v3.26.3
FAIR VALUE
 9 Months Ended
Sep. 26, 2026
Fair Value Disclosures [Abstract]  
FAIR VALUE FAIR VALUE
Assets and liabilities measured at fair value on a recurring basis are summarized below:
September 26, 2026
Level 1Level 2Level 3Total

(in thousands)
Other assets measured at fair value:
Life insurance policies$— $21,858 $— $21,858 
Total assets measured at fair value$— $21,858 $— $21,858 
Accrued liabilities measured at fair value:
Contingent consideration$— $— $25,095 $25,095 
Other long-term liabilities measured at fair value:
Contingent consideration$— $— $19,905 $19,905 
Total liabilities measured at fair value$— $— $45,000 $45,000 
The Company recognizes transfers between levels within the fair value hierarchy, if any, at the end of each quarter. During the nine months ended September 26, 2026, there were no transfers between levels.
December 27, 2025
Level 1Level 2Level 3Total
(in thousands)
Other assets measured at fair value:
Life insurance policies$— $58,427 $— $58,427 
Total assets measured at fair value$— $58,427 $— $58,427 
Accrued liabilities measured at fair value:
Contingent consideration$— $— $30,000 $30,000 
Total liabilities measured at fair value$— $— $30,000 $30,000 
During the year ended December 27, 2025, there were no transfers between levels.
Contingent Consideration
The following table provides a rollforward of the contingent consideration related to the Company’s acquisitions and divestitures.
Nine Months Ended
September 26, 2026September 27, 2025
(in thousands)
Beginning balance$30,000 $49,311 
Additions45,000 — 
Payments(30,000)(25,000)
Total gains or losses (realized/unrealized):
Adjustment of previously recorded contingent liability— 3,754 
Ending balance$45,000 $28,065 
The Company estimates the fair value of contingent consideration obligations through valuation models, such as probability-weighted and option pricing models, which incorporate probability adjusted assumptions and simulations related to the achievement of the milestones and the likelihood of making related payments. The unobservable inputs used in the fair value measurements include the probabilities of successful achievement of certain financial targets, forecasted results or targets, volatility, and discount rates. The remaining maximum potential payments are approximately $45.0 million, the full value of which is accrued as of September 26, 2026.
Debt Instruments
The book value of the Company’s revolving loans are variable rate loans carried at amortized cost which approximates the fair value. The fair value is based on significant other observable inputs, including current interest and foreign currency exchange rates, and is deemed to be Level 2 within the fair value hierarchy.
The book value of the Company’s Senior Notes are fixed rate obligations carried at amortized cost. Fair value is based on quoted market prices as well as borrowing rates available to the Company. As the fair value is based on significant other observable outputs, it is deemed to be Level 2 within the fair value hierarchy. The book value, excluding issuance costs, and fair value of the Company’s Senior Notes is summarized below:
September 26, 2026December 27, 2025
Book ValueFair ValueBook ValueFair Value
(in thousands)
4.25% Senior Notes due 2028
$500,000 $488,500 $500,000 $493,800 
3.75% Senior Notes due 2029
500,000 473,450 500,000 483,550 
4.00% Senior Notes due 2031
500,000 456,250 500,000 474,050