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Derivative Instruments and Hedging Activities (Tables)
 9 Months Ended
Oct. 02, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Interest Rate Derivatives
The following table summarizes the Company’s interest rate derivative agreements as of October 2, 2022:
Instrument
Notional Amount (1)
(In millions)
DescriptionHedge DesignationEffective DateExpiration Date
Interest rate cap$1,000.0 
Interest rate cap amount
of 3.428%
Non-designatedMay 29, 2022December 31, 2023
Interest rate swap$1,000.0 
Pay 1.58% fixed, receive floating rate (1-month USD-SOFR)
Designated cash flow hedgeMay 29, 2022December 31, 2023
(1) The notional value of these instruments is expected to be $500.0 million in 2023.
Subsequent to October 2, 2022, the Company entered into interest rate swap contracts, commencing on December 30, 2022, with a total notional value of $1.3 billion through December 29, 2023 and $1.8 billion subsequently, to hedge future interest
rate exposures on variable rate debt, including the Revolving Credit Facility and Term Loan. The following table summarizes these interest rate derivative agreements:
Notional Amount
(In millions)		DescriptionHedge DesignationEffective DateExpiration Date
$397.2 
Pay 3.765% fixed, receive floating rate (1-month USD-SOFR)
Designated cash flow hedgeDecember 30, 2022May 27, 2027
144.4 
Pay 3.7725% fixed, receive floating rate (1-month USD-SOFR)
Designated cash flow hedgeDecember 30, 2022May 27, 2027
216.7 
Pay 3.7675% fixed, receive floating rate (1-month USD-SOFR)
Designated cash flow hedgeDecember 30, 2022May 27, 2027
288.9 
Pay 3.7575% fixed, receive floating rate (1-month USD-SOFR)
Designated cash flow hedgeDecember 30, 2022May 27, 2027
252.8 
Pay 3.7725% fixed, receive floating rate (1-month USD-SOFR)
Designated cash flow hedgeDecember 30, 2022May 27, 2027
Schedule of Currency Hedging Instruments
The following table provides details of the currency hedging instruments outstanding as of October 2, 2022:
DescriptionNotional Amount
(In millions)		Hedge Designation
Foreign currency forward contracts$125.1 Cash Flow Hedge
Foreign currency forward contracts543.8 Non-designated
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss)
The following table summarizes pre-tax gains and losses from designated derivative and non-derivative instruments within accumulated other comprehensive (loss) income (“AOCI”) for the three and nine months ended October 2, 2022:
Designated Hedging Instruments
(In millions)Amount of Loss (Gain) Recognized in OCI on HedgesLocation of Amounts Reclassified From AOCI Into IncomeAmount of Loss (Gain) Reclassified From AOCI Into Income
Three Months Ended October 2, 2022
Foreign currency forward contracts (sales)$(2.6)Total revenues$(0.7)
Foreign currency forward contracts (purchases)(0.6)Cost of sales, excluding amortization of intangibles(0.1)
Interest rate derivatives(7.9)Interest expense, net0.4 
Nine Months Ended October 2, 2022
Foreign currency forward contracts (sales)$(5.0)Total revenues$(0.9)
Foreign currency forward contracts (purchases)(0.8)Cost of sales, excluding amortization of intangibles(0.1)
Interest rate derivatives(11.0)Interest expense, net1.7 
Schedule of Derivative Assets at Fair Value
The following table summarizes the fair value of designated and non-designated hedging instruments recognized within the Consolidated Balance Sheets as of October 2, 2022 and January 2, 2022:
(In millions)October 2, 2022January 2, 2022
Designated cash flow hedges
Interest rate derivatives:
Other assets$18.4 $— 
Foreign currency forward contracts:
Prepaid expenses and other current assets7.9 0.1 
Other current liabilities4.0 0.2 
Non-designated hedging instruments
Interest rate derivatives:
Other assets3.2 — 
Foreign currency forward contracts:
Prepaid expenses and other current assets7.9 — 
Other current liabilities5.3 0.1