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Derivative Instruments and Hedging Activities (Tables) | 3 Months Ended
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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, 2023 |  | December 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. dollars | 20,055 |  |  | 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 Assets |  | Derivative Liabilities
Condensed Consolidated Balance Sheet Location | April 1, 2023 |  | December 31, 2022 |  | April 1, 2023 |  | December 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, 2023 |  | April 2, 2022 |  |  |  |
Interest rate swap contract-cash flow hedge | Interest expense, net | $ | (7,913) |  |  | $ | — |  |  |  |  |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |
Foreign exchange contracts | Other 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, 2023 |  | April 2, 2022 |  |  |  |
Interest rate swap contract - Cash flow hedge | $ | (9,955) |  |  | $ | — |  |  |  |  |

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