0001359841-24-000046 | 10-Q | XBRL Viewer

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Accounts Receivable and Supplier Finance Programs	9 Months Ended
Accounts Receivable and Supplier Finance Programs	Sep. 28, 2024
Payables and Accruals [Abstract]
Accounts Receivable and Supplier Finance Programs	Accounts Receivable and Supplier Finance Programs Sales of Trade Accounts Receivable The Company has entered into agreements to sell selected trade accounts receivable to financial institutions based on programs sponsored by the Company as well as working capital programs offered by certain of the Company’s customers. As a result of the strong creditworthiness of these customers, the discount taken on most of these programs is less than the marginal borrowing rate on the Company’s variable rate credit facilities. In all agreements, after the sale, the Company does not retain any beneficial interests in the receivables. The applicable financial institution services and collects the accounts receivable directly from the customer for programs offered by the Company’s customers. For programs sponsored by the Company, the Company maintains continued involvement as the servicer to collect the accounts receivable from the customer and remit payment to the financial institutions. Net proceeds of these accounts receivable sale programs are recognized in the Condensed Consolidated Statements of Cash Flows as part of operating cash flows. The Company sold total trade accounts receivable related to Company sponsored programs of $450,607 and $328,309 during the quarters ended September 28, 2024 and September 30, 2023, respectively, and $1,317,620 and $1,046,535 during the nine months ended September 28, 2024 and September 30, 2023, respectively, and removed the trade accounts receivable from the Company’s Condensed Consolidated Balance Sheets at the time of sale. As of September 28, 2024, December 30, 2023 and September 30, 2023, $430,653, $297,807 and $321,348, respectively, of the sold trade accounts receivable remain outstanding with the financial institutions as a result of the related servicing obligation. Collections of accounts receivable not yet submitted to the financial institutions are remitted within one week of collection and recognized within the “Accounts payable” line of the Condensed Consolidated Balance Sheets. As these funds are related to the ongoing service agreement and do not serve in a financing capacity, cash flows collected from customers and submitted to the financial institutions are recognized in the Condensed Consolidated Statements of Cash Flows as part of operating cash flows. The Company recognized total funding fees of $6,354 and $7,027 during the quarters ended September 28, 2024 and September 30, 2023, respectively, and $20,094 and $16,672 during the nine months ended September 28, 2024 and September 30, 2023, respectively, for sales of trade accounts receivable to financial institutions and working capital programs in the “Other expenses” line in the Condensed Consolidated Statements of Operations. Supplier Finance Program Obligations The Company reviews supplier terms and conditions on an ongoing basis and has negotiated payment term extensions in recent years in connection with its efforts to effectively manage working capital and improve cash flow. Separate from these payment term extension actions noted above, the Company and certain financial institutions facilitate voluntary supplier finance programs that enable participating suppliers the ability to request payment of their invoices from the financial institutions earlier than the terms stated in Company’s payment policy. The Company is not a party to the arrangements between the suppliers and the financial institutions and its obligations to suppliers, including amounts due and scheduled payment dates, are not impacted by the suppliers’ participation in the supplier finance programs. The Company’s payment terms to the financial institutions, including the timing and amount of payments, are based on the original supplier invoices. The Company has no economic interest in a supplier’s decision to participate in the supplier finance programs and has no financial impact in connection with the supplier finance programs. Accordingly, obligations under these programs continue to be trade payables and are not indicative of borrowing arrangements. As of September 28, 2024, December 30, 2023 and September 30, 2023, the amounts due to suppliers participating in supplier finance programs totaled $114,762, $108,499 and $134,826, respectively, which are included in the “Accounts Payable” line of the Condensed Consolidated Balance Sheets.

Assets and Liabilities of Businesses Held for Sale (Tables)

9 Months Ended

Sep. 28, 2024

Discontinued Operations and Disposal Groups [Abstract]

Assets and Liabilities of Businesses Held for Sale

Assets and liabilities of businesses classified as held for sale in the Condensed Consolidated Balance Sheets consist of the following:


	September 28, 2024		December 30, 2023		September 30, 2023
Global Champion business - discontinued operations	$	401,492	$	513,247	$	590,177
U.S.-based outlet store business - discontinued operations	—		36,488		38,598
Current assets held for sale	$	401,492	$	549,735	$	628,775

Global Champion business - discontinued operations	$	905,605	$	926,141	$	925,675
U.S.-based outlet store business - discontinued operations	—		19,667		23,547
Noncurrent assets held for sale	$	905,605	$	945,808	$	949,222

Global Champion business - discontinued operations	$	215,949	$	245,272	$	254,447
U.S.-based outlet store business - discontinued operations	—		7,716		9,312
Current liabilities held for sale	$	215,949	$	252,988	$	263,759

Global Champion business - discontinued operations	$	100,541	$	120,247	$	121,872
U.S.-based outlet store business - discontinued operations	—		7,446		8,709
Noncurrent liabilities held for sale	$	100,541	$	127,693	$	130,581

Discontinued Operations Tables, Operating Results

The operating results of the discontinued operations of the global Champion and U.S.-based outlet store businesses only reflect revenues and expenses that are directly attributable to the global Champion and U.S.-based outlet store businesses that will be eliminated from continuing operations. The Company allocated interest expense to discontinued operations of approximately $17,124 and $17,291 in the quarters ended September 28, 2024 and September 30, 2023, respectively, and $52,786 and $47,786 in the nine months ended September 28, 2024 and September 30, 2023, respectively, resulting from the requirement to pay down a portion of the Company’s outstanding term debt under the Senior Secured Credit Facility with the net proceeds from the sale of the global Champion business. Discontinued operations does not include any allocation of corporate overhead expense. The key components from discontinued operations related to the global Champion and U.S.-based outlet store businesses are as follows:


	Quarters Ended				Nine Months Ended
	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Net sales	$	443,535	$	550,012	$	1,180,057	$	1,459,368
Cost of sales	297,176		429,482		830,348		1,045,580
Gross profit	146,359		120,530		349,709		413,788
Selling, general and administrative expenses	126,810		135,598		408,926		397,610
Impairment of goodwill	—		—		2,500		—
(Gain) loss on sale of business and classification of assets held for sale - U.S.-based outlet store business	(741)		—		50,330		—
Operating income (loss)	20,290		(15,068)		(112,047)		16,178
Other expenses	1		32		44		89
Interest expense, net	15,335		15,961		46,982		45,080
Income (loss) from discontinued operations before income taxes	4,954		(31,061)		(159,073)		(28,991)
Income tax expense	7,382		1,761		13,702		1,255
Loss from discontinued operations, net of tax	$	(2,428)	$	(32,822)	$	(172,775)	$	(30,246)

Discontinued Operations Tables, Balance Sheets

Assets and liabilities of the discontinued operations of the global Champion and U.S.-based outlet store businesses classified as held for sale in the Condensed Consolidated Balance Sheets as of September 28, 2024, December 30, 2023 and September 30, 2023 consist of the following:


	September 28, 2024		December 30, 2023		September 30, 2023
Cash and cash equivalents	$	9,610	$	19,784	$	18,304
Trade accounts receivable, net	132,319		106,677		140,084
Inventories	246,844		395,364		450,618
Other current assets	26,698		27,910		19,769
Valuation allowance - U.S.-based outlet store business	(13,979)		—		—
Current assets held for sale - discontinued operations	401,492		549,735		628,775
Property, net	54,202		59,956		59,053
Right-of-use assets	117,785		147,020		148,193
Trademarks and other identifiable intangibles, net	272,761		275,853		272,583
Goodwill	446,789		447,939		442,836
Deferred tax assets	5,848		3,778		14,866
Other noncurrent assets	8,220		11,262		11,691

Noncurrent assets held for sale - discontinued operations	905,605		945,808		949,222
Total assets of discontinued operations	$	1,307,097	$	1,495,543	$	1,577,997

Accounts payable	$	119,908	$	155,967	$	161,158
Accrued liabilities	65,510		56,871		60,581
Lease liabilities	30,531		40,150		42,020
Current liabilities held for sale - discontinued operations	215,949		252,988		263,759
Lease liabilities - noncurrent	85,835		114,329		113,923
Pension and postretirement benefits	400		799		410
Other noncurrent liabilities	14,306		12,565		16,248
Noncurrent liabilities held for sale - discontinued operations	100,541		127,693		130,581
Total liabilities of discontinued operations	$	316,490	$	380,681	$	394,340

Discontinued Operations Tables, Cash Flow and Non-Cash Information

The cash flows related to the discontinued operations of the global Champion and U.S.-based outlet store businesses 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 the discontinued operations of the global Champion and U.S.-based outlet store businesses:


	Quarters Ended				Nine Months Ended
	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Depreciation	$	—	$	3,263	$	6,757	$	10,188
Amortization	$	—	$	2,760	$	5,453	$	8,219
Capital expenditures	$	945	$	1,567	$	4,605	$	22,093
Impairment of goodwill	$	—	$	—	$	2,500	$	—
Inventory write-down charges, net of recoveries	$	(4,135)	$	—	$	65,128	$	—
(Gain) loss on sale of business and classification of assets held for sale - U.S.-based outlet store business	$	(741)	$	—	$	50,330	$	—

- 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

Financial Instruments and Risk Management - Effect of Mark to Market Hedge Derivative Instruments (Details) - Derivatives not designated as hedging instruments - Forward foreign exchange contract - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Net Income (Loss) on Mark to Market Hedges	$ (3,832)	$ 4,196	$ (571)	$ 3,143
Cost of sales
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Net Income (Loss) on Mark to Market Hedges	(1,811)	69	(865)	(1,159)
Selling, general and administrative expenses
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Net Income (Loss) on Mark to Market Hedges	0	0	0	222
Loss from discontinued operations, net of tax
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Net Income (Loss) on Mark to Market Hedges	$ (2,021)	$ 4,127	$ 294	$ 4,080

Business Segment Information - Restructuring and Other Action-Related Charges by Statement of Operations Line (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Cost of sales
Segment Reporting, Other Significant Reconciling Item [Line Items]
Restructuring and other action-related charges	$ 1,117	$ 1,529	$ 89,941	$ 3,281
Selling, general and administrative expenses
Segment Reporting, Other Significant Reconciling Item [Line Items]
Restructuring and other action-related charges	18,051	1,181	133,451	19,133
Total included in operating profit
Segment Reporting, Other Significant Reconciling Item [Line Items]
Restructuring and other action-related charges	19,168	2,710	223,392	22,414
Other expenses
Segment Reporting, Other Significant Reconciling Item [Line Items]
Restructuring and other action-related charges	0	0	0	8,350
Interest expense, net
Segment Reporting, Other Significant Reconciling Item [Line Items]
Restructuring and other action-related charges	0	0	0	(1,254)
Total included in income (loss) from continuing operations before income taxes
Segment Reporting, Other Significant Reconciling Item [Line Items]
Restructuring and other action-related charges	19,168	2,710	223,392	29,510
Income tax (expense) benefit
Segment Reporting, Other Significant Reconciling Item [Line Items]
Restructuring and other action-related charges	0	4,263	0	4,263
Total restructuring and other action-related charges included in income (loss) from continuing operations
Segment Reporting, Other Significant Reconciling Item [Line Items]
Restructuring and other action-related charges	$ 19,168	$ (1,553)	$ 223,392	$ 25,247

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Sep. 28, 2024	Dec. 30, 2023	Sep. 30, 2023
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	351,779,995	350,137,826	350,022,378
Common stock, shares outstanding	351,779,995	350,137,826	350,022,378

Business Segment Information

9 Months Ended

Sep. 28, 2024

Segment Reporting [Abstract]

Business Segment Information

The Company regularly monitors its reportable segments to determine if changes in facts and circumstances would indicate whether changes in the determination or aggregation of operating segments are necessary. In the second quarter of 2024, the Company announced that it reached an agreement to sell the global Champion business as discussed in Note “Assets and Liabilities of Businesses Held for Sale” and as a result, this business was reclassified as held for sale and reflected as discontinued operations for all periods presented. While the global Champion business was reflected within all reportable segments prior to its reclassification to discontinued operations, the U.S. Champion business made up the majority of the Company’s former Activewear segment. Accordingly, the former Activewear segment has been eliminated and the segment information herein excludes the results of the global Champion business for all periods presented. As a result of the strategic shift and resulting reorganization, the chief executive officer, who is the Company’s chief operating decision maker, began reviewing all U.S. innerwear and U.S. activewear operations together as one U.S. operating segment and the Company’s operations are now managed and reported in two operating segments, each of which is a reportable segment for financial reporting purposes: U.S. and International. These changes have been applied to all periods presented. These segments are organized and managed principally by 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. Sheer Hosiery business prior to its sale on September 29, 2023, certain sales from its supply chain to the European Innerwear business which was sold on March 5, 2022, short term transition service agreements and support of disposed businesses. The Company’s U.S.-based outlet store business was also reflected in Other prior to its reclassification to discontinued operations in the second quarter of 2024 as discussed in Note “Assets and Liabilities of Businesses Held for Sale”. As a result of this reclassification, the results of the U.S.-based outlet store business are excluded from the segment information herein for all periods presented.

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

•U.S. primarily includes innerwear 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. This segment also includes other apparel sales in the United States of branded products that are primarily seasonal in nature to both retailers and wholesalers.

•International primarily includes sales of the Company’s innerwear and other apparel products outside the United States, primarily in Australia, Asia, Latin America and Canada.

The Company evaluates the operating performance of its segments based upon segment operating profit, which is defined as operating profit before general corporate expenses, restructuring and other action-related charges and amortization of intangibles. The accounting policies of the segments are consistent with those described in Note “Summary of Significant Accounting Policies” to the Company’s consolidated financial statements included in its Annual Report on Form 10-K for the year ended December 30, 2023.


	Quarters Ended				Nine Months Ended
	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Net sales:
U.S.	$	678,345	$	684,990	$	1,962,390	$	2,035,923
International	259,146		255,784		747,234		776,529
Other	(388)		20,520		1,085		67,876
Total net sales	$	937,103	$	961,294	$	2,710,709	$	2,880,328


	Quarters Ended				Nine Months Ended
	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Segment operating profit:
U.S.	$	149,637	$	105,579	$	406,114	$	297,340
International	36,893		24,570		87,933		68,815
Other	(1,989)		342		(1,438)		130
Total segment operating profit	184,541		130,491		492,609		366,285
Items not included in segment operating profit:
General corporate expenses	(58,454)		(41,920)		(177,371)		(153,249)
Restructuring and other action-related charges	(19,168)		(2,710)		(223,392)		(22,414)
Amortization of intangibles	(3,921)		(4,831)		(12,869)		(14,115)
Total operating profit	102,998		81,030		78,977		176,507
Other expenses	(9,505)		(9,079)		(29,519)		(31,056)
Interest expense, net	(48,606)		(56,648)		(149,511)		(160,586)
Income (loss) from continuing operations before income taxes	$	44,887	$	15,303	$	(100,053)	$	(15,135)

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


	Quarters Ended				Nine Months Ended
	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Cost of sales	$	1,117	$	1,529	$	89,941	$	3,281
Selling, general and administrative expenses	18,051		1,181		133,451		19,133
Total included in operating profit	19,168		2,710		223,392		22,414
Other expenses	—		—		—		8,350
Interest expense, net	—		—		—		(1,254)
Total included in income (loss) from continuing operations before income taxes	19,168		2,710		223,392		29,510
Income tax (expense) benefit	—		4,263		—		4,263
Total restructuring and other action-related charges included in income (loss) from continuing operations	$	19,168	$	(1,553)	$	223,392	$	25,247

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


	Quarters Ended				Nine Months Ended
	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023

Restructuring and other action-related charges:
Supply chain restructuring and consolidation	$	10,710	$	660	$	169,624	$	2,412

Corporate asset impairment charges	—		—		20,107		—
Headcount actions and related severance	(1,245)		2,531		17,853		4,420
Professional services	7,843		165		11,877		3,813
Technology	428		588		827		7,690
(Gain) loss on sale of business and classification of assets held for sale	—		(1,558)		—		3,641
Other	1,432		324		3,104		438

Total included in operating profit	19,168		2,710		223,392		22,414
Loss on extinguishment of debt included in other expenses	—		—		—		8,466
Gain on final settlement of cross currency swap contracts included in other expenses	—		—		—		(116)
Gain on final settlement of cross currency swap contracts included in interest expense, net	—		—		—		(1,254)
Total included in income (loss) from continuing operations before income taxes	19,168		2,710		223,392		29,510
Discrete tax benefit	—		4,263		—		4,263
Tax effect on actions	—		—		—		—
Total included in income tax (expense) benefit	—		4,263		—		4,263
Total restructuring and other action-related charges included in income (loss) from continuing operations	$	19,168	$	(1,553)	$	223,392	$	25,247

As a result of and related to the sale of the global Champion business, which was completed subsequent to the Company’s third quarter on September 30, 2024, and the completed exit of the U.S.-based outlet store business in July 2024, the Company began implementing significant restructuring and consolidation efforts within its supply chain network, both manufacturing and distribution, as well as corporate cost and headcount reductions to align the Company’s network and improve its overall cost structure within continuing operations to drive stronger operating performance and margin expansion.

Restructuring and other action-related charges within operating profit were $19,168 and $2,710 in the quarters ended September 28, 2024 and September 30, 2023, respectively, and $223,392 and $22,414 in the nine months ended September 28, 2024 and September 30, 2023, respectively, as described in more detail below.

•Supply chain restructuring and consolidation charges in the quarter and nine months ended September 28, 2024 were $10,710 and $169,624, respectively, which primarily included charges of:

◦$1,117 and $79,510, respectively, reflected in the “Cost of Sales” line in the Condensed Consolidated Statements of Operations, primarily related to charges of $48,000 in the nine months ended September 28, 2024 to write down inventory as a result of further SKU rationalization efforts and $26,000 in the nine months ended September 28, 2024 for severance and related employee actions for impacted supply chain facilities; and

◦$9,593 and $90,114, respectively, reflected in the “Selling, general and administrative expenses” line in the Condensed Consolidated Statements of Operations, primarily related to charges of:

▪$72,047 in the nine months ended September 28, 2024 for impairment of an owned facility that was classified as held for sale and a right of use asset for which the leased facility was not in operation,

▪$6,309 and $8,343 in the quarter and nine months ended September 28, 2024, respectively, for accelerated amortization of right of use assets for leased facilities that the Company expects to exit before the end of the contractual lease term, and

▪$1,943 and $6,024 in the quarter and nine months ended September 28, 2024, respectively, for headcount actions and related severance related to restructuring and consolidation efforts within the Company’s supply chain network.

•Supply chain restructuring and consolidation charges of $660 and $2,412 in the quarter and nine months ended September 30, 2023, respectively, represent supply chain segmentation to restructure and position the Company’s distribution and manufacturing network to align with its demand trends.

•Corporate asset impairment charges in the nine months ended September 28, 2024 were $20,107, which included charges of $10,395, reflected in the “Cost of sales” line in the Condensed Consolidated Statements of Operations, primarily related to a contract termination and $9,712, reflected in the “Selling, general and administrative expenses” line in the Condensed Consolidated Statements of Operations, primarily related to charges for impairment of the Company’s headquarters location sold in the quarter ended September 28, 2024.

•The Company recognized a net gain of $1,245, primarily related to the reversal of accruals, in the quarter ended September 28, 2024 for headcount actions and related severance, compared to charges of $2,531 in the quarter ended September 30, 2023. Headcount actions and related severance charges were $17,853 and $4,420 in the nine months ended September 28, 2024 and September 30, 2023, respectively. Headcount actions and related severance resulting from operating model initiatives is primarily reflected in the “Selling, general and administrative expenses” line in the Condensed Consolidated Statements of Operations.

•Charges related to professional services primarily including consulting and advisory services related to restructuring activities, which are reflected in the “Selling, general and administrative expenses” line in the Condensed Consolidated Statements of Operations, were $7,843 and $11,877 in the quarter and nine months ended September 28, 2024, respectively, and $165 and $3,813 in the quarter and nine months ended September 30, 2023.

•Restructuring and other action-related charges in the quarter and nine months ended September 30, 2023 included a gain of $1,558 and a loss, net of proceeds, of $3,641, respectively, which are reflected in the “Selling, general and administrative expenses” line in the Condensed Consolidated Statements of Operations, associated with the sale of the U.S. Sheer Hosiery business on September 29, 2023 and adjustments to the related valuation allowance prior to the sale primarily resulting from changes in carrying value due to changes in working capital. See Note “Assets and Liabilities of Businesses Held for Sale” for additional information regarding the U.S. Sheer Hosiery business.

•The remaining restructuring and other action-related charges within operating profit are primarily associated with technology charges, which relate to the implementation of the Company’s technology modernization initiative including the implementation of a global enterprise resource planning platform, and other restructuring and action-related charges.

In the nine months ended September 30, 2023, the Company recorded a charge of $8,466 in restructuring and other action-related charges related to the redemption of its 4.625% Senior Notes and 3.5% Senior Notes. The charge, which is recorded in the “Other expenses” line in the Condensed Consolidated Statements of Operations, included a payment of $4,632 for a required make-whole premium related to the redemption of the 3.5% Senior Notes and a non-cash charge of $3,834 for the write-off of unamortized debt issuance costs related to the redemption of the 4.625% Senior Notes and the 3.5% Senior Notes. See Note “Debt” for additional information. Additionally, in the nine months ended September 30, 2023, in connection with the redemption of the 3.5% Senior Notes, the Company unwound the related cross-currency swap contracts previously designated as cash flow hedges and the remaining gain in AOCI of $1,254 was released into earnings at the time of settlement which is recorded in the “Interest expense, net” line in the Condensed Consolidated Statements of Operations. See Note “Financial Instruments and Risk Management” for additional information.

Restructuring and other action-related charges in the quarter and nine months ended September 30, 2023 included discrete tax benefits representing an adjustment to non-cash reserves established at December 31, 2022 related to deferred taxes established for Swiss statutory impairments, which are not indicative of the Company’s core operations.

At December 30, 2023, the Company had an accrual of $10,890 for expected benefit payments related to actions taken in prior years. During the nine months ended September 28, 2024, the Company approved headcount actions and related severance to align its workforce and manufacturing and distribution network with its strategic initiatives resulting in charges of $74,681 for employee termination and other benefits for employees affected by the actions. The Company recorded $26,000 of these charges in the “Cost of sales” line, $23,005 in the “Selling, general and administrative expenses” line, and $25,676 in the “Loss from discontinued operations, net of tax” line in the Condensed Consolidated Statements of Operations in the nine months ended September 28, 2024. The charges related to continuing operations, which totaled $49,005 in the nine months ended September 28, 2024, are included in the “Supply chain restructuring and consolidation” and the “Headcount actions and related severance” lines in the restructuring and other action-related charges table above. During the nine months ended September 28, 2024, the Company made benefit payments and other adjustments of $19,178, resulting in an ending accrual of $66,393 which is included in the “Accrued liabilities” line of the Condensed Consolidated Balance Sheets at September 28, 2024.

- 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

Financial Instruments and Risk Management - Additional Information (Details) € in Thousands, $ in Thousands			3 Months Ended		9 Months Ended
	Apr. 01, 2021 EUR (€) numberOfCrossCurrencySwaps	Jul. 10, 2019 EUR (€) numberOfCrossCurrencySwaps	Sep. 28, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 28, 2024 USD ($)	Sep. 30, 2023 USD ($)	Mar. 31, 2025 USD ($)	Dec. 30, 2023 USD ($)	Mar. 10, 2023 USD ($)
Derivative [Line Items]
Long-term debt, gross			$ 3,301,250		$ 3,301,250			$ 3,336,750
Net gain (loss) expected to be reclassified into earnings during the next twelve months					$ 2,688
3.5% Senior Notes
Derivative [Line Items]
Interest rate on senior notes issued	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]
Interest rate on senior notes issued		4.625%
Euro-denominated Long-term Debt \| Net Investment Hedge
Derivative [Line Items]
Notional amount of nonderivative instruments designated in a net investment hedge \| €	€ 200,000	€ 500,000
Forward foreign exchange contract
Derivative [Line Items]
Maximum length of time hedged in cash flow hedge					18 months
Interest rate contract
Derivative [Line Items]
Maximum length of time hedged in cash flow hedge					18 months
Interest rate contract \| Cash Flow Hedge
Derivative [Line Items]
Derivative, Notional Amount			900,000		$ 900,000			900,000	$ 900,000
Interest rate contract \| Cash Flow Hedge \| Subsequent Event
Derivative [Line Items]
Derivative, Notional Amount							$ 600,000
Cross-currency swap contract \| Interest expense, net
Derivative [Line Items]
Amount of Gain (Loss) Recognized in Net Income (Loss)			0	$ 0	0	$ 1,254
Cross-currency swap contract \| Cash Flow Hedge
Derivative [Line Items]
Number of cross currency swaps \| numberOfCrossCurrencySwaps	3
Derivative, Notional Amount	€ 300,000		0		0			0
Payments to hedge, Operating Activities						30,935
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
Derivative, Notional Amount		€ 300,000	0		0			0
Cross-currency swap contract - fixed interest rate		2.3215%
Proceeds from hedge, Investing Activities						$ 18,942
Cumulative Translation Adjustment \| Euro-denominated Long-term Debt \| Net Investment Hedge
Derivative [Line Items]
Nonderivative instruments used in net investment hedge, net of tax			5,525		5,525			5,525
Cumulative Translation Adjustment \| Cross-currency swap contract \| Net Investment Hedge
Derivative [Line Items]
Derivative instruments used in net investment hedge, net of tax			$ 19,001		$ 19,001			$ 19,001

Assets and Liabilities of Businesses Held for Sale - Balance Sheet (Details) - USD ($) $ in Thousands	Sep. 28, 2024	Dec. 30, 2023	Sep. 30, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Current assets held for sale	$ 401,492	$ 549,735	$ 628,775
Noncurrent assets held for sale	905,605	945,808	949,222
Current liabilities held for sale	215,949	252,988	263,759
Noncurrent liabilities held for sale	100,541	127,693	130,581
Discontinued Operations, held-for-sale or disposed of by sale \| Global Champion and U.S.-Based Outlet Store Businesses
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Current assets held for sale	401,492	549,735	628,775
Noncurrent assets held for sale	905,605	945,808	949,222
Current liabilities held for sale	215,949	252,988	263,759
Noncurrent liabilities held for sale	100,541	127,693	130,581
Discontinued Operations, held-for-sale or disposed of by sale \| Global Champion Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Current assets held for sale	401,492	513,247	590,177
Noncurrent assets held for sale	905,605	926,141	925,675
Current liabilities held for sale	215,949	245,272	254,447
Noncurrent liabilities held for sale	100,541	120,247	121,872
Discontinued Operations, held-for-sale or disposed of by sale \| U.S.-Based Outlet Store Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Current assets held for sale	0	36,488	38,598
Noncurrent assets held for sale	0	19,667	23,547
Current liabilities held for sale	0	7,716	9,312
Noncurrent liabilities held for sale	$ 0	$ 7,446	$ 8,709

- 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

- Definition

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

+ References + Details

Accumulated Other Comprehensive Loss

9 Months Ended

Sep. 28, 2024

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 June 29, 2024	$	(261,663)	$	5,781	$	(410,318)	$	146,609	$	(519,591)
Amounts reclassified from accumulated other comprehensive loss	—		(4,336)		3,863		520		47
Current-period other comprehensive income (loss) activity	53,550		(8,242)		702		29		46,039
Total other comprehensive income (loss)	53,550		(12,578)		4,565		549		46,086

Balance at September 28, 2024	$	(208,113)	$	(6,797)	$	(405,753)	$	147,158	$	(473,505)


	Cumulative Translation Adjustment(1)		Cash Flow Hedges		Defined Benefit Plans		Income Taxes		Accumulated Other Comprehensive Loss
Balance at December 30, 2023	$	(213,482)	$	(5,967)	$	(419,835)	$	146,973	$	(492,311)
Amounts reclassified from accumulated other comprehensive loss	—		(11,500)		13,251		1,646		3,397
Current-period other comprehensive income (loss) activity	5,369		10,670		831		(1,461)		15,409
Total other comprehensive income (loss)	5,369		(830)		14,082		185		18,806

Balance at September 28, 2024	$	(208,113)	$	(6,797)	$	(405,753)	$	147,158	$	(473,505)

(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 1, 2023	$	(236,672)	$	5,605	$	(429,227)	$	146,119	$	(514,175)
Amounts reclassified from accumulated other comprehensive loss	—		(1,818)		4,077		136		2,395
Current-period other comprehensive income (loss) activity	(53,517)		12,069		48		(1,917)		(43,317)
Total other comprehensive income (loss)	(53,517)		10,251		4,125		(1,781)		(40,922)

Balance at September 30, 2023	$	(290,189)	$	15,856	$	(425,102)	$	144,338	$	(555,097)


	Cumulative Translation Adjustment(1)		Cash Flow Hedges		Defined Benefit Plans		Income Taxes		Accumulated Other Comprehensive Loss
Balance at December 31, 2022	$	(228,803)	$	8,709	$	(437,353)	$	145,439	$	(512,008)
Amounts reclassified from accumulated other comprehensive loss	—		(7,887)		12,231		1,422		5,766
Current-period other comprehensive income (loss) activity	(61,386)		15,034		20		(2,523)		(48,855)
Total other comprehensive income (loss)	(61,386)		7,147		12,251		(1,101)		(43,089)

Balance at September 30, 2023	$	(290,189)	$	15,856	$	(425,102)	$	144,338	$	(555,097)

The Company had the following reclassifications out of AOCI:


Component of AOCI	Location of Reclassification from AOCI	Amount of Reclassification from AOCI into Net Income (Loss)
		Quarters Ended				Nine Months Ended
		September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023


Gain (loss) on forward foreign exchange contracts designated as cash flow hedges	Cost of sales	$	906	$	1,119	$	2,876	$	5,120
	Income tax	(298)		(446)		(898)		(1,799)
	Loss from discontinued operations, net of tax	532		(889)		1,270		(1,496)
	Net of tax	1,140		(216)		3,248		1,825

Gain on interest rate contracts designated as cash flow hedges	Interest expense, net	2,680		1,897		6,838		3,204
	Income tax	—		—		—		—
	Net of tax	2,680		1,897		6,838		3,204

Gain on cross-currency swap contracts designated as cash flow hedges	Selling, general and administrative expenses	—		—		—		973
	Interest expense, net	—		—		—		581
	Income tax	—		—		—		—
	Net of tax	—		—		—		1,554

Amortization of deferred actuarial loss and prior service cost and settlement cost	Other expenses	(3,863)		(4,077)		(13,251)		(12,231)
	Income tax	(4)		1		(232)		(118)

	Net of tax	(3,867)		(4,076)		(13,483)		(12,349)

Total reclassifications		$	(47)	$	(2,395)	$	(3,397)	$	(5,766)

Stockholders' Equity Anti-Dilutive Securities (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Stock options
Antidilutive securities excluded from the diluted weighted average share calculation [Line Items]
Antidilutive securities excluded from the diluted weighted average share calculation	250	250	250	250
Restricted stock units
Antidilutive securities excluded from the diluted weighted average share calculation [Line Items]
Antidilutive securities excluded from the diluted weighted average share calculation	553	4,592	1,783	4,343
Employee stock purchase plan and other
Antidilutive securities excluded from the diluted weighted average share calculation [Line Items]
Antidilutive securities excluded from the diluted weighted average share calculation	0	8	5	12

Inventories

9 Months Ended

Sep. 28, 2024

Inventory Disclosure [Abstract]

Inventories

Inventories consisted of the following:


	September 28, 2024		December 30, 2023		September 30, 2023
Raw materials	$	46,136	$	45,960	$	54,895
Work in process	71,307		70,932		84,187
Finished goods	810,311		855,762		927,079
	$	927,754	$	972,654	$	1,066,161

Financial Instruments and Risk Management - Effect of Net Investment Hedge Instruments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest expense, net	$ 48,606	$ 56,648	$ 149,511	$ 160,586
Cross-currency swap contract
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Instruments, Gain (Loss) Recognized in Net Income (Loss) (amounts excluded from effectiveness testing)	0	0	0	960
Accumulated Other Comprehensive Loss
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of Gain (Loss) Recognized in AOCI on Net Investment Hedges	0	0	0	62
Accumulated Other Comprehensive Loss \| Euro-denominated Long-term Debt
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of Gain (Loss) Recognized in AOCI on Net Investment Hedges	0	0	0	(469)
Accumulated Other Comprehensive Loss \| Cross-currency swap contract
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of Gain (Loss) Recognized in AOCI on Net Investment Hedges	$ 0	$ 0	$ 0	$ 531

Financial Instruments and Risk Management (Tables)

9 Months Ended

Sep. 28, 2024

Disclosure Financial Instruments and Risk Management [Abstract]

Schedule of Notional Amounts of Outstanding Derivative Positions


	Hedge Type	September 28, 2024		December 30, 2023
U.S. dollar equivalent notional amount of derivative instruments:
Forward foreign exchange contracts	Cash Flow and Mark to Market	$	202,055	$	308,760
Interest rate contracts	Cash Flow	$	900,000	$	900,000

Fair Values of Derivative Instruments

The fair values of derivative instruments related to forward foreign exchange contracts and interest rate contracts recognized in the Condensed Consolidated Balance Sheets of the Company were as follows:


	Balance Sheet Location	Fair Value
		September 28, 2024		December 30, 2023
Derivatives designated as hedging instruments:
Forward foreign exchange contracts	Other current assets	$	346	$	57
Interest rate contracts	Other current assets	601		23




Derivatives not designated as hedging instruments:
Forward foreign exchange contracts	Other current assets	760		142
Total derivative assets		1,707		222

Derivatives designated as hedging instruments:
Forward foreign exchange contracts	Accrued liabilities	(1,750)		(2,508)

Forward foreign exchange contracts	Other noncurrent liabilities	(260)		(290)
Interest rate contracts	Other noncurrent liabilities	(5,297)		(5,929)

Derivatives not designated as hedging instruments:
Forward foreign exchange contracts	Accrued liabilities	(1,884)		(2,784)
Total derivative liabilities		(9,191)		(11,511)

