Annual report pursuant to Section 13 and 15(d)

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

v3.20.4
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables)
 12 Months Ended
Jan. 02, 2021
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 2020 December 2019 December 2020 December 2019
Derivatives designated as hedging instruments:
Foreign currency exchange contracts $ 7,179  $ 5,199  $ (8,640) $ (2,690)
Interest rate swap agreements —  —  (16,309) (3,089)
Derivatives not designated as hedging instruments:
Foreign currency exchange contracts 352  364  (154) (105)
Total derivatives $ 7,531  $ 5,563  $ (25,103) $ (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 2020 December 2019
(In thousands) Derivative Asset Derivative Liability Derivative Asset Derivative Liability
Gross amounts presented in the balance sheet $ 7,531  $ (25,103) $ 5,563  $ (5,884)
Gross amounts not offset in the balance sheet (1,818) 1,818  (1,133) 1,133 
Net amounts $ 5,713  $ (23,285) $ 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 sheets, with current or noncurrent classification based on maturity dates:
(In thousands) December 2020 December 2019
Prepaid expenses and other current assets $ 5,773  $ 4,303 
Accrued liabilities (7,166) (2,058)
Other assets 1,758  1,260 
Other liabilities (17,937) (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 operations and statements of comprehensive income:
(In thousands) Gain (Loss) on Derivatives Recognized in AOCL
Cash Flow Hedging Relationships Year Ended December 2020 Year Ended December 2019
Foreign currency exchange contracts $ (8,193) $ 3,683 
Interest rate swap agreements (18,224) (1,954)
Total $ (26,417) $ 1,729 
(In thousands) Gain (Loss) Reclassified from AOCL into Income
Location of Gain (Loss) Year Ended December 2020 Year Ended December 2019
Net revenues $ (458) $ (844)
Cost of goods sold 3,171  6,745 
Other expense, net 149  343 
Interest expense (5,004) 1,136 
Total $ (2,142) $ 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 statements of operations:
(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 2020 Year Ended December 2019
Foreign currency exchange contracts Net revenues $ 90  $ — 
Cost of goods sold (2,749) 829 
Other expense, net (1) — 
Total $ (2,660) $ 829