DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

12 Months Ended

Jan. 02, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Outstanding Derivatives on Individual Contract Basis

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)		December 2020		December 2019			December 2020		December 2019
Derivatives designated as hedging instruments:
Foreign currency exchange contracts		$	7,179	$	5,199		$	(8,640)	$	(2,690)
Interest rate swap agreements		—		—			(16,309)		(3,089)
Derivatives not designated as hedging instruments:
Foreign currency exchange contracts		352		364			(154)		(105)
Total derivatives		$	7,531	$	5,563		$	(25,103)	$	(5,884)

Derivative Assets and Liabilities Presented in Consolidated Balance Sheet Adjusted from Current Gross

The following table presents a reconciliation of gross to net amounts for derivative asset and liability balances:

	December 2020				December 2019
(In thousands)	Derivative Asset		Derivative Liability		Derivative Asset		Derivative Liability
Gross amounts presented in the balance sheet	$	7,531	$	(25,103)	$	5,563	$	(5,884)
Gross amounts not offset in the balance sheet	(1,818)		1,818		(1,133)		1,133
Net amounts	$	5,713	$	(23,285)	$	4,430	$	(4,751)

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:

(In thousands)	December 2020		December 2019
Prepaid expenses and other current assets	$	5,773	$	4,303
Accrued liabilities	(7,166)		(2,058)
Other assets	1,758		1,260
Other liabilities	(17,937)		(3,826)

Effects of Cash Flow Hedging included in Consolidated Statements of Income and Consolidated Statements of Comprehensive Income

The following tables present the effects of cash flow hedges included in the Company's statements of operations and statements of comprehensive income:

(In thousands)	Gain (Loss) on Derivatives Recognized in AOCL
Cash Flow Hedging Relationships		Year Ended December 2020		Year Ended December 2019
Foreign currency exchange contracts		$	(8,193)	$	3,683
Interest rate swap agreements		(18,224)		(1,954)
Total		$	(26,417)	$	1,729

(In thousands)	Gain (Loss) Reclassified from AOCL into Income
Location of Gain (Loss)		Year Ended December 2020		Year Ended December 2019
Net revenues		$	(458)	$	(844)
Cost of goods sold		3,171		6,745
Other expense, net		149		343
Interest expense		(5,004)		1,136
Total		$	(2,142)	$	7,380

Effects of Fair Value Hedging Included in Consolidated Statements of Income

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
Derivatives Not Designated as Hedges		Year Ended December 2020		Year Ended December 2019
Foreign currency exchange contracts	Net revenues	$	90	$	—
	Cost of goods sold	(2,749)		829
	Other expense, net	(1)		—
Total		$	(2,660)	$	829