HAYWARD HOLDINGS, INC., 10-K filed on 2/29/2024
Annual Report
v3.24.0.1
Cover - USD ($)
 12 Months Ended
Dec. 31, 2023
Feb. 27, 2024
Jun. 30, 2023
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2023    
Current Fiscal Year End Date --12-31    
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 Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
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    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity Public Float     $ 1,803,570,604
Entity Common Stock, Shares Outstanding   214,316,986  
Documents Incorporated by Reference
Portions of the registrant’s definitive proxy statement for the 2024 annual meeting of stockholders are incorporated by reference into Part III.
    
Entity Central Index Key 0001834622    
Document Fiscal Year Focus 2023    
Document Fiscal Period Focus FY    
Amendment Flag false    
v3.24.0.1
Audit Information
 12 Months Ended
Dec. 31, 2023
Auditor Information [Abstract]  
Auditor Firm ID 238
Auditor Name PricewaterhouseCoopers LLP
Auditor Location New York, New York
v3.24.0.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Current assets    
Cash and cash equivalents $ 178,097 $ 56,177
Short-term investments 25,000 0
Accounts receivable, net of allowances of $2,870 and $3,937, respectively 270,875 209,109
Inventories, net 215,180 283,658
Prepaid expenses 14,331 14,981
Income tax receivable 9,994 27,173
Other current assets 11,264 21,186
Total current assets 724,741 612,284
Property, plant and equipment, net 158,979 149,828
Goodwill 935,013 932,396
Trademark 736,000 736,000
Customer relationships, net 206,308 230,503
Other intangibles, net 94,082 106,673
Other non-current assets 91,161 107,329
Total assets 2,946,284 2,875,013
Current liabilities    
Current portion of long-term debt 15,088 14,531
Accounts payable 68,943 54,022
Accrued expenses and other liabilities 155,543 163,283
Income taxes payable 109 574
Total current liabilities 239,683 232,410
Long-term debt 1,079,280 1,085,055
Deferred tax liabilities, net 248,967 264,111
Other non-current liabilities 66,896 70,403
Total liabilities 1,634,826 1,651,979
Commitments and contingencies (Note 14)
Stockholders’ equity    
Preferred stock, $0.001 par value, 100,000,000 authorized, no shares issued or outstanding as of December 31, 2023 and 2022 0 0
Common stock $0.001 par value, 750,000,000 authorized; 242,832,045 issued and 214,165,676 outstanding at December 31, 2023; 240,529,150 issued and 211,862,781 outstanding at December 31, 2022 243 241
Additional paid-in capital 1,080,894 1,069,878
Treasury stock; 28,666,369 and 28,666,369 at December 31, 2023 and 2022, respectively (357,755) (357,415)
Retained earnings 580,909 500,222
Accumulated other comprehensive income 7,167 10,108
Total stockholders’ equity 1,311,458 1,223,034
Total liabilities, redeemable stock and stockholders’ equity $ 2,946,284 $ 2,875,013
v3.24.0.1
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Statement of Financial Position [Abstract]    
Accounts receivable, allowances $ 2,870 $ 3,937
Preferred shares par value (in usd per share) $ 0.001 $ 0.001
Preferred stock authorized (in shares) 100,000,000 100,000,000
Preferred stock issued (in shares) 0 0
Preferred stock outstanding (in shares) 0 0
Common stock, par value (in usd per share) $ 0.001 $ 0.001
Common stock, authorized (in shares) 750,000,000 750,000,000
Common stock issued (in shares) 242,832,045 240,529,150
Common stock outstanding (in shares) 214,165,676 211,862,781
Common treasury stock (in shares) 28,666,369 28,666,369
v3.24.0.1
Consolidated Statements of Operations - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Income Statement [Abstract]      
Net sales $ 992,452 $ 1,314,136 $ 1,401,794
Cost of sales 515,502 717,101 746,012
Gross profit 476,950 597,035 655,782
Selling, general and administrative expense 233,607 248,812 267,264
Research, development and engineering expense 24,547 22,359 22,867
Acquisition and restructuring related expense 13,213 8,162 15,030
Amortization of intangible assets 30,361 32,129 32,647
Operating income 175,222 285,573 317,974
Interest expense, net 73,584 51,387 50,854
Loss on debt extinguishment 0 0 9,418
Other expense (income), net 551 (51) (2,439)
Total other expense 74,135 51,336 57,833
Income from operations before income taxes 101,087 234,237 260,141
Provision for income taxes 20,400 54,890 56,416
Net income $ 80,687 $ 179,347 $ 203,725
Earnings per common share      
Basic (in usd per share) $ 0.38 $ 0.82 $ 0.52
Diluted (in usd per share) $ 0.37 $ 0.78 $ 0.49
Weighted average common share outstanding      
Basic (in shares) 213,144,063 219,945,024 187,688,087
Diluted (in shares) 220,688,616 229,726,497 200,574,232
v3.24.0.1
Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Statement of Comprehensive Income [Abstract]      
Net income $ 80,687 $ 179,347 $ 203,725
Other comprehensive income (loss):      
Foreign currency translation adjustments, gross 5,101 (17,391) (5)
Foreign currency translation adjustments, taxes 0 0 (763)
Foreign currency translation adjustments, net 5,101 (17,391) (768)
Change in fair value of derivatives, gross (10,723) 31,676 6,480
Change in fair value of derivatives, taxes 2,681 (7,919) (1,620)
Change in fair value of derivatives, net (8,042) 23,757 4,860
Comprehensive income $ 77,746 $ 185,713 $ 207,817
v3.24.0.1
Consolidated Statements of Changes in Redeemable Stock and Stockholders' Equity - USD ($)
$ in Thousands
Total
Common Stock
Additional Paid-In Capital
Treasury Stock
Retained Earnings
Accumulated Other Comprehensive Income (Loss)
Redeemable Class A and C Stock
Common Class A
Common Class A
Additional Paid-In Capital
Beginning balance (in shares) at Dec. 31, 2020             869,923    
Beginning balance at Dec. 31, 2020             $ 594,500    
Increase (Decrease) in Temporary Equity [Roll Forward]                  
Conversion to common stock upon IPO (in shares)             (869,923)    
Conversion to common stock upon IPO             $ (594,500)    
Issuance of stock (in shares)             186    
Repurchase of stock (in shares)             (186)    
Ending balance (in shares) at Dec. 31, 2021             0    
Ending balance at Dec. 31, 2021             $ 0    
Beginning balance (in shares) at Dec. 31, 2020   2,772,900              
Beginning balance at Dec. 31, 2020 $ 209,261 $ 3 $ 10,297 $ (3,686) $ 202,997 $ (350)      
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net income 203,725       203,725        
Conversion to common stock upon IPO (in shares)   206,147,857              
Conversion to common stock upon IPO 594,045 $ 206 679,644   (85,805)        
Issuance of stock (in shares)   22,200,000              
Issuance of stock 351,575 $ 22 351,553         $ 221 $ 221
Cash distributions (42)       (42)        
Stock-based compensation 15,005   15,005            
Issuance of common stock for compensation plans (in shares)   2,971,149              
Issuance of common stock for compensation plans 2,011 $ 7 2,004            
Repurchase of stock (in shares)   (1,035,107)              
Repurchase of stock (10,380)     (10,380)          
Net current period other comprehensive (loss) income 4,092         4,092      
Ending balance (in shares) at Dec. 31, 2021   233,056,799              
Ending balance at Dec. 31, 2021 1,369,513 $ 238 1,058,724 (14,066) 320,875 3,742      
Ending balance (in shares) at Dec. 31, 2022             0    
Ending balance at Dec. 31, 2022             $ 0    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net income 179,347       179,347        
Stock-based compensation 7,948   7,948            
Issuance of common stock for compensation plans (in shares)   2,096,934              
Issuance of common stock for compensation plans 3,209 $ 3 3,206            
Repurchase of stock (in shares)   (23,290,952)              
Repurchase of stock (343,100)                
Repurchase of stock (343,349)     (343,349)          
Net current period other comprehensive (loss) income $ 6,366         6,366      
Ending balance (in shares) at Dec. 31, 2022 211,862,781 211,862,781              
Ending balance at Dec. 31, 2022 $ 1,223,034 $ 241 1,069,878 (357,415) 500,222 10,108      
Ending balance (in shares) at Dec. 31, 2023             0    
Ending balance at Dec. 31, 2023             $ 0    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net income 80,687       80,687        
Stock-based compensation 9,165   9,165            
Issuance of common stock for compensation plans (in shares)   2,302,895              
Issuance of common stock for compensation plans 1,853 $ 2 1,851            
Repurchase of stock (340)     (340)          
Net current period other comprehensive (loss) income $ (2,941)         (2,941)      
Ending balance (in shares) at Dec. 31, 2023 214,165,676 214,165,676              
Ending balance at Dec. 31, 2023 $ 1,311,458 $ 243 $ 1,080,894 $ (357,755) $ 580,909 $ 7,167      
v3.24.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities      
Net income $ 80,687 $ 179,347 $ 203,725
Adjustments to reconcile net income to net cash provided by operating activities      
Depreciation 15,983 19,246 18,826
Amortization of intangible assets 37,079 38,393 38,990
Amortization of deferred debt issuance fees 4,696 3,271 4,005
Stock-based compensation 9,165 7,948 15,005
Deferred income taxes (12,786) (5,345) (15,314)
Allowance for bad debts (1,067) 1,934 644
Loss on debt extinguishment 0 0 9,418
Loss on impairment 6,720 0 6,319
Loss on sale of property, plant and equipment 1,000 6,128 4,219
Changes in operating assets and liabilities      
Accounts receivable (58,700) (3,409) (70,115)
Inventories 67,824 (35,117) (89,660)
Other current and non-current assets 24,820 (40,197) (17,161)
Accounts payable 14,551 (36,773) 18,365
Accrued expenses and other liabilities (5,432) (19,482) 62,121
Net cash provided by operating activities 184,540 115,944 189,387
Cash flows from investing activities      
Purchases of property, plant, and equipment (30,994) (29,625) (26,222)
Purchases of short-term investments (25,000) 0 0
Purchases of intangibles 0 0 (914)
Acquisitions, net of cash acquired 0 (62,952) (21,509)
Proceeds from sale of property, plant, and equipment 613 4 25
Cash paid for settlements of investment currency hedge 0 0 (157)
Net cash used in investing activities (55,381) (92,573) (48,777)
Cash flows from financing activities      
Proceeds from issuance of common stock - Initial Public Offering 0 0 377,400
Costs associated with Initial Public Offering 0 0 (26,124)
Purchases of common stock for treasury (340) (343,349) (9,524)
Proceeds from issuance of long-term debt 5,448 129,725 51,659
Debt issuance costs 0 (8,547) (12,551)
Payments of long-term debt (12,518) (10,445) (369,644)
Proceeds from revolving credit facility 144,100 150,000 68,000
Payments on revolving credit facility (144,100) (150,000) (68,000)
Proceeds from issuance of short term debt 6,130 8,119 0
Payments of short term debt (6,894) (5,063) 0
Other, net 562 320 (259)
Net cash (used in) provided by financing activities (7,612) (229,240) 10,957
Effect of exchange rate changes on cash and cash equivalents 373 (3,750) (1,065)
Change in cash and cash equivalents 121,920 (209,619) 150,502
Cash and cash equivalents, beginning of year 56,177 265,796 115,294
Cash and cash equivalents, end of year 178,097 56,177 265,796
Supplemental disclosures of cash flow information:      
Cash paid-interest 75,658 51,499 46,763
Cash paid-income taxes 16,420 99,395 62,467
Equipment financed under finance leases $ (21) $ 1,603 $ 0
v3.24.0.1
Nature of Operations and Organization
 12 Months Ended
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Nature of Operations and Organization Nature of Operations and OrganizationHayward Holdings, Inc. (the “Company”) is a global designer, manufacturer, and marketer of a broad portfolio of pool equipment and associated automation systems. The Company has six primary manufacturing facilities worldwide, which are located in North Carolina, Tennessee, Rhode Island, Spain (two) and China, and other facilities in the United States, Canada, France, Spain 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 due to the terms of sale to customers
v3.24.0.1
Significant Accounting Policies
 12 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
Significant Accounting Policies Significant Accounting Policies
Principles of Consolidation
The 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.
Use of Estimates
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Significant items subject to estimates and assumptions include the valuation of allowances for receivables, inventories, the carrying value of goodwill and other intangible assets, fair value measurements, derivative financial instruments, revenue recognition, income taxes, stock-based compensation, self-insurance and warranty obligations and the fair value of acquired assets and liabilities. Actual results may differ significantly from those estimates.
Cash and Cash Equivalents
Cash equivalents primarily consist of cash on deposit with banks, readily marketable and highly rated investments in government securities, corporate bonds and commercial paper with a maturity date within three months or less at date of purchase; and money market funds that invest substantially all their assets in the types of investments aforementioned.
Periodically throughout the period, the Company’s cash balance exceeded the amount insured by the Federal Deposit Insurance Corporation (“FDIC”). The Company maintains cash balances at banking institutions in Australia, China, Canada, France, Spain and the United Kingdom which are not protected by FDIC insurance. The Company mitigates potential cash risk by maintaining bank accounts with credit-worthy financial institutions. The Company does not believe that its cash balances are subject to unusual credit risk beyond the normal credit risk associated with commercial banking relationships.
Short-term Investments
The Company classifies its investments as cash and cash equivalents or short-term investments based upon the terms of the investment. As of December 31, 2023 the Company had certificates of deposit of $25 million reported as short-term investments in the consolidated balance sheets. Short-term investments are recorded at amortized cost, which approximates fair value, and realized gains or losses are reported in earnings.
Accounts Receivable, Net
Accounts receivable is presented net of accrued rebates and allowances for returns and doubtful accounts. The Company’s allowance for doubtful accounts is an estimate of current expected credit losses that is determined based on a variety of factors that affect the potential collectability of related receivables, including customer history, customer credit ratings, financial stability of customers, specific one-time events and overall economic environment.
Activity in the Company’s allowance for doubtful accounts is as follows (in thousands):
Balance at Beginning of PeriodCharges (Recoveries) to Costs and ExpensesAdditions (Deductions)Balance at End of Period
2021$1,359 $724 $(80)$2,003 
20222,003 2,176 (242)3,937 
20233,937 (1,055)(12)2,870 
Inventories
Inventories are stated at the lower of cost or net realizable value, net of obsolescence reserves on a first-in, first-out (“FIFO”) basis. The Company evaluates inventory for excess and obsolescence and record necessary reserves based on historical costs, selling price, margin and current business trends.
Property, Plant, and Equipment
Property, plant and equipment is recorded at cost and depreciated using the straight-line method of depreciation based upon the following estimated useful lives:
•Buildings and improvements—10 to 40 years
•Machinery, tools and equipment—3 to 20 years
Repairs and maintenance are charged to expense as incurred. Upon disposition, the asset and corresponding accumulated depreciation are removed from the related accounts and any gains or losses are reflected in operating income.
The Company reviews the recoverability of long-lived assets to be held and used when events or changes in circumstances occur that indicate the carrying value of the asset or asset group may not be recoverable. The assessment of possible impairment is based on its ability to recover the carrying value of the asset or asset group from the expected undiscounted future pre-tax cash flows of the related operations. If these cash flows are less than the carrying value of such asset or asset group, an impairment loss is recognized for the difference between estimated fair value and carrying value. The measurement of impairment requires the Company to estimate future cash flows and the fair value of long-lived assets.
For the year ended December 31, 2023, the Company recorded a $3.9 million impairment charge in its North America reportable segment for significant long-lived assets associated with the discontinuation of a product line. The charge is recorded within acquisition and restructuring related expense in the consolidated statements of operations. For the year ended December 31, 2022, the Company recorded a $5.5 million impairment charge in its North America reportable segment for significant long-lived assets associated with the discontinuation of a product joint development agreement. The charge is recorded within selling, general and administrative expense within the consolidated statements of operations.
Goodwill and Intangible Assets
The purchase price in excess of net assets of businesses acquired is classified as goodwill in the accompanying consolidated balance sheets.
The Company tests goodwill at the reporting unit level, which is defined as an operating segment or one level below an operating segment that constitutes a business for which financial information is available and is regularly reviewed by the Chief Operating Decision Maker (“CODM”). The Company determined that it has 5 reporting units for this purpose. The Company tests for impairment at least annually or if there is an indication that goodwill may be impaired.
The Company has the option to first complete a qualitative assessment (i.e., “Step 0”) to determine whether it is more likely than not that the fair value of the business is less than its carrying amount. If the Company determines that this is the case, it is required to perform the currently prescribed quantitative impairment test to identify potential goodwill impairment and measure the amount of goodwill impairment loss to be charged for that reporting
unit, if any. In addition to the more likely than not assessment as part of the Step 0, if significant time has elapsed since the prior valuation or economic conditions have been volatile, the Company may elect to perform a quantitative assessment.
Under the quantitative assessment, the Company compares the carrying value of goodwill at a reporting unit level to an estimate of the fair value of the respective reporting unit. Fair value of the reporting unit is estimated using a discounted six-year projected cash flow analyses and a terminal value calculation at the end of the six-year period. If the fair value of the reporting unit exceeds its carrying value, the goodwill associated with the reporting unit is not impaired. If the carrying value of the reporting unit exceeds its fair value, an impairment loss is recognized for the amount by which the reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill.
For the year ended December 31, 2023, the Company completed a quantitative assessment and for the year ended December 31, 2022, the Company completed a qualitative impairment analysis of goodwill for each of its reporting units at November 30, 2023 and 2022, respectively. The results of the quantitative assessment for the year ended December 31, 2023 indicated the fair value of each of the reporting units exceeded the corresponding carrying value. The qualitative assessment for the year ended December 31, 2022 indicated that it was more likely than not that the fair values of the reporting units were more than the carrying values.
Intangible assets with indefinite lives (i.e., trademarks) are not amortized; rather, they are tested for impairment whenever events or circumstances exist that would make it more likely than not that an impairment exists. The Company first assesses qualitative factors to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired. If adverse qualitative trends are identified that could negatively impact the fair value of the asset, then quantitative impairment tests are performed to compare the carrying value of the asset to its undiscounted expected future cash flows. If this test indicates that there is impairment, the impaired asset is written down to fair value.
For the year ended December 31, 2023, the Company completed a quantitative assessment of indefinite-lived intangible assets in conjunction with its quantitative impairment analysis of goodwill at November 30, 2023. The results of the quantitative assessment for the year ended December 31, 2023 indicated the fair values exceeded the corresponding carrying values. For the year ended December 31, 2022, the Company completed a qualitative impairment analysis of indefinite-lived intangible assets at November 30, 2022. The results of the qualitative assessment indicated that it was more likely than not that the fair values of the indefinite-lived intangible assets were more than the carrying values.
Intangible assets with finite lives are amortized based on the estimated useful life of the intangible asset using a method that reflects the pattern in which the economic benefits of the intangible assets are consumed or otherwise used, or, if that pattern cannot be reliably determined, using a straight-line amortization method.
In the fourth quarter of 2023, the Company discontinued a product line. As a result of the product line discontinuation, the Company recognized an impairment loss of $0.5 million associated with the product technology intangible asset within the North America reportable segment. The impairment loss is recorded within acquisition and restructuring related expense in the consolidated statements of operations.
Fair Value Measurements
The Company measures certain of its assets and liabilities at fair value, which is defined as the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants, in either the principal market or the most advantageous market. The principal market is the market with the greatest level of activity and volume for the asset or liability.
The common framework for measuring fair value utilizes a three-level hierarchy to prioritize the inputs used in the valuation techniques to derive fair values. The basis for fair value measurements for each level within the hierarchy is described below with Level 1 having the highest priority and Level 3 having the lowest.
Level 1 Quoted prices in active markets for identical assets or liabilities.
Level 2 Quoted prices in active markets for similar assets or liabilities; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are observable in active markets.
Level 3 Valuations derived from valuation techniques in which one or more significant inputs are unobservable.
Derivatives
In the normal course of business, the Company is exposed to the impact of interest rate changes and foreign currency fluctuations. The Company manages its economic and transactional exposure to certain market risks through the use of foreign currency derivative instruments and interest rate swaps. The Company’s objective in holding derivatives is to reduce the volatility of net earnings, cash flows and net asset value associated with changes in foreign currency exchange rates and interest rates. The Company does not hold derivative instruments for trading or speculative purposes.
The Company limits its exposure to these risks by following established risk management policies and procedures, including the use of derivatives. For interest rate exposures, derivatives are used to manage the related cost of debt. As a result of the use of derivative instruments, the Company is exposed to the risk that counterparties to derivative contracts will fail to meet their contractual obligations. To mitigate counterparty credit risk, the Company only enters into contracts with credit-worthy counterparties.
In accordance with Accounting Standards Codification (“ASC”) Topic 815, Derivatives and Hedging, the Company records all derivative instruments on its consolidated balance sheets at fair value and evaluates hedge effectiveness prospectively and retrospectively when electing to apply hedge accounting. When electing to apply hedge accounting, the Company formally documents all derivative hedges at inception and the underlying hedged items, as well as the risk management objectives and strategies for undertaking the hedge transaction.
Changes in the fair value of derivatives that are designated and effective as cash flow hedges are recorded in accumulated other comprehensive income (loss) and reclassified to the consolidated statements of operations when the effects of the item being hedged are recognized in the consolidated statements of operations. Changes in the fair value of derivatives that are designated and effective as fair value hedges are recognized currently in net income. These changes are offset in net income by fair value changes related to the risk being hedged on the hedged item. Changes in the fair value of designated and effective net investment hedges are recorded in accumulated other comprehensive income (loss) and will be reclassified to earnings only upon the sale or liquidation of the Company’s hedged net investment. Changes in the fair value of undesignated derivative instruments are recognized currently in the consolidated statements of operations. Cash flows for derivative instruments designated and effective as hedges are classified consistent with the underlying hedged item. Derivatives not designated and effective as hedges are recorded in cash flows from operating activities on the consolidated statements of cash flows.
Revenue Recognition
Revenue is recognized by the Company, net of sales taxes, when goods or services obligated in a contract with a customer have been transferred, and no further performance obligation on such transfer is required, in an amount that reflects the consideration expected to be received. For the sale of the Company’s products, revenue is typically recognized upon shipment.
Customers are offered volume discounts and other promotional benefits. The Company estimates volume discounts, promotional benefits, and returns based upon the terms of the customer contracts and actual historical experience and records such amounts as a reduction of gross sales with either an offsetting adjustment to accounts receivable or recognition of an accrued liability. The Company regularly monitors the adequacy of these offsets by comparing to actual results.
The Company considers shipping and handling activities as a fulfillment activity. Net sales include outbound shipping and handling charges billed to customers. Cost of sales includes all costs incurred in connection with inbound and outbound shipping and handling.
Income Taxes
The Company accounts for income taxes in accordance with ASC Topic 740, Income Taxes. Under ASC Topic 740, deferred tax assets and deferred tax liabilities are determined based on the difference between the financial
statement and tax bases of assets and liabilities using enacted rates in effect for the year in which the differences are expected to reverse. A valuation allowance is recorded if it is more likely than not that a deferred tax asset will not be realized.
The Company follows the guidance in ASC Topic 740-10 in assessing uncertain tax positions. The standard applies to all tax positions and clarifies the recognition of tax benefits in the financial statements by providing for a two-step approach of recognition and measurement. The first step involves assessing whether the tax position is more-likely-than-not to be sustained upon examination based upon its technical merits. The second step involves measurement of the amount to be recognized. Tax positions that meet the more-likely-than-not threshold are measured at the amount of tax benefit that is greater than 50% likely of being realized upon ultimate agreement with the taxing authority. To the extent that the final tax outcome of these matters is different than the amounts recorded, such differences impact income tax expense in the period in which such determination is made. Interest and penalties, if any, related to accrued liabilities for potential tax assessments are included in income tax expense. See Note 8. Income Taxes.
The Company’s policy is to record estimated interest and penalties related to uncertain tax positions in income tax expense of which there was no expense for the years ended December 31, 2023 and 2022.
Concentration of Credit Risks
The Company’s largest customer accounted for approximately 36% and 35% of consolidated sales for the years ended December 31, 2023 and 2022, respectively and represented 38% and 30% of total accounts receivable at December 31, 2023 and 2022, respectively. No other customer accounted for sales greater than 10% of consolidated sales. The Company’s sales to this customer are included in both the North America and Europe & Rest of World reportable segments. One other customer accounted for greater than 10% of total accounts receivable for the year ended December 31, 2023 with approximately 10% of total accounts receivable. The Company has adequate availability of suppliers. The loss of any one supplier would not have a long-term material effect on the Company’s operations.
Research, Development, and Engineering
The Company conducts research, development and engineering (“RD&E”) activities in its own facilities which consist primarily of the development of new products, enhanced product applications, improved manufacturing and packaging processes. Costs of RD&E are primarily expensed as incurred. RD&E costs applicable to the development of software used in Company products are expensed as incurred until the software is determined to be technologically feasible and the RD&E activities for the other related components of the product have been completed. Once the software is determined to be technologically feasible, costs incurred are capitalized and amortized over the expected life of the product.
Advertising Costs
Advertising costs are typically expensed as incurred; however, certain costs are deferred and included within prepaid assets on the Company’s consolidated balance sheets. These deferred costs are expensed as the events occur or as the materials are distributed. Advertising costs expensed were $9.0 million, $9.8 million and $7.2 million for the years ended December 31, 2023, 2022 and 2021 respectively.
