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Fair Value Measurements | 9 Months Ended
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Sep. 29, 2023
Fair Value Disclosures [Abstract] |
Fair Value Measurements | Fair Value MeasurementsThe carrying values of financial instruments, including Trade receivables and Accounts payable, approximate their fair values due to their short-term maturities. The estimated fair values may not represent actual values of the financial instruments that could be realized as of the balance sheet date or that will be realized in the future. A summary of the Company’s assets and liabilities that are measured at fair value for each fair value hierarchy level for the periods presented is as follows:
| September 29, 2023
| Level One |  | Level Two |  | Level Three |  | Total
| (In thousands)
Assets: |  |  |  |  |  |  |
Cash equivalents | $ | 2,301 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,301 |
Foreign currency contracts - not designated as hedges | — |  |  | 612 |  |  | — |  |  | 612 |
Interest rate swap agreements | — |  |  | 16,798 |  |  | — |  |  | 16,798 |
Deferred compensation plans | — |  |  | 3,205 |  |  | — |  |  | 3,205 |
| $ | 2,301 |  |  | $ | 20,615 |  |  | $ | — |  |  | $ | 22,916 |
Liabilities: |  |  |  |  |  |  |
Foreign currency contracts - not designated as hedges | $ | — |  |  | $ | 2,957 |  |  | $ | — |  |  | $ | 2,957 |
Cross currency swap agreements | — |  |  | 9,645 |  |  | — |  |  | 9,645 |
Deferred compensation plans | — |  |  | 3,205 |  |  | — |  |  | 3,205 |
| $ | — |  |  | $ | 15,807 |  |  | $ | — |  |  | $ | 15,807 |
| December 31, 2022
| Level One |  | Level Two |  | Level Three |  | Total
| (In thousands)
Assets: |  |  |  |  |  |  |
Cash equivalents | $ | 8,195 |  |  | $ | — |  |  | $ | — |  |  | $ | 8,195 |
Foreign currency contracts - not designated as hedges | — |  |  | 3,682 |  |  | — |  |  | 3,682 |
Interest rate swap agreements | — |  |  | 14,342 |  |  | — |  |  | 14,342 |
Deferred compensation plans | — |  |  | 2,501 |  |  | — |  |  | 2,501 |
| $ | 8,195 |  |  | $ | 20,525 |  |  | $ | — |  |  | $ | 28,720 |
Liabilities: |  |  |  |  |  |  |
Foreign currency contracts - not designated as hedges | $ | — |  |  | $ | 2,166 |  |  | $ | — |  |  | $ | 2,166 |
Cross currency swap agreements | — |  |  | 10,769 |  |  | — |  |  | 10,769 |
Deferred compensation plans | — |  |  | 2,501 |  |  | — |  |  | 2,501 |
| $ | — |  |  | $ | 15,436 |  |  | $ | — |  |  | $ | 15,436 |
The Company measures the fair value of foreign currency contracts, cross currency swap agreements and interest rate swap agreements using Level Two inputs based on observable spot and forward rates in active markets. Additionally, the fair value of derivatives designated in hedging relationships includes a credit valuation adjustment to appropriately incorporate nonperformance risk for the Company and the respective counterparty. For the nine months ended September 29, 2023, the impact of the credit valuation adjustment on the Company’s derivatives is immaterial. Refer to Note 10 “Derivatives” for additional information. There were no transfers in or out of Level One, Two or Three during the nine months ended September 29, 2023.

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- Definition The entire disclosure for financial instruments. This disclosure includes, but is not limited to, fair value measurements of short and long term marketable securities, international currencies forward contracts, and auction rate securities. Financial instruments may include hedging and non-hedging currency exchange instruments, derivatives, securitizations and securities available for sale at fair value. Also included are investment results, realized and unrealized gains and losses as well as impairments and risk management disclosures. + References No definition available. + Details
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