Hayward (HAYW) 10-Q 27 Oct 21 2021 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Oct. 02, 2021	Oct. 25, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Oct. 2, 2021
Document Transition Report	false
Entity File Number	001-40208
Entity Registrant Name	Hayward Holdings, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-2060643
Entity Address, Address Line One	400 Connell Drive
Entity Address, Address Line Two	Suite 6100
Entity Address, City or Town	Berkeley Heights
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07922
City Area Code	908
Local Phone Number	351-5400
Title of 12(b) Security	Common stock, $.001 per share
Trading Symbol	HAYW
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		232,077,812
Amendment Flag	false
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2021
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0001834622

Unaudited Condensed Consolidate

Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Oct. 02, 2021	Dec. 31, 2020
Current assets
Cash and cash equivalents	$ 295,077	$ 114,864
Accounts receivable, net of allowances of $1,943 and $1,359, respectively	147,282	140,216
Inventories, net	208,993	145,330
Prepaid expenses	14,157	10,266
Other current assets	24,242	13,738
Total current assets	689,751	424,414
Property, plant, and equipment, net of accumulated depreciation of $62,205 and $51,900, respectively	143,403	142,318
Goodwill	917,914	920,325
Trademark	736,000	736,000
Customer relationships, net	249,106	271,462
Other intangibles, net	98,185	106,687
Other non-current assets	11,585	5,944
Total assets	2,845,944	2,607,150
Current liabilities
Current portion of the long-term debt	11,992	2,768
Accounts payable	78,569	69,632
Accrued expenses and other liabilities	188,516	141,819
Income taxes payable	0	4,435
Total current liabilities	279,077	218,654
Long-term debt, net	976,118	1,300,256
Deferred tax liabilities, net	275,228	273,628
Other non-current liabilities	13,223	10,851
Total liabilities	1,543,646	1,803,389
Stockholders' equity
Preferred stock, $0.001 par value, 100,000,000 authorized, 0 issued and outstanding at October 2, 2021	0	0
Common stock $0.001 par value, 750,000,000 authorized; 231,967,140 issued and 231,967,140 outstanding at October 2, 2021; 3,846,960 issued and 2,772,900 outstanding at December 31, 2020	231	3
Additional paid-in capital	1,055,886	10,297
Common stock in treasury; 5,175,765 and 4,340,310 at October 2, 2021 and December 31, 2020, respectively	(14,216)	(3,686)
Retained earnings	257,155	202,997
Accumulated other comprehensive income (loss)	3,242	(350)
Total stockholders' equity	1,302,298	209,261
Total liabilities, redeemable stock, and stockholders' equity	2,845,944	2,607,150
Common Class A
Current liabilities
Redeemable stock	0	594,500
Common Class C
Current liabilities
Redeemable stock	$ 0	$ 0

Unaudited Condensed Consolida_2

Unaudited Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Oct. 02, 2021	Dec. 31, 2020
Accounts receivable, allowances	$ 1,943	$ 1,359
Property, plant, and equipment, accumulated depreciation	$ 62,205	$ 51,900
Preferred shares par value (in usd per share)	$ 0.001
Preferred stock authorized (in shares)	100,000,000
Preferred stock issued (in shares)	0
Preferred stock outstanding (in shares)	0
Common stock, par value (in usd per share)	$ 0.001	$ 0.001
Common stock, authorized (in shares)	750,000,000	750,000,000
Common stock issued (in shares)	231,967,140	3,846,960
Common stock outstanding (in shares)	231,967,140	2,772,900
Common treasury stock (in shares)	5,175,765	4,340,310
Common Class A
Redeemable stock, par value (in usd per share)	$ 0.001	$ 0.001
Redeemable stock authorized (in shares)	0	1,500,000
Redeemable stock issued (in shares)	0	872,598
Redeemable stock outstanding (in shares)	0	869,823
Common Class C
Redeemable stock, par value (in usd per share)	$ 0.001	$ 0.001
Redeemable stock authorized (in shares)	0	100
Redeemable stock issued (in shares)	0	100
Redeemable stock outstanding (in shares)	0	100

Unaudited Condensed Consolida_3

Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 02, 2021	Sep. 26, 2020	Oct. 02, 2021	Sep. 26, 2020
Income Statement [Abstract]
Net sales	$ 350,624	$ 224,485	$ 1,049,409	$ 614,704
Cost of sales	188,170	118,331	559,033	335,128
Gross profit	162,454	106,154	490,376	279,576
Selling, general, and administrative expenses	68,807	49,446	207,129	136,854
Research, development, and engineering	6,370	5,097	16,187	13,895
Acquisition and restructuring related expense	783	6,825	2,452	17,575
Amortization of intangible assets	8,700	9,544	26,162	28,537
Operating income	77,794	35,242	238,446	82,715
Interest expense, net	11,050	17,046	42,297	54,169
Loss on debt extinguishment	0	0	9,418	0
Other non-operating (income) expense, net	2,087	(2,474)	4,655	(2,855)
Total other expense	13,137	14,572	56,370	51,314
Income from operations before income taxes	64,657	20,670	182,076	31,401
Provision for income taxes	14,336	5,472	42,072	7,898
Net income	$ 50,321	$ 15,198	$ 140,004	$ 23,503
Earnings per share
Basic (in usd per share)	$ 0.22	$ 0.07	$ 0.24	$ 0.11
Diluted (in usd per share)	$ 0.21	$ 0.07	$ 0.23	$ 0.11
Comprehensive income, net of tax
Net income	$ 50,321	$ 15,198	$ 140,004	$ 23,503
Foreign currency translation adjustments, net of tax expense (benefit) of $0 and $(756), and $763 and $(183), for the three-month and nine-month periods, respectively.	(5,312)	1,985	(1,312)	(873)
Change in fair value of derivatives, net of tax expense (benefit) of $395 and $569, and $1,620 and $(1,605), for the three-month and nine-month periods, respectively.	1,204	1,704	4,904	(4,817)
Comprehensive income	$ 46,213	$ 18,887	$ 143,596	$ 17,813

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 02, 2021	Sep. 26, 2020	Oct. 02, 2021	Sep. 26, 2020
Income Statement [Abstract]
Foreign currency translation adjustment tax expense (benefit)	$ 0	$ (756)	$ 763	$ (183)
Change in fair value of derivatives, tax expense (benefit)	$ 395	$ 569	$ 1,620	$ (1,605)

Unaudited Condensed Consolida_4

Unaudited Condensed Consolidated Statements of Changes in Redeemable Stock and Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Treasury Stock	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Redeemable Class A and C Stock	Common Class A	Common Class AAdditional Paid-in Capital
Beginning balance (in shares) at Dec. 31, 2019							872,397
Beginning balance at Dec. 31, 2019							$ 869,500
Increase (Decrease) in Temporary Equity [Roll Forward]
Exercise of stock options (in shares)	(423)
Ending balance (in shares) at Mar. 28, 2020							871,974
Ending balance at Mar. 28, 2020							$ 869,500
Beginning balance (in shares) at Dec. 31, 2019		3,114,150
Beginning balance at Dec. 31, 2019	$ 164,057	$ 3	$ 7,995	$ (1,188)	$ 159,900	$ (2,650)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(10,398)				(10,398)
Cash distributions	(51)				(51)
Stock-based compensation	654		654
Exercise of stock options	58		58
Repurchase of stock	(1,996)			(1,996)
Comprehensive income (loss) items	(18,143)					(18,143)
Ending balance (in shares) at Mar. 28, 2020		3,114,150
Ending balance at Mar. 28, 2020	134,222	$ 3	8,748	(3,184)	149,451	(20,793)
Beginning balance (in shares) at Dec. 31, 2019							872,397
Beginning balance at Dec. 31, 2019							$ 869,500
Ending balance (in shares) at Sep. 26, 2020							869,923
Ending balance at Sep. 26, 2020							$ 869,500
Beginning balance (in shares) at Dec. 31, 2019		3,114,150
Beginning balance at Dec. 31, 2019	164,057	$ 3	7,995	(1,188)	159,900	(2,650)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	23,503
Ending balance (in shares) at Sep. 26, 2020		2,724,183
Ending balance at Sep. 26, 2020	181,584	$ 3	10,303	(3,686)	183,250	(8,283)
Beginning balance (in shares) at Mar. 28, 2020							871,974
Beginning balance at Mar. 28, 2020							$ 869,500
Ending balance (in shares) at Jun. 27, 2020							871,974
Ending balance at Jun. 27, 2020							$ 869,500
Beginning balance (in shares) at Mar. 28, 2020		3,114,150
Beginning balance at Mar. 28, 2020	134,222	$ 3	8,748	(3,184)	149,451	(20,793)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	18,703				18,703
Cash distributions	(51)				(51)
Stock-based compensation	653		653
Exercise of stock options	5		5
Repurchase of stock	(65)			(65)
Comprehensive income (loss) items	8,821					8,821
Ending balance (in shares) at Jun. 27, 2020		3,114,150
Ending balance at Jun. 27, 2020	162,288	$ 3	9,406	(3,249)	168,103	(11,972)
Increase (Decrease) in Temporary Equity [Roll Forward]
Repurchase of stock (in shares)							(2,051)
Ending balance (in shares) at Sep. 26, 2020							869,923
Ending balance at Sep. 26, 2020							$ 869,500
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	15,198				15,198
Cash distributions	(51)				(51)
Stock-based compensation	654		654
Exercise of stock options (in shares)		654,843
Exercise of stock options	243		243
Repurchase of stock (in shares)		(1,044,810)
Repurchase of stock	(437)			(437)
Comprehensive income (loss) items	3,689					3,689
Ending balance (in shares) at Sep. 26, 2020		2,724,183
Ending balance at Sep. 26, 2020	181,584	$ 3	10,303	(3,686)	183,250	(8,283)
Beginning balance (in shares) at Dec. 31, 2020							869,923	869,823
Beginning balance at Dec. 31, 2020							$ 594,500	$ 594,500
Increase (Decrease) in Temporary Equity [Roll Forward]
Conversion to common stock upon IPO (in shares)							(869,923)
Conversion to common stock upon IPO							$ (594,500)
Issuance of stock (in shares)							186
Repurchase of stock (in shares)							(186)
Ending balance (in shares) at Apr. 03, 2021							0
Ending balance at Apr. 03, 2021							$ 0
Beginning balance (in shares) at Dec. 31, 2020		2,772,900
Beginning balance at Dec. 31, 2020	209,261	$ 3	10,297	(3,686)	202,997	(350)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	36,867				36,867
Conversion to common stock upon IPO (in shares)		206,147,857
Conversion to common stock upon IPO	594,706	$ 206	680,041		(85,541)
Issuance of stock (in shares)		22,200,000
Issuance of stock	351,575	$ 22	351,553					$ 221	$ 221
Cash distributions	(41)				(41)
Stock-based compensation	10,634		10,634
Repurchase of stock	(214)			(214)
Comprehensive income (loss) items	3,650					3,650
Ending balance (in shares) at Apr. 03, 2021		231,120,757
Ending balance at Apr. 03, 2021	1,206,659	$ 231	1,052,746	(3,900)	154,282	3,300
Beginning balance (in shares) at Dec. 31, 2020							869,923	869,823
Beginning balance at Dec. 31, 2020							$ 594,500	$ 594,500
Ending balance (in shares) at Oct. 02, 2021							0	0
Ending balance at Oct. 02, 2021							$ 0	$ 0
Beginning balance (in shares) at Dec. 31, 2020		2,772,900
Beginning balance at Dec. 31, 2020	209,261	$ 3	10,297	(3,686)	202,997	(350)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	140,004
Ending balance (in shares) at Oct. 02, 2021		231,967,140
Ending balance at Oct. 02, 2021	1,302,298	$ 231	1,055,886	(14,216)	257,155	3,242
Beginning balance (in shares) at Apr. 03, 2021							0
Beginning balance at Apr. 03, 2021							$ 0
Ending balance (in shares) at Jul. 03, 2021							0
Ending balance at Jul. 03, 2021							$ 0
Beginning balance (in shares) at Apr. 03, 2021		231,120,757
Beginning balance at Apr. 03, 2021	1,206,659	$ 231	1,052,746	(3,900)	154,282	3,300
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	52,816				52,816
Finalization for IPO conversion	(661)		(397)		(264)
Stock-based compensation	1,900		1,900
Repurchase of stock (in shares)		(19,500)
Repurchase of stock	(768)			(768)
Comprehensive income (loss) items	4,050					4,050
Ending balance (in shares) at Jul. 03, 2021		231,101,257
Ending balance at Jul. 03, 2021	1,263,996	$ 231	1,054,249	(4,668)	206,834	7,350
Ending balance (in shares) at Oct. 02, 2021							0	0
Ending balance at Oct. 02, 2021							$ 0	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	50,321				50,321
Issuance of stock (in shares)		1,323,564
Issuance of stock								$ 863	$ 863
Stock-based compensation	774		774
Repurchase of stock (in shares)		(457,681)
Repurchase of stock	(9,548)			(9,548)
Comprehensive income (loss) items	(4,108)					(4,108)
Ending balance (in shares) at Oct. 02, 2021		231,967,140
Ending balance at Oct. 02, 2021	$ 1,302,298	$ 231	$ 1,055,886	$ (14,216)	$ 257,155	$ 3,242