Stock-Based Compensation
The Company uses its common stock, par value $0.001 per share (“Common Stock”), for various forms of share-based compensation arrangements entered into with its employees and directors. Share-based compensation arrangements are accounted for at fair value on the date of grant. The fair value of stock options is determined using a Black-Scholes valuation model. The fair value of other share-based awards is based on the valuation of the Common Stock on the date of grant. The fair value of time-based awards that are ultimately expected to vest is recognized as an expense on a straight-line basis over the requisite service period. The fair value of performance-based awards is recognized in the period the performance condition is probable of occurring. The Company recognizes forfeitures as they occur. Stock-based compensation costs are recorded in selling, general and administrative expenses in the consolidated statements of operations. See Note 17. Stock-based Compensation.
Earnings per Share
The two-class method is an earnings allocation formula that determines earnings per share (“EPS”) for common stock and participating securities, according to rights to dividends declared and participation rights in undistributed earnings. Under this method, net earnings is reduced by the amount of dividends declared in the current period for each class of common stockholders and participating security holders. The remaining earnings or “undistributed earnings” are allocated between the classes of common stock and participating securities to the extent that each security may share in earnings as if all the earnings for the period had been distributed. Once calculated, the earnings per common share is computed by dividing the net earnings attributable to each class of common stockholders by the weighted average number of common shares outstanding during each year presented. Diluted earnings attributable to common stockholders per common share has been computed by dividing the net earnings attributable to common stockholders by the weighted average number of common shares outstanding plus the dilutive effect of options and restricted shares outstanding during the applicable periods computed using the more dilutive of the two- class method, if-converted method or treasury method. In cases where the Company has a net loss, no dilutive effect is shown as options and restricted stock become anti-dilutive, and basic and diluted EPS are computed in the same manner.
The Company calculates basic earnings per share (“Basic EPS”) using the two-class method, which is required for the year ended 2021 as the Company had multiple classes of common stock prior to the initial public offering (“IPO”). Under the two-class method, earnings for the period are allocated on a pro-rata basis to Class A and common stockholders. The weighted-average number of Class A and common shares outstanding during the period is then used to calculate basic EPS for each class of shares.
The Class C stock does not have substantive economic rights, including distribution upon liquidation, and is therefore not a participating security. As such, separate presentation of basic and diluted earnings per share of Class C stock under the two-class method has not been presented.
Stock options and other potential common shares are included in the calculation of diluted earnings per share (“Diluted EPS”), since they are assumed to be exercised or converted, except when their effect would be anti- dilutive.
Insurance
The Company obtains standard corporate insurance policies with an insured position subject to retention (deductible) for risks including but not limited to fire, flood, cyber, directors and officers, business interruption, ocean cargo, workers’ compensation in the United States, automobile, property and casualty, general liability and product liability. The Company offers employee medical benefits in the United States under a self-funded plan combined with stop-loss coverage to limit its exposure to large claims. Insurance claims filed and claims incurred but not reported are accrued based upon estimates of the ultimate costs to be incurred using historical experience.
Foreign Currency Translation
The Company predominantly uses the U.S. dollar as its functional currency. The Company has international subsidiaries whose local currency has been determined to be their functional currency. For these subsidiaries, the assets and liabilities are translated using period-end exchange rates, and the revenues and expenses are translated at the average rates of exchange prevailing during the period. The adjustments resulting from translation are recorded separately in stockholders’ equity as a component of accumulated other comprehensive loss. The effect of exchange rate changes on intercompany transactions of a long-term and permanent nature are credited or charged directly to a separate component of stockholders’ equity. Foreign currency transaction gains and losses, including the remeasurement of monetary assets or liabilities denominated in a currency other than the functional currency, are reported in other income or expense.
Acquisitions
The Company accounts for business combinations by applying the acquisition method. The Company’s consolidated financial statements include the operating results of acquired entities from the respective dates of acquisition. The Company recognizes and measures the identifiable assets acquired, liabilities assumed, and any non-controlling interest as of the acquisition date at fair value. The excess, if any, of total consideration transferred in a business combination over the fair value of identifiable assets acquired, liabilities assumed and any non-
controlling interest is recognized as goodwill in the accompanying consolidated balance sheets. Costs incurred by the Company to effect a business combination other than costs related to the issuance of debt or equity securities are included in the accompanying consolidated statements of operations in the period the costs are incurred.
Asset acquisitions are accounted for using a cost accumulation and allocation model and the cost of the acquisition is allocated to the assets acquired and liabilities assumed. In an acquisition of assets, acquisition-related costs are capitalized and goodwill is not assigned. Contingent consideration obligations incurred in connection with an asset acquisition are recorded when it is probable that they will occur and they can be reasonably estimated.
Leases
The Company determines whether a contract is or contains a lease at contract inception based on the presence of identified assets and its right to obtain substantially all the economic benefit from and to direct the use of such assets. When the Company determines a lease exists, it records a right-of-use (“ROU”) asset and corresponding lease liability on its consolidated balance sheet. ROU assets represent the Company’s right to use an underlying asset for the lease term. Lease liabilities represent the Company’s obligation to make lease payments arising from the lease. The Company’s lease liabilities are recognized at the applicable lease commencement date based on the present value of the lease payments required to be paid over the lease term. When the rate implicit in the lease is not readily determinable, the Company uses the incremental borrowing rate to discount the lease payments to present value. The estimated incremental borrowing rate is derived from information available at the lease commencement date and factors in a hypothetical interest rate on a collateralized basis with similar terms, payments and economic environments. The Company’s ROU assets are also recognized at the applicable lease commencement date. The ROU asset equals the carrying amount of the related lease liability, adjusted for any lease payments made prior to lease commencement, minus any lease incentives received, and any direct costs incurred by the lessee.
Recently Adopted Accounting Standards
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 - Reference Rate Reform until December 31, 2024.
During the year-ended December 31, 2023, the Company completed the transition of its financial instruments and debt agreements effected by reference rate reform, including its existing First Lien Credit Agreement, to an alternative base rate instead of LIBOR. The adoption of this standard has not had a material impact on the Company’s consolidated financial statements. Refer to Note 9 for additional details regarding the Company’s amendments to its debt agreements.
Recently Issued Accounting Standards
Segment Reporting
In November 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-07, Improvements to Reportable Segment Disclosures, which requires enhanced disclosures about significant segment expenses. The amendments in this update are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is evaluating the impact of the standard on its segment reporting disclosures.
Income Taxes
In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, which intended to improve income tax disclosure requirements by requiring (i) consistent categories and greater disaggregation of information in the rate reconciliation and (ii) the disaggregation of income taxes paid by jurisdiction. The guidance makes several other changes to the income tax disclosure requirements. The amendments in ASU 2023-09 are effective for fiscal years beginning after December 15, 2024, with early adoption permitted, and is required to be applied prospectively with the option of retrospective application. The Company is evaluating the impact of the standard on its income tax disclosures.
v3.24.0.1
Revenue Recognition
 12 Months Ended
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]  
Revenue Recognition Revenue Recognition
The Company primarily sells pool equipment including pumps, filters, heaters, cleaners, salt chlorinators, automation, lighting, safety and flow control products to its customers. An arrangement with a customer contains a single performance obligation for sale of the products. Transfer of the individual product is considered the performance obligation. The Company ships its products via Free on Board (“FOB”) shipping point and recognizes revenue at the point-in-time of shipment to the customer. The Company’s standard customer payment terms are net thirty days. The Company has established an early-buy program for select customers for purchases made outside of peak season that extends favorable payment terms, generally not to exceed 180 days, and applies the practical expedient in Accounting Standards Codification (the “ASC”) 606-10-32-18 to not adjust the amount of consideration for the effects of a significant financing component. The Company recognizes revenue net of rebates and other discounts.
Under some arrangements, the Company and its customer agree to an annual incentive agreement. These incentive agreements establish all potential rebates and discounts. The transaction price is reduced for certain customer programs and offerings including pricing arrangements and other volume-based rebates and discounts that represent variable consideration.
Volume-based rebates are negotiated at or prior to the time of sale with the customer and are redeemable only if the customer achieves a specified cumulative level of sales or sales increase. Under these rebate programs, at the time of sale, the Company determines the most likely amount of the rebate based on forecasted sales levels. These forecasts are updated at least quarterly for each customer, and the anticipated cost of the rebate reduces gross sales.
The following tables disaggregate net sales between product groups and geographic regions, respectively (in thousands):
Years Ended December 31,
202320222021
Product groups
Residential pool$904,028 $1,230,339 $1,325,284 
Commercial pool38,972 34,037 30,888 
Flow control49,452 49,760 45,622 
Total$992,452 $1,314,136 $1,401,794 
Geographic
United States$761,596 $990,196 $1,011,710 
Canada61,680 118,663 149,140 
Europe93,311 120,857 169,949 
Rest of World75,865 84,420 70,995 
Total International230,856 323,940 390,084 
Total$992,452 $1,314,136 $1,401,794 
v3.24.0.1
Inventories
 12 Months Ended
Dec. 31, 2023
Inventory Disclosure [Abstract]  
Inventories Inventories
Inventories consist of the following (in thousands):
December 31,
20232022
Raw materials$103,559 $133,516 
Work in progress15,374 16,467 
Finished goods96,247 133,675 
Total$215,180 $283,658 
Activity in the Company’s inventory obsolescence reserve is as follows (in thousands):
Balance at
Beginning of
Period		Charges to
Costs and
Expenses		DeductionsBalance at End
of Period
2021$13,994 $2,654 $(10,146)$6,502 
20226,502 7,422 (2,038)11,886 
2023$11,886 $19,267 $(1,878)$29,275 
v3.24.0.1
Property, Plant, and Equipment, Net
 12 Months Ended
Dec. 31, 2023
Property, Plant and Equipment [Abstract]  
Property, Plant, and Equipment, Net Property, Plant and Equipment, Net
The carrying value of property, plant, and equipment is as follows (in thousands):
December 31,
20232022
Land$10,513 $10,929 
Buildings and improvements47,452 47,292 
Machinery, tools and equipment142,642 139,440 
Construction in progress43,431 25,407 
Owned equipment244,038 223,068 
Machinery, tools and equipment9,276 9,351 
Construction in progress1,582 1,528 
Equipment under finance lease10,858 10,879 
Less: Accumulated depreciation(95,917)(84,119)
Total$158,979 $149,828 
Depreciation expense was $16.0 million, $19.2 million, and $18.8 million (of which $12.6 million, $15.1 million and $15.6 million is included within cost of sales) for the years ended December 31, 2023, 2022, and 2021, respectively.
The following table presents property, plant, and equipment, net, by country (in thousands):
December 31,
20232022
United States$125,546 $113,937 
China19,937 21,872 
Canada8,049 7,931 
Spain4,787 5,361 
France490 533 
Other170 194 
Total$158,979 $149,828 
v3.24.0.1
Goodwill and Intangible Assets
 12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Goodwill and Intangible Assets
Goodwill
A summary of changes in goodwill is as follows (in thousands):
North AmericaEurope & Rest
of World		Total
Balance at December 31, 2021
$829,091 $95,173 $924,264 
Acquisitions14,790 — 14,790 
Currency translation(4,273)(2,385)(6,658)
Balance at December 31, 2022
839,608 92,788 932,396 
Currency translation1,441 1,176 2,617 
Balance at December 31, 2023
$841,049 $93,964 $935,013 
For the year ended December 31, 2023, the Company completed a quantitative assessment in conjunction with its quantitative impairment analysis of goodwill at November 30, 2023. The results of the quantitative assessment for the year ended December 31, 2023 indicated the fair values exceeded the corresponding carrying values of each reporting unit. In 2022, the Company performed a qualitative analysis and no goodwill impairments were recorded.
Intangible Assets
Intangible assets consist of the following (in thousands):
December 31, 2023December 31, 2022
Gross Carrying AmountAccumulated AmortizationNet
Carrying Amount		Gross Carrying AmountAccumulated AmortizationNet
Carrying Amount
Customer relationships$413,220 $(206,912)$206,308 $411,521 $(181,018)$230,503 
Covenant not to compete1,475 (473)1,002 1,475 (178)1,297 
Trademarks75,201 (29,914)45,287 75,201 (24,864)50,337 
Product technology82,505 (34,712)47,793 82,973 (27,934)55,039 
Total amortizable intangibles572,401 (272,011)300,390 571,170 (233,994)337,176 
Trademarks736,000 — 736,000 736,000 — 736,000 
Total intangible assets$1,308,401 $(272,011)$1,036,390 $1,307,170 $(233,994)$1,073,176 
Estimated
Useful
Lives
Net Carrying
Amount
December 31, 2022
AdditionsAmortizationImpairmentCurrency
Translation
Net Carrying Amount December 31, 2023
Customer relationships
15-20
$230,503 $— $(25,005)$— $810 $206,308 
Covenant not to compete51,297 — (295)— — 1,002 
Trademarks1550,337 — (5,048)— (2)45,287 
Product technology
10-20
55,039 — (6,731)(475)(40)47,793 
Total amortizable intangibles337,176 — (37,079)(475)768 300,390 
Trademarks736,000 — — — 736,000 
Total intangible assets$1,073,176 $— $(37,079)$(475)$768 $1,036,390 
Estimated
Useful
Lives
Net Carrying
Amount
December 31, 2021
AdditionsAmortizationImpairmentCurrency
Translation
Net Carrying Amount December 31, 2022
Customer relationships
15-20
$242,854 $17,100 $(26,942)$— $(2,509)$230,503 
Covenant not to compete575 1,400 (178)— — 1,297 
Trademarks1552,007 3,300 (4,973)— 3 50,337 
Product technology
10-20
51,110 10,228 (6,300)— 1 55,039 
Total amortizable intangibles346,046 32,028 (38,393)— (2,505)337,176 
Trademarks736,000 — — — — 736,000 
Total intangible assets$1,082,046 $32,028 $(38,393)$— $(2,505)$1,073,176 
Amortization expense was $37.1 million, $38.4 million and $39.0 million (of which $6.7 million, $6.3 million and $6.4 million is included within cost of sales) for the years ended December 31, 2023, 2022 and 2021, respectively.
At December 31, 2023, the weighted-average remaining lives of definite-lived intangible assets is approximately 11.6 years. The weighted-average remaining lives at December 31, 2023 for customer relationships, trademarks, product technology and covenants not to compete are approximately 12.7, 9.2, 9.2 and 3.4 years, respectively.
Estimated future amortization expense related to amortizable intangibles as of December 31, 2023 is as follows (in thousands):
2024$34,474 
202531,954 
202630,138 
202727,687 
202825,604 
Thereafter150,533 
Total$300,390 
v3.24.0.1
Accrued Expenses and Other Liabilities
 12 Months Ended
Dec. 31, 2023
Payables and Accruals [Abstract]  
Accrued Expenses and Other Liabilities Accrued Expenses and Other Liabilities
Accrued expenses and other liabilities consist of the following (in thousands):
December 31,
20232022
Selling, promotional and advertising$48,440 $47,511 
Warranty reserve22,154 19,652 
Inventory purchases20,790 24,154 
Employee compensation and benefits17,796 18,955 
Insurance reserve9,450 9,987 
Operating lease liability - short term7,828 8,749 
Freight6,034 3,820 
Deferred income4,021 7,178 
Short term notes payable2,292 3,056 
Business restructuring costs1,690 2,337 
Professional fees1,449 1,543 
Payroll taxes827 1,404 
Other accrued liabilities12,772 14,937 
Total$155,543 $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.
Changes in the warranty reserve are as follows (in thousands):
Balance at January 1, 2021$16,412 
Accrual for warranties issued during the period34,686 
Payments(26,924)
Balance at December 31, 2021
24,174 
Accrual for warranties issued during the period31,753 
Payments(36,275)
Balance at December 31, 2022
19,652 
Accrual for warranties issued during the period47,368 
Payments(44,866)
Balance at December 31, 2023
$22,154 
v3.24.0.1
Income Taxes
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The components of income from operations before income taxes by jurisdiction are as follows (in thousands):
December 31,
202320222021
United States$89,461 $184,231 $183,539 
International11,626 50,006 76,602 
Total$101,087 $234,237 $260,141 
The provision for income taxes is comprised of the following (in thousands):
Years Ended December 31,
202320222021
Current
Federal$21,697 $38,180 $40,748 
State6,575 9,979 11,438 
International4,914 12,076 19,544 
33,186 60,235 71,730 
Deferred
Federal(10,455)(3,077)(8,492)
State(2,894)(4,329)(2,240)
International563 2,061 (4,582)
(12,786)(5,345)(15,314)
Provision for income taxes$20,400 $54,890 $56,416 
Reconciliation between the effective tax rate on income from operations and the statutory tax rate is as follows:
December 31,
202320222021
U.S. federal statutory income tax rate21.0 %21.0 %21.0 %
State and local income taxes—net of federal benefit2.9 1.9 2.9 
International withholding taxes—net of federal benefit3.7 0.4 — 
GILTI0.3 0.2 0.4 
Research & development tax credit(1.0)(0.3)(0.3)
Foreign derived intangible income (“FDII”) deduction(2.3)(0.9)(0.8)
Valuation allowance(1.6)— (1.4)
Prior-year tax return adjustments
(1.6)0.1 (0.3)
Stock compensation(3.0)(1.7)(3.8)
Non-deductible compensation subject to 162(m) limitation1.0 1.1 3.0 
Permanent differences0.2 0.2 (0.3)
International rate differential0.6 1.7 1.2 
Other— (0.3)0.1 
Effective tax rate20.2 %23.4 %21.7 %
The decrease in the Company’s effective tax rate from 23.4% for the year ended December 31, 2022 to 20.2% for the year ended December 31, 2023 was primarily due to the reversal of a valuation allowance, favorable prior year tax return adjustments and increased excess tax benefits from stock compensation, partially offset by the accrual of withholding tax resulting from a change to the Company’s indefinite reinvestment assertion for one jurisdiction.
The tax effects of temporary differences that give rise to significant components of the deferred tax assets and liabilities are as follows (in thousands):
December 31,
20232022
Deferred tax asset
Lease liabilities
$14,444 $15,339 
Inventory
11,970 7,859 
Warranty reserve5,157 4,594 
Research and development capitalization
6,165 4,717 
Accrued liabilities
3,653 3,434 
Net operating loss carryforwards3,423 3,605 
Deferred compensation and stock options3,108 3,187 
Insurance reserve1,283 1,458 
Interest expense450 409 
Tax credits316 2,902 
Other414 605 
Unrealized foreign exchange loss
— 822 
Total deferred tax asset50,383 48,931 
Deferred tax liability
Intangible assets(251,111)(258,929)
Property, plant & equipment(18,778)(20,632)
Right of use assets(12,510)(13,797)
Other current assets(3,301)(3,443)
Derivatives(5,238)(8,589)
Foreign withholding tax accrual(2,448)— 
Deferred financing costs(1,252)(1,542)
Unrealized foreign exchange (gain)
(634)— 
Change in accounting policy— (1,532)
Total deferred tax liability(295,272)(308,464)
Subtotal(244,889)(259,533)
Valuation allowance(2,964)(3,770)
Net deferred tax liability$(247,853)$(263,303)
Deferred taxes are reflected in the Company’s consolidated balance sheet based on tax jurisdiction as follows (in thousands):
December 31,
20232022
Deferred tax asset$1,114 $808 
Deferred tax liability(248,967)(264,111)
Net deferred tax liability$(247,853)$(263,303)
The Company has U.S. federal net operating loss (“NOL”) carryforwards in the amount of $12.6 million and $12.6 million as of December 31, 2023 and 2022, respectively, from historical acquisitions. The NOL carryforwards expire between 2035 and 2037. The Internal Revenue Code of 1986 contains certain provisions that can limit a taxpayer’s ability to utilize net operating loss and tax credit carryforwards in any given year resulting from ownership changes in excess of 50 percent over a three-year period. The Company estimates that all of these NOL
carryforwards may be subject to limitation and potentially expire prior to their utilization. The Company maintains a $12.6 million valuation allowance on these NOL carryforwards.
In addition, the Company’s France subsidiary has NOL carryforwards totaling approximately $3.1 million and $3.8 million as of December 31, 2023 and 2022, respectively, which have no expiration.
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 projections, and historical financial performance.
The Company’s total valuation allowance of $3.0 million and $3.8 million as of December 31, 2023 and 2022, respectively, consists of U.S. NOL carryforwards and U.S. tax credits.
The following table is a roll forward of the valuation allowance applied against certain deferred tax assets (in thousands):
Balance at
Beginning of
Period		Provision for
Income Taxes		DeductionsOtherBalance at
End of Period
2021$7,471 $— $(3,701)$— $3,770 
2022$3,770 $— $— $— $3,770 
2023$3,770 $767 $(1,573)$— $2,964 
As of 2023, the Company will no longer assert that its undistributed earnings in one jurisdiction are permanently reinvested. Accordingly, the Company has recorded all taxes on the undistributed earnings in that jurisdiction. The Company will continue its practice and intention to reinvest the earnings of certain non-U.S. subsidiaries in those operations. As of December 31, 2023 and 2022, the Company has not made a provision for U.S. state tax or foreign withholding taxes on approximately $90.1 million for 2023 and $152.7 million for 2022 of its undistributed earnings and profits that are indefinitely reinvested.
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.
The following table is a reconciliation of unrecognized tax benefits including any interest and penalties (in thousands):
Balance at January 1, 2021$297 
Reduction due to statute expiration(264)
Currency(33)
Balance at December 31, 2021
— 
Currency— 
Balance at December 31, 2022
— 
Currency— 
Balance at December 31, 2023
$— 

The Company files tax returns in various global jurisdictions. With few exceptions, the Company is no longer subject to U.S. federal, state and local, examinations for years before 2020. The statute of limitations in foreign
jurisdictions generally ranges between three to four years. The Company’s policy is to record estimated interest and penalties related to uncertain tax positions in income tax expense, which as of December 31, 2023 and 2022 was zero. There are no uncertain tax positions as of December 31, 2023 and 2022.
v3.24.0.1
Long-Term Debt
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Long-Term Debt Long-Term Debt
Long-term debt consists of the following (in thousands):
December 31,
20232022
First Lien Term Facility, due May 28, 2028$975,000 $985,000 
Incremental Term Loan B, due May 28, 2028123,438 124,688 
ABL Revolving Credit Facility— — 
Other bank debt8,775 4,593 
Finance lease obligations4,729 6,728 
Subtotal1,111,942 1,121,009 
Less: Current portion of the long-term debt(15,088)(14,531)
Less: Unamortized debt issuance costs(17,574)(21,423)
Total$1,079,280 $1,085,055 
Interest expense, net for the years ended December 31, 2023, 2022, and 2021 consisted of the following (in thousands):
Years Ended December 31,
202320222021
Interest expense on outstanding debt$75,972 $48,472 $46,887 
Amortization of deferred financing fees4,696 3,271 4,005 
Interest (income)(7,084)(356)(38)
Interest expense, net73,584 51,387 50,854 
Loss on debt extinguishment— — 9,418 
Total73,584 51,387 60,272 
The Company’s existing ABL Revolving Credit Facility (the “ABL Facility”) includes revolving loan commitments of $425.0 million, with a peak season commitment of $475.0 million, subject to a borrowing base calculation based on available eligible receivables, inventory, and qualified cash in North America. An amount of up to 30% (or up to 40% with agent consent) of the then-outstanding commitments under the ABL Facility is available to the Company’s Canada and Spain subsidiaries. A portion of the ABL Facility not to exceed $50.0 million is available for the issuance of letters of credit in U.S. dollars, of which $20.0 million is available for the issuance of letters of credit in Canadian dollars. The ABL Facility also includes a $50.0 million swingline loan facility and a $35 million First-In, Last-Out Sublimit (“FILO Sublimit”).
As of December 31, 2023, the Company had approximately $256.5 million of undrawn lines of credit available under the ABL Facility, subject to certain conditions, including compliance with certain financial covenants. The ABL Facility matures on June 1, 2026. The borrowings under the ABL Facility bear interest at a rate equal to an adjusted term Secured Overnight Financing Rate (“SOFR”) or a base rate plus a margin of between 1.25% to 1.75% or 0.25% to 0.75%, respectively, while the FILO Sublimit borrowings bear interest at a rate equal to SOFR or a base rate plus a margin of between 2.25% to 2.75% or 1.25% to 1.75%, respectively. The Company has the option to increase the ABL Facility, subject to certain conditions, including the commitment of the participating lenders.
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 SOFR. The First Lien Term Facility bears interest at a rate equal to a base rate or SOFR (which includes an applicable credit spread adjustment), 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. The loan under the First Lien Term Facility
amortizes quarterly at a rate of 0.25% of the original principal amount and requires a $2.5 million repayment of principal on the last business day of each March, June, September and December.
Under the First Lien Term Facility, the Company has an incremental term loan in an aggregate original principal amount of $125 million (the “Incremental Term Loan B”). The Incremental Term Loan B matures on May 28, 2028. The Incremental Term Loan B bears interest at an annual floating rate based on a forward-looking rate of the Secured Overnight Financing rate (“Term SOFR”) (which includes an applicable credit spread adjustment) (with a 0.50% floor) plus 3.25%. The incremental loan requires a $0.3 million repayment of principal on the last business day of each March, June, September and December.
The First Lien Term Facility and ABL 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. Per the First Lien Credit Agreement, the Company must also make an annual mandatory prepayment of principal commencing April 2023 for between 0% and 50% of the excess cash, as defined in the First Lien Credit Agreement, generated in the prior calendar year. The amount due varies with the First Lien Leverage Ratio as defined in the First Lien Credit Agreement, from zero if the First Lien Leverage Ratio is less than or equal to 2.5x, to fifty percent if the First Lien Leverage Ratio is greater than 3.0x less certain allowed deductions. The Company does not have a mandatory excess cash flow prepayment for 2024 based on the First Lien Leverage Ratio as of December 31, 2023 and the applicable criteria under the First Lien Credit Agreement. All outstanding principal is due at maturity on May 28, 2028. As of December 31, 2023, the Company was in compliance with all covenants under the Credit Facilities.
