Hayward (HAYW) 10-Q4 May 232023 Q1 Quarterly reportFinancial data

Company Profile

Cover

Cover - shares	3 Months Ended
Cover - shares	Apr. 01, 2023	May 02, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Apr. 01, 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		212,807,774
Amendment Flag	false
Document Fiscal Period Focus	Q1
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	Apr. 01, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 41,027	$ 56,177
Accounts receivable, net of allowances of $4,088 and $3,937, respectively	308,274	209,109
Inventories, net	274,682	283,658
Prepaid expenses	8,641	14,981
Income tax receivable	27,847	27,173
Other current assets	17,903	21,186
Total current assets	678,374	612,284
Property, plant, and equipment, net of accumulated depreciation of $88,543 and $84,119, respectively	151,782	149,828
Goodwill	933,044	932,396
Trademark	736,000	736,000
Customer relationships, net	224,396	230,503
Other intangibles, net	103,685	106,673
Other non-current assets	98,412	107,329
Total assets	2,925,693	2,875,013
Current liabilities
Current portion of the long-term debt	14,570	14,531
Accounts payable	56,099	54,022
Accrued expenses and other liabilities	124,384	163,283
Income taxes payable	0	574
Total current liabilities	195,053	232,410
Long-term debt, net	1,169,114	1,085,055
Deferred tax liabilities, net	261,985	264,111
Other non-current liabilities	69,422	70,403
Total liabilities	1,695,574	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 April 1, 2023 and December 31, 2022	0	0
Common stock $0.001 par value, 750,000,000 authorized; 241,441,438 issued and 212,775,069 outstanding at April 1, 2023; 240,529,150 issued and 211,862,781 outstanding at December 31, 2022	242	241
Additional paid-in capital	1,072,494	1,069,878
Common stock in treasury; 28,666,369 and 28,666,369 at April 1, 2023 and December 31, 2022, respectively	(357,424)	(357,415)
Retained earnings	508,632	500,222
Accumulated other comprehensive income	6,175	10,108
Total stockholders’ equity	1,230,119	1,223,034
Total liabilities, redeemable stock, and stockholders’ equity	$ 2,925,693	$ 2,875,013

Unaudited Condensed Consolida_2

Unaudited Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Apr. 01, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Accounts receivable, allowances	$ 4,088	$ 3,937
Property, plant, and equipment, accumulated depreciation	$ 88,543	$ 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)	241,441,438	240,529,150
Common stock outstanding (in shares)	212,775,069	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
	Apr. 01, 2023	Apr. 02, 2022
Income Statement [Abstract]
Net sales	$ 210,136	$ 410,460
Cost of sales	112,245	220,066
Gross profit	97,891	190,394
Selling, general, and administrative expense	54,887	68,857
Research, development, and engineering expense	5,977	5,236
Acquisition and restructuring related expense	1,563	2,271
Amortization of intangible assets	7,617	7,610
Operating income	27,847	106,420
Interest expense, net	19,361	9,562
Other (income) expense, net	(759)	(514)
Total other expense	18,602	9,048
Income from operations before income taxes	9,245	97,372
Provision for income taxes	835	23,340
Net income	$ 8,410	$ 74,032
Earnings per share
Basic (in usd per share)	$ 0.04	$ 0.32
Diluted (in usd per share)	$ 0.04	$ 0.30
Weighted average common shares outstanding
Basic (in shares)	212,523,221	232,271,684
Diluted (in shares)	220,501,177	243,143,149

Unaudited Condensed Consolida_4

Unaudited Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2023	Apr. 02, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 8,410	$ 74,032
Other comprehensive income (loss):
Foreign currency translation adjustments, gross	1,621	(360)
Foreign currency translation adjustments, taxes	0	0
Foreign currency translation adjustments, net	1,621	(360)
Change in fair value of derivatives, gross	(7,405)	11,297
Change in fair value of derivatives, taxes	1,851	(2,824)
Change in fair value of derivatives, net	(5,554)	8,473
Comprehensive income	$ 4,477	$ 82,145

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, 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 (in shares)		0
Repurchase of stock	(9)			(9)
Other comprehensive (loss) income	$ (3,933)					(3,933)
Ending balance (in shares) at Apr. 01, 2023	212,775,069	212,775,069
Ending balance at Apr. 01, 2023	$ 1,230,119	$ 242	$ 1,072,494	$ (357,424)	$ 508,632	$ 6,175

