0001359841-20-000097 | 10-Q | XBRL Viewer

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 26, 2020	Oct. 30, 2020
Cover [Abstract]
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001359841
Current Fiscal Year End Date	--01-02
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 26, 2020
Document Transition Report	false
Entity File Number	001-32891
Entity Registrant Name	Hanesbrands Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	20-3552316
Entity Address, Address Line One	1000 East Hanes Mill Road
Entity Address, City or Town	Winston-Salem,
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	27105
City Area Code	336
Local Phone Number	519-8080
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Title of 12(b) Security	Common Stock, Par Value $0.01
Trading Symbol	HBI
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		348,324,092

Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019
Income Statement [Abstract]
Net sales	$ 1,808,266	$ 1,866,967	$ 4,863,507	$ 5,215,918
Cost of sales	1,191,553	1,149,934	3,140,050	3,203,331
Gross profit	616,713	717,033	1,723,457	2,012,587
Selling, general and administrative expenses	442,142	449,962	1,273,220	1,366,272
Operating profit	174,571	267,071	450,237	646,315
Other expenses	5,309	8,066	16,849	23,766
Interest expense, net	43,868	43,091	122,376	137,672
Income before income tax expense	125,394	215,914	311,012	484,877
Income tax expense	22,116	30,823	54,427	69,143
Net income	$ 103,278	$ 185,091	$ 256,585	$ 415,734
Earnings per share:
Basic	$ 0.29	$ 0.51	$ 0.73	$ 1.14
Diluted	$ 0.29	$ 0.51	$ 0.72	$ 1.14

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019
Condensed Consolidated Statements Of Comprehensive Income (Unaudited) [Abstract]
Net income	$ 103,278	$ 185,091	$ 256,585	$ 415,734
Other Comprehensive Income (Loss)
Translation adjustments	23,678	(44,997)	1,557	(40,813)
Unrealized gain (loss) on qualifying cash flow hedges, net of tax of $3,035, $(920), $(214) and $2,653, respectively	(11,250)	2,059	(9,644)	(7,018)
Unrecognized income from pension and postretirement plans, net of tax of $(1,396), $(1,358), $(4,462) and $(3,974), respectively	3,798	3,605	10,952	10,555
Total other comprehensive income (loss)	16,226	(39,333)	2,865	(37,276)
Comprehensive income	$ 119,504	$ 145,758	$ 259,450	$ 378,458

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

+ Details

Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019
Condensed Consolidated Statements Of Comprehensive Income (Unaudited) [Abstract]
Tax portion of unrealized gain (loss) on qualifying cash flow hedges	$ 3,035	$ (920)	$ (214)	$ 2,653
Tax portion of unrecognized income from pension and postretirement plans	$ (1,396)	$ (1,358)	$ (4,462)	$ (3,974)

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 26, 2020	Dec. 28, 2019	Sep. 28, 2019
Assets
Cash and cash equivalents	$ 731,481	$ 328,876	$ 317,024
Trade accounts receivable, net	984,571	815,210	1,033,938
Inventories	2,170,552	1,905,845	2,095,035
Other current assets	210,617	174,634	174,172
Total current assets	4,097,221	3,224,565	3,620,169
Property, net	553,748	587,896	581,971
Right-of-use assets	461,117	487,787	475,037
Trademarks and other identifiable intangibles, net	1,501,161	1,520,800	1,493,969
Goodwill	1,246,113	1,235,711	1,223,216
Deferred tax assets	200,877	203,331	213,649
Other noncurrent assets	99,447	93,896	115,821
Total assets	8,159,684	7,353,986	7,723,832
Liabilities and Stockholders’ Equity
Accounts payable	1,144,190	959,006	997,069
Accrued liabilities	716,590	531,184	587,932
Lease liabilities	156,709	166,091	145,055
Notes payable	5,257	4,244	4,275
Accounts Receivable Securitization Facility	0	0	208,604
Current portion of long-term debt	0	110,914	151,909
Total current liabilities	2,022,746	1,771,439	2,094,844
Long-term debt	3,972,212	3,256,870	3,467,591
Lease liabilities - noncurrent	347,604	358,281	364,083
Pension and postretirement benefits	371,330	403,458	348,674
Other noncurrent liabilities	296,259	327,343	330,547
Total liabilities	7,010,151	6,117,391	6,605,739
Stockholders’ equity:
Preferred stock (50,000,000 authorized shares; $.01 par value) Issued and outstanding - None	0	0	0
Common stock (2,000,000,000 authorized shares; $.01 par value) Issued and outstanding - 348,288,056, 362,449,037, and 361,612,383, respectively	3,483	3,624	3,616
Additional paid-in capital	306,157	304,395	310,327
Retained earnings	1,454,676	1,546,224	1,416,109
Accumulated other comprehensive loss	(614,783)	(617,648)	(611,959)
Total stockholders’ equity	1,149,533	1,236,595	1,118,093
Total liabilities and stockholders’ equity	$ 8,159,684	$ 7,353,986	$ 7,723,832

Condensed Consolidated Balance Sheets (unaudited) (Parenthetical) - $ / shares	Sep. 26, 2020	Dec. 28, 2019	Sep. 28, 2019
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Preferred stock, shares authorized	50,000,000	50,000,000	50,000,000
Preferred stock, shares issued	0	0	0
Preferred stock, shares outstanding	0	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Common stock, shares authorized	2,000,000,000	2,000,000,000	2,000,000,000
Common stock, shares issued	348,288,056	362,449,037	361,612,383
Common stock, shares outstanding	348,288,056	362,449,037	361,612,383

Condensed Consolidated Statements of Stockholders' Equity Statement (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Loss
Beginning Balance at Dec. 29, 2018	$ 872,126	$ 3,613	$ 284,877	$ 1,079,503	$ (495,867)
Beginning Balance, Shares at Dec. 29, 2018		361,330,000
Net income	415,734			415,734
Dividends	$ (164,500)			(164,500)
Dividends, per common share	$ 0.45
Other comprehensive income (loss)	$ (37,276)				(37,276)
Stock-based compensation	8,506		8,506
Net exercise of stock options, vesting of restricted stock units and other, shares		282,000
Net exercise of stock options, vesting of restricted stock units and other	2,573	$ 3	2,570
Modification of deferred compensation plans	14,374		14,374
Cumulative effect of change in adoption of leases standard	6,556			6,556
Stranded tax related to U.S. pension plan	0			78,816	(78,816)
Ending Balance at Sep. 28, 2019	$ 1,118,093	$ 3,616	310,327	1,416,109	(611,959)
Ending Balance, Shares at Sep. 28, 2019	361,612,383	361,612,000
Beginning Balance at Jun. 29, 2019	$ 1,025,386	$ 3,615	308,555	1,285,842	(572,626)
Beginning Balance, Shares at Jun. 29, 2019		361,531,000
Net income	185,091			185,091
Dividends	$ (54,824)			(54,824)
Dividends, per common share	$ 0.15
Other comprehensive income (loss)	$ (39,333)				(39,333)
Stock-based compensation	1,467		1,467
Net exercise of stock options, vesting of restricted stock units and other, shares		81,000
Net exercise of stock options, vesting of restricted stock units and other	306	$ 1	305
Ending Balance at Sep. 28, 2019	$ 1,118,093	$ 3,616	310,327	1,416,109	(611,959)
Ending Balance, Shares at Sep. 28, 2019	361,612,383	361,612,000
Beginning Balance at Dec. 28, 2019	$ 1,236,595	$ 3,624	304,395	1,546,224	(617,648)
Beginning Balance, Shares at Dec. 28, 2019	362,449,037	362,449,000
Net income	$ 256,585			256,585
Dividends	$ (160,264)			(160,264)
Dividends, per common share	$ 0.45
Other comprehensive income (loss)	$ 2,865				2,865
Stock-based compensation	13,572		13,572
Net exercise of stock options, vesting of restricted stock units and other, shares		303,000
Net exercise of stock options, vesting of restricted stock units and other	449	$ 4	445
Share repurchases, shares		(14,464,000)
Share repurchases	(200,269)	$ (145)	(12,255)	(187,869)
Ending Balance at Sep. 26, 2020	$ 1,149,533	$ 3,483	306,157	1,454,676	(614,783)
Ending Balance, Shares at Sep. 26, 2020	348,288,056	348,288,000
Beginning Balance at Jun. 27, 2020	$ 1,079,320	$ 3,481	302,522	1,404,326	(631,009)
Beginning Balance, Shares at Jun. 27, 2020		348,093,000
Net income	103,278			103,278
Dividends	$ (52,928)			(52,928)
Dividends, per common share	$ 0.15
Other comprehensive income (loss)	$ 16,226				16,226
Stock-based compensation	4,538		4,538
Net exercise of stock options, vesting of restricted stock units and other, shares		195,000
Net exercise of stock options, vesting of restricted stock units and other	(901)	$ 2	(903)
Ending Balance at Sep. 26, 2020	$ 1,149,533	$ 3,483	$ 306,157	$ 1,454,676	$ (614,783)
Ending Balance, Shares at Sep. 26, 2020	348,288,056	348,288,000

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019	Dec. 28, 2019
Operating activities:
Net income	$ 103,278	$ 185,091	$ 256,585	$ 415,734
Adjustments to reconcile net income to net cash from operating activities:
Depreciation			67,676	71,612
Amortization of acquisition intangibles			18,503	18,709
Other amortization			8,091	7,521
Impairment of intangible assets			20,319	0
Amortization of debt issuance costs			8,303	7,021
Stock compensation expense			13,801	8,794
Deferred taxes			6,853	(3,661)
Other			5,004	1,662
Changes in assets and liabilities:
Accounts receivable			(175,879)	(170,348)
Inventories			(259,367)	(56,470)
Other assets			(43,359)	(26,031)
Accounts payable			189,566	(11,969)
Accrued pension and postretirement benefits			(18,965)	(14,361)
Accrued liabilities and other			134,091	(3,513)
Net cash from operating activities			231,222	244,700
Investing activities:
Capital expenditures			(49,033)	(79,950)
Proceeds from sales of assets			331	3,530
Acquisition of business			0	(21,360)
Other			7,618	0
Net cash from investing activities			(41,084)	(97,780)
Financing activities:
Borrowings on notes payable			166,558	250,712
Repayments on notes payable			(166,108)	(252,084)
Borrowings on Accounts Receivable Securitization Facility			227,061	207,105
Repayments on Accounts Receivable Securitization Facility			(227,061)	(160,110)
Borrowings on Revolving Loan Facilities			1,638,000	2,584,277
Repayments on Revolving Loan Facilities			(1,756,189)	(2,585,592)
Borrowings on Senior Notes			700,000	0
Repayments on Term Loan Facilities			0	(152,248)
Borrowings on International Debt			31,222	27,680
Repayments on International Debt			(36,383)	(41,424)
Share repurchases			(200,269)	0
Cash dividends paid			(158,132)	(162,689)
Payments of debt issuance costs			(14,938)	(1,098)
Taxes paid related to net shares settlement of equity awards			(1,615)	(1,523)
Other			1,295	1,378
Net cash from financing activities			203,441	(285,616)
Effect of changes in foreign exchange rates on cash			9,052	1,008
Change in cash, cash equivalents and restricted cash			402,631	(137,688)
Cash, cash equivalents and restricted cash at beginning of year			329,923	455,732	$ 455,732
Cash, cash equivalents and restricted cash at end of period	732,554	318,044	732,554	318,044	329,923
Less restricted cash at end of period	1,073	1,020	1,073	1,020
Cash and cash equivalents per balance sheet at end of period	$ 731,481	$ 317,024	731,481	317,024	328,876
Capital expenditures included in accounts payable			8,817		$ 19,327
Right-of-Use assets obtained in exchange for lease obligations			$ 39,532	$ 54,524

