Derivative Instruments and Hedging Activity (Tables)

3 Months Ended

Apr. 01, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

The following table summarizes the notional amount and the fair value of the Company’s outstanding derivatives not designated as hedging instruments (on a gross basis) and the balance sheet classification as of April 1, 2022 and December 31, 2021:


	April 1, 2022				December 31, 2021
(Thousands)	Notional Amount		Fair Value		Notional Amount		Fair Value
Foreign currency forward contracts
Prepaid and other current assets	$	91,615	$	1,350	$	55,063	$	2,132
Other liabilities and accrued items	18,474		307		9,425		128

Fair Value Measurements, Recurring and Nonrecurring

The following table summarizes the notional amount and the fair value of the Company’s outstanding derivatives designated as cash flow hedges (on a gross basis) and the balance sheet classification as of April 1, 2022 and December 31, 2021:


	April 1, 2022
			Fair Value
(Thousands)	Notional Amount		Prepaid and other current assets		Other assets		Other liabilities and accrued items		Other long-term liabilities
Foreign currency forward contracts - yen	$	4,303	$	275	$	22	$	6	$	—
Foreign currency forward contracts - euro	31,199		1,238		—		81		86
Precious metal swaps	6,869		—		—		298		23
Interest rate swap	100,000		120		3,107		—		—
Total	142,371		1,633		3,129		385		109

	December 31, 2021
			Fair Value
	Notional Amount		Prepaid and other current assets		Other assets		Other liabilities and accrued items		Other long-term liabilities

Foreign currency forward contracts - yen	3,907		131		2		—		—
Foreign currency forward contracts - euro	28,412		1,102		—		—		8
Precious metal swaps	6,256		116		—		24		—
Total	38,575		1,349		2		24		8

Derivative Instruments, Gain (Loss)

The following table summarizes the amounts reclassified from accumulated other comprehensive income related to the Company’s outstanding derivatives designated as cash flow hedges and associated income statement classification as of the first quarter of 2022 and 2021:


		First Quarter Ended
(Thousands)		April 1, 2022		April 2, 2021
Hedging relationship	Line item
Foreign currency forward contracts	Net sales	$	(19)	$	140
Precious metal swaps	Cost of sales	107		(104)
Interest rate swap	Interest expense - net	115		—
Copper swaps	Cost of sales	—		(1,534)
Total		$	203	$	(1,498)