DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables)
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3 Months Ended |
Jun. 27, 2020 |
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Ìý
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| Outstanding Derivatives on Individual Contract Basis |
The following table presents outstanding derivatives on an individual contract basis:
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| Ìý |
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Fair Value of Derivatives
with Unrealized Gains |
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Fair Value of Derivatives
with Unrealized Losses |
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| (In thousands) |
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June 2020 |
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March 2020 |
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June 2019 |
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June 2020 |
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March 2020 |
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June 2019 |
Foreign currency exchange contracts designated as hedging instruments |
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$ |
53,810Ìý |
Ìý |
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$ |
78,298Ìý |
Ìý |
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$ |
67,979Ìý |
Ìý |
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$ |
(13,329) |
Ìý |
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$ |
(12,682) |
Ìý |
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$ |
(9,359) |
Ìý |
Foreign currency exchange contracts not designated as hedging instruments |
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14,775Ìý |
Ìý |
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13,536Ìý |
Ìý |
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12,372Ìý |
Ìý |
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(2,302) |
Ìý |
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(1,849) |
Ìý |
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(2,015) |
Ìý |
Total derivatives |
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$ |
68,585Ìý |
Ìý |
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$ |
91,834Ìý |
Ìý |
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$ |
80,351Ìý |
Ìý |
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$ |
(15,631) |
Ìý |
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$ |
(14,531) |
Ìý |
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$ |
(11,374) |
Ìý |
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| Derivative Assets and Liabilities Presented in Consolidated Balance Sheet Adjusted from Current Gross |
ÂÒÂ×°ÍÊ¿ records and presents the fair values of all of its derivative assets and liabilities in the Consolidated Balance Sheets on a gross basis, even though they are subject to master netting agreements. If ÂÒÂ×°ÍÊ¿ were to offset and record the asset and liability balances of its foreign exchange forward contracts on a net basis in accordance with the terms of its master netting agreements, the amounts presented in the Consolidated Balance Sheets would be adjusted from the current gross presentation to the net amounts as detailed in the following table:
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| Ìý |
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June 2020 |
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March 2020 |
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June 2019 |
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| (In thousands) |
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Derivative
Asset |
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Derivative
Liability |
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Derivative
Asset |
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Derivative
Liability |
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Derivative
Asset |
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Derivative
Liability |
Gross amounts presented in the Consolidated Balance Sheets |
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$ |
68,585Ìý |
Ìý |
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$ |
(15,631) |
Ìý |
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$ |
91,834Ìý |
Ìý |
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$ |
(14,531) |
Ìý |
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$ |
80,351Ìý |
Ìý |
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$ |
(11,374) |
Ìý |
Gross amounts not offset in the Consolidated Balance Sheets |
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(15,607) |
Ìý |
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15,607Ìý |
Ìý |
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(14,393) |
Ìý |
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14,393Ìý |
Ìý |
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(11,301) |
Ìý |
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11,301Ìý |
Ìý |
Net amounts |
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$ |
52,978Ìý |
Ìý |
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$ |
(24) |
Ìý |
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$ |
77,441Ìý |
Ìý |
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$ |
(138) |
Ìý |
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$ |
69,050Ìý |
Ìý |
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$ |
(73) |
Ìý |
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| Derivative Assets and Liabilities Presented in Consolidated Balance Sheet Adjusted from Current Gross |
ÂÒÂ×°ÍÊ¿ records and presents the fair values of all of its derivative assets and liabilities in the Consolidated Balance Sheets on a gross basis, even though they are subject to master netting agreements. If ÂÒÂ×°ÍÊ¿ were to offset and record the asset and liability balances of its foreign exchange forward contracts on a net basis in accordance with the terms of its master netting agreements, the amounts presented in the Consolidated Balance Sheets would be adjusted from the current gross presentation to the net amounts as detailed in the following table:
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| Ìý |
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June 2020 |
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March 2020 |
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June 2019 |
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| (In thousands) |
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Derivative
Asset |
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Derivative
Liability |
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Derivative
Asset |
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Derivative
Liability |
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Derivative
Asset |
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Derivative
Liability |
Gross amounts presented in the Consolidated Balance Sheets |
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$ |
68,585Ìý |
Ìý |
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$ |
(15,631) |
Ìý |
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$ |
91,834Ìý |
Ìý |
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$ |
(14,531) |
Ìý |
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$ |
80,351Ìý |
Ìý |
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$ |
(11,374) |
Ìý |
Gross amounts not offset in the Consolidated Balance Sheets |
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(15,607) |
Ìý |
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15,607Ìý |
Ìý |
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(14,393) |
Ìý |
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14,393Ìý |
Ìý |
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(11,301) |
Ìý |
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11,301Ìý |
Ìý |
Net amounts |
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$ |
52,978Ìý |
Ìý |
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$ |
(24) |
Ìý |
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$ |
77,441Ìý |
Ìý |
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$ |
(138) |
Ìý |
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$ |
69,050Ìý |
Ìý |
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$ |
(73) |
Ìý |
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| Derivatives Classified as Current or Noncurrent Based on Maturity Dates |
Derivatives are classified as current or noncurrent based on maturity dates, as follows:
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| (In thousands) |
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June 2020 |
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March 2020 |
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June 2019 |
| Other current assets |
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$ |
56,428Ìý |
Ìý |
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$ |
71,784Ìý |
Ìý |
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$ |
72,132Ìý |
Ìý |
| Accrued liabilities |
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(10,103) |
Ìý |
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(11,378) |
Ìý |
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(8,143) |
Ìý |
| Other assets |
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12,157Ìý |
Ìý |
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20,050Ìý |
Ìý |
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8,219Ìý |
Ìý |
| Other liabilities |
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(5,528) |
Ìý |
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(3,153) |
Ìý |
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(3,231) |
Ìý |
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| Effects of Cash Flow Hedging included in Consolidated Statements of Income and Consolidated Statements of Comprehensive Income |
The effects of cash flow hedging included in ÂÒÂ×°Íʿ’s Consolidated Statements of Operations and Consolidated Statements of Comprehensive Income (Loss) are summarized as follows:
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| (In thousands) |
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GainÌý(Loss)ÌýonÌýDerivatives Recognized in OCI
ThreeÌýMonthsÌýEndedÌýJune |
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| Cash Flow Hedging Relationships |
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2020 |
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2019 |
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| Foreign currency exchange |
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$ |
(7,595) |
Ìý |
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$ |
14,774Ìý |
Ìý |
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| (In thousands) |
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GainÌý(Loss)ÌýReclassifiedÌýfrom AccumulatedÌýOCIÌýintoÌýIncome (Loss)
ThreeÌýMonthsÌýEnded June |
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| Location of Gain (Loss) |
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2020 |
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2019 |
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Net revenues |
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$ |
171Ìý |
Ìý |
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$ |
(2,905) |
Ìý |
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Cost of goods sold |
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16,705Ìý |
Ìý |
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11,105Ìý |
Ìý |
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Selling, general and administrative expenses |
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1,607Ìý |
Ìý |
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716Ìý |
Ìý |
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Other income (expense), net |
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1,770Ìý |
Ìý |
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2,872Ìý |
Ìý |
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Interest expense |
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27Ìý |
Ìý |
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(1,293) |
Ìý |
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| Total |
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$ |
20,280Ìý |
Ìý |
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$ |
10,495Ìý |
Ìý |
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