e11vk
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
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ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 |
For the fiscal year ended December 31, 2008
or
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TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 |
For the transition period from to
Commission file number: 333-137143
Full title of the plan and the address of the plan, if different from that of the issuer named below:
Hanesbrands Inc. Hourly Retirement Savings Plan of Puerto Rico
Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:
Hanesbrands Inc.
1000 East Hanes Mill Road
Winston-Salem, North Carolina 27105
TABLE OF CONTENTS
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2 |
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Financial Statements |
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3 |
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4 |
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5 |
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Supplemental Schedule |
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EX-23.1 |
Note: Other schedules required by Section 2520.103-10 of the Department of Labors Rules and
Regulations For Reporting and Disclosure under the Employee Retirement Income Security Act of 1974
(ERISA) have been omitted because they are not applicable.
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the
Hanesbrands Inc. Employee Benefits Administrative Committee of the
Hanesbrands Inc. Hourly Retirement Savings Plan of Puerto Rico
We have audited the accompanying statements of net assets available for benefits of the Hanesbrands
Inc. Hourly Retirement Savings Plan of Puerto Rico as of December 31, 2008 and 2007, and the
related statements of changes in net assets available for benefits for the years then ended. These
financial statements are the responsibility of the Plans management. Our responsibility is to
express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight
Board (United States). Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement. The
Plan is not required to have, nor were we engaged to perform an audit of its internal control over
financial reporting. Our audit included consideration of internal control over financial reporting
as a basis for designing audit procedures that are appropriate in the circumstances, but not for
the purpose of expressing an opinion on the effectiveness of the Plans internal control over
financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on
a test basis, evidence supporting the amounts and disclosures in the financial statements,
assessing the accounting principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material
respects, the net assets available for benefits of the Hanesbrands Inc. Hourly Retirement Savings
Plan of Puerto Rico as of December 31, 2008 and 2007, and the changes in net assets available for
benefits for the years then ended, in conformity with accounting principles generally accepted in
the United States of America.
Our audit was conducted for the purpose of forming an opinion on the basic financial statements
taken as a whole. The supplemental schedule of delinquent deposits of participant contributions is
presented for purposes of additional analysis and is not a required part of the basic financial
statements, but is supplementary information required by the Department of Labors Rules and
Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974.
This supplemental schedule has been subjected to the auditing procedures applied in the audit of
the basic financial statements and, in our opinion, is fairly stated in all material respects in
relation to the basic financial statements taken as a whole.
/s/ Grant
Thornton LLP
Greensboro, North Carolina
July 7, 2009
2
Hanesbrands Inc. Hourly Retirement
Savings Plan of Puerto Rico
Statements of Net Assets Available for Benefits
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December 31, |
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December 31, |
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2008 |
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2007 |
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Assets |
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Investment |
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Plan interest in Hanesbrands Inc. Master
Investment Trust for Defined Contribution
Plans at fair value |
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$ |
1,423,153 |
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$ |
1,788,205 |
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Receivables |
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Participant contribution receivable |
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1,158 |
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Company-match contribution receivable |
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1,307 |
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14,453 |
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Discretionary Company contribution receivable |
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131,825 |
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138,894 |
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Receivable due from Hanesbrands Inc.
Salaried Retirement Savings Plan of Puerto
Rico |
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14,806 |
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149,096 |
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153,347 |
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Net Assets Available for Benefits at Fair Value |
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1,572,249 |
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1,941,552 |
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Adjustment from fair value to contract value for
interest in fully benefit-responsive investment
contracts |
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38,903 |
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(9,903 |
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Net Assets Available for Benefits |
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$ |
1,611,152 |
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$ |
1,931,649 |
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The accompanying notes are an integral part of these financial statements.
3
Hanesbrands Inc. Hourly Retirement
Savings Plan of Puerto Rico
Statements of Changes in Net Assets Available for Benefits
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Year Ended |
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Year Ended |
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December 31, |
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December 31, |
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2008 |
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2007 |
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Investment income (loss) |
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Plan interest in Hanesbrands
Inc. Master Investment Trust
for Defined Contribution
Plans net investment income
(loss) |
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$ |
(18,127 |
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$ |
122,968 |
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Contributions |
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Company |
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186,998 |
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233,291 |
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Participants |
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87,568 |
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138,017 |
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Total contributions |
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274,566 |
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371,308 |
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Benefits paid to participants |
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(576,936 |
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(1,652,997 |
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Net decrease |
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(320,497 |
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(1,158,721 |
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Net assets available for benefits |
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Beginning of year |
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1,931,649 |
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3,090,370 |
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End of year |
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$ |
1,611,152 |
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$ |
1,931,649 |
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The accompanying notes are an integral part of these financial statements.
