DERIVATIVE INSTRUMENTS |
9 Months Ended |
|---|---|
Sep. 27, 2026 | |
| Derivative Instrument Detail [Abstract] | |
| DERIVATIVE INSTRUMENTS | DERIVATIVE INSTRUMENTS The Company from time to time enters into derivative financial instruments, such as interest rate collar agreements (each, a “Collar”), to manage its exposure to fluctuations in interest rates on the Company’s variable rate debt. On January 4, 2023, the Company entered into a Collar with Wells Fargo Bank, N.A. ("Wells Fargo") with a notional amount of $500,000 that expired on February 18, 2026. The Collar had a floor of 2.81% and a cap of 5.00% (based on three-month SOFR). On January 30, 2025, the Company entered into another Collar with Wells Fargo with a notional amount of $400,000 that expires on November 18, 2028. The Collar has a floor of 3.35% and a cap of 4.99% (based on three-month SOFR). The structure of these Collars is such that the Company receives an incremental amount if the Collar index exceeds the cap rate. Conversely, the Company pays an incremental amount to Wells Fargo if the Collar index falls below the floor rate. No payments are required if the Collar index falls between the cap and floor rates. As of September 27, 2026, the Company recognized a derivative asset of $1,924 for the Collar in other noncurrent assets on the condensed consolidated balance sheets. The Company recorded a net change in the fair value of the Collar as a decrease of $2,524 and $972 to interest expense for the 13-week periods ended September 27, 2026 and September 28, 2025, respectively. The Company recorded a net change in the fair value of the Collar as a decrease of $5,422 and an increase of $4,271 to interest expense for 39-week period ended September 27, 2026 and September 28, 2025, respectively. The fair value of the Collar is determined using observable market-based inputs and the impact of credit risk on the derivative’s fair value (the creditworthiness of the Company’s counterparty for assets and the creditworthiness of the Company for liabilities) (a Level 2 measurement, as described in Note 10, "Fair Value Measurements").
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