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Financial Instruments and Risk Management (Tables)

3 Months Ended

Mar. 30, 2024

Disclosure Financial Instruments and Risk Management [Abstract]

Schedule of Notional Amounts of Outstanding Derivative Positions

			Hedge Type						March 30, 2024						December 30, 2023
U.S. dollar equivalent notional amount of derivative instruments:
Forward foreign exchange contracts			Cash Flow and Mark to Market						$	272,313					$	308,760
Interest rate contracts			Cash Flow						$	900,000					$	900,000

Fair Values of Derivative Instruments

The fair values of derivative instruments related to forward foreign exchange contracts and interest rate contracts recognized in the Condensed Consolidated Balance Sheets of the Company were as follows:

			Balance Sheet Location						Fair Value
									March 30, 2024						December 30, 2023
Derivatives designated as hedging instruments:
Forward foreign exchange contracts			Other current assets						$	2,354					$	57
Interest rate contracts			Other current assets						23						23
Forward foreign exchange contracts			Other noncurrent assets						117						—
Interest rate contracts			Other noncurrent assets						2,250						—
Derivatives not designated as hedging instruments:
Forward foreign exchange contracts			Other current assets						2,789						142
Total derivative assets									7,533						222
Derivatives designated as hedging instruments:
Forward foreign exchange contracts			Accrued liabilities						(454)						(2,508)
Forward foreign exchange contracts			Other noncurrent liabilities						(3)						(290)
Interest rate contracts			Other noncurrent liabilities						—						(5,929)
Derivatives not designated as hedging instruments:
Forward foreign exchange contracts			Accrued liabilities						(555)						(2,784)
Total derivative liabilities									(1,012)						(11,511)
Net derivative asset (liability)									$	6,521					$	(11,289)

Effect of Cash Flow Hedge Derivative Instruments

The effect of derivative instruments designated as cash flow hedges on the Condensed Consolidated Statements of Operations and AOCI is as follows:

			Amount of Gain (Loss) Recognized in AOCI on Derivative Instruments
			Quarters Ended
			March 30, 2024						April 1, 2023
Forward foreign exchange contracts			$	5,499					$	(72)
Interest rate contracts			10,275						(14,674)
Cross-currency swap contracts			—						(2,865)
Total			$	15,774					$	(17,611)

			Location of Gain (Loss) Reclassified from AOCI						Amount of Gain (Loss) Reclassified from AOCI into Net Income (Loss)
									Quarters Ended
									March 30, 2024						April 1, 2023
Forward foreign exchange contracts(1)			Cost of sales						$	2,543					$	3,410
Interest rate contracts			Interest expense, net						2,096						10
Cross-currency swap contracts(1)			Selling, general and administrative expenses						—						973
Cross-currency swap contracts(1)			Interest expense, net						—						581
Total									$	4,639					$	4,974

(1)The Company does not exclude amounts from effectiveness testing for cash flow hedges that would require recognition into earnings based on changes in fair value.

The following table presents the amounts in the Condensed Consolidated Statements of Operations in which the effects of cash flow hedges are recorded:

			Quarters Ended
			March 30, 2024						April 1, 2023
Cost of sales			$	695,274					$	939,717
Selling, general and administrative expenses			$	408,821					$	392,374
Interest expense, net			$	66,689					$	58,452

Effect of Net Investment Hedge Derivative Instruments

The amount of after-tax gains (losses) included in AOCI in the Condensed Consolidated Balance Sheets related to derivative instruments and nonderivative financial instruments designated as net investment hedges are as follows:

			Amount of Gain (Loss) Recognized in AOCI
			Quarters Ended
			March 30, 2024						April 1, 2023
Euro-denominated long-term debt			$	—					$	(469)
Cross-currency swap contracts			—						531
Total			$	—					$	62

The effect of derivative instruments designated as net investment hedges on the Condensed Consolidated Statements of Operations are as follows:

Location of Gain (Loss) Reclassified from AOCI

Amount of Gain (Loss) Reclassified from AOCI into Net Income (Loss)

Quarters Ended

March 30, 2024

April 1, 2023

Cross-currency swap contracts (amounts excluded from effectiveness testing)

Interest expense, net

$

—

$

960

The following table presents the amounts in the Condensed Consolidated Statements of Operations in which the effects of net investment hedges are recorded:

			Quarters Ended
			March 30, 2024						April 1, 2023
Interest expense, net (amounts excluded from effectiveness testing)			$	66,689					$	58,452

Effect of Mark to Market Hedge Derivative Instruments

The effect of derivative instruments not designated as hedges on the Condensed Consolidated Statements of Operations is as follows:

			Location of Gain (Loss)						Amount of Gain (Loss) Recognized in Net Income (Loss)
									Quarters Ended
									March 30, 2024						April 1, 2023
Forward foreign exchange contracts			Cost of sales						$	4,021					$	(2,260)
Forward foreign exchange contracts			Selling, general and administrative expenses						—						848
Total									$	4,021					$	(1,412)

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