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Derivatives (Tables)

9 Months Ended

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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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.

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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

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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.

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Tabular disclosure of derivative instruments (including nonderivative instruments that are designated and qualify as hedging instruments) of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position.

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