Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jul. 01, 2023

Accounting Policies [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The company’s financial assets and liabilities that are measured at fair value and are categorized using the fair value hierarchy are as follows (in thousands):

	Fair Value Level 1		Fair Value Level 2		Fair Value Level 3		Total
As of July 1, 2023
Financial Assets:
Interest rate swaps	$	—	$	62,136	$	—	$	62,136
Financial Liabilities:
Contingent consideration	$	—	$	—	$	56,475	$	56,475
Foreign exchange derivative contracts	$	—	$	2,079	$	—	$	2,079
As of December 31, 2022
Financial Assets:
Interest rate swaps	$	—	$	64,985	$	—	$	64,985
Financial Liabilities:
Contingent consideration	$	—	$	—	$	47,242	$	47,242
Foreign exchange derivative contracts	$	—	$	474	$	—	$	474

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following table represents changes in the fair value of the contingent consideration liabilities:

	July 1, 2023
Beginning balance	$	47,242
Payments of contingent consideration	(3,153)
New contingent consideration	10,774
Changes in fair value	1,612
Ending balance	$	56,475