Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 29, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of hedge instruments measured at fair value on a recurring basis

The following tables present information about our hedge instruments measured at fair value on a recurring basis as of March 29, 2020 and December 29, 2019, all of which utilize Level 2 inputs under the fair value hierarchy:

(In thousands)	Balance Sheet Classification	March 29, 2020		December 29, 2019
Assets:
Derivatives designated as hedging instruments:
Foreign currency option contracts	Prepaid expenses and other current assets	$	2,044	$	514
		$	2,044	$	514
Derivatives not designated as hedging instruments:
Foreign currency forward exchange contracts	Prepaid expenses and other current assets	$	732	$	488
		$	732	$	488
Liabilities:
Derivatives designated as hedging instruments:
Foreign currency option contracts	Accrued liabilities	$	1,092	$	922
Foreign currency forward exchange contracts	Accrued liabilities	—		461
Interest rate swap contracts	Other long-term liabilities	595		373
		$	1,687	$	1,756
Derivatives not designated as hedging instruments:
Foreign currency forward option contracts	Accrued liabilities	$	32	$	—
Foreign currency forward exchange contracts	Accrued liabilities	1,530		579
		$	1,562	$	579

Schedule of offsetting assets and liabilities

	March 29, 2020
							Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, but Have Rights to Offset
(In thousands)	Gross Amounts Recognized		Gross Amounts Offset		Net Amounts Presented		Financial Instruments		Cash Collateral		Net Amounts
Derivative assets	$	2,776	$	—	$	2,776	$	2,654	$	—	$	122
Derivative liabilities	3,249		—		3,249		2,654		—		595

	December 29, 2019
							Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, but Have Rights to Offset
(In thousands)	Gross Amounts Recognized		Gross Amounts Offset		Net Amounts Presented		Financial Instruments		Cash Collateral		Net Amounts
Derivative assets	$	1,002	$	—	$	1,002	$	1,002	$	—	$	—
Derivative liabilities	2,335		—		2,335		1,002		—		1,333

Schedule of derivative instruments, effect on other comprehensive income (loss)

The following table summarizes the pre-tax amount of unrealized gain or loss recognized in "accumulated other comprehensive income" ("OCI") in "stockholders' equity" on our condensed consolidated balance sheets:

	Three Months Ended
(In thousands)	March 29, 2020		March 31, 2019
Derivatives designated as cash flow hedges:
Loss in OCI at the beginning of the period	$	(1,258)	$	(164)
Unrealized gain recognized in OCI (effective portion)	2,072		188
Less: Gain reclassified from OCI to revenue (effective portion of FX trades)	(391)		—
Less: Loss (gain) reclassified from OCI to interest expense (effective portion of interest rate swaps)	7		(3)
Net gain on derivatives	1,688		185
Gain in OCI at the end of the period	$	430	$	21

Schedule of gain or loss recognized in Statement of Operations

The following table summarizes the amount of gain or loss recognized in "other, net" in our condensed consolidated statements of operations in the three months ended March 29, 2020 and March 31, 2019:

	Three Months Ended
(In thousands)	March 29, 2020		March 31, 2019
Derivatives designated as cash flow hedges:
Gain recognized in "Other, net" on derivatives (ineffective portion and amount excluded from effectiveness testing)	$	151	$	—
Derivatives not designated as hedging instruments:
(Loss) gain recognized in "Other, net"	$	(842)	$	909