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Fair Value of Assets and Liabilities (Tables) | 12 Months Ended
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Dec. 28, 2024
Fair Value Disclosures [Abstract] |
Schedule of derivative instruments in statement of financial position, fair value | As of December 28, 2024 and December 30, 2023, the fair values of our derivative financial instrument and their classifications on the Consolidated Balance Sheets were as follows:
|  |  | Fiscal Year Ended
(in thousands) | Consolidated Balance Sheets Classification |  | December 28, 2024 |  | December 30, 2023
Derivatives designated as hedging instruments |  |  |  |  |
Interest rate swap agreement: |  |  |  |  |
Designated as cash flow hedge | Prepaid expenses and other current assets |  | $ | 2,482 |  |  | $ | 3,712 |
| Other long-term assets |  | 3,716 |  |  | 2,140 |
Zero cost collar agreement: |  |  |  |  |
Designated as cash flow hedge | Prepaid expenses and other current assets |  | $ | 22 |  |  | $ | — |
| Accrued liabilities |  | 4,067 |  |  | — |
| Other long-term assets |  | 2 |  |  | — |
Schedule of derivative instruments, gain (loss) | The pre-tax (gains) losses recognized on derivative financial instruments in the Consolidated Statements of Operations for the fiscal year ended December 28, 2024 and December 30, 2023 were as follows:
|  |  | Fiscal Year Ended
(in thousands) | Classification of (Gains) Losses Recognized in the Consolidated Statements of Net Income |  | December 28, 2024 |  | December 30, 2023
Derivatives designated as cash flow hedges |  |  |  |  |
Interest rate swap agreement | Interest expense, net |  | $ | (4,826) |  |  | $ | (4,551) |
Zero cost collar agreement | Cost of sales |  | 1,766 |  |  | — |
Zero cost collar agreement | Selling, general, and administrative expenses |  | 97 |  |  | — |
Derivatives not designated as hedging instruments |  |  |  |  |
Foreign exchange forward contract | Foreign exchange gain |  | $ | — |  |  | $ | (52) |
The pre-tax (gain) losses recognized on derivative financial instruments in the Consolidated Statements of Comprehensive Income for the fiscal year ended December 28, 2024 and December 30, 2023 was as follows:
|  | Fiscal Year Ended |  |
(in thousands) |  | December 28, 2024 |  | December 30, 2023 |  |
Derivatives designated as cash flow hedges |  |  |  |  |  |
Interest rate swap agreement |  | $ | (346) |  |  | $ | 2,827 |  |  |
Zero cost collar agreement |  | $ | 3,534 |  |  | $ | — |  |  |
Schedule of fair value, assets measured on recurring basis | The following table presents assets measured at fair value by classification within the fair value hierarchy as of December 28, 2024:
| Fair Value Measurements Using
(in thousands) | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total
Cash equivalents | $ | 658,491 |  |  | $ | — |  |  | $ | — |  |  | $ | 658,491 |
Investments in equity securities | 10,182 |  |  | — |  |  | — |  |  | 10,182 |
Mutual funds | 23,268 |  |  | — |  |  | — |  |  | 23,268 |
Total | $ | 691,941 |  |  | $ | — |  |  | $ | — |  |  | $ | 691,941 |
The following table presents assets measured at fair value by classification within the fair value hierarchy as of December 30, 2023:
| Fair Value Measurements Using
(in thousands) | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total
Cash equivalents | $ | 415,788 |  |  | $ | — |  |  | $ | — |  |  | $ | 415,788 |
Investments in equity securities | 10,832 |  |  | — |  |  | — |  |  | 10,832 |
Mutual funds | 20,148 |  |  | — |  |  | — |  |  | 20,148 |
Total: | $ | 446,768 |  |  | $ | — |  |  | $ | — |  |  | $ | 446,768 |
Schedule of fair value, by balance sheet grouping | The carrying value and estimated fair values of the Company’s Euro Senior Notes, Series B and USD Senior Notes, Series A and Series B, as of December 28, 2024 and December 30, 2023 were as follows:
| December 28, 2024 |  | December 30, 2023
(in thousands) | Carrying Value |  | Estimated Fair Value |  | Carrying Value |  | Estimated Fair Value
Euro Senior Notes, Series B due 2028 | $ | 98,928 |  |  | $ | 91,741 |  |  | $ | 105,246 |  |  | $ | 96,532 |
USD Senior Notes, Series A due 2025 | 50,000 |  |  | 49,919 |  |  | 50,000 |  |  | 49,070 |
USD Senior Notes, Series B due 2027 | 100,000 |  |  | 96,623 |  |  | 100,000 |  |  | 96,127 |
USD Senior Notes, Series B due 2030 | 125,000 |  |  | 114,786 |  |  | 125,000 |  |  | 115,687 |
USD Senior Notes, due 2032 | 100,000 |  |  | 91,175 |  |  | 100,000 |  |  | 93,228 |
Schedule of goodwill and intangible assets | 2024 goodwill and intangible assets impairment charges were the result of measuring a reporting unit at fair value on a nonrecurring basis as shown below:
(in thousands) | For Fiscal Year Ended December 28, 2024 |  | December 28, 2024
| Impairment Charge |  | Estimated Fair Value Measurement (Level 3) |  | Net Carrying Value
Industrial controls and sensors reporting unit |  |  |  |  |
Customer relationships, trademarks, and tradenames | $ | 40,641 |  |  | $ | 6,620 |  |  | $ | 7,142 |
Patents, licenses and software | 6,938 |  |  | 950 |  |  | 1,065 |
Intangible assets, net of amortization | $ | 47,579 |  |  | $ | 7,570 |  |  | $ | 8,207 |
Goodwill | $ | 36,147 |  |  | $ | 119,361 |  |  | $ | 115,159 |
Automotive sensors reporting unit |  |  |  |  |
Goodwill | $ | 8,616 |  |  | $ | — |  |  | $ | — |

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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class 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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