Company Quick10K Filing
Hanesbrands
Price15.04 EPS2
Shares366 P/E9
MCap5,499 P/FCF22
Net Debt3,544 EBIT652
TEV9,043 TEV/EBIT14
TTM 2019-09-28, in MM, except price, ratios
10-Q 2020-03-28 Filed 2020-04-30
10-K 2019-12-28 Filed 2020-02-11
10-Q 2019-09-28 Filed 2019-10-31
10-Q 2019-06-29 Filed 2019-08-02
10-Q 2019-03-30 Filed 2019-05-02
10-K 2018-12-29 Filed 2019-02-11
10-Q 2018-09-29 Filed 2018-11-01
10-Q 2018-06-30 Filed 2018-08-02
10-Q 2018-03-31 Filed 2018-05-01
10-K 2017-12-30 Filed 2018-02-09
10-Q 2017-09-30 Filed 2017-11-03
10-Q 2017-07-01 Filed 2017-08-02
10-Q 2017-04-01 Filed 2017-05-03
10-K 2016-12-31 Filed 2017-02-03
10-Q 2016-10-01 Filed 2016-10-28
10-Q 2016-07-02 Filed 2016-08-04
10-Q 2016-04-02 Filed 2016-04-26
10-K 2016-01-02 Filed 2016-02-05
10-Q 2015-10-03 Filed 2015-10-29
10-Q 2015-07-04 Filed 2015-07-31
10-Q 2015-04-04 Filed 2015-05-01
10-K 2015-01-03 Filed 2015-02-06
10-Q 2014-09-27 Filed 2014-10-30
10-Q 2014-06-28 Filed 2014-07-24
10-Q 2014-03-29 Filed 2014-04-25
10-K 2013-12-28 Filed 2014-02-06
10-Q 2013-09-28 Filed 2013-10-31
10-Q 2013-06-29 Filed 2013-07-31
10-Q 2013-03-30 Filed 2013-04-24
10-K 2012-12-29 Filed 2013-02-06
10-Q 2012-09-29 Filed 2012-10-24
10-Q 2012-06-30 Filed 2012-08-02
10-Q 2012-03-31 Filed 2012-04-25
10-K 2011-12-31 Filed 2012-02-17
10-Q 2011-10-01 Filed 2011-11-03
10-Q 2011-07-02 Filed 2011-07-28
10-Q 2011-04-02 Filed 2011-04-28
10-K 2011-01-01 Filed 2011-02-16
10-Q 2010-10-02 Filed 2010-10-28
10-Q 2010-07-03 Filed 2010-07-28
10-Q 2010-04-03 Filed 2010-04-29
10-K 2010-01-02 Filed 2010-02-09
8-K 2020-05-04 Officers, Exhibits
8-K 2020-05-04 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2020-04-30 Other Events, Exhibits
8-K 2020-04-28 Officers, Shareholder Vote, Exhibits
8-K 2020-04-27 Enter Agreement, Earnings, Off-BS Arrangement, Regulation FD, Exhibits
8-K 2020-03-25 Off-BS Arrangement, Regulation FD, Exhibits
8-K 2020-03-05 Officers, Exhibits
8-K 2020-02-07 Earnings, Regulation FD, Exhibits
8-K 2020-01-28 Officers, Exhibits
8-K 2020-01-09 Officers, Exhibits
8-K 2019-11-21 Officers, Exhibits
8-K 2019-10-31 Earnings, Regulation FD, Exhibits
8-K 2019-08-01 Regulation FD, Exhibits
8-K 2019-08-01 Earnings, Regulation FD, Exhibits
8-K 2019-05-02 Earnings, Regulation FD, Exhibits
8-K 2019-04-23 Shareholder Vote
8-K 2019-02-07 Earnings, Regulation FD, Exhibits
8-K 2018-11-01 Earnings, Regulation FD, Exhibits
8-K 2018-08-01 Earnings, Regulation FD, Exhibits
8-K 2018-07-24 Officers, Exhibits
8-K 2018-05-15 Regulation FD, Exhibits
8-K 2018-05-03 Regulation FD, Exhibits
8-K 2018-05-01 Earnings, Regulation FD, Exhibits
8-K 2018-04-24 Shareholder Vote
8-K 2018-02-02 Enter Agreement, Earnings, Regulation FD, Exhibits

HBI 10Q Quarterly Report

Part I
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-4.1 hbi-20200328xex41.htm
EX-4.2 hbi-20200328xex42.htm
EX-31.1 hbi-20200328xex311.htm
EX-31.2 hbi-20200328xex312.htm
EX-32.1 hbi-20200328xex321.htm
EX-32.2 hbi-20200328xex322.htm

Hanesbrands Earnings 2020-03-28

Balance SheetIncome StatementCash Flow
151296302012201420172020
Assets, Equity
4.13.22.31.40.5-0.42012201420172020
Rev, G Profit, Net Income
0.80.50.2-0.2-0.5-0.82012201420172020
Ops, Inv, Fin

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
 
FORM 10-Q
 
 
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 28, 2020
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                     to                     
Commission file number: 001-32891
 
 
 
Hanesbrands Inc.
(Exact name of registrant as specified in its charter)
 
 
 
Maryland
 
20-3552316
(State of incorporation)
 
(I.R.S. employer identification no.)
 
 
 
1000 East Hanes Mill Road
 

Winston-Salem,
North Carolina
 
27105
(Address of principal executive office)
 
(Zip code)
(336) 519-8080
(Registrant’s telephone number including area code)
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer
 
 
Accelerated filer
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-accelerated filer
 
 
Smaller reporting company
 
 
Emerging growth company
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol
Name of each exchange on which registered
Common Stock, Par Value $0.01
HBI
New York Stock Exchange
As of April 24, 2020, there were 348,035,310 shares of the registrant’s common stock outstanding.
 



TABLE OF CONTENTS
 
 
 
Page
 
 
 
 
 
Item 1.
 
 
 
 
 
 
 
Item 2.
Item 3.
Item 4.
 
 
 
PART II
 
 
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.




FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q contains information that may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 (the “Exchange Act”). Forward-looking statements include all statements that do not relate solely to historical or current facts, and can generally be identified by the use of words such as “may,” “believe,” “will,” “expect,” “project,” “estimate,” “intend,” “anticipate,” “plan,” “continue” or similar expressions. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking. All statements regarding our intent, belief and current expectations about our strategic direction, prospects and future results are forward-looking statements. Management believes that these forward-looking statements are reasonable as and when made. However, caution should be taken not to place undue reliance on any such forward-looking statements because such statements speak only as of the date when made. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. In addition, forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from our historical experience and our present expectations or projections. In particular, statements with respect to trends associated with our business, our future financial performance and the potential effects of the global COVID-19 coronavirus outbreak included in this Quarterly Report on Form 10-Q specifically appearing under “Management’s Discussion and Analysis of Financial Condition and Results of Operations” include forward-looking statements.
More information on factors that could cause actual results or events to differ materially from those anticipated is included from time to time in our reports filed with the Securities and Exchange Commission (the “SEC”), including this Quarterly Report on Form 10-Q and our Annual Report on Form 10-K for the year ended December 28, 2019, under the caption “Risk Factors,” and available on the “Investors” section of our corporate website, www.Hanes.com/investors. The contents of our corporate website are not incorporated by reference in this Quarterly Report on Form 10-Q.

1


PART I

Item 1.
Financial Statements

HANESBRANDS INC.
Condensed Consolidated Statements of Income
(in thousands, except per share amounts)
(unaudited)

 
Quarters Ended
 
March 28,
2020
 
March 30,
2019
Net sales
$
1,316,462

 
$
1,588,024

Cost of sales
842,730

 
967,993

Gross profit
473,732

 
620,031

Selling, general and administrative expenses
439,602

 
470,387

Operating profit
34,130

 
149,644

Other expenses
6,490

 
7,451

Interest expense, net
36,849

 
48,059

Income (loss) before income tax expense
(9,209
)
 
94,134

Income tax expense (benefit)
(1,335
)
 
13,046

Net income (loss)
$
(7,874
)
 
$
81,088

 
 
 
 
Earnings (loss) per share:
 
 
 
Basic
$
(0.02
)
 
$
0.22

Diluted
$
(0.02
)
 
$
0.22



See accompanying notes to Condensed Consolidated Financial Statements.
2


HANESBRANDS INC.
Condensed Consolidated Statements of Comprehensive Income
(in thousands)
(unaudited)

 
Quarters Ended
 
March 28,
2020
 
March 30,
2019
Net income (loss)
$
(7,874
)
 
$
81,088

Other comprehensive income (loss):
 
 
 
Translation adjustments
(117,154
)
 
7,386

Unrealized gain (loss) on qualifying cash flow hedges, net of tax of $(7,280) and $1,658, respectively
7,783

 
(3,919
)
Unrecognized income from pension and postretirement plans, net of tax of $(1,272) and $(1,205), respectively
3,594

 
3,397

Total other comprehensive income (loss)
(105,777
)
 
6,864

Comprehensive income (loss)
$
(113,651
)
 
$
87,952



See accompanying notes to Condensed Consolidated Financial Statements.
3


HANESBRANDS INC.
Condensed Consolidated Balance Sheets
(in thousands, except share and per share amounts)
(unaudited)

 
March 28,
2020
 
December 28,
2019
 
March 30,
2019
Assets
 
 
 
 
 
Cash and cash equivalents
$
1,083,780

 
$
328,876

 
$
287,080

Trade accounts receivable, net
725,092

 
815,210

 
932,875

Inventories
1,963,757

 
1,905,845

 
2,232,719

Other current assets
178,244

 
174,634

 
189,012

Total current assets
3,950,873

 
3,224,565

 
3,641,686

Property, net
571,005

 
587,896

 
601,689

Right-of-use assets
473,936

 
487,787

 
484,453

Trademarks and other identifiable intangibles, net
1,435,356

 
1,520,800

 
1,547,718

Goodwill
1,205,195

 
1,235,711

 
1,240,652

Deferred tax assets
188,004

 
203,331

 
213,728

Other noncurrent assets
118,890

 
93,896

 
94,233

Total assets
$
7,943,259

 
$
7,353,986

 
$
7,824,159

 
 
 
 
 
 
Liabilities and Stockholders’ Equity
 
 
 
 
 
Accounts payable
$
925,417

 
$
959,006

 
$
1,007,420

Accrued liabilities
447,401

 
531,184

 
568,450

Lease liabilities
150,568

 
166,091

 
140,435

Notes payable
2,170

 
4,244

 
5,753

Accounts Receivable Securitization Facility
152,153

 

 
200,000

Current portion of long-term debt
111,359

 
110,914

 
276,815

Total current liabilities
1,789,068

 
1,771,439

 
2,198,873

Long-term debt
4,236,955

 
3,256,870

 
3,615,493

Lease liabilities - noncurrent
358,848

 
358,281

 
373,365

Pension and postretirement benefits
375,511

 
403,458

 
352,069

Other noncurrent liabilities
309,306

 
327,343

 
351,368

Total liabilities
7,069,688

 
6,117,391

 
6,891,168

 
 
 
 
 
 
Stockholders’ equity:
 
 
 
 
 
Preferred stock (50,000,000 authorized shares; $.01 par value)
 
 
 
 
 
Issued and outstanding — None

 

 

Common stock (2,000,000,000 authorized shares; $.01 par value)
 
 
 
 
 
Issued and outstanding — 348,035,310, 362,449,037 and 361,471,010, respectively
3,480

 
3,624

 
3,615

Additional paid-in capital
297,456

 
304,395

 
306,084

Retained earnings
1,296,060

 
1,546,224

 
1,191,111

Accumulated other comprehensive loss
(723,425
)
 
(617,648
)
 
(567,819
)
Total stockholders’ equity
873,571

 
1,236,595

 
932,991

Total liabilities and stockholders’ equity
$
7,943,259

 
$
7,353,986

 
$
7,824,159




See accompanying notes to Condensed Consolidated Financial Statements.
4


HANESBRANDS INC.
Condensed Consolidated Statements of Stockholders’ Equity
(dollars and shares in thousands, except per share data)
(unaudited)

