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Derivative Instruments and Hedging Activities | 6 Months Ended
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Jun. 28, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Instruments and Hedging Activities | 17. Derivative Instruments and Hedging Activities Derivative Instruments - Cash Flow Hedges The Company’s cash flow hedges are designed to mitigate the risk of exposure to variability in expected future cash flows of recognized assets, liabilities or any unrecognized forecasted transactions. The Company entered into various interest rate swaps that are designated as cash flow hedges on a substantial portion of the Company’s outstanding debt. The interest rate swaps reduce the variability of cash flow payments for the Company by converting the variable interest rate on the Company’s long-term debt to an average fixed interest rate of 3.26%. These contracts, carried at fair value, have maturities of approximately two years. All hedging relationships were highly effective at achieving offsetting changes in cash flows attributable to the risk being hedged. The Company used a regression analysis at hedge inception to assess the effectiveness of cash flow hedge and periodically thereafter. The Company records gains and losses from the changes in the fair value of these instruments as a component of other comprehensive income (loss). Deferred gains or losses from these designated cash flow hedges are reclassified into earnings in the period that the hedged items affect earnings. The Company does not offset fair value amounts recognized for derivative instruments in its condensed consolidated balance sheets for presentation purposes. The following table summarizes the fair value of the hedging instruments, presented on a gross basis, as of June 28, 2025 and December 28, 2024.
|  |  |  | Condensed Consolidated Balance Sheets
(in millions) |  | Balance sheet classification |  | June 28, 2025 |  | December 28, 2024 |  |
Interest rate contracts, inclusive of accrued interest |  | Other non-current assets |  | $ | 3.1 |  |  | $ | 6.8 |  |  |
Interest rate contracts, inclusive of accrued interest |  | Other non-current liabilities |  | (1.6) |  |  | (0.1) |  |  |
Total |  |  |  | $ | 1.5 |  |  | $ | 6.7 |  |  |
The following table summarizes the gains reclassified from accumulated other comprehensive (loss) income to the condensed consolidated statements of operations for the three and six months ended June 28, 2025 and June 29, 2024, respectively.
Cash flow hedges |  |  |  | Condensed Consolidated Statement of Operations
|  |  |  | Three Months Ended |  | Six Months Ended
(in millions) |  | Location of gains |  | June 28, 2025 |  | June 29, 2024 |  | June 28, 2025 |  | June 29, 2024
Interest rate contracts |  | Non-operating gains |  | $ | 1.4 |  |  | $ | 4.1 |  |  | $ | 3.0 |  |  | $ | 8.3 |
Total |  |  |  | $ | 1.4 |  |  | $ | 4.1 |  |  | $ | 3.0 |  |  | $ | 8.3 |
The following tables summarize the changes in accumulated other comprehensive (loss) income related to the hedging instruments for the three and six months ended June 28, 2025 and June 29, 2024, respectively.
|  | Three Months Ended |  | Six Months Ended
(in millions) |  | June 28, 2025 |  | June 29, 2024 |  | June 28, 2025 |  | June 29, 2024
Beginning balance |  | $ | 2.5 |  |  | $ | 14.3 |  |  | $ | 6.0 |  |  | $ | 7.8 |
Amount recognized in other comprehensive (loss) income |  | — |  |  | 3.3 |  |  | (1.9) |  |  | 14.0 |
Amount reclassified into earnings |  | (1.4) |  |  | (4.1) |  |  | (3.0) |  |  | (8.3) |
Ending balance |  | $ | 1.1 |  |  | $ | 13.5 |  |  | $ | 1.1 |  |  | $ | 13.5 |
For each of the three months ended June 28, 2025 and June 29, 2024 the unrealized loss, net of tax was $1.1 million and $0.6 million, respectively. For each of the six months ended June 29, 2024, the unrealized loss and gain, net of tax was $3.8 million and $4.3 million, respectively. For each of the three months ended June 28, 2025 and June 29, 2024, the tax benefit related to the cash flow hedges was $0.3 million and $0.2 million, respectively. For each of the six months ended June 28, 2025 and June 29, 2024, the tax benefit and provision related to the cash flow hedges was $1.1 million and $1.4 million, respectively. The Company expects to reclassify a net amount of gains of $2.1 million from accumulated other comprehensive (loss) income to non-operating (loss) income within the next 12 months.

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