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Financial Instruments and Risk Management (Tables)

12 Months Ended

Dec. 31, 2022

Disclosure Financial Instruments and Risk Management [Abstract]

Schedule of Notional Amounts of Outstanding Derivative Positions

			Hedge Type						December 31, 2022						January 1, 2022
U.S. dollar equivalent notional amount of derivative instruments:
Forward foreign exchange contracts			Cash Flow and Mark to Market						$	397,908					$	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 Consolidated Balance Sheets of the Company were as follows:

			Balance Sheet Location						Fair Value
									December 31, 2022						January 1, 2022
Derivatives designated as hedging instruments:
Forward foreign exchange contracts			Other current assets						$	1,892					$	2,898
Cross-currency swap contracts			Other current assets						1,033						974
Forward foreign exchange contracts			Other noncurrent assets						110						83
Cross-currency swap contracts			Other noncurrent assets						16,477						1,979
Derivatives not designated as hedging instruments:
Forward foreign exchange contracts			Other current assets						5,402						5,439
Total derivative assets									24,914						11,373
Derivatives designated as hedging instruments:
Forward foreign exchange contracts			Accrued liabilities and other: Other						(1,263)						(349)
Cross-currency swap contracts			Accrued liabilities and other: Other						(252)						(222)
Forward foreign exchange contracts			Other noncurrent liabilities						(178)						(14)
Cross-currency swap contracts			Other noncurrent liabilities						(27,753)						(11,387)
Derivatives not designated as hedging instruments:
Forward foreign exchange contracts			Accrued liabilities and other: Other						(4,841)						(331)
Total derivative liabilities									(34,287)						(12,303)
Net derivative liability									$	(9,373)					$	(930)

Effect of Cash Flow Hedge Derivative Instruments

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

			Amount of Gain (Loss) Recognized in AOCI on Derivative Instruments
			Years Ended
			December 31, 2022						January 1, 2022						January 2, 2021
Forward foreign exchange contracts			$	10,843					$	12,170					$	(15,643)
Cross-currency swap contracts			(22,305)						(14,942)						—
Total			$	(11,462)					$	(2,772)					$	(15,643)

			Location of Gain (Loss) Reclassified from AOCI  into Income						Amount of Gain (Loss) Reclassified from AOCI into Income
									Years Ended
									December 31, 2022						January 1, 2022						January 2, 2021
Forward foreign exchange contracts(1)			Cost of sales						$	11,336					$	(15,301)					$	10,069
Forward foreign exchange contracts(1)			Income (loss) from discontinued operations, net of tax						(307)						(3,542)						5,612
Cross-currency swap contracts(1)			Selling, general and administrative expenses						(20,016)						(12,155)						—
Cross-currency swap contracts(1)			Interest expense, net						(5,940)						(3,556)						—
Total									$	(14,927)					$	(34,554)					$	15,681

(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 Consolidated Statements of Income in which the effects of cash flow hedges are recorded:

			Years Ended
			December 31, 2022						January 1, 2022						January 2, 2021
Cost of sales			$	4,012,542					$	4,149,541					$	4,524,461
Selling, general and administrative expenses			$	1,701,563					$	1,853,971					$	1,560,034
Interest expense, net			$	157,073					$	163,067					$	164,238
Income (loss) from discontinued operations, net of tax			$	3,965					$	(443,744)					$	(43,292)

Effect of Net Investment Hedge Derivative Instruments

The amount of after-tax gains (losses) included in AOCI in the 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
			Years Ended
			December 31, 2022						January 1, 2022						January 2, 2021
Euro-denominated long-term debt			$	9,716					$	24,928					$	(36,609)
Cross-currency swap contracts			14,497						13,670						(14,404)
Total			$	24,213					$	38,598					$	(51,013)

The effect of derivative and non-derivative instruments designated as net investment hedges on the 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
									Years Ended
									December 31, 2022						January 1, 2022						January 2, 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						8,368						7,389						7,637
Total									$	(7,485)					$	7,389					$	7,637

The following table presents the amounts in the Consolidated Statements of Income in which the amounts excluded from effectiveness testing for net investment hedges are recorded:

			Years Ended
			December 31, 2022						January 1, 2022						January 2, 2021
Income (loss) from discontinued operations, net of tax			$	3,965					$	(443,744)					$	(43,292)
Interest expense, net			$	157,073					$	163,067					$	164,238

Effect of Mark to Market Hedge Derivative Instruments

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

			Location of Gain (Loss) Recognized in Income on Derivatives						Amount of Gain (Loss) Recognized in Income
									Years Ended
									December 31, 2022						January 1, 2022						January 2, 2021
Forward foreign exchange contracts			Cost of sales						$	(16,557)					$	24,087					$	(16,163)
Forward foreign exchange contracts			Selling, general and administrative expenses						(290)						2,784						(2,029)
Forward foreign exchange contracts			Income (loss) from discontinued operations, net of tax						—						4,706						(3,707)
Total									$	(16,847)					$	31,577					$	(21,899)

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