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Fair Value of Instruments and Fair Value Measurements | 6 Months Ended
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Jun. 28, 2025
Fair Value of Instruments and Fair Value Measurements |
Fair Value of Instruments and Fair Value Measurements | Note D – Fair Value of Derivative Instruments The following table presents the effect of the Company’s derivative instruments designated as cash flow hedges under Accounting Standards Codification (“ASC”) Topic 815, “Hedge Accounting Improvements,” in its unaudited Condensed Consolidated Statements of Operations for the six months ended June 28, 2025:
Derivative Instruments |  | Amount of Gain Recognized in Accumulated Other Comprehensive Income |  |  | Amount of Loss Reclassified from Accumulated Other Comprehensive Income into Earnings |  |  | Location in Condensed Consolidated Statement of Income |
Designated foreign currency hedge contracts |  | $ | 241,827 |  |  | $ | (425,150 | ) |  | Cost of products sold |
ASC 815 requires all derivative instruments to be recognized at their fair values as either assets or liabilities on the balance sheet. The Company determines the fair value of its derivative instruments using the framework prescribed by ASC 820, “Fair Value Measurements and Disclosures,” by considering the estimated amount it would receive or pay to sell or transfer these instruments at the reporting date. Generally, the Company uses inputs that include quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; other observable inputs for the asset or liability; and inputs derived principally from, or corroborated by, observable market data by correlation or other means. As of June 28, 2025, the Company classified its derivative assets and liabilities within Level 2 of the fair value hierarchy prescribed by ASC 815, as discussed below, because these observable inputs are available for substantially the full term of its derivative instruments.
Level 1 | Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.
Level 2 | Quoted prices in markets that are not active; or other inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability.
Level 3 | Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable.
The following tables present the fair value of the Company’s derivative instruments as they appear in its Condensed Consolidated Balance Sheets as of June 28, 2025, and December 28, 2024:
|  | Location in Condensed Consolidated Balance Sheets |  | As of June 28, 2025 |  |  | As of December 28, 2024 |
Derivative Assets: |  |  |  |  |  |  |  |
Designated foreign currency hedge contracts |  | Other current assets |  | $ | 241,827 |  |  | $ | - |
Derivative Liabilities: |  |  |  |  |  |  |  |  |  |
Designated foreign currency hedge contracts |  | Other current liabilities |  | $ | - |  |  | $ | 505,376 |

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- Definition The entire disclosure for financial instruments. This disclosure includes, but is not limited to, fair value measurements of short and long term marketable securities, international currencies forward contracts, and auction rate securities. Financial instruments may include hedging and non-hedging currency exchange instruments, derivatives, securitizations and securities available for sale at fair value. Also included are investment results, realized and unrealized gains and losses as well as impairments and risk management disclosures. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/825/tableOfContent + Details
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