Long-Term Debt (Tables)

3 Months Ended

Mar. 30, 2022

Debt Disclosure [Abstract]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The following table shows the financial statement line item and amount of the Company’s cash flow hedge accounting on the condensed consolidated balance sheets (in thousands):

	March 30, 2022				December 29, 2021
	Notional		Fair value		Notional		Fair value
Other assets - Interest rate swap	$	40,000	$	307		—		—
Other liabilities - Interest rate swap	$	—	$	—	$	40,000	$	396

Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location

The following table summarizes the effect of the Company’s cash flow hedge accounting on the condensed consolidated statements of income (in thousands):

	March 30, 2022		March 31, 2021
Interest expense on hedged portion of debt	$	143	$	200
Interest expense on interest rate swap		117		78
Interest expense on debt and derivatives, net	$	260	$	278

Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss)

The following table summarizes the effect of the Company’s cash flow hedge accounting on AOCI for the thirteen weeks ended March 30, 2022 and March 31, 2021 (in thousands):

					Gain (Loss) Reclassified from
	Net Gain (Loss) Recognized in OCI				AOCI into Interest expense
	March 30, 2022		March 31, 2021		March 30, 2022		March 31, 2021
Interest rate swap	$	584	$	78	$	117	$	115