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Derivatives and Fair Value Measurements (Tables)

3 Months Ended

Jan. 02, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Fair Values of Derivative Instruments

The tables below present information regarding the fair values of derivative instruments and the effects of derivative instruments on the Company’s Condensed Consolidated Financial Statements:

Fair Values of Derivative Instruments (in thousands)

Derivative Assets

Derivative Liabilities

January 2, 2021

October 3, 2020

January 2, 2021

October 3, 2020

Derivatives designated as hedging instruments

Balance sheet classification

Fair Value

Fair Value

Balance sheet classification

Fair Value

Fair Value

Foreign currency forward contracts

Prepaid expenses and other

$

5,327

$

1,830

Other accrued liabilities

$

83

$

641

Fair Values of Derivative Instruments (in thousands)

Derivative Assets

Derivative Liabilities

January 2, 2021

October 3, 2020

January 2, 2021

October 3, 2020

Derivatives not designated as hedging instruments

Balance sheet classification

Fair Value

Fair Value

Balance sheet classification

Fair Value

Fair Value

Foreign currency forward contracts

Prepaid expenses and other

$

380

$

70

Other accrued liabilities

$

55

$

58

Schedule of Derivative Impact on Accumulated Other Comprehensive Income (Loss)

The Effect of Cash Flow Hedge Accounting on Accumulated Other Comprehensive Income (Loss) ("OCI(L)") (in thousands)

for the Three Months Ended

Derivatives in cash flow hedging relationships

Amount of Gain Recognized in OCI(L) on Derivatives

January 2, 2021

January 4, 2020

Foreign currency forward contracts

$

4,159

$

2,185

Schedule of Derivative Impact on Gain (Loss) Recognized in Income

Derivative Impact on Gain (Loss) Recognized in Condensed Consolidated Statements of Comprehensive Income (in thousands)
for the Three Months Ended
Derivatives in cash flow hedging relationships						Classification of Gain (Loss) Reclassified from Accumulated OCI(L) into Income						Amount of Gain (Loss) Reclassified from Accumulated OCI(L) into Income
												January 2, 2021						January 4, 2020
Foreign currency forward contracts						Cost of sales						$	98					$	(27)
Foreign currency forward contracts						Selling and administrative expenses						$	6					$	(11)

Schedule of Amount of Gain (Loss) on Derivatives Recognized in Income

Derivatives not designated as hedging instruments

Location of Gain (Loss) Recognized on Derivatives in Income

Amount of Gain (Loss) on Derivatives Recognized in Income

January 2, 2021

January 4, 2020

Foreign currency forward contracts

Miscellaneous, net

$

530

$

(410)

Schedule of Derivatives Fair Value Measurements Using Input Levels

The following table lists the fair values of assets of the Company’s derivatives as of January 2, 2021 and October 3, 2020, by input level:

Fair Value Measurements Using Input Levels Asset (in thousands)
January 2, 2021						Level 1						Level 2						Level 3						Total
Derivatives
Foreign currency forward contracts						$	—					$	5,569					$	—					$	5,569
October 3, 2020
Derivatives
Foreign currency forward contracts						$	—					$	1,201					$	—					$	1,201

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Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

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Tabular disclosure of gain (loss) on derivative and nonderivative instruments designated and qualifying as cash flow hedge recorded in accumulated other comprehensive income (AOCI) and reclassified into earnings.

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Tabular disclosure of the effective portion of the gains and losses on derivative instruments designated (and non-derivative instruments) designated and qualifying in cash flow hedges and net investment hedges that was recognized in other comprehensive income (loss) during the current period.

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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

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Tabular disclosure of derivative instrument not designated or qualifying as hedging instrument.

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