Hayward (HAYW) 10-Q 31 Oct 23 2023 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2023	Oct. 27, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
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	1415 Vantage Park Drive
Entity Address, Address Line Two	Suite 400
Entity Address, City or Town	Charlotte
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	28203
City Area Code	704
Local Phone Number	285-5445
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	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		213,699,058
Amendment Flag	false
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2023
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0001834622

Unaudited Condensed Consolidate

Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 244,245	$ 56,177
Accounts receivable, net of allowances of $3,027 and $3,937, respectively	125,493	209,109
Inventories, net	221,450	283,658
Prepaid expenses	12,756	14,981
Income tax receivable	23,224	27,173
Other current assets	15,729	21,186
Total current assets	642,897	612,284
Property, plant, and equipment, net of accumulated depreciation of $92,163 and $84,119, respectively	159,527	149,828
Goodwill	932,216	932,396
Trademark	736,000	736,000
Customer relationships, net	211,727	230,503
Other intangibles, net	97,595	106,673
Other non-current assets	103,120	107,329
Total assets	2,883,082	2,875,013
Current liabilities
Current portion of the long-term debt	14,646	14,531
Accounts payable	47,616	54,022
Accrued expenses and other liabilities	135,620	163,283
Income taxes payable	0	574
Total current liabilities	197,882	232,410
Long-term debt, net	1,080,259	1,085,055
Deferred tax liabilities, net	258,514	264,111
Other non-current liabilities	66,093	70,403
Total liabilities	1,602,748	1,651,979
Commitments and contingencies (Note 12)
Stockholders’ equity
Preferred stock, $0.001 par value, 100,000,000 authorized, no shares issued or outstanding as of September 30, 2023 and December 31, 2022	0	0
Common stock $0.001 par value, 750,000,000 authorized; 242,356,177 issued and 213,689,808 outstanding at September 30, 2023; 240,529,150 issued and 211,862,781 outstanding at December 31, 2022	243	241
Additional paid-in capital	1,078,200	1,069,878
Common stock in treasury; 28,666,369 and 28,666,369 at September 30, 2023 and December 31, 2022, respectively	(357,637)	(357,415)
Retained earnings	549,873	500,222
Accumulated other comprehensive income	9,655	10,108
Total stockholders’ equity	1,280,334	1,223,034
Total liabilities, redeemable stock, and stockholders’ equity	$ 2,883,082	$ 2,875,013

Unaudited Condensed Consolida_2

Unaudited Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Accounts receivable, allowances	$ 3,027	$ 3,937
Property, plant, and equipment, accumulated depreciation	$ 92,163	$ 84,119
Preferred shares par value (in usd per share)	$ 0.001	$ 0.001
Preferred stock authorized (in shares)	100,000,000	100,000,000
Preferred stock issued (in shares)	0	0
Preferred stock outstanding (in shares)	0	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)	242,356,177	240,529,150
Common stock outstanding (in shares)	213,689,808	211,862,781
Common treasury stock (in shares)	28,666,369	28,666,369

Unaudited Condensed Consolida_3

Unaudited Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Oct. 01, 2022	Sep. 30, 2023	Oct. 01, 2022
Income Statement [Abstract]
Net sales	$ 220,304	$ 245,267	$ 713,983	$ 1,055,169
Cost of sales	114,893	137,483	374,171	567,626
Gross profit	105,411	107,784	339,812	487,543
Selling, general, and administrative expense	59,454	50,493	172,057	188,297
Research, development, and engineering expense	6,177	6,142	19,027	16,411
Acquisition and restructuring related expense	3,348	2,288	6,220	9,499
Amortization of intangible assets	7,523	8,521	22,777	23,828
Operating income	28,909	40,340	119,731	249,508
Interest expense, net	17,448	13,938	55,939	35,105
Other (income) expense, net	1,932	(234)	1,798	3,056
Total other expense	19,380	13,704	57,737	38,161
Income from operations before income taxes	9,529	26,636	61,994	211,347
Provision (benefit) for income taxes	(2,259)	3,549	12,343	47,968
Net income	$ 11,788	$ 23,087	$ 49,651	$ 163,379
Earnings per share
Basic (in usd per share)	$ 0.06	$ 0.11	$ 0.23	$ 0.74
Diluted (in usd per share)	$ 0.05	$ 0.10	$ 0.23	$ 0.70
Weighted average common shares outstanding
Basic (in shares)	213,416,502	212,905,429	212,933,763	222,009,824
Diluted (in shares)	220,863,228	222,006,615	220,634,232	232,131,395

Unaudited Condensed Consolida_4

Unaudited Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Oct. 01, 2022	Sep. 30, 2023	Oct. 01, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 11,788	$ 23,087	$ 49,651	$ 163,379
Other comprehensive income (loss):
Foreign currency translation adjustments, gross	(5,235)	(15,589)	(1,625)	(27,069)
Foreign currency translation adjustments, taxes	0	0	0	0
Foreign currency translation adjustments, net	(5,235)	(15,589)	(1,625)	(27,069)
Change in fair value of derivatives, gross	961	19,053	1,562	33,805
Change in fair value of derivatives, taxes	(240)	(4,763)	(390)	(8,451)
Change in fair value of derivatives, net	721	14,290	1,172	25,354
Comprehensive income	$ 7,274	$ 21,788	$ 49,198	$ 161,664

Unaudited Condensed Consolida_5

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)
Beginning balance (in shares) at Dec. 31, 2021		233,056,799
Beginning balance at Dec. 31, 2021	$ 1,369,513	$ 238	$ 1,058,724	$ (14,066)	$ 320,875	$ 3,742
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	74,032				74,032
Stock-based compensation	1,641		1,641
Issuance of common stock for compensation plans (in shares)		403,158
Issuance of Common Stock for compensation plans	428	$ 1	427
Repurchase of stock (in shares)		(4,080,000)
Repurchase of stock	(80,807)			(80,807)
Other comprehensive loss (income)	8,113					8,113
Ending balance (in shares) at Apr. 02, 2022		229,379,957
Ending balance at Apr. 02, 2022	1,372,920	$ 239	1,060,792	(94,873)	394,907	11,855
Beginning balance (in shares) at Dec. 31, 2021		233,056,799
Beginning balance at Dec. 31, 2021	1,369,513	$ 238	1,058,724	(14,066)	320,875	3,742
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	163,379
Ending balance (in shares) at Oct. 01, 2022		211,276,558
Ending balance at Oct. 01, 2022	1,196,261	$ 240	1,067,148	(357,408)	484,254	2,027
Beginning balance (in shares) at Apr. 02, 2022		229,379,957
Beginning balance at Apr. 02, 2022	1,372,920	$ 239	1,060,792	(94,873)	394,907	11,855
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	66,260				66,260
Stock-based compensation	1,991		1,991
Issuance of common stock for compensation plans (in shares)		748,247
Issuance of Common Stock for compensation plans	1,331	$ 1	1,330
Repurchase of stock (in shares)		(14,441,118)
Repurchase of stock	(212,352)			(212,352)
Other comprehensive loss (income)	(8,529)					(8,529)
Ending balance (in shares) at Jul. 02, 2022		215,687,086
Ending balance at Jul. 02, 2022	1,221,621	$ 240	1,064,113	(307,225)	461,167	3,326
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	23,087				23,087
Stock-based compensation	2,155		2,155
Issuance of common stock for compensation plans (in shares)		359,306
Issuance of Common Stock for compensation plans	880		880
Repurchase of stock (in shares)		(4,769,834)
Repurchase of stock	(50,183)			(50,183)
Other comprehensive loss (income)	(1,299)					(1,299)
Ending balance (in shares) at Oct. 01, 2022		211,276,558
Ending balance at Oct. 01, 2022	$ 1,196,261	$ 240	1,067,148	(357,408)	484,254	2,027
Beginning balance (in shares) at Dec. 31, 2022	211,862,781	211,862,781
Beginning balance at Dec. 31, 2022	$ 1,223,034	$ 241	1,069,878	(357,415)	500,222	10,108
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	8,410				8,410
Stock-based compensation	2,047		2,047
Issuance of common stock for compensation plans (in shares)		912,288
Issuance of Common Stock for compensation plans	570	$ 1	569
Repurchase of stock	(9)			(9)
Other comprehensive loss (income)	(3,933)					(3,933)
Ending balance (in shares) at Apr. 01, 2023		212,775,069
Ending balance at Apr. 01, 2023	$ 1,230,119	$ 242	1,072,494	(357,424)	508,632	6,175
Beginning balance (in shares) at Dec. 31, 2022	211,862,781	211,862,781
Beginning balance at Dec. 31, 2022	$ 1,223,034	$ 241	1,069,878	(357,415)	500,222	10,108
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 49,651
Ending balance (in shares) at Sep. 30, 2023	213,689,808	213,689,808
Ending balance at Sep. 30, 2023	$ 1,280,334	$ 243	1,078,200	(357,637)	549,873	9,655
Beginning balance (in shares) at Apr. 01, 2023		212,775,069
Beginning balance at Apr. 01, 2023	1,230,119	$ 242	1,072,494	(357,424)	508,632	6,175
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	29,453				29,453
Stock-based compensation	2,099		2,099
Issuance of common stock for compensation plans (in shares)		231,354
Issuance of Common Stock for compensation plans	156		156
Other comprehensive loss (income)	7,994					7,994
Ending balance (in shares) at Jul. 01, 2023		213,006,423
Ending balance at Jul. 01, 2023	1,269,821	$ 242	1,074,749	(357,424)	538,085	14,169
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	11,788				11,788
Stock-based compensation	2,555		2,555
Issuance of common stock for compensation plans (in shares)		683,385
Issuance of Common Stock for compensation plans	897	$ 1	896
Repurchase of stock	(213)			(213)
Other comprehensive loss (income)	$ (4,514)					(4,514)
Ending balance (in shares) at Sep. 30, 2023	213,689,808	213,689,808
Ending balance at Sep. 30, 2023	$ 1,280,334	$ 243	$ 1,078,200	$ (357,637)	$ 549,873	$ 9,655

Unaudited Condensed Consolida_6

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Oct. 01, 2022
Cash flows from operating activities
Net income	$ 49,651	$ 163,379
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation	13,018	13,931
Amortization of intangible assets	27,803	28,437
Amortization of deferred debt issuance fees	3,458	2,312
Stock-based compensation	6,701	5,787
Deferred income taxes	(5,965)	(4,221)
Allowance for bad debts	(906)	869
Loss on disposal of property, plant and equipment	945	5,550
Changes in operating assets and liabilities
Accounts receivable	85,216	96,874
Inventories	61,715	(70,469)
Other current and non-current assets	9,500	(16,902)
Accounts payable	(6,265)	(24,472)
Accrued expenses and other liabilities	(27,934)	(57,411)
Net cash provided by operating activities	216,937	143,664
Cash flows from investing activities
Purchases of property, plant, and equipment	(22,623)	(23,533)
Acquisitions, net of cash acquired	0	(61,337)
Proceeds from sale of property, plant, and equipment	13	4
Net cash used by investing activities	(22,610)	(84,866)
Cash flows from financing activities
Proceeds from revolving credit facility	144,100	150,000
Payments on revolving credit facility	(144,100)	(50,000)
Proceeds from issuance of long-term debt	3,320	0
Payments of long-term debt	(9,325)	(7,500)
Proceeds from issuance of short-term notes payable	6,130	8,119
Payments of short-term notes payable	(5,174)	(2,849)
Purchase of common stock for treasury	(222)	(343,319)
Other, net	73	(398)
Net cash used by financing activities	(5,198)	(245,947)
Effect of exchange rate changes on cash and cash equivalents and restricted cash	(1,061)	(5,740)
Change in cash and cash equivalents and restricted cash	188,068	(192,889)
Cash and cash equivalents and restricted cash, beginning of period	56,177	265,796
Cash and cash equivalents and restricted cash, end of period	244,245	72,907
Supplemental disclosures of cash flow information
Cash paid-interest	56,438	32,725
Cash paid-income taxes	14,913	93,503
Equipment financed under finance leases	$ 0	$ 1,603

Nature of Operations and Organi

Nature of Operations and Organization	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations and Organization	Hayward Holdings, Inc. (“Holdings,” the “Company,” “we” or “us”) is a global designer and manufacturer of pool and outdoor living technology. The Company has seven manufacturing facilities worldwide, which are located in North Carolina, Tennessee, Rhode Island, Spain (three) 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.

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
	Sep. 30, 2023
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, 2022. The results of operations for the three and nine months ended September 30, 2023 are not necessarily indicative of the results for any subsequent periods or the entire fiscal year ending December 31, 2023. 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. Certain prior period amounts have been reclassified for comparative purposes to conform to the current presentation.

Revenue

Revenue	9 Months Ended
	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenue	3. Revenue The following table disaggregates net sales between product groups and geographic regions, respectively (in thousands): Three Months Ended Nine Months Ended September 30, 2023 October 1, 2022 September 30, 2023 October 1, 2022 Product groups Residential pool $ 198,073 $ 223,661 $ 646,608 $ 990,693 Commercial pool 9,518 8,370 30,595 27,262 Industrial flow control 12,713 13,236 36,780 37,214 Total $ 220,304 $ 245,267 $ 713,983 $ 1,055,169 Geographic United States $ 174,317 $ 190,849 $ 543,471 $ 795,781 Canada 10,754 12,825 41,655 96,269 Europe 17,495 18,674 72,705 100,062 Rest of World 17,738 22,919 56,152 63,057 Total international 45,987 54,418 170,512 259,388 Total $ 220,304 $ 245,267 $ 713,983 $ 1,055,169

Inventories

Inventories	9 Months Ended
	Sep. 30, 2023
Inventory Disclosure [Abstract]
Inventories	4. Inventories Inventories, net, consist of the following (in thousands): September 30, 2023 December 31, 2022 Raw materials $ 97,984 $ 133,516 Work in progress 15,600 16,467 Finished goods 107,866 133,675 Total $ 221,450 $ 283,658

Accrued Expenses and Other Liab

Accrued Expenses and Other Liabilities	9 Months Ended
	Sep. 30, 2023
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): September 30, 2023 December 31, 2022 Selling, promotional and advertising $ 39,710 $ 47,511 Warranty reserve 17,036 19,652 Employee compensation and benefits 15,062 18,955 Inventory purchases 14,639 24,154 Insurance reserve 9,997 9,987 Operating lease liability - short term 7,907 8,749 Freight 4,305 3,820 Short-term notes payable 4,012 3,056 Business restructuring costs 3,647 2,337 Deferred income 3,107 7,178 Professional fees 2,368 1,543 Payroll taxes 619 1,404 Other accrued liabilities 13,211 14,937 Total $ 135,620 $ 163,283 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, 2022 $ 19,652 Accrual for warranties issued during the period 5,424 Payments (7,076) Balance at April 1, 2023 18,000 Accrual for warranties issued during the period 10,135 Payments (11,309) Balance at July 1, 2023 16,826 Accrual for warranties issued during the period 16,382 Payments (16,172) Balance at September 30, 2023 $ 17,036 Balance at December 31, 2021 $ 24,174 Accrual for warranties issued during the period 9,413 Payments (6,399) Balance at April 2, 2022 27,188 Accrual for warranties issued during the period 8,784 Payments (9,053) Balance at July 2, 2022 26,919 Accrual for warranties issued during the period 6,199 Payments (12,594) Balance at October 1, 2022 $ 20,524

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	6. Income Taxes The Company’s effective tax rate for the three months ended September 30, 2023 and October 1, 2022 was (23.7)% and 13.3%, respectively, after discrete items. The change in the Company’s effective tax rate was primarily due to the exercise of stock options, the release of the valuation allowance against foreign tax credit carryovers and prior period return to provision adjustments. The Company’s effective tax rate for the nine months ended September 30, 2023 and October 1, 2022 was 19.9% and 22.7%, respectively, after discrete items. The change in the Company’s effective tax rate was primarily due to the exercise of stock options, the release of the valuation allowance against foreign tax credit carryovers and prior period return to provision adjustments, partially offset by the recognition of withholding taxes on the accumulated earnings of one of the Company’s subsidiaries due to a change in its indefinite reinvestment assertion with respect to that jurisdiction. 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 September 30, 2023 or October 1, 2022. 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

Long-Term Debt	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Long-Term Debt	7. Long-Term Debt Long-term debt, net, consists of the following (in thousands): September 30, 2023 December 31, 2022 First Lien Term Facility, due May 28, 2028 $ 977,500 $ 985,000 Incremental B First Lien Term Facility, due May 28, 2028 123,750 124,688 ABL Revolving Credit Facility — — Other bank debt 7,028 4,593 Finance lease obligations 5,212 6,728 Subtotal 1,113,490 1,121,009 Less: Current portion of the long-term debt (14,646) (14,531) Less: Unamortized debt issuance costs (18,585) (21,423) Total $ 1,080,259 $ 1,085,055 On May 22, 2023, the Company entered into the Fifth Amendment (the “Fifth Amendment”) to the Company’s First Lien Credit Agreement (the “First Lien Term Facility”) to replace the LIBOR based reference rate with an adjusted term Secured Overnight Financing Rate (“SOFR”). The First Lien Term Facility bears interest at a rate equal to a base rate or SOFR, plus, in either case, an applicable margin. In the case of SOFR 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 as defined in the First Lien Credit Agreement is less than 2.5x.

Derivatives and Hedging Transac

Derivatives and Hedging Transactions	9 Months Ended
	Sep. 30, 2023
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, net of tax. Other comprehensive income or loss is reclassified into current period income when the hedged interest expense affects earnings. As of September 30, 2023 and October 1, 2022, the Company was a party to interest rate swap agreements of a notional amount of $600.0 million and $500.0 million, respectively. During the three months ended July 1, 2023 and concurrent with the Fifth Amendment to the First Lien Credit Agreement, the Company contemporaneously entered into new interest rate swap agreements to align our interest rate swaps with the designated reference rate effectuated by the Fifth Amendment to the First Lien Term Facility. 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. These contracts are marked-to-market with the resulting gains and losses recognized in earnings. For the three months ended September 30, 2023 and October 1, 2022, the Company recognized $1.2 million and $4.5 million of income, respectively, and for the nine months ended September 30, 2023 and October 1, 2022, the Company recognized $0.3 million of expense and $3.1 million of income, respectively, in Other (income) expense, net, related to foreign exchange contracts. 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 Other Non-Current Assets Accrued Expenses and Other Liabilities Other Current Assets Other Non-Current Assets Accrued Expenses and Other Liabilities September 30, 2023 December 31, 2022 Interest rate swaps $ — $ 33,238 $ — $ — $ 31,676 $ — Foreign exchange contracts 901 — 35 1,450 — 232 Total $ 901 $ 33,238 $ 35 $ 1,450 $ 31,676 $ 232 The following tables present the effects of derivative instruments by contract type in accumulated other comprehensive income ( “ AOCI ” ) in the Company ’ s unaudited condensed consolidated statements of comprehensive income (in thousands): Gain (Loss) Recognized in AOCI (1) Gain (Loss) Reclassified From AOCI to Earnings (2) Location of Gain (Loss) Reclassified from AOCI into Earnings Three Months Ended Three Months Ended September 30, 2023 October 1, 2022 September 30, 2023 October 1, 2022 Interest rate swaps (3) $ 5,244 $ 14,290 $ 4,284 $ 122 Interest expense, net (1) The tax expense on the gain (loss) recognized in AOCI for the the three months ended September 30, 2023 and October 1, 2022 was $0.2 million and $4.8 million, respectively. (2) The tax expense on the gain (loss) reclassified from AOCI to earnings for the the three months ended September 30, 2023 and October 1, 2022 was $1.1 million and zero, respectively. (3) The Company estimates that $17.7 million of unrealized gains will be reclassified from AOCI into earnings in the next twelve months. Gain (Loss) Recognized in AOCI (1) Gain (Loss) Reclassified From AOCI to Earnings (2) Location of Gain (Loss) Reclassified from AOCI into Earnings Nine Months Ended Nine Months Ended September 30, 2023 October 1, 2022 September 30, 2023 October 1, 2022 Interest rate swaps $ 12,753 $ 25,354 $ 11,191 $ (2,127) Interest expense, net (1) The tax expense on the gain (loss) recognized in AOCI for the the nine months ended September 30, 2023 and October 1, 2022 was $0.4 million and $8.5 million, respectively. (2) The tax expense and benefit, respectively, on the gain (loss) reclassified from AOCI to earnings for the the nine months ended September 30, 2023 and October 1, 2022 was $2.8 million and $0.5 million, respectively.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2023
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. The Company’s interest rate swaps and foreign exchange contracts are measured in the financial statements at fair value on a recurring basis. The fair values of these instruments are estimated using industry standard valuation models using market-based observable inputs, including interest rate curves. These instruments are customary, over-the-counter contracts with various bank counterparties that are not traded in active markets. Accordingly, the fair value measurements of the interest rate swaps and foreign exchange contracts are categorized as Level 2. As of September 30, 2023, the Company’s long-term debt instruments had a carrying value of $1,101.3 million (excluding finance leases, the ABL Facility, and other bank debt) and a fair value of approximately $1,092.4 million. As of December 31, 2022, the Company’s long-term debt instruments had a carrying value of $1,109.7 million and a fair value of approximately $1,071.5 million. 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. The fair value of the ABL Facility approximates its carrying value.

Segments and Related Informatio

Segments and Related Information	9 Months Ended
	Sep. 30, 2023
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 (“NAM”) and Europe & Rest of World (“E&RW”). 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 net sales less cost of sales, segment selling, general, and administrative expenses (“SG&A”) and research, development, and engineering expense (“RD&E”), excluding segment acquisition and restructuring related expense as well as amortization of intangible assets recorded within segment SG&A expense. The accounting policies of the segments are the same as those of Holdings. 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 Three Months Ended September 30, 2023 October 1, 2022 North America Europe & Rest of World Total North America Europe & Rest of World Total External net sales $ 185,070 $ 35,234 $ 220,304 $ 203,674 $ 41,593 $ 245,267 Segment income 40,108 6,413 46,521 48,704 8,789 57,493 Capital expenditures (1) 6,524 120 6,644 8,035 387 8,422 Depreciation and amortization (1)(2) 5,765 246 6,011 3,853 196 4,049 Intersegment sales 1,734 79 1,813 3,759 47 3,806 Nine Months Ended Nine Months Ended September 30, 2023 October 1, 2022 North America Europe & Rest of World Total North America Europe & Rest of World Total External net sales $ 585,126 $ 128,857 $ 713,983 $ 892,050 $ 163,119 $ 1,055,169 Segment income 144,346 25,647 169,993 267,854 38,990 306,844 Capital expenditures (1) 21,110 1,082 22,192 18,611 1,977 20,588 Depreciation and amortization (1)(2) 16,978 694 17,672 17,044 571 17,615 Intersegment sales 9,453 187 9,640 27,437 401 27,838 (1) Capital expenditures and depreciation associated with Corporate are not included in these totals. (2) Amortization expense excluded from segment income is 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 September 30, 2023 October 1, 2022 September 30, 2023 October 1, 2022 Total segment income $ 46,521 $ 57,493 $ 169,993 $ 306,844 Corporate expense, net 6,741 6,344 21,265 24,009 Acquisition and restructuring related expense 3,348 2,288 6,220 9,499 Amortization of intangible assets 7,523 8,521 22,777 23,828 Operating income 28,909 40,340 119,731 249,508 Interest expense, net 17,448 13,938 55,939 35,105 Other (income) expense, net 1,932 (234) 1,798 3,056 Total other expense 19,380 13,704 57,737 38,161 Income from operations before income taxes $ 9,529 $ 26,636 $ 61,994 $ 211,347

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2023
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 September 30, 2023 October 1, 2022 September 30, 2023 October 1, 2022 Net income attributable to common stockholders $ 11,788 $ 23,087 $ 49,651 $ 163,379 Weighted average number of common shares outstanding, basic 213,416,502 212,905,429 212,933,763 222,009,824 Effect of dilutive securities (a) 7,446,726 9,101,186 7,700,469 10,121,571 Weighted average number of common shares outstanding, diluted 220,863,228 222,006,615 220,634,232 232,131,395 Earnings per share attributable to common stockholders, basic $ 0.06 $ 0.11 $ 0.23 $ 0.74 Earnings per share attributable to common stockholders, diluted $ 0.05 $ 0.10 $ 0.23 $ 0.70

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2023
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. On August 2, 2023, a securities class action complaint was filed in the United States District Court for the District of New Jersey against the Company and certain of its current directors and officers (Kevin Holleran and Eifion Jones) and MSD Partners and CCMP Capital Advisors, LP on behalf of a putative class of stockholders who acquired shares of our common stock between March 2, 2022 and July 27, 2022. That action is captioned City of Southfield Fire and Police Retirement System vs. Hayward Holdings, Inc., et al. , 2:23-cv-04146-WJM-ESK (D.N.J.) (“City of Southfield”). On September 28, 2023, a second, related securities class action complaint was filed in the United States District Court for the District of New Jersey against the Company and certain of its current directors and officers (Kevin Holleran and Eifion Jones) and MSD Partners and CCMP Capital Advisors, LP on behalf of a putative class of stockholders who acquired shares of our common stock between October 27, 2021 and July 28, 2022. That action is captioned Erie County Employees’ Retirement System vs. Hayward Holdings, Inc., et al. , 2:23-cv-04146-WJM-ESK (D.N.J.) (“Erie County”). The plaintiff in the Erie County action has sought that its action be consolidated with the City of Southfield action. The complaints filed in both actions allege, among other things, that the Company and certain of its current directors and officers violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by, among other things, making materially false or misleading statements regarding growth and demand trends following our initial public offering in March 2021. The complaints seek unspecified monetary damages on behalf of the putative classes and an award of costs and expenses, including reasonable attorneys’ fees. We intend to defend the claims in both actions vigorously, and are unable to estimate the potential loss or range of loss, if any, associated with this, or any similar, lawsuit.

Leases

Leases	9 Months Ended
	Sep. 30, 2023
Leases [Abstract]
Leases	13. Leases The Company’s operating and finance lease portfolio is described in Note 15. Leases of Notes to Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2022. Supplemental cash flow information related to leases was as follows (in thousands): Nine Months Ended September 30, 2023 October 1, 2022 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 885 $ 11,941 Finance leases — 1,531 Supplemental balance sheet information related to leases was as follows (in thousands): September 30, 2023 December 31, 2022 Operating leases Other non-current assets $ 59,699 $ 65,495 Accrued expenses and other liabilities 7,907 8,749 Other non-current liabilities 59,682 64,800 Total operating lease liabilities 67,589 73,549 Finance leases Property, plant and equipment 10,802 10,879 Accumulated depreciation (2,229) (1,991) Property, plant and equipment, net 8,573 8,888 Current maturities of long-term debt 1,893 2,206 Long-term debt 3,319 4,522 Total finance lease liabilities $ 5,212 $ 6,728
Leases	13. Leases The Company’s operating and finance lease portfolio is described in Note 15. Leases of Notes to Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2022. Supplemental cash flow information related to leases was as follows (in thousands): Nine Months Ended September 30, 2023 October 1, 2022 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 885 $ 11,941 Finance leases — 1,531 Supplemental balance sheet information related to leases was as follows (in thousands): September 30, 2023 December 31, 2022 Operating leases Other non-current assets $ 59,699 $ 65,495 Accrued expenses and other liabilities 7,907 8,749 Other non-current liabilities 59,682 64,800 Total operating lease liabilities 67,589 73,549 Finance leases Property, plant and equipment 10,802 10,879 Accumulated depreciation (2,229) (1,991) Property, plant and equipment, net 8,573 8,888 Current maturities of long-term debt 1,893 2,206 Long-term debt 3,319 4,522 Total finance lease liabilities $ 5,212 $ 6,728

Stockholders_ Equity

Stockholders’ Equity	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Stockholders’ Equity	14. Stockholders’ Equity 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. Dividends paid For the three and nine months ended September 30, 2023 and October 1, 2022 no dividends were declared or paid to the Company’s common stockholders. Share Repurchase Program The Board of Directors authorized the Company’s share repurchase program (the “Share Repurchase Program”) such that the Company is authorized to repurchase from time to time up to an aggregate of $450 million of its outstanding shares of common stock, which authorization expires on July 26, 2025. The Company had no repurchases of its common stock in the quarter ended September 30, 2023. As of September 30, 2023, $400.0 million remained available for additional share repurchases under the program.

Stock-based Compensation

Stock-based Compensation	9 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock-based Compensation	15. Stock-based Compensation Stock-based compensation expense recorded in the unaudited condensed consolidated statements of operations for equity-classified stock-based awards for the three and nine months ended September 30, 2023 was $2.6 million, and $6.7 million, respectively, and $2.2 million and $5.8 million, respectively, for the three and nine months ended October 1, 2022. The Company has established two equity incentive plans, the 2021 Equity Incentive Plan and the 2017 Equity Incentive Plan. The Company no longer issues awards under the 2017 Equity Incentive Plan. 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. Options granted under the 2021 Plan expire no later than ten years from the date of grant. Options and time-based restricted stock units granted under the 2021 Plan generally vest ratably over a three-year period and performance-based restricted stock units vest at the end of three years subject to the performance criteria. During the nine months ended September 30, 2023, the Company granted 737,907 options, 503,443 time-based restricted stock units and 147,792 performance-based restricted stock units under the 2021 Plan with a weighted-average grant-date fair value per share of $4.73, $11.86 and $11.81 respectively. The Company determined the fair value of 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 stock options granted on March 2, 2023 were as follows: March 2, 2023 Risk-free interest rate 4.28 % Expected life in years 6 Expected dividend yield — % Expected volatility 32.46 % The risk-free interest rate was based on the U.S. Treasury yield curve at date of grant over the expected term of these stock options. The expected volatility was based upon comparable public company historical volatility. The expected life was based on the average of the weighted-average vesting period and the contractual term of the stock option awards by utilizing the “simplified method”, as prescribed in the SEC’s Staff Accounting Bulletin (SAB) No. 107, as the Company does not have sufficient available historical data to estimate the expected term of these stock option awards.

Acquisitions and Restructuring

Acquisitions and Restructuring	9 Months Ended
	Sep. 30, 2023
Acquisition, Restructuring and Related Activities [Abstract]
Acquisitions and Restructuring	16. Acquisitions and Restructuring Acquisition and restructuring related expense, net consists of the following (in thousands): Three Months Ended Nine Months Ended September 30, 2023 October 1, 2022 September 30, 2023 October 1, 2022 Business restructuring costs $ 3,348 $ 2,288 $ 5,426 $ 6,276 Acquisition transaction and integration costs — — 794 3,223 Total $ 3,348 $ 2,288 $ 6,220 $ 9,499 On March 29, 2021, the Company announced the relocation of its corporate office functions to Charlotte, North Carolina from Berkeley Heights, New Jersey. As of September 30, 2023, the Company has largely completed the relocation. The estimated severance and retention costs pertaining to this relocation are approximately $6.3 million. 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 . The Company incurred approximately $2.1 million of expense related to the relocation during the nine months ended September 30, 2023. During the third quarter of 2022, the Company initiated an enterprise cost reduction program to address the current market dynamics and maintain the Company’s strong financial metrics. The initial focus was on a reduction of variable costs with specific attention to eliminating cost inefficiencies in our supply chain and reducing variable labor in our production cost base. In addition to these variable cost reductions, the Company identified structural selling, general and administrative cost reduction opportunities with initial savings commencing in the third quarter of 2022. For the nine months ended September 30, 2023, the Company incurred $1.3 million of expense related to the cost reduction program. These include severance and employee benefit costs, as well as other direct separation benefit costs. During the third quarter of 2023, the Company initiated programs to centralize and consolidate operations and professional services in Europe. For the three months ended September 30, 2023, the Company incurred $1.9 million of expense related to the programs, which include severance and employee benefit costs, as well as other direct separation benefit costs. The following tables summarize the status of the Company’s restructuring related expense and related liability balances (in thousands): 2023 Activity Liability as of December 31, 2022 Costs Recognized Cash Payments Liability as of September 30, 2023 One-time termination benefits $ 2,422 $ 4,894 $ (3,731) $ 3,585 Facility-related — — — — Other — 532 (470) 62 Total $ 2,422 $ 5,426 $ (4,201) $ 3,647 2022 Activity Liability as of December 31, 2021 Costs Recognized Cash Payments Liability as of October 1, 2022 One-time termination benefits $ 1,035 $ 3,609 $ (2,677) $ 1,967 Facility-related 27 337 (364) — Other (1) 4,374 2,330 (4,981) 1,723 Total $ 5,436 $ 6,276 $ (8,022) $ 3,690 (1) “Other” restructuring related expense primarily consists of expenses pertaining to the relocation of the corporate headquarters. Restructuring costs are included within acquisition and restructuring related costs on the Company’s unaudited condensed consolidated statements of operations, 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
	Sep. 30, 2023
Related Party Transactions [Abstract]
Related-Party Transactions	17. Related-Party Transactions During the three and nine months ended September 30, 2023, the Company did not incur any significant related party transactions. During the nine months ended October 1, 2022, as part of the Company’s previously announced $450 million share repurchase program, the Company agreed to repurchase shares of common stock under two separate agreements from certain affiliates of one of the Company’s then-controlling stockholders, CCMP Capital Advisors, LP (“CCMP”). First, the Company agreed on January 24, 2022 to repurchase 4.08 million shares at a price per share of $19.80, for an aggregate consideration of approximately $81 million. The price per share was approved by an independent committee of the Board of Directors and is the same price at which certain affiliates of the Company’s then-controlling stockholders sold their shares in a block trade in compliance with Rule 144. Closing of this share repurchase occurred on March 11, 2022. Second, on May 2, 2022, the Company agreed to purchase 8.0 million shares being sold as part of an underwritten offering (the “Underwritten Offering”) by certain affiliates of CCMP, at a price per share of approximately $13.88, for an aggregate consideration of approximately $111 million. The price per share was approved by an independent committee of the Board of Directors and is the same price at which the underwriters agreed to purchase shares from the selling stockholders in the Underwritten Offering. Closing of this share repurchase occurred on May 5, 2022.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jul. 01, 2023	Apr. 01, 2023	Oct. 01, 2022	Jul. 02, 2022	Apr. 02, 2022	Sep. 30, 2023	Oct. 01, 2022
Pay vs Performance Disclosure
Net income	$ 11,788	$ 29,453	$ 8,410	$ 23,087	$ 66,260	$ 74,032	$ 49,651	$ 163,379

