FAIR VALUES (Tables)

6 Months Ended

Jun. 30, 2012

FAIR VALUES [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

In accordance with the fair value hierarchy described above, the following table shows the fair value of our financial assets and liabilities that are required to be measured at fair value on a recurring basis at July 2, 2011, December 31, 2011 and June 30, 2012.

(In millions) Description	Classification	Total Value		Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobserv-able inputs (Level 3)
July 2, 2011:
Rabbi Trust assets	Prepaid expenses and other current assets	$	9.5	$	9.5	$	-	$	-
British Pound - Euro forward contracts	Prepaid expenses and other current assets		0.1		-		0.1		-
Interest rate swaps	Other long-term assets		5.1		-		5.1		-
Interest rate cap	Other long-term assets		0.6		-		0.6		-
Total assets		$	15.3	$	9.5	$	5.8	$	-
Rabbi Trust liabilities	Accrued employee compensation and benefits	$	9.5	$	9.5	$	-	$	-
Canadian Dollar - U.S. Dollar forward contracts	Accrued expenses and other current liabilities		0.6		-		0.6		-
Acquisition consideration	Current portion of acquisition consideration payable		21.5		-		-		21.5
5.125% Senior Notes  due 2014	Long-term debt		261.2		-		261.2		-
Hedged portion of 6.875% Senior Notes due 2019	Long-term debt		154.4		-		154.4		-
Acquisition consideration	Acquisition consideration payable, net of current portion		206.7		-		-		206.7
Total liabilities		$	653.9	$	9.5	$	416.2	$	228.2
December 31, 2011:
Rabbi Trust assets	Prepaid expenses and other current assets	$	7.5	$	7.5	$	-	$	-
Interest rate swaps	Other long-term assets		5.5		-		5.5		-
Interest rate cap	Other long-term assets		0.2		-		0.2		-
Canadian Dollar - U.S. Dollar forward contracts	Prepaid expenses and other current assets		0.1		-		0.1		-
Total assets		$	13.3	$	7.5	$	5.8	$	-
Rabbi Trust liabilities	Accrued employee compensation and benefits	$	7.5	$	7.5	$	-	$	-
Deferred director fees	Accrued expenses and other current liabilities		0.2		0.2		-		-
Acquisition consideration	Current portion of acquisition consideration payable		192.7		-		-		192.7
5.125% Senior Notes  due 2014	Long-term debt		263.0		-		263.0		-
Acquisition consideration	Acquisition consideration payable, net of current portion		17.7		-		-		17.7
Total liabilities		$	481.1	$	7.7	$	263.0	$	210.4
June 30, 2012:
Rabbi Trust assets	Prepaid expenses and other current assets	$	8.0	$	8.0	$	-	$	-
British Pound- U.S. Dollar forward contracts	Prepaid expenses and other current assets		0.1		-		0.1		-
Canadian Dollar - U.S. Dollar forward contracts	Prepaid expenses and other current assets		0.1		-		0.1		-
Total assets		$	8.2	$	8.0	$	0.2	$	-
Rabbi Trust liabilities	Accrued employee compensation and benefits	$	8.0	$	8.0	$	-	$	-
Deferred director fees	Accrued expenses and other current liabilities		0.2		0.2		-		-
Acquisition consideration	Current portion of acquisition consideration payable		216.7		-		-		216.7
Acquisition consideration	Acquisition consideration payable, net of current portion		4.8		-		-		4.8
Total liabilities		$	229.7	$	8.2	$	-	$	221.5

Changes in Level 3 contingent consideration liability

The following table presents the changes in Level 3 contingent consideration liability for the fiscal six months ended July 2, 2011 and June 30, 2012.

(In millions)	Acquisition of Moda			Acquisition of SWH			Total Acquisition Consideration Payable
Beginning balance, January 1, 2011	$	22.9		$	191.0		$	213.9
Payments		-			(11.0	)		(11.0	)
Total adjustments included in earnings		(6.5	)		31.8			25.3
Balance, July 2, 2011	$	16.4		$	211.8		$	228.2
Beginning balance, January 1, 2012	$	14.8		$	195.6		$	210.4
Payments		(3.5	)		(4.8	)		(8.3	)
Total adjustments included in earnings		(4.1	)		23.5			19.4
Balance, June 30, 2012	$	7.2		$	214.3		$	221.5

Quantitative information about Level 3 contingent consideration liability measurements

The following table represents quantitative information about the Level 3 contingent consideration liability measurements at June 30, 2012.

