Financial Instruments Measured at Fair Value (Tables)

6 Months Ended

Jul. 01, 2023

Fair Value Disclosures

Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis Table [Text Block]

The following table presents assets measured at fair value on a recurring basis at July 1, 2023:

(thousands)	Balance Sheet Location	Level 1		Level 2		Level 3		Total
Cash equivalents (a)	Cash and cash equivalents	$	7,168	$	—	$	—	$	7,168
Equity investments (b)	Other assets	53,977		—		—		53,977
Interest rate swap designated as fair value hedge	Other liabilities	—		(1,796)		—		(1,796)
Foreign exchange contracts designated as net investment hedges	Other assets	—		48,202		—		48,202
		$	61,145	$	46,406	$	—	$	107,551

The following table presents assets measured at fair value on a recurring basis at December 31, 2022:

(thousands)	Balance Sheet Location	Level 1		Level 2		Level 3		Total
Cash equivalents (a)	Cash and cash equivalents/ other assets	$	6,596	$	—	$	—	$	6,596
Equity investments (b)	Other assets	50,614		—		—		50,614
Interest rate swaps designated as cash flow hedges	Other assets	—		55,942		—		55,942
Foreign exchange contracts designated as net investment hedges	Other assets /other current assets	—		60,962		—		60,962
		$	57,210	$	116,904	$	—	$	174,114

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

(b)    The company has an 8.4% equity ownership interest in Marubun Corporation and a portfolio of mutual funds with quoted market prices. The company recorded an unrealized (loss) gain of $(2.5) million and $6.0 million for the second quarter and first six months of 2023 on equity securities held at the end of the quarter. The company recorded an unrealized loss of $(5.0) million and $(10.7) million for the second quarter and first six months of 2022, respectively, on equity securities held at the end of the quarter.

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Text Block]

The effects of derivative instruments on the company’s consolidated statements of operations and other comprehensive income are as follows:

	Income Statement Line	Quarter Ended				Six Months Ended
(thousands)		July 1, 2023		July 2, 2022		July 1, 2023		July 2, 2022
Gain (Loss) Recognized in Income
Foreign exchange contracts, net investment hedge (a)	Interest Expense	$	1,804	$	2,201	$	3,852	$	4,402
Interest rate swaps, cash flow hedge	Interest Expense	(677)		(897)		(1,516)		(1,765)
Interest rate swap, fair value hedge (b)	Interest Expense	(4,538)		—		(1,796)		—
Total		$	(3,411)	$	1,304	$	540	$	2,637
Gain (Loss) Recognized in Other Comprehensive Income (Loss) before reclassifications, net of tax
Foreign exchange contracts, net investment hedge (c)		$	(2,671)	$	15,921	$	(1,546)	$	17,015
Interest rate swaps, cash flow hedge		4,932		10,998		585		18,545
Total		$	2,261	$	26,919	$	(961)	$	35,560

(a)Represents derivative amounts excluded from the assessment of effectiveness for the net investment hedges reclassified from CTA to “Interest and other financing expenses, net”.

(b)The amount of fair value hedging adjustments to the carrying value of hedged debt instruments totaled a gain of $3.4 million and $0.9 million for the second quarter and first six months of 2023, respectively.

(c)Includes derivative (losses) gains of $(1.6) million and $2.5 million for the second quarter of 2023 and 2022, respectively, and $(3.4) million and $(2.5) million for the first six months of 2023 and 2022, 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 [Member] | Designated as Hedging Instrument [Member]

Fair Value Disclosures

Description of Derivative Hedging Instruments

The following foreign exchange contracts were designated as net investment hedges to hedge a portion of the company's net investments in subsidiaries with Euro-denominated assets:

	Notional Amount  (thousands)
Maturity Date	July 1, 2023		December 31, 2022
March 2023	EUR	—	EUR	50,000
September 2024	EUR	50,000	EUR	50,000
April 2025	EUR	100,000	EUR	100,000
January 2028	EUR	100,000	EUR	100,000
Total	EUR	250,000	EUR	300,000