At December 31, 2023, the future principal payments of the Company’s long-term debt obligations, excluding finance lease obligations, are as follows (in thousands):
2024$15,958 
202513,085 
202613,040 
202711,692 
20281,053,438 
Thereafter— 
Total$1,107,213 
v3.24.0.1
Derivatives and Hedging Transactions
 12 Months Ended
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives and Hedging Transactions 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 the transactions, the Company in the normal course of business, holds the following types of derivatives.
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 correlated 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 first quarter of 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 December 31, 2023 and December 31, 2022, the Company was a party to interest rate swap agreements of a notional amount of $600.0 million and $500.0 million, respectively. A notional amount of $250.0 million matures in March 2025, $100.0 million in March 2026 and the other $250.0 million in January 2027. In connection with the Fifth Amendment to the First Lien Term Facility, the Company contemporaneously entered into new interest rate swap
agreements with revised contractual terms to effectuate the change to replace the LIBOR based reference rate with SOFR. The Company applied the optional expedient per ASU No. 2020-04, No. 2021-01, and 2022-06 and, thus, continued to designate and account for the interest rate swap agreements as cash flow hedges.
Foreign Exchange Contracts
The Company periodically 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 year ended December 31, 2023 and December 31, 2022, the Company recognized $2.1 million of expense and $0.1 million of income, respectively, in Other (income) expense, net, related to foreign exchange contracts.
The following table summarizes the gross fair values and location on the consolidated balance sheet of the Company’s significant derivative instruments (in thousands):
Years Ended December 31,
20232022
Other Current AssetsOther Non-Current AssetsAccrued Expenses and Other LiabilitiesOther Non-Current LiabilitiesOther Current AssetsOther Non-Current AssetsAccrued Expenses and Other Liabilities
Interest rate swaps (1)
$— $21,398 $— $445 $— $31,676 $— 
Foreign exchange contracts227 — 872 — 1,450 — 232 
Total$227 $21,398 $872 $445 $1,450 $31,676 $232 
(1) The Company estimates that $14.2 million of unrealized gains will be reclassified from accumulated other comprehensive income (loss) into earnings in the next twelve months.
The following tables present the effects of derivative instruments by contract type in accumulated other comprehensive income (loss) in the consolidated statements of comprehensive income (in thousands):
Unrealized Gain (Loss) Recognized in AOCI (1)
Gain (Loss) Reclassified from AOCI to Earnings (2)
Location of Gain
(Loss) Reclassified from
AOCI into Earnings
202320222021202320222021
Interest rate swaps$4,917 $23,757 $4,860 $15,640 $(195)$(6,598)Interest Expense
Net investment hedge— — 1,647 — — — N/A
Total$4,917 $23,757 $6,507 $15,640 $(195)$(6,598)
(1) The tax expense, expense and benefit, respectively, on the gain (loss) recognized in AOCI for the twelve months ended December 31, 2023 and December 31, 2022 and December 31, 2021 was $1.2 million, $7.9 million and zero, respectively.
(2) The tax benefit, expense and expense, respectively, on the gain (loss) reclassified from AOCI to earnings for the twelve months ended December 31, 2023, December 31, 2022 and December 31, 2021 was $3.9 million, zero and $1.7 million, respectively.
v3.24.0.1
Fair Value Measurements
 12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
Fair Value Measurements 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 forward exchange contracts are categorized as Level 2.
The Company’s investment plan assets as part of the nonqualified Hayward Industries Supplemental Retirement Plan (the “Supplemental Retirement Plan”) are measured in the financial statement at fair value on a recurring basis and are based on quoted market prices in active markets. Accordingly, the fair value measurements of the Supplemental Retirement Plan assets are categorized as Level 1. Refer to Note 18, “Retirement Plans” for further information on the plan assets.
The following table sets forth the Company’s financial assets and liabilities that were not carried at fair value (in thousands):
December 31, 2023December 31, 2022
Carrying ValueFair ValueCarrying Value
Fair Value
Assets:
Short-term investments
$25,000 $25,000 $— $— 
Liabilities:
Long-term debt and related current maturities
$1,098,438 $1,098,422 $1,109,688 $1,071,456 
The estimated fair value of the long-term debt and related current maturities (excluding finance leases, the ABL Facility, and other bank 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.
v3.24.0.1
Segments and Related Information
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Segments and Related Information Segments and Related Information
The Company has two reportable segments to align to its key geographies and go-to market strategy: 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 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 selling, general and administrative expenses (“SG&A”) and RD&E. The accounting policies of the segments are the same as those described in the summary of significant accounting policies.
The NAM 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 E&RW 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 is included in the following summary (in thousands):
Year Ended December 31, 2023
North AmericaEurope & Rest
of World		Total
External net sales$823,276 $169,176 $992,452 
Segment income215,425 33,518 248,943 
Capital expenditures25,879 1,633 27,512 
Depreciation and amortization21,328 940 22,268 
Intersegment sales13,964 215 14,179 
Year Ended December 31, 2022
North AmericaEurope & Rest
of World		Total
External net sales$1,108,859 $205,277 $1,314,136 
Segment income308,627 47,388 356,015 
Capital expenditures24,169 2,375 26,544 
Depreciation and amortization23,313 767 24,080 
Intersegment sales32,514 453 32,967 
Year Ended December 31, 2021
North AmericaEurope & Rest
of World		Total
External net sales$1,160,850 $240,944 $1,401,794 
Segment income359,886 59,195 419,081 
Capital expenditures24,640 876 25,516 
Depreciation and amortization23,222 1,021 24,243 
Intersegment sales33,549 427 33,976 
The following table presents a reconciliation of segment income to income from operations before income taxes (in thousands):
Years Ended December 31,
202320222021
Total segment income$248,943 $356,015 $419,081 
Corporate expense, net30,147 30,151 53,430 
Acquisition and restructuring related expense13,213 8,162 15,030 
Amortization of intangible assets30,361 32,129 32,647 
Operating income175,222 285,573 317,974 
Interest expense, net73,584 51,387 50,854 
Loss on debt extinguishment— — 9,418 
Other (income) expense, net551 (51)(2,439)
Total other expense74,135 51,336 57,833 
Income from operations before income taxes$101,087 $234,237 $260,141 
v3.24.0.1
Earnings Per Share
 12 Months Ended
Dec. 31, 2023
Earnings Per Share [Abstract]  
Earnings Per Share 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):
Years Ended December 31,
202320222021
Net income$80,687 $179,347 $203,725 
Deemed Dividend - Class A stock redemption (a)
— — 85,541 
Dividends paid to Class C stockholders— — 41 
Net income attributable to Class A and common stockholders, basic (b)
80,687 179,347 118,143 
Net income attributable to Class A holders, basic— — 20,640 
Net income attributable to common stockholders, basic80,687 179,347 97,503 
Net income attributable to Class A stockholders, diluted— — 19,534 
Net income attributable to common stockholders, diluted$80,687 $179,347 $98,609 
Weighted average number of common shares outstanding, basic213,144,063 219,945,024 187,688,087 
Effect of dilutive securities(c)
7,544,553 9,781,473 12,886,145 
Weighted average number of common shares outstanding, diluted220,688,616 229,726,497 200,574,232 
Earnings per share attributable to common stockholders, basic$0.38 $0.82 $0.52 
Earnings per share attributable to common stockholders, diluted$0.37 $0.78 $0.49 
(a) This non-cash deemed dividend represents the beneficial conversion feature related to the redemption of Class A shares for common shares as a consequence of the IPO.
(b) Net income attributable to Class A stockholders is impacted by the total shares of participating securities, basic and diluted, on an as converted basis.
(c) For the years ended December 31, 2023, 2022, and 2021 there were potential common shares totaling approximately 2.8 million, 2.3 million, and 1.0 million, respectively, that were excluded from the computation of diluted EPS as the inclusion of such shares would have been anti-dilutive.

In connection with the IPO, all outstanding Class A and Class C shares were redeemed and/or converted into Common Stock. Subsequent to IPO and as of December 31, 2023, the Company only has Common Stock outstanding. See Note 16. Stockholders’ Equity.
v3.24.0.1
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Litigation
The Company is involved in litigation arising in the normal course of business. Where appropriate, these matters have been submitted to the Company’s insurance carrier. The Company determines whether an estimated loss from a contingency should be accrued by assessing whether a loss is deemed probable and can be reasonably estimated. It is not possible to quantify the ultimate liability, if any, in these matters.
On August 2, 2023, a securities class action complaint was filed in the United States District Court for the District of New Jersey against the Company and certain of its current directors and officers (Kevin Holleran and Eifion Jones) and MSD Partners and CCMP Capital Advisors, LP on behalf of a putative class of stockholders who acquired shares of the Company’s common stock between March 2, 2022 and July 27, 2022. That action is captioned City of Southfield Fire and Police Retirement System vs. Hayward Holdings, Inc., et al., 2:23-cv-04146-WJM-ESK (D.N.J.) (“City of Southfield”). On September 28, 2023, a second, related securities class action complaint was filed in the United States District Court for the District of New Jersey against the Company and certain of its current directors and officers (Kevin Holleran and Eifion Jones) and MSD Partners and CCMP Capital
Advisors, LP on behalf of a putative class of stockholders who acquired shares of the Company’s common stock between October 27, 2021 and July 28, 2022. That action is captioned Erie County Employees’ Retirement System vs. Hayward Holdings, Inc., et al., 2:23-cv-04146-WJM-ESK (D.N.J.) (“Erie County”). On December 19, 2023, the Court issued a ruling appointing Fulton County as the lead plaintiff and consolidating the two securities class actions (City of Southfield and Erie) under the City of Southfield docket. The complaints filed in both actions allege, among other things, that the Company and certain of its current directors and officers violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by, among other things, making materially false or misleading statements regarding growth and demand trends following the Company’s initial public offering in March 2021. The complaints seek unspecified monetary damages on behalf of the putative classes and an award of costs and expenses, including reasonable attorneys’ fees. The Company intends to defend the claims in both actions vigorously and is unable to estimate the potential loss or range of loss, if any, associated with this, or any similar, lawsuit.
On November 27, 2023, a shareholder derivative lawsuit was filed in the United States District Court for the District of New Jersey against current and past directors of the Company. The purported shareholder alleges breach of fiduciary duties to Company stockholders by intentionally or recklessly making or permitting the dissemination of materially false and misleading statements and omissions, unjust enrichment, and corporate waste in connection with the claims in the securities class actions. The Company intends to defend the claims in this action vigorously and is unable to estimate the potential loss or range of loss, if any, associated with this, or any similar, lawsuit.
v3.24.0.1
Leases
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Leases Leases
The Company’s operating and finance lease portfolio primarily consists of office space, IT equipment, office equipment, and vehicles. Operating lease ROU assets are presented within other non-current assets. The current portion of operating lease liabilities are presented within accrued expenses and other liabilities, and the non-current portion of operating lease liabilities are presented within other non-current liabilities on the consolidated balance sheets. Finance lease assets are included in property, plant and equipment - net, and the finance lease obligations are included in current portion of long-term debt and in long-term debt on the consolidated balance sheets.
The Company has elected to use the short-term lease recognition exemption for all asset classes. This means, for those leases that qualify, the Company will not recognize ROU assets or lease liabilities, and this includes not recognizing ROU assets or lease liabilities for existing short-term leases of those assets. For these short-term leases, expense will be recognized on a straight-line basis over the terms of the leases. The Company has also elected the practical expedient to not separate lease and non-lease components for all asset classes, meaning all consideration that is fixed, or in-substance fixed, will be captured as part of its lease components for balance sheet purposes.
The following lease cost is included in the consolidated statements of operations (in thousands):
Year Ended December 31, 2023Year Ended December 31, 2022
Lease cost (a)
Operating leases cost$12,216 $11,752 
Amortization of ROU assets716 903 
Interest on lease liabilities169 250 
Finance leases cost885 1,153 
Total lease cost$13,101 $12,905 
(a) With the exception of interest on lease liabilities, the Company records lease costs to cost of sales or selling, general and administrative expense on the consolidated statements of operations, depending on the use of the leased asset. Interest on lease liabilities are recorded to interest expense, net on the consolidated statements of operations.
Supplemental cash flow information related to leases was as follows (in thousands):
Year Ended December 31, 2023Year Ended December 31, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$13,032 $11,486 
Operating cash flows from finance leases169 249 
Financing cash flows from finance leases1,790 1,911 
Right-of-use assets obtained in exchange for lease obligations:
Operating leases$1,490 $11,348 
Finance leases(21)1,603 
Supplemental balance sheet information related to leases as of December 31, 2023 was as follows (in     thousands):
December 31,
20232022
Operating leases
Other non-current assets$58,638 $65,495 
Accrued expenses and other liabilities7,828 8,749 
Other non-current liabilities58,642 64,800 
Total operating lease liabilities66,470 73,549 
Finance leases
Property, plant and equipment10,858 10,879 
Accumulated depreciation(2,415)(1,991)
Property, plant and equipment, net8,443 8,888 
Current maturities of long-term debt2,121 2,206 
Long-term debt2,608 4,522 
Total finance lease liabilities$4,729 $6,728 
Weighted average information:
December 31,
20232022
Finance leases
Remaining lease term (in years)2.473.27
Discount rate2.98 %3.21 %
Operating leases
Remaining lease term (in years)9.7810.46
Discount rate4.71 %4.42 %
As of December 31, 2023, maturities of lease liabilities were as follows (in thousands):
Operating LeasesFinance Leases
2024$10,779 $2,289 
20259,692 1,920 
20268,821 353 
20277,172 352 
20286,749 85 
Thereafter40,115 — 
Total lease payments83,328 4,999 
Less: interest(16,858)(270)
Total$66,470 $4,729 
Leases Leases
The Company’s operating and finance lease portfolio primarily consists of office space, IT equipment, office equipment, and vehicles. Operating lease ROU assets are presented within other non-current assets. The current portion of operating lease liabilities are presented within accrued expenses and other liabilities, and the non-current portion of operating lease liabilities are presented within other non-current liabilities on the consolidated balance sheets. Finance lease assets are included in property, plant and equipment - net, and the finance lease obligations are included in current portion of long-term debt and in long-term debt on the consolidated balance sheets.
The Company has elected to use the short-term lease recognition exemption for all asset classes. This means, for those leases that qualify, the Company will not recognize ROU assets or lease liabilities, and this includes not recognizing ROU assets or lease liabilities for existing short-term leases of those assets. For these short-term leases, expense will be recognized on a straight-line basis over the terms of the leases. The Company has also elected the practical expedient to not separate lease and non-lease components for all asset classes, meaning all consideration that is fixed, or in-substance fixed, will be captured as part of its lease components for balance sheet purposes.
The following lease cost is included in the consolidated statements of operations (in thousands):
Year Ended December 31, 2023Year Ended December 31, 2022
Lease cost (a)
Operating leases cost$12,216 $11,752 
Amortization of ROU assets716 903 
Interest on lease liabilities169 250 
Finance leases cost885 1,153 
Total lease cost$13,101 $12,905 
(a) With the exception of interest on lease liabilities, the Company records lease costs to cost of sales or selling, general and administrative expense on the consolidated statements of operations, depending on the use of the leased asset. Interest on lease liabilities are recorded to interest expense, net on the consolidated statements of operations.
Supplemental cash flow information related to leases was as follows (in thousands):
Year Ended December 31, 2023Year Ended December 31, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$13,032 $11,486 
Operating cash flows from finance leases169 249 
Financing cash flows from finance leases1,790 1,911 
Right-of-use assets obtained in exchange for lease obligations:
Operating leases$1,490 $11,348 
Finance leases(21)1,603 
Supplemental balance sheet information related to leases as of December 31, 2023 was as follows (in     thousands):
December 31,
20232022
Operating leases
Other non-current assets$58,638 $65,495 
Accrued expenses and other liabilities7,828 8,749 
Other non-current liabilities58,642 64,800 
Total operating lease liabilities66,470 73,549 
Finance leases
Property, plant and equipment10,858 10,879 
Accumulated depreciation(2,415)(1,991)
Property, plant and equipment, net8,443 8,888 
Current maturities of long-term debt2,121 2,206 
Long-term debt2,608 4,522 
Total finance lease liabilities$4,729 $6,728 
Weighted average information:
December 31,
20232022
Finance leases
Remaining lease term (in years)2.473.27
Discount rate2.98 %3.21 %
Operating leases
Remaining lease term (in years)9.7810.46
Discount rate4.71 %4.42 %
As of December 31, 2023, maturities of lease liabilities were as follows (in thousands):
Operating LeasesFinance Leases
2024$10,779 $2,289 
20259,692 1,920 
20268,821 353 
20277,172 352 
20286,749 85 
Thereafter40,115 — 
Total lease payments83,328 4,999 
Less: interest(16,858)(270)
Total$66,470 $4,729 
v3.24.0.1
Stockholders’ Equity
 12 Months Ended
Dec. 31, 2023
Equity [Abstract]  
Stockholders’ Equity 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 years ended December 31, 2023 and 2022, no dividend was declared nor paid on the Common Stock.
Share Repurchases
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 year ended December 31, 2023 under the Share Repurchase Program. For the year ended December 31, 2022, the Company repurchased 23.3 million shares of Common Stock in the open market and in privately negotiated transactions for an aggregate consideration of approximately $343.1 million under the Share Repurchase Program. Refer to Note 20, “Related Party Transactions” for information on the privately negotiated share repurchases in the year ended December 31, 2022. As of December 31, 2023, $400.0 million remained available for additional share repurchases under the program.
v3.24.0.1
Stock-based Compensation
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Stock-based Compensation Stock-based Compensation
Stock-based compensation expense recorded in the consolidated statements of operations for equity-classified stock-based awards was $9.2 million, $7.9 million, and $15.0 million for the years ended December 31, 2023, 2022 and 2021, respectively.
The Company has established two equity incentive plans as described below.
2021 Equity Incentive Plan
In March 2021, the Company adopted the 2021 Equity Incentive Plan (the “2021 Plan”). Under the 2021 Plan, up to 13,737,500 shares of Common Stock may be granted to employees, directors and consultants in the form of stock options, restricted stock units and other stock-based awards. The terms of awards granted under the 2021 Plan are determined by the Compensation Committee of the Board of Directors, subject to the provisions of the 2021 Plan. As of December 31, 2023, there were 10,634,524 shares available for future issuance under the 2021 Plan.
Options granted under the 2021 Plan expire no later than ten years from the date of grant. The vesting period of stock options and restricted stock units granted under the 2021 Plan is generally three years from the date of grant.
Performance-Based Restricted Stock Units
The Company utilizes performance-based restricted stock units (“PSUs”) as part of its equity awards program for certain senior management and executive officers. The vesting of the PSUs granted during 2023 is tied to return on gross invested capital and adjusted EBITDA margin while the PSUs granted during 2022 is tied to organic net revenue growth and adjusted EBITDA margin, each with a relative weighting of 50%. The PSUs are measured over 3-year performance period with a minimum of 50% of the target awarded PSUs to be earned for threshold performance and a maximum of 200% of the target awarded PSUs to be earned for maximum performance. The Company reassesses at each reporting date whether achievement of the performance condition is probable and accrues compensation expense if and when achievement of the performance condition is probable.
The following table summarizes activity for PSUs under the 2021 Plan:
Number of SharesWeighted- average grant date fair value
Outstanding as of December 31, 202298,061 $16.46 
Granted148,378 11.81 
Forfeited(17,162)13.72 
Vested and converted to common— 
Outstanding as of December 31, 2023229,277 $13.59 
At December 31, 2023 total unrecognized compensation cost related to the performance based stock options granted under the 2021 plan is estimated to be $0.6 million, to be recognized over a weighted-average period of 2.2 years.
The following table presents the weighted-average fair value of PSUs granted during the year:
Years Ended December 31,
20232022
Weighted-average fair value per share of PSUs granted during the year
$11.81 $16.50 
Time-based Stock Options
The following table summarizes activity for stock options under the 2021 Plan (aggregate intrinsic value in thousands):
Number of
Shares		Weighted-
Average
Exercise
Price		Weighted-
Average
Remaining
Contractual
Life (years)		Aggregate
Intrinsic Value
Outstanding as of December 31, 2022
2,252,106 $16.93 8.70$9 
Granted740,745 11.81 
Exercised(1,633)11.67 3 
Forfeited(245,109)15.58 
Outstanding as of December 31, 2023
2,746,109 15.62 7.831,457 
Options exercisable as of December 31, 2023
1,020,669 17.05 — — 
Options expected to vest as of December 31, 2023
2,746,109 $15.62 7.83$1,457 
The Company determined the fair value of these time-based stock options at the date of grant using the Black-Scholes option-pricing model. The following table sets forth fair value per share information, including related weighted-average assumptions, used to determine compensation cost:
Years Ended December 31,
202320222021
Weighted-average fair value per share of options granted during the year
$4.73 $5.40 $6.46 
Assumptions:
Risk-free interest rate4.26 %1.88 %1.07 %
Expected life (years)666
Expected dividend yield— %— %— %
Expected volatility32.3 %29.7 %37.5 %
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 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.
At December 31, 2023, the total unrecognized compensation cost related to the stock options granted under the 2021 Plan was $5.1 million, to be recognized over a weighted-average period of 1.6 years.
The following table presents the aggregate intrinsic value of options exercised during the year (in thousands):
Years Ended December 31,
202320222021
Aggregate intrinsic value of options exercised during the year$3 $2 $— 
Time-based Restricted Stock Units
The following table summarizes activity for time-based restricted stock units under the 2021 Plan:
Number of
Shares		Weighted-
Average Grant-
Date Fair Value
Outstanding as of December 31, 2022
307,597 $15.22 
Granted621,527 11.62 
Forfeited(54,978)14.26 
Vested and converted to common(160,600)14.34 
Outstanding as of December 31, 2023
713,546 $12.36 
At December 31, 2023, the total unrecognized compensation cost related to restricted stock units granted under the 2021 Plan was $5.6 million, to be recognized over a weighted-average period of 2.0 years.
The total fair value of restricted stock awards vested was $2.3 million and $1.4 million in the years ended 2023 and 2022, respectively.
The following table presents the weighted-average fair value of time-based restricted stock units granted during the year:
Years Ended December 31,
202320222021
Weighted-average fair value per share of time-based restricted stock units granted during the year
$11.62 $14.65 $17.80 
2017 Equity Incentive Plan
In August 2017, the Company adopted the 2017 Equity Incentive Plan (the “2017 Plan”), which provided for the issuance of stock options, restricted stock and restricted stock awards to officers, directors and employees. The stock options granted under the 2017 Plan generally have a maximum term of up to ten years. Restricted stock, restricted stock awards, and stock options granted under the 2017 Plan generally are eligible to vest based on continued service, generally over five years, or upon an initial public offering and post-initial public offering stock price performance. Due to the Company’s IPO on March 12, 2021 and subsequent stock price performance, all performance-vesting conditions were satisfied on March 26, 2021.
For presentation purposes in this document the Company has recast all figures to reflect the 195-for-1 stock split in the Common Stock that occurred on March 2, 2021.
As of December 31, 2023, there were 7,311,894 outstanding options and no outstanding restricted stock awards under the 2017 Plan. No future awards will be made under the 2017 Plan following the Company’s IPO. Shares underlying awards under the 2017 Plan that expire or become unexercisable without delivery of shares, are forfeited to, or repurchased for cash by, the Company, are settled in cash, or otherwise become available again for grant as available for future awards under the 2021 Plan (as described above).
Time-Based Stock Options
The following table summarizes activity for time-based stock options under the 2017 Plan (aggregate intrinsic value in thousands):
Number of
Shares		Weighted-
Average
Exercise
Price		Weighted-
Average
Remaining
Contractual
Life (years)		Aggregate
Intrinsic Value
Outstanding as of December 31, 2022
4,875,806 $1.15 6.25$40,247 
Granted— — 
Exercised(1,158,119)0.74 14,259 
Forfeited(90,190)1.44 
Outstanding as of December 31, 2023
3,627,497 1.27 5.4644,717 
Options exercisable as of December 31, 2023
2,775,831 1.19 5.2734,451 
Options expected to vest as of December 31, 2023
851,666 $1.55 6.08$10,266 

The total intrinsic value of options exercised was $14.3 million, $11.8 million, and $19.8 million in the years ended 2023, 2022 and 2021, respectively. At December 31, 2023, the total unrecognized compensation cost related to the time-based stock options granted under the 2017 Plan was $0.7 million, to be recognized over a weighted-average period of 1.0 years.
For years in which the Company granted additional time-based stock options, under the 2017 Plan, it determined the fair value of such stock options at the date of grant using the Black-Scholes option-pricing model. The following table sets forth fair value per share information, including related weighted-average assumptions, used to determine compensation cost:
Year Ended December 31,
2021
Weighted average fair value per share of options granted during the year2.14
Assumptions:
Risk-free interest rate0.13 %
Expected life (years)1.5
Expected dividend yield— %
Expected volatility58.0 %
No stock options under the 2017 Plan were granted during the years ended December 31, 2023 and December 31, 2022.
The following table presents the aggregate intrinsic value of options exercised during the year (in thousands):
Years Ended December 31,
202320222021
Aggregate intrinsic value of options exercised during the year$14,259 $11,774 $19,792 
Stock Options with Market and Performance Conditions
The following table summarizes activity for stock options with market and performance conditions under the 2017 Plan (aggregate intrinsic value in thousands):
Number of
Shares		Weighted-
Average
Exercise
Price		Weighted-
Average
Remaining
Contractual
Life (years)		Aggregate
Intrinsic Value
Outstanding as of December 31, 2022
4,643,970 $1.25 6.41$37,863 
Granted— 
Exercised(959,573)1.02 11,340 
Forfeited— — 
Outstanding as of December 31, 2023
3,684,397 1.31 5.5545,292 
Options exercisable as of December 31, 2023
3,684,397 1.31 5.5545,292 
Options expected to vest as of December 31, 2023
— $— — $— 
The performance criteria for these awards was met on March 26, 2021 due to the Company’s IPO and an average trade price over a consecutive 10-trading day period which provided a minimum return equal to two times the initial invested capital of certain former holders of Class A shares whose shares were exchanged for shares of Common Stock.
