Derivative Financial Instruments	12 Months Ended
Jan. 01, 2022
Derivative Financial Instruments
Derivative Financial Instruments	6. Derivative Financial Instruments The Company uses derivative financial instruments to manage certain exposures to the variability of foreign currency exchange rates. The Company’s objective is to offset increases and decreases in expenses resulting from these exposures with gains and losses on the derivative contracts, thereby reducing volatility of earnings. Non-designated Hedges Foreign Currency Forward Contracts The Company uses foreign currency forward contracts to reduce the earnings impact that exchange rate fluctuations have on non-U.S. dollar balance sheet exposures. The Company recognizes gains and losses on the foreign currency forward contracts in interest income and other, net in the Consolidated Statement of Income in the same period as the remeasurement loss and gain of the related foreign currency denominated asset or liability. The Company does not apply hedge accounting to these foreign currency forward contracts. As of January 1, 2022, the Company held one foreign currency forward contract denominated in Singapore Dollars with a notional value of $3.7 million, and two foreign currency forward contracts denominated in Indian Rupees with an aggregate notional value of $7.4 million and one foreign currency forward contract denominated in the Hungarian Forint with a notional value of $2.1 million. The fair value of foreign contracts and contract losses recognized in income were not material for any of the periods presented.

Derivative Financial Instruments

12 Months Ended

Jan. 01, 2022

6. Derivative Financial Instruments

The Company uses derivative financial instruments to manage certain exposures to the variability of foreign currency exchange rates. The Company’s objective is to offset increases and decreases in expenses resulting from these exposures with gains and losses on the derivative contracts, thereby reducing volatility of earnings.

Non-designated Hedges

Foreign Currency Forward Contracts

The Company uses foreign currency forward contracts to reduce the earnings impact that exchange rate fluctuations have on non-U.S. dollar balance sheet exposures. The Company recognizes gains and losses on the foreign currency forward contracts in interest income and other, net in the Consolidated Statement of Income in the same period as the remeasurement loss and gain of the related foreign currency denominated asset or liability. The Company does not apply hedge accounting to these foreign currency forward contracts.

As of January 1, 2022, the Company held one foreign currency forward contract denominated in Singapore Dollars with a notional value of $3.7 million, and two foreign currency forward contracts denominated in Indian Rupees with an aggregate notional value of $7.4 million and one foreign currency forward contract denominated in the Hungarian Forint with a notional value of $2.1 million. The fair value of foreign contracts and contract losses recognized in income were not material for any of the periods presented.