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Derivative Financial Instruments (Tables)

3 Months Ended

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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Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4E
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-4E

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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.

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-Section 50
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Tabular disclosure of the notional amounts of outstanding derivative positions.

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-Topic 815
-SubTopic 10
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