DERIVATIVES AND RISK MANAGEMENT (Tables)

3 Months Ended

Apr. 04, 2015

Schedule of outstanding forward contracts

As of April 4, 2015, the Company had the following outstanding forward contracts that were entered into to hedge the future payments of intercompany inventory transactions (in millions):

Functional Currency		Contract Currency
Type	Amount	Type	Amount
Euro	174.1	U.S. dollar	217.6
British pound	27.5	U.S. dollar	43.5
Canadian dollar	40.1	U.S. dollar	34.3
Japanese yen	2,935.0	U.S. dollar	26.4
Mexican peso	173.3	U.S. dollar	12.0
Australian dollar	14.2	U.S. dollar	11.5

Schedule of effective portion of gains and losses on derivative instruments recognized in other comprehensive income (loss), net of taxes

The effective portion of gains and losses on derivative instruments that were recognized in other comprehensive income (loss), net of taxes during the First Quarter and Prior Year Quarter are set forth below (in thousands):

	For the 13			For the 14
	Weeks Ended			Weeks Ended
	April 4, 2015			April 5, 2014
Cash flow hedges:
Forward contracts	$	12,543		$	(348	)
Interest rate swaps	(4,707		)	(538		)
Net investment hedge:
Forward contract	0			162
Total gain (loss) recognized in other comprehensive income (loss), net of taxes	$	7,836		$	(724	)

Schedule of effective portion of gains and losses on derivative instruments designated and qualifying as cash flow hedges recorded in other comprehensive income (loss), net of taxes during the term of the hedging relationship and reclassified into earnings and gains and losses on derivatives not designated as hedging instruments recorded

The following table illustrates the effective portion of gains and losses on derivative instruments recorded in other comprehensive income (loss), net of taxes during the term of the hedging relationship and reclassified into earnings, and gains and losses on derivatives not designated as hedging instruments recorded directly to earnings during the First Quarter and Prior Year Quarter (in thousands):

	Condensed Consolidated
	Statements of Income		For the 13			For the 14
	and Comprehensive	Effect of Derivative	Weeks Ended			Weeks Ended
Derivatives Instruments	Income Location	Instruments	April 4, 2015			April 5, 2014

Forward contracts designated as cash flow hedging instruments	Other income (expense)-net	Total gain (loss) reclassified from other comprehensive income (loss)	$	8,208		$	(498	)

Forward contracts not designated as hedging instruments	Other income (expense)-net	Total gain (loss) recognized in income	$	89		$	(148	)

Interest rate swap designated as a cash flow hedging instrument	Interest expense	Total gain (loss) reclassified from other comprehensive income (loss)	$	(433	)	$	(465	)

Schedule of fair value amounts for derivative instruments as separate asset and liability values on a gross basis and their location on condensed consolidated balance sheets

The following table discloses the fair value amounts for the Company’s derivative instruments as separate asset and liability values, presents the fair value of derivative instruments on a gross basis, and identifies the line items in the condensed consolidated balance sheets in which the fair value amounts for these categories of derivative instruments are included (in thousands):

Asset Derivatives

Liability Derivatives

April 4, 2015

January 3, 2015

April 4, 2015

January 3, 2015

Condensed

Consolidated

Balance Sheets

Fair

Balance Sheets

Fair

Balance Sheets

Fair

Balance Sheets

Fair

Derivatives Instruments

Location

Value

Location

Value

Location

Value

Location

Value

Forward contracts designated as cash flow hedging instruments

Prepaid expenses and other current assets

32,927

Prepaid expenses and other current assets

25,867

Accrued expenses- other

373

Accrued expenses- other

Interest rate swap designated as a cash flow hedging instrument

Prepaid expenses and other current assets

Accrued expenses- other

7,059

Accrued expenses- other

2,157

Forward contracts designated as cash flow hedging instruments

Intangible and other assets-net

1,155

Intangible and other assets-net

1,802

Other long-term liabilities

133

Other long-term liabilities

Interest rate swap designated as a cash flow hedging instrument

Intangible and other assets-net

343

Intangible and other assets-net

1,724

Other long-term liabilities

799

Other long-term liabilities

357

Total

34,425

29,393

8,364

2,514