Unaudited Condensed Consolida_5

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Oct. 02, 2021	Sep. 26, 2020
Cash flows from operating activities
Net income	$ 140,004	$ 23,503
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation	14,096	14,491
Amortization of intangible assets	30,903	32,822
Amortization of deferred debt issuance fees	2,771	3,970
Stock-based compensation	13,308	1,962
Deferred income taxes	(3,014)	(8,214)
Allowance for bad debts	584	(115)
Loss on debt extinguishment	9,418	0
Loss on disposal of properties	3,743	2,018
Changes in operating assets and liabilities
Accounts receivable	(9,115)	103,766
Inventories	(66,027)	5,151
Other current and non-current assets	(10,699)	(7,175)
Accounts payable, accrued expenses and other liabilities, current and non-current	73,191	54,256
Net cash provided by operating activities	199,163	226,435
Cash flows from investing activities
Purchases of property, plant, and equipment	(19,098)	(13,690)
Purchases of intangibles	(818)	(1,091)
Proceeds from sale of property, plant, and equipment	25	527
Proceeds from settlements of investment currency hedge	719	1,483
Net cash used in investing activities	(19,172)	(12,771)
Cash flows from financing activities
Proceeds from issuance of common stock - Initial Public Offering	377,400	0
Costs associated with Initial Public Offering	(26,124)	0
Purchase of common stock for treasury	(10,530)	(2,497)
Cash paid for taxes from share withholdings	(10,174)	0
Proceeds from the issuance of long-term debt	51,659	0
Debt issuance costs	(12,422)	0
Payments of long-term debt	(367,144)	(3,500)
Dividends paid	(41)	(153)
Other	563	8
Net cash provided by (used in) financing activities	3,187	(6,142)
Effect of exchange rate changes on cash and cash equivalents and restricted cash	(1,505)	1,137
Change in cash and cash equivalents and restricted cash	181,673	208,659
Cash and cash equivalents and restricted cash, beginning of period	115,294	47,246
Cash and cash equivalents and restricted cash, end of period	296,967	255,905
Supplemental disclosures of cash flow information
Cash paid - income taxes	53,686	45,546
Cash paid - interest	39,242	6,341
Equipment financed under capital leases	$ 0	$ 2,045

Nature of Operations and Organi

Nature of Operations and Organization	9 Months Ended
	Oct. 02, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations and Organization	Hayward Holdings, Inc. (“Holdings” or the “Company”) is a global designer, manufacturer, and marketer of a broad portfolio of pool equipment and associated automation systems. The Company has six primary manufacturing facilities worldwide, which are located in North Carolina, Tennessee, Rhode Island, Spain (two) and China, and other facilities in the United States, Canada, France and Australia. Cash flow is impacted by the seasonality of the swimming pool business. Cash flow is usually higher in the second and third quarters d ue to terms of sale to our customers. Prior to March 2, 2021, the Company had three classes of stock designated as Class A, Class B and Class C stock. On March 2, 2021, the Company reclassified its Class B common stock into common stock, par value $0.001 per share ( “Common Stock”), and then effected a 195-for-1 split of its Common Stock. On March 11, 2021, the Company converted each outstanding share of Class A stock into 195 shares of Common Stock plus an additional 42.5671 shares, which amount was determined by dividing (a) the Class A preference amount of such share of Class A stock, or $683.84 per share (the “Class A Preference Amount”), by (b) the initial public offering price of $17.00 per a share of Common Stock in the Company’s initial public offering (“IPO”), net of the per share underwriting discount, and (ii) the Company redeemed each outstanding share of Class C stock for an aggregate price of $1.00. References to the “Reclassification” refer to (i) the reclassification of the Company’s Class B common stock into Common Stock on March 2, 2021, (ii) the 195-for-1 stock split of the Company’s common stock on March 2, 2021, (iii) the conversion of the Company’s Class A stock into Common Stock, (iv) the redemption of the Company’s Class C stock and (v) the filing and effectiveness of the Company’s second restated certificate of incorporation and the adoption of its amended and restated bylaws on March 16, 2021. All share and per share amounts for all periods presented in these condensed consolidated financial statements and related notes have been adjusted retroactively, where applicable, to reflect the Reclassification. On March 16, 2021, the Company completed its IPO whereby it issued 22,200,000 shares of its Common Stock, and entities affiliated with CCMP Capital Advisors, LP (“CCMP”), MSD Partners, L.P. (“MSD Partners”) and Alberta Investment Management Corporation (“AIMCo”) and, together with CCMP and MSD Partners, the (“Sponsors”) sold an aggregate of 20,893,665 shares of the Company’s Common Stock, inclusive of 2,815,887 shares sold by entities affiliated with the Sponsors pursuant to the partial exercise of the underwriters’ option to purchase additional shares. The shares began trading on the New York Stock Exchange on March 12, 2021. The aggregate net proceeds received by the Company from the IPO were $356.6 million, after deducting underwriting discounts and commissions and other offering costs. The Company used the net proceeds from the IPO to repay existing indebtedness outstanding under its credit facilities as further described in Note 7. Long-term Debt

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
	Oct. 02, 2021
Accounting Policies [Abstract]
Significant Accounting Policies	2. Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements of the Company included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). The financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair statement of such information. All such adjustments are of a normal recurring nature. Certain information and note disclosures, including a description of significant accounting policies normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"), have been condensed or omitted pursuant to such rules and regulations. These interim financial statements should be read in conjunction with the Company’s annual consolidated financial statements and notes thereto for the fiscal year ended December 31, 2020 included in the Company's final prospectus for the IPO filed pursuant to Rule 424(b) under the Securities Act of 1933, as amended, filed with the SEC on March 15, 2021 (the "IPO Prospectus"). The results of operations for the three and nine months ended October 2, 2021 are not necessarily indicative of the results for any subsequent periods or the entire fiscal year ending December 31, 2021. The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. In the current year, the Company has changed its presentation from millions to thousands and, as a result, any necessary rounding adjustments have been made to prior year disclosed amounts. Cash and Cash Equivalents The following table provides supplemental cash flow information and a reconciliation of cash and cash equivalents and restricted cash to amounts reported within the Company's unaudited condensed consolidated balance sheets and unaudited condensed consolidated statements of cash flows (in thousands): October 2, 2021 December 31, 2020 Cash and cash equivalents $ 295,077 $ 114,864 Restricted cash (a) 1,890 430 Total $ 296,967 $ 115,294 (a) included in Other current assets Recent Accounting Pronouncements Not Yet Adopted Accounting for Leases Accounting Standards Update (the "ASU") 2016-02, Leases, was issued by the Financial Accounting Standards Board (the "FASB") in February 2016. This standard requires the Company, as the lessee, to recognize most leases on the balance sheet thereby resulting in the recognition of right of use ("ROU") assets and lease obligations for those leases currently classified as operating leases. The standard will be effective for the Company on December 31, 2021 if the Company ceases to be an Emerging Growth Company ("EGC") as of December 31, 2021, and the Company would adopt the standard, including presenting ROU assets and liabilities, as of January 1, 2021 in its Annual Report on Form 10-K for fiscal year 2021. In the third quarter of 2021, the Company began the implementation process and selected the modified transition approach method as well as the package of practical expedients. In addition to the recognition of the ROU assets and lease obligations, the Company antic ipates changes in systems, processes, and controls via the use of a software solution for leases. While the requirements of the new guidance represent a material change from existing GAAP, the underlying economics of items in scope and related cash flows are unchanged. New Credit Loss Standard ASU 2016-13, Financial Instruments—Credit Losses (Topic 326), Measurement of Credi t Losses on Financial Instruments , was issued by the FASB in June 2016. The standard will be effective for the Company on December 31, 2021 if the Company ceases to be an EGC as of December 31, 2021, and the Company would adopt the standard as of January 1, 2021 in its Annual Report on Form 10-K for fiscal year 2021. While the requirements of the new guidance represent a change from existing GAAP, the underlying economics of items in scope and related cash flows are unchanged. The Company plans to focus on gathering data, dev eloping procedures and testing before adoption. Focus areas include, but are not limited to (i) updating procedures to reflect new guidance requiring establishment of allowance for credit losses on accounts receivable; (ii) establishing procedures to identify and review all leases receivable, (iii) developing, testing, and implementing controls for newly developed procedures, if any, as well as for additional annual reporting requirements. The Company is currently evaluating the impact of this new accounting standard on its unaudited condensed consolidated financial statements. Simplifying the Accounting for Income Taxes ASU 2019-12, “ Simplifying the Accounting for Income Taxes” (Topic 740) , was issued by FASB in December 2019. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. The standard will be effective for the Company on December 31, 2021 if the Company ceases to be an EGC as of December 31, 2021, and the Company would adopt the standard as of January 1, 2021 in its Annual Report on Form 10-K for fiscal year 2021. The adoption of this standard is not expected to have a material impact on the Company's financial statements or its systems, processes and controls associated with accounting for income taxes. Reference Rate Reform ASU 2020-04, “ Reference Rate Reform (Topic 848) : Facilitation of the Effects of Reference Rate Reform on Financial Reporting ”, was issued by the FASB in March 2020. In January 2021, the FASB clarified the scope of that guidance with the issuance of ASU 2021-01, Reference Rate Reform: Scope . ASU 2020-04 provides optional expedients and exceptions to account for contracts, hedging relationships and other transactions that reference LIBOR or another reference rate if certain criteria are met. ASU 2020-04 may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. The Company is currently evaluating the potential effects of the adoption of ASU 2020-04.

