Fair Value Measurements

9 Months Ended

Oct. 02, 2022

The following table presents assets and liabilities that are measured at fair value on a recurring basis as of October 2, 2022 and January 2, 2022:


	October 2, 2022
	Level 1		Level 2
Assets:
401(k) mirror plan assets	$	6	$	—
Interest rate derivatives	—		18,397
Commodity derivatives	—		570
Foreign currency derivatives	—		562
Total Assets	$	6	$	19,529
Liabilities:
Foreign currency derivatives	$	—	$	219
Total Liabilities	$	—	$	219


	January 2, 2022
	Level 1		Level 2
Assets:
401(k) mirror plan assets	$	111	$	—

Commodity derivatives	—		1,486
Total Assets	$	111	$	1,486
Liabilities:
Foreign currency derivatives	$	—	$	80
Interest rate derivatives	—		14,667
Total Liabilities	$	—	$	14,747

There were no assets nor liabilities measured using Level 3 inputs and no transfers of financial assets or liabilities among the levels within the fair value hierarchy during the quarter ended October 2, 2022 and fiscal year ended January 2, 2022. The Company’s derivatives are valued using discounted cash flow analyses that incorporate observable market parameters, such as interest rate yield curves and currency rates.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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