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DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables) | 3 Months Ended
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Apr. 01, 2023
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
|  | March |  |  | December |  | March |  |  | March |  |  | December |  | March
(In thousands) |  | 2023 |  |  | 2022 |  | 2022 |  |  | 2023 |  |  | 2022 |  | 2022
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency exchange contracts |  | $ | 20,361 |  |  |  | $ | 15,565 |  |  | $ | 11,041 |  |  |  | $ | (2,914) |  |  |  | $ | (2,307) |  |  | $ | (1,073) |
Interest rate swap agreements |  | 8,946 |  |  |  | 11,357 |  |  | 4,309 |  |  |  | — |  |  |  | — |  |  | — |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency exchange contracts |  | 16 |  |  |  | — |  |  | 131 |  |  |  | (316) |  |  |  | — |  |  | (2) |
Total derivatives |  | $ | 29,323 |  |  |  | $ | 26,922 |  |  | $ | 15,481 |  |  |  | $ | (3,230) |  |  |  | $ | (2,307) |  |  | $ | (1,075) |
The following table presents a reconciliation of gross to net amounts for derivative asset and liability balances:
|  | March 2023 |  |  | December 2022 |  | March 2022
(In thousands) |  | Derivative Asset |  | Derivative Liability |  |  | Derivative Asset |  | Derivative Liability |  | Derivative Asset |  | Derivative Liability
Gross amounts presented in the balance sheet |  | $ | 29,323 |  |  | $ | (3,230) |  |  |  | $ | 26,922 |  |  | $ | (2,307) |  |  | $ | 15,481 |  |  | $ | (1,075) |
Gross amounts not offset in the balance sheet |  | (1,449) |  |  | 1,449 |  |  |  | (1,629) |  |  | 1,629 |  |  | (938) |  |  | 938 |
Net amounts |  | $ | 27,874 |  |  | $ | (1,781) |  |  |  | $ | 25,293 |  |  | $ | (678) |  |  | $ | 14,543 |  |  | $ | (137) |
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) |  | March 2023 |  |  | December 2022 |  | March 2022
Prepaid expenses and other current assets |  | $ | 18,046 |  |  |  | $ | 14,183 |  |  | $ | 9,424 |
Accrued liabilities |  | (2,683) |  |  |  | (1,218) |  |  | (838) |
Other assets |  | 11,277 |  |  |  | 12,739 |  |  | 6,057 |
Other liabilities |  | (547) |  |  |  | (1,089) |  |  | (237) |
Pre-Tax Effects of Cash Flow Hedges Included in the Statement of Operations and Statements of Comprehensive Income (Loss) | 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:
| Gain (Loss) on Derivatives Recognized in AOCL
(In thousands) | Three Months Ended March |  |
Cash Flow Hedging Relationships |  | 2023 |  |  | 2022 |  |  |  |  |  |
Foreign currency exchange contracts |  | $ | 10,337 |  |  |  | $ | 7,325 |  |  |  |  |  |  |
Interest rate swap agreements |  | (309) |  |  |  | 9,095 |  |  |  |  |  |  |
Total |  | $ | 10,028 |  |  |  | $ | 16,420 |  |  |  |  |  |  |
| Gain (Loss) Reclassified from AOCL into Income
(In thousands) | Three Months Ended March |  |
Location of Gain (Loss) |  | 2023 |  |  | 2022 |  |  |  |  |  |
Net revenues |  | $ | (171) |  |  |  | $ | (132) |  |  |  |  |  |  |
Cost of goods sold |  | 5,992 |  |  |  | 2,301 |  |  |  |  |  |  |
Other expense, net |  | 160 |  |  |  | (103) |  |  |  |  |  |  |
Interest expense |  | 2,101 |  |  |  | (1,266) |  |  |  |  |  |  |
Total |  | $ | 8,082 |  |  |  | $ | 800 |  |  |  |  |  |  |

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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 https://asc.fasb.org/extlink&oid=125515794&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 https://asc.fasb.org/extlink&oid=125515794&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 https://asc.fasb.org/extlink&oid=125515794&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 https://asc.fasb.org/extlink&oid=125515794&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 https://asc.fasb.org/extlink&oid=125515794&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 https://asc.fasb.org/extlink&oid=125515794&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 https://asc.fasb.org/extlink&oid=125515794&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 https://asc.fasb.org/extlink&oid=125515794&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 https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5579240-113959 + Details
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