Derivative Instruments and Hedging Activities (Tables)

9 Months Ended

Sep. 28, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Open Forward Foreign Currency Contract

The Company enters into foreign exchange contracts in an effort to mitigate the risks associated with currency fluctuations on certain foreign currency balance sheet exposures. These foreign exchange contracts do not qualify for hedge accounting. The Company recognizes the change in fair value of its foreign currency forward contracts in the condensed consolidated statements of operations.

The notional amounts of our derivative instruments were as follows:

(In thousands)
Derivatives designated as hedging instruments:	September 28, 2024		December 31, 2023
Interest rate swap contract - cash flow hedge	$	900,000	$	1,350,000

Fair Value, by Balance Sheet Grouping

The fair values of our derivative instruments included in the condensed consolidated balance sheets were as follows:

(In thousands)
Condensed Consolidated Balance Sheets Location	Derivative Assets
Derivatives designated as hedging instruments - Interest rate swap contract - cash flow hedge	September 28, 2024		December 31, 2023
Other current assets	$	6,297	$	21,451
Other assets	222		2,618

Schedule of Other Operating Cost and Expense, by Component

The following table summarizes the effects of our derivative instruments on our condensed consolidated statements of operations:

		Gain recognized in Condensed Consolidated Statements of Operations
(In thousands)		Three months ended				Nine months ended
Derivatives designated as hedging instruments:	Condensed Consolidated Statements of Operations Location	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Interest rate swap contract - cash flow hedge	Interest expense	$	(5,587)	$	(9,530)	$	(23,241)	$	(27,081)
Derivatives not designated as hedging instruments:
Foreign exchange contracts	Other (income) expense, net	$	—	$	—	$	—	$	(374)

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)

The following table summarizes the effects of our derivative instruments on Accumulated other comprehensive loss:

	Loss recognized in Other comprehensive loss
(In thousands)	Three months ended				Nine months ended
Derivatives designated as hedging instruments:	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Interest rate swap contract - cash flow hedge	$	(9,873)	$	(2,050)	$	(13,587)	$	(2,289)