 
Common Stock
 
Additional Paid-In Capital
 
Retained Earnings
 
Accumulated Other Comprehensive Loss
 
Total
 
Shares
 
Amount
 
Balances at December 28, 2019
362,449

 
$
3,624

 
$
304,395

 
$
1,546,224

 
$
(617,648
)
 
$
1,236,595

Net loss

 

 

 
(7,874
)
 

 
(7,874
)
Dividends ($0.15 per common share)

 

 

 
(54,421
)
 

 
(54,421
)
Other comprehensive loss

 

 

 

 
(105,777
)
 
(105,777
)
Stock-based compensation

 

 
4,641

 

 

 
4,641

Net exercise of stock options, vesting of restricted stock units and other
50

 
1

 
675

 

 

 
676

Share repurchases
(14,464
)
 
(145
)
 
(12,255
)
 
(187,869
)
 

 
(200,269
)
Balances at March 28, 2020
348,035

 
$
3,480

 
$
297,456

 
$
1,296,060

 
$
(723,425
)
 
$
873,571


 
Common Stock
 
Additional Paid-In Capital
 
Retained Earnings
 
Accumulated Other Comprehensive Loss
 
Total
 
Shares
 
Amount
 
Balances at December 29, 2018
361,330

 
$
3,613

 
$
284,877

 
$
1,079,503

 
$
(495,867
)
 
$
872,126

Net income

 

 

 
81,088

 

 
81,088

Dividends ($0.15 per common share)

 

 

 
(54,852
)
 

 
(54,852
)
Other comprehensive income

 

 

 

 
6,864

 
6,864

Stock-based compensation

 

 
5,057

 

 

 
5,057

Net exercise of stock options, vesting of restricted stock units and other
141

 
2

 
1,776

 

 

 
1,778

Modification of deferred compensation plans

 

 
14,374

 

 

 
14,374

Cumulative effect of change in adoption of leases standard

 

 

 
6,556

 

 
6,556

Stranded tax related to U.S. pension plan

 

 

 
78,816

 
(78,816
)
 

Balances at March 30, 2019
361,471

 
$
3,615

 
$
306,084

 
$
1,191,111

 
$
(567,819
)
 
$
932,991



See accompanying notes to Condensed Consolidated Financial Statements.
5


HANESBRANDS INC.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)

 
Quarters Ended
 
March 28,
2020
 
March 30,
2019
Operating activities:
 
 
 
Net income (loss)
$
(7,874
)
 
$
81,088

Adjustments to reconcile net income (loss) to net cash from operating activities:
 
 
 
Depreciation
22,781

 
22,854

Amortization of acquisition intangibles
6,113

 
6,290

Other amortization
2,477

 
3,090

Amortization of debt issuance costs
2,123

 
2,440

Stock compensation expense
4,723

 
5,178

Deferred taxes
(461
)
 
(3,854
)
Other
(9,520
)
 
4,247

Changes in assets and liabilities:
 
 
 
Accounts receivable
73,694

 
(62,278
)
Inventories
(86,785
)
 
(178,405
)
Other assets
26,790

 
(32,372
)
Accounts payable
(13,605
)
 
(18,213
)
Accrued pension and postretirement benefits
(21,481
)
 
(21,978
)
Accrued liabilities and other
(82,191
)
 
(2,378
)
Net cash from operating activities
(83,216
)
 
(194,291
)
Investing activities:
 
 
 
Capital expenditures
(25,759
)
 
(25,269
)
Proceeds from sales of assets
66

 
136

Other
1,216

 

Net cash from investing activities
(24,477
)
 
(25,133
)
Financing activities:
 
 
 
Borrowings on notes payable
62,312

 
82,774

Repayments on notes payable
(64,352
)
 
(82,759
)
Borrowings on Accounts Receivable Securitization Facility
227,061

 
106,942

Repayments on Accounts Receivable Securitization Facility
(74,909
)
 
(68,550
)
Borrowings on Revolving Loan Facilities
1,638,000

 
772,500

Repayments on Revolving Loan Facilities
(688,000
)
 
(680,500
)
Repayments on Term Loan Facilities

 
(10,625
)
Borrowings on International Debt
31,222

 
7,141

Share repurchases
(200,269
)
 

Cash dividends paid
(53,683
)
 
(54,221
)
Payments to amend and refinance credit facilities
(232
)
 
(662
)
Taxes paid related to net shares settlement of equity awards
(62
)
 
(906
)
Other
426

 
573

Net cash from financing activities
877,514

 
71,707

Effect of changes in foreign exchange rates on cash
(15,061
)
 
2,104

Change in cash, cash equivalents and restricted cash
754,760

 
(145,613
)
Cash, cash equivalents and restricted cash at beginning of year
329,923

 
455,732

Cash, cash equivalents and restricted cash at end of period
1,084,683

 
310,119

Less restricted cash at end of period
903

 
23,039

Cash and cash equivalents per balance sheet at end of period
$
1,083,780

 
$
287,080


Capital expenditures included in accounts payable at March 28, 2020 and December 28, 2019, were $12,807 and $19,327, respectively. At March 28, 2020 and March 30, 2019, right-of-use assets obtained in exchange for lease obligations were $17,551 and $6,192, respectively.

See accompanying notes to Condensed Consolidated Financial Statements.
6

HANESBRANDS INC.
Notes to Condensed Consolidated Financial Statements
(amounts in thousands, except per share data)
(unaudited)



