Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 28, 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)
	September 28, 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	September 28, 2024		December 31, 2023
Derivative instruments designated as hedging instruments:
Interest rate contracts	Other assets, current	$	3,143	$	4,046
	Other assets	9,419		11,595

Schedule of AOCI Activities

Accumulated other comprehensive income activities during the nine months ended September 28, 2024 were as follows (in thousands):

	December 31, 2023		Nine Months Ended September 28, 2024				September 28, 2024
	Balance		Changes in Fair Value Recognized		Change in Estimates		Balance
Cash flow hedges, before tax totals	$	15,641	$	594	$	(4,048)	$	12,187

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) Nine Months Ended
	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Interest rate contracts:
Interest expense	$	1,350	$	—	$	4,048	$	—

Schedule of Unrealized Gains (Losses) on Hedging Transactions

Unrealized (losses) gains 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) Nine Months Ended
	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Recognized in other comprehensive income, net of tax:
Interest rate contracts	$	(5,060)	$	4,537	$	(2,648)	$	5,523