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FAIR VALUE
 6 Months Ended
Jun. 28, 2025
Fair Value Disclosures [Abstract]  
FAIR VALUE FAIR VALUE
Assets and liabilities measured at fair value on a recurring basis are summarized below:
 June 28, 2025
Level 1Level 2Level 3Total

(in thousands)
Other assets measured at fair value:
Life insurance policies$— $51,424 $— $51,424 
Total assets measured at fair value$— $51,424 $— $51,424 
Accrued liabilities measured at fair value:
Contingent consideration$— $— $26,130 $26,130 
Total liabilities measured at fair value$— $— $26,130 $26,130 
The Company recognizes transfers between levels within the fair value hierarchy, if any, at the end of each quarter. During the six months ended June 28, 2025, there were no transfers between levels.
 December 28, 2024
Level 1Level 2Level 3Total
Current assets measured at fair value:(in thousands)
Cash equivalents$— $30 $— $30 
Other assets:
Life insurance policies— 48,152 — 48,152 
Total assets measured at fair value$— $48,182 $— $48,182 
Accrued liabilities measured at fair value:
Contingent consideration$— $— $25,000 $25,000 
Other long-term liabilities measured at fair value
Contingent consideration$— $— $24,311 $24,311 
Total liabilities measured at fair value$— $— $49,311 $49,311 
During the year ended December 28, 2024, there were no transfers between levels.
Contingent Consideration
The following table provides a rollforward of the contingent consideration related to the Company’s acquisitions.
Six Months Ended
June 28, 2025June 29, 2024
(in thousands)
Beginning balance$49,311 $33,265 
Payments(25,000)— 
Adjustment of previously recorded contingent liability1,819 5,070 
Ending balance$26,130 $38,335 
The Company estimates the fair value of contingent consideration obligations through valuation models, such as probability-weighted and option pricing models, which incorporate probability adjusted assumptions and simulations related to the achievement of the milestones and the likelihood of making related payments. The unobservable inputs used in the fair value measurements include the probabilities of successful achievement of certain financial targets, forecasted results or targets, volatility, and discount rates. The remaining maximum potential payments are approximately $30.0 million, of which the value accrued as of June 28, 2025 is $26.1 million as the probability of achieving the maximum target is estimated to be 87%. The volatility and weighted average cost of capital is approximately 20% and 8%, respectively. Increases or decreases in these assumptions may result in a higher or lower fair value measurement, respectively.
Debt Instruments
The book value of the Company’s revolving loans are variable rate loans carried at amortized cost which approximates the fair value. The fair value is based on significant other observable inputs, including current interest and foreign currency exchange rates, it is deemed to be Level 2 within the fair value hierarchy.
The book value of the Company’s Senior Notes are fixed rate obligations carried at amortized cost. Fair value is based on quoted market prices as well as borrowing rates available to the Company. As the fair value is based on significant other observable outputs, it is deemed to be Level 2 within the fair value hierarchy. The book value, excluding issuance costs, and fair value of the Company’s Senior Notes is summarized below:
June 28, 2025December 28, 2024
Book ValueFair ValueBook ValueFair Value
(in thousands)
4.25% Senior Notes due 2028
$500,000 $483,750 $500,000 $473,750 
3.75% Senior Notes due 2029
500,000 466,850 500,000 456,250 
4.00% Senior Notes due 2031
500,000 457,100 500,000 441,250