The carrying values of financial instruments, including Trade receivables and Accounts payable, approximate their fair values due to their short-term maturities. The $2.3 billion estimated fair value of the Company’s debt as of April 2, 2021 and December 31, 2020 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:


	April 2, 2021
	Level One		Level Two		Level Three		Total
	(In thousands)
Assets:
Cash equivalents	$	6,252	$	—	$	—	$	6,252


Foreign currency contracts - not designated as hedges	—		1,581		—		1,581


Deferred compensation plans	—		11,802		—		11,802
	$	6,252	$	13,383	$	—	$	19,635

Liabilities:

Foreign currency contracts - not designated as hedges	$	—	$	4,191	$	—	$	4,191


Deferred compensation plans	—		11,802		—		11,802
	$	—	$	15,993	$	—	$	15,993


	December 31, 2020
	Level One		Level Two		Level Three		Total
	(In thousands)
Assets:
Cash equivalents	$	7,420	$	—	$	—	$	7,420


Foreign currency contracts - not designated as hedges	—		2,194		—		2,194


Deferred compensation plans	—		10,881		—		10,881
	$	7,420	$	13,075	$	—	$	20,495

Liabilities:

Foreign currency contracts - not designated as hedges	$	—	$	1,781	$	—	$	1,781


Deferred compensation plans	—		10,881		—		10,881
	$	—	$	12,662	$	—	$	12,662

As of April 2, 2021 and December 31, 2020, the Company had foreign currency contracts related to purchases and sales with notional values of $309.4 million and $250.4 million, respectively.

The Company recognized the following in its Condensed Consolidated Financial Statements related to its derivative instruments:


	Three Months Ended
		April 2, 2021		April 3, 2020
		(In thousands)
Contracts Designated as Hedges:






Unrealized gain on net investment hedges(1)		$	12,381	$	12,180
Contracts Not Designated in a Hedge Relationship:
Foreign Currency Contracts
Unrealized gain (loss)		(2,611)		2,417
Realized gain (loss)		51		(197)