As such, all performance-based stock options vested in 2021 and the Company recognized the related stock-based compensation expense in the year ended 2021. As of December 31, 2023, there is no remaining unrecognized compensation cost related to performance-based stock options.
For years in which the Company granted additional stock options, under the 2017 Plan, it determined the fair value of such stock options at the date of grant using the Black-Scholes option-pricing model. No stock options under the 2017 Plan were granted during the year ended December 31, 2023 and December 31, 2022.
The following table presents the aggregate intrinsic value of options exercised during the year (in thousands):
Years Ended December 31,
202320222021
Aggregate intrinsic value of options exercised during the year$11,340 $12,849 $29,206 
Time-Based Restricted Stock Awards
The time-based criteria for all time-based restricted stock awards issued under the 2017 Plan was met in 2022. As such, all time-based restricted stock awards vested in 2022 and the Company recognized the related stock-based compensation expense in the year 2022. The total fair value of restricted stock awards vested was $0.1 million and $0.1 million for the years ended 2022 and 2021, respectively. As of December 31, 2023, there was no remaining unrecognized compensation cost related to time-based restricted stock awards.
Performance-Based Restricted Stock Awards with Market and Performance Conditions
The performance criteria for all performance-based restricted stock awards issued under the 2017 Plan was met on March 26, 2021. As such, all performance-based restricted stock awards vested in 2021 and the Company recognized the related stock-based compensation expense in the year ended 2021. The total fair value of performance-based restricted stock awards vested for the year ended December 31, 2021 was $1.4 million. As of December 31, 2023, there was no remaining unrecognized compensation cost related to performance-based restricted stock awards.
v3.24.0.1
Retirement Plans
 12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
Retirement Plans Retirement Plans
The Company maintains the Hayward Industries Retirement Plan (the “Retirement Plan”), a defined-contribution 401(k) plan, for substantially all of its U.S. employees. Under the Retirement Plan the Company contributes 3% of compensation as a non-elective contribution, to eligible employees, regardless of employee deferrals, and an additional non-elective contribution between 1 to 3% of compensation, based on age, for employees that were hired before January 1, 1996. To be eligible to receive the Company contribution, an employee must have been with the Company for one year and completed at least 1,000 hours of service. Additionally, the Retirement Plan allows employees to elect to defer up to 60% of his or her compensation on a pre-tax basis (not to exceed the IRS maximum), unless he or she is projected to be age 50 or older by the end of the taxable year. The Company matches 50% of each participant’s deferral contribution, in an amount up to 6% of the employee’s deferral. The Company’s contribution to the Retirement Plan was approximately $5.7 million, $6.6 million and $6.1 million for the years ended December 31, 2023, 2022, and 2021, respectively.
The Company also maintains the Supplemental Retirement Plan. The Supplemental Retirement Plan allows key executives to contribute up to 25% of their base salary and up to 100% of their annual bonus (as defined in the Supplemental Retirement Plan). The Company matches 100% of an eligible employee’s deferral in an amount up to 9% of the employee’s eligible compensation contributed to the Supplemental Retirement Plan. The employer contributions vest immediately. The employer contribution was approximately $0.3 million, $0.8 million and $0.7 million for the years ended December 31, 2023, 2022 and 2021, respectively.
The value of investments related to the Supplemental Retirement Plan is included in other assets and a corresponding liability to participants is recorded in other liabilities. The following table presents the fair values of the related investments (in thousands):
Years Ended December 31,
20232022
Value of investments related to Supplemental Retirement Plan
$5,910 $4,390 
v3.24.0.1
Acquisition and Restructuring Related Expense
 12 Months Ended
Dec. 31, 2023
Restructuring and Related Activities [Abstract]  
Acquisition and Restructuring Related Expense Acquisition and Restructuring Related Expense
Acquisition and restructuring related expense, net consists of the following (in thousands):
Years Ended December 31,
202320222021
Business restructuring costs$12,419 $6,215 $15,030 
Acquisition transaction costs794 1,947 — 
Total$13,213 $8,162 $15,030 
In the fourth quarter of 2023, the Company discontinued a product line. As a result, the Company incurred a $6.7 million non-cash charge related to the impairment of associated fixed assets, inventory and intangible assets. Additional exit costs to be incurred in future fiscal periods related to this product discontinuance are not expected to be material.
In the third quarter of 2023, the Company initiated programs to centralize and consolidate manufacturing operations and professional services in Europe. For the twelve months ended December 31, 2023, the Company incurred $2.4 million of expense related to the programs, which include severance and employee benefit costs, as well as other direct separation benefit costs.
In the third quarter of 2022, the Company initiated an enterprise cost reduction program to address the 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 the Company’s supply chain and reducing variable labor in its production cost base. In addition to these variable cost reductions, the Company identified structural selling, general and administrative cost reduction opportunities. For the twelve months ended December 31, 2023, the Company incurred $1.2 million of expense related to the program, bringing the total program cost to $4.1 million. These include severance and employee benefit costs, as well as other direct separation benefit costs.
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 December 31, 2023, the Company has completed the relocation. The impacted employees must remain with the Company through their planned exit date to receive their full severance and retention amounts. Such costs are accounted for in accordance with ASC 420, Exit or Disposal Cost Obligations. The Company incurred approximately $1.9 million of expense related to the relocation during the year ended December 31, 2023. The total severance and retention costs incurred pertaining to this relocation are $5.9 million.
The following tables summarize the status of the Company’s restructuring related expense and related liability balances (in thousands):
Liability as of
January 1, 2023
2023 Activity
Liability as of
December 31, 2023
Costs
Recognized		Cash
Payments		Non-cash (Charge)/Gain
One-time termination benefits$2,422 $5,049 $(5,118)$— $2,353 
Facility-related— 108 (108)— — 
Other(1)
— 7,262 (536)(6,720)6 
Total$2,422 $12,419 $(5,762)$(6,720)$2,359 
(1) “Other” restructuring related activity primarily consists of a $6.7 million impairment loss associated with a discontinued product line.
Liability as of
January 1, 2022
2022 Activity
Liability as of
December 31, 2022
Costs
Recognized		Cash
Payments		Non-cash (Charge)/Gain
One-time termination benefits$1,035 $6,093 $(4,706)$— $2,422 
Facility-related27 1,098 (684)(441)— 
Other4,374 (976)(5,750)2,352 — 
Total$5,436 $6,215 $(11,140)$1,911 $2,422 
Liability as of
January 1, 2021
2021 Activity
Liability as of
December 31, 2021
Costs
Recognized		Cash
Payments		Non-cash (Charge)/Gain
One-time termination benefits$— $1,128 $(93)$— $1,035 
Facility-related— 2,105 (443)(1,635)27 
Other— 11,797 (39)(7,384)4,374 
Total$— $15,030 $(575)$(9,019)$5,436 
Restructuring costs are included within acquisition and restructuring related costs on the Company’s consolidated statements of operations, while the restructuring liability is included as a component of accrued expenses and other liabilities on the consolidated balance sheet.
Acquisitions
On June 2, 2022, the Company acquired the specialty lighting business of Halco Lighting Technologies, LLC (“Specialty Lighting Business”) for a net acquisition cost of $61.3 million. The acquired business includes a robust portfolio of lighting solutions serving the residential and commercial pool, spa, fountain, and landscape lighting market segments. The acquisition is included in the North America segment. For the twelve months ended December 31, 2023 and December 31, 2022, transaction and integration expenses recognized for the acquisition were $0.4 million and $1.2 million, respectively. These expenses are included within acquisition and restructuring related costs on the Company’s consolidated statements of operations.
v3.24.0.1
Related Party Transactions
 12 Months Ended
Dec. 31, 2023
Related Party Transactions [Abstract]  
Related Party Transactions Related Party Transactions
For the year ended December 31, 2023, the Company did not incur any significant related party transactions.
For the year ended December 31, 2022, as part of the Company’s previously announced $450 million share repurchase program, the Company agreed to repurchase shares of common stock under two separate agreements from certain affiliates of one of the Company’s then-controlling stockholders, CCMP Capital Advisors, LP (“CCMP”).
First, the Company agreed on January 24, 2022 to repurchase 4.08 million shares at a price per share of $19.80, for an aggregate consideration of approximately $81 million. The price per share was approved by an independent committee of the Board of Directors and is the same price at which certain affiliates of the Company’s then-controlling stockholders sold their shares in a block trade in compliance with Rule 144. Closing of this share repurchase occurred on March 11, 2022.
Second, on May 2, 2022, the Company agreed to purchase 8.0 million shares being sold as part of an underwritten offering (the “Underwritten Offering”) by certain affiliates of CCMP, at a price per share of approximately $13.88, for an aggregate consideration of approximately $111 million. The price per share was approved by an independent committee of the Board of Directors and is the same price at which the underwriters agreed to purchase shares from the selling stockholders in the Underwritten Offering. Closing of this share repurchase occurred on May 5, 2022.
v3.24.0.1
Condensed Financial Information of Registrant (Parent Company Only)
 12 Months Ended
Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract]  
Condensed Financial Information of Registrant (Parent Company Only) Condensed Financial Information of Registrant (Parent Company Only)
Hayward Holdings, Inc. balance sheets are as follows (in thousands, except per share data):
December 31,
20232022
Assets
Current Assets
Cash$— $— 
Prepaid and other current assets587 1,089 
Total current assets587 1,089 
Other assets (principally investment in and amounts due from wholly owned subsidiaries)
1,317,576 1,226,467 
Total non-current assets1,317,576 1,226,467 
Total assets$1,318,163 $1,227,556 
Liabilities, Redeemable Stock and Stockholders’ Equity
Current liabilities
Intercompany liabilities$5,980 $3,430 
Accrued expenses1383 
Short term notes payable5871,089 
Total current liabilities6,705 4,522 
Total liabilities6,705 4,522 
Stockholders’ equity
Common stock $0.001 par value, 750,000,000 authorized; 242,832,045 issued and 214,165,676 outstanding at December 31, 2023; 240,529,150 issued and 211,862,781 outstanding at December 31, 2022
243 241 
Additional paid-in capital1,080,894 1,069,878 
Treasury stock(357,755)(357,415)
Retained earnings580,909 500,222 
Accumulated other comprehensive income
7,167 10,108 
Total stockholders’ equity1,311,458 1,223,034 
Total liabilities, redeemable stock and stockholders’ equity$1,318,163 $1,227,556 
Hayward Holdings, Inc. statements of operations and comprehensive income are as follows (in thousands):
Years Ended December 31,
202320222021
Equity income in subsidiaries$83,372 $183,437 $206,396 
Selling, general, and administrative expense2,685 4,090 3,562 
Other expense (income), net— — — 
Income from operations before income taxes80,687 179,347 202,834 
Income tax expense (benefit)— — (891)
Net income$80,687 $179,347 $203,725 
Comprehensive income, net of tax
Net income$80,687 $179,347 $203,725 
Foreign currency translation adjustments, net of tax expense (benefit) of $0, $0, and $763, respectively
5,101 (17,391)(768)
Change in fair value of derivatives, net of tax expense (benefit) of $(2,681), $7,919, and $1,620, respectively
(8,042)23,757 4,860 
Comprehensive income$77,746 $185,713 $207,817 
Hayward Holdings, Inc. statement of cash flows are as follows (in thousands):
Years Ended December 31,
202320222021
Cash flows from operating activities
Net cash (used in) provided by operating activities$(2,183)$(4,015)$215 
Cash flows from investing activities
Distributions received from subsidiaries4,652 349,269 — 
Capital contributions to subsidiaries(3,467)(8,078)(341,752)
Net cash provided by (used in) investing activities1,185 341,191 (341,752)
Cash flows from financing activities
Proceeds from issuance of common stock - Initial Public Offering— — 377,400 
Costs associated with Initial Public Offering— — (26,124)
Purchases of common stock for treasury(340)(343,349)(9,524)
Proceeds from issuance of short-term debt1,614 2,994 — 
Payments of short-term debt(2,129)(1,905)— 
Issuance of Class A stock— — 221 
Proceeds from issuance of stock1,853 3,206 1,483 
Dividends paid— — (41)
Net cash provided by (used in) financing activities998 (339,054)343,415 
Change in cash and cash equivalents and restricted cash— (1,878)1,878 
Cash and cash equivalents and restricted cash, beginning of year— 1,878 — 
Cash and cash equivalents and restricted cash, end of year$— $— $1,878 
Basis of Presentation
These condensed parent company only financial statements have been prepared in accordance with Rule 12-04, Schedule I of Regulation S-X, as the restricted net assets of the subsidiaries of Hayward Holdings, Inc. (as defined in Rule 4-08(e)(3) of Regulation S-X) exceed 25% of the consolidated net assets of the Company. The ability of Hayward Holdings, Inc.’s operating subsidiaries to pay dividends is restricted by the credit agreements governing the subsidiaries’ credit facilities. Under the credit agreements, dividends may only be paid to Hayward Holdings, Inc. for corporate overhead expenses and otherwise pursuant to customary dollar baskets and “builder” baskets (based on 50% of cumulative adjusted “Consolidated Net Income” as defined in the credit agreements) from July 1, 2017 to the applicable date of determination (taken as one accounting period, which was $497.7 million and $430.5 million as of December 31, 2023 and December 31, 2022, respectively) and equity proceeds among other things, an unlimited amount under the asset based revolving credit agreement subject to satisfying minimum availability requirements for borrowings under the credit agreement and the absence of certain defaults, and an unlimited amount under the term loan credit agreements subject to Hayward Industries, Inc.’s total leverage not exceeding certain thresholds on a pro forma basis.
These condensed parent company financial statements have been prepared using the same accounting principles and policies described in the notes to the consolidated financial statements, with the only exception being that the parent company accounts for its subsidiaries using the equity method. Under the equity method, the Company elected to apply the nature of the distribution approach for purposes of presentation of the dividends on the statement of consolidated cash flows and classified the dividends received as investing activities on the statement of consolidated cash flows as of December 31, 2020. The nature of the distribution approach requires the Company to classify distributions from equity method investments on the basis of the nature of the activities of the investee that generated the distribution as either a return on investment (classified as a cash inflow of operating activities) or a return of investment (classified as a cash inflow from investing activities) when such information is available.
v3.24.0.1
Accumulated Other Comprehensive Income
 12 Months Ended
Dec. 31, 2023
Equity [Abstract]  
Accumulated Other Comprehensive Income Accumulated Other Comprehensive Income
The changes in Accumulated other comprehensive income are provided in the tables below (in thousands):
Cumulative Translation AdjustmentUnrecognized (Losses) Gain on Derivative Instruments for Cash Flow HedgesAccumulated Other Comprehensive Income, Net of Taxes
Balance at December 31, 2021$3,742 $— $3,742 
Other comprehensive income (loss) before reclassifications(17,391)23,562 6,171 
Amounts reclassified from accumulated other comprehensive income— 195 195 
Net current period other comprehensive (loss) income(17,391)23,757 6,366 
Balance at December 31, 2022(13,649)23,757 10,108 
Other comprehensive income (loss) before reclassifications5,101 7,598 12,699 
Amounts reclassified from accumulated other comprehensive income— (15,640)(15,640)
Net current period other comprehensive income (loss)5,101 (8,042)(2,941)
Balance at December 31, 2023$(8,548)$15,715 $7,167 
v3.24.0.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Pay vs Performance Disclosure      
Net income $ 80,687 $ 179,347 $ 203,725
v3.24.0.1
Insider Trading Arrangements
 3 Months Ended 12 Months Ended
Dec. 31, 2023
shares
Dec. 31, 2023
shares
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement   On December 13, 2023, Kevin Holleran, a director and 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 601,429 shares of our common stock. Sales of shares under the plan may only occur from March 14, 2024, to September 20, 2024. The plan is scheduled to terminate on September 20, 2024, 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.
Non-Rule 10b5-1 Arrangement Adopted false  
Rule 10b5-1 Arrangement Terminated false  
Non-Rule 10b5-1 Arrangement Terminated false  
Mr. Kevin Holleran [Member]    
Trading Arrangements, by Individual    
Name Kevin Holleran  
Title director and our President and Chief Executive Officer  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date On December 13, 2023  
Arrangement Duration 190 days  
Aggregate Available 601,429 601,429
v3.24.0.1
Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
Principles of Consolidation
Principles of Consolidation
The 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.
Use of Estimates
Use of Estimates
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Significant items subject to estimates and assumptions include the valuation of allowances for receivables, inventories, the carrying value of goodwill and other intangible assets, fair value measurements, derivative financial instruments, revenue recognition, income taxes, stock-based compensation, self-insurance and warranty obligations and the fair value of acquired assets and liabilities. Actual results may differ significantly from those estimates.
Cash and Cash Equivalents
Cash and Cash Equivalents
Cash equivalents primarily consist of cash on deposit with banks, readily marketable and highly rated investments in government securities, corporate bonds and commercial paper with a maturity date within three months or less at date of purchase; and money market funds that invest substantially all their assets in the types of investments aforementioned.
Periodically throughout the period, the Company’s cash balance exceeded the amount insured by the Federal Deposit Insurance Corporation (“FDIC”). The Company maintains cash balances at banking institutions in Australia, China, Canada, France, Spain and the United Kingdom which are not protected by FDIC insurance. The Company mitigates potential cash risk by maintaining bank accounts with credit-worthy financial institutions. The Company does not believe that its cash balances are subject to unusual credit risk beyond the normal credit risk associated with commercial banking relationships.
Short-term Investments
Short-term Investments
The Company classifies its investments as cash and cash equivalents or short-term investments based upon the terms of the investment. As of December 31, 2023 the Company had certificates of deposit of $25 million reported as short-term investments in the consolidated balance sheets. Short-term investments are recorded at amortized cost, which approximates fair value, and realized gains or losses are reported in earnings.
Accounts Receivable, Net
Accounts Receivable, Net
Accounts receivable is presented net of accrued rebates and allowances for returns and doubtful accounts. The Company’s allowance for doubtful accounts is an estimate of current expected credit losses that is determined based on a variety of factors that affect the potential collectability of related receivables, including customer history, customer credit ratings, financial stability of customers, specific one-time events and overall economic environment.
Inventories
Inventories
Inventories are stated at the lower of cost or net realizable value, net of obsolescence reserves on a first-in, first-out (“FIFO”) basis. The Company evaluates inventory for excess and obsolescence and record necessary reserves based on historical costs, selling price, margin and current business trends.
Property, Plant, and Equipment
Property, Plant, and Equipment
Property, plant and equipment is recorded at cost and depreciated using the straight-line method of depreciation based upon the following estimated useful lives:
•Buildings and improvements—10 to 40 years
•Machinery, tools and equipment—3 to 20 years
Repairs and maintenance are charged to expense as incurred. Upon disposition, the asset and corresponding accumulated depreciation are removed from the related accounts and any gains or losses are reflected in operating income.
The Company reviews the recoverability of long-lived assets to be held and used when events or changes in circumstances occur that indicate the carrying value of the asset or asset group may not be recoverable. The assessment of possible impairment is based on its ability to recover the carrying value of the asset or asset group from the expected undiscounted future pre-tax cash flows of the related operations. If these cash flows are less than the carrying value of such asset or asset group, an impairment loss is recognized for the difference between estimated fair value and carrying value. The measurement of impairment requires the Company to estimate future cash flows and the fair value of long-lived assets.
Goodwill and Intangible Assets
Goodwill and Intangible Assets
The purchase price in excess of net assets of businesses acquired is classified as goodwill in the accompanying consolidated balance sheets.
The Company tests goodwill at the reporting unit level, which is defined as an operating segment or one level below an operating segment that constitutes a business for which financial information is available and is regularly reviewed by the Chief Operating Decision Maker (“CODM”). The Company determined that it has 5 reporting units for this purpose. The Company tests for impairment at least annually or if there is an indication that goodwill may be impaired.
The Company has the option to first complete a qualitative assessment (i.e., “Step 0”) to determine whether it is more likely than not that the fair value of the business is less than its carrying amount. If the Company determines that this is the case, it is required to perform the currently prescribed quantitative impairment test to identify potential goodwill impairment and measure the amount of goodwill impairment loss to be charged for that reporting
unit, if any. In addition to the more likely than not assessment as part of the Step 0, if significant time has elapsed since the prior valuation or economic conditions have been volatile, the Company may elect to perform a quantitative assessment.
Under the quantitative assessment, the Company compares the carrying value of goodwill at a reporting unit level to an estimate of the fair value of the respective reporting unit. Fair value of the reporting unit is estimated using a discounted six-year projected cash flow analyses and a terminal value calculation at the end of the six-year period. If the fair value of the reporting unit exceeds its carrying value, the goodwill associated with the reporting unit is not impaired. If the carrying value of the reporting unit exceeds its fair value, an impairment loss is recognized for the amount by which the reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill.
For the year ended December 31, 2023, the Company completed a quantitative assessment and for the year ended December 31, 2022, the Company completed a qualitative impairment analysis of goodwill for each of its reporting units at November 30, 2023 and 2022, respectively. The results of the quantitative assessment for the year ended December 31, 2023 indicated the fair value of each of the reporting units exceeded the corresponding carrying value. The qualitative assessment for the year ended December 31, 2022 indicated that it was more likely than not that the fair values of the reporting units were more than the carrying values.
Intangible assets with indefinite lives (i.e., trademarks) are not amortized; rather, they are tested for impairment whenever events or circumstances exist that would make it more likely than not that an impairment exists. The Company first assesses qualitative factors to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired. If adverse qualitative trends are identified that could negatively impact the fair value of the asset, then quantitative impairment tests are performed to compare the carrying value of the asset to its undiscounted expected future cash flows. If this test indicates that there is impairment, the impaired asset is written down to fair value.
For the year ended December 31, 2023, the Company completed a quantitative assessment of indefinite-lived intangible assets in conjunction with its quantitative impairment analysis of goodwill at November 30, 2023. The results of the quantitative assessment for the year ended December 31, 2023 indicated the fair values exceeded the corresponding carrying values. For the year ended December 31, 2022, the Company completed a qualitative impairment analysis of indefinite-lived intangible assets at November 30, 2022. The results of the qualitative assessment indicated that it was more likely than not that the fair values of the indefinite-lived intangible assets were more than the carrying values.
Intangible assets with finite lives are amortized based on the estimated useful life of the intangible asset using a method that reflects the pattern in which the economic benefits of the intangible assets are consumed or otherwise used, or, if that pattern cannot be reliably determined, using a straight-line amortization method.
In the fourth quarter of 2023, the Company discontinued a product line. As a result of the product line discontinuation, the Company recognized an impairment loss of $0.5 million associated with the product technology intangible asset within the North America reportable segment. The impairment loss is recorded within acquisition and restructuring related expense in the consolidated statements of operations.
Fair Value Measurements
Fair Value Measurements
The Company measures certain of its assets and liabilities at fair value, which is defined as the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants, in either the principal market or the most advantageous market. The principal market is the market with the greatest level of activity and volume for the asset or liability.
The common framework for measuring fair value utilizes a three-level hierarchy to prioritize the inputs used in the valuation techniques to derive fair values. The basis for fair value measurements for each level within the hierarchy is described below with Level 1 having the highest priority and Level 3 having the lowest.
Level 1 Quoted prices in active markets for identical assets or liabilities.
Level 2 Quoted prices in active markets for similar assets or liabilities; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are observable in active markets.
Level 3 Valuations derived from valuation techniques in which one or more significant inputs are unobservable.
Derivatives
Derivatives
In the normal course of business, the Company is exposed to the impact of interest rate changes and foreign currency fluctuations. The Company manages its economic and transactional exposure to certain market risks through the use of foreign currency derivative instruments and interest rate swaps. The Company’s objective in holding derivatives is to reduce the volatility of net earnings, cash flows and net asset value associated with changes in foreign currency exchange rates and interest rates. The Company does not hold derivative instruments for trading or speculative purposes.
The Company limits its exposure to these risks by following established risk management policies and procedures, including the use of derivatives. For interest rate exposures, derivatives are used to manage the related cost of debt. As a result of the use of derivative instruments, the Company is exposed to the risk that counterparties to derivative contracts will fail to meet their contractual obligations. To mitigate counterparty credit risk, the Company only enters into contracts with credit-worthy counterparties.
In accordance with Accounting Standards Codification (“ASC”) Topic 815, Derivatives and Hedging, the Company records all derivative instruments on its consolidated balance sheets at fair value and evaluates hedge effectiveness prospectively and retrospectively when electing to apply hedge accounting. When electing to apply hedge accounting, the Company formally documents all derivative hedges at inception and the underlying hedged items, as well as the risk management objectives and strategies for undertaking the hedge transaction.
Changes in the fair value of derivatives that are designated and effective as cash flow hedges are recorded in accumulated other comprehensive income (loss) and reclassified to the consolidated statements of operations when the effects of the item being hedged are recognized in the consolidated statements of operations. Changes in the fair value of derivatives that are designated and effective as fair value hedges are recognized currently in net income. These changes are offset in net income by fair value changes related to the risk being hedged on the hedged item. Changes in the fair value of designated and effective net investment hedges are recorded in accumulated other comprehensive income (loss) and will be reclassified to earnings only upon the sale or liquidation of the Company’s hedged net investment. Changes in the fair value of undesignated derivative instruments are recognized currently in the consolidated statements of operations. Cash flows for derivative instruments designated and effective as hedges are classified consistent with the underlying hedged item. Derivatives not designated and effective as hedges are recorded in cash flows from operating activities on the consolidated statements of cash flows.
