Derivative Instruments and Hedging Activities (Tables)

9 Months Ended

Oct. 01, 2022

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 statement of operations.

The notional amounts of our derivative instruments are as follows:

(In thousands)	October 1, 2022		December 31, 2021
Derivatives designated as hedging instruments:
Interest rate swap contract - Cash flow hedge	$	1,950,000	$	—
Derivatives not designated as hedging instruments:
Foreign exchange contracts to purchase U.S. dollars	$	4,400	$	—
Foreign exchange contracts to sell U.S. dollars	23,175		—

Fair Value, by Balance Sheet Grouping

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

(In thousands)	Derivative Assets				Derivative Liabilities
Condensed Consolidated Balance Sheet Location	October 1, 2022		December 31, 2021		October 1, 2022		December 31, 2021
Derivatives designated as hedging instruments - Interest rate swap contract -cash flow hedge
Other current assets	$	19,255	$	—	$	—	$	—
Other assets - long-term	20,773		—		—		—
Derivatives not designated as hedging instruments -Foreign exchange contracts
Other current assets	$	99	$	—	$	—	$	—
Other accrued liabilities	—		—		336		—

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:

(In thousands)		Three Months Ended				Nine Months Ended
Derivatives not designated as hedging instruments:	Condensed Consolidated Statements of Operations Location	October 1, 2022		October 2, 2021		October 1, 2022		October 2, 2021
Foreign exchange contracts	Other expense, net	$	562	$	—	$	562	$	—

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 Income:

	Three Months Ended				Nine Months Ended
(In thousands)	October 1, 2022		October 2, 2021		October 1, 2022		October 2, 2021
Derivatives designated as hedging instruments:
Interest rate swap contract - Cash flow hedge	$	30,743	$	—	$	30,743	$	—