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Financial Instruments and Risk Management (Tables) | 6 Months Ended
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Jul. 03, 2021
Disclosure Financial Instruments and Risk Management [Abstract] |
Schedule of Notional Amounts of Outstanding Derivative Positions |
| Hedge Type |  | July 3, 2021 |  | January 2, 2021
U.S. dollar equivalent notional amount of derivative instruments: |  |  |  |  |
Forward foreign exchange contracts | Cash Flow and Mark to Market |  | $ | 355,633 |  |  | $ | 617,912 |
Cross-currency swap contracts | Cash Flow |  | $ | 352,920 |  |  | $ | — |
Cross-currency swap contracts | Net Investment |  | $ | 335,940 |  |  | $ | 335,940 |
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
| July 3, 2021 |  | January 2, 2021
Derivatives designated as hedging instruments: |  |  |  |  |
Forward foreign exchange contracts | Other current assets |  | $ | 1,989 |  |  | $ | 1 |
Cross-currency swap contracts | Other current assets |  | 970 |  |  | 918 |
Forward foreign exchange contracts | Current assets of discontinued operations |  | 17 |  |  | 40 |
Forward foreign exchange contracts | Other noncurrent assets |  | 732 |  |  | — |
Cross-currency swap contracts | Other noncurrent assets |  | 1,723 |  |  | — |
Derivatives not designated as hedging instruments: |  |  |  |  |
Forward foreign exchange contracts | Other current assets |  | 1,545 |  |  | 2,459 |
Forward foreign exchange contracts | Current assets of discontinued operations |  | 24 |  |  | 198 |
Total derivative assets |  |  | 7,000 |  |  | 3,616 |
Derivatives designated as hedging instruments: |  |  |  |  |
Forward foreign exchange contracts | Accrued liabilities |  | (2,329) |  |  | (12,898) |
Cross-currency swap contracts | Accrued liabilities |  | (223) |  |  | — |
Forward foreign exchange contracts | Current liabilities of discontinued operations |  | (321) |  |  | (4,747) |
Forward foreign exchange contracts | Other noncurrent liabilities |  | — |  |  | (2,190) |
Cross-currency swap contracts | Other noncurrent liabilities |  | (9,300) |  |  | (16,526) |
Derivatives not designated as hedging instruments: |  |  |  |  |
Forward foreign exchange contracts | Accrued liabilities |  | (4,151) |  |  | (16,488) |
Forward foreign exchange contracts | Current liabilities of discontinued operations |  | (589) |  |  | (2,195) |
Total derivative liabilities |  |  | (16,913) |  |  | (55,044) |
Net derivative liability |  |  | $ | (9,913) |  |  | $ | (51,428) |
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
| Quarters Ended |  | Six Months Ended
| July 3, 2021 |  | June 27, 2020 |  | July 3, 2021 |  | June 27, 2020
Forward foreign exchange contracts | $ | (1,392) |  |  | $ | (7,051) |  |  | $ | 7,094 |  |  | $ | 13,029 |
Cross-currency swap contracts | 717 |  |  | — |  |  | 705 |  |  | — |
Total | $ | (675) |  |  | $ | (7,051) |  |  | $ | 7,799 |  |  | $ | 13,029 |
| Location of Gain (Loss) Reclassified from AOCI into Income |  | Amount of Gain (Loss) Reclassified from AOCI into Income
|  | Quarters Ended |  | Six Months Ended
|  | July 3, 2021 |  | June 27, 2020 |  | July 3, 2021 |  | June 27, 2020
Forward foreign exchange contracts(1) | Cost of sales |  | $ | (5,278) |  |  | $ | 1,758 |  |  | $ | (9,655) |  |  | $ | 4,627 |
Forward foreign exchange contracts(1) | Income (loss) from discontinued operations, net of tax |  | (1,543) |  |  | 1,399 |  |  | $ | (1,851) |  |  | $ | 3,547 |
Cross-currency swap contracts(1) | Selling, general and administrative expenses |  | 3,168 |  |  | — |  |  | $ | 2,611 |  |  | $ | — |
Cross-currency swap contracts(1) | Interest expense, net |  | (1,018) |  |  | — |  |  | $ | (1,018) |  |  | $ | — |
Total |  |  | $ | (4,671) |  |  | $ | 3,157 |  |  | $ | (9,913) |  |  | $ | 8,174 |
(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.