Basis of Presentation	9 Months Ended
Basis of Presentation	Sep. 26, 2020
Basis of Presentation [Abstract]
Basis of Presentation	Basis of Presentation These statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) and, in accordance with those rules and regulations, do not include all information and footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Management believes that the disclosures made are adequate for a fair statement of the results of operations, financial condition and cash flows of Hanesbrands Inc. and its consolidated subsidiaries (the “Company” or “Hanesbrands”). In the opinion of management, the condensed consolidated interim financial statements reflect all adjustments, which consist only of normal recurring adjustments, necessary to state fairly the results of operations, financial condition and cash flows for the interim periods presented herein. The preparation of condensed consolidated interim financial statements in conformity with GAAP requires management to make use of estimates and assumptions that affect the reported amounts and disclosures. The duration and severity of the global novel coronavirus ("COVID-19") pandemic, which is subject to uncertainty, is having a significant impact on the Company’s business. Management's estimates and assumptions have contemplated both current and expected impacts related to COVID-19 based on available information. Actual results may vary from these estimates. These condensed consolidated interim financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s 2019 Annual Report on Form 10-K. The year-end condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. The results of operations for any interim period are not necessarily indicative of the results of operations to be expected for the full year. Impact of COVID-19 The COVID-19 pandemic has impacted the Company’s business operations and financial results in 2020. During the nine months of 2020, the rapid expansion of the COVID-19 pandemic has resulted in a sharp decline in net sales and earnings in the Company’s apparel businesses due to decreased customer traffic and temporary retail store closures worldwide. While most of the Company’s retail stores were temporarily closed for varying periods of time throughout the second quarter, most reopened by the end of the second quarter but have experienced, and are expected to continue to experience, reductions in customer traffic and therefore, net sales. In addition, many of the Company’s wholesale customers have also experienced business disruptions, including lower traffic and consumer demand, resulting in decreased shipments to these customers. Sales of personal protective equipment (“PPE”), used to help mitigate the spread of the COVID-19 virus, partially offset the negative impact of the decline in net sales and earnings due to the COVID-19 pandemic on the Company’s financial results. In addition, the Company’s e-commerce sites have remained open in all regions and online sales have grown as consumer spending continued to shift towards online shopping experiences due to the changing retail landscape as a result of the COVID-19 pandemic. The Company’s operating results also reflected impairment charges related to intangible assets, charges to reserve for increased excess and obsolete inventory, bad debt charges and charges to re-start the Company’s supply chain following the extended shut-down of parts of its manufacturing network due to the ongoing effects of the COVID-19 pandemic. While many retail stores have reopened and many government restrictions have been removed or lightened, the ultimate impact of the COVID-19 pandemic remains highly uncertain and could continue to have a material adverse impact on the Company’s business operations and financial results, including net sales, earnings and cash flows for the remainder of 2020, and beyond. Goodwill and indefinite-lived intangible assets are evaluated for impairment at least annually as of the first day of the third quarter, or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit or intangible asset below its carrying values. During the second quarter of 2020, the Company completed a quantitative impairment analysis for certain indefinite-lived intangible assets as a result of the significant impact of the COVID-19 pandemic on their performance. Based on this analysis, the Company recorded impairment charges of $20,319 on trademarks and other intangible assets which are reflected in the “Selling, general and administrative expenses” line in the Condensed Consolidated Statement of Income. In connection with the annual goodwill impairment testing performed in the third quarter of 2020, the Company performed a quantitative assessment utilizing an income approach to estimate the fair value of each reporting unit. The most significant assumptions include the weighted average cost of capital, revenue growth rate, terminal growth rate and operating profit margin, all of which are used to estimate the fair value of the reporting units and indefinite-lived intangible assets. The tests indicated the reporting units had fair values that exceeded their carrying values. Certain reporting units, including Hanes Europe Innerwear and U.S. Hosiery, are considered to be at a higher risk for future impairment if any assumptions used in the estimate of the reporting units’ fair values change in the future given their respective fair values exceeded their carrying values by less than 20% and trends in the associated businesses indicate a declining fair value. In particular, as of September 26, 2020, the fair value of the Hanes Europe Innerwear reporting unit is slightly higher than its carrying value. The combined goodwill associated with these reporting units was approximately $120,000. Additionally, in connection with the annual impairment testing, the Company performed a quantitative assessment, utilizing an income approach to estimate the fair value of each indefinite-lived intangible asset. The tests indicated the indefinite-lived intangible assets have fair values that exceeded their carrying values. Certain indefinite-lived trademarks are considered to be at a higher risk for future impairment if any assumptions used in the estimate of the trademarks’ fair value change in the future given their respective fair values exceeded their carrying values by less than 20% and trends in the associated businesses indicate a declining fair value. As of September 26, 2020, the Company considered four trademarks within the Hanes Europe Innerwear business to be at a higher risk for future impairment. The carrying value of these four indefinite-lived trademarks was approximately $80,000. Although the Company determined that no impairment exists for the Company's goodwill or indefinite-lived intangible assets, these assets could be at risk for future impairment should global economic conditions continue to deteriorate beyond current expectations as a result of the COVID-19 pandemic. Revisions of Previously Issued Consolidated Financial Statements As previously disclosed in the Company's Annual Report on Form 10-K for the year ended December 28, 2019, during the fourth quarter of 2019 the Company identified tax errors, which originated prior to 2017, in its previously issued 2018 and 2017 annual consolidated financial statements and quarterly condensed consolidated interim financial statements for each of the quarterly periods of 2018 and the first three quarterly periods of 2019. Although the Company assessed the materiality of the errors and concluded that the errors were not material to the previously issued annual or interim financial statements, the Company did revise its previously issued 2018 and 2017 annual financial statements to correct for such tax errors in connection with the filing of its 2019 Annual Report on Form 10-K, and disclosed that it would be revising its 2019 condensed consolidated interim financial statements in connection with the filing of its Quarterly Reports on Form 10-Q during 2020. In connection with such revision, the Company also corrected for certain other immaterial errors. In connection with the filing of this Quarterly Report on Form 10-Q, the Company has revised the accompanying condensed consolidated interim financial statements as of and for the quarter and nine months ended September 28, 2019 to correct for the impact of such errors, including the impact to retained earnings as of September 28, 2019 to correct for the errors which originated in periods prior to 2019, which primarily related to the tax errors. The accompanying footnotes have also been corrected to reflect the impact of the revisions of the previously filed condensed consolidated interim financial statements. See Note, "Revisions of Previously Issued Condensed Consolidated Interim Financial Statements" for reconciliations between as reported and as revised amounts as of and for the quarter and nine months ended September 28, 2019.

Recent Accounting Pronouncements	9 Months Ended
Recent Accounting Pronouncements	Sep. 26, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements Financial Instruments - Credit Losses In June 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” which requires a financial asset measured at amortized cost basis to be presented at the net amount expected to be collected. The new accounting rules eliminate the probable initial recognition threshold and, instead, reflect an entity’s current estimate of all expected credit losses. The new accounting rules were effective for the Company in the first quarter of 2020 and apply to its trade receivables. Under the new accounting rules, trade receivables are now evaluated on a collective (pool) basis and aggregated on the basis of similar risk characteristics. These classifications will be reassessed at each measurement date. A combination of factors, such as industry trends, customers’ financial strength, credit standing and payment and default history are considered in determining the appropriate estimate of expected credit losses. 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. 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 accounting rules simplify how an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test which previously measured a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount. The new accounting rules were effective for the Company in the first quarter of 2020. As a result of adopting the new rules, the Company compared the estimated fair value of its reporting units to their respective carrying values when evaluating the recoverability of goodwill. When the carrying value of a reporting unit exceeds its fair value, an impairment charge will be recognized for the amount by which its carrying value exceeds the reporting unit’s fair value; however, the loss recognized will not exceed the goodwill allocated to the reporting unit. The adoption of the new accounting rules did not have an 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 accounting rules were effective for the Company in the first quarter of 2020. 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; however, its disclosures were updated upon adoption. Retirement Benefits In August 2018, the FASB issued ASU 2018-14, “Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20).” The new accounting rules expand disclosure requirements for employer sponsored defined benefit pension and other retirement plans. The new accounting rules were effective for the Company in the first quarter of 2020. 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; however, expanded disclosures will be required on the Company’s Annual Report on Form 10-K for the year ended January 2, 2021. 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 accounting rules were effective for the Company in the first quarter of 2020. 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. Codification Improvements to Financial Instruments In March 2020, the FASB issued ASU 2020-03, “Codification Improvements to Financial Instruments.” The new accounting rules clarify guidance around several subtopics by adopting enhanced verbiage to the following subtopics: fair value option disclosures, fair value measurement, investments - debt and equities securities, debt modifications and extinguishments, credit losses, and sales of financial assets. The standard was effective for the Company in the first quarter of 2020. The adoption of the new accounting rules did not have a material impact on the Company’s 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 accounting 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 accounting 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 accounting rules will be effective for the Company in the first quarter of 2021. 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, cash flows or disclosures. Reference Rate Reform In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” The new accounting rules provide optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions affected by reference rate reform. The amendments in this standard can be applied anytime between the first quarter of 2020 and the fourth quarter of 2022. 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.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

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+ Details

Revenue Recognition

9 Months Ended

Sep. 26, 2020

Revenue from Contract with Customer [Abstract]

Revenue Recognition

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:


	Quarters Ended				Nine Months Ended
	September 26, 2020		September 28, 2019		September 26, 2020		September 28, 2019
Third-party brick-and-mortar wholesale	$	1,277,261	$	1,436,935	$	3,600,404	$	4,029,352
Consumer-directed	531,005		430,032		1,263,103		1,186,566
Total net sales	$	1,808,266	$	1,866,967	$	4,863,507	$	5,215,918

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 revenues 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. Additionally, in the quarter and nine months ended September 26, 2020, third-party brick-and-mortar wholesale revenue includes $4,053 and $645,776 of revenue from contracts with governments generated from the sale of both cloth face coverings and gowns for use to help mitigate the spread of the virus during the COVID-19 pandemic, respectively.

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.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Acquisitions	9 Months Ended
Acquisitions	Sep. 26, 2020
Business Combinations [Abstract]
Acquisitions	Acquisitions Bras N Things On February 12, 2018, the Company acquired 100% of the outstanding equity of BNT Holdco Pty Limited (“Bras N Things”) for a total purchase price of A$498,236 (U.S.$391,572). During 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 third quarter of 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 September 26, 2020 included in the “Other current assets” line of the Condensed Consolidated Balance Sheet. 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.

Stockholders' Equity

9 Months Ended

Sep. 26, 2020

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

Basic earnings per share (“EPS”) was computed by dividing net income by the number of weighted average shares of common stock outstanding during the period. Diluted EPS was calculated to give effect to all potentially issuable dilutive shares of common stock using the treasury stock method.

The reconciliation of basic to diluted weighted average shares outstanding is as follows:


	Quarters Ended		Nine Months Ended
	September 26, 2020	September 28, 2019	September 26, 2020	September 28, 2019
Basic weighted average shares outstanding	350,703	364,743	353,419	364,650
Effect of potentially dilutive securities:
Stock options	90	437	151	463
Restricted stock units	809	412	380	361
Employee stock purchase plan and other	2	5	6	4
Diluted weighted average shares outstanding	351,604	365,597	353,956	365,478

For the quarters ended September 26, 2020 and September 28, 2019, there were no anti-dilutive restricted stock units. For the nine months ended September 26, 2020 and September 28, 2019, there were 499 and 5 restricted stock units excluded from the diluted earnings per share calculation, respectively, because their effect would be anti-dilutive. For the quarter and nine months ended September 26, 2020, there were 151 and 50 stock options to purchase shares of common stock excluded from the diluted earnings per share calculation, respectively, because their effect would be anti-dilutive. For the quarter and nine months ended September 28, 2019, there were no anti-dilutive stock options to purchase shares of common stock.

On October 27, 2020, the Company’s Board of Directors declared a regular quarterly cash dividend of $0.15 per share on outstanding shares of common stock to be paid on December 1, 2020 to stockholders of record at the close of business on November 10, 2020.

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. 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. Unless terminated earlier by the Company’s Board of Directors, the new program will expire when the Company has repurchased all shares authorized for repurchase under the new program. The new program replaced the Company’s previous share repurchase program for up to 40,000 shares that was originally approved in 2016. For the quarter ended September 26, 2020, the Company did not enter into any transactions to repurchase shares under the new program. For the nine months ended September 26, 2020, the Company entered into transactions to repurchase 14,464 shares at a weighted average repurchase price of $13.83 per share under the new program. The shares were repurchased at a total cost of $200,269. The Company did not repurchase any shares under the previous share repurchase program during 2020 through the expiration of the program on February 6, 2020 or during the quarter or nine months ended September 28, 2019. At September 26, 2020, the remaining repurchase authorization under the current share repurchase program totaled 25,536 shares. The primary objective of the share repurchase program is to utilize excess cash to generate shareholder value. Share repurchases are currently prohibited under the Senior Secured Credit Facility.

