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Fair Value of Assets and Liabilities (Tables) | 3 Months Ended
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Apr. 01, 2023
Fair Value Disclosures [Abstract] |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | As of April 1, 2023, 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 Classification |  | April 1, 2023 |  |
Derivatives Designated as Hedging Instruments |  |  |  |  |
Interest rate swap agreement: |  |  |  |  |
Designated as cash flow hedge | Prepaid expenses and other current assets |  | $ | 3,593 |  |  |
| Other long-term assets |  | $ | 1,773 |  |  |
Derivatives Not Designated as Hedging Instruments |  |  |  |  |
Foreign exchange forward contract | Prepaid expenses and other current assets |  | $ | 7,092 |  |  |
Derivative Instruments, Pre-Tax Gains | The pre-tax gains recognized on derivative financial instruments in the Condensed Consolidated Statements of Operations for the three months ended April 1, 2023 were as follows:
|  |  |  | Three Months Ended |  |
(in thousands) |  | Classification of Gain Recognized in the Condensed Consolidated Statements of Operations |  | April 1, 2023 |  |  |  |  |  |
Derivatives designated as cash flow hedges |  |  |  |  |  |  |  |  |  |
Interest rate swap agreement |  | Interest expense |  | $ | (975) |  |  |  |  |  |  |
Derivatives Not Designated as Hedging Instruments |  |  |  |  |  |  |  |  |  |
Foreign exchange forward contract |  | Foreign exchange (gain) loss |  | $ | (819) |  |  |  |  |  |  |
The pre-tax gain recognized on derivative financial instruments in the Condensed Consolidated Statements of Comprehensive Income for the three months ended April 1, 2023 was as follows:
|  | Three Months Ended |  |
(in thousands) |  | April 1, 2023 |  |  |  |  |  |
Derivatives designated as cash flow hedges |  |  |  |  |  |  |  |
Interest rate swap agreement |  | $ | (5,366) |  |  |  |  |  |  |
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 April 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 |  | $ | 164,073 |  |  | $ | — |  |  | $ | — |  |  | $ | 164,073 |
Investments in equity securities |  | 12,715 |  |  | — |  |  | — |  |  | 12,715 |
Mutual funds |  | 17,642 |  |  | — |  |  | — |  |  | 17,642 |
Total |  | $ | 194,430 |  |  | $ | — |  |  | $ | — |  |  | $ | 194,430 |
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 securities |  | 10,653 |  |  | — |  |  | — |  |  | 10,653 |
Mutual funds |  | 14,094 |  |  | — |  |  | — |  |  | 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 April 1, 2023 and December 31, 2022 were as follows:
|  | April 1, 2023 |  | December 31, 2022
(in thousands) |  | Carrying Value |  | Estimated Fair Value |  | Carrying Value |  | Estimated Fair Value
Euro Senior Notes, Series A due 2023 |  | $ | 127,706 |  |  | $ | 125,554 |  |  | $ | 124,716 |  |  | $ | 122,270 |
Euro Senior Notes, Series B due 2028 |  | 103,693 |  |  | 90,411 |  |  | 101,265 |  |  | 87,119 |
USD Senior Notes, Series B due 2027 |  | 100,000 |  |  | 95,299 |  |  | 100,000 |  |  | 93,764 |
USD Senior Notes, Series A due 2025 |  | 50,000 |  |  | 48,700 |  |  | 50,000 |  |  | 48,145 |
USD Senior Notes, Series B due 2030 |  | 125,000 |  |  | 114,593 |  |  | 125,000 |  |  | 112,028 |
USD Senior Notes, due 2032 |  | 100,000 |  |  | 92,406 |  |  | 100,000 |  |  | 90,131 |

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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI https://asc.fasb.org/extlink&oid=123594938&loc=d3e13467-108611 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4E -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624181-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5618551-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 + Details
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