Fair Value Measurements

9 Months Ended

Sep. 27, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

Our assets and liabilities carried at fair value are classified and disclosed in one of the following three categories: Level 1 – quoted market prices in active markets for identical assets and liabilities; Level 2 – observable market-based inputs or unobservable inputs that are corroborated by market data; and Level 3 – unobservable inputs that are not corroborated by market data.

As of September 27, 2025, our assets and liabilities measured at fair value on a recurring basis are categorized in the table below:

	September 27, 2025
	Total		Level 1		Level 2		Level 3
Assets:
Derivative assets	$	15,255	$	—	$	15,255	$	—
Investments held in Rabbi Trust	89,814		89,814		—		—
Total assets at fair value	$	105,069	$	89,814	$	15,255	$	—
Liabilities:
Derivative liabilities	$	2,770	$	—	$	2,770	$	—
Total liabilities at fair value	$	2,770	$	—	$	2,770	$	—

As of December 28, 2024, our assets and liabilities measured at fair value on a recurring basis are categorized in the table below:

	December 28, 2024
	Total		Level 1		Level 2		Level 3
Assets:
Derivative assets	$	22,126	$	—	$	22,126	$	—
Investments held in Rabbi Trust	93,770		93,770		—		—
Total assets at fair value	$	115,896	$	93,770	$	22,126	$	—
Liabilities:
Derivative liabilities	$	780	$	—	$	780	$	—
Contingent consideration	2,888		—		—		2,888
Total liabilities at fair value	$	3,668	$	—	$	780	$	2,888

The fair value of the cash equivalents approximated cost and the change in the fair value of the marketable trading securities was recognized in the Condensed Consolidated Statements of Income to reflect these investments at fair value.

Our senior secured notes due in 2029 and Term Loan Credit Facility are stated at amortized cost, and their respective fair values were determined based on Level 2 criteria. The fair values and carrying values of these notes are shown in the tables below:

	September 27, 2025
	Fair Value
	Total		Level 1		Level 2		Level 3		Carrying Value
Senior secured notes, 4.75% due 2029	$	1,942,500	$	—	$	1,942,500	$	—	$	1,975,032
Term loan credit facility	805,910		—		805,910		—		763,568
	$	2,748,410	$	—	$	2,748,410	$	—	$	2,738,600

	December 28, 2024
	Fair Value
	Total		Level 1		Level 2		Level 3		Carrying Value
Senior secured notes, 4.75% due 2029	$	1,885,000	$	—	$	1,885,000	$	—	$	1,969,768
Term loan credit facility	931,535		—		931,535		—		885,882
	$	2,816,535	$	—	$	2,816,535	$	—	$	2,855,650