Inventories

9 Months Ended

Sep. 26, 2020

Inventory Disclosure [Abstract]

Inventories

Inventories consisted of the following:


	September 26, 2020		December 28, 2019		September 28, 2019
Raw materials	$	90,386	$	83,545	$	98,374
Work in process	124,902		136,592		137,248
Finished goods	1,955,264		1,685,708		1,859,413
	$	2,170,552	$	1,905,845	$	2,095,035

Debt and Notes Payable

9 Months Ended

Sep. 26, 2020

Debt Disclosure [Abstract]

Debt and Notes Payable

Debt and notes payable consisted of the following:


	Interest Rate as of September 26, 2020	Principal Amount				Maturity Date
		September 26, 2020		December 28, 2019
Senior Secured Credit Facility:
Revolving Loan Facility	—	$	—	$	—	December 2022

Term Loan A	2.10%	625,000		625,000		December 2022
Term Loan B	1.91%	300,000		300,000		December 2024

Australian Revolving Loan Facility	—	—		—		July 2021
5.375% Senior Notes	5.38%	700,000		—		May 2025
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%	581,531		558,847		June 2024
European Revolving Loan Facility	—	—		110,914		December 2020
Accounts Receivable Securitization Facility	—	—		—		March 2021
Total debt		4,006,531		3,394,761
Notes payable		5,257		4,244
Total debt and notes payable		4,011,788		3,399,005
Less long-term debt issuance costs		34,319		26,977
Less notes payable		5,257		4,244
Less current maturities		—		110,914
Total long-term debt		$	3,972,212	$	3,256,870

As of September 26, 2020, the Company had $989,097 of borrowing availability under the $1,000,000 Revolving Loan Facility after taking into account $10,903 of standby and trade letters of credit issued and outstanding under this facility. In March 2020, in response to the uncertainty of the circumstances surrounding the COVID-19 pandemic, the Company drew down $630,000 under the Revolving Loan Facility as a precautionary measure to provide the Company with additional financial flexibility to manage its business with a safety-first emphasis during the unknown duration and impact of the COVID-19 pandemic. The Company repaid $490,000 of its borrowings under the Revolving Loan Facility in April 2020. The remaining outstanding balance on the Revolving Loan Facility was repaid in connection with the issuance of the 5.375% Senior Notes in May 2020 discussed below.

The Company entered into an accounts receivable securitization facility (the “Accounts Receivable Securitization Facility”) in November 2007. The Company’s maximum borrowing capacity under the Accounts Receivable Securitization Facility was $225,000 as of September 26, 2020. Borrowings under the Accounts Receivable Securitization Facility are permitted only to the extent that the face of the receivables in the collateral pool, net of applicable reserves and other deductions, exceeds the outstanding loans and also subject to a fluctuating facility limit, not to exceed $225,000. The Company had no borrowing availability under the Accounts Receivable Securitization Facility at September 26, 2020.

The Company had $42,433 of borrowing availability under the Australian Revolving Loan Facility, $116,604 borrowing availability under the European Revolving Loan Facility and $117,953 of borrowing availability under other international credit

facilities after taking into account outstanding borrowings and letters of credit outstanding under the applicable facilities at September 26, 2020.

In March 2020, the Company amended the Accounts Receivable Securitization Facility. This amendment primarily decreased the fluctuating facility limit to $225,000 (previously $300,000) and extended the maturity date to March 2021. As a result of the COVID-19 pandemic, in May 2020, the Company amended the Accounts Receivable Securitization Facility which changed certain ratios, inserted a floor and raised pricing, as well as removed certain receivables from being pledged as collateral for the facility, increased limits on other receivables pledged as collateral and required the Company to maintain the same minimum liquidity covenant contained in the Senior Secured Credit Facility.

In May 2020, the Company issued $700,000 aggregate principal amount of 5.375% Senior Notes, with interest payable on May 15 and November 15 of each year commencing on November 15, 2020. The 5.375% Senior Notes will mature on May 15, 2025. The sale of the 5.375% Senior Notes resulted in net proceeds of $691,250 which were used to repay all outstanding borrowings under its Revolving Loan Facility, pay related fees and expenses, and for general corporate purposes. The issuance of the 5.375% Senior Notes resulted in $12,223 of capitalized debt issuance costs. Debt issuance costs are amortized to interest expense over the life of the debt instrument.

On and after May 15, 2022, the Company has the right to redeem all or a portion of the 5.375% Senior Notes, at the redemption prices set forth in the indenture governing the 5.375% Senior Notes, plus accrued and unpaid interest, if any, to, but excluding, the redemption date.

Prior to May 15, 2022, the Company has the right to redeem all or of a portion of the 5.375% Senior Notes at a redemption price equal to 100% of the principal amount plus a “make-whole” premium and accrued and unpaid interest, if any, to, but excluding, the redemption date. In addition, prior to May 15, 2022, the Company may on any one or more occasions redeem up to 40% of the notes with the net proceeds from certain equity offerings at a redemption price equal to 105.375% of the principal amount thereof, plus accrued and unpaid interest, if any, to, but excluding, the redemption date.

The 5.375% Senior Notes are senior unsecured obligations of the Company and are fully and unconditionally guaranteed by the Company and each of its domestic subsidiaries that guarantee the Company’s Senior Secured Credit Facility. The indenture governing the 5.375% Senior Notes includes covenants that limit the ability of the Company and its subsidiaries to incur certain liens, enter into certain sale and leaseback transactions and the ability of the Company and the guarantors to 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.

In the event of a change of control of the Company and a rating downgrade, the Company will be required to offer to repurchase all outstanding 5.375% Senior Notes at 101% of their principal amount, plus accrued and unpaid interest, if any, to, but excluding, the repurchase date.

The 5.375% 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.

In September 2020, the Company amended the European Revolving Loan Facility primarily to extend the maturity date to December 2020.

As of September 26, 2020, the Company was in compliance with all financial covenants under its credit facilities and other outstanding indebtedness. The Company continues to monitor its covenant compliance. Under the terms of its Senior Secured Credit Facility, among other financial and non-financial covenants, the Company is required to maintain a minimum interest coverage ratio and a maximum leverage ratio. The interest coverage ratio covenant is the ratio of the Company’s EBITDA for the preceding four fiscal quarters to its consolidated total interest expense and the maximum leverage ratio covenant is the ratio of the Company’s net debt to EBITDA for the preceding four fiscal quarters. EBITDA is defined as earnings before interest, income taxes, depreciation expense and amortization, as computed pursuant to the Senior Secured Credit Facility.

In April 2020, given the rapidly changing environment and level of uncertainty being created by the COVID-19 pandemic and the associated impact on future earnings, the Company amended its Senior Secured Credit Facility prior to any potential covenant violation in order to modify the financial covenants and to provide operating flexibility during the COVID-19 crisis.

The amendment effects changes to certain provisions and covenants under the Senior Secured Credit Facility during the period beginning with the fiscal quarter ended June 27, 2020 and continuing through the fiscal quarter ending July 3, 2021 (such period of time, the “Covenant Relief Period”), including: (a) suspension of compliance with the maximum leverage ratio; (b) reduction of the minimum interest coverage ratio from 3.00 to 1.00 to (i) 2.00 to 1.00 for the fiscal quarters ending June 27, 2020 through April 3, 2021 and (ii) 2.25 to 1.00 for the fiscal quarter ending July 3, 2021; (c) a minimum last twelve months EBITDA covenant of $625,000 as of June 27, 2020, $505,000 as of September 26, 2020, $445,000 as of January 2, 2021, $435,000 as of April 3, 2021 and $505,000 as of July 3, 2021; (d) a minimum liquidity covenant of $300,000, increasing to $400,000 upon certain conditions; (e) increased limitations on investments, acquisitions, restricted payments and the incurrence of indebtedness; and (f) anti-cash hoarding provisions. During the Covenant Relief Period, the applicable margin and applicable commitment fee margin will be calculated assuming the leverage ratio is greater than or equal to 4.50 to 1.00. The amendment also permanently amends the definition of “leverage ratio” for purposes of the financial covenant calculation to remove the maximum amount of cash allowed to be netted from the definition of “indebtedness” and to allow for the netting of cash from certain foreign subsidiaries. The Company expects to maintain compliance with its covenants for at least one year from the date of these financial statements based on its current expectations and forecasts. If economic conditions caused by the COVID-19 pandemic worsen and the Company’s earnings and operating cash flows do not start to recover as currently estimated by management, this could impact the Company’s ability to maintain compliance with its financial covenants and require the Company to seek additional amendments to its Senior Secured Credit Facility. If the Company is not able to obtain such necessary additional amendments, this would lead to an event of default and, if not cured timely, its lenders could require the Company to repay its outstanding debt. In that situation, the Company may not be able to raise sufficient debt or equity capital, or divest assets, to refinance or repay the lenders.

Accumulated Other Comprehensive Loss

9 Months Ended

Sep. 26, 2020

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Accumulated Other Comprehensive Loss

The components of accumulated other comprehensive loss (“AOCI”) are as follows:


	Cumulative Translation Adjustment(1)		Cash Flow Hedges		Defined Benefit Plans		Income Taxes		Accumulated Other Comprehensive Loss
Balance at December 28, 2019	$	(157,138)	$	4,786	$	(629,360)	$	164,064	$	(617,648)
Amounts reclassified from accumulated other comprehensive loss	—		(15,452)		15,717		241		506
Current-period other comprehensive income (loss) activity	1,557		6,022		(303)		(4,917)		2,359
Total other comprehensive income (loss)	1,557		(9,430)		15,414		(4,676)		2,865

Balance at September 26, 2020	$	(155,581)	$	(4,644)	$	(613,946)	$	159,388	$	(614,783)

(1)Cumulative Translation Adjustment includes translation adjustments and net investment hedges. See Note, “Financial Instruments and Risk Management” for additional disclosures about net investment hedges.

The Company had the following reclassifications out of AOCI:


Component of AOCI	Location of Reclassification into Income	Amount of Reclassification from AOCI
		Quarters Ended				Nine Months Ended
		September 26, 2020		September 28, 2019		September 26, 2020		September 28, 2019
Gain on foreign exchange contracts designated as cash flow hedges	Cost of sales	$	7,278	$	6,991	$	15,452	$	21,355
	Income tax	(2,082)		(1,646)		(4,156)		(5,054)
	Net of tax	5,196		5,345		11,296		16,301
Amortization of deferred actuarial loss and prior service cost	Other expenses	(5,428)		(4,963)		(15,717)		(14,529)
	Income tax	1,425		1,358		3,915		3,974
	Net of tax	(4,003)		(3,605)		(11,802)		(10,555)

Total reclassifications		$	1,193	$	1,740	$	(506)	$	5,746

Financial Instruments and Risk Management

9 Months Ended

Sep. 26, 2020

Disclosure Financial Instruments and Risk Management [Abstract]

Financial Instruments and Risk Management

The Company uses forward foreign exchange contracts to manage its exposures to movements in foreign exchange rates. The Company also uses a combination of derivative instruments and long-term debt to manage its exposure to foreign currency risk associated with the Company’s net investment in its European subsidiaries.

As of September 26, 2020, the notional U.S. dollar equivalent of the Company’s derivative portfolio of forward foreign exchange contracts was $599,297, consisting of contracts hedging exposures primarily related to the Australian dollar, Euro, Canadian dollar and Mexican peso. As of September 26, 2020, the U.S. dollar equivalent carrying value of long-term debt designated as a partial European net investment hedge was $581,531. 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 September 26, 2020.

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 Condensed Consolidated Balance Sheets of the Company were as follows:


	Balance Sheet Location	Fair Value
		September 26, 2020		December 28, 2019
Derivatives designated as hedging instruments:
Forward foreign exchange contracts	Other current assets	$	1,095	$	2,716
Cross-currency swap contracts	Other current assets	2,706		926
Cross-currency swap contracts	Other noncurrent assets	3,139		2,975
Derivatives not designated as hedging instruments:
Forward foreign exchange contracts	Other current assets	6,442		5,314
Total derivative assets		13,382		11,931

Derivatives designated as hedging instruments:
Forward foreign exchange contracts	Accrued liabilities	(5,054)		(2,246)
Derivatives not designated as hedging instruments:
Forward foreign exchange contracts	Accrued liabilities	(4,335)		(1,147)
Total derivative liabilities		(9,389)		(3,393)

Net derivative asset		$	3,993	$	8,538

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 loss from AOCI of approximately $4,295. The Company is hedging exposure to the variability in future cash flows for forecasted transactions over the next 15 months.

The effect of cash flow hedge derivative instruments on the Condensed Consolidated Statements of Income and AOCI is as follows:


	Amount of Gain (Loss) Recognized in AOCI on Derivative Instruments
	Quarters Ended				Nine Months Ended
	September 26, 2020		September 28, 2019		September 26, 2020		September 28, 2019

Foreign exchange contracts	$	(7,007)	$	9,970	$	6,022	$	11,684


	Location of Gain Reclassified from AOCI into Income	Amount of Gain Reclassified from AOCI into Income
		Quarters Ended				Nine Months Ended
		September 26, 2020		September 28, 2019		September 26, 2020		September 28, 2019


Foreign exchange contracts(1)	Cost of sales	$	7,278	$	6,991	$	15,452	$	21,355

(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.


