DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

12 Months Ended

Dec. 30, 2023

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 2023		December 2022		December 2023		December 2022
Derivatives designated as hedging instruments:
Foreign currency exchange contracts	$	16,490	$	15,565	$	(5,098)	$	(2,307)
Interest rate swap agreements	3,253		11,357		—		—
Derivatives not designated as hedging instruments:
Foreign currency exchange contracts	14		—		(23)		—
Total derivatives	$	19,757	$	26,922	$	(5,121)	$	(2,307)

Fair Value of Derivative Assets and Liabilities in Balance Sheet

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

	December 2023				December 2022
(In thousands)	Derivative Asset		Derivative Liability		Derivative Asset		Derivative Liability
Gross amounts presented in the balance sheet	$	19,757	$	(5,121)	$	26,922	$	(2,307)
Gross amounts not offset in the balance sheet	(894)		894		(1,629)		1,629
Net amounts	$	18,863	$	(4,227)	$	25,293	$	(678)

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 2023		December 2022
Prepaid expenses and other current assets	$	18,319	$	14,183
Accrued liabilities	(4,009)		(1,218)
Other assets	1,438		12,739
Other liabilities	(1,112)		(1,089)

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

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)	Year Ended December
Cash Flow Hedging Relationships	2023		2022		2021
Foreign currency exchange contracts	$	22,590	$	23,480	$	6,900
Interest rate swap agreements	1,829		17,148		4,238
Total	$	24,419	$	40,628	$	11,138

	Gain (Loss) Reclassified from AOCL into Income
(In thousands)	Year Ended December
Location of Gain (Loss)	2023		2022		2021
Net revenues	$	(219)	$	(1,093)	$	204
Cost of goods sold	23,588		13,531		(2,271)
Other expense, net	527		245		(749)
Interest expense	9,933		(261)		(6,019)
Total	$	33,829	$	12,422	$	(8,835)

Derivatives Included in Consolidated Statements of Income

The following table presents a summary of the gain (loss) for derivative contracts not designated as hedges included in the Company's statements of operations:

		Gain (Loss) on Derivatives Recognized in Income
(In thousands)		Year Ended December
Derivatives Not Designated as Hedges	Location of Gain (Loss) on Derivatives Recognized in Income	2023		2022		2021
Foreign currency exchange contracts	Net revenues	$	—	$	—	$	(104)
	Cost of goods sold	(226)		91		7
	Other expense, net	—		—		385
Total		$	(226)	$	91	$	288