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Derivative Instruments and Hedging Activity (Tables) | 3 Months Ended
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Apr. 01, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Instruments Non-Hedging | The following table summarizes the notional amount and the fair value of the Company’s outstanding derivatives not designated as hedging instruments (on a gross basis) and the balance sheet classification as of April 1, 2022 and December 31, 2021:
|  | April 1, 2022 |  | December 31, 2021
(Thousands) |  | Notional Amount |  | Fair Value |  | Notional Amount |  | Fair Value
Foreign currency forward contracts |  |  |  |  |  |  |  |
Prepaid and other current assets |  | $ | 91,615 |  |  | $ | 1,350 |  |  | $ | 55,063 |  |  | $ | 2,132 |
Other liabilities and accrued items |  | 18,474 |  |  | 307 |  |  | 9,425 |  |  | 128 |
Fair Value Measurements, Recurring and Nonrecurring | The following table summarizes the notional amount and the fair value of the Company’s outstanding derivatives designated as cash flow hedges (on a gross basis) and the balance sheet classification as of April 1, 2022 and December 31, 2021:
|  | April 1, 2022
|  |  |  | Fair Value
(Thousands) |  | Notional Amount |  | Prepaid and other current assets |  | Other assets |  | Other liabilities and accrued items |  | Other long-term liabilities
Foreign currency forward contracts - yen |  | $ | 4,303 |  |  | $ | 275 |  |  | $ | 22 |  |  | $ | 6 |  |  | $ | — |
Foreign currency forward contracts - euro |  | 31,199 |  |  | 1,238 |  |  | — |  |  | 81 |  |  | 86 |
Precious metal swaps |  | 6,869 |  |  | — |  |  | — |  |  | 298 |  |  | 23 |
Interest rate swap |  | 100,000 |  |  | 120 |  |  | 3,107 |  |  | — |  |  | — |
Total |  | 142,371 |  |  | 1,633 |  |  | 3,129 |  |  | 385 |  |  | 109 |
|  | December 31, 2021
|  |  |  | Fair Value
|  | Notional Amount |  | Prepaid and other current assets |  | Other assets |  | Other liabilities and accrued items |  | Other long-term liabilities
Foreign currency forward contracts - yen |  | 3,907 |  |  | 131 |  |  | 2 |  |  | — |  |  | — |
Foreign currency forward contracts - euro |  | 28,412 |  |  | 1,102 |  |  | — |  |  | — |  |  | 8 |
Precious metal swaps |  | 6,256 |  |  | 116 |  |  | — |  |  | 24 |  |  | — |
Total |  | 38,575 |  |  | 1,349 |  |  | 2 |  |  | 24 |  |  | 8 |
Derivative Instruments, Gain (Loss) | The following table summarizes the amounts reclassified from accumulated other comprehensive income related to the Company’s outstanding derivatives designated as cash flow hedges and associated income statement classification as of the first quarter of 2022 and 2021:
|  |  |  | First Quarter Ended
(Thousands) |  |  |  | April 1, 2022 |  | April 2, 2021
Hedging relationship |  | Line item |  |  |  |
Foreign currency forward contracts |  | Net sales |  | $ | (19) |  |  | $ | 140 |
Precious metal swaps |  | Cost of sales |  | 107 |  |  | (104) |
Interest rate swap |  | Interest expense - net |  | 115 |  |  | — |
Copper swaps |  | Cost of sales |  | — |  |  | (1,534) |
Total |  |  |  | $ | 203 |  |  | $ | (1,498) |

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- Definition Tabular disclosure for cash flow 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 -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 + Details
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- 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 -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4E -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624181-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5618551-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 + Details
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