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v3.25.1

Fair Value of Assets and Liabilities (Tables) | 3 Months Ended
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Mar. 29, 2025
Fair Value Disclosures [Abstract] |
Schedule of Derivative Instruments | The trade entry date, maturity date, weighted-average floor, and weighted-average ceiling for each collar trade was as follows:
Trade Entry Date | Trade Maturity Date | Weighted-Average Floor | Weighted-Average Ceiling
July 3, 2024 | August 29, 2025 | 18.0000 | 19.4350
August 5, 2024 | September 29, 2025 | 19.6550 | 21.0000
September 3, 2024 | November 3, 2025 | 20.0820 | 21.7571
September 30, 2024 | November 26, 2025 | 19.8700 | 21.3650
November 4, 2024 | January 2, 2026 | 20.1200 | 21.6900
December 3, 2024 | February 2, 2026 | 20.4250 | 22.0377
January 2, 2025 | March 2, 2026 | 20.8000 | 21.9082
February 6, 2025 | March 30, 2026 | 20.5300 | 22.0000
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | As of March 29, 2025 and December 28, 2024, the fair values of the Company's derivative financial instruments and their classifications on the Condensed Consolidated Balance Sheets were as follows:
(in thousands) | Condensed Consolidated Balance Sheets Classification |  | March 29, 2025 |  | December 28, 2024 |  |
Derivatives designated as hedging instruments |  |  |  |  |  |  |
Interest rate swap agreement: |  |  |  |  |  |  |
Designated as cash flow hedge | Prepaid expenses and other current assets |  | $ | 2,131 |  |  | $ | 2,482 |  |  |
| Other long-term assets |  | 1,749 |  |  | 3,716 |  |  |
Zero cost collar agreement: |  |  |  |  |  |  |
Designated as cash flow hedge | Prepaid expenses and other current assets |  | $ | 173 |  |  | $ | 22 |  |  |
| Accrued liabilities |  | 1,848 |  |  | 4,067 |  |  |
| Other long-term liabilities |  | — |  |  | 2 |  |  |
Schedule of Derivative Instruments Pre-tax Gains | The pre-tax (gains) losses recognized on derivative financial instruments in the Condensed Consolidated Statements of Net Income for the three months ended March 29, 2025 and March 30, 2024 were as follows:
|  |  |  | Three Months Ended |  |
(in thousands) |  | Classification of (Gains) Losses Recognized in the Condensed Consolidated Statements of Net Income |  | March 29, 2025 |  | March 30, 2024 |  |  |  |
Derivatives designated as cash flow hedges |  |  |  |  |  |  |  |  |  |
Interest rate swap agreement |  | Interest expense |  | $ | (788) |  |  | $ | (1,280) |  |  |  |  |
Zero cost collar agreement |  | Cost of sales |  | 1,480 |  |  | — |  |  |  |  |
Zero cost collar agreement |  | Selling, general, and administrative expenses |  | $ | 121 |  |  | — |  |  |  |  |
The pre-tax losses (gains) recognized on derivative financial instruments in the Condensed Consolidated Statements of Comprehensive Income for the three months ended March 29, 2025 and March 30, 2024 were as follows:
|  | Three Months Ended |  |
(in thousands) |  | March 29, 2025 |  | March 30, 2024 |  |  |  |
Derivatives designated as cash flow hedges |  |  |  |  |  |  |  |
Interest rate swap agreement |  | $ | 2,318 |  |  | $ | (2,534) |  |  |  |  |
Zero cost collar agreement |  | $ | (2,442) |  |  | $ | — |  |  |  |  |
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 March 29, 2025:
|  | 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 |  | $ | 542,185 |  |  | $ | — |  |  | $ | — |  |  | $ | 542,185 |
Investments in equity securities |  | 8,926 |  |  | — |  |  | — |  |  | 8,926 |
Mutual funds |  | 22,351 |  |  | — |  |  | — |  |  | 22,351 |
Total |  | $ | 573,462 |  |  | $ | — |  |  | $ | — |  |  | $ | 573,462 |
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 |
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 March 29, 2025 and December 28, 2024 were as follows:
|  | March 29, 2025 |  | December 28, 2024
(in thousands) |  | Carrying Value |  | Estimated Fair Value |  | Carrying Value |  | Estimated Fair Value
Euro Senior Notes, Series B due 2028 |  | $ | 102,557 |  |  | $ | 95,548 |  |  | $ | 98,928 |  |  | $ | 91,741 |
USD Senior Notes, Series A due 2025 |  | — |  |  | — |  |  | 50,000 |  |  | 49,919 |
USD Senior Notes, Series B due 2027 |  | 100,000 |  |  | 97,511 |  |  | 100,000 |  |  | 96,623 |
USD Senior Notes, Series B due 2030 |  | 125,000 |  |  | 116,960 |  |  | 125,000 |  |  | 114,786 |
USD Senior Notes, due 2032 |  | 100,000 |  |  | 92,877 |  |  | 100,000 |  |  | 91,175 |

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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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- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A + Details
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- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 815 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1B Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4B Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-5 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C + Details
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