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Financial Instruments and Risk Management (Tables)

3 Months Ended

Apr. 02, 2022

Disclosure Financial Instruments and Risk Management [Abstract]

Schedule of Notional Amounts of Outstanding Derivative Positions

			Hedge Type						April 2, 2022						January 2, 2021
U.S. dollar equivalent notional amount of derivative instruments:
Forward foreign exchange contracts			Cash Flow and Mark to Market						$	326,800					$	308,071
Cross-currency swap contracts			Cash Flow						$	352,920					$	352,920
Cross-currency swap contracts			Net Investment						$	335,940					$	335,940

Fair Values of Derivative Instruments

The fair values of derivative 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
									April 2, 2022						January 1, 2022
Derivatives designated as hedging instruments:
Forward foreign exchange contracts			Other current assets						$	1,037					$	2,898
Cross-currency swap contracts			Other current assets						2,986						974
Forward foreign exchange contracts			Other noncurrent assets						92						83
Cross-currency swap contracts			Other noncurrent assets						4,585						1,979
Derivatives not designated as hedging instruments:
Forward foreign exchange contracts			Other current assets						4,942						5,439
Total derivative assets									13,642						11,373
Derivatives designated as hedging instruments:
Forward foreign exchange contracts			Accrued liabilities						(3,381)						(349)
Cross-currency swap contracts			Accrued liabilities						(1,583)						(222)
Forward foreign exchange contracts			Other noncurrent liabilities						(329)						(14)
Cross-currency swap contracts			Other noncurrent liabilities						(14,244)						(11,387)
Derivatives not designated as hedging instruments:
Forward foreign exchange contracts			Accrued liabilities						(1,862)						(331)
Total derivative liabilities									(21,399)						(12,303)
Net derivative liability									$	(7,757)					$	(930)

Effect of Cash Flow Hedge Derivative Instruments

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

			Amount of Gain (Loss) Recognized in AOCI on Derivative Instruments
			Quarters Ended
			April 2, 2022						April 3, 2021
Forward foreign exchange contracts			$	(3,186)					$	8,486
Cross-currency swap contracts			(4,218)						(12)
Total			$	(7,404)					$	8,474

			Location of Gain (Loss) Reclassified from AOCI  into Income						Amount of Gain (Loss) Reclassified from AOCI into Income
									Quarters Ended
									April 2, 2022						April 3, 2021
Forward foreign exchange contracts(1)			Cost of sales						$	1,612					$	(4,377)
Forward foreign exchange contracts(1)			Income (loss) from discontinued operations, net of tax						(307)						(308)
Cross-currency swap contracts(1)			Selling, general and administrative expenses						(9,733)						(557)
Cross-currency swap contracts(1)			Interest expense, net						(1,361)						—
Total									$	(9,789)					$	(5,242)

(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.

The following table presents the amounts in the Condensed Consolidated Statements of Income in which the effects of cash flow hedges are recorded:

									Quarters Ended
									April 2, 2022						April 3, 2021
Cost of sales									$	991,978					$	905,348
Selling, general and administrative expenses									$	413,666					$	412,559
Interest expense, net									$	31,963					$	44,460
Income (loss) from discontinued operations, net of tax									$	4,525					$	(391,666)

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 are as follows:

									Amount of Gain (Loss) Recognized in AOCI
									Quarters Ended
									April 2, 2022						April 3, 2021
Euro-denominated long-term debt									$	4,721					$	19,300
Cross-currency swap contracts									1,932						7,373
Total									$	6,653					$	26,673

The effect of derivative and non-derivative instruments designated as net investment hedges on the Condensed Consolidated Statements of Income are as follows:

			Location of Gain (Loss) Reclassified from AOCI into Income						Amount of Gain (Loss) Reclassified from AOCI into Income
									Quarters Ended
									April 2, 2022						April 3, 2021
Euro-denominated long-term debt			Income (loss) from discontinued operations, net of tax						$	(13,348)					$	—
Cross-currency swap contracts			Income (loss) from discontinued operations, net of tax						(2,505)						—
Cross-currency swap contracts (amounts excluded from effectiveness testing)			Interest expense, net						2,012						1,899
Total									$	(13,841)					$	1,899

The following table presents the amounts in the Condensed Consolidated Statements of Income in which the effects of net investment hedges are recorded:

						Quarters Ended
						April 2, 2022						April 3, 2021
Income (loss) from discontinued operations, net of tax						4,525						(391,666)
Interest expense, net (amounts excluded from effectiveness testing)						31,963						44,460

Effect of Mark to Market Hedge Derivative Instruments

The effect of derivative instruments 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
									April 2, 2022						April 3, 2021
Forward foreign exchange contracts			Cost of sales						$	(4,202)					$	12,995
Forward foreign exchange contracts			Selling, general and administrative expenses						292						2,211
Forward foreign exchange contracts			Income (loss) from discontinued operations, net of tax						—						2,639
Total									$	(3,910)					$	17,845

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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.

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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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