Financial Instruments and Risk Management (Tables)

6 Months Ended

Jun. 29, 2024

Disclosure Financial Instruments and Risk Management [Abstract]

Schedule of Notional Amounts of Outstanding Derivative Positions

	Hedge Type	June 29, 2024		December 30, 2023
U.S. dollar equivalent notional amount of derivative instruments:
Forward foreign exchange contracts	Cash Flow and Mark to Market	$	244,519	$	308,760
Interest rate contracts	Cash Flow	$	900,000	$	900,000

Fair Values of Derivative Instruments

The fair values of derivative instruments related to forward foreign exchange contracts and interest rate contracts recognized in the Condensed Consolidated Balance Sheets of the Company were as follows:

	Balance Sheet Location	Fair Value
		June 29, 2024		December 30, 2023
Derivatives designated as hedging instruments:
Forward foreign exchange contracts	Other current assets	$	1,309	$	57
Interest rate contracts	Other current assets	23		23
Forward foreign exchange contracts	Other noncurrent assets	1		—
Interest rate contracts	Other noncurrent assets	3,525		—
Derivatives not designated as hedging instruments:
Forward foreign exchange contracts	Other current assets	2,826		142
Total derivative assets		7,684		222
Derivatives designated as hedging instruments:
Forward foreign exchange contracts	Accrued liabilities	(395)		(2,508)
Forward foreign exchange contracts	Other noncurrent liabilities	(160)		(290)
Interest rate contracts	Other noncurrent liabilities	—		(5,929)
Derivatives not designated as hedging instruments:
Forward foreign exchange contracts	Accrued liabilities	(344)		(2,784)
Total derivative liabilities		(899)		(11,511)
Net derivative asset (liability)		$	6,785	$	(11,289)

Effect of Cash Flow Hedge Derivative Instruments

The effect of derivative instruments designated as cash flow hedges on the Condensed Consolidated Statements of Operations and AOCI is as follows:

	Amount of Gain (Loss) Recognized in AOCI on Derivative Instruments
	Quarters Ended				Six Months Ended
	June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023
Forward foreign exchange contracts	$	(199)	$	1,078	$	5,300	$	1,006
Interest rate contracts	3,337		19,498		13,612		4,824
Cross-currency swap contracts	—		—		—		(2,865)
Total	$	3,138	$	20,576	$	18,912	$	2,965

	Location of Gain (Loss) Reclassified from AOCI	Amount of Gain (Loss) Reclassified from AOCI into Net Income (Loss)
		Quarters Ended				Six Months Ended
		June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023
Forward foreign exchange contracts(1)	Cost of sales	$	381	$	129	$	1,970	$	4,001
Forward foreign exchange contracts(1)	Income (loss) from discontinued operations, net of tax	82		(331)		1,036		(793)
Interest rate contracts	Interest expense, net	2,062		1,297		4,158		1,307
Cross-currency swap contracts(1)	Selling, general and administrative expenses	—		—		—		973
Cross-currency swap contracts(1)	Interest expense, net	—		—		—		581
Total		$	2,525	$	1,095	$	7,164	$	6,069

(1)The Company does not exclude amounts from effectiveness testing for cash flow hedges that would require recognition into earnings based on changes in fair value.

The following table presents the amounts in the Condensed Consolidated Statements of Operations in which the effects of cash flow hedges are recorded:

	Quarters Ended				Six Months Ended
	June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023
Cost of sales	$	688,320	$	678,211	$	1,157,218	$	1,279,862
Selling, general and administrative expenses	$	370,202	$	286,860	$	640,409	$	543,695
Interest expense, net	$	50,299	$	58,718	$	100,905	$	103,938
Income (loss) from discontinued operations, net of tax	$	(161,835)	$	(13,614)	$	(170,347)	$	2,576

Effect of Net Investment Hedge Derivative Instruments

The amount of after-tax gains (losses) included in AOCI in the Condensed Consolidated Balance Sheets related to derivative instruments and nonderivative financial instruments designated as net investment hedges are as follows:

	Amount of Gain (Loss) Recognized in AOCI
	Quarters Ended				Six Months Ended
	June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023
Euro-denominated long-term debt	$	—	$	—	$	—	$	(469)
Cross-currency swap contracts	—		—		—		531
Total	$	—	$	—	$	—	$	62

The effect of derivative instruments designated as net investment hedges on the Condensed Consolidated Statements of Operations are as follows:

	Location of Gain (Loss) Reclassified from AOCI	Amount of Gain (Loss) Reclassified from AOCI into Net Income (Loss)
		Quarters Ended				Six Months Ended
		June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023
Cross-currency swap contracts (amounts excluded from effectiveness testing)	Interest expense, net	$	—	$	—	$	—	$	960

The following table presents the amounts in the Condensed Consolidated Statements of Operations in which the effects of net investment hedges are recorded:

	Quarters Ended				Six Months Ended
	June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023
Interest expense, net (amounts excluded from effectiveness testing)	$	50,299	$	58,718	$	100,905	$	103,938

Effect of Mark to Market Hedge Derivative Instruments

The effect of derivative instruments not designated as hedges on the Condensed Consolidated Statements of Operations is as follows:

	Location of Gain (Loss)	Amount of Gain (Loss) Recognized in Net Income (Loss)
		Quarters Ended				Six Months Ended
		June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023
Forward foreign exchange contracts	Cost of sales	$	(878)	$	(237)	$	946	$	(1,228)
Forward foreign exchange contracts	Selling, general and administrative expenses	—		(626)		—		222
Forward foreign exchange contracts	Income (loss) from discontinued operations, net of tax	118		1,222		2,315		(47)
Total		$	(760)	$	359	$	3,261	$	(1,053)