DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

6 Months Ended

Jul. 01, 2023

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
	June		December		June		June		December		June
(In thousands)	2023		2022		2022		2023		2022		2022
Derivatives designated as hedging instruments:
Foreign currency exchange contracts	$	23,358	$	15,565	$	13,968	$	(4,629)	$	(2,307)	$	(360)
Interest rate swap agreements	8,529		11,357		6,512		—		—		—
Derivatives not designated as hedging instruments:
Foreign currency exchange contracts	24		—		28		(336)		—		—
Total derivatives	$	31,911	$	26,922	$	20,508	$	(4,965)	$	(2,307)	$	(360)

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

	June 2023				December 2022				June 2022
(In thousands)	Derivative Asset		Derivative Liability		Derivative Asset		Derivative Liability		Derivative Asset		Derivative Liability
Gross amounts presented in the balance sheet	$	31,911	$	(4,965)	$	26,922	$	(2,307)	$	20,508	$	(360)
Gross amounts not offset in the balance sheet	(2,038)		2,038		(1,629)		1,629		(360)		360
Net amounts	$	29,873	$	(2,927)	$	25,293	$	(678)	$	20,148	$	—

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 2023		December 2022		June 2022
Prepaid expenses and other current assets	$	29,167	$	14,183	$	12,222
Accrued liabilities	(4,497)		(1,218)		(221)
Other assets	2,744		12,739		8,286
Other liabilities	(468)		(1,089)		(139)

Pre-Tax Effects of Cash Flow Hedges Included in the Statement of Operations and Statements of Comprehensive Income (Loss)

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:

	Gain (Loss) on Derivatives Recognized in AOCL
(In thousands)	Three Months Ended June					Six Months Ended June
Cash Flow Hedging Relationships		2023		2022			2023		2022
Foreign currency exchange contracts		$	7,792	$	6,915		$	18,129	$	14,240
Interest rate swap agreements		2,017		1,459			1,708		10,554
Total		$	9,809	$	8,374		$	19,837	$	24,794

	Gain (Loss) Reclassified from AOCL into Income
(In thousands)	Three Months Ended June					Six Months Ended June
Location of Gain (Loss)		2023		2022			2023		2022
Net revenues		$	(62)	$	(261)		$	(233)	$	(393)
Cost of goods sold		4,256		2,425			10,248		4,726
Other expense, net		136		2			296		(101)
Interest expense		2,435		(745)			4,536		(2,011)
Total		$	6,765	$	1,421		$	14,847	$	2,221