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Derivative Instruments and Hedging Activities (Tables) | 6 Months Ended
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Jun. 29, 2024
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 statements of operations. The notional amounts of our derivative instruments were as follows:
(In thousands) |  |  |
Derivatives designated as hedging instruments: | June 29, 2024 |  | December 31, 2023
Interest rate swap contract - cash flow hedge | $ | 900,000 |  |  | $ | 1,350,000 |
Fair Value, by Balance Sheet Grouping | The fair values of our derivative instruments included in the condensed consolidated balance sheets were as follows:
(In thousands) |  |  |  |  |
Condensed Consolidated Balance Sheets Location | Derivative Assets |  |  |  |
Derivatives designated as hedging instruments - Interest rate swap contract - cash flow hedge | June 29, 2024 |  | December 31, 2023 |  |  |  |
Other current assets | $ | 16,578 |  |  | $ | 21,451 |  |  |  |  |
Other assets | 2,695 |  |  | 2,618 |  |  |  |  |
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 Operations
(In thousands) |  | Three months ended | Six months ended
Derivatives designated as hedging instruments: | Condensed Consolidated Statements of Operations Location | June 29, 2024 |  | July 1, 2023 | June 29, 2024 |  | July 1, 2023
Interest rate swap contract - cash flow hedge | Interest expense | $ | (6,353) |  |  | $ | (9,638) |  | $ | (17,654) |  |  | $ | (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 los s:
| (Loss) Gain recognized in Other comprehensive loss
(In thousands) | Three months ended |  | Six months ended
Derivatives designated as hedging instruments: | June 29, 2024 |  | July 1, 2023 |  | June 29, 2024 |  | July 1, 2023
Interest rate swap contract - cash flow hedge | $ | (2,641) |  |  | $ | 9,716 |  |  | $ | (3,714) |  |  | $ | (239) |

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