Derivative Instruments and Hedging Activity (Tables)

3 Months Ended

Mar. 31, 2023

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 March 31, 2023 and December 31, 2022:


	March 31, 2023				December 31, 2022
(Thousands)	Notional Amount		Fair Value		Notional Amount		Fair Value
Foreign currency forward contracts
Prepaid and other current assets	$	13,277	$	156	$	12,242	$	791
Other liabilities and accrued items	18,054		201		17,061		1,048

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 March 31, 2023 and December 31, 2022:


	March 31, 2023
			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	$	2,063	$	98	$	—	$	49	$	—
Foreign currency forward contracts - euro	17,129		131		—		491		—
Precious metal swaps	8,486		131		—		874		—
Interest rate swap	200,000		3,725		3,450		—		1,797
Total	$	227,678	$	4,085	$	3,450	$	1,414	$	1,797

	December 31, 2022
			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	$	2,985	$	145	$	—	$	74	$	26
Foreign currency forward contracts - euro	25,712		355		—		472		137
Precious metal swaps	8,758		118		—		411		—
Interest rate swap	100,000		3,114		4,749		—		—
Total	$	137,455	$	3,732	$	4,749	$	957	$	163

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 2023 and 2022:


		First Quarter Ended
(Thousands)		March 31, 2023		April 1, 2022
Hedging relationship	Line item
Foreign currency forward contracts	Net sales	$	(35)	$	(19)
Precious metal swaps	Cost of sales	25		107
Interest rate swap	Interest expense - net	(782)		115
Total		$	(792)	$	203