Fair Value Measurements (Tables)

9 Months Ended

Sep. 28, 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 September 28, 2024:

	Fair Value Hierarchy
(in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	38,000	$	—	$	—	$	38,000
Total	$	38,000	$	—	$	—	$	38,000
Liabilities:
Forward contracts	$	—	$	1,225	$	—	$	1,225
Acquisition-related contingent consideration	—		—		453		453
Total	$	—	$	1,225	$	453	$	1,678

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

Schedule of 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 September 28, 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

Schedule of 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
Change in fair value recorded in selling, general and administrative expenses	(1,518)
Balance at September 28, 2024	$	453

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