Insurance Claims |
9 Months Ended |
|---|---|
Sep. 26, 2026 | |
| Insurance [Abstract] | |
| Insurance Claims | Insurance Claims Prior to its acquisition by the Company, Bison initiated litigation against several of its insurance carriers related to a claim that it made for weather-related roof damage in April 2023. In September 2026, the lawsuit was settled on mutually agreeable terms and, in connection therewith, the Company received a $4.4 million cash payment. The amount recorded in the Condensed Consolidated Statement of Income is net of legal costs. In March 2023, a portion of the Company’s Covington, Tennessee manufacturing operation was damaged by a tornado. Certain inventories, production equipment, and building structures were extensively damaged. To date, $55.0 million of insurance proceeds have been received. During the second quarter of 2025, the Company recorded a pre-tax gain of $36.3 million, or $0.12 per diluted share after tax, for the excess of insurance proceeds received over the losses incurred for damaged inventories, equipment, and buildings, as there are no known contingencies and there is no expectation of repayment regarding the proceeds received to date and any additional costs associated with the event are expected to be minimal. During the third quarter of 2025, the Company recognized an additional pre-tax gain of $4.9 million, or $0.02 per diluted share after tax. The claim is not yet fully settled, and additional insurance recovery amounts are expected to be recorded in the future.
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