Financial Instruments Measured at Fair Value (Tables)

3 Months Ended

Mar. 29, 2025

Financial Instruments Measured at Fair Value

Schedule of assets (liabilities) measured at fair value on a recurring basis

(thousands)	Balance Sheet Location	Level 1		Level 2		Level 3		Total
Cash equivalents (a)	Cash and cash equivalents	$	14,046	$	—	$	—	$	14,046
Equity investments (b)	Other assets		40,543		—		—		40,543
Foreign exchange contracts designated as net investment hedges	Other assets / other current assets		—		42,279		—		42,279
		$	54,589	$	42,279	$	—	$	96,868

(thousands)	Balance Sheet Location	Level 1		Level 2		Level 3		Total
Cash equivalents (a)	Cash and cash equivalents	$	10,751	$	—	$	—	$	10,751
Equity investments (b)	Other assets		42,907		—		—		42,907
Foreign exchange contracts designated as net investment hedges	Other assets / other current assets		—		53,679		—		53,679
		$	53,658	$	53,679	$	—	$	107,337

(a) Cash equivalents include highly liquid investments with an original maturity of less than three months.

(b) The company has an approximately 9.0% equity ownership interest in Marubun Corporation and a portfolio of mutual funds with quoted market prices. The company recorded unrealized losses of $0.2 million and $3.6 million for the first quarter of 2025 and 2024, respectively, on equity securities held at the end of the quarter.

Schedule of effects of derivative instruments on the company's consolidated statements of operations and other comprehensive income

		Quarter Ended
		March 29,		March 30,
(thousands)	Income Statement Line	2025		2024
Gain (Loss) Recognized in Income
Foreign exchange contracts, net investment hedge (a)	Interest Expense	$	1,417	$	1,804
Interest rate swaps, cash flow hedge	Interest Expense		550		(695)
Interest rate swap, fair value hedge (b)	Interest Expense		—		454
Total		$	1,967	$	1,563
Gain (Loss) Recognized in Other Comprehensive Income (Loss) before reclassifications, net of tax
Foreign exchange contracts, net investment hedge (c)		$	(4,873)	$	4,970
Total		$	(4,873)	$	4,970

(a) Represents derivative amounts excluded from the assessment of effectiveness for the net investment hedges reclassified from foreign currency translation adjustments to “Interest and other financing expense, net”.

(b) The cumulative amount of fair value hedging adjustments to the carrying value of hedged debt instruments totaled a loss of $0.4 million for the first quarter of 2024. During the first quarter of 2024, the fair value hedge was terminated.

(c) Includes derivative gains of $2.3 million and $0.2 million for the first quarter of 2025 and 2024, respectively, which were excluded from the assessment of effectiveness for the net investment hedges and recognized in other comprehensive income (loss), net of tax.

Foreign exchange contract | Designated as hedging instrument

Financial Instruments Measured at Fair Value

Schedule of description of types of hedging instruments used

	Notional Amount (thousands)
Maturity Date	March 29, 2025		December 31, 2024
April 2025	EUR	100,000	EUR	100,000
January 2028	EUR	100,000	EUR	100,000
Total	EUR	200,000	EUR	200,000