XML 47 R37.htm IDEA: XBRL DOCUMENT
v3.23.2

Derivative Instruments and Hedging Activities (Tables) | 6 Months Ended
--- | ---
Jul. 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) | July 1, 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 | July 1, 2023 |  | December 31, 2022 |  | July 1, 2023 |  | December 31, 2022
Derivatives designated as hedging instruments - Interest rate swap contract -cash flow hedge |  |  |  |  |  |  |
Other current assets | $ | 34,382 |  |  | $ | 32,481 |  |  | $ | — |  |  | $ | — |
Other assets - long-term | 11,899 |  |  | 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 Recognized in Condensed Consolidated Statements of Income
(In thousands) | Condensed Consolidated Statements of Operations Location | Three months ended |  | Six months ended
Derivatives designated as hedging instruments: |  | July 1, 2023 |  | July 2, 2022 |  | July 1, 2023 |  | July 2, 2022
Interest rate swap contract-cash flow hedge | Interest expense, net | $ | (9,638) |  |  | $ | — |  |  | $ | (17,551) |  |  | $ | — |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |
Foreign exchange contracts | Other expense, net | $ | (245) |  |  | $ | — |  |  | $ | (374) |  |  | $ | — |
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 |  | Six months ended
Derivatives designated as hedging instruments: | July 1, 2023 |  | July 2, 2022 |  | July 1, 2023 |  | July 2, 2022
Interest rate swap contract - Cash flow hedge | $ | 9,716 |  |  | $ | — |  |  | $ | (239) |  |  | $ | — |

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-11 + Details
Name: | us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of contract for foreign currency transaction at fixed rate at future date. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480524/946-210-50-6 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 5B -Subparagraph (SX 210.12-13B) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-5B + Details
Name: | us-gaap_OpenForwardForeignCurrencyContractTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of gain (loss) on derivative and nonderivative instruments designated and qualifying as cash flow hedge recorded in accumulated other comprehensive income (AOCI) and reclassified into earnings. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C + Details
Name: | us-gaap_ScheduleOfCashFlowHedgesIncludedInAccumulatedOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of each detailed component of other operating costs and expenses that are applicable to sales and revenues, but not included in the cost of sales in the income statement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.3) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2 + Details
Name: | us-gaap_ScheduleOfOtherOperatingCostAndExpenseByComponentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration