Hayward (HAYW) 10-Q2 Aug 232023 Q2 Quarterly reportFinancial data

Company Profile

Cover

Cover - shares	6 Months Ended
Cover - shares	Jul. 01, 2023	Jul. 31, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jul. 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		213,117,898
Amendment Flag	false
Document Fiscal Period Focus	Q2
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	Jul. 01, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 205,002	$ 56,177
Accounts receivable, net of allowances of $3,082 and $3,937, respectively	147,353	209,109
Inventories, net	234,478	283,658
Prepaid expenses	12,491	14,981
Income tax receivable	17,056	27,173
Other current assets	17,330	21,186
Total current assets	633,710	612,284
Property, plant, and equipment, net of accumulated depreciation of $92,420 and $84,119, respectively	155,869	149,828
Goodwill	934,404	932,396
Trademark	736,000	736,000
Customer relationships, net	218,580	230,503
Other intangibles, net	100,682	106,673
Other non-current assets	104,409	107,329
Total assets	2,883,654	2,875,013
Current liabilities
Current portion of the long-term debt	14,695	14,531
Accounts payable	53,683	54,022
Accrued expenses and other liabilities	133,660	163,283
Income taxes payable	0	574
Total current liabilities	202,038	232,410
Long-term debt, net	1,081,444	1,085,055
Deferred tax liabilities, net	262,655	264,111
Other non-current liabilities	67,696	70,403
Total liabilities	1,613,833	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 July 1, 2023 and December 31, 2022	0	0
Common stock $0.001 par value, 750,000,000 authorized; 241,672,792 issued and 213,006,423 outstanding at July 1, 2023; 240,529,150 issued and 211,862,781 outstanding at December 31, 2022	242	241
Additional paid-in capital	1,074,749	1,069,878
Common stock in treasury; 28,666,369 and 28,666,369 at July 1, 2023 and December 31, 2022, respectively	(357,424)	(357,415)
Retained earnings	538,085	500,222
Accumulated other comprehensive income	14,169	10,108
Total stockholders’ equity	1,269,821	1,223,034
Total liabilities, redeemable stock, and stockholders’ equity	$ 2,883,654	$ 2,875,013

Unaudited Condensed Consolida_2

Unaudited Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jul. 01, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Accounts receivable, allowances	$ 3,082	$ 3,937
Property, plant, and equipment, accumulated depreciation	$ 92,420	$ 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)	241,672,792	240,529,150
Common stock outstanding (in shares)	213,006,423	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		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Income Statement [Abstract]
Net sales	$ 283,543	$ 399,442	$ 493,679	$ 809,902
Cost of sales	147,033	210,077	259,278	430,143
Gross profit	136,510	189,365	234,401	379,759
Selling, general, and administrative expense	57,716	68,947	112,603	137,804
Research, development, and engineering expense	6,873	5,033	12,850	10,269
Acquisition and restructuring related expense	1,309	4,940	2,872	7,211
Amortization of intangible assets	7,637	7,697	15,254	15,307
Operating income	62,975	102,748	90,822	209,168
Interest expense, net	19,130	11,605	38,491	21,167
Other (income) expense, net	625	3,804	(134)	3,290
Total other expense	19,755	15,409	38,357	24,457
Income from operations before income taxes	43,220	87,339	52,465	184,711
Provision for income taxes	13,767	21,079	14,602	44,419
Net income	$ 29,453	$ 66,260	$ 37,863	$ 140,292
Earnings per share
Basic (in usd per share)	$ 0.14	$ 0.30	$ 0.18	$ 0.62
Diluted (in usd per share)	$ 0.13	$ 0.29	$ 0.17	$ 0.59
Weighted average common shares outstanding
Basic (in shares)	212,861,564	218,401,182	212,692,393	225,358,529
Diluted (in shares)	220,503,544	228,642,982	220,506,921	235,943,099

Unaudited Condensed Consolida_4

Unaudited Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 29,453	$ 66,260	$ 37,863	$ 140,292
Other comprehensive income (loss):
Foreign currency translation adjustments, gross	1,989	(11,120)	3,610	(11,480)
Foreign currency translation adjustments, taxes	0	0	0	0
Foreign currency translation adjustments, net	1,989	(11,120)	3,610	(11,480)
Change in fair value of derivatives, gross	8,006	3,455	601	14,752
Change in fair value of derivatives, taxes	(2,001)	(864)	(150)	(3,688)
Change in fair value of derivatives, net	6,005	2,591	451	11,064
Comprehensive income	$ 37,447	$ 57,731	$ 41,924	$ 139,876

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 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	140,292
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
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 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
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 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	$ 37,863
Ending balance (in shares) at Jul. 01, 2023	213,006,423	213,006,423
Ending balance at Jul. 01, 2023	$ 1,269,821	$ 242	1,074,749	(357,424)	538,085	14,169
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 income	$ 7,994					7,994
Ending balance (in shares) at Jul. 01, 2023	213,006,423	213,006,423
Ending balance at Jul. 01, 2023	$ 1,269,821	$ 242	$ 1,074,749	$ (357,424)	$ 538,085	$ 14,169