(1)
Basis of Presentation
These statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) and, in accordance with those rules and regulations, do not include all information and footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Management believes that the disclosures made are adequate for a fair statement of the results of operations, financial condition and cash flows of Hanesbrands Inc. and its consolidated subsidiaries (the “Company” or “Hanesbrands”). In the opinion of management, the condensed consolidated interim financial statements reflect all adjustments, which consist only of normal recurring adjustments, necessary to state fairly the results of operations, financial condition and cash flows for the interim periods presented herein. The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make use of estimates and assumptions that affect the reported amounts and disclosures. Actual results may vary from these estimates.
These condensed consolidated interim financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s 2019 Annual Report on Form 10-K. The year-end condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. The results of operations for any interim period are not necessarily indicative of the results of operations to be expected for the full year.
Liquidity and Impact of COVID-19
The Company relies on its cash flows generated from operations and the borrowing capacity under its credit facilities to meet the cash requirements of its business. The primary cash requirements of its business are payments to employees and vendors in the normal course of business, capital expenditures, maturities of debt and related interest payments, business acquisitions, contributions to its pension plans, repurchases of its stock, regular quarterly dividend payments and income tax payments. The rapid expansion of the COVID-19 global pandemic has resulted in a sharp decline in net sales and earnings in the first quarter of 2020, which has a corresponding impact on the Company’s liquidity. The Company is focused on preserving its liquidity and managing its cash flow during these unprecedented conditions with preemptive actions to enhance its ability to meet its short-term liquidity needs. Such actions include, but are not limited to, operating manufacturing and distribution facilities on a demand-adjusted basis; reducing discretionary spending such as media and marketing expenses; focused working capital management; reducing capital expenditures; suspending its share buyback program until further notice; reducing payroll costs, through employee furloughs and pay cuts; drawing down on its Revolving Loan Facility and amending certain existing debt facilities.
In March 2020, in response to the uncertainty of the circumstances surrounding the COVID-19 global pandemic, the Company drew down $630,000 under the Revolving Loan Facility as a precautionary measure, to provide the Company with additional financial flexibility to manage its business with a safety-first emphasis during the unknown duration and impact of the COVID-19 global pandemic. The Company subsequently repaid $490,000 of its borrowings under the Revolving Loan Facility in April 2020.
As of March 28, 2020, the Company was in compliance with all financial covenants under its credit facilities and other outstanding indebtedness. In April 2020, given the rapidly changing environment and level of uncertainty being created by the COVID-19 global pandemic and the associated impact on future earnings, the Company amended its Senior Secured Credit Facility (as discussed in Note, “Debt and Notes Payable”) prior to any potential covenant violation in order to modify the financial covenants and to provide operating flexibility during the COVID-19 crisis. After obtaining the debt amendment, which provides relief from certain covenants for a 15-month period and adds additional financial and non-financial covenants, the Company expects to maintain compliance with its covenants for at least one year from the issuance of these financial statements based on its current expectations and forecasts. If economic conditions caused by the COVID-19 global pandemic worsen and the Company’s earnings and operating cash flows do not start to recover as currently estimated by management, this could impact the Company’s ability to maintain compliance with its amended financial covenants and require the Company to seek additional amendments to its Senior Secured Credit Facility. If the Company is not able to obtain such necessary additional amendments, this would lead to an event of default and, if not cured timely, its lenders could require the Company to repay its outstanding debt. In that situation, the Company may not be able to raise sufficient debt or equity capital, or divest assets, to refinance or repay the lenders.

7

HANESBRANDS INC.
Notes to Condensed Consolidated Financial Statements — (Continued)
(amounts in thousands, except per share data)
(unaudited)

Revisions of Previously Issued Consolidated Financial Statements
As previously disclosed in the Company's Annual Report on Form 10-K for the year ended December 28, 2019, during the fourth quarter of 2019 the Company identified tax errors, which originated prior to 2017, in its previously issued 2018 and 2017 annual consolidated financial statements and quarterly condensed consolidated interim financial statements for each of the quarterly periods of 2018 and the first three quarterly periods of 2019. Although the Company assessed the materiality of the errors and concluded that the errors were not material to the previously issued annual or interim financial statements, the Company did revise its previously issued 2018 and 2017 annual financial statements to correct for such tax errors in connection with the filing of its 2019 Annual Report on Form 10-K, and disclosed that it would be revising its 2019 condensed consolidated interim financial statements in connection with the filing of its Quarterly Reports on Form 10-Q during 2020. In connection with such revision, the Company also corrected for certain other immaterial errors. In connection with the filing of this Quarterly Report on Form 10-Q, the Company has revised the accompanying condensed consolidated interim financial statements as of and for the quarter ended March 30, 2019 to correct for the impact of such errors, including the impact to retained earnings as of March 30, 2019 to correct for the errors which originated in periods prior to 2019, which primarily related to the tax errors. The accompanying footnotes have also been corrected to reflect the impact of the revisions of the previously filed condensed consolidated interim financial statements.
Additionally, in connection with the filing of this Quarterly Report on Form 10-Q, the Company has disclosed the impact of the revisions to the condensed consolidated interim financial statements as of and for the periods ended June 29, 2019 and September 28, 2019 to correct for the impact of such errors. The Company will effect the revision of its unaudited condensed consolidated interim financial statements as of and for the periods ended June 29, 2019 and September 28, 2019 with the future filings of its Quarterly Reports on Form 10-Q for the periods ended June 27, 2020 and September 26, 2020. See Note, "Revisions of Previously Issued Condensed Consolidated Interim Financial Statements," for reconciliations between as reported and as revised amounts as of and for the periods ended March 30, 2019, June 29, 2019 and September 28, 2019.
(2)
Recent Accounting Pronouncements
Financial Instruments - Credit Losses
In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” which requires a financial asset measured at amortized cost basis to be presented at the net amount expected to be collected. The new accounting rules eliminate the probable initial recognition threshold and, instead, reflect an entity’s current estimate of all expected credit losses. The new accounting rules were effective for the Company in the first quarter of 2020 and applies to its trade receivables.
Under the new accounting rules, trade receivables are now evaluated on a collective (pool) basis and aggregated on the basis of similar risk characteristics. These classifications will be reassessed at each measurement date. A combination of factors, such as industry trends, customers’ financial strength, credit standing and payment and default history are considered in determining the appropriate estimate of expected credit losses. The adoption of the new accounting rules did not have a material impact on the Company’s financial condition, results of operations or cash flows.
Goodwill Impairment
In January 2017, the FASB issued ASU 2017-04, “Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment.” The new accounting rules simplify how an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test which previously measured a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount. The new accounting rules were effective for the Company in the first quarter of 2020. As a result of adopting the new rules, the Company will compare the estimated fair value of its reporting units to their respective carrying values when evaluating the recoverability of goodwill. If the carrying value of a reporting unit exceeds its fair value, an impairment charge will be recognized for the amount by which its carrying value exceeds the reporting unit’s fair value; however, the loss recognized will not exceed the goodwill allocated to the reporting unit. The adoption of the new accounting rules did not have an impact on the Company’s financial condition, results of operations or cash flows.