Revenue Recognition
Revenue Recognition
Revenue is recognized by the Company, net of sales taxes, when goods or services obligated in a contract with a customer have been transferred, and no further performance obligation on such transfer is required, in an amount that reflects the consideration expected to be received. For the sale of the Company’s products, revenue is typically recognized upon shipment.
Customers are offered volume discounts and other promotional benefits. The Company estimates volume discounts, promotional benefits, and returns based upon the terms of the customer contracts and actual historical experience and records such amounts as a reduction of gross sales with either an offsetting adjustment to accounts receivable or recognition of an accrued liability. The Company regularly monitors the adequacy of these offsets by comparing to actual results.
The Company considers shipping and handling activities as a fulfillment activity. Net sales include outbound shipping and handling charges billed to customers. Cost of sales includes all costs incurred in connection with inbound and outbound shipping and handling.
Income Taxes
Income Taxes
The Company accounts for income taxes in accordance with ASC Topic 740, Income Taxes. Under ASC Topic 740, deferred tax assets and deferred tax liabilities are determined based on the difference between the financial
statement and tax bases of assets and liabilities using enacted rates in effect for the year in which the differences are expected to reverse. A valuation allowance is recorded if it is more likely than not that a deferred tax asset will not be realized.
The Company follows the guidance in ASC Topic 740-10 in assessing uncertain tax positions. The standard applies to all tax positions and clarifies the recognition of tax benefits in the financial statements by providing for a two-step approach of recognition and measurement. The first step involves assessing whether the tax position is more-likely-than-not to be sustained upon examination based upon its technical merits. The second step involves measurement of the amount to be recognized. Tax positions that meet the more-likely-than-not threshold are measured at the amount of tax benefit that is greater than 50% likely of being realized upon ultimate agreement with the taxing authority. To the extent that the final tax outcome of these matters is different than the amounts recorded, such differences impact income tax expense in the period in which such determination is made. Interest and penalties, if any, related to accrued liabilities for potential tax assessments are included in income tax expense. See Note 8. Income Taxes.
Concentration of Credit Risks
Concentration of Credit Risks
The Company’s largest customer accounted for approximately 36% and 35% of consolidated sales for the years ended December 31, 2023 and 2022, respectively and represented 38% and 30% of total accounts receivable at December 31, 2023 and 2022, respectively. No other customer accounted for sales greater than 10% of consolidated sales. The Company’s sales to this customer are included in both the North America and Europe & Rest of World reportable segments. One other customer accounted for greater than 10% of total accounts receivable for the year ended December 31, 2023 with approximately 10% of total accounts receivable. The Company has adequate availability of suppliers. The loss of any one supplier would not have a long-term material effect on the Company’s operations.
Research, Development, and Engineering
Research, Development, and Engineering
The Company conducts research, development and engineering (“RD&E”) activities in its own facilities which consist primarily of the development of new products, enhanced product applications, improved manufacturing and packaging processes. Costs of RD&E are primarily expensed as incurred. RD&E costs applicable to the development of software used in Company products are expensed as incurred until the software is determined to be technologically feasible and the RD&E activities for the other related components of the product have been completed. Once the software is determined to be technologically feasible, costs incurred are capitalized and amortized over the expected life of the product.
Advertising Costs
Advertising Costs
Advertising costs are typically expensed as incurred; however, certain costs are deferred and included within prepaid assets on the Company’s consolidated balance sheets. These deferred costs are expensed as the events occur or as the materials are distributed.
Stock-Based Compensation
Stock-Based Compensation
The Company uses its common stock, par value $0.001 per share (“Common Stock”), for various forms of share-based compensation arrangements entered into with its employees and directors. Share-based compensation arrangements are accounted for at fair value on the date of grant. The fair value of stock options is determined using a Black-Scholes valuation model. The fair value of other share-based awards is based on the valuation of the Common Stock on the date of grant. The fair value of time-based awards that are ultimately expected to vest is recognized as an expense on a straight-line basis over the requisite service period. The fair value of performance-based awards is recognized in the period the performance condition is probable of occurring. The Company recognizes forfeitures as they occur. Stock-based compensation costs are recorded in selling, general and administrative expenses in the consolidated statements of operations. See Note 17. Stock-based Compensation.
Earnings per Share
Earnings per Share
The two-class method is an earnings allocation formula that determines earnings per share (“EPS”) for common stock and participating securities, according to rights to dividends declared and participation rights in undistributed earnings. Under this method, net earnings is reduced by the amount of dividends declared in the current period for each class of common stockholders and participating security holders. The remaining earnings or “undistributed earnings” are allocated between the classes of common stock and participating securities to the extent that each security may share in earnings as if all the earnings for the period had been distributed. Once calculated, the earnings per common share is computed by dividing the net earnings attributable to each class of common stockholders by the weighted average number of common shares outstanding during each year presented. Diluted earnings attributable to common stockholders per common share has been computed by dividing the net earnings attributable to common stockholders by the weighted average number of common shares outstanding plus the dilutive effect of options and restricted shares outstanding during the applicable periods computed using the more dilutive of the two- class method, if-converted method or treasury method. In cases where the Company has a net loss, no dilutive effect is shown as options and restricted stock become anti-dilutive, and basic and diluted EPS are computed in the same manner.
The Company calculates basic earnings per share (“Basic EPS”) using the two-class method, which is required for the year ended 2021 as the Company had multiple classes of common stock prior to the initial public offering (“IPO”). Under the two-class method, earnings for the period are allocated on a pro-rata basis to Class A and common stockholders. The weighted-average number of Class A and common shares outstanding during the period is then used to calculate basic EPS for each class of shares.
The Class C stock does not have substantive economic rights, including distribution upon liquidation, and is therefore not a participating security. As such, separate presentation of basic and diluted earnings per share of Class C stock under the two-class method has not been presented.
Stock options and other potential common shares are included in the calculation of diluted earnings per share (“Diluted EPS”), since they are assumed to be exercised or converted, except when their effect would be anti- dilutive.
Foreign Currency Translation
Foreign Currency Translation
The Company predominantly uses the U.S. dollar as its functional currency. The Company has international subsidiaries whose local currency has been determined to be their functional currency. For these subsidiaries, the assets and liabilities are translated using period-end exchange rates, and the revenues and expenses are translated at the average rates of exchange prevailing during the period. The adjustments resulting from translation are recorded separately in stockholders’ equity as a component of accumulated other comprehensive loss. The effect of exchange rate changes on intercompany transactions of a long-term and permanent nature are credited or charged directly to a separate component of stockholders’ equity. Foreign currency transaction gains and losses, including the remeasurement of monetary assets or liabilities denominated in a currency other than the functional currency, are reported in other income or expense.
Acquisitions
Acquisitions
The Company accounts for business combinations by applying the acquisition method. The Company’s consolidated financial statements include the operating results of acquired entities from the respective dates of acquisition. The Company recognizes and measures the identifiable assets acquired, liabilities assumed, and any non-controlling interest as of the acquisition date at fair value. The excess, if any, of total consideration transferred in a business combination over the fair value of identifiable assets acquired, liabilities assumed and any non-
controlling interest is recognized as goodwill in the accompanying consolidated balance sheets. Costs incurred by the Company to effect a business combination other than costs related to the issuance of debt or equity securities are included in the accompanying consolidated statements of operations in the period the costs are incurred.
Asset acquisitions are accounted for using a cost accumulation and allocation model and the cost of the acquisition is allocated to the assets acquired and liabilities assumed. In an acquisition of assets, acquisition-related costs are capitalized and goodwill is not assigned. Contingent consideration obligations incurred in connection with an asset acquisition are recorded when it is probable that they will occur and they can be reasonably estimated.
Leases
Leases
The Company determines whether a contract is or contains a lease at contract inception based on the presence of identified assets and its right to obtain substantially all the economic benefit from and to direct the use of such assets. When the Company determines a lease exists, it records a right-of-use (“ROU”) asset and corresponding lease liability on its consolidated balance sheet. ROU assets represent the Company’s right to use an underlying asset for the lease term. Lease liabilities represent the Company’s obligation to make lease payments arising from the lease. The Company’s lease liabilities are recognized at the applicable lease commencement date based on the present value of the lease payments required to be paid over the lease term. When the rate implicit in the lease is not readily determinable, the Company uses the incremental borrowing rate to discount the lease payments to present value. The estimated incremental borrowing rate is derived from information available at the lease commencement date and factors in a hypothetical interest rate on a collateralized basis with similar terms, payments and economic environments. The Company’s ROU assets are also recognized at the applicable lease commencement date. The ROU asset equals the carrying amount of the related lease liability, adjusted for any lease payments made prior to lease commencement, minus any lease incentives received, and any direct costs incurred by the lessee.
Recently Adopted Accounting Standards and Recently Issued Accounting Standards
Recently Adopted Accounting Standards
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 - Reference Rate Reform until December 31, 2024.
During the year-ended December 31, 2023, the Company completed the transition of its financial instruments and debt agreements effected by reference rate reform, including its existing First Lien Credit Agreement, to an alternative base rate instead of LIBOR. The adoption of this standard has not had a material impact on the Company’s consolidated financial statements. Refer to Note 9 for additional details regarding the Company’s amendments to its debt agreements.
Recently Issued Accounting Standards
Segment Reporting
In November 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-07, Improvements to Reportable Segment Disclosures, which requires enhanced disclosures about significant segment expenses. The amendments in this update are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is evaluating the impact of the standard on its segment reporting disclosures.
Income Taxes
In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, which intended to improve income tax disclosure requirements by requiring (i) consistent categories and greater disaggregation of information in the rate reconciliation and (ii) the disaggregation of income taxes paid by jurisdiction. The guidance makes several other changes to the income tax disclosure requirements. The amendments in ASU 2023-09 are effective for fiscal years beginning after December 15, 2024, with early adoption permitted, and is required to be applied prospectively with the option of retrospective application. The Company is evaluating the impact of the standard on its income tax disclosures.
v3.24.0.1
Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
Schedule of Allowance for Doubtful Accounts
Activity in the Company’s allowance for doubtful accounts is as follows (in thousands):
Balance at Beginning of PeriodCharges (Recoveries) to Costs and ExpensesAdditions (Deductions)Balance at End of Period
2021$1,359 $724 $(80)$2,003 
20222,003 2,176 (242)3,937 
20233,937 (1,055)(12)2,870 
v3.24.0.1
Revenue Recognition (Tables)
 12 Months Ended
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]  
Schedule of Net Sales by Product Groups
The following tables disaggregate net sales between product groups and geographic regions, respectively (in thousands):
Years Ended December 31,
202320222021
Product groups
Residential pool$904,028 $1,230,339 $1,325,284 
Commercial pool38,972 34,037 30,888 
Flow control49,452 49,760 45,622 
Total$992,452 $1,314,136 $1,401,794 
Geographic
United States$761,596 $990,196 $1,011,710 
Canada61,680 118,663 149,140 
Europe93,311 120,857 169,949 
Rest of World75,865 84,420 70,995 
Total International230,856 323,940 390,084 
Total$992,452 $1,314,136 $1,401,794 
Schedule of Net Sales by Geographic Destinations
The following tables disaggregate net sales between product groups and geographic regions, respectively (in thousands):
Years Ended December 31,
202320222021
Product groups
Residential pool$904,028 $1,230,339 $1,325,284 
Commercial pool38,972 34,037 30,888 
Flow control49,452 49,760 45,622 
Total$992,452 $1,314,136 $1,401,794 
Geographic
United States$761,596 $990,196 $1,011,710 
Canada61,680 118,663 149,140 
Europe93,311 120,857 169,949 
Rest of World75,865 84,420 70,995 
Total International230,856 323,940 390,084 
Total$992,452 $1,314,136 $1,401,794 
v3.24.0.1
Inventories (Tables)
 12 Months Ended
Dec. 31, 2023
Inventory Disclosure [Abstract]  
Schedule of Inventories, Net
Inventories consist of the following (in thousands):
December 31,
20232022
Raw materials$103,559 $133,516 
Work in progress15,374 16,467 
Finished goods96,247 133,675 
Total$215,180 $283,658 
Schedule of Inventory Obsolescence Reserve
Activity in the Company’s inventory obsolescence reserve is as follows (in thousands):
Balance at
Beginning of
Period		Charges to
Costs and
Expenses		DeductionsBalance at End
of Period
2021$13,994 $2,654 $(10,146)$6,502 
20226,502 7,422 (2,038)11,886 
2023$11,886 $19,267 $(1,878)$29,275 
v3.24.0.1
Property, Plant, and Equipment (Tables)
 12 Months Ended
Dec. 31, 2023
Property, Plant and Equipment [Abstract]  
Schedule of Property, Plant and Equipment
The carrying value of property, plant, and equipment is as follows (in thousands):
December 31,
20232022
Land$10,513 $10,929 
Buildings and improvements47,452 47,292 
Machinery, tools and equipment142,642 139,440 
Construction in progress43,431 25,407 
Owned equipment244,038 223,068 
Machinery, tools and equipment9,276 9,351 
Construction in progress1,582 1,528 
Equipment under finance lease10,858 10,879 
Less: Accumulated depreciation(95,917)(84,119)
Total$158,979 $149,828 
Schedule of Property, Plant and Equipment by Geographic Areas
The following table presents property, plant, and equipment, net, by country (in thousands):
December 31,
20232022
United States$125,546 $113,937 
China19,937 21,872 
Canada8,049 7,931 
Spain4,787 5,361 
France490 533 
Other170 194 
Total$158,979 $149,828 
v3.24.0.1
Goodwill and Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill
A summary of changes in goodwill is as follows (in thousands):
North AmericaEurope & Rest
of World		Total
Balance at December 31, 2021
$829,091 $95,173 $924,264 
Acquisitions14,790 — 14,790 
Currency translation(4,273)(2,385)(6,658)
Balance at December 31, 2022
839,608 92,788 932,396 
Currency translation1,441 1,176 2,617 
Balance at December 31, 2023
$841,049 $93,964 $935,013 
Schedule of Finite-Lived Intangible Assets
Intangible assets consist of the following (in thousands):
December 31, 2023December 31, 2022
Gross Carrying AmountAccumulated AmortizationNet
Carrying Amount		Gross Carrying AmountAccumulated AmortizationNet
Carrying Amount
Customer relationships$413,220 $(206,912)$206,308 $411,521 $(181,018)$230,503 
Covenant not to compete1,475 (473)1,002 1,475 (178)1,297 
Trademarks75,201 (29,914)45,287 75,201 (24,864)50,337 
Product technology82,505 (34,712)47,793 82,973 (27,934)55,039 
Total amortizable intangibles572,401 (272,011)300,390 571,170 (233,994)337,176 
Trademarks736,000 — 736,000 736,000 — 736,000 
Total intangible assets$1,308,401 $(272,011)$1,036,390 $1,307,170 $(233,994)$1,073,176 
Estimated
Useful
Lives
Net Carrying
Amount
December 31, 2022
AdditionsAmortizationImpairmentCurrency
Translation
Net Carrying Amount December 31, 2023
Customer relationships
15-20
$230,503 $— $(25,005)$— $810 $206,308 
Covenant not to compete51,297 — (295)— — 1,002 
Trademarks1550,337 — (5,048)— (2)45,287 
Product technology
10-20
55,039 — (6,731)(475)(40)47,793 
Total amortizable intangibles337,176 — (37,079)(475)768 300,390 
Trademarks736,000 — — — 736,000 
Total intangible assets$1,073,176 $— $(37,079)$(475)$768 $1,036,390 
Estimated
Useful
Lives
Net Carrying
Amount
December 31, 2021
AdditionsAmortizationImpairmentCurrency
Translation
Net Carrying Amount December 31, 2022
Customer relationships
15-20
$242,854 $17,100 $(26,942)$— $(2,509)$230,503 
Covenant not to compete575 1,400 (178)— — 1,297 
Trademarks1552,007 3,300 (4,973)— 3 50,337 
Product technology
10-20
51,110 10,228 (6,300)— 1 55,039 
Total amortizable intangibles346,046 32,028 (38,393)— (2,505)337,176 
Trademarks736,000 — — — — 736,000 
Total intangible assets$1,082,046 $32,028 $(38,393)$— $(2,505)$1,073,176 
Schedule of Indefinite-Lived Intangible Assets
Intangible assets consist of the following (in thousands):
December 31, 2023December 31, 2022
Gross Carrying AmountAccumulated AmortizationNet
Carrying Amount		Gross Carrying AmountAccumulated AmortizationNet
Carrying Amount
Customer relationships$413,220 $(206,912)$206,308 $411,521 $(181,018)$230,503 
Covenant not to compete1,475 (473)1,002 1,475 (178)1,297 
Trademarks75,201 (29,914)45,287 75,201 (24,864)50,337 
Product technology82,505 (34,712)47,793 82,973 (27,934)55,039 
Total amortizable intangibles572,401 (272,011)300,390 571,170 (233,994)337,176 
Trademarks736,000 — 736,000 736,000 — 736,000 
Total intangible assets$1,308,401 $(272,011)$1,036,390 $1,307,170 $(233,994)$1,073,176 
Estimated
Useful
Lives
Net Carrying
Amount
December 31, 2022
AdditionsAmortizationImpairmentCurrency
Translation
Net Carrying Amount December 31, 2023
Customer relationships
15-20
$230,503 $— $(25,005)$— $810 $206,308 
Covenant not to compete51,297 — (295)— — 1,002 
Trademarks1550,337 — (5,048)— (2)45,287 
Product technology
10-20
55,039 — (6,731)(475)(40)47,793 
Total amortizable intangibles337,176 — (37,079)(475)768 300,390 
Trademarks736,000 — — — 736,000 
Total intangible assets$1,073,176 $— $(37,079)$(475)$768 $1,036,390 
Estimated
Useful
Lives
Net Carrying
Amount
December 31, 2021
AdditionsAmortizationImpairmentCurrency
Translation
Net Carrying Amount December 31, 2022
Customer relationships
15-20
$242,854 $17,100 $(26,942)$— $(2,509)$230,503 
Covenant not to compete575 1,400 (178)— — 1,297 
Trademarks1552,007 3,300 (4,973)— 3 50,337 
Product technology
10-20
51,110 10,228 (6,300)— 1 55,039 
Total amortizable intangibles346,046 32,028 (38,393)— (2,505)337,176 
Trademarks736,000 — — — — 736,000 
Total intangible assets$1,082,046 $32,028 $(38,393)$— $(2,505)$1,073,176 
Schedule of Estimated Future Amortization Expense Related to Amortizable Intangibles
Estimated future amortization expense related to amortizable intangibles as of December 31, 2023 is as follows (in thousands):
2024$34,474 
202531,954 
202630,138 
202727,687 
202825,604 
Thereafter150,533 
Total$300,390 
v3.24.0.1
Accrued Expenses and Other Liabilities (Tables)
 12 Months Ended
Dec. 31, 2023
Payables and Accruals [Abstract]  
Schedule of Accrued Liabilities and Other Current Liabilities
Accrued expenses and other liabilities consist of the following (in thousands):
December 31,
20232022
Selling, promotional and advertising$48,440 $47,511 
Warranty reserve22,154 19,652 
Inventory purchases20,790 24,154 
Employee compensation and benefits17,796 18,955 
Insurance reserve9,450 9,987 
Operating lease liability - short term7,828 8,749 
Freight6,034 3,820 
Deferred income4,021 7,178 
Short term notes payable2,292 3,056 
Business restructuring costs1,690 2,337 
Professional fees1,449 1,543 
Payroll taxes827 1,404 
Other accrued liabilities12,772 14,937 
Total$155,543 $163,283 
Schedule of Change in Warranty Reserve
Changes in the warranty reserve are as follows (in thousands):
Balance at January 1, 2021$16,412 
Accrual for warranties issued during the period34,686 
Payments(26,924)
Balance at December 31, 2021
24,174 
Accrual for warranties issued during the period31,753 
Payments(36,275)
Balance at December 31, 2022
19,652 
Accrual for warranties issued during the period47,368 
Payments(44,866)
Balance at December 31, 2023
$22,154 
v3.24.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Schedule of Income from Continuing Operations before Income Tax
The components of income from operations before income taxes by jurisdiction are as follows (in thousands):
December 31,
202320222021
United States$89,461 $184,231 $183,539 
International11,626 50,006 76,602 
Total$101,087 $234,237 $260,141 
Schedule of Components of Income Taxes
The provision for income taxes is comprised of the following (in thousands):
Years Ended December 31,
202320222021
Current
Federal$21,697 $38,180 $40,748 
State6,575 9,979 11,438 
International4,914 12,076 19,544 
33,186 60,235 71,730 
Deferred
Federal(10,455)(3,077)(8,492)
State(2,894)(4,329)(2,240)
International563 2,061 (4,582)
(12,786)(5,345)(15,314)
Provision for income taxes$20,400 $54,890 $56,416 
Schedule of Effective Income Tax Rate Reconciliation
Reconciliation between the effective tax rate on income from operations and the statutory tax rate is as follows:
December 31,
202320222021
U.S. federal statutory income tax rate21.0 %21.0 %21.0 %
State and local income taxes—net of federal benefit2.9 1.9 2.9 
International withholding taxes—net of federal benefit3.7 0.4 — 
GILTI0.3 0.2 0.4 
Research & development tax credit(1.0)(0.3)(0.3)
Foreign derived intangible income (“FDII”) deduction(2.3)(0.9)(0.8)
Valuation allowance(1.6)— (1.4)
Prior-year tax return adjustments
(1.6)0.1 (0.3)
Stock compensation(3.0)(1.7)(3.8)
Non-deductible compensation subject to 162(m) limitation1.0 1.1 3.0 
Permanent differences0.2 0.2 (0.3)
International rate differential0.6 1.7 1.2 
Other— (0.3)0.1 
Effective tax rate20.2 %23.4 %21.7 %
Schedule of Deferred Tax Assets and Liabilities
The tax effects of temporary differences that give rise to significant components of the deferred tax assets and liabilities are as follows (in thousands):
December 31,
20232022
Deferred tax asset
Lease liabilities
$14,444 $15,339 
Inventory
11,970 7,859 
Warranty reserve5,157 4,594 
Research and development capitalization
6,165 4,717 
Accrued liabilities
3,653 3,434 
Net operating loss carryforwards3,423 3,605 
Deferred compensation and stock options3,108 3,187 
Insurance reserve1,283 1,458 
Interest expense450 409 
Tax credits316 2,902 
Other414 605 
Unrealized foreign exchange loss
— 822 
Total deferred tax asset50,383 48,931 
Deferred tax liability
Intangible assets(251,111)(258,929)
Property, plant & equipment(18,778)(20,632)
Right of use assets(12,510)(13,797)
Other current assets(3,301)(3,443)
Derivatives(5,238)(8,589)
Foreign withholding tax accrual(2,448)— 
Deferred financing costs(1,252)(1,542)
Unrealized foreign exchange (gain)
(634)— 
Change in accounting policy— (1,532)
Total deferred tax liability(295,272)(308,464)
Subtotal(244,889)(259,533)
Valuation allowance(2,964)(3,770)
Net deferred tax liability$(247,853)$(263,303)
Deferred taxes are reflected in the Company’s consolidated balance sheet based on tax jurisdiction as follows (in thousands):
December 31,
20232022
Deferred tax asset$1,114 $808 
Deferred tax liability(248,967)(264,111)
Net deferred tax liability$(247,853)$(263,303)
Schedule of Valuation Allowance
The following table is a roll forward of the valuation allowance applied against certain deferred tax assets (in thousands):
Balance at
Beginning of
Period		Provision for
Income Taxes		DeductionsOtherBalance at
End of Period
2021$7,471 $— $(3,701)$— $3,770 
2022$3,770 $— $— $— $3,770 
2023$3,770 $767 $(1,573)$— $2,964 
Schedule of Reconciliation of Unrecognized Tax Benefits
The following table is a reconciliation of unrecognized tax benefits including any interest and penalties (in thousands):
Balance at January 1, 2021$297 
Reduction due to statute expiration(264)
Currency(33)
Balance at December 31, 2021
— 
Currency— 
Balance at December 31, 2022
— 
Currency— 
Balance at December 31, 2023
$— 
v3.24.0.1
Long-Term Debt (Tables)
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Schedule of Long-term Debt
Long-term debt consists of the following (in thousands):
December 31,
20232022
First Lien Term Facility, due May 28, 2028$975,000 $985,000 
Incremental Term Loan B, due May 28, 2028123,438 124,688 
ABL Revolving Credit Facility— — 
Other bank debt8,775 4,593 
Finance lease obligations4,729 6,728 
Subtotal1,111,942 1,121,009 
Less: Current portion of the long-term debt(15,088)(14,531)
Less: Unamortized debt issuance costs(17,574)(21,423)
Total$1,079,280 $1,085,055 
Schedule of Interest Income and Interest Expense
Interest expense, net for the years ended December 31, 2023, 2022, and 2021 consisted of the following (in thousands):
Years Ended December 31,
202320222021
Interest expense on outstanding debt$75,972 $48,472 $46,887 
Amortization of deferred financing fees4,696 3,271 4,005 
Interest (income)(7,084)(356)(38)
Interest expense, net73,584 51,387 50,854 
Loss on debt extinguishment— — 9,418 
Total73,584 51,387 60,272 
Schedule of Maturities of Long-term Debt
At December 31, 2023, the future principal payments of the Company’s long-term debt obligations, excluding finance lease obligations, are as follows (in thousands):
2024$15,958 
202513,085 
202613,040 
202711,692 
20281,053,438 
Thereafter— 
Total$1,107,213 
v3.24.0.1
Derivatives and Hedging Transactions (Tables)
 12 Months Ended
Dec. 31, 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)
The following table summarizes the gross fair values and location on the consolidated balance sheet of the Company’s significant derivative instruments (in thousands):
Years Ended December 31,
20232022
Other Current AssetsOther Non-Current AssetsAccrued Expenses and Other LiabilitiesOther Non-Current LiabilitiesOther Current AssetsOther Non-Current AssetsAccrued Expenses and Other Liabilities
Interest rate swaps (1)
$— $21,398 $— $445 $— $31,676 $— 
Foreign exchange contracts227 — 872 — 1,450 — 232 
Total$227 $21,398 $872 $445 $1,450 $31,676 $232 
(1) The Company estimates that $14.2 million of unrealized gains will be reclassified from accumulated other comprehensive income (loss) into earnings in the next twelve months.