	Quarters Ended				Nine Months Ended
	September 26, 2020		September 28, 2019		September 26, 2020		September 28, 2019
Total cost of sales in which the effects of cash flow hedges are recorded	$	1,191,553	$	1,149,934	$	3,140,050	$	3,203,331

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 Condensed 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 Condensed 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
	Quarters Ended				Nine Months Ended
	September 26, 2020		September 28, 2019		September 26, 2020		September 28, 2019
Euro-denominated long-term debt	$	(13,815)	$	9,845	$	(15,353)	$	9,845
Cross-currency swap contracts	(10,611)		6,436		117		6,436
Total	$	(24,426)	$	16,281	$	(15,236)	$	16,281


	Location of Gain Recognized in Income	Amount of Gain Recognized in Income (Amount Excluded from Effectiveness Testing)
		Quarters Ended				Nine Months Ended
		September 26, 2020		September 28, 2019		September 26, 2020		September 28, 2019
Cross-currency swap contracts	Interest expense, net	$	1,805	$	1,672	$	5,772	$	1,672


		Quarters Ended				Nine Months Ended
		September 26, 2020		September 28, 2019		September 26, 2020		September 28, 2019
Total interest expense, net in which the amounts excluded from effectiveness testing for net investment hedges are recorded		$	43,868	$	43,091	$	122,376	$	137,672

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 Condensed Consolidated Balance Sheets. Any gains or losses resulting from changes in fair value are recognized directly into earnings. Gains or losses on these contracts largely offset the net remeasurement gains or losses on the related assets and liabilities.

The effect of derivative contracts not designated as hedges on the Condensed Consolidated Statements of Income is as follows:


	Location of Gain (Loss) Recognized in Income on Derivatives	Amount of Gain (Loss) Recognized in Income
		Quarters Ended				Nine Months Ended
		September 26, 2020		September 28, 2019		September 26, 2020		September 28, 2019
Foreign exchange contracts	Cost of sales	$	(1,611)	$	(3,055)	$	(14,594)	$	(21,813)
Foreign exchange contracts	Selling, general and administrative expenses	3,718		2,546		4,646		1,625
Total		$	2,107	$	(509)	$	(9,948)	$	(20,188)

Fair Value of Assets and Liabilities

9 Months Ended

Sep. 26, 2020

Fair Value Disclosures [Abstract]

Fair Value of Assets and Liabilities

As of September 26, 2020, 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 forward foreign exchange derivative contracts, cross-currency swap derivative contracts and deferred compensation plan liabilities. The fair values of forward foreign exchange derivative contracts are determined using the cash flows of the forward contracts, 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 swap 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 Company’s defined benefit pension plan investments are not required to be measured at fair value on a quarterly recurring basis.

There were no changes during the quarter and nine months ended September 26, 2020 to the Company’s valuation techniques used to measure asset and liability fair values on a recurring basis. As of and during the quarter and nine months ended September 26, 2020, the Company did not have any non-financial assets or liabilities that were required to be measured at fair value on a recurring or non-recurring basis.

The following tables set forth by level within the fair value hierarchy the Company’s financial assets and liabilities accounted for at fair value on a recurring basis.


	Assets (Liabilities) at Fair Value as of September 26, 2020
	Total		Quoted Prices In Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Forward foreign exchange contracts - assets	$	7,537	$	—	$	7,537	$	—
Cross-currency swap contracts - assets	5,845		—		5,845		—
Forward foreign exchange contracts - liabilities	(9,389)		—		(9,389)		—
	3,993		—		3,993		—
Deferred compensation plan liability	(19,890)		—		(19,890)		—
Total	$	(15,897)	$	—	$	(15,897)	$	—


	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)
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	$	(22,683)	$	—	$	(22,683)	$	—

Fair Value of Financial Instruments

The carrying amounts of cash and cash equivalents, trade accounts receivable, notes receivable and accounts payable approximated fair value as of September 26, 2020 and December 28, 2019. The carrying amount of trade accounts receivable included allowance for doubtful accounts, chargebacks and other deductions of $55,786 and $33,228 as of September 26, 2020 and December 28, 2019, respectively. The fair value of debt, which is classified as a Level 2 liability, was $4,151,986 and $3,560,623 as of September 26, 2020 and December 28, 2019, respectively. Debt had a carrying value of $4,006,531 and $3,394,761 as of September 26, 2020 and December 28, 2019, 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 amount of the Company’s notes payable, which is classified as a Level 2 liability, approximated fair value as of September 26, 2020 and December 28, 2019, 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

Income Taxes	9 Months Ended
Income Taxes	Sep. 26, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s effective income tax rate was 17.6% and 14.3% for the quarters ended September 26, 2020 and September 28, 2019, respectively. The Company’s effective income tax rate was 17.5% and 14.3% for the nine months ended September 26, 2020 and September 28, 2019, respectively. The higher effective tax rate for the quarter and nine months ended September 26, 2020 was primarily due to the change in jurisdictional mix of income attributable to the economic impacts of COVID-19. The Company is subject to taxation in the U.S., as well as in various U.S. state and foreign jurisdictions. During the nine months ended September 26, 2020, the Internal Revenue Service closed its examination of the Company’s U.S. federal income tax returns for the years ended January 2, 2016 and December 31, 2016. The examination resulted in an immaterial adjustment which had been previously accrued for as an unrecognized tax benefit in a prior period. The Company remains subject to examinations in the U.S., U.S. state and foreign jurisdictions and believes that it maintains appropriate accruals for unrecognized tax benefits related to uncertain tax positions, which are evaluated each quarter. During the quarter ended September 26, 2020, the Company’s liability for unrecognized tax benefits, including interest and penalties, decreased by $18,731, of which $4,295 impacted the effective income tax rate. The decrease was related to expirations of statutes of limitations and certain filings with income tax authorities. Management believes it is reasonably possible that the amount of unrecognized tax benefits may decrease by $28,352 in the next 12 months based on approvals of certain filings by income tax authorities and expirations of statutes of limitations, of which $27,505 of the reduction may impact the Company’s effective income tax rate. The Company continually reviews its assessments as to the realizability of its deferred tax assets on a more-likely-than-not basis and maintains valuation allowances against deferred tax assets that are not realizable. It is reasonably possible, that a portion of the Company’s valuation allowance may decrease in future periods due to sufficient positive evidence, including future profitability. As a result of the COVID-19 pandemic, governments are offering various relief mechanisms to taxpayers to assist with the business disruption. The measures vary by jurisdiction, but often include the ability to delay certain income tax payments. The Company intends to use these provisions where eligible. As of September 26, 2020, the Company does not expect the COVID-19 relief measures to have a material impact on its financial results, including on its annual estimated effective tax rate or on liquidity.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Business Segment Information

9 Months Ended

Sep. 26, 2020

Segment Reporting [Abstract]

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.-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. Beginning in 2020, Innerwear also includes sales of PPE including products such as cloth face coverings and gowns.

•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, including PPE in 2020, 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” to the Company’s consolidated financial statements included in its Annual Report on Form 10-K for the year ended December 28, 2019.


	Quarters Ended				Nine Months Ended
	September 26, 2020		September 28, 2019		September 26, 2020		September 28, 2019
Net sales:
Innerwear	$	792,600	$	578,453	$	2,309,816	$	1,733,002
Activewear	324,921		548,117		781,300		1,401,734
International	632,117		663,525		1,644,893		1,878,568
Other	58,628		76,872		127,498		202,614
Total net sales	$	1,808,266	$	1,866,967	$	4,863,507	$	5,215,918


	Quarters Ended				Nine Months Ended
	September 26, 2020		September 28, 2019		September 26, 2020		September 28, 2019
Segment operating profit:
Innerwear	$	172,000	$	121,467	$	558,075	$	375,623
Activewear	29,568		97,314		31,925		209,686
International	96,076		107,168		227,218		288,019
Other	1,006		9,643		(17,389)		16,429
Total segment operating profit	298,650		335,592		799,829		889,757
Items not included in segment operating profit:
General corporate expenses	(62,222)		(49,954)		(177,934)		(173,293)
Restructuring and other action-related charges	(52,569)		(9,937)		(145,064)		(43,919)
Amortization of intangibles	(9,288)		(8,630)		(26,594)		(26,230)
Total operating profit	174,571		267,071		450,237		646,315
Other expenses	(5,309)		(8,066)		(16,849)		(23,766)
Interest expense, net	(43,868)		(43,091)		(122,376)		(137,672)
Income before income tax expense	$	125,394	$	215,914	$	311,012	$	484,877

For the quarter ended September 26, 2020, the Company incurred pre-tax restructuring and other action-related charges of $52,569, of which $47,636 is reported in the “Cost of sales” line and $4,933 is reported in the “Selling, general and administrative expenses” line in the Condensed Consolidated Statement of Income. For the quarter ended September 28, 2019, the Company incurred pre-tax restructuring and other action-related charges of $9,937, of which $9,424 is reported in the “Cost of sales” line and $513 is reported in the “Selling, general and administrative expenses” line in the Condensed Consolidated Statement of Income.

For the nine months ended September 26, 2020, the Company incurred pre-tax restructuring and other action-related charges of $145,064, of which $95,983 is reported in the “Cost of sales” line and $49,081 is reported in the “Selling, general and administrative expenses” line in the Condensed Consolidated Statement of Income. For the nine months ended September 28, 2019, the Company incurred pre-tax restructuring and other action-related charges of $43,919, of which $39,714 is reported in the “Cost of sales” line and $4,205 is reported in the “Selling, general and administrative expenses” line in the Condensed Consolidated Statement of Income.

As of December 28, 2019, the Company had an accrual of $7,120 for expected benefit payments related to actions taken in prior years. During the nine months ended September 26, 2020, the Company approved actions related to workforce reductions and incurred charges of $9,420 for employee termination and other benefits for employees affected by separation programs with $2,500 and $6,920 of charges reflected in the “Cost of sales” and “Selling, general and administrative expenses” lines, respectively, in the Consolidated Statement of Income. During the nine months ended September 26, 2020, benefit payments, other accrual adjustments and foreign currency adjustments of $7,128 have been made, resulting in an ending accrual of $9,412, of which $8,979 and $433 is included in the “Accrued liabilities” and “Other noncurrent liabilities” lines of the Condensed Consolidated Balance Sheet, respectively.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

+ Details

Revisions of Previously Issued Condensed Consolidated Interim Financial Statements (Notes)

9 Months Ended

Sep. 26, 2020

Revisions of Previously Issued Consolidated Interim Financial Statements [Abstract]

Revisions of Previously Issued Consolidated Interim Financial Statements [Text Block]

Revisions of Previously Issued Condensed Consolidated Interim Financial Statements

As described in Note, "Basis of Presentation," the following tables set forth the impact of error corrections on the Company’s condensed consolidated interim financial statements as of and for the quarter and nine months ended September 28, 2019 by financial statement line item.


	Quarter Ended September 28, 2019
Condensed Consolidated Statement of Income Line Item	As Previously Reported		Adjustments		As Revised

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


Income before income tax expense	218,599		(2,685)		215,914

Net income	187,776		(2,685)		185,091

Earnings per share:
Basic	$	0.51	$	(0.01)	$	0.51
Diluted	$	0.51	$	(0.01)	$	0.51


	Nine Months Ended September 28, 2019
Condensed Consolidated Statement of Income Line Item	As Previously Reported		Adjustments		As Revised

Cost of sales	$	3,208,025	$	(4,694)	$	3,203,331
Gross profit	2,007,893		4,694		2,012,587
Selling, general and administrative expenses	1,356,082		10,190		1,366,272
Operating profit	651,811		(5,496)		646,315


Income before income tax expense	490,373		(5,496)		484,877

Net income	421,230		(5,496)		415,734

Earnings per share:
Basic	$	1.16	$	(0.02)	$	1.14
Diluted	$	1.15	$	(0.02)	$	1.14


	Quarter Ended September 28, 2019
Condensed Consolidated Statement of Comprehensive Income Line Item	As Previously Reported		Adjustments		As Revised
Net income	$	187,776	$	(2,685)	$	185,091





Comprehensive income	148,443		(2,685)		145,758


	Nine Months Ended September 28, 2019
Condensed Consolidated Statement of Comprehensive Income Line Item	As Previously Reported		Adjustments		As Revised
Net income	$	421,230	$	(5,496)	$	415,734

Translation adjustments	(33,738)		(7,075)		(40,813)


Total other comprehensive loss	(30,201)		(7,075)		(37,276)
Comprehensive income	391,029		(12,571)		378,458


	September 28, 2019
Condensed Consolidated Balance Sheet Line Item	As Previously Reported		Adjustments		As Revised



Inventories	$	2,108,281	$	(13,246)	$	2,095,035
Other current assets	166,727		7,445		174,172
Total current assets	3,625,970		(5,801)		3,620,169




Deferred tax assets	257,314		(43,665)		213,649

Total assets	7,773,298		(49,466)		7,723,832



Accrued liabilities	589,992		(2,060)		587,932




Total current liabilities	2,096,904		(2,060)		2,094,844



Other noncurrent liabilities	265,804		64,743		330,547
Total liabilities	6,543,056		62,683		6,605,739







Retained earnings	1,528,258		(112,149)		1,416,109

Total stockholders’ equity	1,230,242		(112,149)		1,118,093
Total liabilities and stockholders’ equity	7,773,298		(49,466)		7,723,832


	Quarter Ended September 28, 2019
Condensed Consolidated Statement of Stockholders’ Equity Line Item	As Previously Reported		Adjustments		As Revised
Balance at June 29, 2019	$	1,134,850	$	(109,464)	$	1,025,386
Net income	187,776		(2,685)		185,091




Balance at September 28, 2019	1,230,242		(112,149)		1,118,093


	Nine Months Ended September 28, 2019
Condensed Consolidated Statement of Stockholders’ Equity Line Item	As Previously Reported		Adjustments		As Revised
Balance at December 29, 2018	$	970,283	$	(98,157)	$	872,126
Net income	421,230		(5,496)		415,734

Other comprehensive loss	(30,201)		(7,075)		(37,276)



Cumulative effect of change in adoption of leases standard	7,977		(1,421)		6,556
Balance at September 28, 2019	1,230,242		(112,149)		1,118,093


	Nine Months Ended September 28, 2019
Condensed Consolidated Statement of Cash Flows Line Item	As Previously Reported		Adjustments		As Revised
Operating activities:
Net income	$	421,230	$	(5,496)	$	415,734
Adjustments to reconcile net income to net cash from operating activities:






Other	8,737		(7,075)		1,662
Changes in assets and liabilities:

Inventories	(72,096)		15,626		(56,470)
Other assets	(40,732)		14,701		(26,031)


Accrued liabilities and other	14,243		(17,756)		(3,513)
Net cash from operating activities	244,700		—		244,700

Revenue Recognition (Policies)	9 Months Ended
Revenue Recognition (Policies)	Sep. 26, 2020
Revenue from Contract with Customer [Abstract]
Revenue recognition, policy	Revenue is recognized when obligations under the terms of a contract with a customer are satisfied, which occurs at a point in time, upon either shipment or delivery to the customer. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring goods, which includes estimates for variable consideration. Variable consideration includes trade discounts, rebates, volume-based incentives, cooperative advertising and product returns, which are offered within contracts between the Company and its customers, employing the practical expedient for contract costs. Incidental items that are immaterial to the context of the contract are recognized as expense at the transaction date.

Revenue Recognition (Tables)

9 Months Ended

Sep. 26, 2020

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following table presents the Company’s revenues disaggregated by the customer’s method of purchase:


	Quarters Ended				Nine Months Ended
	September 26, 2020		September 28, 2019		September 26, 2020		September 28, 2019
Third-party brick-and-mortar wholesale	$	1,277,261	$	1,436,935	$	3,600,404	$	4,029,352
Consumer-directed	531,005		430,032		1,263,103		1,186,566
Total net sales	$	1,808,266	$	1,866,967	$	4,863,507	$	5,215,918

Stockholders' Equity (Tables)

9 Months Ended

Sep. 26, 2020

Equity [Abstract]

Reconciliation of Basic to Diluted Weighted Average Shares

The reconciliation of basic to diluted weighted average shares outstanding is as follows:


	Quarters Ended		Nine Months Ended
	September 26, 2020	September 28, 2019	September 26, 2020	September 28, 2019
Basic weighted average shares outstanding	350,703	364,743	353,419	364,650
Effect of potentially dilutive securities:
Stock options	90	437	151	463
Restricted stock units	809	412	380	361
Employee stock purchase plan and other	2	5	6	4
Diluted weighted average shares outstanding	351,604	365,597	353,956	365,478

Inventories (Tables)

9 Months Ended

Sep. 26, 2020

Inventory Disclosure [Abstract]

Inventories

Inventories consisted of the following:


	September 26, 2020		December 28, 2019		September 28, 2019
Raw materials	$	90,386	$	83,545	$	98,374
Work in process	124,902		136,592		137,248
Finished goods	1,955,264		1,685,708		1,859,413
	$	2,170,552	$	1,905,845	$	2,095,035

Debt and Notes Payable (Tables)

9 Months Ended

Sep. 26, 2020

Debt Disclosure [Abstract]

Debt and Notes Payable

Debt and notes payable consisted of the following:


	Interest Rate as of September 26, 2020	Principal Amount				Maturity Date
		September 26, 2020		December 28, 2019
Senior Secured Credit Facility:
Revolving Loan Facility	—	$	—	$	—	December 2022

Term Loan A	2.10%	625,000		625,000		December 2022
Term Loan B	1.91%	300,000		300,000		December 2024

Australian Revolving Loan Facility	—	—		—		July 2021
5.375% Senior Notes	5.38%	700,000		—		May 2025
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%	581,531		558,847		June 2024
European Revolving Loan Facility	—	—		110,914		December 2020
Accounts Receivable Securitization Facility	—	—		—		March 2021
Total debt		4,006,531		3,394,761
Notes payable		5,257		4,244
Total debt and notes payable		4,011,788		3,399,005
Less long-term debt issuance costs		34,319		26,977
Less notes payable		5,257		4,244
Less current maturities		—		110,914
Total long-term debt		$	3,972,212	$	3,256,870

Accumulated Other Comprehensive Loss (Tables)

9 Months Ended

Sep. 26, 2020

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Schedule of Accumulated Other Comprehensive Loss

The components of accumulated other comprehensive loss (“AOCI”) are as follows:


	Cumulative Translation Adjustment(1)		Cash Flow Hedges		Defined Benefit Plans		Income Taxes		Accumulated Other Comprehensive Loss
Balance at December 28, 2019	$	(157,138)	$	4,786	$	(629,360)	$	164,064	$	(617,648)
Amounts reclassified from accumulated other comprehensive loss	—		(15,452)		15,717		241		506
Current-period other comprehensive income (loss) activity	1,557		6,022		(303)		(4,917)		2,359
Total other comprehensive income (loss)	1,557		(9,430)		15,414		(4,676)		2,865

Balance at September 26, 2020	$	(155,581)	$	(4,644)	$	(613,946)	$	159,388	$	(614,783)

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
		Quarters Ended				Nine Months Ended
		September 26, 2020		September 28, 2019		September 26, 2020		September 28, 2019
Gain on foreign exchange contracts designated as cash flow hedges	Cost of sales	$	7,278	$	6,991	$	15,452	$	21,355
	Income tax	(2,082)		(1,646)		(4,156)		(5,054)
	Net of tax	5,196		5,345		11,296		16,301
Amortization of deferred actuarial loss and prior service cost	Other expenses	(5,428)		(4,963)		(15,717)		(14,529)
	Income tax	1,425		1,358		3,915		3,974
	Net of tax	(4,003)		(3,605)		(11,802)		(10,555)

Total reclassifications		$	1,193	$	1,740	$	(506)	$	5,746

Financial Instruments and Risk Management (Tables)

9 Months Ended

Sep. 26, 2020

Disclosure Financial Instruments and Risk Management [Abstract]

Fair Values of Derivative Instruments


	Balance Sheet Location	Fair Value
		September 26, 2020		December 28, 2019
Derivatives designated as hedging instruments:
Forward foreign exchange contracts	Other current assets	$	1,095	$	2,716
Cross-currency swap contracts	Other current assets	2,706		926
Cross-currency swap contracts	Other noncurrent assets	3,139		2,975
Derivatives not designated as hedging instruments:
Forward foreign exchange contracts	Other current assets	6,442		5,314
Total derivative assets		13,382		11,931

Derivatives designated as hedging instruments:
Forward foreign exchange contracts	Accrued liabilities	(5,054)		(2,246)
Derivatives not designated as hedging instruments:
Forward foreign exchange contracts	Accrued liabilities	(4,335)		(1,147)
Total derivative liabilities		(9,389)		(3,393)

Net derivative asset		$	3,993	$	8,538

Effect of Cash Flow Hedge Derivative Instruments

The effect of cash flow hedge derivative instruments on the Condensed Consolidated Statements of Income and AOCI is as follows:


	Amount of Gain (Loss) Recognized in AOCI on Derivative Instruments
	Quarters Ended				Nine Months Ended
	September 26, 2020		September 28, 2019		September 26, 2020		September 28, 2019

Foreign exchange contracts	$	(7,007)	$	9,970	$	6,022	$	11,684


	Location of Gain Reclassified from AOCI into Income	Amount of Gain Reclassified from AOCI into Income
		Quarters Ended				Nine Months Ended
		September 26, 2020		September 28, 2019		September 26, 2020		September 28, 2019


Foreign exchange contracts(1)	Cost of sales	$	7,278	$	6,991	$	15,452	$	21,355

(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.


	Quarters Ended				Nine Months Ended
	September 26, 2020		September 28, 2019		September 26, 2020		September 28, 2019
Total cost of sales in which the effects of cash flow hedges are recorded	$	1,191,553	$	1,149,934	$	3,140,050	$	3,203,331

Effect of Net Investment Hedge Derivative Instruments


	Amount of Gain (Loss) Recognized in AOCI
	Quarters Ended				Nine Months Ended
	September 26, 2020		September 28, 2019		September 26, 2020		September 28, 2019
Euro-denominated long-term debt	$	(13,815)	$	9,845	$	(15,353)	$	9,845
Cross-currency swap contracts	(10,611)		6,436		117		6,436
Total	$	(24,426)	$	16,281	$	(15,236)	$	16,281


	Location of Gain Recognized in Income	Amount of Gain Recognized in Income (Amount Excluded from Effectiveness Testing)
		Quarters Ended				Nine Months Ended
		September 26, 2020		September 28, 2019		September 26, 2020		September 28, 2019
Cross-currency swap contracts	Interest expense, net	$	1,805	$	1,672	$	5,772	$	1,672


		Quarters Ended				Nine Months Ended
		September 26, 2020		September 28, 2019		September 26, 2020		September 28, 2019
Total interest expense, net in which the amounts excluded from effectiveness testing for net investment hedges are recorded		$	43,868	$	43,091	$	122,376	$	137,672

Effect of Mark to Market Hedge Derivative Instruments

The effect of derivative contracts not designated as hedges on the Condensed Consolidated Statements of Income is as follows:


	Location of Gain (Loss) Recognized in Income on Derivatives	Amount of Gain (Loss) Recognized in Income
		Quarters Ended				Nine Months Ended
		September 26, 2020		September 28, 2019		September 26, 2020		September 28, 2019
Foreign exchange contracts	Cost of sales	$	(1,611)	$	(3,055)	$	(14,594)	$	(21,813)
Foreign exchange contracts	Selling, general and administrative expenses	3,718		2,546		4,646		1,625
Total		$	2,107	$	(509)	$	(9,948)	$	(20,188)

Fair Value of Assets and Liabilities (Tables)

9 Months Ended

Sep. 26, 2020

Fair Value Disclosures [Abstract]

Fair Value of Financial Assets and Liabilities Measured on a Recurring Basis

The following tables set forth by level within the fair value hierarchy the Company’s financial assets and liabilities accounted for at fair value on a recurring basis.


	Assets (Liabilities) at Fair Value as of September 26, 2020
	Total		Quoted Prices In Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Forward foreign exchange contracts - assets	$	7,537	$	—	$	7,537	$	—
Cross-currency swap contracts - assets	5,845		—		5,845		—
Forward foreign exchange contracts - liabilities	(9,389)		—		(9,389)		—
	3,993		—		3,993		—
Deferred compensation plan liability	(19,890)		—		(19,890)		—
Total	$	(15,897)	$	—	$	(15,897)	$	—


	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)
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	$	(22,683)	$	—	$	(22,683)	$	—

Business Segment Information (Tables)

9 Months Ended

Sep. 26, 2020

Segment Reporting [Abstract]

Net Sales


	Quarters Ended				Nine Months Ended
	September 26, 2020		September 28, 2019		September 26, 2020		September 28, 2019
Net sales:
Innerwear	$	792,600	$	578,453	$	2,309,816	$	1,733,002
Activewear	324,921		548,117		781,300		1,401,734
International	632,117		663,525		1,644,893		1,878,568
Other	58,628		76,872		127,498		202,614
Total net sales	$	1,808,266	$	1,866,967	$	4,863,507	$	5,215,918

Segment Operating Profit


	Quarters Ended				Nine Months Ended
	September 26, 2020		September 28, 2019		September 26, 2020		September 28, 2019
Segment operating profit:
Innerwear	$	172,000	$	121,467	$	558,075	$	375,623
Activewear	29,568		97,314		31,925		209,686
International	96,076		107,168		227,218		288,019
Other	1,006		9,643		(17,389)		16,429
Total segment operating profit	298,650		335,592		799,829		889,757
Items not included in segment operating profit:
General corporate expenses	(62,222)		(49,954)		(177,934)		(173,293)
Restructuring and other action-related charges	(52,569)		(9,937)		(145,064)		(43,919)
Amortization of intangibles	(9,288)		(8,630)		(26,594)		(26,230)
Total operating profit	174,571		267,071		450,237		646,315
Other expenses	(5,309)		(8,066)		(16,849)		(23,766)
Interest expense, net	(43,868)		(43,091)		(122,376)		(137,672)
Income before income tax expense	$	125,394	$	215,914	$	311,012	$	484,877

Revisions of Previously Issued Condensed Consolidated Interim Financial Statements (Tables)

9 Months Ended

Sep. 26, 2020

Revisions of Previously Issued Consolidated Interim Financial Statements [Abstract]

Revisions of Previously Issued Consolidated Interim Financial Statements [Table Text Block]


	Quarter Ended September 28, 2019
Condensed Consolidated Statement of Income Line Item	As Previously Reported		Adjustments		As Revised

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


Income before income tax expense	218,599		(2,685)		215,914

Net income	187,776		(2,685)		185,091

Earnings per share:
Basic	$	0.51	$	(0.01)	$	0.51
Diluted	$	0.51	$	(0.01)	$	0.51


	Nine Months Ended September 28, 2019
Condensed Consolidated Statement of Income Line Item	As Previously Reported		Adjustments		As Revised

Cost of sales	$	3,208,025	$	(4,694)	$	3,203,331
Gross profit	2,007,893		4,694		2,012,587
Selling, general and administrative expenses	1,356,082		10,190		1,366,272
Operating profit	651,811		(5,496)		646,315


Income before income tax expense	490,373		(5,496)		484,877

Net income	421,230		(5,496)		415,734

Earnings per share:
Basic	$	1.16	$	(0.02)	$	1.14
Diluted	$	1.15	$	(0.02)	$	1.14


	Quarter Ended September 28, 2019
Condensed Consolidated Statement of Comprehensive Income Line Item	As Previously Reported		Adjustments		As Revised
Net income	$	187,776	$	(2,685)	$	185,091





Comprehensive income	148,443		(2,685)		145,758


	Nine Months Ended September 28, 2019
Condensed Consolidated Statement of Comprehensive Income Line Item	As Previously Reported		Adjustments		As Revised
Net income	$	421,230	$	(5,496)	$	415,734

Translation adjustments	(33,738)		(7,075)		(40,813)


Total other comprehensive loss	(30,201)		(7,075)		(37,276)
Comprehensive income	391,029		(12,571)		378,458


	September 28, 2019
Condensed Consolidated Balance Sheet Line Item	As Previously Reported		Adjustments		As Revised



Inventories	$	2,108,281	$	(13,246)	$	2,095,035
Other current assets	166,727		7,445		174,172
Total current assets	3,625,970		(5,801)		3,620,169




Deferred tax assets	257,314		(43,665)		213,649

Total assets	7,773,298		(49,466)		7,723,832



Accrued liabilities	589,992		(2,060)		587,932




Total current liabilities	2,096,904		(2,060)		2,094,844



Other noncurrent liabilities	265,804		64,743		330,547
Total liabilities	6,543,056		62,683		6,605,739







Retained earnings	1,528,258		(112,149)		1,416,109

Total stockholders’ equity	1,230,242		(112,149)		1,118,093
Total liabilities and stockholders’ equity	7,773,298		(49,466)		7,723,832


	Quarter Ended September 28, 2019
Condensed Consolidated Statement of Stockholders’ Equity Line Item	As Previously Reported		Adjustments		As Revised
Balance at June 29, 2019	$	1,134,850	$	(109,464)	$	1,025,386
Net income	187,776		(2,685)		185,091




Balance at September 28, 2019	1,230,242		(112,149)		1,118,093


	Nine Months Ended September 28, 2019
Condensed Consolidated Statement of Stockholders’ Equity Line Item	As Previously Reported		Adjustments		As Revised
Balance at December 29, 2018	$	970,283	$	(98,157)	$	872,126
Net income	421,230		(5,496)		415,734

Other comprehensive loss	(30,201)		(7,075)		(37,276)



Cumulative effect of change in adoption of leases standard	7,977		(1,421)		6,556
Balance at September 28, 2019	1,230,242		(112,149)		1,118,093


	Nine Months Ended September 28, 2019
Condensed Consolidated Statement of Cash Flows Line Item	As Previously Reported		Adjustments		As Revised
Operating activities:
Net income	$	421,230	$	(5,496)	$	415,734
Adjustments to reconcile net income to net cash from operating activities:






Other	8,737		(7,075)		1,662
Changes in assets and liabilities:

Inventories	(72,096)		15,626		(56,470)
Other assets	(40,732)		14,701		(26,031)


Accrued liabilities and other	14,243		(17,756)		(3,513)
Net cash from operating activities	244,700		—		244,700

Basis of Presentation Additional Information - Intangible Assets (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 26, 2020	Sep. 28, 2019	Dec. 28, 2019
Asset Impairment Charges [Abstract]
Intangible asset impairment charges	$ 20,319	$ 0
Goodwill and Indefinite-lived Trademards [Line Items]
Goodwill	1,246,113	$ 1,223,216	$ 1,235,711
Hanes Europe Innerwear and U.S. Hosiery - Reporting units at high risk for impairment whose fair value exceeds carrying value by 20% or less [Member]
Goodwill and Indefinite-lived Trademards [Line Items]
Goodwill	120,000
Hanes Europe Innerwear - Reporting units at high risk for impairment whose fair value exceeds carrying value by 20% or less [Member]
Goodwill and Indefinite-lived Trademards [Line Items]
Indefinite-Lived Trademarks	$ 80,000

Revenue Recognition (Details) - USD ($)	3 Months Ended		9 Months Ended
Revenue Recognition (Details) - USD ($)	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019
Disaggregation of Revenue
Net sales	$ 1,808,266,000	$ 1,866,967,000	$ 4,863,507,000	$ 5,215,918,000
Third-party brick-and-mortar wholesale
Disaggregation of Revenue
Net sales	1,277,261,000	1,436,935,000	3,600,404,000	4,029,352,000
Consumer-directed
Disaggregation of Revenue
Net sales	531,005,000	$ 430,032,000	1,263,103,000	$ 1,186,566,000
Government contracts \| Third-party brick-and-mortar wholesale
Disaggregation of Revenue
Net sales	$ 4,053,000		$ 645,776,000

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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+ Details

Acquisitions Narrative (Details) - Bras N Things $ in Thousands, $ in Thousands			3 Months Ended			12 Months Ended
	Feb. 12, 2018 USD ($)	Feb. 12, 2018 AUD ($)	Sep. 28, 2019 USD ($)	Sep. 28, 2019 AUD ($)	Mar. 30, 2019 USD ($)	Dec. 29, 2018 USD ($)	Dec. 29, 2018 AUD ($)	Feb. 12, 2018 AUD ($)
Business Acquisition [Line Items]
Business acquisition, percent of business acquired	100.00%							100.00%
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Consideration Transferred	$ 391,572	$ 498,236
Increase (decrease) in consideration transferred						$ (2,367)	$ (3,012)
Total purchase price	389,205	495,224
Cash consideration paid	337,123	$ 428,956
Indemnification escrow asset	25,140							$ 31,988
Debt assumed	$ 26,942							$ 34,280
Indemnification escrow disbursement			$ 21,360	$ 31,425
Goodwill, Purchase Accounting Adjustments					$ (792)

Stockholders' Equity Reconciliation of Basic to Diluted Weighted Average Shares (Detail) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019
Reconciliation of basic to diluted weighted average shares [Line Items]
Basic weighted average shares outstanding	350,703	364,743	353,419	364,650
Diluted weighted average shares outstanding	351,604	365,597	353,956	365,478
Stock options
Effect of potentially dilutive securities:
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements	90	437	151	463
Restricted stock units
Effect of potentially dilutive securities:
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements	809	412	380	361
Employee stock purchase plan and other
Effect of potentially dilutive securities:
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements	2	5	6	4

Stockholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		3 Months Ended		9 Months Ended
	Oct. 27, 2020	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019	Feb. 06, 2020	Apr. 27, 2016
Stockholders' Equity [Line Items]
Dividends, Per Share, Declared		$ 0.15	$ 0.15	$ 0.45	$ 0.45
Stock Repurchased During Period, Value				$ 200,269
Stock options
Stockholders' Equity [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount		151	0	50	0
Restricted stock units
Stockholders' Equity [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount		0	0	499	5
2020 Share Repurchase Plan
Stockholders' Equity [Line Items]
Stock Repurchase Program, Number of Shares Authorized to be Repurchased						40,000
Stock Repurchased During Period, Shares				14,464
Common Stock Repurchased - Weighted Average Price Per Share				$ 13.83
Stock Repurchased During Period, Value				$ 200,269
Remaining number of shares authorized to be repurchased		25,536		25,536
2016 Share Repurchase Plan
Stockholders' Equity [Line Items]
Stock Repurchase Program, Number of Shares Authorized to be Repurchased							40,000
Subsequent Event [Member]
Stockholders' Equity [Line Items]
Dividends, Per Share, Declared	$ 0.15

Inventories (Detail) - USD ($) $ in Thousands	Sep. 26, 2020	Dec. 28, 2019	Sep. 28, 2019
Inventory Disclosure [Abstract]
Raw materials	$ 90,386	$ 83,545	$ 98,374
Work in process	124,902	136,592	137,248
Finished goods	1,955,264	1,685,708	1,859,413
Total Inventories	$ 2,170,552	$ 1,905,845	$ 2,095,035

Debt and Notes Payable (Detail) - USD ($) $ in Thousands	Sep. 26, 2020	Dec. 28, 2019	Sep. 28, 2019
Debt Instrument [Line Items]
Total debt	$ 4,006,531	$ 3,394,761
Notes payable	5,257	4,244
Total debt and notes payable	4,011,788	3,399,005
Long-term Debt, Excluding Current Maturities [Abstract]
Less long-term debt issuance costs	34,319	26,977
Notes payable	5,257	4,244
Less current maturities	0	110,914
Total long-term debt	$ 3,972,212	3,256,870	$ 3,467,591
Revolving Loan Facility
Debt Instrument [Line Items]
Interest rate as of September 26, 2020	0.00%
Total debt	$ 0	0
Term Loan A
Debt Instrument [Line Items]
Interest rate as of September 26, 2020	2.10%
Total debt	$ 625,000	625,000
Term Loan B
Debt Instrument [Line Items]
Interest rate as of September 26, 2020	1.91%
Total debt	$ 300,000	300,000
Australian Revolving Loan Facility
Debt Instrument [Line Items]
Interest rate as of September 26, 2020	0.00%
Total debt	$ 0	0
5.375% Senior Notes
Debt Instrument [Line Items]
Interest rate as of September 26, 2020	5.38%
Total debt	$ 700,000	0
4.875% Senior Notes
Debt Instrument [Line Items]
Interest rate as of September 26, 2020	4.88%
Total debt	$ 900,000	900,000
4.625% Senior Notes
Debt Instrument [Line Items]
Interest rate as of September 26, 2020	4.63%
Total debt	$ 900,000	900,000
3.50% Senior Notes
Debt Instrument [Line Items]
Interest rate as of September 26, 2020	3.50%
Total debt	$ 581,531	558,847
European Revolving Loan Facility
Debt Instrument [Line Items]
Interest rate as of September 26, 2020	0.00%
Total debt	$ 0	110,914
Accounts Receivable Securitization Facility
Debt Instrument [Line Items]
Interest rate as of September 26, 2020	0.00%
Total debt	$ 0	$ 0

