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DERIVATIVES AND RISK MANAGEMENT (Tables)

9 Months Ended

Oct. 03, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of outstanding forward contracts

As of October 3, 2020, the Company had the following outstanding forward contracts designated as cash flow hedges that were entered into to hedge future payments of inventory transactions (in millions):

Functional Currency

Contract Currency

Type

Amount

Type

Amount

Euro

48.3

U.S. dollar

55.2

Canadian dollar

16.4

U.S. dollar

12.5

British pound

5.8

U.S. dollar

7.5

Japanese yen

509.5

U.S. dollar

4.8

U.S. dollar

7.8

Japanese yen

825.0

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 are set forth below (in thousands):

			For the 13 Weeks Ended October 3, 2020						For the 13 Weeks Ended September 28, 2019
Cash flow hedges:
Forward contracts			$	(3,650)					$	6,062
Total gain (loss) recognized in other comprehensive income (loss), net of taxes			$	(3,650)					$	6,062

			For the 40 Weeks Ended October 3, 2020						For the 39 Weeks Ended September 28, 2019
Cash flow hedges:
Forward contracts			$	2,293					$	8,226
Total gain (loss) recognized in other comprehensive income (loss), net of taxes			$	2,293					$	8,226

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 tables disclose 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 (in thousands):

Derivative Instruments						Condensed Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) Location						Effect of Derivative Instruments						For the 13 Weeks Ended October 3, 2020						For the 13 Weeks Ended September 28, 2019
Forward contracts designated as cash flow hedging instruments						Cost of sales						Total gain (loss) reclassified from accumulated other comprehensive income (loss)						$	(27)					$	2,518
Forward contracts designated as cash flow hedging instruments						Other income (expense)-net						Total gain (loss) reclassified from accumulated other comprehensive income (loss)						$	13					$	1,120
Forward contracts not designated as hedging instruments						Other income (expense)-net						Total gain (loss) recognized in income						$	(63)					$	27

Derivative Instruments						Condensed Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) Location						Effect of Derivative Instruments						For the 40 Weeks Ended October 3, 2020						For the 39 Weeks Ended September 28, 2019
Forward contracts designated as cash flow hedging instruments						Cost of sales						Total gain (loss) reclassified from accumulated other comprehensive income (loss)						$	5,285					$	7,309
Forward contracts designated as cash flow hedging instruments						Other income (expense)-net						Total gain (loss) reclassified from accumulated other comprehensive income (loss)						$	101					$	1,347
Forward contracts not designated as hedging instruments						Other income (expense)-net						Total gain (loss) recognized in income						$	30					$	(6)

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
						October 3, 2020												December 28, 2019												October 3, 2020												December 28, 2019
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						$	329					Prepaid expenses and other current assets						$	3,327					Accrued expenses-other						$	1,571					Accrued expenses-other						$	1,657
Forward contracts not designated as cash flow hedging instruments						Prepaid expenses and other current assets						—						Prepaid expenses and other current assets						—						Accrued expenses-other						6						Accrued expenses-other						63
Forward contracts designated as cash flow hedging instruments						Intangible and other assets-net						—						Intangible and other assets-net						21						Other long-term liabilities						—						Other long-term liabilities						104
Total												$	329											$	3,348											$	1,577											$	1,824

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

						Effect of Derivative Instruments
						For the 13 Weeks Ended October 3, 2020												For the 13 Weeks Ended September 28, 2019
						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						$	205,726					$	—					$	260,946					$	(1,424)
Gain (loss) on cash flow hedging relationships:
Forward contracts designated as cash flow hedging instruments:
Total gain (loss) reclassified from other comprehensive income (loss)						$	(27)					$	13					$	2,518					$	1,120
Forward contracts not designated as hedging instruments:
Total gain (loss) recognized in income						$	—					$	(63)					$	—					$	27

						Effect of Derivative Instruments
						For the 40 Weeks Ended October 3, 2020												For the 39 Weeks Ended September 28, 2019
						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						$	574,496					$	(6,411)					$	714,573					$	24,995
Gain (loss) on cash flow hedging relationships:
Forward contracts designated as cash flow hedging instruments:
Total gain (loss) reclassified from other comprehensive income (loss)						$	5,285					$	101					$	7,309					$	1,347
Forward contracts not designated as hedging instruments:
Total gain (loss) recognized in income						$	—					$	30					$	—					$	(6)

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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 derivative instruments (including nonderivative instruments that are designated and qualify as hedging instruments) 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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Tabular disclosure of the notional amounts of outstanding derivative positions.

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