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.

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 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.

(w) Reclassifications

Certain 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 (Notes)

12 Months Ended

Dec. 28, 2019

Revenue from Contract with Customer [Abstract]

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, 2019		December 29, 2018
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

Consumer-directed revenue is primarily generated through sales driven directly by the consumer through company-operated stores and e-commerce platforms, which include both owned sites and the sites of the Company’s retail customers.

Acquisitions

12 Months Ended

Dec. 28, 2019

Business Combinations [Abstract]

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, 2018		December 30, 2017
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.

Stock-Based Compensation

12 Months Ended

Dec. 28, 2019

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- Average Exercise Price		Aggregate Intrinsic Value		Weighted- Average Remaining Contractual Term (Years)
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- Average Grant Date Fair Value		Aggregate Intrinsic Value		Weighted- Average Remaining Contractual Term (Years)
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

12 Months Ended

Dec. 28, 2019

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 for Doubtful Accounts			Allowance for Chargebacks and Other Deductions			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.

Debt

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 Rate as of December 28, 2019	Principal Amount
	Interest Rate as of December 28, 2019	December 28, 2019		December 29, 2018		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 any 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 for the refinancing of the U.S. Term Loans.

Financial Instruments and Risk Management

12 Months Ended

Dec. 28, 2019

Financial Instruments and Risk Management

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
	Balance Sheet Location	December 28, 2019			December 29, 2018
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) Recognized in AOCI on Derivative Instruments
	Years Ended
	December 28, 2019		December 29, 2018		December 30, 2017
Foreign exchange contracts	$	11,903	$	37,439	$	(37,408	)



	Location of Gain (Loss) Reclassified from AOCI into Income	Amount of Gain (Loss) Reclassified from AOCI into Income
		Years Ended
		December 28, 2019		December 29, 2018			December 30, 2017
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, 2019		December 29, 2018		December 30, 2017
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, 2019			December 29, 2018		December 30, 2017
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 (Amount Excluded from Effectiveness Testing)
		Years Ended
		December 28, 2019		December 29, 2018		December 30, 2017
Cross-currency swap contracts	Interest expense, net	$	3,613	$	—	$	—



	Years Ended
	December 28, 2019		December 29, 2018		December 30, 2017
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) Recognized in Income on Derivatives	Amount of Gain (Loss) Recognized in Income
		Years Ended
		December 28, 2019			December 29, 2018		December 30, 2017
Foreign exchange contracts	Cost of sales	$	(31,809	)	$	16,782	$	—
Foreign exchange contracts	Selling, general and administrative expenses	(1,073		)	726		114
Total		$	(32,882	)	$	17,508	$	114

Fair Value of Assets and Liabilities

12 Months Ended

Dec. 28, 2019

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 December 28, 2019
	Total			Quoted Prices In Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
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 December 29, 2018
	Total			Quoted Prices In Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
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, primarily due to the short-term nature of these instruments.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Defined Benefit Pension Plans

12 Months Ended

Dec. 28, 2019

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, 2019			December 29, 2018			December 30, 2017
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, 2019			December 29, 2018
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, 2019		December 29, 2018
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, 2019			December 29, 2018
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, 2019			December 29, 2018
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, 2019		December 29, 2018		December 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⁽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, 2019		December 29, 2018
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.

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, respectively.

Income Taxes

12 Months Ended

Dec. 28, 2019

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, 2019		December 29, 2018		December 30, 2017
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, 2019		December 29, 2018		December 30, 2017
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, 2019			December 29, 2018
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.

The Company files a consolidated U.S. federal income tax return, as well as separate and combined income tax returns in numerous state and foreign jurisdictions. In the United States, the IRS began an examination of the Company’s 2015 and 2016 tax years during 2017 and 2018, respectively. The Company is also subject to examination by various state and international tax authorities. The tax years subject to examination vary by jurisdiction. The Company regularly assesses the outcomes of both ongoing and future examinations for the current or prior years to ensure the Company’s provision for income taxes is sufficient. The Company recognizes liabilities based on estimates of whether additional taxes will be due and believes its reserves are adequate in relation to any potential assessments. The outcome of any one examination, some of which may conclude during the next 12 months, is not expected to have a material impact on the Company’s financial position or results of operations.

Stockholders' Equity	12 Months Ended
Stockholders' Equity	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.

Business Segment Information

12 Months Ended

Dec. 28, 2019

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, 2019		December 29, 2018		December 30, 2017
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, 2019			December 29, 2018			December 30, 2017
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, 2019		December 29, 2018
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, 2019		December 29, 2018		December 30, 2017
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, 2019		December 29, 2018		December 30, 2017
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.

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

12 Months Ended

Dec. 28, 2019

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, 2019		June 29, 2019		September 28, 2019		December 28, 2019		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, 2018		June 30, 2018		September 29, 2018		December 29, 2018		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 Accounting Policies (Policies)

12 Months Ended

Dec. 28, 2019

Revisions of Previously Issued Consolidated Financial Statements

Consolidation

Use of Estimates

“Quarterly Financial Data (Unaudited)” for reconciliations between as reported and as revised annual and quarterly amounts, respectively.

Foreign Currency Translation

Sales Recognition

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

Volume-Based Incentives

Cooperative Advertising

Fixtures and Racks

Sales Returns

Product Returns

Advertising Expense

Advertising ExpenseAdvertising 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.

Shipping and Handling Costs

Research and Development

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

Accounts Receivable Valuation

Inventory Valuation

Property

Leases

Trademarks and Other Identifiable Intangible Assets

Goodwill

Insurance Reserves

Stock-Based Compensation

Income Taxes


•	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

Cash Flow Hedges

Net Investment Hedges

Derivative Contracts Not Designated as Hedges

Assets and Liabilities Acquired in Business Combinations

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

Lease Accounting

Derivatives and Hedging

Comprehensive Income

Codification Improvements

Statements of Stockholders’ Equity

Financial Instruments - Credit Losses

Goodwill Impairment

Fair Value

Retirement Benefits

Internal-Use Software

Income Taxes

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.

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, 2018		December 30, 2017
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

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 28, 2019

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- Average Exercise Price		Aggregate Intrinsic Value		Weighted- Average Remaining Contractual Term (Years)
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- Average Grant Date Fair Value		Aggregate Intrinsic Value		Weighted- Average Remaining Contractual Term (Years)
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

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, 2019
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

Intangible Assets and Goodwill (Tables)

12 Months Ended

Dec. 28, 2019

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 Amortization		Net Book Value
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 Amortization		Net Book Value
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 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
	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, 2019			December 29, 2018			December 30, 2017
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 Management (Tables)

12 Months Ended

Dec. 28, 2019

Fair Values of Derivative Instruments



	Balance Sheet Location	Fair Value
	Balance Sheet Location	December 28, 2019			December 29, 2018
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) Recognized in AOCI on Derivative Instruments
	Years Ended
	December 28, 2019		December 29, 2018		December 30, 2017
Foreign exchange contracts	$	11,903	$	37,439	$	(37,408	)



	Location of Gain (Loss) Reclassified from AOCI into Income	Amount of Gain (Loss) Reclassified from AOCI into Income
		Years Ended
		December 28, 2019		December 29, 2018			December 30, 2017
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, 2019		December 29, 2018		December 30, 2017
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



	Amount of Gain (Loss) Recognized in AOCI
	Years Ended
	December 28, 2019			December 29, 2018		December 30, 2017
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 (Amount Excluded from Effectiveness Testing)
		Years Ended
		December 28, 2019		December 29, 2018		December 30, 2017
Cross-currency swap contracts	Interest expense, net	$	3,613	$	—	$	—



	Years Ended
	December 28, 2019		December 29, 2018		December 30, 2017
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) Recognized in Income on Derivatives	Amount of Gain (Loss) Recognized in Income
		Years Ended
		December 28, 2019			December 29, 2018		December 30, 2017
Foreign exchange contracts	Cost of sales	$	(31,809	)	$	16,782	$	—
Foreign exchange contracts	Selling, general and administrative expenses	(1,073		)	726		114
Total		$	(32,882	)	$	17,508	$	114

Fair Value of Assets and Liabilities (Tables)

12 Months Ended

Dec. 28, 2019

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 December 28, 2019
	Total			Quoted Prices In Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
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 December 29, 2018
	Total			Quoted Prices In Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
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 (Tables)

12 Months Ended

Dec. 28, 2019

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, 2019			December 29, 2018			December 30, 2017
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, 2019			December 29, 2018
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, 2019		December 29, 2018
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, 2019			December 29, 2018
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, 2019			December 29, 2018
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, 2019		December 29, 2018		December 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⁽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, 2019		December 29, 2018
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)

12 Months Ended

Dec. 28, 2019

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, 2019		December 29, 2018		December 30, 2017
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, 2019		December 29, 2018		December 30, 2017
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, 2019			December 29, 2018
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)

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)

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, 2017
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	)

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

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+ Details

Business Segment Information (Tables)

12 Months Ended

Dec. 28, 2019

Depreciation and Amortization Expense

Net Sales



	Years Ended
	December 28, 2019		December 29, 2018		December 30, 2017
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, 2019			December 29, 2018			December 30, 2017
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, 2019		December 29, 2018
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, 2019		December 29, 2018		December 30, 2017
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, 2019		December 29, 2018		December 30, 2017
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

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 (Tables)

12 Months Ended

Dec. 28, 2019

Quarterly Information



	Quarters Ended
	March 30, 2019		June 29, 2019		September 28, 2019		December 28, 2019		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, 2018		June 30, 2018		September 29, 2018		December 29, 2018		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



	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 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

Acquisitions Narrative (Details) € in Thousands, $ in Thousands, $ in Thousands				1 Months Ended						12 Months Ended
	Feb. 12, 2018 AUD ($) stores	Feb. 12, 2018 USD ($)	Oct. 13, 2017 USD ($)	Feb. 28, 2018 USD ($)	Feb. 28, 2018 EUR (€)	Apr. 29, 2017 USD ($)	Apr. 29, 2017 EUR (€)	Jun. 30, 2016 USD ($)	Jun. 30, 2016 EUR (€)	Dec. 28, 2019 AUD ($)	Dec. 28, 2019 USD ($)	Dec. 29, 2018 AUD ($)	Dec. 29, 2018 USD ($)	Dec. 30, 2017 USD ($)	Feb. 12, 2018 USD ($) stores	Dec. 30, 2017 EUR (€)	Oct. 01, 2016	Jul. 02, 2016	Jun. 30, 2016 EUR (€)
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 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 - 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 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 - 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

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 - 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 - 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 - 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

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) - 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

Leases (Details) - USD ($) $ in Thousands	12 Months Ended
Leases (Details) - USD ($) $ in Thousands	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 maturities (ASC 840) (Details) $ in Thousands	Dec. 29, 2018 USD ($)
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 maturities (ASC 842) (Details) $ in Thousands	Dec. 28, 2019 USD ($)
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

Debt (Details)
€ in Thousands, $ in Thousands

Dec. 28, 2019

USD ($)

Dec. 29, 2018

USD ($)

Oct. 01, 2016

Jul. 02, 2016

USD ($)

Jul. 02, 2016

EUR (€)

Jun. 03, 2016

EUR (€)

Short-term debt issuance costs

$ 12

Long-term debt issuance cost

$ 3,394,761

4,009,553

26,977

34,774

Current maturities

110,914

^[1]

440,596

Long-term debt, net

$ 3,256,870

3,534,183

Revolving Loan Facility

0.00%

$ 0

Term Loan A

3.10%

$ 625,000

721,875

Term Loan B

3.45%

Australian Term A-1 Loan Facility

$ 300,000

496,250

$ 0

122,968

Australian Revolving Loan Facility

0.00%

$ 0

21,118

0.00%

4.875% Senior Notes

$ 900,000

900,000

$ 900,000

4.88%

4.875%

4.625% Senior Notes

$ 900,000

900,000

$ 900,000

4.63%

4.625%

3.50% Senior Notes

$ 558,847

572,213

€ 500,000

European Revolving Loan Facility

3.50%

$ 110,914

113,520

Accounts Receivable Securitization Facility

1.50%

0.00%

$ 0

161,608

Other International Debt