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Derivatives and Risk Management (Tables)

12 Months Ended

Jan. 01, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of outstanding forward contracts

As of January 1, 2022, 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						40.5						U.S. dollar						49.1
Canadian dollar						9.5						U.S. dollar						7.6
British pound						3.3						U.S. dollar						4.6
Mexican peso						36.8						U.S. dollar						1.8
Japanese yen						573.4						U.S. dollar						5.3
Australian dollar						4.0						U.S. dollar						3.0
U.S. dollar						3.8						Japanese Yen						415.0

Schedule of derivatives instruments statements of financial performance and financial position, location

The effective portion of gains and losses on cash flow hedges that were recognized in other comprehensive income (loss), net of taxes during fiscal years 2021, 2020 and 2019 are set forth below (in thousands):

Fiscal Year			2021						2020						2019
Cash flow hedges:
Forward contracts			$	5,868					$	2,217					$	6,060
Total gain (loss) recognized in other comprehensive income (loss), net of taxes			$	5,868					$	2,217					$	6,060

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 fiscal years 2021, 2020 and 2019 (in thousands):

Derivative Instruments						Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) Location						Effect of Derivative Instruments						Fiscal Year 2021						Fiscal Year 2020						Fiscal Year 2019
Forward contracts designated as cash flow hedging instruments						Cost of sales						Total gain (loss) reclassified from accumulated other comprehensive income (loss)						$	2,429					$	3,748					$	9,939
Forward contracts designated as cash flow hedging instruments						Other income (expense)-net						Total gain (loss) reclassified from accumulated other comprehensive income (loss)						$	(55)					$	602					$	1,720
Forward contracts not designated as hedging instruments						Other income (expense)-net						Total gain (loss) recognized in income						$	37					$	(113)					$	(88)

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 consolidated balance sheets in which the fair value amounts for these categories of derivative instruments are included (in thousands):

			Asset Derivatives																								Liability Derivatives
			January 1, 2022												January 2, 2021												January 1, 2022												January 2, 2021
			Consolidated Balance Sheets Location						Fair Value						Consolidated Balance Sheets Location						Fair Value						Consolidated Balance Sheets Location						Fair Value						Consolidated Balance Sheets Location						Fair Value
Forward contracts designated as cash flow hedging instruments			Prepaid expenses and other current assets						$	3,452					Prepaid expenses and other current assets						$	345					Accrued expenses-other						$	177					Accrued expenses-other						$	2,178
Forward contracts not designated as cash flow hedging instruments			Prepaid expenses and other current assets						—						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						—						Intangible and other assets-net						48						Other long-term liabilities						—						Other long-term liabilities						35
Total									$	3,452											$	393											$	177											$	2,299

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

						Effect of Derivative Instruments
						Fiscal Year 2021												Fiscal Year 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 consolidated statements of income (loss) and comprehensive income (loss) in which the effects of cash flow hedges are recorded						$	903,662					$	(14,500)					$	842,987					$	(4,828)
Gain (loss) on cash flow hedging relationships:
Forward contracts designated as cash flow hedging instruments:
Total gain (loss) reclassified from other comprehensive income (loss)						2,429						(55)						3,748						602
Forward contracts not designated as cash flow hedging instruments:
Total gain (loss) recognized in income						—						37						—						(113)

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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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