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Derivatives (Tables) | 9 Months Ended
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Sep. 29, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | The effects of designated cash flow hedges on the Company’s Consolidated and Combined Condensed Statements of Operations consisted of the following:
|  |  |  | Three Months Ended |  | Nine Months Ended
Derivative type |  | (Gain) loss recognized in the Consolidated and Combined Condensed Statements of Operations: |  | September 29, 2023 |  | September 30, 2022 |  | September 29, 2023 |  | September 30, 2022
|  |  |  | (In thousands)
Interest rate swap agreements |  | Interest expense and other, net |  | $ | (1,051) |  |  | $ | 1,045 |  |  | $ | (5,746) |  |  | $ | 1,045 |
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location | The effects of the excluded components of designated net investment hedges on the Company’s Consolidated and Combined Condensed Statements of Operations consisted of the following:
|  |  |  | Three Months Ended |  | Nine Months Ended
Derivative type |  | (Gain) recognized in the Consolidated and Combined Condensed Statements of Operations: |  | September 29, 2023 |  | September 30, 2022 |  | September 29, 2023 |  | September 30, 2022
|  |  |  | (In thousands)
Cross currency swap agreements |  | Interest expense and other, net |  | $ | (1,197) |  |  | $ | (897) |  |  | $ | (3,585) |  |  | $ | (897) |
Schedule of Fair Values of Derivative Instruments in the Financial Statements | The table below shows the fair value of the derivatives recognized in the Consolidated Balance Sheet:
| September 29, 2023 |  | December 31, 2022
Designated as hedging instruments: | Other Liabilities |  | Other Assets |  | Other Liabilities |  | Other Assets
| (In thousands)
Cross currency swap agreements | $ | 9,645 |  |  | $ | — |  |  | $ | 10,769 |  |  | $ | — |
Interest rate swap agreements | — |  |  | 16,798 |  |  | — |  |  | 14,342 |
Total | $ | 9,645 |  |  | $ | 16,798 |  |  | $ | 10,769 |  |  | $ | 14,342 |
Derivatives Not Designated as Hedging Instruments | The table below shows the fair value of derivative instruments not designated in a hedging relationship recognized in the Consolidated Balance Sheet:
| September 29, 2023 |  | December 31, 2022
Not designated as hedging instruments: | Accrued Liabilities |  | Other Current Assets |  | Accrued Liabilities |  | Other Current Assets
| (In thousands)
Foreign currency contracts | $ | 2,345 |  |  | $ | — |  |  | $ | 2,166 |  |  | $ | 3,682 |
Schedule of Derivative Instruments | The Company recognized the following in its Consolidated and Combined Condensed Financial Statements related to its derivative instruments not designated in a hedging relationship:
|  |  | Three Months Ended |  | Nine Months Ended
Foreign currency contracts |  |  |  |  | September 29, 2023 |  | September 30, 2022 |  | September 29, 2023 |  | September 30, 2022
|  |  |  |  | (In thousands)
Change in unrealized gains (losses) |  |  |  |  | $ | (2,567) |  |  | $ | 279 |  |  | $ | (3,860) |  |  | $ | 469 |
Realized gain (loss) |  |  |  |  | (370) |  |  | (740) |  |  | 896 |  |  | (17,235) |
The above gains or losses on foreign currency contracts are usually offset by foreign exchange exposure on cash and intercompany positions, all of which are recognized in Interest expense and other, net, in the Consolidated and Combined Condensed Statements of Operations.

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- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 815 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-1A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-1B Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-8 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4B Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-1 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-5 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C + Details
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