Fair Value Measurements (Tables)

9 Months Ended

Sep. 26, 2021

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

The table below presents the balances of assets and liabilities measured at fair value as of September 26, 2021, December 31, 2020, and September 27, 2020 on a recurring basis as well as the fair values of other financial instruments, including their locations within the unaudited condensed consolidated balance sheets:


(In thousands)	Balance Sheet Location	Fair Value Hierarchy Level	September 26, 2021				December 31, 2020				September 27, 2020
(In thousands)	Balance Sheet Location	Fair Value Hierarchy Level	Carrying Value		Fair Value		Carrying Value		Fair Value		Carrying Value		Fair Value
Financial assets (liabilities) measured on a recurring basis:
Short-term investments	Other current assets	Level 1	$	561	$	561	$	280	$	280	$	163	$	163
Interest rate swaps	Derivative Liability (1)	Level 2	$	(28,504)	$	(28,504)	$	(39,086)	$	(39,086)	$	(43,016)	$	(43,016)
Other financial assets (liabilities):
Term debt	Long-Term Debt (2)	Level 2	$	(264,250)	$	(258,965)	$	(264,250)	$	(253,680)	$	(264,250)	$	(244,431)
2024 senior notes	Long-Term Debt (2)	Level 1	$	(450,000)	$	(454,500)	$	(450,000)	$	(451,125)	$	(450,000)	$	(433,125)
2025 senior notes	Long-Term Debt (2)	Level 2	$	(1,000,000)	$	(1,040,000)	$	(1,000,000)	$	(1,043,750)	$	(1,000,000)	$	(1,010,000)
2027 senior notes	Long-Term Debt (2)	Level 1	$	(500,000)	$	(514,375)	$	(500,000)	$	(507,500)	$	(500,000)	$	(487,500)
2028 senior notes	Long-Term Debt (2)	Level 1 (3)	$	(300,000)	$	(322,500)	$	(300,000)	$	(318,000)	—		—
2029 senior notes	Long-Term Debt (2)	Level 1	$	(500,000)	$	(512,500)	$	(500,000)	$	(505,625)	$	(500,000)	$	(476,250)

(1)As of September 27, 2020, $4.3 million of the fair value of our swap portfolio was classified as current and recorded in "Other accrued liabilities".

(2)Carrying values of long-term debt balances are before reductions for debt issuance costs and original issue discount of $50.2 million, $60.0 million, and $52.3 million as of September 26, 2021, December 31, 2020, and September 27, 2020, respectively.

(3)The 2028 senior notes were based on Level 1 inputs as of September 26, 2021 and Level 2 inputs as of December 31, 2020.