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Derivative Instruments and Hedging Activities | 12 Months Ended
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Jan. 03, 2026
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 3.16% as of January 3, 2026. 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 consolidated balance sheets for presentation purposes. The following table summarizes the fair value of the hedging instruments, presented on a gross basis, as of January 3, 2026 and December 28, 2024.
|  |  |  | Consolidated Balance Sheets
(in millions) |  | Balance sheet classification |  | January 3, 2026 |  | December 28, 2024
Interest rate contracts, inclusive of accrued interest |  | Other non-current assets |  | $ | 1.0 |  |  | $ | 6.8 |
Interest rate contracts, inclusive of accrued interest |  | Other non-current liabilities |  | (1.4) |  |  | (0.1) |
Total |  |  |  | $ | (0.4) |  |  | $ | 6.7 |
The following table summarizes the gains reclassified from accumulated other comprehensive (loss) income to the consolidated statements of operations for the years ended January 3, 2026, December 28, 2024 and December 30, 2023.
Cash flow hedges |  |  |  | Consolidated Statement of Operations
(in millions) |  | Location of gains |  | Year Ended January 3, 2026 |  | Year Ended December 28, 2024 |  | Year Ended December 30, 2023
Interest rate contracts |  | Non-operating gains |  | $ | 5.2 |  |  | $ | 14.7 |  |  | $ | 14.9 |
Total |  |  |  | $ | 5.2 |  |  | $ | 14.7 |  |  | $ | 14.9 |
The following tables summarize the changes in accumulated other comprehensive (loss) income related to the hedging instruments:
(in millions) |  | Year Ended January 3, 2026 |  | Year Ended December 28, 2024 |  | Year Ended December 30, 2023
Beginning balance |  | $ | 6.0 |  |  | $ | 7.8 |  |  | $ | 19.3 |
Amount recognized in other comprehensive (loss) income |  | (1.1) |  |  | 12.9 |  |  | 3.4 |
Amount reclassified into earnings |  | (5.2) |  |  | (14.7) |  |  | (14.9) |
Ending balance |  | $ | (0.3) |  |  | $ | 6.0 |  |  | $ | 7.8 |
For the years ended January 3, 2026, December 28, 2024 and December 30, 2023, the unrealized (loss), net of tax was $(4.8) million, $(1.3) million and $(8.8) million, respectively. For the years ended January 3, 2026, December 28, 2024 and December 30, 2023, the tax (benefit) related to the cash flow hedges was $(1.5) million, $(0.5) million and $(2.7) million, respectively. The Company expects to reclassify a net amount of gains of $0.1 million from accumulated other comprehensive (loss) income gain to non-operating (loss) income within the next 12 months.

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