Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 28, 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 June 28, 2020 and December 29, 2019, all of which utilize Level 2 inputs under the fair value hierarchy:

(In thousands)	Balance Sheet Classification	June 28, 2020		December 29, 2019
Assets:
Derivatives designated as hedging instruments:
Foreign currency option contracts	Prepaid expenses and other current assets	$	299	$	514
		$	299	$	514
Derivatives not designated as hedging instruments:
Foreign currency forward exchange contracts	Prepaid expenses and other current assets	$	974	$	488
		$	974	$	488
Liabilities:
Derivatives designated as hedging instruments:
Foreign currency option contracts	Accrued liabilities	$	1,929	$	922
Foreign currency forward exchange contracts	Accrued liabilities	—		461
Interest rate swap contracts	Other long-term liabilities	649		373
		$	2,578	$	1,756
Derivatives not designated as hedging instruments:
Foreign currency forward exchange contracts	Accrued liabilities	$	178	$	579
		$	178	$	579

Schedule of offsetting assets and liabilities

	June 28, 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	$	1,273	$	—	$	1,273	$	1,273	$	—	$	—
Derivative liabilities	2,756		—		2,756		1,273		—		1,483

	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				Six Months Ended
(In thousands)	June 28, 2020		June 30, 2019		June 28, 2020		June 30, 2019
Derivatives designated as cash flow hedges:
Gain (loss) in OCI at the beginning of the period	$	430	$	21	$	(1,258)	$	(164)
Unrealized (loss) gain recognized in OCI (effective portion)	(1,709)		(466)		363		(278)
Less: Gain reclassified from OCI to revenue (effective portion of FX trades)	(946)		(444)		(1,337)		(444)
Less: Loss reclassified from OCI to interest expense (effective portion of interest rate swaps)	29		10		36		7
Net loss on derivatives	(2,626)		(900)		(938)		(715)
Loss in OCI at the end of the period	$	(2,196)	$	(879)	$	(2,196)	$	(879)

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 and six months ended June 28, 2020 and June 30, 2019:

	Three Months Ended				Six Months Ended
(In thousands)	June 28, 2020		June 30, 2019		June 28, 2020		June 30, 2019
Derivatives designated as cash flow hedges:
Gain recognized in "Other, net" on derivatives (ineffective portion and amount excluded from effectiveness testing)	$	31	$	107	$	182	$	107
Derivatives not designated as hedging instruments:
Gain (loss) recognized in "Other, net"	$	33	$	(125)	$	(809)	$	(1,034)