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Derivative Instruments and Hedging Activities (Tables)

9 Months Ended

Oct. 01, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The following table summarizes the fair value of the hedging instruments, presented on a gross basis, as of October 1, 2022 and January 1, 2022.

												Condensed Consolidated Balance Sheets
(in millions)						Balance sheet classification						October 1, 2022						January 1, 2022
Interest rate contracts						Other non-current assets						$	19.4					$	—
Total												$	19.4					$	—

Reclassification out of Accumulated Other Comprehensive Income

The following table summarizes the gains (losses) reclassified from accumulated other comprehensive income to the condensed consolidated financial statements for the three and nine months ended October 1, 2022.

												Condensed Consolidated Statement of Operations
(in millions)						Location of gain (loss)						Three Months Ended October 1, 2022						Nine Months Ended October 1, 2022
Cash flow hedges - interest rate contracts						Non-operating loss (income)						$	0.8					$	0.8
Total												$	0.8					$	0.8

Schedule of Accumulated Other Comprehensive Income (Loss)

The following tables summarize the changes in accumulated other comprehensive income related to the hedging instruments:

(in millions)						Amounts
Beginning balance as of July 3, 2022						$	—
Amount recognized in other comprehensive income						18.6
Amount reclassified into earnings						0.8
Ending Balance as of October 1, 2022						$	19.4

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- References

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Tabular disclosure of information about items reclassified out of accumulated other comprehensive income (loss).

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Tabular disclosure of the components of accumulated other comprehensive income (loss).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=6450520&loc=d3e32583-110901

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 14A
-URI https://asc.fasb.org/extlink&oid=126968391&loc=SL7669686-108580

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 45
-Paragraph 20
-URI https://asc.fasb.org/extlink&oid=118261656&loc=d3e32211-110900

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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959

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