Quarterly report pursuant to Section 13 or 15(d)

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

v3.21.2
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables)
 9 Months Ended
Oct. 02, 2021
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
(In thousands) September 2021 December 2020 September 2020 September 2021 December 2020 September 2020
Derivatives designated as hedging instruments:
Foreign currency exchange contracts $ 7,057  $ 7,179  $ 2,310  $ (2,545) $ (8,640) $ (7,096)
Interest rate swap agreements —  —  —  (10,582) (16,309) (18,094)
Derivatives not designated as hedging instruments:
Foreign currency exchange contracts 73  352  458  —  (154) (149)
Total derivatives $ 7,130  $ 7,531  $ 2,768  $ (13,127) $ (25,103) $ (25,339)
The following table presents a reconciliation of gross to net amounts for derivative asset and liability balances:
September 2021 December 2020 September 2020
(In thousands) Derivative Asset Derivative Liability Derivative Asset Derivative Liability Derivative Asset Derivative
Liability
Gross amounts presented in the balance sheet $ 7,130  $ (13,127) $ 7,531  $ (25,103) $ 2,768  $ (25,339)
Gross amounts not offset in the balance sheet (1,560) 1,560  (1,818) 1,818  (2,110) 2,110 
Net amounts $ 5,570  $ (11,567) $ 5,713  $ (23,285) $ 658  $ (23,229)
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) September 2021 December 2020 September 2020
Prepaid expenses and other current assets $ 6,440  $ 5,773  $ 2,006 
Accrued liabilities (2,110) (7,166) (6,594)
Other assets 690  1,758  762 
Other liabilities (11,017) (17,937) (18,745)
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location
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 (loss):
Gain (Loss) on Derivatives Recognized in AOCL
(In thousands) Three Months Ended Nine Months Ended
Cash Flow Hedging Relationships September 2021 September 2020 September 2021 September 2020
Foreign currency exchange contracts $ 1,408  $ (313) $ 4,311  $ (10,407)
Interest rate swap agreements (264) (897) 1,213  (18,220)
Total $ 1,144  $ (1,210) $ 5,524  $ (28,627)
Gain (Loss) Reclassified from AOCL into Income
(In thousands) Three Months Ended Nine Months Ended
Location of Gain (Loss) September 2021 September 2020 September 2021 September 2020
Net revenues $ 47  $ (36) $ 247  $ (588)
Cost of goods sold 58  (578) (2,775) 4,778 
Other expense, net (170) 36  (597) 173 
Interest expense (1,507) (1,636) (4,515) (3,216)
Total $ (1,572) $ (2,214) $ (7,640) $ 1,147 
Derivatives Not Designated as Hedging Instruments
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
Three Months Ended Nine Months Ended
Derivatives Not Designated as Hedges September 2021 September 2020 September 2021 September 2020
Foreign currency exchange contracts Net revenues $ —  $ 37  $ (104) $ 43 
Cost of goods sold 18  563  4  (2,559)
Other expense, net 205  (18) 325  (8)
Total $ 223  $ 582  $ 225  $ (2,524)