Unaudited Condensed Consolida_6

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022
Cash flows from operating activities
Net income	$ 37,863	$ 140,292
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation	8,590	9,598
Amortization of intangible assets	18,543	18,188
Amortization of deferred debt issuance fees	2,242	1,478
Stock-based compensation	4,146	3,632
Deferred income taxes	(1,673)	(9,423)
Allowance for bad debts	(879)	1,232
Loss on disposal of property, plant and equipment	137	5,359
Changes in operating assets and liabilities
Accounts receivable	63,801	(40,727)
Inventories	50,234	(67,946)
Other current and non-current assets	15,225	5,918
Accounts payable	(427)	5,982
Accrued expenses and other liabilities	(31,286)	(9,907)
Net cash provided by operating activities	166,516	63,676
Cash flows from investing activities
Purchases of property, plant, and equipment	(15,703)	(15,855)
Acquisitions, net of cash acquired	0	(61,337)
Proceeds from sale of property, plant, and equipment	5	4
Net cash used by investing activities	(15,698)	(77,188)
Cash flows from financing activities
Proceeds from revolving credit facility	144,100	150,000
Payments on revolving credit facility	(144,100)	0
Proceeds from issuance of long-term debt	1,827	0
Payments of long-term debt	(6,153)	(5,000)
Proceeds from issuance of short-term notes payable	5,347	6,979
Payments of short-term notes payable	(3,542)	(642)
Purchase of common stock for treasury	(9)	(293,159)
Other, net	(351)	721
Net cash used by financing activities	(2,881)	(141,101)
Effect of exchange rate changes on cash and cash equivalents and restricted cash	888	(2,218)
Change in cash and cash equivalents and restricted cash	148,825	(156,831)
Cash and cash equivalents and restricted cash, beginning of period	56,177	265,796
Cash and cash equivalents and restricted cash, end of period	205,002	108,965
Supplemental disclosures of cash flow information
Cash paid-interest	37,223	19,358
Cash paid-income taxes	6,779	67,286
Equipment financed under finance leases	$ 0	$ 1,531

Nature of Operations and Organi

Nature of Operations and Organization	6 Months Ended
Nature of Operations and Organization	Jul. 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 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	6 Months Ended
Significant Accounting Policies	Jul. 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 and six months ended July 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 In March 2020, the Financial Accounting Standards Board (“FASB”) issued guidance that provides optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions affected by the transition away from reference rates expected to be discontinued to alternative reference rates. The guidance was effective upon issuance and may be applied prospectively to contract modifications made and hedging relationships entered into on or before December 31, 2022. In December 2022, the FASB issued additional guidance deferring the sunset date of Topic 848 until December 31, 2024. As of July 1, 2023, the Company has largely completed the transition of its financial instruments or agreements effected by reference rate reform. The adoption of this standard has not had a material impact on the Company’s consolidated financial statements. Refer to Note 7. Long-Term Debt, Net and Note 8.

Revenue

Revenue	6 Months Ended
Revenue	Jul. 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 Six Months Ended July 1, 2023 July 2, 2022 July 1, 2023 July 2, 2022 Product groups Residential pool $ 258,367 $ 377,400 $ 448,535 $ 767,032 Commercial pool 12,414 9,738 21,077 18,892 Industrial flow control 12,762 12,304 24,067 23,978 Total $ 283,543 $ 399,442 $ 493,679 $ 809,902 Geographic United States $ 218,573 $ 305,868 $ 369,154 $ 604,932 Canada 18,779 36,212 30,902 83,445 Europe 26,001 36,546 55,210 81,387 Rest of World 20,190 20,816 38,413 40,138 Total international 64,970 93,574 124,525 204,970 Total $ 283,543 $ 399,442 $ 493,679 $ 809,902

Inventories

Inventories	6 Months Ended
Inventories	Jul. 01, 2023
Inventory Disclosure [Abstract]
Inventories	4. Inventories Inventories, net, consist of the following (in thousands): July 1, 2023 December 31, 2022 Raw materials $ 107,538 $ 133,516 Work in progress 15,741 16,467 Finished goods 111,199 133,675 Total $ 234,478 $ 283,658

Accrued Expenses and Other Liab

Accrued Expenses and Other Liabilities	6 Months Ended
Accrued Expenses and Other Liabilities	Jul. 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): July 1, 2023 December 31, 2022 Selling, promotional and advertising $ 30,619 $ 47,511 Employee compensation and benefits 18,774 18,955 Inventory purchases 18,629 24,154 Warranty reserve 16,826 19,652 Insurance reserve 9,869 9,987 Operating lease liability - short term 8,344 8,749 Short-term notes payable 4,861 3,056 Freight 4,054 3,511 Deferred income 2,650 7,178 Professional fees 2,242 1,543 Derivative liability 794 232 Business restructuring costs 690 2,337 Payroll taxes 587 1,404 Other accrued liabilities 14,721 15,014 Total $ 133,660 $ 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 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

Income Taxes

Income Taxes	6 Months Ended
Income Taxes	Jul. 01, 2023
Income Tax Disclosure [Abstract]
Income Taxes	6. Income Taxes The Company’s effective tax rate for the three months ended July 1, 2023 and July 2, 2022 was 31.9% and 24.1%, respectively. The increase in the Company's effective tax rate was primarily due to 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’s effective tax rate for the six months ended July 1, 2023 and July 2, 2022 was 27.8% and 24.0%, respectively. The change in the Company’s effective tax rate was primarily due to 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 July 1, 2023 or July 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