4
Hanesbrands Inc. Hourly Retirement Savings Plan of Puerto Rico
Notes to Financial Statements
December 31, 2008 and 2007
NOTE A DESCRIPTION OF PLAN
The following brief description of the Hanesbrands Inc. Hourly Retirement Savings Plan of Puerto
Rico (the Plan) is provided for general information purposes only. Participants should refer to
the Plan document for a more complete description of the Plans provisions.
General
The Plan is a defined contribution plan covering eligible hourly employees of participating
divisions and subsidiaries of Hanesbrands Inc. (the Company), located in Puerto Rico, who have
attained the age of 21 and completed 90 days of credited service, as defined in the Plan document;
bargaining unit employees are covered, however, only if the applicable collective bargaining
agreement provides for their participation in the Plan. The Plan is subject to the provisions of
the Employee Retirement Income Security Act of 1974, as amended (ERISA).
As a result of its consolidation and globalization strategy, the Company has closed certain
manufacturing facilities and distribution centers and eliminated certain positions, including
positions of some participants in the Plan. The number of Plan
participants terminated in 2007
caused the Plan to experience a partial plan termination event in that year. As a result,
participants who were not 100% vested in their benefits and whose employment terminated during 2007
became entitled to be fully vested in their Company contributions. In
addition, the Plan administrator determined that a partial plan
termination occurred due to the Companys consolidation and
globalization strategy so that any participants terminated as a
result of that strategy are entitled to be fully vested in any Company contributions in which they
were not already 100% vested at the time of termination.
Contributions
Eligible employees can contribute between 1% and 10% of their pre-tax compensation, as defined in
the Plan document. Contributions are subject to certain limitations under the Internal Revenue Code
(IRC) and the Puerto Rico Internal Revenue Code of 1994 (PRIRC).
The Company will contribute an amount equal to 100% of the portion of a participants pre-tax
contributions that does not exceed 2% of a participants eligible compensation subject to certain
limitations defined in the Plan document. The Company may also make a discretionary Company
contribution in the amount of 2% of a participants eligible compensation. For the years ended
December 31, 2008 and 2007, the total discretionary Company contribution was $131,825 and $138,894,
respectively.
Participant Accounts
Individual accounts are maintained for each of the Plans participants to reflect Company
contributions, the participants contributions and any rollover contributions, as well as the
participants related share of the Plans income and losses. Allocations of income and losses are
made within each separate investment fund in proportion to each participants investment in those
funds.
Vesting
Participants contributions and amounts received as Company matching and rollover contributions are
100% vested at all times. Vesting in the annual discretionary Company contributions is 100% after
completing three years of service (five years of service for employees terminated prior to January
1, 2007), or in the case of termination due to death, disability or normal retirement without
regard to years of service.
5
Hanesbrands Inc. Hourly Retirement Savings Plan of Puerto Rico
Notes to Financial Statements
December 31, 2008 and 2007 Continued
Investment Options
Participants may direct their total account balances among the various investment options currently
available through the Plan in 10% increments. During the periods presented, participants were
permitted to change their investment elections quarterly.
Forfeitures
If a participant terminates employment for reasons other than death, disability or normal
retirement age before any amounts received as annual discretionary Company contributions are
vested, the unvested amount is forfeited. Forfeited balances shall first be allocated to
participants who are reemployed and are entitled to reinstatement of portions of their annual
discretionary Company contribution amounts that were previously forfeited and then the remainder
may be used to reduce future Company matching contributions or pay administrative expenses of the
Plan.
Forfeited balances as of December 31, 2008 and 2007 were $159,791 and $37,020, respectively. For
the years ended December 31, 2008 and 2007, $17,050 and $0 of forfeitures, respectively, were used
to offset employer matching contributions or administrative expenses of the Plan.
Benefit Payments
Upon termination of service due to death, disability, retirement, resignation or dismissal,
distribution of the vested balance in the participants accounts will be made to the participant
or, in the case of the participants death, to his or her beneficiary by a lump-sum payment in cash
(or stock, if elected, for amounts invested in the Hanesbrands Inc. Common Stock Fund).
Withdrawals
Participants may withdraw all or a portion of their vested account balances, provided they have
attained age 59-1/2; participants may also withdraw their after-tax contributions at any time.
