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Derivative Financial Instruments (Tables) | 12 Months Ended
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Dec. 29, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Outstanding Foreign Currency Forward Contracts that were Entered into to Hedge Forecasted Cash Flows | We had the following outstanding foreign currency forward contracts as of December 29, 2023 (in millions):
Foreign currency contracts qualifying as cash flow hedges: |  | Notional amount |  |
British pound |  | GBP | 5.9 |  |  |
Euro |  | EUR | 67.8 |  |  |
Fair Values of Derivative Instruments | The following table reflects the fair values of derivative instruments, which are designated as level 2 in the fair value hierarchy, as of December 29, 2023 and December 30, 2022 (U.S. dollars in millions):
| Derivatives designated as hedging instruments(1) |  |  |  |
| Foreign exchange contracts |  |  |  | Interest rate swaps |  | Total |  |
Balance Sheet location: | December 29, 2023 |  | December 30, 2022 |  |  |  |  |  | December 29, 2023 |  | December 30, 2022 |  | December 29, 2023 |  | December 30, 2022 |  |  |  |
Asset derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Prepaid expenses and other current assets | $ | 0.1 |  |  | $ | — |  |  |  |  |  |  | $ | 2.1 |  |  | $ | — |  |  | $ | 2.2 |  |  | $ | — |  |  |  |  |
Other noncurrent assets | — |  |  | — |  |  |  |  |  |  | 5.8 |  |  | 15.8 |  |  | 5.8 |  |  | 15.8 |  |  |  |  |
Total asset derivatives | $ | 0.1 |  |  | $ | — |  |  |  |  |  |  | $ | 7.9 |  |  | $ | 15.8 |  |  | $ | 8.0 |  |  | $ | 15.8 |  |  |  |  |
Liability derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable and accrued expenses | $ | 0.4 |  |  | $ | 6.5 |  |  |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | 0.4 |  |  | $ | 6.5 |  |  |  |  |
Other noncurrent liabilities | — |  |  | 0.2 |  |  |  |  |  |  | — |  |  | — |  |  | — |  |  | 0.2 |  |  |  |  |
Total liability derivatives | $ | 0.4 |  |  | $ | 6.7 |  |  |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | 0.4 |  |  | $ | 6.7 |  |  |  |  |
(1) See Note 18, “Fair Value Measurements,” for fair value disclosures. We expect that $2.3 million of the net fair value of our cash flow hedges recognized as a net gain in accumulated other comprehensive loss will be transferred to earnings during the next 12 months, and the remaining net gain of $2.1 million over the following 5 years, along with the earnings effect of the related forecasted transactions.
Effect of Derivative Instruments on the Consolidated Statements of Income | The following table reflects the effect of derivative instruments on the Consolidated Statements of Comprehensive Income for the years ended December 29, 2023 and December 30, 2022 (U.S. dollars in millions):
| Net amount of (loss) gain recognized in other comprehensive income on derivatives |  |  |  |
Derivative Instruments | December 29, 2023 |  | December 30, 2022 |  |  |  |  |  |
Foreign exchange contracts | $ | 4.0 |  |  | $ | 7.5 |  |  |  |  |  |  |
Interest rate swaps, net of tax | (6.2) |  |  | 39.4 |  |  |  |  |  |  |
Total | $ | (2.2) |  |  | $ | 46.9 |  |  |  |  |  |  |

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