Derivative Instruments and Hedging Activities (Tables)

3 Months Ended

Mar. 27, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of derivative instruments in statement of financial position, fair value

The following table presents the fair value and classification of the Company’s swap agreements, as of the periods indicated:

(dollars in thousands)	MARCH 27, 2022		DECEMBER 26, 2021		CONSOLIDATED BALANCE SHEET CLASSIFICATION
Interest rate swaps - liability (1)	$	1,368	$	3,056	Accrued and other current liabilities
Accrued interest	$	275	$	276	Accrued and other current liabilities

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(1)See Note 12 - Fair Value Measurements for fair value discussion of the interest rate swaps.

Schedule of derivatives instruments statements of financial performance, location

The following table summarizes the effects of the swap agreements on Net income for the periods indicated:

	THIRTEEN WEEKS ENDED
(dollars in thousands)	MARCH 27, 2022		MARCH 28, 2021
Interest rate swap expense recognized in Interest expense, net	$	(917)	$	(4,044)
Income tax benefit recognized in Provision for income taxes	236		1,041
Total effects on Net income (1)	$	(681)	$	(3,003)

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(1)Excludes the effects on Net income of terminated interest rate swaps.