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DERIVATIVES AND RISK MANAGEMENT (Tables) | 6 Months Ended
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Jul. 04, 2015
DERIVATIVES AND RISK MANAGEMENT |
Schedule of outstanding forward contracts | As of July 4, 2015, the Company had the following outstanding forward contracts designated as cash flow hedges that were entered into to hedge the future payments of intercompany inventory transactions (in millions):
Functional Currency |  | Contract Currency |
Type |  | Amount |  | Type |  | Amount |
Euro |  | 209.3 |  | U.S. dollar |  | 250.2 |
British pound |  | 41.9 |  | U.S. dollar |  | 65.9 |
Canadian dollar |  | 51.5 |  | U.S. dollar |  | 42.9 |
Japanese yen |  | 3,788.1 |  | U.S. dollar |  | 32.7 |
Mexican peso |  | 306.6 |  | U.S. dollar |  | 19.9 |
Australian dollar |  | 19.0 |  | U.S. dollar |  | 14.7 |
Schedule of effective portion of gains and losses on derivative instruments recognized in other comprehensive income (loss), net of taxes | The effective portion of gains and losses on derivative instruments that were recognized in other comprehensive income (loss), net of taxes during the Second Quarter, Prior Year Quarter, Year To Date Period and Prior Year YTD Period are set forth below (in thousands):
|  | For the 13 |  | For the 13 |
|  | Weeks Ended |  | Weeks Ended |
|  | July 4, 2015 |  | July 5, 2014 |
Cash flow hedges: |  |  |  |  |
Forward contracts |  | $ | 2,954 |  | $ | (1,639 | )
Interest rate swaps |  | 6,648 |  | (579 | )
Net investment hedge: |  |  |  |  |
Forward contract |  | 0 |  | 95 |
Total gain (loss) recognized in other comprehensive income (loss), net of taxes |  | $ | 9,602 |  | $ | (2,123 | )
|  | For the 26 |  | For the 27 |
|  | Weeks Ended |  | Weeks Ended |
|  | July 4, 2015 |  | July 5, 2014 |
Cash flow hedges: |  |  |  |  |
Forward contracts |  | $ | 15,497 |  | $ | (1,987 | )
Interest rate swaps |  | 1,941 |  | (1,117 | )
Net investment hedge: |  |  |  |  |
Forward contract |  | 0 |  | 257 |
Total gain (loss) recognized in other comprehensive income (loss), net of taxes |  | $ | 17,438 |  | $ | (2,847 | )
Schedule of effective portion of gains and losses on derivative instruments designated and qualifying as cash flow hedges recorded in other comprehensive income (loss), net of taxes during the term of the hedging relationship and reclassified into earnings and gains and losses on derivatives not designated as hedging instruments recorded | The following table illustrates the effective portion of gains and losses on derivative instruments recorded in other comprehensive income (loss), net of taxes during the term of the hedging relationship and reclassified into earnings, and gains and losses on derivatives not designated as hedging instruments recorded directly to earnings during the Second Quarter, Prior Year Quarter, Year To Date Period and Prior Year YTD Period (in thousands):
|  | Condensed Consolidated |  |  |  |  |  |  |
|  | Statements of Income |  |  |  | For the 13 |  | For the 13 |
|  | and Comprehensive |  | Effect of Derivative |  | Weeks Ended |  | Weeks Ended |
Derivative Instruments |  | Income Location |  | Instruments |  | July 4, 2015 |  | July 5, 2014 |
Forward contracts designated as cash flow hedging instruments |  | Other income (expense)-net |  | Total gain (loss) reclassified from other comprehensive income (loss) |  | $ | 6,921 |  | $ | (1,033 | )
Forward contracts not designated as hedging instruments |  | Other income (expense)-net |  | Total gain (loss) recognized in income |  | $ | (9 | ) | 0 |
Interest rate swap designated as a cash flow hedging instrument |  | Interest expense |  | Total gain (loss) reclassified from other comprehensive income (loss) |  | $ | (404 | ) | $ | (439 | )
