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Derivatives (Tables)
 12 Months Ended
Dec. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of pay-fixed, receive-floating interest rate swap contract

Details of the pay-fixed, receive-floating interest rate swap contract as of December 30, 2023 are as follows:

Effective Date

Maturity Date

Notional Value
(in millions)

Pay Fixed Rate

Receive Floating Rate

Floating Rate Reset Terms

March 17, 2023

November 17, 2027

$150

3.646%

One-Month CME Term SOFR

Monthly
Schedule of fair value of the interest rate swap

The location and the fair value of the interest rate swap in the consolidated balance sheets as of December 30, 2023 is as follows:

 

 

Derivative Fair Value

 

(In thousands)

Consolidated Balance Sheets Location

December 30, 2023

 

Cash Flow Hedge:

 

 

 

 

Interest rate swap

Prepaid expenses and other current assets

$

 

1,721

 

Interest rate swap

Other long-term liabilities

 

 

1,914

 

Interest rate swap

Accumulated other comprehensive income

 

 

(316

)
Schedule of gains recognized in the condensed consolidated statements of earnings for the interest rate swap, presented on a pre-tax basis

The location and amount of gains or losses recognized in the consolidated statements of earnings for the interest rate swap, presented on a pre-tax basis, are as follows:

 

2023

 

(In thousands)

Interest expense, net

 

Total amounts of expense line items presented in the consolidated statements of
earnings in which the effects of cash flow hedges are recorded

$

 

39,887

 

Gain on cash flow hedging relationships:

 

 

 

Gain reclassified from comprehensive income into earnings

 

 

1,832