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DERIVATIVES AND RISK MANAGEMENT (Tables) | 3 Months Ended
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Apr. 03, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of outstanding forward contracts | As of April 3, 2021, 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 |  | 46.1 |  |  | U.S. dollar |  | 56.2 |
Canadian dollar |  | 12.6 |  |  | U.S. dollar |  | 9.8 |
Japanese yen |  | 869.0 |  |  | U.S. dollar |  | 8.4 |
British pound |  | 5.3 |  |  | U.S. dollar |  | 7.2 |
Mexican peso |  | 73.0 |  |  | U.S. dollar |  | 3.6 |
Australian dollar |  | 3.5 |  |  | U.S. dollar |  | 2.7 |
U.S. dollar |  | 1.1 |  |  | Japanese yen |  | 120.0 |
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 April 3, 2021 |  | For the 14 Weeks Ended April 4, 2020
Cash flow hedges: |  |  |
Forward contracts | $ | 1,056 |  |  | $ | 6,573 |
Total gain (loss) recognized in other comprehensive income (loss), net of taxes | $ | 1,056 |  |  | $ | 6,573 |
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 | he 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 April 3, 2021 |  | For the 14 Weeks Ended April 4, 2020
Forward contracts designated as cash flow hedging instruments |  | Cost of sales |  | Total gain (loss) reclassified from accumulated other comprehensive income (loss) |  | $ | 681 |  |  | $ | 2,647 |
Forward contracts designated as cash flow hedging instruments |  | Other income (expense)-net |  | Total gain (loss) reclassified from accumulated other comprehensive income (loss) |  | $ | (1,367) |  |  | $ | (2,316) |
Forward contracts not designated as hedging instruments |  | Other income (expense)-net |  | Total gain (loss) recognized in income |  | $ | (59) |  |  | $ | 205 |
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
|  | April 3, 2021 |  | January 2, 2021 |  | April 3, 2021 |  | January 2, 2021
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 |  | $ | 2,391 |  |  | Prepaid expenses and other current assets |  | $ | 345 |  |  | Accrued expenses-other |  | $ | 614 |  |  | Accrued expenses-other |  | $ | 2,178 |
Forward contracts not designated as cash flow hedging instruments |  | Prepaid expenses and other current assets |  | 4 |  |  | Prepaid expenses and other current assets |  | — |  |  | Accrued expenses-other |  | — |  |  | Accrued expenses-other |  | 86 |
Forward contracts designated as cash flow hedging instruments |  | Intangible and other assets-net |  | 253 |  |  | Intangible and other assets-net |  | 48 |  |  | Other long-term liabilities |  | 30 |  |  | Other long-term liabilities |  | 35 |
Total |  |  |  | $ | 2,648 |  |  |  |  | $ | 393 |  |  |  |  | $ | 644 |  |  |  |  | $ | 2,299 |
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 April 3, 2021 |  | For the 14 Weeks Ended April 4, 2020
|  | 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 |  | $ | 180,453 |  |  | $ | 1,864 |  |  | $ | 250,358 |  |  | $ | (7,290) |
Gain (loss) on cash flow hedging relationships: |  |  |  |  |  |  |  |
Forward contracts designated as cash flow hedging instruments: |  |  |  |  |  |  |  |
Total gain (loss) reclassified from other comprehensive income (loss) |  | $ | 681 |  |  | $ | (1,367) |  |  | $ | 2,647 |  |  | $ | (2,316) |
Forward contracts not designated as hedging instruments: |  |  |  |  |  |  |  |
Total gain (loss) recognized in income |  | $ | — |  |  | $ | (59) |  |  | $ | — |  |  | $ | 205 |

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