Fair Value Measurements

3 Months Ended

Mar. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

6. FAIR VALUE MEASUREMENTS

The carrying amounts of cash and cash equivalents, patient accounts receivable, accounts payable, accrued expenses and other current liabilities approximate their fair values due to the short-term maturities of the instruments.

The Company’s other assets measured at fair value were as follows (amounts in thousands):

	Fair Value Measurements at March 30, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Interest rate cap agreements	$	-	$	35,293	$	-	$	35,293
Interest rate swap agreements		-		26,460		-		26,460
Total derivative assets	$	-	$	61,753	$	-	$	61,753
	Fair Value Measurements at December 30, 2023
	Level 1		Level 2		Level 3		Total
Assets:
Interest rate cap agreements	$	-	$	30,455	$	-	$	30,455
Interest rate swap agreements		-		23,022		-		23,022
Total derivative assets	$	-	$	53,477	$	-	$	53,477

The fair values of the interest rate swap and cap agreements are based on the estimated net proceeds or costs to settle the transactions as of the respective balance sheet dates. The valuations are based on commercially reasonable industry and market practices for valuing similar financial instruments. See Note 7 – Derivative Financial Instruments for further details on the Company’s interest rate swap and cap agreements.