Participants who have an immediate and substantial financial need may take a hardship withdrawal
from their accounts, subject to certain limitations defined in the Plan document. No more than two
withdrawals of any type may be made in any calendar year.
New Accounting Pronouncements
In September 2006, the FASB issued Statement on Financial Accounting Standards No. 157 (SFAS
157), Fair Value Measurements. SFAS 157 establishes a single authoritative definition of fair
value, sets out a framework for measuring fair value and requires additional disclosures about fair
value measurement. The adoption of SFAS 157 in 2008 had no material impact on the financial
statements of the Plan, but resulted in certain additional disclosures reflected in Note E.
NOTE B SUMMARY OF ACCOUNTING POLICIES
Basis of Accounting
The accompanying financial statements have been prepared using the accrual method of accounting in
accordance with U.S. generally accepted accounting principles.
Use of Estimates
The preparation of financial statements requires the Plans management to make estimates and
assumptions that affect the reported amounts of assets and liabilities, and changes therein, and
disclosure of contingent assets and liabilities. Actual results could differ from these estimates.
6
Hanesbrands Inc. Hourly Retirement Savings Plan of Puerto Rico
Notes to Financial Statements
December 31, 2008 and 2007 Continued
Valuation of Investments
During the periods presented, the Plans sole investment was an interest in the Hanesbrands Inc. Master Investment Trust for
Defined Contribution Plans (the HBI Investment Trust). The Plans interest in the HBI Investment
Trust is based on the Plans relative aggregate contributions, benefit payments and other relevant
factors.
The HBI Investment Trusts investments consist of investments in registered investment companies,
common stocks, participant loans, collective trusts and investment contracts. Investments in
registered investment companies and common stocks are valued using quoted market prices.
Participant loans are valued at their outstanding balances, which approximate fair value.
Collective trusts are valued at fair value of participant units owned by the HBI Investment Trust
based on quoted redemption values. Investment contracts are valued at contract value, as they are
fully benefit-responsive. Contract value represents the principal balance of the underlying
investment contracts, plus accrued interest at the stated contract rates, less withdrawals and
administrative charges by the insurance companies. There are no material reserves against contract
value for credit risk of the contract issuers or otherwise. Under the terms of the contracts, the
crediting interest rates are fixed rates negotiated by the Company with the insurance companies.
The average crediting interest rate of the investment contracts as of December 31, 2008 and 2007
was approximately 6.35% and 5.02%, respectively. The average yield for the investment contracts for
the years ended December 31, 2008 and 2007 was approximately 4.14% and 5.35%, respectively.
Certain events, which we refer to as market value events, may limit the ability of the Stable
Value Fund (the Fund), one of the investments offered by the Plan, to realize the contract value
of investment contracts and may therefore result in payments to participants that reflect fair
value rather than contract value. Such events include, but are not limited to, certain amendments
to the Plan documents or the Funds investment guidelines not approved by issuers of investment
contracts, failure to comply with certain contract provisions, complete or partial plan termination
or merger with another plan, suspension or substantial reduction of Plan sponsor contributions to
the Plan, debt default by the Plan sponsor, bankruptcy of the Plan sponsor or other Plan sponsor
events that could cause substantial withdrawals from the Plan or Fund, failure of the trust which
holds the assets of the Plan to qualify for exemption from federal income taxes, and the occurrence
of certain prohibited transactions under ERISA. The Plan administrator does not believe that any
events that have occurred to date, including partial plan terminations that have occurred,
constitute market value events. Purchases and sales of securities in the HBI Investment Trust are
recorded on a trade-date basis. Interest is recorded in the period earned. Dividends are recorded
on the ex-dividend date.
In general, the investments provided by the Plan are exposed to various risks, such as interest
rate, credit and overall market volatility risks. Due to the level of risk associated with certain
investments, it is reasonably possible that changes in the values of investments will occur in the
near term and that such changes could materially affect the amounts reported in the Statements of
Net Assets Available for Benefits and participants individual account balances.
Administrative Expenses
Costs of administering the Plan for the years ended December 31, 2008 and 2007 were paid by the
Company, except for investment management fees, which were either paid directly by the HBI
Investment Trust or offset against the HBI Investment Trusts investment returns.
NOTE C PLAN INTEREST IN HBI INVESTMENT TRUST
During the periods presented, the Plans investments were in the HBI Investment Trust which was
established for the investment of assets of the Plan and two other defined contribution plans
sponsored by the Company (the Participating Plans); The Northern Trust Company (Northern Trust)
was the trustee.
