Fair Value Measurements (Tables)

6 Months Ended

Jun. 29, 2024

Fair Value Disclosures [Abstract]

Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table presents financial assets and financial liabilities that are measured at fair value on a recurring basis at June 29, 2024:

	Fair Value Hierarchy
(in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	69,000	$	—	$	—	$	69,000
Forward contracts	—		52		—		52
Total	$	69,000	$	52	$	—	$	69,052
Liabilities:
Forward contracts	$	—	$	26	$	—	$	26
Acquisition-related contingent consideration	—		—		1,971		1,971
Total	$	—	$	26	$	1,971	$	1,997

The following table presents financial assets and financial liabilities that are measured at fair value on a recurring basis at December 30, 2023:

	Fair Value Hierarchy
(in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	90,000	$	—	$	—	$	90,000
Interest rate swaps	—		10,379		—		10,379
Cross currency swaps	—		20,831		—		20,831
Total	$	90,000	$	31,210	$	—	$	121,210
Liabilities:
Cross currency swaps	$	—	$	466	$	—	$	466
Forward contracts	—		384		—		384
Total	$	—	$	850	$	—	$	850

Fair Value Measurement Inputs and Valuation Techniques

The following table provides quantitative information regarding Level 3 inputs used in the fair value measurement of the acquisition-related contingent consideration liability as of June 29, 2024:

Acquisition-related contingent consideration liabilities	Valuation Technique	Unobservable Input	Range
Potential payment	Probability-weighted present value	Probability of payment	0% - 100%
		Discount rate	11% - 12%
		Projected years of payments	2025 - 2027

Fair Value, Liabilities Measured on Recurring Basis

The following table provides a reconciliation of the acquisition-related contingent consideration liability measured at fair value using Level 3 significant unobservable inputs:

(in thousands)
Balance at May 6, 2024(1)	$	1,898
Change in fair value recorded in selling, general and administrative expenses	73
Balance at June 29, 2024	$	1,971

(1)May 6, 2024 reflects the acquisition date of 2 Peaches.