8

HANESBRANDS INC.
Notes to Condensed Consolidated Financial Statements — (Continued)
(amounts in thousands, except per share data)
(unaudited)

Fair Value
In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820),” which modifies the disclosure requirements on fair value measurements. The new accounting rules were effective for the Company in the first quarter of 2020. The adoption of the new accounting rules did not have a material impact on the Company’s financial condition, results of operations or cash flows; however, its disclosures were updated upon adoption.
Retirement Benefits
In August 2018, the FASB issued ASU 2018-14, “Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20).” The new accounting rules expand disclosure requirements for employer sponsored defined benefit pension and other retirement plans. The new accounting rules were effective for the Company in the first quarter of 2020. The new accounting rules did not have a material impact on the Company’s financial condition, results of operations or cash flows; however, expanded disclosures will be required on the Company’s Annual Report on Form 10-K for the year ended January 2, 2021.
Internal-Use Software
In August 2018, the FASB issued ASU 2018-15, “Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 340-40),” which aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The new accounting rules were effective for the Company in the first quarter of 2020. The adoption of the new accounting rules did not have a material impact on the Company’s financial condition, results of operations or cash flows.
Codification Improvements to Financial Instruments
In March 2020, the FASB issued ASU 2020-03, “Codification Improvements to Financial Instruments.” The new accounting rules clarify guidance around several subtopics by adopting enhanced verbiage to the following subtopics: fair value option disclosures, fair value measurement, investments - debt and equities securities, debt modifications and extinguishments, credit losses, and sales of financial assets. The standard was effective for the Company in the first quarter of 2020. The adoption of the new accounting rules did not have a material impact on the Company’s results of operations or cash flows.
Income Taxes
In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.” The new accounting rules reduce complexity by removing specific exceptions to general principles related to intraperiod tax allocations, ownership changes in foreign investments, and interim period income tax accounting for year-to-date losses that exceed anticipated losses. The new accounting rules also simplify accounting for franchise taxes that are partially based on income, transactions with a government that result in a step up in the tax basis of goodwill, separate financial statements of legal entities that are not subject to tax, and enacted changes in tax laws in interim periods. The new accounting rules will be effective for the Company in the first quarter of 2021. The Company is currently in the process of evaluating the impact of adoption of the new accounting rules on the Company’s financial condition, results of operations, cash flows and disclosures.
Reference Rate Reform
In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” The new accounting rules provide optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions affected by reference rate reform. The amendments in this standard can be applied anytime between the first quarter of 2020 and the fourth quarter of 2022. The Company is currently in the process of evaluating the impact of adoption of the new rules on the Company’s financial condition, results of operations, cash flows and disclosures.

9

HANESBRANDS INC.
Notes to Condensed Consolidated Financial Statements — (Continued)
(amounts in thousands, except per share data)
(unaudited)

(3)
Revenue Recognition
Revenue is recognized when obligations under the terms of a contract with a customer are satisfied, which occurs at a point in time, upon either shipment or delivery to the customer. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring goods, which includes estimates for variable consideration. Variable consideration includes trade discounts, rebates, volume-based incentives, cooperative advertising and product returns, which are offered within contracts between the Company and its customers, employing the practical expedient for contract costs. Incidental items that are immaterial to the context of the contract are recognized as expense at the transaction date.
The following table presents the Company’s revenues disaggregated by the customer’s method of purchase:
 
Quarters Ended
 
March 28,
2020
 
March 30,
2019
Third-party brick-and-mortar wholesale
$
978,127

 
$
1,231,423

Consumer-directed
338,335

 
356,601

Total net sales
$
1,316,462

 
$
1,588,024


Revenue Sources
Third-Party Brick-and-Mortar Wholesale Revenue
Third-party brick-and-mortar wholesale revenue is primarily generated by sales of the Company’s products to retailers to support their brick-and-mortar operations. Also included within third-party brick-and-mortar wholesale revenues is royalty revenue from licensing agreements. The Company earns royalties through license agreements with manufacturers of other consumer products that incorporate certain of the Company’s brands. The Company accrues revenue earned under these contracts based upon reported sales from the licensees.
Consumer-Directed Revenue
Consumer-directed revenue is primarily generated through sales driven directly by the consumer through company-operated stores and e-commerce platforms, which include both owned sites and the sites of the Company’s retail customers.
(4)
Acquisitions
Bras N Things
On February 12, 2018, the Company acquired 100% of the outstanding equity of BNT Holdco Pty Limited (“Bras N Things”) for a total purchase price of A$498,236 (U.S.$391,572). During 2018, due to the final working capital adjustment, the purchase consideration was reduced by A$3,012 (U.S.$2,367), ultimately resulting in a revised purchase price of A$495,224 (U.S.$389,205), which included a cash payment of A$428,956 (U.S.$337,123), an indemnification escrow of A$31,988 (U.S.$25,140) and debt assumed of A$34,280 (U.S.$26,942). U.S. dollar equivalents are based on acquisition date exchange rates.
The Company funded the acquisition with a combination of short-term borrowings under its existing revolving loan facility (the “Revolving Loan Facility”) and cash on hand. During the third quarter of 2019, A$31,425 (U.S.$21,360) of the indemnification escrow, including interest earned, was paid to the sellers. The remaining indemnification escrow, held in one of the Company’s bank accounts, is recognized and classified as restricted cash, with the balance as of March 28, 2020 included in the “Other current assets” line of the Condensed Consolidated Balance Sheet.
Since February 12, 2018, goodwill related to the Bras N Things acquisition decreased by $792 as a result of measurement period adjustments, primarily related to working capital adjustments. The purchase price allocation was finalized in the first quarter of 2019.

