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Financial Instruments Measured at Fair Value (Tables) | 3 Months Ended
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Apr. 01, 2023
Fair Value Disclosures |
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis Table [Text Block] | The following table presents assets measured at fair value on a recurring basis at April 1, 2023:
(thousands) |  | Balance Sheet Location |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash equivalents (a) |  | Cash and cash equivalents |  | $ | 7,951 |  |  | $ | — |  |  | $ | — |  |  | $ | 7,951 |
Equity investments (b) |  | Other assets |  | 56,031 |  |  | — |  |  | — |  |  | 56,031 |
Interest rate swaps designated as cash flow hedges |  | Other assets |  | — |  |  | 50,225 |  |  | — |  |  | 50,225 |
Interest rate swap designated as fair value hedge |  | Other assets |  | — |  |  | 2,742 |  |  | — |  |  | 2,742 |
Foreign exchange contracts designated as net investment hedges |  | Other assets |  | — |  |  | 51,716 |  |  | — |  |  | 51,716 |
|  |  |  | $ | 63,982 |  |  | $ | 104,683 |  |  | $ | — |  |  | $ | 168,665 |
The following table presents assets measured at fair value on a recurring basis at December 31, 2022:
(thousands) |  | Balance Sheet Location |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash equivalents (a) |  | Cash and cash equivalents/ other assets |  | $ | 6,596 |  |  | $ | — |  |  | $ | — |  |  | $ | 6,596 |
Equity investments (b) |  | Other assets |  | 50,614 |  |  | — |  |  | — |  |  | 50,614 |
Interest rate swaps designated as cash flow hedges |  | Other assets |  | — |  |  | 55,942 |  |  | — |  |  | 55,942 |
Foreign exchange contracts designated as net investment hedges |  | Other assets /other current assets |  | — |  |  | 60,962 |  |  | — |  |  | 60,962 |
|  |  |  | $ | 57,210 |  |  | $ | 116,904 |  |  | $ | — |  |  | $ | 174,114 |
(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 (loss) of $8.5 million and $(5.7) million for the first quarter of 2023 and 2022, respectively, on equity securities held at the end of the quarter.
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:
|  | Income Statement Line |  | Quarter Ended |  |
(thousands) |  |  | April 1, 2023 |  | April 2, 2022 |  |  |  |
Gain (Loss) Recognized in Income |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts, net investment hedge (a) |  | Interest Expense |  | $ | 2,048 |  |  | $ | 2,201 |  |  |  |  |
Interest rate swaps, cash flow hedge |  | Interest Expense |  | (839) |  |  | (868) |  |  |  |  |
Interest rate swap, fair value hedge (b) |  | Interest Expense |  | 2,742 |  |  | — |  |  |  |  |
Total |  |  |  | $ | 3,951 |  |  | $ | 1,333 |  |  |  |  |
Gain (Loss) Recognized in Other Comprehensive Income before reclassifications, net of tax |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts, net investment hedge (c) |  |  |  | $ | 1,125 |  |  | $ | 1,094 |  |  |  |  |
Interest rate swaps, cash flow hedge |  |  |  | (4,347) |  |  | 7,547 |  |  |  |  |
Total |  |  |  | $ | (3,222) |  |  | $ | 8,641 |  |  |  |  |
(a)Represents derivative amounts excluded from the assessment of effectiveness for the net investment hedges reclassified from CTA to “Interest and other financing expenses, net”. (b)The cumulative amount of fair value hedging adjustments to the carrying value of hedged debt instruments totaled a loss of $2.5 million for the first quarter of 2023. (c)Includes derivative losses of $1.7 million and $5.0 million for the first quarter of 2023 and 2022, respectively, which were excluded from the assessment of effectiveness for the net investment hedges and recognized in other comprehensive income, net of tax.
Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member] |
Fair Value Disclosures |
Description of Derivative Hedging Instruments | The following foreign exchange contracts were designated as net investment hedges:
|  | Notional Amount (thousands)
Maturity Date |  | April 1, 2023 |  | December 31, 2022
March 2023 |  | EUR | — |  |  | EUR | 50,000 |
September 2024 |  | EUR | 50,000 |  |  | EUR | 50,000 |
April 2025 |  | EUR | 100,000 |  |  | EUR | 100,000 |
January 2028 |  | EUR | 100,000 |  |  | EUR | 100,000 |
Total |  | EUR | 250,000 |  |  | EUR | 300,000 |

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- Definition 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 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5618551-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 + Details
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- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5580258-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41620-113959 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5579245-113959 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41638-113959 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41678-113959 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41641-113959 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5579240-113959 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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