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Fair Value Measurements (Tables) | 9 Months Ended
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Oct. 03, 2021
Fair Value Disclosures [Abstract] |
Assets and liabilities measured on recurring basis | 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 |  |  | $ | — |

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- Definition Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19279-110258 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2C -URI http://asc.fasb.org/extlink&oid=123874694&loc=SL7498348-110258 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bb) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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