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Fair Value of Assets and Liabilities (Tables) | 3 Months Ended
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Mar. 30, 2024
Fair Value Disclosures [Abstract] |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | As of March 30, 2024 and December 30, 2023, the fair values of the Company's derivative financial instrument and their classifications on the Condensed Consolidated Balance Sheets were as follows:
(in thousands) | Condensed Consolidated Balance Sheet Classification |  | March 30, 2024 |  | December 30, 2023 |  |
Derivatives designated as hedging instruments |  |  |  |  |  |  |
Interest rate swap agreement: |  |  |  |  |  |  |
Designated as cash flow hedge | Prepaid expenses and other current assets |  | $ | 3,952 |  |  | $ | 3,712 |  |  |
| Other long-term assets |  | $ | 4,434 |  |  | $ | 2,140 |  |  |
Schedule of Derivative Instruments Pre-tax Gains | The pre-tax gains recognized on derivative financial instruments in the Condensed Consolidated Statements of Net Income for the three months ended March 30, 2024 and April 1, 2023 were as follows:
|  |  |  | Three Months Ended |  |
(in thousands) |  | Classification of Gain Recognized in the Condensed Consolidated Statements of Net Income |  | March 30, 2024 |  | April 1, 2023 |  |  |  |
Derivatives designated as cash flow hedges |  |  |  |  |  |  |  |  |  |
Interest rate swap agreement |  | Interest expense |  | $ | (1,280) |  |  | $ | (975) |  |  |  |  |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |  |  |  |
Foreign exchange forward contract |  | Foreign exchange gain |  | $ | — |  |  | $ | (819) |  |  |  |  |
The pre-tax (gains) recognized on derivative financial instruments in the Condensed Consolidated Statements of Comprehensive Income for the three months ended March 30, 2024 and April 1, 2023 was as follows:
|  | Three Months Ended |  |
(in thousands) |  | March 30, 2024 |  | April 1, 2023 |  |  |  |
Derivatives designated as cash flow hedges |  |  |  |  |  |  |  |
Interest rate swap agreement |  | $ | (2,534) |  |  | $ | (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 March 30, 2024:
|  | 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 |  | $ | 452,453 |  |  | $ | — |  |  | $ | — |  |  | $ | 452,453 |
Investments in equity securities |  | 10,178 |  |  | — |  |  | — |  |  | 10,178 |
Mutual funds |  | 21,509 |  |  | — |  |  | — |  |  | 21,509 |
Total |  | $ | 484,140 |  |  | $ | — |  |  | $ | — |  |  | $ | 484,140 |
The following table presents assets measured at fair value by classification within the fair value hierarchy as of December 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 |  | $ | 415,788 |  |  | $ | — |  |  | $ | — |  |  | $ | 415,788 |
Investments in equity securities |  | 10,832 |  |  | — |  |  | — |  |  | 10,832 |
Mutual funds |  | 20,148 |  |  | — |  |  | — |  |  | 20,148 |
Total |  | $ | 446,768 |  |  | $ | — |  |  | $ | — |  |  | $ | 446,768 |
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 March 30, 2024 and December 30, 2023 were as follows:
|  | March 30, 2024 |  | December 30, 2023
(in thousands) |  | Carrying Value |  | Estimated Fair Value |  | Carrying Value |  | Estimated Fair Value
Euro Senior Notes, Series B due 2028 |  | $ | 102,458 |  |  | $ | 93,470 |  |  | $ | 105,246 |  |  | $ | 96,532 |
USD Senior Notes, Series B due 2027 |  | 100,000 |  |  | 95,654 |  |  | 100,000 |  |  | 96,127 |
USD Senior Notes, Series A due 2025 |  | 50,000 |  |  | 49,203 |  |  | 50,000 |  |  | 49,070 |
USD Senior Notes, Series B due 2030 |  | 125,000 |  |  | 114,269 |  |  | 125,000 |  |  | 115,687 |
USD Senior Notes, due 2032 |  | 100,000 |  |  | 91,365 |  |  | 100,000 |  |  | 93,228 |

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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://www.xbrl.org/2009/role/commonPracticeRef -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 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -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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