Revenue

Revenue	9 Months Ended
	Oct. 02, 2021
Revenue from Contract with Customer [Abstract]
Revenue	3. Revenue The following table disaggregates net sales between product groups and geographic destinations, respectively (in thousands): Three months ended Nine months ended October 2, 2021 September 26, 2020 October 2, 2021 September 26, 2020 Product groups Residential pool $ 330,898 $ 209,519 $ 990,977 $ 567,575 Commercial pool 7,360 4,762 23,297 16,872 Industrial flow control 12,366 10,204 35,135 30,257 Total $ 350,624 $ 224,485 $ 1,049,409 $ 614,704 Geographic United States $ 261,223 $ 158,155 $ 748,726 $ 428,837 Canada 37,013 25,860 114,550 64,920 Europe 32,726 28,858 137,642 89,600 Rest of World 19,662 11,612 48,491 31,347 Total international revenue $ 89,401 $ 66,330 $ 300,683 $ 185,867 Total $ 350,624 $ 224,485 $ 1,049,409 $ 614,704

Inventories

Inventories	9 Months Ended
	Oct. 02, 2021
Inventory Disclosure [Abstract]
Inventories	4. Inventories Inventories, net, consist of the following (in thousands): October 2, 2021 December 31, 2020 Raw materials $ 101,370 $ 67,867 Work in progress 18,886 13,539 Finished goods 88,737 63,924 Total $ 208,993 $ 145,330

Accrued Expenses and Other Liab

Accrued Expenses and Other Liabilities	9 Months Ended
	Oct. 02, 2021
Payables and Accruals [Abstract]
Accrued Expenses and Other Liabilities	5. Accrued Expenses and Other Liabilities Accrued expenses and other liabilities consist of the following (in thousands): October 2, 2021 December 31, 2020 Selling, promotional, and advertising $ 29,269 $ 25,377 Employee compensation and benefits 45,568 34,250 Warranty reserve 23,668 16,412 Inventory purchases 30,423 13,703 Insurance reserve 11,864 9,779 Deferred income 16,564 11,694 Payroll and other non-income taxes 7,043 3,759 Derivative liability — 9,307 Other accrued liabilities 24,117 17,538 $ 188,516 $ 141,819 The Company offers warranties on certain of its products and records an accrual for estimated future claims. Such accruals are based on historical experience and management’s estimate of the level of future claims. The following table summarizes the warranty reserve activities (in thousands): Balance at December 31, 2020 $ 16,412 Accrual for warranties issued during the period 10,109 Payments (4,644) Balance at April 3, 2021 21,877 Accrual for warranties issued during the period 9,850 Payments (7,030) Balance at July 3, 2021 24,697 Accrual for warranties issued during the period 7,796 Payments (8,825) Balance at October 2, 2021 $ 23,668 Warranty expenses for the three and nine months ended October 2, 2021 were $7.8 million and $27.8 million, re

Income Taxes

Income Taxes	9 Months Ended
	Oct. 02, 2021
Income Tax Disclosure [Abstract]
Income Taxes	6. Income Taxes The Company's effective tax rate for the three months ended October 2, 2021 and three months ended September 26, 2020 were 22.2% and 26.5% respectively. The change in the Company’s effective tax rate was primarily due to a Global Intangible Low Tax Income ("GILTI") inclusion, changes in the relative taxable income between tax jurisdictions, and several discrete items in 2021 relating to: (i) changes in state tax rates and tax return to provision adjustments, and (ii) a tax benefit due to the exercise of stock options. The Company's effective tax rate for the nine months ended October 2, 2021 and nine months ended September 26, 2020 were 23.1% and 25.2%, r espectively. The change in the Company’s effective tax rate was primarily due to a GILTI inclusion, additional tax benefits related to Foreign Derived Intangible Income, and several discrete items relating to: (i) changes in state tax rates and tax return to provision adjustments, (ii) a tax expense due to accelerated vesting of performance based grants due to the IPO, (iii) a tax benefit due to the release of the valuation allowance on the deferred tax assets of a France subsidiary, and (iv) a tax benefit due to the exercise of stock options. The Company will recognize a tax benefit in the financial statements for an uncertain tax position only if the Company's assessment is that the position is "more likely than not" (i.e., a likelihood greater than 50 percent) to be allowed by the tax jurisdiction based solely on the technical merits of the position. The term "tax position" refers to a position in a previously filed tax return or a position expected to be taken in a future tax return that is reflected in measuring current or deferred income tax assets and liabilities for financial reporting purposes. There were no uncertain tax positions at October 2, 2021 and $0.3 million at September 26, 2020. In assessing the realizability of deferred tax assets, the Company considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities and projected future taxable income in making this assessment. Management evaluates the need for valuation allowances on the deferred tax assets according to the provisions of ASC 740, Income Taxes . In making this determination, the Company assesses all available evidence (positive and negative) including recent earnings, internally-prepared income tax projections, and historical financial performance.

Long-Term Debt, Net

Long-Term Debt, Net	9 Months Ended
	Oct. 02, 2021
Debt Disclosure [Abstract]
Long-Term Debt, Net	7. Long-Term Debt, net Long-term debt, net, consists of the following (in thousands): October 2, 2021 December 31, 2020 First Lien Term Facility, due May 28, 2028 $ 997,500 $ 957,985 Incremental First Lien Term Facility, due August 4, 2026 — 150,000 Second Lien Term Facility — 205,000 ABL Revolving Credit Facility — — Capital lease obligations 9,071 9,732 Subtotal 1,006,571 1,322,717 Less: Current portion of the long-term debt (11,992) (2,768) Less: Unamortized debt issuance costs (18,461) (19,693) Total $ 976,118 $ 1,300,256 The Company made $8.0 million and $356.6 million of voluntary term loan repayments on February 19, 2021 and March 19, 2021, respectively. The total voluntary loan repayments made in the nine months ended October 2, 2021 was $364.6 million. The March 19, 2021 repayment was funded with the net proceeds received from the IPO, of which (i) $205.0 million was used to repay in full outstanding borrowings under the Company's Second Lien Term Facility, (ii) $131.1 million was used to repay outstanding borrowings under the Company's First Lien Term Facility and (iii) $20.5 million was used to repay borrowings under the Incremental First Lien Term Facility. The Company recorded a $5.8 million debt extinguishment loss related to the write-off of unamortized deferred financing costs as a result of the partial repayment. On May 28, 2021, the Company amended its First Lien Credit Agreement (the “First Lien Term Facility”) to, among other things, increase the aggregate amount available to borrow by $51.0 million to $1.0 billion, reduce the interest rate, and extend the maturity date to May 28, 2028. In addition, the Company has the option to increase the Term Loan Facility subject to certain conditions, including the commitment of the participating lenders. In the second quarter of 2021, due to the May 28, 2021 amendment to the First Lien Term Facility and a change in participating lenders, the Company recorded a $3.6 million debt extinguishment loss related to the write-off of unamortized deferred financing costs. During the nine months ended October 2, 2021, the Company recorded a total loss on debt extinguishment of $9.4 million. The First Lien Term Facility now bears interest at a rate equal to a base rate or the London Interbank Offered Rate (LIBOR), plus, in either case, an applicable margin. In the case of LIBOR tranches, the applicable margin is 2.75% per annum with a 0.50% floor, with a stepdown to 2.50% per annum with a 0.50% floor when net secured leverage is less than 2.5x . The First Lien Term Loan will amortize quarterly at a rate of 0.25% of the original principal amount and requires a $2.5 million repayment of principal on the last business day of each March, June, September and December. The effective interest rate over the life of the new $1.0 billion First Lien Term Facility to May 2028, net of the interest rate hedge, is estimated at 3.67% which compares to the interest rate in effect on April 3, 2021 of 4.90% for the then outstanding $820.0 million first lien term loan and 4.96% for the $128.4 million incremental first lien term loan. On June 1, 2021, the Company amended its existing ABL Revolving Credit Facility (the “ABL Facility”) to increase the aggregate amount of the revolving loan commitments to $425.0 million, with a peak season commitment of $475.0 million, The First Lien Term Facility and ABL Facility (collectively "Credit Facilities") contain various restrictions, covenants, and collateral requirements. Per the First Lien Credit Agreement, the Company must also make an annual mandatory prepayment of principal commencing April 2023 for between 0% and 50% of the excess cash, as defined in the First Lien Credit Agreement, generated in the prior calendar year. The amount due varies with the First Lien Leverage Ratio as defined in the First Lien Credit Agreement, from zero if the first lien net leverage ratio is less than or equal to 2.5 x, to fifty percent if the first lien net leverage ratio is greater than 3.0 x. For the year ending December 31, 2020

Derivatives and Hedging Transac

Derivatives and Hedging Transactions	9 Months Ended
	Oct. 02, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives and Hedging Transactions	8. Derivatives and Hedging Transactions The Company holds derivative financial instruments for the purpose of hedging the risks of certain identifiable and anticipated transactions. In general, the types of risks hedged are those relating to the variability of future earnings and cash flows caused by movements in foreign currency exchange rates and interest rates. In hedging these transactions, the Company holds the following types of derivatives, in the normal course of business. Interest Rate Swap Agreements The Company enters into interest rate swap agreements designated as cash flow hedges to manage its interest rate risk related to its variable rate debt obligations. As cash flow hedges, unrealized gains are recognized as assets while unrealized losses are recognized as liabilities. The interest rate swap agreements are highly cor related to the changes in interest rates to which the Company is exposed. Unrealized gains and losses on these instruments have been designated as effective and as such, the related gains or losses have been recorded as a component of accumulated other comprehensive income (loss), net of tax. As of December 31, 2020, the Company was a party to two interest rate swap agreements that effectively convert an initial notional amount of $550.0 million of its variable rate debt obligations to a fixed rate debt. The interest rate swap agreements expired on August 31, 2021 and there are no interest rate swap agreements outstanding at October 2, 2021. Foreign Exchange Contracts The Company enters into foreign exchange contracts to manage risks associated with foreign currency transactions and future variability of intercompany cash flows arising from those transactions that may be adversely affected by changes in exchange rates. Net Investment Hedges The Company uses net investment hedges to minimize its exposure to variability in the foreign currency translation of its net investment in one of its international subsidiaries. The effective portion of changes in the fair value of the hedging instrument is recognized in accumulated other comprehensive income (loss) consistent with the related translation gains and losses of the hedged net investment. For net investment hedges, all critical terms of the hedged item and the hedging instrument are matched at inception and on an ongoing basis to minimize the risk of hedge ineffectiveness. In August 2017, the Company entered into a four-year euro-denominated cross currency swap agreement of €75.0 million to hedge the net investment in one of its foreign subsidiaries designated as a hedge with an original expiry date of August 31, 2021. Since both the notional value of the derivative designated as a hedge of a net investment in a foreign subsidiary equals the portion of the net investment designated as being hedged and the derivative relates solely to the foreign exchange rate between the functional currency of the hedged net investment and the Company’s functional currency, all changes in fair value of the derivative are reported in the cumulative translation adjustment accounts, net of tax within accumulated other comprehensive income (loss) in the Company's unaudited condensed consolidated balance sheets. The amounts recorded in accumulated other comprehensive income (loss) will be reclassified to earnings only upon the sale or liquidation of the Company’s investment in one of its international subsidiaries or on maturity of the underlying agreements. During the second quarter 2021, the Company terminated the aforementioned €75.0 million cross currency swap agreement. There was no sale or substantial liquidation of the Company's investments in the subsidiaries designated, therefore no amounts were reclassified from accumulated other comprehensive income (loss) to earnings upon termination of the hedge. There were no outstanding net investment hedges as of October 2, 2021. Th e following table s ummarizes the gross fair values and location of the significant derivative instruments within Company's unaudited condensed consolidated balance sheets (in thousands): Other Current Assets Accrued Expenses and Other Liabilities Other Current Assets Accrued Expenses and Other Liabilities October 2, 2021 December 31, 2020 Interest rate swaps $ — $ 1,693 $ — $ 6,480 Net investment hedge $ — $ — $ — $ 2,800 Total $ — $ 1,693 $ — $ 9,280 The following tables present the effects of derivative instruments by contract type in accumulated other comprehensive income (loss) in the Company's unaudited condensed consolidated statements of operations and comprehensive income (in thousands): Gain (Loss) Recognized in AOCI Gain (Loss) Reclassified From AOCI to Earnings Location of Gain (loss) Reclassified from AOCI into Earnings Nine months ended Nine months ended October 2, 2021 September 26, 2020 October 2, 2021 September 26, 2020 Interest rate swaps $ 1,185 $ 1,704 $ (1,696) $ (2,189) Interest Expense Net investment hedge $ — $ (2,649) $ — $ — N/A Total $ 1,185 $ (945) $ (1,696) $ (2,189) Gain (Loss) Recognized in AOCI Gain (Loss) Reclassified From AOCI to Earnings Location of Gain (loss) Reclassified from AOCI into Earnings Three months ended Three months ended October 2, 2021 September 26, 2020 October 2, 2021 September 26, 2020 Interest rate swaps $ 4,860 $ (4,817) $ (6,598) $ (3,239) Interest Expense Net investment hedge $ 1,268 $ (1,660) $ — $ — N/A Total $ 6,128 $ (6,477) $ (6,598) $ (3,239)

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Oct. 02, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	9. Fair Value Measurements The Company is required to disclose the estimated fair values of all financial instruments, even if they are not carried at their fair value. The fair values of financial instruments are estimates based upon market conditions and perceived risks. These estimates require management’s judgment and may not be indicative of the future fair values of the assets and liabilities. The Company’s financial instruments include cash and cash equivalents, accounts receivable, and accounts payable. The carrying amount of these instruments approximate fair value because of their short-term nature. As of October 2, 2021, the Company’s long-term debt instruments had a carrying value of $997.5 million (excluding capital leases) and a fair value of approximately $996.3 million. As of December 31, 2020, the Company’s long-term debt instruments had a carrying value of $1.31 billion and a fair value of approximately $1.30 billion. The estimated fair value of the long-term debt is based on observable quoted prices in active markets for similar liabilities and is classified as a Level 2 input.

