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Fair Value of Assets and Liabilities
 6 Months Ended
Jun. 29, 2024
Fair Value Disclosures [Abstract]  
Fair Value of Assets and Liabilities Fair Value of Assets and Liabilities
As of June 29, 2024 and December 30, 2023, the Company held certain financial assets and liabilities that are required to be measured at fair value on a recurring basis. These consisted of the Company’s derivative instruments related to forward foreign exchange derivative contracts, interest rate derivative contracts and deferred compensation plan liabilities. The fair values of forward foreign exchange derivative contracts are determined using the cash flows of the forward contracts, discount rates to account for the passage of time and current foreign exchange market data which are all based on inputs readily available in public markets and are categorized as Level 2. The fair values of interest rate derivative contracts are determined using the cash flows of the contracts, discount rates to account for the passage of time, current interest rate market data and credit risk, which are all based on inputs readily available in public markets and are categorized as Level 2. The fair value of deferred compensation plan liabilities is based on readily available current market data and is categorized as Level 2. The Company’s defined benefit pension plan investments are not required to be measured at fair value or disclosed on a quarterly recurring basis.
There were no changes during the quarter and six months ended June 29, 2024 to the Company’s valuation techniques used to measure asset and liability fair values on a recurring basis. As of and during the quarter and six months ended June 29, 2024, the Company did not have any non-financial assets or liabilities that were required to be measured at fair value on a recurring basis or non-recurring basis.
The following tables set forth by level within the fair value hierarchy the Company’s financial assets and liabilities accounted for at fair value on a recurring basis.
Assets (Liabilities) at Fair Value as of June 29, 2024
TotalQuoted Prices In
Active Markets
for Identical
Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Forward foreign exchange contracts - assets$4,136 $— $4,136 $— 
Interest rate contracts - assets3,548 — 3,548 — 
Forward foreign exchange contracts - liabilities(899)— (899)— 
Total derivative contracts6,785 — 6,785 — 
Deferred compensation plan liability(12,270)— (12,270)— 
Total$(5,485)$— $(5,485)$— 
 
Assets (Liabilities) at Fair Value as of December 30, 2023
TotalQuoted Prices In
Active Markets
for Identical
Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Forward foreign exchange contracts - assets$199 $— $199 $— 
Interest rate contracts - assets23 — 23 — 
Forward foreign exchange contracts - liabilities(5,582)— (5,582)— 
Interest rate contracts - liabilities(5,929)— (5,929)— 
Total derivative contracts(11,289)— (11,289)— 
Deferred compensation plan liability(16,001)— (16,001)— 
Total$(27,290)$— $(27,290)$— 
Fair Value of Financial Instruments
The carrying amounts of cash and cash equivalents, trade accounts receivable and accounts payable approximated fair value as of June 29, 2024 and December 30, 2023. The carrying amount of trade accounts receivable included allowance for doubtful accounts, chargebacks and other deductions of $32,449 and $38,163 as of June 29, 2024 and December 30, 2023, respectively. The fair value of debt, which is classified as a Level 2 liability, was $3,319,026 and $3,259,299 as of June 29, 2024 and December 30, 2023, respectively. Debt had a carrying value of $3,301,250 and $3,336,750 as of June 29, 2024 and December 30, 2023, respectively. The fair values were estimated using quoted market prices as provided in secondary markets, which consider the Company’s credit risk and market related conditions.