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Financial Instruments and Fair Value Measurements Financial Instruments and Fair Value Measurements (Tables)
 3 Months Ended
Apr. 03, 2020
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
Information regarding the Company’s outstanding interest rate swaps designated as cash flow hedges as of April 3, 2020 is as follows (dollars in thousands):
Notional Amount
 
Start Date
 
End
Date
 
Pay Fixed Rate
 
Receive Current Floating Rate
 
Fair Value
 
Balance Sheet Location
$
200,000

 
Jun 2017
 
Jun 2020
 
1.1325
%
 
0.9591
%
 
$
(48
)
 
Accrued expenses and other current liabilities
55,000

 
Jul 2019
 
Jul 2020
 
1.8900

 
0.9591

 
(171
)
 
Accrued expenses and other current liabilities
400,000

 
Apr 2019
 
Apr 2020
 
2.4150

 
1.0051

 
(78
)
 
Accrued expenses and other current liabilities
200,000

 
Jun 2020
 
Jun 2023
 
2.1785

 
(a) 
 
(8,410
)
 
Other long-term liabilities
__________ 
(a) The interest rate swap is not in effect until June 2020.
(13.)     FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Continued)
Information regarding the Company’s outstanding interest rate swaps designated as cash flow hedges as of December 31, 2019 is as follows (dollars in thousands):
Notional Amount
 
Start Date
 
End
Date
 
Pay Fixed Rate
 
Receive Current Floating Rate
 
Fair Value
 
Balance Sheet Location
$
200,000

 
Jun 2017
 
Jun 2020
 
1.1325
%
 
1.7920
%
 
$
543

 
Accrued expenses and other current liabilities
65,000

 
Jul 2019
 
Jul 2020
 
1.8900

 
1.7920

 
(72
)
 
Accrued expenses and other current liabilities
400,000

 
Apr 2019
 
Apr 2020
 
2.4150

 
1.7101

 
(730
)
 
Accrued expenses and other current liabilities
200,000

 
Jun 2020
 
Jun 2023
 
2.1785

 
(a) 
 
(2,809
)
 
Other long-term liabilities
__________ 
(a) The interest rate swap is not in effect until June 2020.
Information regarding outstanding foreign currency forward contracts designated as cash flow hedges as of April 3, 2020 is as follows (dollars in thousands):
Notional Amount
 
Start
Date
 
End
Date
 
$/Foreign Currency
 
Fair Value
 
Balance Sheet Location
$
5,583

 
Apr 2020
 
Jun 2020
 
0.0490
 
MXN Peso
 
$
(1,013
)
 
Accrued expenses and other current liabilities
17,512

 
Apr 2020
 
Sep 2020
 
1.0945
 
MXN Peso
 
(146
)
 
Accrued expenses and other current liabilities
15,332

 
Jul 2020
 
Dec 2020
 
0.0491
 
Euro
 
(3,035
)
 
Accrued expenses and other current liabilities
6,394

 
Mar 2020
 
Dec 2020
 
0.0241
 
UYU Peso
 
(380
)
 
Accrued expenses and other current liabilities

Information regarding outstanding foreign currency contracts designated as cash flow hedges as of December 31, 2019 is as follows (dollars in thousands):
Notional Amount
 
Start
Date
 
End
Date
 
$/Foreign Currency
 
Fair Value
 
Balance Sheet Location
$
11,166

 
Jan 2020
 
Jun 2020
 
0.0490
 
MXN Peso
 
$
710

 
Prepaid expenses and other current assets

The following tables provide information regarding assets and liabilities recorded at fair value on a recurring basis (in thousands):
 
Fair Value
 
Quoted
Prices in
Active
Markets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
April 3, 2020
 
 
 
 
 
 
 
Liabilities: Foreign currency contracts
$
4,574

 
$
—

 
$
4,574

 
$
—

Liabilities: Interest rate swaps
8,707

 
—

 
8,707

 
—

Liabilities: Contingent consideration (Note 2)
5,400

 
—

 
—

 
5,400

Liabilities: Contingent consideration (Note 5)
1,000

 
—

 
—

 
1,000

 
 
 
 
 
 
 
 
December 31, 2019
 
 
 
 
 
 
 
Assets: Foreign currency contracts
$
710

 
$
—

 
$
710

 
$
—

Liabilities: Interest rate swaps
3,068

 
—

 
3,068

 
—

Liabilities: Contingent consideration (Note 2)
4,200

 
—

 
—

 
4,200
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)
The following tables present the amounts affecting the Condensed Consolidated Statements of Operations for the three months ended April 3, 2020 and March 29, 2019 (in thousands):
 
 
Gain (Loss) Recognized in OCI
 
Gain (Loss) Reclassified from AOCI
 
 
Three Months Ended
 
Location in Statement of Operations
 
Three Months Ended
 
 
April 3,
2020
 
March 29,
2019
 
 
April 3,
2020
 
March 29,
2019
Interest rate swaps
 
$
(6,387
)
 
$
(448
)
 
Interest expense
 
$
(748
)
 
$
689

Foreign exchange contracts
 
(274
)
 
(700
)
 
Sales
 
(128
)
 
(321
)
Foreign exchange contracts
 
(4,813
)
 
994

 
Cost of sales
 
325

 
366


The following table presents the impact of cash flow hedge derivative instruments on other comprehensive income (“OCI”), AOCI and the Company’s Condensed Consolidated Statement of Operations for the three months ended April 3, 2020 and March 29, 2019 (in thousands):
 
 
Three Months Ended
 
 
April 3, 2020

March 29, 2019
 
 
Total
 
Amount of Gain (Loss) on Cash Flow Hedge Activity
 
Total
 
Amount of Gain (Loss) on Cash Flow Hedge Activity
Sales
 
$
328,426

 
$
(128
)
 
$
314,676

 
$
(321
)
Cost of sales
 
231,724

 
325

 
226,066

 
366

Interest expense
 
10,361

 
(748
)
 
13,830

 
689


 
 
 
 
 
 
 
 
 
Equity Method Investments
Equity investments are comprised of the following (in thousands):
 
 
 
 
 
April 3,
2020
 
December 31,
2019
Equity method investment
 
 
 
 
$
18,092

 
$
16,167

Non-marketable equity securities
 
 
 
 
6,092

 
6,092

Total equity investments
 
 
 
 
$
24,184

 
$
22,259

The components of (Gain) Loss on Equity Investments, Net for each period were as follows (in thousands):
 
Three Months Ended
 
April 3,
2020
 
March 29,
2019
Equity method investment (income) loss
$
(1,925
)
 
$
41