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Derivative Instruments and Hedging | 3 Months Ended
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Apr. 02, 2022
Derivative Instruments And Hedging Activities Disclosure [Abstract] |
Derivative Instruments and Hedging |
11. | Derivative Instruments and Hedging
As of April 2, 2022 and January 1, 2022, the Company had in effect interest rate swaps with an aggregate notional amount totaling $500,000. On June 11, 2018, in order to hedge a portion of its variable rate debt, the Company entered into a forward-starting interest rate swap (the “2018 swap”) with an effective date of April 2, 2020 and a termination date of March 31, 2024. The initial notional amount of this swap was $500,000. During the term of this swap, the notional amount decreased from $500,000 effective April 2, 2020 to $250,000 on March 31, 2021. This interest rate swap effectively fixed the variable interest rate on the notional amount of this swap at 3.1005%. On June 7, 2019, in order to hedge a portion of its variable rate debt, the Company entered into a forward-starting interest rate swap (the “2019 swap”, and together with the 2018 swap, the “current swaps”) with an effective date of April 2, 2020 and a termination date of March 31, 2024. The notional amount of this swap is $250,000. This interest rate swap effectively fixed the variable interest rate on the notional amount of this swap at 1.901%. The current swaps qualify for hedge accounting and, therefore, changes in the fair value of the current swaps have been recorded in accumulated other comprehensive loss. As of April 2, 2022, the cumulative unrealized gain for qualifying hedges was reported as a component of accumulated other comprehensive income in the amount of $205 ($134 before taxes). As of January 1, 2022, the cumulative unrealized loss for qualifying hedges was reported as a component of accumulated other comprehensive loss in the amount of $10,843 ($14,622 before taxes). As of April 2, 2022, the fair value of the Company’s 2018 swap was a current liability of $2,912, which was included in derivative payable in the consolidated balance sheet. As of April 2, 2022, the fair value of the Company’s 2019 swap consisted of both a current asset of $30, which was included in prepaid expenses and other current assets in the consolidated balance sheet, and a noncurrent asset of $2,944, which was included in other noncurrent assets in the consolidated balance sheet. As of January 1, 2022, the aggregate fair value of the Company’s current swaps was a current liability of $14,670, which was included in derivative payable in the consolidated balance sheet. The Company is hedging forecasted transactions for periods not exceeding the next two years. The Company expects approximately $531 ($709 before taxes) of net derivative losses included in accumulated other comprehensive loss at April 2, 2022, based on current market rates, will be reclassified into earnings within the next 12 months.

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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI http://asc.fasb.org/topic&trid=2229140 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 40 -Section 50 -Paragraph 5 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123477628&loc=d3e90205-114008 + Details
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