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FAIR VALUE (Tables)

3 Months Ended

Mar. 30, 2024

Fair Value Disclosures [Abstract]

Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis

Assets and liabilities measured at fair value on a recurring basis are summarized below:

			March 30, 2024
			Level 1						Level 2						Level 3						Total
Current assets measured at fair value:			(in thousands)
Cash equivalents			$	—					$	29					$	—					$	29
Term deposit			—						10,068						—						10,068
Other assets:
Life insurance policies			—						44,617						—						44,617
Interest rate swap			—						1,734						—						1,734
Total assets measured at fair value			$	—					$	56,448					$	—					$	56,448
Other long-term liabilities measured at fair value:
Contingent consideration			$	—					$	—					$	33,265					$	33,265
Total liabilities measured at fair value			$	—					$	—					$	33,265					$	33,265

			December 30, 2023
			Level 1						Level 2						Level 3						Total
Current assets measured at fair value:			(in thousands)
Cash equivalents			$	—					$	29					$	—					$	29
Other assets:
Life insurance policies			—						40,912						—						40,912
Interest rate swap			—						966						—						966
Total assets measured at fair value			$	—					$	41,907					$	—					$	41,907
Other long-term liabilities measured at fair value
Contingent consideration			$	—					$	—					$	33,265					$	33,265
Total liabilities measured at fair value			$	—					$	—					$	33,265					$	33,265

During the year ended December 30, 2023, there were no transfers between levels.

The book value and fair value of the Company’s Senior Notes is summarized below:

			March 30, 2024												December 30, 2023
			Book Value						Fair Value						Book Value						Fair Value
			(in thousands)
4.25% Senior Notes due 2028			$	500,000					$	468,750					$	500,000					$	478,100
3.75% Senior Notes due 2029			500,000						453,750						500,000						458,100
4.00% Senior Notes due 2031			500,000						445,000						500,000						449,350

Rollforward of Contingent Consideration Related to Previous Acquisitions

The following table provides a rollforward of the contingent consideration related to the Company’s acquisitions.

			Three Months Ended
			March 30, 2024						April 1, 2023
			(in thousands)
Beginning balance			$	33,265					$	13,431
Payments			—						(2,711)
Total gains or losses (realized/unrealized):
Foreign currency translation			—						(177)
Ending balance			$	33,265					$	10,543

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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/2003/role/disclosureRef
-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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-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

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