DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables)
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6 Months Ended |
Jul. 04, 2026 |
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] |
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| Schedule of Derivative Instruments |
The following table presents the fair value of outstanding derivatives on an individual contract basis:
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Fair Value of Derivatives
with Unrealized Gains |
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Fair Value of Derivatives
with Unrealized Losses |
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June |
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December |
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June |
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June |
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December |
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June |
| (In thousands) |
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2026 |
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2025 |
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2025 |
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2026 |
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2025 |
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2025 |
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| Derivatives designated as hedging instruments: |
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| Foreign currency exchange contracts |
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$ |
20,229 |
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$ |
11,373 |
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$ |
6,501 |
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$ |
(6,575) |
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$ |
(9,641) |
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$ |
(14,386) |
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| Interest rate swap agreements |
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3,681 |
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279 |
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2,106 |
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— |
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— |
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— |
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| Derivatives not designated as hedging instruments: |
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| Foreign currency exchange contracts |
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1,476 |
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— |
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17 |
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(204) |
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(255) |
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(156) |
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| Total derivatives |
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$ |
25,386
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$ |
11,652
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$ |
8,624
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$ |
(6,779) |
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$ |
(9,896) |
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$ |
(14,542) |
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The following table presents a reconciliation of gross to net amounts for derivative asset and liability balances:
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June 2026 |
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December 2025 |
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June 2025 |
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| (In thousands) |
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Derivative Asset |
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Derivative Liability |
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Derivative Asset |
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Derivative Liability |
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Derivative Asset |
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Derivative Liability |
| Gross amounts presented in the balance sheet |
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$ |
25,386 |
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$ |
(6,779) |
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$ |
11,652 |
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$ |
(9,896) |
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$ |
8,624 |
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$ |
(14,542) |
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| Gross amounts not offset in the balance sheet |
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(5,961) |
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5,961 |
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(3,043) |
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3,043 |
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(3,523) |
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3,523 |
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| Net amounts |
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$ |
19,425
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$ |
(818) |
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$ |
8,609
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$ |
(6,853) |
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$ |
5,101
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$ |
(11,019) |
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| Schedule of Derivatives Classified as Current or Noncurrent Based on Maturity Dates |
The following table presents the location of derivatives in the Company's balance sheets, with current or noncurrent classification based on maturity dates:
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| (In thousands) |
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June 2026 |
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December 2025 |
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June 2025 |
| Prepaid expenses and other current assets |
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$ |
17,944 |
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$ |
9,906 |
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$ |
4,327 |
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| Accrued and other current liabilities |
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(5,673) |
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(8,546) |
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(10,120) |
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| Other assets |
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7,442 |
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1,746 |
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4,297 |
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| Other liabilities |
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(1,106) |
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(1,350) |
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(4,422) |
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| Schedule of Pre-Tax Effects of Cash Flow Hedges Included in the Statement of Operations and Statements of Comprehensive Income |
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:
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Gain (Loss) on Derivatives Recognized in AOCL |
| (In thousands) |
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Three Months Ended June |
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Six Months Ended June |
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| Cash Flow Hedging Relationships |
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2026 |
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2025 |
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2026 |
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2025 |
| Foreign currency exchange contracts |
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$ |
6,737 |
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$ |
(3,169) |
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$ |
13,495 |
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$ |
(6,920) |
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| Interest rate swap agreements |
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1,640 |
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361 |
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4,052 |
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(2,103) |
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| Total |
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$ |
8,377
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$ |
(2,808) |
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$ |
17,547
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$ |
(9,023) |
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Gain (Loss) Reclassified from AOCL into Income from Continuing Operations |
| (In thousands) |
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Three Months Ended June |
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Six Months Ended June |
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| Location of Gain (Loss) |
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2026 |
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2025 |
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2026 |
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2025 |
| Net revenues |
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$ |
1,931 |
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$ |
(106) |
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$ |
2,525 |
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$ |
(489) |
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| Cost of goods sold |
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(865) |
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(1,228) |
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(1,966) |
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(1,780) |
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| Other (expense) income, net |
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30 |
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56 |
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46 |
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232 |
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| Interest expense |
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293 |
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762 |
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650 |
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1,181 |
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| Total |
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$ |
1,389
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$ |
(516) |
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$ |
1,255
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$ |
(856) |
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| Schedule of 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:
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| (In thousands) |
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Location of Gain (Loss) on Derivatives Recognized in Income |
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Gain (Loss) on Derivatives Recognized in Income |
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| Derivatives Not Designated as Hedges |
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Three Months Ended June |
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Six Months Ended June |
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2026 |
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2025 |
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2026 |
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2025 |
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| Foreign currency exchange contracts |
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Net revenues |
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$ |
33 |
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$ |
— |
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$ |
302 |
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$ |
— |
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| Foreign currency exchange contracts |
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Cost of goods sold |
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8 |
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(71) |
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31 |
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(71) |
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| Foreign currency exchange contracts |
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Other (expense) income, net |
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(922) |
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32,974 |
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(537) |
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24,106 |
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| Total |
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$ |
(881) |
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$ |
32,903
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$ |
(204) |
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$ |
24,035
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