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Discontinued Operations (Tables) | 6 Months Ended
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Jul. 03, 2021
Discontinued Operations and Disposal Groups [Abstract] |
Disposal Groups, Including Discontinued Operations | The operating results of the discontinued operations only reflect revenues and expenses that are directly attributable to the European Innerwear business that will be eliminated from continuing operations. The key components from discontinued operations related to the European Innerwear business are as follows:
| Quarters Ended |  | Six Months Ended
| July 3, 2021 |  | June 27, 2020 |  | July 3, 2021 |  | June 27, 2020
Net sales | $ | 117,506 |  |  | $ | 205,591 |  |  | $ | 253,351 |  |  | $ | 333,262 |
Cost of sales | 63,137 |  |  | 86,441 |  |  | 138,660 |  |  | 158,548 |
Gross profit | 54,369 |  |  | 119,150 |  |  | 114,691 |  |  | 174,714 |
Selling, general and administrative expenses | 61,134 |  |  | 59,428 |  |  | 144,526 |  |  | 128,815 |
Impairment of intangible assets and goodwill | — |  |  | 20,319 |  |  | 155,745 |  |  | 20,319 |
Loss on classification of assets held for sale | 9,828 |  |  | — |  |  | 236,180 |  |  | — |
Operating income (loss) | (16,593) |  |  | 39,403 |  |  | (421,760) |  |  | 25,580 |
Other expenses | 280 |  |  | 397 |  |  | 614 |  |  | 786 |
Interest expense, net | 69 |  |  | 584 |  |  | 159 |  |  | 1,406 |
Income (loss) from discontinued operations before income tax expense | (16,942) |  |  | 38,422 |  |  | (422,533) |  |  | 23,388 |
Income tax expense (benefit) | 2,245 |  |  | 13,809 |  |  | (11,680) |  |  | 11,767 |
Net income (loss) from discontinued operations, net of tax | $ | (19,187) |  |  | $ | 24,613 |  |  | $ | (410,853) |  |  | $ | 11,621 |
Assets and liabilities of discontinued operations classified as held for sale in the Condensed Consolidated Balance Sheets as of July 3, 2021, January 2, 2021 and June 27, 2020 consist of the following:
| July 3, 2021 |  | January 2, 2021(1) |  | June 27, 2020(1)
Cash and cash equivalents | $ | 8,921 |  |  | $ | 8,822 |  |  | $ | 127,015 |
Trade accounts receivable, net | 70,432 |  |  | 84,632 |  |  | 68,041 |
Inventories | 119,627 |  |  | 123,337 |  |  | 184,304 |
Other current assets | 15,114 |  |  | 17,295 |  |  | 21,987 |
Property, net | 63,222 |  |  | 67,950 |  |  | 68,916 |
Right-of-use assets | 34,051 |  |  | 34,637 |  |  | 40,994 |
Trademarks and other identifiable intangibles, net | 211,534 |  |  | 284,170 |  |  | 282,362 |
Goodwill | — |  |  | 96,692 |  |  | 88,445 |
Deferred tax assets | 10,376 |  |  | 5,438 |  |  | 6,947 |
Other noncurrent assets | 4,421 |  |  | 5,614 |  |  | 5,381 |
Allowance to adjust assets to estimated fair value, less costs of disposal | (235,712) |  |  | — |  |  | — |
Total assets of discontinued operations | $ | 301,986 |  |  | $ | 728,587 |  |  | $ | 894,392 |
Accounts payable | $ | 70,185 |  |  | $ | 77,636 |  |  | $ | 61,179 |
Accrued liabilities | 111,321 |  |  | 133,431 |  |  | 115,465 |
Lease liabilities | 8,693 |  |  | 10,332 |  |  | 13,026 |
Notes payable | 377 |  |  | 784 |  |  | 8,790 |
Current portion of long-term debt | — |  |  | — |  |  | 112,512 |
Lease liabilities - noncurrent | 26,766 |  |  | 28,775 |  |  | 31,971 |
Pension and postretirement benefits | 44,328 |  |  | 46,569 |  |  | 45,405 |
Other noncurrent liabilities | 28,081 |  |  | 37,645 |  |  | 38,988 |
Total liabilities of discontinued operations | $ | 289,751 |  |  | $ | 335,172 |  |  | $ | 427,336 |
(1)Amounts at January 2, 2021 and June 27, 2020 have been classified as current and long-term in the Condensed Consolidated Balance Sheets. The cash flows related to discontinued operations have not been segregated and are included in the Condensed Consolidated Statements of Cash Flows. The following table presents cash flow and non-cash information related to discontinued operations:
| Quarters Ended |  | Six Months Ended
| July 3, 2021 |  | June 27, 2020 |  | July 3, 2021 |  | June 27, 2020
Depreciation | $ | — |  |  | $ | 2,682 |  |  | $ | 2,608 |  |  | $ | 5,347 |
Amortization | — |  |  | 1,262 |  |  | 1,460 |  |  | 2,544 |
Capital expenditures | 735 |  |  | 1,862 |  |  | 4,070 |  |  | 5,400 |
Impairment of intangible assets and goodwill | — |  |  | 20,319 |  |  | 155,745 |  |  | 20,319 |
Loss on classification of assets held for sale | 9,828 |  |  | — |  |  | 236,180 |  |  | — |
Other investing activities | 1,580 |  |  | 615 |  |  | 3,374 |  |  | 1,831 |
Capital expenditures included in accounts payable at end of period | 486 |  |  | 264 |  |  | 486 |  |  | 264 |
Right-of-use assets obtained in exchange for lease obligations | 1,642 |  |  | — |  |  | 3,137 |  |  | 201 |

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