XML 33 R20.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Derivatives | 12 Months Ended
--- | ---
Dec. 28, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivatives | Note 9 – Derivatives Hedging of Interest Rate Risk During the first quarter of 2023, the Company entered into an interest rate swap contract to mitigate its exposure to changes in variable interest rates. The Company's interest rate swap is designated as a cash flow hedge as of both the effective date, March 17, 2023, and continues to be designated as a cash flow hedge. The interest rate swap is reflected at its fair value in the consolidated balance sheets. Refer to Note 8 for further information on the fair value of the interest rate swap. 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
The Company performed an initial quantitative assessment of hedge effectiveness using the change-in-variable-cash-flows method. Under this method, the Company assessed the effectiveness of the hedging relationship by comparing the present value of the cumulative change in the expected future cash flows on the variable leg of the interest rate swap with the present value of the cumulative change in the expected future interest cash flows on the variable-rate debt. The Company determined the interest rate swap to be highly effective. To assess for continued hedge effectiveness, the Company performs a retrospective and prospective qualitative assessment each quarter. The Company also monitors the credit risk of the counterparty on an ongoing basis. The change in the fair value of the interest rate swap is initially reported in "Other comprehensive income" in the consolidated statements of comprehensive income and subsequently reclassified to earnings in "Interest expense, net" in the consolidated statements of earnings when the hedged transactions affect earnings. The location and the fair value of the interest rate swap in the consolidated balance sheets is as follows:
|  | Derivative Fair Value |
(In thousands) | Consolidated Balance Sheets Location | December 28, 2024 |  |  | December 30, 2023 |
Cash Flow Hedge: |  |  |  |  |  |  |  |
Interest rate swap | Prepaid expenses and other current assets | $ |  | 808 |  |  | $ |  | 1,721 |
Interest rate swap | Other assets, net |  |  | 1,053 |  |  |  |  | — |
Interest rate swap | Other long-term liabilities |  |  | — |  |  |  |  | 1,914 |
Interest rate swap | Accumulated other comprehensive income |  |  | 1,337 |  |  |  |  | (316 | )
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:
| Interest expense, net |
| 52 Weeks Ended |
(In thousands) | December 28, 2024 |  |  | December 30, 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 | $ |  | 44,827 |  |  | $ |  | 39,887 |
Gain on cash flow hedging relationships: |  |  |  |  |  |  |
Gain reclassified from comprehensive income into earnings |  |  | 2,311 |  |  |  |  | 1,832 |

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