Quarterly report pursuant to Section 13 or 15(d)

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

v3.22.2.2
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables)
 9 Months Ended
Oct. 01, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments
The following table presents the fair value of outstanding derivatives on an individual contract basis:
Fair Value of Derivatives
with Unrealized Gains		 Fair Value of Derivatives
with Unrealized Losses
September December September September December September
(In thousands) 2022 2021 2021 2022 2021 2021
Derivatives designated as hedging instruments:
Foreign currency exchange contracts $ 21,329  $ 7,321  $ 7,057  $ (186) $ (1,972) $ (2,545)
Interest rate swap agreements 11,494  —  —  —  (6,052) (10,582)
Derivatives not designated as hedging instruments:
Foreign currency exchange contracts 30  —  73  —  —  — 
Total derivatives $ 32,853  $ 7,321  $ 7,130  $ (186) $ (8,024) $ (13,127)
The following table presents a reconciliation of gross to net amounts for derivative asset and liability balances:
September 2022 December 2021 September 2021
(In thousands) Derivative Asset Derivative Liability Derivative Asset Derivative Liability Derivative Asset Derivative Liability
Gross amounts presented in the balance sheet $ 32,853  $ (186) $ 7,321  $ (8,024) $ 7,130  $ (13,127)
Gross amounts not offset in the balance sheet (186) 186  (1,636) 1,636  (1,560) 1,560 
Net amounts $ 32,667  $ —  $ 5,685  $ (6,388) $ 5,570  $ (11,567)
The following table presents the location of derivatives in the Company's balance sheets, with current or noncurrent classification based on maturity dates:
(In thousands) September 2022 December 2021 September 2021
Prepaid expenses and other current assets $ 18,523  $ 6,356  $ 6,440 
Accrued liabilities (134) (1,623) (2,110)
Other assets 14,330  965  690 
Other liabilities (52) (6,401) (11,017)
Pre-Tax Effects of Cash Flow Hedges Included in the Statement of Operations and Statements of Comprehensive Income (Loss)
The following tables present the pre-tax effects of cash flow hedges included in the Company's statements of operations and statements of comprehensive income:
Gain (Loss) on Derivatives Recognized in AOCL
(In thousands) Three Months Ended September Nine Months Ended September
Cash Flow Hedging Relationships 2022 2021 2022 2021
Foreign currency exchange contracts $ 12,414  $ 1,408  $ 26,654  $ 4,311 
Interest rate swap agreements 5,327  (264) 15,881  1,213 
Total $ 17,741  $ 1,144  $ 42,535  $ 5,524 
Gain (Loss) Reclassified from AOCL into Income
(In thousands) Three Months Ended September Nine Months Ended September
Location of Gain (Loss) 2022 2021 2022 2021
Net revenues $ (401) $ 47  $ (794) $ 247 
Cost of goods sold 4,228  58  8,954  (2,775)
Other expense, net 168  (170) 67  (597)
Interest expense 346  (1,507) (1,665) (4,515)
Total $ 4,341  $ (1,572) $ 6,562  $ (7,640)
Summary of Derivatives Not Designated as Hedges
The following table presents a summary of these derivatives included in the Company's statements of operations:
Location of Gain (Loss) on Derivatives Recognized in Income Gain (Loss) on Derivatives Recognized in Income
(In thousands) Three Months Ended September Nine Months Ended September
Derivatives Not Designated as Hedges
2022 2021 2022 2021
Foreign currency exchange contracts Net revenues $ —  $ —  $ —  $ (104)
Cost of goods sold 13  18  84  4 
Other expense, net —  205  —  325 
Total $ 13  $ 223  $ 84  $ 225