Debt and Notes Payable (Additional Information) (Detail) $ in Thousands	3 Months Ended						9 Months Ended		24 Months Ended
	Jul. 03, 2021 USD ($)	Apr. 03, 2021 USD ($)	Jan. 02, 2021 USD ($)	Sep. 26, 2020 USD ($)	Jun. 27, 2020 USD ($)	Mar. 28, 2020 USD ($)	Sep. 26, 2020 USD ($)	Sep. 28, 2019 USD ($)	May 15, 2022	Dec. 28, 2019 USD ($)
Debt Instrument [Line Items]
Payments of debt issuance costs							$ 14,938	$ 1,098
Revolving Loan Facility
Debt Instrument [Line Items]
Remaining capacity				$ 989,097			989,097
Maximum borrowing capacity				1,000,000			1,000,000
Standby and trade letters of credit issued				10,903			10,903
Revolving Loan Facility Draw Down						$ 630,000
Revolving Loan Facility Repayment					$ 490,000
Accounts Receivable Securitization Facility
Debt Instrument [Line Items]
Remaining capacity				0			0
Maximum borrowing capacity				225,000	225,000		225,000			$ 300,000
Line of Credit Facility, Current Borrowing Capacity				225,000			225,000
Australian Revolving Loan Facility
Debt Instrument [Line Items]
Remaining capacity				42,433			42,433
European Revolving Loan Facility
Debt Instrument [Line Items]
Remaining capacity				116,604			116,604
Other International Debt
Debt Instrument [Line Items]
Remaining capacity				$ 117,953			117,953
5.375% Senior Notes
Debt Instrument [Line Items]
Principal amount of 5.375% Senior Notes					$ 700,000
Net proceeds from sale of 5.375% Senior Notes							691,250
Payments of debt issuance costs							12,223
Senior Secured Credit Facility [Member]
Debt Instrument [Line Items]
Interest Coverage Ratio				2.00	2.00	3.00
Minimum Last Twelve Months EBITDA Covenant				$ 505,000	$ 625,000		505,000
Minimum \| Senior Secured Credit Facility [Member]
Debt Instrument [Line Items]
Minimum Liquidity Covenant				300,000			300,000
Maximum \| Senior Secured Credit Facility [Member]
Debt Instrument [Line Items]
Minimum Liquidity Covenant				$ 400,000			$ 400,000
Subsequent Event [Member] \| Senior Secured Credit Facility [Member]
Debt Instrument [Line Items]
Interest Coverage Ratio	2.25	2.00	2.00
Minimum Last Twelve Months EBITDA Covenant	$ 505,000	$ 435,000	$ 445,000
Subsequent Event [Member] \| Maximum \| 5.375% Senior Notes
Debt Instrument [Line Items]
Percent of notes reedemable with a portion of net proceeds from equity offerings									0.40
Redemption with a make-whole premium [Member] \| Subsequent Event [Member] \| 5.375% Senior Notes
Debt Instrument [Line Items]
Redemption Price, Percentage of Principal Amount Redeemed									100.00%
Redemption with a portion of net proceeds from equity offerings [Member] \| Subsequent Event [Member] \| 5.375% Senior Notes
Debt Instrument [Line Items]
Redemption Price, Percentage of Principal Amount Redeemed									105.375%
Redemption due to a change of control of the Company [Member] \| Subsequent Event [Member] \| 5.375% Senior Notes
Debt Instrument [Line Items]
Redemption Price, Percentage of Principal Amount Redeemed									101.00%

Accumulated Other Comprehensive Loss (Rollforward) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at December 28, 2019, net of tax			$ (617,648)
Total other comprehensive income (loss)	$ 16,226	$ (39,333)	2,865	$ (37,276)
Balance at September 26, 2020, net of tax	(614,783)	(611,959)	(614,783)	(611,959)
Cumulative Translation Adjustment
Accumulated Other Comprehensive Income (Loss), Before Tax [Roll Forward]
Balance at December 28, 2019, before tax			(157,138)
Amounts reclassified from accumulated other comprehensive loss, before tax			0
Current-period other comprehensive income (loss) activity, before tax			1,557
Total other comprehensive income (loss), before tax			1,557
Balance at September 26, 2020, before tax	(155,581)		(155,581)
Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss), Before Tax [Roll Forward]
Balance at December 28, 2019, before tax			4,786
Amounts reclassified from accumulated other comprehensive loss, before tax			(15,452)
Current-period other comprehensive income (loss) activity, before tax			6,022
Total other comprehensive income (loss), before tax			(9,430)
Balance at September 26, 2020, before tax	(4,644)		(4,644)
Defined Benefit Plans
Accumulated Other Comprehensive Income (Loss), Before Tax [Roll Forward]
Balance at December 28, 2019, before tax			(629,360)
Amounts reclassified from accumulated other comprehensive loss, before tax			15,717
Current-period other comprehensive income (loss) activity, before tax			(303)
Total other comprehensive income (loss), before tax			15,414
Balance at September 26, 2020, before tax	(613,946)		(613,946)
Income Taxes
Accumulated Other Comprehensive Income (Loss), Tax [Roll Forward]
Balance at December 28, 2019, tax			164,064
Amounts reclassified from accumulated other comprehensive loss, tax			241
Current-period other comprehensive income (loss) activity, tax			(4,917)
Total other comprehensive income (loss), tax			(4,676)
Balance at September 26, 2020, tax	159,388		159,388
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at December 28, 2019, net of tax			(617,648)
Amounts reclassified from accumulated other comprehensive loss, net of tax			506
Current-period other comprehensive income (loss) activity, net of tax			2,359
Total other comprehensive income (loss)	16,226	$ (39,333)	2,865	$ (37,276)
Balance at September 26, 2020, net of tax	$ (614,783)		$ (614,783)

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Cost of sales	$ 1,191,553	$ 1,149,934	$ 3,140,050	$ 3,203,331
Other expenses	(5,309)	(8,066)	(16,849)	(23,766)
Income tax expense (benefit)	(22,116)	(30,823)	(54,427)	(69,143)
Net income (loss)	103,278	185,091	256,585	415,734
Reclassification out of Accumulated Other Comprehensive Income
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Net income (loss)	1,193	1,740	(506)	5,746
Reclassification out of Accumulated Other Comprehensive Income \| Amortization of deferred actuarial loss and prior service cost
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Other expenses	(5,428)	(4,963)	(15,717)	(14,529)
Income tax expense (benefit)	1,425	1,358	3,915	3,974
Net income (loss)	(4,003)	(3,605)	(11,802)	(10,555)
Foreign Exchange Contract \| Reclassification out of Accumulated Other Comprehensive Income \| Gain on foreign exchange contracts designated as cash flow hedges
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Cost of sales	7,278	6,991	15,452	21,355
Income tax expense (benefit)	(2,082)	(1,646)	(4,156)	(5,054)
Net income (loss)	$ 5,196	$ 5,345	$ 11,296	$ 16,301

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Financial Instruments and Risk Management (Additional Information) (Detail) € in Thousands, $ in Thousands	9 Months Ended
	Sep. 26, 2020 USD ($)	Jul. 10, 2019 EUR (€) numberOfCrossCurrencySwaps
Foreign Exchange Contract
Derivative [Line Items]
Derivative, Notional Amount	$ 599,297
Amount expected to be reclassified into earnings during the next twelve months	$ 4,295
Maximum Length of Time Hedged in Interest Rate Cash Flow Hedge	15 months
Cross-Currency Swap Contract
Derivative [Line Items]
Number of cross currency swaps \| numberOfCrossCurrencySwaps		2
Derivative, Notional Amount	$ 335,940	€ 300,000

Financial Instruments and Risk Management Fair Values of Derivative Instruments (Detail) - USD ($) $ in Thousands	Sep. 26, 2020	Dec. 28, 2019
Derivatives, Fair Value [Line Items]
Net fair value of derivative assets and liabilities	$ 3,993	$ 8,538
Assets, Total
Derivatives, Fair Value [Line Items]
Total derivative assets	13,382	11,931
Liabilities, Total
Derivatives, Fair Value [Line Items]
Total derivative liabilities	(9,389)	(3,393)
Foreign Exchange Contract \| Other Current Assets \| Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Total derivative assets	1,095	2,716
Foreign Exchange Contract \| Other Current Assets \| Non-hedges
Derivatives, Fair Value [Line Items]
Total derivative assets	6,442	5,314
Foreign Exchange Contract \| Accrued liabilities \| Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Total derivative liabilities	(5,054)	(2,246)
Foreign Exchange Contract \| Accrued liabilities \| Non-hedges
Derivatives, Fair Value [Line Items]
Total derivative liabilities	(4,335)	(1,147)
Cross-Currency Swap Contract \| Other Current Assets \| Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Total derivative assets	2,706	926
Cross-Currency Swap Contract \| Other noncurrent assets \| Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Total derivative assets	$ 3,139	$ 2,975

Financial Instruments and Risk Management Effect of Cash Flow Hedge Derivative Instruments (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019
Derivatives, Fair Value [Line Items]
Cost of sales	$ 1,191,553	$ 1,149,934	$ 3,140,050	$ 3,203,331
Foreign Exchange Contract
Derivatives, Fair Value [Line Items]
Amount of Gain (Loss) Recognized in AOCI	(7,007)	9,970	6,022	11,684
Foreign Exchange Contract \| Cost of Sales
Derivatives, Fair Value [Line Items]
Amount of Gain Reclassified from AOCI into Income	$ 7,278	$ 6,991	$ 15,452	$ 21,355

Financial Instruments and Risk Management Effect of Net Investment Hedge Instruments (Detail) € in Thousands, $ in Thousands		3 Months Ended		9 Months Ended
	Jul. 10, 2019 EUR (€)	Sep. 26, 2020 USD ($)	Sep. 28, 2019 USD ($)	Sep. 26, 2020 USD ($)	Sep. 28, 2019 USD ($)	Dec. 28, 2019 USD ($)
Derivatives, Fair Value [Line Items]
Total debt		$ 4,006,531		$ 4,006,531		$ 3,394,761
Interest expense, net		43,868	$ 43,091	122,376	$ 137,672
4.625% Senior Notes
Derivatives, Fair Value [Line Items]
Total debt		$ 900,000		$ 900,000		900,000
Interest Rate on Senior Notes Issued		4.63%		4.63%
3.50% Senior Notes
Derivatives, Fair Value [Line Items]
Total debt		$ 581,531		$ 581,531		$ 558,847
Interest Rate on Senior Notes Issued		3.50%		3.50%
Euro-denominated Long-term Debt \| 3.50% Senior Notes
Derivatives, Fair Value [Line Items]
Notional Amount of Nonderivative Instruments	€ 500,000			$ 581,531
Cross-Currency Swap Contract
Derivatives, Fair Value [Line Items]
Cross-Currency Swap Contract - Fixed Interest Rate	2.3215%
Cross-Currency Swap Contract \| Interest expense, net
Derivatives, Fair Value [Line Items]
Amounts of Gain (Loss) Recognized in Income		$ 1,805	1,672	$ 5,772	1,672
Cross-Currency Swap Contract \| 4.625% Senior Notes
Derivatives, Fair Value [Line Items]
Interest Rate on Senior Notes Issued		4.625%		4.625%
Accumulated Other Comprehensive Loss
Derivatives, Fair Value [Line Items]
Amount of Gain (Loss) Recognized in AOCI on Net Investment Hedges		$ (24,426)	16,281	$ (15,236)	16,281
Accumulated Other Comprehensive Loss \| Euro-denominated Long-term Debt
Derivatives, Fair Value [Line Items]
Amount of Gain (Loss) Recognized in AOCI		(13,815)	9,845	(15,353)	9,845
Accumulated Other Comprehensive Loss \| Cross-Currency Swap Contract
Derivatives, Fair Value [Line Items]
Amount of Gain (Loss) Recognized in AOCI		$ (10,611)	$ 6,436	$ 117	$ 6,436

Financial Instruments and Risk Management Effect of Mark to Market Hedge Derivative Instruments (Detail) - Foreign Exchange Contract - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Income	$ 2,107	$ (509)	$ (9,948)	$ (20,188)
Cost of Sales
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Income	(1,611)	(3,055)	(14,594)	(21,813)
Selling, general and administrative expenses
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Income	$ 3,718	$ 2,546	$ 4,646	$ 1,625

Fair Value of Assets and Liabilities (Additional Information) (Detail) - USD ($) $ in Thousands	Sep. 26, 2020	Dec. 28, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Accounts Receivable, Allowance for Credit Loss, Current	$ 55,786	$ 33,228
Carrying value of debt	4,006,531	3,394,761
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of debt	$ 4,151,986	$ 3,560,623

