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Business Segment Information | 6 Months Ended
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Jul. 03, 2021
Segment Reporting [Abstract] |
Business Segment Information | Business Segment Information The Company’s operations are managed and reported in three operating segments, each of which is a reportable segment for financial reporting purposes: Innerwear, Activewear and International. These segments are organized principally by product category and geographic location. Each segment has its own management team that is responsible for the operations of the segment’s businesses, but the segments share a common supply chain and media and marketing platforms. Other consists of the Company’s U.S.-based outlet stores, U.S. hosiery business and certain sales from its supply chain to the European Innerwear business. The types of products and services from which each reportable segment derives its revenues are as follows: •Innerwear includes sales in the United States of basic branded apparel products that are replenishment in nature under the product categories of men’s underwear, women’s panties, children’s underwear and socks, and intimate apparel, which includes bras and shapewear. Innerwear also includes sales of personal protective equipment including products such as cloth face coverings and gowns in 2020. •Activewear includes sales in the United States of basic branded products that are primarily seasonal in nature to both retailers and wholesalers, as well as licensed sports apparel and licensed logo apparel in collegiate bookstores, mass retailers and other channels. •International includes sales of products in all of the Company’s categories outside the United States, primarily in Australasia, Europe, Asia, Canada and Latin America. The Company evaluates the operating performance of its segments based upon segment operating profit, which is defined as operating profit before general corporate expenses, restructuring and other action-related charges and amortization of intangibles. The accounting policies of the segments are consistent with those described in Note, “Summary of Significant Accounting Policies” to the Company’s consolidated financial statements included in its Annual Report on Form 10-K for the year ended January 2, 2021.
| Quarters Ended |  | Six Months Ended
July 3, 2021 |  | June 27, 2020 |  | July 3, 2021 |  | June 27, 2020
Net sales: |  |  |  |  |  |  |
Innerwear | $ | 780,650 |  |  | $ | 1,094,814 |  |  | $ | 1,351,085 |  |  | $ | 1,517,216 |
Activewear | 404,189 |  |  | 168,379 |  |  | 768,192 |  |  | 456,379 |
International | 478,923 |  |  | 251,285 |  |  | 985,184 |  |  | 679,515 |
Other | 87,549 |  |  | 28,605 |  |  | 154,879 |  |  | 93,043 |
Total net sales | $ | 1,751,311 |  |  | $ | 1,543,083 |  |  | $ | 3,259,340 |  |  | $ | 2,746,153 |
| Quarters Ended |  | Six Months Ended
| July 3, 2021 |  | June 27, 2020 |  | July 3, 2021 |  | June 27, 2020
Segment operating profit: |  |  |  |  |  |  |
Innerwear | $ | 186,169 |  |  | $ | 304,524 |  |  | $ | 313,586 |  |  | $ | 386,075 |
Activewear | 41,047 |  |  | (5,751) |  |  | 101,641 |  |  | 2,357 |
International | 61,900 |  |  | 5,162 |  |  | 149,080 |  |  | 55,907 |
Other | 9,220 |  |  | (11,929) |  |  | 11,106 |  |  | (15,322) |
Total segment operating profit | 298,336 |  |  | 292,006 |  |  | 575,413 |  |  | 429,017 |
Items not included in segment operating profit: |  |  |  |  |  |  |
General corporate expenses | (54,685) |  |  | (50,140) |  |  | (114,508) |  |  | (107,566) |
Restructuring and other action-related charges | (18,664) |  |  | (32,279) |  |  | (38,057) |  |  | (56,603) |
Amortization of intangibles | (7,593) |  |  | (7,454) |  |  | (15,332) |  |  | (14,762) |
Total operating profit | 217,394 |  |  | 202,133 |  |  | 407,516 |  |  | 250,086 |
Other expenses | (1,855) |  |  | (4,653) |  |  | (4,416) |  |  | (10,754) |
Interest expense, net | (42,440) |  |  | (41,075) |  |  | (86,900) |  |  | (77,102) |
Income from continuing operations before income tax expense | $ | 173,099 |  |  | $ | 156,405 |  |  | $ | 316,200 |  |  | $ | 162,230 |
The Company incurred pre-tax restructuring and other action-related charges that were reported in the following lines in the Condensed Consolidated Statements of Income:
| Quarters Ended |  | Six Months Ended
July 3, 2021 |  | June 27, 2020 |  | July 3, 2021 |  | June 27, 2020
Cost of sales | $ | 1,900 |  |  | $ | 18,418 |  |  | $ | 4,707 |  |  | $ | 40,229 |
Selling, general and administrative expenses | 16,764 |  |  | 13,861 |  |  | 33,350 |  |  | 16,374 |
Total | $ | 18,664 |  |  | $ | 32,279 |  |  | $ | 38,057 |  |  | $ | 56,603 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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