Line Items] | |||||||||
Repurchase of common stock, Authority granted | 40,000,000 |
Discontinued Operations (Detail
Discontinued Operations (Details) $ in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||
Apr. 30, 2017AUD ($) | Apr. 30, 2017USD ($) | Mar. 31, 2017AUD ($) | Mar. 31, 2017USD ($) | Feb. 28, 2017AUD ($) | Feb. 28, 2017USD ($) | Dec. 30, 2017AUD ($) | Dec. 30, 2017USD ($) | |
Dunlop Flooring | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Proceeds from Divestiture of Businesses | $ 34,564 | $ 26,219 | ||||||
Adjustments to Proceeds from Previous Divestiture | $ 1,334 | $ 1,012 | ||||||
Gain (Loss) on Disposition of Business | $ (2,715) | $ (2,083) | ||||||
Tontine Pillow | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Proceeds from Divestiture of Businesses | $ 13,500 | $ 10,363 | ||||||
Adjustments to Proceeds from Previous Divestiture | $ (966) | $ (742) | ||||||
Gain (Loss) on Disposition of Business | $ 2,415 | $ 1,856 |
Discontinued Operations Discont
Discontinued Operations Discontinued Operations (Details) - Discontinued Operations $ in Thousands | 12 Months Ended |
Dec. 29, 2018USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Net sales | $ 6,865 |
Costs of sales | 4,507 |
Gross profit | 2,358 |
Selling, general and administrative expenses | 3,729 |
Operating loss | (1,371) |
Other expenses | 303 |
Net loss on disposal of business | 242 |
Loss from discontinued operations before income tax expense | (1,916) |
Income tax expense | 181 |
Net loss from discontinued operations, net of tax | $ (2,097) |
Business Segment Information -
Business Segment Information - Net Sales (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 28, 2019 | Sep. 28, 2019 | Jun. 29, 2019 | Mar. 30, 2019 | Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Schedule Of Sales Revenue By Business Segment [Line Items] | |||||||||||
Net sales | $ 1,751,005 | $ 1,866,967 | $ 1,760,927 | $ 1,588,024 | $ 1,768,301 | $ 1,848,707 | $ 1,715,443 | $ 1,471,504 | $ 6,966,923 | $ 6,803,955 | $ 6,471,410 |
Innerwear | |||||||||||
Schedule Of Sales Revenue By Business Segment [Line Items] | |||||||||||
Net sales | 2,302,632 | 2,379,675 | 2,462,876 | ||||||||
Activewear | |||||||||||
Schedule Of Sales Revenue By Business Segment [Line Items] | |||||||||||
Net sales | 1,854,704 | 1,792,280 | 1,654,278 | ||||||||
International | |||||||||||
Schedule Of Sales Revenue By Business Segment [Line Items] | |||||||||||
Net sales | 2,529,375 | 2,344,115 | 2,054,664 | ||||||||
Other | |||||||||||
Schedule Of Sales Revenue By Business Segment [Line Items] | |||||||||||
Net sales | $ 280,212 | $ 287,885 | $ 299,592 |
Business Segment Information _2
Business Segment Information - Segment Operating Profit (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 28, 2019 | Sep. 28, 2019 | Jun. 29, 2019 | Mar. 30, 2019 | Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Segment operating profit: | |||||||||||
General corporate expenses | $ (218,770) | $ (190,090) | $ (183,790) | ||||||||
Restructuring and other action-related charges | (63,486) | (80,198) | (190,904) | ||||||||
Amortization of intangibles | (34,937) | (36,437) | (34,892) | ||||||||
Operating profit | $ 243,415 | $ 267,071 | $ 229,600 | $ 149,644 | $ 244,123 | $ 256,057 | $ 219,238 | $ 145,233 | 889,730 | 864,651 | 736,175 |
Other expenses | (7,658) | (8,066) | (8,249) | (7,451) | (6,779) | (7,285) | (6,570) | (5,761) | (31,424) | (26,395) | (32,645) |
Interest expense, net | (40,907) | (43,091) | (46,522) | (48,059) | (47,687) | (52,795) | (48,430) | (45,763) | (178,579) | (194,675) | (174,435) |
Income from continuing operations before income tax expense | $ 194,850 | $ 215,914 | $ 174,829 | $ 94,134 | $ 189,657 | $ 195,977 | $ 164,238 | $ 93,709 | 679,727 | 643,581 | 529,095 |
Innerwear | |||||||||||
Segment operating profit: | |||||||||||
Operating profit | 515,991 | 526,831 | 580,879 | ||||||||
Activewear | |||||||||||
Segment operating profit: | |||||||||||
Operating profit | 281,319 | 267,428 | 264,975 | ||||||||
International | |||||||||||
Segment operating profit: | |||||||||||
Operating profit | 384,784 | 351,769 | 268,367 | ||||||||
Other | |||||||||||
Segment operating profit: | |||||||||||
Operating profit | 24,829 | 25,348 | 31,540 | ||||||||
Operating Segments | |||||||||||
Segment operating profit: | |||||||||||
Operating profit | $ 1,206,923 | $ 1,171,376 | $ 1,145,761 |
Business Segment Information _3
Business Segment Information - Assets (Detail) - USD ($) $ in Thousands | Dec. 28, 2019 | Dec. 29, 2018 |
Assets: | ||
Total assets | $ 7,353,986 | $ 7,238,240 |
Operating Segments | ||
Assets: | ||
Total assets | 4,173,903 | 3,966,986 |
Operating Segments | Innerwear | ||
Assets: | ||
Total assets | 1,352,773 | 1,482,373 |
Operating Segments | Activewear | ||
Assets: | ||
Total assets | 1,045,567 | 1,071,895 |
Operating Segments | International | ||
Assets: | ||
Total assets | 1,578,251 | 1,266,580 |
Operating Segments | Other | ||
Assets: | ||
Total assets | 197,312 | 146,138 |
Corporate | ||
Assets: | ||
Total assets | $ 3,180,083 | $ 3,271,254 |
Business Segment Information _4
Business Segment Information - Depreciation and Amortization Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Depreciation and amortization expense: | |||
