Fair Value of Assets and Liabilities (Tables)

3 Months Ended

Apr. 01, 2023

Fair Value Disclosures [Abstract]

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

As of April 1, 2023, 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	April 1, 2023
Derivatives Designated as Hedging Instruments
Interest rate swap agreement:
Designated as cash flow hedge	Prepaid expenses and other current assets	$	3,593
	Other long-term assets	$	1,773
Derivatives Not Designated as Hedging Instruments
Foreign exchange forward contract	Prepaid expenses and other current assets	$	7,092

Derivative Instruments, Pre-Tax Gains

The pre-tax gains recognized on derivative financial instruments in the Condensed Consolidated Statements of Operations for the three months ended April 1, 2023 were as follows:

		Three Months Ended
(in thousands)	Classification of Gain Recognized in the Condensed Consolidated Statements of Operations	April 1, 2023
Derivatives designated as cash flow hedges
Interest rate swap agreement	Interest expense	$	(975)
Derivatives Not Designated as Hedging Instruments
Foreign exchange forward contract	Foreign exchange (gain) loss	$	(819)

The pre-tax gain recognized on derivative financial instruments in the Condensed Consolidated Statements of Comprehensive Income for the three months ended April 1, 2023 was as follows:

	Three Months Ended
(in thousands)	April 1, 2023
Derivatives designated as cash flow hedges
Interest rate swap agreement	$	(5,366)

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 April 1, 2023:

	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	$	164,073	$	—	$	—	$	164,073
Investments in equity securities	12,715		—		—		12,715
Mutual funds	17,642		—		—		17,642
Total	$	194,430	$	—	$	—	$	194,430

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

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 April 1, 2023 and December 31, 2022 were as follows:

	April 1, 2023				December 31, 2022
(in thousands)	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Euro Senior Notes, Series A due 2023	$	127,706	$	125,554	$	124,716	$	122,270
Euro Senior Notes, Series B due 2028	103,693		90,411		101,265		87,119
USD Senior Notes, Series B due 2027	100,000		95,299		100,000		93,764
USD Senior Notes, Series A due 2025	50,000		48,700		50,000		48,145
USD Senior Notes, Series B due 2030	125,000		114,593		125,000		112,028
USD Senior Notes, due 2032	100,000		92,406		100,000		90,131