| Fair Value Assets and Liabilities Measured On Recurring and Nonrecurring Basis [Text Block] |
Financial Instruments and Fair Value Measurements
The carrying values of financial instruments, including Trade receivables and Accounts payable, approximate their fair values due to their short-term maturities. The $4.2 billion and $1.2 billion estimated fair value of the Company’s debt as of March 29, 2019 and December 31, 2018, respectively, was based on current interest rates for similar types of borrowings and is in Level Two of the fair value hierarchy. The estimated fair values may not represent actual values of the financial instruments that could be realized as of the balance sheet date or that will be realized in the future.
A summary of the Company’s assets and liabilities that are measured at fair value for each fair value hierarchy level for the periods presented is as follows: | | | | | | | | | | | | | | | | | | March 29, 2019 | | Level
One | | Level
Two | | Level
Three | | Total | | (In thousands) | Assets: | | | | | | | | Cash equivalents | $ | 6,485 |
| | $ | — |
| | $ | — |
| | $ | 6,485 |
| Foreign currency contracts related to sales - designated as hedges | — |
| | 629 |
| | — |
| | 629 |
| Foreign currency contracts related to sales - not designated as hedges | — |
| | 173 |
| | — |
| | 173 |
| Foreign currency contracts related to purchases - designated as hedges | — |
| | 503 |
| | — |
| | 503 |
| Foreign currency contracts related to purchases - not designated as hedges | — |
| | 261 |
| | — |
| | 261 |
| Deferred compensation plans | — |
| | 7,790 |
| | — |
| | 7,790 |
| | $ | 6,485 |
| | $ | 9,356 |
| | $ | — |
| | $ | 15,841 |
| | | | | | | | | Liabilities: | | | | | | | | Foreign currency contracts related to sales - designated as hedges | $ | — |
| | $ | 2,154 |
| | $ | — |
| | $ | 2,154 |
| Foreign currency contracts related to sales - not designated as hedges | — |
| | 61 |
| | — |
| | 61 |
| Foreign currency contracts related to purchases - designated as hedges | — |
| | 381 |
| | — |
| | 381 |
| Foreign currency contracts related to purchases - not designated as hedges | — |
| | 818 |
| | — |
| | 818 |
| Deferred compensation plans | — |
| | 7,790 |
| | — |
| | 7,790 |
| | $ | — |
| | $ | 11,204 |
| | $ | — |
| | $ | 11,204 |
|
| | | | | | | | | | | | | | | | | | December 31, 2018 | | Level
One | | Level
Two | | Level
Three | | Total | | (In thousands) | Assets: | | | | | | | | Cash equivalents | $ | 5,388 |
| | $ | — |
| | $ | — |
| | $ | 5,388 |
| Foreign currency contracts related to sales - designated as hedges | — |
| | 283 |
| | — |
| | 283 |
| Foreign currency contracts related to sales - not designated as hedges | — |
| | 326 |
| | — |
| | 326 |
| Foreign currency contracts related to purchases - designated as hedges | — |
| | 1,146 |
| | — |
| | 1,146 |
| Foreign currency contracts related to purchases - not designated as hedges | — |
| | 325 |
| | — |
| | 325 |
| Deferred compensation plans | — |
| | 7,154 |
| | — |
| | 7,154 |
| | $ | 5,388 |
| | $ | 9,234 |
| | $ | — |
| | $ | 14,622 |
| | | | | | | | | Liabilities: | | | | | | | | Foreign currency contracts related to sales - designated as hedges | $ | — |
| | $ | 2,452 |
| | $ | — |
| | $ | 2,452 |
| Foreign currency contracts related to sales - not designated as hedges | — |
| | 133 |
| | — |
| | 133 |
| Foreign currency contracts related to purchases - designated as hedges | — |
| | 210 |
| | — |
| | 210 |
| Foreign currency contracts related to purchases - not designated as hedges | — |
| | 557 |
| | — |
| | 557 |
| Deferred compensation plans | — |
| | 7,154 |
| | — |
| | 7,154 |
| | $ | — |
| | $ | 10,506 |
| | $ | — |
| | $ | 10,506 |
|
There were no transfers in or out of Level One, Two or Three during the three months ended March 29, 2019.
Foreign Currency Contracts
As of March 29, 2019 and December 31, 2018, the Company had foreign currency contracts with the following notional values: | | | | | | | | | | March 29, 2019 | | December 31, 2018 | | (In thousands) | Foreign currency contracts sold - not designated as hedges | $ | 34,404 |
| | $ | 43,510 |
| Foreign currency contracts sold - designated as hedges | 157,577 |
| | 125,011 |
| Foreign currency contracts purchased - not designated as hedges | 74,448 |
| | 75,102 |
| Foreign currency contracts purchased - designated as hedges | 64,441 |
| | 45,211 |
| Total foreign currency derivatives | $ | 330,870 |
| | $ | 288,834 |
|
The Company recognized the following in its Condensed Consolidated Financial Statements related to its derivative instruments: | | | | | | | | | | Three Months Ended | | March 29, 2019 | | March 30, 2018 | | (In thousands) | Contracts Designated as Hedges: | | Foreign Currency Contracts - related to customer sales contracts: | | | | Unrealized gain | $ | 1,232 |
| | $ | 2,419 |
| Realized loss | (4,145 | ) | | (792 | ) | Foreign Currency Contracts - related to supplier purchase contracts: | | | | Unrealized (loss) gain | (229 | ) | | 149 |
| Realized gain | 971 |
| | 155 |
| Unrealized gain (loss) on net investment hedges(1) | 5,453 |
| | (7,230 | ) | Contracts Not Designated in a Hedge Relationship: | | | | Foreign Currency Contracts - related to customer sales contracts: | | | | Unrealized (loss) gain | (29 | ) | | 914 |
| Realized (loss) gain | (658 | ) | | 1,147 |
| Foreign Currency Contracts - related to supplier purchases contracts: | | | | Unrealized loss | (355 | ) | | (1,018 | ) | Realized gain (loss) | 267 |
| | (528 | ) |
(1) The unrealized gain (loss) on net investment hedges is attributable to the change in valuation of Euro denominated debt. |