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HBI » Topics » (6) Comprehensive Income

This excerpt taken from the HBI 10-Q filed May 14, 2007.
(6)  Comprehensive Income
 
SFAS No. 130, Reporting Comprehensive Income, requires that all components of comprehensive income, including net income, be reported in the financial statements in the period in which they are recognized. Comprehensive income is defined as the change in equity during a period from transactions and other events and circumstances from non-owner sources. Net income and other comprehensive income, including foreign currency translation adjustments, amounts amortized into net periodic benefit cost as required by SFAS No. 158, Employers’ Accounting for Defined Benefit Pension and Other Postretirement Plans and unrealized gains and losses on qualifying cash flow hedges, are combined, net of their related tax effect, to arrive at comprehensive income. The Company’s comprehensive income is as follows:
 
                 
    Quarter Ended  
    March 31,
 		    April 1,
 		 
    2007     2006  
 
Net income
  $ 12,004     $ 74,592  
Translation adjustments
    473       158  
Net unrealized loss on qualifying cash flow hedges, net of tax
    (2,331 )     (365 )
Amounts amortized into net periodic benefit cost:
               
Prior service benefit
    (1,224 )     —  
Actuarial loss
    569       —  
                 
Comprehensive income
  $ 9,491     $ 74,385  
                 


9

Table of Contents

 
HANESBRANDS

Notes to Condensed Consolidated Financial Statements — (Continued)
(dollars and shares in thousands, except per share data)
(unaudited)

This excerpt taken from the HBI 10-Q filed Nov 13, 2006.
(6)  Comprehensive Income
 
SFAS No. 130, Reporting Comprehensive Income, requires that all components of comprehensive income, including net income, be reported in the financial statements in the period in which they are recognized. Comprehensive income is defined as the change in equity during a period from transactions and other events and circumstances from non-owner sources. Net income and other comprehensive income, including foreign currency translation adjustments, minimum pension liabilities and unrealized gains and losses on qualifying cash flow hedges, shall be reported, net of their related tax effect, to arrive at comprehensive income. The Company’s comprehensive income is as follows:
 
                 
    Quarter Ended  
    September 30,
 		    October 1,
 		 
    2006     2005  
 
Net income
  $ 50,345     $ 82,604  
Translation adjustments
    (4,338 )     6,016  
Net unrealized loss on qualifying cash flow hedges, net of tax
    (497 )     (628 )
                 
Comprehensive income
  $ 45,510     $ 87,992  
                 
 
In connection with the spin off on September 5, 2006, the Company assumed obligations relating to the Company’s current and former employees included within Sara Lee sponsored pension and retirement plans, including $53,813 of additional minimum pension liability that has not been reflected in comprehensive income for the quarter ended September 30, 2006.
 

EXCERPTS ON THIS PAGE:

10-Q
May 14, 2007
10-Q
Nov 13, 2006

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