XML 23 R11.htm IDEA: XBRL DOCUMENT
v3.25.1

DERIVATIVE FINANCIAL INSTRUMENTS | 3 Months Ended
--- | ---
Apr. 04, 2025
DERIVATIVE FINANCIAL INSTRUMENTS |
DERIVATIVE FINANCIAL INSTRUMENTS | 5. DERIVATIVE FINANCIAL INSTRUMENTS The Company uses certain interest rate derivative contracts to hedge interest rate exposures on its variable rate debt. The Company’s hedging program is not designated for trading or speculative purposes. The Company recognizes derivative instruments as either assets or liabilities on the accompanying condensed consolidated balance sheets at fair value. The Company records changes in the fair value (i.e., gains or losses) of the derivatives that have been designated as cash flow hedges in its consolidated balance sheets as accumulated other comprehensive income (loss), and in its consolidated statements of comprehensive income (loss) as a loss or gain on cash flow hedge valuation. All related cash flows are reported in the operating activities section of the consolidated statements of cash flows. On November 30, 2023, the Company entered into an interest rate swap agreement that the Company designated as cash flow hedge to fix the variable interest rate on a portion of the Company’s Term Loan (see Note 6, “Debt Obligations” for information regarding our indebtedness). The interest rate swap agreement has a total notional amount of $50.0 million, has a fixed annual interest rate of 4.77%, and expires on September 29, 2026. As of April 4, 2025, the effective portion of the Company’s interest rate swap agreement designated as a cash flow hedge before tax effects was $(0.5) million, of which no amounts were reclassified from accumulated other comprehensive income (loss) to interest expense in the three months ended April 4, 2025. The Company expects to reclassify $0.4 million from accumulated other comprehensive income (loss) to interest expense within the next twelve months. The fair values of the Company’s outstanding derivatives designated as hedging instruments were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | Fair Value of Derivative
​ |  | ​ |  | Instruments as of
​ | ​ | Balance Sheet Location | ​ | April 4, 2025 | ​ | December 27, 2024
​ | ​ | ​ | ​ | (in thousands)
Interest rate swap agreement | ​ | Accrued liabilities | ​ | $ | (368) | ​ | $ | (198)
Interest rate swap agreement | ​ | Other noncurrent liabilities | ​ | ​ | (263) | ​ | ​ | (200)
​ The impact of the effective portions of derivative instruments in cash flow hedging relationships and fair value relationships on other comprehensive income (loss) was $(0.2) million for the three months ended April 4, 2025. The accumulated balances and reporting period activities for the periods below related to reclassifications out of accumulated other comprehensive income (loss) are summarized as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Gain (Loss) on | ​ | Accumulated Other
​ |  | Derivative Instruments |  | Comprehensive Income (Loss)
​ | ​ | (in thousands)
Balances at December 27, 2024 | ​ | $ | (314) | ​ | $ | (314)
Other comprehensive income (loss) before reclassifications | ​ | ​ | (234) | ​ | ​ | (234)
Amounts reclassified from accumulated other comprehensive income (loss) | ​ | ​ | — | ​ | ​ | —
Income tax benefit (expense) related to derivative instruments | ​ | ​ | 49 | ​ | ​ | 49
Net current-period other comprehensive income (loss) | ​ | ​ | (185) | ​ | ​ | (185)
Balances at April 4, 2025 | ​ | $ | (499) | ​ | $ | (499)
​ ​

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480237/815-40-50-5 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-5C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 815 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/815/tableOfContent + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration