XML 44 R35.htm IDEA: XBRL DOCUMENT v3.23.2
Fair Value of Assets and Liabilities (Tables)
 6 Months Ended
Jul. 01, 2023
Fair Value Disclosures [Abstract]  
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value As of July 1, 2023 and December 31, 2022, the fair values of our derivative financial instrument and their classifications on the Condensed Consolidated Balance Sheets were as follows:

(in thousands)		Consolidated Balance Sheet ClassificationJuly 1, 2023December 31, 2022
Derivatives Designated as Hedging Instruments
Interest rate swap agreement:
Designated as cash flow hedgePrepaid expenses and other current assets$4,794 $3,939 
Other long-term assets$4,668 $4,740 
Derivatives Not Designated as Hedging Instruments
Foreign exchange forward contractPrepaid expenses and other current assets$7,245 $6,186 
Derivative Instruments, Pre-Tax Gains
The pre-tax (gains) losses recognized on derivative financial instruments in the Condensed Consolidated Statements of Operations for the three and six months ended July 1, 2023 and July 2, 2022 were as follows:
Three Months EndedSix Months Ended
(in thousands)Classification of (Gain) Loss Recognized in the
Condensed Consolidated Statements of Operations		July 1, 2023July 2, 2022July 1, 2023July 2, 2022
Derivatives designated as cash flow hedges
Interest rate swap agreementInterest expense, net$(1,119)$21 $(2,094)$21 
Derivatives Not Designated as Hedging Instruments
Foreign exchange forward contractForeign exchange (gain) loss$(264)$— $(1,083)$— 


The pre-tax (gains) losses recognized on derivative financial instruments in the Condensed Consolidated Statements of Comprehensive Income for the three and six months ended July 1, 2023 and July 2, 2022 was as follows:
 Three Months EndedSix Months Ended
(in thousands)July 1, 2023July 2, 2022July 1, 2023July 2, 2022
Derivatives designated as cash flow hedges
Interest rate swap agreement$(4,096)$712 $(783)$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 1, 2023:
 
 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$246,566 $— $— $246,566 
Investments in equity securities11,573 — — 11,573 
Mutual funds18,513 — — 18,513 
   Total $276,652 $— $— $276,652 

The following table presents assets measured at fair value by classification within the fair value hierarchy as of December 31, 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$304,101 $— $— $304,101 
Investments in equity securities10,653 — — 10,653 
Mutual funds14,094 — — 14,094 
   Total$328,848 $— $— $328,848 
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 1, 2023 and December 31, 2022 were as follows:
 
 July 1, 2023December 31, 2022
(in thousands)Carrying
Value		Estimated
Fair Value		Carrying
Value		Estimated
Fair Value
Euro Senior Notes, Series A due 2023$127,220 $125,507 $124,716 $122,270 
Euro Senior Notes, Series B due 2028103,298 89,941 101,265 87,119 
USD Senior Notes, Series B due 2027100,000 93,334 100,000 93,764 
USD Senior Notes, Series A due 202550,000 48,128 50,000 48,145 
USD Senior Notes, Series B due 2030125,000 111,735 125,000 112,028 
USD Senior Notes, due 2032100,000 89,879 100,000 90,131