Quarterly report [Sections 13 or 15(d)]

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

v3.25.2
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables)
6 Months Ended
Jun. 28, 2025
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
June December June June December June
(In thousands) 2025 2024 2024 2025 2024 2024
Derivatives designated as hedging instruments:
Foreign currency exchange contracts $ 6,501  $ 7,720  $ 5,735  $ (14,386) $ (11,620) $ (4,757)
Interest rate swap agreements 2,106  5,390  —  —  —  — 
Derivatives not designated as hedging instruments:
Foreign currency exchange contracts 17  —  15  (156) —  (29)
Total derivatives $ 8,624  $ 13,110  $ 5,750  $ (14,542) $ (11,620) $ (4,786)
The following table presents a reconciliation of gross to net amounts for derivative asset and liability balances:
June 2025 December 2024 June 2024
(In thousands) Derivative Asset Derivative Liability Derivative Asset Derivative Liability Derivative Asset Derivative Liability
Gross amounts presented in the balance sheet $ 8,624  $ (14,542) $ 13,110  $ (11,620) $ 5,750  $ (4,786)
Gross amounts not offset in the balance sheet (3,523) 3,523  (3,468) 3,468  (2,983) 2,983 
Net amounts $ 5,101  $ (11,019) $ 9,642  $ (8,152) $ 2,767  $ (1,803)
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) June 2025 December 2024 June 2024
Prepaid expenses and other current assets $ 4,327  $ 5,845  $ 5,322 
Accrued and other current liabilities (10,120) (10,659) (2,950)
Other assets 4,297  7,265  428 
Other liabilities (4,422) (961) (1,836)
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 June Six Months Ended June
Cash Flow Hedging Relationships 2025 2024 2025 2024
Foreign currency exchange contracts $ (3,169) $ (11,334) $ (6,920) $ (1,188)
Interest rate swap agreements 361  (27) (2,103) 47 
Total $ (2,808) $ (11,361) $ (9,023) $ (1,141)
Gain (Loss) Reclassified from AOCL into Income
(In thousands) Three Months Ended June Six Months Ended June
Location of Gain (Loss) 2025 2024 2025 2024
Net revenues $ (177) $ (1,215) $ (988) $ (1,162)
Cost of goods sold (1,110) 6,290  (1,599) 11,581 
Other income (expense), net 56  85  232  167 
Interest expense 762  569  1,181  3,300 
Total $ (469) $ 5,729  $ (1,174) $ 13,886 
Derivatives Not Designated as Hedging Instruments
The following table presents a summary of derivatives not designated as hedges included in the Company's statements of operations:
(In thousands) Location of Gain (Loss) on Derivatives Recognized in Income Gain (Loss) on Derivatives Recognized in Income
Derivatives Not Designated as Hedges Three Months Ended June Six Months Ended June
2025 2024 2025 2024
Foreign currency exchange contracts Cost of goods sold $ (71) $ 11  $ (71) $ 11 
Foreign currency exchange contracts Other income (expense), net 32,974  (19) 24,106 
Total $ 32,903  $ (8) $ 24,035  $ 15