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Derivative Instruments (Tables) | 9 Months Ended
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Oct. 02, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Outstanding Forward Contracts Table | The Company had the following outstanding forward contracts (in thousands):
| October 2, 2022 |  | December 31, 2021
Currency | Notional Value |  | USD Equivalent |  | Notional Value |  | USD Equivalent
Derivatives Not Designated as Hedging Instruments: |  |  |  |
Euro | 70,000 |  |  | $ | 68,290 |  |  | 65,000 |  |  | $ | 73,748 |
Chinese Renminbi | 175,000 |  |  | 25,352 |  |  | 54,374 |  |  | 8,500 |
Mexican Peso | 185,000 |  |  | 9,155 |  |  | 140,000 |  |  | 6,842 |
Japanese Yen | 600,000 |  |  | 4,159 |  |  | 600,000 |  |  | 5,213 |
British Pound | 3,135 |  |  | 3,481 |  |  | 3,370 |  |  | 4,552 |
Hungarian Forint | 1,280,000 |  |  | 2,948 |  |  | 1,355,000 |  |  | 4,155 |
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 |  | October 2, 2022 |  | December 31, 2021 |  | Sheet Location |  | October 2, 2022 |  | December 31, 2021
Derivatives Not Designated as Hedging Instruments: |  |  |  |  |  |
Economic hedge forward contracts | Prepaid expenses and other current assets |  | $ | 835 |  |  | $ | 39 |  |  | Accrued expenses |  | $ | 442 |  |  | $ | 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
|  | October 2, 2022 |  | December 31, 2021 |  |  |  | October 2, 2022 |  | December 31, 2021
Gross amounts of recognized assets |  | $ | 835 |  |  | $ | 39 |  |  | Gross amounts of recognized liabilities |  | $ | 442 |  |  | $ | 230 |
Gross amounts offset |  | — |  |  | — |  |  | Gross amounts offset |  | — |  |  | — |
Net amount of assets presented |  | $ | 835 |  |  | $ | 39 |  |  | Net amount of liabilities presented |  | $ | 442 |  |  | $ | 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 |  | Nine-months Ended
|  | October 2, 2022 |  | October 3, 2021 |  | October 2, 2022 |  | October 3, 2021
Derivatives Not Designated as Hedging Instruments: |  |  |
Gains (losses) recognized in current operations | Foreign currency gain (loss) |  | $ | 7,161 |  |  | $ | 1,529 |  |  | $ | 15,091 |  |  | $ | 3,676 |

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