v3.21.1

Financial Instruments and Fair Value Measurements (Tables)

3 Months Ended

Apr. 02, 2021

Financial Instruments and Fair Value Measurements [Abstract]

Company's assets and liabilities measured at fair value for each fair value hierarchy level

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

Schedule of Derivative Instruments, Gain (Loss) in Condensed Consolidated Financial Statements

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)

(1) The unrealized gain on net investment hedges is attributable to the change in valuation of Euro denominated debt.

Schedule of Cash and Cash Equivalents

The following table summarizes the Company’s Cash and cash equivalents and Restricted cash:

			April 2, 2021						December 31, 2020
			(In thousands)
Cash and cash equivalents			$	763,653					$	97,068
Restricted cash			—						4,001
Cash and cash equivalents and Restricted cash			$	763,653					$	101,069

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- References

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Tabular disclosure of the components of cash and cash equivalents.

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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=109980867&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=109980867&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=109980867&loc=SL5624171-113959

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- Definition

Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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