Derivative Financial Instruments (Tables)

6 Months Ended

Jul. 01, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Cross Currency Swap Contracts, Forward Contracts, and Interest Rate Swaps

The fair values of cross currency swap contracts, forward contracts and interest rate swap contracts are as follows:

(in thousands)	Balance Sheet Location	July 1, 2023		December 31, 2022
Derivatives not designated as hedging instruments:
Forward contracts	Derivative asset – current	$	8	$	237
Cross currency swaps	Derivative asset – current	—		6
Cross currency swaps	Derivative asset – non-current	19,842		22,987
Total derivatives in an asset position		$	19,850	$	23,230
Forward contracts	Accounts payable and accrued liabilities	$	609	$	14
Cross currency swaps	Accounts payable and accrued liabilities	740		66
Total derivatives in a liability position		$	1,349	$	80
Derivatives designated as hedging instruments:
Interest rate swaps	Derivative asset – current	$	9,621	$	8,382
Interest rate swaps	Derivative asset – non-current	6,181		8,090
Total derivatives in an asset position		$	15,802	$	16,472
Total deferred gain	Accumulated other comprehensive income	$	19,406	$	21,014

Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location

The impact of derivative financial instruments on the unaudited interim condensed consolidated statement of operations and comprehensive income is as follows:

	Thirteen Weeks Ended				Twenty-Six Weeks Ended
(in thousands)	July 1, 2023		July 2, 2022		July 1, 2023		July 2, 2022
(Loss) gain on forward contracts recognized in gain (loss) on foreign currency, net	$	(624)	$	480	$	(689)	$	170
(Loss) gain on cross currency swaps recognized in gain (loss) on foreign currency, net	$	(4,619)	$	11,173	$	(3,930)	$	914
Gain (loss) on interest rate swaps recognized in interest expense	$	2,729	$	(190)	$	5,123	$	(417)

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

The table below presents the effect of cash flow hedge accounting on other comprehensive income (loss):

	Thirteen Weeks Ended				Twenty-Six Weeks Ended
(in thousands)	July 1, 2023		July 2, 2022		July 1, 2023		July 2, 2022
Amount of gain recognized in other comprehensive income	$	4,768	$	530	$	3,515	$	11,452
Amount of gain (loss) reclassified from accumulated other comprehensive income into net income	$	2,729	$	(143)	$	5,123	$	(381)