The following tables present the effects of derivative instruments by contract type in accumulated other comprehensive income (loss) in the consolidated statements of comprehensive income (in thousands):
Unrealized Gain (Loss) Recognized in AOCI (1)
Gain (Loss) Reclassified from AOCI to Earnings (2)
Location of Gain
(Loss) Reclassified from
AOCI into Earnings
202320222021202320222021
Interest rate swaps$4,917 $23,757 $4,860 $15,640 $(195)$(6,598)Interest Expense
Net investment hedge— — 1,647 — — — N/A
Total$4,917 $23,757 $6,507 $15,640 $(195)$(6,598)
(1) The tax expense, expense and benefit, respectively, on the gain (loss) recognized in AOCI for the twelve months ended December 31, 2023 and December 31, 2022 and December 31, 2021 was $1.2 million, $7.9 million and zero, respectively.
(2) The tax benefit, expense and expense, respectively, on the gain (loss) reclassified from AOCI to earnings for the twelve months ended December 31, 2023, December 31, 2022 and December 31, 2021 was $3.9 million, zero and $1.7 million, respectively.
v3.24.0.1
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
Schedule of Financial Assets and Liabilities
The following table sets forth the Company’s financial assets and liabilities that were not carried at fair value (in thousands):
December 31, 2023December 31, 2022
Carrying ValueFair ValueCarrying Value
Fair Value
Assets:
Short-term investments
$25,000 $25,000 $— $— 
Liabilities:
Long-term debt and related current maturities
$1,098,438 $1,098,422 $1,109,688 $1,071,456 
v3.24.0.1
Segments and Related Information (Tables)
 12 Months Ended
Dec. 31, 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 is included in the following summary (in thousands):
Year Ended December 31, 2023
North AmericaEurope & Rest
of World		Total
External net sales$823,276 $169,176 $992,452 
Segment income215,425 33,518 248,943 
Capital expenditures25,879 1,633 27,512 
Depreciation and amortization21,328 940 22,268 
Intersegment sales13,964 215 14,179 
Year Ended December 31, 2022
North AmericaEurope & Rest
of World		Total
External net sales$1,108,859 $205,277 $1,314,136 
Segment income308,627 47,388 356,015 
Capital expenditures24,169 2,375 26,544 
Depreciation and amortization23,313 767 24,080 
Intersegment sales32,514 453 32,967 
Year Ended December 31, 2021
North AmericaEurope & Rest
of World		Total
External net sales$1,160,850 $240,944 $1,401,794 
Segment income359,886 59,195 419,081 
Capital expenditures24,640 876 25,516 
Depreciation and amortization23,222 1,021 24,243 
Intersegment sales33,549 427 33,976 
The following table presents a reconciliation of segment income to income from operations before income taxes (in thousands):
Years Ended December 31,
202320222021
Total segment income$248,943 $356,015 $419,081 
Corporate expense, net30,147 30,151 53,430 
Acquisition and restructuring related expense13,213 8,162 15,030 
Amortization of intangible assets30,361 32,129 32,647 
Operating income175,222 285,573 317,974 
Interest expense, net73,584 51,387 50,854 
Loss on debt extinguishment— — 9,418 
Other (income) expense, net551 (51)(2,439)
Total other expense74,135 51,336 57,833 
Income from operations before income taxes$101,087 $234,237 $260,141 
v3.24.0.1
Earnings Per Share (Tables)
 12 Months Ended
Dec. 31, 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):
Years Ended December 31,
202320222021
Net income$80,687 $179,347 $203,725 
Deemed Dividend - Class A stock redemption (a)
— — 85,541 
Dividends paid to Class C stockholders— — 41 
Net income attributable to Class A and common stockholders, basic (b)
80,687 179,347 118,143 
Net income attributable to Class A holders, basic— — 20,640 
Net income attributable to common stockholders, basic80,687 179,347 97,503 
Net income attributable to Class A stockholders, diluted— — 19,534 
Net income attributable to common stockholders, diluted$80,687 $179,347 $98,609 
Weighted average number of common shares outstanding, basic213,144,063 219,945,024 187,688,087 
Effect of dilutive securities(c)
7,544,553 9,781,473 12,886,145 
Weighted average number of common shares outstanding, diluted220,688,616 229,726,497 200,574,232 
Earnings per share attributable to common stockholders, basic$0.38 $0.82 $0.52 
Earnings per share attributable to common stockholders, diluted$0.37 $0.78 $0.49 
(a) This non-cash deemed dividend represents the beneficial conversion feature related to the redemption of Class A shares for common shares as a consequence of the IPO.
(b) Net income attributable to Class A stockholders is impacted by the total shares of participating securities, basic and diluted, on an as converted basis.
(c) For the years ended December 31, 2023, 2022, and 2021 there were potential common shares totaling approximately 2.8 million, 2.3 million, and 1.0 million, respectively, that were excluded from the computation of diluted EPS as the inclusion of such shares would have been anti-dilutive.
v3.24.0.1
Leases (Tables)
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Schedule of Lease, Cost
The following lease cost is included in the consolidated statements of operations (in thousands):
Year Ended December 31, 2023Year Ended December 31, 2022
Lease cost (a)
Operating leases cost$12,216 $11,752 
Amortization of ROU assets716 903 
Interest on lease liabilities169 250 
Finance leases cost885 1,153 
Total lease cost$13,101 $12,905 
(a) With the exception of interest on lease liabilities, the Company records lease costs to cost of sales or selling, general and administrative expense on the consolidated statements of operations, depending on the use of the leased asset. Interest on lease liabilities are recorded to interest expense, net on the consolidated statements of operations.
Supplemental cash flow information related to leases was as follows (in thousands):
Year Ended December 31, 2023Year Ended December 31, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$13,032 $11,486 
Operating cash flows from finance leases169 249 
Financing cash flows from finance leases1,790 1,911 
Right-of-use assets obtained in exchange for lease obligations:
Operating leases$1,490 $11,348 
Finance leases(21)1,603 
Weighted average information:
December 31,
20232022
Finance leases
Remaining lease term (in years)2.473.27
Discount rate2.98 %3.21 %
Operating leases
Remaining lease term (in years)9.7810.46
Discount rate4.71 %4.42 %
Schedule of Assets And Liabilities, Lessee
Supplemental balance sheet information related to leases as of December 31, 2023 was as follows (in     thousands):
December 31,
20232022
Operating leases
Other non-current assets$58,638 $65,495 
Accrued expenses and other liabilities7,828 8,749 
Other non-current liabilities58,642 64,800 
Total operating lease liabilities66,470 73,549 
Finance leases
Property, plant and equipment10,858 10,879 
Accumulated depreciation(2,415)(1,991)
Property, plant and equipment, net8,443 8,888 
Current maturities of long-term debt2,121 2,206 
Long-term debt2,608 4,522 
Total finance lease liabilities$4,729 $6,728 
Schedule of Lessee, Operating Lease, Liability, Maturity
As of December 31, 2023, maturities of lease liabilities were as follows (in thousands):
Operating LeasesFinance Leases
2024$10,779 $2,289 
20259,692 1,920 
20268,821 353 
20277,172 352 
20286,749 85 
Thereafter40,115 — 
Total lease payments83,328 4,999 
Less: interest(16,858)(270)
Total$66,470 $4,729 
Schedule of Finance Lease, Liability, Fiscal Year Maturity
As of December 31, 2023, maturities of lease liabilities were as follows (in thousands):
Operating LeasesFinance Leases
2024$10,779 $2,289 
20259,692 1,920 
20268,821 353 
20277,172 352 
20286,749 85 
Thereafter40,115 — 
Total lease payments83,328 4,999 
Less: interest(16,858)(270)
Total$66,470 $4,729 
v3.24.0.1
Stock-based Compensation (Tables)
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Schedule of Nonvested Restricted Stock Units Activity
The following table summarizes activity for PSUs under the 2021 Plan:
Number of SharesWeighted- average grant date fair value
Outstanding as of December 31, 202298,061 $16.46 
Granted148,378 11.81 
Forfeited(17,162)13.72 
Vested and converted to common— 
Outstanding as of December 31, 2023229,277 $13.59 
The following table summarizes activity for time-based restricted stock units under the 2021 Plan:
Number of
Shares		Weighted-
Average Grant-
Date Fair Value
Outstanding as of December 31, 2022
307,597 $15.22 
Granted621,527 11.62 
Forfeited(54,978)14.26 
Vested and converted to common(160,600)14.34 
Outstanding as of December 31, 2023
713,546 $12.36 
Schedule of Weighted Average Fair Value
The following table presents the weighted-average fair value of PSUs granted during the year:
Years Ended December 31,
20232022
Weighted-average fair value per share of PSUs granted during the year
$11.81 $16.50 
Schedule of Share-based Payment Arrangement, Option, Activity
The following table summarizes activity for stock options under the 2021 Plan (aggregate intrinsic value in thousands):
Number of
Shares		Weighted-
Average
Exercise
Price		Weighted-
Average
Remaining
Contractual
Life (years)		Aggregate
Intrinsic Value
Outstanding as of December 31, 2022
2,252,106 $16.93 8.70$9 
Granted740,745 11.81 
Exercised(1,633)11.67 3 
Forfeited(245,109)15.58 
Outstanding as of December 31, 2023
2,746,109 15.62 7.831,457 
Options exercisable as of December 31, 2023
1,020,669 17.05 — — 
Options expected to vest as of December 31, 2023
2,746,109 $15.62 7.83$1,457 
The following table summarizes activity for time-based stock options under the 2017 Plan (aggregate intrinsic value in thousands):
Number of
Shares		Weighted-
Average
Exercise
Price		Weighted-
Average
Remaining
Contractual
Life (years)		Aggregate
Intrinsic Value
Outstanding as of December 31, 2022
4,875,806 $1.15 6.25$40,247 
Granted— — 
Exercised(1,158,119)0.74 14,259 
Forfeited(90,190)1.44 
Outstanding as of December 31, 2023
3,627,497 1.27 5.4644,717 
Options exercisable as of December 31, 2023
2,775,831 1.19 5.2734,451 
Options expected to vest as of December 31, 2023
851,666 $1.55 6.08$10,266 
The following table summarizes activity for stock options with market and performance conditions under the 2017 Plan (aggregate intrinsic value in thousands):
Number of
Shares		Weighted-
Average
Exercise
Price		Weighted-
Average
Remaining
Contractual
Life (years)		Aggregate
Intrinsic Value
Outstanding as of December 31, 2022
4,643,970 $1.25 6.41$37,863 
Granted— 
Exercised(959,573)1.02 11,340 
Forfeited— — 
Outstanding as of December 31, 2023
3,684,397 1.31 5.5545,292 
Options exercisable as of December 31, 2023
3,684,397 1.31 5.5545,292 
Options expected to vest as of December 31, 2023
— $— — $— 
Schedule of Option Pricing Model for Stock Options Granted The following table sets forth fair value per share information, including related weighted-average assumptions, used to determine compensation cost:
Years Ended December 31,
202320222021
Weighted-average fair value per share of options granted during the year
$4.73 $5.40 $6.46 
Assumptions:
Risk-free interest rate4.26 %1.88 %1.07 %
Expected life (years)666
Expected dividend yield— %— %— %
Expected volatility32.3 %29.7 %37.5 %
The following table sets forth fair value per share information, including related weighted-average assumptions, used to determine compensation cost:
Year Ended December 31,
2021
Weighted average fair value per share of options granted during the year2.14
Assumptions:
Risk-free interest rate0.13 %
Expected life (years)1.5
Expected dividend yield— %
Expected volatility58.0 %
Schedule of Aggregate Intrinsic Value of Options Exercised
The following table presents the aggregate intrinsic value of options exercised during the year (in thousands):
Years Ended December 31,
202320222021
Aggregate intrinsic value of options exercised during the year$3 $2 $— 
The following table presents the aggregate intrinsic value of options exercised during the year (in thousands):
Years Ended December 31,
202320222021
Aggregate intrinsic value of options exercised during the year$14,259 $11,774 $19,792 
The following table presents the aggregate intrinsic value of options exercised during the year (in thousands):
Years Ended December 31,
202320222021
Aggregate intrinsic value of options exercised during the year$11,340 $12,849 $29,206 
Schedule of Restricted Stock Unit Activity
The following table presents the weighted-average fair value of time-based restricted stock units granted during the year:
Years Ended December 31,
202320222021
Weighted-average fair value per share of time-based restricted stock units granted during the year
$11.62 $14.65 $17.80 
v3.24.0.1
Retirement Plans (Tables)
 12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
Schedule of Costs of Retirement Plans The following table presents the fair values of the related investments (in thousands):
Years Ended December 31,
20232022
Value of investments related to Supplemental Retirement Plan
$5,910 $4,390 
v3.24.0.1
Acquisition and Restructuring Related Expense (Tables)
 12 Months Ended
Dec. 31, 2023
Restructuring and Related Activities [Abstract]  
Schedule of Restructuring and Related Costs
Acquisition and restructuring related expense, net consists of the following (in thousands):
Years Ended December 31,
202320222021
Business restructuring costs$12,419 $6,215 $15,030 
Acquisition transaction costs794 1,947 — 
Total$13,213 $8,162 $15,030 
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):
Liability as of
January 1, 2023
2023 Activity
Liability as of
December 31, 2023
Costs
Recognized		Cash
Payments		Non-cash (Charge)/Gain
One-time termination benefits$2,422 $5,049 $(5,118)$— $2,353 
Facility-related— 108 (108)— — 
Other(1)
— 7,262 (536)(6,720)6 
Total$2,422 $12,419 $(5,762)$(6,720)$2,359 
(1) “Other” restructuring related activity primarily consists of a $6.7 million impairment loss associated with a discontinued product line.
Liability as of
January 1, 2022
2022 Activity
Liability as of
December 31, 2022
Costs
Recognized		Cash
Payments		Non-cash (Charge)/Gain
One-time termination benefits$1,035 $6,093 $(4,706)$— $2,422 
Facility-related27 1,098 (684)(441)— 
Other4,374 (976)(5,750)2,352 — 
Total$5,436 $6,215 $(11,140)$1,911 $2,422 
Liability as of
January 1, 2021
2021 Activity
Liability as of
December 31, 2021
Costs
Recognized		Cash
Payments		Non-cash (Charge)/Gain
One-time termination benefits$— $1,128 $(93)$— $1,035 
Facility-related— 2,105 (443)(1,635)27 
Other— 11,797 (39)(7,384)4,374 
Total$— $15,030 $(575)$(9,019)$5,436 
v3.24.0.1
Condensed Financial Information of Registrant (Parent Company Only) (Tables)
 12 Months Ended
Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract]  
Condensed Balance Sheet
Hayward Holdings, Inc. balance sheets are as follows (in thousands, except per share data):
December 31,
20232022
Assets
Current Assets
Cash$— $— 
Prepaid and other current assets587 1,089 
Total current assets587 1,089 
Other assets (principally investment in and amounts due from wholly owned subsidiaries)
1,317,576 1,226,467 
Total non-current assets1,317,576 1,226,467 
Total assets$1,318,163 $1,227,556 
Liabilities, Redeemable Stock and Stockholders’ Equity
Current liabilities
Intercompany liabilities$5,980 $3,430 
Accrued expenses1383 
Short term notes payable5871,089 
Total current liabilities6,705 4,522 
Total liabilities6,705 4,522 
Stockholders’ equity
Common stock $0.001 par value, 750,000,000 authorized; 242,832,045 issued and 214,165,676 outstanding at December 31, 2023; 240,529,150 issued and 211,862,781 outstanding at December 31, 2022
243 241 
Additional paid-in capital1,080,894 1,069,878 
Treasury stock(357,755)(357,415)
Retained earnings580,909 500,222 
Accumulated other comprehensive income
7,167 10,108 
Total stockholders’ equity1,311,458 1,223,034 
Total liabilities, redeemable stock and stockholders’ equity$1,318,163 $1,227,556 
Condensed Income Statement
Hayward Holdings, Inc. statements of operations and comprehensive income are as follows (in thousands):
Years Ended December 31,
202320222021
Equity income in subsidiaries$83,372 $183,437 $206,396 
Selling, general, and administrative expense2,685 4,090 3,562 
Other expense (income), net— — — 
Income from operations before income taxes80,687 179,347 202,834 
Income tax expense (benefit)— — (891)
Net income$80,687 $179,347 $203,725 
Comprehensive income, net of tax
Net income$80,687 $179,347 $203,725 
Foreign currency translation adjustments, net of tax expense (benefit) of $0, $0, and $763, respectively
5,101 (17,391)(768)
Change in fair value of derivatives, net of tax expense (benefit) of $(2,681), $7,919, and $1,620, respectively
(8,042)23,757 4,860 
Comprehensive income$77,746 $185,713 $207,817 
Condensed Cash Flow Statement
Hayward Holdings, Inc. statement of cash flows are as follows (in thousands):
Years Ended December 31,
202320222021
Cash flows from operating activities
Net cash (used in) provided by operating activities$(2,183)$(4,015)$215 
Cash flows from investing activities
Distributions received from subsidiaries4,652 349,269 — 
Capital contributions to subsidiaries(3,467)(8,078)(341,752)
Net cash provided by (used in) investing activities1,185 341,191 (341,752)
Cash flows from financing activities
Proceeds from issuance of common stock - Initial Public Offering— — 377,400 
Costs associated with Initial Public Offering— — (26,124)
Purchases of common stock for treasury(340)(343,349)(9,524)
Proceeds from issuance of short-term debt1,614 2,994 — 
Payments of short-term debt(2,129)(1,905)— 
Issuance of Class A stock— — 221 
Proceeds from issuance of stock1,853 3,206 1,483 
Dividends paid— — (41)
Net cash provided by (used in) financing activities998 (339,054)343,415 
Change in cash and cash equivalents and restricted cash— (1,878)1,878 
Cash and cash equivalents and restricted cash, beginning of year— 1,878 — 
Cash and cash equivalents and restricted cash, end of year$— $— $1,878 
v3.24.0.1
Accumulated Other Comprehensive Income (Tables)
 12 Months Ended
Dec. 31, 2023
Equity [Abstract]  
Schedule of Accumulated Other Comprehensive Income (Loss)
The changes in Accumulated other comprehensive income are provided in the tables below (in thousands):
Cumulative Translation AdjustmentUnrecognized (Losses) Gain on Derivative Instruments for Cash Flow HedgesAccumulated Other Comprehensive Income, Net of Taxes
Balance at December 31, 2021$3,742 $— $3,742 
Other comprehensive income (loss) before reclassifications(17,391)23,562 6,171 
Amounts reclassified from accumulated other comprehensive income— 195 195 
Net current period other comprehensive (loss) income(17,391)23,757 6,366 
Balance at December 31, 2022(13,649)23,757 10,108 
Other comprehensive income (loss) before reclassifications5,101 7,598 12,699 
Amounts reclassified from accumulated other comprehensive income— (15,640)(15,640)
Net current period other comprehensive income (loss)5,101 (8,042)(2,941)
Balance at December 31, 2023$(8,548)$15,715 $7,167 
v3.24.0.1
Nature of Operations and Organization (Details)
Dec. 31, 2023
manufacturing_facility
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Number of manufacturing facilities 6
v3.24.0.1
Significant Accounting Policies - Additional Information (Details)
$ / shares in Units, $ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2023
USD ($)
$ / shares
Dec. 31, 2023
USD ($)
reporting_unit
$ / shares
Dec. 31, 2022
USD ($)
$ / shares
Dec. 31, 2021
USD ($)
Other Commitments [Line Items]        
Certificates of deposits $ 25,000 $ 25,000    
Long-lived asset impairment   $ 3,900 $ 5,500  
Number of reporting units | reporting_unit   5    
Impairment loss $ 500 $ 475 0  
Uncertain tax, interest and penalties   0 0  
Advertising costs   $ 9,000 $ 9,800 $ 7,200
Common stock, par value (in usd per share) | $ / shares $ 0.001 $ 0.001 $ 0.001  
Customer Concentration Risk | Pool Corporation | Revenue Benchmark        
Other Commitments [Line Items]        
Concentration or credit risk   36.00% 35.00%  
Customer Concentration Risk | Pool Corporation | Accounts Receivable        
Other Commitments [Line Items]        
Concentration or credit risk   38.00% 30.00%  
Minimum | Buildings and improvements        
Other Commitments [Line Items]        
Estimated useful life 10 years 10 years    
Minimum | Machinery, tools and equipment        
Other Commitments [Line Items]        
Estimated useful life 3 years 3 years    
Maximum | Buildings and improvements        
Other Commitments [Line Items]        
Estimated useful life 40 years 40 years    
Maximum | Machinery, tools and equipment        
Other Commitments [Line Items]        
Estimated useful life 20 years 20 years    
v3.24.0.1
Significant Accounting Policies - Allowance for Doubtful Account (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Accounts Receivable, Allowance for Credit Loss [Roll Forward]      
Balance at Beginning of Period $ 3,937 $ 2,003 $ 1,359
Charges (Recoveries) to Costs and Expenses (1,055) 2,176 724
Additions (Deductions) (12) (242) (80)
Balance at End of Period $ 2,870 $ 3,937 $ 2,003
v3.24.0.1
Revenue Recognition (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Revenue from External Customer [Line Items]      
Net sales $ 992,452 $ 1,314,136 $ 1,401,794
United States      
Revenue from External Customer [Line Items]      
Net sales 761,596 990,196 1,011,710
Total international revenue      
Revenue from External Customer [Line Items]      
Net sales 230,856 323,940 390,084
Canada      
Revenue from External Customer [Line Items]      
Net sales 61,680 118,663 149,140
Europe      
Revenue from External Customer [Line Items]      
Net sales 93,311 120,857 169,949
Rest of World      
Revenue from External Customer [Line Items]      
Net sales 75,865 84,420 70,995
Residential pool      
Revenue from External Customer [Line Items]      
Net sales 904,028 1,230,339 1,325,284
Commercial pool      
Revenue from External Customer [Line Items]      
Net sales 38,972 34,037 30,888
Flow control      
Revenue from External Customer [Line Items]      
Net sales $ 49,452 $ 49,760 $ 45,622
v3.24.0.1
Inventories (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Inventory Disclosure [Abstract]    
Raw materials $ 103,559 $ 133,516
Work in progress 15,374 16,467
Finished goods 96,247 133,675
Total inventory $ 215,180 $ 283,658
v3.24.0.1
Inventories - Obsolescence Reserve (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Inventory Obsolescence Reserve [Roll Forward]      
Beginning balance $ 11,886 $ 6,502 $ 13,994
Charges to Costs and Expenses 19,267 7,422 2,654
Deductions (1,878) (2,038) (10,146)
Ending balance $ 29,275 $ 11,886 $ 6,502
v3.24.0.1
Property, Plant, and Equipment - Carrying Value of Property, Plant, and Equipment (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Property, Plant and Equipment [Line Items]    
Less: Accumulated depreciation $ (95,917) $ (84,119)
Total 158,979 149,828
Land    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 10,513 10,929
Buildings and improvements    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 47,452 47,292
Machinery, tools and equipment    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 142,642 139,440
Construction in progress    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 43,431 25,407
Owned equipment    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 244,038 223,068
Machinery, tools and equipment    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 9,276 9,351
Construction in progress    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 1,582 1,528
Equipment under finance lease    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross $ 10,858 $ 10,879
v3.24.0.1
Property, Plant, and Equipment - Additional Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Property, Plant and Equipment [Abstract]      
Depreciation $ 15,983 $ 19,246 $ 18,826
Depreciation cost $ 12,600 $ 15,100 $ 15,600
v3.24.0.1
Property, Plant, and Equipment - Property, Plant, and Equipment by Country (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, net $ 158,979 $ 149,828
United States    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, net 125,546 113,937
China    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, net 19,937 21,872
Canada    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, net 8,049 7,931
Spain    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, net 4,787 5,361
France    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, net 490 533
Other    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, net $ 170 $ 194
v3.24.0.1
Goodwill and Intangible Assets - Goodwill (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Goodwill [Roll Forward]    
Beginning balance $ 932,396 $ 924,264
Acquisitions   14,790
Currency translation 2,617 (6,658)
Ending balance 935,013 932,396
North America    
Goodwill [Roll Forward]    
Beginning balance 839,608 829,091
Acquisitions   14,790
Currency translation 1,441 (4,273)
Ending balance 841,049 839,608
Europe & Rest of World    
Goodwill [Roll Forward]    
Beginning balance 92,788 95,173
Acquisitions   0
Currency translation 1,176 (2,385)
Ending balance $ 93,964 $ 92,788
v3.24.0.1
Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2023
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]        
Cost $ 572,401 $ 572,401 $ 571,170  
Total intangible assets 1,308,401 1,308,401 1,307,170  
Accumulated Amortization (272,011) (272,011) (233,994)  
Finite-lived Intangible Assets [Roll Forward]        
Net Carrying Amount, Beginning Balance   337,176 346,046  
Additions   0 32,028  
Amortization   (37,079) (38,393) $ (39,000)
Impairment (500) (475) 0  
Currency Translation   768 (2,505)  
Net Carrying Amount, Ending Balance 300,390 300,390 337,176 346,046
Intangible Assets, Net Carrying Amount 1,036,390 1,036,390 $ 1,073,176 1,082,046
Impairment Of Intangible Asset Finite Lived Statement Of Income Or Comprehensive Income Extensible Enumeration Not Disclosed Flag     Impairment  
Trademarks        
Finite-Lived Intangible Assets [Line Items]        
Trademarks 736,000 736,000 $ 736,000 736,000
Customer relationships        
Finite-Lived Intangible Assets [Line Items]        
Cost 413,220 413,220 411,521  
Accumulated Amortization (206,912) (206,912) (181,018)  
Finite-lived Intangible Assets [Roll Forward]        
Net Carrying Amount, Beginning Balance   230,503 242,854  
Additions   0 17,100  
Amortization   (25,005) (26,942)  
Impairment   0 0  
Currency Translation   810 (2,509)  
