Financial Instruments Measured at Fair Value (Tables)

9 Months Ended

Sep. 26, 2020

Fair Value Disclosures

Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis Table [Text Block]

The following table presents assets (liabilities) measured at fair value on a recurring basis at September 26, 2020:

	Balance Sheet Location	Level 1		Level 2		Level 3		Total
Cash equivalents (a)	Cash and cash equivalents/ other assets	$	15,740	$	—	$	—	$	15,740
Equity investments (b)	Other assets	39,887		—		—		39,887
Interest rate swaps designated as cash flow hedges	Other assets	—		4,797		—		4,797
Interest rate swaps designated as cash flow hedges	Other liabilities	—		(494)		—		(494)
Foreign exchange contracts designated as net investment hedges	Other assets	—		33,495		—		33,495
		$	55,627	$	37,798	$	—	$	93,425

The following table presents assets (liabilities) measured at fair value on a recurring basis at December 31, 2019:

	Balance Sheet Location	Level 1		Level 2		Level 3		Total
Cash equivalents (a)	Cash and cash equivalents/ other assets	$	18,579	$	—	$	—	$	18,579
Equity investments (b)	Other assets	44,677		—		—		44,677
Interest rate swaps designated as cash flow hedges	Other liabilities	—		(11,574)		—		(11,574)
Foreign exchange contracts designated as net investment hedges	Other assets	—		21,718		—		21,718
		$	63,256	$	10,144	$	—	$	73,400

(a)    Cash equivalents include highly liquid investments with an original maturity of less than three months.

(b)    The company has an 8.4% equity ownership interest in Marubun Corporation and a portfolio of mutual funds with quoted market prices. The company recorded an unrealized gain of $14 and an unrealized loss of $4,993 for the third quarter and first nine months of 2020, respectively, on equity securities held at the end of the quarter. The company recorded an unrealized gain of $378 and $2,220 for the third quarter and first nine months of 2019, respectively, on equity securities held at the end of the quarter.

Description of Derivative Hedging Instruments

At September 26, 2020 the company had the following outstanding interest rate swaps designated as cash flow hedges:

Trade Date	Maturity Date	Notional Amount	Weighted Average Interest Rate	Date Range of Forecasted Transaction
April 2020	December 2024	$300,000	0.97%	Jan 2023 - Dec 2025
May 2020	June 2022	$300,000	0.90%	Jan 2021 - Jun 2023

At December 31, 2019 the company had the following outstanding interest rate swaps designated as cash flow hedges:

Trade Date	Maturity Date	Notional Amount	Weighted Average Interest Rate	Date Range of Forecasted Transaction
May 2019	June 2020	$300,000	2.33%	Sep 2019 - Jun 2020

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Text Block]

The effects of derivative instruments on the company’s consolidated statements of operations and other comprehensive income are as follows:

	Income Statement Line	Quarter Ended				Nine Months Ended
		September 26, 2020		September 28, 2019		September 26, 2020		September 28, 2019
Gain (Loss) Recognized in Income (Loss)
Foreign exchange contracts, net investment hedge (a)	Interest Expense	$	2,202	$	2,193	$	6,604	$	5,791
Interest rate swaps, cash flow hedge	Interest Expense	(1,765)		(327)		(3,632)		(968)
Total		$	437	$	1,866	$	2,972	$	4,823
Gain (Loss) Recognized in Other Comprehensive Income (Loss) before reclassifications, net of tax
Foreign exchange contracts, net investment hedge (b)		$	(8,352)	$	13,249	$	8,934	$	20,065
Interest rate swaps, cash flow hedge		5,133		(9,360)		(24,666)		(16,209)
Total		$	(3,219)	$	3,889	$	(15,732)	$	3,856

(a)Represents derivative amounts excluded from the assessment of effectiveness for the net investment hedges reclassified from CTA to Interest and other financing expenses, net.

(b)Includes derivative gains (losses) excluded from the assessment of effectiveness for the net investment hedges and recognized in other comprehensive income (net of tax) of $667 and $19,180 for the third quarter and first nine months of 2020, and $3,150 and $7,926 for the third quarter and first nine months of 2019, respectively.

Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member]

Fair Value Disclosures

Description of Derivative Hedging Instruments

During the first quarter of 2019, the company entered into a series of foreign exchange contracts to sell Euro and buy United States Dollars, with various maturity dates as noted in the table below:

Maturity Date	Notional Amount
March 2023	EUR 50,000
September 2024	EUR 50,000
April 2025	EUR 100,000
January 2028	EUR 100,000
Total	EUR 300,000