Interest rate swap designated as a cash flow hedging instrument |  | Other income (expense)-net |  | Total gain (loss) reclassified from other comprehensive income (loss) |  | $ | 3,331 |  | 0 |
|  | Condensed Consolidated |  |  |  |  |  |  |
|  | Statements of Income |  |  |  | For the 26 |  | For the 27 |
|  | and Comprehensive |  | Effect of Derivative |  | Weeks Ended |  | Weeks Ended |
Derivative Instruments |  | Income Location |  | Instruments |  | July 4, 2015 |  | July 5, 2014 |
Forward contracts designated as cash flow hedging instruments |  | Other income (expense)-net |  | Total gain (loss) reclassified from other comprehensive income (loss) |  | $ | 15,129 |  | $ | (1,531 | )
Forward contracts not designated as hedging instruments |  | Other income (expense)-net |  | Total gain (loss) recognized in income |  | $ | 80 |  | $ | (148 | )
Interest rate swap designated as a cash flow hedging instrument |  | Interest expense |  | Total gain (loss) reclassified from other comprehensive income (loss) |  | $ | (837 | ) | $ | (904 | )
Interest rate swap designated as a cash flow hedging instrument |  | Other income (expense)-net |  | Total gain (loss) reclassified from other comprehensive income (loss) |  | $ | 3,331 |  | 0 |
Schedule of fair value amounts for derivative instruments as separate asset and liability values on a gross basis and their location on condensed consolidated balance sheets | The following table discloses the fair value amounts for the Company’s derivative instruments as separate asset and liability values, presents the fair value of derivative instruments on a gross basis, and identifies the line items in the condensed consolidated balance sheets in which the fair value amounts for these categories of derivative instruments are included (in thousands):
|  | Asset Derivatives |  | Liability Derivatives |
|  | July 4, 2015 |  | January 3, 2015 |  | July 4, 2015 |  | January 3, 2015 |
|  | Condensed |  |  |  | Condensed |  |  |  | Condensed |  |  |  | Condensed |  |  |
|  | Consolidated |  |  |  | Consolidated |  |  |  | Consolidated |  |  |  | Consolidated |  |  |
|  | Balance Sheets |  | Fair |  | Balance Sheets |  | Fair |  | Balance Sheets |  | Fair |  | Balance Sheets |  | Fair |
Derivative Instruments |  | Location |  | Value |  | Location |  | Value |  | Location |  | Value |  | Location |  | Value |
Forward contracts designated as cash flow hedging instruments |  | Prepaid expenses and other current assets |  | $ | 22,887 |  | Prepaid expenses and other current assets |  | $ | 25,867 |  | Accrued expenses- other |  | $ | 1,021 |  | Accrued expenses- other |  | $ | 0 |
Forward contracts not designated as cash flow hedging instruments |  | Prepaid expenses and other current assets |  | 123 |  | Prepaid expenses and other current assets |  | 0 |  | Accrued expenses- other |  | 0 |  | Accrued expenses- other |  | 0 |
Interest rate swap designated as a cash flow hedging instrument |  | Prepaid expenses and other current assets |  | 0 |  | Prepaid expenses and other current assets |  | 0 |  | Accrued expenses- other |  | 1,991 |  | Accrued expenses- other |  | 2,157 |
Forward contracts designated as cash flow hedging instruments |  | Intangible and other assets-net |  | 664 |  | Intangible and other assets-net |  | 1,802 |  | Other long-term liabilities |  | 246 |  | Other long-term liabilities |  | 0 |
Interest rate swap designated as a cash flow hedging instrument |  | Intangible and other assets-net |  | 743 |  | Intangible and other assets-net |  | 1,724 |  | Other long-term liabilities |  | 412 |  | Other long-term liabilities |  | 357 |
Total |  |  |  | $ | 24,417 |  |  |  | $ | 29,393 |  |  |  | $ | 3,670 |  |  |  | $ | 2,514 |

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