Derivative Instruments and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 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)	September 30, 2023		December 31, 2022
Derivatives designated as hedging instruments:
Interest rate swap contract - cash flow hedge	$	1,650,000	$	1,950,000
Derivatives not designated as hedging instruments:
Foreign exchange contracts to purchase U.S. dollars	$	—	$	3,995
Foreign exchange contracts to sell U.S. dollars	—		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 Assets				Derivative Liabilities
Condensed Consolidated Balance Sheet Location	September 30, 2023		December 31, 2022		September 30, 2023		December 31, 2022
Derivatives designated as hedging instruments - Interest rate swap contract -cash flow hedge
Other current assets	$	31,827	$	32,481	$	—	$	—
Other assets - long-term	11,806		14,108		—		—
Derivatives not designated as hedging instruments -Foreign exchange contracts
Other current assets	$	—	726		$	—	$	—
Other accrued liabilities	—		—		—		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				Nine months ended
Derivatives designated as hedging instruments:		September 30, 2023		October 1, 2022		September 30, 2023		October 1, 2022
Interest rate swap contract-cash flow hedge	Interest expense, net	$	(9,530)	$	—	$	(27,081)	$	—
Derivatives not designated as hedging instruments:
Foreign exchange contracts	Other expense, net	$	—	$	562	$	(374)	$	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:

	Gain (Loss) recognized in Other Comprehensive Income (Loss)
(In thousands)	Three months ended				Nine months ended
Derivatives designated as hedging instruments:	September 30, 2023		October 1, 2022		September 30, 2023		October 1, 2022
Interest rate swap contract - Cash flow hedge	$	(2,050)	$	30,743	$	(2,289)	$	30,743