v3.26.3
Fair Value Measures
 9 Months Ended
Sep. 28, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measures

(10) Fair Value Measures

The carrying amount and estimated fair value of the Company’s financial instruments were as follows:

 

 

 

As of

 

 

 

September 28, 2026

 

 

December 29, 2025

 

 

 

Carrying Amount

 

 

Fair Value

 

 

Carrying Amount

 

 

Fair Value

 

 

 

(In thousands)

 

Derivatives designated as hedges:

 

 

 

 

 

 

 

 

 

 

 

 

Derivative assets, current

 

$

12,009

 

 

$

12,009

 

 

$

—

 

 

$

—

 

Derivative liabilities, current

 

 

—

 

 

 

—

 

 

 

31

 

 

 

31

 

Derivative liabilities, non-current

 

 

21,109

 

 

 

21,109

 

 

 

382

 

 

 

382

 

Derivatives not designated as hedges:

 

 

 

 

 

 

 

 

 

 

 

 

Derivative assets, current

 

 

2,600

 

 

 

2,600

 

 

 

5,212

 

 

 

5,212

 

Derivative liabilities, current

 

 

278

 

 

 

278

 

 

 

—

 

 

 

—

 

Senior Notes due March 2029

 

 

497,978

 

 

 

473,120

 

 

 

497,392

 

 

 

488,325

 

Senior Notes due October 2034

 

 

490,961

 

 

 

499,715

 

 

 

—

 

 

 

—

 

Term Loan due May 2030

 

 

394,933

 

 

 

399,998

 

 

 

336,778

 

 

 

345,806

 

RCF due May 2031

 

 

260,000

 

 

 

260,000

 

 

 

—

 

 

 

—

 

Asia ABL Revolving Loan due June 2028

 

 

—

 

 

 

—

 

 

 

80,000

 

 

 

80,000

 

Other loan

 

 

—

 

 

 

—

 

 

 

1,981

 

 

 

1,981

 

The fair value of the derivative instruments was determined using pricing models developed based on the 1-month CME Term SOFR swap rate, USD/CHF spot and forward exchange rates, USD and CHF interest-rate curves, and other observable market data, including quoted market prices, as appropriate using Level 2 inputs. The values were adjusted to reflect non-performance risk of both the counterparty and the Company, as necessary.

The fair value of the long-term debt was estimated based on quoted market prices, where available, as of September 28, 2026 and December 29, 2025, which are considered Level 2 inputs.

As of September 28, 2026 and December 29, 2025, the Company’s other financial instruments included cash and cash equivalents, accounts receivable, contract assets, accounts payable, and contract liabilities. The carrying amount of these instruments approximates fair value.