Segments and Related Informatio

Segments and Related Information	9 Months Ended
	Oct. 02, 2021
Segment Reporting [Abstract]
Segments and Related Information	10. Segments and Related Information The Company's operational and management structure is aligned to its key geographies and go-to market strategy resulting in two reportable segments: North America and Europe & Rest of World. Operating segments have not been aggregated to form the reportable segments. The Company determined its reportable segments based on how the Company's Chief Operating Decision Maker ("CODM") reviews the Company’s operating results in assessing performance and allocating resources. The CODM reviews net sales, gross profit and segment income for each of the reportable segments. Gross profit is defined as net sales less cost of sales incurred by the segment. The CODM does not evaluate reportable segments using asset information as these are managed on an enterprise wide basis. Segment income is defined as segment gross profit less sales, general, and administrative expenses ("SG&A") and research, development, and engineering ("RD&E"). The North America segment manufactures and sells residential and commercial swimming pool equipment and supplies as well as equipment that controls the flow of fluids. This segment is composed of three reporting units. The Europe & Rest of World segment manufactures and sells residential and commercial swimming pool equipment and supplies. This segment is composed of two reporting units. The Company sells its products primarily through distributors and retailers. Financial information by reportable segment, net of intercompany transactions, is included in the following summary (in thousands): Three months ended October 2, 2021 Three months ended September 26, 2020 North America Europe & Rest of World Total North America Europe & Rest of World Total Net sales $ 298,236 $ 52,388 $ 350,624 $ 184,015 $ 40,470 $ 224,485 Gross profit $ 141,655 $ 20,799 $ 162,454 $ 90,764 $ 15,390 $ 106,154 Segment income $ 91,920 $ 10,582 $ 102,502 $ 49,080 $ 6,986 $ 56,066 Capital expenditures (1) $ 7,762 $ 1,005 $ 8,767 $ 3,555 $ 185 $ 3,740 Depreciation (1) $ 4,253 $ 175 $ 4,428 $ 4,534 $ 326 $ 4,860 Nine months ended October 2, 2021 Nine months ended September 26, 2020 North America Europe & Rest of World Total North America Europe & Rest of World Total Net sales $ 863,276 $ 186,133 $ 1,049,409 $ 493,757 $ 120,947 $ 614,704 Gross profit $ 416,753 $ 73,623 $ 490,376 $ 234,496 $ 45,080 $ 279,576 Segment income $ 267,020 $ 37,828 $ 304,848 $ 117,243 $ 20,836 $ 138,079 Capital expenditures (1) $ 17,362 $ 1,305 $ 18,667 $ 12,556 $ 680 $ 13,236 Depreciation (1) $ 12,653 $ 843 $ 13,496 $ 12,797 $ 954 $ 13,751 (1) Capital expenditures and depreciation associated with Corporate are not included in these totals. The following table presents a reconciliation of segment income to income from operations before income taxes (in thousands): Three months ended Nine months ended October 2, 2021 September 26, 2020 October 2, 2021 September 26, 2020 Total segment income $ 102,502 $ 56,066 $ 304,848 $ 138,079 Corporate expense, net 15,225 4,455 37,788 9,252 Acquisition and restructuring related expense 783 6,825 2,452 17,575 Amortization of intangible assets 8,700 9,544 26,162 28,537 Operating income $ 77,794 $ 35,242 $ 238,446 $ 82,715 Interest expense, net 11,050 17,046 42,297 54,169 Loss on debt extinguishment — — 9,418 — Other non-operating (income) expense, net 2,087 (2,474) 4,655 (2,855) Total other expense $ 13,137 $ 14,572 $ 56,370 $ 51,314 Income from operations before income taxes $ 64,657 $ 20,670 $ 182,076 $ 31,401

Earnings Per Share

Earnings Per Share	9 Months Ended
	Oct. 02, 2021
Earnings Per Share [Abstract]
Earnings Per Share	11. Earnings Per Share The following table sets forth the computation of basic and diluted net income per share attributable to common stockholders (in thousands, except share and per share data): Three months ended Nine months ended October 2, 2021 September 26, 2020 October 2, 2021 September 26, 2020 Net income $ 50,321 $ 15,198 $ 140,004 $ 23,503 Deemed Dividend - Class A stock redemption (a) — (85,541) Dividend paid to Class C stockholders — (51) (41) (153) Net income attributable to Class A and common stock holders, basic 50,321 15,147 54,422 23,350 Net income attributable to Class A holders, basic — 15,047 12,733 23,209 Net income attributable to common stockholders, basic $ 50,321 $ 100 $ 41,689 $ 141 Net income attributable to Class A holders, diluted — 14,986 $ 12,046 $ 23,066 Net income attributable to common stockholders, diluted $ 50,321 $ 161 $ 42,376 $ 284 Weighted average number of common shares outstanding, basic 231,339,007 1,385,034 172,820,430 1,253,276 Effect of dilutive securities (b) 12,444,494 848,623 12,853,384 1,281,001 Weighted average number of common shares outstanding, diluted 243,783,501 2,233,657 185,673,814 2,534,277 Earnings per share attributable to common stockholders, basic $ 0.22 $ 0.07 $ 0.24 $ 0.11 Earnings per share attributable to common shareholders, diluted $ 0.21 $ 0.07 $ 0.23 $ 0.11 (a) F or the nine months ended October 2, 2021, net income attributable to common stockholders, used as the numerator in our earnings per share computations, was reduced by a non-cash charge due to a beneficial conversion feature related to the redemption of Class A shares for common shares as a consequence of the IPO. Such non-cash charge was recorded as a deemed dividend durin g three months ended April 3, 2021. This is a one-time accounting reclassification within the unaudited condensed consolidated statements of changes in redeemable stock and stockholders' equity and does not have any current or future income statement or cash impact. (b) Excludes 1.2 and 0.9 million of weighted average stock options outstanding for the three and nine months ended October 2, 2021, respectively, and 3.8 and 3.4 million of weighted average stock options outstanding for the three and nine months ended September 26, 2020, respectively, because their effect was antidilutive.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Oct. 02, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	12. Commitments and Contingencies Litigation The Company is involved in litigation arising in the normal course of business. Where appropriate, these matters have been submitted to the Company’s insurance carrier. The Company determines whether an estimated loss from a contingency should be accrued by assessing whether a loss is deemed probable and can be reasonably estimated. It is not possible to quantify the ultimate liability, if any, in these matters. As of October 2, 2021, appropriate reserves have been recorded for all litigation and contingencies, including the matters described below. Although the Company can give no assurances about the resolution of pending claims, litigation or other disputes and the effect such outcomes may have on the Company, in the opinion of management, it is remote that such litigation will have a material adverse effect on the financial position, results of operations or cash flows of the Company. Pentair Litigation The Company is presently a defendant in a set of consolidated patent infringement actions brought by Pentair Water Pool and Spa, Inc. and Danfoss Drives A/S(Civil Nos. 5:11-cv-459-D and 5:12-cv-251-D), pending in the United States District Court for the Eastern District of North Carolina. Collectively, the plaintiffs in these actions have asserted that certain of our variable speed pump and controller products infringe claims in seven United States patents: U.S. Patent Nos. 7,854,597; 7,815,420; 7,857,600; 7,686,587; 7,704,051; 8,019,479; and 8,043,070. The Company initiated related USPTO proceedings against certain of the asserted patents, including inter partes reexamination nos. 95/002005, 95/002006, 95/002007, and 95/002008 and inter partes review nos. IPR2013-00285 and IPR2013-00287. The Company has also raised non-infringement and invalidity defenses against each of the patents asserted against us in the district court actions, which are currently stayed. Additionally, the Company is aware of patents related to the asserted patents, including continuing, foreign and/or other related issued patents and pending patent applications, that could be asserted against us in the future. If defenses raised by the Company are not upheld, or if Pentair and/or Danfoss were to prevail in these proceedings and/or otherwise, then we may owe money damages and/or be subject to an injunction for any unexpired patent that would require the cessation of any infringing activity, which could have a negative impact on our supply chain or other business, including the ability of us, our vendor(s), and/or our customer(s) to make, use, sell, offer for sale and/or import variable speed drives or pumps, and/or the automation controllers therefor, any of which including the component(s), feature(s) and/or functionalit(ies) accused of infringement. The Company has determined that a settlement with the plaintiffs thereof is probable and can be estimated and has reserved $3.5 million for such purposes. Yuncos, Spain Fire In June 2021, an accidental fire destroyed a portion of our manufacturing and administrative facilities in Yuncos, Spain. The Company has filed an insurance claim with its carrier and such claim is still under review. The Company has established alternative, temporary, facilities for administrative personnel affected by the fire. The disruption to our manufacturing operations was minimal. In the nine months ended October 2, 2021, approximately $5.4 million of expense was recorded representing the write-off of the net book value of the destroyed assets and inventory.

Stockholders_ Equity

Stockholders’ Equity	9 Months Ended
	Oct. 02, 2021
Equity [Abstract]
Stockholders’ Equity	13. Stockholders’ Equity Prior to the Reclassification, the outstanding capital stock of the Company consisted of three classes of stock: Class A stock, par value of $0.001 per share of which 1,500,000 shares were authorized; Class B common stock par value of $0.001 per share of which 150,000 shares were authorized; and Class C stock, par value $0.001 per share of which 100 shares were authorized. In October 2020, the Board of Directors approved a distribution of $275.0 million, or $316.16 per share of Class A stock of the Company. On March 2, 2021 the Company filed a Certificate of Amendment of Amended and Restated Certificate of Incorporation pursuant to which all shares of Class B common stock were reclassified into an equal number of fully paid and non-assessable Common Stock and the Company then effected a 195-for-1 split of its Common Stock. The outstanding capital stock of the Company now consists of a single class of Common Stock. Prior to the IPO, each share of Class A stock was converted into a number of shares of Common Stock equal to 237.57 which is the sum of 195.00 plus the quotient of 42.57 obtained by dividing the then outstanding preference amount of $683.84 for such share by the IPO offering price of $17.00, net of any underwriting discount or a net conversion factor of 16.07. Prior to the IPO all 100 shares of Class C stock were redeemed for $100 dollars in aggregate or $1 per share. On March 16, 2021, the Company filed its Second Restated Certificate of Incorporation. Preferred Stock The Company’s Second Restated Certificate of Incorporation authorizes the Company to issue up to 100,000,000 shares of preferred stock, $0.001 value per share, all of which is undesignated. Common Stock The Company’s Second Restated Certificate of Incorporation authorizes the Company to issue up to 750,000,000 shares of Common Stock, $0.001 value per share. Each share of Common Stock is entitled to one vote on all matters submitted to a vote of the Company’s stockholders. The holders of Common Stock are entitled to receive dividends, if any, as may be declared by the board of directors. Through October 2, 2021, no dividends had been declared or paid. Dividends paid For the three and nine months ended October 2, 2021, no dividend was declared nor paid to the Company's common stockholders.

Stock-based Compensation

Stock-based Compensation	9 Months Ended
	Oct. 02, 2021
Share-based Payment Arrangement [Abstract]
Stock-based Compensation	14. Stock-based Compensation Overview During the three months ended October 2, 2021, the Company did not have any significant stock-based compensation activity beyond grants of equity for new key personnel, forfeitures due to attrition, and exercise of vested options. Total stock-based compensation expense recognized was $0.8 million and $13.5 million, respectively, for the three and nine months ended October 2, 2021 and $0.7 million and $2.0 million, respectively, for the three and nine months ended September 26, 2020. The Company has established two equity incentive plans as described below. 2021 Equity Incentive Plan In March 2021, the Company adopted the 2021 Equity Incentive Plan (the “2021 Plan”). Under the 2021 Plan, up to 13,737,500 shares of common stock may be granted to employees, directors and consultants in the form of stock options, restricted stock units and other stock-based awards. The terms of awards granted under the 2021 Plan are determined by the Compensation Committee of the Board of Directors, subject to the provisions of the 2021 Plan. As of October 2, 2021 there were 12,307,548 shares available for future issuance under the 2021 Plan. Options granted under the 2021 Plan expire no later than ten years from the date of grant. The vesting period of stock options and restricted stock units granted under the 2021 Plan is three years from the date of grant. During the nine months ended October 2, 2021, the Company granted 1,256,454 options and 176,184 restricted stock units under the 2021 Plan with a weighted-average grant-date fair value per share of $6.45 and $17.68, respectively. The Company determined the fair value of these granted stock options at the date of grant using the Black-Scholes option-pricing model. The principal assumptions used in the Black-Scholes option-pricing model for the majority of these stock options granted were as follows: Risk-free interest rate 1.08 % Expected life in years 6 Expected dividend yield — % Expected volatility 37.00 % During the three and nine months ended October 2, 2021, the Company recognized $1.0 million and $2.2 million of compensation expense for the awards issued under the 2021 Plan. As of October 2, 2021 there were 1,256,454 outstanding options and 173,498 outstanding restricted stock units under the 2021 Plan. 2017 Equity Incentive Plan In August 2017, the Company adopted the 2017 Equity Incentive Plan (the “2017 Plan”), which provided for the issuance of stock options, restricted stock and restricted stock awards to officers, directors and employees. The stock options granted under the 2017 Plan have a maximum term of up to ten years. Restricted stock, restricted stock awards, and stock options granted under the 2017 Plan are eligible to vest based on continued service, generally over five years ("time-based awards"), or upon an initial public offering and post-initial public offering stock price performance ("performance-based awards"). Due to the Company's IPO on March 12, 2021 and subsequent stock price performance, all performance and market vesting conditions for the performance-based awards were satisfied on March 26, 2021. All compensation expense for the performance-based awards was recognized upon the satisfaction of the performance and market vesting conditions. As a result, the Company recognized $9.7 million of compensation expense in the three-months ended April 3, 2021. During the three and nine months ended October 2, 2021, the Company recognized $0.5 million and $1.6 million of compensation expense for the time-based awards issued under the 2017 Plan. As of October 2, 2021, there were 12,702,284 outstanding options and 122,889 outstanding restricted stock awards under the 2017 Plan.

Acquisition and Restructuring R

Acquisition and Restructuring Related Expense	9 Months Ended
	Oct. 02, 2021
Restructuring and Related Activities [Abstract]
Acquisition and Restructuring Related Expense	15. Acquisition and Restructuring Related Expense On March 29, 2021, we announced the relocation of our corporate office functions to Charlotte, North Carolina from Berkeley Heights, New Jersey. We are currently in process of moving our senior leadership team, corporate human resources, US sales leadership, corporate finance and other corporate functions to Charlotte. The Company currently employs approximately 90 corporate employees in Berkeley Heights. As part of the planned relocation, a number of corporate operational jobs will also move from Berkeley Heights to our production facility in Clemmons, North Carolina. The facility currently employs 1,010 people, which includes the addition of approximately 230 jobs over the past year. The corporate relocation does not impact any other Hayward location in the United States or internationally. Relocation began in the summer of 2021 and is expected to be largely complete by spring 2022. The estimated severance and retention costs pertaining to this relocation are approximately $5.3 million and will be recognized when earned. The impacted employees must remain with the Company through their planned exit date to receive each of the severance and retention amounts. Such costs are accounted for in accordance with ASC 420, Exit or Disposal Cost Obligations . In the three and nine months ended October 2, 2021 a total of $0.8 million and $2.5 million of restructuring expense was recognized primarily pertaining to the exit from our leased facility in Chandler, Arizona which had been previously announced as well as the ongoing relocation of our corporate functions to Charlotte, North Carolina. (In thousands) 2021 Activity Liability as of December 31, 2020 Costs Recognized Cash Payments Liability as of October 2, 2021 One-time termination benefits $ — $ 749 $ (749) $ — Facility-related $ — $ — $ — $ — Other $ — $ 1,703 $ (1,131) $ 572 Total $ — $ 2,452 $ (1,880) $ 572 In 2019, we announced the cessation of certain manufacturing and distribution operations and sold the real estate associated with these operations with a one year lease back arrangement to allow for the orderly restructuring of these operations. The sale and leaseback was accounted for as separate transactions based on their respective terms in accordance with ASC 840, Leases . All activities related to this were fully completed in 2020. The Company recognizes severance charges on a straight-line basis over the notification period in accordance with ASC 420. Such charges include the facility closure described above and other one-time termination benefits. (In thousands) 2020 Activity Liability as of December 31, 2019 Costs Recognized Cash Payments Liability as of September 26, 2020 One-time termination benefits $ 6,278 $ 3,170 $ (5,158) $ 4,290 Facility-related $ — $ 10,570 $ (10,570) $ — Other $ — $ 3,835 $ (3,835) $ — Total $ 6,278 $ 17,575 $ (19,563) $ 4,290 Restructuring costs are included within acquisition and restructuring related costs on the Company’s unaudited condensed consolidated statements of operations and comprehensive income, while the restructuring liability is included as a component of accrued expenses and other liabilities on the Company's unaudited condensed consolidated balance sheets.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Oct. 02, 2021
Related Party Transactions [Abstract]
Related Party Transactions	16. Related Party TransactionsPrior to the IPO, on an annual basis, the Company incurred approximately $0.8 million for Sponsor Management fees and paid $0.2 million of Sponsor Dividends (Class C dividends) payable in cash quarterly. These arrangements were terminated upon the consummation of the IPO in the first quarter of fiscal 2021. A total of $41 thousand and $153 thousand in Class C dividends were paid to one Sponsor in lieu of management fees for the nine months ended October 2, 2021 and September 26, 2020, respectively.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	9 Months Ended
	Oct. 02, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements of the Company included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). The financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair statement of such information. All such adjustments are of a normal recurring nature. Certain information and note disclosures, including a description of significant accounting policies normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"), have been condensed or omitted pursuant to such rules and regulations. These interim financial statements should be read in conjunction with the Company’s annual consolidated financial statements and notes thereto for the fiscal year ended December 31, 2020 included in the Company's final prospectus for the IPO filed pursuant to Rule 424(b) under the Securities Act of 1933, as amended, filed with the SEC on March 15, 2021 (the "IPO Prospectus"). The results of operations for the three and nine months ended October 2, 2021 are not necessarily indicative of the results for any subsequent periods or the entire fiscal year ending December 31, 2021. The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. In the current year, the Company has changed its presentation from millions to thousands and, as a result, any necessary rounding adjustments have been made to prior year disclosed amounts.
Recent Accounting Pronouncements Not Yet Adopted	Recent Accounting Pronouncements Not Yet Adopted Accounting for Leases Accounting Standards Update (the "ASU") 2016-02, Leases, was issued by the Financial Accounting Standards Board (the "FASB") in February 2016. This standard requires the Company, as the lessee, to recognize most leases on the balance sheet thereby resulting in the recognition of right of use ("ROU") assets and lease obligations for those leases currently classified as operating leases. The standard will be effective for the Company on December 31, 2021 if the Company ceases to be an Emerging Growth Company ("EGC") as of December 31, 2021, and the Company would adopt the standard, including presenting ROU assets and liabilities, as of January 1, 2021 in its Annual Report on Form 10-K for fiscal year 2021. In the third quarter of 2021, the Company began the implementation process and selected the modified transition approach method as well as the package of practical expedients. In addition to the recognition of the ROU assets and lease obligations, the Company antic ipates changes in systems, processes, and controls via the use of a software solution for leases. While the requirements of the new guidance represent a material change from existing GAAP, the underlying economics of items in scope and related cash flows are unchanged. New Credit Loss Standard ASU 2016-13, Financial Instruments—Credit Losses (Topic 326), Measurement of Credi t Losses on Financial Instruments , was issued by the FASB in June 2016. The standard will be effective for the Company on December 31, 2021 if the Company ceases to be an EGC as of December 31, 2021, and the Company would adopt the standard as of January 1, 2021 in its Annual Report on Form 10-K for fiscal year 2021. While the requirements of the new guidance represent a change from existing GAAP, the underlying economics of items in scope and related cash flows are unchanged. The Company plans to focus on gathering data, dev eloping procedures and testing before adoption. Focus areas include, but are not limited to (i) updating procedures to reflect new guidance requiring establishment of allowance for credit losses on accounts receivable; (ii) establishing procedures to identify and review all leases receivable, (iii) developing, testing, and implementing controls for newly developed procedures, if any, as well as for additional annual reporting requirements. The Company is currently evaluating the impact of this new accounting standard on its unaudited condensed consolidated financial statements. Simplifying the Accounting for Income Taxes ASU 2019-12, “ Simplifying the Accounting for Income Taxes” (Topic 740) , was issued by FASB in December 2019. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. The standard will be effective for the Company on December 31, 2021 if the Company ceases to be an EGC as of December 31, 2021, and the Company would adopt the standard as of January 1, 2021 in its Annual Report on Form 10-K for fiscal year 2021. The adoption of this standard is not expected to have a material impact on the Company's financial statements or its systems, processes and controls associated with accounting for income taxes. Reference Rate Reform ASU 2020-04, “ Reference Rate Reform (Topic 848) : Facilitation of the Effects of Reference Rate Reform on Financial Reporting ”, was issued by the FASB in March 2020. In January 2021, the FASB clarified the scope of that guidance with the issuance of ASU 2021-01, Reference Rate Reform: Scope . ASU 2020-04 provides optional expedients and exceptions to account for contracts, hedging relationships and other transactions that reference LIBOR or another reference rate if certain criteria are met. ASU 2020-04 may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. The Company is currently evaluating the potential effects of the adoption of ASU 2020-04.

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	9 Months Ended
	Oct. 02, 2021
Accounting Policies [Abstract]
Schedule of Cash and Cash Equivalents	Cash and Cash Equivalents The following table provides supplemental cash flow information and a reconciliation of cash and cash equivalents and restricted cash to amounts reported within the Company's unaudited condensed consolidated balance sheets and unaudited condensed consolidated statements of cash flows (in thousands): October 2, 2021 December 31, 2020 Cash and cash equivalents $ 295,077 $ 114,864 Restricted cash (a) 1,890 430 Total $ 296,967 $ 115,294 (a) included in Other current assets
Restrictions on Cash and Cash Equivalents	Cash and Cash Equivalents The following table provides supplemental cash flow information and a reconciliation of cash and cash equivalents and restricted cash to amounts reported within the Company's unaudited condensed consolidated balance sheets and unaudited condensed consolidated statements of cash flows (in thousands): October 2, 2021 December 31, 2020 Cash and cash equivalents $ 295,077 $ 114,864 Restricted cash (a) 1,890 430 Total $ 296,967 $ 115,294 (a) included in Other current assets

Revenue (Tables)

Revenue (Tables)	9 Months Ended
	Oct. 02, 2021
Revenue from Contract with Customer [Abstract]
Schedule of Net Sales by Product Groups	The following table disaggregates net sales between product groups and geographic destinations, respectively (in thousands): Three months ended Nine months ended October 2, 2021 September 26, 2020 October 2, 2021 September 26, 2020 Product groups Residential pool $ 330,898 $ 209,519 $ 990,977 $ 567,575 Commercial pool 7,360 4,762 23,297 16,872 Industrial flow control 12,366 10,204 35,135 30,257 Total $ 350,624 $ 224,485 $ 1,049,409 $ 614,704 Geographic United States $ 261,223 $ 158,155 $ 748,726 $ 428,837 Canada 37,013 25,860 114,550 64,920 Europe 32,726 28,858 137,642 89,600 Rest of World 19,662 11,612 48,491 31,347 Total international revenue $ 89,401 $ 66,330 $ 300,683 $ 185,867 Total $ 350,624 $ 224,485 $ 1,049,409 $ 614,704
Schedule of Net Sales by Geographic Destinations	The following table disaggregates net sales between product groups and geographic destinations, respectively (in thousands): Three months ended Nine months ended October 2, 2021 September 26, 2020 October 2, 2021 September 26, 2020 Product groups Residential pool $ 330,898 $ 209,519 $ 990,977 $ 567,575 Commercial pool 7,360 4,762 23,297 16,872 Industrial flow control 12,366 10,204 35,135 30,257 Total $ 350,624 $ 224,485 $ 1,049,409 $ 614,704 Geographic United States $ 261,223 $ 158,155 $ 748,726 $ 428,837 Canada 37,013 25,860 114,550 64,920 Europe 32,726 28,858 137,642 89,600 Rest of World 19,662 11,612 48,491 31,347 Total international revenue $ 89,401 $ 66,330 $ 300,683 $ 185,867 Total $ 350,624 $ 224,485 $ 1,049,409 $ 614,704

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Oct. 02, 2021
Inventory Disclosure [Abstract]
Schedule of Inventories, Net	Inventories, net, consist of the following (in thousands): October 2, 2021 December 31, 2020 Raw materials $ 101,370 $ 67,867 Work in progress 18,886 13,539 Finished goods 88,737 63,924 Total $ 208,993 $ 145,330

Accrued Expenses and Other Li_2

Accrued Expenses and Other Liabilities (Tables)	9 Months Ended
	Oct. 02, 2021
Payables and Accruals [Abstract]
Schedule of Accrued Liabilities and Other Current Liabilities	Accrued expenses and other liabilities consist of the following (in thousands): October 2, 2021 December 31, 2020 Selling, promotional, and advertising $ 29,269 $ 25,377 Employee compensation and benefits 45,568 34,250 Warranty reserve 23,668 16,412 Inventory purchases 30,423 13,703 Insurance reserve 11,864 9,779 Deferred income 16,564 11,694 Payroll and other non-income taxes 7,043 3,759 Derivative liability — 9,307 Other accrued liabilities 24,117 17,538 $ 188,516 $ 141,819
Schedule of Change in Warranty Reserve	The following table summarizes the warranty reserve activities (in thousands): Balance at December 31, 2020 $ 16,412 Accrual for warranties issued during the period 10,109 Payments (4,644) Balance at April 3, 2021 21,877 Accrual for warranties issued during the period 9,850 Payments (7,030) Balance at July 3, 2021 24,697 Accrual for warranties issued during the period 7,796 Payments (8,825) Balance at October 2, 2021 $ 23,668

Long-Term Debt, Net (Tables)

Long-Term Debt, Net (Tables)	9 Months Ended
	Oct. 02, 2021
Debt Disclosure [Abstract]
Schedule of Long-term Debt	Long-term debt, net, consists of the following (in thousands): October 2, 2021 December 31, 2020 First Lien Term Facility, due May 28, 2028 $ 997,500 $ 957,985 Incremental First Lien Term Facility, due August 4, 2026 — 150,000 Second Lien Term Facility — 205,000 ABL Revolving Credit Facility — — Capital lease obligations 9,071 9,732 Subtotal 1,006,571 1,322,717 Less: Current portion of the long-term debt (11,992) (2,768) Less: Unamortized debt issuance costs (18,461) (19,693) Total $ 976,118 $ 1,300,256

Derivatives and Hedging Trans_2

Derivatives and Hedging Transactions (Tables)	9 Months Ended
	Oct. 02, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Effect of Derivative Instruments in the Statement of Financial Position and Operations and Comprehensive Income (Loss)	Th e following table s ummarizes the gross fair values and location of the significant derivative instruments within Company's unaudited condensed consolidated balance sheets (in thousands): Other Current Assets Accrued Expenses and Other Liabilities Other Current Assets Accrued Expenses and Other Liabilities October 2, 2021 December 31, 2020 Interest rate swaps $ — $ 1,693 $ — $ 6,480 Net investment hedge $ — $ — $ — $ 2,800 Total $ — $ 1,693 $ — $ 9,280 The following tables present the effects of derivative instruments by contract type in accumulated other comprehensive income (loss) in the Company's unaudited condensed consolidated statements of operations and comprehensive income (in thousands): Gain (Loss) Recognized in AOCI Gain (Loss) Reclassified From AOCI to Earnings Location of Gain (loss) Reclassified from AOCI into Earnings Nine months ended Nine months ended October 2, 2021 September 26, 2020 October 2, 2021 September 26, 2020 Interest rate swaps $ 1,185 $ 1,704 $ (1,696) $ (2,189) Interest Expense Net investment hedge $ — $ (2,649) $ — $ — N/A Total $ 1,185 $ (945) $ (1,696) $ (2,189) Gain (Loss) Recognized in AOCI Gain (Loss) Reclassified From AOCI to Earnings Location of Gain (loss) Reclassified from AOCI into Earnings Three months ended Three months ended October 2, 2021 September 26, 2020 October 2, 2021 September 26, 2020 Interest rate swaps $ 4,860 $ (4,817) $ (6,598) $ (3,239) Interest Expense Net investment hedge $ 1,268 $ (1,660) $ — $ — N/A Total $ 6,128 $ (6,477) $ (6,598) $ (3,239)

Segments and Related Informat_2

Segments and Related Information (Tables)	9 Months Ended
	Oct. 02, 2021
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The Company sells its products primarily through distributors and retailers. Financial information by reportable segment, net of intercompany transactions, is included in the following summary (in thousands): Three months ended October 2, 2021 Three months ended September 26, 2020 North America Europe & Rest of World Total North America Europe & Rest of World Total Net sales $ 298,236 $ 52,388 $ 350,624 $ 184,015 $ 40,470 $ 224,485 Gross profit $ 141,655 $ 20,799 $ 162,454 $ 90,764 $ 15,390 $ 106,154 Segment income $ 91,920 $ 10,582 $ 102,502 $ 49,080 $ 6,986 $ 56,066 Capital expenditures (1) $ 7,762 $ 1,005 $ 8,767 $ 3,555 $ 185 $ 3,740 Depreciation (1) $ 4,253 $ 175 $ 4,428 $ 4,534 $ 326 $ 4,860 Nine months ended October 2, 2021 Nine months ended September 26, 2020 North America Europe & Rest of World Total North America Europe & Rest of World Total Net sales $ 863,276 $ 186,133 $ 1,049,409 $ 493,757 $ 120,947 $ 614,704 Gross profit $ 416,753 $ 73,623 $ 490,376 $ 234,496 $ 45,080 $ 279,576 Segment income $ 267,020 $ 37,828 $ 304,848 $ 117,243 $ 20,836 $ 138,079 Capital expenditures (1) $ 17,362 $ 1,305 $ 18,667 $ 12,556 $ 680 $ 13,236 Depreciation (1) $ 12,653 $ 843 $ 13,496 $ 12,797 $ 954 $ 13,751 (1) Capital expenditures and depreciation associated with Corporate are not included in these totals. The following table presents a reconciliation of segment income to income from operations before income taxes (in thousands): Three months ended Nine months ended October 2, 2021 September 26, 2020 October 2, 2021 September 26, 2020 Total segment income $ 102,502 $ 56,066 $ 304,848 $ 138,079 Corporate expense, net 15,225 4,455 37,788 9,252 Acquisition and restructuring related expense 783 6,825 2,452 17,575 Amortization of intangible assets 8,700 9,544 26,162 28,537 Operating income $ 77,794 $ 35,242 $ 238,446 $ 82,715 Interest expense, net 11,050 17,046 42,297 54,169 Loss on debt extinguishment — — 9,418 — Other non-operating (income) expense, net 2,087 (2,474) 4,655 (2,855) Total other expense $ 13,137 $ 14,572 $ 56,370 $ 51,314 Income from operations before income taxes $ 64,657 $ 20,670 $ 182,076 $ 31,401

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Oct. 02, 2021
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table sets forth the computation of basic and diluted net income per share attributable to common stockholders (in thousands, except share and per share data): Three months ended Nine months ended October 2, 2021 September 26, 2020 October 2, 2021 September 26, 2020 Net income $ 50,321 $ 15,198 $ 140,004 $ 23,503 Deemed Dividend - Class A stock redemption (a) — (85,541) Dividend paid to Class C stockholders — (51) (41) (153) Net income attributable to Class A and common stock holders, basic 50,321 15,147 54,422 23,350 Net income attributable to Class A holders, basic — 15,047 12,733 23,209 Net income attributable to common stockholders, basic $ 50,321 $ 100 $ 41,689 $ 141 Net income attributable to Class A holders, diluted — 14,986 $ 12,046 $ 23,066 Net income attributable to common stockholders, diluted $ 50,321 $ 161 $ 42,376 $ 284 Weighted average number of common shares outstanding, basic 231,339,007 1,385,034 172,820,430 1,253,276 Effect of dilutive securities (b) 12,444,494 848,623 12,853,384 1,281,001 Weighted average number of common shares outstanding, diluted 243,783,501 2,233,657 185,673,814 2,534,277 Earnings per share attributable to common stockholders, basic $ 0.22 $ 0.07 $ 0.24 $ 0.11 Earnings per share attributable to common shareholders, diluted $ 0.21 $ 0.07 $ 0.23 $ 0.11 (a) F or the nine months ended October 2, 2021, net income attributable to common stockholders, used as the numerator in our earnings per share computations, was reduced by a non-cash charge due to a beneficial conversion feature related to the redemption of Class A shares for common shares as a consequence of the IPO. Such non-cash charge was recorded as a deemed dividend durin g three months ended April 3, 2021. This is a one-time accounting reclassification within the unaudited condensed consolidated statements of changes in redeemable stock and stockholders' equity and does not have any current or future income statement or cash impact. (b) Excludes 1.2 and 0.9 million of weighted average stock options outstanding for the three and nine months ended October 2, 2021, respectively, and 3.8 and 3.4 million of weighted average stock options outstanding for the three and nine months ended September 26, 2020, respectively, because their effect was antidilutive.

Stock-based Compensation (Table

Stock-based Compensation (Tables)	9 Months Ended
	Oct. 02, 2021
Share-based Payment Arrangement [Abstract]
Schedule of Option Pricing Model for Stock Options Granted	The principal assumptions used in the Black-Scholes option-pricing model for the majority of these stock options granted were as follows: Risk-free interest rate 1.08 % Expected life in years 6 Expected dividend yield — % Expected volatility 37.00 %

Acquisition and Restructuring_2

Acquisition and Restructuring Related Expense (Tables)	9 Months Ended
	Oct. 02, 2021
Restructuring and Related Activities [Abstract]
Schedule of Charges For Facility Closure And Other One Time Termination Benefits	(In thousands) 2021 Activity Liability as of December 31, 2020 Costs Recognized Cash Payments Liability as of October 2, 2021 One-time termination benefits $ — $ 749 $ (749) $ — Facility-related $ — $ — $ — $ — Other $ — $ 1,703 $ (1,131) $ 572 Total $ — $ 2,452 $ (1,880) $ 572 (In thousands) 2020 Activity Liability as of December 31, 2019 Costs Recognized Cash Payments Liability as of September 26, 2020 One-time termination benefits $ 6,278 $ 3,170 $ (5,158) $ 4,290 Facility-related $ — $ 10,570 $ (10,570) $ — Other $ — $ 3,835 $ (3,835) $ — Total $ 6,278 $ 17,575 $ (19,563) $ 4,290

Nature of Operations and Orga_2

Nature of Operations and Organization (Details) $ / shares in Units, $ in Millions	Mar. 16, 2021USD ($)$ / sharesshares	Mar. 11, 2021$ / shares	Mar. 02, 2021$ / shares	Oct. 02, 2021manufacturing_facility$ / shares	Mar. 01, 2021class	Dec. 31, 2020$ / shares
Class of Stock [Line Items]
Number of manufacturing facilities | manufacturing_facility				6
Number of classes of stock | class					3
Additional conversion to common stock (in usd per share)		$ 42.5671
Proceeds from IPO | $	$ 356.6
IPO
Class of Stock [Line Items]
Offering price (in usd per share)		$ 17
Number of shares issued (in shares) | shares	22,200,000
Sponsors
Class of Stock [Line Items]
Number of shares issued (in shares) | shares	20,893,665
Underwriters option
Class of Stock [Line Items]
Number of shares issued (in shares) | shares	2,815,887
Common Class B
Class of Stock [Line Items]
Redeemable stock, par value (in usd per share)			$ 0.001			$ 0.001
Stock split, conversion ratio		195	195
Common Class A
Class of Stock [Line Items]
Redeemable stock, par value (in usd per share)				$ 0.001		0.001
Stock split, conversion ratio	195
Outstanding performance amount (in usd per share)	$ 683.84	$ 683.84
Common Class A | IPO
Class of Stock [Line Items]
Offering price (in usd per share)	17
Common Class C
Class of Stock [Line Items]
Redeemable stock, par value (in usd per share)				$ 0.001		$ 0.001
Redemption price (in usd per share)	$ 1	$ 1