Segment depreciation and amortization expense | $ 130,967 | $ 131,796 | $ 122,487 |
Operating Segments | |||
Depreciation and amortization expense: | |||
Segment depreciation and amortization expense | 96,030 | 95,359 | 87,595 |
Operating Segments | Innerwear | |||
Depreciation and amortization expense: | |||
Segment depreciation and amortization expense | 30,408 | 33,348 | 32,000 |
Operating Segments | Activewear | |||
Depreciation and amortization expense: | |||
Segment depreciation and amortization expense | 23,804 | 18,768 | 19,485 |
Operating Segments | International | |||
Depreciation and amortization expense: | |||
Segment depreciation and amortization expense | 35,618 | 37,642 | 30,219 |
Operating Segments | Other | |||
Depreciation and amortization expense: | |||
Segment depreciation and amortization expense | 6,200 | 5,601 | 5,891 |
Corporate | |||
Depreciation and amortization expense: | |||
Segment depreciation and amortization expense | $ 34,937 | $ 36,437 | $ 34,892 |
Business Segment Information _5
Business Segment Information - Additions to Long-Lived Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Capital expenditures: | |||
Payments to Acquire Property, Plant, and Equipment | $ 101,084 | $ 86,293 | $ 87,008 |
Operating Segments | |||
Capital expenditures: | |||
Payments to Acquire Property, Plant, and Equipment | 84,611 | 73,336 | 67,272 |
Operating Segments | Innerwear | |||
Capital expenditures: | |||
Payments to Acquire Property, Plant, and Equipment | 16,852 | 20,459 | 21,427 |
Operating Segments | Activewear | |||
Capital expenditures: | |||
Payments to Acquire Property, Plant, and Equipment | 19,902 | 16,024 | 11,263 |
Operating Segments | International | |||
Capital expenditures: | |||
Payments to Acquire Property, Plant, and Equipment | 43,421 | 33,632 | 31,127 |
Operating Segments | Other | |||
Capital expenditures: | |||
Payments to Acquire Property, Plant, and Equipment | 4,436 | 3,221 | 3,455 |
Corporate | |||
Capital expenditures: | |||
Payments to Acquire Property, Plant, and Equipment | $ 16,473 | $ 12,957 | $ 19,736 |
Business Segment Information Bu
Business Segment Information Business Segment Information - Addition Information (Detail) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 28, 2019USD ($)segment | Dec. 29, 2018USD ($) | Dec. 30, 2017USD ($) | |
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Pre-tax restructuring and other action related charges | $ 63,486 | $ 80,162 | $ 197,904 |
Other Employee Related Liabilities | 7,120 | 10,806 | |
Employee termination and other benefit costs incurred | 12,392 | ||
Employee termination and other benefits paid | $ 16,078 | ||
Number of Operating Segments | segment | 3 | ||
Cost of sales | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Pre-tax restructuring and other action related charges | $ 58,267 | 38,355 | 54,970 |
Employee termination and other benefit costs incurred | 9,720 | ||
Other expense | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Pre-tax restructuring and other action related charges | 36 | 7,000 | |
Selling, general and administrative expenses | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Pre-tax restructuring and other action related charges | 5,219 | $ 41,843 | 108,082 |
Employee termination and other benefit costs incurred | 2,672 | ||
Change in fair value of contingent consideration | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Pre-tax restructuring and other action related charges | $ 27,852 | ||
Accrued liabilities and other | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Other Employee Related Liabilities | 6,051 | ||
Other noncurrent liabilities | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Other Employee Related Liabilities | $ 1,069 |
Business Segment Information _6
Business Segment Information - Additional Revenue Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 28, 2019 | Sep. 28, 2019 | Jun. 29, 2019 | Mar. 30, 2019 | Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Revenue from External Customer [Line Items] | |||||||||||
Worldwide sales by product category | $ 1,751,005 | $ 1,866,967 | $ 1,760,927 | $ 1,588,024 | $ 1,768,301 | $ 1,848,707 | $ 1,715,443 | $ 1,471,504 | $ 6,966,923 | $ 6,803,955 | $ 6,471,410 |
Innerwear Product Category | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Worldwide sales by product category | 4,120,284 | 4,253,338 | 4,257,877 | ||||||||
Activewear Product Category | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Worldwide sales by product category | $ 2,846,639 | $ 2,550,617 | $ 2,213,533 | ||||||||
Wal-Mart | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Percentage sales in the Innerwear and Activewear segments | 14.00% | 16.00% | 18.00% | ||||||||
Target | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Percentage sales in the Innerwear and Activewear segments | 11.00% | 12.00% | 13.00% |
Geographic Area Information - S
Geographic Area Information - Sales and Long Lived Assets by Geographical Area (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 28, 2019 | Sep. 28, 2019 | Jun. 29, 2019 | Mar. 30, 2019 | Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Property, net | $ 587,896 | $ 607,688 | $ 587,896 | $ 607,688 | $ 623,991 | ||||||
