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Fair Value Measurements (Tables)

12 Months Ended

Jan. 01, 2023

Schedule of Fair Values of Derivative Financial Instruments

The fair values of the Company’s derivative financial instruments are presented below. All fair values for these derivatives were measured using Level 2 information as defined by the accounting standard hierarchy (in millions):


Asset (Liability) Derivative Positions	Balance sheet location	January 1, 2023		January 2, 2022
Derivatives designated as hedging instruments:
Cash flow forward contracts	Other current assets	$	0.4	$	0.3
Cash flow forward contracts	Accrued liabilities	(6.8)		(1.2)
Interest rate contracts	Other current assets	0.7		—
Interest rate contracts	Accrued liabilities	—		(1.2)
Interest rate contracts	Other long-term liabilities	—		(0.1)
Cash flow cross currency swaps	Other current assets	2.7		3.9
Cash flow cross currency swaps	Accrued liabilities	(14.0)		—
Cash flow cross currency swaps	Other long-term liabilities	(18.3)		(9.4)


Total derivatives designated as hedging instruments		(35.3)		(7.7)
Derivatives not designated as hedging instruments:
Non-designated foreign currency forward contracts	Other current assets	3.5		4.7
Non-designated foreign currency forward contracts	Accrued liabilities	(7.0)		(2.1)
Total derivatives not designated as hedging instruments		(3.5)		2.6
Total asset (liability) derivatives		$	(38.8)	$	(5.1)