10

HANESBRANDS INC.
Notes to Condensed Consolidated Financial Statements — (Continued)
(amounts in thousands, except per share data)
(unaudited)

(5)
Stockholders’ Equity
Basic earnings per share (“EPS”) was computed by dividing net income by the number of weighted average shares of common stock outstanding during the period. Diluted EPS was calculated to give effect to all potentially issuable dilutive shares of common stock using the treasury stock method.
The reconciliation of basic to diluted weighted average shares outstanding is as follows:
 
Quarters Ended
 
March 28,
2020
 
March 30,
2019
Basic weighted average shares outstanding
359,017

 
364,570

Effect of potentially dilutive securities:
 
 
 
Stock options

 
471

Restricted stock units

 
254

Employee stock purchase plan and other

 
4

Diluted weighted average shares outstanding
359,017

 
365,299


For the quarter ended March 28, 2020, all potentially dilutive securities were excluded from the diluted earnings per share calculation because the Company incurred a net loss for this period and their inclusion would be anti-dilutive. Anti-dilutive securities excluded from the diluted earnings per share calculation for the quarter ended March 28, 2020 are not material. For the quarter ended March 30, 2019, restricted stock units totaling five were excluded from the diluted earnings per share calculation because their effect would be anti-dilutive. For the quarter ended March 30, 2019, there were no anti-dilutive stock options to purchase shares of common stock.
On February 6, 2020, the Company’s Board of Directors approved a new share repurchase program for up to 40,000 shares to be repurchased in open market transactions, subject to market conditions, legal requirements and other factors. Additionally, management has been granted authority to establish a trading plan under Rule 10b5-1 of the Exchange Act in connection with share repurchases, which will allow the Company to repurchase shares in the open market during periods in which the stock trading window is otherwise closed for the Company and certain of the Company’s officers and employees pursuant to the Company’s insider trading policy. Unless terminated earlier by the Company’s Board of Directors, the new program will expire when the Company has repurchased all shares authorized for repurchase under the new program. The new program replaced the Company’s previous share repurchase program for up to 40,000 shares that was originally approved in 2016. For the quarter ended March 28, 2020, the Company entered into transactions to repurchase 14,464 shares at a weighted average repurchase price of $13.83 per share under the new program. The shares were repurchased at a total cost of $200,269. The Company did not repurchase any shares under the previous share repurchase program during the quarter ended March 28, 2020 or March 30, 2019. At March 28, 2020, the remaining repurchase authorization under the current share repurchase program totaled 25,536 shares. The primary objective of the share repurchase program is to utilize excess cash to generate shareholder value.
(6)
Inventories
Inventories consisted of the following: 
 
March 28,
2020
 
December 28,
2019
 
March 30,
2019
Raw materials
$
89,558

 
$
83,545

 
$
118,824

Work in process
124,725

 
136,592

 
170,746

Finished goods
1,749,474

 
1,685,708

 
1,943,149

 
$
1,963,757

 
$
1,905,845

 
$
2,232,719



11

HANESBRANDS INC.
Notes to Condensed Consolidated Financial Statements — (Continued)
(amounts in thousands, except per share data)
(unaudited)

(7)
Debt and Notes Payable
Debt and notes payable consisted of the following: 
 
Interest
Rate as of
March 28,
2020
 
Principal Amount
 
Maturity Date
 
March 28,
2020
 
December 28,
2019
 
Senior Secured Credit Facility:
 
 
 
 
 
 
 
Revolving Loan Facility
1.91%
 
$
950,000

 
$

 
December 2022
Term Loan A
1.89%
 
625,000

 
625,000

 
December 2022
Term Loan B
3.35%
 
300,000

 
300,000

 
December 2024
Australian Revolving Loan Facility
1.67%
 
30,817

 

 
July 2021
4.875% Senior Notes
4.88%
 
900,000

 
900,000

 
May 2026
4.625% Senior Notes
4.63%
 
900,000

 
900,000

 
May 2024
3.5% Senior Notes
3.50%
 
556,793

 
558,847

 
June 2024
European Revolving Loan Facility
1.50%
 
111,359

 
110,914

 
September 2020
Accounts Receivable Securitization Facility
2.20%
 
152,153

 

 
March 2021
Total debt
 
 
4,526,122

 
3,394,761

 
 
Notes payable
 
 
2,170

 
4,244

 
 
Total debt and notes payable
 
 
4,528,292

 
3,399,005

 
 
Less long-term debt issuance costs
 
 
25,655

 
26,977

 
 
Less notes payable
 
 
2,170

 
4,244

 
 
Less current maturities
 
 
263,512

 
110,914

 
 
Total long-term debt
 
 
$
4,236,955

 
$
3,256,870

 
 

As of March 28, 2020, the Company had $45,924 of borrowing availability under the $1,000,000 Revolving Loan Facility after taking into account $4,076 of standby and trade letters of credit issued and outstanding under this facility. In March 2020, in response to the uncertainty of the circumstances surrounding the COVID-19 global pandemic, the Company drew down $630,000 under the Revolving Loan Facility as a precautionary measure to provide the Company with additional financial flexibility to manage its business with a safety-first emphasis during the unknown duration and impact of the COVID-19 global pandemic. The Company subsequently repaid $490,000 of its borrowings under the Revolving Loan Facility in April 2020.
The Company entered into an accounts receivable securitization facility (the “Accounts Receivable Securitization Facility”) in November 2007. The Company’s maximum borrowing capacity under the Accounts Receivable Securitization Facility was $175,000 as of March 28, 2020. Borrowings under the Accounts Receivable Securitization Facility are permitted only to the extent that the face of the receivables in the collateral pool, net of applicable reserves and other deductions, exceeds the outstanding loans and also subject to a fluctuating facility limit, not to exceed $225,000. The Company had no borrowing availability under the Accounts Receivable Securitization Facility at March 28, 2020.
The Company had $5,958 of borrowing availability under the Australian Revolving Loan Facility, no borrowing availability under the European Revolving Loan Facility and $134,716 of borrowing availability under other international credit facilities after taking into account outstanding borrowings and letters of credit outstanding under the applicable facilities at March 28, 2020.
In March 2020, the Company amended the Accounts Receivable Securitization Facility. This amendment primarily decreased the fluctuating facility limit to $225,000 (previously $300,000) and extended the maturity date to March 2021.
As of March 28, 2020, the Company was in compliance with all financial covenants under its credit facilities and other outstanding indebtedness. The Company continues to monitor its covenant compliance carefully. Under the terms of its Senior Secured Credit Facility, among other financial and non-financial covenants, the Company is required to maintain a minimum interest coverage ratio and a maximum leverage ratio. The interest coverage ratio covenant is the ratio of the Company’s EBITDA for the preceding four fiscal quarters to its consolidated total interest expense and the maximum leverage ratio covenant is the ratio of the Company’s total debt to EBITDA for the preceding four fiscal quarters. EBITDA is defined as earnings before interest, income taxes, depreciation expense and amortization, as computed pursuant to the Senior Secured Credit Facility.