Unaudited Condensed Consolida_6

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2023	Apr. 02, 2022
Cash flows from operating activities
Net income	$ 8,410	$ 74,032
Adjustments to reconcile net income to net cash used by operating activities
Depreciation	4,362	4,840
Amortization of intangible assets	9,254	9,097
Amortization of deferred debt issuance fees	1,090	825
Stock-based compensation	2,047	1,641
Deferred income taxes	(328)	(4,722)
Allowance for bad debts	145	3,051
Loss on disposal of property, plant and equipment	32	53
Changes in operating assets and liabilities
Accounts receivable	(98,802)	(144,045)
Inventories	9,933	(28,131)
Other current and non-current assets	8,150	10,234
Accounts payable	1,855	8,015
Accrued expenses and other liabilities	(37,030)	8,170
Net cash used by operating activities	(90,882)	(56,940)
Cash flows from investing activities
Purchases of property, plant, and equipment	(6,239)	(7,329)
Acquisitions, net of cash acquired	0	(177)
Net cash used by investing activities	(6,239)	(7,506)
Cash flows from financing activities
Purchase of common stock for treasury	(9)	(80,927)
Payments of short-term notes payable	(2,214)	0
Payments of long-term debt	(3,074)	(2,500)
Proceeds from revolving credit facility	139,200	0
Payments on revolving credit facility	(52,500)	0
Other, net	367	421
Net cash provided by (used by) financing activities	81,770	(83,006)
Effect of exchange rate changes on cash and cash equivalents and restricted cash	201	(187)
Change in cash and cash equivalents and restricted cash	(15,150)	(147,639)
Cash and cash equivalents and restricted cash, beginning of period	56,177	265,796
Cash and cash equivalents and restricted cash, end of period	41,027	118,157
Supplemental disclosures of cash flow information
Cash paid-interest	18,898	8,477
Cash paid-income taxes	$ 2,384	$ 9,713

Nature of Operations and Organi

Nature of Operations and Organization	3 Months Ended
Nature of Operations and Organization	Apr. 01, 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, manufacturer, and marketer of a broad portfolio of pool equipment and associated automation systems. 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	3 Months Ended
Significant Accounting Policies	Apr. 01, 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 months ended April 1, 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. Recent Accounting Pronouncements Not Yet Adopted Reference Rate Reform

Revenue

Revenue	3 Months Ended
Revenue	Apr. 01, 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 April 1, 2023 April 2, 2022 Product groups Residential pool $ 190,167 $ 389,632 Commercial pool 8,663 9,154 Industrial flow control 11,306 11,674 Total $ 210,136 $ 410,460 Geographic United States $ 150,581 $ 299,064 Canada 12,123 47,232 Europe 29,210 44,841 Rest of World 18,222 19,323 Total international 59,555 111,396 Total $ 210,136 $ 410,460

Inventories

Inventories	3 Months Ended
Inventories	Apr. 01, 2023
Inventory Disclosure [Abstract]
Inventories	4. Inventories Inventories, net, consist of the following (in thousands): April 1, 2023 December 31, 2022 Raw materials $ 131,614 $ 133,516 Work in progress 15,692 16,467 Finished goods 127,376 133,675 Total $ 274,682 $ 283,658

Accrued Expenses and Other Liab

Accrued Expenses and Other Liabilities	3 Months Ended
Accrued Expenses and Other Liabilities	Apr. 01, 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): April 1, 2023 December 31, 2022 Selling, promotional and advertising $ 33,145 $ 47,511 Warranty reserve 18,000 19,652 Inventory purchases 16,741 24,154 Employee compensation and benefits 14,395 18,955 Insurance reserve 9,072 9,987 Operating lease liability - short term 8,538 8,749 Deferred income 3,443 7,178 Professional fees 2,218 1,543 Short-term notes payable 842 3,056 Payroll taxes 519 1,404 Business restructuring costs 497 2,337 Other accrued liabilities 16,974 18,757 Total $ 124,384 $ 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 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

Income Taxes

Income Taxes	3 Months Ended
Income Taxes	Apr. 01, 2023
Income Tax Disclosure [Abstract]
Income Taxes	6. Income Taxes The Company’s effective tax rate for the three months ended April 1, 2023 and three months ended April 2, 2022 was 9.0% and 24.0%, respectively. The change in the Company’s effective tax rate was primarily due to decreased income from operations and a discrete tax benefit from 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 April 1, 2023 or April 2, 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, Net

Long-Term Debt, Net	3 Months Ended
Long-Term Debt, Net	Apr. 01, 2023
Debt Disclosure [Abstract]
Long-Term Debt, Net	7. Long-Term Debt, Net Long-term debt, net, consists of the following (in thousands): April 1, 2023 December 31, 2022 First Lien Term Facility, due May 28, 2028 $ 982,500 $ 985,000 Incremental B First Lien Term Facility, due May 28, 2028 124,375 124,688 ABL Revolving Credit Facility 86,700 — Other bank debt 4,334 4,593 Finance lease obligations 6,314 6,728 Subtotal 1,204,223 1,121,009 Less: Current portion of the long-term debt (14,570) (14,531) Less: Unamortized debt issuance costs (20,539) (21,423) Total $ 1,169,114 $ 1,085,055 The Company’s First Lien Term Facility and ABL Revolving Credit Facility (collectively “Credit Facilities”) contain collateral requirements, restrictions, and covenants, including restrictions under the First Lien Term Facility on the Company's ability to pay dividends on the Common Stock. Under the agreement governing the First Lien Credit Facility (the “First Lien Credit Agreement”), the Company must also make an annual mandatory prepayment of principal commencing April 2023 for

