Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 29, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Notional Amounts and Fair Values

The notional amounts of derivative instruments are as follows:

	(Dollars in thousands)
	June 29, 2024		December 31, 2023
Derivative instruments designated as hedging instruments:
Interest rate contracts	$	150,000	$	150,000

The following table summarizes the fair value and presentation on the condensed consolidated balance sheets for derivative instruments:

		(Dollars in thousands)
	Balance Sheet Location	June 29, 2024		December 31, 2023
Derivative instruments designated as hedging instruments:
Interest rate contracts	Other assets, current	$	4,794	$	4,046
	Other assets	14,400		11,595

Schedule of Unrealized Gains (Losses) on Hedging Transactions

Unrealized gains (losses) associated with our hedging transactions recognized in other comprehensive income are presented in the following table:

	(Dollars in thousands) Three Months Ended				(Dollars in thousands) Six Months Ended
	June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023
Recognized in other comprehensive income, net of tax:
Interest rate contracts	$	211	$	3,116	$	2,412	$	986

Schedule of Cash Flow Hedges included in Accumulated Other Comprehensive Income (Loss)

We reclassified gains associated with our cash flow hedges from accumulated other comprehensive income to the condensed income statements when the Forward Interest Rate Swaps became effective as of January 1, 2024 and are presented in the following table:

	(Dollars in thousands) Three Months Ended				(Dollars in thousands) Six Months Ended
	June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023
Interest rate contracts:
Interest expense	$	1,358	$	—	$	2,698	$	—