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Fair Value Measurement and Interest Rate Swaps
 3 Months Ended
Mar. 29, 2026
Fair Value Disclosures and Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Fair Value Measurement and Interest Rate Swaps Fair Value Measurement and Interest Rate Swaps
Fair value is defined as an exit price, representing an amount that would be received to sell an asset or the amount paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The inputs used to measure fair value are prioritized into the following three-tiered value hierarchy:
•Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities.
•Level 2: Unadjusted quoted prices in active markets for similar assets or liabilities, unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active or inputs, other than quoted prices in active markets, which are observable either directly or indirectly.
•Level 3: Unobservable inputs for which there is little or no market data.
The hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The classification of fair value measurement within the hierarchy is based upon the lowest level of input that is significant to the measurement.

The Company’s financial instruments consist of Cash and cash equivalents, Accounts receivable, interest rate swap contracts, long-term debt, and Redeemable non-controlling interest. The variable interest rate on the long-term debt is reflective of current market borrowing rates. As such, the Company has determined that the carrying value of these financial instruments approximates fair value.
Interest Rate Swaps

The Company is subject to interest rate risk with regard to existing and future issuances of debt. The Company has, in the past, utilized interest rate swap contracts to reduce its exposure to fluctuations in variable interest rates for interest payments on existing debt. Prior to the termination of interest rate swaps 7, 8, and 9 upon maturity on March 23, 2025, the Company was party to interest rate swap contracts to convert the variable interest rate to a fixed interest rate on the borrowings under the term loans.

The Company recognized any differences between the variable interest rate payments and the fixed interest rate settlements with the swap counterparties as adjustments to interest expense over the life of the swaps. The Company had designated these swaps as cash flow hedges and recorded the estimated fair value of the swaps to Accumulated other comprehensive income (loss) (“AOCI”) on its Consolidated Balance Sheets.

The following table provides additional details related to the swap contracts, which were terminated upon maturity:
Derivatives designated as hedging instrumentsInception DateAmended Effective DateMaturity DateNotional Amount
(in millions)		Fixed Interest RateType of Hedge
Interest rate swap 7March 23, 2021March 31, 2023March 23, 2025$50.0 0.73300 %Cash flow
Interest rate swap 8March 23, 2021March 31, 2023March 23, 2025$90.0 0.74300 %Cash flow
Interest rate swap 9March 23, 2021March 31, 2023March 23, 2025$70.0 0.75424 %Cash flow

For derivatives designated as cash flow hedges, during the three months ended March 30, 2025, the Company recorded $0.1 million of gain in Other comprehensive income and reclassified $1.8 million of gain from AOCI into income, which is presented within Interest and other non-operating expense, net in the Consolidated Statements of Operations.

For derivatives not designated as hedging instruments, during the three months ended March 30, 2025, there was no ineffectiveness recognized in earnings and there was no gain (loss) reclassified from AOCI into income.