Significant Accounting Polici_4

Significant Accounting Policies - Cash and Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Oct. 02, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Cash and cash equivalents	$ 295,077	$ 114,864
Restricted cash	1,890	430
Total cash and cash equivalents and restricted cash	$ 296,967	$ 115,294

Revenue (Details)

Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 02, 2021	Sep. 26, 2020	Oct. 02, 2021	Sep. 26, 2020
Revenue from External Customer [Line Items]
Net sales	$ 350,624	$ 224,485	$ 1,049,409	$ 614,704
United States
Revenue from External Customer [Line Items]
Net sales	261,223	158,155	748,726	428,837
Total international revenue
Revenue from External Customer [Line Items]
Net sales	89,401	66,330	300,683	185,867
Canada
Revenue from External Customer [Line Items]
Net sales	37,013	25,860	114,550	64,920
Europe
Revenue from External Customer [Line Items]
Net sales	32,726	28,858	137,642	89,600
Rest of World
Revenue from External Customer [Line Items]
Net sales	19,662	11,612	48,491	31,347
Residential pool
Revenue from External Customer [Line Items]
Net sales	330,898	209,519	990,977	567,575
Commercial pool
Revenue from External Customer [Line Items]
Net sales	7,360	4,762	23,297	16,872
Industrial flow control
Revenue from External Customer [Line Items]
Net sales	$ 12,366	$ 10,204	$ 35,135	$ 30,257

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Oct. 02, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Raw materials	$ 101,370	$ 67,867
Work in progress	18,886	13,539
Finished goods	88,737	63,924
Total inventory	$ 208,993	$ 145,330

Accrued Expenses and Other Li_3

Accrued Expenses and Other Liabilities - Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands	Oct. 02, 2021	Jul. 03, 2021	Apr. 03, 2021	Dec. 31, 2020
Payables and Accruals [Abstract]
Selling, promotional, and advertising	$ 29,269			$ 25,377
Employee compensation and benefits	45,568			34,250
Warranty reserve	23,668	$ 24,697	$ 21,877	16,412
Inventory purchases	30,423			13,703
Insurance reserve	11,864			9,779
Deferred income	16,564			11,694
Payroll and other non-income taxes	7,043			3,759
Derivative liability	0			9,307
Other accrued liabilities	24,117			17,538
Accrued expenses and other liabilities	$ 188,516			$ 141,819

Accrued Expenses and Other Li_4

Accrued Expenses and Other Liabilities - Warranty Reserve (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 02, 2021	Jul. 03, 2021	Apr. 03, 2021
Movement in Standard Product Warranty Accrual [Roll Forward]
Beginning balance	$ 24,697	$ 21,877	$ 16,412
Accrual for warranties issued during the period	7,796	9,850	10,109
Payments	(8,825)	(7,030)	(4,644)
Ending balance	$ 23,668	$ 24,697	$ 21,877

Accrued Expenses and Other Li_5

Accrued Expenses and Other Liabilities - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 02, 2021	Sep. 26, 2020	Oct. 02, 2021	Sep. 26, 2020
Payables and Accruals [Abstract]
Warranty expense	$ 7.8	$ 7.1	$ 27.8	$ 19.1

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended		9 Months Ended
	Oct. 02, 2021	Sep. 26, 2020	Oct. 02, 2021	Sep. 26, 2020
Income Tax Disclosure [Abstract]
Effective tax rate	22.20%	26.50%	23.10%	25.20%
Uncertain tax positions reserve	$ 0	$ 300,000	$ 0	$ 300,000

Long-Term Debt, Net - Schedule

Long-Term Debt, Net - Schedule Of Long-Term Debt (Details) - USD ($) $ in Thousands	Oct. 02, 2021	Dec. 31, 2020
Line of Credit Facility [Line Items]
Capital lease obligations	$ 9,071	$ 9,732
Long-term debt, subtotal	1,006,571	1,322,717
Less: Current portion of the long-term debt	(11,992)	(2,768)
Less: Unamortized debt issuance costs	(18,461)	(19,693)
Long-term debt, net	976,118	1,300,256
Term Loan | First Lien Term Facility, due May 28, 2028
Line of Credit Facility [Line Items]
Long-term debt, gross	997,500	957,985
Term Loan | Incremental First Lien Term Facility, due August 4, 2026
Line of Credit Facility [Line Items]
Long-term debt, gross	0	150,000
Term Loan | Second Lien Term Facility
Line of Credit Facility [Line Items]
Long-term debt, gross	0	205,000
Revolving Credit Facility | ABL Revolving Credit Facility
Line of Credit Facility [Line Items]
Long-term debt, gross	$ 0	$ 0

Long-Term Debt, Net - Additiona

Long-Term Debt, Net - Additional Information (Details) - USD ($)

Jun. 01, 2021

May 28, 2021

Mar. 19, 2021

Feb. 19, 2021

Apr. 30, 2023

Mar. 19, 2021

Oct. 02, 2021

Jul. 03, 2021

Sep. 26, 2020

Oct. 02, 2021

Sep. 26, 2020

Dec. 31, 2020

Apr. 03, 2021

Line of Credit Facility [Line Items]

Term loan repayments

$ 367,144,000

$ 3,500,000

Loss on debt extinguishment

$ 5,800,000

$ 0

$ 0

$ 9,418,000

$ 0

Covenant compliance

we were in compliance with all covenants under the Credit Facilities.

Term Loan

Line of Credit Facility [Line Items]

Term loan repayments

$ 356,600,000

$ 8,000,000

$ 364,600,000

Term Loan | Second Lien Term Facility

Line of Credit Facility [Line Items]

Term loan repayments

205,000,000

Long-term debt, gross

0

0

$ 205,000,000

Term Loan | First Lien Term Facility, due May 28, 2028

Line of Credit Facility [Line Items]

Term loan repayments

131,100,000

Loss on debt extinguishment

$ 3,600,000

Increase to maximum borrowing capacity

$ 51,000,000

Long-term debt, gross

$ 997,500,000

$ 997,500,000

957,985,000

Maximum borrowing capacity

$ 1,000,000,000

Secured leverage ratio

2,500,000

Quarterly amortization rate, principal

0.25%

Periodic principal payment

$ 2,500,000

Interest rate

3.67%

3.67%

Leverage ratio threshold for mandatory prepayment of zero

2.5

Leverage ratio threshold for mandatory prepayment of fifty percent

3,000,000

Mandatory prepayment of excess cash

0

Term Loan | First Lien Term Facility, due May 28, 2028 | LIBOR | Debt Instrument, Covenant Period One

Line of Credit Facility [Line Items]

Basis spread

2.75%

Term Loan | First Lien Term Facility, due May 28, 2028 | LIBOR | Debt Instrument, Covenant Period Two

Line of Credit Facility [Line Items]

Basis spread

2.50%

Term Loan | First Lien Term Facility, due May 28, 2028 | Minimum | Forecast

Line of Credit Facility [Line Items]

Mandatory annual prepayment, percentage of excess cash

0.00%

Term Loan | First Lien Term Facility, due May 28, 2028 | Minimum | LIBOR | Debt Instrument, Covenant Period One

Line of Credit Facility [Line Items]

Basis spread

0.50%

Term Loan | First Lien Term Facility, due May 28, 2028 | Minimum | LIBOR | Debt Instrument, Covenant Period Two

Line of Credit Facility [Line Items]

Basis spread

0.50%

Term Loan | First Lien Term Facility, due May 28, 2028 | Maximum | Forecast

Line of Credit Facility [Line Items]

Mandatory annual prepayment, percentage of excess cash

50.00%

Term Loan | First Lien Term Facility, Due May 28, 2028, Term Loan One

Line of Credit Facility [Line Items]

Long-term debt, gross

$ 820,000,000

Interest rate

4.90%

Term Loan | First Lien Term Facility, Due May 28, 2028, Term Loan Two

Line of Credit Facility [Line Items]

Long-term debt, gross

$ 128,400,000

Interest rate

4.96%

Term Loan | Incremental First Lien Term Facility, due August 4, 2026

Line of Credit Facility [Line Items]

Term loan repayments

$ 20,500,000

Long-term debt, gross

$ 0

$ 0

150,000,000

Revolving Credit Facility | ABL Revolving Credit Facility

Line of Credit Facility [Line Items]

Long-term debt, gross

$ 0

$ 0

$ 0

Maximum borrowing capacity

$ 425,000,000

Peak season maximum borrowing capacity

$ 475,000,000

Percentage available to subsidiaries for current borrowing capacity

30000000.00%

Percentage available to subsidiaries with agent consent

40000000.00%

Revolving Credit Facility | ABL Revolving Credit Facility | Minimum | LIBOR

Line of Credit Facility [Line Items]

Basis spread

1.25%

Revolving Credit Facility | ABL Revolving Credit Facility | Minimum | Base Rate

Line of Credit Facility [Line Items]

Basis spread

0.25%

Revolving Credit Facility | ABL Revolving Credit Facility | Maximum | LIBOR

Line of Credit Facility [Line Items]

Basis spread

1.75%

Revolving Credit Facility | ABL Revolving Credit Facility | Maximum | Base Rate

Line of Credit Facility [Line Items]

Basis spread

0.75%

Letter of Credit, US Dollars | ABL Revolving Credit Facility

Line of Credit Facility [Line Items]

Maximum borrowing capacity

$ 50,000,000

Letter of Credit, Canadian Dollars | ABL Revolving Credit Facility

Line of Credit Facility [Line Items]

Maximum borrowing capacity

20,000,000

Swingline Loan | ABL Revolving Credit Facility

Line of Credit Facility [Line Items]

Maximum borrowing capacity

$ 50,000,000

Derivatives and Hedging Trans_3

Derivatives and Hedging Transactions - Additional Information (Details) € in Millions, $ in Millions	1 Months Ended
	Aug. 31, 2017EUR (€)	Oct. 02, 2021derivative_contract	Jul. 03, 2021USD ($)derivative_contract	Jul. 03, 2021EUR (€)derivative_contract
Interest Rate Swap
Derivative [Line Items]
Number of interest rate derivatives held | derivative_contract		0	2	2
Interest Rate Swap | Cash Flow Hedging
Derivative [Line Items]
Derivative, notional amount | $			$ 550
Cross currency swap | Net Investment Hedging
Derivative [Line Items]
Derivative, notional amount | €	€ 75			€ 75
Term of derivative contract	4 years

Derivatives and Hedging Trans_4

Derivatives and Hedging Transactions - Gross Fair Values and Location of Derivative Instruments (Details) - USD ($) $ in Thousands	Oct. 02, 2021	Dec. 31, 2020
Other Current Assets
Derivatives, Fair Value [Line Items]
Other Current Assets	$ 0	$ 0
Other Current Assets | Interest rate swaps
Derivatives, Fair Value [Line Items]
Other Current Assets	0	0
Other Current Assets | Net investment hedge
Derivatives, Fair Value [Line Items]
Other Current Assets	0	0
Accrued Expenses and Other Liabilities
Derivatives, Fair Value [Line Items]
Accrued Expenses and Other Liabilities	1,693	9,280
Accrued Expenses and Other Liabilities | Interest rate swaps
Derivatives, Fair Value [Line Items]
Accrued Expenses and Other Liabilities	1,693	6,480
Accrued Expenses and Other Liabilities | Net investment hedge
Derivatives, Fair Value [Line Items]
Accrued Expenses and Other Liabilities	$ 0	$ 2,800

Derivatives and Hedging Trans_5

Derivatives and Hedging Transactions - Effects of Derivative Instruments by Contract Type in AOCI (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 02, 2021	Sep. 26, 2020	Oct. 02, 2021	Sep. 26, 2020
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain (Loss) Recognized in AOCI, Net investment hedge	$ 1,268	$ (1,660)	$ 0	$ (2,649)
Gain (Loss) Reclassified From AOCI to Earnings, Net investment hedge	0	0	0	0
Gain (Loss) Recognized in AOCI, Total	6,128	(6,477)	1,185	(945)
Gain (Loss) Reclassified From AOCI to Earnings, Total	(6,598)	(3,239)	(1,696)	(2,189)
Interest Expense
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain (Loss) Recognized in AOCI, Interest rate swaps	4,860	(4,817)	1,185	1,704
Gain (Loss) Reclassified From AOCI to Earnings, Interest rate swaps	$ (6,598)	$ (3,239)	$ (1,696)	$ (2,189)

