XML 55 R19.htm IDEA: XBRL DOCUMENT
v3.20.1

Derivative Instruments | 3 Months Ended
--- | ---
Mar. 29, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Instruments | Derivative Instruments The Company’s foreign currency risk management strategy is principally designed to mitigate the potential financial impact of changes in the value of transactions and balances denominated in foreign currencies resulting from changes in foreign currency exchange rates. Currently, the Company enters into economic hedges to manage this risk. The economic hedges utilize foreign currency forward contracts with maturities of up to 45 days to manage the exposure to fluctuations in foreign currency exchange rates arising primarily from foreign-denominated receivables and payables. The gains and losses on these derivatives are intended to be offset by the changes in the fair value of the assets and liabilities being hedged. These economic hedges are not designated as hedging instruments for hedge accounting treatment. The Company had the following outstanding forward contracts (in thousands):
| March 29, 2020 |  | December 31, 2019
Currency | Notional Value |  | USD Equivalent |  | Notional Value |  | USD Equivalent
Derivatives Not Designated as Hedging Instruments: |  |  |  |
Korean Won | 130,400,000 |  |  | $ | 107,516 |  |  | 161,951,500 |  |  | $ | 139,688 |
Euro | 37,500 |  |  | 41,275 |  |  | 18,000 |  |  | 20,249 |
Mexican Peso | 180,000 |  |  | 7,647 |  |  | 80,000 |  |  | 4,223 |
Japanese Yen | 600,000 |  |  | 5,540 |  |  | 575,000 |  |  | 5,291 |
British Pound | 2,750 |  |  | 3,364 |  |  | 2,700 |  |  | 3,569 |
Hungarian Forint | 980,000 |  |  | 3,026 |  |  | 870,000 |  |  | 2,962 |
Canadian Dollar | 1,300 |  |  | 922 |  |  | 1,300 |  |  | 1,000 |
Taiwanese Dollar | 22,000 |  |  | 735 |  |  | 37,450 |  |  | 1,256 |
Singapore Dollar | — |  |  | — |  |  | 845 |  |  | 628 |
Information regarding the fair value of the outstanding forward contracts was as follows (in thousands):
| Asset Derivatives |  | Liability Derivatives
| Balance |  | Fair Value |  | Balance |  | Fair Value
| Sheet Location |  | March 29, 2020 |  | December 31, 2019 |  | Sheet Location |  | March 29, 2020 |  | December 31, 2019
Derivatives Not Designated as Hedging Instruments: |  |  |  |  |  |
Economic hedge forward contracts | Prepaid expenses and other current assets |  | $ | 131 |  |  | $ | 857 |  |  | Accrued expenses |  | $ | 703 |  |  | $ | 23 |
The following table presents the gross activity for all derivative assets and liabilities which were presented on a net basis on the Consolidated Balance Sheets due to the right of offset with each counterparty (in thousands):
Asset Derivatives |  | Liability Derivatives
|  | March 29, 2020 |  | December 31, 2019 |  |  |  | March 29, 2020 |  | December 31, 2019
Gross amounts of recognized assets |  | $ | 131 |  |  | $ | 857 |  |  | Gross amounts of recognized liabilities |  | $ | 703 |  |  | $ | 23 |
Gross amounts offset |  | — |  |  | — |  |  | Gross amounts offset |  | — |  |  | — |
Net amount of assets presented |  | $ | 131 |  |  | $ | 857 |  |  | Net amount of liabilities presented |  | $ | 703 |  |  | $ | 23 |
Information regarding the effect of derivative instruments on the consolidated financial statements was as follows (in thousands):
| Location in Financial Statements |  | Three-months Ended
|  | March 29, 2020 |  | March 31, 2019
Derivatives Not Designated as Hedging Instruments:
Gains (losses) recognized in current operations | Foreign currency gain (loss) |  | $ | (8,240 | ) |  | $ | 505 |

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI http://asc.fasb.org/topic&trid=2229140 + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration