FAIR VALUE (Tables)

6 Months Ended

Jul. 01, 2023

Fair Value Disclosures [Abstract]

Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis

Assets and liabilities measured at fair value on a recurring basis are summarized below:

	July 1, 2023
	Level 1		Level 2		Level 3		Total
Current assets measured at fair value:	(in thousands)
Cash equivalents	$	—	$	28	$	—	$	28
Other assets:
Life insurance policies	—		38,308		—		38,308
Interest rate swap	—		3,121		—		3,121
Total assets measured at fair value	$	—	$	41,457	$	—	$	41,457

	December 31, 2022
	Level 1		Level 2		Level 3		Total
Current assets measured at fair value:	(in thousands)
Cash equivalents	$	—	$	78	$	—	$	78
Other assets:
Life insurance policies	—		34,527		—		34,527
Total assets measured at fair value	$	—	$	34,605	$	—	$	34,605
Accrued liabilities measured at fair value:
Contingent consideration	$	—	$	—	$	13,431	$	13,431
Other long-term liabilities measured at fair value:
Interest rate swap	—		1,523		—		1,523
Total liabilities measured at fair value	$	—	$	1,523	$	13,431	$	14,954

The book value and fair value of the Company’s Senior Notes is summarized below:

	July 1, 2023				December 31, 2022
	Book Value		Fair Value		Book Value		Fair Value
	(in thousands)
4.25% Senior Notes due 2028	$	500,000	$	457,500	$	500,000	$	460,450
3.75% Senior Notes due 2029	500,000		440,000		500,000		442,200
4.00% Senior Notes due 2031	500,000		433,750		500,000		432,500

Rollforward of Contingent Consideration Related to Previous Acquisitions

The following table provides a rollforward of the contingent consideration related to the Company’s acquisitions.

	Six Months Ended
	July 1, 2023		June 25, 2022
	(in thousands)
Beginning balance	$	13,431	$	37,244
Payments	(15,130)		(11,476)
Total gains or losses (realized/unrealized):
Adjustment of previously recorded contingent liability	1,810		(15,340)
Foreign currency translation	(111)		(878)
Ending balance	$	—	$	9,550