Fair Value of Assets and Liabilities (Tables)

9 Months Ended

Oct. 01, 2022

Fair Value Disclosures [Abstract]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

As of October 1, 2022, the fair values of our derivative financial instrument and their classifications on the Condensed Consolidated Balance Sheets were as follows:

(in thousands)	Consolidated Balance Sheet Classification	October 1, 2022
Derivatives Designated as Hedging Instruments
Interest rate swap agreement:
Designated as cash flow hedge	Prepaid expenses and other current assets	$	2,726
	Other long-term assets	$	6,574
Derivatives Not Designated as Hedging Instruments
Foreign exchange forward contract	Other long-term liabilities	$	3,179

Derivative Instruments, Gain (Loss)

The pre-tax losses recognized on derivative financial instruments in the Condensed Consolidated Statements of Operations for the three and nine months ended October 1, 2022 were as follows:

		Three Months Ended		Nine Months Ended
(in thousands)	Classification of Loss Recognized in the Condensed Consolidated Statements of Operations	October 1, 2022		October 1, 2022
Derivatives designated as cash flow hedges
Interest rate swap agreement	Interest expense, net	$	314	$	335
Derivatives Not Designated as Hedging Instruments
Foreign exchange forward contract	Foreign exchange loss	$	3,209	$	3,209

The pre-tax gain recognized on derivative financial instruments in the Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended October 1, 2022 was as follows:

	Three Months Ended		Nine Months Ended
(in thousands)	October 1, 2022		October 1, 2022
Derivatives designated as cash flow hedges
Interest rate swap agreement	$	(10,012)	$	(9,300)

Schedule of Fair Value, Assets Measured on Recurring Basis

The following table presents assets measured at fair value by classification within the fair value hierarchy as of October 1, 2022:

	Fair Value Measurements Using
(in thousands)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Cash equivalents	$	83,012	$	—	$	—	$	83,012
Investments in equity securities	10,123		—		—		10,123
Mutual funds	13,037		—		—		13,037
Total	$	106,172	$	—	$	—	$	106,172

The following table presents assets measured at fair value by classification within the fair value hierarchy as of January 1, 2022: 

	Fair Value Measurements Using
(in thousands)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Cash equivalents	$	12,475	$	—	$	—	$	12,475
Investments in equity securities	26,070		—		—		26,070
Mutual funds	15,021		—		—		15,021
Total	$	53,566	$	—	$	—	$	53,566

Schedule of Fair Value, by Balance Sheet Grouping

The carrying value and estimated fair values of the Company’s Euro Senior Notes, Series A and Series B and USD Senior Notes, Series A and Series B, as of October 1, 2022 and January 1, 2022 were as follows:

	October 1, 2022				January 1, 2022
(in thousands)	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Euro Senior Notes, Series A due 2023	$	114,958	$	111,435	$	132,444	$	134,119
Euro Senior Notes, Series B due 2028	93,342		80,581		107,540		110,837
USD Senior Notes, Series A due 2022	—		—		25,000		25,055
USD Senior Notes, Series B due 2027	100,000		93,233		100,000		104,828
USD Senior Notes, Series A due 2025	50,000		47,905		50,000		51,720
USD Senior Notes, Series B due 2030	125,000		111,309		125,000		131,837
USD Senior Notes, due 2032	100,000		89,598		—		—