Derivative Instruments and Hedging Activity (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2022 and December 31, 2021:


	September 30, 2022				December 31, 2021
(Thousands)	Notional Amount		Fair Value		Notional Amount		Fair Value
Foreign currency forward contracts
Prepaid and other current assets	$	14,216	$	619	$	55,063	$	2,132
Other liabilities and accrued items	16,144		722		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 balance sheet classification as of September 30, 2022 and December 31, 2021:


	September 30, 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	$	3,301	$	460	$	35	$	14	$	—
Foreign currency forward contracts - euro	27,030		2,494		188		—		—
Precious metal swaps	5,227		476		—		9		14
Interest rate swap	100,000		2,798		5,669		—		—
Total	$	135,558	$	6,228	$	5,892	$	23	$	14

	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 relating to the Company’s outstanding derivatives designated as cash flow hedges and associated income statement classification as of the third quarter and first nine months of 2022 and 2021:


		Third Quarter Ended
(Thousands)		September 30, 2022		October 1, 2021
Hedging relationship	Line item
Foreign currency forward contracts	Net sales	$	(41)	$	(2)
Precious metal swaps	Cost of sales	(126)		(83)
Interest rate swap	Interest expense - net	(115)		—
Copper swaps	Cost of sales	—		(8)
Total		$	(282)	$	(93)


		Nine Months Ended
(Thousands)		September 30, 2022		October 1, 2021
Hedging relationship	Line item
Foreign currency forward contracts	Net sales	$	(171)	$	138
Precious metal swaps	Cost of sales	(27)		(122)
Interest rate swap	Interest expense - net	238		—
Copper swaps	Cost of sales	—		(3,049)
Total		$	40	$	(3,033)