Long-Term Debt	6 Months Ended
Long-Term Debt	Jul. 01, 2023
Debt Disclosure [Abstract]
Long-Term Debt	7. Long-Term Debt Long-term debt, net, consists of the following (in thousands): July 1, 2023 December 31, 2022 First Lien Term Facility, due May 28, 2028 $ 980,000 $ 985,000 Incremental B First Lien Term Facility, due May 28, 2028 124,063 124,688 ABL Revolving Credit Facility — — Other bank debt 5,895 4,593 Finance lease obligations 5,775 6,728 Subtotal 1,115,733 1,121,009 Less: Current portion of the long-term debt (14,695) (14,531) Less: Unamortized debt issuance costs (19,594) (21,423) Total $ 1,081,444 $ 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	6 Months Ended
Derivatives and Hedging Transactions	Jul. 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. As of July 1, 2023 and July 2, 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 July 1, 2023 and July 2, 2022, the Company recognized $0.8 million of expense and $1.4 million of expense, respectively, and for the six months ended July 1, 2023 and July 2, 2022, the Company recognized $1.5 million and $0.3 million of expense, 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 July 1, 2023 December 31, 2022 Interest rate swaps $ — $ 32,278 $ — $ — $ 31,676 $ — Foreign exchange contracts 421 — 794 1,450 — 232 Total $ 421 $ 32,278 $ 794 $ 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 July 1, 2023 July 2, 2022 July 1, 2023 July 2, 2022 Interest rate swaps (1) $ 6,005 $ 2,591 $ 3,871 $ (1,673) Interest expense, net (1) The Company estimates that $17.2 million of unrealized gains will be reclassified from AOCI into earnings in the next twelve months. Gain (Loss) Recognized in AOCI Gain (Loss) Reclassified From AOCI to Earnings Location of Gain (Loss) Reclassified from AOCI into Earnings Six Months Ended Six Months Ended July 1, 2023 July 2, 2022 July 1, 2023 July 2, 2022 Interest rate swaps $ 451 $ 11,064 $ 6,907 $ (2,249) Interest expense, net

Fair Value Measurements

Fair Value Measurements	6 Months Ended
Fair Value Measurements	Jul. 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.

Segments and Related Informatio

Segments and Related Information	6 Months Ended
Segments and Related Information	Jul. 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 July 1, 2023 July 2, 2022 North America Europe & Rest of World Total North America Europe & Rest of World Total External net sales $ 237,352 $ 46,191 $ 283,543 $ 342,080 $ 57,362 $ 399,442 Segment income 70,962 9,384 80,346 110,539 13,232 123,771 Capital expenditures (1) 8,674 776 9,450 4,990 628 5,618 Depreciation and amortization (2) 5,488 231 5,719 5,643 206 5,849 Intersegment sales 2,996 102 3,098 10,553 183 10,736 Six Months Ended Six Months Ended July 1, 2023 July 2, 2022 North America Europe & Rest of World Total North America Europe & Rest of World Total External net sales $ 400,056 $ 93,623 $ 493,679 $ 688,377 $ 121,525 $ 809,902 Segment income 104,238 19,234 123,472 219,150 30,201 249,351 Capital expenditures (1) 14,586 962 15,548 10,576 1,590 12,166 Depreciation and amortization (2) 11,213 448 11,661 11,463 375 11,838 Intersegment sales 7,719 108 7,827 23,678 354 24,032 (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 Six Months Ended July 1, 2023 July 2, 2022 July 1, 2023 July 2, 2022 Total segment income $ 80,346 $ 123,771 $ 123,472 $ 249,351 Corporate expense, net 8,425 8,386 14,524 17,665 Acquisition and restructuring related expense 1,309 4,940 2,872 7,211 Amortization of intangible assets 7,637 7,697 15,254 15,307 Operating income 62,975 102,748 90,822 209,168 Interest expense, net 19,130 11,605 38,491 21,167 Other (income) expense, net 625 3,804 (134) 3,290 Total other expense 19,755 15,409 38,357 24,457 Income from operations before income taxes $ 43,220 $ 87,339 $ 52,465 $ 184,711

Earnings Per Share

Earnings Per Share	6 Months Ended
Earnings Per Share	Jul. 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 Six Months Ended July 1, 2023 July 2, 2022 July 1, 2023 July 2, 2022 Net income attributable to common stockholders $ 29,453 $ 66,260 $ 37,863 $ 140,292 Weighted average number of common shares outstanding, basic 212,861,564 218,401,182 212,692,393 225,358,529 Effect of dilutive securities (a) 7,641,980 10,241,800 7,814,528 10,584,570 Weighted average number of common shares outstanding, diluted 220,503,544 228,642,982 220,506,921 235,943,099 Earnings per share attributable to common stockholders, basic $ 0.14 $ 0.30 $ 0.18 $ 0.62 Earnings per share attributable to common stockholders, diluted $ 0.13 $ 0.29 $ 0.17 $ 0.59 (a) For the three months ended July 1, 2023 and July 2, 2022 there were potential common shares totaling approximately 3.0 million and 2.6 million, respectively, and for the six months ended July 1, 2023 and July 2, 2022, there were potential common shares totaling approximately 2.8 million and 2.0 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	6 Months Ended
Commitments and Contingencies	Jul. 01, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	12. Commitments and Contingencies Litigation

Leases

Leases	6 Months Ended
Leases	Jul. 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): Six Months Ended July 1, 2023 July 2, 2022 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 324 $ 9,331 Finance leases — 1,531 Supplemental balance sheet information related to leases was as follows (in thousands): July 1, 2023 December 31, 2022 Operating leases Other non-current assets $ 61,510 $ 65,495 Accrued expenses and other liabilities 8,344 8,749 Other non-current liabilities 61,089 64,800 Total operating lease liabilities 69,433 73,549 Finance leases Property, plant and equipment 10,886 10,879 Accumulated depreciation (2,079) (1,991) Property, plant and equipment, net 8,807 8,888 Current maturities of long-term debt 1,967 2,206 Long-term debt 3,808 4,522 Total finance lease liabilities $ 5,775 $ 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): Six Months Ended July 1, 2023 July 2, 2022 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 324 $ 9,331 Finance leases — 1,531 Supplemental balance sheet information related to leases was as follows (in thousands): July 1, 2023 December 31, 2022 Operating leases Other non-current assets $ 61,510 $ 65,495 Accrued expenses and other liabilities 8,344 8,749 Other non-current liabilities 61,089 64,800 Total operating lease liabilities 69,433 73,549 Finance leases Property, plant and equipment 10,886 10,879 Accumulated depreciation (2,079) (1,991) Property, plant and equipment, net 8,807 8,888 Current maturities of long-term debt 1,967 2,206 Long-term debt 3,808 4,522 Total finance lease liabilities $ 5,775 $ 6,728

Stockholders_ Equity

Stockholders’ Equity	6 Months Ended
Stockholders’ Equity	Jul. 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 and six months ended July 1, 2023 and July 2, 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 July 1, 2023. As of July 1, 2023, $400.0 million remained available for additional share repurchases under the program.

