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Derivatives (Tables) | 6 Months Ended
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Jul. 13, 2024
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 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 condensed consolidated balance sheets as of July 13, 2024 and December 30, 2023, respectively, are as follows:
|  | Derivative Fair Value |
(In thousands) | Condensed Consolidated Balance Sheets Location | July 13, 2024 |  |  | December 30, 2023 |
Cash Flow Hedge: |  |  |  |  |  |  |  |
Interest rate swap | Prepaid expenses and other current assets | $ |  | 1,718 |  |  | $ |  | 1,721 |
Interest rate swap | Other long-term liabilities |  |  | 291 |  |  |  |  | 1,914 |
Interest rate swap | Accumulated other comprehensive income |  |  | 1,005 |  |  |  |  | (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 recognized in the condensed consolidated statements of earnings for the interest rate swap, presented on a pre-tax basis, are as follows:
| Interest expense, net |
| 12 Weeks Ended |  |  | 28 Weeks Ended |
(In thousands) | July 13, 2024 |  |  | July 15, 2023 |  |  | July 13, 2024 |  |  | July 15, 2023 |
Total amounts of expense line items presented in the condensed consolidated statements of earnings in which the effects of cash flow hedges are recorded | $ |  | 10,541 |  |  | $ |  | 9,349 |  |  | $ |  | 24,028 |  |  | $ |  | 20,938 |
Gain on cash flow hedging relationships: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gain reclassified from comprehensive income into earnings |  |  | 588 |  |  |  |  | 494 |  |  |  |  | 1,377 |  |  |  |  | 669 |

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- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 815 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1B Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4B Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-5 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C + Details
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