Fair Value Measurement (Tables)

12 Months Ended

Dec. 30, 2023

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

The following tables present the Company’s financial instruments that are measured at fair value on a recurring and nonrecurring basis as of December 30, 2023 and December 31, 2022 and are categorized using the fair value hierarchy under FASB authoritative guidance. The fair value hierarchy has three levels based on the reliability of the inputs used to determine the fair value.


			Fair Value Measurements at December 30, 2023 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 assets	$	29,000	$	—	$	29,000	$	—
Total Assets	29,000		—		29,000		—

Liabilities
Derivative liabilities	19,997		—		19,997		—
Contingent consideration	86,495		—		—		86,495
6% Senior Notes	1,000,000		—		1,000,000		—
5.25% Senior Notes	493,100		—		493,100		—
3.625% Senior Notes	560,994		—		560,994		—
Term loan A-1	398,000		—		398,000		—
Term loan A-2	478,844		—		478,844		—
Term loan A-3	298,500		—		298,500		—
Term loan A-4	488,172		—		488,172		—
Revolver	604,766		—		604,766		—
Total Liabilities	$	4,428,868	$	—	$	4,342,373	$	86,495


			Fair Value Measurements at December 31, 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 assets	$	20,324	$	—	$	20,324	$	—
Total Assets	20,324		—		20,324		—

Liabilities
Derivative liabilities	5,406		—		5,406		—
Contingent consideration	169,903		—		—		169,903
6% Senior Notes	977,200		—		977,200		—
5.25% Senior Notes	485,700		—		485,700		—
3.625% Senior Notes	533,155		—		533,155		—
Term loan A-1	398,000		—		398,000		—
Term loan A-2	488,813		—		488,813		—
Term Loan B	199,000		—		199,000		—
Revolver	133,003		—		133,003		—
Total Liabilities	$	3,390,180	$	—	$	3,220,277	$	169,903

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

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 included in earnings during period	3,506
Exchange rate changes	(1,731)
Balance as of December 31, 2022	169,903
Out of period correction (1)	(85,144)
Total included in earnings during period	(5,835)
Exchange rate changes	7,571
Balance as of December 30, 2023	$	86,495

(1) As disclosed in Note 1 (16), the immaterial out-of-period correction made during the quarter ended July 1, 2023 resulted in a reduction of goodwill recorded associated with the FASA Acquisition of approximately $85.1 million.