Annual report pursuant to Section 13 and 15(d)

Derivatives and Risk Management (Tables)

v3.22.4
Derivatives and Risk Management (Tables)
 12 Months Ended
Dec. 29, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Position
Derivative Position as of December 29, 2022:
in thousands Notional Balance Final Maturity
Date		 Other Current Assets Other
Assets		 AOCI, Net
of Tax
Designated as cash flow hedges:
Interest rate cap (1)
$ 75,000  U.S. dollars April 2024 $ 2,275  $ 654  $ (2,166)
Interest rate cap (1)
$ 75,000  U.S. dollars April 2024 $ 2,278  $ 656  $ (2,171)
(1)As discussed in Note 10, “Debt,” the Term Loan Facility was amended to transition from an interest rate benchmark based on LIBOR to an interest rate benchmark based on Secured Overnight Financing Rate (“SOFR”). To align with this amendment, the hedged interest rate benchmark index for the interest rate cap contracts was changed from one month LIBOR to one month Term SOFR, and the underlying hedge documentation was updated to reflect this change. As a result of the application of the practical expedients in accordance with ASC 848, Reference Rate Reform, the original hedge designation for the interest cap contracts remains intact, and the Company will continue to apply a qualitative effectiveness assessment method.
Derivative Position as of December 30, 2021:
in thousands Notional Balance Final Maturity
Date		 Other Current Assets Other
Assets		 AOCI, Net
of Tax
Designated as cash flow hedges:
Interest rate cap $ 75,000  U.S. dollars April 2024 $ 12  $ 250  $ (106)
Interest rate cap $ 75,000  U.S. dollars April 2024 $ 12  $ 250  $ (108)
Interest rate cap $ 102,500  U.S. dollars December 2021 $ —  $ —  $ (272)
Not designated as hedges:
Interest rate cap $ 102,500  U.S. dollars December 2021 $ —  $ —  $ (49)
Schedule of Gains Related to Our Designated Hedge Contracts
Gains related to designated hedge contracts are as follows:
Effective Portion Reclassified
From AOCI to Earnings		 Effective Portion Recognized in
Other Comprehensive Income
Fiscal Year Ended Fiscal Year Ended
(in thousands) December 29,
2022		 December 30,
2021		 December 31,
2020		 December 29,
2022		 December 30,
2021		 December 31,
2020
Interest rate caps (cash flow hedges) $ 914  $ —  $ —  $ 4,716  $ 371  $ 357