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2023
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, 2022. The results of operations for the three and nine months ended September 30, 2023 are not necessarily indicative of the results for any subsequent periods or the entire fiscal year ending December 31, 2023. 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. Certain prior period amounts have been reclassified for comparative purposes to conform to the current presentation.

Revenue (Tables)

Revenue (Tables)	9 Months Ended
	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Schedule of Net Sales by Product Groups	The following table disaggregates net sales between product groups and geographic regions, respectively (in thousands): Three Months Ended Nine Months Ended September 30, 2023 October 1, 2022 September 30, 2023 October 1, 2022 Product groups Residential pool $ 198,073 $ 223,661 $ 646,608 $ 990,693 Commercial pool 9,518 8,370 30,595 27,262 Industrial flow control 12,713 13,236 36,780 37,214 Total $ 220,304 $ 245,267 $ 713,983 $ 1,055,169 Geographic United States $ 174,317 $ 190,849 $ 543,471 $ 795,781 Canada 10,754 12,825 41,655 96,269 Europe 17,495 18,674 72,705 100,062 Rest of World 17,738 22,919 56,152 63,057 Total international 45,987 54,418 170,512 259,388 Total $ 220,304 $ 245,267 $ 713,983 $ 1,055,169
Schedule of Net Sales by Geographic Destinations	The following table disaggregates net sales between product groups and geographic regions, respectively (in thousands): Three Months Ended Nine Months Ended September 30, 2023 October 1, 2022 September 30, 2023 October 1, 2022 Product groups Residential pool $ 198,073 $ 223,661 $ 646,608 $ 990,693 Commercial pool 9,518 8,370 30,595 27,262 Industrial flow control 12,713 13,236 36,780 37,214 Total $ 220,304 $ 245,267 $ 713,983 $ 1,055,169 Geographic United States $ 174,317 $ 190,849 $ 543,471 $ 795,781 Canada 10,754 12,825 41,655 96,269 Europe 17,495 18,674 72,705 100,062 Rest of World 17,738 22,919 56,152 63,057 Total international 45,987 54,418 170,512 259,388 Total $ 220,304 $ 245,267 $ 713,983 $ 1,055,169

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 30, 2023
Inventory Disclosure [Abstract]
Schedule of Inventories, Net	Inventories, net, consist of the following (in thousands): September 30, 2023 December 31, 2022 Raw materials $ 97,984 $ 133,516 Work in progress 15,600 16,467 Finished goods 107,866 133,675 Total $ 221,450 $ 283,658

Accrued Expenses and Other Li_2

Accrued Expenses and Other Liabilities (Tables)	9 Months Ended
	Sep. 30, 2023
Payables and Accruals [Abstract]
Schedule of Accrued Liabilities and Other Current Liabilities	Accrued expenses and other liabilities consist of the following (in thousands): September 30, 2023 December 31, 2022 Selling, promotional and advertising $ 39,710 $ 47,511 Warranty reserve 17,036 19,652 Employee compensation and benefits 15,062 18,955 Inventory purchases 14,639 24,154 Insurance reserve 9,997 9,987 Operating lease liability - short term 7,907 8,749 Freight 4,305 3,820 Short-term notes payable 4,012 3,056 Business restructuring costs 3,647 2,337 Deferred income 3,107 7,178 Professional fees 2,368 1,543 Payroll taxes 619 1,404 Other accrued liabilities 13,211 14,937 Total $ 135,620 $ 163,283
Schedule of Change in Warranty Reserve	The following table summarizes the warranty reserve activities (in thousands): Balance at December 31, 2022 $ 19,652 Accrual for warranties issued during the period 5,424 Payments (7,076) Balance at April 1, 2023 18,000 Accrual for warranties issued during the period 10,135 Payments (11,309) Balance at July 1, 2023 16,826 Accrual for warranties issued during the period 16,382 Payments (16,172) Balance at September 30, 2023 $ 17,036 Balance at December 31, 2021 $ 24,174 Accrual for warranties issued during the period 9,413 Payments (6,399) Balance at April 2, 2022 27,188 Accrual for warranties issued during the period 8,784 Payments (9,053) Balance at July 2, 2022 26,919 Accrual for warranties issued during the period 6,199 Payments (12,594) Balance at October 1, 2022 $ 20,524

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Schedule of Long-term Debt	Long-term debt, net, consists of the following (in thousands): September 30, 2023 December 31, 2022 First Lien Term Facility, due May 28, 2028 $ 977,500 $ 985,000 Incremental B First Lien Term Facility, due May 28, 2028 123,750 124,688 ABL Revolving Credit Facility — — Other bank debt 7,028 4,593 Finance lease obligations 5,212 6,728 Subtotal 1,113,490 1,121,009 Less: Current portion of the long-term debt (14,646) (14,531) Less: Unamortized debt issuance costs (18,585) (21,423) Total $ 1,080,259 $ 1,085,055

Derivatives and Hedging Trans_2

Derivatives and Hedging Transactions (Tables)	9 Months Ended
	Sep. 30, 2023
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 Other Non-Current Assets Accrued Expenses and Other Liabilities Other Current Assets Other Non-Current Assets Accrued Expenses and Other Liabilities September 30, 2023 December 31, 2022 Interest rate swaps $ — $ 33,238 $ — $ — $ 31,676 $ — Foreign exchange contracts 901 — 35 1,450 — 232 Total $ 901 $ 33,238 $ 35 $ 1,450 $ 31,676 $ 232 The following tables present the effects of derivative instruments by contract type in accumulated other comprehensive income ( “ AOCI ” ) in the Company ’ s unaudited condensed consolidated statements of comprehensive income (in thousands): Gain (Loss) Recognized in AOCI (1) Gain (Loss) Reclassified From AOCI to Earnings (2) Location of Gain (Loss) Reclassified from AOCI into Earnings Three Months Ended Three Months Ended September 30, 2023 October 1, 2022 September 30, 2023 October 1, 2022 Interest rate swaps (3) $ 5,244 $ 14,290 $ 4,284 $ 122 Interest expense, net (1) The tax expense on the gain (loss) recognized in AOCI for the the three months ended September 30, 2023 and October 1, 2022 was $0.2 million and $4.8 million, respectively. (2) The tax expense on the gain (loss) reclassified from AOCI to earnings for the the three months ended September 30, 2023 and October 1, 2022 was $1.1 million and zero, respectively. (3) The Company estimates that $17.7 million of unrealized gains will be reclassified from AOCI into earnings in the next twelve months. Gain (Loss) Recognized in AOCI (1) Gain (Loss) Reclassified From AOCI to Earnings (2) Location of Gain (Loss) Reclassified from AOCI into Earnings Nine Months Ended Nine Months Ended September 30, 2023 October 1, 2022 September 30, 2023 October 1, 2022 Interest rate swaps $ 12,753 $ 25,354 $ 11,191 $ (2,127) Interest expense, net (1) The tax expense on the gain (loss) recognized in AOCI for the the nine months ended September 30, 2023 and October 1, 2022 was $0.4 million and $8.5 million, respectively. (2) The tax expense and benefit, respectively, on the gain (loss) reclassified from AOCI to earnings for the the nine months ended September 30, 2023 and October 1, 2022 was $2.8 million and $0.5 million, respectively.

Segments and Related Informat_2

Segments and Related Information (Tables)	9 Months Ended
	Sep. 30, 2023
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 Three Months Ended September 30, 2023 October 1, 2022 North America Europe & Rest of World Total North America Europe & Rest of World Total External net sales $ 185,070 $ 35,234 $ 220,304 $ 203,674 $ 41,593 $ 245,267 Segment income 40,108 6,413 46,521 48,704 8,789 57,493 Capital expenditures (1) 6,524 120 6,644 8,035 387 8,422 Depreciation and amortization (1)(2) 5,765 246 6,011 3,853 196 4,049 Intersegment sales 1,734 79 1,813 3,759 47 3,806 Nine Months Ended Nine Months Ended September 30, 2023 October 1, 2022 North America Europe & Rest of World Total North America Europe & Rest of World Total External net sales $ 585,126 $ 128,857 $ 713,983 $ 892,050 $ 163,119 $ 1,055,169 Segment income 144,346 25,647 169,993 267,854 38,990 306,844 Capital expenditures (1) 21,110 1,082 22,192 18,611 1,977 20,588 Depreciation and amortization (1)(2) 16,978 694 17,672 17,044 571 17,615 Intersegment sales 9,453 187 9,640 27,437 401 27,838 (1) Capital expenditures and depreciation associated with Corporate are not included in these totals. (2) Amortization expense excluded from segment income is 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 September 30, 2023 October 1, 2022 September 30, 2023 October 1, 2022 Total segment income $ 46,521 $ 57,493 $ 169,993 $ 306,844 Corporate expense, net 6,741 6,344 21,265 24,009 Acquisition and restructuring related expense 3,348 2,288 6,220 9,499 Amortization of intangible assets 7,523 8,521 22,777 23,828 Operating income 28,909 40,340 119,731 249,508 Interest expense, net 17,448 13,938 55,939 35,105 Other (income) expense, net 1,932 (234) 1,798 3,056 Total other expense 19,380 13,704 57,737 38,161 Income from operations before income taxes $ 9,529 $ 26,636 $ 61,994 $ 211,347

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2023
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 September 30, 2023 October 1, 2022 September 30, 2023 October 1, 2022 Net income attributable to common stockholders $ 11,788 $ 23,087 $ 49,651 $ 163,379 Weighted average number of common shares outstanding, basic 213,416,502 212,905,429 212,933,763 222,009,824 Effect of dilutive securities (a) 7,446,726 9,101,186 7,700,469 10,121,571 Weighted average number of common shares outstanding, diluted 220,863,228 222,006,615 220,634,232 232,131,395 Earnings per share attributable to common stockholders, basic $ 0.06 $ 0.11 $ 0.23 $ 0.74 Earnings per share attributable to common stockholders, diluted $ 0.05 $ 0.10 $ 0.23 $ 0.70

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2023
Leases [Abstract]
Schedule of Lease, Cost	Supplemental cash flow information related to leases was as follows (in thousands): Nine Months Ended September 30, 2023 October 1, 2022 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 885 $ 11,941 Finance leases — 1,531
Schedule of Assets and Liabilities, Lessee	Supplemental balance sheet information related to leases was as follows (in thousands): September 30, 2023 December 31, 2022 Operating leases Other non-current assets $ 59,699 $ 65,495 Accrued expenses and other liabilities 7,907 8,749 Other non-current liabilities 59,682 64,800 Total operating lease liabilities 67,589 73,549 Finance leases Property, plant and equipment 10,802 10,879 Accumulated depreciation (2,229) (1,991) Property, plant and equipment, net 8,573 8,888 Current maturities of long-term debt 1,893 2,206 Long-term debt 3,319 4,522 Total finance lease liabilities $ 5,212 $ 6,728

Stock-based Compensation (Table

Stock-based Compensation (Tables)	9 Months Ended
	Sep. 30, 2023
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 stock options granted on March 2, 2023 were as follows: March 2, 2023 Risk-free interest rate 4.28 % Expected life in years 6 Expected dividend yield — % Expected volatility 32.46 %

Acquisitions and Restructuring

Acquisitions and Restructuring (Tables)	9 Months Ended
	Sep. 30, 2023
Acquisition, Restructuring and Related Activities [Abstract]
Schedule of Acquisition and Restructuring Related Expense	Acquisition and restructuring related expense, net consists of the following (in thousands): Three Months Ended Nine Months Ended September 30, 2023 October 1, 2022 September 30, 2023 October 1, 2022 Business restructuring costs $ 3,348 $ 2,288 $ 5,426 $ 6,276 Acquisition transaction and integration costs — — 794 3,223 Total $ 3,348 $ 2,288 $ 6,220 $ 9,499
Schedule of Charges for Facility Closure and Other One Time Termination Benefits	The following tables summarize the status of the Company’s restructuring related expense and related liability balances (in thousands): 2023 Activity Liability as of December 31, 2022 Costs Recognized Cash Payments Liability as of September 30, 2023 One-time termination benefits $ 2,422 $ 4,894 $ (3,731) $ 3,585 Facility-related — — — — Other — 532 (470) 62 Total $ 2,422 $ 5,426 $ (4,201) $ 3,647 2022 Activity Liability as of December 31, 2021 Costs Recognized Cash Payments Liability as of October 1, 2022 One-time termination benefits $ 1,035 $ 3,609 $ (2,677) $ 1,967 Facility-related 27 337 (364) — Other (1) 4,374 2,330 (4,981) 1,723 Total $ 5,436 $ 6,276 $ (8,022) $ 3,690 (1) “Other” restructuring related expense primarily consists of expenses pertaining to the relocation of the corporate headquarters.

Nature of Operations and Orga_2

Nature of Operations and Organization (Details)	Sep. 30, 2023 manufacturing_facility
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of manufacturing facilities	7

Revenue (Details)

Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Oct. 01, 2022	Sep. 30, 2023	Oct. 01, 2022
Revenue from External Customer [Line Items]
Net sales	$ 220,304	$ 245,267	$ 713,983	$ 1,055,169
United States
Revenue from External Customer [Line Items]
Net sales	174,317	190,849	543,471	795,781
Total international
Revenue from External Customer [Line Items]
Net sales	45,987	54,418	170,512	259,388
Canada
Revenue from External Customer [Line Items]
Net sales	10,754	12,825	41,655	96,269
Europe
Revenue from External Customer [Line Items]
Net sales	17,495	18,674	72,705	100,062
Rest of World
Revenue from External Customer [Line Items]
Net sales	17,738	22,919	56,152	63,057
Residential pool
Revenue from External Customer [Line Items]
Net sales	198,073	223,661	646,608	990,693
Commercial pool
Revenue from External Customer [Line Items]
Net sales	9,518	8,370	30,595	27,262
Industrial flow control
Revenue from External Customer [Line Items]
Net sales	$ 12,713	$ 13,236	$ 36,780	$ 37,214

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 97,984	$ 133,516
Work in progress	15,600	16,467
Finished goods	107,866	133,675
Total	$ 221,450	$ 283,658

Accrued Expenses and Other Li_3

Accrued Expenses and Other Liabilities - Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Jul. 01, 2023	Apr. 01, 2023	Dec. 31, 2022	Oct. 01, 2022	Jul. 02, 2022	Apr. 02, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Selling, promotional and advertising	$ 39,710			$ 47,511
Warranty reserve	17,036	$ 16,826	$ 18,000	19,652	$ 20,524	$ 26,919	$ 27,188	$ 24,174
Employee compensation and benefits	15,062			18,955
Inventory purchases	14,639			24,154
Insurance reserve	9,997			9,987
Operating lease liability - short term	7,907			8,749
Freight	4,305			3,820
Short-term notes payable	4,012			3,056
Business restructuring costs	3,647			2,337
Deferred income	3,107			7,178
Professional fees	2,368			1,543
Payroll taxes	619			1,404
Other accrued liabilities	13,211			14,937
Accrued expenses and other liabilities	$ 135,620			$ 163,283

