Other Expense, Net

6 Months Ended

Jul. 04, 2021

Other Income And Expenses [Abstract]

Other Expense, Net

(19) Other expense, net

Other expense, net was $3.4 million for the fiscal quarter ended July 4, 2021, comprised primarily of $1.3 million of net foreign currency losses. Other expense, net was $53.4 million for the fiscal six months ended July 4, 2021, and was comprised primarily of loss on early extinguishment of debt of $50.3 million, which was related to the use of 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 $7.7 million for the fiscal quarter ended June 28, 2020, comprised primarily of $6.5 million of net foreign currency losses, of which $5.1 million was unrealized, primarily related to intercompany loans denominated in currencies other than the functional currency of the affected subsidiaries and loss on early extinguishment of debt of $2.6 million related to debt refinancing activities, which was offset by fair value gains of $1.2 million from interest rate caps. Other expense, net was $67.0 million for the fiscal six months ended June 28, 2020 and was comprised primarily of $54.8 million of net foreign currency losses, of which $55.0 million was unrealized, mainly related to intercompany loans denominated in currencies other than the functional currency of the affected subsidiaries, and loss on early extinguishment of $12.6 million related to debt refinancing activities.