v3.25.2
Fair Value of Financial Instruments
 6 Months Ended
Jun. 28, 2025
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments Fair Value of Financial Instruments
We record financial assets and liabilities at fair value based on FASB guidance related to fair value measurements. The guidance requires fair value to be determined based on the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Three levels of inputs may be used to measure fair value:
Level 1 – Quoted prices in active markets for identical assets or liabilities.
Level 2 – Quoted market-based inputs or unobservable inputs that are corroborated by market data.
Level 3 – Unobservable inputs that are not corroborated by market data.
The recorded carrying amounts and fair values of these instruments were as follows:
June 28, 2025
(amounts in thousands)Carrying AmountTotal
Fair Value		Level 1Level 2Level 3
Assets:
Cash equivalents$37,370 $37,370 $37,370 $— $— 
Derivative assets, recorded in other current assets4,744 4,744 — 4,744 — 
Deferred compensation plan assets, recorded in other assets5,674 5,674 — 5,674 — 
Liabilities:
Debt, recorded in long-term debt and current maturities of long-term debt$1,186,278 $1,045,889 $— $1,045,889 $— 
Derivative liabilities, recorded in accrued expenses and other current liabilities4,969 4,969 — 4,969 — 
December 31, 2024
(amounts in thousands)Carrying AmountTotal
Fair Value		Level 1Level 2Level 3
Assets:
Cash equivalents$53,935 $53,935 $53,935 $— $— 
Derivative assets, recorded in other current assets1,771 1,771 — 1,771 — 
Deferred compensation plan assets, recorded in other assets5,074 5,074 — 5,074 — 
Liabilities:
Debt, recorded in long-term debt and current maturities of long-term debt$1,191,959 $1,145,817 $— $1,145,817 $— 
Derivative liabilities, recorded in accrued expenses and other current liabilities2,905 2,905 — 2,905 — 
Derivative liabilities, recorded in deferred credits and other liabilities36 36 — 36 — 
Derivative assets and liabilities reported in level 2 primarily include: (1) as of June 28, 2025, foreign currency derivative contracts, commodity derivative contracts and interest rate collar agreements; (2) as of December 31, 2024, foreign currency derivative contracts and interest rate collar agreements. Refer to Note 19 - Derivative Financial Instruments to our consolidated financial statements included in this Form 10-Q for more information.
Deferred compensation plan assets reported in level 2 consist of mutual funds and corporate-owned life insurance.
There are no material non-financial assets or liabilities as of June 28, 2025 or December 31, 2024.