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Millions	Oct. 02, 2021	Dec. 31, 2020
Carrying value
Debt Instrument [Line Items]
Long term debt	$ 997.5	$ 1,310
Fair value | Level 2, fair value inputs
Debt Instrument [Line Items]
Long term debt	$ 996.3	$ 1,300

Segments and Related Informat_3

Segments and Related Information - Additional Information (Details)	9 Months Ended
	Oct. 02, 2021reporting_unitsegment
Revenue, Major Customer [Line Items]
Number of reportable segments | segment	2
North America
Revenue, Major Customer [Line Items]
Number of reporting units	3
Europe & Rest of World
Revenue, Major Customer [Line Items]
Number of reporting units	2

Segments and Related Informat_4

Segments and Related Information - Financial Information by Reportable Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 02, 2021	Sep. 26, 2020	Oct. 02, 2021	Sep. 26, 2020
Revenue, Major Customer [Line Items]
Net sales	$ 350,624	$ 224,485	$ 1,049,409	$ 614,704
Gross profit	162,454	106,154	490,376	279,576
Segment income	77,794	35,242	238,446	82,715
Depreciation			14,096	14,491
Operating segments
Revenue, Major Customer [Line Items]
Net sales	350,624	224,485	1,049,409	614,704
Gross profit	162,454	106,154	490,376	279,576
Segment income	102,502	56,066	304,848	138,079
Capital expenditures	8,767	3,740	18,667	13,236
Depreciation	4,428	4,860	13,496	13,751
North America | Operating segments
Revenue, Major Customer [Line Items]
Net sales	298,236	184,015	863,276	493,757
Gross profit	141,655	90,764	416,753	234,496
Segment income	91,920	49,080	267,020	117,243
Capital expenditures	7,762	3,555	17,362	12,556
Depreciation	4,253	4,534	12,653	12,797
Europe & Rest of World | Operating segments
Revenue, Major Customer [Line Items]
Net sales	52,388	40,470	186,133	120,947
Gross profit	20,799	15,390	73,623	45,080
Segment income	10,582	6,986	37,828	20,836
Capital expenditures	1,005	185	1,305	680
Depreciation	$ 175	$ 326	$ 843	$ 954

Segments and Related Informat_5

Segments and Related Information - Reconciliation of Segment Income to Income from Operations Before Income Taxes (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Mar. 19, 2021	Oct. 02, 2021	Sep. 26, 2020	Oct. 02, 2021	Sep. 26, 2020
Revenue, Major Customer [Line Items]
Operating income		$ 77,794	$ 35,242	$ 238,446	$ 82,715
Acquisition and restructuring related expense		783	6,825	2,452	17,575
Amortization of intangible assets		8,700	9,544	26,162	28,537
Interest expense, net		11,050	17,046	42,297	54,169
Loss on debt extinguishment	$ 5,800	0	0	9,418	0
Other non-operating (income) expense, net		2,087	(2,474)	4,655	(2,855)
Total other expense		13,137	14,572	56,370	51,314
Income from operations before income taxes		64,657	20,670	182,076	31,401
Operating segments
Revenue, Major Customer [Line Items]
Operating income		102,502	56,066	304,848	138,079
Corporate
Revenue, Major Customer [Line Items]
Operating income		$ 15,225	$ 4,455	$ 37,788	$ 9,252

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Oct. 02, 2021	Jul. 03, 2021	Apr. 03, 2021	Sep. 26, 2020	Jun. 27, 2020	Mar. 28, 2020	Oct. 02, 2021	Sep. 26, 2020
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income	$ 50,321	$ 52,816	$ 36,867	$ 15,198	$ 18,703	$ (10,398)	$ 140,004	$ 23,503
Net income attributable to common stockholders, basic	50,321			100			41,689	141
Net income attributable to common stockholders, diluted	$ 50,321			$ 161			$ 42,376	$ 284
Weighted Average Number of Shares Outstanding, Basic
Weighted average number of common shares outstanding, basic (in shares)	231,339,007			1,385,034			172,820,430	1,253,276
Effect of dilutive securities (in shares)	12,444,494			848,623			12,853,384	1,281,001
Weighted average number of common shares outstanding, diluted (in shares)	243,783,501			2,233,657			185,673,814	2,534,277
Earnings Per Share, Basic and Diluted
Earnings per share attributable to common stockholders, basic (in usd per share)	$ 0.22			$ 0.07			$ 0.24	$ 0.11
Earnings per share attributable to common shareholders, diluted (in usd per share)	$ 0.21			$ 0.07			$ 0.23	$ 0.11
Excluded from the weighted average number of common shares outstanding, dilutive due to being anti-dilutive (in shares)	1,200,000			3,800,000			900,000	3,400,000
Common Class A
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Dividends	$ 0						$ (85,541)
Net income attributable to common stockholders, basic	0			15,047			12,733	23,209
Net income attributable to common stockholders, diluted	0			14,986			12,046	23,066
Common Class C
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Dividends	0			(51)			(41)	(153)
Class A and common stock
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income attributable to common stockholders, basic	$ 50,321			$ 15,147			$ 54,422	$ 23,350

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	9 Months Ended
	Oct. 02, 2021USD ($)
Loss Contingencies [Line Items]
Estimable settlement	$ 3.5
Yuncos, Spain Fire
Loss Contingencies [Line Items]
Expense recorded on the write-off of net book of destroyed assets and inventory	$ 5.4

Stockholders_ Equity (Details)

Stockholders’ Equity (Details)	Mar. 16, 2021USD ($)$ / sharesshares	Mar. 11, 2021$ / shares	Mar. 02, 2021$ / shares	Oct. 31, 2020USD ($)$ / shares	Oct. 02, 2021$ / sharesshares	Sep. 26, 2020USD ($)$ / shares	Oct. 02, 2021$ / sharesshares	Sep. 26, 2020USD ($)$ / shares	Dec. 31, 2020$ / sharesshares
Class of Stock [Line Items]
Preferred stock authorized (in shares) | shares	100,000,000				100,000,000		100,000,000
Preferred shares par value (in usd per share)	$ 0.001				$ 0.001		$ 0.001
Common stock, authorized (in shares) | shares	750,000,000				750,000,000		750,000,000		750,000,000
Common stock, par value (in usd per share)	$ 0.001				$ 0.001		$ 0.001		$ 0.001
Common stock dividends declared (in usd per share)					0		0
Common stock dividends cash paid (in usd per share)					0		0
IPO
Class of Stock [Line Items]
Offering price (in usd per share)		$ 17
Common Class A
Class of Stock [Line Items]
Redeemable stock, par value (in usd per share)					$ 0.001		$ 0.001		$ 0.001
Redeemable stock authorized (in shares) | shares					0		0		1,500,000
Dividend distributions | $				$ 275,000,000
Dividend distributions (in usd per share)				$ 316.16
Stock split, conversion ratio	195
Conversion price (in usd per share)	$ 237.57
Quotient conversion ratio (in usd per share)	42.57
Outstanding performance amount (in usd per share)	683.84	$ 683.84
Common stock dividends declared (in usd per share)						$ 0		$ 0
Common stock dividends cash paid (in usd per share)						0		0
Common Class A | IPO
Class of Stock [Line Items]
Offering price (in usd per share)	17
Net conversion factor (in usd per share)	$ 16.07
Common Class B
Class of Stock [Line Items]
Redeemable stock, par value (in usd per share)			$ 0.001						$ 0.001
Redeemable stock authorized (in shares) | shares									150,000
Stock split, conversion ratio		195	195
Common Class C
Class of Stock [Line Items]
Redeemable stock, par value (in usd per share)					$ 0.001		$ 0.001		$ 0.001
Redeemable stock authorized (in shares) | shares					0		0		100
Redemption amount | $	$ 100
Redemption price (in usd per share)	$ 1	$ 1
Common stock dividends cash paid (in usd per share)						$ 511.25		$ 1,533,750
Dividends paid | $						$ 50,000		$ 153,000

Stock-based Compensation - Addi

Stock-based Compensation - Additional Information (Details) $ / shares in Units, $ in Millions	Aug. 04, 2017	Oct. 02, 2021USD ($)planshares	Apr. 03, 2021USD ($)	Sep. 26, 2020USD ($)	Oct. 02, 2021USD ($)plan$ / sharesshares	Sep. 26, 2020USD ($)	Mar. 31, 2021shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense | $		$ 0.8		$ 0.7	$ 13.5	$ 2
Number of equity incentive plans | plan		2			2
2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense | $		$ 1			$ 2.2
Common shares authorized for future issuance (in shares)							13,737,500
Remaining shares available for grant (in shares)		12,307,548			12,307,548
2017 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					5 years
Stock options | 2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options, expiration term					10 years
Options granted (in shares)					1,256,454
Options weighted average grant date fair value (in usd per share) | $ / shares					$ 6.45
Options outstanding (in shares)		1,256,454			1,256,454
Stock options | 2017 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options, expiration term	10 years
Options outstanding (in shares)		12,702,284			12,702,284
RSUs | 2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					3 years
Restricted stock units granted (in shares)					176,184
Restricted stock units weighted average grant date fair value (in usd per share) | $ / shares					$ 17.68
Options outstanding (in shares)		173,498			173,498
RSUs | 2017 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding (in shares)		122,889			122,889
RSUs, market and performance conditions | 2017 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense | $			$ 9.7
RSUs, time based | 2017 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense | $		$ 0.5			$ 1.6

Stock-based Compensation - Valu

Stock-based Compensation - Valuation of Stock Option Pricing (Details)	9 Months Ended
	Oct. 02, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	37.00%
2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	1.08%
Expected life (years)	6 years
Expected dividend yield	0.00%
Expected volatility	37.00%

Acquisition and Restructuring_3

Acquisition and Restructuring Related Expense - Additional Information (Details) $ in Thousands	3 Months Ended	9 Months Ended		12 Months Ended
	Oct. 02, 2021USD ($)employee	Oct. 02, 2021USD ($)employee	Sep. 26, 2020USD ($)	Dec. 31, 2019
Restructuring Cost and Reserve [Line Items]
Expected restructuring costs | $	$ 5,300	$ 5,300
Restructuring costs | $			$ 17,575
Terms for lease back arrangements				1 year
Berkeley Heights, New Jersey
Restructuring Cost and Reserve [Line Items]
Number of employees | employee	90	90
Clemmons, North Carolina
Restructuring Cost and Reserve [Line Items]
Number of employees | employee	1,010	1,010
Number of jobs added | employee	230	230
Chandler, Arizona
Restructuring Cost and Reserve [Line Items]
Restructuring costs | $	$ 800	$ 2,452

Acquisition and Restructuring_4

Acquisition and Restructuring Related Expense - Facility Closure and Other One-Time Termination Benefits (Details) - USD ($) $ in Thousands	9 Months Ended
	Oct. 02, 2021	Sep. 26, 2020
Restructuring Reserve [Roll Forward]
Beginning Balance	$ 0	$ 6,278
Costs Recognized		17,575
Cash Payments	(1,880)	(19,563)
Ending Balance	572	4,290
One-time termination benefits
Restructuring Reserve [Roll Forward]
Beginning Balance	0	6,278
Costs Recognized	749	3,170
Cash Payments	(749)	(5,158)
Ending Balance	0	4,290
Facility-related
Restructuring Reserve [Roll Forward]
Beginning Balance	0	0
Costs Recognized	0	10,570
Cash Payments	0	(10,570)
Ending Balance	0	0
Other
Restructuring Reserve [Roll Forward]
Beginning Balance	0	0
Costs Recognized	1,703	3,835
Cash Payments	(1,131)	(3,835)
Ending Balance	$ 572	$ 0

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	2 Months Ended	9 Months Ended
	Mar. 12, 2021	Oct. 02, 2021	Sep. 26, 2020
Sponsors | Management Fees, Prior To IPO
Related Party Transaction [Line Items]
Management fee	$ 800
Common Class C | Dividends paid
Related Party Transaction [Line Items]
Management fee		$ 41	$ 153
Common Class C | Sponsors | Dividends paid
Related Party Transaction [Line Items]
Management fee	$ 200