v3.26.1
Fair Value of Financial Instruments
 3 Months Ended
Apr. 03, 2026
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments Fair Value of Financial Instruments
The Company measures and records financial instruments at fair value. A hierarchy is used for those instruments measured at fair value that distinguishes between assumptions based on market data (observable inputs) and the Company’s assumptions (unobservable inputs). The hierarchy consists of three levels:
Level 1 — Quoted market prices in active markets for identical assets and liabilities;
Level 2 — Inputs other than Level 1 inputs that are either directly or indirectly observable; and
Level 3 — Unobservable inputs developed using estimates and assumptions developed by the Company, which reflect
those that a market participant would use.
The following table summarizes the financial instruments measured at fair value in the Consolidated Balance Sheets as of April 3, 2026 and December 31, 2025: 
  
(Thousands)Total Carrying Value in the Consolidated Balance SheetsQuoted Prices
in  Active
Markets  for
Identical
Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
20262025202620252026202520262025
Financial Assets
Deferred compensation investments$7,213 $7,175 $7,213 $7,175 $— $— $— $— 
Foreign currency forward contracts492 80 — — 492 80 — — 
Interest rate swaps1,176 1,491 — — 1,176 1,491 — — 
Precious metal swaps— — — — — — — — 
Total$8,881 $8,746 $7,213 $7,175 $1,668 $1,571 $— $— 
Financial Liabilities
Deferred compensation liability$7,213 $7,175 $7,213 $7,175 $— $— $— $— 
Foreign currency forward contracts80 490 — — 80 490 — — 
Interest rate swaps120 325 — — 120 325 — — 
Precious metal swaps— — — — — — — — 
Total$7,413 $7,990 $7,213 $7,175 $200 $815 $— $— 
The Company uses a market approach to value the assets and liabilities for financial instruments in the table above. Outstanding contracts are valued through models that utilize market observable inputs, including both spot and forward prices, for the same underlying currencies, metals, and interest rates. The carrying values of the other working capital items and debt in the Consolidated Balance Sheets approximate fair values as of April 3, 2026 and December 31, 2025. The Company's deferred compensation investments and liabilities are based on the fair value of the investments corresponding to the employees’ investment selections, primarily in mutual funds, based on quoted prices in active markets for identical assets. Deferred compensation investments are primarily presented in Other assets. Deferred compensation liabilities are primarily presented in Other long-term liabilities.