Derivatives and Hedging Transac

Derivatives and Hedging Transactions	3 Months Ended
Derivatives and Hedging Transactions	Apr. 01, 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. In the three months ended April 1, 2023, the Company entered into interest rate swap agreements that effectively convert an initial notional amount of $100.0 million of its variable-rate debt obligations to fixed-rate debt. As of April 1, 2023 and April 2, 2022, t he Company was a party to interest rate swap agreements of a notional amount of $600.0 million and $500.0 million , respectively. 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 April 1, 2023 and April 2, 2022, the Company recognized $0.7 million of expense and $1.1 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 April 1, 2023 December 31, 2022 Interest rate swaps $ — $ 24,271 $ — $ — $ 31,676 $ — Foreign exchange contracts 861 — 328 1,450 — 232 Total $ 861 $ 24,271 $ 328 $ 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 Gain (Loss) Reclassified From AOCI to Earnings Location of Gain (Loss) Reclassified from AOCI into Earnings Three Months Ended Three Months Ended April 1, 2023 April 2, 2022 April 1, 2023 April 2, 2022 Interest rate swaps (1) $ (5,554) $ 8,473 $ 3,036 $ (575) Interest expense, net (1) The Company estimates that $13.4 million of unrealized gains will be reclassified from AOCI into earnings in the next twelve months.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
Fair Value Measurements	Apr. 01, 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 April 1, 2023, the Company’s long-term debt instruments had a carrying value of $1,106.9 million (excluding finance leases, the ABL Facility, and other bank debt) and a fair value of approximately $1,075.1 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	3 Months Ended
Segments and Related Information	Apr. 01, 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 gross profit 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 April 1, 2023 April 2, 2022 North America Europe & Rest of World Total North America Europe & Rest of World Total External net sales $ 162,704 $ 47,432 $ 210,136 $ 346,296 $ 64,164 $ 410,460 Segment income 33,276 9,850 43,126 108,611 16,969 125,580 Capital expenditures (1) 5,912 186 6,098 5,586 962 6,548 Depreciation and amortization (1) 5,725 217 5,942 5,821 169 5,990 Intersegment sales 4,723 6 4,729 13,124 172 13,296 (1) Capital expenditures and depreciation associated with Corporate are not included in these totals. 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 April 1, 2023 April 2, 2022 Total segment income $ 43,126 $ 125,580 Corporate expense, net 6,099 9,279 Acquisition and restructuring related expense 1,563 2,271 Amortization of intangible assets 7,617 7,610 Operating income 27,847 106,420 Interest expense, net 19,361 9,562 Other (income) expense, net (759) (514) Total other expense 18,602 9,048 Income from operations before income taxes $ 9,245 $ 97,372

Earnings Per Share

Earnings Per Share	3 Months Ended
Earnings Per Share	Apr. 01, 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 April 1, 2023 April 2, 2022 Net income attributable to common stockholders $ 8,410 $ 74,032 Weighted average number of common shares outstanding, basic 212,523,221 232,271,684 Effect of dilutive securities (a) 7,977,956 10,871,465 Weighted average number of common shares outstanding, diluted 220,501,177 243,143,149 Earnings per share attributable to common stockholders, basic $ 0.04 $ 0.32 Earnings per share attributable to common stockholders, diluted $ 0.04 $ 0.30 (a) For the three months ended April 1, 2023 and April 2, 2022 there were potential common shares totaling approximately 2.5 million and 1.6 million, respectively, that were excluded from the computation of diluted EPS as the effect of inclusion of such shares would have been anti-dilutive.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Apr. 01, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	12. Commitments and Contingencies Litigation

Leases

Leases	3 Months Ended
Leases	Apr. 01, 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): Three Months Ended April 1, 2023 April 2, 2022 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 468 $ 8,385 Finance leases — — Supplemental balance sheet information related to leases was as follows (in thousands): April 1, 2023 December 31, 2022 Operating leases Other non-current assets $ 63,800 $ 65,495 Accrued expenses and other liabilities 8,538 8,749 Other non-current liabilities 63,294 64,800 Total operating lease liabilities 71,832 73,549 Finance leases Property, plant and equipment 10,886 10,879 Accumulated depreciation (2,177) (1,991) Property, plant and equipment, net 8,709 8,888 Current maturities of long-term debt 2,224 2,206 Long-term debt 4,090 4,522 Total finance lease liabilities $ 6,314 $ 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): Three Months Ended April 1, 2023 April 2, 2022 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 468 $ 8,385 Finance leases — — Supplemental balance sheet information related to leases was as follows (in thousands): April 1, 2023 December 31, 2022 Operating leases Other non-current assets $ 63,800 $ 65,495 Accrued expenses and other liabilities 8,538 8,749 Other non-current liabilities 63,294 64,800 Total operating lease liabilities 71,832 73,549 Finance leases Property, plant and equipment 10,886 10,879 Accumulated depreciation (2,177) (1,991) Property, plant and equipment, net 8,709 8,888 Current maturities of long-term debt 2,224 2,206 Long-term debt 4,090 4,522 Total finance lease liabilities $ 6,314 $ 6,728

Stockholders_ Equity

Stockholders’ Equity	3 Months Ended
Stockholders’ Equity	Apr. 01, 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 months ended April 1, 2023 and April 2, 2022 no dividends were declared nor 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 April 1, 2023. As of April 1, 2023, $400.0 million remained available for additional share repurchases under the program.

Stock-based Compensation

Stock-based Compensation	3 Months Ended
Stock-based Compensation	Apr. 01, 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 months ended April 1, 2023 and April 2, 2022 was $2.0 million, and $1.6 million, respectively. 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 three months ended April 1, 2023, the Company granted 737,907 options, 406,157 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, $11.81 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	3 Months Ended
Acquisitions and Restructuring	Apr. 01, 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 April 1, 2023 April 2, 2022 Business restructuring costs $ 1,563 $ 2,271 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 April 1, 2023, the Company has largely completed the relocation. The estimated severance and retention costs pertaining to this relocation are approximately $5.9 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 $0.3 million of expense related to the relocation during the three months ended April 1, 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 three months ended April 1, 2023, the Company incurred $0.8 million of expense related to the cost reduction program. These 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 April 1, 2023 One-time termination benefits $ 2,422 $ 1,074 $ (2,999) $ 497 Facility-related — 143 (143) — Other — 346 (336) 10 Total $ 2,422 $ 1,563 $ (3,478) $ 507 2022 Activity Liability as of December 31, 2021 Costs Recognized Cash Payments Liability as of April 2, 2022 One-time termination benefits $ 1,035 $ 554 $ (677) $ 912 Facility-related 27 35 (62) — Other (1) 4,374 1,682 (3,568) 2,488 Total $ 5,436 $ 2,271 $ (4,307) $ 3,400 (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	3 Months Ended
Related-Party Transactions	Apr. 01, 2023
Related Party Transactions [Abstract]
Related-Party Transactions	17. Related-Party Transactions During the three months ended April 1, 2023, the Company did not incur any significant related party transactions.

Subsequent Events

Subsequent Events	3 Months Ended
Subsequent Events	Apr. 01, 2023
Subsequent Events [Abstract]
Subsequent Events	18. Subsequent Events As of May 1, 2023, we had repaid in full the $86.7 million outstanding as of April 1, 2023 under the ABL Revolving Credit Facility and had no borrowings outstanding under the ABL Facility.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	3 Months Ended
Significant Accounting Policies (Policies)	Apr. 01, 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 months ended April 1, 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.
Recent Accounting Pronouncements Not Yet Adopted	Recent Accounting Pronouncements Not Yet Adopted Reference Rate Reform

Revenue (Tables)

Revenue (Tables)	3 Months Ended
Revenue (Tables)	Apr. 01, 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 April 1, 2023 April 2, 2022 Product groups Residential pool $ 190,167 $ 389,632 Commercial pool 8,663 9,154 Industrial flow control 11,306 11,674 Total $ 210,136 $ 410,460 Geographic United States $ 150,581 $ 299,064 Canada 12,123 47,232 Europe 29,210 44,841 Rest of World 18,222 19,323 Total international 59,555 111,396 Total $ 210,136 $ 410,460
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 April 1, 2023 April 2, 2022 Product groups Residential pool $ 190,167 $ 389,632 Commercial pool 8,663 9,154 Industrial flow control 11,306 11,674 Total $ 210,136 $ 410,460 Geographic United States $ 150,581 $ 299,064 Canada 12,123 47,232 Europe 29,210 44,841 Rest of World 18,222 19,323 Total international 59,555 111,396 Total $ 210,136 $ 410,460

Inventories (Tables)

Inventories (Tables)	3 Months Ended
Inventories (Tables)	Apr. 01, 2023
Inventory Disclosure [Abstract]
Schedule of Inventories, Net	Inventories, net, consist of the following (in thousands): April 1, 2023 December 31, 2022 Raw materials $ 131,614 $ 133,516 Work in progress 15,692 16,467 Finished goods 127,376 133,675 Total $ 274,682 $ 283,658

Accrued Expenses and Other Li_2

Accrued Expenses and Other Liabilities (Tables)	3 Months Ended
Accrued Expenses and Other Liabilities (Tables)	Apr. 01, 2023
Payables and Accruals [Abstract]
Schedule of Accrued Liabilities and Other Current Liabilities	Accrued expenses and other liabilities consist of the following (in thousands): April 1, 2023 December 31, 2022 Selling, promotional and advertising $ 33,145 $ 47,511 Warranty reserve 18,000 19,652 Inventory purchases 16,741 24,154 Employee compensation and benefits 14,395 18,955 Insurance reserve 9,072 9,987 Operating lease liability - short term 8,538 8,749 Deferred income 3,443 7,178 Professional fees 2,218 1,543 Short-term notes payable 842 3,056 Payroll taxes 519 1,404 Business restructuring costs 497 2,337 Other accrued liabilities 16,974 18,757 Total $ 124,384 $ 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 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