Net derivative liability		$	(7,484)	$	(11,289)

Effect of Cash Flow Hedge Derivative Instruments

The effect of derivative instruments designated as cash flow hedges on the Condensed Consolidated Statements of Operations and AOCI is as follows:


	Amount of Gain (Loss) Recognized in AOCI on Derivative Instruments
	Quarters Ended				Nine Months Ended
	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Forward foreign exchange contracts	$	(2,100)	$	6,541	$	3,200	$	7,547
Interest rate contracts	(6,142)		5,528		7,470		10,352
Cross-currency swap contracts	—		—		—		(2,865)
Total	$	(8,242)	$	12,069	$	10,670	$	15,034


	Location of Gain (Loss) Reclassified from AOCI	Amount of Gain (Loss) Reclassified from AOCI into Net Income (Loss)
		Quarters Ended				Nine Months Ended
		September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Forward foreign exchange contracts(1)	Cost of sales	$	906	$	1,119	$	2,876	$	5,120
Forward foreign exchange contracts(1)	Loss from discontinued operations, net of tax	750		(1,198)		1,786		(1,991)
Interest rate contracts	Interest expense, net	2,680		1,897		6,838		3,204
Cross-currency swap contracts(1)	Selling, general and administrative expenses	—		—		—		973
Cross-currency swap contracts(1)	Interest expense, net	—		—		—		581
Total		$	4,336	$	1,818	$	11,500	$	7,887

(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 Operations in which the effects of cash flow hedges are recorded:


	Quarters Ended				Nine Months Ended
	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Cost of sales	$	546,663	$	611,513	$	1,703,881	$	1,891,375
Selling, general and administrative expenses	$	287,442	$	268,751	$	927,851	$	812,446
Interest expense, net	$	48,606	$	56,648	$	149,511	$	160,586
Loss from discontinued operations, net of tax	$	(2,428)	$	(32,822)	$	(172,775)	$	(30,246)

Effect of Net Investment Hedge Derivative Instruments

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
	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Euro-denominated long-term debt	$	—	$	—	$	—	$	(469)
Cross-currency swap contracts	—		—		—		531
Total	$	—	$	—	$	—	$	62

The effect of derivative instruments designated as net investment hedges on the Condensed Consolidated Statements of Operations are as follows:


	Location of Gain (Loss) Reclassified from AOCI	Amount of Gain (Loss) Reclassified from AOCI into Net Income (Loss)
		Quarters Ended				Nine Months Ended
		September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023


Cross-currency swap contracts (amounts excluded from effectiveness testing)	Interest expense, net	$	—	$	—	$	—	$	960

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


	Quarters Ended				Nine Months Ended
	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023

Interest expense, net (amounts excluded from effectiveness testing)	$	48,606	$	56,648	$	149,511	$	160,586

Effect of Mark to Market Hedge Derivative Instruments

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


	Location of Gain (Loss)	Amount of Gain (Loss) Recognized in Net Income (Loss)
		Quarters Ended				Nine Months Ended
		September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Forward foreign exchange contracts	Cost of sales	$	(1,811)	$	69	$	(865)	$	(1,159)
Forward foreign exchange contracts	Selling, general and administrative expenses	—		—		—		222
Forward foreign exchange contracts	Loss from discontinued operations, net of tax	(2,021)		4,127		294		4,080
Total		$	(3,832)	$	4,196	$	(571)	$	3,143

Inventories (Tables)

9 Months Ended

Sep. 28, 2024

Inventory Disclosure [Abstract]

Inventories

Inventories consisted of the following:


	September 28, 2024		December 30, 2023		September 30, 2023
Raw materials	$	46,136	$	45,960	$	54,895
Work in process	71,307		70,932		84,187
Finished goods	810,311		855,762		927,079
	$	927,754	$	972,654	$	1,066,161

Basis of Presentation	9 Months Ended
Basis of Presentation	Sep. 28, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation These statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission 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 December 30, 2023. 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 or any future period. Discontinued Operations In September 2023, the Company announced that its Board of Directors and executive leadership team, with the assistance of financial and legal advisors, were undertaking an evaluation of strategic alternatives for the global Champion business. As part of this process, the Company’s Board of Directors considered a broad range of alternatives to maximize shareholder value and also considered an evaluation of the strategic alternatives for the Company’s U.S.-based outlet store business impacted by the global Champion business. In the second quarter of 2024, the Company reached the decision to exit the global Champion business and its U.S.-based outlet store business. The Company completed the exit of the U.S.-based outlet store business in July 2024 and completed the sale of the intellectual property and certain operating assets of the global Champion business subsequent to the Company’s third quarter on September 30, 2024. The Company determined that the exit of the global Champion and U.S.-based outlet store businesses represented multiple components of a single strategic plan that met held-for-sale and discontinued operations accounting criteria at the end of the second quarter of 2024. Accordingly, the Company began to separately report the results of the global Champion and U.S.-based outlet store businesses as discontinued operations in its Condensed Consolidated Statements of Operations and to present the related assets and liabilities as held for sale in its Condensed Consolidated Balance Sheets in the second quarter of 2024. These changes have been applied to all periods presented. Unless otherwise noted, discussion within these notes to the condensed consolidated interim financial statements relates to continuing operations. See Note “Assets and Liabilities of Businesses Held for Sale” for additional information about discontinued operations. In addition, the Company realigned its reportable segments in the second quarter of 2024 and has applied this change to all periods presented. See Note “Business Segment Information” for additional information about reportable segments. Goodwill and Indefinite-lived Intangible Assets Goodwill and indefinite-lived intangible assets are evaluated for impairment at least annually as of the first day of the third quarter, or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit or intangible asset below its carrying value. In connection with the annual impairment analysis, the Company performs a quantitative assessment utilizing an income approach to estimate the fair values of its reporting units and certain indefinite-lived intangible assets. The most significant assumptions used to estimate the fair values of the reporting units and certain indefinite-lived intangible assets include the weighted average cost of capital, revenue growth rate, terminal growth rate and operating profit margin. During the quarter ended September 28, 2024, the Company completed its annual quantitative impairment analysis for each reporting unit and the respective goodwill balances. The analysis indicated that all reporting units had fair values that exceeded their carrying values by more than 20% at the time the analysis was performed. The Company also completed its annual quantitative impairment analysis for certain indefinite-lived intangible assets during the quarter ended September 28, 2024. While the analysis indicated that those indefinite-lived intangible assets had fair values that exceeded their carrying values, the Company noted a meaningful decline in the fair value cushion above the carrying value for one of the indefinite-lived trademarks within the Australian business. The decline in this trademark was driven by continued macroeconomic pressures impacting consumer spending in Australia and resulted in a fair value that exceeded the carrying value by approximately 10% at the time the analysis was performed. As a result, this trademark was considered to be at a higher risk for future impairment if economic conditions worsen or earnings and operating cash flows do not recover as currently estimated by management. As of September 28, 2024, the carrying value of this trademark was $238,810, which is reflected in the “Trademarks and other identifiable intangibles, net” line in the Condensed Consolidated Balance Sheets. Although the Company determined that no impairment existed for the Company's goodwill or indefinite-lived intangible assets as of September 28, 2024, these assets could be at risk for future impairment due to changes in the Company’s business or global economic conditions. Ransomware Attack As previously disclosed, on May 24, 2022, the Company identified that it had become subject to a ransomware attack that affected certain of its information technology systems. The Company activated its incident response and business continuity plans and contained the incident. 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. During the quarter ended September 30, 2023, the Company recognized a benefit related to business interruption insurance proceeds of $17,792, of which $15,000 was received in the quarter ended September 30, 2023. During the nine months ended September 30, 2023, the Company recognized a benefit related to business interruption insurance proceeds of $24,062, of which $20,562 was received during the nine months ended September 30, 2023. The remaining receivable for the expected final payment was recognized in the “Other current assets” line in the Condensed Consolidated Balance Sheets at September 30, 2023 and was received in October 2023. The business interruption insurance proceeds received were primarily related to the recovery of lost profit from business interruptions. The Company recognized a benefit of $17,792 and $23,354, respectively, for the business interruption insurance proceeds in the “Cost of sales” line of the Condensed Consolidated Statements of Operations during the quarter and nine months ended September 30, 2023. The Company recognized a benefit of $708 for the reimbursement of costs related primarily to legal fees in the “Selling, general and administrative expenses” line of the Condensed Consolidated Statements of Operations during the nine months ended September 30, 2023. Reclassifications Certain prior year amounts in the condensed consolidated statements of cash flows have been reclassified to conform with the current year presentation.

Accounts Receivable and Supplier Finance Programs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023	Dec. 30, 2023
Accounts Receivable and Supplier Finance Programs [Line Items]
Trade accounts receivable, sold to financial institutions	$ 450,607	$ 328,309	$ 1,317,620	$ 1,046,535
Trade accounts receivable sold, outstanding with financial institutions	430,653	321,348	430,653	321,348	$ 297,807
Supplier finance program, obligation, current	$ 114,762	$ 134,826	$ 114,762	$ 134,826	$ 108,499
Supplier finance program, obligation, current, location in Condensed Consolidated Balance Sheets	Accounts payable	Accounts payable	Accounts payable	Accounts payable	Accounts payable
Other expenses
Accounts Receivable and Supplier Finance Programs [Line Items]
Funding fees recognized for sales of trade accounts receivable to financial institutions and working capital programs	$ 6,354	$ 7,027	$ 20,094	$ 16,672

Business Segment Information - Components of Restructuring and Other Action-Related Charges (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Segment Reporting, Other Significant Reconciling Item [Line Items]
Loss on extinguishment of debt			$ 0	$ 8,466
Operating profit
Segment Reporting, Other Significant Reconciling Item [Line Items]
Restructuring and other action-related charges	$ 19,168	$ 2,710	223,392	22,414
Operating profit \| Supply chain restructuring and consolidation
Segment Reporting, Other Significant Reconciling Item [Line Items]
Restructuring and other action-related charges	10,710	660	169,624	2,412
Operating profit \| Corporate asset impairment charges
Segment Reporting, Other Significant Reconciling Item [Line Items]
Restructuring and other action-related charges	0	0	20,107	0
Operating profit \| Headcount actions and related severance
Segment Reporting, Other Significant Reconciling Item [Line Items]
Restructuring and other action-related charges	(1,245)	2,531	17,853	4,420
Operating profit \| Professional services
Segment Reporting, Other Significant Reconciling Item [Line Items]
Restructuring and other action-related charges	7,843	165	11,877	3,813
Operating profit \| Technology
Segment Reporting, Other Significant Reconciling Item [Line Items]
Restructuring and other action-related charges	428	588	827	7,690
Operating profit \| (Gain) loss on sale of business and classification of assets held for sale \| U.S. Sheer Hosiery business
Segment Reporting, Other Significant Reconciling Item [Line Items]
Restructuring and other action-related charges	0	(1,558)	0	3,641
Operating profit \| Other
Segment Reporting, Other Significant Reconciling Item [Line Items]
Restructuring and other action-related charges	1,432	324	3,104	438
Other expenses
Segment Reporting, Other Significant Reconciling Item [Line Items]
Restructuring and other action-related charges	0	0	0	8,350
Other expenses \| Cross-currency swap contract
Segment Reporting, Other Significant Reconciling Item [Line Items]
Amount of Gain (Loss) Recognized in Loss from Continuing Operations	0	0	0	(116)
Other expenses \| Redemption of 4.625% Senior Notes and 3.5% Senior Notes
Segment Reporting, Other Significant Reconciling Item [Line Items]
Loss on extinguishment of debt	0	0	0	8,466
Interest expense, net
Segment Reporting, Other Significant Reconciling Item [Line Items]
Restructuring and other action-related charges	0	0	0	(1,254)
Interest expense, net \| Cross-currency swap contract
Segment Reporting, Other Significant Reconciling Item [Line Items]
Amount of Gain (Loss) Recognized in Loss from Continuing Operations	0	0	0	(1,254)
Total included in income (loss) from continuing operations before income taxes
Segment Reporting, Other Significant Reconciling Item [Line Items]
Restructuring and other action-related charges	19,168	2,710	223,392	29,510
Income tax (expense) benefit
Segment Reporting, Other Significant Reconciling Item [Line Items]
Restructuring and other action-related charges	0	4,263	0	4,263
Income tax (expense) benefit \| Discrete tax benefits
Segment Reporting, Other Significant Reconciling Item [Line Items]
Restructuring and other action-related charges	0	4,263	0	4,263
Income tax (expense) benefit \| Tax effect on actions
Segment Reporting, Other Significant Reconciling Item [Line Items]
Restructuring and other action-related charges	0	0	0	0
Total restructuring and other action-related charges included in income (loss) from continuing operations
Segment Reporting, Other Significant Reconciling Item [Line Items]
Restructuring and other action-related charges	$ 19,168	$ (1,553)	$ 223,392	$ 25,247

Assets and Liabilities of Businesses Held for Sale - Income Statement (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
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			$ 50,330	$ 3,641
Loss from discontinued operations, net of tax	$ (2,428)	$ (32,822)	(172,775)	(30,246)
Discontinued Operations, held-for-sale or disposed of by sale \| Global Champion and U.S.-Based Outlet Store Businesses
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net sales	443,535	550,012	1,180,057	1,459,368
Cost of sales	297,176	429,482	830,348	1,045,580
Gross profit	146,359	120,530	349,709	413,788
Selling, general and administrative expenses	126,810	135,598	408,926	397,610
Impairment of goodwill	0	0	2,500	0
(Gain) loss on sale of business and classification of assets held for sale	(741)	0	50,330	0
Operating income (loss)	20,290	(15,068)	(112,047)	16,178
Other expenses	1	32	44	89
Interest expense, net	15,335	15,961	46,982	45,080
Income (loss) from discontinued operations before income taxes	4,954	(31,061)	(159,073)	(28,991)
Income tax expense	7,382	1,761	13,702	1,255
Loss from discontinued operations, net of tax	(2,428)	(32,822)	(172,775)	(30,246)
Discontinued Operations, held-for-sale or disposed of by sale \| U.S.-Based Outlet Store Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment of goodwill			2,500
(Gain) loss on sale of business and classification of assets held for sale	$ (741)	$ 0	$ 50,330	$ 0

Stockholders' Equity (Additional Information) (Details) - 2022 Share Repurchase Program - USD ($) $ in Thousands	Sep. 28, 2024	Feb. 02, 2022
Share Repurchase Program [Line Items]
Share repurchase program, authorized repurchase amount		$ 600,000
Share repurchase program, remaining authorized repurchase amount	$ 575,013

Debt (Tables)

9 Months Ended

Sep. 28, 2024

Debt Disclosure [Abstract]

Debt

Debt consisted of the following:


	Interest Rate as of September 28, 2024	Principal Amount				Maturity Date
		September 28, 2024		December 30, 2023
Senior Secured Credit Facility:
Revolving Loan Facility	—%	$	—	$	—	November 2026
Term Loan A	7.35%	912,500		937,500		November 2026
Term Loan B	9.00%	888,750		893,250		March 2030
9.000% Senior Notes	9.00%	600,000		600,000		February 2031
4.875% Senior Notes	4.88%	900,000		900,000		May 2026
Accounts Receivable Securitization Facility	—%	—		6,000		May 2025
		3,301,250		3,336,750
Less long-term debt issuance costs and debt discount		31,002		36,110
Less current maturities		59,000		65,000
		$	3,211,248	$	3,235,640

Revenue Recognition

9 Months Ended

Sep. 28, 2024

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
	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Third-party brick-and-mortar wholesale	$	609,537	$	633,464	$	1,778,910	$	1,993,391
Consumer-directed	327,566		327,830		931,799		886,937
Total net sales	$	937,103	$	961,294	$	2,710,709	$	2,880,328

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 license 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 as well as e-commerce platforms, which include both owned websites and the websites 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
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Fair Value of Assets and Liabilities (Tables)

9 Months Ended

Sep. 28, 2024

Fair Value Disclosures [Abstract]

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

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


	Assets (Liabilities) at Fair Value as of September 28, 2024
	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	$	1,106	$	—	$	1,106	$	—
Interest rate contracts - assets	601		—		601		—
Forward foreign exchange contracts - liabilities	(3,894)		—		(3,894)		—
Interest rate contracts - liabilities	(5,297)		—		(5,297)		—
Total derivative contracts	(7,484)		—		(7,484)		—
Deferred compensation plan liability	(12,825)		—		(12,825)		—
Total	$	(20,309)	$	—	$	(20,309)	$	—


	Assets (Liabilities) at Fair Value as of December 30, 2023
	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	$	199	$	—	$	199	$	—
Interest rate contracts - assets	23		—		23		—
Forward foreign exchange contracts - liabilities	(5,582)		—		(5,582)		—
Interest rate contracts - liabilities	(5,929)		—		(5,929)		—
Total derivative contracts	(11,289)		—		(11,289)		—
Deferred compensation plan liability	(16,001)		—		(16,001)		—
Total	$	(27,290)	$	—	$	(27,290)	$	—

Accumulated Other Comprehensive Loss (Rollforward) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning Balance, net of tax			$ (492,311)
Total other comprehensive income (loss)	$ 46,086	$ (40,922)	18,806	$ (43,089)
Ending Balance, net of tax	(473,505)	(555,097)	(473,505)	(555,097)
Cumulative Translation Adjustment
Accumulated Other Comprehensive Income (Loss), Before Tax [Roll Forward]
Beginning Balance, before tax	(261,663)	(236,672)	(213,482)	(228,803)
Amounts reclassified from accumulated other comprehensive loss, before tax	0	0	0	0
Current-period other comprehensive income (loss) activity, before tax	53,550	(53,517)	5,369	(61,386)
Total other comprehensive income (loss), before tax	53,550	(53,517)	5,369	(61,386)
Ending Balance, before tax	(208,113)	(290,189)	(208,113)	(290,189)
Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss), Before Tax [Roll Forward]
Beginning Balance, before tax	5,781	5,605	(5,967)	8,709
Amounts reclassified from accumulated other comprehensive loss, before tax	(4,336)	(1,818)	(11,500)	(7,887)
Current-period other comprehensive income (loss) activity, before tax	(8,242)	12,069	10,670	15,034
Total other comprehensive income (loss), before tax	(12,578)	10,251	(830)	7,147
Ending Balance, before tax	(6,797)	15,856	(6,797)	15,856
Defined Benefit Plans
Accumulated Other Comprehensive Income (Loss), Before Tax [Roll Forward]
Beginning Balance, before tax	(410,318)	(429,227)	(419,835)	(437,353)
Amounts reclassified from accumulated other comprehensive loss, before tax	3,863	4,077	13,251	12,231
Current-period other comprehensive income (loss) activity, before tax	702	48	831	20
Total other comprehensive income (loss), before tax	4,565	4,125	14,082	12,251
Ending Balance, before tax	(405,753)	(425,102)	(405,753)	(425,102)
Income Taxes
Accumulated Other Comprehensive Income (Loss), Tax [Roll Forward]
Beginning Balance, tax	146,609	146,119	146,973	145,439
Amounts reclassified from accumulated other comprehensive loss, tax	520	136	1,646	1,422
Current-period other comprehensive income (loss) activity, tax	29	(1,917)	(1,461)	(2,523)
Total other comprehensive income (loss), tax	549	(1,781)	185	(1,101)
Ending Balance, tax	147,158	144,338	147,158	144,338
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning Balance, net of tax	(519,591)	(514,175)	(492,311)	(512,008)
Amounts reclassified from accumulated other comprehensive loss, net of tax	47	2,395	3,397	5,766
Current-period other comprehensive income (loss) activity, net of tax	46,039	(43,317)	15,409	(48,855)
Total other comprehensive income (loss)	46,086	(40,922)	18,806	(43,089)
Ending Balance, net of tax	$ (473,505)	$ (555,097)	$ (473,505)	$ (555,097)

Business Segment Information - Segment Operating Profit (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Segment operating profit:
Total operating profit	$ 102,998	$ 81,030	$ 78,977	$ 176,507
Operating profit
General corporate expenses	(58,454)	(41,920)	(177,371)	(153,249)
Amortization of intangibles	(3,921)	(4,831)	(12,869)	(14,115)
Other expenses	(9,505)	(9,079)	(29,519)	(31,056)
Interest expense, net	(48,606)	(56,648)	(149,511)	(160,586)
Income (loss) from continuing operations before income taxes	44,887	15,303	(100,053)	(15,135)
Operating profit
Operating profit
Restructuring and other action-related charges	(19,168)	(2,710)	(223,392)	(22,414)
U.S.
Segment operating profit:
Total operating profit	149,637	105,579	406,114	297,340
International
Segment operating profit:
Total operating profit	36,893	24,570	87,933	68,815
Other
Segment operating profit:
Total operating profit	(1,989)	342	(1,438)	130
Total segment operating profit
Segment operating profit:
Total operating profit	$ 184,541	$ 130,491	$ 492,609	$ 366,285

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net income (loss)	$ 29,951	$ (38,799)	$ (307,551)	$ (95,667)

- Definition

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

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+ Details

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 29,951	$ (38,799)	$ (307,551)	$ (95,667)
Other comprehensive income (loss):
Translation adjustments	53,550	(53,517)	5,369	(61,386)
Unrealized gain (loss) on qualifying cash flow hedges, net of tax of $1,127, $(1,761), $594 and $(1,192), respectively	(11,451)	8,490	(236)	5,955
Unrecognized income from pension and postretirement plans, net of tax of $(578), $(20), $(409) and $91, respectively	3,987	4,105	13,673	12,342
Total other comprehensive income (loss)	46,086	(40,922)	18,806	(43,089)
Comprehensive income (loss)	$ 76,037	$ (79,721)	$ (288,745)	$ (138,756)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

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

+ References

+ Details

- Definition

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

+ References

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+ Details

Financial Instruments and Risk Management - Fair Values of Derivative Instruments (Details) - USD ($) $ in Thousands	Sep. 28, 2024	Dec. 30, 2023
Derivatives, Fair Value [Line Items]
Net derivative liability	$ (7,484)	$ (11,289)
Assets, Total
Derivatives, Fair Value [Line Items]
Total derivative assets	1,707	222
Liabilities, Total
Derivatives, Fair Value [Line Items]
Total derivative liabilities	(9,191)	(11,511)
Forward foreign exchange contract \| Other current assets \| Derivatives designated as hedging instruments
Derivatives, Fair Value [Line Items]
Total derivative assets	346	57
Forward foreign exchange contract \| Other current assets \| Derivatives not designated as hedging instruments
Derivatives, Fair Value [Line Items]
Total derivative assets	760	142
Forward foreign exchange contract \| Accrued liabilities \| Derivatives designated as hedging instruments
Derivatives, Fair Value [Line Items]
Total derivative liabilities	(1,750)	(2,508)
Forward foreign exchange contract \| Accrued liabilities \| Derivatives not designated as hedging instruments
Derivatives, Fair Value [Line Items]
Total derivative liabilities	(1,884)	(2,784)
Forward foreign exchange contract \| Other noncurrent liabilities \| Derivatives designated as hedging instruments
Derivatives, Fair Value [Line Items]
Total derivative liabilities	(260)	(290)
Interest rate contract \| Other current assets \| Derivatives designated as hedging instruments
Derivatives, Fair Value [Line Items]
Total derivative assets	601	23
Interest rate contract \| Other noncurrent liabilities \| Derivatives designated as hedging instruments
Derivatives, Fair Value [Line Items]
Total derivative liabilities	$ (5,297)	$ (5,929)

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Tax portion of unrealized gain (loss) on qualifying cash flow hedges	$ 1,127	$ (1,761)	$ 594	$ (1,192)
Tax portion of unrecognized income from pension and postretirement plans	$ (578)	$ (20)	$ (409)	$ 91

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Effective income tax rate, percent	27.90%	139.10%	(34.70%)	(332.20%)
Income tax expense	$ 12,508	$ 21,280	$ 34,723	$ 50,286
Favorable discrete tax benefits
Income tax expense		$ (3,539)	$ (424)
Unfavorable discrete tax charges
Income tax expense	$ 1,198			$ 4,175

- Definition

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

+ References

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-Subparagraph (SX 210.7-04(9))
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+ Details

Business Segment Information (Tables)

9 Months Ended

Sep. 28, 2024

Segment Reporting [Abstract]

Net Sales


	Quarters Ended				Nine Months Ended
	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Net sales:
U.S.	$	678,345	$	684,990	$	1,962,390	$	2,035,923
International	259,146		255,784		747,234		776,529
Other	(388)		20,520		1,085		67,876
Total net sales	$	937,103	$	961,294	$	2,710,709	$	2,880,328

Segment Operating Profit


	Quarters Ended				Nine Months Ended
	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Segment operating profit:
U.S.	$	149,637	$	105,579	$	406,114	$	297,340
International	36,893		24,570		87,933		68,815
Other	(1,989)		342		(1,438)		130
Total segment operating profit	184,541		130,491		492,609		366,285
Items not included in segment operating profit:
General corporate expenses	(58,454)		(41,920)		(177,371)		(153,249)
Restructuring and other action-related charges	(19,168)		(2,710)		(223,392)		(22,414)
Amortization of intangibles	(3,921)		(4,831)		(12,869)		(14,115)
Total operating profit	102,998		81,030		78,977		176,507
Other expenses	(9,505)		(9,079)		(29,519)		(31,056)
Interest expense, net	(48,606)		(56,648)		(149,511)		(160,586)
Income (loss) from continuing operations before income taxes	$	44,887	$	15,303	$	(100,053)	$	(15,135)

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 Operations:


	Quarters Ended				Nine Months Ended
	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Cost of sales	$	1,117	$	1,529	$	89,941	$	3,281
Selling, general and administrative expenses	18,051		1,181		133,451		19,133
Total included in operating profit	19,168		2,710		223,392		22,414
Other expenses	—		—		—		8,350
Interest expense, net	—		—		—		(1,254)
Total included in income (loss) from continuing operations before income taxes	19,168		2,710		223,392		29,510
Income tax (expense) benefit	—		4,263		—		4,263
Total restructuring and other action-related charges included in income (loss) from continuing operations	$	19,168	$	(1,553)	$	223,392	$	25,247

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


	Quarters Ended				Nine Months Ended
	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023

Restructuring and other action-related charges:
Supply chain restructuring and consolidation	$	10,710	$	660	$	169,624	$	2,412

Corporate asset impairment charges	—		—		20,107		—
Headcount actions and related severance	(1,245)		2,531		17,853		4,420
Professional services	7,843		165		11,877		3,813
Technology	428		588		827		7,690
(Gain) loss on sale of business and classification of assets held for sale	—		(1,558)		—		3,641
Other	1,432		324		3,104		438

Total included in operating profit	19,168		2,710		223,392		22,414
Loss on extinguishment of debt included in other expenses	—		—		—		8,466
Gain on final settlement of cross currency swap contracts included in other expenses	—		—		—		(116)
Gain on final settlement of cross currency swap contracts included in interest expense, net	—		—		—		(1,254)
Total included in income (loss) from continuing operations before income taxes	19,168		2,710		223,392		29,510
Discrete tax benefit	—		4,263		—		4,263
Tax effect on actions	—		—		—		—
Total included in income tax (expense) benefit	—		4,263		—		4,263
Total restructuring and other action-related charges included in income (loss) from continuing operations	$	19,168	$	(1,553)	$	223,392	$	25,247

Assets and Liabilities of Businesses Held for Sale - Cash Flow and Non-Cash Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Inventory write-down charges, net of recoveries			$ 113,528	$ 0
(Gain) loss on sale of business and classification of assets held for sale			50,330	3,641
Discontinued Operations, held-for-sale or disposed of by sale \| Global Champion and U.S.-Based Outlet Store Businesses
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Depreciation	$ 0	$ 3,263	6,757	10,188
Amortization	0	2,760	5,453	8,219
Capital expenditures	945	1,567	4,605	22,093
Impairment of goodwill	0	0	2,500	0
Inventory write-down charges, net of recoveries	(4,135)	0	65,128	0
(Gain) loss on sale of business and classification of assets held for sale	(741)	0	50,330	0
Discontinued Operations, held-for-sale or disposed of by sale \| U.S.-Based Outlet Store Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment of goodwill			2,500
(Gain) loss on sale of business and classification of assets held for sale	$ (741)	$ 0	$ 50,330	$ 0

Financial Instruments and Risk Management - Notional Amounts of Derivative Instruments (Details) € in Thousands, $ in Thousands	Sep. 28, 2024 USD ($)	Dec. 30, 2023 USD ($)	Mar. 10, 2023 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	$ 202,055	$ 308,760
Interest rate contract \| Cash Flow Hedge
Derivative [Line Items]
Derivative, Notional Amount	900,000	900,000	$ 900,000
Cross-currency swap contract \| Cash Flow Hedge
Derivative [Line Items]
Derivative, Notional Amount	0	0		€ 300,000
Cross-currency swap contract \| Net Investment Hedge
Derivative [Line Items]
Derivative, Notional Amount	$ 0	$ 0			€ 300,000

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 28, 2024	Nov. 01, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001359841
Current Fiscal Year End Date	--12-28
Document Quarterly Report	true
Document Period End Date	Sep. 28, 2024
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		352,495,979

Fair Value of Assets and Liabilities

9 Months Ended

Sep. 28, 2024

Fair Value Disclosures [Abstract]

Fair Value of Assets and Liabilities

As of September 28, 2024 and December 30, 2023, 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, interest rate 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 interest rate derivative contracts are determined using the cash flows of the contracts, discount rates to account for the passage of time, current 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 nine months ended September 28, 2024 to the Company’s valuation techniques used to measure asset and liability fair values on a recurring basis. As of and during the quarter and nine months ended September 28, 2024, 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 September 28, 2024
	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	$	1,106	$	—	$	1,106	$	—
Interest rate contracts - assets	601		—		601		—
Forward foreign exchange contracts - liabilities	(3,894)		—		(3,894)		—
Interest rate contracts - liabilities	(5,297)		—		(5,297)		—
Total derivative contracts	(7,484)		—		(7,484)		—
Deferred compensation plan liability	(12,825)		—		(12,825)		—
Total	$	(20,309)	$	—	$	(20,309)	$	—


	Assets (Liabilities) at Fair Value as of December 30, 2023
	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	$	199	$	—	$	199	$	—
Interest rate contracts - assets	23		—		23		—
Forward foreign exchange contracts - liabilities	(5,582)		—		(5,582)		—
Interest rate contracts - liabilities	(5,929)		—		(5,929)		—
Total derivative contracts	(11,289)		—		(11,289)		—
Deferred compensation plan liability	(16,001)		—		(16,001)		—
Total	$	(27,290)	$	—	$	(27,290)	$	—

Fair Value of Financial Instruments

The carrying amounts of cash and cash equivalents, trade accounts receivable and accounts payable approximated fair value as of September 28, 2024 and December 30, 2023. The carrying amount of trade accounts receivable included allowance for doubtful accounts, chargebacks and other deductions of $24,048 and $38,163 as of September 28, 2024 and December 30, 2023, respectively. The fair value of debt, which is classified as a Level 2 liability, was $3,350,820 and $3,259,299 as of September 28, 2024 and December 30, 2023, respectively. Debt had a carrying value of $3,301,250 and $3,336,750 as of September 28, 2024 and December 30, 2023, 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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

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+ Details

Debt

9 Months Ended

Sep. 28, 2024

Debt Disclosure [Abstract]

Debt

Debt consisted of the following:


	Interest Rate as of September 28, 2024	Principal Amount				Maturity Date
		September 28, 2024		December 30, 2023
Senior Secured Credit Facility:
Revolving Loan Facility	—%	$	—	$	—	November 2026
Term Loan A	7.35%	912,500		937,500		November 2026
Term Loan B	9.00%	888,750		893,250		March 2030
9.000% Senior Notes	9.00%	600,000		600,000		February 2031
4.875% Senior Notes	4.88%	900,000		900,000		May 2026
Accounts Receivable Securitization Facility	—%	—		6,000		May 2025
		3,301,250		3,336,750
Less long-term debt issuance costs and debt discount		31,002		36,110
Less current maturities		59,000		65,000
		$	3,211,248	$	3,235,640

As of September 28, 2024 the Company’s primary financing arrangements were the Senior Secured Credit Facility, the 9.000% senior notes (the “9.000% Senior Notes”), the 4.875% senior notes (the “4.875% Senior Notes”) and the accounts receivable securitization facility (the “ARS Facility”). The outstanding balances at September 28, 2024 and December 30, 2023 are reported in the “Accounts Receivable Securitization Facility”, “Current portion of long-term debt” and “Long-term debt” lines in the Condensed Consolidated Balance Sheets.

Debt Refinancing and Amendments

In February and March 2023, the Company refinanced its debt structure to provide greater near-term financial flexibility given the uncertainty within the global macroeconomic environment. The refinancing consisted of entering into a new senior secured term loan B facility in an aggregate principal amount of $900,000 due in 2030 (the “Term Loan B”), issuing $600,000 aggregate principal amount of the 9.000% Senior Notes and redeeming the Company’s 4.625% senior notes due in May 2024 (the “4.625% Senior Notes”) and 3.5% senior notes due in June 2024 (the “3.5% Senior Notes”).

The Company used the net proceeds from borrowings under the Term Loan B together with the net proceeds from the offering of the 9.000% Senior Notes to redeem all of its outstanding 4.625% Senior Notes and 3.5% Senior Notes and pay the related fees and expenses which resulted in total charges of $8,466 in the nine months ended September 30, 2023. The charges, which are recorded in the “Other expenses” line in the Condensed Consolidated Statements of Operations in the nine months ended September 30, 2023, included a payment of $4,632 for a required make-whole premium related to the redemption of the 3.5% Senior Notes, a non-cash charge of $1,654 for the write-off of unamortized debt issuance costs related to the redemption of the 3.5% Senior Notes and a non-cash charge of $2,180 for the write-off of unamortized debt issuance costs related to the redemption of the 4.625% Senior Notes. The refinancing activities in the nine months ended September 30, 2023 resulted in a debt discount of $9,000 related to the Term Loan B and total capitalized debt issuance costs of $22,965 which included $11,909 related to the Term Loan B and $11,056 related to the 9.000% Senior Notes. The debt discount and debt issuance costs are amortized into interest expense over the respective terms of the debt instruments. The cash payments for the make-whole premium and fees capitalized as debt issuance costs are reported in “Net cash from financing activities” in the Condensed Consolidated Statements of Cash Flows in the nine months ended September 30, 2023.

