Financial Instruments Measured at Fair Value (Tables)

3 Months Ended

Apr. 02, 2022

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 April 2, 2022:

	Balance Sheet Location	Level 1		Level 2		Level 3		Total
Cash equivalents (a)	Cash and cash equivalents	$	7,720	$	—	$	—	$	7,720
Equity investments (b)	Other assets	52,267		—		—		52,267
Interest rate swaps designated as cash flow hedges	Other assets	—		31,783		—		31,783
Foreign exchange contracts designated as net investment hedges	Other assets/ other current assets	—		42,055		—		42,055
		$	59,987	$	73,838	$	—	$	133,825

The following table presents assets measured at fair value on a recurring basis at December 31, 2021:

	Balance Sheet Location	Level 1		Level 2		Level 3		Total
Cash equivalents (a)	Cash and cash equivalents/ other assets	$	4,812	$	—	$	—	$	4,812
Equity investments (b)	Other assets	56,985		—		—		56,985
Interest rate swaps designated as cash flow hedges	Other assets	—		21,831		—		21,831
Foreign exchange contracts designated as net investment hedges	Other assets	—		40,612		—		40,612
		$	61,797	$	62,443	$	—	$	124,240

(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 gain (loss) of $(5,685) and $1,402 for the first quarter of 2022 and 2021, respectively, on equity securities held at the end of the quarter.

Description of Derivative Hedging Instruments

At April 2, 2022 and December 31, 2021, the company had the following outstanding interest rate swaps designated as cash flow hedges:

Trade Date	Maturity Date	Notional Amount	Weighted-Average Interest Rate	Date Range of Forecasted Transaction
April 2020	December 2024	$300,000	0.97%	Jan 2023 - Dec 2025

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
		April 2, 2022		April 3, 2021
Gain (Loss) Recognized in Income
Foreign exchange contracts, net investment hedge (a)	Interest Expense	$	2,201	$	2,201
Interest rate swaps, cash flow hedge	Interest Expense	(868)		(351)
Total		$	1,333	$	1,850
Gain (Loss) Recognized in Other Comprehensive Income (Loss) before reclassifications, net of tax
Foreign exchange contracts, net investment hedge (b)		$	1,094	$	6,978
Interest rate swaps, cash flow hedge		7,547		36,085
Total		$	8,641	$	43,063

(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)Includes derivative losses of $5,009 and $5,091 for the first quarter of 2022 and 2021, 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

At April 2, 2022 and December 31, 2021 the following foreign exchange contracts were designated as net investment hedges:

Maturity Date	Notional Amount
March 2023	€	50,000
September 2024	50,000
April 2025	100,000
January 2028	100,000
Total	€	300,000