Fair Value Measurements

6 Months Ended

Jul. 02, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

The Company’s financial assets and liabilities measured at fair value on a recurring basis were as follows (in thousands):

	Fair Value Measurements as of July 2, 2022
	Level 1		Level 2 (1)		Level 3
Assets:
Money market funds	$	2,113	$	—	$	—
Derivative instruments (Note 8)	—		64,841		—
Total assets measured at fair value	$	2,113	$	64,841	$	—
Liabilities:
Derivative instruments (Note 8)	$	—	$	5,593	$	—
Total liabilities measured at fair value	$	—	$	5,593	$	—

	Fair Value Measurements as of January 1, 2022
	Level 1		Level 2 (1)		Level 3
Assets:
Money market funds	$	33,003	$	—	$	—
Marketable equity securities, $23,286 at cost	33,044		—		—
Derivative instruments (Note 8)	—		23,709		—
Total assets measured at fair value	$	66,047	$	23,709	$	—
Liabilities:
Derivative instruments (Note 8)	$	—	$	3,007	$	—
Total liabilities measured at fair value	$	—	$	3,007	$	—

(1)Level 2 fair value estimates are based on observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.