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Fair Value Measurements | 9 Months Ended
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Oct. 03, 2021
Fair Value Disclosures [Abstract] |
Fair Value Measurements | Fair Value Measurements Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Fair value is a market-based measurement that is determined based on assumptions that market participants would use in pricing an asset or liability. A three-tier fair value hierarchy is used to prioritize the inputs in measuring fair value as follows:
Level 1 – | Observable inputs such as quoted market prices in active markets;
Level 2 – | Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and
Level 3 – | Unobservable inputs for which there is little or no market data, which require the reporting entity to develop its own assumptions.
Assets that are calculated at Net Asset Value per share (NAV) are not required to be categorized within the fair value hierarchy. The following table sets forth information regarding the Company’s financial assets and financial liabilities, excluding retirement and postretirement plan assets, measured at fair value on a recurring basis:
Description |  | October 3, 2021 |  | Assets measured at NAV | Level 1 |  | Level 2 |  | Level 3
Hedge derivatives, net: |  |  |  |  |  |  |  |  |
Commodity contracts |  | $ | 7,530 |  |  | $ | — |  | $ | — |  |  | $ | 7,530 |  |  | $ | — |
Foreign exchange contracts |  | $ | (394) |  |  | $ | — |  | $ | — |  |  | $ | (394) |  |  | $ | — |
Non-hedge derivatives, net: |  |  |  |  |  |  |  |  |
Commodity contracts |  | $ | 2,861 |  |  | $ | — |  | $ | — |  |  | $ | 2,861 |  |  | $ | — |
Foreign exchange contracts |  | $ | 256 |  |  | $ | — |  | $ | — |  |  | $ | 256 |  |  | $ | — |
Description |  | December 31, 2020 |  | Assets measured at NAV | Level 1 |  | Level 2 |  | Level 3
Hedge derivatives, net: |  |  |  |  |  |  |  |  |
Commodity contracts |  | $ | (647) |  |  | $ | — |  | $ | — |  |  | $ | (647) |  |  | $ | — |
Foreign exchange contracts |  | $ | 602 |  |  | $ | — |  | $ | — |  |  | $ | 602 |  |  | $ | — |
Non-hedge derivatives, net: |  |  |  |  |  |  |  |  |
Commodity contracts |  | $ | 484 |  |  | $ | — |  | $ | — |  |  | $ | 484 |  |  | $ | — |
Foreign exchange contracts |  | $ | 115 |  |  | $ | — |  | $ | — |  |  | $ | 115 |  |  | $ | — |
As discussed in Note 9, the Company uses derivatives to mitigate the effect of raw material and energy cost fluctuations, foreign currency fluctuations and, from time to time, interest rate movements. Fair value measurements for the Company’s derivatives are classified under Level 2 because such measurements are estimated based on observable inputs such as interest rates, yield curves, spot and future commodity prices and spot and future exchange rates. The Company does not currently have any non-financial assets or liabilities that are recognized or disclosed at fair value on a recurring basis. None of the Company’s financial assets or liabilities are measured at fair value using significant unobservable inputs. There were no transfers in or out of Level 1 or Level 2 fair value measurements during the three- and nine-month periods ended October 3, 2021.

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- References No definition available. + Details
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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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