Derivative Financial Instruments (Tables)

9 Months Ended

Oct. 01, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Outstanding forward contracts

We had the following outstanding foreign currency forward contracts as of October 1, 2021 (in millions):

Foreign currency contracts qualifying as cash flow hedges:	Notional amount
Euro	EUR	53.8
British pound	GBP	6.8
Japanese yen	JPY	1,964.0
Chilean peso	CLP	56,583.4
Kenya shilling	KES	898.5
Korean won	KRW	17,984.5

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 October 1, 2021 and January 1, 2021 (U.S. dollars in millions):

	Derivatives designated as hedging instruments (1)
	Foreign exchange contracts				Bunker fuel swaps				Interest rate swaps				Total
Balance Sheet location:	October 1, 2021		January 1, 2021		October 1, 2021		January 1, 2021		October 1, 2021		January 1, 2021		October 1, 2021		January 1, 2021
Asset derivatives:
Prepaid expenses and other current assets	$	4.0	$	1.3	$	—	$	1.6	$	—	$	—	$	4.0	$	2.9
Other noncurrent assets	—		0.3		—		—		—		—		—		0.3
Total asset derivatives	$	4.0	$	1.6	$	—	$	1.6	$	—	$	—	$	4.0	$	3.2
Liability derivatives:
Accounts payable and accrued expenses	$	4.6	$	8.5	$	—	$	0.2	$	—	$	—	$	4.6	$	8.7
Other noncurrent liabilities	6.4		—		—		—		35.8		50.6		42.2		50.6
Total liability derivatives	$	11.0	$	8.5	$	—	$	0.2	$	35.8	$	50.6	$	46.8	$	59.3

(1) See Note 14, “Fair Value Measurements”, for fair value disclosures.

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 (Loss) Income for the quarters and nine months ended October 1, 2021 and September 25, 2020 (U.S. dollars in millions):

	Net amount of (loss) gain recognized in other comprehensive (loss) income on derivatives
	Quarter ended				Nine months ended
Derivative instruments	October 1, 2021		September 25, 2020		October 1, 2021		September 25, 2020
Foreign exchange contracts	$	(6.7)	$	(2.0)	$	(0.1)	$	(3.8)
Bunker fuel swaps	(1.4)		0.9		(0.5)		(1.3)
Interest rate swaps, net of tax	2.4		1.4		12.9		(21.8)
Total	$	(5.7)	$	0.3	$	12.3	$	(26.9)