Long-Term Debt, Net (Tables)

Long-Term Debt, Net (Tables)	3 Months Ended
Long-Term Debt, Net (Tables)	Apr. 01, 2023
Debt Disclosure [Abstract]
Schedule of Long-term Debt	Long-term debt, net, consists of the following (in thousands): April 1, 2023 December 31, 2022 First Lien Term Facility, due May 28, 2028 $ 982,500 $ 985,000 Incremental B First Lien Term Facility, due May 28, 2028 124,375 124,688 ABL Revolving Credit Facility 86,700 — Other bank debt 4,334 4,593 Finance lease obligations 6,314 6,728 Subtotal 1,204,223 1,121,009 Less: Current portion of the long-term debt (14,570) (14,531) Less: Unamortized debt issuance costs (20,539) (21,423) Total $ 1,169,114 $ 1,085,055

Derivatives and Hedging Trans_2

Derivatives and Hedging Transactions (Tables)	3 Months Ended
Derivatives and Hedging Transactions (Tables)	Apr. 01, 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 April 1, 2023 December 31, 2022 Interest rate swaps $ — $ 24,271 $ — $ — $ 31,676 $ — Foreign exchange contracts 861 — 328 1,450 — 232 Total $ 861 $ 24,271 $ 328 $ 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 Gain (Loss) Reclassified From AOCI to Earnings Location of Gain (Loss) Reclassified from AOCI into Earnings Three Months Ended Three Months Ended April 1, 2023 April 2, 2022 April 1, 2023 April 2, 2022 Interest rate swaps (1) $ (5,554) $ 8,473 $ 3,036 $ (575) Interest expense, net (1) The Company estimates that $13.4 million of unrealized gains will be reclassified from AOCI into earnings in the next twelve months.

Segments and Related Informat_2

Segments and Related Information (Tables)	3 Months Ended
Segments and Related Information (Tables)	Apr. 01, 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 April 1, 2023 April 2, 2022 North America Europe & Rest of World Total North America Europe & Rest of World Total External net sales $ 162,704 $ 47,432 $ 210,136 $ 346,296 $ 64,164 $ 410,460 Segment income 33,276 9,850 43,126 108,611 16,969 125,580 Capital expenditures (1) 5,912 186 6,098 5,586 962 6,548 Depreciation and amortization (1) 5,725 217 5,942 5,821 169 5,990 Intersegment sales 4,723 6 4,729 13,124 172 13,296 (1) Capital expenditures and depreciation associated with Corporate are not included in these totals. 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 April 1, 2023 April 2, 2022 Total segment income $ 43,126 $ 125,580 Corporate expense, net 6,099 9,279 Acquisition and restructuring related expense 1,563 2,271 Amortization of intangible assets 7,617 7,610 Operating income 27,847 106,420 Interest expense, net 19,361 9,562 Other (income) expense, net (759) (514) Total other expense 18,602 9,048 Income from operations before income taxes $ 9,245 $ 97,372

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
Earnings Per Share (Tables)	Apr. 01, 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 April 1, 2023 April 2, 2022 Net income attributable to common stockholders $ 8,410 $ 74,032 Weighted average number of common shares outstanding, basic 212,523,221 232,271,684 Effect of dilutive securities (a) 7,977,956 10,871,465 Weighted average number of common shares outstanding, diluted 220,501,177 243,143,149 Earnings per share attributable to common stockholders, basic $ 0.04 $ 0.32 Earnings per share attributable to common stockholders, diluted $ 0.04 $ 0.30 (a) For the three months ended April 1, 2023 and April 2, 2022 there were potential common shares totaling approximately 2.5 million and 1.6 million, respectively, that were excluded from the computation of diluted EPS as the effect of inclusion of such shares would have been anti-dilutive.

Leases (Tables)

Leases (Tables)	3 Months Ended
Leases (Tables)	Apr. 01, 2023
Leases [Abstract]
Schedule of Lease, Cost	Supplemental cash flow information related to leases was as follows (in thousands): Three Months Ended April 1, 2023 April 2, 2022 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 468 $ 8,385 Finance leases — —
Schedule of Assets and Liabilities, Lessee	Supplemental balance sheet information related to leases was as follows (in thousands): April 1, 2023 December 31, 2022 Operating leases Other non-current assets $ 63,800 $ 65,495 Accrued expenses and other liabilities 8,538 8,749 Other non-current liabilities 63,294 64,800 Total operating lease liabilities 71,832 73,549 Finance leases Property, plant and equipment 10,886 10,879 Accumulated depreciation (2,177) (1,991) Property, plant and equipment, net 8,709 8,888 Current maturities of long-term debt 2,224 2,206 Long-term debt 4,090 4,522 Total finance lease liabilities $ 6,314 $ 6,728

