0001359841-22-000136 | 10-Q | XBRL Viewer

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Cover Page - shares	9 Months Ended
Cover Page - shares	Oct. 01, 2022	Nov. 04, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001359841
Current Fiscal Year End Date	--12-31
Document Quarterly Report	true
Document Period End Date	Oct. 01, 2022
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		348,948,690

Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 01, 2022	Oct. 02, 2021	Oct. 01, 2022	Oct. 02, 2021
Income Statement [Abstract]
Net sales	$ 1,670,741	$ 1,789,551	$ 4,760,364	$ 5,048,891
Cost of sales	1,107,889	1,089,890	3,041,233	3,064,920
Gross profit	562,852	699,661	1,719,131	1,983,971
Selling, general and administrative expenses	421,408	465,015	1,259,921	1,341,809
Operating profit	141,444	234,646	459,210	642,162
Other expenses	3,212	1,811	6,088	6,227
Interest expense, net	41,721	40,860	107,408	127,760
Income from continuing operations before income tax expense	96,511	191,975	345,714	508,175
Income tax expense	16,410	15,228	58,775	55,161
Income from continuing operations	80,101	176,747	286,939	453,014
Income (loss) from discontinued operations, net of tax	0	(24,970)	3,965	(435,823)
Net income	$ 80,101	$ 151,777	$ 290,904	$ 17,191
Earnings (loss) per share, basic:
Continuing operations	$ 0.23	$ 0.50	$ 0.82	$ 1.29
Discontinued operations	0.00	(0.07)	0.01	(1.24)
Net income	0.23	0.43	0.83	0.05
Earnings (loss) per share, diluted:
Continuing operations	0.23	0.50	0.82	1.29
Discontinued operations	0.00	(0.07)	0.01	(1.24)
Net income	$ 0.23	$ 0.43	$ 0.83	$ 0.05

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 01, 2022	Oct. 02, 2021	Oct. 01, 2022	Oct. 02, 2021
Condensed Consolidated Statements Of Comprehensive Income (Unaudited) [Abstract]
Net income	$ 80,101	$ 151,777	$ 290,904	$ 17,191
Other comprehensive income (loss):
Translation adjustments	(76,756)	(42,330)	(171,581)	(78,762)
Unrealized gain on qualifying cash flow hedges, net of tax of $(1,013), $(2,637), $(3,702) and $(8,953), respectively	2,573	7,124	10,983	18,520
Unrecognized income from pension and postretirement plans, net of tax of $(1,438), $(1,647), $(4,190) and $(5,262), respectively	4,022	4,806	12,278	15,873
Total other comprehensive loss	(70,161)	(30,400)	(148,320)	(44,369)
Comprehensive income (loss)	$ 9,940	$ 121,377	$ 142,584	$ (27,178)

- Definition

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

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- Definition

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

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Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 01, 2022	Oct. 02, 2021	Oct. 01, 2022	Oct. 02, 2021
Condensed Consolidated Statements Of Comprehensive Income (Unaudited) [Abstract]
Tax portion of unrealized gain on qualifying cash flow hedges	$ (1,013)	$ (2,637)	$ (3,702)	$ (8,953)
Tax portion of unrecognized income from pension and postretirement plans	$ (1,438)	$ (1,647)	$ (4,190)	$ (5,262)

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Oct. 01, 2022	Jan. 01, 2022	Oct. 02, 2021
Assets
Cash and cash equivalents	$ 253,131	$ 536,277	$ 873,628
Trade accounts receivable, net	926,666	894,151	928,039
Inventories	2,136,314	1,584,015	1,629,506
Other current assets	223,741	186,503	172,617
Current assets held for sale	14,906	327,157	304,124
Total current assets	3,554,758	3,528,103	3,907,914
Property, net	443,166	441,401	440,804
Right-of-use assets	335,473	363,854	372,212
Trademarks and other identifiable intangibles, net	1,210,581	1,220,170	1,227,457
Goodwill	1,084,581	1,133,095	1,136,173
Deferred tax assets	328,778	327,804	327,196
Other noncurrent assets	141,944	57,009	51,049
Total assets	7,099,281	7,071,436	7,462,805
Liabilities and Stockholders’ Equity
Accounts payable	1,130,649	1,214,847	1,239,960
Accrued liabilities	594,333	660,778	718,545
Lease liabilities	99,405	109,526	122,545
Accounts Receivable Securitization Facility	211,500	0	0
Current portion of long-term debt	31,250	25,000	37,500
Current liabilities held for sale	14,906	316,902	299,498
Total current liabilities	2,082,043	2,327,053	2,418,048
Long-term debt	3,655,889	3,326,091	3,626,547
Lease liabilities - noncurrent	260,349	281,852	276,595
Pension and postretirement benefits	230,087	248,518	321,323
Other noncurrent liabilities	196,029	185,429	183,723
Total liabilities	6,424,397	6,368,943	6,826,236
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 - 348,948,690, 349,903,253 and 349,204,407, respectively	3,489	3,499	3,492
Additional paid-in capital	328,072	315,337	316,112
Retained earnings	1,043,246	935,260	928,293
Accumulated other comprehensive loss	(699,923)	(551,603)	(611,328)
Total stockholders’ equity	674,884	702,493	636,569
Total liabilities and stockholders’ equity	$ 7,099,281	$ 7,071,436	$ 7,462,805

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Oct. 01, 2022	Jan. 01, 2022	Oct. 02, 2021
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	348,948,690	349,903,253	349,204,407
Common stock, shares outstanding	348,948,690	349,903,253	349,204,407

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Loss
Beginning Balance at Jan. 02, 2021	$ 813,958	$ 3,488	$ 307,883	$ 1,069,546	$ (566,959)
Beginning Balance, Shares at Jan. 02, 2021		348,802,000
Net income	17,191			17,191
Dividends	$ (158,444)			(158,444)
Dividends, per common share	$ 0.45
Other comprehensive income (loss)	$ (44,369)				(44,369)
Stock-based compensation	9,887		9,887
Net exercise of stock options, vesting of restricted stock units and other, shares		402,000
Net exercise of stock options, vesting of restricted stock units and other	(1,654)	$ 4	(1,658)
Ending Balance at Oct. 02, 2021	$ 636,569	$ 3,492	316,112	928,293	(611,328)
Ending Balance, Shares at Oct. 02, 2021	349,204,407	349,204,000
Dividends, Per Share, Declared	$ 0.45
Beginning Balance at Jul. 03, 2021	$ 562,190	$ 3,491	310,148	829,479	(580,928)
Beginning Balance, Shares at Jul. 03, 2021		349,115,000
Net income	151,777			151,777
Dividends	$ (52,963)			(52,963)
Dividends, per common share	$ 0.15
Other comprehensive income (loss)	$ (30,400)				(30,400)
Stock-based compensation	6,079		6,079
Net exercise of stock options, vesting of restricted stock units and other, shares		89,000
Net exercise of stock options, vesting of restricted stock units and other	(114)	$ 1	(115)
Ending Balance at Oct. 02, 2021	$ 636,569	$ 3,492	316,112	928,293	(611,328)
Ending Balance, Shares at Oct. 02, 2021	349,204,407	349,204,000
Dividends, Per Share, Declared	$ 0.15
Beginning Balance at Jan. 01, 2022	$ 702,493	$ 3,499	315,337	935,260	(551,603)
Beginning Balance, Shares at Jan. 01, 2022	349,903,253	349,903,000
Net income	$ 290,904			290,904
Dividends	$ (159,343)			(159,343)
Dividends, per common share	$ 0.45
Other comprehensive income (loss)	$ (148,320)				(148,320)
Stock-based compensation	16,949		16,949
Net exercise of stock options, vesting of restricted stock units and other, shares		623,000
Net exercise of stock options, vesting of restricted stock units and other	(2,781)	$ 6	(2,787)
Share repurchases, shares		(1,577,000)
Share repurchases	(25,018)	$ (16)	(1,427)	(23,575)
Ending Balance at Oct. 01, 2022	$ 674,884	$ 3,489	328,072	1,043,246	(699,923)
Ending Balance, Shares at Oct. 01, 2022	348,948,690	348,949,000
Dividends, Per Share, Declared	$ 0.45
Beginning Balance at Jul. 02, 2022	$ 712,171	$ 3,488	322,305	1,016,140	(629,762)
Beginning Balance, Shares at Jul. 02, 2022		348,826,000
Net income	80,101			80,101
Dividends	$ (52,995)			(52,995)
Dividends, per common share	$ 0.15
Other comprehensive income (loss)	$ (70,161)				(70,161)
Stock-based compensation	5,593		5,593
Net exercise of stock options, vesting of restricted stock units and other, shares		123,000
Net exercise of stock options, vesting of restricted stock units and other	175	$ 1	174
Ending Balance at Oct. 01, 2022	$ 674,884	$ 3,489	$ 328,072	$ 1,043,246	$ (699,923)
Ending Balance, Shares at Oct. 01, 2022	348,948,690	348,949,000
Dividends, Per Share, Declared	$ 0.15

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Oct. 01, 2022	Oct. 02, 2021	Oct. 01, 2022	Oct. 02, 2021	Jan. 01, 2022
Operating activities:
Net income	$ 80,101,000	$ 151,777,000	$ 290,904,000	$ 17,191,000
Adjustments to reconcile net income to net cash from operating activities:
Depreciation			56,140,000	63,183,000
Amortization of acquisition intangibles			14,045,000	15,696,000
Other amortization			8,121,000	8,610,000
Impairment of intangible assets and goodwill			0	163,047,000
(Gain) Loss on Sale of Business and Classification of Assets Held For Sale			(6,185,000)	266,742,000
Amortization of debt issuance costs			5,483,000	10,250,000
Other			11,717,000	(1,888,000)
Changes in assets and liabilities:
Accounts receivable			(63,003,000)	(201,925,000)
Inventories			(612,544,000)	(292,465,000)
Other assets			(71,613,000)	7,042,000
Accounts payable			(22,289,000)	391,034,000
Accrued pension and postretirement benefits			(1,066,000)	(40,468,000)
Accrued liabilities and other			(101,392,000)	121,327,000
Net cash from operating activities			(491,682,000)	527,376,000
Investing activities:
Capital expenditures			(70,955,000)	(55,320,000)
Purchase of trademarks			(103,000,000)	0
Proceeds from sales of assets			259,000	2,479,000
Other			(5,640,000)	8,437,000
Net cash from investing activities			(179,336,000)	(44,404,000)
Financing activities:
Repayments on Term Loan Facilities			(18,750,000)	(315,625,000)
Borrowings on Accounts Receivable Securitization Facility			1,303,589,000	0
Repayments on Accounts Receivable Securitization Facility			(1,092,089,000)	0
Borrowings on Revolving Loan Facilities			1,337,500,000	0
Repayments on Revolving Loan Facilities			(908,500,000)	0
Borrowings on notes payable			21,454,000	109,397,000
Repayments on notes payable			(21,713,000)	(109,597,000)
Share repurchases			(25,018,000)	0
Cash dividends paid			(156,962,000)	(157,099,000)
Other			(4,263,000)	(3,000,000)
Net cash from financing activities			435,248,000	(475,924,000)
Effect of changes in foreign exchange rates on cash			(71,728,000)	(27,207,000)
Change in cash and cash equivalents			(307,498,000)	(20,159,000)
Cash and cash equivalents at beginning of year			560,629,000	910,603,000	$ 910,603,000
Cash and cash equivalents at end of period	253,131,000	890,444,000	253,131,000	890,444,000	560,629,000
Balances included in the Condensed Consolidated Balance Sheets:
Cash and cash equivalents	253,131,000	873,628,000	253,131,000	873,628,000	536,277,000
Cash and cash equivalents at end of period	253,131,000	890,444,000	253,131,000	890,444,000
Supplemental Cash Flow Information:
Capital expenditures included in accounts payable at end of period			31,895,000		24,164,000
Right-of-use assets obtained in exchange for lease obligations			67,588,000	46,039,000
Discontinued Operations, Held-for-sale \| European Innerwear Business
Adjustments to reconcile net income to net cash from operating activities:
(Gain) Loss on Sale of Business and Classification of Assets Held For Sale	0	30,562,000	373,000	266,742,000
Cash and cash equivalents included in current assets held for sale	$ 0	$ 16,816,000	$ 0	$ 16,816,000	$ 24,352,000

