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Derivatives (Tables) | 3 Months Ended
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Mar. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Fair Value of Derivative Instruments | The following table summarizes the fair value of derivative instruments in the accompanying condensed consolidated balance sheet:
|  |  |  | March 30, 2024 |  | December 30, 2023
|  | Balance Sheet Location |  | Asset (Liability) (a) |  | Notional Amount (b) |  | Asset (Liability) (a) |  | Notional Amount
(In thousands) |  |  |  |  |
Derivatives Designated as Hedging Instruments: |  |  |  |  |  |  |  |
Derivatives in a Liability Position: |  |  |  |  |  |  |  |
Forward currency-exchange contract |  | Other Current Liabilities |  | $ | — |  |  | $ | — |  |  | $ | (51) |  |  | $ | 430 |
Derivatives Not Designated as Hedging Instruments: |  |  |  |  |  |  |  |
Derivatives in an Asset Position: |  |  |  |  |  |  |  |
Forward currency-exchange contracts |  | Other Current Assets |  | $ | — |  |  | $ | — |  |  | $ | 8 |  |  | $ | 701 |
Derivatives in a Liability Position: |  |  |  |  |  |  |  |
Forward currency-exchange contracts |  | Other Current Liabilities |  | $ | (13) |  |  | $ | 880 |  |  | $ | — |  |  | $ | — |
(a) See Note 10, Fair Value Measurements and Fair Value of Financial Instruments, for the fair value measurements relating to these financial instruments. (b) The 2024 notional amounts are indicative of the level of the Company's recurring derivative activity.
Activity in Accumulated Other Comprehensive Items (AOCI) | The following table summarizes the activity in AOCI associated with the Company's foreign currency exchange contract designated as a cash flow hedge as of and for the three months ended March 30, 2024:
(In thousands) |  |  |  |  |  | Total
Unrealized Loss, Net of Tax, at December 30, 2023 |  |  |  |  |  | $ | (38) |
Loss recognized in AOCI |  |  |  |  |  | 38 |
Unrealized Loss, Net of Tax, at March 30, 2024 |  |  |  |  |  | $ | — |

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- Definition Tabular disclosure of gain (loss) on derivative and nonderivative instruments designated and qualifying as cash flow hedge recorded in accumulated other comprehensive income (AOCI) and reclassified into earnings. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C + Details
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- Definition Tabular disclosure of derivative instruments (including nonderivative instruments that are designated and qualify as hedging instruments) of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4A + Details
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