Stock-based Compensation (Table

Stock-based Compensation (Tables)	3 Months Ended
Stock-based Compensation (Tables)	Apr. 01, 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)	3 Months Ended
Acquisitions and Restructuring (Tables)	Apr. 01, 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 April 1, 2023 April 2, 2022 Business restructuring costs $ 1,563 $ 2,271
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 April 1, 2023 One-time termination benefits $ 2,422 $ 1,074 $ (2,999) $ 497 Facility-related — 143 (143) — Other — 346 (336) 10 Total $ 2,422 $ 1,563 $ (3,478) $ 507 2022 Activity Liability as of December 31, 2021 Costs Recognized Cash Payments Liability as of April 2, 2022 One-time termination benefits $ 1,035 $ 554 $ (677) $ 912 Facility-related 27 35 (62) — Other (1) 4,374 1,682 (3,568) 2,488 Total $ 5,436 $ 2,271 $ (4,307) $ 3,400 (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)	Apr. 01, 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
Revenue (Details) - USD ($) $ in Thousands	Apr. 01, 2023	Apr. 02, 2022
Revenue from External Customer [Line Items]
Net sales	$ 210,136	$ 410,460
United States
Revenue from External Customer [Line Items]
Net sales	150,581	299,064
Total international
Revenue from External Customer [Line Items]
Net sales	59,555	111,396
Canada
Revenue from External Customer [Line Items]
Net sales	12,123	47,232
Europe
Revenue from External Customer [Line Items]
Net sales	29,210	44,841
Rest of World
Revenue from External Customer [Line Items]
Net sales	18,222	19,323
Residential pool
Revenue from External Customer [Line Items]
Net sales	190,167	389,632
Commercial pool
Revenue from External Customer [Line Items]
Net sales	8,663	9,154
Industrial flow control
Revenue from External Customer [Line Items]
Net sales	$ 11,306	$ 11,674

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Apr. 01, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 131,614	$ 133,516
Work in progress	15,692	16,467
Finished goods	127,376	133,675
Total	$ 274,682	$ 283,658

Accrued Expenses and Other Li_3

Accrued Expenses and Other Liabilities - Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands	Apr. 01, 2023	Dec. 31, 2022	Apr. 02, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Selling, promotional and advertising	$ 33,145	$ 47,511
Warranty reserve	18,000	19,652	$ 27,188	$ 24,174
Inventory purchases	16,741	24,154
Employee compensation and benefits	14,395	18,955
Insurance reserve	9,072	9,987
Operating lease liability - short term	8,538	8,749
Deferred income	3,443	7,178
Professional fees	2,218	1,543
Short-term notes payable	842	3,056
Payroll taxes	519	1,404
Business restructuring costs	497	2,337
Other accrued liabilities	16,974	18,757
Accrued expenses and other liabilities	$ 124,384	$ 163,283

Accrued Expenses and Other Li_4

Accrued Expenses and Other Liabilities - Warranty Reserve (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2023	Apr. 02, 2022
Movement in Standard Product Warranty Accrual [Roll Forward]
Beginning balance	$ 19,652	$ 24,174
Accrual for warranties issued during the period	5,424	9,413
Payments	(7,076)	(6,399)
Ending balance	$ 18,000	$ 27,188

Accrued Expenses and Other Li_5

Accrued Expenses and Other Liabilities - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 01, 2023	Apr. 02, 2022
Payables and Accruals [Abstract]
Warranty expense	$ 5.4	$ 9.4

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended
Income Taxes (Details) - USD ($)	Apr. 01, 2023	Apr. 02, 2022
Income Tax Disclosure [Abstract]
Effective tax rate	9%	24%
Uncertain tax positions reserve	$ 0	$ 0

Long-Term Debt, Net - Schedule

Long-Term Debt, Net - Schedule Of Long-Term Debt (Details) - USD ($) $ in Thousands	Apr. 01, 2023	Dec. 31, 2022
Line of Credit Facility [Line Items]
Other bank debt	$ 4,334	$ 4,593
Finance lease obligations	6,314	6,728
Subtotal	1,204,223	1,121,009
Less: Current portion of the long-term debt	(14,570)	(14,531)
Less: Unamortized debt issuance costs	(20,539)	(21,423)
Long-term debt, net	1,169,114	1,085,055
Term Loan \| First Lien Term Facility, due May 28, 2028
Line of Credit Facility [Line Items]
Long-term debt, gross	982,500	985,000
Term Loan \| Incremental B First Lien Term Facility, due May 28, 2028
Line of Credit Facility [Line Items]
Long-term debt, gross	124,375	124,688
Revolving Credit Facility \| ABL Revolving Credit Facility
Line of Credit Facility [Line Items]
Long-term debt, gross	$ 86,700	$ 0