Basis of Presentation	9 Months Ended
Basis of Presentation	Oct. 01, 2022
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. 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 Annual Report on Form 10-K for the year ended January 1, 2022. The year-end condensed consolidated balance sheet data was derived from audited consolidated 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. The results of operations for any interim period are not necessarily indicative of the results of operations to be expected for the full year or any future period. Key Business Strategies In the first quarter of 2021, the Company announced that it reached the decision to exit its European Innerwear business as part of its strategy to streamline its portfolio under its Full Potential plan and determined that this business met held-for-sale and discontinued operations accounting criteria. Accordingly, the Company began to separately report the results of its European Innerwear business as discontinued operations in its Condensed Consolidated Statements of Income, and to present the related assets and liabilities as held for sale in the Condensed Consolidated Balance Sheets. On November 4, 2021, the Company announced that it reached an agreement to sell its European Innerwear business to an affiliate of Regent, L.P. and completed the sale on March 5, 2022. Unless otherwise noted, discussion within these notes to the condensed consolidated interim financial statements relates to continuing operations. See Note “Assets and Liabilities Held for Sale” for additional information. In addition, in the fourth quarter of 2021, the Company reached the decision to divest its U.S. Sheer Hosiery business, including the L’eggs brand, as part of its strategy to streamline its portfolio under its Full Potential plan and determined that this business met held-for-sale accounting criteria. The related assets and liabilities are presented as held for sale in the Condensed Consolidated Balance Sheets at October 1, 2022 and January 1, 2022. The operations of the U.S. Sheer Hosiery business are reported in “Other” for all periods presented in Note “Business Segment Information”. The Company is currently exploring potential purchasers for this business and expects to complete the sale within the next 12 months. See Note “Assets and Liabilities Held for Sale” for additional information. In June of 2022, the Company purchased the Champion trademark for footwear in the United States, Puerto Rico and Canada from Keds, LLC (“KEDS”) for $102,500. The trademark was recorded in “Trademarks and other identifiable intangibles, net” line in the Condensed Consolidated Balance Sheets and has an indefinite life. The Company previously licensed the Champion trademark for footwear in these locations. The purchase of the trademark was part of an agreement with KEDS settling litigation between the two parties and is another step forward in the Company’s Full Potential plan of growing the global Champion brand. Ransomware Attack As previously disclosed, on May 24, 2022, the Company identified that it had become subject to a ransomware attack and activated its incident response and business continuity plans designed to contain the incident. As part of the Company’s forensic investigation and assessment of the impact, the Company determined that certain of its information technology systems were affected by the ransomware attack. Upon discovering the incident, the Company took a series of measures to further safeguard the integrity of its information technology systems, including working with cybersecurity experts to contain the incident and implementing business continuity plans to restore and support continued operations. These measures also included resecuring data, remediation of the malware across infected machines, rebuilding critical systems, global password reset and enhanced security monitoring. The Company notified appropriate law enforcement authorities as well as certain data protection regulators, and in, addition to the Company’s public announcements of the incident, the Company began a process to provide breach notifications and regulatory filings as may be required by applicable law starting in August 2022. While the notification process continues, at this time, the Company believes the incident has been contained, the Company has restored its critical information technology systems, and manufacturing, retail and other internal operations continue. There is no ongoing operational impact on the Company’s ability to provide its products and services. The Company maintains insurance, including coverage for cyber-attacks, subject to certain deductibles and policy limitations, in an amount that the Company believes appropriate. The Company is named in two lawsuits in connection with the ransomware incident. On October 7, 2022, a putative class action was filed against “Hanes Brands [sic], Inc.” alleging, among other things, negligence, negligence per se, breach of implied contract, unjust enrichment, breach of implied covenant of good faith and fair dealing, unfair business practices under the California Business and Professions Code, and violations of the California Confidentiality of Medical Information Act in connection with the ransomware incident. The litigation is entitled, Ramon v. Hanes Brands, Inc., and is pending in the United States District Court for the Central District of California. On October 13, 2022, another putative class action was filed against HanesBrands, Inc. alleging, among other things, negligence, negligence per se, breach of implied contract, invasion of privacy, and unjust enrichment in connection with the ransomware incident. The litigation is entitled, Toussaint v. HanesBrands, Inc. and is pending in the United States District Court for the Middle District of North Carolina. The lawsuits seek, among other things, monetary and injunctive relief. The Company is vigorously defending these matters and believes the cases are without merit. However, at this early stage in the proceedings, the Company is not able to determine the probability of the outcome of these matters or a range of reasonably expected losses, if any. During the quarter and nine months ended October 1, 2022, the Company incurred costs of $921 and $16,430, net of expected insurance recoveries, respectively, related to the ransomware attack. The costs, net of expected insurance recoveries, incurred during the quarter ended October 1, 2022 related primarily to information technology and legal fees and are reflected in the “Selling, general and administrative expenses” line of the Condensed Consolidated Statements of Income. The costs for the nine months ended October 1, 2022 included $14,168 related primarily to supply chain disruptions, which are reflected in the “Cost of sales” line of the Condensed Consolidated Statements of Income and $2,262, net of expected insurance recoveries, related primarily to information technology, legal and consulting fees, which are reflected in the “Selling, general and administrative expenses” line of the Condensed Consolidated Statements of Income. The Company continues to assess the security event and cannot determine, at this time, the full extent of the impact from such event on its business, results of operations or financial condition or whether such impact will ultimately have a material adverse effect.

Recent Accounting Pronouncements	9 Months Ended
Recent Accounting Pronouncements	Oct. 01, 2022
Accounting Standards Update and Change in Accounting Principle [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements Reference Rate Reform In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” In January 2021, the FASB clarified the scope of that guidance with the issuance of ASU 2021-01, “Reference Rate Reform: Scope.” The new accounting rules provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform. The new accounting rules must be adopted by 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. Business Combinations In October 2021, the FASB issued ASU 2021-08, “Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers.” The new accounting rules require entities to apply “Revenue from Contracts with Customers (Topic 606)” to recognize and measure contract assets and contract liabilities in a business combination. The new accounting rules will be effective for the Company in the first quarter of 2023, including interim periods. Early adoption is permitted. The adoption impact of the new accounting rules will depend on the magnitude of future acquisitions. Derivatives and Hedging In March 2022, the FASB issued ASU 2022-01, “Derivatives and Hedging (Topic 815): Fair Value Hedging - Portfolio Layer Method.” The new accounting rules allow entities to expand the use of the portfolio layer method to all financial assets and designate multiple hedged layers within a single closed portfolio. The new accounting rules also clarify guidance related to hedge basis adjustments and the related disclosures for these adjustments. The new accounting rules will be effective for the Company in the first quarter of 2023, including interim periods. Early adoption is permitted. The Company does not currently have any fair value hedging programs that leverage the portfolio layer method, therefore, the Company does not expect the new accounting rules to have an impact on our near term financial condition, results of operations, cash flows or disclosures. Supplier Finance Program Obligations In September 2022, the FASB issued ASU 2022-04, “Liabilities - Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations.” The new accounting rules create certain disclosure requirements for a buyer in a supplier finance program. The new accounting rules require qualitative and quantitative disclosures including key terms of the program, balance sheet presentation of related amounts, and the obligation amount the buyer has confirmed as valid to the finance provider, including a rollforward of the obligation. Only the amount of the obligation outstanding is required to be disclosed in interim periods. The accounting rules do not impact the recognition, measurement, or financial statement presentation of supplier finance program obligations. The new accounting rules will be effective for the Company in the first quarter of 2023, including interim periods. Early adoption is permitted. While the new accounting rules will not have an impact on our financial condition, results of operations or cash flows, the Company is currently evaluating the impact the new accounting rules will have on the disclosures included in the notes to the consolidated financial statements beginning with the first quarter of 2023.

- 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.

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+ Details

Assets and Liabilities Held for Sale

9 Months Ended

Oct. 01, 2022

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations, Disclosure

Assets and Liabilities Held for Sale

Assets and liabilities classified as held for sale in the Condensed Consolidated Balance Sheets as of October 1, 2022, January 1, 2022 and October 2, 2021 consist of the following:


	October 1, 2022		January 1, 2022		October 2, 2021
U.S. Sheer Hosiery business - continuing operations	$	14,906	$	5,426	$	—
European Innerwear business - discontinued operations	—		321,731		304,124
Total current assets held for sale	$	14,906	$	327,157	$	304,124

U.S. Sheer Hosiery business - continuing operations	$	14,906	$	5,426	$	—
European Innerwear business - discontinued operations	—		311,476		299,498
Total current liabilities held for sale	$	14,906	$	316,902	$	299,498

U.S. Sheer Hosiery Business - Continuing Operations

In the fourth quarter of 2021, the Company reached the decision to divest its U.S. Sheer Hosiery business, including the L’eggs brand, as part of its strategy to streamline its portfolio under its Full Potential plan and determined that this business met held-for-sale accounting criteria. The related assets and liabilities are presented as held for sale in the Condensed Consolidated Balance Sheets at October 1, 2022 and January 1, 2022. The Company recorded a non-cash charge of $38,364 in the fourth quarter of 2021, to record a valuation allowance against the net assets held for sale to write down the carrying value of the disposal group to the estimated fair value less costs of disposal. The Company recognized a non-cash loss of $4,310 to adjust the valuation allowance resulting from an increase in carrying value due to changes in working capital in the quarter ended October 1, 2022. In the nine months ended October 1, 2022, the Company recognized a non-cash gain of $6,558 to adjust the valuation allowance resulting from a decrease in carrying value due to changes in working capital. The operations of the U.S. Sheer Hosiery business are reported in “Other” for all periods presented in Note “Business Segment Information”. The Company is currently exploring potential purchasers for this business and expects to complete the sale within the next 12 months.

European Innerwear Business - Discontinued Operations

In the first quarter of 2021, the Company announced that it reached the decision to exit its European Innerwear business as part of its strategy to streamline its portfolio under its Full Potential plan and determined that this business met held-for-sale and discontinued operations accounting criteria. Accordingly, the Company began to separately report the results of its European Innerwear business as discontinued operations in its Condensed Consolidated Statements of Income, and to present the related assets and liabilities as held for sale in the Condensed Consolidated Balance Sheets. On November 4, 2021, the Company announced that it had reached an agreement to sell its European Innerwear business to an affiliate of Regent, L.P. and completed the sale on March 5, 2022. Under the agreement, the purchaser received all the assets and operating liabilities of the European Innerwear business. The operations of the European Innerwear business were previously reported primarily in the International segment.

Upon meeting the criteria for held-for-sale classification in the first quarter of 2021 which qualified as a triggering event, the Company performed a full impairment analysis of the disposal group's indefinite-lived intangible assets and goodwill. As a result of the strategic decision to exit the European Innerwear business, forecasts were revised to include updated market conditions and the removal of strategic operating decisions that would no longer occur under the Company's ownership. The revised forecasts indicated impairment of certain indefinite-lived trademarks and license agreements as well as the full goodwill balance attributable to the European Innerwear business. As a result of this impairment analysis, a non-cash charge of $155,745 was recorded as "Impairment of intangible assets and goodwill" in the summarized discontinued operations financial information for the nine months ended October 2, 2021. In addition, the Company recorded a valuation allowance against the net assets held for sale to write down the carrying value of the disposal group to the estimated fair value less costs of disposal, resulting in non-cash charges of $30,562 and $266,742 for the quarter and nine months ended October 2, 2021, respectively, as "Loss on sale of business and classification of assets held for sale" in the summarized discontinued operations financial information. In the nine months ended October 1, 2022, the Company recorded the final loss on the sale of the European Innerwear business of $373 primarily resulting from changes in working capital balances and foreign exchange rates.

Additionally, the Company recorded an impairment charge of $7,302 in continuing operations on an indefinite-lived trademark for the nine months ended October 2, 2021 which is reflected in the “Selling, general and administrative expenses” line in the Condensed Consolidated Statements of Income. This charge related to the full impairment of an indefinite-lived trademark related to a specific brand within the European Innerwear business that was excluded from the disposal group as it was not marketed for sale.

The Company has continued certain sales from its supply chain to the European Innerwear business on a transitional basis after the sale of the business. Under the terms of the Manufacturing and Supply Agreement that was signed as part of closing the transaction, the Company will provide these services for periods up to 34 months from the closing date of the transaction. Additionally, the Company entered into a Transitional Services Agreement pursuant to which the Company will provide transitional services including information technology, human resources, facilities management, and limited finance and accounting services for periods up to 12 months from the closing date of the transaction. The sales and the related profit are included in continuing operations in the Condensed Consolidated Statements of Income and in “Other” in Note “Business Segment Information” in all periods presented and have not been eliminated as intercompany transactions in consolidation for the period when the European Innerwear business was owned by the Company. The related receivables from the European Innerwear business are included in “Trade accounts receivable, net” in the Condensed Consolidated Balance Sheets for all periods presented.

The operating results of the discontinued operations only reflect revenues and expenses that are directly attributable to the European Innerwear business. Discontinued operations does not include any allocation of corporate overhead expense or interest expense. The key components from discontinued operations related to the European Innerwear business are as follows:


	Quarters Ended				Nine Months Ended
	October 1, 2022		October 2, 2021		October 1, 2022		October 2, 2021
Net sales	$	—	$	147,529	$	101,314	$	400,880
Cost of sales	—		75,171		60,415		213,831
Gross profit	—		72,358		40,899		187,049
Selling, general and administrative expenses	—		64,941		54,689		209,467
Impairment of intangible assets and goodwill	—		—		—		155,745
Loss on sale of business and classification of assets held for sale	—		30,562		373		266,742
Operating loss	—		(23,145)		(14,163)		(444,905)
Other expenses	—		271		283		885
Interest expense, net	—		110		10		269
Loss from discontinued operations before income tax expense (benefit)	—		(23,526)		(14,456)		(446,059)
Income tax expense (benefit)	—		1,444		(18,421)		(10,236)
Net income (loss) from discontinued operations, net of tax	$	—	$	(24,970)	$	3,965	$	(435,823)

Assets and liabilities of discontinued operations classified as held for sale in the Condensed Consolidated Balance Sheets as of October 1, 2022, January 1, 2022 and October 2, 2021 consist of the following:


	October 1, 2022		January 1, 2022		October 2, 2021
Cash and cash equivalents	$	—	$	24,352	$	16,816
Trade accounts receivable, net	—		87,353		88,684
Inventories	—		141,653		127,209
Other current assets	—		21,926		16,066
Property, net	—		62,659		61,898
Right-of-use assets	—		32,603		33,680
Trademarks and other identifiable intangibles, net	—		205,204		208,108
Deferred tax assets	—		4,174		7,990
Other noncurrent assets	—		4,127		4,360
Allowance to adjust assets to estimated fair value, less costs of disposal	—		(262,320)		(260,687)
Total assets of discontinued operations	$	—	$	321,731	$	304,124

Accounts payable	$	—	$	84,327	$	69,122
Accrued liabilities	—		122,620		118,076
Lease liabilities	—		6,562		8,544
Notes payable	—		329		595
Lease liabilities - noncurrent	—		27,426		26,536
Pension and postretirement benefits	—		38,325		42,076
Other noncurrent liabilities	—		31,887		34,549
Total liabilities of discontinued operations	$	—	$	311,476	$	299,498

The cash flows related to discontinued operations have not been segregated and are included in the Condensed Consolidated Statements of Cash Flows. The following table presents cash flow and non-cash information related to discontinued operations:


	Quarters Ended				Nine Months Ended
	October 1, 2022		October 2, 2021		October 1, 2022		October 2, 2021
Depreciation	$	—	$	—	$	—	$	2,608
Amortization	$	—	$	—	$	—	$	1,460
Capital expenditures	$	—	$	2,085	$	715	$	6,155
Impairment of intangible assets and goodwill	$	—	$	—	$	—	$	155,745
Loss on sale of business and classification of assets held for sale	$	—	$	30,562	$	373	$	266,742
Capital expenditures included in accounts payable at end of period	$	—	$	70	$	—	$	70
Right-of-use assets obtained in exchange for lease obligations	$	—	$	1,454	$	—	$	4,591

Revenue Recognition

9 Months Ended

Oct. 01, 2022

Revenue from Contract with Customer [Abstract]

Revenue Recognition

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


	Quarters Ended				Nine Months Ended
	October 1, 2022		October 2, 2021		October 1, 2022		October 2, 2021
Third-party brick-and-mortar wholesale	$	1,200,636	$	1,312,440	$	3,356,547	$	3,570,710
Consumer-directed	470,105		477,111		1,403,817		1,478,181
Total net sales	$	1,670,741	$	1,789,551	$	4,760,364	$	5,048,891

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. Third-party brick-and-mortar wholesale revenue also includes royalty revenue from licensing agreements. The Company earns royalties through license agreements with manufacturers of other consumer products that incorporate certain of the Company’s brands. The Company accrues revenue earned under these contracts based upon reported sales from the licensees.