Net sales | 1,751,005 | $ 1,866,967 | $ 1,760,927 | $ 1,588,024 | 1,768,301 | $ 1,848,707 | $ 1,715,443 | $ 1,471,504 | 6,966,923 | 6,803,955 | 6,471,410 |
Americas | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Property, net | 383,219 | 402,370 | 383,219 | 402,370 | 413,900 | ||||||
Net sales | 4,659,772 | 4,658,346 | 4,620,931 | ||||||||
Asia Pacific | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Property, net | 104,041 | 104,305 | 104,041 | 104,305 | 102,430 | ||||||
Net sales | 1,247,989 | 1,129,605 | 909,539 | ||||||||
Europe | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Property, net | 99,560 | 99,835 | 99,560 | 99,835 | 105,825 | ||||||
Net sales | 1,023,639 | 987,016 | 914,415 | ||||||||
Other | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Property, net | $ 1,076 | $ 1,178 | 1,076 | 1,178 | 1,836 | ||||||
Net sales | $ 35,523 | $ 28,988 | $ 26,525 |
Revisions of Previously Issue_3
Revisions of Previously Issued Consolidated Financial Statements (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 28, 2019 | Sep. 28, 2019 | Jun. 29, 2019 | Mar. 30, 2019 | Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Income Statement [Abstract] | ||||||||||||||
Net sales | $ 1,751,005 | $ 1,866,967 | $ 1,760,927 | $ 1,588,024 | $ 1,768,301 | $ 1,848,707 | $ 1,715,443 | $ 1,471,504 | $ 6,966,923 | $ 6,803,955 | $ 6,471,410 | |||
Cost of sales | 1,044,262 | 1,149,934 | 1,085,404 | 967,993 | 1,064,144 | 1,136,872 | 1,056,312 | 893,408 | 4,247,593 | 4,150,736 | 3,981,959 | |||
Gross profit | 706,743 | 717,033 | 675,523 | 620,031 | 704,157 | 711,835 | 659,131 | 578,096 | 2,719,330 | 2,653,219 | 2,489,451 | |||
Selling, general and administrative expenses | 463,328 | 449,962 | 445,923 | 470,387 | 460,034 | 455,778 | 439,893 | 432,863 | 1,829,600 | 1,788,568 | 1,725,424 | |||
Operating profit | 243,415 | 267,071 | 229,600 | 149,644 | 244,123 | 256,057 | 219,238 | 145,233 | 889,730 | 864,651 | 736,175 | |||
Other expenses | 7,658 | 8,066 | 8,249 | 7,451 | 6,779 | 7,285 | 6,570 | 5,761 | 31,424 | 26,395 | 32,645 | |||
Interest expense, net | 40,907 | 43,091 | 46,522 | 48,059 | 47,687 | 52,795 | 48,430 | 45,763 | 178,579 | 194,675 | 174,435 | |||
Income from continuing operations before income tax expense | 194,850 | 215,914 | 174,829 | 94,134 | 189,657 | 195,977 | 164,238 | 93,709 | 679,727 | 643,581 | 529,095 | |||
Income tax expense | 9,864 | 30,823 | 25,274 | 13,046 | 39,629 | 25,168 | 24,211 | 14,907 | 79,007 | 103,915 | 453,117 | |||
Income from continuing operations | 600,720 | 539,666 | 75,978 | |||||||||||
Loss from discontinued operations, net of tax | 0 | 0 | (2,097) | |||||||||||
Net income | $ 184,986 | $ 185,091 | $ 149,555 | $ 81,088 | $ 150,028 | $ 170,809 | $ 140,027 | $ 78,802 | $ 600,720 | $ 539,666 | $ 73,881 | |||
Earnings (loss) per share — basic: | ||||||||||||||
Continuing operations | $ 1.65 | $ 1.48 | $ 0.21 | |||||||||||
Discontinued operations | 0 | 0 | (0.01) | |||||||||||
Net income | $ 0.51 | $ 0.51 | $ 0.41 | $ 0.22 | $ 0.41 | $ 0.47 | $ 0.39 | $ 0.22 | 1.65 | 1.48 | 0.20 | |||
Earnings (loss) per share — diluted: | ||||||||||||||
Continuing operations | 1.64 | 1.48 | 0.21 | |||||||||||
Discontinued operations | 0 | 0 | (0.01) | |||||||||||
Net income | $ 0.51 | $ 0.51 | $ 0.41 | $ 0.22 | $ 0.41 | $ 0.47 | $ 0.39 | $ 0.22 | $ 1.64 | $ 1.48 | $ 0.20 | |||
Other comprehensive income (loss): | ||||||||||||||
Net income | $ 184,986 | $ 185,091 | $ 149,555 | $ 81,088 | $ 150,028 | $ 170,809 | $ 140,027 | $ 78,802 | $ 600,720 | $ 539,666 | $ 73,881 | |||
Translation adjustments | (7,153) | (113,555) | 41,629 | |||||||||||
Unrealized gain (loss) on qualifying cash flow hedges, net of tax | (10,806) | 35,978 | (31,281) | |||||||||||
Unrecognized income (loss) from pension and postretirement plans, net of tax | 13,841 | (6,488) | ||||||||||||
Other Comprehensive Income (Loss) | (42,965) | (63,736) | 3,860 | |||||||||||
Comprehensive income | 145,758 | 144,748 | 87,952 | 133,584 | 156,865 | 118,172 | 67,309 | 557,755 | 475,930 | 77,741 | ||||
Assets | ||||||||||||||
Cash and cash equivalents | 328,876 | 433,022 | 328,876 | 433,022 | 421,566 | $ 328,876 | $ 433,022 | $ 421,566 | ||||||
Trade accounts receivable, net | 815,210 | 870,878 | ||||||||||||
Inventories | 1,905,845 | 2,056,838 | ||||||||||||
Other current assets | 174,634 | 181,377 | ||||||||||||
Total current assets | 3,224,565 | 3,542,115 | ||||||||||||
Property, Plant and Equipment, Net | 587,896 | 607,688 | 623,991 | |||||||||||
Trademarks and other identifiable intangibles, net | 1,520,800 | 1,555,381 | ||||||||||||
Goodwill | 1,235,711 | 1,241,727 | 1,167,007 | |||||||||||
Deferred tax assets | 203,331 | 207,449 | ||||||||||||
Other noncurrent assets | 93,896 | 83,880 | ||||||||||||
Total assets | 7,353,986 | 7,238,240 | ||||||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||
Accounts payable | 959,006 | 1,029,933 | ||||||||||||
Payroll and employee benefits | 159,058 | 147,418 | ||||||||||||
Advertising and promotion | 163,842 | 148,295 | ||||||||||||
Other | 208,284 | 273,884 | ||||||||||||
Notes payable | 4,244 | 5,824 | ||||||||||||
Accounts Receivable Securitization Facility | 0 | 161,608 | ||||||||||||
