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Assets and Liabilities of Businesses Held for Sale (Tables) | 6 Months Ended
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Jun. 29, 2024
Discontinued Operations and Disposal Groups [Abstract] |
Assets and Liabilities of Businesses Held for Sale | Assets and liabilities of businesses classified as held for sale in the Condensed Consolidated Balance Sheets consist of the following:
| June 29, 2024 |  | December 30, 2023 |  | July 1, 2023
U.S. Sheer Hosiery business - continuing operations | $ | — |  |  | $ | — |  |  | $ | 623 |
Global Champion business - discontinued operations | 460,863 |  |  | 513,247 |  |  | 790,938 |
U.S.-based outlet store business - discontinued operations | — |  |  | 36,488 |  |  | 40,288 |
Current assets held for sale | $ | 460,863 |  |  | $ | 549,735 |  |  | $ | 831,849 |
Global Champion business - discontinued operations | $ | 899,796 |  |  | $ | 926,141 |  |  | $ | 940,218 |
U.S.-based outlet store business - discontinued operations | 5,676 |  |  | 19,667 |  |  | 18,674 |
Noncurrent assets held for sale | $ | 905,472 |  |  | $ | 945,808 |  |  | $ | 958,892 |
U.S. Sheer Hosiery business - continuing operations | $ | — |  |  | $ | — |  |  | $ | 623 |
Global Champion business - discontinued operations | 233,272 |  |  | 245,272 |  |  | 253,799 |
U.S.-based outlet store business - discontinued operations | 6,991 |  |  | 7,716 |  |  | 6,708 |
Current liabilities held for sale | $ | 240,263 |  |  | $ | 252,988 |  |  | $ | 261,130 |
Global Champion business - discontinued operations | $ | 114,190 |  |  | $ | 120,247 |  |  | $ | 122,369 |
U.S.-based outlet store business - discontinued operations | 4,361 |  |  | 7,446 |  |  | 7,153 |
Noncurrent liabilities held for sale | $ | 118,551 |  |  | $ | 127,693 |  |  | $ | 129,522 |
Discontinued Operations Tables, Operating Results | The operating results of the discontinued operations of the global Champion and U.S.-based outlet store businesses only reflect revenues and expenses that are directly attributable to the global Champion and U.S.-based outlet store businesses that will be eliminated from continuing operations. The Company allocated interest expense to discontinued operations of approximately $17,605 and $16,624 in the quarters ended June 29, 2024 and July 1, 2023, respectively, and $35,662 and $30,495 in the six months ended June 29, 2024 and July 1, 2023, respectively, resulting from the requirement to pay down a portion of the Company’s outstanding term debt under the Senior Secured Credit Facility with the estimated net sale proceeds from the pending sale of the global Champion business. Discontinued operations does not include any allocation of corporate overhead expense. The key components from discontinued operations related to the global Champion and U.S.-based outlet store businesses are as follows:
| Quarters Ended |  | Six Months Ended
| June 29, 2024 |  | July 1, 2023 |  | June 29, 2024 |  | July 1, 2023
Net sales | $ | 358,534 |  |  | $ | 403,976 |  |  | $ | 736,522 |  |  | $ | 909,356 |
Cost of sales | 306,796 |  |  | 278,032 |  |  | 533,172 |  |  | 616,098 |
Gross profit | 51,738 |  |  | 125,944 |  |  | 203,350 |  |  | 293,258 |
Selling, general and administrative expenses | 143,502 |  |  | 126,473 |  |  | 282,116 |  |  | 262,012 |
Impairment of goodwill | 2,500 |  |  | — |  |  | 2,500 |  |  | — |
Loss on classification of assets held for sale - U.S.-based outlet store business | 51,071 |  |  | — |  |  | 51,071 |  |  | — |
Operating income (loss) | (145,335) |  |  | (529) |  |  | (132,337) |  |  | 31,246 |
Other expenses | 1 |  |  | 24 |  |  | 43 |  |  | 57 |
Interest expense, net | 15,564 |  |  | 15,887 |  |  | 31,647 |  |  | 29,119 |
Income (loss) from discontinued operations before income taxes | (160,900) |  |  | (16,440) |  |  | (164,027) |  |  | 2,070 |
Income tax expense (benefit) | 935 |  |  | (2,826) |  |  | 6,320 |  |  | (506) |
Net income (loss) from discontinued operations, net of tax | $ | (161,835) |  |  | $ | (13,614) |  |  | $ | (170,347) |  |  | $ | 2,576 |
Discontinued Operations Tables, Balance Sheets | Assets and liabilities of the discontinued operations of the global Champion and U.S.-based outlet store businesses classified as held for sale in the Condensed Consolidated Balance Sheets as of June 29, 2024, December 30, 2023 and July 1, 2023 consist of the following:
| June 29, 2024 |  | December 30, 2023 |  | July 1, 2023
Cash and cash equivalents | $ | 18,934 |  |  | $ | 19,784 |  |  | $ | 18,417 |
Trade accounts receivable, net | 117,440 |  |  | 106,677 |  |  | 127,875 |
Inventories | 340,252 |  |  | 395,364 |  |  | 663,015 |
Other current assets | 28,106 |  |  | 27,910 |  |  | 21,919 |
Allowance to adjust net assets to estimated fair value, less costs of disposal - U.S.-based outlet store business - current | (43,869) |  |  | — |  |  | — |
Current assets held for sale - discontinued operations | 460,863 |  |  | 549,735 |  |  | 831,226 |
Property, net | 54,479 |  |  | 59,956 |  |  | 61,902 |
Right-of-use assets | 136,645 |  |  | 147,020 |  |  | 142,659 |
Trademarks and other identifiable intangibles, net | 267,610 |  |  | 275,853 |  |  | 279,270 |
Goodwill | 441,875 |  |  | 447,939 |  |  | 446,514 |
Deferred tax assets | 3,224 |  |  | 3,778 |  |  | 16,056 |
Other noncurrent assets | 8,841 |  |  | 11,262 |  |  | 12,491 |
Allowance to adjust net assets to estimated fair value, less costs of disposal - U.S.-based outlet store business - noncurrent | (7,202) |  |  | — |  |  | — |
Noncurrent assets held for sale - discontinued operations | 905,472 |  |  | 945,808 |  |  | 958,892 |
Total assets of discontinued operations | $ | 1,366,335 |  |  | $ | 1,495,543 |  |  | $ | 1,790,118 |
Accounts payable | $ | 138,887 |  |  | $ | 155,967 |  |  | $ | 167,009 |
Accrued liabilities | 62,851 |  |  | 56,871 |  |  | 59,688 |
Lease liabilities | 38,525 |  |  | 40,150 |  |  | 33,810 |
Current liabilities held for sale - discontinued operations | 240,263 |  |  | 252,988 |  |  | 260,507 |
Lease liabilities - noncurrent | 104,461 |  |  | 114,329 |  |  | 112,636 |
Pension and postretirement benefits | 905 |  |  | 799 |  |  | 892 |
Other noncurrent liabilities | 13,185 |  |  | 12,565 |  |  | 15,994 |
Noncurrent liabilities held for sale - discontinued operations | 118,551 |  |  | 127,693 |  |  | 129,522 |
Total liabilities of discontinued operations | $ | 358,814 |  |  | $ | 380,681 |  |  | $ | 390,029 |
Discontinued Operations Tables, Cash Flow and Non-Cash Information | The cash flows related to the discontinued operations of the global Champion and U.S.-based outlet store businesses 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 the discontinued operations of the global Champion and U.S.-based outlet store businesses:
| Quarters Ended |  | Six Months Ended
| June 29, 2024 |  | July 1, 2023 |  | June 29, 2024 |  | July 1, 2023
Depreciation | $ | 3,565 |  |  | $ | 3,577 |  |  | $ | 6,757 |  |  | $ | 6,925 |
Amortization | $ | 2,721 |  |  | $ | 2,857 |  |  | $ | 5,453 |  |  | $ | 5,459 |
Capital expenditures | $ | 2,324 |  |  | $ | 1,758 |  |  | $ | 3,660 |  |  | $ | 20,526 |
Impairment of goodwill | $ | 2,500 |  |  | $ | — |  |  | $ | 2,500 |  |  | $ | — |
Loss on classification of assets held for sale - U.S.-based outlet store business | $ | 51,071 |  |  | $ | — |  |  | $ | 51,071 |  |  | $ | — |

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