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DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables) | 3 Months Ended
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Mar. 28, 2020
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) |  | March 2020 |  |  | December 2019 |  |  | March 2020 |  |  | December 2019
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |
Foreign currency exchange contracts |  | $ | 5,717 |  |  |  | $ | 5,199 |  |  |  | $ | (14,603 | ) |  |  | $ | (2,690 | )
Interest rate swap agreements |  | — |  |  |  | — |  |  |  | (17,528 | ) |  |  | (3,089 | )
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |
Foreign currency exchange contracts |  | 1,271 |  |  |  | 364 |  |  |  | (477 | ) |  |  | (105 | )
Total derivatives |  | $ | 6,988 |  |  |  | $ | 5,563 |  |  |  | $ | (32,608 | ) |  |  | $ | (5,884 | )
The following table presents a reconciliation of gross to net amounts for derivative asset and liability balances:
|  | March 2020 |  |  | December 2019
(In thousands) |  | Derivative Asset |  | Derivative Liability |  |  | Derivative Asset |  | Derivative Liability
Gross amounts presented in the balance sheet |  | $ | 6,988 |  |  | $ | (32,608 | ) |  |  | $ | 5,563 |  |  | $ | (5,884 | )
Gross amounts not offset in the balance sheet |  | (2,970 | ) |  | 2,970 |  |  |  | (1,133 | ) |  | 1,133 |
Net amounts |  | $ | 4,018 |  |  | $ | (29,638 | ) |  |  | $ | 4,430 |  |  | $ | (4,751 | )
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) |  | March 2020 |  |  | December 2019
Other current assets |  | $ | 5,217 |  |  |  | $ | 4,303 |
Accrued liabilities |  | (10,256 | ) |  |  | (2,058 | )
Other assets |  | 1,771 |  |  |  | 1,260 |
Other liabilities |  | (22,352 | ) |  |  | (3,826 | )
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 statement of operations and statement of comprehensive (loss) income:
(In thousands) | Gain (Loss) on Derivatives Recognized in AOCL
Cash Flow Hedging Relationships |  | Three Months Ended March 2020 |
Foreign currency exchange contracts |  | $ | (10,906 | ) |
Interest rate swap agreements |  | (14,670 | ) |
Total |  | $ | (25,576 | ) |
(In thousands) | Gain (Loss) Reclassified from AOCL into Income
Location of Gain (Loss) |  | Three Months Ended March 2020 |
Net revenues |  | $ | (358 | ) |
Cost of goods sold |  | 3,741 |  |
Other expense, net |  | (4 | ) |
Interest expense |  | (231 | ) |
Total |  | $ | 3,148 |  |
Derivatives Not Designated as Hedging Instruments | The following table presents a summary of these derivatives included in the Company's statement 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 |  |  |  | Three Months Ended March 2020 |
Foreign currency exchange contracts |  | Net revenues |  |  | $ | 4 |  |
|  | Cost of goods sold |  |  | (3,672 | ) |
|  | Other expense, net |  |  | 23 |  |
Total |  |  |  |  | $ | (3,645 | ) |

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- Definition Tabular disclosure for cash flow hedging instruments of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624171-113959 + Details
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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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