Current portion of long-term debt | 110,914 | 278,976 | ||||||||||||
Total current liabilities | 1,771,439 | 2,045,938 | ||||||||||||
Long-term debt | 3,256,870 | 3,534,183 | ||||||||||||
Pension and postretirement benefits | 403,458 | 378,972 | ||||||||||||
Other noncurrent liabilities | 327,343 | 407,021 | ||||||||||||
Total liabilities | 6,117,391 | 6,366,114 | ||||||||||||
Preferred Stock, Value, Issued | 0 | 0 | ||||||||||||
Common Stock, Value, Issued | 3,624 | 3,613 | ||||||||||||
Additional paid-in capital | 304,395 | 284,877 | ||||||||||||
Retained earnings | 1,546,224 | 1,079,503 | ||||||||||||
Accumulated other comprehensive loss | (617,648) | (495,867) | ||||||||||||
Total stockholders’ equity | 1,236,595 | 872,126 | 872,126 | 601,463 | 872,126 | 872,126 | 601,463 | 1,236,595 | 872,126 | 601,463 | ||||
Total liabilities and stockholders’ equity | $ 7,353,986 | 7,238,240 | ||||||||||||
Statement of Stockholders' Equity [Abstract] | ||||||||||||||
Beginning Balance | 872,126 | 601,463 | 872,126 | 601,463 | 1,120,113 | |||||||||
Net income | 184,986 | 185,091 | 149,555 | 81,088 | 150,028 | 170,809 | 140,027 | 78,802 | 600,720 | 539,666 | 73,881 | |||
Dividends ($0.60 per common share) | (219,371) | (218,694) | (222,290) | |||||||||||
Other Comprehensive Income (Loss) | (42,965) | (63,736) | 3,860 | |||||||||||
Stock-based compensation | 8,908 | 21,063 | 23,224 | |||||||||||
Net exercise of stock options, vesting of restricted stock units and other | (3,753) | (7,636) | 2,692 | |||||||||||
Stock repurchases | (400,017) | |||||||||||||
Ending Balance | 1,236,595 | 872,126 | 1,236,595 | 872,126 | 601,463 | |||||||||
Operating activities: | ||||||||||||||
Net income | 184,986 | 185,091 | 149,555 | 81,088 | 150,028 | 170,809 | 140,027 | 78,802 | 600,720 | 539,666 | 73,881 | |||
Adjustments to reconcile net income to net cash from operating activities: | ||||||||||||||
Depreciation | 96,030 | 95,359 | 87,595 | |||||||||||
Amortization of acquisition intangibles | 24,868 | 25,670 | 25,052 | |||||||||||
Other amortization | 10,069 | 10,767 | 9,840 | |||||||||||
Write-off on early extinguishment of debt | 0 | 0 | 4,028 | |||||||||||
Amortization of debt issuance costs | 10,731 | 9,278 | 10,394 | |||||||||||
Stock compensation expense | 9,277 | 21,416 | 23,582 | |||||||||||
Deferred taxes | 41,817 | 26,611 | 160,761 | |||||||||||
Change in fair value of contingent consideration | 0 | 0 | (27,852) | |||||||||||
Other | 5,033 | (1,134) | 8,543 | |||||||||||
Changes in assets and liabilities, net of acquisition and disposition of businesses: | ||||||||||||||
Accounts receivable | 45,157 | 10,269 | (31,656) | |||||||||||
Inventories | 147,330 | (202,019) | 23,748 | |||||||||||
Other assets | (6,597) | (7,585) | (22,159) | |||||||||||
Accounts payable | (67,390) | 165,788 | 71,806 | |||||||||||
Accrued pension and postretirement benefits | (9,843) | (5,024) | 19,042 | |||||||||||
Accrued liabilities and other | (103,770) | (45,660) | 163,409 | |||||||||||
Net cash from operating activities | 803,432 | 643,402 | 655,718 | |||||||||||
Investing activities: | ||||||||||||||
Capital expenditures | (101,084) | (86,293) | (87,008) | |||||||||||
Proceeds from sales of assets | 4,884 | 2,557 | 4,459 | |||||||||||
Acquisition of businesses, net of cash acquired | (25,232) | (334,915) | (62,249) | |||||||||||
Disposition of businesses | 0 | 0 | 40,285 | |||||||||||
Net cash from investing activities | (109,660) | (418,651) | (104,513) | |||||||||||
Financing activities: | ||||||||||||||
Borrowings on notes payable | 341,117 | 278,147 | 278,489 | |||||||||||
Repayments on notes payable | (342,576) | (286,591) | (327,615) | |||||||||||
Borrowings on Accounts Receivable Securitization Facility | 246,417 | 213,336 | 373,640 | |||||||||||
Repayments on Accounts Receivable Securitization Facility | (408,025) | (176,937) | (292,952) | |||||||||||
Borrowings on Revolving Loan Facilities | 3,198,277 | 3,546,360 | 4,161,799 | |||||||||||
Repayments on Revolving Loan Facilities | (3,199,592) | (3,506,500) | (4,153,000) | |||||||||||
Borrowings on Term Loan Facilities | 0 | 0 | 1,250,000 | |||||||||||
Repayments on Term Loan Facilities | (413,498) | (31,875) | (1,145,215) | |||||||||||
Repayments on International Debt | (48,327) | (1,105) | (45,072) | |||||||||||
Share repurchases | 0 | 0 | (400,017) | |||||||||||
Cash dividends paid | (216,958) | (216,316) | (219,903) | |||||||||||
Payments to amend and refinance credit facilities | (1,203) | (677) | (9,122) | |||||||||||
Payment of contingent consideration | 0 | (3,540) | (41,250) | |||||||||||
Taxes paid related to net shares settlement of equity awards | (9,543) | (12,715) | (15,463) | |||||||||||
Other | 2,221 | (2,084) | (87) | |||||||||||
Net cash from financing activities | (824,010) | (200,497) | (585,768) | |||||||||||
Effect of changes in foreign exchange rates on cash | 4,429 | 9,912 | (4,116) | |||||||||||
Change in cash, cash equivalents and restricted cash | (125,809) | 34,166 | (38,679) | |||||||||||
Cash, cash equivalents and restricted cash at beginning of year | 455,732 | 421,566 | 455,732 | 421,566 | 460,245 | |||||||||
Cash, cash equivalents and restricted cash at end of year | 329,923 | 455,732 | 329,923 | 455,732 | 421,566 | |||||||||
