Fair Value of Assets and Liabilities (Tables)

6 Months Ended

Jul. 02, 2022

Fair Value Disclosures [Abstract]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

As of July 2, 2022, the fair values of our derivative financial instrument and their classifications on the Condensed Consolidated Balance Sheets was as follows:

(in thousands)	Consolidated Balance Sheet Classification	July 2, 2022
Derivative assets
Interest rate swap agreement:
Designated as cash flow hedge	Prepaid expenses and other current assets	$	206
	Other long-term liabilities	$	918

Derivative Instruments, Gain (Loss)

The pre-tax losses recognized on derivative financial instruments in the Condensed Consolidated Statements of Operations for the three and six months ended July 2, 2022 were as follows:

		Three Months Ended	Six Months Ended
(in thousands)	Classification of Loss Recognized in the Condensed Consolidated Statements of Operations	July 2, 2022	July 2, 2022
Derivatives designated as cash flow hedges
Interest rate swap agreement	Interest expense, net	21	21

The pre-tax losses recognized on derivative financial instruments in the Condensed Consolidated Statements of Comprehensive Income for the three and six months ended July 2, 2022 were as follows:

	Three Months Ended		Six Months Ended
(in thousands)	July 2, 2022		July 2, 2022
Derivatives designated as cash flow hedges
Interest rate swap agreement	$	712	$	712

Schedule of fair value, assets measured on recurring basis

The following table presents assets measured at fair value by classification within the fair value hierarchy as of July 2, 2022:

	Fair Value Measurements Using
(in thousands)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Cash equivalents	$	251,502	$	—	$	—	$	251,502
Investments in equity securities	12,112		—		—		12,112
Mutual funds	13,441		—		—		13,441
Total	$	277,055	$	—	$	—	$	277,055

The following table presents assets measured at fair value by classification within the fair value hierarchy as of January 1, 2022: 

	Fair Value Measurements Using
(in thousands)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Cash equivalents	$	12,475	$	—	$	—	$	12,475
Investments in equity securities	26,070		—		—		26,070
Mutual funds	15,021		—		—		15,021
Total	$	53,566	$	—	$	—	$	53,566

Schedule of fair value, by balance sheet grouping

The carrying value and estimated fair values of the Company’s Euro Senior Notes, Series A and Series B and USD Senior Notes, Series A and Series B, as of July 2, 2022 and January 1, 2022 were as follows:

	July 2, 2022				January 1, 2022
(in thousands)	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Euro Senior Notes, Series A due 2023	$	122,533	$	121,472	$	132,444	$	134,119
Euro Senior Notes, Series B due 2028	99,494		91,857		107,540		110,837
USD Senior Notes, Series A due 2022	—		—		25,000		25,055
USD Senior Notes, Series B due 2027	100,000		96,318		100,000		104,828
USD Senior Notes, Series A due 2025	50,000		48,762		50,000		51,720
USD Senior Notes, Series B due 2030	125,000		117,255		125,000		131,837