v3.26.1
Fair Value of Financial Instruments
 12 Months Ended
Jun. 28, 2026
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments Fair Value of Financial Instruments
Debt
The fair value and carrying value of our debt as of June 28, 2026 and June 29, 2025 are as follows:
June 28, 2026June 29, 2025
Carrying value$1,808,584 $1,321,790 
Fair value1,567,317 1,316,993 
The fair value of our debt is estimated based on trading levels of lenders buying and selling their participation levels of funding (Level 2).
There were no transfers in or out of any of the levels of the valuation hierarchy in fiscal years 2026 and 2025.
Items Measured at Fair Value on a Recurring Basis
The Company holds certain liabilities that are required to be measured at fair value on a recurring basis. The following table is a summary of fair value measurements and hierarchy level as of June 28, 2026 and June 29, 2025:
June 28, 2026
Level 1Level 2Level 3Total
Earnout shares$— $— $2,163 $2,163 
Total liabilities$— $— $2,163 $2,163 
June 29, 2025
Level 1Level 2Level 3Total
Interest rate collars$— $16 $— $16 
Earnout Shares— — 36,183 36,183 
Total liabilities$— $16 $36,183 $36,199 

The fair value of earn-out shares was established using a Monte Carlo simulation Model (level 3 inputs). The key inputs into the Monte Carlo simulations as of June 28, 2026 and June 29, 2025 were as follows:
June 28, 2026June 29, 2025
Expected term in years0.461.46
Expected volatility55%50%
Risk-free interest rate3.92%3.86%
Stock price$7.89$9.31
Dividend yield3.04%2.36%

The following table sets forth a summary of changes in the estimated fair value of the Company's Level 3 Earnout liability for the years ended June 28, 2026 and June 29, 2025:
Fiscal Year Ended
June 28, 2026June 29, 2025
Balance as of beginning of period$36,183 $137,636 
Issuances13 31 
Changes in fair value(34,033)(101,484)
Balance as of end of period$2,163 $36,183 
Items Measured at Fair Value on a Non-Recurring Basis
The Company’s assets measured at fair value on a non-recurring basis subsequent to their initial recognition include assets held for sale. We utilize third party broker estimate of value amounts to record the assets held for sale at their fair value less costs to sell. These inputs are classified as Level 2 fair value measurements.
Other Financial Instruments
Other financial instruments include cash and cash equivalents, accounts and notes receivable, accounts payable and accrued expenses. The financial statement carrying amounts of these items approximate the fair value due to their short duration.