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Assets and Liabilities Held for Sale (Tables) | 3 Months Ended
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Apr. 02, 2022
Discontinued Operations and Disposal Groups [Abstract] |
Assets and Liabilities Held for Sale | Assets and liabilities classified as held for sale in the Condensed Consolidated Balance Sheets as of April 2, 2022, January 1, 2022 and April 3, 2021 consist of the following:
| April 2, 2022 |  | January 1, 2022 |  | April 3, 2021
U.S. Sheer Hosiery business - continuing operations | $ | 7,959 |  |  | $ | 5,426 |  |  | $ | — |
European Innerwear business - discontinued operations | — |  |  | 321,731 |  |  | 303,045 |
Total current assets held for sale | $ | 7,959 |  |  | $ | 327,157 |  |  | $ | 303,045 |
U.S. Sheer Hosiery business - continuing operations | $ | 7,959 |  |  | $ | 5,426 |  |  | $ | — |
European Innerwear business - discontinued operations | — |  |  | 311,476 |  |  | 288,936 |
Total current liabilities held for sale | $ | 7,959 |  |  | $ | 316,902 |  |  | $ | 288,936 |
Discontinued Operations Tables | The operating results of the discontinued operations only reflect revenues and expenses that are directly attributable to the European Innerwear business that are eliminated from continuing operations. Discontinued operations does not include any allocation of corporate overhead expense or interest expense. The key components from discontinued operations related to the European Innerwear business are as follows:
| Quarters Ended |  |
| April 2, 2022 |  | April 3, 2021 |  |  |  |
Net sales | $ | 101,314 |  |  | $ | 135,845 |  |  |  |  |
Cost of sales | 60,415 |  |  | 75,523 |  |  |  |  |
Gross profit | 40,899 |  |  | 60,322 |  |  |  |  |
Selling, general and administrative expenses | 54,689 |  |  | 83,392 |  |  |  |  |
Impairment of intangible assets and goodwill | — |  |  | 155,745 |  |  |  |  |
(Gain) loss on sale of business and classification of assets held for sale | (187) |  |  | 226,352 |  |  |  |  |
Operating loss | (13,603) |  |  | (405,167) |  |  |  |  |
Other expenses | 283 |  |  | 334 |  |  |  |  |
Interest expense, net | 10 |  |  | 90 |  |  |  |  |
Loss from discontinued operations before income tax expense | (13,896) |  |  | (405,591) |  |  |  |  |
Income tax benefit | (18,421) |  |  | (13,925) |  |  |  |  |
Net income (loss) from discontinued operations, net of tax | $ | 4,525 |  |  | $ | (391,666) |  |  |  |  |
Assets and liabilities of discontinued operations classified as held for sale in the Condensed Consolidated Balance Sheets as of April 2, 2022, January 1, 2022 and April 3, 2021 consist of the following:
| April 2, 2022 |  | January 1, 2022 |  | April 3, 2021
Cash and cash equivalents | $ | — |  |  | $ | 24,352 |  |  | $ | 10,304 |
Trade accounts receivable, net | — |  |  | 87,353 |  |  | 80,458 |
Inventories | — |  |  | 141,653 |  |  | 106,192 |
Other current assets | — |  |  | 21,926 |  |  | 11,190 |
Property, net | — |  |  | 62,659 |  |  | 61,763 |
Right-of-use assets | — |  |  | 32,603 |  |  | 34,779 |
Trademarks and other identifiable intangibles, net | — |  |  | 205,204 |  |  | 208,601 |
Deferred tax assets | — |  |  | 4,174 |  |  | 8,505 |
Other noncurrent assets | — |  |  | 4,127 |  |  | 4,860 |
Allowance to adjust assets to estimated fair value, less costs of disposal | — |  |  | (262,320) |  |  | (223,607) |
Total assets of discontinued operations | $ | — |  |  | $ | 321,731 |  |  | $ | 303,045 |
Accounts payable | $ | — |  |  | $ | 84,327 |  |  | $ | 62,199 |
Accrued liabilities | — |  |  | 122,620 |  |  | 120,475 |
Lease liabilities | — |  |  | 6,562 |  |  | 9,159 |
Notes payable | — |  |  | 329 |  |  | 1,574 |
Lease liabilities - noncurrent | — |  |  | 27,426 |  |  | 27,038 |
Pension and postretirement benefits | — |  |  | 38,325 |  |  | 44,428 |
Other noncurrent liabilities | — |  |  | 31,887 |  |  | 24,063 |
Total liabilities of discontinued operations | $ | — |  |  | $ | 311,476 |  |  | $ | 288,936 |
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 |  |
| April 2, 2022 |  | April 3, 2021 |  |  |  |
Depreciation | $ | — |  |  | $ | 2,608 |  |  |  |  |
Amortization | $ | — |  |  | $ | 1,460 |  |  |  |  |
Capital expenditures | $ | 715 |  |  | $ | 3,335 |  |  |  |  |
Impairment of intangible assets and goodwill | $ | — |  |  | $ | 155,745 |  |  |  |  |
(Gain) loss on sale of business and classification of assets held for sale | $ | (187) |  |  | $ | 226,352 |  |  |  |  |
Capital expenditures included in accounts payable at end of period | $ | — |  |  | $ | 52 |  |  |  |  |
Right-of-use assets obtained in exchange for lease obligations | $ | 461 |  |  | $ | 1,495 |  |  |  |  |

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