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Derivatives (Tables)

9 Months Ended

Sep. 27, 2024

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 Condensed Statements of Operations consisted of the following:

												Three Months Ended												Nine Months Ended
Derivative Type						(Gain) Recognized in the Consolidated and Condensed Statements of Operations						September 27, 2024						September 29, 2023						September 27, 2024						September 29, 2023
												(In thousands)
Interest rate swap agreement(s)						Interest expense and other, net						$	(1,910)					$	(1,051)					$	(7,680)					$	(5,746)

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 Condensed Statements of Operations consisted of the following:

												Three Months Ended												Nine Months Ended
Derivative Type						(Gain) Recognized in the Consolidated and Condensed Statements of Operations						September 27, 2024						September 29, 2023						September 27, 2024						September 29, 2023
												(In thousands)
Cross-currency swap agreements						Interest expense and other, net						$	(1,061)					$	(1,197)					$	(3,415)					$	(3,585)

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 and Condensed Balance Sheets:

						September 27, 2024												December 31, 2023
Designated as Hedging Instruments						Other Liabilities						Other Assets						Other Liabilities						Other Assets
						(In thousands)
Cross-currency swap agreements						$	26,647					$	—					$	22,232					$	—
Interest rate swap agreement(s)						—						1,520						—						9,522
						$	26,647					$	1,520					$	22,232					$	9,522

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 and Condensed Balance Sheets:

						September 27, 2024												December 31, 2023
Not Designated as Hedging Instruments						Accrued Liabilities						Other Current Assets						Accrued Liabilities						Other Current Assets
						(In thousands)
Foreign currency contracts						$	510					$	411					$	596					$	1,088

Schedule of Derivative Instruments

The Company recognized the following in its Consolidated and Condensed Financial Statements related to its derivative instruments not designated in a hedging relationship:

						Three Months Ended												Nine Months Ended
Foreign Currency Contracts						September 27, 2024						September 29, 2023						September 27, 2024						September 29, 2023
						(In thousands)
Change in unrealized (losses)						$	(1,220)					$	(2,567)					$	(591)					$	(3,860)
Realized gains (losses)						919						(370)						903						896

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 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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