As part of an effort to provide employees with valuable retirement tools and service and achieve
cost savings by consolidating administrative services with a single vendor, the Company replaced
the record keeper of the Hanesbrands Inc. Retirement Savings Plan with ING effective January 1,
2008. In connection with that change, the Hanesbrands Inc. Retirement Savings Plans assets were
transferred from the HBI Investment Trust to a newly
7
Hanesbrands Inc. Hourly Retirement Savings Plan of Puerto Rico
Notes to Financial Statements
December 31, 2008 and 2007 Continued
established single-plan trust with State Street Bank and Trust Company (State Street) as the
trustee. The assets of the Plan and the Hanesbrands Inc. Salaried Retirement Savings Plan of
Puerto Rico remained in the HBI Investment Trust at that time.
Effective February 2, 2009, the Company continued this consolidation process by replacing the
record keeper of the Plan and the Hanesbrands Inc. Salaried Retirement Savings Plan of Puerto Rico
with ING. In connection with that change, the single-plan trust holding the assets of the
Hanesbrands Inc. Retirement Savings Plan and the HBI Investment Trust were consolidated into a
master trust of which State Street is the trustee and which holds the assets of the Plan, the
Hanesbrands Inc. Salaried Retirement Savings Plan of Puerto Rico and the Hanesbrands Inc.
Retirement Savings Plan.
During the periods presented, the interest of each Participating Plan in the HBI Investment Trust
was based on each Participating Plans participants account balances within each investment fund.
At December 31, 2008 and 2007, the Plans interest in the net assets of the HBI Investment Trust
was approximately 33.76 % and 0.33%, respectively. Investment income relating to the HBI Investment
Trust was allocated to the individual plans based on the balances invested by each plan.
The Plans interest in the net assets of the HBI Investment Trust is included in the accompanying
Statements of Net Assets Available for Benefits.
A summary of the net assets of the HBI Investment Trust as of December 31, 2008 and 2007 is as
follows:
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2008 |
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2007 |
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Investments, at fair value |
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Common stocks |
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$ |
115,209 |
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$ |
22,742,730 |
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Investment in collective trusts |
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398,478 |
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2,580,912 |
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Investment in registered investment companies |
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1,011,697 |
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327,147,627 |
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Participant loans |
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12,376,301 |
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Investment contracts |
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2,934,847 |
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203,994,813 |
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Total investments |
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4,460,231 |
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568,842,383 |
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Receivables |
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204,478 |
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13,590,561 |
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Liabilities |
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(14,806 |
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(196,636 |
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Net assets of HBI Investment Trust at fair value |
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4,649,903 |
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582,236,308 |
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Adjustment from fair value to contract value for
interest in fully benefit-responsive investment
contracts |
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121,739 |
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(1,736,018 |
) |
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Net assets of HBI Investment Trust |
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$ |
4,771,642 |
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$ |
580,500,290 |
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For the years ended December 31, 2008 and 2007, net investment income was allocated to all of the
Participating Plans from the HBI Investment Trust. The aggregate net investment income (loss)
allocated to the Participating Plans from the HBI Investment Trust for the years ended December 31,
2008 and 2007 is as follows:
8
Hanesbrands Inc. Hourly Retirement Savings Plan of Puerto Rico
Notes to Financial Statements
December 31, 2008 and 2007 Continued
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2008 |
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2007 |
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Interest and dividend income |
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$ |
202,223 |
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$ |
4,737,985 |
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Net appreciation (depreciation) in fair value of investments
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Common stocks |
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(58,744 |
) |
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2,304,458 |
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Investment in collective trusts |
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|
10,316,702 |
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Investment in registered investment companies |
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|
(617,595 |
) |
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10,739,593 |
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Net investment income (loss) |
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$ |
(474,116 |
) |
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$ |
28,098,738 |
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NOTE D PLAN TERMINATION
Although it has not expressed any intent to do so, the Company has the right under the Plan to
discontinue its contributions at any time and to terminate the Plan subject to the provisions of
ERISA. In the event of Plan termination, participants will become fully vested in their accounts.
As described in Note A, partial plan terminations occurred in the Plan as a result of
which certain participants became entitled to be 100% vested in their accounts.