Stock-based Compensation

Stock-based Compensation	6 Months Ended
Stock-based Compensation	Jul. 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 and six months ended July 1, 2023 was $2.1 million, and $4.1 million, respectively, and $2.0 million and $3.6 million, respectively, for the three and six months ended July 2, 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 six months ended July 1, 2023, the Company granted 737,907 options, 432,652 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, $11.78 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	6 Months Ended
Acquisitions and Restructuring	Jul. 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 Six Months Ended July 1, 2023 July 2, 2022 July 1, 2023 July 2, 2022 Business restructuring costs $ 768 $ 1,862 $ 2,078 $ 3,988 Acquisition transaction and integration costs 541 3,078 794 3,223 Total $ 1,309 $ 4,940 $ 2,872 $ 7,211 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 July 1, 2023, the Company has largely completed the relocation. The estimated severance and retention costs pertaining to this relocation are approximately $6.0 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 $0.6 million of expense related to the relocation during the six months ended July 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 six months ended July 1, 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. 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 July 1, 2023 One-time termination benefits $ 2,422 $ 1,595 $ (3,478) $ 539 Facility-related — — — — Other — 483 (332) 151 Total $ 2,422 $ 2,078 $ (3,810) $ 690 2022 Activity Liability as of December 31, 2021 Costs Recognized Cash Payments Liability as of July 2, 2022 One-time termination benefits $ 1,035 $ 1,419 $ (1,038) $ 1,416 Facility-related 27 337 (364) — Other (1) 4,374 2,232 (4,852) 1,754 Total $ 5,436 $ 3,988 $ (6,254) $ 3,170 (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	6 Months Ended
Related-Party Transactions	Jul. 01, 2023
Related Party Transactions [Abstract]
Related-Party Transactions	17. Related-Party Transactions During the three and six months ended July 1, 2023, the Company did not incur any significant related party transactions. During the six months ended July 2, 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 the 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 one of the Company’s then-controlling stockholders, 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 the 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				6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jul. 01, 2023	Apr. 01, 2023	Jul. 02, 2022	Apr. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Pay vs Performance Disclosure
Net income	$ 29,453	$ 8,410	$ 66,260	$ 74,032	$ 37,863	$ 140,292

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	6 Months Ended
Insider Trading Arrangements	Jul. 01, 2023 shares	Jul. 01, 2023 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Kevin Holleran [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On March 7, 2023, Kevin Holleran, our President and Chief Executive Officer, entered into a Rule 10b5-1 Trading Plan that provides that Mr. Holleran, acting through a broker, may sell up to an aggregate of 403,711 shares of our common stock. Sales of shares under the plan may only occur from June 6, 2023 to December 29, 2023. The plan is scheduled to terminate on December 29, 2023, subject to earlier termination upon the sale of all shares subject to the plan, upon termination by Mr. Holleran or the broker, or as otherwise provided in the plan.
Name	Kevin Holleran
Title	President and Chief Executive Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	March 7, 2023
Aggregate Available	403,711	403,711
Eifion Jones [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On March 8, 2023, Eifion Jones, our Chief Financial Officer, entered into a Rule 10b5-1 Trading Plan that provides that Mr. Jones, acting through a broker, may exercise stock options and sell up to an aggregate of 235,000 shares of our common stock. Sales of shares under the plan may only occur from June 7, 2023 to November 30, 2023. The plan is scheduled to terminate on November 30, 2023, subject to earlier termination upon the sale of all shares subject to the plan, upon termination by Mr. Jones or the broker, or as otherwise provided in the plan.
Name	Eifion Jones
Title	Chief Financial Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	March 8, 2023
Aggregate Available	235,000	235,000
Fernando Blasco [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		May 16, 2023, Fernando Blasco, our Vice President, General Manager, Europe & Rest of World, entered into a Rule 10b5-1 Trading Plan that provides that Mr. Blasco, acting through a broker, may exercise stock options and sell up to an aggregate of 29,250 shares of our common stock. Sales of shares under the plan may only occur from August 15, 2023 to December 29, 2023. The plan is scheduled to terminate on December 29, 2023, subject to earlier termination upon the sale of all shares subject to the plan, under termination by Mr. Blasco or the broker, or as otherwise provided in the plan.
Name	Fernando Blasco
Title	Vice President, General Manager, Europe & Rest of World
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	May 16, 2023
Aggregate Available	29,250	29,250
Rick Roetken [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On May 17, 2023, Rick Roetken, our President, North America entered into a Rule 10b5-1 Trading Plan that provides that Mr. Roetken, acting through a broker, may exercise stock options and sell up to an aggregate of 1,004,208 shares of our common stock. Sales of shares under the plan may only occur from August 16, 2023 to January 31, 2024. The plan is scheduled to terminate on January 31, 2024, subject to earlier termination upon the sale of all shares subject to the plan, upon termination by Mr. Roetken or the broker, or as otherwise provided in the plan.
Name	Rick Roetken
Title	President, North America
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	May 17, 2023
Aggregate Available	1,004,208	1,004,208

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	6 Months Ended
Significant Accounting Policies (Policies)	Jul. 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 and six months ended July 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 In March 2020, the Financial Accounting Standards Board (“FASB”) issued guidance that provides optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions affected by the transition away from reference rates expected to be discontinued to alternative reference rates. The guidance was effective upon issuance and may be applied prospectively to contract modifications made and hedging relationships entered into on or before December 31, 2022. In December 2022, the FASB issued additional guidance deferring the sunset date of Topic 848 until December 31, 2024. As of July 1, 2023, the Company has largely completed the transition of its financial instruments or agreements effected by reference rate reform. The adoption of this standard has not had a material impact on the Company’s consolidated financial statements. Refer to Note 7. Long-Term Debt, Net and Note 8.

