v3.26.1
Fair Value Measurements
 3 Months Ended
Mar. 28, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements
8. Fair Value Measurements
Liabilities Measured at Fair Value on a Recurring Basis
Redeemable Noncontrolling Interest - Put Option
In 2024, BioNova issued 111,111 preferred shares to SWEN in return for a redeemable noncontrolling interest of approximately 14%. The preferred shares contain an embedded put option that was determined should be bifurcated and recognized separately at fair value, with subsequent changes in fair value recorded in earnings.
SWEN’s put option is remeasured at the end of each reporting period. The fair value of the put option is estimated using a Monte Carlo simulation model, which is a Level 3 measurement, with changes in fair value recorded in “other income (expense), net” in the condensed consolidated statements of operations. The SWEN put option’s liability balance and activity were as follows:
Financial Statement
Line Item		Three Months Ended
March 28, 2026March 29, 2025
Balance, beginning of periodOther liabilities$10,083 $4,196 
Fair value measurement adjustmentOther income (expense), net1,890 494 
Foreign currency translation adjustmentForeign currency translation adjustment(209)165 
Balance, end of periodOther liabilities$11,764 $4,855 
There is inherent uncertainty of the fair value measurement of Level 3 securities due to the use of unobservable inputs, including timing and amount of expected cash flows. A material change in the unobservable inputs used may result in a higher or lower fair value measurement. Key inputs into the Monte Carlo simulation model used to determine the fair value of the SWEN put option at the fair value measurement date were as follows:
March 28, 2026December 31, 2025
Free cash flow to equity volatility(a)
58.0 %54.0 %
Weighted average cost of capital14.1 %13.3 %
Risk-free interest rateTerm structure of U.S. Treasury and Euro Government Bond securitiesTerm structure of U.S. Treasury and Euro Government Bond securities
(a)Based on a peer group of companies in the same or a similar industry.
See Note 9—Redeemable Noncontrolling Interest for further information on the SWEN put option.
Financial Instruments
The carrying amounts of the Company’s cash and cash equivalents, receivables and payables approximate fair value due to the short-term nature of those instruments. The carrying amount of borrowings outstanding under the ABL Credit Facility, 2029 Term Loan and short-term factoring facility approximate fair value due to their variable interest rates and no significant changes in the Company's credit risk.
The fair value of the Company’s fixed rate debt is estimated using quoted market prices for debt with similar terms and maturities, which are Level 2 inputs, and was as follows:
March 28, 2026December 31, 2025
Carrying amount of fixed rate debt(a)
$69,404 $71,679 
Fair value of fixed rate debt$70,799 $73,426 
(a)Excludes finance lease obligations.