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Other Financial Information
12 Months Ended
Jan. 02, 2022
Operating Expenses [Abstract]  
Other Financial Information

(15) Other financial information

The following provides components of certain captions in the consolidated statements of operations.

Other operating expense, net

 

 

Fiscal Year Ended

 

 

 

January 2, 2022

 

 

January 3, 2021

 

 

December 29, 2019

 

Joint Business operating expense

 

$

34.3

 

 

$

30.1

 

 

$

39.5

 

Quidel acquisition-related costs

 

 

7.0

 

 

 

 

 

 

 

Other(1)

 

 

6.2

 

 

 

5.2

 

 

 

9.3

 

Total other operating expense, net

 

$

47.5

 

 

$

35.3

 

 

$

48.8

 

(1) This line item includes Carlyle management fees, allowance for credit losses, restructuring costs (credits), settlement proceeds on disputed matters and other operating income and expenses. See Note 20–Related Party Transactions for additional detail on Carlyle management fees.

Other expense, net

Other expense, net was $53.1 million for the fiscal year ended January 2, 2022 and primarily related to $2.3 million of net foreign currency losses and loss on early extinguishment of debt of $50.3 million, which was related to the proceeds from the IPO to redeem portions of the Company’s outstanding 2025 Notes, 2028 Notes and Dollar Term Loan Facility.

Other expense, net was $84.2 million for the fiscal year ended January 3, 2021 and primarily related to $69.5 million of net foreign currency losses, of which $68.2 million was unrealized and loss on early extinguishment of the 2022 Notes of $12.6 million. The unrealized foreign currency losses are mainly related to intercompany loans denominated in currencies other than the functional currency of the affected subsidiaries. Beginning in fiscal year 2021, the Company initiated programs to mitigate the impact of foreign currency exchange rate fluctuations related to intercompany loans in its results.

Other expense, net was $5.7 million for the fiscal year ended December 29, 2019 and primarily related to $16.0 million of fair value losses on interest rate caps that did not qualify for hedge accounting, partially offset by $10.5 million of net foreign currency gains, of which $18.1 million was unrealized. The unrealized foreign currency gains are mainly related to intercompany loans denominated in currencies other than the functional currency of the affected subsidiaries.