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Fair Value Measurements (Tables) | 3 Months Ended
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Mar. 30, 2025
Fair Value Disclosures [Abstract] |
Fair value measurement inputs and valuation techniques | Fair value is categorized into one of the following three levels based on the lowest level of significant input:
Level 1 |  | Unadjusted quoted market prices in active markets for identical assets or liabilities
Level 2 |  | Observable inputs available at measurement date other than quoted prices included in Level 1
Level 3 |  | Unobservable inputs that cannot be corroborated by observable market data
Schedule of assets measured at fair value on a recurring basis | The following table summarizes the Company’s financial assets and liabilities measured at fair value by hierarchy level on a recurring basis as of the periods indicated:
| CONSOLIDATED BALANCE SHEETS CLASSIFICATION |  | MEASUREMENT LEVEL |  | FAIR VALUE |  |
(dollars in thousands) |  |  | MARCH 30, 2025 |  |  |  |  |  |  |  | DECEMBER 29, 2024 |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Short-term investments | Cash and cash equivalents |  | Level 1 |  | $ | 4,982 |  |  |  |  |  |  |  |  | $ | 11,868 |  |  |  |  |  |  |
Foreign currency forward contracts | Other current assets, net |  | Level 2 |  | $ | — |  |  |  |  |  |  |  |  | $ | 304 |  |  |  |  |  |  |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps | Accrued and other current liabilities |  | Level 2 |  | $ | 951 |  |  |  |  |  |  |  |  | $ | 579 |  |  |  |  |  |  |
Foreign currency forward contracts | Other current liabilities, net |  | Level 2 |  | $ | 192 |  |  |  |  |  |  |  |  | $ | — |  |  |  |  |  |  |
Interest rate swaps | Other long-term liabilities |  | Level 2 |  | $ | 121 |  |  |  |  |  |  |  |  | $ | 255 |  |  |  |  |  |  |
Fair value, assets measured on recurring basis, methods and assumptions | Fair value of each class of financial instruments is determined based on the following:
FINANCIAL INSTRUMENT |  | METHODS AND ASSUMPTIONS
Short-term investments |  | Carrying value approximates fair value because maturities are less than three months.
Derivative instruments |  | The Company’s derivative instruments include interest rate swaps and foreign currency forward contracts. Fair value measurements are based on the contractual terms of the derivatives and observable market-based inputs. Interest rate swaps are valued using a discounted cash flow analysis on the expected cash flows of each derivative using observable inputs including interest rate curves and credit spreads. Foreign currency forwards are valued by comparing the contracted forward exchange rate to the current market forward exchange rate. Key inputs for the valuation of the foreign currency forwards are spot rates, foreign currency forward rates, and the interest rate curve of the domestic currency. The Company also considers its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. As of March 30, 2025 and December 29, 2024, the Company determined that the credit valuation adjustments were not significant to the overall valuation of its derivatives.
Schedule of carrying value and fair value of senior secured credit facility and other unsecured debt | The following table includes the carrying value and fair value of the Company’s debt by hierarchy level as of the periods indicated:
| MARCH 30, 2025 |  | DECEMBER 29, 2024
(dollars in thousands) | CARRYING VALUE |  | FAIR VALUE LEVEL 2 |  |  |  | CARRYING VALUE |  | FAIR VALUE LEVEL 2 |  |
Senior secured credit facility - revolving credit facility | $ | 600,000 |  |  | $ | 600,000 |  |  |  |  | $ | 710,000 |  |  | $ | 710,000 |  |  |
2025 Notes | $ | 20,724 |  |  | $ | 20,562 |  |  |  |  | $ | 20,724 |  |  | $ | 24,145 |  |  |
2029 Notes | $ | 300,000 |  |  | $ | 259,005 |  |  |  |  | $ | 300,000 |  |  | $ | 270,132 |  |  |

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- Definition Tabular disclosure of quantitative information about the inputs used in the fair value measurement of assets and liabilities. This disclosure may include, but is not limited to, the fair value of the asset or liability, valuation technique used to measure fair value, the inputs used to measure fair value, the ranges of the inputs, and the weighted averages of the inputs. + References No definition available. + Details
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- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 103 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-103 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-11 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, 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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