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Financial instruments | 9 Months Ended
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Sep. 29, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Financial instruments | Financial instruments Foreign currency forward contracts The Company uses derivative instruments for risk management purposes. Foreign currency forward contracts designated as cash flow hedges are used to manage exposure related to foreign currency transactions. Foreign currency forward contracts not designated as hedges for accounting purposes are used to manage exposure related to near term foreign currency denominated monetary assets and liabilities. The Company enters into the non-designated foreign currency forward contracts for periods consistent with its currency translation exposures, which generally approximate one month. For the three and nine months ended September 29, 2019, the Company recognized losses of $1.9 million and $3.5 million, respectively, related to non-designated foreign currency forward contracts. For the three and nine months ended September 30, 2018, the Company recognized gains related to non-designated foreign currency forward contracts of $1.0 million and $0.3 million, respectively. The total notional amount for all open foreign currency forward contracts designated as cash flow hedges as of September 29, 2019 and December 31, 2018 was $115.6 million and $115.3 million, respectively. The total notional amount for all open non-designated foreign currency forward contracts as of September 29, 2019 and December 31, 2018 was $170.1 million and $125.9 million, respectively. All open foreign currency forward contracts as of September 29, 2019 have durations of 12 months or less. Cross-currency interest rate swaps On March 4, 2019, the Company entered into cross-currency swap agreements with five different financial institution counterparties to hedge against the effect of variability in the U.S. dollar to euro exchange rate. Under the terms of the cross-currency swap agreements, the Company has notionally exchanged $250 million at an annual interest rate of 4.8750% for €219.2 million at an annual interest rate of 2.4595%. The swap agreements are designed as net investment hedges and expire on March 4, 2024. On October 4, 2018, the Company entered into cross-currency swap agreements with six different financial institution counterparties to hedge against the effect of variability in the U.S. dollar to euro exchange rate. Under the terms of the cross-currency swap agreements, the Company has notionally exchanged $500 million at an annual interest rate of 4.625% for €433.9 million at an annual interest rate of 1.942%. The swap agreements are designed as net investment hedges and expire on October 4, 2023. The swap agreements described above require an exchange of the notional amounts upon expiration or earlier termination of the agreements. We and the counterparties have agreed to effect the exchange through a net settlement. The cross-currency swaps are marked to market at each reporting date and any changes in fair value are recognized as a component of accumulated other comprehensive income (loss) ("AOCI"). For the three and nine months ended September 29, 2019, the Company recognized foreign exchange gains of $23.5 million and 29.4 million, respectively, within AOCI related to the cross-currency swaps. Balance sheet presentation The following table presents the locations in the condensed consolidated balance sheet and fair value of derivative financial instruments as of September 29, 2019 and December 31, 2018:
| September 29, 2019 |  | December 31, 2018
| Fair Value |  |
| (Dollars in thousands) |  |
Asset derivatives: |  |  |
Designated foreign currency forward contracts | $ | 998 |  |  | $ | 1,216 |
Non-designated foreign currency forward contracts | 289 |  |  | 106 |
Cross-currency interest rate swap | 26,754 |  |  | 14,728 |
Prepaid expenses and other current assets | 28,041 |  |  | 16,050 |
Cross-currency interest rate swap | 23,857 |  |  | — |
Other assets | 23,857 |  |  | — |
Total asset derivatives | $ | 51,898 |  |  | $ | 16,050 |
Liability derivatives: |  |  |
Designated foreign currency forward contracts | $ | 795 |  |  | $ | 524 |
Non-designated foreign currency forward contracts | 137 |  |  | 264 |
Other current liabilities | 932 |  |  | 788 |
Cross-currency interest rate swap | — |  |  | 7,793 |
Other liabilities | — |  |  | 7,793 |
Total liability derivatives | $ | 932 |  |  | $ | 8,581 |
See Note 12 for information on the location and amount of gains and losses attributable to derivatives that were reclassified from AOCI to expense (income), net of tax. There was no ineffectiveness related to the Company’s cash flow hedges during the three and nine months ended September 29, 2019 and September 30, 2018. Trade receivables The allowance for doubtful accounts as of September 29, 2019 and December 31, 2018 was $9.1 million and $9.3 million, respectively. The current portion of the allowance for doubtful accounts, which was $5.3 million and $4.4 million as of September 29, 2019 and December 31, 2018, respectively, was recognized as a reduction of accounts receivable, net.

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- Definition The entire disclosure for financial instruments. This disclosure includes, but is not limited to, fair value measurements of short and long term marketable securities, international currencies forward contracts, and auction rate securities. Financial instruments may include hedging and non-hedging currency exchange instruments, derivatives, securitizations and securities available for sale at fair value. Also included are investment results, realized and unrealized gains and losses as well as impairments and risk management disclosures. + References No definition available. + Details
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