Accrued Expenses and Other Li_4

Accrued Expenses and Other Liabilities - Warranty Reserve (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2023	Jul. 01, 2023	Apr. 01, 2023	Oct. 01, 2022	Jul. 02, 2022	Apr. 02, 2022
Movement in Standard Product Warranty Accrual [Roll Forward]
Beginning balance	$ 16,826	$ 18,000	$ 19,652	$ 26,919	$ 27,188	$ 24,174
Accrual for warranties issued during the period	16,382	10,135	5,424	6,199	8,784	9,413
Payments	(16,172)	(11,309)	(7,076)	(12,594)	(9,053)	(6,399)
Ending balance	$ 17,036	$ 16,826	$ 18,000	$ 20,524	$ 26,919	$ 27,188

Accrued Expenses and Other Li_5

Accrued Expenses and Other Liabilities - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Oct. 01, 2022	Sep. 30, 2023	Oct. 01, 2022
Payables and Accruals [Abstract]
Warranty expense	$ 16.4	$ 6.2	$ 31.9	$ 24.4

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Oct. 01, 2022	Sep. 30, 2023	Oct. 01, 2022
Income Tax Disclosure [Abstract]
Effective tax rate	(23.70%)	13.30%	19.90%	22.70%
Uncertain tax positions reserve	$ 0	$ 0	$ 0	$ 0

Long-Term Debt - Schedule Of Lo

Long-Term Debt - Schedule Of Long-Term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Line of Credit Facility [Line Items]
Other bank debt	$ 7,028	$ 4,593
Finance lease obligations	5,212	6,728
Subtotal	1,113,490	1,121,009
Less: Current portion of the long-term debt	(14,646)	(14,531)
Less: Unamortized debt issuance costs	(18,585)	(21,423)
Long-term debt, net	1,080,259	1,085,055
Term Loan | First Lien Term Facility, due May 28, 2028
Line of Credit Facility [Line Items]
Long-term debt, gross	977,500	985,000
Term Loan | Incremental B First Lien Term Facility, due May 28, 2028
Line of Credit Facility [Line Items]
Long-term debt, gross	123,750	124,688
Revolving Credit Facility | ABL Revolving Credit Facility
Line of Credit Facility [Line Items]
Long-term debt, gross	$ 0	$ 0

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Details) - Term Loan - First Lien Term Facility, Due May 28, 2028		1 Months Ended
	May 22, 2023	Apr. 30, 2023
Line of Credit Facility [Line Items]
Secured leverage ratio	2.5
Leverage ratio threshold for mandatory prepayment of zero	2.5
Leverage ratio threshold for mandatory prepayment of fifty percent	3
Secured Overnight Financing Rate (SOFR) | Debt Instrument Covenant Period One
Line of Credit Facility [Line Items]
Basis spread	2.75%
Secured Overnight Financing Rate (SOFR) | Debt Instrument Covenant Period Two
Line of Credit Facility [Line Items]
Basis spread	2.50%
Minimum
Line of Credit Facility [Line Items]
Mandatory annual prepayment, percentage of excess cash		0%
Minimum | Secured Overnight Financing Rate (SOFR) | Debt Instrument Covenant Period One
Line of Credit Facility [Line Items]
Basis spread	0.50%
Minimum | Secured Overnight Financing Rate (SOFR) | Debt Instrument Covenant Period Two
Line of Credit Facility [Line Items]
Basis spread	0.50%
Maximum
Line of Credit Facility [Line Items]
Mandatory annual prepayment, percentage of excess cash		50%

Derivatives and Hedging Trans_3

Derivatives and Hedging Transactions - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Oct. 01, 2022	Sep. 30, 2023	Oct. 01, 2022
Derivative [Line Items]
Other income (expense)	$ (1,932)	$ 234	$ (1,798)	$ (3,056)
Interest Rate Swap | Cash Flow Hedging
Derivative [Line Items]
Derivative, notional amount	600,000	500,000	600,000	500,000
Foreign Exchange Contracts
Derivative [Line Items]
Other income (expense)	$ 1,200	$ 4,500	$ (300)	$ 3,100

Derivatives and Hedging Trans_4

Derivatives and Hedging Transactions - Gross Fair Values and Location of Derivative Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Other Current Assets
Derivatives, Fair Value [Line Items]
Other Assets	$ 901	$ 1,450
Other Current Assets | Interest rate swaps
Derivatives, Fair Value [Line Items]
Other Assets	0	0
Other Current Assets | Foreign exchange contracts
Derivatives, Fair Value [Line Items]
Other Assets	901	1,450
Other Non-Current Assets
Derivatives, Fair Value [Line Items]
Other Assets	33,238	31,676
Other Non-Current Assets | Interest rate swaps
Derivatives, Fair Value [Line Items]
Other Assets	33,238	31,676
Other Non-Current Assets | Foreign exchange contracts
Derivatives, Fair Value [Line Items]
Other Assets	0	0
Accrued Expenses and Other Liabilities
Derivatives, Fair Value [Line Items]
Accrued Expenses and Other Liabilities	35	232
Accrued Expenses and Other Liabilities | Interest rate swaps
Derivatives, Fair Value [Line Items]
Accrued Expenses and Other Liabilities	0	0
Accrued Expenses and Other Liabilities | Foreign exchange contracts
Derivatives, Fair Value [Line Items]
Accrued Expenses and Other Liabilities	$ 35	$ 232

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
	Sep. 30, 2023	Oct. 01, 2022	Sep. 30, 2023	Oct. 01, 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Tax expense on the gain (loss) reclassified from AOCI to earnings	$ 1,100	$ 0
Interest Expense
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain (Loss) Recognized in AOCI, Interest rate swaps	5,244	14,290	$ 12,753	$ 25,354
Gain (Loss) Reclassified From AOCI to Earnings, Interest rate swaps	4,284	122	11,191	(2,127)
Tax expense on the gain (loss) recognized in AOCI	200	4,800	400	8,500
Tax expense on the gain (loss) reclassified from AOCI to earnings			$ 2,800	$ (500)
Cash flow hedge gain to be reclassified within 12 months	$ 17,700	$ 17,700

Fair Value Measurements (Detail

Fair Value Measurements (Details) - Level 2, Fair Value Inputs - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Carrying Value
Debt Instrument [Line Items]
Long term debt	$ 1,101.3	$ 1,109.7
Fair Value
Debt Instrument [Line Items]
Long term debt	$ 1,092.4	$ 1,071.5

Segments and Related Informat_3

Segments and Related Information - Additional Information (Details)	9 Months Ended
	Sep. 30, 2023 reporting_unit segment
Revenue, Major Customer [Line Items]
Number of reportable segments | segment	2
North America Segment
Revenue, Major Customer [Line Items]
Number of reporting units	3
Europe and Rest of World Segment
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
	Sep. 30, 2023	Oct. 01, 2022	Sep. 30, 2023	Oct. 01, 2022
Revenue, Major Customer [Line Items]
External net sales	$ 220,304	$ 245,267	$ 713,983	$ 1,055,169
Segment income	28,909	40,340	119,731	249,508
Operating Segments
Revenue, Major Customer [Line Items]
External net sales	220,304	245,267	713,983	1,055,169
Segment income	46,521	57,493	169,993	306,844
Capital expenditures	6,644	8,422	22,192	20,588
Depreciation and amortization	6,011	4,049	17,672	17,615
Intersegment sales
Revenue, Major Customer [Line Items]
External net sales	1,813	3,806	9,640	27,838
North America | Operating Segments
Revenue, Major Customer [Line Items]
External net sales	185,070	203,674	585,126	892,050
Segment income	40,108	48,704	144,346	267,854
Capital expenditures	6,524	8,035	21,110	18,611
Depreciation and amortization	5,765	3,853	16,978	17,044
North America | Intersegment sales
Revenue, Major Customer [Line Items]
External net sales	1,734	3,759	9,453	27,437
Europe & Rest of World | Operating Segments
Revenue, Major Customer [Line Items]
External net sales	35,234	41,593	128,857	163,119
Segment income	6,413	8,789	25,647	38,990
Capital expenditures	120	387	1,082	1,977
Depreciation and amortization	246	196	694	571
Europe & Rest of World | Intersegment sales
Revenue, Major Customer [Line Items]
External net sales	$ 79	$ 47	$ 187	$ 401

Segments and Related Informat_5

Segments and Related Information - Reconciliation of Segment Income to Income from Operations Before Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Oct. 01, 2022	Sep. 30, 2023	Oct. 01, 2022
Revenue, Major Customer [Line Items]
Operating income	$ 28,909	$ 40,340	$ 119,731	$ 249,508
Acquisition and restructuring related expense	3,348	2,288	6,220	9,499
Amortization of intangible assets	7,523	8,521	22,777	23,828
Interest expense, net	17,448	13,938	55,939	35,105
Other (income) expense, net	1,932	(234)	1,798	3,056
Total other expense	19,380	13,704	57,737	38,161
Income from operations before income taxes	9,529	26,636	61,994	211,347
Total segment income
Revenue, Major Customer [Line Items]
Operating income	46,521	57,493	169,993	306,844
Corporate expense, net
Revenue, Major Customer [Line Items]
Operating income	$ 6,741	$ 6,344	$ 21,265	$ 24,009

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jul. 01, 2023	Apr. 01, 2023	Oct. 01, 2022	Jul. 02, 2022	Apr. 02, 2022	Sep. 30, 2023	Oct. 01, 2022
Earnings Per Share [Abstract]
Net income attributable to common stockholders	$ 11,788	$ 29,453	$ 8,410	$ 23,087	$ 66,260	$ 74,032	$ 49,651	$ 163,379
Weighted Average Number of Shares Outstanding, Basic
Weighted average number of common shares outstanding, basic (in shares)	213,416,502			212,905,429			212,933,763	222,009,824
Effect of dilutive securities (in shares)	7,446,726			9,101,186			7,700,469	10,121,571
Weighted average number of common shares outstanding, diluted (in shares)	220,863,228			222,006,615			220,634,232	232,131,395
Earnings Per Share, Basic and Diluted
Earnings per share attributable to common stockholders, basic (in usd per share)	$ 0.06			$ 0.11			$ 0.23	$ 0.74
Earnings per share attributable to common stockholders, diluted (in usd per share)	$ 0.05			$ 0.10			$ 0.23	$ 0.70
Excluded from the weighted average number of common shares outstanding, dilutive due to being anti-dilutive (in shares)	2,900,000			2,500,000			2,800,000	2,200,000

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flows Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Oct. 01, 2022
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$ 885	$ 11,941
Finance leases	$ 0	$ 1,531

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Operating leases
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other non-current assets	Other non-current assets
Other non-current assets	$ 59,699	$ 65,495
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued expenses and other liabilities	Accrued expenses and other liabilities
Accrued expenses and other liabilities	$ 7,907	$ 8,749
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other non-current liabilities	Other non-current liabilities
Other non-current liabilities	$ 59,682	$ 64,800
Total operating lease liabilities	67,589	73,549
Finance leases
Property, plant and equipment	10,802	10,879
Accumulated depreciation	$ (2,229)	$ (1,991)
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property, plant, and equipment, net of accumulated depreciation of $92,163 and $84,119, respectively	Property, plant, and equipment, net of accumulated depreciation of $92,163 and $84,119, respectively
Property, plant and equipment, net	$ 8,573	$ 8,888
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Current portion of the long-term debt	Current portion of the long-term debt
Current maturities of long-term debt	$ 1,893	$ 2,206
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Long-term debt, net	Long-term debt, net
Long-term debt	$ 3,319	$ 4,522
Total finance lease liabilities	$ 5,212	$ 6,728

Stockholders_ Equity (Details)

Stockholders’ Equity (Details) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($) vote $ / shares shares	Oct. 01, 2022 USD ($) $ / shares	Sep. 30, 2023 USD ($) vote $ / shares shares	Oct. 01, 2022 USD ($) $ / shares	Dec. 31, 2022 $ / shares shares
Equity [Abstract]
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
Common stock, par value (in usd per share)	$ 0.001		$ 0.001		$ 0.001
Number of vote | vote	1		1
Common stock dividends declared (in usd per share)	$ 0	$ 0	$ 0	$ 0
Common stock dividends cash paid (in usd per share)	$ 0	$ 0	$ 0	$ 0
Share repurchase program amount | $	$ 450	$ 450	$ 450	$ 450
Number of shares repurchased (in shares) | shares	0
Remaining amount authorized for repurchase | $	$ 400		$ 400

Stock-based Compensation - Addi

Stock-based Compensation - Additional Information (Details) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($) derivative_contract	Oct. 01, 2022 USD ($)	Sep. 30, 2023 USD ($) derivative_contract $ / shares shares	Oct. 01, 2022 USD ($)	Mar. 31, 2021 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense | $	$ 2.6	$ 2.2	$ 6.7	$ 5.8
Number of equity incentive plans | derivative_contract	2		2
2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares authorized for future issuance (in shares)					13,737,500
2021 Plan | Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options, expiration term			10 years
Granted (in shares)			737,907
Granted (in usd per share) | $ / shares			$ 4.73
2021 Plan | Time Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			3 years
Granted (in shares)			503,443
Granted (in usd per share) | $ / shares			$ 11.86
2021 Plan | Performance Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			3 years
Granted (in shares)			147,792
Granted (in usd per share) | $ / shares			$ 11.81

Stock-based Compensation - Blac

Stock-based Compensation - Black-Scholes Option-Pricing Model (Details) - 2021 Plan	Mar. 02, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	4.28%
Expected life (years)	6 years
Expected dividend yield	0%
Expected volatility	32.46%

Acquisitions and Restructurin_2

Acquisitions and Restructuring - Acquisition and Restructuring Related Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Oct. 01, 2022	Sep. 30, 2023	Oct. 01, 2022
Acquisition, Restructuring and Related Activities [Abstract]
Business restructuring costs	$ 3,348	$ 2,288	$ 5,426	$ 6,276
Acquisition transaction and integration costs	0	0	794	3,223
Total	$ 3,348	$ 2,288	$ 6,220	$ 9,499

Acquisitions and Restructurin_3

Acquisitions and Restructuring - Additional Information (Details) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2023 USD ($)
Restructuring Cost and Reserve [Line Items]
Expected restructuring costs	$ 6.3	$ 6.3
Employee Relocation
Restructuring Cost and Reserve [Line Items]
Restructuring charges		2.1
Employee Severance
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 1.9	$ 1.3

Acquisitions and Restructurin_4

Acquisitions and Restructuring - Facility Closure and Other One-Time Termination Benefits (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Oct. 01, 2022
Restructuring Reserve [Roll Forward]
Beginning balance	$ 2,422	$ 5,436
Costs Recognized	5,426	6,276
Cash Payments	(4,201)	(8,022)
Ending balance	3,647	3,690
One-time termination benefits
Restructuring Reserve [Roll Forward]
Beginning balance	2,422	1,035
Costs Recognized	4,894	3,609
Cash Payments	(3,731)	(2,677)
Ending balance	3,585	1,967
Facility-related
Restructuring Reserve [Roll Forward]
Beginning balance	0	27
Costs Recognized	0	337
Cash Payments	0	(364)
Ending balance	0	0
Other
Restructuring Reserve [Roll Forward]
Beginning balance	0	4,374
Costs Recognized	532	2,330
Cash Payments	(470)	(4,981)
Ending balance	$ 62	$ 1,723

Related-Party Transactions (Det

Related-Party Transactions (Details) $ / shares in Units, shares in Thousands, $ in Thousands			9 Months Ended
	May 02, 2022 USD ($) $ / shares shares	Jan. 24, 2022 USD ($) $ / shares shares	Sep. 30, 2023 USD ($)	Oct. 01, 2022 USD ($) agreement
Related Party Transaction [Line Items]
Share repurchase program amount			$ 450,000	$ 450,000
Number of separate agreement | agreement				2
Number of shares authorized for repurchase (in shares) | shares		4,080
Repurchase price per share (in usd per share) | $ / shares		$ 19.80
Consideration transferred for repurchased stock		$ 81,000	$ 222	$ 343,319
Related Party
Related Party Transaction [Line Items]
Number of shares authorized for repurchase (in shares) | shares	8,000
Repurchase price per share (in usd per share) | $ / shares	$ 13.88
Consideration transferred for repurchased stock	$ 111,000