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Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended
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Oct. 01, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Open Forward Foreign Currency Contract | The notional amounts and fair values of our outstanding foreign currency derivative contracts, which are recorded within other current assets in our Consolidated Condensed Balance Sheets, were as follows:
As of the Period Ended | October 1, 2022 |  | December 31, 2021
Notional amount (U.S. dollar equivalent) |  | $ | 50.7 |  |  |  |  | $ | 24.2 |  |
Fair value of foreign currency derivative contracts(a) |  | $ | 6.4 |  |  |  |  | $ | 1.9 |  |
(a) Our foreign currency derivative contracts are classified within Level 2 of the fair value hierarchy because these contracts are not actively traded and the valuation inputs are based on market observable data of similar instruments. Gains or losses arising from changes in fair value of our foreign currency derivative contracts are recorded within general and administrative expenses in our Consolidated Condensed Statements of Operations, and were as follows:
| Three Months Ended |  | Nine Months Ended
| October 1, 2022 |  | October 2, 2021 |  | October 1, 2022 |  | October 2, 2021
Gains (losses) on foreign currency derivative contracts(b) | $ | 1.8 |  |  | $ | (1.1) |  |  | $ | 7.3 |  |  | $ | (3.3) |
(b) None of our derivative contracts were designated as hedging instruments under ASC 815 - Derivatives & Hedging.

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