(In millions)	Fair Value at June 30, 2012		Valuation technique	Unobservable inputs	Range (Weighted Average)
Acquisition of Moda	$	7.2	Discounted projection of financial results	Net sales growth Gross margin multiplier Discount rate	-32% - +10% (-3.0%) 1.63 - 1.70 (1.68) 11.7%
Acquisition of SWH	$	214.3	Discounted projection of financial results and future cash flow	EBITDA (1) growth EBITDA (1) multiplier Discount rate	-18% - +22% (2.1%) 8.0 - 9.0 (8.3) 11.7%

(1) - Adjusted earnings before interest, taxes, depreciation and amortization ("EBITDA") as defined in the acquisition agreement.

The valuation processes for the contingent consideration liabilities are based on the associated acquisition agreements.  Our inputs include probability-weighted projections of financial results and cash flows for the acquired business and a discount rate based on our weighted average cost of capital.  We internally calculate the estimated liability using projected financial information provided by the operating divisions.

The significant unobservable inputs used in the fair value measurement of the Moda contingent consideration liability are net sales growth, a gross margin multiplier (as defined in the acquisition agreement) and a discount factor.  An increase in the net sales or gross margin multiplier inputs would increase the fair value of the liability, while an increase in the discount rate would decrease the fair value of the liability.  There is no interrelationship between the unobservable inputs.  Changes in the fair value of the Moda contingent consideration liability are reported as adjustments to SG&A expenses in the domestic wholesale sportswear segment.

The significant unobservable inputs used in the fair value measurement of the SWH contingent consideration liability are probability-weighted projected EBITDA growth, the EBITDA multiplier (as defined in the acquisition agreement) and a discount rate.  An increase to the EBITDA growth or multiplier would increase the fair value of the liability, while an increase in the discount rate would decrease the fair value of the liability.  The EBITDA multiplier is based on the achieved level of EBITDA.  There is no interrelationship between the discount rate to the other unobservable inputs.  Changes in the fair value of the contingent consideration liability for SWH are reported as adjustments to interest expense.

Fair value of non-financial assets and liabilities

In accordance with the fair value hierarchy described above, the following table shows the fair value of our non-financial assets and liabilities that were required to be measured at fair value on a nonrecurring basis at July 2, 2011 and June 30, 2012, and the total losses recorded as a result of the remeasurement process.

(In millions)			Fair Value Measurements Using
Description	Carrying Value		Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobserv-able inputs (Level 3)		Total losses recorded for the fiscal six months
At July 2, 2011:
Property and equipment	$	-	$	-	$	-	$	-	$	2.5
Transportation equipment		0.6		0.6		-		-		0.4
At June 30, 2012:
Property and equipment		-		-		-		-		0.4

Estimated fair values of other financial instruments by balance sheet location

At June 30, 2012, July 2, 2011 and December 31, 2011, the fair values of cash and cash equivalents, receivables and accounts payable approximated their carrying values due to the short-term nature of these instruments.  The estimated fair values of other financial instruments subject to fair value disclosures were valued using market comparable inputs.  These inputs include broker quotes, quoted market prices, interest rates and exchange rates for the same or similar instruments.  The fair value and related carrying amounts for items not disclosed elsewhere are as follows:

(In millions)	June 30, 2012						July 2, 2011				December 31, 2011
	Fair Value Level		Carrying Amount		Fair Value		Carrying Amount		Fair Value		Carrying Amount		Fair Value
Senior Notes, including hedged items recorded at fair value		1	$	824.4	$	732.5	$	815.3	$	740.5	$	821.7	$	692.6
Other long-term debt, including current portion		2		9.9		8.7		10.3		9.1		9.8		8.2
Note receivable from GRI		2		-		-		10.0		10.0		10.0		10.0
Other notes receivable		2		2.8		1.7		-		-		-		-