Consumer-Directed Revenue

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

- 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI https://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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+ Details

Stockholders' Equity

9 Months Ended

Oct. 01, 2022

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

Basic earnings per share (“EPS”) was computed by dividing net income (loss) 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
	October 1, 2022	October 2, 2021	October 1, 2022	October 2, 2021
Basic weighted average shares outstanding	349,884	351,071	349,969	351,020
Effect of potentially dilutive securities:
Stock options	—	20	2	17
Restricted stock units	420	1,157	712	956
Employee stock purchase plan and other	12	3	8	3
Diluted weighted average shares outstanding	350,316	352,251	350,691	351,996

The following securities were excluded from the diluted earnings per share calculation because their effect would be anti-dilutive:


	Quarters Ended		Nine Months Ended
	October 1, 2022	October 2, 2021	October 1, 2022	October 2, 2021
Stock options	250	83	250	167
Restricted stock units	1,646	48	1,252	40

On November 8, 2022, the Company’s Board of Directors declared a regular quarterly cash dividend of $0.15 per share of the Company’s outstanding common stock to be paid on December 13, 2022 to stockholders of record at the close of business on November 22, 2022.

On February 2, 2022, the Company’s Board of Directors approved a new share repurchase program for up to $600,000 of shares to be repurchased in open market transactions or privately negotiated 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. The new program replaced the Company’s previous share repurchase program for up to 40,000 shares that was originally approved on February 6, 2020. For the quarter ended October 1, 2022, the Company did not enter into any transactions to repurchase shares under the new program. For the nine months ended October 1, 2022, the Company entered into transactions to repurchase 1,577 shares at a weighted average repurchase price of $15.84 per share under the new program. The shares were repurchased at a total cost of $25,018 including broker’s commissions of $31. The Company did not repurchase any shares under the previous share repurchase program during 2022 through the expiration of the program on February 2, 2022 or during the quarter or nine months ended October 2, 2021. At October 1, 2022, the remaining repurchase authorization under the current share repurchase program totaled $575,013.

Inventories

9 Months Ended

Oct. 01, 2022

Inventory Disclosure [Abstract]

Inventories

Inventories consisted of the following:


	October 1, 2022		January 1, 2022		October 2, 2021
Raw materials	$	90,411	$	68,683	$	71,893
Work in process	118,573		110,246		103,927
Finished goods	1,927,330		1,405,086		1,453,686
	$	2,136,314	$	1,584,015	$	1,629,506

Debt

9 Months Ended

Oct. 01, 2022

Debt Disclosure [Abstract]

Debt

Debt consisted of the following:


	Interest Rate as of October 1, 2022	Principal Amount				Maturity Date
		October 1, 2022		January 1, 2022
Senior Secured Credit Facility:
Revolving Loan Facility	4.01%	$	429,000	$	—	November 2026
Term Loan A	4.38%	981,250		1,000,000		November 2026
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%	490,100		568,634		June 2024
Accounts Receivable Securitization Facility	3.57%	211,500		—		June 2023
		3,911,850		3,368,634
Less long-term debt issuance costs		13,211		17,543
Less current maturities		242,750		25,000
		$	3,655,889	$	3,326,091

As of October 1, 2022, the Company had $560,028 of borrowing availability under the $1,000,000 Revolving Loan Facility after taking into account $429,000 of USD revolver loans and $10,972 of standby and trade letters of credit issued and outstanding under this facility.

The Company’s accounts receivable securitization facility (the “ARS Facility”) entered into in November 2007 was amended in June 2022. The latest amendment increased the fluctuating facility limit to $225,000 (previously $175,000) and extended the maturity date to June 2023. Additionally, the amendment changed the Company’s interest rate option as defined in the ARS Facility from the rate announced from time to time by PNC Bank, N.A. as its prime rate or the London Interbank Offered Rate (“LIBOR”) to the rate announced from time to time by PNC Bank, N.A. as its prime rate or the Secured Overnight Financing Rate (“SOFR”) and increased certain receivables to the pledged collateral pool for the facility. Borrowings under the

Company’s ARS Facility are permitted only to the extent that the face of the receivables in the collateral pool, net of applicable concentrations, reserves and other deductions, exceeds the outstanding loans and also subject to a quarterly fluctuating facility limit, which is not to exceed $225,000. The Company’s maximum borrowing capacity as per the fluctuating limit under the ARS Facility was $225,000 as of October 1, 2022. The Company had $13,500 of borrowing availability under the ARS Facility at October 1, 2022.

The Company had $36,121 of borrowing availability under other international credit facilities after taking into account outstanding borrowings and letters of credit outstanding under the applicable facilities at October 1, 2022.

As of October 1, 2022, the Company was in compliance with all financial covenants under its credit facilities and other outstanding indebtedness. 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, each of which is defined in the Senior Secured Credit Facility. The method of calculating all the components used in the covenants is included in the Senior Secured Credit Facility.

In November 2022, given the uncertain economic environment and the associated impact on future earnings, the Company amended the credit agreement governing its Senior Secured Credit Facility prior to any potential covenant violation in order to modify the financial covenants and to provide operating flexibility. The amendment effects changes to certain provisions and covenants under the Senior Secured Credit Facility during the period beginning with the fiscal quarter ending December 31, 2022 and continuing through the fiscal quarter ending December 30, 2023 (such period of time, the “Covenant Relief Period”), including: (a) an increase in the maximum leverage ratio from 4.50 to 1.00 to 5.25 to 1.00 for the quarter ended December 31, 2022, 5.75 to 1.00 for the quarters ending April 1, 2023 through September 30, 2023 and 5.25 to 1.00 for the quarter ending December 30, 2023 reverting back to 4.50 to 1.00 for each quarter after the Covenant Relief Period; (b) a reduction of the minimum interest coverage ratio from 3.00 to 1.00 to 2.60 to 1.00 for the quarters ending December 31, 2022 through December 30, 2023 with an increase to 2.75 to 1.00 for each quarter after the Covenant Relief Period; (c) a cap on dividend payments of $250,000 which will revert back to the current amounts after the Covenant Relief Period; (d) the addition of two new tiers to the top of the pricing grid if the maximum leverage ratio exceeds 5.00 to 1.00 and 5.50 to 1.00; and (e) the 0.50 increase in the maximum leverage ratio resulting from a material permitted acquisition is suspended through the Covenant Relief Period. In conjunction with this amendment, the Company will transition the Senior Secured Credit Facility from LIBOR to SOFR with a 10 basis points credit spread adjustment already included in the Senior Secured Credit Facility. After obtaining the debt amendment, the Company expects to maintain compliance with its covenants for at least one year from the issuance of these financial statements based on its current expectations and forecasts. If economic conditions 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 amended 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.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI https://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Subparagraph (SX 210.4-08(c))
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Income Taxes	9 Months Ended
Income Taxes	Oct. 01, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesThe Company’s effective income tax rate was 17.0% and 7.9% for the quarters ended October 1, 2022 and October 2, 2021, respectively. The Company’s effective income tax rate was 17.0% and 10.9% for the nine months ended October 1, 2022 and October 2, 2021, respectively. The higher effective tax rate for the quarter ended October 1, 2022 was primarily due to non-recurring discrete tax charges totaling $3,174 for adjustments related to prior period tax returns during the third quarter of 2022 versus discrete tax benefits of $3,814 for the release of uncertain tax benefits and $4,851 for adjustments related to prior period tax returns and approval of certain filings by taxing authorities during the third quarter of 2021. The higher effective tax rate for the nine months ended October 1, 2022 was primarily due to non-recurring discrete tax charges of $9,217 for assessments and adjustments for prior period tax returns and measurement of deferred tax liabilities during the nine months of 2022 versus non-recurring discrete tax benefits of $11,360 for the release of reserves for unrecognized tax benefits and $4,392 for adjustments related to prior period tax returns and approval of certain filings by taxing authorities, partially offset by a discrete charge for changes in valuation allowances of $4,636 during the nine months of 2021.In August 2022, the U.S. enacted the Inflation Reduction Act of 2022 (“IR Act”), which, among other things, introduces a 15% minimum tax based on adjusted financial statement income of certain large corporations with a three year average adjusted financial statement income in excess of $1,000,000, a 1% excise tax on the fair market stock repurchases by covered corporations and several tax incentives to promote clean energy. The Company is continuing to evaluate the IR Act and its potential impact on future periods, and at this time the Company does not expect the IR Act to have a material impact on its consolidated financial statements.

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
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-Paragraph 21
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-Name Accounting Standards Codification
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-Subparagraph (b)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Accumulated Other Comprehensive Loss

9 Months Ended

Oct. 01, 2022

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 July 2, 2022	$	(228,826)	$	16,343	$	(558,153)	$	140,874	$	(629,762)
Amounts reclassified from accumulated other comprehensive loss	—		17,917		5,202		(4,109)		19,010
Current-period other comprehensive income (loss) activity	(76,756)		(14,331)		258		1,658		(89,171)
Total other comprehensive income (loss)	(76,756)		3,586		5,460		(2,451)		(70,161)

Balance at October 1, 2022	$	(305,582)	$	19,929	$	(552,693)	$	138,423	$	(699,923)


	Cumulative Translation Adjustment(1)		Cash Flow Hedges		Defined Benefit Plans		Income Taxes		Accumulated Other Comprehensive Loss
Balance at January 1, 2022	$	(134,001)	$	5,244	$	(569,161)	$	146,315	$	(551,603)
Amounts reclassified from accumulated other comprehensive loss	(13,473)		45,345		16,023		(10,935)		36,960
Current-period other comprehensive income (loss) activity	(158,108)		(30,660)		445		3,043		(185,280)
Total other comprehensive income (loss)	(171,581)		14,685		16,468		(7,892)		(148,320)

Balance at October 1, 2022	$	(305,582)	$	19,929	$	(552,693)	$	138,423	$	(699,923)

(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.


	Cumulative Translation Adjustment(1)		Cash Flow Hedges		Defined Benefit Plans		Income Taxes		Accumulated Other Comprehensive Loss
Balance at July 3, 2021	$	(89,252)	$	(8,826)	$	(654,048)	$	171,198	$	(580,928)
Amounts reclassified from accumulated other comprehensive loss	—		14,905		6,179		(3,980)		17,104
Current-period other comprehensive income (loss) activity	(42,330)		(5,144)		274		(304)		(47,504)
Total other comprehensive income (loss)	(42,330)		9,761		6,453		(4,284)		(30,400)

Balance at October 2, 2021	$	(131,582)	$	935	$	(647,595)	$	166,914	$	(611,328)


	Cumulative Translation Adjustment(1)		Cash Flow Hedges		Defined Benefit Plans		Income Taxes		Accumulated Other Comprehensive Loss
Balance at January 2, 2021	$	(52,820)	$	(26,538)	$	(668,730)	$	181,129	$	(566,959)
Amounts reclassified from accumulated other comprehensive loss	—		24,818		19,286		(9,977)		34,127
Current-period other comprehensive income (loss) activity	(78,762)		2,655		1,849		(4,238)		(78,496)
Total other comprehensive income (loss)	(78,762)		27,473		21,135		(14,215)		(44,369)

Balance at October 2, 2021	$	(131,582)	$	935	$	(647,595)	$	166,914	$	(611,328)

(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
		October 1, 2022		October 2, 2021		October 1, 2022		October 2, 2021
Write-off of cumulative translation associated with sale of business	Income (loss) from discontinued operations, net of tax	$	—	$	—	$	13,473	$	—

Gain (loss) on forward foreign exchange contracts designated as cash flow hedges	Cost of sales	2,516		(4,506)		6,790		(14,161)
	Income tax	(730)		1,203		(2,008)		3,855
	Income (loss) from discontinued operations, net of tax	—		(876)		(232)		(2,398)
	Net of tax	1,786		(4,179)		4,550		(12,704)

Gain (loss) on cross-currency swap contracts designated as cash flow hedges	Selling, general and administrative expenses	(18,764)		(8,134)		(47,118)		(5,523)
	Interest expense, net	(1,669)		(1,187)		(4,710)		(2,205)
	Income tax	3,474		996		8,811		773
	Net of tax	(16,959)		(8,325)		(43,017)		(6,955)

Amortization of deferred actuarial loss and prior service cost	Other expenses	(5,202)		(6,026)		(15,608)		(19,814)
	Income tax	1,365		1,580		4,102		4,922
	Income (loss) from discontinued operations, net of tax	—		(154)		—		424
Pension activity associated with sale of business	Income (loss) from discontinued operations, net of tax	—		—		(460)		—
	Net of tax	(3,837)		(4,600)		(11,966)		(14,468)

Total reclassifications		$	(19,010)	$	(17,104)	$	(36,960)	$	(34,127)

Financial Instruments and Risk Management

9 Months Ended

Oct. 01, 2022

Disclosure Financial Instruments and Risk Management [Abstract]

Financial Instruments and Risk Management

The Company uses forward foreign exchange contracts and cross-currency swap contracts to manage its exposures to movements in foreign exchange rates primarily related to the Australian dollar, Euro, Canadian dollar and Mexican peso. The Company also uses a combination of cross-currency swap contracts and long-term debt to manage its exposure to foreign currency risk associated with the Company’s net investment in its European subsidiaries.


	Hedge Type	October 1, 2022		January 1, 2022
U.S. dollar equivalent notional amount of derivative instruments:
Forward foreign exchange contracts	Cash Flow and Mark to Market	$	256,748	$	308,071
Cross-currency swap contracts	Cash Flow	$	352,920	$	352,920
Cross-currency swap contracts	Net Investment	$	335,940	$	335,940

Fair Values of Derivative Instruments

The fair values of derivative 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
		October 1, 2022		January 1, 2022
Derivatives designated as hedging instruments:
Forward foreign exchange contracts	Other current assets	$	7,337	$	2,898
Cross-currency swap contracts	Other current assets	3,291		974
Forward foreign exchange contracts	Other noncurrent assets	—		83
Cross-currency swap contracts	Other noncurrent assets	41,709		1,979
Derivatives not designated as hedging instruments:
Forward foreign exchange contracts	Other current assets	15,444		5,439
Total derivative assets		67,781		11,373

Derivatives designated as hedging instruments:
Forward foreign exchange contracts	Accrued liabilities	(164)		(349)
Cross-currency swap contracts	Accrued liabilities	(1,952)		(222)
Forward foreign exchange contracts	Other noncurrent liabilities	—		(14)
Cross-currency swap contracts	Other noncurrent liabilities	(51,658)		(11,387)
Derivatives not designated as hedging instruments:
Forward foreign exchange contracts	Accrued liabilities	(677)		(331)
Total derivative liabilities		(54,451)		(12,303)

Net derivative asset/(liability)		$	13,330	$	(930)

Cash Flow Hedges

The Company uses forward foreign exchange contracts and cross-currency swap contracts to reduce the effect of fluctuating foreign currencies on 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.

On April 1, 2021, in connection with a reduction in the amount of the 3.5% Senior Notes designated in the European net investment hedge discussed below, the Company entered into three pay-fixed rate, receive-fixed rate cross-currency swap contracts with a total notional amount of €300,000. The Company designated these cross-currency swap contracts to hedge the undesignated portion of the foreign currency cash flow exposure related to the Company’s 3.5% Senior Notes, which had a carrying amount of €500,000 as of October 1, 2022. These cross-currency swap contracts, which mature on June 15, 2024, swap Euro-denominated interest payments for U.S. dollar-denominated interest payments, thereby economically converting €300,000 of the Company’s €500,000 fixed-rate 3.5% Senior Notes to a fixed-rate 4.7945% USD-denominated obligation.

The Company expects to reclassify into earnings during the next 12 months a net gain from AOCI of approximately $5,391. The Company is hedging exposure to the variability in future foreign currency-denominated cash flows for forecasted transactions over the next 12 months and for long-term debt over the next 21 months.

The effect of derivative instruments designated as cash flow hedges 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
	October 1, 2022		October 2, 2021		October 1, 2022		October 2, 2021

Forward foreign exchange contracts	$	4,828	$	4,827	$	14,321	$	11,921
Cross-currency swap contracts	(19,159)		(9,971)		(44,981)		(9,266)

Total	$	(14,331)	$	(5,144)	$	(30,660)	$	2,655


	Location of Gain (Loss) Reclassified from AOCI into Income	Amount of Gain (Loss) Reclassified from AOCI into Income
		Quarters Ended				Nine Months Ended
		October 1, 2022		October 2, 2021		October 1, 2022		October 2, 2021


Forward foreign exchange contracts(1)	Cost of sales	$	2,516	$	(4,506)	$	6,790	$	(14,161)
Forward foreign exchange contracts(1)	Income (loss) from discontinued operations, net of tax	—		(1,078)		(307)		(2,929)
Cross-currency swap contracts(1)	Selling, general and administrative expenses	(18,764)		(8,134)		(47,118)		(5,523)
Cross-currency swap contracts(1)	Interest expense, net	(1,669)		(1,187)		(4,710)		(2,205)

Total		$	(17,917)	$	(14,905)	$	(45,345)	$	(24,818)

(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.

The following table presents the amounts in the Condensed Consolidated Statements of Income in which the effects of cash flow hedges are recorded:


	Quarters Ended				Nine Months Ended
	October 1, 2022		October 2, 2021		October 1, 2022		October 2, 2021
Cost of sales	$	1,107,889	$	1,089,890	$	3,041,233	$	3,064,920
Selling, general and administrative expenses	$	421,408	$	465,015	$	1,259,921	$	1,341,809
Interest expense, net	$	41,721	$	40,860	$	107,408	$	127,760
Income (loss) from discontinued operations, net of tax	$	—	$	(24,970)	$	3,965	$	(435,823)

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 the full amount of 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. As of April 1, 2021, the Company reduced the amount of its 3.5% Senior Notes designated in the European net investment hedge from €500,000 to €200,000. As of October 1, 2022 and January 1, 2022, the U.S. dollar equivalent carrying value of Euro-denominated long-term debt designated as a partial European net investment hedge was $196,040 and $227,454, respectively.

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 are as follows:


	Amount of Gain (Loss) Recognized in AOCI
	Quarters Ended				Nine Months Ended
	October 1, 2022		October 2, 2021		October 1, 2022		October 2, 2021
Euro-denominated long-term debt	$	9,109	$	3,966	$	22,872	$	21,722
Cross-currency swap contracts	13,383		5,650		29,460		10,957
Total	$	22,492	$	9,616	$	52,332	$	32,679

The effect of derivative and non-derivative instruments designated as net investment hedges on the Condensed Consolidated Statements of Income are as follows:


	Location of Gain (Loss) Reclassified from AOCI into Income	Amount of Gain (Loss) Reclassified from AOCI into Income
		Quarters Ended				Nine Months Ended
		October 1, 2022		October 2, 2021		October 1, 2022		October 2, 2021
Euro-denominated long-term debt	Income (loss) from discontinued operations, net of tax	$	—	$	—	$	(13,348)	$	—
Cross-currency swap contracts	Income (loss) from discontinued operations, net of tax	—		—		(2,505)		—
Cross-currency swap contracts (amounts excluded from effectiveness testing)	Interest expense, net	2,209		1,870		6,449		5,484
Total		$	2,209	$	1,870	$	(9,404)	$	5,484

The following table presents the amounts in the Condensed Consolidated Statements of Income in which the effects of net investment hedges are recorded:


	Quarters Ended				Nine Months Ended
	October 1, 2022		October 2, 2021		October 1, 2022		October 2, 2021
Income (loss) from discontinued operations, net of tax	$	—	$	(24,970)	$	3,965	$	(435,823)
Interest expense, net (amounts excluded from effectiveness testing)	$	41,721	$	40,860	$	107,408	$	127,760

Mark to Market Hedges

Derivatives used in mark to market hedges are not designated as hedges under the accounting standards. The Company uses forward 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. Forward 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. 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 instruments 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
		October 1, 2022		October 2, 2021		October 1, 2022		October 2, 2021
Forward foreign exchange contracts	Cost of sales	$	(1,602)	$	6,087	$	1,037	$	24,711
Forward foreign exchange contracts	Selling, general and administrative expenses	41		(597)		(145)		2,494
Forward foreign exchange contracts	Income (loss) from discontinued operations, net of tax	—		859		—		4,812
Total		$	(1,561)	$	6,349	$	892	$	32,017

Fair Value of Assets and Liabilities

9 Months Ended

Oct. 01, 2022

Fair Value Disclosures [Abstract]

Fair Value of Assets and Liabilities

As of October 1, 2022 and January 1, 2022, 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 plan liabilities 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 or disclosed on a quarterly recurring basis.

There were no changes during the quarter and the nine months ended October 1, 2022 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 the nine months ended October 1, 2022, the Company did not have any non-financial assets or liabilities that were required to be measured at fair value on a recurring basis 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 October 1, 2022
	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	$	22,781	$	—	$	22,781	$	—
Cross-currency swap contracts - assets	45,000		—		45,000		—
Forward foreign exchange contracts - liabilities	(841)		—		(841)		—
Cross-currency swap contracts - liabilities	(53,610)		—		(53,610)		—
Total derivative contracts	13,330		—		13,330		—
Deferred compensation plan liability	(15,226)		—		(15,226)		—
Total	$	(1,896)	$	—	$	(1,896)	$	—


	Assets (Liabilities) at Fair Value as of January 1, 2022
	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	$	8,420	$	—	$	8,420	$	—
Cross-currency swap contracts - assets	2,953		—		2,953		—
Forward foreign exchange contracts - liabilities	(694)		—		(694)		—
Cross-currency swap contracts - liabilities	(11,609)		—		(11,609)		—
Total derivative contracts	(930)		—		(930)		—
Deferred compensation plan liability	(20,916)		—		(20,916)		—
Total	$	(21,846)	$	—	$	(21,846)	$	—

Fair Value of Financial Instruments

The carrying amounts of cash and cash equivalents, trade accounts receivable and accounts payable approximated fair value as of October 1, 2022 and January 1, 2022. The carrying amount of trade accounts receivable included allowance for doubtful accounts, chargebacks and other deductions of $68,180 and $61,948 as of October 1, 2022 and January 1, 2022, respectively. The fair value of debt, which is classified as a Level 2 liability, was $3,690,064 and $3,504,412 as of October 1, 2022 and January 1, 2022, respectively. Debt had a carrying value of $3,911,850 and $3,368,634 as of October 1, 2022 and January 1, 2022, 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.

- 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

Business Segment Information

9 Months Ended

Oct. 01, 2022

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, U.S. Sheer Hosiery business and certain sales from its supply chain and transitional services with the European Innerwear business which was sold on March 5, 2022. In the fourth quarter of 2021, the Company reached the decision to divest its U.S. Sheer Hosiery business, including the L’eggs brand, as part of its strategy to streamline its portfolio under its Full Potential plan. See Note “Assets and Liabilities Held for Sale” for additional information.

The types of products and services from which each reportable segment derives its revenues are as follows:

•Innerwear includes sales in the United States of basic branded apparel products that are replenishment in nature under the product categories of men’s underwear, women’s panties, children’s underwear and socks, and intimate apparel, which includes bras and shapewear.

•Activewear includes sales in the United States of branded products that are primarily seasonal in nature to both retailers and wholesalers, as well as licensed sports apparel and licensed logo apparel.

•International primarily includes sales of the Company’s innerwear and activewear products outside the United States, primarily in Australasia, Europe, 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 January 1, 2022.


	Quarters Ended				Nine Months Ended
	October 1, 2022		October 2, 2021		October 1, 2022		October 2, 2021
Net sales:
Innerwear	$	625,082	$	702,617	$	1,889,807	$	2,053,702
Activewear	461,043		462,499		1,178,380		1,230,691
International	502,066		536,483		1,436,384		1,521,667
Other	82,550		87,952		255,793		242,831
Total net sales	$	1,670,741	$	1,789,551	$	4,760,364	$	5,048,891


	Quarters Ended				Nine Months Ended
	October 1, 2022		October 2, 2021		October 1, 2022		October 2, 2021
Segment operating profit:
Innerwear	$	99,797	$	147,651	$	343,602	$	461,237
Activewear	53,491		76,172		125,332		177,813
International	69,890		86,371		215,281		235,451
Other	4,839		11,288		9,501		22,394
Total segment operating profit	228,017		321,482		693,716		896,895
Items not included in segment operating profit:
General corporate expenses	(52,639)		(50,226)		(174,707)		(164,734)
Restructuring and other action-related charges	(26,451)		(29,096)		(37,633)		(67,153)
Amortization of intangibles	(7,483)		(7,514)		(22,166)		(22,846)
Total operating profit	141,444		234,646		459,210		642,162
Other expenses	(3,212)		(1,811)		(6,088)		(6,227)
Interest expense, net	(41,721)		(40,860)		(107,408)		(127,760)
Income from continuing operations before income tax expense	$	96,511	$	191,975	$	345,714	$	508,175

The Company incurred restructuring and other action-related charges that were reported in the following lines in the Condensed Consolidated Statements of Income:


	Quarters Ended				Nine Months Ended
	October 1, 2022		October 2, 2021		October 1, 2022		October 2, 2021
Cost of sales	$	13,102	$	(108)	$	14,133	$	4,599
Selling, general and administrative expenses	13,349		29,204		23,500		62,554
Total included in operating profit	26,451		29,096		37,633		67,153
Income tax expense	4,493		17,933		6,394		31,138
Total restructuring and other action-related charges	$	21,958	$	11,163	$	31,239	$	36,015

The components of restructuring and other action-related charges were as follows:


	Quarters Ended				Nine Months Ended
	October 1, 2022		October 2, 2021		October 1, 2022		October 2, 2021
Full Potential Plan:
Professional services	$	6,020	$	11,283	$	21,014	$	36,793
Supply chain segmentation	13,298		—		14,587		—
Technology	2,622		—		9,052		—
Impairment of intangible assets	—		—		—		7,302
Operating model	(18)		16,000		(1,112)		17,600
(Gain) loss on classification of assets held for sale	4,310		—		(6,558)		—
Other	219		1,813		650		5,458
Total included in operating profit	26,451		29,096		37,633		67,153
Discrete tax benefits	—		11,802		—		19,097
Tax benefit effect on actions	4,493		6,131		6,394		12,041
Total benefit included in income tax expense	4,493		17,933		6,394		31,138
Total restructuring and other action-related charges	$	21,958	$	11,163	$	31,239	$	36,015

Restructuring and other action-related charges within operating profit included $26,451 and $29,096 of charges related to the implementation of the Company’s Full Potential plan in the quarters ended October 1, 2022 and October 2, 2021, respectively. Full Potential plan charges in the quarter ended October 1, 2022 included charges related to supply chain segmentation of $13,298 to position the Company’s manufacturing network to align with revenue growth opportunities of its Full Potential plan demand trends which is reflected in the “Cost of sales” line of the Condensed Consolidated Statements of Income and a non-cash loss of $4,310, which is reflected in the “Selling, general and administrative expenses” line of the Condensed Consolidated Statements of Income, to adjust the valuation allowance related to the U.S. Sheer Hosiery business resulting from an increase in carrying value due to changes in working capital.

Restructuring and other action-related charges within operating profit included $37,633 and $67,153 of charges related to the implementation of the Company’s Full Potential plan in the nine months ended October 1, 2022 and October 2, 2021, respectively. Full Potential plan charges in the nine months ended October 1, 2022 included charges related to supply chain segmentation of $14,587 to position the Company’s manufacturing network to align with revenue growth opportunities of its Full Potential plan demand trends which is reflected in the “Cost of sales” line of the Condensed Consolidated Statements of Income and a non-cash gain of $6,558, which is reflected in the “Selling, general and administrative expenses” line of the Condensed Consolidated Statements of Income, to adjust the valuation allowance related to the U.S. Sheer Hosiery business resulting from a decrease in carrying value due to changes in working capital. Additionally, Full Potential plan charges in the nine months ended October 2, 2021 included impairment charges of $7,302, which are reflected in the “Selling, general and administrative expenses” line of the Condensed Consolidated Statements of Income, related to the full impairment of an indefinite-lived trademark related to a specific brand within the European Innerwear business that was excluded from the disposal group as it was not marketed for sale.

In the third quarter and nine months of 2021, the Company recorded a Full Potential plan charge of $16,000 for an action to resize its U.S. corporate office workforce through a voluntary retirement program which was reflected in the “Selling, general and administrative expenses” line of the Condensed Consolidated Statements of Income and in the “Operating model” line of the restructuring and other action-related charges table above. At January 1, 2022, the accrual for employee termination and other benefits related to the Company’s 2021 voluntary retirement program was $15,688. During the quarter and nine months ended October 1, 2022, the Company approved actions to position the Company’s manufacturing network to align with revenue growth opportunities of its Full Potential plan demand trends and incurred charges of $7,170 for employee termination and other benefits for employees affected by the actions which are reflected in the “Cost of sales” line in the Condensed Consolidated Statement of Income and in the Supply chain segmentation line in the restructuring and other action-related charges table above. During the nine months ended October 1, 2022, benefit payments and other adjustments of $12,070, have been made, resulting in an ending accrual for the actions noted above of $10,788 which is included in the “Accrued liabilities” line of the Condensed Consolidated Balance Sheets at October 1, 2022.