Additionally, in 2023, the Company amended the credit agreement governing its Senior Secured Credit Facility prior to any potential future covenant violation in order to modify the financial covenants and to provide greater strategic and operating flexibility. The most recent amendment in 2023 effected changes to certain provisions and covenants under the Senior Secured Credit Facility, including changes to certain covenants and provisions that were previously amended in November 2022 and February 2023, during the period beginning with the fiscal quarter ending December 30, 2023 and continuing through the fiscal quarter ending September 27, 2025, or such earlier date as the Company may elect (such period of time, the “Extended Covenant Relief Period”), including: (a) an extension of the original Covenant Relief Period from March 30, 2024 to September 27, 2025; (b) an increase in the maximum leverage ratio to 6.75 to 1.00 for the quarters ending December 30, 2023 and March 30, 2024, 6.63 to 1.00 for the quarters ending June 29, 2024 and September 28, 2024, 6.38 to 1.00 for the quarter ending December 28, 2024, 5.63 to 1.00 for the quarter ending March 29, 2025, 5.25 to 1.00 for the quarter ending June 28, 2025, and 5.00 to 1.00 for the quarter ending September 27, 2025, reverting back to 4.50 to 1.00 for each quarter after the Extended Covenant Relief Period has ended; and (c) a reduction of the minimum interest coverage ratio to 1.63 to 1.00 for the quarters ending December 30, 2023 through September 28, 2024, 1.75 to 1.00 for the quarter ending December 28, 2024, 2.00 to 1.00 for the quarter ending March 29, 2025, 2.25 to 1.00 for the quarter ending June 28, 2025, and 2.50 to 1.00 for the quarter ending September 27, 2025 and each quarter after the Extended Covenant Relief Period has ended. The amendment also included the following additional baskets and restrictions: (a) an additional basket for permitted asset sales of $60,000; (b) suspended the Company’s reinvestment rights with respect to net proceeds in respect of certain asset sales (including the additional asset sale basket described in (a) above) and casualty and condemnation events (requiring the Company to prepay the credit agreement term loan obligations with such net proceeds, subject to step-downs for such prepayment requirement based on the leverage ratio); (c) reduced the cap on the Company’s general lien basket from $165,000 to $85,000 during the Extended Covenant Relief Period; (d) reduced the maximum amount for incremental facilities secured by a lien to $100,000 during the Extended Covenant Relief Period; and (e) suspended the payment of annual dividends during the Extended Covenant Relief Period, which will revert back to the greater of (x) $350,000 and (y) 8.0% of Total Tangible Assets after the Extended Covenant Relief Period has ended. In addition, the amendment increased the applicable interest rate margins and commitment fee rates based on the leverage ratio during the Extended Covenant Relief Period.

In October 2024, the Company paid down $867,983 of its outstanding term debt under the Senior Secured Credit Facility using a combination of cash generated from operations and net sale proceeds from the Initial Closing of the sale of the global Champion business, which was completed subsequent to the Company’s third quarter on September 30, 2024. See Note “Assets and Liabilities of Businesses Held for Sale” for additional information.

Other Debt Related Activity

As of September 28, 2024, the Company had $996,743 of borrowing availability under the $1,000,000 Revolving Loan Facility after taking into account $3,257 of standby and trade letters of credit issued and outstanding under this facility.

The ARS Facility, which was entered into in November 2007, was amended in May 2024. The amendment extended the maturity date to May 2025 with no change to the quarterly fluctuating facility limit. Additionally, the amendment removed the two pricing tiers that were added in the previous amendment, reverting back to a single tier pricing structure. Borrowing availability under the Company’s ARS Facility is subject to a quarterly fluctuating facility limit ranging from $200,000 in the first and second quarters to $225,000 in the third and fourth quarters and permitted only to the extent that the face of the receivables in the collateral pool, net of applicable reserves and other deductions, exceeds the outstanding loans. As of September 28, 2024, the quarterly fluctuating facility limit was $225,000, the maximum borrowing capacity was $106,480 and the Company had $106,480 of borrowing availability under the ARS Facility.

The Company had $3,708 of borrowing capacity under other international credit facilities which had no outstanding borrowings at September 28, 2024. The Company had $9,066 of international letters of credit outstanding at September 28, 2024. Available liquidity for other international credit facilities is reduced for any outstanding international letters of credit. The international letters of credit are not outstanding under any specific credit facility and do not reduce actual borrowing capacity under the specific credit facilities.

As of September 28, 2024, 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 as described above, 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.

- 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://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 28, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Fair Value of Assets and Liabilities (Fair Value of Financial Assets and Liabilities Measured on Recurring Basis) (Details) - USD ($) $ in Thousands	Sep. 28, 2024	Dec. 30, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total derivative contracts	$ (7,484)	$ (11,289)
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total derivative contracts	(7,484)	(11,289)
Deferred compensation plan liability	(12,825)	(16,001)
Total, net assets (liabilities) at fair value	(20,309)	(27,290)
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]
Total derivative contracts	0	0
Deferred compensation plan liability	0	0
Total, net assets (liabilities) at fair value	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]
Total derivative contracts	(7,484)	(11,289)
Deferred compensation plan liability	(12,825)	(16,001)
Total, net assets (liabilities) at fair value	(20,309)	(27,290)
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total derivative contracts	0	0
Deferred compensation plan liability	0	0
Total, net assets (liabilities) at fair value	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	1,106	199
Total derivative liabilities	(3,894)	(5,582)
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	1,106	199
Total derivative liabilities	(3,894)	(5,582)
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 \| Interest rate contract
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total derivative assets	601	23
Total derivative liabilities	(5,297)	(5,929)
Fair Value, Measurements, Recurring \| Interest rate 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 \| Interest rate contract \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total derivative assets	601	23
Total derivative liabilities	(5,297)	(5,929)
Fair Value, Measurements, Recurring \| Interest rate 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

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, Shares at Dec. 31, 2022		349,009,000
Beginning Balance at Dec. 31, 2022	$ 398,264	$ 3,490	$ 334,676	$ 572,106	$ (512,008)
Net income (loss)	(95,667)			(95,667)
Other comprehensive income (loss)	(43,089)				(43,089)
Stock-based compensation	15,821		15,821
Vesting of restricted stock units and other, shares		1,013,000
Vesting of restricted stock units and other	$ (1,293)	$ 10	(1,660)	357
Ending Balance, Shares at Sep. 30, 2023	350,022,378	350,022,000
Ending Balance at Sep. 30, 2023	$ 274,036	$ 3,500	348,837	476,796	(555,097)
Beginning Balance, Shares at Jul. 01, 2023		349,840,000
Beginning Balance at Jul. 01, 2023	347,960	$ 3,498	343,042	515,595	(514,175)
Net income (loss)	(38,799)			(38,799)
Other comprehensive income (loss)	(40,922)				(40,922)
Stock-based compensation	5,685		5,685
Vesting of restricted stock units and other, shares		182,000
Vesting of restricted stock units and other	$ 112	$ 2	110	0
Ending Balance, Shares at Sep. 30, 2023	350,022,378	350,022,000
Ending Balance at Sep. 30, 2023	$ 274,036	$ 3,500	348,837	476,796	(555,097)
Beginning Balance, Shares at Dec. 30, 2023	350,137,826	350,138,000
Beginning Balance at Dec. 30, 2023	$ 419,353	$ 3,501	353,367	554,796	(492,311)
Net income (loss)	(307,551)			(307,551)
Other comprehensive income (loss)	18,806				18,806
Stock-based compensation	21,012		21,012
Vesting of restricted stock units and other, shares		1,642,000
Vesting of restricted stock units and other	$ (2,276)	$ 17	(2,413)	120
Ending Balance, Shares at Sep. 28, 2024	351,779,995	351,780,000
Ending Balance at Sep. 28, 2024	$ 149,344	$ 3,518	371,966	247,365	(473,505)
Beginning Balance, Shares at Jun. 29, 2024		351,644,000
Beginning Balance at Jun. 29, 2024	64,403	$ 3,516	363,078	217,400	(519,591)
Net income (loss)	29,951			29,951
Other comprehensive income (loss)	46,086				46,086
Stock-based compensation	8,865		8,865
Vesting of restricted stock units and other, shares		136,000
Vesting of restricted stock units and other	$ 39	$ 2	23	14
Ending Balance, Shares at Sep. 28, 2024	351,779,995	351,780,000
Ending Balance at Sep. 28, 2024	$ 149,344	$ 3,518	$ 371,966	$ 247,365	$ (473,505)

- Definition

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

+ References

+ Details

- Definition

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

+ References

+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

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+ Details

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Cost of sales	$ (546,663)	$ (611,513)	$ (1,703,881)	$ (1,891,375)
Selling, general and administrative expenses	(287,442)	(268,751)	(927,851)	(812,446)
Interest expense, net	(48,606)	(56,648)	(149,511)	(160,586)
Other expenses	9,505	9,079	29,519	31,056
Income tax	(12,508)	(21,280)	(34,723)	(50,286)
Loss from discontinued operations, net of tax	(2,428)	(32,822)	(172,775)	(30,246)
Net income (loss)	29,951	(38,799)	(307,551)	(95,667)
Reclassification out of Accumulated Other Comprehensive Income
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Net income (loss)	(47)	(2,395)	(3,397)	(5,766)
Reclassification out of Accumulated Other Comprehensive Income \| Amortization of deferred actuarial loss and prior service cost and settlement cost
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Other expenses	(3,863)	(4,077)	(13,251)	(12,231)
Income tax	(4)	1	(232)	(118)
Net income (loss)	(3,867)	(4,076)	(13,483)	(12,349)
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	906	1,119	2,876	5,120
Income tax	(298)	(446)	(898)	(1,799)
Loss from discontinued operations, net of tax	532	(889)	1,270	(1,496)
Net income (loss)	1,140	(216)	3,248	1,825
Interest rate 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]
Interest expense, net	2,680	1,897	6,838	3,204
Income tax	0	0	0	0
Net income (loss)	2,680	1,897	6,838	3,204
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	0	0	0	973
Interest expense, net	0	0	0	581
Income tax	0	0	0	0
Net income (loss)	$ 0	$ 0	$ 0	$ 1,554

Fair Value of Assets and Liabilities (Additional Information) (Details) - USD ($) $ in Thousands	Sep. 28, 2024	Dec. 30, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Accounts Receivable, allowance for doubtful accounts, chargebacks and other deductions	$ 24,048	$ 38,163
Carrying value of debt	3,301,250	3,336,750
Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of debt	$ 3,350,820	$ 3,259,299

- Definition

Fair value portion of debt instrument payable, including, but not limited to, notes payable and loans payable.

+ References

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+ Details

Debt - Summary of Debt (Details) - USD ($) $ in Thousands	Sep. 28, 2024	Dec. 30, 2023	Sep. 30, 2023
Debt Instrument [Line Items]
Long-term debt, gross	$ 3,301,250	$ 3,336,750
Less long-term debt issuance costs and debt discount	31,002	36,110
Less current maturities	59,000	65,000
Long-term debt	$ 3,211,248	3,235,640	$ 3,310,256
Revolving Loan Facility
Debt Instrument [Line Items]
Interest rate	0.00%
Long-term debt, gross	$ 0	0
Term Loan A
Debt Instrument [Line Items]
Interest rate	7.35%
Long-term debt, gross	$ 912,500	937,500
Term Loan B
Debt Instrument [Line Items]
Interest rate	9.00%
Long-term debt, gross	$ 888,750	893,250
9.000% Senior Notes
Debt Instrument [Line Items]
Interest rate	9.00%
Long-term debt, gross	$ 600,000	600,000
4.875% Senior Notes
Debt Instrument [Line Items]
Interest rate	4.88%
Long-term debt, gross	$ 900,000	900,000
Accounts Receivable Securitization Facility
Debt Instrument [Line Items]
Interest rate	0.00%
Long-term debt, gross	$ 0	$ 6,000

Assets and Liabilities of Businesses Held for Sale - Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 28, 2024	Dec. 30, 2023	Sep. 30, 2023
Disposal Group, Including Discontinued Operation, Assets [Abstract]
Current assets held for sale - discontinued operations	$ 401,492	$ 549,735	$ 628,775
Noncurrent assets held for sale - discontinued operations	905,605	945,808	949,222
Disposal Group, Including Discontinued Operation, Liabilities, Current [Abstract]
Current liabilities held for sale - discontinued operations	215,949	252,988	263,759
Disposal Group, Including Discontinued Operation, Liabilities, Noncurrent [Abstract]
Noncurrent liabilities held for sale - discontinued operations	100,541	127,693	130,581
Discontinued Operations, held-for-sale or disposed of by sale \| Global Champion and U.S.-Based Outlet Store Businesses
Disposal Group, Including Discontinued Operation, Assets [Abstract]
Cash and Cash Equivalents	9,610	19,784	18,304
Trade accounts receivable, net	132,319	106,677	140,084
Inventories	246,844	395,364	450,618
Other current assets	26,698	27,910	19,769
Valuation allowance - U.S.-based outlet store business	(13,979)	0	0
Current assets held for sale - discontinued operations	401,492	549,735	628,775
Property, net	54,202	59,956	59,053
Right-of-use assets	117,785	147,020	148,193
Trademarks and other identifiable intangibles, net	272,761	275,853	272,583
Goodwill	446,789	447,939	442,836
Deferred tax assets	5,848	3,778	14,866
Other noncurrent assets	8,220	11,262	11,691
Noncurrent assets held for sale - discontinued operations	905,605	945,808	949,222
Total assets of discontinued operations	1,307,097	1,495,543	1,577,997
Disposal Group, Including Discontinued Operation, Liabilities, Current [Abstract]
Accounts payable	119,908	155,967	161,158
Accrued liabilities	65,510	56,871	60,581
Lease liabilities	30,531	40,150	42,020
Current liabilities held for sale - discontinued operations	215,949	252,988	263,759
Disposal Group, Including Discontinued Operation, Liabilities, Noncurrent [Abstract]
Lease liabilities - noncurrent	85,835	114,329	113,923
Pension and postretirement benefits	400	799	410
Other noncurrent liabilities	14,306	12,565	16,248
Noncurrent liabilities held for sale - discontinued operations	100,541	127,693	130,581
Total liabilities of discontinued operations	316,490	380,681	394,340
Discontinued Operations, held-for-sale or disposed of by sale \| U.S.-Based Outlet Store Business
Disposal Group, Including Discontinued Operation, Assets [Abstract]
Valuation allowance - U.S.-based outlet store business	(13,979)
Current assets held for sale - discontinued operations	0	36,488	38,598
Noncurrent assets held for sale - discontinued operations	0	19,667	23,547
Disposal Group, Including Discontinued Operation, Liabilities, Current [Abstract]
Current liabilities held for sale - discontinued operations	0	7,716	9,312
Disposal Group, Including Discontinued Operation, Liabilities, Noncurrent [Abstract]
Noncurrent liabilities held for sale - discontinued operations	$ 0	$ 7,446	$ 8,709

Basis of Presentation (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
Basis of Presentation (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2023	Sep. 28, 2024
Australian trademark at a higher risk for future impairment
Indefinite-Lived Intangible Assets [Line Items]
Indefinite-lived trademark			$ 238,810
Ransomware attack
Ransomware Attack Costs (Benefits), Net [Line Items]
Insurance recoveries	$ 15,000	$ 20,562
Ransomware attack costs (benefits), net	(17,792)	(24,062)
Ransomware attack \| Cost of sales
Ransomware Attack Costs (Benefits), Net [Line Items]
Ransomware attack costs (benefits), net	$ (17,792)	(23,354)
Ransomware attack \| Selling, general and administrative expenses
Ransomware Attack Costs (Benefits), Net [Line Items]
Ransomware attack costs (benefits), net		$ (708)

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Income Statement [Abstract]
Net sales	$ 937,103	$ 961,294	$ 2,710,709	$ 2,880,328
Cost of sales	546,663	611,513	1,703,881	1,891,375
Gross profit	390,440	349,781	1,006,828	988,953
Selling, general and administrative expenses	287,442	268,751	927,851	812,446
Operating profit	102,998	81,030	78,977	176,507
Other expenses	9,505	9,079	29,519	31,056
Interest expense, net	48,606	56,648	149,511	160,586
Income (loss) from continuing operations before income taxes	44,887	15,303	(100,053)	(15,135)
Income tax expense	12,508	21,280	34,723	50,286
Income (loss) from continuing operations	32,379	(5,977)	(134,776)	(65,421)
Loss from discontinued operations, net of tax	(2,428)	(32,822)	(172,775)	(30,246)
Net income (loss)	$ 29,951	$ (38,799)	$ (307,551)	$ (95,667)
Earnings (loss) per share - basic:
Continuing operations	$ 0.09	$ (0.02)	$ (0.38)	$ (0.19)
Discontinued operations	(0.01)	(0.09)	(0.49)	(0.09)
Net income (loss)	0.09	(0.11)	(0.87)	(0.27)
Earnings (loss) per share - diluted:
Continuing operations	0.09	(0.02)	(0.38)	(0.19)
Discontinued operations	(0.01)	(0.09)	(0.49)	(0.09)
Net income (loss)	$ 0.08	$ (0.11)	$ (0.87)	$ (0.27)

