Summary of Significant Accounting Policies (Tables)

3 Months Ended

Apr. 01, 2023

Accounting Policies [Abstract]

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

The company’s financial assets and liabilities that are measured at fair value and are categorized using the fair value hierarchy are as follows (in thousands):

	Fair Value Level 1		Fair Value Level 2		Fair Value Level 3		Total
As of April 1, 2023
Financial Assets:
Interest rate swaps	$	—	$	53,754	$	—	$	53,754
Financial Liabilities:
Contingent consideration	$	—	$	—	$	49,874	$	49,874
Foreign exchange derivative contracts	$	—	$	308	$	—	$	308
As of December 31, 2022
Financial Assets:
Interest rate swaps	$	—	$	64,985	$	—	$	64,985
Financial Liabilities:
Contingent consideration	$	—	$	—	$	47,242	$	47,242
Foreign exchange derivative contracts	$	—	$	474	$	—	$	474

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

The following table represents changes in the fair value of the contingent consideration liabilities:

	April 1, 2023
Beginning balance	$	47,242
New contingent consideration	1,316
Changes in fair value	1,316
Ending balance	$	49,874