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Fair Values of Financial Instruments (Tables) | 6 Months Ended
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Jun. 28, 2024
Fair Value Disclosures [Abstract] |
Summary of Methods and Assumptions Used in Estimating Fair Value | The below methods and assumptions were used by the Company in estimating the fair values of its financial instruments. There were no transfers of assets or liabilities between levels in any period presented.
Financial Instrument |  | Fair Value Level |  | Methods and Assumptions
Deferred compensation plan assets and liabilities |  | Level 1 |  | The fair value of the Company’s nonqualified deferred compensation plan for certain executives and other highly compensated employees is based on the fair values of associated assets and liabilities, which are held in mutual funds and are based on the quoted market values of the securities held within the mutual funds.
Short-term investments |  | Level 1 |  | The fair values of the Company’s Level 1 short-term investments, which are U.S. Treasury securities, corporate bonds and asset-backed securities, are based on the quoted market prices of those securities which are actively traded on national exchanges.
Short-term investments |  | Level 2 |  | The fair values of the Company’s Level 2 short-term investments, which are commercial paper instruments, are based on estimated current market prices and have readily determinable fair market values.
Commodity derivative instruments |  | Level 2 |  | The fair values of the Company’s commodity derivative instruments are based on current settlement values at each balance sheet date, which represent the estimated amounts the Company would have received or paid upon termination of these instruments. The Company’s credit risk related to the commodity derivative instruments is managed by requiring high standards for its counterparties and periodic settlements. The Company considers nonperformance risk in determining the fair values of commodity derivative instruments.
Long-term debt |  | Level 2 |  | The carrying amounts of the Company’s variable rate debt approximate the fair values due to variable interest rates with short reset periods. The fair values of the Company’s fixed rate debt are based on estimated current market prices.
Acquisition related contingent consideration |  | Level 3 |  | The fair value of the Company’s acquisition related contingent consideration is based on internal forecasts and the weighted average cost of capital (“WACC”) derived from market data.
Summary of Deferred Compensation Plan, Commodity Derivative Instruments, Debt and Acquisition Related Contingent Consideration | The following tables summarize the carrying amounts and the fair values by level of the Company’s deferred compensation plan assets and liabilities, short-term investments, commodity derivative instruments, long‑term debt and acquisition related contingent consideration:
|  | June 28, 2024
(in thousands) |  | Carrying Amount |  | Total Fair Value |  | Fair Value Level 1 |  | Fair Value Level 2 |  | Fair Value Level 3
Assets: |  |  |  |  |  |  |  |  |  |
Deferred compensation plan assets |  | $ | 75,179 |  |  | $ | 75,179 |  |  | $ | 75,179 |  |  | $ | — |  |  | $ | — |
Short-term investments |  | 198,771 |  |  | 198,771 |  |  | 195,198 |  |  | 3,573 |  |  | — |
Commodity derivative instruments |  | 3,877 |  |  | 3,877 |  |  | — |  |  | 3,877 |  |  | — |
Liabilities: |  |  |  |  |  |  |  |  |  |
Deferred compensation plan liabilities |  | 75,179 |  |  | 75,179 |  |  | 75,179 |  |  | — |  |  | — |
Long-term debt |  | 1,785,102 |  |  | 1,790,500 |  |  | — |  |  | 1,790,500 |  |  | — |
Acquisition related contingent consideration |  | 657,246 |  |  | 657,246 |  |  | — |  |  | — |  |  | 657,246 |
|  | December 31, 2023
(in thousands) |  | Carrying Amount |  | Total Fair Value |  | Fair Value Level 1 |  | Fair Value Level 2 |  | Fair Value Level 3
Assets: |  |  |  |  |  |  |  |  |  |
Deferred compensation plan assets |  | $ | 64,769 |  |  | $ | 64,769 |  |  | $ | 64,769 |  |  | $ | — |  |  | $ | — |
Commodity derivative instruments |  | 3,747 |  |  | 3,747 |  |  | — |  |  | 3,747 |  |  | — |
Liabilities: |  |  |  |  |  |  |  |  |  |
Deferred compensation plan liabilities |  | 64,769 |  |  | 64,769 |  |  | 64,769 |  |  | — |  |  | — |
Long-term debt |  | 599,159 |  |  | 579,000 |  |  | — |  |  | 579,000 |  |  | — |
Acquisition related contingent consideration |  | 669,337 |  |  | 669,337 |  |  | — |  |  | — |  |  | 669,337 |
Summary of Acquisition Related Contingent Consideration Liability | A summary of the Level 3 activity is as follows:
|  | Second Quarter |  | First Half
(in thousands) |  | 2024 |  | 2023 |  | 2024 |  | 2023
Beginning balance - Level 3 liability |  | $ | 649,596 |  |  | $ | 576,446 |  |  | $ | 669,337 |  |  | $ | 541,491 |
Payments of acquisition related contingent consideration |  | (13,976) |  |  | (6,877) |  |  | (23,676) |  |  | (13,376) |
Reclassification to current payables |  | (6,200) |  |  | (700) |  |  | (10,700) |  |  | (900) |
Increase in fair value |  | 27,826 |  |  | 25,520 |  |  | 22,285 |  |  | 67,174 |
Ending balance - Level 3 liability |  | $ | 657,246 |  |  | $ | 594,389 |  |  | $ | 657,246 |  |  | $ | 594,389 |

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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, 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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