v3.20.2
Financial Instruments and Fair Value Measurements (Text Block)
 9 Months Ended
Oct. 02, 2020
Financial Instruments and Fair Value Measurements [Abstract]  
Financial Instruments and Fair Value Measurements 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 $2.2 billion and $2.3 billion estimated fair value of the Company’s debt as of October 2, 2020 and December 31, 2019, 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:
October 2, 2020
Level
One		Level
Two		Level
Three		Total
(In thousands)
Assets:
 Cash equivalents$3,632 $— $— $3,632 
 Foreign currency contracts related to sales - not designated as hedges— 2,403 — 2,403 
 Foreign currency contracts related to purchases - not designated as hedges— 580 — 580 
 Deferred compensation plans— 10,045 — 10,045 
$3,632 $13,028 $— $16,660 
Liabilities:
 Foreign currency contracts related to sales - not designated as hedges$— $1,176 $— $1,176 
 Foreign currency contracts related to purchases - not designated as hedges— 918 — 918 
 Deferred compensation plans— 10,045 — 10,045 
$— $12,139 $— $12,139 

December 31, 2019
Level
One		Level
Two		Level
Three		Total
(In thousands)
Assets:
 Cash equivalents$13,125 $— $— $13,125 
 Foreign currency contracts related to sales - not designated as hedges— 74 — 74 
 Foreign currency contracts related to purchases - not designated as hedges— 408 — 408 
 Deferred compensation plans— 8,870 — 8,870 
$13,125 $9,352 $— $22,477 
Liabilities:
 Foreign currency contracts related to sales - not designated as hedges$— $328 $— $328 
 Foreign currency contracts related to purchases - not designated as hedges— 853 — 853 
 Deferred compensation plans— 8,870 — 8,870 
$— $10,051 $— $10,051 

There were no transfers in or out of Level One, Two or Three during the nine months ended October 2, 2020.
Foreign Currency Contracts

As of October 2, 2020 and December 31, 2019, the Company had foreign currency contracts with the following notional values:
October 2, 2020December 31, 2019
(In thousands)
Foreign currency contracts sold - not designated as hedges$149,376 $28,718 
Foreign currency contracts purchased - not designated as hedges103,531 107,090 
Total foreign currency derivatives$252,907 $135,808 

The Company recognized the following in its Condensed Consolidated Financial Statements related to its derivative instruments:
Three Months EndedNine Months Ended
October 2, 2020September 27, 2019October 2, 2020September 27, 2019
(In thousands)
Contracts Designated as Hedges:
Unrealized gain (loss) on net investment hedges(1)
$(14,456)$12,807 $(12,700)$14,258 
Contracts Not Designated in a Hedge Relationship:
Foreign Currency Contracts - related to customer sales contracts:
  Unrealized gain106 423 638 215 
  Realized gain (loss)701 (165)(204)(1,232)
Foreign Currency Contracts - related to supplier purchases contracts:
  Unrealized gain (loss)(1,000)(732)841 (81)
  Realized gain (loss)(569)1 (818)455 
(1) The unrealized gain on net investment hedges is attributable to the change in valuation of Euro denominated debt.