Inventories (Details) - USD ($) $ in Thousands	Sep. 28, 2024	Dec. 30, 2023	Sep. 30, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 46,136	$ 45,960	$ 54,895
Work in process	71,307	70,932	84,187
Finished goods	810,311	855,762	927,079
Total Inventories	$ 927,754	$ 972,654	$ 1,066,161

Assets and Liabilities of Businesses Held for Sale - Additional Information (Details) - USD ($) $ in Thousands		3 Months Ended			9 Months Ended		60 Months Ended
	Sep. 30, 2024	Mar. 29, 2025	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023	Dec. 29, 2029	Dec. 30, 2023	Sep. 29, 2023
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					$ 50,330	$ 3,641
Disposal Group, Disposed of by Sale \| U.S. Sheer Hosiery business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total proceeds									$ 3,300
Disposal Group, Disposed of by Sale \| U.S. Sheer Hosiery business \| Cash proceeds
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total proceeds									1,300
Disposal Group, Disposed of by Sale \| U.S. Sheer Hosiery business \| Noncash proceeds
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total proceeds								$ 2,000	$ 2,000
Discontinued Operations, held-for-sale or disposed of by sale \| Global Champion and U.S.-Based Outlet Store Businesses
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			$ (741)	$ 0	50,330	0
Impairment of goodwill			0	0	2,500	0
Interest expense allocated to discontinued operations			17,124	17,291	52,786	47,786
Discontinued Operations, held-for-sale or disposed of by sale \| Global Champion Business \| Forecast \| Subsequent Event
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Amount of contingent consideration							$ 300,000
Discontinued Operations, held-for-sale or disposed of by sale \| Global Champion Business \| Cash proceeds \| Subsequent Event
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total proceeds	$ 857,450
Net cash proceeds	783,208
Discontinued Operations, held-for-sale or disposed of by sale \| Global Champion Business \| Noncash proceeds \| Subsequent Event
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total proceeds	$ 12,162
Discontinued Operations, held-for-sale or disposed of by sale \| U.S.-Based Outlet Store Business
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			(741)	0	50,330	0
Impairment of goodwill					$ 2,500
Payments or amounts payable to buyer			$ 12,000
Discontinued Operations, held-for-sale or disposed of by sale \| U.S.-Based Outlet Store Business \| Subsequent Event
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Payments or amounts payable to buyer		$ 3,000
(Gain) loss on sale of business and classification of assets held for sale \| Continuing Operations, Disposal Group, Held-for-sale \| U.S. Sheer Hosiery business \| 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				$ (1,558)		$ 3,641

Debt - Additional Information (Detail) $ in Thousands	3 Months Ended										9 Months Ended
Debt - Additional Information (Detail) $ in Thousands	Jan. 03, 2026	Sep. 27, 2025	Jun. 28, 2025	Mar. 29, 2025	Dec. 28, 2024 USD ($)	Sep. 28, 2024 USD ($)	Jun. 29, 2024	Mar. 30, 2024	Dec. 30, 2023	Sep. 30, 2023 USD ($)	Sep. 28, 2024 USD ($)	Sep. 30, 2023 USD ($)
Debt Instrument [Line Items]
Loss on extinguishment of debt											$ 0	$ 8,466
Capitalized debt issuance costs												22,965
Repayments on term loan facilities											29,500	29,500
Term Loan B
Debt Instrument [Line Items]
Debt instrument, face amount						$ 900,000					900,000
Debt instrument, unamortized discount (premium), net										$ 9,000		9,000
Capitalized debt issuance costs												11,909
9.000% Senior Notes
Debt Instrument [Line Items]
Debt instrument, face amount						600,000					600,000
Capitalized debt issuance costs												11,056
Revolving Loan Facility
Debt Instrument [Line Items]
Maximum borrowing capacity						1,000,000					1,000,000
Remaining borrowing capacity						996,743					996,743
Standby and trade letters of credit issued						3,257					3,257
Accounts Receivable Securitization Facility
Debt Instrument [Line Items]
Quarterly maximum borrowing capacity, first and second quarters						200,000					200,000
Quarterly maximum borrowing capacity, third and fourth quarters						225,000					225,000
Current borrowing capacity						106,480					106,480
Remaining borrowing capacity						106,480					106,480
Other International Debt
Debt Instrument [Line Items]
Remaining borrowing capacity						3,708					3,708
Standby and trade letters of credit issued						$ 9,066					9,066
Senior Secured Credit Facility \| Subsequent Event
Debt Instrument [Line Items]
Repayments on term loan facilities					$ 867,983
Senior Secured Credit Facility \| November 2022 and February 2023 Amendments
Debt Instrument [Line Items]
General lien basket										165,000
Senior Secured Credit Facility \| November 2023 Amendment \| During Extended Covenant Relief Period
Debt Instrument [Line Items]
Maximum leverage ratio						6.63	6.63	6.75	6.75
Minimum interest coverage ratio						1.63	1.63	1.63	1.63
Permitted asset sales basket						$ 60,000
General lien basket						85,000
Limit on Incremental secured indebtedness						100,000
Senior Secured Credit Facility \| November 2023 Amendment \| During Extended Covenant Relief Period \| Subsequent Event
Debt Instrument [Line Items]
Maximum leverage ratio		5.00	5.25	5.63	6.38
Minimum interest coverage ratio		2.50	2.25	2.00	1.75
Senior Secured Credit Facility \| November 2023 Amendment \| After Extended Covenant Relief Period
Debt Instrument [Line Items]
Annual dividend payment cap						350,000
Senior Secured Credit Facility \| November 2023 Amendment \| After Extended Covenant Relief Period \| Subsequent Event
Debt Instrument [Line Items]
Maximum leverage ratio	4.50
Minimum interest coverage ratio	2.50
Other expenses \| Redemption of 4.625% Senior Notes and 3.5% Senior Notes
Debt Instrument [Line Items]
Loss on extinguishment of debt						$ 0				$ 0	$ 0	8,466
Write off of deferred debt issuance cost												3,834
Other expenses \| Redemption of 3.5% Senior Notes
Debt Instrument [Line Items]
Redemption premium												4,632
Write off of deferred debt issuance cost												1,654
Other expenses \| Redemption of 4.625% Senior Notes
Debt Instrument [Line Items]
Write off of deferred debt issuance cost												$ 2,180

Stockholders' Equity

9 Months Ended

Sep. 28, 2024

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

Basic earnings (loss) per share was computed by dividing net income (loss) by the number of weighted average shares of common stock outstanding during the period. Diluted earnings (loss) per share was calculated to give effect to all potentially issuable dilutive shares of common stock using the treasury stock method. In the quarter ended September 30, 2023 and nine months ended September 28, 2024 and September 30, 2023, all potentially dilutive securities were excluded from the diluted weighted average share calculation because the Company incurred a net loss in each of those periods and their inclusion would be anti-dilutive.

The weighted average number of shares used in the basic and diluted earnings (loss) per share calculation is as follows:


	Quarters Ended		Nine Months Ended
	September 28, 2024	September 30, 2023	September 28, 2024	September 30, 2023
Basic weighted average shares outstanding	352,107	350,667	351,891	350,534
Effect of potentially dilutive securities:

Restricted stock units	2,727	—	—	—
Employee stock purchase plan and other	5	—	—	—
Diluted weighted average shares outstanding	354,839	350,667	351,891	350,534

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


	Quarters Ended		Nine Months Ended
	September 28, 2024	September 30, 2023	September 28, 2024	September 30, 2023
Stock options	250	250	250	250
Restricted stock units	553	4,592	1,783	4,343
Employee stock purchase plan and other	—	8	5	12

On February 2, 2022, the Company’s Board of Directors approved a 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. Unless terminated earlier by the Company’s Board of Directors, the program will expire on December 28, 2024. 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 allows the Company to repurchase shares in the open market during periods in which the stock trading window is otherwise closed for the Company, the Company’s directors and certain of the Company’s officers and employees pursuant to the Company’s insider trading policy. The Company did not repurchase any shares under the program in the quarters and nine months ended September 28, 2024 and September 30, 2023. At September 28, 2024, the remaining repurchase authorization under the share repurchase program totaled $575,013. Share repurchases are currently prohibited under the Senior Secured Credit Facility. See Note “Debt” for additional information.

Financial Instruments and Risk Management - Effect of Cash Flow Hedge Derivative Instruments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Derivatives, Fair Value [Line Items]
Amount of Gain (Loss) Reclassified from AOCI into Net Income (Loss) on Cash Flow Hedges	$ 4,336	$ 1,818	$ 11,500	$ 7,887
Cost of sales	546,663	611,513	1,703,881	1,891,375
Selling, general and administrative expenses	287,442	268,751	927,851	812,446
Interest expense, net	48,606	56,648	149,511	160,586
Loss from discontinued operations, net of tax	(2,428)	(32,822)	(172,775)	(30,246)
Accumulated Other Comprehensive Loss
Derivatives, Fair Value [Line Items]
Amount of Gain (Loss) Recognized in AOCI on Cash Flow Hedges	(8,242)	12,069	10,670	15,034
Accumulated Other Comprehensive Loss \| Forward foreign exchange contract
Derivatives, Fair Value [Line Items]
Amount of Gain (Loss) Recognized in AOCI on Cash Flow Hedges	(2,100)	6,541	3,200	7,547
Accumulated Other Comprehensive Loss \| Interest rate contract
Derivatives, Fair Value [Line Items]
Amount of Gain (Loss) Recognized in AOCI on Cash Flow Hedges	(6,142)	5,528	7,470	10,352
Accumulated Other Comprehensive Loss \| Cross-currency swap contract
Derivatives, Fair Value [Line Items]
Amount of Gain (Loss) Recognized in AOCI on Cash Flow Hedges	0	0	0	(2,865)
Cost of sales \| Forward foreign exchange contract
Derivatives, Fair Value [Line Items]
Amount of Gain (Loss) Reclassified from AOCI into Net Income (Loss) on Cash Flow Hedges	906	1,119	2,876	5,120
Selling, general and administrative expenses \| Cross-currency swap contract
Derivatives, Fair Value [Line Items]
Amount of Gain (Loss) Reclassified from AOCI into Net Income (Loss) on Cash Flow Hedges	0	0	0	973
Interest expense, net \| Interest rate contract
Derivatives, Fair Value [Line Items]
Amount of Gain (Loss) Reclassified from AOCI into Net Income (Loss) on Cash Flow Hedges	2,680	1,897	6,838	3,204
Interest expense, net \| Cross-currency swap contract
Derivatives, Fair Value [Line Items]
Amount of Gain (Loss) Reclassified from AOCI into Net Income (Loss) on Cash Flow Hedges	0	0	0	581
Loss from discontinued operations, net of tax \| Forward foreign exchange contract
Derivatives, Fair Value [Line Items]
Amount of Gain (Loss) Reclassified from AOCI into Net Income (Loss) on Cash Flow Hedges	$ 750	$ (1,198)	$ 1,786	$ (1,991)

Business Segment Information - Net Sales (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2024 USD ($) numberOfSegments	Sep. 30, 2023 USD ($)	Sep. 28, 2024 USD ($)	Sep. 30, 2023 USD ($)
Schedule Of Sales Revenue By Business Segment [Line Items]
Number of operating segments \| numberOfSegments	2
Net sales	$ 937,103	$ 961,294	$ 2,710,709	$ 2,880,328
U.S.
Schedule Of Sales Revenue By Business Segment [Line Items]
Net sales	678,345	684,990	1,962,390	2,035,923
International
Schedule Of Sales Revenue By Business Segment [Line Items]
Net sales	259,146	255,784	747,234	776,529
Other
Schedule Of Sales Revenue By Business Segment [Line Items]
Net sales	$ (388)	$ 20,520	$ 1,085	$ 67,876

- 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
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479941/924-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

Stockholders' Equity (Tables)

9 Months Ended

Sep. 28, 2024

Equity [Abstract]

Schedule of Basic and Diluted Weighted Average Shares Outstanding

The weighted average number of shares used in the basic and diluted earnings (loss) per share calculation is as follows:


	Quarters Ended		Nine Months Ended
	September 28, 2024	September 30, 2023	September 28, 2024	September 30, 2023
Basic weighted average shares outstanding	352,107	350,667	351,891	350,534
Effect of potentially dilutive securities:

Restricted stock units	2,727	—	—	—
Employee stock purchase plan and other	5	—	—	—
Diluted weighted average shares outstanding	354,839	350,667	351,891	350,534

Schedule of Antidilutive Securities Excluded from the Diluted Weighted Average Share Calculation

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


	Quarters Ended		Nine Months Ended
	September 28, 2024	September 30, 2023	September 28, 2024	September 30, 2023
Stock options	250	250	250	250
Restricted stock units	553	4,592	1,783	4,343
Employee stock purchase plan and other	—	8	5	12

Revenue Recognition (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Revenue Recognition (Details) - USD ($) $ in Thousands	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Disaggregation of Revenue
Net sales	$ 937,103	$ 961,294	$ 2,710,709	$ 2,880,328
Third-party brick-and-mortar wholesale
Disaggregation of Revenue
Net sales	609,537	633,464	1,778,910	1,993,391
Consumer-directed
Disaggregation of Revenue
Net sales	$ 327,566	$ 327,830	$ 931,799	$ 886,937

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

+ References

+ Details

Stockholders' Equity Schedule of Basic and Diluted Weighted Average Shares (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Weighted Average Number of Shares Outstanding Reconciliation
Basic weighted average shares outstanding	352,107	350,667	351,891	350,534
Diluted weighted average shares outstanding	354,839	350,667	351,891	350,534
Restricted stock units
Effect of potentially dilutive securities:
Incremental common shares attributable to dilutive effect of share-based payment arrangements	2,727	0	0	0
Employee stock purchase plan and other
Effect of potentially dilutive securities:
Incremental common shares attributable to dilutive effect of share-based payment arrangements	5	0	0	0

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023	Dec. 30, 2023
Operating activities:
Net income (loss)	$ 29,951	$ (38,799)	$ (307,551)	$ (95,667)
Adjustments to reconcile net loss to net cash from operating activities:
Depreciation			58,506	56,246
Amortization of acquisition intangibles			10,127	12,478
Other amortization			8,195	9,856
Impairment of long-lived assets and goodwill			76,746	0
Inventory write-down charges, net of recoveries			113,528	0
Loss on extinguishment of debt			0	8,466
Loss on sale of business and classification of assets held for sale			50,330	3,641
Amortization of debt issuance costs and debt discount			7,648	6,577
Other			25,281	8,984
Changes in assets and liabilities:
Accounts receivable			(86,606)	12,169
Inventories			55,836	444,592
Other assets			(12,886)	(20,833)
Accounts payable			85,057	(125,411)
Accrued pension and postretirement benefits			(2,617)	4,181
Accrued liabilities and other			115,218	(37,935)
Net cash from operating activities			196,812	287,344
Investing activities:
Capital expenditures			(32,179)	(35,790)
Proceeds from sales of assets			12,336	172
Proceeds from (payments for) disposition of business			(12,000)	1,300
Other			0	18,941
Net cash from investing activities			(31,843)	(15,377)
Financing activities:
Borrowings on Term Loan Facilities			0	891,000
Repayments on Term Loan Facilities			(29,500)	(29,500)
Borrowings on Accounts Receivable Securitization Facility			1,611,000	1,728,500
Repayments on Accounts Receivable Securitization Facility			(1,617,000)	(1,737,500)
Borrowings on Revolving Loan Facilities			613,500	1,616,500
Repayments on Revolving Loan Facilities			(613,500)	(1,908,500)
Borrowings on Senior Notes			0	600,000
Repayments on Senior Notes			0	(1,436,884)
Payments to amend and refinance credit facilities			(712)	(28,503)
Other			(3,949)	(2,884)
Net cash from financing activities			(40,161)	(307,771)
Effect of changes in foreign exchange rates on cash			(3,398)	(11,518)
Change in cash and cash equivalents			121,410	(47,322)
Cash and cash equivalents at beginning of year			205,501	238,413	$ 238,413
Cash and cash equivalents at end of period	326,911	191,091	326,911	191,091	205,501
Balances included in the Condensed Consolidated Balance Sheets:
Cash and cash equivalents	317,301	172,787	317,301	172,787	185,717
Cash and cash equivalents at end of period	326,911	191,091	326,911	191,091
Supplemental Cash Flow Information:
Capital expenditures incurred but not yet paid			3,514		$ 18,550
Discontinued Operations, Held-for-sale \| Global Champion and U.S.-Based Outlet Store Businesses
Balances included in the Condensed Consolidated Balance Sheets:
Cash and cash equivalents included in current assets held for sale	$ 9,610	$ 18,304	$ 9,610	$ 18,304

