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Fair Value of Assets and Liabilities (Tables) | 9 Months Ended
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Sep. 30, 2023
Fair Value Disclosures [Abstract] |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | As of September 30, 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 Classification |  | September 30, 2023 |  | December 31, 2022 |  |
Derivatives Designated as Hedging Instruments |  |  |  |  |  |  |
Interest rate swap agreement: |  |  |  |  |  |  |
Designated as cash flow hedge | Prepaid expenses and other current assets |  | $ | 4,963 |  |  | $ | 3,939 |  |  |
| Other long-term assets |  | $ | 6,533 |  |  | $ | 4,740 |  |  |
Derivatives Not Designated as Hedging Instruments |  |  |  |  |  |  |
Foreign exchange forward contract | Prepaid expenses and other current assets |  | $ | 2,862 |  |  | $ | 6,186 |  |  |
Schedule of 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 nine months ended September 30, 2023 and October 1, 2022 were as follows:
|  |  |  | Three Months Ended |  | Nine Months Ended
(in thousands) |  | Classification of (Gain) Loss Recognized in the Condensed Consolidated Statements of Operations |  | September 30, 2023 |  | October 1, 2022 |  | September 30, 2023 |  | October 1, 2022
Derivatives designated as cash flow hedges |  |  |  |  |  |  |  |  |  |
Interest rate swap agreement |  | Interest expense, net |  | $ | (1,252) |  |  | $ | 314 |  |  | $ | (3,246) |  |  | $ | 335 |
Derivatives Not Designated as Hedging Instruments |  |  |  |  |  |  |  |  |  |
Foreign exchange forward contract |  | Foreign exchange loss |  | $ | 4,310 |  |  | $ | 3,209 |  |  | $ | 3,226 |  |  | $ | 3,209 |
The pre-tax gains recognized on derivative financial instruments in the Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2023 and October 1, 2022 was as follows:
|  | Three Months Ended |  | Nine Months Ended
(in thousands) |  | September 30, 2023 |  | October 1, 2022 |  | September 30, 2023 |  | October 1, 2022
Derivatives designated as cash flow hedges |  |  |  |  |  |  |  |
Interest rate swap agreement |  | $ | (2,034) |  |  | $ | (10,012) |  |  | $ | (2,817) |  |  | $ | (9,300) |
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 September 30, 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 |  | $ | 427,671 |  |  | $ | — |  |  | $ | — |  |  | $ | 427,671 |
Investments in equity securities |  | 9,703 |  |  | — |  |  | — |  |  | 9,703 |
Mutual funds |  | 18,192 |  |  | — |  |  | — |  |  | 18,192 |
Total |  | $ | 455,566 |  |  | $ | — |  |  | $ | — |  |  | $ | 455,566 |
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 September 30, 2023 and December 31, 2022 were as follows:
|  | September 30, 2023 |  | December 31, 2022
(in thousands) |  | Carrying Value |  | Estimated Fair Value |  | Carrying Value |  | Estimated Fair Value
Euro Senior Notes, Series A due 2023 |  | $ | 123,605 |  |  | $ | 122,830 |  |  | $ | 124,716 |  |  | $ | 122,270 |
Euro Senior Notes, Series B due 2028 |  | 100,363 |  |  | 87,722 |  |  | 101,265 |  |  | 87,119 |
USD Senior Notes, Series B due 2027 |  | 100,000 |  |  | 92,866 |  |  | 100,000 |  |  | 93,764 |
USD Senior Notes, Series A due 2025 |  | 50,000 |  |  | 48,338 |  |  | 50,000 |  |  | 48,145 |
USD Senior Notes, Series B due 2030 |  | 125,000 |  |  | 109,188 |  |  | 125,000 |  |  | 112,028 |
USD Senior Notes, due 2032 |  | 100,000 |  |  | 86,977 |  |  | 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 -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + 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 -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4E Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4A + Details
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