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:
(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:
|Schedule of Gains Related to Our Designated Hedge Contracts||
Gains related to designated hedge contracts are as follows:
No definition available.
Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef
Tabular disclosure of interest rate derivatives, including, but not limited to, the fair value of the derivatives, statement of financial position location, and statement of financial performance location of these instruments.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef