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Financial Instruments Measured at Fair Value (Tables) | 9 Months Ended
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Sep. 30, 2023
Financial Instruments Measured at Fair Value |
Schedule of assets measured at fair value on a recurring basis | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(thousands) |  | Balance Sheet Location |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash equivalents (a) |  | Cash and cash equivalents | ​ | $ | 9,954 | ​ | $ | — | ​ | $ | — | ​ | $ | 9,954
Equity investments (b) |  | Other assets | ​ |  | 47,482 | ​ |  | — | ​ |  | — | ​ |  | 47,482
Interest rate swap designated as fair value hedge |  | Other liabilities | ​ |  | — | ​ |  | (2,043) | ​ |  | — | ​ |  | (2,043)
Foreign exchange contracts designated as net investment hedges |  | Other assets/other current assets | ​ |  | — | ​ |  | 55,369 | ​ |  | — | ​ |  | 55,369
​ | ​ | ​ | ​ | $ | 57,436 | ​ | $ | 53,326 | ​ | $ | — | ​ | $ | 110,762
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(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 (loss) gain of ($4.2) million and $1.6 million for the third quarter and first nine months of 2023, respectively, on equity securities held at the end of the quarter. The company recorded an unrealized loss of ($2.1) million and ($12.4) million for the third quarter and first nine months of 2022, respectively, on equity securities held at the end of the quarter.
Schedule of effects of derivative instruments on the company's consolidated statements of operations and other comprehensive income | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Quarter Ended | ​ | Nine Months Ended
​ | ​ | ​ | ​ | September 30, | ​ | October 1, | ​ | September 30, | ​ | October 1,
(thousands) |  | Income Statement Line |  | 2023 |  | 2022 |  | 2023 |  | 2022
Gain (Loss) Recognized in Income |  |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Foreign exchange contracts, net investment hedge (a) |  | Interest Expense | ​ | $ | 1,804 | ​ | $ | 2,202 | ​ | $ | 5,656 | ​ | $ | 6,604
Interest rate swaps, cash flow hedge |  | Interest Expense | ​ |  | (683) | ​ |  | (906) | ​ |  | (2,199) | ​ |  | (2,671)
Interest rate swap, fair value hedge (b) |  | Interest Expense | ​ |  | (247) | ​ |  | — | ​ |  | (2,043) | ​ |  | —
Total |  |  | ​ | $ | 874 | ​ | $ | 1,296 | ​ | $ | 1,414 | ​ | $ | 3,933
Gain (Loss) Recognized in Other Comprehensive Income (Loss) before reclassifications, net of tax |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Foreign exchange contracts, net investment hedge (c) |  |  | ​ | $ | 5,448 | ​ | $ | 13,016 | ​ | $ | 3,902 | ​ | $ | 30,031
Interest rate swaps, cash flow hedge |  |  | ​ |  | — | ​ |  | 6,616 | ​ |  | 585 | ​ |  | 25,161
Total |  |  | ​ | $ | 5,448 | ​ | $ | 19,632 | ​ | $ | 4,487 | ​ | $ | 55,192
(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 amount of fair value hedging adjustments to the carrying value of hedged debt instruments totaled a gain of $0.2 million and $1.1 million for the third quarter and first nine months of 2023, respectively.
(c) | Includes derivative losses of $0.9 million and $1.0 million for the third quarter of 2023 and 2022, respectively, and $4.3 million and $3.5 million for the first nine months of 2023 and 2022, respectively, which were excluded from the assessment of effectiveness for the net investment hedges and recognized in other comprehensive income (loss), net of tax.
Interest rate swap | Designated as hedging instrument |
Financial Instruments Measured at Fair Value |
Description of types of hedging instruments used | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | Notional Amount |  | Weighted-Average |  | Date Range of
Trade Date | ​ | Maturity Date | ​ | (thousands) | ​ | Interest Rate | ​ | Forecasted Transaction
April 2020 | ​ | December 2024 | ​ | $ | 300,000 | ​ | 0.97% | ​ | Jan 2023 - Dec 2025
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | Notional Amount |  | Interest Rate due |  | Interest Rate due to
Trade Date | ​ | Maturity Date | ​ | (thousands) | ​ | from Counterparty | ​ | Counterparty
February 2023 | ​ | March 2026 | ​ | $ | 500,000 | ​ | 6.125% | ​ | SOFR+0.508%
Foreign exchange contract | Designated as hedging instrument |
Financial Instruments Measured at Fair Value |
Description of types of hedging instruments used | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Notional Amount (thousands)
Maturity Date | ​ | September 30, 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 -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4E Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4A + 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 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 815 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-1A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-1B Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-8 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4B Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-1 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-5 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C + 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 -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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