XML 46 R33.htm IDEA: XBRL DOCUMENT
v3.24.2.u1

DERIVATIVES AND RISK MANAGEMENT (Tables) | 6 Months Ended
--- | ---
Jun. 29, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Outstanding Forward Contracts | As of June 29, 2024, 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 |  | 20.6 |  |  | U.S. dollar |  | 23.1 |
Canadian dollar |  | 9.2 |  |  | U.S. dollar |  | 6.9 |
British pound |  | 1.9 |  |  | U.S. dollar |  | 2.4 |
Japanese yen |  | 119.0 |  |  | U.S. dollar |  | 0.9 |
Australian dollar |  | 0.9 |  |  | U.S. dollar |  | 0.6 |
U.S. dollar |  | 0.7 |  |  | Japanese yen |  | 90.0 |
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 June 29, 2024 |  | For the 13 Weeks Ended July 1, 2023
Cash flow hedges: |  |  |
Forward contracts | $ | 370 |  |  | $ | (442) |
Total gain (loss) recognized in other comprehensive income (loss), net of taxes | $ | 370 |  |  | $ | (442) |
| For the 26 Weeks Ended June 29, 2024 |  | For the 26 Weeks Ended July 1, 2023
Cash flow hedges: |  |  |
Forward contracts | $ | 1,120 |  |  | $ | (3,123) |
Total gain (loss) recognized in other comprehensive income (loss), net of taxes | $ | 1,120 |  |  | $ | (3,123) |
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 June 29, 2024 |  | For the 13 Weeks Ended July 1, 2023
Forward contracts designated as cash flow hedging instruments |  | Cost of sales |  | Total gain (loss) reclassified from accumulated other comprehensive income (loss) |  | $ | 65 |  |  | $ | (451) |
Forward contracts designated as cash flow hedging instruments |  | Other income (expense)-net |  | Total gain (loss) reclassified from accumulated other comprehensive income (loss) |  | $ | 198 |  |  | $ | 200 |
Forward contracts not designated as hedging instruments |  | Other income (expense)-net |  | Total gain (loss) recognized in income |  | $ | 11 |  |  | $ | 38 |
Derivative Instruments |  | Condensed Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) Location |  | Effect of Derivative Instruments |  | For the 26 Weeks Ended June 29, 2024 |  | For the 26 Weeks Ended July 1, 2023
Forward contracts designated as cash flow hedging instruments |  | Cost of sales |  | Total gain (loss) reclassified from accumulated other comprehensive income (loss) |  | $ | (6) |  |  | $ | (19) |
Forward contracts designated as cash flow hedging instruments |  | Other income (expense)-net |  | Total gain (loss) reclassified from accumulated other comprehensive income (loss) |  | $ | 373 |  |  | $ | (127) |
Forward contracts not designated as hedging instruments |  | Other income (expense)-net |  | Total gain (loss) recognized in income |  | $ | 16 |  |  | $ | 63 |
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, 2024 |  | December 30, 2023 |  | June 29, 2024 |  | December 30, 2023
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 |  | $ | 1,231 |  |  | Prepaid expenses and other current assets |  | $ | 339 |  |  | Accrued expenses-other |  | $ | 110 |  |  | Accrued expenses-other |  | $ | 1,044 |
Forward contracts not designated as cash flow hedging instruments |  | Prepaid expenses and other current assets |  | — |  |  | Prepaid expenses and other current assets |  | — |  |  | Accrued expenses-other |  | 8 |  |  | Accrued expenses-other |  | 7 |
Forward contracts designated as cash flow hedging instruments |  | Intangible and other assets-net |  | — |  |  | Intangible and other assets-net |  | 20 |  |  | Other long-term liabilities |  | — |  |  | Other long-term liabilities |  | 28 |
Total |  |  |  | $ | 1,231 |  |  |  |  | $ | 359 |  |  |  |  | $ | 118 |  |  |  |  | $ | 1,079 |
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 June 29, 2024 |  | For the 13 Weeks Ended July 1, 2023
|  | 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 |  | $ | 123,140 |  |  | $ | 1,450 |  |  | $ | 165,299 |  |  | $ | 7,172 |
Gain (loss) on cash flow hedging relationships: |  |  |  |  |  |  |  |
Forward contracts designated as cash flow hedging instruments: |  |  |  |  |  |  |  |
Total gain (loss) reclassified from other comprehensive income (loss) |  | $ | 65 |  |  | $ | 198 |  |  | $ | (451) |  |  | $ | 200 |
Forward contracts not designated as hedging instruments: |  |  |  |  |  |  |  |
Total gain (loss) recognized in income |  | $ | — |  |  | $ | 11 |  |  | $ | — |  |  | $ | 38 |
|  | Effect of Derivative Instruments
|  | For the 26 Weeks Ended June 29, 2024 |  | For the 26 Weeks Ended July 1, 2023
|  | 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 |  | $ | 244,531 |  |  | $ | 5,338 |  |  | $ | 329,618 |  |  | $ | 9,906 |
Gain (loss) on cash flow hedging relationships: |  |  |  |  |  |  |  |
Forward contracts designated as cash flow hedging instruments: |  |  |  |  |  |  |  |
Total gain (loss) reclassified from other comprehensive income (loss) |  | $ | (6) |  |  | $ | 373 |  |  | $ | (19) |  |  | $ | (127) |
Forward contracts not designated as hedging instruments: |  |  |  |  |  |  |  |
Total gain (loss) recognized in income |  | $ | — |  |  | $ | 16 |  |  | $ | — |  |  | $ | 63 |

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4B + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A + Details
Name: | us-gaap_ScheduleOfDerivativesInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the notional amounts of outstanding derivative positions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A + Details
Name: | us-gaap_ScheduleOfNotionalAmountsOfOutstandingDerivativePositionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration