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Derivative Financial Instruments (Tables) | 6 Months Ended
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Jun. 28, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Outstanding forward contracts | We had the following outstanding foreign currency contracts as of June 28, 2024 (in millions):
Foreign currency contracts qualifying as cash flow hedges: |  | Notional amount |  |  |  |  |  |
Euro |  | EUR |  | 64.1 |  |  |  |  |  |  |  |  |
British pound |  | GBP |  | 2.7 |  |  |  |  |  |  |  |  |
Kenyan shilling |  | KES |  | 1,052.2 |  |  |  |  |  |  |  |  |
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 June 28, 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: | June 28, 2024 |  | December 29, 2023 |  |  |  |  | June 28, 2024 |  | December 29, 2023 |  | June 28, 2024 |  | December 29, 2023 |
Asset derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Prepaid expenses and other current assets | $ | 1.8 |  |  | $ | 0.1 |  |  |  |  |  | $ | — |  |  | $ | 2.1 |  |  | $ | 1.8 |  |  | $ | 2.2 |  |
Other noncurrent assets | — |  |  | — |  |  |  |  |  | 9.1 |  |  | 5.8 |  |  | 9.1 |  |  | 5.8 |  |
Total asset derivatives | $ | 1.8 |  |  | $ | 0.1 |  |  |  |  |  | $ | 9.1 |  |  | $ | 7.9 |  |  | $ | 10.9 |  |  | $ | 8.0 |  |
Liability derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable and accrued expenses | $ | — |  |  | $ | 0.4 |  |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 0.4 |  |
Total liability derivatives | $ | — |  |  | $ | 0.4 |  |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 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 and six months ended June 28, 2024 and June 30, 2023 (U.S. dollars in millions):
|  | Net amount of gain (loss) recognized in other comprehensive income on derivatives
|  | Quarter ended |  | Six months ended
Derivative instruments |  | June 28, 2024 |  | June 30, 2023 |  | June 28, 2024 |  | June 30, 2023
Foreign exchange contracts |  | $ | 1.4 |  |  | $ | (0.4) |  |  | $ | 5.1 |  |  | $ | 4.5 |
Interest rate swaps, net of tax |  | (0.4) |  |  | 4.7 |  |  | 1.7 |  |  | (0.2) |
Total |  | $ | 1.0 |  |  | $ | 4.3 |  |  | $ | 6.8 |  |  | $ | 4.3 |

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