Business Segment Information - Restructuring and Other Action-Related Charges - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023	Dec. 30, 2023
Segment Reporting, Other Significant Reconciling Item [Line Items]
(Gain) loss on sale of business and classification of assets held for sale			$ 50,330	$ 3,641
Loss on extinguishment of debt			0	8,466
Employee termination and other benefits			74,681
Employee termination and other benefit payments and other related adjustments			19,178
Operating profit
Segment Reporting, Other Significant Reconciling Item [Line Items]
Restructuring and other action-related charges	$ 19,168	$ 2,710	223,392	22,414
Operating profit \| Supply chain restructuring and consolidation
Segment Reporting, Other Significant Reconciling Item [Line Items]
Restructuring and other action-related charges	10,710	660	169,624	2,412
Operating profit \| Corporate asset impairment charges
Segment Reporting, Other Significant Reconciling Item [Line Items]
Restructuring and other action-related charges	0	0	20,107	0
Operating profit \| Headcount actions and related severance
Segment Reporting, Other Significant Reconciling Item [Line Items]
Restructuring and other action-related charges	(1,245)	2,531	17,853	4,420
Operating profit \| (Gain) loss on sale of business and classification of assets held for sale \| U.S. Sheer Hosiery business
Segment Reporting, Other Significant Reconciling Item [Line Items]
Restructuring and other action-related charges	0	(1,558)	0	3,641
Cost of sales
Segment Reporting, Other Significant Reconciling Item [Line Items]
Restructuring and other action-related charges	1,117	1,529	89,941	3,281
Cost of sales \| Supply chain restructuring and consolidation
Segment Reporting, Other Significant Reconciling Item [Line Items]
Restructuring and other action-related charges	1,117		79,510
Cost of sales \| Supply chain restructuring and consolidation \| Inventory SKU rationalization
Segment Reporting, Other Significant Reconciling Item [Line Items]
Restructuring and other action-related charges			48,000
Cost of sales \| Supply chain restructuring and consolidation \| Headcount actions and related severance in supply chain facilities
Segment Reporting, Other Significant Reconciling Item [Line Items]
Restructuring and other action-related charges			26,000
Cost of sales \| Corporate asset impairment charges \| Impairment related to a contract termination
Segment Reporting, Other Significant Reconciling Item [Line Items]
Restructuring and other action-related charges			10,395
Selling, general and administrative expenses
Segment Reporting, Other Significant Reconciling Item [Line Items]
Restructuring and other action-related charges	18,051	1,181	133,451	19,133
Selling, general and administrative expenses \| Supply chain restructuring and consolidation
Segment Reporting, Other Significant Reconciling Item [Line Items]
Restructuring and other action-related charges	9,593		90,114
Selling, general and administrative expenses \| Supply chain restructuring and consolidation \| Headcount actions and related severance in supply chain facilities
Segment Reporting, Other Significant Reconciling Item [Line Items]
Restructuring and other action-related charges	1,943		6,024
Selling, general and administrative expenses \| Supply chain restructuring and consolidation \| Impairment of owned and leased corporate facilities
Segment Reporting, Other Significant Reconciling Item [Line Items]
Restructuring and other action-related charges			72,047
Selling, general and administrative expenses \| Supply chain restructuring and consolidation \| Accelerated amortization of right of use assets related to supply chain facilities
Segment Reporting, Other Significant Reconciling Item [Line Items]
Restructuring and other action-related charges	6,309		8,343
Selling, general and administrative expenses \| Corporate asset impairment charges \| Impairment of owned and leased corporate facilities
Segment Reporting, Other Significant Reconciling Item [Line Items]
Restructuring and other action-related charges			9,712
Selling, general and administrative expenses \| (Gain) loss on sale of business and classification of assets held for sale \| Continuing Operations, Disposal Group, Held-for-sale \| U.S. Sheer Hosiery business
Segment Reporting, Other Significant Reconciling Item [Line Items]
(Gain) loss on sale of business and classification of assets held for sale		(1,558)		3,641
Other expenses
Segment Reporting, Other Significant Reconciling Item [Line Items]
Restructuring and other action-related charges	0	0	0	8,350
Other expenses \| Cross-currency swap contract
Segment Reporting, Other Significant Reconciling Item [Line Items]
Amount of Gain (Loss) Recognized in Net Income (Loss)	0	0	0	116
Other expenses \| Redemption of 4.625% Senior Notes and 3.5% Senior Notes
Segment Reporting, Other Significant Reconciling Item [Line Items]
Loss on extinguishment of debt	0	0	0	8,466
Write off of deferred debt issuance cost				3,834
Other expenses \| Redemption of 3.5% Senior Notes
Segment Reporting, Other Significant Reconciling Item [Line Items]
Redemption premium				4,632
Write off of deferred debt issuance cost				1,654
Interest expense, net
Segment Reporting, Other Significant Reconciling Item [Line Items]
Restructuring and other action-related charges	0	0	0	(1,254)
Interest expense, net \| Cross-currency swap contract
Segment Reporting, Other Significant Reconciling Item [Line Items]
Amount of Gain (Loss) Recognized in Net Income (Loss)	0	$ 0	0	$ 1,254
Accrued liabilities
Segment Reporting, Other Significant Reconciling Item [Line Items]
Other employee-related liabilities, current	$ 66,393		66,393		$ 10,890
Continuing Operations
Segment Reporting, Other Significant Reconciling Item [Line Items]
Employee termination and other benefits			49,005
Continuing Operations \| Cost of sales
Segment Reporting, Other Significant Reconciling Item [Line Items]
Employee termination and other benefits			26,000
Continuing Operations \| Selling, general and administrative expenses
Segment Reporting, Other Significant Reconciling Item [Line Items]
Employee termination and other benefits			23,005
Discontinued Operations \| Loss from discontinued operations, net of tax
Segment Reporting, Other Significant Reconciling Item [Line Items]
Employee termination and other benefits			$ 25,676

Revenue Recognition (Tables)

9 Months Ended

Sep. 28, 2024

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

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


	Quarters Ended				Nine Months Ended
	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Third-party brick-and-mortar wholesale	$	609,537	$	633,464	$	1,778,910	$	1,993,391
Consumer-directed	327,566		327,830		931,799		886,937
Total net sales	$	937,103	$	961,294	$	2,710,709	$	2,880,328

Financial Instruments and Risk Management

9 Months Ended

Sep. 28, 2024

Disclosure Financial Instruments and Risk Management [Abstract]

Financial Instruments and Risk Management

The Company uses forward foreign exchange contracts and has used cross-currency swap contracts to manage its exposures to movements in foreign exchange rates primarily related to the Australian dollar, Mexican peso, Canadian dollar and Japanese yen and uses interest rate contracts to manage its exposures to movements in interest rates. The Company has also used 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	September 28, 2024		December 30, 2023
U.S. dollar equivalent notional amount of derivative instruments:
Forward foreign exchange contracts	Cash Flow and Mark to Market	$	202,055	$	308,760
Interest rate contracts	Cash Flow	$	900,000	$	900,000

Fair Values of Derivative Instruments


	Balance Sheet Location	Fair Value
		September 28, 2024		December 30, 2023
Derivatives designated as hedging instruments:
Forward foreign exchange contracts	Other current assets	$	346	$	57
Interest rate contracts	Other current assets	601		23




Derivatives not designated as hedging instruments:
Forward foreign exchange contracts	Other current assets	760		142
Total derivative assets		1,707		222

Derivatives designated as hedging instruments:
Forward foreign exchange contracts	Accrued liabilities	(1,750)		(2,508)

Forward foreign exchange contracts	Other noncurrent liabilities	(260)		(290)
Interest rate contracts	Other noncurrent liabilities	(5,297)		(5,929)

Derivatives not designated as hedging instruments:
Forward foreign exchange contracts	Accrued liabilities	(1,884)		(2,784)
Total derivative liabilities		(9,191)		(11,511)

Net derivative liability		$	(7,484)	$	(11,289)

Cash Flow Hedges

The Company uses forward foreign exchange contracts and has used 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. The Company also uses interest rate contracts to reduce the effect of the variability in future interest payments on variable-rate debt to lock in certainty of future cash flows.

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. These cross-currency swap contracts swapped 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. In February 2023, in connection with the redemption of the 3.5% Senior Notes, the Company unwound these cross-currency swap contracts, which had an original maturity date of June 15, 2024. The Company paid $30,935 to settle the cross-currency swap contracts, which was reported in “Net cash from operating activities” in the Condensed Consolidated Statements of Cash Flows in the nine months ended September 30, 2023. The remaining gain in AOCI of $1,254 was released into earnings at the time of settlement and is recorded in the “Interest expense, net” line in the Condensed Consolidated Statements of Operations in the nine months ended September 30, 2023. The Company had no cross-currency swap contracts designated as cash flow hedges as of September 28, 2024 or December 30, 2023.

In March 2023, the Company entered into an interest rate contract with a total notional amount of $900,000, which amortizes down to $600,000 on March 31, 2025. The Company designated this interest rate contract, which matures on March 31, 2026, to hedge the variability in contractually specified interest rates above 50 basis points associated with future interest payments on a portion of the Company’s variable-rate term loans to lock in certainty of future cash flows.

The Company expects to reclassify into earnings during the next 12 months a net gain from AOCI of approximately $2,688. The Company is hedging exposure to the variability in future foreign currency-denominated cash flows for forecasted transactions over the next 18 months and the variability in future interest payments on debt over the next 18 months.

The effect of derivative instruments designated as cash flow hedges on the Condensed Consolidated Statements of Operations and AOCI is as follows:


	Amount of Gain (Loss) Recognized in AOCI on Derivative Instruments
	Quarters Ended				Nine Months Ended
	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Forward foreign exchange contracts	$	(2,100)	$	6,541	$	3,200	$	7,547
Interest rate contracts	(6,142)		5,528		7,470		10,352
Cross-currency swap contracts	—		—		—		(2,865)
Total	$	(8,242)	$	12,069	$	10,670	$	15,034


	Location of Gain (Loss) Reclassified from AOCI	Amount of Gain (Loss) Reclassified from AOCI into Net Income (Loss)
		Quarters Ended				Nine Months Ended
		September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Forward foreign exchange contracts(1)	Cost of sales	$	906	$	1,119	$	2,876	$	5,120
Forward foreign exchange contracts(1)	Loss from discontinued operations, net of tax	750		(1,198)		1,786		(1,991)
Interest rate contracts	Interest expense, net	2,680		1,897		6,838		3,204
Cross-currency swap contracts(1)	Selling, general and administrative expenses	—		—		—		973
Cross-currency swap contracts(1)	Interest expense, net	—		—		—		581
Total		$	4,336	$	1,818	$	11,500	$	7,887

(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 Operations in which the effects of cash flow hedges are recorded:


	Quarters Ended				Nine Months Ended
	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Cost of sales	$	546,663	$	611,513	$	1,703,881	$	1,891,375
Selling, general and administrative expenses	$	287,442	$	268,751	$	927,851	$	812,446
Interest expense, net	$	48,606	$	56,648	$	149,511	$	160,586
Loss from discontinued operations, net of tax	$	(2,428)	$	(32,822)	$	(172,775)	$	(30,246)

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 had an original maturity date of May 15, 2024, swapped 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 was 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. In February 2023, in connection with the redemption of the 3.5% Senior Notes, the Company de-designated the remainder of the 3.5% Senior Notes in the European net investment hedge and unwound these cross-currency swap contracts. The Company received $18,942 to settle the cross-currency swap contracts, which was reported in “Net cash from investing activities” in the Condensed Consolidated Statements of Cash Flows in the nine months ended September 30, 2023. There was a cumulative gain of $5,525 from the designated portion of the 3.5% Senior Notes and a cumulative gain of $19,001 from the cross-currency swap contracts that has remained in cumulative translation adjustment, a component of AOCI, until the net investment in the Company’s EUR-functional subsidiaries is sold, liquidated, or substantially liquidated, which occurred upon completion of the sale of the global Champion business in the fourth quarter of 2024. The Company had no derivative or nonderivative financial instruments designated as net investment hedges as of September 28, 2024 or December 30, 2023.


	Amount of Gain (Loss) Recognized in AOCI
	Quarters Ended				Nine Months Ended
	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Euro-denominated long-term debt	$	—	$	—	$	—	$	(469)
Cross-currency swap contracts	—		—		—		531
Total	$	—	$	—	$	—	$	62

The effect of derivative instruments designated as net investment hedges on the Condensed Consolidated Statements of Operations are as follows:


	Location of Gain (Loss) Reclassified from AOCI	Amount of Gain (Loss) Reclassified from AOCI into Net Income (Loss)
		Quarters Ended				Nine Months Ended
		September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023


Cross-currency swap contracts (amounts excluded from effectiveness testing)	Interest expense, net	$	—	$	—	$	—	$	960

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


	Quarters Ended				Nine Months Ended
	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023

Interest expense, net (amounts excluded from effectiveness testing)	$	48,606	$	56,648	$	149,511	$	160,586

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 Operations is as follows:


	Location of Gain (Loss)	Amount of Gain (Loss) Recognized in Net Income (Loss)
		Quarters Ended				Nine Months Ended
		September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Forward foreign exchange contracts	Cost of sales	$	(1,811)	$	69	$	(865)	$	(1,159)
Forward foreign exchange contracts	Selling, general and administrative expenses	—		—		—		222
Forward foreign exchange contracts	Loss from discontinued operations, net of tax	(2,021)		4,127		294		4,080
Total		$	(3,832)	$	4,196	$	(571)	$	3,143

Accumulated Other Comprehensive Loss (Tables)

9 Months Ended

Sep. 28, 2024

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 June 29, 2024	$	(261,663)	$	5,781	$	(410,318)	$	146,609	$	(519,591)
Amounts reclassified from accumulated other comprehensive loss	—		(4,336)		3,863		520		47
Current-period other comprehensive income (loss) activity	53,550		(8,242)		702		29		46,039
Total other comprehensive income (loss)	53,550		(12,578)		4,565		549		46,086

Balance at September 28, 2024	$	(208,113)	$	(6,797)	$	(405,753)	$	147,158	$	(473,505)


	Cumulative Translation Adjustment(1)		Cash Flow Hedges		Defined Benefit Plans		Income Taxes		Accumulated Other Comprehensive Loss
Balance at December 30, 2023	$	(213,482)	$	(5,967)	$	(419,835)	$	146,973	$	(492,311)
Amounts reclassified from accumulated other comprehensive loss	—		(11,500)		13,251		1,646		3,397
Current-period other comprehensive income (loss) activity	5,369		10,670		831		(1,461)		15,409
Total other comprehensive income (loss)	5,369		(830)		14,082		185		18,806

Balance at September 28, 2024	$	(208,113)	$	(6,797)	$	(405,753)	$	147,158	$	(473,505)


	Cumulative Translation Adjustment(1)		Cash Flow Hedges		Defined Benefit Plans		Income Taxes		Accumulated Other Comprehensive Loss
Balance at July 1, 2023	$	(236,672)	$	5,605	$	(429,227)	$	146,119	$	(514,175)
Amounts reclassified from accumulated other comprehensive loss	—		(1,818)		4,077		136		2,395
Current-period other comprehensive income (loss) activity	(53,517)		12,069		48		(1,917)		(43,317)
Total other comprehensive income (loss)	(53,517)		10,251		4,125		(1,781)		(40,922)

Balance at September 30, 2023	$	(290,189)	$	15,856	$	(425,102)	$	144,338	$	(555,097)


	Cumulative Translation Adjustment(1)		Cash Flow Hedges		Defined Benefit Plans		Income Taxes		Accumulated Other Comprehensive Loss
Balance at December 31, 2022	$	(228,803)	$	8,709	$	(437,353)	$	145,439	$	(512,008)
Amounts reclassified from accumulated other comprehensive loss	—		(7,887)		12,231		1,422		5,766
Current-period other comprehensive income (loss) activity	(61,386)		15,034		20		(2,523)		(48,855)
Total other comprehensive income (loss)	(61,386)		7,147		12,251		(1,101)		(43,089)

Balance at September 30, 2023	$	(290,189)	$	15,856	$	(425,102)	$	144,338	$	(555,097)

Schedule of Reclassifications out of Accumulated Other Comprehensive Loss

The Company had the following reclassifications out of AOCI:


Component of AOCI	Location of Reclassification from AOCI	Amount of Reclassification from AOCI into Net Income (Loss)
		Quarters Ended				Nine Months Ended
		September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023


Gain (loss) on forward foreign exchange contracts designated as cash flow hedges	Cost of sales	$	906	$	1,119	$	2,876	$	5,120
	Income tax	(298)		(446)		(898)		(1,799)
	Loss from discontinued operations, net of tax	532		(889)		1,270		(1,496)
	Net of tax	1,140		(216)		3,248		1,825

Gain on interest rate contracts designated as cash flow hedges	Interest expense, net	2,680		1,897		6,838		3,204
	Income tax	—		—		—		—
	Net of tax	2,680		1,897		6,838		3,204

Gain on cross-currency swap contracts designated as cash flow hedges	Selling, general and administrative expenses	—		—		—		973
	Interest expense, net	—		—		—		581
	Income tax	—		—		—		—
	Net of tax	—		—		—		1,554

Amortization of deferred actuarial loss and prior service cost and settlement cost	Other expenses	(3,863)		(4,077)		(13,251)		(12,231)
	Income tax	(4)		1		(232)		(118)