Net Carrying Amount, Ending Balance $ 206,308 $ 206,308 $ 230,503 242,854
Customer relationships | Minimum        
Finite-Lived Intangible Assets [Line Items]        
Estimated Useful Lives 15 years 15 years 15 years  
Customer relationships | Maximum        
Finite-Lived Intangible Assets [Line Items]        
Estimated Useful Lives 20 years 20 years 20 years  
Covenant not to compete        
Finite-Lived Intangible Assets [Line Items]        
Cost $ 1,475 $ 1,475 $ 1,475  
Accumulated Amortization $ (473) $ (473) $ (178)  
Estimated Useful Lives 5 years 5 years 5 years  
Finite-lived Intangible Assets [Roll Forward]        
Net Carrying Amount, Beginning Balance   $ 1,297 $ 75  
Additions   0 1,400  
Amortization   (295) (178)  
Impairment   0 0  
Currency Translation   0 0  
Net Carrying Amount, Ending Balance $ 1,002 1,002 1,297 75
Trademarks        
Finite-Lived Intangible Assets [Line Items]        
Cost 75,201 75,201 75,201  
Accumulated Amortization $ (29,914) $ (29,914) $ (24,864)  
Estimated Useful Lives 15 years 15 years 15 years  
Finite-lived Intangible Assets [Roll Forward]        
Net Carrying Amount, Beginning Balance   $ 50,337 $ 52,007  
Additions   0 3,300  
Amortization   (5,048) (4,973)  
Impairment   0 0  
Currency Translation   (2) 3  
Net Carrying Amount, Ending Balance $ 45,287 45,287 50,337 52,007
Product technology        
Finite-Lived Intangible Assets [Line Items]        
Cost 82,505 82,505 82,973  
Accumulated Amortization (34,712) (34,712) (27,934)  
Finite-lived Intangible Assets [Roll Forward]        
Net Carrying Amount, Beginning Balance   55,039 51,110  
Additions   0 10,228  
Amortization   (6,731) (6,300)  
Impairment   (475) 0  
Currency Translation   (40) 1  
Net Carrying Amount, Ending Balance $ 47,793 $ 47,793 $ 55,039 $ 51,110
Product technology | Minimum        
Finite-Lived Intangible Assets [Line Items]        
Estimated Useful Lives 10 years 10 years 10 years  
Product technology | Maximum        
Finite-Lived Intangible Assets [Line Items]        
Estimated Useful Lives 20 years 20 years 20 years  
v3.24.0.1
Goodwill and Intangible Assets - Additional Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]      
Amortization expenses $ 37,079 $ 38,393 $ 39,000
Amortization expense included in cost of sales $ 6,700 6,300 $ 6,400
Weighted-average remaining lives 11 years 7 months 6 days    
Customer relationships      
Finite-Lived Intangible Assets [Line Items]      
Amortization expenses $ 25,005 26,942  
Weighted-average remaining lives 12 years 8 months 12 days    
Trademarks      
Finite-Lived Intangible Assets [Line Items]      
Amortization expenses $ 5,048 4,973  
Weighted-average remaining lives 9 years 2 months 12 days    
Product technology      
Finite-Lived Intangible Assets [Line Items]      
Amortization expenses $ 6,731 6,300  
Weighted-average remaining lives 9 years 2 months 12 days    
Covenant not to compete      
Finite-Lived Intangible Assets [Line Items]      
Amortization expenses $ 295 $ 178  
Weighted-average remaining lives 3 years 4 months 24 days    
v3.24.0.1
Goodwill and Intangible Assets - Estimated Future Amortization Expense (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]      
2024 $ 34,474    
2025 31,954    
2026 30,138    
2027 27,687    
2028 25,604    
Thereafter 150,533    
Total $ 300,390 $ 337,176 $ 346,046
v3.24.0.1
Accrued Expenses and Other Liabilities - Accrued Expenses and Other Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Payables and Accruals [Abstract]        
Selling, promotional and advertising $ 48,440 $ 47,511    
Warranty reserve 22,154 19,652 $ 24,174 $ 16,412
Inventory purchases 20,790 24,154    
Employee compensation and benefits 17,796 18,955    
Insurance reserve 9,450 9,987    
Operating lease liability - short term 7,828 8,749    
Freight 6,034 3,820    
Deferred income 4,021 7,178    
Short term notes payable 2,292 3,056    
Business restructuring costs 1,690 2,337    
Professional fees 1,449 1,543    
Payroll taxes 827 1,404    
Other accrued liabilities 12,772 14,937    
Accrued expenses and other liabilities $ 155,543 $ 163,283    
v3.24.0.1
Accrued Expenses and Other Liabilities - Warranty Reserve (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Movement in Standard Product Warranty Accrual [Roll Forward]      
Beginning balance $ 19,652 $ 24,174 $ 16,412
Accrual for warranties issued during the period 47,368 31,753 34,686
Payments (44,866) (36,275) (26,924)
Ending balance $ 22,154 $ 19,652 $ 24,174
v3.24.0.1
Income Taxes - Income from Operations Before Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Income Tax Disclosure [Abstract]      
United States $ 89,461 $ 184,231 $ 183,539
International 11,626 50,006 76,602
Income from Operations Before Income Taxes $ 101,087 $ 234,237 $ 260,141
v3.24.0.1
Income Taxes - Provision for Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Current      
Federal $ 21,697 $ 38,180 $ 40,748
State 6,575 9,979 11,438
International 4,914 12,076 19,544
Current income tax expense (benefit) 33,186 60,235 71,730
Deferred      
Federal (10,455) (3,077) (8,492)
State (2,894) (4,329) (2,240)
International 563 2,061 (4,582)
Deferred income tax expense (benefit) (12,786) (5,345) (15,314)
Provision for income taxes $ 20,400 $ 54,890 $ 56,416
v3.24.0.1
Income Taxes - Effective Tax Rate Reconciliation (Details)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Income Tax Disclosure [Abstract]      
U.S. federal statutory income tax rate 21.00% 21.00% 21.00%
State and local income taxes—net of federal benefit 2.90% 1.90% 2.90%
International withholding taxes—net of federal benefit 3.70% 0.40% 0.00%
GILTI 0.30% 0.20% 0.40%
Research & development tax credit (1.00%) (0.30%) (0.30%)
Foreign derived intangible income (“FDII”) deduction (2.30%) (0.90%) (0.80%)
Valuation allowance (1.60%) 0.00% (1.40%)
Prior-year tax return adjustments (1.60%) 0.10% (0.30%)
Stock compensation (3.00%) (1.70%) (3.80%)
Non-deductible compensation subject to 162(m) limitation 1.00% 1.10% 3.00%
Permanent differences 0.20% 0.20% (0.30%)
International rate differential 0.60% 1.70% 1.20%
Other 0.00% (0.30%) 0.10%
Effective tax rate 20.20% 23.40% 21.70%
v3.24.0.1
Income Taxes - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Operating Loss Carryforwards [Line Items]        
Effective tax rate 20.20% 23.40% 21.70%  
Valuation allowance $ 2,964 $ 3,770 $ 3,770 $ 7,471
Undistributed earnings that will be indefinitely reinvested 90,100 152,700    
Uncertain tax, interest and penalties 0 0    
United States        
Operating Loss Carryforwards [Line Items]        
Net operating loss carryforward 12,600 12,600    
Operating loss carryforwards subject to limitations 12,600      
Valuation allowance 3,000 3,800    
France        
Operating Loss Carryforwards [Line Items]        
Net operating loss carryforward $ 3,100 $ 3,800    
v3.24.0.1
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Deferred tax asset        
Lease liabilities $ 14,444 $ 15,339    
Inventory 11,970 7,859    
Warranty reserve 5,157 4,594    
Research and development capitalization 6,165 4,717    
Accrued liabilities 3,653 3,434    
Net operating loss carryforwards 3,423 3,605    
Deferred compensation and stock options 3,108 3,187    
Insurance reserve 1,283 1,458    
Interest expense 450 409    
Tax credits 316 2,902    
Other 414 605    
Unrealized foreign exchange loss 0 822    
Total deferred tax asset 50,383 48,931    
Deferred tax liability        
Intangible assets (251,111) (258,929)    
Property, plant & equipment (18,778) (20,632)    
Right of use assets (12,510) (13,797)    
Other current assets (3,301) (3,443)    
Derivatives (5,238) (8,589)    
Foreign withholding tax accrual (2,448) 0    
Deferred financing costs (1,252) (1,542)    
Unrealized foreign exchange (gain) (634) 0    
Change in accounting policy 0 (1,532)    
Total deferred tax liability (295,272) (308,464)    
Subtotal (244,889) (259,533)    
Valuation allowance (2,964) (3,770) $ (3,770) $ (7,471)
Net deferred tax liability $ (247,853) $ (263,303)    
v3.24.0.1
Income Taxes - Deferred Taxes (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]    
Deferred tax asset $ 1,114 $ 808
Deferred tax liability (248,967) (264,111)
Net deferred tax liability $ (247,853) $ (263,303)
v3.24.0.1
Income Taxes - Valuation Allowance (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Valuation Allowance [Roll Forward]      
Valuation Allowance, Beginning Balance $ 3,770 $ 3,770 $ 7,471
Provision for Income Taxes 767 0 0
Deductions (1,573) 0 (3,701)
Other 0 0 0
Valuation Allowance, Ending Balance $ 2,964 $ 3,770 $ 3,770
v3.24.0.1
Income Taxes - Unrecognized Tax Benefits (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]      
Beginning Balance $ 0 $ 0 $ 297
Reduction due to statute expiration     (264)
Currency 0 0 (33)
Ending Balance $ 0 $ 0 $ 0
v3.24.0.1
Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Line of Credit Facility [Line Items]    
Other bank debt $ 8,775 $ 4,593
Finance lease obligations 4,729 6,728
Subtotal 1,111,942 1,121,009
Less: Current portion of the long-term debt (15,088) (14,531)
Less: Unamortized debt issuance costs (17,574) (21,423)
Long-term debt 1,079,280 1,085,055
Term Loan | First Lien Term Facility, due May 28, 2028    
Line of Credit Facility [Line Items]    
Long-term debt, gross 975,000 985,000
Term Loan | Incremental Term Loan B, due May 28, 2028    
Line of Credit Facility [Line Items]    
Long-term debt, gross 123,438 124,688
Revolving Credit Facility | ABL Revolving Credit Facility    
Line of Credit Facility [Line Items]    
Long-term debt, gross $ 0 $ 0
v3.24.0.1
Long-Term Debt - Interest Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Debt Disclosure [Abstract]      
Interest expense on outstanding debt $ 75,972 $ 48,472 $ 46,887
Amortization of deferred financing fees 4,696 3,271 4,005
Interest (income) (7,084) (356) (38)
Interest expense, net 73,584 51,387 50,854
Loss on debt extinguishment 0 0 9,418
Total $ 73,584 $ 51,387 $ 60,272
v3.24.0.1
Long-Term Debt - Additional Information (Details) - USD ($)
 1 Months Ended 12 Months Ended
May 22, 2023
Dec. 13, 2022
Oct. 07, 2022
Jun. 01, 2021
May 28, 2021
Apr. 30, 2023
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Line of Credit Facility [Line Items]                  
Payments on revolving credit facility             $ 144,100,000 $ 150,000,000 $ 68,000,000
Revolving Credit Facility | Unused lines of Credit                  
Line of Credit Facility [Line Items]                  
Line of credit available             $ 256,500,000    
Revolving Credit Facility | ABL Revolving Credit Facility                  
Line of Credit Facility [Line Items]                  
Maximum borrowing capacity       $ 425,000,000          
Peak season maximum borrowing capacity       $ 475,000,000          
Percentage available to subsidiaries for current borrowing capacity       30.00%          
Percentage available to subsidiaries with agent consent       40.00%          
Revolving Credit Facility | Line of Credit | ABL Revolving Credit Facility | Minimum | Secured Overnight Financing Rate (SOFR)                  
Line of Credit Facility [Line Items]                  
Basis spread     1.25%            
Revolving Credit Facility | Line of Credit | ABL Revolving Credit Facility | Minimum | Base Rate                  
Line of Credit Facility [Line Items]                  
Basis spread     0.25%            
Revolving Credit Facility | Line of Credit | ABL Revolving Credit Facility | Maximum | Secured Overnight Financing Rate (SOFR)                  
Line of Credit Facility [Line Items]                  
Basis spread     1.75%            
Revolving Credit Facility | Line of Credit | ABL Revolving Credit Facility | Maximum | Base Rate                  
Line of Credit Facility [Line Items]                  
Basis spread     0.75%            
Revolving Credit Facility | Line of Credit | Third Amendment ABL Revolving Credit Facility                  
Line of Credit Facility [Line Items]                  
Maximum borrowing capacity     $ 35,000,000            
Revolving Credit Facility | Line of Credit | Third Amendment ABL Revolving Credit Facility | Minimum | Secured Overnight Financing Rate (SOFR)                  
Line of Credit Facility [Line Items]                  
Basis spread     2.25%            
Revolving Credit Facility | Line of Credit | Third Amendment ABL Revolving Credit Facility | Minimum | Base Rate                  
Line of Credit Facility [Line Items]                  
Basis spread     1.25%            
Revolving Credit Facility | Line of Credit | Third Amendment ABL Revolving Credit Facility | Maximum | Secured Overnight Financing Rate (SOFR)                  
Line of Credit Facility [Line Items]                  
Basis spread     2.75%            
Revolving Credit Facility | Line of Credit | Third Amendment ABL Revolving Credit Facility | Maximum | Base Rate                  
Line of Credit Facility [Line Items]                  
Basis spread     1.75%            
Letter of Credit, US Dollars | ABL Revolving Credit Facility                  
Line of Credit Facility [Line Items]                  
Maximum borrowing capacity       $ 50,000,000          
Letter of Credit, Canadian Dollars | ABL Revolving Credit Facility                  
Line of Credit Facility [Line Items]                  
Maximum borrowing capacity       20,000,000          
Swingline Loan | ABL Revolving Credit Facility                  
Line of Credit Facility [Line Items]                  
Maximum borrowing capacity       $ 50,000,000          
Term Loan | Incremental Term Loan B Due on May 28, 2028                  
Line of Credit Facility [Line Items]                  
Maximum borrowing capacity   $ 125,000,000              
Payments on revolving credit facility   $ 300,000              
Term Loan | Incremental Term Loan B Due on May 28, 2028 | Secured Overnight Financing Rate (SOFR)                  
Line of Credit Facility [Line Items]                  
Basis spread   0.50%              
Term Loan | Incremental Term Loan B Due on May 28, 2028 | Minimum | Secured Overnight Financing Rate (SOFR)                  
Line of Credit Facility [Line Items]                  
Basis spread   3.25%              
Term Loan | First Lien Term Facility, due May 28, 2028                  
Line of Credit Facility [Line Items]                  
Secured leverage ratio 2.5                
Quarterly amortization rate, principal         0.25%        
Periodic principal payment         $ 2,500,000        
Leverage ratio threshold for mandatory prepayment of zero         2.5        
Leverage ratio threshold for mandatory prepayment of fifty percent         3        
Term Loan | First Lien Term Facility, due May 28, 2028 | Secured Overnight Financing Rate (SOFR) | Debt Instrument, Covenant Period One                  
Line of Credit Facility [Line Items]                  
Basis spread 2.75%                
Term Loan | First Lien Term Facility, due May 28, 2028 | Secured Overnight Financing Rate (SOFR) | Debt Instrument, Covenant Period Two                  
Line of Credit Facility [Line Items]                  
Basis spread 2.50%                
Term Loan | First Lien Term Facility, due May 28, 2028 | Minimum                  
Line of Credit Facility [Line Items]                  
Mandatory annual prepayment, percentage of excess cash           0.00%      
Term Loan | First Lien Term Facility, due May 28, 2028 | Minimum | Secured Overnight Financing Rate (SOFR) | Debt Instrument, Covenant Period One                  
Line of Credit Facility [Line Items]                  
Basis spread 0.50%                
Term Loan | First Lien Term Facility, due May 28, 2028 | Minimum | Secured Overnight Financing Rate (SOFR) | Debt Instrument, Covenant Period Two                  
Line of Credit Facility [Line Items]                  
Basis spread 0.50%                
Term Loan | First Lien Term Facility, due May 28, 2028 | Maximum                  
Line of Credit Facility [Line Items]                  
Mandatory annual prepayment, percentage of excess cash           50.00%      
v3.24.0.1
Long-Term Debt - Maturity of Long-term Debt Obligations (Details)
$ in Thousands
Dec. 31, 2023
USD ($)
Debt Disclosure [Abstract]  
2024 $ 15,958
2025 13,085
2026 13,040
2027 11,692
2028 1,053,438
Thereafter 0
Long-term debt, net $ 1,107,213
v3.24.0.1
Derivatives and Hedging Transactions - Additional Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Apr. 01, 2023
Derivative [Line Items]        
Other expense (income), net $ (551) $ 51 $ 2,439  
Interest Rate Swap | Cash Flow Hedging        
Derivative [Line Items]        
Derivative, notional amount 600,000 500,000   $ 100,000
Interest Rate Swap | Cash Flow Hedging | March 2025        
Derivative [Line Items]        
Derivative, notional amount 250,000      
Interest Rate Swap | Cash Flow Hedging | March 2026        
Derivative [Line Items]        
Derivative, notional amount 100,000      
Interest Rate Swap | Cash Flow Hedging | January 2027        
Derivative [Line Items]        
Derivative, notional amount 250,000      
Foreign exchange contracts        
Derivative [Line Items]        
Other expense (income), net $ (2,100) $ 100    
v3.24.0.1
Derivatives and Hedging Transactions - Gross Fair Values and Location of Derivative Instruments (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Other Current Assets    
Derivatives, Fair Value [Line Items]    
Other Assets $ 227 $ 1,450
Other Non-Current Assets    
Derivatives, Fair Value [Line Items]    
Other Assets 21,398  
Other Non-Current Assets   31,676
Accrued Expenses and Other Liabilities    
Derivatives, Fair Value [Line Items]    
Other Assets 872  
Other Non-Current Assets   232
Other Non-Current Liabilities    
Derivatives, Fair Value [Line Items]    
Other Assets 445  
Interest rate swaps | Interest Expense    
Derivatives, Fair Value [Line Items]    
Cash flow hedge gain (loss) to be reclassified within 12 months 14,200 14,200
Interest rate swaps | Other Current Assets    
Derivatives, Fair Value [Line Items]    
Other Assets 0 0
Interest rate swaps | Other Non-Current Assets    
Derivatives, Fair Value [Line Items]    
Other Assets 21,398  
Other Non-Current Assets   31,676
Interest rate swaps | Accrued Expenses and Other Liabilities    
Derivatives, Fair Value [Line Items]    
Other Assets 0  
Other Non-Current Assets   0
Interest rate swaps | Other Non-Current Liabilities    
Derivatives, Fair Value [Line Items]    
Other Assets 445  
Foreign exchange contracts | Other Current Assets    
Derivatives, Fair Value [Line Items]    
Other Assets 227 1,450
Foreign exchange contracts | Other Non-Current Assets    
Derivatives, Fair Value [Line Items]    
Other Assets 0  
Other Non-Current Assets   0
Foreign exchange contracts | Accrued Expenses and Other Liabilities    
Derivatives, Fair Value [Line Items]    
Other Assets 872  
Other Non-Current Assets   $ 232
Foreign exchange contracts | Other Non-Current Liabilities    
Derivatives, Fair Value [Line Items]    
Other Assets $ 0  
v3.24.0.1
Derivatives and Hedging Transactions - Effects of Derivative Instruments by Contract Type in AOCI (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Gain (Loss) Recognized in AOCI, Net investment hedge $ 0 $ 0 $ 1,647
Gain (Loss) Reclassified From AOCI to Earnings, Net investment hedge 0 0 0
Gain (Loss) Recognized in AOCI, Total 4,917 23,757 6,507
Gain (Loss) Reclassified From AOCI to Earnings, Total 15,640 (195) (6,598)
Interest Expense      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Gain (Loss) Recognized in AOCI, Interest rate swaps 4,917 23,757 4,860
Gain (Loss) Reclassified From AOCI to Earnings, Interest rate swaps 15,640 (195) (6,598)
Tax expense on the gain (loss) recognized in AOCI 1,200 7,900 0
Tax expense on the gain (loss) reclassified from AOCI to earnings $ (3,900) $ 0 $ 1,700
v3.24.0.1
Fair Value Measurements (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Debt Instrument [Line Items]    
Short-term investments $ 25,000 $ 0
Carrying value | Level 2, fair value inputs    
Debt Instrument [Line Items]    
Short-term investments 25,000 0
Long-term debt and related current maturities 1,098,438 1,109,688
Fair value | Level 2, fair value inputs    
Debt Instrument [Line Items]    
Short-term investments 25,000 0
Long-term debt and related current maturities $ 1,098,422 $ 1,071,456
v3.24.0.1
Segments and Related Information - Additional Information (Details)
 12 Months Ended
Dec. 31, 2023
segment
reporting_unit
Revenue, Major Customer [Line Items]  
Number of reportable segments | segment 2
Number of reporting units 5
North America  
Revenue, Major Customer [Line Items]  
Number of reporting units 3
Europe & Rest of World  
Revenue, Major Customer [Line Items]  
Number of reporting units 2
v3.24.0.1
Segments and Related Information - Financial Information by Reportable Segment (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Revenue, Major Customer [Line Items]      
External net sales $ 992,452 $ 1,314,136 $ 1,401,794
Segment income 175,222 285,573 317,974
Total segment income      
Revenue, Major Customer [Line Items]      
External net sales 992,452 1,314,136 1,401,794
Segment income 248,943 356,015 419,081
Capital expenditures 27,512 26,544 25,516
Depreciation and amortization 22,268 24,080 24,243
Intersegment sales      
Revenue, Major Customer [Line Items]      
External net sales 14,179 32,967 33,976
North America | Total segment income      
Revenue, Major Customer [Line Items]      
External net sales 823,276 1,108,859 1,160,850
Segment income 215,425 308,627 359,886
Capital expenditures 25,879 24,169 24,640
Depreciation and amortization 21,328 23,313 23,222
North America | Intersegment sales      
Revenue, Major Customer [Line Items]      
External net sales 13,964 32,514 33,549
Europe & Rest of World | Total segment income      
Revenue, Major Customer [Line Items]      
External net sales 169,176 205,277 240,944
Segment income 33,518 47,388 59,195
Capital expenditures 1,633 2,375 876
Depreciation and amortization 940 767 1,021
Europe & Rest of World | Intersegment sales      
Revenue, Major Customer [Line Items]      
External net sales $ 215 $ 453 $ 427
v3.24.0.1
Segments and Related Information - Reconciliation of Segment Income to Income from Operations Before Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Revenue, Major Customer [Line Items]      
Operating income $ 175,222 $ 285,573 $ 317,974
Acquisition and restructuring related expense 13,213 8,162 15,030
Amortization of intangible assets 30,361 32,129 32,647
Interest expense, net 73,584 51,387 50,854
Loss on debt extinguishment 0 0 9,418
Other expense (income), net 551 (51) (2,439)
Total other expense 74,135 51,336 57,833
Income from operations before income taxes 101,087 234,237 260,141
Total segment income      
Revenue, Major Customer [Line Items]      
Operating income 248,943 356,015 419,081
Corporate expense, net      
Revenue, Major Customer [Line Items]      
Operating income $ 30,147 $ 30,151 $ 53,430
v3.24.0.1
Earnings Per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]      
Net income $ 80,687 $ 179,347 $ 203,725
Net income attributable to common stockholders, basic 80,687 179,347 97,503
Net income attributable to common stockholders, diluted $ 80,687 $ 179,347 $ 98,609
Weighted Average Number of Shares Outstanding, Basic      
Weighted average number of common shares outstanding, basic (in shares) 213,144,063 219,945,024 187,688,087
Effect of dilutive securities (in shares) 7,544,553 9,781,473 12,886,145
Weighted average number of common shares outstanding, diluted (in shares) 220,688,616 229,726,497 200,574,232
Earnings Per Share, Basic and Diluted      
Earnings per share attributable to common stockholders, basic (in usd per share) $ 0.38 $ 0.82 $ 0.52
Earnings per share attributable to common shareholders, diluted (in usd per share) $ 0.37 $ 0.78 $ 0.49
Excluded from the weighted average number of common shares outstanding, dilutive due to being anti-dilutive (in shares) 2,800,000 2,300,000 1,000,000
Common Class A      
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]      
Dividends $ 0 $ 0 $ 85,541
Net income attributable to common stockholders, basic 0 0 20,640
Net income attributable to common stockholders, diluted 0 0 19,534
Common Class C      
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]      
Dividends 0 0 41
Class A and common stock      
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]      
Net income attributable to common stockholders, basic $ 80,687 $ 179,347 $ 118,143
v3.24.0.1
Commitments and Contingencies - Additional Information (Details)
Dec. 31, 2023
classAction
Southfield and Erie  
Loss Contingencies [Line Items]  
Number of class actions suits 2
v3.24.0.1
Leases - Lease Cost (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Lease cost    
Operating leases cost $ 12,216 $ 11,752
Amortization of ROU assets 716 903
Interest on lease liabilities 169 250
Finance leases cost 885 1,153
Total lease cost $ 13,101 $ 12,905
v3.24.0.1
Leases - Supplemental Cash Flows Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Cash paid for amounts included in the measurement of lease liabilities:    
Operating cash flows from operating leases $ 13,032 $ 11,486
Operating cash flows from finance leases 169 249
Financing cash flows from finance leases 1,790 1,911
Right-of-use assets obtained in exchange for lease obligations:    
Operating leases 1,490 11,348
Finance leases $ (21) $ 1,603
v3.24.0.1
Leases - Supplemental Balance Sheet Information (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Operating leases    
Other non-current assets $ 58,638 $ 65,495
Operating lease liability - short term 7,828 8,749
Other non-current liabilities 58,642 64,800
Total operating lease liabilities $ 66,470 $ 73,549
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Other non-current assets Other non-current assets
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Accrued expenses and other liabilities Accrued expenses and other liabilities
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other non-current liabilities Other non-current liabilities
Finance leases    
Property, plant and equipment $ 10,858 $ 10,879
Accumulated depreciation (2,415) (1,991)
Property, plant and equipment, net 8,443 8,888
Current maturities of long-term debt 2,121 2,206
Long-term debt 2,608 4,522
