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Derivative Instruments and Hedging Activities | 9 Months Ended
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Sep. 27, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities The Company operates internationally and, in the normal course of business, is exposed to fluctuations in foreign currency exchange rates. The foreign currency exposures typically arise from transactions denominated in currencies other than the functional currency of the Company's operations, primarily the British Pound, Canadian Dollar, Euro and Japanese Yen. The Company historically entered into derivative instruments that were designated as cash flow hedges to reduce its exposure to foreign currency exchange risk in sales. The Company exited its last cash flow hedges during February 2024. At September 27, 2025 and December 28, 2024, the Company had no outstanding cash flow hedges. The Company enters into economic hedges that are not designated as hedges from an accounting standpoint to reduce foreign currency exchange risks related to short term trade receivables and payables. These contracts typically had maturities of approximately one month. Historically, the Company has used forward contracts but also may use option contracts as an alternative. At September 27, 2025 the Company had no outstanding foreign currency economic hedges. At December 28, 2024, the Company had outstanding foreign currency economic hedges with a total notional value of $28.1 million. The fair values of derivative instruments were as follows (in thousands):
|  |  | Fair Value
| Classification |  | September 27, 2025 |  | December 28, 2024
Derivatives not designated as hedging instruments: |  |  |
Foreign currency forward contracts | Other current assets |  | $ | — |  |  | $ | 438 |
(Losses) gains associated with derivative instruments not designated as hedging instruments were as follows (in thousands):
|  |  | Three Months Ended |  | Nine Months Ended
| Classification |  | September 27, 2025 |  | September 28, 2024 |  | September 27, 2025 |  | September 28, 2024
(Loss) gain recognized in income | Other expense, net |  | $ | — |  |  | $ | (494) |  |  | $ | (530) |  |  | $ | 853 |
The following tables reflect the effect of derivatives designated as cash flow hedging (in thousands):
|  | Gain recognized in OCI on Derivative (1)
|  | Three Months Ended |  | Nine Months Ended
|  | September 27, 2025 |  | September 28, 2024 |  | September 27, 2025 |  | September 28, 2024
Foreign currency forward contracts |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 3,213 |
(1)The amount represents the change in fair value of derivative contracts due to changes in spot rates.
|  | (Loss) gain recognized in earnings on cash flow hedging instruments
|  | Three Months Ended |  | Nine Months Ended
|  | September 27, 2025 |  | September 28, 2024 |  | September 27, 2025 |  | September 28, 2024
|  | Revenue |  | Revenue
Consolidated statements of operations in which the effects of cash flow hedging instruments are recorded |  | $ | 145,832 |  |  | $ | 193,435 |  |  | $ | 374,959 |  |  | $ | 509,811 |
(Loss) gain on cash flow hedging relationships: |  |  |  |  |  |  |  |
Foreign currency forward contracts: |  |  |  |  |  |  |  |
Amount of (loss) gain reclassified from AOCI into earnings |  | $ | (649) |  |  | $ | 3,519 |  |  | $ | 117 |  |  | $ | 11,827 |

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