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v3.23.1

Financial Instruments and Risk Management (Tables) | 3 Months Ended
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Apr. 01, 2023
Disclosure Financial Instruments and Risk Management [Abstract] |
Schedule of Notional Amounts of Outstanding Derivative Positions |
| Hedge Type |  | April 1, 2023 |  | December 31, 2022
U.S. dollar equivalent notional amount of derivative instruments: |  |  |  |  |
Forward foreign exchange contracts | Cash Flow and Mark to Market |  | $ | 348,595 |  |  | $ | 397,908 |
Interest rate contracts | Cash Flow |  | $ | 900,000 |  |  | $ | — |
Cross-currency swap contracts | Cash Flow |  | $ | — |  |  | $ | 352,920 |
Cross-currency swap contracts | Net Investment |  | $ | — |  |  | $ | 335,940 |
Fair Values of Derivative Instruments | The fair values of derivative instruments related to forward foreign exchange contracts, cross-currency swap contracts and interest rate contracts recognized in the Condensed Consolidated Balance Sheets of the Company were as follows:
| Balance Sheet Location |  | Fair Value
| April 1, 2023 |  | December 31, 2022
Derivatives designated as hedging instruments: |  |  |  |  |
Forward foreign exchange contracts | Other current assets |  | $ | 2,575 |  |  | $ | 1,892 |
Interest rate contracts | Other current assets |  | 10 |  |  | — |
Cross-currency swap contracts | Other current assets |  | — |  |  | 1,033 |
Forward foreign exchange contracts | Other noncurrent assets |  | — |  |  | 110 |
Cross-currency swap contracts | Other noncurrent assets |  | — |  |  | 16,477 |
Derivatives not designated as hedging instruments: |  |  |  |  |
Forward foreign exchange contracts | Other current assets |  | 2,707 |  |  | 5,402 |
Total derivative assets |  |  | 5,292 |  |  | 24,914 |
Derivatives designated as hedging instruments: |  |  |  |  |
Forward foreign exchange contracts | Accrued liabilities |  | (1,684) |  |  | (1,263) |
Cross-currency swap contracts | Accrued liabilities |  | — |  |  | (252) |
Forward foreign exchange contracts | Other noncurrent liabilities |  | — |  |  | (178) |
Interest rate contracts | Other noncurrent liabilities |  | (14,684) |  |  | — |
Cross-currency swap contracts | Other noncurrent liabilities |  | — |  |  | (27,753) |
Derivatives not designated as hedging instruments: |  |  |  |  |
Forward foreign exchange contracts | Accrued liabilities |  | (4,013) |  |  | (4,841) |
Total derivative liabilities |  |  | (20,381) |  |  | (34,287) |
Net derivative liability |  |  | $ | (15,089) |  |  | $ | (9,373) |
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 1, 2023 |  | April 2, 2022 |  |  |  |  |  |
Forward foreign exchange contracts | $ | (72) |  |  | $ | (3,186) |  |  |  |  |  |  |
Interest rate contracts | (14,674) |  |  | — |  |  |  |  |  |  |
Cross-currency swap contracts | (2,865) |  |  | (4,218) |  |  |  |  |  |  |
Total | $ | (17,611) |  |  | $ | (7,404) |  |  |  |  |  |  |
| Location of Gain (Loss) Reclassified from AOCI into Income |  | Amount of Gain (Loss) Reclassified from AOCI into Income
|  | Quarters Ended |  |
|  | April 1, 2023 |  | April 2, 2022 |  |  |  |
Forward foreign exchange contracts(1) | Cost of sales |  | $ | 3,410 |  |  | $ | 1,612 |  |  |  |  |
Forward foreign exchange contracts(1) | Income from discontinued operations, net of tax |  | — |  |  | (307) |  |  |  |  |
Interest rate contracts | Interest expense, net |  | 10 |  |  | — |  |  |  |  |
Cross-currency swap contracts(1) | Selling, general and administrative expenses |  | 973 |  |  | (9,733) |  |  |  |  |
Cross-currency swap contracts(1) | Interest expense, net |  | 581 |  |  | (1,361) |  |  |  |  |
Total |  |  | $ | 4,974 |  |  | $ | (9,789) |  |  |  |  |
(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 1, 2023 |  | April 2, 2022 |  |  |  |
Cost of sales |  |  | $ | 939,717 |  |  | $ | 991,978 |  |  |  |  |
Selling, general and administrative expenses |  |  | $ | 392,374 |  |  | $ | 413,666 |  |  |  |  |
Interest expense, net |  |  | $ | 58,452 |  |  | $ | 31,963 |  |  |  |  |
Income from discontinued operations, net of tax |  |  | $ | — |  |  | $ | 4,525 |  |  |  |  |
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 1, 2023 |  | April 2, 2022 |  |  |  |
Euro-denominated long-term debt |  | $ | (469) |  |  | $ | 4,721 |  |  |  |  |
Cross-currency swap contracts |  | 531 |  |  | 1,932 |  |  |  |  |
Total |  | $ | 62 |  |  | $ | 6,653 |  |  |  |  |
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 1, 2023 |  | April 2, 2022 |  |  |  |
Euro-denominated long-term debt | Income from discontinued operations, net of tax |  | $ | — |  |  | $ | (13,348) |  |  |  |  |
Cross-currency swap contracts | Income from discontinued operations, net of tax |  | — |  |  | (2,505) |  |  |  |  |
Cross-currency swap contracts (amounts excluded from effectiveness testing) | Interest expense, net |  | 960 |  |  | 2,012 |  |  |  |  |
Total |  |  | $ | 960 |  |  | $ | (13,841) |  |  |  |  |
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 1, 2023 |  | April 2, 2022 |  |  |  |
Income from discontinued operations, net of tax |  | $ | — |  |  | $ | 4,525 |  |  |  |  |
Interest expense, net (amounts excluded from effectiveness testing) |  | $ | 58,452 |  |  | $ | 31,963 |  |  |  |  |
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 1, 2023 |  | April 2, 2022 |  |  |  |
Forward foreign exchange contracts | Cost of sales |  | $ | (2,260) |  |  | $ | (4,202) |  |  |  |  |
Forward foreign exchange contracts | Selling, general and administrative expenses |  | 848 |  |  | 292 |  |  |  |  |
Total |  |  | $ | (1,412) |  |  | $ | (3,910) |  |  |  |  |

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