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DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables) | 9 Months Ended
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Sep. 28, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Derivative Instruments | The following table presents outstanding derivatives on an individual contract basis:
|  | September 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 |  | $ | 3,463 |  |  | $ | (2,603 | ) |
Interest rate swap agreements |  | — |  |  | (4,861 | ) |
Derivatives not designated as hedging instruments: |  |  |  |  |
Foreign currency exchange contracts |  | 41 |  |  | (110 | ) |
Total derivatives |  | $ | 3,504 |  |  | $ | (7,574 | ) |
The following table presents a reconciliation of gross to net amounts for derivative asset and liability balances:
|  | September 2019 |
(in thousands) |  | Derivative Asset |  | Derivative Liability |
Gross amounts presented in the balance sheet |  | $ | 3,504 |  |  | $ | (7,574 | ) |
Gross amounts not offset in the balance sheet |  | (507 | ) |  | 507 |  |
Net amounts |  | $ | 2,997 |  |  | $ | (7,067 | ) |
The following table presents classification of derivatives as current or noncurrent based on maturity dates:
(in thousands) |  | September 2019 |
Derivative financial instruments: |  |  |
Other current assets |  | $ | 2,900 |  |
Accrued liabilities |  | (2,376 | ) |
Other assets |  | 604 |  |
Other liabilities |  | (5,198 | ) |
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location | The following tables present the effects of cash flow hedges included in the Company's statements of income and statements of comprehensive income:
|  | Three Months Ended September 2019 |  | Nine Months Ended September 2019 |
(in thousands) |  |  |
Cash Flow Hedging Relationships |  | Gain (Loss) on Derivatives Recognized in OCL |  | Gain (Loss) on Derivatives Recognized in OCL |
Foreign currency exchange contracts |  | $ | 3,926 |  |  | $ | 1,868 |  |
Interest rate swap agreements |  | (4,220 | ) |  | (4,220 | ) |
Total |  | $ | (294 | ) |  | $ | (2,352 | ) |
|  | Three Months Ended September 2019 |  | Nine Months Ended September 2019 |
(in thousands) |  |  |
Location of Gain (Loss) |  | Gain (Loss) Reclassified from Accumulated OCL into Income |  | Gain (Loss) Reclassified from Accumulated OCL into Income |
Net sales |  | $ | (379 | ) |  | $ | (475 | ) |
Cost of goods sold |  | 3,486 |  |  | 3,901 |  |
Other income (expense), net |  | 328 |  |  | 371 |  |
Interest expense |  | 642 |  |  | 642 |  |
Total |  | $ | 4,077 |  |  | $ | 4,439 |  |
Derivatives Not Designated as Hedging Instruments | The following table presents a summary of these derivatives included in the Company's statements of income:
|  |  |  |  | Three Months Ended |  | Nine Months Ended |
(in thousands) |  |  |  |  | September 2019 |  | September 2019 |
Derivatives Not Designated as Hedges |  | Location of Gain (Loss) on Derivatives Recognized in Income |  |  | Gain (Loss) on Derivatives Recognized in Income |  | Gain (Loss) on Derivatives Recognized in Income |
Foreign currency exchange contracts |  | Cost of goods sold |  |  | $ | 72 |  |  | $ | 15 |  |
|  |  |  |  | $ | 72 |  |  | $ | 15 |  |

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- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624163-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5580258-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41620-113959 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5579245-113959 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41638-113959 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41678-113959 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41641-113959 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624171-113959 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(n)(2)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5579240-113959 + Details
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