Annual report pursuant to Section 13 and 15(d)

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

v3.20.1
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables)
 12 Months Ended
Dec. 28, 2019
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:
  
 
December 2019
 
 
 
 
 
 
 
(In thousands)
 
Fair Value of Derivatives with Unrealized Gains
 
Fair Value of Derivatives with Unrealized Losses
 
Derivatives designated as hedging instruments:
 
 
 
 
 
Foreign currency exchange contracts
 
$
5,199

 
$
(2,690
)
 
Interest rate swap agreements
 
—

 
(3,089
)
 
Derivatives not designated as hedging instruments:
 
 
 
 
 
Foreign currency exchange contracts
 
364

 
(105
)
 
Total derivatives
 
$
5,563

 
$
(5,884
)
 

Derivative Assets and Liabilities Presented in Consolidated Balance Sheet Adjusted from current Gross
The following table presents a reconciliation of gross to net amounts for derivative asset and liability balances:
 
 
December 2019
 
(In thousands)
 
Derivative Asset
 
Derivative Liability
 
Gross amounts presented in the balance sheet
 
$
5,563

 
$
(5,884
)
 
Gross amounts not offset in the balance sheet
 
(1,133
)
 
1,133

 
Net amounts
 
$
4,430

 
$
(4,751
)
 

Derivative Assets and Liabilities Presented in Consolidated Balance Sheet Adjusted from current Gross
The following table presents a reconciliation of gross to net amounts for derivative asset and liability balances:
 
 
December 2019
 
(In thousands)
 
Derivative Asset
 
Derivative Liability
 
Gross amounts presented in the balance sheet
 
$
5,563

 
$
(5,884
)
 
Gross amounts not offset in the balance sheet
 
(1,133
)
 
1,133

 
Net amounts
 
$
4,430

 
$
(4,751
)
 

Derivatives Classified as Current or Noncurrent Based on Maturity Dates
The following table presents the location of derivatives in the Company's balance sheet, with current or noncurrent classification based on maturity dates:
(In thousands)
 
December 2019
 
Other current assets
 
$
4,303

 
Accrued liabilities
 
(2,058
)
 
Other assets
 
1,260

 
Other liabilities
 
(3,826
)
 

Effects of Cash Flow Hedging included in Consolidated Statements of Income and Consolidated Statements of Comprehensive Income
The following tables present the effects of cash flow hedges included in the Company's statements of income and statements of comprehensive income:
(In thousands)
 
Gain (Loss) on Derivatives Recognized in OCI
 
 
 
 
Cash Flow Hedging Relationships
 
Year Ended December 2019
 
Foreign currency exchange contracts
 
$
3,683

 
Interest rate swap agreements
 
(1,954
)
 
Total
 
$
1,729

 

(In thousands)
 
Gain (Loss) Reclassified from AOCL into Income
 
 
 
 
Location of Gain (Loss)
 
Year Ended December 2019
 
Net revenues
 
$
(844
)
 
Cost of goods sold
 
6,745

 
Other expense, net
 
343

 
Interest expense
 
1,136

 
Total
 
$
7,380

 

Effects of Fair Value Hedging Included in Consolidated Statements of Income
The following table presents a summary of these derivatives included in the Company's statement of income:
(In thousands)
 
Location of Gain (Loss) on Derivatives Recognized in Income
 
 
Gain (Loss) on Derivatives Recognized in Income
 
 
 
 
 
Derivatives Not Designated as Hedges
 
 
Year Ended December 2019
 
Foreign currency exchange contracts
 
Cost of goods sold
 
 
$
829

 
 
 
 
 
 
$
829