Fair Value of Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Schedule of derivative instruments in statement of financial position, fair value

As of December 31, 2022, the fair values of our derivative financial instrument and their classifications on the Consolidated Balance Sheets were as follows:

(in thousands)	Consolidated Balance Sheet Classification	Fiscal Year Ended December 31, 2022
Derivatives Designated as Hedging Instruments
Interest rate swap agreement:
Designated as cash flow hedge	Prepaid expenses and other current assets	$	3,939
	Other long-term assets	$	4,740
Derivatives Not Designated as Hedging Instruments
Foreign exchange forward contract	Prepaid expenses and other current assets	$	6,186

Derivative instruments, gain (loss)

The pre-tax gains recognized on derivative financial instruments in the Consolidated Statements of Operations for the fiscal year ended December 31, 2022 were as follows:

(in thousands)	Classification of Gain Recognized in the Consolidated Statements of Operations	Fiscal Year Ended December 31, 2022
Derivatives designated as cash flow hedges
Interest rate swap agreement	Interest expenses, net	$	(100)
Derivatives Not Designated as Hedging Instruments
Foreign exchange forward contract	Foreign exchange loss (gain)	$	(6,128)

The pre-tax gain recognized on derivative financial instruments in the Consolidated Statements of Comprehensive Income for the fiscal year ended December 31, 2022 was as follows:

(in thousands)	Fiscal Year Ended December 31, 2022
Derivatives designated as cash flow hedges
Interest rate swap agreement	$	(8,679)

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 December 31, 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	$	304,101	$	—	$	—	$	304,101
Investments in equity securities	10,653		—		—		10,653
Mutual funds	14,094		—		—		14,094
Total:	$	328,848	$	—	$	—	$	328,848

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 December 31, 2022 and January 1, 2022 were as follows:

 

	December 31, 2022				January 1, 2022
(in thousands)	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Euro Senior Notes, Series A due 2023	$	124,716	$	122,270	$	132,444	$	134,119
Euro Senior Notes, Series B due 2028	101,265		87,119		107,540		110,837
USD Senior Notes, Series A due 2022	—		—		25,000		25,055
USD Senior Notes, Series B due 2027	100,000		93,764		100,000		104,828
USD Senior Notes, Series A due 2025	50,000		48,145		50,000		51,720
USD Senior Notes, Series B due 2030	125,000		112,028		125,000		131,837
USD Senior Notes, due 2032	100,000		90,131		—		—