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DERIVATIVES AND RISK MANAGEMENT (Tables)

6 Months Ended

Jun. 29, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of outstanding forward contracts

As of June 29, 2019, the Company had the following outstanding forward contracts designated as cash flow hedges that were entered into to hedge the future payments of inventory transactions (in millions):

Functional Currency					Contract Currency
Type		Amount			Type		Amount
Euro		155.4			U.S. dollar		183.2
Canadian dollar		60.3			U.S. dollar		45.9
British pound		21.8			U.S. dollar		28.7
Japanese yen		2,053.0			U.S. dollar		19.1
Mexican peso		346.7			U.S. dollar		17.3
Australian dollar		14.6			U.S. dollar		10.3
U.S. dollar		28.1			Japanese yen		3,025.0

Schedule of effective portion of gains and losses on derivative instruments recognized in other comprehensive income (loss), net of taxes

The gains and losses on cash flow hedges 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 Weeks Ended June 29, 2019				For the 13 Weeks Ended June 30, 2018
Cash flow hedges:
Forward contracts	$	718			$	13,684
Total gain (loss) recognized in other comprehensive income (loss), net of taxes	$	718			$	13,684

	For the 26 Weeks Ended June 29, 2019				For the 26 Weeks Ended June 30, 2018
Cash flow hedges:
Forward contracts	$	2,164			$	7,509
Total gain (loss) recognized in other comprehensive income (loss), net of taxes	$	2,164			$	7,509

Schedule of effective portion of gains and losses on derivative instruments recognized in other comprehensive income (loss), net of taxes reclassified into earnings and derivatives not designated as hedging instruments recorded directly to earnings

The following table illustrates the gains and losses on derivative instruments recorded in accumulated 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):

Derivative Instruments		Condensed Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) Location		Effect of Derivative Instruments		For the 13 Weeks Ended June 29, 2019				For the 13 Weeks Ended June 30, 2018
Forward contracts designated as cash flow hedging instruments		Cost of sales		Total gain (loss) reclassified from accumulated other comprehensive income (loss)		$	2,769			$	—
Forward contracts designated as cash flow hedging instruments		Other income (expense)-net		Total gain (loss) reclassified from accumulated other comprehensive income (loss)		$	(206	)		$	(666	)
Forward contracts not designated as hedging instruments		Other income (expense)-net		Total gain (loss) recognized in income		$	(20	)		$	(444	)
Interest rate swap not designated as a cash flow hedging instrument		Other income (expense)-net		Total gain (loss) recognized in income		$	—			$	(1	)

Derivative Instruments		Condensed Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) Location		Effect of Derivative Instruments		For the 26 Weeks Ended June 29, 2019				For the 26 Weeks Ended June 30, 2018
Forward contracts designated as cash flow hedging instruments		Cost of sales		Total gain (loss) reclassified from accumulated other comprehensive income (loss)		$	4,790			$	—
Forward contracts designated as cash flow hedging instruments		Other income (expense)-net		Total gain (loss) reclassified from accumulated other comprehensive income (loss)		$	228			$	(5,684	)
Forward contracts not designated as hedging instruments		Other income (expense)-net		Total gain (loss) recognized in income		$	(33	)		$	(101	)
Interest rate swap not designated as a cash flow hedging instrument		Other income (expense)-net		Total gain (loss) recognized in income		$	—			$	67

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
		June 29, 2019						December 29, 2018						June 29, 2019						December 29, 2018
Derivative Instruments		Condensed Consolidated Balance Sheets Location		Fair Value				Condensed Consolidated Balance Sheets Location		Fair Value				Condensed Consolidated Balance Sheets Location		Fair Value				Condensed Consolidated Balance Sheets Location		Fair Value
Forward contracts designated as cash flow hedging instruments		Prepaid expenses and other current assets		$	5,739			Prepaid expenses and other current assets		$	9,217			Accrued expenses- other		$	1,330			Accrued expenses- other		$	660
Forward contracts not designated as cash flow hedging instruments		Prepaid expenses and other current assets		—				Prepaid expenses and other current assets		15				Accrued expenses- other		6				Accrued expenses- other		—
Forward contracts designated as cash flow hedging instruments		Intangible and other assets-net		121				Intangible and other assets-net		453				Other long-term liabilities		316				Other long-term liabilities		70
Total				$	5,860					$	9,685					$	1,652					$	730

 

The following table summarizes the effects of the Company's derivative instruments on earnings (in thousands):

		Effect of Derivative Instruments
		For the 13 Weeks Ended June 29, 2019								For the 13 Weeks Ended June 30, 2018
		Cost of Sales				Other Income (Expense)-net				Cost of Sales				Other Income (Expense)-net
Total amounts of income and expense line items presented in the condensed consolidated statements of income (loss) and comprehensive income (loss) in which the effects of cash flow hedges are recorded		$	236,285			$	507			$	267,574			$	(555	)
Gain (loss) on cash flow hedging relationships:
Forward contracts designated as cash flow hedging instruments:
Total gain (loss) reclassified from other comprehensive income (loss)		2,769				(206		)		—				(666		)

		Effect of Derivative Instruments
		For the 26 Weeks Ended June 29, 2019								For the 26 Weeks Ended June 30, 2018
		Cost of Sales				Other Income (Expense)-net				Cost of Sales				Other Income (Expense)-net
Total amounts of income and expense line items presented in the condensed consolidated statements of income (loss) and comprehensive income (loss) in which the effects of cash flow hedges are recorded		$	453,626			$	26,417			$	549,038			$	(2,442	)
Gain (loss) on cash flow hedging relationships:
Forward contracts designated as cash flow hedging instruments:
Total gain (loss) reclassified from other comprehensive income (loss)		4,790				228				—				(5,684		)

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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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