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FAIR VALUE (Tables) | 9 Months Ended
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Sep. 28, 2024
Fair Value Disclosures [Abstract] |
Schedule 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:
| September 28, 2024 |  |  |  |
| Level 1 |  | Level 2 |  | Level 3 |  | Total |  |  |  |
Current assets measured at fair value: | (in thousands) |  |  |  |
Cash equivalents | $ | — |  |  | $ | 30 |  |  | $ | — |  |  | $ | 30 |  |  |  |  |
Interest rate swap | — |  |  | 278 |  |  | — |  |  | 278 |  |  |  |  |
Other assets: |  |  |  |  |  |  |  |  |  |  |
Life insurance policies | — |  |  | 47,734 |  |  | — |  |  | 47,734 |  |  |  |  |
Total assets measured at fair value | $ | — |  |  | $ | 48,042 |  |  | $ | — |  |  | $ | 48,042 |  |  |  |  |
Other long-term liabilities measured at fair value: |  |  |  |  |  |  |  |  |  |  |
Contingent consideration | $ | — |  |  | $ | — |  |  | $ | 39,893 |  |  | $ | 39,893 |  |  |  |  |
Total liabilities measured at fair value | $ | — |  |  | $ | — |  |  | $ | 39,893 |  |  | $ | 39,893 |  |  |  |  |
| 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 |
The book value and fair value of the Company’s Senior Notes is summarized below:
| September 28, 2024 |  | December 30, 2023
| Book Value |  | Fair Value |  | Book Value |  | Fair Value
| (in thousands)
4.25% Senior Notes due 2028 | $ | 500,000 |  |  | $ | 484,350 |  |  | $ | 500,000 |  |  | $ | 478,100 |
3.75% Senior Notes due 2029 | 500,000 |  |  | 470,100 |  |  | 500,000 |  |  | 458,100 |
4.00% Senior Notes due 2031 | 500,000 |  |  | 459,350 |  |  | 500,000 |  |  | 449,350 |
Schedule of Rollforward of Contingent Consideration Related to Previous Acquisitions | The following table provides a rollforward of the contingent consideration related to the Company’s acquisitions.
| Nine Months Ended
| September 28, 2024 |  | September 30, 2023
| (in thousands)
Beginning balance | $ | 33,265 |  |  | $ | 13,431 |
Payments | — |  |  | (15,130) |
Total gains or losses (realized/unrealized): |  |  |
Adjustment of previously recorded contingent liability | 6,628 |  |  | 1,810 |
Foreign currency translation | — |  |  | (111) |
Ending balance | $ | 39,893 |  |  | $ | — |

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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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