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Derivative Instruments and Hedging Activities (Tables)
 3 Months Ended
Apr. 01, 2023
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)April 1, 2023December 31, 2022
Derivatives designated as hedging instruments:
Interest rate swap contract - cash flow hedge$1,950,000 $1,950,000 
Derivatives not designated as hedging instruments:
Foreign exchange contracts to purchase U.S. dollars$4,400 $3,995 
Foreign exchange contracts to sell U.S. dollars20,055 26,225 
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 AssetsDerivative Liabilities
Condensed Consolidated Balance Sheet LocationApril 1, 2023December 31, 2022April 1, 2023December 31, 2022
Derivatives designated as hedging instruments - Interest rate swap contract -cash flow hedge
Other current assets$28,213 $32,481 $— $— 
Other assets - long-term 5,518 14,108 — — 
Derivatives not designated as hedging instruments -Foreign exchange contracts
Other current assets$234 726 $— $— 
Other accrued liabilities— — 71 193 
Schedule of Other Operating Cost and Expense, by Component
The following table summarizes the effects of our derivative instruments on our condensed consolidated statements of operations:
(Gain) Loss Recognized in Condensed Consolidated Statements of Income
(In thousands)
Condensed Consolidated Statements of Operations Location
Three Months Ended
Derivatives designated as hedging instruments:April 1, 2023April 2, 2022
Interest rate swap contract-cash flow hedgeInterest expense, net$(7,913)$— 
Derivatives not designated as hedging instruments:
Foreign exchange contractsOther expense, net$129 $— 
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) The following table summarizes the effects of our derivative instruments on Accumulated Other Comprehensive Income:
Loss recognized in Other Comprehensive Income
(In thousands)Three Months Ended
Derivatives designated as hedging instruments:April 1, 2023April 2, 2022
Interest rate swap contract - Cash flow hedge$(9,955)$—