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DERIVATIVES AND RISK MANAGEMENT (Tables)

6 Months Ended

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

X

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Tabular disclosure of the effective portion of the gains and losses on derivative instruments designated (and non-derivative instruments) designated and qualifying in cash flow hedges and net investment hedges that was recognized in other comprehensive income (loss) during the current period.

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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 of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

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Tabular disclosure of the notional amounts of outstanding derivative positions.

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