- 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

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+ Details

Assets and Liabilities Held for Sale (Tables)

9 Months Ended

Oct. 01, 2022

Discontinued Operations and Disposal Groups [Abstract]

Assets and Liabilities Held for Sale

Assets and liabilities classified as held for sale in the Condensed Consolidated Balance Sheets as of October 1, 2022, January 1, 2022 and October 2, 2021 consist of the following:


	October 1, 2022		January 1, 2022		October 2, 2021
U.S. Sheer Hosiery business - continuing operations	$	14,906	$	5,426	$	—
European Innerwear business - discontinued operations	—		321,731		304,124
Total current assets held for sale	$	14,906	$	327,157	$	304,124

U.S. Sheer Hosiery business - continuing operations	$	14,906	$	5,426	$	—
European Innerwear business - discontinued operations	—		311,476		299,498
Total current liabilities held for sale	$	14,906	$	316,902	$	299,498

Discontinued Operations Tables


	Quarters Ended				Nine Months Ended
	October 1, 2022		October 2, 2021		October 1, 2022		October 2, 2021
Net sales	$	—	$	147,529	$	101,314	$	400,880
Cost of sales	—		75,171		60,415		213,831
Gross profit	—		72,358		40,899		187,049
Selling, general and administrative expenses	—		64,941		54,689		209,467
Impairment of intangible assets and goodwill	—		—		—		155,745
Loss on sale of business and classification of assets held for sale	—		30,562		373		266,742
Operating loss	—		(23,145)		(14,163)		(444,905)
Other expenses	—		271		283		885
Interest expense, net	—		110		10		269
Loss from discontinued operations before income tax expense (benefit)	—		(23,526)		(14,456)		(446,059)
Income tax expense (benefit)	—		1,444		(18,421)		(10,236)
Net income (loss) from discontinued operations, net of tax	$	—	$	(24,970)	$	3,965	$	(435,823)


	October 1, 2022		January 1, 2022		October 2, 2021
Cash and cash equivalents	$	—	$	24,352	$	16,816
Trade accounts receivable, net	—		87,353		88,684
Inventories	—		141,653		127,209
Other current assets	—		21,926		16,066
Property, net	—		62,659		61,898
Right-of-use assets	—		32,603		33,680
Trademarks and other identifiable intangibles, net	—		205,204		208,108
Deferred tax assets	—		4,174		7,990
Other noncurrent assets	—		4,127		4,360
Allowance to adjust assets to estimated fair value, less costs of disposal	—		(262,320)		(260,687)
Total assets of discontinued operations	$	—	$	321,731	$	304,124

Accounts payable	$	—	$	84,327	$	69,122
Accrued liabilities	—		122,620		118,076
Lease liabilities	—		6,562		8,544
Notes payable	—		329		595
Lease liabilities - noncurrent	—		27,426		26,536
Pension and postretirement benefits	—		38,325		42,076
Other noncurrent liabilities	—		31,887		34,549
Total liabilities of discontinued operations	$	—	$	311,476	$	299,498


	Quarters Ended				Nine Months Ended
	October 1, 2022		October 2, 2021		October 1, 2022		October 2, 2021
Depreciation	$	—	$	—	$	—	$	2,608
Amortization	$	—	$	—	$	—	$	1,460
Capital expenditures	$	—	$	2,085	$	715	$	6,155
Impairment of intangible assets and goodwill	$	—	$	—	$	—	$	155,745
Loss on sale of business and classification of assets held for sale	$	—	$	30,562	$	373	$	266,742
Capital expenditures included in accounts payable at end of period	$	—	$	70	$	—	$	70
Right-of-use assets obtained in exchange for lease obligations	$	—	$	1,454	$	—	$	4,591

- Definition

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

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+ Details

Revenue Recognition (Tables)

9 Months Ended

Oct. 01, 2022

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
	October 1, 2022		October 2, 2021		October 1, 2022		October 2, 2021
Third-party brick-and-mortar wholesale	$	1,200,636	$	1,312,440	$	3,356,547	$	3,570,710
Consumer-directed	470,105		477,111		1,403,817		1,478,181
Total net sales	$	1,670,741	$	1,789,551	$	4,760,364	$	5,048,891

Stockholders' Equity (Tables)

9 Months Ended

Oct. 01, 2022

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
	October 1, 2022	October 2, 2021	October 1, 2022	October 2, 2021
Basic weighted average shares outstanding	349,884	351,071	349,969	351,020
Effect of potentially dilutive securities:
Stock options	—	20	2	17
Restricted stock units	420	1,157	712	956
Employee stock purchase plan and other	12	3	8	3
Diluted weighted average shares outstanding	350,316	352,251	350,691	351,996

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following securities were excluded from the diluted earnings per share calculation because their effect would be anti-dilutive:


	Quarters Ended		Nine Months Ended
	October 1, 2022	October 2, 2021	October 1, 2022	October 2, 2021
Stock options	250	83	250	167
Restricted stock units	1,646	48	1,252	40

Inventories (Tables)

9 Months Ended

Oct. 01, 2022

Inventory Disclosure [Abstract]

Inventories

Inventories consisted of the following:


	October 1, 2022		January 1, 2022		October 2, 2021
Raw materials	$	90,411	$	68,683	$	71,893
Work in process	118,573		110,246		103,927
Finished goods	1,927,330		1,405,086		1,453,686
	$	2,136,314	$	1,584,015	$	1,629,506

Debt (Tables)

9 Months Ended

Oct. 01, 2022

Debt Disclosure [Abstract]

Debt

Debt consisted of the following:


	Interest Rate as of October 1, 2022	Principal Amount				Maturity Date
		October 1, 2022		January 1, 2022
Senior Secured Credit Facility:
Revolving Loan Facility	4.01%	$	429,000	$	—	November 2026
Term Loan A	4.38%	981,250		1,000,000		November 2026
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%	490,100		568,634		June 2024
Accounts Receivable Securitization Facility	3.57%	211,500		—		June 2023
		3,911,850		3,368,634
Less long-term debt issuance costs		13,211		17,543
Less current maturities		242,750		25,000
		$	3,655,889	$	3,326,091

Accumulated Other Comprehensive Loss (Tables)

9 Months Ended

Oct. 01, 2022

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 July 2, 2022	$	(228,826)	$	16,343	$	(558,153)	$	140,874	$	(629,762)
Amounts reclassified from accumulated other comprehensive loss	—		17,917		5,202		(4,109)		19,010
Current-period other comprehensive income (loss) activity	(76,756)		(14,331)		258		1,658		(89,171)
Total other comprehensive income (loss)	(76,756)		3,586		5,460		(2,451)		(70,161)

Balance at October 1, 2022	$	(305,582)	$	19,929	$	(552,693)	$	138,423	$	(699,923)


	Cumulative Translation Adjustment(1)		Cash Flow Hedges		Defined Benefit Plans		Income Taxes		Accumulated Other Comprehensive Loss
Balance at January 1, 2022	$	(134,001)	$	5,244	$	(569,161)	$	146,315	$	(551,603)
Amounts reclassified from accumulated other comprehensive loss	(13,473)		45,345		16,023		(10,935)		36,960
Current-period other comprehensive income (loss) activity	(158,108)		(30,660)		445		3,043		(185,280)
Total other comprehensive income (loss)	(171,581)		14,685		16,468		(7,892)		(148,320)

Balance at October 1, 2022	$	(305,582)	$	19,929	$	(552,693)	$	138,423	$	(699,923)


	Cumulative Translation Adjustment(1)		Cash Flow Hedges		Defined Benefit Plans		Income Taxes		Accumulated Other Comprehensive Loss
Balance at July 3, 2021	$	(89,252)	$	(8,826)	$	(654,048)	$	171,198	$	(580,928)
Amounts reclassified from accumulated other comprehensive loss	—		14,905		6,179		(3,980)		17,104
Current-period other comprehensive income (loss) activity	(42,330)		(5,144)		274		(304)		(47,504)
Total other comprehensive income (loss)	(42,330)		9,761		6,453		(4,284)		(30,400)

Balance at October 2, 2021	$	(131,582)	$	935	$	(647,595)	$	166,914	$	(611,328)


	Cumulative Translation Adjustment(1)		Cash Flow Hedges		Defined Benefit Plans		Income Taxes		Accumulated Other Comprehensive Loss
Balance at January 2, 2021	$	(52,820)	$	(26,538)	$	(668,730)	$	181,129	$	(566,959)
Amounts reclassified from accumulated other comprehensive loss	—		24,818		19,286		(9,977)		34,127
Current-period other comprehensive income (loss) activity	(78,762)		2,655		1,849		(4,238)		(78,496)
Total other comprehensive income (loss)	(78,762)		27,473		21,135		(14,215)		(44,369)

Balance at October 2, 2021	$	(131,582)	$	935	$	(647,595)	$	166,914	$	(611,328)

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
		October 1, 2022		October 2, 2021		October 1, 2022		October 2, 2021
Write-off of cumulative translation associated with sale of business	Income (loss) from discontinued operations, net of tax	$	—	$	—	$	13,473	$	—

Gain (loss) on forward foreign exchange contracts designated as cash flow hedges	Cost of sales	2,516		(4,506)		6,790		(14,161)
	Income tax	(730)		1,203		(2,008)		3,855
	Income (loss) from discontinued operations, net of tax	—		(876)		(232)		(2,398)
	Net of tax	1,786		(4,179)		4,550		(12,704)

Gain (loss) on cross-currency swap contracts designated as cash flow hedges	Selling, general and administrative expenses	(18,764)		(8,134)		(47,118)		(5,523)
	Interest expense, net	(1,669)		(1,187)		(4,710)		(2,205)
	Income tax	3,474		996		8,811		773
	Net of tax	(16,959)		(8,325)		(43,017)		(6,955)

Amortization of deferred actuarial loss and prior service cost	Other expenses	(5,202)		(6,026)		(15,608)		(19,814)
	Income tax	1,365		1,580		4,102		4,922
	Income (loss) from discontinued operations, net of tax	—		(154)		—		424
Pension activity associated with sale of business	Income (loss) from discontinued operations, net of tax	—		—		(460)		—
	Net of tax	(3,837)		(4,600)		(11,966)		(14,468)

Total reclassifications		$	(19,010)	$	(17,104)	$	(36,960)	$	(34,127)

Financial Instruments and Risk Management (Tables)

9 Months Ended

Oct. 01, 2022

Disclosure Financial Instruments and Risk Management [Abstract]

Schedule of Notional Amounts of Outstanding Derivative Positions


	Hedge Type	October 1, 2022		January 1, 2022
U.S. dollar equivalent notional amount of derivative instruments:
Forward foreign exchange contracts	Cash Flow and Mark to Market	$	256,748	$	308,071
Cross-currency swap contracts	Cash Flow	$	352,920	$	352,920
Cross-currency swap contracts	Net Investment	$	335,940	$	335,940

Fair Values of Derivative Instruments


	Balance Sheet Location	Fair Value
		October 1, 2022		January 1, 2022
Derivatives designated as hedging instruments:
Forward foreign exchange contracts	Other current assets	$	7,337	$	2,898
Cross-currency swap contracts	Other current assets	3,291		974
Forward foreign exchange contracts	Other noncurrent assets	—		83
Cross-currency swap contracts	Other noncurrent assets	41,709		1,979
Derivatives not designated as hedging instruments:
Forward foreign exchange contracts	Other current assets	15,444		5,439
Total derivative assets		67,781		11,373

Derivatives designated as hedging instruments:
Forward foreign exchange contracts	Accrued liabilities	(164)		(349)
Cross-currency swap contracts	Accrued liabilities	(1,952)		(222)
Forward foreign exchange contracts	Other noncurrent liabilities	—		(14)
Cross-currency swap contracts	Other noncurrent liabilities	(51,658)		(11,387)
Derivatives not designated as hedging instruments:
Forward foreign exchange contracts	Accrued liabilities	(677)		(331)
Total derivative liabilities		(54,451)		(12,303)

Net derivative asset/(liability)		$	13,330	$	(930)

Effect of Cash Flow Hedge Derivative Instruments

The effect of derivative instruments designated as cash flow hedges 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
	October 1, 2022		October 2, 2021		October 1, 2022		October 2, 2021

Forward foreign exchange contracts	$	4,828	$	4,827	$	14,321	$	11,921
Cross-currency swap contracts	(19,159)		(9,971)		(44,981)		(9,266)

Total	$	(14,331)	$	(5,144)	$	(30,660)	$	2,655


	Location of Gain (Loss) Reclassified from AOCI into Income	Amount of Gain (Loss) Reclassified from AOCI into Income
		Quarters Ended				Nine Months Ended
		October 1, 2022		October 2, 2021		October 1, 2022		October 2, 2021


Forward foreign exchange contracts(1)	Cost of sales	$	2,516	$	(4,506)	$	6,790	$	(14,161)
Forward foreign exchange contracts(1)	Income (loss) from discontinued operations, net of tax	—		(1,078)		(307)		(2,929)
Cross-currency swap contracts(1)	Selling, general and administrative expenses	(18,764)		(8,134)		(47,118)		(5,523)
Cross-currency swap contracts(1)	Interest expense, net	(1,669)		(1,187)		(4,710)		(2,205)

Total		$	(17,917)	$	(14,905)	$	(45,345)	$	(24,818)

(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.

