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Derivative Instruments and Hedging Activities (Tables)
 3 Months Ended
Apr. 02, 2023
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 April 2, 2023, all of which were interest rate swaps:
Notional Amount
(In millions) (1)
DescriptionHedge DesignationEffective DateExpiration Date
$500.0 
Pay 1.58% fixed, receive floating rate (1-month USD-SOFR)
Designated cash flow hedgeMay 29, 2022December 31, 2023
$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
(1) The notional value of interest rate swap contracts with an effective date of December 30, 2022, is expected to increase to $1.8 billion on December 29, 2023.
Schedule of Currency Hedging Instruments
The following table provides details of the currency hedging instruments outstanding as of April 2, 2023:
DescriptionNotional Amount
(In millions)		Hedge Designation
Foreign currency forward contracts$333.9 Cash Flow Hedge
Foreign currency forward contracts$636.8 Non-designated
Schedule of Derivative Instruments, Effect on Other Comprehensive (Loss) Income
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 months ended April 2, 2023:
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
Foreign currency forward contracts (sales)$2.1 Total revenues$(0.9)
Foreign currency forward contracts (purchases)$— Cost of sales, excluding amortization of intangibles$0.4 
Interest rate derivatives$20.9 Interest expense, net$(5.2)
Schedule of Derivative Assets at Fair Value
The following table summarizes the fair value of designated and non-designated hedging instruments recognized within the unaudited Consolidated Balance Sheets as of April 2, 2023 and January 1, 2023:
(In millions)April 2, 2023January 1, 2023
Designated cash flow hedges
Interest rate derivatives:
Prepaid expenses and other current assets$11.8 $15.9 
Other liabilities$25.1 $2.1 
Foreign currency forward contracts:
Prepaid expenses and other current assets$2.7 $4.6 
Other current liabilities$11.9 $14.3 
Non-designated hedging instruments
Foreign currency forward contracts:
Prepaid expenses and other current assets$2.6 $1.5 
Other current liabilities$6.0 $5.4