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Derivative Instruments (Tables) | 6 Months Ended
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Jul. 03, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Outstanding Forward Contracts Table | The Company had the following outstanding forward contracts (in thousands):
| July 3, 2022 |  | December 31, 2021
Currency | Notional Value |  | USD Equivalent |  | Notional Value |  | USD Equivalent
Derivatives Not Designated as Hedging Instruments: |  |  |  |
Euro | 75,000 |  |  | $ | 78,329 |  |  | 65,000 |  |  | $ | 73,748 |
Chinese Renminbi | 183,500 |  |  | 27,377 |  |  | 54,374 |  |  | 8,500 |
Mexican Peso | 220,000 |  |  | 10,839 |  |  | 140,000 |  |  | 6,842 |
Japanese Yen | 650,000 |  |  | 4,789 |  |  | 600,000 |  |  | 5,213 |
British Pound | 3,150 |  |  | 3,833 |  |  | 3,370 |  |  | 4,552 |
Hungarian Forint | 1,355,000 |  |  | 3,552 |  |  | 1,355,000 |  |  | 4,155 |
Korean Won | 4,270,000 |  |  | 3,302 |  |  | — |  |  | — |
Canadian Dollar | — |  |  | — |  |  | 1,480 |  |  | 1,167 |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | 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 |  | July 3, 2022 |  | December 31, 2021 |  | Sheet Location |  | July 3, 2022 |  | December 31, 2021
Derivatives Not Designated as Hedging Instruments: |  |  |  |  |  |
Economic hedge forward contracts | Prepaid expenses and other current assets |  | $ | 46 |  |  | $ | 39 |  |  | Accrued expenses |  | $ | 425 |  |  | $ | 230 |
Offsetting Assets | 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
|  | July 3, 2022 |  | December 31, 2021 |  |  |  | July 3, 2022 |  | December 31, 2021
Gross amounts of recognized assets |  | $ | 46 |  |  | $ | 39 |  |  | Gross amounts of recognized liabilities |  | $ | 425 |  |  | $ | 230 |
Gross amounts offset |  | — |  |  | — |  |  | Gross amounts offset |  | — |  |  | — |
Net amount of assets presented |  | $ | 46 |  |  | $ | 39 |  |  | Net amount of liabilities presented |  | $ | 425 |  |  | $ | 230 |
Derivative Instruments, Gain (Loss) | Information regarding the effect of derivative instruments on the consolidated financial statements was as follows (in thousands):
| Location in Financial Statements |  | Three-months Ended |  | Six-months Ended
|  | July 3, 2022 |  | July 4, 2021 |  | July 3, 2022 |  | July 4, 2021
Derivatives Not Designated as Hedging Instruments: |  |  |
Gains (losses) recognized in current operations | Foreign currency gain (loss) |  | $ | 6,191 |  |  | $ | (746) |  |  | $ | 7,930 |  |  | $ | 2,148 |

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