Revenue (Tables)

Revenue (Tables)	6 Months Ended
Revenue (Tables)	Jul. 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 Six Months Ended July 1, 2023 July 2, 2022 July 1, 2023 July 2, 2022 Product groups Residential pool $ 258,367 $ 377,400 $ 448,535 $ 767,032 Commercial pool 12,414 9,738 21,077 18,892 Industrial flow control 12,762 12,304 24,067 23,978 Total $ 283,543 $ 399,442 $ 493,679 $ 809,902 Geographic United States $ 218,573 $ 305,868 $ 369,154 $ 604,932 Canada 18,779 36,212 30,902 83,445 Europe 26,001 36,546 55,210 81,387 Rest of World 20,190 20,816 38,413 40,138 Total international 64,970 93,574 124,525 204,970 Total $ 283,543 $ 399,442 $ 493,679 $ 809,902
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 Six Months Ended July 1, 2023 July 2, 2022 July 1, 2023 July 2, 2022 Product groups Residential pool $ 258,367 $ 377,400 $ 448,535 $ 767,032 Commercial pool 12,414 9,738 21,077 18,892 Industrial flow control 12,762 12,304 24,067 23,978 Total $ 283,543 $ 399,442 $ 493,679 $ 809,902 Geographic United States $ 218,573 $ 305,868 $ 369,154 $ 604,932 Canada 18,779 36,212 30,902 83,445 Europe 26,001 36,546 55,210 81,387 Rest of World 20,190 20,816 38,413 40,138 Total international 64,970 93,574 124,525 204,970 Total $ 283,543 $ 399,442 $ 493,679 $ 809,902

Inventories (Tables)

Inventories (Tables)	6 Months Ended
Inventories (Tables)	Jul. 01, 2023
Inventory Disclosure [Abstract]
Schedule of Inventories, Net	Inventories, net, consist of the following (in thousands): July 1, 2023 December 31, 2022 Raw materials $ 107,538 $ 133,516 Work in progress 15,741 16,467 Finished goods 111,199 133,675 Total $ 234,478 $ 283,658

Accrued Expenses and Other Li_2

Accrued Expenses and Other Liabilities (Tables)	6 Months Ended
Accrued Expenses and Other Liabilities (Tables)	Jul. 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): July 1, 2023 December 31, 2022 Selling, promotional and advertising $ 30,619 $ 47,511 Employee compensation and benefits 18,774 18,955 Inventory purchases 18,629 24,154 Warranty reserve 16,826 19,652 Insurance reserve 9,869 9,987 Operating lease liability - short term 8,344 8,749 Short-term notes payable 4,861 3,056 Freight 4,054 3,511 Deferred income 2,650 7,178 Professional fees 2,242 1,543 Derivative liability 794 232 Business restructuring costs 690 2,337 Payroll taxes 587 1,404 Other accrued liabilities 14,721 15,014 Total $ 133,660 $ 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 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

Long-Term Debt (Tables)

Long-Term Debt (Tables)	6 Months Ended
Long-Term Debt (Tables)	Jul. 01, 2023
Debt Disclosure [Abstract]
Schedule of Long-term Debt	Long-term debt, net, consists of the following (in thousands): July 1, 2023 December 31, 2022 First Lien Term Facility, due May 28, 2028 $ 980,000 $ 985,000 Incremental B First Lien Term Facility, due May 28, 2028 124,063 124,688 ABL Revolving Credit Facility — — Other bank debt 5,895 4,593 Finance lease obligations 5,775 6,728 Subtotal 1,115,733 1,121,009 Less: Current portion of the long-term debt (14,695) (14,531) Less: Unamortized debt issuance costs (19,594) (21,423) Total $ 1,081,444 $ 1,085,055

Derivatives and Hedging Trans_2

Derivatives and Hedging Transactions (Tables)	6 Months Ended
Derivatives and Hedging Transactions (Tables)	Jul. 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 July 1, 2023 December 31, 2022 Interest rate swaps $ — $ 32,278 $ — $ — $ 31,676 $ — Foreign exchange contracts 421 — 794 1,450 — 232 Total $ 421 $ 32,278 $ 794 $ 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 July 1, 2023 July 2, 2022 July 1, 2023 July 2, 2022 Interest rate swaps (1) $ 6,005 $ 2,591 $ 3,871 $ (1,673) Interest expense, net (1) The Company estimates that $17.2 million of unrealized gains will be reclassified from AOCI into earnings in the next twelve months. Gain (Loss) Recognized in AOCI Gain (Loss) Reclassified From AOCI to Earnings Location of Gain (Loss) Reclassified from AOCI into Earnings Six Months Ended Six Months Ended July 1, 2023 July 2, 2022 July 1, 2023 July 2, 2022 Interest rate swaps $ 451 $ 11,064 $ 6,907 $ (2,249) Interest expense, net

Segments and Related Informat_2

Segments and Related Information (Tables)	6 Months Ended
Segments and Related Information (Tables)	Jul. 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 July 1, 2023 July 2, 2022 North America Europe & Rest of World Total North America Europe & Rest of World Total External net sales $ 237,352 $ 46,191 $ 283,543 $ 342,080 $ 57,362 $ 399,442 Segment income 70,962 9,384 80,346 110,539 13,232 123,771 Capital expenditures (1) 8,674 776 9,450 4,990 628 5,618 Depreciation and amortization (2) 5,488 231 5,719 5,643 206 5,849 Intersegment sales 2,996 102 3,098 10,553 183 10,736 Six Months Ended Six Months Ended July 1, 2023 July 2, 2022 North America Europe & Rest of World Total North America Europe & Rest of World Total External net sales $ 400,056 $ 93,623 $ 493,679 $ 688,377 $ 121,525 $ 809,902 Segment income 104,238 19,234 123,472 219,150 30,201 249,351 Capital expenditures (1) 14,586 962 15,548 10,576 1,590 12,166 Depreciation and amortization (2) 11,213 448 11,661 11,463 375 11,838 Intersegment sales 7,719 108 7,827 23,678 354 24,032 (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 Six Months Ended July 1, 2023 July 2, 2022 July 1, 2023 July 2, 2022 Total segment income $ 80,346 $ 123,771 $ 123,472 $ 249,351 Corporate expense, net 8,425 8,386 14,524 17,665 Acquisition and restructuring related expense 1,309 4,940 2,872 7,211 Amortization of intangible assets 7,637 7,697 15,254 15,307 Operating income 62,975 102,748 90,822 209,168 Interest expense, net 19,130 11,605 38,491 21,167 Other (income) expense, net 625 3,804 (134) 3,290 Total other expense 19,755 15,409 38,357 24,457 Income from operations before income taxes $ 43,220 $ 87,339 $ 52,465 $ 184,711

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
Earnings Per Share (Tables)	Jul. 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 Six Months Ended July 1, 2023 July 2, 2022 July 1, 2023 July 2, 2022 Net income attributable to common stockholders $ 29,453 $ 66,260 $ 37,863 $ 140,292 Weighted average number of common shares outstanding, basic 212,861,564 218,401,182 212,692,393 225,358,529 Effect of dilutive securities (a) 7,641,980 10,241,800 7,814,528 10,584,570 Weighted average number of common shares outstanding, diluted 220,503,544 228,642,982 220,506,921 235,943,099 Earnings per share attributable to common stockholders, basic $ 0.14 $ 0.30 $ 0.18 $ 0.62 Earnings per share attributable to common stockholders, diluted $ 0.13 $ 0.29 $ 0.17 $ 0.59 (a) For the three months ended July 1, 2023 and July 2, 2022 there were potential common shares totaling approximately 3.0 million and 2.6 million, respectively, and for the six months ended July 1, 2023 and July 2, 2022, there were potential common shares totaling approximately 2.8 million and 2.0 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)	6 Months Ended
Leases (Tables)	Jul. 01, 2023
Leases [Abstract]
Schedule of Lease, Cost	Supplemental cash flow information related to leases was as follows (in thousands): Six Months Ended July 1, 2023 July 2, 2022 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 324 $ 9,331 Finance leases — 1,531
Schedule of Assets and Liabilities, Lessee	Supplemental balance sheet information related to leases was as follows (in thousands): July 1, 2023 December 31, 2022 Operating leases Other non-current assets $ 61,510 $ 65,495 Accrued expenses and other liabilities 8,344 8,749 Other non-current liabilities 61,089 64,800 Total operating lease liabilities 69,433 73,549 Finance leases Property, plant and equipment 10,886 10,879 Accumulated depreciation (2,079) (1,991) Property, plant and equipment, net 8,807 8,888 Current maturities of long-term debt 1,967 2,206 Long-term debt 3,808 4,522 Total finance lease liabilities $ 5,775 $ 6,728

Stock-based Compensation (Table

Stock-based Compensation (Tables)	6 Months Ended
Stock-based Compensation (Tables)	Jul. 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)	6 Months Ended
Acquisitions and Restructuring (Tables)	Jul. 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 Six Months Ended July 1, 2023 July 2, 2022 July 1, 2023 July 2, 2022 Business restructuring costs $ 768 $ 1,862 $ 2,078 $ 3,988 Acquisition transaction and integration costs 541 3,078 794 3,223 Total $ 1,309 $ 4,940 $ 2,872 $ 7,211
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 July 1, 2023 One-time termination benefits $ 2,422 $ 1,595 $ (3,478) $ 539 Facility-related — — — — Other — 483 (332) 151 Total $ 2,422 $ 2,078 $ (3,810) $ 690 2022 Activity Liability as of December 31, 2021 Costs Recognized Cash Payments Liability as of July 2, 2022 One-time termination benefits $ 1,035 $ 1,419 $ (1,038) $ 1,416 Facility-related 27 337 (364) — Other (1) 4,374 2,232 (4,852) 1,754 Total $ 5,436 $ 3,988 $ (6,254) $ 3,170 (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)	Jul. 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		6 Months Ended
Revenue (Details) - USD ($) $ in Thousands	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Revenue from External Customer [Line Items]
Net sales	$ 283,543	$ 399,442	$ 493,679	$ 809,902
United States
Revenue from External Customer [Line Items]
Net sales	218,573	305,868	369,154	604,932
Total international
Revenue from External Customer [Line Items]
Net sales	64,970	93,574	124,525	204,970
Canada
Revenue from External Customer [Line Items]
Net sales	18,779	36,212	30,902	83,445
Europe
Revenue from External Customer [Line Items]
Net sales	26,001	36,546	55,210	81,387
Rest of World
Revenue from External Customer [Line Items]
Net sales	20,190	20,816	38,413	40,138
Residential pool
Revenue from External Customer [Line Items]
Net sales	258,367	377,400	448,535	767,032
Commercial pool
Revenue from External Customer [Line Items]
Net sales	12,414	9,738	21,077	18,892
Industrial flow control
Revenue from External Customer [Line Items]
Net sales	$ 12,762	$ 12,304	$ 24,067	$ 23,978