Total lease payments $ 4,729 $ 6,728
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Property, plant and equipment, net Property, plant and equipment, net
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Current portion of long-term debt Current portion of long-term debt
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Long-term debt Long-term debt
v3.24.0.1
Leases - Weighted Average Information (Details)
Dec. 31, 2023
Dec. 31, 2022
Leases [Abstract]    
Finance leases, remaining lease term (in years) 2 years 5 months 19 days 3 years 3 months 7 days
Finance leases, discount rate 2.98% 3.21%
Operating leases, remaining lease term (in years) 9 years 9 months 10 days 10 years 5 months 15 days
Operating leases, discount rate 4.71% 4.42%
v3.24.0.1
Leases - Maturities of Lease Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Operating Leases    
2024 $ 10,779  
2025 9,692  
2026 8,821  
2027 7,172  
2028 6,749  
Thereafter 40,115  
Total lease payments 83,328  
Less: interest (16,858)  
Total 66,470 $ 73,549
Finance Leases    
2024 2,289  
2025 1,920  
2026 353  
2027 352  
2028 85  
Thereafter 0  
Total lease payments 4,999  
Less: interest (270)  
Total $ 4,729 $ 6,728
v3.24.0.1
Stockholders’ Equity (Details)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2023
USD ($)
vote
$ / shares
shares
Dec. 31, 2022
USD ($)
$ / shares
shares
Dec. 31, 2021
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 | $ $ 450,000 $ 450,000  
Consideration cost of shares repurchased | shares 0 23,300,000  
Consideration cost of shares repurchased | $ $ 340 $ 343,100 $ 10,380
Remaining amount authorized for repurchase | $ $ 400,000    
v3.24.0.1
Stock-based Compensation - Additional Information (Details)
$ in Thousands
 1 Months Ended 12 Months Ended
Mar. 02, 2021
Aug. 31, 2017
Dec. 31, 2023
USD ($)
plan
shares
Dec. 31, 2022
USD ($)
shares
Dec. 31, 2021
USD ($)
Mar. 31, 2021
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Stock-based compensation expense     $ 9,200 $ 7,900 $ 15,000  
Number of equity incentive plans | plan     2      
Stock split, conversion ratio 195          
Stock Option, Time Based            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Stock-based compensation expense     $ 2,300 1,400    
Stock Option, Market and Performance Conditions            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Stock-based compensation expense         1,400  
Costs not yet recognized     $ 0      
Restricted Stock Awards, Time-based            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Stock-based compensation expense       $ 100 100  
2021 Plan            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Common shares authorized for future issuance (in shares) | shares           13,737,500
Remaining shares available for grant (in shares) | shares     10,634,524      
2021 Plan | Stock Options            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Stock options, expiration term     10 years      
2021 Plan | RSUs            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Vesting period     3 years      
2021 Plan | RSU, Performance-based            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Relative weight of net revenue growth and adjusted earnings before interest, taxes, depreciation, and amortization     50.00%      
Award performance period     3 years      
Costs not yet recognized     $ 600      
Weighted average period of stock options expected to be recognized     2 years 2 months 12 days      
Outstanding restricted stock awards (in shares) | shares     229,277 98,061    
2021 Plan | RSU, Performance-based | Minimum            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Threshold performance for award     50.00%      
2021 Plan | RSU, Performance-based | Maximum            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Threshold performance for award     200.00%      
2021 Plan | RSUs, Time Based            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Costs not yet recognized     $ 5,600      
Weighted average period of stock options expected to be recognized     2 years      
Outstanding restricted stock awards (in shares) | shares     713,546 307,597    
2021 Plan | Stock Option, Time Based            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Weighted average period of stock options expected to be recognized     1 year 7 months 6 days      
Unrecognized compensation cost     $ 5,100      
Options outstanding (in shares) | shares     2,746,109 2,252,106    
Intrinsic value of options exercisable     $ 3 $ 2 0  
2017 Plan            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Options outstanding (in shares) | shares     7,311,894      
Intrinsic value of options exercisable     $ 14,300 $ 11,800 19,800  
2017 Plan | Stock Options            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Stock options, expiration term   10 years        
Vesting period   5 years        
2017 Plan | RSUs            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Outstanding restricted stock awards (in shares) | shares     0      
2017 Plan | Stock Option, Time Based            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Weighted average period of stock options expected to be recognized     1 year      
Unrecognized compensation cost     $ 700      
Options outstanding (in shares) | shares     3,627,497 4,875,806    
Intrinsic value of options exercisable     $ 14,259 $ 11,774 19,792  
2017 Plan | Stock Option, Market and Performance Conditions            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Options outstanding (in shares) | shares     3,684,397 4,643,970    
Intrinsic value of options exercisable     $ 11,340 $ 12,849 $ 29,206  
v3.24.0.1
Stock-based Compensation - Restricted Stock (Details) - 2021 Plan - $ / shares
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
RSU, Performance-based      
Number of Shares      
Outstanding, beginning balance (in shares) 98,061    
Granted (in shares) 148,378    
Forfeited (in shares) (17,162)    
Vested and Converted to Common (in shares) 0    
Outstanding, ending balance (in shares) 229,277 98,061  
Weighted-Average Grant-Date Fair Value      
Outstanding, beginning balance (in usd pre share) $ 16.46    
Granted (in usd per share) 11.81 $ 16.50  
Forfeited (in usd per share) 13.72    
Vested and Converted to Common (in usd per share)    
Outstanding, ending balance (in usd pre share) $ 13.59 $ 16.46  
RSUs, Time Based      
Number of Shares      
Outstanding, beginning balance (in shares) 307,597    
Granted (in shares) 621,527    
Forfeited (in shares) (54,978)    
Vested and Converted to Common (in shares) (160,600)    
Outstanding, ending balance (in shares) 713,546 307,597  
Weighted-Average Grant-Date Fair Value      
Outstanding, beginning balance (in usd pre share) $ 15.22    
Granted (in usd per share) 11.62 $ 14.65 $ 17.80
Forfeited (in usd per share) 14.26    
Vested and Converted to Common (in usd per share) 14.34    
Outstanding, ending balance (in usd pre share) $ 12.36 $ 15.22  
v3.24.0.1
Stock-based Compensation - Weighted Average Fair Value of Time-Based Restricted Stock Units Granted (Details) - 2021 Plan - $ / shares
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
RSU, Performance-based      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Weighted-average fair value per share of time-based restricted stock units granted during the year (in usd per share) $ 11.81 $ 16.50  
RSUs, Time Based      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Weighted-average fair value per share of time-based restricted stock units granted during the year (in usd per share) $ 11.62 $ 14.65 $ 17.80
v3.24.0.1
Stock-based Compensation - Options Activity (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
2021 Plan | Stock Option, Time Based      
Number of Shares      
Outstanding, beginning balance (in shares) 2,252,106    
Granted (in shares) 740,745    
Exercised (in shares) (1,633)    
Forfeited (in shares) (245,109)    
Outstanding, ending balance (in shares) 2,746,109 2,252,106  
Options exercisable (in shares) 1,020,669    
Options expected to vest (in shares) 2,746,109    
Weighted-Average Exercise Price      
Outstanding, beginning balance (in usd per share) $ 16.93    
Granted (in usd per share) 11.81    
Exercised (in usd per share) 11.67    
Forfeited (in usd per share) 15.58    
Outstanding, ending balance (in usd per share) 15.62 $ 16.93  
Options exercisable (in usd per share) 17.05    
Options expected to vest (in usd per share) $ 15.62    
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]      
Weighted-Average Remaining Contractual Life, Outstanding 7 years 9 months 29 days 8 years 8 months 12 days  
Weighted-Average Remaining Contractual Life, Options expected to vest 7 years 9 months 29 days    
Aggregate Intrinsic Value, Outstanding $ 1,457 $ 9  
Aggregate Intrinsic Value, Exercised 3 2 $ 0
Aggregate Intrinsic Value, Options expected to vest $ 1,457    
2017 Plan      
Number of Shares      
Outstanding, ending balance (in shares) 7,311,894    
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]      
Aggregate Intrinsic Value, Exercised $ 14,300 $ 11,800 19,800
2017 Plan | Stock Option, Time Based      
Number of Shares      
Outstanding, beginning balance (in shares) 4,875,806    
Granted (in shares) 0    
Exercised (in shares) (1,158,119)    
Forfeited (in shares) (90,190)    
Outstanding, ending balance (in shares) 3,627,497 4,875,806  
Options exercisable (in shares) 2,775,831    
Options expected to vest (in shares) 851,666    
Weighted-Average Exercise Price      
Outstanding, beginning balance (in usd per share) $ 1.15    
Granted (in usd per share) 0    
Exercised (in usd per share) 0.74    
Forfeited (in usd per share) 1.44    
Outstanding, ending balance (in usd per share) 1.27 $ 1.15  
Options exercisable (in usd per share) 1.19    
Options expected to vest (in usd per share) $ 1.55    
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]      
Weighted-Average Remaining Contractual Life, Outstanding 5 years 5 months 15 days 6 years 3 months  
Weighted-Average Remaining Contractual Life, Options exercisable 5 years 3 months 7 days    
Weighted-Average Remaining Contractual Life, Options expected to vest 6 years 29 days    
Aggregate Intrinsic Value, Outstanding $ 44,717 $ 40,247  
Aggregate Intrinsic Value, Exercised 14,259 $ 11,774 19,792
Aggregate Intrinsic Value, Options exercisable 34,451    
Aggregate Intrinsic Value, Options expected to vest $ 10,266    
2017 Plan | Stock Option, Market and Performance Conditions      
Number of Shares      
Outstanding, beginning balance (in shares) 4,643,970    
Granted (in shares) 0    
Exercised (in shares) (959,573)    
Forfeited (in shares) 0    
Outstanding, ending balance (in shares) 3,684,397 4,643,970  
Options exercisable (in shares) 3,684,397    
Options expected to vest (in shares) 0    
Weighted-Average Exercise Price      
Outstanding, beginning balance (in usd per share) $ 1.25    
Granted (in usd per share)    
Exercised (in usd per share) 1.02    
Forfeited (in usd per share) 0    
Outstanding, ending balance (in usd per share) 1.31 $ 1.25  
Options exercisable (in usd per share) 1.31    
Options expected to vest (in usd per share) $ 0    
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]      
Weighted-Average Remaining Contractual Life, Outstanding 5 years 6 months 18 days 6 years 4 months 28 days  
Weighted-Average Remaining Contractual Life, Options exercisable 5 years 6 months 18 days    
Aggregate Intrinsic Value, Outstanding $ 45,292 $ 37,863  
Aggregate Intrinsic Value, Exercised 11,340 $ 12,849 $ 29,206
Aggregate Intrinsic Value, Options exercisable 45,292    
Aggregate Intrinsic Value, Options expected to vest $ 0    
v3.24.0.1
Stock-based Compensation - Valuation of Stock Option Pricing (Details) - Stock Option, Time Based - $ / shares
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
2021 Plan      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Weighted average fair value per share of options granted during the year (in usd per share) $ 4.73 $ 5.40 $ 6.46
Risk-free interest rate 4.26% 1.88% 1.07%
Expected life (years) 6 years 6 years 6 years
Expected dividend yield 0.00% 0.00% 0.00%
Expected volatility 32.30% 29.70% 37.50%
2017 Plan      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Weighted average fair value per share of options granted during the year (in usd per share)     $ 2.14
Risk-free interest rate     0.13%
Expected life (years)     1 year 6 months
Expected dividend yield     0.00%
Expected volatility     58.00%
v3.24.0.1
Stock-based Compensation - Aggregate Intrinsic Value of Options (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
2017 Plan      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Aggregate intrinsic value of options exercised during the year $ 14,300 $ 11,800 $ 19,800
Stock Option, Time Based | 2021 Plan      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Aggregate intrinsic value of options exercised during the year 3 2 0
Stock Option, Time Based | 2017 Plan      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Aggregate intrinsic value of options exercised during the year 14,259 11,774 19,792
Stock Option, Market and Performance Conditions | 2017 Plan      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Aggregate intrinsic value of options exercised during the year $ 11,340 $ 12,849 $ 29,206
v3.24.0.1
Retirement Plans (Details)
h in Thousands, $ in Millions
 12 Months Ended
Dec. 31, 2023
USD ($)
h
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Hayward Industries Retirement Plan      
Defined Contribution Plan Disclosure [Line Items]      
Company non-elective contribution 3.00%    
Employee service period 1 year    
Employee hours requirement | h 1    
Employee contribution 60.00%    
Employer matching contribution, percent of match 50.00%    
Employer matching contribution, percent of employees' deferral 6.00%    
Company contribution amount $ 5.7 $ 6.6 $ 6.1
Hayward Industries Retirement Plan | Minimum      
Defined Contribution Plan Disclosure [Line Items]      
Company non-elective contribution 100.00%    
Hayward Industries Retirement Plan | Maximum      
Defined Contribution Plan Disclosure [Line Items]      
Company non-elective contribution 3.00%    
Hayward Industries Supplemental Retirement Plan      
Defined Contribution Plan Disclosure [Line Items]      
Employee contribution 25.00%    
Employer matching contribution, percent of match 100.00%    
Employer matching contribution, percent of employees' deferral 9.00%    
Company contribution amount $ 0.3 $ 0.8 $ 0.7
Annual bonus percent 100.00%    
v3.24.0.1
Retirement Plans - Fair Values of Related Investments (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Retirement Benefits [Abstract]    
Value of investments related to Supplemental Retirement Plan $ 5,910 $ 4,390
v3.24.0.1
Acquisition and Restructuring Related Expense - Acquisition and Restructuring Related Income (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Restructuring and Related Activities [Abstract]      
Business restructuring costs $ 12,419 $ 6,215 $ 15,030
Acquisition transaction costs 794 1,947 0
Acquisition and restructuring related expense (income) $ 13,213 $ 8,162 $ 15,030
v3.24.0.1
Acquisition and Restructuring Related Expense - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Jun. 02, 2022
Dec. 31, 2023
Dec. 31, 2022
Restructuring Cost and Reserve [Line Items]      
Impairment loss   $ 6.7  
Expected restructuring costs   5.9  
Halco Lighting Technologies      
Restructuring Cost and Reserve [Line Items]      
Consideration transferred $ 61.3    
Transaction costs   0.4 $ 1.2
Integration related costs   0.4 $ 1.2
Employee Severance | Centralization And Consolidation Of Manufacturing Operations And Professional Services In Europe Program      
Restructuring Cost and Reserve [Line Items]      
Restructuring charges   2.4  
Employee Severance | Enterprise Cost Reduction Program      
Restructuring Cost and Reserve [Line Items]      
Restructuring charges   1.2  
Expected restructuring costs   4.1  
Employee Relocation      
Restructuring Cost and Reserve [Line Items]      
Restructuring charges   $ 1.9  
v3.24.0.1
Acquisition and Restructuring Related Expense - Facility Closure and Other One-Time Termination Benefits (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Restructuring Reserve [Roll Forward]      
Beginning Balance $ 2,422 $ 5,436 $ 0
Costs Recognized 12,419 6,215 15,030
Cash Payments (5,762) (11,140) (575)
Non-cash (Charge)/Gain (6,720) 1,911 (9,019)
Ending Balance 2,359 2,422 5,436
Impairment loss 6,700    
One-time termination benefits      
Restructuring Reserve [Roll Forward]      
Beginning Balance 2,422 1,035 0
Costs Recognized 5,049 6,093 1,128
Cash Payments (5,118) (4,706) (93)
Non-cash (Charge)/Gain 0 0 0
Ending Balance 2,353 2,422 1,035
Facility-related      
Restructuring Reserve [Roll Forward]      
Beginning Balance 0 27 0
Costs Recognized 108 1,098 2,105
Cash Payments (108) (684) (443)
Non-cash (Charge)/Gain 0 (441) (1,635)
Ending Balance 0 0 27
Other      
Restructuring Reserve [Roll Forward]      
Beginning Balance 0 4,374 0
Costs Recognized 7,262 (976) 11,797
Cash Payments (536) (5,750) (39)
Non-cash (Charge)/Gain (6,720) 2,352 (7,384)
Ending Balance $ 6 $ 0 $ 4,374
v3.24.0.1
Related Party Transactions (Details)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
May 02, 2022
USD ($)
$ / shares
shares
Jan. 24, 2022
USD ($)
$ / shares
shares
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
agreement
Dec. 31, 2021
USD ($)
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 $ 340 $ 343,349 $ 9,524
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        
v3.24.0.1
Condensed Financial Information of Registrant (Parent Company Only) - Balance Sheet (Details) - USD ($)
$ / shares in Units, $ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Current assets        
Cash $ 178,097 $ 56,177    
Total current assets 724,741 612,284    
Total assets 2,946,284 2,875,013    
Current liabilities        
Total current liabilities 239,683 232,410    
Total liabilities 1,634,826 1,651,979    
Stockholders’ equity        
Common stock $0.001 par value, 750,000,000 authorized; 242,832,045 issued and 214,165,676 outstanding at December 31, 2023; 240,529,150 issued and 211,862,781 outstanding at December 31, 2022 243 241    
Additional paid-in capital 1,080,894 1,069,878    
Treasury stock 357,755 357,415    
Retained earnings 580,909 500,222    
Accumulated other comprehensive income 7,167 10,108    
Total stockholders’ equity 1,311,458 1,223,034 $ 1,369,513 $ 209,261
Total liabilities, redeemable stock and stockholders’ equity $ 2,946,284 $ 2,875,013    
Common stock, par value (in usd per share) $ 0.001 $ 0.001    
Common stock, authorized (in shares) 750,000,000 750,000,000    
Common stock issued (in shares) 242,832,045 240,529,150    
Common stock outstanding (in shares) 214,165,676 211,862,781    
Parent Company        
Current assets        
Cash $ 0 $ 0    
Prepaid and other current assets 587 1,089    
Total current assets 587 1,089    
Other assets (principally investment in and amounts due from wholly owned subsidiaries) 1,317,576 1,226,467    
Total non-current assets 1,317,576 1,226,467    
Total assets 1,318,163 1,227,556    
Current liabilities        
Intercompany liabilities 5,980 3,430    
Accrued expenses 138 3    
Short term notes payable 587 1,089    
Total current liabilities 6,705 4,522    
Total liabilities 6,705 4,522    
Stockholders’ equity        
Common stock $0.001 par value, 750,000,000 authorized; 242,832,045 issued and 214,165,676 outstanding at December 31, 2023; 240,529,150 issued and 211,862,781 outstanding at December 31, 2022 243 241    
Additional paid-in capital 1,080,894 1,069,878    
Treasury stock 357,755 357,415    
Retained earnings 580,909 500,222    
Accumulated other comprehensive income 7,167 10,108    
Total stockholders’ equity 1,311,458 1,223,034    
Total liabilities, redeemable stock and stockholders’ equity $ 1,318,163 $ 1,227,556    
Common stock, par value (in usd per share) $ 0.001 $ 0.001    
Common stock, authorized (in shares) 750,000,000 750,000,000    
Common stock issued (in shares) 242,832,045 240,529,150    
Common stock outstanding (in shares) 214,165,676 211,862,781    
v3.24.0.1
Condensed Financial Information of Registrant (Parent Company Only) - Statement of Operations (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Condensed Financial Statements, Captions [Line Items]      
Selling, general, and administrative expense $ 233,607 $ 248,812 $ 267,264
Other expense (income), net 551 (51) (2,439)
Income from operations before income taxes (74,135) (51,336) (57,833)
Income tax expense (benefit) 20,400 54,890 56,416
Net income 80,687 179,347 203,725
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]      
Foreign currency translation adjustments, net of tax expense (benefit) of $0, $0, and $763, respectively 5,101 (17,391) (768)
Change in fair value of derivatives, net of tax expense (benefit) of $(2,681), $7,919, and $1,620, respectively (8,042) 23,757 4,860
Comprehensive income 77,746 185,713 207,817
Foreign currency translation adjustment tax expense (benefit) 0 0 763
Change in fair value of derivatives, tax expense (benefit) (2,681) 7,919 1,620
Parent Company      
Condensed Financial Statements, Captions [Line Items]      
Equity income in subsidiaries 83,372 183,437 206,396
Selling, general, and administrative expense 2,685 4,090 3,562
Other expense (income), net 0 0 0
Income from operations before income taxes 80,687 179,347 202,834
Income tax expense (benefit) 0 0 (891)
Net income 80,687 179,347 203,725
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]      
Foreign currency translation adjustments, net of tax expense (benefit) of $0, $0, and $763, respectively 5,101 (17,391) (768)
Change in fair value of derivatives, net of tax expense (benefit) of $(2,681), $7,919, and $1,620, respectively (8,042) 23,757 4,860
Comprehensive income 77,746 185,713 207,817
Foreign currency translation adjustment tax expense (benefit) 0 0 763
Change in fair value of derivatives, tax expense (benefit) $ (2,681) $ 7,919 $ 1,620
v3.24.0.1
Condensed Financial Information of Registrant (Parent Company Only) - Cash Flows Statement (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jan. 24, 2022
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities        
Net cash (used in) provided by operating activities   $ 184,540 $ 115,944 $ 189,387
Cash flows from investing activities        
Net cash used in investing activities   (55,381) (92,573) (48,777)
Cash flows from financing activities        
Proceeds from issuance of common stock - Initial Public Offering   0 0 377,400
Costs associated with Initial Public Offering   0 0 (26,124)
Purchases of common stock for treasury $ (81,000) (340) (343,349) (9,524)
Proceeds from issuance of short-term debt   6,130 8,119 0
Payments of short-term debt   (6,894) (5,063) 0
Net cash (used in) provided by financing activities   (7,612) (229,240) 10,957
Change in cash and cash equivalents   121,920 (209,619) 150,502
Cash and cash equivalents, beginning of year   56,177 265,796 115,294
Cash and cash equivalents, end of year   178,097 56,177 265,796
Parent Company        
Cash flows from operating activities        
Net cash (used in) provided by operating activities   (2,183) (4,015) 215
Cash flows from investing activities        
Distributions received from subsidiaries   4,652 349,269 0
Capital contributions to subsidiaries   (3,467) (8,078) (341,752)
Net cash used in investing activities   1,185 341,191 (341,752)
Cash flows from financing activities        
Proceeds from issuance of common stock - Initial Public Offering   0 0 377,400
Costs associated with Initial Public Offering   0 0 (26,124)
Purchases of common stock for treasury   (340) (343,349) (9,524)
Proceeds from issuance of short-term debt   1,614 2,994 0
Payments of short-term debt   (2,129) (1,905) 0
Proceeds from issuance of stock   1,853 3,206 1,483
Dividends paid   0 0 (41)
Net cash (used in) provided by financing activities   998 (339,054) 343,415
Change in cash and cash equivalents   0 (1,878) 1,878
Cash and cash equivalents, beginning of year   0 1,878 0
Cash and cash equivalents, end of year   0 0 1,878
Parent Company | Common Class A        
Cash flows from financing activities        
Proceeds from issuance of stock   $ 0 $ 0 $ 221
v3.24.0.1
Condensed Financial Information of Registrant (Parent Company Only) - Additional Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Condensed Financial Statements, Captions [Line Items]      
Proceeds from credit agreement $ 144,100 $ 150,000 $ 68,000
Parent Company      
Condensed Financial Statements, Captions [Line Items]      
Proceeds from credit agreement $ 497,700 $ 430,500  
v3.24.0.1
Accumulated Other Comprehensive Income- AOCI Roll forward (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Beginning balance $ 1,223,034 $ 1,369,513 $ 209,261
Other comprehensive income (loss) before reclassifications 12,699 6,171  
Amounts reclassified from accumulated other comprehensive income (15,640) 195  
Net current period other comprehensive (loss) income (2,941) 6,366 4,092
Ending balance 1,311,458 1,223,034 1,369,513
Cumulative Translation Adjustment      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Beginning balance (13,649) 3,742  
Other comprehensive income (loss) before reclassifications 5,101 (17,391)  
Amounts reclassified from accumulated other comprehensive income 0 0  
Net current period other comprehensive (loss) income 5,101 (17,391)  
Ending balance (8,548) (13,649) 3,742
Unrecognized (Losses) Gain on Derivative Instruments for Cash Flow Hedges      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Beginning balance 23,757 0  
Other comprehensive income (loss) before reclassifications 7,598 23,562  
Amounts reclassified from accumulated other comprehensive income (15,640) 195  
Net current period other comprehensive (loss) income (8,042) 23,757  
Ending balance 15,715 23,757 0
Accumulated Other Comprehensive Income, Net of Taxes      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Beginning balance 10,108 3,742 (350)
Net current period other comprehensive (loss) income (2,941) 6,366 4,092
Ending balance $ 7,167 $ 10,108 $ 3,742