XML 39 R28.htm IDEA: XBRL DOCUMENT
v3.24.2.u1

Financial Instruments Measured at Fair Value (Tables) | 6 Months Ended
--- | ---
Jun. 29, 2024
Financial Instruments Measured at Fair Value |
Schedule of assets (liabilities) 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 | ​ | $ | 9,028 | ​ | $ | — | ​ | $ | — | ​ | $ | 9,028
Equity investments (b) |  | Other assets | ​ |  | 46,881 | ​ |  | — | ​ |  | — | ​ |  | 46,881
Foreign exchange contracts designated as net investment hedges |  | Other assets / other current assets | ​ |  | — | ​ |  | 57,393 | ​ |  | — | ​ |  | 57,393
​ | ​ | ​ | ​ | $ | 55,909 | ​ | $ | 57,393 | ​ | $ | — | ​ | $ | 113,302
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(thousands) |  | Balance Sheet Location |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash equivalents (a) |  | Cash and cash equivalents | ​ | $ | 8,729 | ​ | $ | — | ​ | $ | — | ​ | $ | 8,729
Equity investments (b) |  | Other assets | ​ |  | 57,625 | ​ |  | — | ​ |  | — | ​ |  | 57,625
Interest rate swap designated as fair value hedge |  | Other liabilities | ​ |  | — | ​ |  | (454) | ​ |  | — | ​ |  | (454)
Foreign exchange contracts designated as net investment hedges |  | Other assets / other current assets | ​ |  | — | ​ |  | 47,245 | ​ |  | — | ​ |  | 47,245
​ | ​ | ​ | ​ | $ | 66,354 | ​ | $ | 46,791 | ​ | $ | — | ​ | $ | 113,145
(a) | Cash equivalents include highly liquid investments with an original maturity of less than three months.
(b) | The company has an approximately 9% equity ownership interest in Marubun Corporation and a portfolio of mutual funds with quoted market prices. The company recorded unrealized (losses) gains of ($6.7) million and ($10.3) million for the second quarter and first six months of 2024, respectively, on equity securities held at the end of the quarter. The company recorded unrealized (losses) gains of ($2.5) million and $6.0 million for the second quarter and first six months of 2023, 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 | ​ | Six Months Ended
​ | ​ | ​ | ​ | June 29, | ​ | July 1, | ​ | June 29, | ​ | July 1,
(thousands) |  | Income Statement Line |  | 2024 |  | 2023 |  | 2024 |  | 2023
Gain (Loss) Recognized in Income |  |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Foreign exchange contracts, net investment hedge (a) |  | Interest Expense | ​ | $ | 1,804 | ​ | $ | 1,804 | ​ | $ | 3,608 | ​ | $ | 3,852
Interest rate swaps, cash flow hedge |  | Interest Expense | ​ |  | 297 | ​ |  | (677) | ​ |  | (398) | ​ |  | (1,516)
Interest rate swap, fair value hedge (b) |  | Interest Expense | ​ |  | — | ​ |  | (4,538) | ​ |  | 454 | ​ |  | (1,796)
Total |  |  | ​ | $ | 2,101 | ​ | $ | (3,411) | ​ | $ | 3,664 | ​ | $ | 540
Gain (Loss) Recognized in Other Comprehensive Income (Loss) before reclassifications, net of tax |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Foreign exchange contracts, net investment hedge (c) |  |  | ​ | $ | 2,750 | ​ | $ | (2,671) | ​ | $ | 7,720 | ​ | $ | (1,546)
Interest rate swaps, cash flow hedge |  |  | ​ |  | — | ​ |  | 4,932 | ​ |  | — | ​ |  | 585
Total |  |  | ​ | $ | 2,750 | ​ | $ | 2,261 | ​ | $ | 7,720 | ​ | $ | (961)
(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 $0.4 million for the first six months of 2024, and a gain of $3.4 million and $0.9 million for the second quarter and first six months of 2023, respectively.
(c) | Includes derivative gains (losses) of $1.3 million and $1.4 million for the second quarter and first six months of 2024, respectively, and ($1.6) million and ($3.4) million for the second quarter and first six months of 2023, 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 |  | 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 | ​
​ | ​ | ​ | ​
​ | ​ | ​ | ​
​ | ​ | ​ | ​
Maturity Date | ​ | Notional Amount (thousands)
September 2024 |  | EUR | 50,000
April 2025 |  | EUR | 100,000
January 2028 |  | EUR | 100,000
Total |  | EUR | 250,000

X
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. + 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 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-3 + Details
Name: | us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfDerivativeInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | us-gaap_DerivativeInstrumentRiskAxis=us-gaap_InterestRateSwapMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_HedgingDesignationAxis=us-gaap_DesignatedAsHedgingInstrumentMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_DerivativeInstrumentRiskAxis=us-gaap_ForeignExchangeContractMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |