Fair Value Measurement (Tables)

9 Months Ended

Oct. 01, 2022

Fair Value, Assets Measured on Recurring and Nonrecurring Basis

The fair value hierarchy has three levels based on the reliability of the inputs used to determine the fair value.


			Fair Value Measurements at October 1, 2022 Using
			Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
(In thousands of dollars)	Total		(Level 1)		(Level 2)		(Level 3)
Assets:
Derivative instruments	$	17,459	$	—	$	17,459	$	—
Total Assets	$	17,459	$	—	$	17,459	$	—

Liabilities:
Derivative instruments	$	18,978	$	—	$	18,978	$	—
Contingent consideration	161,278		—		—		161,278
6% Senior notes	951,200		—		951,200		—
5.25% Senior notes	480,000		—		480,000		—
3.625% Senior notes	472,228		—		472,228		—
Term loan A-1	398,000		—		398,000		—
Term loan A-2	491,906		—		491,906		—
Term loan B	199,000		—		199,000		—
Revolver debt	91,834		—		91,834		—
Total Liabilities	$	3,264,424	$	—	$	3,103,146	$	161,278


			Fair Value Measurements at January 1, 2022 Using
			Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
(In thousands of dollars)	Total		(Level 1)		(Level 2)		(Level 3)
Assets:
Derivative instruments	$	5,031	$	—	$	5,031	$	—
Total Assets	$	5,031	$	—	$	5,031	$	—

Liabilities:
Derivative instruments	$	7,173	$	—	$	7,173	$	—
5.25% Senior notes	515,600		—		515,600		—
3.625% Senior notes	591,200		—		591,200		—
Term loan B	200,000		—		200,000		—
Revolver debt	158,400		—		158,400		—
Total Liabilities	$	1,472,373	$	—	$	1,472,373	$	—

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

The fair value measurement of the contingent consideration uses significant unobservable inputs (level 3). The changes in contingent consideration are due to the following:


(in thousands of dollars)	Contingent Consideration
Balance as of January 1, 2022	$	—
Initial measurement	168,128
Total expense included in earnings during period	1,441
Exchange rate changes	(8,291)
Balance as of October 1, 2022	$	161,278