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Financial Instruments Measured at Fair Value (Tables)

6 Months Ended

Jun. 27, 2020

Fair Value Disclosures

Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis Table [Text Block]

The following table presents assets (liabilities) measured at fair value on a recurring basis at June 27, 2020:

						Balance Sheet Location						Level 1						Level 2						Level 3						Total
Cash equivalents (a)						Cash and cash equivalents/ other assets						$	21,480					$	—					$	—					$	21,480
Equity investments (b)						Other assets						37,903						—						—						37,903
Interest rate swaps						Other assets						—						558						—						558
Interest rate swaps						Other liabilities						—						(3,029)						—						(3,029)
Foreign exchange contracts						Other current assets/ other assets						—						47,867						—						47,867
Foreign exchange contracts						Accrued expenses						—						(2,595)						—						(2,595)
												$	59,383					$	42,801					$	—					$	102,184

The following table presents assets (liabilities) measured at fair value on a recurring basis at December 31, 2019:

						Balance Sheet Location						Level 1						Level 2						Level 3						Total
Cash equivalents (a)						Cash and cash equivalents/ other assets						$	18,579					$	—					$	—					$	18,579
Equity investments (b)						Other assets						44,677						—						—						44,677
Interest rate swaps						Other liabilities						—						(11,574)						—						(11,574)
Foreign exchange contracts						Other current assets/ other assets						—						24,092						—						24,092
Foreign exchange contracts						Accrued expenses						—						(2,132)						—						(2,132)
												$	63,256					$	10,386					$	—					$	73,642

(a) Cash equivalents include highly liquid investments with an original maturity of less than three months.

(b) The company has an 8.4% equity ownership interest in Marubun Corporation and a portfolio of mutual funds with quoted market prices. The company recorded an unrealized gain of $4,964 and an unrealized loss of $5,031 for the second quarter and first six months of 2020, respectively, on equity securities held at the end of the quarter. The company recorded an unrealized gain of $8 and $1,842 for the second quarter and first six months of 2019, respectively, on equity securities held at the end of the quarter.

Description of Derivative Hedging Instruments

At June 27, 2020 the company had the following outstanding interest rate swaps designated as cash flow hedges:

Trade Date

Maturity Date

Notional Amount

Weighted Average Interest Rate

Date Range of Forecasted Transaction

April 2020

December 2024

$300,000

0.97%

Jan 2023 - Dec 2025

May 2020

June 2022

$300,000

0.90%

Jan 2021 - Jun 2023

At December 31, 2019 the company had the following outstanding interest rate swaps designated as cash flow hedges:

Trade Date

Maturity Date

Notional Amount

Weighted Average Interest Rate

Date Range of Forecasted Transaction

May 2019

June 2020

$300,000

2.33%

Sep 2019 - Jun 2020

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Text Block]

The effects of derivative instruments on the company’s consolidated statements of operations and other comprehensive income are as follows:

						Quarter Ended																		Six Months Ended
						June 27, 2020						June 29, 2019						June 27, 2020						June 29, 2019
Gain (Loss) Recognized in Income
Foreign exchange contracts						$	4,128					$	774					$	8,621					$	4,263
Interest rate swaps						(338)						(322)						(1,867)						(641)
Total						$	3,790					$	452					$	6,754					$	3,622
Gain (Loss) Recognized in Other Comprehensive Income (Loss) before reclassifications, net of tax
Foreign exchange contracts						$	897					$	1,294					$	16,997					$	7,247
Interest rate swaps						(243)						(6,849)						(29,799)						(6,849)
Total						$	654					$	(5,555)					$	(12,802)					$	398

Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member]

Fair Value Disclosures

Description of Derivative Hedging Instruments

During the first quarter of 2019, the company entered into a series of foreign exchange contracts to sell Euro and buy United States Dollars, with various maturity dates as noted in the table below:

Maturity Date						Notional Amount
March 2023						EUR 50,000
September 2024						EUR 50,000
April 2025						EUR 100,000
January 2028						EUR 100,000
Total						EUR 300,000

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