Quarterly report pursuant to Section 13 or 15(d)

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

v3.20.2
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables)
 9 Months Ended
Sep. 26, 2020
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
(In thousands) September 2020 December 2019 September 2019 September 2020 December 2019 September 2019
Derivatives designated as hedging instruments:
Foreign currency exchange contracts $ 2,310  $ 5,199  $ 3,463  $ (7,096) $ (2,690) $ (2,603)
Interest rate swap agreements —  —  —  (18,094) (3,089) (4,861)
Derivatives not designated as hedging instruments:
Foreign currency exchange contracts 458  364  41  (149) (105) (110)
Total derivatives $ 2,768  $ 5,563  $ 3,504  $ (25,339) $ (5,884) $ (7,574)
The following table presents a reconciliation of gross to net amounts for derivative asset and liability balances:
September 2020 December 2019 September 2019
(In thousands) Derivative Asset Derivative Liability Derivative Asset Derivative Liability Derivative Asset Derivative
Liability
Gross amounts presented in the balance sheet $ 2,768  $ (25,339) $ 5,563  $ (5,884) $ 3,504  $ (7,574)
Gross amounts not offset in the balance sheet (2,110) 2,110  (1,133) 1,133  (507) 507 
Net amounts $ 658  $ (23,229) $ 4,430  $ (4,751) $ 2,997  $ (7,067)
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 2020 December 2019 September 2019
Prepaid expenses and other current assets $ 2,006  $ 4,303  $ 2,900 
Accrued liabilities (6,594) (2,058) (2,376)
Other assets 762  1,260  604 
Other liabilities (18,745) (3,826) (5,198)
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location
The following tables present the effects of cash flow hedges included in the Company's statements of operations and statements of comprehensive income (loss):
Gain (Loss) on Derivatives Recognized in AOCL
(In thousands) Three Months Ended Nine Months Ended
Cash Flow Hedging Relationships September 2020 September 2019 September 2020 September 2019
Foreign currency exchange contracts $ (313) $ 3,926  $ (10,407) $ 1,868 
Interest rate swap agreements (897) (4,220) (18,220) (4,220)
Total $ (1,210) $ (294) $ (28,627) $ (2,352)
Gain (Loss) Reclassified from AOCL into Income
(In thousands) Three Months Ended Nine Months Ended
Location of Gain (Loss) September 2020 September 2019 September 2020 September 2019
Net revenues $ (36) $ (379) $ (588) $ (475)
Cost of goods sold (578) 3,486  4,778  3,901 
Other expense, net 36  328  173  371 
Interest expense (1,636) 642  (3,216) 642 
Total $ (2,214) $ 4,077  $ 1,147  $ 4,439 
Derivatives Not Designated as Hedging Instruments
The following table presents a summary of these derivatives 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
Three Months Ended Nine Months Ended
Derivatives Not Designated as Hedges September 2020 September 2019 September 2020 September 2019
Foreign currency exchange contracts Net revenues $ 37  $ —  $ 43  $ — 
Cost of goods sold 563  72  (2,559) 15 
Other expense, net (18) —  (8) — 
Total $ 582  $ 72  $ (2,524) $ 15