Fair Value Measurements (Tables)

12 Months Ended

Jan. 01, 2023

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis

The following table summarizes our assets and liabilities measured and recorded at fair value on a recurring basis as of January 1, 2023 and January 2, 2022:

	January 1, 2023								January 2, 2022
(In thousands)	Total Fair Value		Level 3		Level 2		Level 1		Total Fair Value		Level 3		Level 2		Level 1
Assets
Cash and cash equivalents:
Money market funds	$	297,474	$	—	$	—	$	297,474	$	—	$	—	$	—	$	—
Other long-term assets:
Equity investments with FVO	18,346		18,346		—		—		8,374		8,374		—		—
Equity investments with readily determinable fair value	132,480		—		—		132,480		457,352		—		—		457,352
Interest rate swaps	2,293		—		2,293		—		—		—		—		—
Total assets	$	450,593	$	18,346	$	2,293	$	429,954	$	465,726	$	8,374	$	—	$	457,352

Schedule of Equity Method Investment Movements

The following table summarizes movements in equity investments for the year ended January 1, 2023. There were no internal movements between Level 1 or Level 2 fair value measurements to or from Level 3 fair value measurements for the year ended January 1, 2023.

(In thousands)	Beginning balance as of January 2, 2022		Equity Distribution		Additional Investment		Other adjustment 1		Ending balance as of January 1, 2023
Equity investments with FVO	$	8,374	$	—	$	8,172	$	1,800	$	18,346

1 During the year ended January 1, 2023, we recorded a fair value adjustment of $1.8 million as a result of our assessment of the fair value of our equity investments with FVO during the year. The fair value adjustment was recorded within “Equity in earnings (losses) of unconsolidated investees” in our consolidated statements of operations.

Schedule of Level 3 Significant Unobservable Input Sensitivity

The following table summarizes the significant unobservable inputs used in Level 3 valuation of our investments carried at fair value as of January 1, 2023. Included in the table are the inputs or range of possible inputs that have an effect on the overall valuation of the financial instruments.

2022
Assets:	Fair value		Valuation Technique	Unobservable Input	Range1	Weighted Average1
Other long-term assets:
Equity investments	$	18,346	Discounted cash flows	Discount rate Residual value	12.5%-13% 6.3%-12.9%	12.7% 8.2%
Total assets	$	18,346

1 The primary unobservable inputs used in the fair value measurement of our equity investments, when using a discounted cash flow model, are the discount rate and residual value. Significant increases (decreases) in the discount rate in isolation would result in a significantly lower (higher) fair value measurement. We estimate the discount rate based on risk appropriate projected cost of equity. We estimate the residual value based on the contracted systems in place in the years being projected. Significant increases (decreases) in the residual value in isolation would result in a significantly higher (lower) fair value measurement.