12

HANESBRANDS INC.
Notes to Condensed Consolidated Financial Statements — (Continued)
(amounts in thousands, except per share data)
(unaudited)

In April 2020, given the rapidly changing environment and level of uncertainty being created by the COVID-19 global pandemic and the associated impact on future earnings, the Company amended its Senior Secured Credit Facility prior to any potential covenant violation in order to modify the financial covenants and to provide operating flexibility during the COVID-19 crisis. The amendment effects changes to certain provisions and covenants under the Senior Secured Credit Facility during the period beginning with the fiscal quarter ending June 27, 2020 and continuing through the fiscal quarter ending July 3, 2021 (such period of time, the “Covenant Relief Period”), including: (a) suspension of compliance with the maximum leverage ratio; (b) reduction of the minimum interest coverage ratio from 3.00 to 1.00 to (i) 2.00 to 1.00 for the fiscal quarters ending June 27, 2020 through April 3, 2021 and (ii) 2.25 to 1.00 for the fiscal quarter ending July 3, 2021; (c) a minimum last twelve months EBITDA covenant of $625,000 as of June 27, 2020, $505,000 as of September 26, 2020, $445,000 as of January 2, 2021, $435,000 as of April 3, 2021 and $505,000 as of July 3, 2021; (d) a minimum liquidity covenant of $300,000, increasing to $400,000 upon certain conditions; (e) increased limitations on investments, acquisitions, restricted payments and the incurrence of indebtedness; and (f) anti-cash hoarding provisions. During the Covenant Relief Period, the applicable margin and applicable commitment fee margin will be calculated assuming the leverage ratio is greater than or equal to 4.50 to 1.00. The amendment also permanently amends the definition of “leverage ratio” for purposes of the financial covenant calculation to remove the maximum amount of cash allowed to be netted from the definition of “indebtedness” and to allow for the netting of cash from certain foreign subsidiaries. After obtaining the debt amendment, the Company expects to maintain compliance with its covenants for at least one year from the issuance of these financial statements based on its current expectations and forecasts. If economic conditions caused by the COVID-19 global pandemic worsen and the Company’s earnings and operating cash flows do not start to recover as currently estimated by management, this could impact the Company’s ability to maintain compliance with its amended financial covenants and require the Company to seek additional amendments to its Senior Secured Credit Facility. If the Company is not able to obtain such necessary additional amendments, this would lead to an event of default and, if not cured timely, its lenders could require the Company to repay its outstanding debt. In that situation, the Company may not be able to raise sufficient debt or equity capital, or divest assets, to refinance or repay the lenders.
(8)
Accumulated Other Comprehensive Loss
The components of accumulated other comprehensive loss (“AOCI”) are as follows:
 
Cumulative Translation Adjustment(1)
 
Cash Flow Hedges
 
Defined Benefit Plans
 
Income Taxes
 
Accumulated Other Comprehensive Loss
Balance at December 28, 2019
$
(157,138
)
 
$
4,786

 
$
(629,360
)
 
$
164,064

 
$
(617,648
)
Amounts reclassified from accumulated other comprehensive loss

 
(5,017
)
 
4,866

 

 
(151
)
Current-period other comprehensive income (loss) activity
(117,154
)
 
20,080

 

 
(8,552
)
 
(105,626
)
 
 
 
 
 
 
 
 
 
 
Balance at March 28, 2020
$
(274,292
)
 
$
19,849

 
$
(624,494
)
 
$
155,512

 
$
(723,425
)

 
 
(1)
Cumulative Translation Adjustment includes translation adjustments and net investment hedges. See Note, “Financial Instruments and Risk Management” for additional disclosures about net investment hedges.

13

HANESBRANDS INC.
Notes to Condensed Consolidated Financial Statements — (Continued)
(amounts in thousands, except per share data)
(unaudited)

The Company had the following reclassifications out of AOCI:
Component of AOCI
 
Location of Reclassification into Income
 
Amount of Reclassification from AOCI
 
Quarters Ended
 
March 28,
2020
 
March 30,
2019
Gain on foreign exchange contracts designated as cash flow hedges
 
Cost of sales
 
$
5,017

 
$
6,017


 
Income tax
 
(1,272
)
 
(1,521
)

 
Net of tax
 
3,745

 
4,496

 
 
 
 
 
 
 
Amortization of deferred actuarial loss and prior service cost
 
Other expenses
 
(4,866
)
 
(4,602
)

 
Income tax
 
1,272

 
1,205


 
Net of tax
 
(3,594
)
 
(3,397
)
 
 
 
 
 
 
 
Total reclassifications
 
 
 
$
151

 
$
1,099


(9)
Financial Instruments and Risk Management
The Company uses forward foreign exchange contracts to manage its exposures to movements in foreign exchange rates. The Company also uses a combination of derivative instruments and long-term debt to manage its exposure to foreign currency risk associated with the Company’s net investment in its European subsidiaries.
As of March 28, 2020, the notional U.S. dollar equivalent of the Company’s derivative portfolio of forward foreign exchange contracts was $553,575, consisting of contracts hedging exposures primarily related to the Euro, Australian dollar, Canadian dollar and Mexican peso. As of March 28, 2020, the U.S. dollar equivalent carrying value of long-term debt designated as a partial European net investment hedge was $556,793. The notional U.S. dollar equivalent of the Company’s cross-currency swap contracts, which are also designated as partial European net investment hedges, was $335,940 as of March 28, 2020.
Fair Values of Derivative Instruments
The fair values of derivative financial instruments related to forward foreign exchange contracts and cross-currency swap contracts recognized in the Condensed Consolidated Balance Sheets of the Company were as follows:
 
Balance Sheet Location
 
Fair Value
 
March 28,
2020
 
December 28,
2019
Derivatives designated as hedging instruments:
 