Less restricted cash at end of year | 1,047 | 22,710 | 1,047 | 22,710 | 0 | |||||||||
Cash and cash equivalents per balance sheet at end of year | $ 328,876 | 433,022 | 328,876 | 433,022 | 421,566 | |||||||||
As Previously Reported | ||||||||||||||
Income Statement [Abstract] | ||||||||||||||
Net sales | 1,866,967 | 1,760,927 | 1,588,024 | 1,768,301 | 1,848,707 | 1,715,443 | 1,471,504 | 6,803,955 | 6,471,410 | |||||
Cost of sales | 1,154,629 | 1,086,248 | 967,148 | 1,063,326 | 1,136,040 | 1,055,487 | 892,583 | 4,147,436 | 3,980,859 | |||||
Gross profit | 712,338 | 674,679 | 620,876 | 704,975 | 712,667 | 659,956 | 578,921 | 2,656,519 | 2,490,551 | |||||
Selling, general and administrative expenses | 442,582 | 440,662 | 472,838 | 460,034 | 455,778 | 439,893 | 432,863 | 1,788,568 | 1,718,349 | |||||
Operating profit | 269,756 | 234,017 | 148,038 | 244,941 | 256,889 | 220,063 | 146,058 | 867,951 | 744,350 | |||||
Other expenses | 8,066 | 8,249 | 7,451 | 6,779 | 7,285 | 6,570 | 5,761 | 26,395 | 32,645 | |||||
Interest expense, net | 43,091 | 46,522 | 48,059 | 47,687 | 52,795 | 48,430 | 45,763 | 194,675 | 174,435 | |||||
Income from continuing operations before income tax expense | 218,599 | 179,246 | 92,528 | 190,475 | 196,809 | 165,063 | 94,534 | 646,881 | 537,270 | |||||
Income tax expense | 30,823 | 25,274 | 13,046 | 28,854 | 25,388 | 24,430 | 15,125 | 93,797 | 473,279 | |||||
Income from continuing operations | 63,991 | |||||||||||||
Loss from discontinued operations, net of tax | (2,097) | |||||||||||||
Net income | $ 187,776 | $ 153,972 | $ 79,482 | $ 161,621 | $ 171,421 | $ 140,633 | $ 79,409 | $ 553,084 | $ 61,894 | |||||
Earnings (loss) per share — basic: | ||||||||||||||
Continuing operations | $ 1.52 | $ 0.17 | ||||||||||||
Discontinued operations | (0.01) | |||||||||||||
Net income | $ 0.51 | $ 0.42 | $ 0.22 | $ 0.44 | $ 0.47 | $ 0.39 | $ 0.22 | 0.17 | ||||||
Earnings (loss) per share — diluted: | ||||||||||||||
Continuing operations | $ 1.52 | 0.17 | ||||||||||||
Discontinued operations | (0.01) | |||||||||||||
Net income | $ 0.51 | $ 0.42 | $ 0.22 | $ 0.44 | $ 0.47 | $ 0.39 | $ 0.22 | $ 0.17 | ||||||
Other comprehensive income (loss): | ||||||||||||||
Net income | $ 187,776 | $ 153,972 | $ 79,482 | $ 161,621 | $ 171,421 | $ 140,633 | $ 79,409 | $ 553,084 | $ 61,894 | |||||
Translation adjustments | (113,555) | 34,554 | ||||||||||||
Unrealized gain (loss) on qualifying cash flow hedges, net of tax | 35,978 | (31,281) | ||||||||||||
Unrecognized income (loss) from pension and postretirement plans, net of tax | 13,841 | (6,488) | ||||||||||||
Other Comprehensive Income (Loss) | (63,736) | (3,215) | ||||||||||||
Comprehensive income | 148,443 | 149,165 | 93,421 | 145,177 | 157,477 | 118,778 | 67,916 | 489,348 | 58,679 | |||||
Assets | ||||||||||||||
Cash and cash equivalents | 433,022 | 433,022 | 421,566 | 433,022 | 421,566 | |||||||||
Trade accounts receivable, net | 870,878 | |||||||||||||
Inventories | 2,054,458 | |||||||||||||
Other current assets | 159,231 | |||||||||||||
Total current assets | 3,517,589 | |||||||||||||
Property, Plant and Equipment, Net | 607,688 | |||||||||||||
Trademarks and other identifiable intangibles, net | 1,555,381 | |||||||||||||
Goodwill | 1,241,727 | |||||||||||||
Deferred tax assets | 249,693 | |||||||||||||
Other noncurrent assets | 83,880 | |||||||||||||
Total assets | 7,255,958 | |||||||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||
Accounts payable | 1,029,933 | |||||||||||||
Payroll and employee benefits | 147,418 | |||||||||||||
Advertising and promotion | 148,295 | |||||||||||||
Other | 258,188 | |||||||||||||
Notes payable | 5,824 | |||||||||||||
Accounts Receivable Securitization Facility | 161,608 | |||||||||||||
Current portion of long-term debt | 278,976 | |||||||||||||
Total current liabilities | 2,030,242 | |||||||||||||
Long-term debt | 3,534,183 | |||||||||||||
Pension and postretirement benefits | 378,972 | |||||||||||||
Other noncurrent liabilities | 342,278 | |||||||||||||
Total liabilities | 6,285,675 | |||||||||||||
Preferred Stock, Value, Issued | 0 | |||||||||||||
Common Stock, Value, Issued | 3,613 | |||||||||||||
Additional paid-in capital | 284,877 | |||||||||||||
Retained earnings | 1,184,735 | |||||||||||||
Accumulated other comprehensive loss | (502,942) | |||||||||||||
Total stockholders’ equity | 970,283 | 970,283 | 686,202 | 970,283 | 686,202 | 686,202 | 970,283 | 686,202 | ||||||
Total liabilities and stockholders’ equity | 7,255,958 | |||||||||||||
Statement of Stockholders' Equity [Abstract] | ||||||||||||||
Beginning Balance | 970,283 | 686,202 | 970,283 | 686,202 | 1,223,914 | |||||||||
Net income | 187,776 | 153,972 | 79,482 | 161,621 | 171,421 | 140,633 | 79,409 | 553,084 | 61,894 | |||||
Dividends ($0.60 per common share) | (218,694) | (222,290) | ||||||||||||
Other Comprehensive Income (Loss) | (63,736) | (3,215) | ||||||||||||
Stock-based compensation | 21,063 | 23,224 | ||||||||||||
Net exercise of stock options, vesting of restricted stock units and other | (7,636) | 2,692 | ||||||||||||
Stock repurchases | (400,017) | |||||||||||||
Ending Balance | 970,283 | 970,283 | 686,202 | |||||||||||
Operating activities: | ||||||||||||||
Net income | 187,776 | 153,972 | 79,482 | 161,621 | 171,421 | 140,633 | 79,409 | 553,084 | 61,894 | |||||
