Quarterly report pursuant to Section 13 or 15(d)

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

v3.22.1
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables)
 3 Months Ended
Apr. 02, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments
The following table presents the fair value of outstanding derivatives on an individual contract basis:
Fair Value of Derivatives
with Unrealized Gains		 Fair Value of Derivatives
with Unrealized Losses
March December March March December March
(In thousands) 2022 2021 2021 2022 2021 2021
Derivatives designated as hedging instruments:
Foreign currency exchange contracts $ 11,041  $ 7,321  $ 6,593  $ (1,073) $ (1,972) $ (4,659)
Interest rate swap agreements 4,309  —  —  —  (6,052) (12,710)
Derivatives not designated as hedging instruments:
Foreign currency exchange contracts 131  —  221  (2) —  (3)
Total derivatives $ 15,481  $ 7,321  $ 6,814  $ (1,075) $ (8,024) $ (17,372)
The following table presents a reconciliation of gross to net amounts for derivative asset and liability balances:
March 2022 December 2021 March 2021
(In thousands) Derivative Asset Derivative Liability Derivative Asset Derivative Liability Derivative Asset Derivative
Liability
Gross amounts presented in the balance sheet $ 15,481  $ (1,075) $ 7,321  $ (8,024) $ 6,814  $ (17,372)
Gross amounts not offset in the balance sheet (938) 938  (1,636) 1,636  (2,355) 2,355 
Net amounts $ 14,543  $ (137) $ 5,685  $ (6,388) $ 4,459  $ (15,017)
The following table presents the location of derivatives in the Company's balance sheets, with current or noncurrent classification based on maturity dates:
(In thousands) March 2022 December 2021 March 2021
Prepaid expenses and other current assets $ 9,424  $ 6,356  $ 5,830 
Accrued liabilities (838) (1,623) (4,065)
Other assets 6,057  965  984 
Other liabilities (237) (6,401) (13,307)
Pre-Tax Effects of Cash Flow Hedges Included in the Statement of Operations and Statements of Comprehensive Income (Loss)
The following tables present the pre-tax effects of cash flow hedges included in the Company's statements of operations and statements of comprehensive income:
Gain on Derivatives Recognized in AOCL
(In thousands) Three Months Ended
Cash Flow Hedging Relationships March 2022 March 2021
Foreign currency exchange contracts $ 7,325  $ 1,546 
Interest rate swap agreements 9,095  2,086 
Total $ 16,420  $ 3,632 
Gain (Loss) Reclassified from AOCL into Income
(In thousands) Three Months Ended
Location of Gain (Loss) March 2022 March 2021
Net revenues $ (132) $ 75 
Cost of goods sold 2,301  (1,405)
Other expense, net (103) (134)
Interest expense (1,266) (1,513)
Total $ 800  $ (2,977)
Summary of Derivatives Not Designated as Hedges
The following table presents a summary of these derivatives included in the Company's statements of operations:
Location of Gain (Loss) on Derivatives Recognized in Income Gain (Loss) on Derivatives Recognized in Income
(In thousands) Three Months Ended
Derivatives Not Designated as Hedges March 2022 March 2021
Foreign currency exchange contracts Net revenues $ —  $ (81)
Cost of goods sold 6  (123)
Other expense, net —  209 
Total $ 6  $ 5