 
 
 
 
Forward foreign exchange contracts
Other current assets
 
$
17,312

 
$
2,716

Cross-currency swap contracts
Other current assets
 
2,873

 
926

Cross-currency swap contracts
Other noncurrent assets
 
18,868

 
2,975

Derivatives not designated as hedging instruments:
 
 
 
 
 
Forward foreign exchange contracts
Other current assets
 
15,747

 
5,314

Total derivative assets
 
 
54,800

 
11,931

 
 
 
 
 
 
Derivatives designated as hedging instruments:
 
 
 
 
 
Forward foreign exchange contracts
Accrued liabilities
 
(6
)
 
(2,246
)
Derivatives not designated as hedging instruments:
 
 
 
 
 
Forward foreign exchange contracts
Accrued liabilities
 
(3,263
)
 
(1,147
)
Total derivative liabilities
 
 
(3,269
)
 
(3,393
)
 
 
 
 
 
 
Net derivative asset
 
 
$
51,531

 
$
8,538



14

HANESBRANDS INC.
Notes to Condensed Consolidated Financial Statements — (Continued)
(amounts in thousands, except per share data)
(unaudited)

Cash Flow Hedges
The Company uses forward foreign exchange contracts to reduce the effect of fluctuating foreign currencies on short-term foreign currency-denominated transactions, foreign currency-denominated investments and other known foreign currency exposures. Gains and losses on these contracts are intended to offset losses and gains on the hedged transaction in an effort to reduce the earnings volatility resulting from fluctuating foreign currency exchange rates.
The Company expects to reclassify into earnings during the next 12 months a net gain from AOCI of approximately $21,396. The Company is hedging exposure to the variability in future cash flows for forecasted transactions over the next 14 months.
The effect of cash flow hedge derivative instruments on the Condensed Consolidated Statements of Income and AOCI is as follows:
 
Amount of Gain Recognized in AOCI on Derivative Instruments
 
Quarters Ended
 
March 28,
2020
 
March 30,
2019
Foreign exchange contracts
$
20,080

 
$
440

 
Location of Gain
Reclassified from AOCI 
into Income
 
Amount of Gain Reclassified from AOCI into Income
 
 
Quarters Ended
 
 
March 28,
2020
 
March 30,
2019
Foreign exchange contracts(1)
Cost of sales
 
$
5,017

 
$
6,017


 
 
(1)
The Company does not exclude amounts from effectiveness testing for cash flow hedges that would require recognition into earnings based on changes in fair value.
  
Quarters Ended
  
March 28,
2020
 
March 30,
2019
Total cost of sales in which the effects of cash flow hedges are recorded
$
842,730

 
$
967,993


Net Investment Hedges
In July 2019, the Company entered into two pay-fixed rate, receive-fixed rate cross-currency swap contracts with a total notional amount of 300,000 that were designated as hedges of a portion of the beginning balance of the Company’s net investment in its European subsidiaries. These cross-currency swap contracts, which mature on May 15, 2024, swap U.S. dollar-denominated interest payments for Euro-denominated interest payments, thereby economically converting a portion of the Company’s fixed-rate 4.625% Senior Notes to a fixed-rate 2.3215% Euro-denominated obligation.
In July 2019, the Company also designated its 3.5% Senior Notes with a carrying value of 500,000, which is a nonderivative financial instrument, as a hedge of a portion of the beginning balance of the Company’s European net investment.

15

HANESBRANDS INC.
Notes to Condensed Consolidated Financial Statements — (Continued)
(amounts in thousands, except per share data)
(unaudited)

The amount of after-tax gains included in AOCI in the Condensed Consolidated Balance Sheets related to derivative instruments and nonderivative financial instruments designated as net investment hedges and the amount of gains included in the “Interest expense, net” line in the Condensed Consolidated Statements of Income related to amounts excluded from the assessment of hedge effectiveness for derivative instruments designated as net investment hedges are as follows:
 
 
 
Amount of Gain Recognized in AOCI
 
 
 
Quarters Ended
 
 
 
March 28,
2020
 
March 30,
2019
Euro-denominated long-term debt
 
$
2,658

 
$

Cross-currency swap contracts
 
11,732

 

Total
 
$
14,390

 
$

 
Location of Gain Recognized in Income
 
Amount of Gain Recognized in Income
(Amount Excluded from Effectiveness Testing)
 
 
Quarters Ended
 
 
March 28,
2020
 
March 30,
2019
Cross-currency swap contracts
Interest expense, net
 
$
1,947

 
$

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarters Ended
 
 
 
March 28,
2020
 
March 30,
2019
Total interest expense, net in which the amounts excluded from effectiveness testing for net investment hedges are recorded
 
$
36,849

 
$
48,059


Mark to Market Hedges
A derivative used as a hedging instrument whose change in fair value is recognized to act as a hedge against changes in the values of the hedged item is designated as a mark to market hedge. The Company uses foreign exchange derivative contracts as hedges against the impact of foreign exchange fluctuations on existing accounts receivable and payable balances and intercompany lending transactions denominated in foreign currencies. Foreign exchange derivative contracts are recorded as mark to market hedges when the hedged item is a recorded asset or liability that is revalued in each accounting period. These contracts are not designated as hedges under the accounting standards and are recorded at fair value in the Condensed Consolidated Balance Sheets. Any gains or losses resulting from changes in fair value are recognized directly into earnings. Gains or losses on these contracts largely offset the net remeasurement gains or losses on the related assets and liabilities.
The effect of derivative contracts not designated as hedges on the Condensed Consolidated Statements of Income is as follows:
 
Location of Gain (Loss)
Recognized in Income
on Derivatives
 
Amount of Gain (Loss) Recognized in Income
 
Quarters Ended
 
March 28,
2020
 
March 30,
2019
Foreign exchange contracts
Cost of sales
 
$
6,121

 
$
(9,397
)
Foreign exchange contracts
Selling, general and administrative expenses
 
(1,031
)
 
(659
)
Total
 
 
$
5,090

 
$
(10,056
)


16

HANESBRANDS INC.
Notes to Condensed Consolidated Financial Statements — (Continued)
(amounts in thousands, except per share data)
(unaudited)