Fair Value Measurements (Tables)

6 Months Ended

Jul. 02, 2022

Fair Value Measurements

Summary of carrying values and fair values of our revolving credit loans, term loans and senior notes

The carrying values and fair values of our revolving credit loans, term loans and senior notes as of July 2, 2022 and January 1, 2022 were as follows (in thousands):

		July 2, 2022						January 1, 2022
	Carrying Value			Fair Value			Carrying Value			Fair Value
Revolving credit loans	$	187,500		$	187,500	(1)	$	165,000		$	165,000	(1)
Tranche B term loans due 2026		668,168	(2)		626,408	(3)		667,811	(2)		666,141	(3)
5.25% senior notes due 2025		901,483	(4)		811,335	(3)		901,753	(4)		920,915	(3)
5.25% senior notes due 2027	$	550,000		$	462,000	(3)	$	550,000		$	567,875	(3)

(1) Fair values are estimated based on Level 2 inputs, which were quoted prices for identical or similar instruments in markets that are not active.

(2) The carrying value of the tranche B term loans includes a discount. At July 2, 2022 and January 1, 2022, the face amount of the tranche B term loans was $671.6 million.

(3) Fair values are estimated based on quoted market prices.

(4) The carrying value of the 5.25% senior notes due 2025 includes a premium. At July 2, 2022 and January 1, 2022, the face amount of the 5.25% senior notes due 2025 was $900.0 million.