Fair Value of Assets and Liabilities (Fair Value of Financial Assets and Liabilities Measured on Recurring Basis) (Detail) - USD ($) $ in Thousands	Sep. 26, 2020	Dec. 28, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net fair value of derivative assets and liabilities	$ 3,993	$ 8,538
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net fair value of derivative assets and liabilities	3,993	8,538
Deferred compensation plan liability	19,890	31,221
Net Effect Of Financial Asset Less Financial Liability	(15,897)	(22,683)
Fair Value, Measurements, Recurring \| Quoted Prices In Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net fair value of derivative assets and liabilities	0	0
Deferred compensation plan liability	0	0
Net Effect Of Financial Asset Less Financial Liability	0	0
Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net fair value of derivative assets and liabilities	3,993	8,538
Deferred compensation plan liability	19,890	31,221
Net Effect Of Financial Asset Less Financial Liability	(15,897)	(22,683)
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net fair value of derivative assets and liabilities	0	0
Deferred compensation plan liability	0	0
Net Effect Of Financial Asset Less Financial Liability	0	0
Fair Value, Measurements, Recurring \| Foreign exchange derivative contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total derivative assets	7,537	8,030
Total derivative liabilities	9,389	3,393
Fair Value, Measurements, Recurring \| Foreign exchange derivative contracts \| Quoted Prices In Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total derivative assets	0	0
Total derivative liabilities	0	0
Fair Value, Measurements, Recurring \| Foreign exchange derivative contracts \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total derivative assets	7,537	8,030
Total derivative liabilities	9,389	3,393
Fair Value, Measurements, Recurring \| Foreign exchange derivative contracts \| Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total derivative assets	0	0
Total derivative liabilities	0	0
Fair Value, Measurements, Recurring \| Cross-Currency Swap Contract
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total derivative assets	5,845	3,901
Fair Value, Measurements, Recurring \| Cross-Currency Swap Contract \| Quoted Prices In Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total derivative assets	0	0
Fair Value, Measurements, Recurring \| Cross-Currency Swap Contract \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total derivative assets	5,845	3,901
Fair Value, Measurements, Recurring \| Cross-Currency Swap Contract \| Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total derivative assets	$ 0	$ 0

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019
Income Tax Disclosure [Abstract]
Effective Income Tax Rate, Percent	17.60%	14.30%	17.50%	14.30%
Unrecognized Tax Benefits, Period Decrease	$ 18,731
Unrecognized Tax Benefit Period Decrease That Impacted Effective Tax Rate	4,295		$ 4,295
Amount of decrease in unrecognized tax benefits that is reasonably possible in the next twelve months	28,352		28,352
Amount of decrease in unrecognized tax benefits that is reasonably possible in the next twelve months that would impact effective tax rate	$ 27,505		$ 27,505

Business Segment Information (Detail) $ in Thousands	3 Months Ended		9 Months Ended
Business Segment Information (Detail) $ in Thousands	Sep. 26, 2020 USD ($)	Sep. 28, 2019 USD ($)	Sep. 26, 2020 USD ($) numberOfSegments	Sep. 28, 2019 USD ($)	Dec. 28, 2019 USD ($)
Segment Reporting Information [Line Items]
Number of operating segments \| numberOfSegments			3
Net sales:
Net sales	$ 1,808,266	$ 1,866,967	$ 4,863,507	$ 5,215,918
Segment operating profit:
Total operating profit	174,571	267,071	450,237	646,315
General corporate expenses	(62,222)	(49,954)	(177,934)	(173,293)
Restructuring and other action-related charges	(52,569)	(9,937)	(145,064)	(43,919)
Amortization of intangibles	(9,288)	(8,630)	(26,594)	(26,230)
Other expenses	(5,309)	(8,066)	(16,849)	(23,766)
Interest expense, net	(43,868)	(43,091)	(122,376)	(137,672)
Income before income tax expense	125,394	215,914	311,012	484,877
Other Employee Related Liabilities	9,412		9,412		$ 7,120
Employee termination and other benefits			9,420
Employee termination and other benefits paid			7,128
Innerwear
Net sales:
Net sales	792,600	578,453	2,309,816	1,733,002
Segment operating profit:
Total operating profit	172,000	121,467	558,075	375,623
Activewear
Net sales:
Net sales	324,921	548,117	781,300	1,401,734
Segment operating profit:
Total operating profit	29,568	97,314	31,925	209,686
International
Net sales:
Net sales	632,117	663,525	1,644,893	1,878,568
Segment operating profit:
Total operating profit	96,076	107,168	227,218	288,019
Total segment operating profit
Segment operating profit:
Total operating profit	298,650	335,592	799,829	889,757
Accrued liabilities
Segment operating profit:
Other Employee Related Liabilities	8,979		8,979
Other Noncurrent Liabilities
Segment operating profit:
Other Employee Related Liabilities	433		433
Total
Segment operating profit:
Restructuring and other action-related charges	(52,569)	(9,937)	(145,064)	(43,919)
Cost of Sales
Segment operating profit:
Restructuring and other action-related charges	(47,636)	(9,424)	(95,983)	(39,714)
Employee termination and other benefits			2,500
Selling, general and administrative expenses
Segment operating profit:
Restructuring and other action-related charges	(4,933)	(513)	(49,081)	(4,205)
Employee termination and other benefits			6,920
Corporate, Non-Segment
Net sales:
Net sales	58,628	76,872	127,498	202,614
Segment operating profit:
Total operating profit	$ 1,006	$ 9,643	$ (17,389)	$ 16,429

Revisions of Previously Issued Condensed Consolidated Interim Financial Statements (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Dec. 28, 2019	Sep. 28, 2019
Income Statement [Abstract]
Cost of sales	$ 1,191,553	$ 1,149,934	$ 3,140,050	$ 3,203,331
Gross profit	616,713	717,033	1,723,457	2,012,587
Selling, general and administrative expenses	442,142	449,962	1,273,220	1,366,272
Operating profit	174,571	267,071	450,237	646,315
Income before income tax expense	125,394	215,914	311,012	484,877
Net income	103,278	185,091	256,585	415,734
Other Comprehensive income (loss):
Net income	103,278	185,091	256,585	415,734
Translation adjustments	23,678	(44,997)	1,557	(40,813)
Other comprehensive income (loss)	16,226	(39,333)	2,865	(37,276)
Comprehensive income	119,504	145,758	259,450	378,458
Assets
Inventories					$ 2,170,552	$ 1,905,845	$ 2,095,035
Other current assets					210,617	174,634	174,172
Total current assets					4,097,221	3,224,565	3,620,169
Deferred tax assets					200,877	203,331	213,649
Total assets					8,159,684	7,353,986	7,723,832
Liabilities and Stockholders' Equity
Accrued liabilities					716,590	531,184	587,932
Total current liabilities					2,022,746	1,771,439	2,094,844
Other noncurrent liabilities					296,259	327,343	330,547
Total liabilities					7,010,151	6,117,391	6,605,739
Retained earnings					1,454,676	1,546,224	1,416,109
Total stockholders' equity	1,079,320	1,025,386	1,236,595	872,126	1,149,533	1,236,595	1,118,093
Total liabilities and stockholders' equity					$ 8,159,684	$ 7,353,986	7,723,832
Statement of Stockholders' Equity [Abstract]
Beginning Balance	1,079,320	1,025,386	1,236,595	872,126
Net income	103,278	185,091	256,585	415,734
Other comprehensive income (loss)	16,226	(39,333)	2,865	(37,276)
Cumulative effect of change in adoption of leases standard				6,556
Ending Balance	1,149,533	1,118,093	1,149,533	1,118,093
Operating activities:
Net income	$ 103,278	185,091	256,585	415,734
Adjustments to reconcile net income to net cash from operating activities:
Other			5,004	1,662
Increase (Decrease) in Operating Capital [Abstract]
Inventories			(259,367)	(56,470)
Other assets			(43,359)	(26,031)
Accrued liabilities and other			134,091	(3,513)
Net cash from operating activities			$ 231,222	244,700
As Previously Reported
Income Statement [Abstract]
Cost of sales		1,154,629		3,208,025
Gross profit		712,338		2,007,893
Selling, general and administrative expenses		442,582		1,356,082
Operating profit		269,756		651,811
Income before income tax expense		218,599		490,373
Net income		$ 187,776		$ 421,230
Earnings Per Share:
Basic		$ 0.51		$ 1.16
Diluted		$ 0.51		$ 1.15
Other Comprehensive income (loss):
Net income		$ 187,776		$ 421,230
Translation adjustments				(33,738)
Other comprehensive income (loss)				(30,201)
Comprehensive income		148,443		391,029
Assets
Inventories							2,108,281
Other current assets							166,727
Total current assets							3,625,970
Deferred tax assets							257,314
Total assets							7,773,298
Liabilities and Stockholders' Equity
Accrued liabilities							589,992
Total current liabilities							2,096,904
Other noncurrent liabilities							265,804
Total liabilities							6,543,056
Retained earnings							1,528,258
Total stockholders' equity		1,134,850		970,283			1,230,242
Total liabilities and stockholders' equity							7,773,298
Statement of Stockholders' Equity [Abstract]
Beginning Balance		1,134,850		970,283
Net income		187,776		421,230
Other comprehensive income (loss)				(30,201)
Cumulative effect of change in adoption of leases standard				7,977
Ending Balance		1,230,242		1,230,242
Operating activities:
Net income		187,776		421,230
Adjustments to reconcile net income to net cash from operating activities:
Other				8,737
Increase (Decrease) in Operating Capital [Abstract]
Inventories				(72,096)
Other assets				(40,732)
Accrued liabilities and other				14,243
Net cash from operating activities				244,700
Adjustments
Income Statement [Abstract]
Cost of sales		(4,695)		(4,694)
Gross profit		4,695		4,694
Selling, general and administrative expenses		7,380		10,190
Operating profit		(2,685)		(5,496)
Income before income tax expense		(2,685)		(5,496)
Net income		$ (2,685)		$ (5,496)
Earnings Per Share:
Basic		$ (0.01)		$ (0.02)
Diluted		$ (0.01)		$ (0.02)
Other Comprehensive income (loss):
Net income		$ (2,685)		$ (5,496)
Translation adjustments				(7,075)
Other comprehensive income (loss)				(7,075)
Comprehensive income		(2,685)		(12,571)
Assets
Inventories							(13,246)
Other current assets							7,445
Total current assets							(5,801)
Deferred tax assets							(43,665)
Total assets							(49,466)
Liabilities and Stockholders' Equity
Accrued liabilities							(2,060)
Total current liabilities							(2,060)
Other noncurrent liabilities							64,743
Total liabilities							62,683
Retained earnings							(112,149)
Total stockholders' equity		(109,464)		(98,157)			(112,149)
Total liabilities and stockholders' equity							(49,466)
Statement of Stockholders' Equity [Abstract]
Beginning Balance		(109,464)		(98,157)
Net income		(2,685)		(5,496)
Other comprehensive income (loss)				(7,075)
Cumulative effect of change in adoption of leases standard				(1,421)
Ending Balance		(112,149)		(112,149)
Operating activities:
Net income		(2,685)		(5,496)
Adjustments to reconcile net income to net cash from operating activities:
Other				(7,075)
Increase (Decrease) in Operating Capital [Abstract]
Inventories				15,626
Other assets				14,701
Accrued liabilities and other				(17,756)
Net cash from operating activities				0
As Revised
Income Statement [Abstract]
Cost of sales		1,149,934		3,203,331
Gross profit		717,033		2,012,587
Selling, general and administrative expenses		449,962		1,366,272
Operating profit		267,071		646,315
Income before income tax expense		215,914		484,877
Net income		$ 185,091		$ 415,734
Earnings Per Share:
Basic		$ 0.51		$ 1.14
Diluted		$ 0.51		$ 1.14
Other Comprehensive income (loss):
Net income		$ 185,091		$ 415,734
Translation adjustments				(40,813)
Other comprehensive income (loss)				(37,276)
Comprehensive income		145,758		378,458
Assets
Inventories							2,095,035
Other current assets							174,172
Total current assets							3,620,169
Deferred tax assets							213,649
Total assets							7,723,832
Liabilities and Stockholders' Equity
Accrued liabilities							587,932
Total current liabilities							2,094,844
Other noncurrent liabilities							330,547
Total liabilities							6,605,739
Retained earnings							1,416,109
Total stockholders' equity		1,025,386		872,126			1,118,093
Total liabilities and stockholders' equity							$ 7,723,832
Statement of Stockholders' Equity [Abstract]
Beginning Balance		1,025,386		872,126
Net income		185,091		415,734
Other comprehensive income (loss)				(37,276)
Cumulative effect of change in adoption of leases standard				6,556
Ending Balance		1,118,093		1,118,093
Operating activities:
Net income		$ 185,091		415,734
Adjustments to reconcile net income to net cash from operating activities:
Other				1,662
Increase (Decrease) in Operating Capital [Abstract]
Inventories				(56,470)
Other assets				(26,031)
Accrued liabilities and other				(3,513)
Net cash from operating activities				$ 244,700