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DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables) | 3 Months Ended
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Mar. 29, 2025
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) |  | 2025 |  |  | 2024 |  | 2024 |  |  | 2025 |  |  | 2024 |  | 2024
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency exchange contracts |  | $ | 3,045 |  |  |  | $ | 7,720 |  |  | $ | 18,553 |  |  |  | $ | (9,557) |  |  |  | $ | (11,620) |  |  | $ | (1,710) |
Interest rate swap agreements |  | 2,508 |  |  |  | 5,390 |  |  | 596 |  |  |  | — |  |  |  | — |  |  | — |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency exchange contracts |  | 15 |  |  |  | — |  |  | — |  |  |  | (8,865) |  |  |  | — |  |  | (72) |
Total derivatives |  | $ | 5,568 |  |  |  | $ | 13,110 |  |  | $ | 19,149 |  |  |  | $ | (18,422) |  |  |  | $ | (11,620) |  |  | $ | (1,782) |
The following table presents a reconciliation of gross to net amounts for derivative asset and liability balances:
|  | March 2025 |  |  | December 2024 |  | March 2024
(In thousands) |  | Derivative Asset |  | Derivative Liability |  |  | Derivative Asset |  | Derivative Liability |  | Derivative Asset |  | Derivative Liability
Gross amounts presented in the balance sheet |  | $ | 5,568 |  |  | $ | (18,422) |  |  |  | $ | 13,110 |  |  | $ | (11,620) |  |  | $ | 19,149 |  |  | $ | (1,782) |
Gross amounts not offset in the balance sheet |  | (2,827) |  |  | 2,827 |  |  |  | (3,468) |  |  | 3,468 |  |  | (1,417) |  |  | 1,417 |
Net amounts |  | $ | 2,741 |  |  | $ | (15,595) |  |  |  | $ | 9,642 |  |  | $ | (8,152) |  |  | $ | 17,732 |  |  | $ | (365) |
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 2025 |  |  | December 2024 |  | March 2024
Prepaid expenses and other current assets |  | $ | 2,567 |  |  |  | $ | 5,845 |  |  | $ | 17,016 |
Accrued and other current liabilities |  | (17,305) |  |  |  | (10,659) |  |  | (1,638) |
Other assets |  | 3,001 |  |  |  | 7,265 |  |  | 2,133 |
Other liabilities |  | (1,117) |  |  |  | (961) |  |  | (144) |
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 |  | 2025 |  |  | 2024 |  |  |  |  |  |
Foreign currency exchange contracts |  | $ | (3,751) |  |  |  | $ | 10,146 |  |  |  |  |  |  |
Interest rate swap agreements |  | (2,464) |  |  |  | 74 |  |  |  |  |  |  |
Total |  | $ | (6,215) |  |  |  | $ | 10,220 |  |  |  |  |  |  |
|  | Gain (Loss) Reclassified from AOCL into Income
(In thousands) |  | Three Months Ended March |  |  |
Location of Gain (Loss) |  | 2025 |  |  | 2024 |  |  |  |  |  |
Net revenues |  | $ | (811) |  |  |  | $ | 53 |  |  |  |  |  |  |
Cost of goods sold |  | (489) |  |  |  | 5,291 |  |  |  |  |  |  |
Other expense, net |  | 176 |  |  |  | 82 |  |  |  |  |  |  |
Interest expense |  | 419 |  |  |  | 2,731 |  |  |  |  |  |  |
Total |  | $ | (705) |  |  |  | $ | 8,157 |  |  |  |  |  |  |
Derivatives Not Designated as Hedging Instruments | The following table presents a summary of derivatives not designated as hedges 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 March |  |
Derivatives Not Designated as Hedges |  |  |  |
|  |  | 2025 |  |  | 2024 |  |  |  |  |  |
Foreign currency exchange contracts |  | Other expense, net |  |  | $ | (8,868) |  |  |  | $ | 23 |  |  |  |  |  |  |
Total |  |  |  |  | $ | (8,868) |  |  |  | $ | 23 |  |  |  |  |  |  |

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