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Jul. 01, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 107,538	$ 133,516
Work in progress	15,741	16,467
Finished goods	111,199	133,675
Total	$ 234,478	$ 283,658

Accrued Expenses and Other Li_3

Accrued Expenses and Other Liabilities - Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands	Jul. 01, 2023	Apr. 01, 2023	Dec. 31, 2022	Jul. 02, 2022	Apr. 02, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Selling, promotional and advertising	$ 30,619		$ 47,511
Employee compensation and benefits	18,774		18,955
Inventory purchases	18,629		24,154
Warranty reserve	16,826	$ 18,000	19,652	$ 26,919	$ 27,188	$ 24,174
Insurance reserve	9,869		9,987
Operating lease liability - short term	8,344		8,749
Short-term notes payable	4,861		3,056
Freight	4,054		3,511
Deferred income	2,650		7,178
Professional fees	2,242		1,543
Derivative liability	794		232
Business restructuring costs	690		2,337
Payroll taxes	587		1,404
Other accrued liabilities	14,721		15,014
Accrued expenses and other liabilities	$ 133,660		$ 163,283

Accrued Expenses and Other Li_4

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

Accrued Expenses and Other Li_5

Accrued Expenses and Other Liabilities - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Payables and Accruals [Abstract]
Warranty expense	$ 10.1	$ 8.8	$ 15.6	$ 18.2

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($)	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Income Tax Disclosure [Abstract]
Effective tax rate	31.90%	24.10%	27.80%	24%
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	Jul. 01, 2023	Dec. 31, 2022
Line of Credit Facility [Line Items]
Other bank debt	$ 5,895	$ 4,593
Finance lease obligations	5,775	6,728
Subtotal	1,115,733	1,121,009
Less: Current portion of the long-term debt	(14,695)	(14,531)
Less: Unamortized debt issuance costs	(19,594)	(21,423)
Long-term debt, net	1,081,444	1,085,055
Term Loan \| First Lien Term Facility, due May 28, 2028
Line of Credit Facility [Line Items]
Long-term debt, gross	980,000	985,000
Term Loan \| Incremental B First Lien Term Facility, due May 28, 2028
Line of Credit Facility [Line Items]
Long-term debt, gross	124,063	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	May 28, 2021	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
London Interbank Offered Rate (LIBOR) \| Debt Instrument Covenant Period One
Line of Credit Facility [Line Items]
Basis spread	2.75%
London Interbank Offered Rate (LIBOR) \| 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 \| London Interbank Offered Rate (LIBOR) \| Debt Instrument Covenant Period One
Line of Credit Facility [Line Items]
Basis spread	0.50%
Minimum \| London Interbank Offered Rate (LIBOR) \| 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		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Derivative [Line Items]
Other income (expense)	$ (625)	$ (3,804)	$ 134	$ (3,290)
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)	$ (800)	$ (1,400)	$ (1,500)	$ (300)

Derivatives and Hedging Trans_4

Derivatives and Hedging Transactions - Gross Fair Values and Location of Derivative Instruments (Details) - USD ($) $ in Thousands	Jul. 01, 2023	Dec. 31, 2022
Other Current Assets
Derivatives, Fair Value [Line Items]
Other Assets	$ 421	$ 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	421	1,450
Other Non-Current Assets
Derivatives, Fair Value [Line Items]
Other Assets	32,278	31,676
Other Non-Current Assets \| Interest rate swaps
Derivatives, Fair Value [Line Items]
Other Assets	32,278	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	794	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	$ 794	$ 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		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain (Loss) Recognized in AOCI, Interest rate swaps	$ 6,005	$ 2,591	$ 451	$ 11,064
Gain (Loss) Reclassified From AOCI to Earnings, Interest rate swaps	3,871	(1,673)	$ 6,907	$ (2,249)
Cash flow hedge gain to be reclassified within 12 months	$ 17,200	$ 17,200

Fair Value Measurements (Detail

Fair Value Measurements (Details) - Level 2, Fair Value Inputs - USD ($) $ in Millions	Jul. 01, 2023	Dec. 31, 2022
Carrying Value
Debt Instrument [Line Items]
Long term debt	$ 1,104.1	$ 1,109.7
Fair Value
Debt Instrument [Line Items]
Long term debt	$ 1,091.9	$ 1,071.5

Segments and Related Informat_3

Segments and Related Information - Additional Information (Details)	6 Months Ended
	Jul. 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		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Revenue, Major Customer [Line Items]
External net sales	$ 283,543	$ 399,442	$ 493,679	$ 809,902
Segment income	62,975	102,748	90,822	209,168
Operating Segments
Revenue, Major Customer [Line Items]
External net sales	283,543	399,442	493,679	809,902
Segment income	80,346	123,771	123,472	249,351
Capital expenditures	9,450	5,618	15,548	12,166
Depreciation and amortization	5,719	5,849	11,661	11,838
Intersegment sales
Revenue, Major Customer [Line Items]
External net sales	3,098	10,736	7,827	24,032
North America \| Operating Segments
Revenue, Major Customer [Line Items]
External net sales	237,352	342,080	400,056	688,377
Segment income	70,962	110,539	104,238	219,150
Capital expenditures	8,674	4,990	14,586	10,576
Depreciation and amortization	5,488	5,643	11,213	11,463
North America \| Intersegment sales
Revenue, Major Customer [Line Items]
External net sales	2,996	10,553	7,719	23,678
Europe & Rest of World \| Operating Segments
Revenue, Major Customer [Line Items]
External net sales	46,191	57,362	93,623	121,525
Segment income	9,384	13,232	19,234	30,201
Capital expenditures	776	628	962	1,590
Depreciation and amortization	231	206	448	375
Europe & Rest of World \| Intersegment sales
Revenue, Major Customer [Line Items]
External net sales	$ 102	$ 183	$ 108	$ 354

