Annual report [Section 13 and 15(d), not S-K Item 405]

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

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DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables)
 12 Months Ended
Dec. 28, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Outstanding Derivatives on Individual Contract Basis
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
(In thousands) December 2024 December 2023 December 2024 December 2023
Derivatives designated as hedging instruments:
Foreign currency exchange contracts $ 7,720  $ 16,490  $ (11,620) $ (5,098)
Interest rate swap agreements 5,390  3,253  —  — 
Derivatives not designated as hedging instruments:
Foreign currency exchange contracts —  14  —  (23)
Total derivatives $ 13,110  $ 19,757  $ (11,620) $ (5,121)
Fair Value of Derivative Assets and Liabilities in Balance Sheet
The following table presents a reconciliation of gross to net amounts for derivative asset and liability balances:
December 2024 December 2023
(In thousands) Derivative Asset Derivative Liability Derivative Asset Derivative Liability
Gross amounts presented in the balance sheet $ 13,110  $ (11,620) $ 19,757  $ (5,121)
Gross amounts not offset in the balance sheet (3,468) 3,468  (894) 894 
Net amounts $ 9,642  $ (8,152) $ 18,863  $ (4,227)
Derivatives Classified as Current or Noncurrent Based on Maturity Dates
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) December 2024 December 2023
Prepaid expenses and other current assets $ 5,845  $ 18,319 
Accrued and other current liabilities (10,659) (4,009)
Other assets 7,265  1,438 
Other liabilities (961) (1,112)
Effects of Cash Flow Hedging Included in Consolidated Statements of Income and Consolidated Statements of Comprehensive Income
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 (Loss) on Derivatives Recognized in AOCL
(In thousands)
Year Ended December
Cash Flow Hedging Relationships 2024 2023 2022
Foreign currency exchange contracts $ (6,164) $ 22,590  $ 23,480 
Interest rate swap agreements 6,084  1,829  17,148 
Total $ (80) $ 24,419  $ 40,628 
Gain (Loss) Reclassified from AOCL into Income
(In thousands)
Year Ended December
Location of Gain (Loss) 2024 2023 2022
Net revenues $ (2,019) $ (219) $ (1,093)
Cost of goods sold 17,476  23,588  13,531 
Other expense, net 361  527  245 
Interest expense 3,947  9,933  (261)
Total $ 19,765  $ 33,829  $ 12,422