Long-Term Debt, Net - Additiona

Long-Term Debt, Net - Additional Information (Details) - Term Loan - First Lien Term Facility, Due May 28, 2028		1 Months Ended
	May 28, 2021	Apr. 30, 2023
Line of Credit Facility [Line Items]
Leverage ratio threshold for mandatory prepayment of zero	2.5
Leverage ratio threshold for mandatory prepayment of fifty percent	3
Minimum \| Subsequent Event
Line of Credit Facility [Line Items]
Mandatory annual prepayment, percentage of excess cash		0%
Maximum \| Subsequent Event
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
	Apr. 01, 2023	Apr. 02, 2022
Derivative [Line Items]
Other income (expense)	$ 759	$ 514
Interest Rate Swap \| Cash Flow Hedging
Derivative [Line Items]
Derivative, notional amount, conversion	100,000
Derivative, notional amount	600,000	500,000
Foreign Exchange Contracts
Derivative [Line Items]
Other income (expense)	$ (700)	$ 1,100

Derivatives and Hedging Trans_4

Derivatives and Hedging Transactions - Gross Fair Values and Location of Derivative Instruments (Details) - USD ($) $ in Thousands	Apr. 01, 2023	Dec. 31, 2022
Other Current Assets
Derivatives, Fair Value [Line Items]
Other Assets	$ 861	$ 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	861	1,450
Other Non-Current Assets
Derivatives, Fair Value [Line Items]
Other Assets	24,271	31,676
Other Non-Current Assets \| Interest rate swaps
Derivatives, Fair Value [Line Items]
Other Assets	24,271	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	328	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	$ 328	$ 232

Derivatives and Hedging Trans_5

Derivatives and Hedging Transactions - Effects of Derivative Instruments by Contract Type in AOCI (Details) - Interest Expense - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2023	Apr. 02, 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain (Loss) Recognized in AOCI, Interest rate swaps	$ (5,554)	$ 8,473
Gain (Loss) Reclassified From AOCI to Earnings, Interest rate swaps	3,036	(575)
Cash flow hedge gain (loss) to be reclassified within 12 months	$ 13,400	$ 13,400

Fair Value Measurements (Detail

Fair Value Measurements (Details) - Level 2, Fair Value Inputs - USD ($) $ in Millions	Apr. 01, 2023	Dec. 31, 2022
Carrying Value
Debt Instrument [Line Items]
Long term debt	$ 1,106.9	$ 1,109.7
Fair Value
Debt Instrument [Line Items]
Long term debt	$ 1,075.1	$ 1,071.5

Segments and Related Informat_3

Segments and Related Information - Additional Information (Details)	3 Months Ended
	Apr. 01, 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
	Apr. 01, 2023	Apr. 02, 2022
Revenue, Major Customer [Line Items]
External net sales	$ 210,136	$ 410,460
Segment income	27,847	106,420
Operating Segments
Revenue, Major Customer [Line Items]
External net sales	210,136	410,460
Segment income	43,126	125,580
Capital expenditures	6,098	6,548
Depreciation and amortization	5,942	5,990
Intersegment sales
Revenue, Major Customer [Line Items]
External net sales	4,729	13,296
North America \| Operating Segments
Revenue, Major Customer [Line Items]
External net sales	162,704	346,296
Segment income	33,276	108,611
Capital expenditures	5,912	5,586
Depreciation and amortization	5,725	5,821
North America \| Intersegment sales
Revenue, Major Customer [Line Items]
External net sales	4,723	13,124
Europe & Rest of World \| Operating Segments
Revenue, Major Customer [Line Items]
External net sales	47,432	64,164
Segment income	9,850	16,969
Capital expenditures	186	962
Depreciation and amortization	217	169
Europe & Rest of World \| Intersegment sales
Revenue, Major Customer [Line Items]
External net sales	$ 6	$ 172

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
	Apr. 01, 2023	Apr. 02, 2022
Revenue, Major Customer [Line Items]
Operating income	$ 27,847	$ 106,420
Acquisition and restructuring related expense	1,563	2,271
Amortization of intangible assets	7,617	7,610
Interest expense, net	19,361	9,562
Other (income) expense, net	(759)	(514)
Total other expense	18,602	9,048
Income from operations before income taxes	9,245	97,372
Total segment income
Revenue, Major Customer [Line Items]
Operating income	43,126	125,580
Corporate expense, net
Revenue, Major Customer [Line Items]
Operating income	$ 6,099	$ 9,279

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Apr. 01, 2023	Apr. 02, 2022
Earnings Per Share [Abstract]
Net income attributable to common stockholders	$ 8,410	$ 74,032
Weighted Average Number of Shares Outstanding, Basic
Weighted average number of common shares outstanding, basic (in shares)	212,523,221	232,271,684
Effect of dilutive securities (in shares)	7,977,956	10,871,465
Weighted average number of common shares outstanding, diluted (in shares)	220,501,177	243,143,149
Earnings Per Share, Basic and Diluted
Earnings per share attributable to common stockholders, basic (in usd per share)	$ 0.04	$ 0.32
Earnings per share attributable to common stockholders, diluted (in usd per share)	$ 0.04	$ 0.30
Excluded from the weighted average number of common shares outstanding, dilutive due to being anti-dilutive (in shares)	2,500,000	1,600,000