The following table presents the amounts in the Condensed Consolidated Statements of Income in which the effects of cash flow hedges are recorded:


	Quarters Ended				Nine Months Ended
	October 1, 2022		October 2, 2021		October 1, 2022		October 2, 2021
Cost of sales	$	1,107,889	$	1,089,890	$	3,041,233	$	3,064,920
Selling, general and administrative expenses	$	421,408	$	465,015	$	1,259,921	$	1,341,809
Interest expense, net	$	41,721	$	40,860	$	107,408	$	127,760
Income (loss) from discontinued operations, net of tax	$	—	$	(24,970)	$	3,965	$	(435,823)

Effect of Net Investment Hedge Derivative Instruments


	Amount of Gain (Loss) Recognized in AOCI
	Quarters Ended				Nine Months Ended
	October 1, 2022		October 2, 2021		October 1, 2022		October 2, 2021
Euro-denominated long-term debt	$	9,109	$	3,966	$	22,872	$	21,722
Cross-currency swap contracts	13,383		5,650		29,460		10,957
Total	$	22,492	$	9,616	$	52,332	$	32,679

The effect of derivative and non-derivative instruments designated as net investment hedges on the Condensed Consolidated Statements of Income are as follows:


	Location of Gain (Loss) Reclassified from AOCI into Income	Amount of Gain (Loss) Reclassified from AOCI into Income
		Quarters Ended				Nine Months Ended
		October 1, 2022		October 2, 2021		October 1, 2022		October 2, 2021
Euro-denominated long-term debt	Income (loss) from discontinued operations, net of tax	$	—	$	—	$	(13,348)	$	—
Cross-currency swap contracts	Income (loss) from discontinued operations, net of tax	—		—		(2,505)		—
Cross-currency swap contracts (amounts excluded from effectiveness testing)	Interest expense, net	2,209		1,870		6,449		5,484
Total		$	2,209	$	1,870	$	(9,404)	$	5,484

The following table presents the amounts in the Condensed Consolidated Statements of Income in which the effects of net investment hedges are recorded:


	Quarters Ended				Nine Months Ended
	October 1, 2022		October 2, 2021		October 1, 2022		October 2, 2021
Income (loss) from discontinued operations, net of tax	$	—	$	(24,970)	$	3,965	$	(435,823)
Interest expense, net (amounts excluded from effectiveness testing)	$	41,721	$	40,860	$	107,408	$	127,760

Effect of Mark to Market Hedge Derivative Instruments

The effect of derivative instruments 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
		October 1, 2022		October 2, 2021		October 1, 2022		October 2, 2021
Forward foreign exchange contracts	Cost of sales	$	(1,602)	$	6,087	$	1,037	$	24,711
Forward foreign exchange contracts	Selling, general and administrative expenses	41		(597)		(145)		2,494
Forward foreign exchange contracts	Income (loss) from discontinued operations, net of tax	—		859		—		4,812
Total		$	(1,561)	$	6,349	$	892	$	32,017

Fair Value of Assets and Liabilities (Tables)

9 Months Ended

Oct. 01, 2022

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 October 1, 2022
	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	$	22,781	$	—	$	22,781	$	—
Cross-currency swap contracts - assets	45,000		—		45,000		—
Forward foreign exchange contracts - liabilities	(841)		—		(841)		—
Cross-currency swap contracts - liabilities	(53,610)		—		(53,610)		—
Total derivative contracts	13,330		—		13,330		—
Deferred compensation plan liability	(15,226)		—		(15,226)		—
Total	$	(1,896)	$	—	$	(1,896)	$	—


	Assets (Liabilities) at Fair Value as of January 1, 2022
	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	$	8,420	$	—	$	8,420	$	—
Cross-currency swap contracts - assets	2,953		—		2,953		—
Forward foreign exchange contracts - liabilities	(694)		—		(694)		—
Cross-currency swap contracts - liabilities	(11,609)		—		(11,609)		—
Total derivative contracts	(930)		—		(930)		—
Deferred compensation plan liability	(20,916)		—		(20,916)		—
Total	$	(21,846)	$	—	$	(21,846)	$	—

Business Segment Information (Tables)

9 Months Ended

Oct. 01, 2022

Segment Reporting [Abstract]

Net Sales


	Quarters Ended				Nine Months Ended
	October 1, 2022		October 2, 2021		October 1, 2022		October 2, 2021
Net sales:
Innerwear	$	625,082	$	702,617	$	1,889,807	$	2,053,702
Activewear	461,043		462,499		1,178,380		1,230,691
International	502,066		536,483		1,436,384		1,521,667
Other	82,550		87,952		255,793		242,831
Total net sales	$	1,670,741	$	1,789,551	$	4,760,364	$	5,048,891

Segment Operating Profit


	Quarters Ended				Nine Months Ended
	October 1, 2022		October 2, 2021		October 1, 2022		October 2, 2021
Segment operating profit:
Innerwear	$	99,797	$	147,651	$	343,602	$	461,237
Activewear	53,491		76,172		125,332		177,813
International	69,890		86,371		215,281		235,451
Other	4,839		11,288		9,501		22,394
Total segment operating profit	228,017		321,482		693,716		896,895
Items not included in segment operating profit:
General corporate expenses	(52,639)		(50,226)		(174,707)		(164,734)
Restructuring and other action-related charges	(26,451)		(29,096)		(37,633)		(67,153)
Amortization of intangibles	(7,483)		(7,514)		(22,166)		(22,846)
Total operating profit	141,444		234,646		459,210		642,162
Other expenses	(3,212)		(1,811)		(6,088)		(6,227)
Interest expense, net	(41,721)		(40,860)		(107,408)		(127,760)
Income from continuing operations before income tax expense	$	96,511	$	191,975	$	345,714	$	508,175

Restructuring and other action-related charges

The Company incurred restructuring and other action-related charges that were reported in the following lines in the Condensed Consolidated Statements of Income:


	Quarters Ended				Nine Months Ended
	October 1, 2022		October 2, 2021		October 1, 2022		October 2, 2021
Cost of sales	$	13,102	$	(108)	$	14,133	$	4,599
Selling, general and administrative expenses	13,349		29,204		23,500		62,554
Total included in operating profit	26,451		29,096		37,633		67,153
Income tax expense	4,493		17,933		6,394		31,138
Total restructuring and other action-related charges	$	21,958	$	11,163	$	31,239	$	36,015

The components of restructuring and other action-related charges were as follows:


	Quarters Ended				Nine Months Ended
	October 1, 2022		October 2, 2021		October 1, 2022		October 2, 2021
Full Potential Plan:
Professional services	$	6,020	$	11,283	$	21,014	$	36,793
Supply chain segmentation	13,298		—		14,587		—
Technology	2,622		—		9,052		—
Impairment of intangible assets	—		—		—		7,302
Operating model	(18)		16,000		(1,112)		17,600
(Gain) loss on classification of assets held for sale	4,310		—		(6,558)		—
Other	219		1,813		650		5,458
Total included in operating profit	26,451		29,096		37,633		67,153
Discrete tax benefits	—		11,802		—		19,097
Tax benefit effect on actions	4,493		6,131		6,394		12,041
Total benefit included in income tax expense	4,493		17,933		6,394		31,138
Total restructuring and other action-related charges	$	21,958	$	11,163	$	31,239	$	36,015

Basis of Presentation (Details) - USD ($)	3 Months Ended		9 Months Ended
Basis of Presentation (Details) - USD ($)	Oct. 01, 2022	Jul. 02, 2022	Oct. 01, 2022	Oct. 02, 2021
Purchase of trademarks			$ 103,000,000	$ 0
Ransomware Attack
Ransomware Recovery Costs Net [Line Items]
Ransomware Recovery Costs Net			16,430,000
Ransomware Attack \| Cost of sales
Ransomware Recovery Costs Net [Line Items]
Ransomware Recovery Costs Net			14,168,000
Ransomware Attack \| Selling, general and administrative expenses
Ransomware Recovery Costs Net [Line Items]
Ransomware Recovery Costs Net	$ 921,000		2,262,000
Champion footwear trademark
Purchase of trademarks		$ 102,500,000	$ 102,500,000

Assets and Liabilities Held for Sale - Balance Sheet (Details) - USD ($) $ in Thousands	Oct. 01, 2022	Jan. 01, 2022	Oct. 02, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Current assets held for sale	$ 14,906	$ 327,157	$ 304,124
Current liabilities held for sale	14,906	316,902	299,498
Continuing Operations, Disposal Group, Held-for-sale \| U.S. Sheer Hosiery Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Current assets held for sale	14,906	5,426	0
Current liabilities held for sale	14,906	5,426	0
Discontinued Operations, Held-for-sale \| European Innerwear Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Current assets held for sale	0	321,731	304,124
Current liabilities held for sale	$ 0	$ 311,476	$ 299,498

- Definition

Amount classified as assets attributable to disposal group held for sale or disposed of, expected to be disposed of within one year or the normal operating cycle, if longer.

+ References + Details

- Definition

Amount classified as liabilities attributable to disposal group held for sale or disposed of, expected to be disposed of within one year or the normal operating cycle, if longer.

+ References + Details

Assets and Liabilities Held for Sale - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Oct. 01, 2022	Oct. 02, 2021	Oct. 01, 2022	Oct. 02, 2021	Jan. 01, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
(Gain) Loss on Sale of Business and Classification of Assets Held For Sale			$ (6,185)	$ 266,742
Selling, general and administrative expenses
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment of intangible assets, Continuing Operations				7,302
Discontinued Operations, Held-for-sale \| European Innerwear Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment of intangible assets and goodwill, Discontinued Operations	$ 0	$ 0	0	155,745
(Gain) Loss on Sale of Business and Classification of Assets Held For Sale	0	$ 30,562	373	$ 266,742
Continuing Operations, Disposal Group, Held-for-sale \| U.S. Sheer Hosiery \| Selling, general and administrative expenses
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
(Gain) Loss on Sale of Business and Classification of Assets Held For Sale	$ 4,310		$ (6,558)		$ 38,364

Discontinued Operations - Income Statement (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 01, 2022	Oct. 02, 2021	Oct. 01, 2022	Oct. 02, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
(Gain) Loss on Sale of Business and Classification of Assets Held For Sale			$ (6,185)	$ 266,742
Net income (loss) from discontinued operations, net of tax	$ 0	$ (24,970)	3,965	(435,823)
Discontinued Operations, Held-for-sale \| European Innerwear Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net sales	0	147,529	101,314	400,880
Cost of sales	0	75,171	60,415	213,831
Gross profit	0	72,358	40,899	187,049
Selling, general and administrative expenses	0	64,941	54,689	209,467
Impairment of intangible assets and goodwill	0	0	0	155,745
(Gain) Loss on Sale of Business and Classification of Assets Held For Sale	0	30,562	373	266,742
Operating loss	0	(23,145)	(14,163)	(444,905)
Other expenses	0	271	283	885
Interest expense, net	0	110	10	269
Loss from discontinued operations before income tax expense	0	(23,526)	(14,456)	(446,059)
Income tax expense (benefit)	0	1,444	(18,421)	(10,236)
Net income (loss) from discontinued operations, net of tax	$ 0	$ (24,970)	$ 3,965	$ (435,823)

Discontinued Operations - Assets and Liabilities (Details) - USD ($) $ in Thousands	Oct. 01, 2022	Jan. 01, 2022	Oct. 02, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Current assets held for sale	$ 14,906	$ 327,157	$ 304,124
Current liabilities held for sale	14,906	316,902	299,498
Discontinued Operations, Held-for-sale \| European Innerwear Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash and cash equivalents	0	24,352	16,816
Trade accounts receivable, net	0	87,353	88,684
Inventories	0	141,653	127,209
Other current assets	0	21,926	16,066
Property, net	0	62,659	61,898
Right-of-use assets	0	32,603	33,680
Trademarks and other identifiable intangibles, net	0	205,204	208,108
Deferred tax assets	0	4,174	7,990
Other noncurrent assets	0	4,127	4,360
Allowance to adjust assets to estimated fair value, less costs of disposal	0	(262,320)	(260,687)
Current assets held for sale	0	321,731	304,124
Accounts payable	0	84,327	69,122
Accrued liabilities	0	122,620	118,076
Lease liabilities	0	6,562	8,544
Notes payable	0	329	595
Lease liabilities - noncurrent	0	27,426	26,536
Pension and postretirement benefits	0	38,325	42,076
Other noncurrent liabilities	0	31,887	34,549
Current liabilities held for sale	$ 0	$ 311,476	$ 299,498

Discontinued Operations - Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 01, 2022	Oct. 02, 2021	Oct. 01, 2022	Oct. 02, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
(Gain) Loss on Sale of Business and Classification of Assets Held For Sale			$ (6,185)	$ 266,742
Discontinued Operations, Held-for-sale \| European Innerwear Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Depreciation	$ 0	$ 0	0	2,608
Amortization	0	0	0	1,460
Capital expenditures	0	2,085	715	6,155
Impairment of intangible assets and goodwill	0	0	0	155,745
(Gain) Loss on Sale of Business and Classification of Assets Held For Sale	0	30,562	373	266,742
Capital expenditures included in accounts payable at end of period	0	70	0	70
Right-of-use assets obtained in exchange for lease obligations	$ 0	$ 1,454	$ 0	$ 4,591

Revenue Recognition (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Revenue Recognition (Details) - USD ($) $ in Thousands	Oct. 01, 2022	Oct. 02, 2021	Oct. 01, 2022	Oct. 02, 2021
Disaggregation of Revenue
Net sales	$ 1,670,741	$ 1,789,551	$ 4,760,364	$ 5,048,891
Third-party brick-and-mortar wholesale
Disaggregation of Revenue
Net sales	1,200,636	1,312,440	3,356,547	3,570,710
Consumer-directed
Disaggregation of Revenue
Net sales	$ 470,105	$ 477,111	$ 1,403,817	$ 1,478,181

- 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
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI https://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Stockholders' Equity Reconciliation of Basic to Diluted Weighted Average Shares (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Oct. 01, 2022	Oct. 02, 2021	Oct. 01, 2022	Oct. 02, 2021
Reconciliation of basic to diluted weighted average shares [Line Items]
Basic weighted average shares outstanding	349,884	351,071	349,969	351,020
Diluted weighted average shares outstanding	350,316	352,251	350,691	351,996
Stock options
Effect of potentially dilutive securities:
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements	0	20	2	17
Restricted stock units
Effect of potentially dilutive securities:
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements	420	1,157	712	956
Employee stock purchase plan and other
Effect of potentially dilutive securities:
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements	12	3	8	3

Stockholders' Equity (Additional Information) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		3 Months Ended		9 Months Ended
	Nov. 09, 2022	Oct. 01, 2022	Oct. 02, 2021	Oct. 01, 2022	Oct. 02, 2021	Feb. 02, 2022	Feb. 06, 2020
Stockholders' Equity [Line Items]
Dividends, Per Share, Declared		$ 0.15	$ 0.15	$ 0.45	$ 0.45
Common stock repurchased, cost				$ 25,018
Payments for Repurchase of Common Stock				$ 25,018	$ 0
Stock options
Stockholders' Equity [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount		250	83	250	167
Restricted stock units
Stockholders' Equity [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount		1,646	48	1,252	40
2022 Share Repurchase Plan
Stockholders' Equity [Line Items]
Stock Repurchase Program, Authorized Amount						$ 600,000
Stock repurchased during period, shares				1,577
Common stock repurchased, cost				$ 25,018
Stock Repurchase Program, Remaining Authorized Repurchase Amount		$ 575,013		575,013
Payments for Stock Repurchased, Broker's Commissions				$ 31
Treasury Stock Acquired, Average Cost Per Share				$ 15.84
2020 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 (Details) - USD ($) $ in Thousands	Oct. 01, 2022	Jan. 01, 2022	Oct. 02, 2021
Inventory Disclosure [Abstract]
Raw materials	$ 90,411	$ 68,683	$ 71,893
Work in process	118,573	110,246	103,927
Finished goods	1,927,330	1,405,086	1,453,686
Total Inventories	$ 2,136,314	$ 1,584,015	$ 1,629,506