	Net of tax	(3,867)		(4,076)		(13,483)		(12,349)

Total reclassifications		$	(47)	$	(2,395)	$	(3,397)	$	(5,766)

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 28, 2024	Dec. 30, 2023	Sep. 30, 2023
Assets
Cash and cash equivalents	$ 317,301	$ 185,717	$ 172,787
Trade accounts receivable, net	505,614	451,052	572,744
Inventories	927,754	972,654	1,066,161
Other current assets	187,541	117,057	155,289
Current assets held for sale	401,492	549,735	628,775
Total current assets	2,339,702	2,276,215	2,595,756
Property, net	198,006	354,410	356,474
Right-of-use assets	255,799	281,898	279,417
Trademarks and other identifiable intangibles, net	954,945	959,851	928,425
Goodwill	667,468	664,805	650,263
Deferred tax assets	19,740	18,176	5,267
Other noncurrent assets	120,333	139,151	148,464
Noncurrent assets held for sale	905,605	945,808	949,222
Total assets	5,461,598	5,640,314	5,913,288
Liabilities and Stockholders’ Equity
Accounts payable	684,838	580,285	628,765
Accrued liabilities	544,071	421,805	432,553
Lease liabilities	71,604	70,490	70,701
Accounts Receivable Securitization Facility	0	6,000	200,500
Current portion of long-term debt	59,000	59,000	59,000
Current liabilities held for sale	215,949	252,988	263,759
Total current liabilities	1,575,462	1,390,568	1,655,278
Long-term debt	3,211,248	3,235,640	3,310,256
Lease liabilities - noncurrent	231,262	239,686	234,149
Pension and postretirement benefits	89,385	103,456	107,129
Other noncurrent liabilities	104,356	123,918	201,859
Noncurrent liabilities held for sale	100,541	127,693	130,581
Total liabilities	5,312,254	5,220,961	5,639,252
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 - 351,779,995, 350,137,826 and 350,022,378, respectively	3,518	3,501	3,500
Additional paid-in capital	371,966	353,367	348,837
Retained earnings	247,365	554,796	476,796
Accumulated other comprehensive loss	(473,505)	(492,311)	(555,097)
Total stockholders’ equity	149,344	419,353	274,036
Total liabilities and stockholders’ equity	$ 5,461,598	$ 5,640,314	$ 5,913,288

Recent Accounting Pronouncements	9 Months Ended
Recent Accounting Pronouncements	Sep. 28, 2024
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. In December 2022, the FASB deferred the expiration date of Topic 848 with the issuance of ASU 2022-06, “Reference Rate Reform: Deferral of the Sunset Date of Topic 848.” The new accounting rules extend the relief in Topic 848 beyond the cessation date of USD London Interbank Offered Rate (“LIBOR”). The new accounting rules must be adopted by the fourth quarter of 2024. The Company’s contracts referencing LIBOR have previously been amended or replaced with Secured Overnight Financing Rate (“SOFR”) based contracts. The Company does not expect the new accounting rules to have an impact on the Company’s 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, the obligation amount the buyer has confirmed as valid to the finance provider and a rollforward of the obligation. The accounting rules do not impact the recognition, measurement, or financial statement presentation of supplier finance program obligations. The disclosure of the obligation rollforward is effective for the Company for annual periods beginning in 2024 and all other disclosures were effective for the Company in the first quarter of 2023. While the new accounting rules did not have any impact on the Company’s financial condition, results of operations or cash flows, the adoption of the new accounting rules did result in additional disclosures for the Company beginning in the first quarter of 2023, which are included in Note “Accounts Receivable and Supplier Finance Programs”. Leases In March 2023, the FASB issued ASU 2023-01, “Leases (Topic 842): Common Control Arrangements.” The new accounting rules require that leasehold improvements associated with common control leases be amortized by the lessee over the useful life of the leasehold improvements to the common control group (regardless of the lease term) as long as the lessee controls the use of the underlying asset (the leased asset) through a lease. These leases should also be accounted for as a transfer between entities under common control through an adjustment to equity if, and when, the lessee no longer controls the use of the underlying asset. The new accounting rules were effective for the Company in the first quarter of 2024. The adoption of the new accounting rules did not have a material impact on the Company’s financial condition, results of operations, cash flows and disclosures. Segment Reporting In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” The new accounting rules are designed to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The new accounting rules will be effective for the Company for annual periods beginning in 2024 and interim periods beginning in 2025. Early adoption is permitted. While the new accounting rules will not have any impact on the Company’s financial condition, results of operations or cash flows, the adoption of the new accounting rules will result in additional disclosures. Income Taxes In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” The new accounting rules on income tax disclosures require entities to disclose (1) specific categories in the rate reconciliation, (2) the income or loss from continuing operations before income tax expense or benefit as separated between domestic and foreign and (3) income tax expense or benefit from continuing operations as separated by federal, state, and foreign. The new accounting rules also require entities to disclose their income tax payments to federal, state and local jurisdictions, and international, among other changes. The new accounting rules will be effective for the Company for the annual periods beginning in 2025 and should be applied on a prospective basis, but retrospective application is permitted. Early adoption is permitted. While the new accounting rules will not have any impact on the Company’s financial condition, results of operations or cash flows, the adoption of the new accounting rules will result in additional disclosures.

- Definition

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

+ References

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+ Details

Income Taxes	9 Months Ended
Income Taxes	Sep. 28, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes In the quarter ended September 28, 2024, income tax expense was $12,508 resulting in an effective income tax rate of 27.9% and in the quarter ended September 30, 2023, income tax expense was $21,280 resulting in an effective income tax rate of 139.1%. In the nine months ended September 28, 2024, income tax expense was $34,723 resulting in an effective income tax rate of (34.7)% and in the nine months ended September 30, 2023, income tax expense was $50,286 resulting in an effective income tax rate of (332.2)%. The Company's effective tax rates for the quarters and nine months ended September 28, 2024 and September 30, 2023 primarily differ from the U.S. statutory rate due to valuation allowances against certain net deferred tax assets. Additionally, the Company had unfavorable discrete items of $1,198 and favorable discrete items of $424 for the quarter and nine months ended September 28, 2024, respectively, and favorable discrete items of $3,539 and unfavorable discrete items of $4,175 for the quarter and nine months ended September 30, 2023, respectively. The Organization for Economic Co-operation and Development (the “OECD”), an international association of 38 countries including the U.S., has proposed changes to numerous long-standing tax principles, including a global minimum tax initiative. On December 12, 2022, the European Union member states agreed to implement the OECD’s Pillar 2 global corporate minimum tax rate of 15% on companies with revenues of at least $790,000, which went into effect in 2024. While there is uncertainty whether the U.S. will enact legislation to adopt Pillar 2, certain countries in which the Company operates have adopted legislation, and other countries are in the process of introducing legislation to implement Pillar 2. The Company does not expect Pillar 2 to have a material impact on its effective tax rate or its consolidated results of operations, financial position and cash flows for 2024. The Company is continuing to monitor the developing laws of Pillar 2 and its potential impact on future periods.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

Assets and Liabilities of Businesses Held for Sale

9 Months Ended

Sep. 28, 2024

Discontinued Operations and Disposal Groups [Abstract]

Assets and Liabilities of Businesses Held for Sale

Assets and liabilities of businesses classified as held for sale in the Condensed Consolidated Balance Sheets consist of the following:


	September 28, 2024		December 30, 2023		September 30, 2023
Global Champion business - discontinued operations	$	401,492	$	513,247	$	590,177
U.S.-based outlet store business - discontinued operations	—		36,488		38,598
Current assets held for sale	$	401,492	$	549,735	$	628,775

Global Champion business - discontinued operations	$	905,605	$	926,141	$	925,675
U.S.-based outlet store business - discontinued operations	—		19,667		23,547
Noncurrent assets held for sale	$	905,605	$	945,808	$	949,222

Global Champion business - discontinued operations	$	215,949	$	245,272	$	254,447
U.S.-based outlet store business - discontinued operations	—		7,716		9,312
Current liabilities held for sale	$	215,949	$	252,988	$	263,759

Global Champion business - discontinued operations	$	100,541	$	120,247	$	121,872
U.S.-based outlet store business - discontinued operations	—		7,446		8,709
Noncurrent liabilities held for sale	$	100,541	$	127,693	$	130,581

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 transformation plan and determined that this business met held-for-sale accounting criteria. The Company recorded a non-cash charge in the fourth quarter of 2021 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. In 2022, the Company recorded a non-cash gain to adjust the valuation allowance primarily resulting from a decrease in carrying value due to changes in working capital. In the quarter and nine months ended September 30, 2023, the Company recognized a gain of $1,558 and a loss, net of proceeds, of $3,641, respectively, which are reflected in the “Selling, general and administrative expenses” line in the Condensed Consolidated Statements of Operations, associated with the sale of the U.S. Sheer Hosiery business and adjustments to the related valuation allowance prior to the sale primarily resulting from changes in carrying value due to changes in working capital. The operations of the U.S. Sheer Hosiery business were reported in Other for the quarter and nine months ended September 30, 2023 in Note “Business Segment Information”.

The Company completed the sale of its U.S. Sheer Hosiery business to AllStar Hosiery LLC, an affiliate of AllStar Marketing Group, LLC, on September 29, 2023 for $3,300 in total proceeds, which included cash of $1,300 and a receivable of $2,000, which was included in the “Other current assets” line in the Condensed Consolidated Balance Sheets at December 30, 2023.

Discontinued Operations

In the second quarter of 2024, the Company reached the decision to exit the global Champion and U.S.-based outlet store businesses and determined that the exit of these two businesses represented multiple components of a single strategic plan that met held-for-sale and discontinued operations accounting criteria at the end of the second quarter of 2024. Accordingly, the Company began to separately report the results of the global Champion and U.S.-based outlet store businesses as discontinued operations in its Condensed Consolidated Statements of Operations and to present the related assets and liabilities as held for sale in its Condensed Consolidated Balance Sheets. In addition, certain expenses related to the operations of the global Champion and U.S.-based outlet store businesses were included in general corporate expenses, restructuring and other action-related charges and amortization of intangibles, which were previously excluded from segment operating profit, and have been reclassified to discontinued operations beginning in the second quarter of 2024. These changes have been applied to all periods presented. See Note “Basis of Presentation” for additional information.

While the operations of the global Champion business were reflected within all reportable segments prior to its reclassification to discontinued operations, the U.S. Champion business made up the majority of the Company’s former Activewear segment. The operations of the U.S.-based outlet store business were reported in Other in Note “Business Segment Information” prior to its reclassification to discontinued operations. See Note “Business Segment Information” for additional discussion regarding realignment of the Company’s reportable segments.

Global Champion Business

In the second quarter of 2024, the Company announced that it had reached an agreement to sell the intellectual property and certain operating assets of the global Champion business to Authentic Brands Group LLC (“Authentic”). Pursuant to the agreement, as amended, the Company completed the sale of the intellectual property and certain operating assets of the global Champion business to Authentic subsequent to the Company’s third quarter on September 30, 2024 (the “Initial Closing”) in exchange for gross cash proceeds of $857,450 and a receivable of $12,162. In addition, the Company has the potential to receive additional contingent cash consideration of up to $300,000 pursuant to the agreement. The Company will continue to provide certain transition services to Authentic pursuant to the terms of the Transition Services Agreement entered into among the Company, Authentic and the applicable service recipients and will continue to operate the Champion business in certain sectors and geographies through a transition period ending on January 31, 2025 (the “Deferred Business”). At the end of the transition period, Authentic will purchase from the Company certain remaining assets of the Deferred Business. The global Champion business sale transaction excluded the operating assets of the Champion business in Japan, and the Company will continue to operate the Champion business in Japan as a licensee of Authentic pursuant to the terms of a license agreement entered into at the Initial Closing. The Company used net sale proceeds from the Initial Closing of $783,208, which excludes customary transaction costs and other deductions permitted under the Company’s senior secured credit facility (the “Senior Secured Credit Facility”), to pay down a portion of the Company’s outstanding term debt in October 2024.

U.S.-Based Outlet Store Business

In the second quarter of 2024, the Company began actively marketing its U.S.-based outlet store business to prospective buyers. In July 2024, the Company entered into a purchase agreement with Restore Capital (HCR Stores), LLC (“Restore”), an affiliate of Hilco Merchant Resources, LLC, and completed the exit of the U.S.-based outlet store business. Under the purchase agreement, the Company agreed to pay Restore $12,000 at closing and an additional $3,000 in January 2025 and to provide certain inventory to Restore, in exchange for Restore agreeing to assume the operations and certain liabilities of the Company’s U.S.-based outlet store business. As of September 28, 2024, the Company had a valuation allowance of $13,979 for the full balance of the remaining inventory that had not yet been transferred to Restore. The remaining inventory balance as of September 28, 2024 is reflected in the “Inventories” line and the offsetting valuation allowance is reflected in the “Valuation allowance - U.S.-based outlet store business” line in the “Assets and liabilities of the discontinued operations of the global Champion and U.S.-based outlet store businesses” table below. The agreement with Restore did not include Champion-branded U.S. retail stores, which were addressed in accordance with the purchase agreement governing the sale of the global Champion business to Authentic, which was completed subsequent to the Company’s third quarter on September 30, 2024.

Upon meeting the criteria for held-for-sale classification in the second quarter of 2024, which qualified as a triggering event, the Company performed an impairment analysis of the goodwill associated with the Company’s U.S.-based outlet store business, which resulted in a non-cash impairment charge of $2,500 in the nine months ended September 28, 2024. Additionally, in the second quarter of 2024, the Company recorded a valuation allowance against the net assets held for sale, which were primarily current assets, to adjust the carrying value of the U.S.-based outlet store business to the estimated fair value less costs of disposal. In the quarter and nine months ended September 28, 2024, the Company recorded a non-cash gain of $741 and a non-cash charge of $50,330, respectively, associated with the sale of the U.S.-based outlet store business and adjustments to the related valuation allowance prior to the sale, primarily resulting from a decrease in carrying value due to changes in working capital in the quarter ended September 28, 2024. These amounts are reflected in the “(Gain) loss on sale of business and classification of assets held for sale - U.S.-based outlet store business” in the summarized discontinued operations financial information below.


	Quarters Ended				Nine Months Ended
	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Net sales	$	443,535	$	550,012	$	1,180,057	$	1,459,368
Cost of sales	297,176		429,482		830,348		1,045,580
Gross profit	146,359		120,530		349,709		413,788
Selling, general and administrative expenses	126,810		135,598		408,926		397,610
Impairment of goodwill	—		—		2,500		—
(Gain) loss on sale of business and classification of assets held for sale - U.S.-based outlet store business	(741)		—		50,330		—
Operating income (loss)	20,290		(15,068)		(112,047)		16,178
Other expenses	1		32		44		89
Interest expense, net	15,335		15,961		46,982		45,080
Income (loss) from discontinued operations before income taxes	4,954		(31,061)		(159,073)		(28,991)
Income tax expense	7,382		1,761		13,702		1,255
Loss from discontinued operations, net of tax	$	(2,428)	$	(32,822)	$	(172,775)	$	(30,246)


	September 28, 2024		December 30, 2023		September 30, 2023
Cash and cash equivalents	$	9,610	$	19,784	$	18,304
Trade accounts receivable, net	132,319		106,677		140,084
Inventories	246,844		395,364		450,618
Other current assets	26,698		27,910		19,769
Valuation allowance - U.S.-based outlet store business	(13,979)		—		—
Current assets held for sale - discontinued operations	401,492		549,735		628,775
Property, net	54,202		59,956		59,053
Right-of-use assets	117,785		147,020		148,193
Trademarks and other identifiable intangibles, net	272,761		275,853		272,583
Goodwill	446,789		447,939		442,836
Deferred tax assets	5,848		3,778		14,866
Other noncurrent assets	8,220		11,262		11,691

Noncurrent assets held for sale - discontinued operations	905,605		945,808		949,222
Total assets of discontinued operations	$	1,307,097	$	1,495,543	$	1,577,997

Accounts payable	$	119,908	$	155,967	$	161,158
Accrued liabilities	65,510		56,871		60,581
Lease liabilities	30,531		40,150		42,020
Current liabilities held for sale - discontinued operations	215,949		252,988		263,759
Lease liabilities - noncurrent	85,835		114,329		113,923
Pension and postretirement benefits	400		799		410
Other noncurrent liabilities	14,306		12,565		16,248
Noncurrent liabilities held for sale - discontinued operations	100,541		127,693		130,581
Total liabilities of discontinued operations	$	316,490	$	380,681	$	394,340


	Quarters Ended				Nine Months Ended
	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Depreciation	$	—	$	3,263	$	6,757	$	10,188
Amortization	$	—	$	2,760	$	5,453	$	8,219
Capital expenditures	$	945	$	1,567	$	4,605	$	22,093
Impairment of goodwill	$	—	$	—	$	2,500	$	—
Inventory write-down charges, net of recoveries	$	(4,135)	$	—	$	65,128	$	—
(Gain) loss on sale of business and classification of assets held for sale - U.S.-based outlet store business	$	(741)	$	—	$	50,330	$	—