Adjustments to reconcile net income to net cash from operating activities: | ||||||||||||||
Depreciation | 95,359 | 87,595 | ||||||||||||
Amortization of acquisition intangibles | 25,670 | 25,052 | ||||||||||||
Other amortization | 10,767 | 9,840 | ||||||||||||
Write-off on early extinguishment of debt | 4,028 | |||||||||||||
Amortization of debt issuance costs | 9,278 | 10,394 | ||||||||||||
Stock compensation expense | 21,416 | 23,582 | ||||||||||||
Deferred taxes | 22,146 | 239,068 | ||||||||||||
Change in fair value of contingent consideration | (27,852) | |||||||||||||
Other | (1,134) | 1,468 | ||||||||||||
Changes in assets and liabilities, net of acquisition and disposition of businesses: | ||||||||||||||
Accounts receivable | 10,269 | (31,656) | ||||||||||||
Inventories | (205,319) | 22,648 | ||||||||||||
Other assets | (4) | (28,346) | ||||||||||||
Accounts payable | 165,788 | 71,806 | ||||||||||||
Accrued pension and postretirement benefits | (5,024) | 19,042 | ||||||||||||
Accrued liabilities and other | (58,894) | 111,451 | ||||||||||||
Net cash from operating activities | 643,402 | 655,718 | ||||||||||||
Investing activities: | ||||||||||||||
Capital expenditures | (86,293) | (87,008) | ||||||||||||
Proceeds from sales of assets | 2,557 | 4,459 | ||||||||||||
Acquisition of businesses, net of cash acquired | (334,915) | (62,249) | ||||||||||||
Disposition of businesses | 40,285 | |||||||||||||
Net cash from investing activities | (418,651) | (104,513) | ||||||||||||
Financing activities: | ||||||||||||||
Borrowings on notes payable | 278,147 | 278,489 | ||||||||||||
Repayments on notes payable | (286,591) | (327,615) | ||||||||||||
Borrowings on Accounts Receivable Securitization Facility | 213,336 | 373,640 | ||||||||||||
Repayments on Accounts Receivable Securitization Facility | (176,937) | (292,952) | ||||||||||||
Borrowings on Revolving Loan Facilities | 3,546,360 | 4,161,799 | ||||||||||||
Repayments on Revolving Loan Facilities | (3,506,500) | (4,153,000) | ||||||||||||
Borrowings on Term Loan Facilities | 1,250,000 | |||||||||||||
Repayments on Term Loan Facilities | (31,875) | (1,145,215) | ||||||||||||
Repayments on International Debt | (1,105) | (45,072) | ||||||||||||
Share repurchases | (400,017) | |||||||||||||
Cash dividends paid | (216,316) | (219,903) | ||||||||||||
Payments to amend and refinance credit facilities | (677) | (9,122) | ||||||||||||
Payment of contingent consideration | (3,540) | (41,250) | ||||||||||||
Taxes paid related to net shares settlement of equity awards | (12,715) | (15,463) | ||||||||||||
Other | (2,084) | (87) | ||||||||||||
Net cash from financing activities | (200,497) | (585,768) | ||||||||||||
Effect of changes in foreign exchange rates on cash | 9,912 | (4,116) | ||||||||||||
Change in cash, cash equivalents and restricted cash | 34,166 | (38,679) | ||||||||||||
Cash, cash equivalents and restricted cash at beginning of year | 455,732 | 421,566 | 455,732 | 421,566 | 460,245 | |||||||||
Cash, cash equivalents and restricted cash at end of year | 455,732 | 455,732 | 421,566 | |||||||||||
Less restricted cash at end of year | 22,710 | 22,710 | 0 | |||||||||||
Cash and cash equivalents per balance sheet at end of year | 433,022 | 433,022 | 421,566 | |||||||||||
Adjustments | ||||||||||||||
Income Statement [Abstract] | ||||||||||||||
Net sales | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Cost of sales | (4,695) | (844) | 845 | 818 | 832 | 825 | 825 | 3,300 | 1,100 | |||||
Gross profit | 4,695 | 844 | (845) | (818) | (832) | (825) | (825) | (3,300) | (1,100) | |||||
Selling, general and administrative expenses | 7,380 | 5,261 | (2,451) | 0 | 0 | 0 | 0 | 0 | 7,075 | |||||
Operating profit | (2,685) | (4,417) | 1,606 | (818) | (832) | (825) | (825) | (3,300) | (8,175) | |||||
Other expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Interest expense, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Income from continuing operations before income tax expense | (2,685) | (4,417) | 1,606 | (818) | (832) | (825) | (825) | (3,300) | (8,175) | |||||
Income tax expense | 0 | 0 | 0 | 10,775 | (220) | (219) | (218) | 10,118 | (20,162) | |||||
Income from continuing operations | 11,987 | |||||||||||||
Loss from discontinued operations, net of tax | 0 | |||||||||||||
Net income | $ (2,685) | $ (4,417) | $ 1,606 | $ (11,593) | $ (612) | $ (606) | $ (607) | $ (13,418) | $ 11,987 | |||||
Earnings (loss) per share — basic: | ||||||||||||||
Continuing operations | $ (0.04) | $ 0.03 | ||||||||||||
Discontinued operations | 0 | |||||||||||||
Net income | $ (0.01) | $ (0.01) | $ 0 | $ (0.03) | $ 0 | $ 0 | $ 0 | 0.03 | ||||||
Earnings (loss) per share — diluted: | ||||||||||||||
Continuing operations | $ (0.04) | 0.03 | ||||||||||||
Discontinued operations | 0 | |||||||||||||
Net income | $ (0.01) | $ (0.01) | $ 0 | $ (0.03) | $ 0 | $ 0 | $ 0 | $ 0.03 | ||||||
Other comprehensive income (loss): | ||||||||||||||
Net income | $ (2,685) | $ (4,417) | $ 1,606 | $ (11,593) | $ (612) | $ (606) | $ (607) | $ (13,418) | $ 11,987 | |||||
Translation adjustments | 0 | 7,075 | ||||||||||||
Unrealized gain (loss) on qualifying cash flow hedges, net of tax | 0 | 0 | ||||||||||||