Debt - Summary of Debt (Details) - USD ($) $ in Thousands	Oct. 01, 2022	Jan. 01, 2022	Oct. 02, 2021	Apr. 01, 2021
Debt Instrument [Line Items]
Long-term debt, gross	$ 3,911,850	$ 3,368,634
Less long-term debt issuance costs	13,211	17,543
Long-term Debt, Excluding Current Maturities [Abstract]
Less current maturities	242,750	25,000
Long-term debt	$ 3,655,889	3,326,091	$ 3,626,547
Revolving Loan Facility
Debt Instrument [Line Items]
Interest rate	4.01%
Long-term debt, gross	$ 429,000	0
Term Loan A
Debt Instrument [Line Items]
Interest rate	4.38%
Long-term debt, gross	$ 981,250	1,000,000
4.875% Senior Notes
Debt Instrument [Line Items]
Interest rate	4.88%
Long-term debt, gross	$ 900,000	900,000
4.625% Senior Notes
Debt Instrument [Line Items]
Interest rate	4.63%
Long-term debt, gross	$ 900,000	900,000
3.5% Senior Notes
Debt Instrument [Line Items]
Interest rate	3.50%			3.50%
Long-term debt, gross	$ 490,100	568,634
Accounts Receivable Securitization Facility
Debt Instrument [Line Items]
Interest rate	3.57%
Long-term debt, gross	$ 211,500	$ 0

Debt - Additional Information (Detail) $ in Thousands						3 Months Ended			12 Months Ended
Debt - Additional Information (Detail) $ in Thousands	Dec. 30, 2023	Sep. 30, 2023	Jul. 01, 2023	Apr. 01, 2023	Dec. 31, 2022	Dec. 30, 2023	Dec. 31, 2022	Oct. 01, 2022 USD ($)	Dec. 28, 2024	Nov. 04, 2022 USD ($)	Jul. 02, 2022 USD ($)	Apr. 02, 2022 USD ($)	Jan. 01, 2022 USD ($)
Debt Instrument [Line Items]
Long-term debt, gross								$ 3,911,850					$ 3,368,634
Revolving Loan Facility
Debt Instrument [Line Items]
Remaining borrowing capacity								560,028
Maximum Borrowing Capacity								1,000,000
Standby and trade letters of credit issued								10,972
Long-term debt, gross								429,000					0
Accounts Receivable Securitization Facility
Debt Instrument [Line Items]
Remaining borrowing capacity								13,500
Maximum Borrowing Capacity								225,000			$ 225,000	$ 175,000
Current Borrowing Capacity								225,000
Long-term debt, gross								211,500					$ 0
Other International Debt
Debt Instrument [Line Items]
Remaining borrowing capacity								$ 36,121
Senior Secured Credit Facility
Debt Instrument [Line Items]
Maximum Leverage Ratio								4.50
Interest Coverage Ratio								3.00
Senior Secured Credit Facility \| Subsequent Event [Member]
Debt Instrument [Line Items]
Maximum Leverage Ratio		5.75	5.75	5.75		5.25	5.25		4.50
Interest Coverage Ratio	2.60	2.60	2.60	2.60	2.60				2.75
Dividend Payment Cap										$ 250,000

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Oct. 01, 2022	Oct. 02, 2021	Oct. 01, 2022	Oct. 02, 2021
Effective income tax rate, percent	17.00%	7.90%	17.00%	10.90%
Income tax expense	$ 16,410	$ 15,228	$ 58,775	$ 55,161
Discrete benefits for the release of reserves for unrecognized tax benefits [Member]
Income tax expense		(3,814)		(11,360)
Discrete charge for changes in valuation allowance [Member]
Income tax expense				4,636
Discrete tax charges for adjustments related to prior period tax returns and measurement of deferred tax liabilities
Income tax expense	$ 3,174		$ 9,217
Discrete tax benefits for adjustments related to prior period tax returns and approval of certain filings by taxing authorities
Income tax expense		$ (4,851)		$ (4,392)

- Definition

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

+ References + Details

Accumulated Other Comprehensive Loss (Rollforward) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 01, 2022	Oct. 02, 2021	Oct. 01, 2022	Oct. 02, 2021
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning Balance, net of tax			$ (551,603)
Total other comprehensive income (loss)	$ (70,161)	$ (30,400)	(148,320)	$ (44,369)
Ending Balance, net of tax	(699,923)	(611,328)	(699,923)	(611,328)
Cumulative Translation Adjustment
Accumulated Other Comprehensive Income (Loss), Before Tax [Roll Forward]
Beginning Balance, before tax	(228,826)	(89,252)	(134,001)	(52,820)
Amounts reclassified from accumulated other comprehensive loss, before tax	0	0	(13,473)	0
Current-period other comprehensive income (loss) activity, before tax	(76,756)	(42,330)	(158,108)	(78,762)
Total other comprehensive income (loss), before tax	(76,756)	(42,330)	(171,581)	(78,762)
Ending Balance, before tax	(305,582)	(131,582)	(305,582)	(131,582)
Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss), Before Tax [Roll Forward]
Beginning Balance, before tax	16,343	(8,826)	5,244	(26,538)
Amounts reclassified from accumulated other comprehensive loss, before tax	17,917	14,905	45,345	24,818
Current-period other comprehensive income (loss) activity, before tax	(14,331)	(5,144)	(30,660)	2,655
Total other comprehensive income (loss), before tax	3,586	9,761	14,685	27,473
Ending Balance, before tax	19,929	935	19,929	935
Defined Benefit Plans
Accumulated Other Comprehensive Income (Loss), Before Tax [Roll Forward]
Beginning Balance, before tax	(558,153)	(654,048)	(569,161)	(668,730)
Amounts reclassified from accumulated other comprehensive loss, before tax	5,202	6,179	16,023	19,286
Current-period other comprehensive income (loss) activity, before tax	258	274	445	1,849
Total other comprehensive income (loss), before tax	5,460	6,453	16,468	21,135
Ending Balance, before tax	(552,693)	(647,595)	(552,693)	(647,595)
Income Taxes
Accumulated Other Comprehensive Income (Loss), Tax [Roll Forward]
Beginning Balance, tax	140,874	171,198	146,315	181,129
Amounts reclassified from accumulated other comprehensive loss, tax	(4,109)	(3,980)	(10,935)	(9,977)
Current-period other comprehensive income (loss) activity, tax	1,658	(304)	3,043	(4,238)
Total other comprehensive income (loss), tax	(2,451)	(4,284)	(7,892)	(14,215)
Ending Balance, tax	138,423	166,914	138,423	166,914
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning Balance, net of tax	(629,762)	(580,928)	(551,603)	(566,959)
Amounts reclassified from accumulated other comprehensive loss, net of tax	19,010	17,104	36,960	34,127
Current-period other comprehensive income (loss) activity, net of tax	(89,171)	(47,504)	(185,280)	(78,496)
Total other comprehensive income (loss)	(70,161)	(30,400)	(148,320)	(44,369)
Ending Balance, net of tax	$ (699,923)	$ (611,328)	$ (699,923)	$ (611,328)

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 01, 2022	Oct. 02, 2021	Oct. 01, 2022	Oct. 02, 2021
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Cost of sales	$ (1,107,889)	$ (1,089,890)	$ (3,041,233)	$ (3,064,920)
Selling, general and administrative expenses	(421,408)	(465,015)	(1,259,921)	(1,341,809)
Interest expense, net	(41,721)	(40,860)	(107,408)	(127,760)
Other expenses	3,212	1,811	6,088	6,227
Income tax expense	(16,410)	(15,228)	(58,775)	(55,161)
Income (loss) from discontinued operations, net of tax	0	24,970	(3,965)	435,823
Net income (loss)	(80,101)	(151,777)	(290,904)	(17,191)
Reclassification out of Accumulated Other Comprehensive Income
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Net income (loss)	(19,010)	(17,104)	(36,960)	(34,127)
Reclassification out of Accumulated Other Comprehensive Income \| Cumulative Translation Adjustment
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Income (loss) from discontinued operations, net of tax	0	0	13,473	0
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	(5,202)	(6,026)	(15,608)	(19,814)
Income tax expense	1,365	1,580	4,102	4,922
Net income (loss)	(3,837)	(4,600)	(11,966)	(14,468)
Reclassification out of Accumulated Other Comprehensive Income \| Accumulated Defined Benefit Plans Adjustment Net of Tax
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Income (loss) from discontinued operations, net of tax	0	(154)	0	424
Reclassification out of Accumulated Other Comprehensive Income \| Pension activity associated with sale of business
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Income (loss) from discontinued operations, net of tax	0	0	(460)	0
Forward foreign exchange contract \| Reclassification out of Accumulated Other Comprehensive Income \| Gain (loss) on derivative instruments designated as cash flow hedges
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Cost of sales	2,516	(4,506)	6,790	(14,161)
Income tax expense	(730)	1,203	(2,008)	3,855
Income (loss) from discontinued operations, net of tax	0	(876)	(232)	(2,398)
Net income (loss)	1,786	(4,179)	4,550	(12,704)
Cross-currency swap contract \| Reclassification out of Accumulated Other Comprehensive Income \| Gain (loss) on derivative instruments designated as cash flow hedges
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Selling, general and administrative expenses	(18,764)	(8,134)	(47,118)	(5,523)
Interest expense, net	(1,669)	(1,187)	(4,710)	(2,205)
Income tax expense	3,474	996	8,811	773
Net income (loss)	$ (16,959)	$ (8,325)	$ (43,017)	$ (6,955)

Financial Instruments and Risk Management - Notional Amounts of Derivative Instruments (Details) € in Thousands, $ in Thousands	Oct. 01, 2022 USD ($)	Jan. 01, 2022 USD ($)	Apr. 01, 2021 EUR (€)	Jul. 10, 2019 EUR (€)
Forward foreign exchange contract \| Cash Flow and Mark to Market Hedges
Derivative [Line Items]
Derivative, Notional Amount	$ 256,748	$ 308,071
Cross-currency swap contract \| Cash Flow Hedge
Derivative [Line Items]
Derivative, Notional Amount	352,920	352,920	€ 300,000
Cross-currency swap contract \| Net Investment Hedge
Derivative [Line Items]
Derivative, Notional Amount	$ 335,940	$ 335,940		€ 300,000

Financial Instruments and Risk Management - Fair Values of Derivative Instruments (Details) - USD ($) $ in Thousands	Oct. 01, 2022	Jan. 01, 2022
Derivatives, Fair Value [Line Items]
Net fair value of derivative assets and liabilities	$ 13,330	$ (930)
Assets, Total
Derivatives, Fair Value [Line Items]
Total derivative assets	67,781	11,373
Liabilities, Total
Derivatives, Fair Value [Line Items]
Total derivative liabilities	(54,451)	(12,303)
Forward foreign exchange contract \| Other Current Assets \| Derivatives designated as hedging instruments
Derivatives, Fair Value [Line Items]
Total derivative assets	7,337	2,898
Forward foreign exchange contract \| Other Current Assets \| Derivatives not designated as hedging instruments
Derivatives, Fair Value [Line Items]
Total derivative assets	15,444	5,439
Forward foreign exchange contract \| Other noncurrent assets \| Derivatives designated as hedging instruments
Derivatives, Fair Value [Line Items]
Total derivative assets	0	83
Forward foreign exchange contract \| Accrued liabilities \| Derivatives designated as hedging instruments
Derivatives, Fair Value [Line Items]
Total derivative liabilities	(164)	(349)
Forward foreign exchange contract \| Accrued liabilities \| Derivatives not designated as hedging instruments
Derivatives, Fair Value [Line Items]
Total derivative liabilities	(677)	(331)
Forward foreign exchange contract \| Other Noncurrent Liabilities \| Derivatives designated as hedging instruments
Derivatives, Fair Value [Line Items]
Total derivative liabilities	0	(14)
Cross-currency swap contract \| Other Current Assets \| Derivatives designated as hedging instruments
Derivatives, Fair Value [Line Items]
Total derivative assets	3,291	974
Cross-currency swap contract \| Other noncurrent assets \| Derivatives designated as hedging instruments
Derivatives, Fair Value [Line Items]
Total derivative assets	41,709	1,979
Cross-currency swap contract \| Accrued liabilities \| Derivatives designated as hedging instruments
Derivatives, Fair Value [Line Items]
Total derivative liabilities	(1,952)	(222)
Cross-currency swap contract \| Other Noncurrent Liabilities \| Derivatives designated as hedging instruments
Derivatives, Fair Value [Line Items]
Total derivative liabilities	$ (51,658)	$ (11,387)

Financial Instruments and Risk Management - Effect of Cash Flow Hedge Derivative Instruments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 01, 2022	Oct. 02, 2021	Oct. 01, 2022	Oct. 02, 2021
Derivatives, Fair Value [Line Items]
Amount of Gain (Loss) Reclassified from AOCI into Income on Cash Flow Hedges	$ (17,917)	$ (14,905)	$ (45,345)	$ (24,818)
Cost of sales	1,107,889	1,089,890	3,041,233	3,064,920
Selling, general and administrative expenses	421,408	465,015	1,259,921	1,341,809
Interest expense, net	41,721	40,860	107,408	127,760
Income (loss) from discontinued operations, net of tax	0	(24,970)	3,965	(435,823)
Accumulated Other Comprehensive Loss
Derivatives, Fair Value [Line Items]
Amount of Gain (Loss) Recognized in AOCI on Cash Flow Hedges	(14,331)	(5,144)	(30,660)	2,655
Forward foreign exchange contract \| Accumulated Other Comprehensive Loss
Derivatives, Fair Value [Line Items]
Amount of Gain (Loss) Recognized in AOCI on Cash Flow Hedges	4,828	4,827	14,321	11,921
Forward foreign exchange contract \| Cost of sales
Derivatives, Fair Value [Line Items]
Amount of Gain (Loss) Reclassified from AOCI into Income on Cash Flow Hedges	2,516	(4,506)	6,790	(14,161)
Forward foreign exchange contract \| Income (loss) from discontinued operations, net of tax
Derivatives, Fair Value [Line Items]
Amount of Gain (Loss) Reclassified from AOCI into Income on Cash Flow Hedges	0	(1,078)	(307)	(2,929)
Cross-currency swap contract \| Accumulated Other Comprehensive Loss
Derivatives, Fair Value [Line Items]
Amount of Gain (Loss) Recognized in AOCI on Cash Flow Hedges	(19,159)	(9,971)	(44,981)	(9,266)
Cross-currency swap contract \| Selling, general and administrative expenses
Derivatives, Fair Value [Line Items]
Amount of Gain (Loss) Reclassified from AOCI into Income on Cash Flow Hedges	(18,764)	(8,134)	(47,118)	(5,523)
Cross-currency swap contract \| Interest expense, net
Derivatives, Fair Value [Line Items]
Amount of Gain (Loss) Reclassified from AOCI into Income on Cash Flow Hedges	$ (1,669)	$ (1,187)	$ (4,710)	$ (2,205)

Financial Instruments and Risk Management - Effect of Net Investment Hedge Instruments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 01, 2022	Oct. 02, 2021	Oct. 01, 2022	Oct. 02, 2021
Derivatives, Fair Value [Line Items]
Amount of Gain (Loss) Recognized in AOCI on Net Investment Hedges	$ 2,209	$ 1,870	$ (9,404)	$ 5,484
Income (loss) from discontinued operations, net of tax	0	(24,970)	3,965	(435,823)
Interest expense, net	41,721	40,860	107,408	127,760
Euro-denominated Long-term Debt \| Income (loss) from discontinued operations, net of tax
Derivatives, Fair Value [Line Items]
Nonderivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	0	0	(13,348)	0
Cross-currency swap contract
Derivatives, Fair Value [Line Items]
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	0	0	(2,505)	0
Amounts of Gain (Loss) Recognized in Income	2,209	1,870	6,449	5,484
Accumulated Other Comprehensive Loss
Derivatives, Fair Value [Line Items]
Amount of Gain (Loss) Recognized in AOCI on Net Investment Hedges	22,492	9,616	52,332	32,679
Accumulated Other Comprehensive Loss \| Euro-denominated Long-term Debt
Derivatives, Fair Value [Line Items]
Amount of Gain (Loss) Recognized in AOCI on Net Investment Hedges	9,109	3,966	22,872	21,722
Accumulated Other Comprehensive Loss \| Cross-currency swap contract
Derivatives, Fair Value [Line Items]
Amount of Gain (Loss) Recognized in AOCI on Net Investment Hedges	$ 13,383	$ 5,650	$ 29,460	$ 10,957

Financial Instruments and Risk Management - Effect of Mark to Market Hedge Derivative Instruments (Details) - Forward foreign exchange contract - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 01, 2022	Oct. 02, 2021	Oct. 01, 2022	Oct. 02, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Income on Mark to Market Hedges	$ (1,561)	$ 6,349	$ 892	$ 32,017
Cost of sales
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Income on Mark to Market Hedges	(1,602)	6,087	1,037	24,711
Selling, general and administrative expenses
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Income on Mark to Market Hedges	41	(597)	(145)	2,494
Income (loss) from discontinued operations, net of tax
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Income on Mark to Market Hedges	$ 0	$ 859	$ 0	$ 4,812

Financial Instruments and Risk Management - Additional Information (Details) € in Thousands, $ in Thousands			9 Months Ended
	Apr. 01, 2021 EUR (€) numberOfCrossCurrencySwaps	Jul. 10, 2019 EUR (€) numberOfCrossCurrencySwaps	Oct. 01, 2022 USD ($)	Oct. 01, 2022 EUR (€)	Jan. 01, 2022 USD ($)
Derivative [Line Items]
Net gain (loss) expected to be reclassified into earnings during the next twelve months			$ 5,391
Long-term debt, gross			3,911,850		$ 3,368,634
3.5% Senior Notes
Derivative [Line Items]
Long-term debt, gross			$ 490,100		568,634
Interest rate on senior notes issued	3.50%		3.50%	3.50%
3.5% Senior Notes, Euro Value
Derivative [Line Items]
Long-term debt, gross \| €				€ 500,000
4.625% Senior Notes
Derivative [Line Items]
Long-term debt, gross			$ 900,000		900,000
Interest rate on senior notes issued			4.63%	4.63%
Euro-denominated Long-term Debt \| Net Investment Hedge
Derivative [Line Items]
Notional amount of nonderivative Instruments in a net investment hedge \| €	€ 200,000	€ 500,000
Euro-denominated long-term debt designated as a partial European net investment hedge			$ 196,040		227,454
Forward foreign exchange contract
Derivative [Line Items]
Maximum length of time hedged in cash flow hedge			12 months
Cross-currency swap contract
Derivative [Line Items]
Maximum length of time hedged in cash flow hedge			21 months
Cross-currency swap contract \| Cash Flow Hedge
Derivative [Line Items]
Number of cross currency swaps \| numberOfCrossCurrencySwaps	3
Notional amount of derivative instruments designated in a net investment hedge	€ 300,000		$ 352,920		352,920
Cross-currency swap contract - fixed interest rate	4.7945%
Cross-currency swap contract \| Net Investment Hedge
Derivative [Line Items]
Number of cross currency swaps \| numberOfCrossCurrencySwaps		2
Notional amount of derivative instruments designated in a net investment hedge		€ 300,000	$ 335,940		$ 335,940
Cross-currency swap contract - fixed interest rate		2.3215%
Cross-currency swap contract \| Net Investment Hedge \| 4.625% Senior Notes
Derivative [Line Items]
Interest rate on senior notes issued		4.625%

Fair Value of Assets and Liabilities (Fair Value of Financial Assets and Liabilities Measured on Recurring Basis) (Details) - USD ($) $ in Thousands	Oct. 01, 2022	Jan. 01, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net fair value of derivative assets and liabilities	$ 13,330	$ (930)
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	13,330	(930)
Deferred compensation plan liability	(15,226)	(20,916)
Net effect of financial asset less financial liability	(1,896)	(21,846)
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	13,330	(930)
Deferred compensation plan liability	(15,226)	(20,916)
Net effect of financial asset less financial liability	(1,896)	(21,846)
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 \| Forward foreign exchange contract
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total derivative assets	22,781	8,420
Total derivative liabilities	(841)	(694)
Fair Value, Measurements, Recurring \| Forward foreign exchange 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
Total derivative liabilities	0	0
Fair Value, Measurements, Recurring \| Forward foreign exchange contract \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total derivative assets	22,781	8,420
Total derivative liabilities	(841)	(694)
Fair Value, Measurements, Recurring \| Forward foreign exchange contract \| 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	45,000	2,953
Total derivative liabilities	(53,610)	(11,609)
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
Total derivative liabilities	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	45,000	2,953
Total derivative liabilities	(53,610)	(11,609)
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
Total derivative liabilities	$ 0	$ 0

Fair Value of Assets and Liabilities (Additional Information) (Details) - USD ($) $ in Thousands	Oct. 01, 2022	Jan. 01, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Accounts Receivable, Allowance for Credit Loss, Current	$ 68,180	$ 61,948
Carrying value of debt	3,911,850	3,368,634
Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of debt	$ 3,690,064	$ 3,504,412

Business Segment Information - Net Sales (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 01, 2022 USD ($)	Oct. 02, 2021 USD ($)	Oct. 01, 2022 USD ($) numberOfSegments	Oct. 02, 2021 USD ($)
Schedule Of Sales Revenue By Business Segment [Line Items]
Number of operating segments \| numberOfSegments			3
Net sales	$ 1,670,741	$ 1,789,551	$ 4,760,364	$ 5,048,891
Innerwear
Schedule Of Sales Revenue By Business Segment [Line Items]
Net sales	625,082	702,617	1,889,807	2,053,702
Activewear
Schedule Of Sales Revenue By Business Segment [Line Items]
Net sales	461,043	462,499	1,178,380	1,230,691
International
Schedule Of Sales Revenue By Business Segment [Line Items]
Net sales	502,066	536,483	1,436,384	1,521,667
Other
Schedule Of Sales Revenue By Business Segment [Line Items]
Net sales	$ 82,550	$ 87,952	$ 255,793	$ 242,831

- Definition

+ References

+ Details

Business Segment Information - Segment Operating Profit (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 01, 2022	Oct. 02, 2021	Oct. 01, 2022	Oct. 02, 2021
Segment operating profit:
Total operating profit	$ 141,444	$ 234,646	$ 459,210	$ 642,162
Operating profit
General corporate expenses	(52,639)	(50,226)	(174,707)	(164,734)
Amortization of intangibles	(7,483)	(7,514)	(22,166)	(22,846)
Other expenses	(3,212)	(1,811)	(6,088)	(6,227)
Interest expense, net	(41,721)	(40,860)	(107,408)	(127,760)
Income from continuing operations before income tax expense	96,511	191,975	345,714	508,175
Operating Profit
Operating profit
Restructuring and other action-related charges	(26,451)	(29,096)	(37,633)	(67,153)
Innerwear
Segment operating profit:
Total operating profit	99,797	147,651	343,602	461,237
Activewear
Segment operating profit:
Total operating profit	53,491	76,172	125,332	177,813
International
Segment operating profit:
Total operating profit	69,890	86,371	215,281	235,451
Other
Segment operating profit:
Total operating profit	4,839	11,288	9,501	22,394
Total segment operating profit
Segment operating profit:
Total operating profit	$ 228,017	$ 321,482	$ 693,716	$ 896,895

Business Segment Information - Restructuring and Other Action-Related Charges by Income Statement Line (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 01, 2022	Oct. 02, 2021	Oct. 01, 2022	Oct. 02, 2021
Cost of sales
Segment Reporting, Other Significant Reconciling Item [Line Items]
Restructuring and other action-related charges	$ 13,102	$ (108)	$ 14,133	$ 4,599
Selling, general and administrative expenses
Segment Reporting, Other Significant Reconciling Item [Line Items]
Restructuring and other action-related charges	13,349	29,204	23,500	62,554
Total included in operating profit
Segment Reporting, Other Significant Reconciling Item [Line Items]
Restructuring and other action-related charges	26,451	29,096	37,633	67,153
Total included in income tax expense (benefit)
Segment Reporting, Other Significant Reconciling Item [Line Items]
Restructuring and other action-related charges	4,493	17,933	6,394	31,138
Total restructuring and other action-related charges
Segment Reporting, Other Significant Reconciling Item [Line Items]
Restructuring and other action-related charges	$ 21,958	$ 11,163	$ 31,239	$ 36,015

Business Segment Information - Components of Restructuring and Other Action-Related Charges (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 01, 2022	Oct. 02, 2021	Oct. 01, 2022	Oct. 02, 2021
Total included in operating profit
Segment Reporting, Other Significant Reconciling Item [Line Items]
Restructuring and other action-related charges	$ 26,451	$ 29,096	$ 37,633	$ 67,153
Total included in operating profit \| Full Potential Plan \| Professional services
Segment Reporting, Other Significant Reconciling Item [Line Items]
Restructuring and other action-related charges	6,020	11,283	21,014	36,793
Total included in operating profit \| Full Potential Plan \| (Gain) loss on classification of assets held for sale \| U.S. Sheer Hosiery
Segment Reporting, Other Significant Reconciling Item [Line Items]
Restructuring and other action-related charges	4,310	0	(6,558)	0
Total included in operating profit \| Full Potential Plan \| Operating model
Segment Reporting, Other Significant Reconciling Item [Line Items]
Restructuring and other action-related charges	(18)	16,000	(1,112)	17,600
Total included in operating profit \| Full Potential Plan \| Supply chain segmentation
Segment Reporting, Other Significant Reconciling Item [Line Items]
Restructuring and other action-related charges	13,298	0	14,587	0
Total included in operating profit \| Full Potential Plan \| Technology
Segment Reporting, Other Significant Reconciling Item [Line Items]
Restructuring and other action-related charges	2,622	0	9,052	0
Total included in operating profit \| Full Potential Plan \| Impairment of intangible assets
Segment Reporting, Other Significant Reconciling Item [Line Items]
Restructuring and other action-related charges	0	0	0	7,302
Total included in operating profit \| Full Potential Plan \| Other
Segment Reporting, Other Significant Reconciling Item [Line Items]
Restructuring and other action-related charges	219	1,813	650	5,458
Total included in income tax expense (benefit)
Segment Reporting, Other Significant Reconciling Item [Line Items]
Restructuring and other action-related charges	4,493	17,933	6,394	31,138
Total included in income tax expense (benefit) \| Discrete tax benefits
Segment Reporting, Other Significant Reconciling Item [Line Items]
Restructuring and other action-related charges	0	11,802	0	19,097
Total included in income tax expense (benefit) \| Tax effect on actions
Segment Reporting, Other Significant Reconciling Item [Line Items]
Restructuring and other action-related charges	4,493	6,131	6,394	12,041
Total restructuring and other action-related charges
Segment Reporting, Other Significant Reconciling Item [Line Items]
Restructuring and other action-related charges	$ 21,958	$ 11,163	$ 31,239	$ 36,015

Business Segment Information - Restructuring and Other Action-Related Charges - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Oct. 01, 2022	Oct. 02, 2021	Oct. 01, 2022	Oct. 02, 2021	Jan. 01, 2022
Segment Reporting, Other Significant Reconciling Item [Line Items]
Employee termination and other benefits paid			$ 12,070
(Gain) Loss on Sale of Business and Classification of Assets Held For Sale			(6,185)	$ 266,742
Employee termination and other benefits			7,170
Accrued liabilities and other: Other
Segment Reporting, Other Significant Reconciling Item [Line Items]
Other Employee-related Liabilities, Current	$ 10,788		10,788		$ 15,688
Operating Profit
Segment Reporting, Other Significant Reconciling Item [Line Items]
Restructuring and other action-related charges	26,451	$ 29,096	37,633	67,153
Operating Profit \| Full Potential Plan \| Supply chain segmentation
Segment Reporting, Other Significant Reconciling Item [Line Items]
Restructuring and other action-related charges	13,298	0	14,587	0
Selling, general and administrative expenses
Segment Reporting, Other Significant Reconciling Item [Line Items]
Impairment of intangible assets, Continuing Operations				7,302
Restructuring and other action-related charges	13,349	$ 29,204	23,500	$ 62,554
Selling, general and administrative expenses \| U.S. Sheer Hosiery \| Continuing Operations, Disposal Group, Held-for-sale
Segment Reporting, Other Significant Reconciling Item [Line Items]
(Gain) Loss on Sale of Business and Classification of Assets Held For Sale	$ 4,310		$ (6,558)		$ 38,364