Derivative Instruments (Tables)

9 Months Ended

Oct. 02, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Outstanding Forward Contracts Table

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

	October 2, 2022			December 31, 2021
Currency	Notional Value	USD Equivalent		Notional Value	USD Equivalent
Derivatives Not Designated as Hedging Instruments:
Euro	70,000	$	68,290	65,000	$	73,748
Chinese Renminbi	175,000	25,352		54,374	8,500
Mexican Peso	185,000	9,155		140,000	6,842
Japanese Yen	600,000	4,159		600,000	5,213
British Pound	3,135	3,481		3,370	4,552
Hungarian Forint	1,280,000	2,948		1,355,000	4,155
Canadian Dollar	—	—		1,480	1,167

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	October 2, 2022		December 31, 2021		Sheet Location	October 2, 2022		December 31, 2021
Derivatives Not Designated as Hedging Instruments:
Economic hedge forward contracts	Prepaid expenses and other current assets	$	835	$	39	Accrued expenses	$	442	$	230

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
	October 2, 2022		December 31, 2021			October 2, 2022		December 31, 2021
Gross amounts of recognized assets	$	835	$	39	Gross amounts of recognized liabilities	$	442	$	230
Gross amounts offset	—		—		Gross amounts offset	—		—
Net amount of assets presented	$	835	$	39	Net amount of liabilities presented	$	442	$	230

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				Nine-months Ended
		October 2, 2022		October 3, 2021		October 2, 2022		October 3, 2021
Derivatives Not Designated as Hedging Instruments:
Gains (losses) recognized in current operations	Foreign currency gain (loss)	$	7,161	$	1,529	$	15,091	$	3,676