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Financial Instruments and Risk Management (Tables)

9 Months Ended

Sep. 28, 2019

Text Block [Abstract]

Fair Values of Derivative Instruments

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

	Balance Sheet Location		Fair Value
			September 28, 2019				December 29, 2018
Derivatives designated as hedging instruments:
Forward foreign exchange contracts	Other current assets		$	7,729			$	18,381
Cross-currency swap contracts	Other current assets		1,672				—
Cross-currency swap contracts	Other noncurrent assets		8,699				—
Derivatives not designated as hedging instruments:
Forward foreign exchange contracts	Other current assets		13,915				12,410
Total derivative assets			32,015				30,791
Derivatives designated as hedging instruments:
Forward foreign exchange contracts	Accrued liabilities		(173		)		(286		)
Derivatives not designated as hedging instruments:
Forward foreign exchange contracts	Accrued liabilities		(313		)		(114		)
Total derivative liabilities			(486		)		(400		)
Net derivative asset			$	31,529			$	30,391

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 (Loss) Recognized in AOCI on Derivative Instruments
	Quarter Ended								Nine Months Ended
	September 28, 2019				September 29, 2018				September 28, 2019				September 29, 2018
Foreign exchange contracts	$	9,970			$	(207	)		$	11,684			$	25,067

	Location of Gain (Loss) Reclassified from AOCI  into Income		Amount of Gain (Loss) Reclassified from AOCI into Income
			Quarter Ended								Nine Months Ended
			September 28, 2019				September 29, 2018				September 28, 2019				September 29, 2018
Foreign exchange contracts(1)	Cost of sales		$	6,991			$	(2,467	)		$	21,355			$	(9,686	)

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

	Quarter Ended								Nine Months Ended
	September 28, 2019				September 29, 2018				September 28, 2019				September 29, 2018
Total cost of sales in which the effects of cash flow hedges are recorded	$	1,154,629			$	1,136,040			$	3,208,025			$	3,084,110

Effect of Net Investment Hedge Derivative Instruments

The amount of after-tax gains included in AOCI in the Condensed Consolidated Balance Sheets related to derivative instruments and nonderivative financial instruments designated as net investment hedges and the amount of gains included in the “Interest expense, net” line in the Condensed Consolidated Statements of Income related to amounts excluded from the assessment of hedge effectiveness for derivative instruments designated as net investment hedges are as follows:

			Amount of Gain (Loss) Recognized in AOCI
			Quarter Ended								Nine Months Ended
			September 28, 2019				September 29, 2018				September 28, 2019				September 29, 2018
Euro-denominated long-term debt			$	9,845			$	—			$	9,845			$	—
Cross-currency swap contracts			6,436				—				6,436				—
Total			$	16,281			$	—			$	16,281			$	—

	Location of Gain (Loss) Recognized in Income		Amount of Gain (Loss) Recognized in Income (Amount Excluded from Effectiveness Testing)
			Quarter Ended								Nine Months Ended
			September 28, 2019				September 29, 2018				September 28, 2019				September 29, 2018
Cross-currency swap contracts	Interest expense, net		$	1,672			$	—			$	1,672			$	—
			Quarter Ended								Nine Months Ended
			September 28, 2019				September 29, 2018				September 28, 2019				September 29, 2018
Total interest expense, net in which the amounts excluded from effectiveness testing for net investment hedges are recorded			$	43,091			$	52,795			$	137,672			$	146,988

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
			Quarter Ended								Nine Months Ended
			September 28, 2019				September 29, 2018				September 28, 2019				September 29, 2018
Foreign exchange contracts	Cost of sales		$	(3,055	)		$	(2,241	)		$	(21,813	)		$	16,870
Foreign exchange contracts	Selling, general and administrative expenses		2,546				(445		)		1,625				330
Total			$	(509	)		$	(2,686	)		$	(20,188	)		$	17,200

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- Definition

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

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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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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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-Name Accounting Standards Codification
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Tabular disclosure for net investment hedges 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.

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