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Derivative Instruments (Tables)

6 Months Ended

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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Tabular disclosure of derivative and other financial assets that are subject to offsetting, including master netting arrangements.

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Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 20
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=51824906&loc=SL20225862-175312

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 20
-Section 50
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-URI https://asc.fasb.org/extlink&oid=51824906&loc=SL20225877-175312

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Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4E
-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624181-113959

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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

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