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Acquisitions (Tables) | 9 Months Ended
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Sep. 30, 2017
Hanes Australasia |
Business Acquisition [Line Items] |
Schedule of acquired assets and liabilities assumed | The acquired assets and assumed liabilities at the date of acquisition (July 14, 2016) include the following:
Cash and cash equivalents | $ | 54,294 |
Accounts receivable, net | 36,019 |
Inventories | 104,806 |
Other current assets | 16,588 |
Current assets of discontinued operations | 50,839 |
Property, net | 34,835 |
Trademarks and other identifiable intangibles | 506,170 |
Deferred tax assets and other noncurrent assets | 23,687 |
Total assets acquired | 827,238 |
Accounts payable | 89,309 |
Accrued liabilities and other | 24,912 |
Current liabilities of discontinued operations | 14,564 |
Long-term debt | 41,976 |
Deferred tax liabilities and other noncurrent liabilities | 16,320 |
Total liabilities assumed | 187,081 |
Net assets acquired | 640,157 |
Goodwill | 160,714 |
Purchase price | $ | 800,871 |
Champion Europe |
Business Acquisition [Line Items] |
Schedule of acquired assets and liabilities assumed |
Cash and cash equivalents | $ | 14,581 |
Trade accounts receivable, net | 27,926 |
Inventories | 53,816 |
Other current assets | 5,976 |
Property, net | 24,605 |
Trademarks and other identifiable intangibles | 135,277 |
Deferred tax assets and other noncurrent assets | 3,777 |
Total assets acquired | 265,958 |
Accounts payable | 66,594 |
Accrued liabilities and other (including contingent consideration) | 60,887 |
Notes payable | 27,748 |
Deferred tax liabilities and other noncurrent liabilities | 20,282 |
Total liabilities assumed and contingent consideration | 175,511 |
Net assets acquired | 90,447 |
Goodwill | 109,830 |
Initial consideration paid | 200,277 |
Estimated contingent consideration | 45,277 |
Total purchase price | $ | 245,554 |
Unaudited pro forma results of operations | Consolidated unaudited pro forma results of operations for the Company are presented below assuming that the 2016 acquisitions of Hanes Australasia and Champion Europe had occurred on January 4, 2015. Pro forma operating results for the quarter and nine months ended October 1, 2016 exclude expenses totaling $751 and $6,187 respectively, for acquisition-related adjustments primarily related to inventory and stock compensation.
| Quarter Ended |  | Nine Months Ended
| September 30, 2017 |  | October 1, 2016 |  | September 30, 2017 |  | October 1, 2016
Net sales | $ | 1,799,270 |  |  | $ | 1,780,530 |  |  | $ | 4,826,235 |  |  | $ | 4,859,619 |
Net income from continuing operations | 203,356 |  |  | 172,040 |  |  | 448,602 |  |  | 448,589 |
Earnings per share from continuing operations: |  |  |  |  |  |  |
Basic | $ | 0.56 |  |  | $ | 0.45 |  |  | $ | 1.22 |  |  | $ | 1.17 |
Diluted | 0.55 |  |  | 0.45 |  |  | 1.21 |  |  | 1.16 |

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