NOTE E FAIR VALUE MEASUREMENTS
The Plan adopted the provisions of SFAS 157 as of January 1, 2008. The adoption of SFAS 157 has had
no material impact on the financial statements of the Plan. The Plan is, however, required to
provide additional disclosures as part of the financial statements. SFAS 157 clarifies that 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 Plan utilizes market data or assumptions that market participants would use in pricing the
asset or liability. SFAS 157 establishes a three-tier fair value hierarchy, which prioritizes the
inputs used in measuring fair value. 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 three valuation
techniques noted in SFAS 157. The three valuation techniques are as follows:
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Market approach prices and other relevant information generated by market transactions
involving identical or comparable assets or liabilities. |
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Cost approach amount that would be required to replace the service capacity of an
asset or replacement cost. |
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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 Plan primarily applies the market approach for its investment assets and attempts to utilize
valuation techniques that maximize the use of observable inputs and minimize the use of
unobservable inputs.
As of December 31, 2008, the Company held certain financial assets that are required to be measured
at fair value on a recurring basis. These consisted of common stocks, collective trusts, registered
investment companies and investment contracts. The fair values of common stocks and registered
investment companies are determined based on quoted prices in public markets and are categorized as
Level 1. The fair values of investment contracts and
9
Hanesbrands Inc. Hourly Retirement Savings Plan of Puerto Rico
Notes to Financial Statements
December 31, 2008 and 2007 Continued
collective trusts are determined based on inputs that are readily available in public markets or
can be derived from information available in publicly quoted markets and are categorized as Level
2. The Plan does not have any assets measured at fair value on a recurring basis categorized as
Level 3. There were no transfers in or out of Level 3 during the year ended December 31, 2008.
There were no changes during the year ended December 31, 2008 to the valuation techniques used to
measure asset fair values on a recurring basis.
The following table sets forth by level within SFAS 157s fair value hierarchy the Plans
investment assets accounted for at fair value on a recurring basis at December 31, 2008. As
required by SFAS 157, assets and liabilities are classified in their entirety based on the lowest
level of input that is significant to the fair value measurement. The 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.
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Investment Assets at Fair Value as of December 31, 2008 |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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Common stocks |
|
$ |
115,209 |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
115,209 |
|
Collective trusts |
|
|
|
|
|
|
398,478 |
|
|
|
|
|
|
|
398,478 |
|
Registered investment companies |
|
|
1,011,697 |
|
|
|
|
|
|
|
|
|
|
|
1,011,697 |
|
Investment contracts |
|
|
|
|
|
|
2,934,847 |
|
|
|
|
|
|
|
2,934,847 |
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|
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|
|
|
|
|
|
|
|
Total investment assets at fair value |
|
$ |
1,126,906 |
|
|
$ |
3,333,325 |
|
|
$ |
|
|
|
$ |
4,460,231 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTE F TAX STATUS
By letter dated December 12, 2008, the Internal Revenue Service (IRS) determined that the Plan,
which was formerly known as the Sara Lee Corporation Personal Products Hourly Retirement Plan of
Puerto Rico, as amended, and trust met the qualification requirements set forth in Sections 401(a)
and 501(a) of the IRC. As discussed in Note H, Plan management identified certain non-exempt
transactions during 2008 and 2007 and has taken steps to correct these transactions. Plan
management believes that these transactions will not have an effect on the Plans tax status.
NOTE G PARTY-IN-INTEREST TRANSACTIONS
Certain assets of the HBI Investment Trust were invested in investments managed by Northern Trust;
therefore, these transactions qualify as party-in-interest transactions. Fees paid by the Plan
during 2008 and 2007 for legal, accounting, and other professional services rendered by parties in
interest were based on customary and reasonable rates for such services. Approximately 2.4% and
3.9% of the HBI Investment Trusts assets as of December 31, 2008 and 2007, respectively, were
invested in Hanesbrands common stock, in each case through participant-directed account balances.
At December 31, 2008 and 2007, the HBI Investment Trust held 9,036 shares and 837,053 shares,
respectively, of Hanesbrands common stock. These shares had a fair value of $115,209 and
$22,742,730 as of December 31, 2008 and 2007, respectively.
NOTE H NON-EXEMPT TRANSACTIONS
Certain 2008 and 2007 participant contributions were temporarily held by the Company and not
deposited to participant accounts maintained by Northern Trust within the timeframe mandated by
Department of Labor regulations. At December 31, 2008 and 2007, there was $0 and $84, respectively,
of receivables related to these contributions. Prior to December 31, 2008, the Company contributed
all late contributions to the Plan and reimbursed the Plan for interest on the funds borrowed.
