DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

6 Months Ended

Jun. 27, 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)	June 2020		December 2019		June 2019		June 2020		December 2019		June 2019
Derivatives designated as hedging instruments:
Foreign currency exchange contracts	$	3,689	$	5,199	$	852	$	(9,597)	$	(2,690)	$	(3,916)
Interest rate swap agreements	—		—		—		(18,832)		(3,089)		—
Derivatives not designated as hedging instruments:
Foreign currency exchange contracts	870		364		3		(422)		(105)		(56)
Total derivatives	$	4,559	$	5,563	$	855	$	(28,851)	$	(5,884)	$	(3,972)

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

	June 2020				December 2019				June 2019
(In thousands)	Derivative Asset		Derivative Liability		Derivative Asset		Derivative Liability		Derivative Asset		Derivative Liability
Gross amounts presented in the balance sheet	$	4,559	$	(28,851)	$	5,563	$	(5,884)	$	855	$	(3,972)
Gross amounts not offset in the balance sheet	(1,745)		1,745		(1,133)		1,133		(5)		5
Net amounts	$	2,814	$	(27,106)	$	4,430	$	(4,751)	$	850	$	(3,967)

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 2020		December 2019		June 2019
Other current assets	$	3,716	$	4,303	$	741
Accrued liabilities	(8,625)		(2,058)		(3,263)
Other assets	843		1,260		114
Other liabilities	(20,226)		(3,826)		(709)

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 (loss) income:

	Gain (Loss) on Derivatives Recognized in AOCL
(In thousands)	Three Months Ended					Six Months Ended
Cash Flow Hedging Relationships		June 2020		June 2019			June 2020		June 2019
Foreign currency exchange contracts		$	812	$	(2,058)		$	(10,094)	$	(2,058)
Interest rate swap agreements		(2,653)		—			(17,323)		—
Total		$	(1,841)	$	(2,058)		$	(27,417)	$	(2,058)

	Gain (Loss) Reclassified from AOCL into Income
(In thousands)	Three Months Ended					Six Months Ended
Location of Gain (Loss)		June 2020		June 2019			June 2020		June 2019
Net revenues		$	(194)	$	(96)		$	(552)	$	(96)
Cost of goods sold		1,615		415			5,356		415
Other expense, net		141		43			137		43
Interest expense		(1,349)		—			(1,580)		—
Total		$	213	$	362		$	3,361	$	362

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					Six Months Ended
Derivatives Not Designated as Hedges			June 2020		June 2019			June 2020		June 2019
Foreign currency exchange contracts	Net revenues		$	2	$	—		$	6	$	—
	Cost of goods sold		550		(57)			(3,122)		(57)
	Other expense, net		(13)		—			10		—
Total			$	539	$	(57)		$	(3,106)	$	(57)