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Derivative Instruments and Hedging Activities
 9 Months Ended
Sep. 27, 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 the Company’s outstanding debt. The interest rate swaps reduce the variability of cash flow payments for the Company by converting a portion of its variable interest rate to an average fixed interest rate of 3.12% as of September 27, 2025. 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 (loss) income. 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 September 27, 2025 and December 28, 2024.
Condensed Consolidated
Balance Sheets
(in millions)Balance sheet classificationSeptember 27,
2025		December 28,
2024
Interest rate contracts, inclusive of accrued interest
Other non-current assets
$2.1 $6.8 
Interest rate contracts, inclusive of accrued interest
Other non-current liabilities
(1.2)(0.1)
Total$0.9 $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 nine months ended September 27, 2025 and September 28, 2024, respectively.
Cash flow hedgesCondensed Consolidated
Statement of Operations
Three Months Ended
Nine Months Ended
(in millions)
Location of gains
September 27,
2025		September 28,
2024		September 27,
2025		September 28,
2024
Interest rate contractsNon-operating gains$1.3 $3.8 $4.3 $12.2 
Total$1.3 $3.8 $4.3 $12.2 
The following tables summarize the changes in accumulated other comprehensive (loss) income related to the hedging instruments for the three and nine months ended September 27, 2025 and September 28, 2024, respectively.
Three Months Ended
Nine Months Ended
(in millions)September 27,
2025		September 28,
2024		September 27,
2025		September 28,
2024
Beginning balance$1.1 $13.5 $6.0 $7.8 
Amount recognized in other comprehensive (loss) income0.7 (11.1)(1.2)3.0 
Amount reclassified into earnings(1.3)(3.8)(4.3)(12.2)
Ending balance$0.5 $(1.4)$0.5 $(1.4)
For each of the three months ended September 27, 2025 and September 28, 2024 the unrealized loss, net of tax was $0.4 million and $11.3 million, respectively. For each of the nine months ended September 28, 2024, the unrealized loss, net of tax was $4.2 million and $7.0 million, respectively.
For each of the three months ended September 27, 2025 and September 28, 2024, the tax benefit related to the cash flow hedges was $0.2 million and $3.6 million, respectively. For each of the nine months ended September 27, 2025 and September 28, 2024, the tax benefit related to the cash flow hedges was $1.3 million and $2.2 million, respectively.
The Company expects to reclassify a net amount of gains of $1.1 million from accumulated other comprehensive (loss) income to non-operating (loss) within the next 12 months.