10
Hanesbrands Inc. Hourly Retirement Savings Plan of Puerto Rico
Notes to Financial Statements
December 31, 2008 and 2007 Continued
NOTE I RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500
The following is a reconciliation of net assets available for benefits per the financial statements
at December 31, 2008 and 2007 to the Form 5500:
|
|
|
|
|
|
|
|
|
|
|
2008 |
|
|
2007 |
|
Net assets available for benefits per the financial statements |
|
$ |
1,611,152 |
|
|
$ |
1,931,649 |
|
Adjustment from contract value to fair value for fully
benefit-responsive investment contracts |
|
|
(38,903 |
) |
|
|
9,903 |
|
Amounts allocated to withdrawing participants |
|
|
(38,435 |
) |
|
|
(251,078 |
) |
|
|
|
|
|
|
|
Net assets available for benefits per the Form 5500 |
|
$ |
1,533,814 |
|
|
$ |
1,690,474 |
|
|
|
|
|
|
|
|
The following is a reconciliation of investment loss according to the financial statements for the
year ended December 31, 2008 to the Form 5500:
|
|
|
|
|
Investment loss per the financial statements |
|
$ |
(18,127 |
) |
Adjustment from contract value to fair value for fully
benefit-responsive investment contracts |
|
|
(48,806 |
) |
|
|
|
|
Investment loss per the Form 5500 |
|
$ |
(66,933 |
) |
|
|
|
|
The following is a reconciliation of benefits paid to participants according to the financial
statements for the year ended December 31, 2008 to the Form 5500:
|
|
|
|
|
Benefits paid per the financial statements |
|
$ |
576,936 |
|
Amounts allocated to withdrawing participants at |
|
|
|
|
December 31, 2008 |
|
|
38,435 |
|
December 31, 2007 |
|
|
(251,078 |
) |
|
|
|
|
Benefits paid per the Form 5500 |
|
$ |
364,293 |
|
|
|
|
|
Amounts allocated to withdrawing participants are recorded on the Form 5500 for benefit claims that
have been processed and approved for payment prior to December 31, but not yet paid as of that
date.
11
Hanesbrands Inc. Hourly Retirement
Savings Plan of Puerto Rico
SCHEDULE H, LINE 4a DELINQUENT DEPOSITS OF PARTICIPANT CONTRIBUTIONS
For the year ended December 31, 2008
Name of plan sponsor: Hanesbrands Inc.
Employer identification number: 20-3552316
Three-digit plan number: 005
|
|
|
|
|
Participant contributions of the current Plan year not deposited into the Plan within the time
period described in 29CFR 2510.3-102 |
|
$ |
163 |
(1) |
Amount fully corrected under the DOLs Voluntary Fiduciary Correction Program (VFC Program)
and PTE 2002-51 |
|
|
|
|
Delinquent deposits of current Plan year participant contributions constituting prohibited
transactions |
|
|
163 |
(1) |
Delinquent deposits of prior year participant contributions not fully corrected |
|
|
521 |
(1) |
|
|
|
|
Total delinquent deposits of participant contributions constituting prohibited transactions |
|
$ |
684 |
|
|
|
|
|
|
|
|
(1) |
|
This amount has been fully corrected outside the VFC program. |
12
SIGNATURES
The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees
(or other persons who administer the employee benefit plan) have duly caused this annual report to
be signed on its behalf by the undersigned hereunto duly authorized.
|
|
|
|
|
Date: July 8, 2009 |
HANESBRANDS INC. HOURLY RETIREMENT
SAVINGS PLAN OF PUERTO RICO
|
|
|
By: |
/s/ Dale W. Boyles
|
|
|
|
Dale W. Boyles |
|
|
|
Authorized Member of the Hanesbrands Inc.
Employee Benefits Administrative Committee |
|
INDEX TO EXHIBITS
|
|
|
Exhibit |
|
|
Number |
|
Description |
23.1
|
|
Consent of Grant Thornton LLP |
exv23w1
Exhibit 23.1
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We have
issued our report dated July 7, 2009, with respect to the financial statements and
supplemental schedule of the Hanesbrands Inc. Hourly Retirement Savings Plan of Puerto Rico on Form
11-K for the year ended December 31, 2008. We hereby consent to the incorporation by reference of
said report in the Registration Statement of Hanesbrands Inc. on Form S-8 (File No. 333-137143,
effective September 6, 2006).
/s/ Grant
Thornton LLP
Greensboro, North Carolina
July 7, 2009