Unrecognized income (loss) from pension and postretirement plans, net of tax | 0 | 0 | ||||||||||||
Other Comprehensive Income (Loss) | 0 | 7,075 | ||||||||||||
Comprehensive income | (2,685) | (4,417) | (5,469) | (11,593) | (612) | (606) | (607) | (13,418) | 19,062 | |||||
Assets | ||||||||||||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | 0 | |||||||||
Trade accounts receivable, net | 0 | |||||||||||||
Inventories | 2,380 | |||||||||||||
Other current assets | 22,146 | |||||||||||||
Total current assets | 24,526 | |||||||||||||
Property, Plant and Equipment, Net | 0 | |||||||||||||
Trademarks and other identifiable intangibles, net | 0 | |||||||||||||
Goodwill | 0 | |||||||||||||
Deferred tax assets | (42,244) | |||||||||||||
Other noncurrent assets | 0 | |||||||||||||
Total assets | (17,718) | |||||||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||
Accounts payable | 0 | |||||||||||||
Payroll and employee benefits | 0 | |||||||||||||
Advertising and promotion | 0 | |||||||||||||
Other | 15,696 | |||||||||||||
Notes payable | 0 | |||||||||||||
Accounts Receivable Securitization Facility | 0 | |||||||||||||
Current portion of long-term debt | 0 | |||||||||||||
Total current liabilities | 15,696 | |||||||||||||
Long-term debt | 0 | |||||||||||||
Pension and postretirement benefits | 0 | |||||||||||||
Other noncurrent liabilities | 64,743 | |||||||||||||
Total liabilities | 80,439 | |||||||||||||
Preferred Stock, Value, Issued | 0 | |||||||||||||
Common Stock, Value, Issued | 0 | |||||||||||||
Additional paid-in capital | 0 | |||||||||||||
Retained earnings | (105,232) | |||||||||||||
Accumulated other comprehensive loss | 7,075 | |||||||||||||
Total stockholders’ equity | (98,157) | (98,157) | (84,739) | (98,157) | (98,157) | (84,739) | (98,157) | $ (84,739) | ||||||
Total liabilities and stockholders’ equity | $ (17,718) | |||||||||||||
Statement of Stockholders' Equity [Abstract] | ||||||||||||||
Beginning Balance | (98,157) | (84,739) | (98,157) | (84,739) | (103,801) | |||||||||
Net income | (2,685) | (4,417) | 1,606 | (11,593) | (612) | (606) | (607) | (13,418) | 11,987 | |||||
Dividends ($0.60 per common share) | 0 | 0 | ||||||||||||
Other Comprehensive Income (Loss) | 0 | 7,075 | ||||||||||||
Stock-based compensation | 0 | 0 | ||||||||||||
Net exercise of stock options, vesting of restricted stock units and other | 0 | 0 | ||||||||||||
Stock repurchases | 0 | |||||||||||||
Ending Balance | (98,157) | (98,157) | (84,739) | |||||||||||
Operating activities: | ||||||||||||||
Net income | $ (2,685) | $ (4,417) | 1,606 | (11,593) | $ (612) | $ (606) | (607) | (13,418) | 11,987 | |||||
Adjustments to reconcile net income to net cash from operating activities: | ||||||||||||||
Depreciation | 0 | 0 | ||||||||||||
Amortization of acquisition intangibles | 0 | 0 | ||||||||||||
Other amortization | 0 | 0 | ||||||||||||
Write-off on early extinguishment of debt | 0 | |||||||||||||
Amortization of debt issuance costs | 0 | 0 | ||||||||||||
Stock compensation expense | 0 | 0 | ||||||||||||
Deferred taxes | 4,465 | (78,307) | ||||||||||||
Change in fair value of contingent consideration | 0 | |||||||||||||
Other | 0 | 7,075 | ||||||||||||
Changes in assets and liabilities, net of acquisition and disposition of businesses: | ||||||||||||||
Accounts receivable | 0 | 0 | ||||||||||||
Inventories | 3,300 | 1,100 | ||||||||||||
Other assets | (7,581) | 6,187 | ||||||||||||
Accounts payable | 0 | 0 | ||||||||||||
Accrued pension and postretirement benefits | 0 | 0 | ||||||||||||
Accrued liabilities and other | 13,234 | 51,958 | ||||||||||||
Net cash from operating activities | 0 | 0 | ||||||||||||
Investing activities: | ||||||||||||||
Capital expenditures | 0 | 0 | ||||||||||||
Proceeds from sales of assets | 0 | 0 | ||||||||||||
Acquisition of businesses, net of cash acquired | 0 | 0 | ||||||||||||
Disposition of businesses | 0 | |||||||||||||
Net cash from investing activities | 0 | 0 | ||||||||||||
Financing activities: | ||||||||||||||
Borrowings on notes payable | 0 | 0 | ||||||||||||
Repayments on notes payable | 0 | 0 | ||||||||||||
Borrowings on Accounts Receivable Securitization Facility | 0 | 0 | ||||||||||||
Repayments on Accounts Receivable Securitization Facility | 0 | 0 | ||||||||||||
Borrowings on Revolving Loan Facilities | 0 | 0 | ||||||||||||
Repayments on Revolving Loan Facilities | 0 | 0 | ||||||||||||
Borrowings on Term Loan Facilities | 0 | |||||||||||||
Repayments on Term Loan Facilities | 0 | 0 | ||||||||||||
Repayments on International Debt | 0 | 0 | ||||||||||||
Share repurchases | 0 | |||||||||||||
Cash dividends paid | 0 | 0 | ||||||||||||
Payments to amend and refinance credit facilities | 0 | 0 | ||||||||||||
Payment of contingent consideration | 0 | 0 | ||||||||||||
Taxes paid related to net shares settlement of equity awards | 0 | 0 | ||||||||||||
Other | 0 | 0 | ||||||||||||
Net cash from financing activities | 0 | 0 | ||||||||||||
Effect of changes in foreign exchange rates on cash | 0 | 0 | ||||||||||||
Change in cash, cash equivalents and restricted cash | 0 | 0 | ||||||||||||
Cash, cash equivalents and restricted cash at beginning of year | $ 0 | $ 0 | $ 0 | 0 | 0 | |||||||||
Cash, cash equivalents and restricted cash at end of year | 0 | 0 | 0 | |||||||||||
