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Financial Instruments and Risk Management (Tables)

3 Months Ended

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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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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-Name Accounting Standards Codification
-Topic 815
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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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