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Financial Instruments and Fair Value Measurements
6 Months Ended
Jul. 02, 2021
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 $1.6 billion and $2.3 billion estimated fair value of the Company’s debt as of July 2, 2021 and December 31, 2020, 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:
July 2, 2021
Level
One
Level
Two
Level
Three
Total
(In thousands)
Assets:
 Cash equivalents$6,787 $— $— $6,787 
 Foreign currency contracts - not designated as hedges— 1,788 — 1,788 
 Deferred compensation plans— 12,445 — 12,445 
$6,787 $14,233 $— $21,020 
Liabilities:
 Foreign currency contracts - not designated as hedges$— $4,065 $— $4,065 
 Deferred compensation plans— 12,445 — 12,445 
$— $16,510 $— $16,510 

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 

There were no transfers in or out of Level One, Two or Three during the six months ended July 2, 2021.
Foreign Currency Contracts

As of July 2, 2021 and December 31, 2020, the Company had foreign currency contracts related to purchases and sales with notional values of $322.1 million and $250.4 million, respectively.

The Company recognized the following in its Condensed Consolidated Financial Statements related to its derivative instruments:
Three Months EndedSix Months Ended
July 2, 2021July 3, 2020July 2, 2021July 3, 2020
(In thousands)
Contracts Designated as Hedges:
Unrealized gain (loss) on net investment hedges(1)
$(2,150)$(10,424)$10,231 $1,756 
Contracts Not Designated in a Hedge Relationship:
Foreign Currency Contracts
  Unrealized gain (loss)(2,278)(44)(4,889)2,373 
  Realized gain (loss)1,368 (957)1,419 (1,154)
(1) The unrealized gain (loss) on net investment hedges is attributable to the change in valuation of Euro denominated debt.