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flows Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2023	Apr. 02, 2022
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$ 468	$ 8,385
Finance leases	$ 0	$ 0

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Apr. 01, 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	$ 63,800	$ 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	$ 8,538	$ 8,749
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other non-current liabilities	Other non-current liabilities
Other non-current liabilities	$ 63,294	$ 64,800
Total operating lease liabilities	71,832	73,549
Finance leases
Property, plant and equipment	10,886	10,879
Accumulated depreciation	$ (2,177)	$ (1,991)
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property, plant, and equipment, net of accumulated depreciation of $88,543 and $84,119, respectively	Property, plant, and equipment, net of accumulated depreciation of $88,543 and $84,119, respectively
Property, plant and equipment, net	$ 8,709	$ 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	$ 2,224	$ 2,206
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Long-term debt, net	Long-term debt, net
Long-term debt	$ 4,090	$ 4,522
Total finance lease liabilities	$ 6,314	$ 6,728

Stockholders_ Equity (Details)

Stockholders’ Equity (Details) $ / shares in Units, $ in Millions	3 Months Ended
	Apr. 01, 2023 USD ($) vote $ / shares shares	Apr. 02, 2022 $ / shares	Dec. 31, 2022 $ / shares shares	Jan. 24, 2022 USD ($)
Equity [Abstract]
Preferred stock authorized (in shares) \| shares	100,000,000		100,000,000
Preferred shares par value (in usd per share)	$ 0.001		$ 0.001
Common stock, authorized (in shares) \| shares	750,000,000		750,000,000
Common stock, par value (in usd per share)	$ 0.001		$ 0.001
Number of vote \| vote	1
Common stock dividends declared (in usd per share)	$ 0	$ 0
Common stock dividends cash paid (in usd per share)	$ 0	$ 0
Share repurchase program amount \| $	$ 450			$ 450
Number of shares repurchased (in shares) \| shares	0
Remaining amount authorized for repurchase \| $	$ 400

Stock-based Compensation - Addi

Stock-based Compensation - Additional Information (Details) $ / shares in Units, $ in Millions	3 Months Ended
	Apr. 01, 2023 USD ($) derivative_contract $ / shares shares	Apr. 02, 2022 USD ($)	Mar. 31, 2021 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense \| $	$ 2	$ 1.6
Number of equity incentive plans \| derivative_contract	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)	406,157
Granted (in usd per share) \| $ / shares	$ 11.81
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
	Apr. 01, 2023	Apr. 02, 2022
Acquisition, Restructuring and Related Activities [Abstract]
Business restructuring costs	$ 1,563	$ 2,271

Acquisitions and Restructurin_3

Acquisitions and Restructuring - Additional Information (Details) $ in Millions	3 Months Ended
	Apr. 01, 2023 USD ($)
Restructuring Cost and Reserve [Line Items]
Expected restructuring costs	$ 5.9
Employee Relocation
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0.3
Employee Severance
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 0.8

Acquisitions and Restructurin_4

Acquisitions and Restructuring - Facility Closure and Other One-Time Termination Benefits (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2023	Apr. 02, 2022
Restructuring Reserve [Roll Forward]
Beginning balance	$ 2,422	$ 5,436
Costs Recognized	1,563	2,271
Cash Payments	(3,478)	(4,307)
Ending balance	507	3,400
One-time termination benefits
Restructuring Reserve [Roll Forward]
Beginning balance	2,422	1,035
Costs Recognized	1,074	554
Cash Payments	(2,999)	(677)
Ending balance	497	912
Facility-related
Restructuring Reserve [Roll Forward]
Beginning balance	0	27
Costs Recognized	143	35
Cash Payments	(143)	(62)
Ending balance	0	0
Other
Restructuring Reserve [Roll Forward]
Beginning balance	0	4,374
Costs Recognized	346	1,682
Cash Payments	(336)	(3,568)
Ending balance	$ 10	$ 2,488

Related-Party Transactions (Det

Related-Party Transactions (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		3 Months Ended
	Jan. 24, 2022	Apr. 01, 2023	Apr. 02, 2022
Related Party Transactions [Abstract]
Share repurchase program amount	$ 450,000	$ 450,000
Number of shares authorized for repurchase (in shares)	4,080
Repurchase price per share (in usd per share)	$ 19.80
Consideration transferred for repurchased stock	$ 81,000	$ 9	$ 80,927

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Thousands		3 Months Ended
Subsequent Events (Details) - USD ($) $ in Thousands	May 01, 2023	Apr. 01, 2023	Apr. 02, 2022
Subsequent Event [Line Items]
Payments of long-term debt		$ 3,074	$ 2,500
Subsequent Event \| ABL Revolving Credit Facility \| Revolving Credit Facility
Subsequent Event [Line Items]
Payments of long-term debt	$ 86,700
Long-term debt	$ 0