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DERIVATIVE INSTRUMENTS | 9 Months Ended
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Sep. 27, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
DERIVATIVE INSTRUMENTS | 9. DERIVATIVE INSTRUMENTS The Company is exposed to various market risks, including risks associated with interest rates and foreign currency exchange rates. One objective of the Company’s risk management program is to mitigate these risks using derivative instruments. Cash Flow Hedges - Interest Rate Swap Contract In July 2022, the Company entered into a floating-to-fixed swap agreement on its variable rate debt under our Term Loan Facility. The interest rate swap was designated specifically to the Term Loan Facility and qualifies as a cash flow hedge. The notional amount is scheduled to decrease quarterly and will expire on December 30, 2025. As with cash flow hedges, unrealized gains are recognized as assets and unrealized losses are recognized as liabilities. Unrealized gains and losses are designated as effective or ineffective based on a comparison of the changes in fair value of the interest rate swaps and changes in fair value of the underlying exposures being hedged. The effective portion is recorded as a component of Accumulated other comprehensive loss in the condensed consolidated balance sheets and will be reflected in earnings during the period the hedged transaction effects earnings, while the ineffective portion is recorded as a component of Interest expense in the condensed consolidated statements of operations. The notional amounts of our derivative instruments were as follows:
(In millions) |  |  |
Derivatives designated as hedging instruments: | September 27, 2025 |  | December 31, 2024
Interest rate swap contract - cash flow hedge | $ | 450.0 |  |  | $ | 750.0 |
The fair values of our derivative instruments included in the condensed consolidated balance sheets were as follows:
(In millions) |  | Derivative Assets |  |  |  |
Derivatives designated as hedging instruments: | Condensed Consolidated Balance Sheets Location | September 27, 2025 |  | December 31, 2024 |  |  |  |
Interest rate swap contract - cash flow hedge | Other current assets | $ | 1.2 |  |  | $ | 7.1 |  |  |  |  |
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 Operations
(In millions) |  | Three months ended | Nine months ended
Derivatives designated as hedging instruments: | Condensed Consolidated Statements of Operations Location | September 27, 2025 |  | September 28, 2024 | September 27, 2025 |  | September 28, 2024
Interest rate swap contract - cash flow hedge | Interest expense | $ | (1.5) |  |  | $ | (5.6) |  | $ | (6.7) |  |  | $ | (23.2) |
The following table summarizes the effects of our derivative instruments on Accumulated other comprehensive loss:
| Loss recognized in Accumulated other comprehensive loss
(In millions) | Three months ended |  | Nine months ended
Derivatives designated as hedging instruments: | September 27, 2025 |  | September 28, 2024 |  | September 27, 2025 |  | September 28, 2024
Interest rate swap contract - cash flow hedge | $ | (1.1) |  |  | $ | (9.9) |  |  | $ | (4.6) |  |  | $ | (13.6) |
We expect approximately $1.2 million to be reclassified from Accumulated other comprehensive loss into Interest expense through December 31, 2025, related to our interest rate swap based on projected rates of the SOFR forward curve as of September 27, 2025.

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