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Financial Instruments Measured at Fair Value (Tables)
6 Months Ended
Jun. 28, 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

$

15,831

$

$

$

15,831

Equity investments (b)

 

Other assets

 

41,389

 

 

 

41,389

Foreign exchange contracts designated as net investment hedges

 

Other assets / other current assets

 

 

14,943

 

 

14,943

$

57,220

$

14,943

$

$

72,163

(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 gains of $0.7 million and $0.5 million for the second quarter and first six months of 2025, respectively, on equity securities held at the end of the quarter. The company recorded unrealized losses of $6.7 million and $10.3 million for the second quarter and first six months of 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

Six Months Ended

June 28,

June 29,

June 28,

June 29,

(thousands)

    

Income Statement Line

    

2025

    

2024

    

2025

    

2024

Gain (Loss) Recognized in Income

 

  

 

  

 

  

 

  

 

  

Foreign exchange contracts, net investment hedge (a)

 

Interest Expense

$

671

$

1,804

$

2,088

$

3,608

Interest rate swaps, cash flow hedge

 

Interest Expense

 

557

 

297

 

1,107

 

(398)

Interest rate swap, fair value hedge (b)

 

Interest Expense

 

 

 

 

454

Total

 

  

$

1,228

$

2,101

$

3,195

$

3,664

(Loss) Gain Recognized in Other Comprehensive Income (Loss) before reclassifications, net of tax

 

  

 

  

 

  

 

  

 

  

Foreign exchange contracts, net investment hedge (c)

 

  

$

(5,694)

$

2,750

$

(10,567)

$

7,720

Total

 

  

$

(5,694)

$

2,750

$

(10,567)

$

7,720

 

  

(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 first quarter of 2024. During the first quarter of 2024, the fair value hedge was terminated.
(c)Includes derivative (losses) gains of ($13.0) million and ($10.8) million for the second quarter and first six months of 2025, respectively, and $1.3 million and $1.4 million for the second quarter and first six months of 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

June 28, 2025

December 31, 2024

April 2025

EUR

EUR

100,000

January 2028

 

EUR

100,000

 

EUR

100,000

Total

 

EUR

100,000

 

EUR

200,000