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Financial Instruments Measured at Fair Value (Tables)

3 Months Ended

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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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).

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