DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables)
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3 Months Ended |
Jun. 29, 2024 |
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Ìý
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| Schedule of 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 2024 |
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March 2024 |
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June 2023 |
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June 2024 |
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March 2024 |
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June 2023 |
| Derivatives Designated as Hedging Instruments: |
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| Foreign exchange contracts |
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$ |
38,160Ìý |
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$ |
29,657Ìý |
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$ |
27,902Ìý |
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$ |
(27,436) |
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$ |
(39,639) |
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$ |
(74,050) |
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| Interest rate contracts |
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1,690Ìý |
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2,335Ìý |
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4,582Ìý |
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—Ìý |
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—Ìý |
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—Ìý |
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| Total derivatives designated as hedging instruments |
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39,850Ìý |
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31,992Ìý |
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32,484Ìý |
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(27,436) |
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(39,639) |
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(74,050) |
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| Derivatives Not Designated as Hedging Instruments: |
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| Foreign exchange contracts |
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1,507Ìý |
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556Ìý |
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404Ìý |
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(142) |
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(595) |
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(7,978) |
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Total derivatives |
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$ |
41,357Ìý
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$ |
32,548Ìý
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$ |
32,888Ìý
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$ |
(27,578) |
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$ |
(40,234) |
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$ |
(82,028) |
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| Schedule of Derivative Assets Presented in Consolidated Balance Sheet Adjusted from Current Gross |
If ±«ÓãÖ±²¥ were to offset and record the asset and liability balances 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 2024 |
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March 2024 |
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June 2023 |
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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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$ |
41,357Ìý |
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$ |
(27,578) |
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$ |
32,548Ìý |
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$ |
(40,234) |
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$ |
32,888Ìý |
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$ |
(82,028) |
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Gross amounts not offset in the Consolidated Balance Sheets |
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(6,699) |
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6,699Ìý |
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(11,322) |
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11,322Ìý |
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(27,128) |
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27,128Ìý |
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Net amounts |
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$ |
34,658Ìý
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$ |
(20,879) |
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$ |
21,226Ìý
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$ |
(28,912) |
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$ |
5,760Ìý
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$ |
(54,900) |
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| Schedule of Derivative Liabilities Presented in Consolidated Balance Sheet Adjusted from Current Gross |
If ±«ÓãÖ±²¥ were to offset and record the asset and liability balances 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 2024 |
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March 2024 |
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June 2023 |
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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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$ |
41,357Ìý |
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$ |
(27,578) |
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$ |
32,548Ìý |
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$ |
(40,234) |
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$ |
32,888Ìý |
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$ |
(82,028) |
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Gross amounts not offset in the Consolidated Balance Sheets |
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(6,699) |
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6,699Ìý |
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(11,322) |
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11,322Ìý |
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(27,128) |
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27,128Ìý |
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Net amounts |
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$ |
34,658Ìý
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$ |
(20,879) |
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$ |
21,226Ìý
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$ |
(28,912) |
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$ |
5,760Ìý
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$ |
(54,900) |
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| Schedule of 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 2024 |
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March 2024 |
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June 2023 |
| Derivative Instruments |
Balance Sheet Location |
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| Foreign exchange contracts |
Other current assets |
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$ |
33,562Ìý |
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$ |
26,366Ìý |
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$ |
26,145Ìý |
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| Foreign exchange contracts |
Accrued liabilities |
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(24,802) |
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(35,578) |
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(73,049) |
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| Foreign exchange contracts |
Other assets |
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6,105Ìý |
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3,847Ìý |
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2,161Ìý |
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| Foreign exchange contracts |
Other liabilities |
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(2,776) |
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(4,656) |
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(8,979) |
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| Interest rate contracts |
Other current assets |
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1,690Ìý |
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2,335Ìý |
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—Ìý |
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| Interest rate contracts |
Other assets |
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—Ìý |
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—Ìý |
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4,582Ìý |
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| Schedule of Effects of Cash Flow Hedging included in Consolidated Statements of Comprehensive Income (Loss) and Consolidated Statements of Operations |
The effects of cash flow hedging included in ±«ÓãÖ±²¥â€™s Consolidated Statements of Comprehensive Loss and Consolidated Statements of Operations are summarized as follows:
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| (In thousands) |
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Gain (Loss)ÌýonÌýDerivatives
Recognized in Accumulated OCL
Three Months Ended June |
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| Cash Flow Hedging Relationships |
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2024 |
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2023 |
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| Foreign exchange contracts |
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$ |
19,501Ìý |
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$ |
(29,160) |
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| Interest rate contracts |
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520Ìý |
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6,420Ìý |
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| Total |
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$ |
20,021Ìý
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$ |
(22,740) |
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| (In thousands) |
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GainÌý(Loss)ÌýReclassifiedÌýfrom
AccumulatedÌýOCLÌýinto Net Loss
Three Months Ended June |
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| Cash Flow Hedging Relationships |
LocationÌýofÌýGainÌý(Loss) |
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2024 |
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2023 |
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| Foreign exchange contracts |
Net revenues |
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$ |
(4,331) |
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$ |
1,090Ìý |
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| Foreign exchange contracts |
Cost of goods sold |
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(10,126) |
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8,075Ìý |
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| Foreign exchange contracts |
Selling, general and administrative expenses |
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(408) |
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1,301Ìý |
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| Foreign exchange contracts |
Other income (expense), net |
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(56) |
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(511) |
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| Interest rate contracts |
Interest expense |
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1,192Ìý |
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725Ìý |
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| Total |
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$ |
(13,729) |
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$ |
10,680Ìý
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