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		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Revenue, Major Customer [Line Items]
Operating income	$ 62,975	$ 102,748	$ 90,822	$ 209,168
Acquisition and restructuring related expense	1,309	4,940	2,872	7,211
Amortization of intangible assets	7,637	7,697	15,254	15,307
Interest expense, net	19,130	11,605	38,491	21,167
Other (income) expense, net	625	3,804	(134)	3,290
Total other expense	19,755	15,409	38,357	24,457
Income from operations before income taxes	43,220	87,339	52,465	184,711
Total segment income
Revenue, Major Customer [Line Items]
Operating income	80,346	123,771	123,472	249,351
Corporate expense, net
Revenue, Major Customer [Line Items]
Operating income	$ 8,425	$ 8,386	$ 14,524	$ 17,665

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jul. 01, 2023	Apr. 01, 2023	Jul. 02, 2022	Apr. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Earnings Per Share [Abstract]
Net income attributable to common stockholders	$ 29,453	$ 8,410	$ 66,260	$ 74,032	$ 37,863	$ 140,292
Weighted Average Number of Shares Outstanding, Basic
Weighted average number of common shares outstanding, basic (in shares)	212,861,564		218,401,182		212,692,393	225,358,529
Effect of dilutive securities (in shares)	7,641,980		10,241,800		7,814,528	10,584,570
Weighted average number of common shares outstanding, diluted (in shares)	220,503,544		228,642,982		220,506,921	235,943,099
Earnings Per Share, Basic and Diluted
Earnings per share attributable to common stockholders, basic (in usd per share)	$ 0.14		$ 0.30		$ 0.18	$ 0.62
Earnings per share attributable to common stockholders, diluted (in usd per share)	$ 0.13		$ 0.29		$ 0.17	$ 0.59
Excluded from the weighted average number of common shares outstanding, dilutive due to being anti-dilutive (in shares)	3,000,000		2,600,000		2,800,000	2,000,000

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flows Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$ 324	$ 9,331
Finance leases	$ 0	$ 1,531

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Jul. 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	$ 61,510	$ 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	$ 8,344	$ 8,749
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other non-current liabilities	Other non-current liabilities
Other non-current liabilities	$ 61,089	$ 64,800
Total operating lease liabilities	69,433	73,549
Finance leases
Property, plant and equipment	10,886	10,879
Accumulated depreciation	$ (2,079)	$ (1,991)
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property, plant, and equipment, net of accumulated depreciation of $92,420 and $84,119, respectively	Property, plant, and equipment, net of accumulated depreciation of $92,420 and $84,119, respectively
Property, plant and equipment, net	$ 8,807	$ 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	$ 1,967	$ 2,206
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Long-term debt, net	Long-term debt, net
Long-term debt	$ 3,808	$ 4,522
Total finance lease liabilities	$ 5,775	$ 6,728

Stockholders_ Equity (Details)

Stockholders’ Equity (Details) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jul. 01, 2023 USD ($) vote $ / shares shares	Jul. 02, 2022 USD ($) $ / shares	Jul. 01, 2023 USD ($) vote $ / shares shares	Jul. 02, 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		6 Months Ended
	Jul. 01, 2023 USD ($) derivative_contract	Jul. 02, 2022 USD ($)	Jul. 01, 2023 USD ($) derivative_contract $ / shares shares	Jul. 02, 2022 USD ($)	Mar. 31, 2021 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense \| $	$ 2.1	$ 2	$ 4.1	$ 3.6
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)			432,652
Granted (in usd per share) \| $ / shares			$ 11.78
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		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Acquisition, Restructuring and Related Activities [Abstract]
Business restructuring costs	$ 768	$ 1,862	$ 2,078	$ 3,988
Acquisition transaction and integration costs	541	3,078	794	3,223
Total	$ 1,309	$ 4,940	$ 2,872	$ 7,211

Acquisitions and Restructurin_3

Acquisitions and Restructuring - Additional Information (Details) $ in Millions	6 Months Ended
	Jul. 01, 2023 USD ($)
Restructuring Cost and Reserve [Line Items]
Expected restructuring costs	$ 6
Employee Relocation
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0.6
Employee Severance
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 1.3

Acquisitions and Restructurin_4

Acquisitions and Restructuring - Facility Closure and Other One-Time Termination Benefits (Details) - USD ($) $ in Thousands	6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022
Restructuring Reserve [Roll Forward]
Beginning balance	$ 2,422	$ 5,436
Costs Recognized	2,078	3,988
Cash Payments	(3,810)	(6,254)
Ending balance	690	3,170
One-time termination benefits
Restructuring Reserve [Roll Forward]
Beginning balance	2,422	1,035
Costs Recognized	1,595	1,419
Cash Payments	(3,478)	(1,038)
Ending balance	539	1,416
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	483	2,232
Cash Payments	(332)	(4,852)
Ending balance	$ 151	$ 1,754

Related-Party Transactions (Det

Related-Party Transactions (Details) $ / shares in Units, shares in Thousands, $ in Thousands			6 Months Ended
	May 02, 2022 USD ($) $ / shares shares	Jan. 24, 2022 USD ($) $ / shares shares	Jul. 01, 2023 USD ($)	Jul. 02, 2022 USD ($) 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	$ 9	$ 293,159
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