|  |  | Quarters Ended |  | Six Months Ended
|  |  | July 3, 2021 |  | June 27, 2020 |  | July 3, 2021 |  | June 27, 2020
Total cost of sales in which the effects of cash flow hedges are recorded |  |  | $ | 1,069,682 |  |  | $ | 1,029,221 |  |  | $ | 1,975,030 |  |  | $ | 1,814,123 |
Total selling, general and administrative expenses in which the effects of cash flow hedges are recorded |  |  | $ | 464,235 |  |  | $ | 311,729 |  |  | $ | 876,794 |  |  | $ | 681,944 |
Total interest expense, net in which the effects of cash flow hedges are recorded |  |  | $ | 42,440 |  |  | $ | 41,075 |  |  | $ | 86,900 |  |  | $ | 77,102 |
Total income (loss) from discontinued operations, net of tax in which the effects of cash flow hedges are recorded |  |  | $ | (19,187) |  |  | $ | 24,613 |  |  | $ | (410,853) |  |  | $ | 11,621 |
Effect of Net Investment Hedge Derivative Instruments | The amount of after-tax gains (losses) 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
|  |  | Quarters Ended |  | Six Months Ended
|  |  | July 3, 2021 |  | June 27, 2020 |  | July 3, 2021 |  | June 27, 2020
Euro-denominated long-term debt |  | $ | (1,544) |  |  | $ | (4,196) |  |  | $ | 17,756 |  |  | $ | (1,538) |
Cross-currency swap contracts |  | (2,066) |  |  | (1,004) |  |  | 5,307 |  |  | 10,728 |
Total |  | $ | (3,610) |  |  | $ | (5,200) |  |  | $ | 23,063 |  |  | $ | 9,190 |
| Location of Gain Recognized in Income |  | Amount of Gain Recognized in Income (Amount Excluded from Effectiveness Testing)
|  | Quarters Ended |  | Six Months Ended
|  | July 3, 2021 |  | June 27, 2020 |  | July 3, 2021 |  | June 27, 2020
Cross-currency swap contracts | Interest expense, net |  | $ | 1,715 |  |  | $ | 2,020 |  |  | $ | 3,614 |  |  | $ | 3,967 |
|  |  | Quarters Ended |  | Six Months Ended
|  |  | July 3, 2021 |  | June 27, 2020 |  | July 3, 2021 |  | June 27, 2020
Total interest expense, net in which the amounts excluded from effectiveness testing for net investment hedges are recorded |  | $ | 42,440 |  |  | $ | 41,075 |  |  | $ | 86,900 |  |  | $ | 77,102 |
Effect of Mark to Market Hedge Derivative Instruments | 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
| Quarters Ended |  | Six Months Ended
| July 3, 2021 |  | June 27, 2020 |  | July 3, 2021 |  | June 27, 2020
Forward foreign exchange contracts | Cost of sales |  | $ | 5,629 |  |  | $ | (16,081) |  |  | $ | 18,624 |  |  | $ | (9,532) |
Forward foreign exchange contracts | Selling, general and administrative expenses |  | 880 |  |  | 1,962 |  |  | 3,091 |  |  | 928 |
Forward foreign exchange contracts | Income (loss) from discontinued operations, net of tax |  | 1,314 |  |  | (3,026) |  |  | 3,953 |  |  | (3,451) |
Total |  |  | $ | 7,823 |  |  | $ | (17,145) |  |  | $ | 25,668 |  |  | $ | (12,055) |

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