XML 33 R20.htm IDEA: XBRL DOCUMENT v3.21.2
Business Segment Information
6 Months Ended
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 EndedSix 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 
Activewear404,189 168,379 768,192 456,379 
International478,923 251,285 985,184 679,515 
Other87,549 28,605 154,879 93,043 
Total net sales$1,751,311 $1,543,083 $3,259,340 $2,746,153 

Quarters EndedSix 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 
Activewear41,047 (5,751)101,641 2,357 
International61,900 5,162 149,080 55,907 
Other9,220 (11,929)11,106 (15,322)
Total segment operating profit298,336 292,006 575,413 429,017 
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 profit217,394 202,133 407,516 250,086 
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 EndedSix 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 expenses16,764 13,861 33,350 16,374 
Total$18,664 $32,279 $38,057 $56,603