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Derivative Financial Instruments (Tables) | 3 Months Ended
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Mar. 29, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Outstanding forward contracts | We had the following outstanding foreign currency contracts as of March 29, 2024 (in millions):
Foreign currency contracts qualifying as cash flow hedges: |  | Notional amount |  |  |  |  |  |
Euro |  | EUR |  | 50.8 |  |  |  |  |  |  |  |  |
British pound |  | GBP |  | 4.4 |  |  |  |  |  |  |  |  |
Kenyan shilling |  | KES |  | 2,098.4 |  |  |  |  |  |  |  |  |
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 March 29, 2024 and December 29, 2023 (U.S. dollars in millions):
| Derivatives designated as hedging instruments (1) |
| Foreign exchange contracts |  |  | Interest rate swaps |  | Total |
Balance Sheet location: | March 29, 2024 |  | December 29, 2023 |  |  |  |  | March 29, 2024 |  | December 29, 2023 |  | March 29, 2024 |  | December 29, 2023 |
Asset derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Prepaid expenses and other current assets | $ | 1.3 |  |  | $ | 0.1 |  |  |  |  |  | $ | 0.9 |  |  | $ | 2.1 |  |  | $ | 2.2 |  |  | $ | 2.2 |  |
Other noncurrent assets | — |  |  | — |  |  |  |  |  | 9.0 |  |  | 5.8 |  |  | 9.0 |  |  | 5.8 |  |
Total asset derivatives | $ | 1.3 |  |  | $ | 0.1 |  |  |  |  |  | $ | 9.9 |  |  | $ | 7.9 |  |  | $ | 11.2 |  |  | $ | 8.0 |  |
Liability derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable and accrued expenses | $ | 0.1 |  |  | $ | 0.4 |  |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | 0.1 |  |  | $ | 0.4 |  |
Total liability derivatives | $ | 0.1 |  |  | $ | 0.4 |  |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | 0.1 |  |  | $ | 0.4 |  |
Effect of derivative instruments on Consolidated Statements of Comprehensive Income (Loss) | The following table reflects the effect of derivative instruments on the Consolidated Statements of Comprehensive Income for the quarters ended March 29, 2024 and March 31, 2023 (U.S. dollars in millions):
|  |  |  |  |  | Net amount of gain (loss) recognized in other comprehensive income on derivatives
|  |  |  | Quarter ended
Derivative instruments |  |  |  |  |  | March 29, 2024 |  | March 31, 2023
Foreign exchange contracts |  |  |  |  |  | $ | 3.7 |  |  | $ | 4.9 |
Interest rate swaps, net of tax |  |  |  |  |  | 2.1 |  |  | (4.9) |
Total |  |  |  |  |  | $ | 5.8 |  |  | $ | — |

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