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Long-Term Debt (Tables)
9 Months Ended
Sep. 28, 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):

September 28, 2022

December 29, 2021

    

Notional

    

Fair value

    

Notional

    

Fair value

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):

    

Thirteen Weeks Ended

Thirty-Nine Weeks Ended

    

September 28, 2022

    

September 29, 2021

September 28, 2022

    

September 29, 2021

Interest expense on hedged portion of debt

$

92

$

97

$

439

433

Interest (income) expense on interest rate swap

 

(369)

 

133

(197)

 

367

Interest (income) expense on debt and derivatives, net

$

(277)

$

230

$

242

$

800

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 and thirty-nine weeks ended September 28, 2022 and September 29, 2021 (in thousands):

Thirteen Weeks Ended

Thirty-Nine Weeks Ended

Loss Reclassified from

Loss Reclassified from

Net Gain (Loss) Recognized in OCI

AOCI into Interest (Income) Expense

Net Gain Recognized in OCI

AOCI into Interest (Income) Expense

    

September 28, 2022

September 29, 2021

September 28, 2022

September 29, 2021

    

September 28, 2022

    

September 29, 2021

    

September 28, 2022

    

September 29, 2021

Interest rate swap

$

43

$

(32)

$

(369)

$

133

$

974

$

44

$

(197)

$

367