Less restricted cash at end of year | 0 | 0 | 0 | |||||||||||
Cash and cash equivalents per balance sheet at end of year | $ 0 | $ 0 | $ 0 |
Quarterly Financial Data - Quar
Quarterly Financial Data - Quarterly Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 28, 2019 | Sep. 28, 2019 | Jun. 29, 2019 | Mar. 30, 2019 | Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Income Statement [Abstract] | |||||||||||
Net sales | $ 1,751,005 | $ 1,866,967 | $ 1,760,927 | $ 1,588,024 | $ 1,768,301 | $ 1,848,707 | $ 1,715,443 | $ 1,471,504 | $ 6,966,923 | $ 6,803,955 | $ 6,471,410 |
Cost of sales | 1,044,262 | 1,149,934 | 1,085,404 | 967,993 | 1,064,144 | 1,136,872 | 1,056,312 | 893,408 | 4,247,593 | 4,150,736 | 3,981,959 |
Gross profit | 706,743 | 717,033 | 675,523 | 620,031 | 704,157 | 711,835 | 659,131 | 578,096 | 2,719,330 | 2,653,219 | 2,489,451 |
Selling, general and administrative expenses | 463,328 | 449,962 | 445,923 | 470,387 | 460,034 | 455,778 | 439,893 | 432,863 | 1,829,600 | 1,788,568 | 1,725,424 |
Operating profit | 243,415 | 267,071 | 229,600 | 149,644 | 244,123 | 256,057 | 219,238 | 145,233 | 889,730 | 864,651 | 736,175 |
Other expenses | 7,658 | 8,066 | 8,249 | 7,451 | 6,779 | 7,285 | 6,570 | 5,761 | 31,424 | 26,395 | 32,645 |
Interest expense, net | 40,907 | 43,091 | 46,522 | 48,059 | 47,687 | 52,795 | 48,430 | 45,763 | 178,579 | 194,675 | 174,435 |
Income before income tax expense | 194,850 | 215,914 | 174,829 | 94,134 | 189,657 | 195,977 | 164,238 | 93,709 | 679,727 | 643,581 | 529,095 |
Income tax expense | 9,864 | 30,823 | 25,274 | 13,046 | 39,629 | 25,168 | 24,211 | 14,907 | 79,007 | 103,915 | 453,117 |
Net income | $ 184,986 | 185,091 | 149,555 | 81,088 | 150,028 | 170,809 | 140,027 | 78,802 | 600,720 | 539,666 | 73,881 |
Consolidated Statements of Comprehensive Income [Abstract] | |||||||||||
Comprehensive income | $ 145,758 | $ 144,748 | $ 87,952 | $ 133,584 | $ 156,865 | $ 118,172 | $ 67,309 | $ 557,755 | $ 475,930 | $ 77,741 | |
Earnings (loss) per share: | |||||||||||
Basic | $ 0.51 | $ 0.51 | $ 0.41 | $ 0.22 | $ 0.41 | $ 0.47 | $ 0.39 | $ 0.22 | $ 1.65 | $ 1.48 | $ 0.20 |
Diluted | $ 0.51 | $ 0.51 | $ 0.41 | $ 0.22 | $ 0.41 | $ 0.47 | $ 0.39 | $ 0.22 | $ 1.64 | $ 1.48 | $ 0.20 |
As Previously Reported | |||||||||||
Income Statement [Abstract] | |||||||||||
Net sales | $ 1,866,967 | $ 1,760,927 | $ 1,588,024 | $ 1,768,301 | $ 1,848,707 | $ 1,715,443 | $ 1,471,504 | $ 6,803,955 | $ 6,471,410 | ||
Cost of sales | 1,154,629 | 1,086,248 | 967,148 | 1,063,326 | 1,136,040 | 1,055,487 | 892,583 | 4,147,436 | 3,980,859 | ||
Gross profit | 712,338 | 674,679 | 620,876 | 704,975 | 712,667 | 659,956 | 578,921 | 2,656,519 | 2,490,551 | ||
Selling, general and administrative expenses | 442,582 | 440,662 | 472,838 | 460,034 | 455,778 | 439,893 | 432,863 | 1,788,568 | 1,718,349 | ||
Operating profit | 269,756 | 234,017 | 148,038 | 244,941 | 256,889 | 220,063 | 146,058 | 867,951 | 744,350 | ||
Other expenses | 8,066 | 8,249 | 7,451 | 6,779 | 7,285 | 6,570 | 5,761 | 26,395 | 32,645 | ||
Interest expense, net | 43,091 | 46,522 | 48,059 | 47,687 | 52,795 | 48,430 | 45,763 | 194,675 | 174,435 | ||
Income before income tax expense | 218,599 | 179,246 | 92,528 | 190,475 | 196,809 | 165,063 | 94,534 | 646,881 | 537,270 | ||
Income tax expense | 30,823 | 25,274 | 13,046 | 28,854 | 25,388 | 24,430 | 15,125 | 93,797 | 473,279 | ||
Net income | 187,776 | 153,972 | 79,482 | 161,621 | 171,421 | 140,633 | 79,409 | 553,084 | 61,894 | ||
Consolidated Statements of Comprehensive Income [Abstract] | |||||||||||
Comprehensive income | $ 148,443 | $ 149,165 | $ 93,421 | $ 145,177 | $ 157,477 | $ 118,778 | $ 67,916 | 489,348 | $ 58,679 | ||
Earnings (loss) per share: | |||||||||||
Basic | $ 0.51 | $ 0.42 | $ 0.22 | $ 0.44 | $ 0.47 | $ 0.39 | $ 0.22 | $ 0.17 | |||
Diluted | $ 0.51 | $ 0.42 | $ 0.22 | $ 0.44 | $ 0.47 | $ 0.39 | $ 0.22 | $ 0.17 | |||
Adjustments | |||||||||||
Income Statement [Abstract] | |||||||||||
Net sales | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | 0 | $ 0 | ||
Cost of sales | (4,695) | (844) | 845 | 818 | 832 | 825 | 825 | 3,300 | 1,100 | ||
Gross profit | 4,695 | 844 | (845) | (818) | (832) | (825) | (825) | (3,300) | (1,100) | ||
Selling, general and administrative expenses | 7,380 | 5,261 | (2,451) | 0 | 0 | 0 | 0 | 0 | 7,075 | ||
Operating profit | (2,685) | (4,417) | 1,606 | (818) | (832) | (825) | (825) | (3,300) | (8,175) | ||
Other expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Interest expense, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Income before income tax expense | (2,685) | (4,417) | 1,606 | (818) | (832) | (825) | (825) | (3,300) | (8,175) | ||
Income tax expense | 0 | 0 | 0 | 10,775 | (220) | (219) | (218) | 10,118 | (20,162) | ||
Net income | (2,685) | (4,417) | 1,606 | (11,593) | (612) | (606) | (607) | (13,418) | 11,987 | ||
Consolidated Statements of Comprehensive Income [Abstract] | |||||||||||
Comprehensive income | $ (2,685) | $ (4,417) | $ (5,469) | $ (11,593) | $ (612) | $ (606) | $ (607) | $ (13,418) | $ 19,062 | ||
Earnings (loss) per share: | |||||||||||
Basic | $ (0.01) | $ (0.01) | $ 0 | $ (0.03) | $ 0 | $ 0 | $ 0 | $ 0.03 | |||
Diluted | $ (0.01) | $ (0.01) | $ 0 | $ (0.03) | $ 0 | $ 0 | $ 0 | $ 0.03 |