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Financial Instruments and Risk Management (Tables)

6 Months Ended

Jun. 29, 2019

Text Block [Abstract]

Fair Values of Derivative Instruments

The fair values of derivative financial instruments related to forward foreign exchange contracts recognized in the Condensed Consolidated Balance Sheets of the Company were as follows:

	Balance Sheet Location		Fair Value
			June 29, 2019				December 29, 2018
Hedges	Other current assets		$	5,733			$	18,381
Non-hedges	Other current assets		8,667				12,410
Total derivative assets			14,400				30,791
Hedges	Accrued liabilities		(1,058		)		(286		)
Non-hedges	Accrued liabilities		(988		)		(114		)
Total derivative liabilities			(2,046		)		(400		)
Net derivative asset			$	12,354			$	30,391

^[1]

Effect of Cash Flow Hedge Derivative Instruments

The effect of cash flow hedge derivative instruments on the Condensed Consolidated Statements of Income and AOCI is as follows:

	Amount of Gain Recognized in AOCI on Derivative Instruments								Amount of Gain Recognized in AOCI on Derivative Instruments
	Quarter Ended								Six Months Ended
	June 29, 2019				June 30, 2018				June 29, 2019				June 30, 2018
Foreign exchange contracts	$	1,274			$	26,982			$	1,714			$	25,274

	Location of Gain (Loss) Reclassified from AOCI  into Income		Amount of Gain (Loss) Reclassified from AOCI into Income								Amount of Gain (Loss) Reclassified from AOCI into Income
			Quarter Ended								Six Months Ended
			June 29, 2019				June 30, 2018				June 29, 2019				June 30, 2018
Foreign exchange contracts (1)	Cost of sales		$	8,347			$	(5,554	)		$	14,364			$	(7,219	)

(1) The Company does not exclude amounts from effectiveness testing that would require recognition into earnings based on changes in fair value.

	Quarter Ended								Six Months Ended
	June 29, 2019				June 30, 2018				June 29, 2019				June 30, 2018
Total cost of sales in which the effects of cash flow hedges are recorded	$	1,086,248			$	1,055,487			$	2,053,396			$	1,948,070

^[1]

Effect of Mark to Market Hedge Derivative Instruments on Condensed Consolidated Statements of Income

The effect of derivative contracts not designated as hedges on the Condensed Consolidated Statements of Income is as follows:

	Location of Gain (Loss) Recognized in Income on Derivatives		Amount of Gain (Loss) Recognized in Income								Amount of Gain (Loss) Recognized in Income
			Quarter Ended								Six Months Ended
			June 29, 2019				June 30, 2018				June 29, 2019				June 30, 2018
Foreign exchange contracts	Cost of sales		$	(9,361	)		$	10,011			$	(18,758	)		$	19,111
Foreign exchange contracts	Selling, general and administrative expenses		(262		)		472				(921		)		775
Total			$	(9,623	)		$	10,483			$	(19,679	)		$	19,886

[1] (1) The Company does not exclude amounts from effectiveness testing that would require recognition into earnings based on changes in fair value.

X

- Definition

Effect of mark to market hedge derivative instruments on the condensed consolidated statements of income.

+ References

No definition available.

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Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4E
-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624181-113959

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
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-Topic 815
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-Section 50
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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.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
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