Fair Value Measurements

9 Months Ended

Sep. 29, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

10.Fair Value Measurements

Recurring and Non-recurring Fair Value Measurements

There were no assets or liabilities measured at fair value on a recurring or non-recurring basis as of September 29, 2024 or December 31, 2023.

Fair Value of Financial Instruments

The Company believes the carrying values of its financial instruments related to current assets and liabilities approximate fair value due to short-term maturities.

The Company has estimated the fair value of the Senior Secured Notes and the property mortgage loans as of September 29, 2024 and December 31, 2023 using a discounted cash flow analysis. The fair value of the other non-current debt is estimated as of September 29, 2024 and December 31, 2023 using a discounted cash flow analysis, except for the Dean Street Loan and the Copenhagen Loan where fair value is estimated to be equal to the current carrying value of each instrument as of September 29, 2024 based on a comparison of each instrument's contractual terms to current market terms. The Company does not believe that the use of different market inputs would have resulted in a materially different fair value of debt as of September 29, 2024 and December 31, 2023.

The following table presents the estimated fair values (all of which are Level 3 fair value measurements) of the Company’s debt instruments with maturity dates in 2025 and thereafter:

(in thousands)	Carrying Value		Fair Value
September 29, 2024
Senior Secured Notes	$	643,668	$	628,714
Property mortgage loans		137,313		118,663
Other loans		22,040		21,931
	$	803,021	$	769,308

(in thousands)	Carrying Value		Fair Value
December 31, 2023
Senior Secured Notes	$	615,718	$	597,063
Property mortgage loans		137,099		117,488
Other loans		21,433		21,079
	$	774,250	$	735,630

The carrying values of the Company’s other non-current liabilities and non-current assets approximate their fair values.