Derivative Instruments (Tables)

9 Months Ended

Oct. 03, 2015

Financial Information Related to Hedging of Net Assets Included in Consolidated Statements of Operations

Summary financial information related to these activities included in the Company’s consolidated statements of operations as other (expense) income is as follows (in thousands):

	Three Months Ended						Nine Months Ended
	October 3, 2015			September 27, 2014			October 3, 2015			September 27, 2014
Realized gain (loss) from foreign exchange derivatives	$	2,863		$	3,211		$	6,233		$	3,752
(Loss) gain on net foreign currency assets		(8,118	)		(3,294	)		(27,427	)		(4,084	)
Foreign exchange (loss) gain	$	(5,255	)	$	(83	)	$	(21,194	)	$	(332	)

	As of
	October 3, 2015		December 31, 2014
Notional balance of outstanding contracts (in thousands):
British Pound/US dollar	£	14,733	£	4,574
Euro/US dollar	€	124,802	€	40,218
British Pound/Euro	£	863	£	0
Canadian Dollar/US dollar	$	3,434	$	0
Czech Koruna /US dollar	Kč	316,521	Kč	0
Brazilian Real /US dollar	R$	19,462	R$	0
Malaysian Ringgit /US dollar	RM	14,714	R$	0
Net fair value of outstanding contracts	$	633	$	250

Financial Information Related to Cash Flow Hedges

Summary financial information related to the cash flow hedges within comprehensive income is as follows (in thousands):

	Three Months Ended					Nine Months Ended
	October 3, 2015			September 27, 2014		October 3, 2015			September 27, 2014
Change in unrealized (loss) gain on anticipated sales hedging:
Gross	$	(3,514	)	$	6,417	$	(7,204	)	$	8,196
Income tax (benefit) expense		(703	)		1,284		(1,441	)		1,674
Net	$	(2,811	)	$	5,133	$	(5,763	)	$	6,522

Financial Information Related to Cash Flow Hedges of Future Revenues

Summary financial information related to the cash flow hedges of future revenues is as follows (in thousands, except percentages):

	As of
	October 3, 2015			December 31, 2014
Notional balance of outstanding contracts versus the dollar	€	104,727		€	88,969
Hedge effectiveness		100	%		100	%

	Three Months Ended				Nine Months Ended
	October 3, 2015		September 27, 2014		October 3, 2015		September 27, 2014
Net gain (loss) included in revenue	$	2,040	$	421	$	13,308	$	(1,507	)

Forward Contract Amounts Recorded in Consolidated Balance Sheet

The amounts recorded on the consolidated balance sheets are as follows (in thousands):

	As of
	October 3, 2015		December 31, 2014
Assets:
Prepaid expenses and other current assets	$	3,831	$	9,318
Total	$	3,831	$	9,318

Schedule of Gross and Net Amount Offset

The gross and net amounts offset at October 3, 2015 were as follows (in thousands):

	Gross Fair Value		Counterparty Offsetting		Net Fair Value in the Consolidated Balance Sheets
Counterparty A	$	14,950	$	8,416	$	6,534
Counterparty B		5,209		2,013		3,196
Counterparty C		5,213		2,021		3,192
Counterparty D		10,498		4,244		6,254
Counterparty E		5,169		2,002		3,167
Counterparty F		5,213		2,035		3,178
Counterparty G		6,380		0		6,380
Total	$	52,632	$	20,731	$	31,901

Schedule of Series of Forward Starting Swaps Each with a Term of One Year

The New Swaps have the following notional amounts per year (in thousands):

Year 2015	$	1,010,000
Year 2016		697,000
Year 2017		544,000
Year 2018		544,000
Year 2019		272,000
Year 2020		272,000
Notional balance of outstanding contracts	$	3,339,000

Forward Interest Rate Swap [Member]

Forward Contract Amounts Recorded in Consolidated Balance Sheet

The balance sheet position of the forward interest rate swaps designated in a hedge relationship is as follows (in thousands):

	As of
	October 3, 2015			December 31, 2014
Accrued liabilities	$	633		$	0
Other long-term liabilities		20,098			2,170
Hedge effectiveness		100	%		100	%

Schedule of Volume of New Swaps Designated in Hedge Relationship

The volume of the New Swaps designated in a hedge relationship is as follows (in thousands):

	As of
	October 3, 2015		December 31, 2014
Notional balance of outstanding contracts	$	3,339,000	$	3,339,000

Schedule of Gain (Loss) Recognized on Forward Interest Rate Swaps Not Designated in Hedge Relationship

The gain (loss) recognized on the forward interest rate swaps not designated in a hedge relationship is as follows (in thousands):

	Three Months Ended				Nine Months Ended
	October 3, 2015		September 27, 2014		October 3, 2015		September 27, 2014
Interest income/(expense) on forward interest-rate swaps	$	3,361	$	185	$	3,397	$	(2,248	)

Schedule of Loss Recognized in Other Comprehensive Unrealized Loss on Forward Interest Rate Swaps Designated in Hedging Relationship

The loss recognized in other comprehensive unrealized loss on the forward interest rate swaps designated in a hedging relationship is as follows (in thousands):

	Three Months Ended						Nine Months Ended
	October 3, 2015			September 27, 2014			October 3, 2015			September 27, 2014
Change in unrealized (losses) gains on forward interest rate swap hedging:
Gross	$	(10,754	)	$	(1,224	)	$	(17,373	)	$	(1,224	)
Income tax (benefit) expense		(4,194	)		(443	)		(6,926	)		(443	)
Net	$	(6,560	)	$	(781	)	$	(10,447	)	$	(781	)