Derivative Instruments (Tables)

3 Months Ended

Apr. 04, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Outstanding Forward Contracts Table

The Company had the following outstanding forward contracts (in thousands):

	April 4, 2021			December 31, 2020
Currency	Notional Value	USD Equivalent		Notional Value	USD Equivalent
Derivatives Not Designated as Hedging Instruments:
Euro	25,000	$	29,431	50,000	$	61,342
Chinese Renminbi	170,000	25,587		—	—
Mexican Peso	150,000	7,350		155,000	7,776
Japanese Yen	600,000	5,419		600,000	5,808
Hungarian Forint	1,415,000	4,608		1,330,000	4,494
British Pound	2,000	2,765		1,675	2,287
Taiwanese Dollar	37,600	1,324		38,035	1,362
Canadian Dollar	1,260	1,004		1,285	1,010
Singapore Dollar	1,300	966		1,465	1,110
Korean Won	—	—		6,925,000	6,377

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

Information regarding the fair value of the outstanding forward contracts was as follows (in thousands):

	Asset Derivatives					Liability Derivatives
	Balance	Fair Value				Balance	Fair Value
	Sheet Location	April 4, 2021		December 31, 2020		Sheet Location	April 4, 2021		December 31, 2020
Derivatives Not Designated as Hedging Instruments:
Economic hedge forward contracts	Prepaid expenses and other current assets	$	8	$	265	Accrued expenses	$	124	$	38

Offsetting Assets

The following table presents the gross activity for all derivative assets and liabilities which were presented on a net basis on the Consolidated Balance Sheets due to the right of offset with each counterparty (in thousands):

Asset Derivatives					Liability Derivatives
	April 4, 2021		December 31, 2020			April 4, 2021		December 31, 2020
Gross amounts of recognized assets	$	8	$	265	Gross amounts of recognized liabilities	$	124	$	38
Gross amounts offset	—		—		Gross amounts offset	—		—
Net amount of assets presented	$	8	$	265	Net amount of liabilities presented	$	124	$	38

Derivative Instruments, Gain (Loss)

Information regarding the effect of derivative instruments on the consolidated financial statements was as follows (in thousands):

	Location in Financial Statements	Three-months Ended
		April 4, 2021		March 29, 2020
Derivatives Not Designated as Hedging Instruments:
Gains (losses) recognized in current operations	Foreign currency gain (loss)	$	2,893	$	(8,240)