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Fair Values of Financial Instruments (Tables)
 6 Months Ended
Jun. 28, 2024
Fair Value Disclosures [Abstract]  
Summary of Methods and Assumptions Used in Estimating Fair Value
The below methods and assumptions were used by the Company in estimating the fair values of its financial instruments. There were no transfers of assets or liabilities between levels in any period presented.

Financial InstrumentFair Value
Level		Methods and Assumptions
Deferred compensation plan assets and liabilitiesLevel 1The fair value of the Company’s nonqualified deferred compensation plan for certain executives and other highly compensated employees is based on the fair values of associated assets and liabilities, which are held in mutual funds and are based on the quoted market values of the securities held within the mutual funds.
Short-term investmentsLevel 1The fair values of the Company’s Level 1 short-term investments, which are U.S. Treasury securities, corporate bonds and asset-backed securities, are based on the quoted market prices of those securities which are actively traded on national exchanges.
Short-term investmentsLevel 2The fair values of the Company’s Level 2 short-term investments, which are commercial paper instruments, are based on estimated current market prices and have readily determinable fair market values.
Commodity derivative instrumentsLevel 2The fair values of the Company’s commodity derivative instruments are based on current settlement values at each balance sheet date, which represent the estimated amounts the Company would have received or paid upon termination of these instruments. The Company’s credit risk related to the commodity derivative instruments is managed by requiring high standards for its counterparties and periodic settlements. The Company considers nonperformance risk in determining the fair values of commodity derivative instruments.
Long-term debtLevel 2The carrying amounts of the Company’s variable rate debt approximate the fair values due to variable interest rates with short reset periods. The fair values of the Company’s fixed rate debt are based on estimated current market prices.
Acquisition related contingent considerationLevel 3The fair value of the Company’s acquisition related contingent consideration is based on internal forecasts and the weighted average cost of capital (“WACC”) derived from market data.
Summary of Deferred Compensation Plan, Commodity Derivative Instruments, Debt and Acquisition Related Contingent Consideration
The following tables summarize the carrying amounts and the fair values by level of the Company’s deferred compensation plan assets and liabilities, short-term investments, commodity derivative instruments, long‑term debt and acquisition related contingent consideration:

June 28, 2024
(in thousands)Carrying
Amount		Total
Fair Value		Fair Value
Level 1		Fair Value
Level 2		Fair Value
Level 3
Assets:
Deferred compensation plan assets$75,179 $75,179 $75,179 $— $— 
Short-term investments198,771 198,771 195,198 3,573 — 
Commodity derivative instruments3,877 3,877 — 3,877 — 
Liabilities:
Deferred compensation plan liabilities75,179 75,179 75,179 — — 
Long-term debt1,785,102 1,790,500 — 1,790,500 — 
Acquisition related contingent consideration657,246 657,246 — — 657,246 

December 31, 2023
(in thousands)Carrying
Amount		Total
Fair Value		Fair Value
Level 1		Fair Value
Level 2		Fair Value
Level 3
Assets:
Deferred compensation plan assets$64,769 $64,769 $64,769 $— $— 
Commodity derivative instruments3,747 3,747 — 3,747 — 
Liabilities:
Deferred compensation plan liabilities64,769 64,769 64,769 — — 
Long-term debt599,159 579,000 — 579,000 — 
Acquisition related contingent consideration669,337 669,337 — — 669,337 
Summary of Acquisition Related Contingent Consideration Liability A summary of the Level 3 activity is as follows:
Second QuarterFirst Half
(in thousands)2024202320242023
Beginning balance - Level 3 liability$649,596 $576,446 $669,337 $541,491 
Payments of acquisition related contingent consideration(13,976)(6,877)(23,676)(13,376)
Reclassification to current payables(6,200)(700)(10,700)(900)
Increase in fair value27,826 25,520 22,285 67,174 
Ending balance - Level 3 liability$657,246 $594,389 $657,246 $594,389