Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Outstanding forward contracts

We had the following outstanding foreign currency forward contracts as of September 30, 2022 (in millions):

Foreign currency contracts qualifying as cash flow hedges:	Notional amount
Euro	EUR	55.0
British pound	GBP	6.3
Japanese yen	JPY	2,325.9
Chilean peso	CLP	29,302.8
Kenyan shilling	KES	702.0
Korean won	KRW	5,478.0

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 September 30, 2022 and December 31, 2021 (U.S. dollars in millions):

	Derivatives designated as hedging instruments (1)
	Foreign exchange contracts				Interest rate swaps				Total
Balance Sheet location:	September 30, 2022		December 31, 2021		September 30, 2022		December 31, 2021		September 30, 2022		December 31, 2021
Asset derivatives:
Prepaid expenses and other current assets	$	15.3	$	0.5	$	—	$	—	$	15.3	$	0.5
Other noncurrent assets	—		—		15.1		—		15.1		—
Total asset derivatives	$	15.3	$	0.5	$	15.1	$	—	$	30.4	$	0.5
Liability derivatives:
Accounts payable and accrued expenses	$	8.9	$	8.1	$	—	$	—	$	8.9	$	8.1
Other noncurrent liabilities	2.9		6.1		—		29.4		2.9		35.5
Total liability derivatives	$	11.8	$	14.2	$	—	$	29.4	$	11.8	$	43.6

(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 Income for the quarters and nine months ended September 30, 2022 and October 1, 2021 (U.S. dollars in millions):

	Net amount of gain (loss) recognized in other comprehensive income (loss) on derivatives
	Quarter ended				Nine months ended
Derivative instruments	September 30, 2022		October 1, 2021		September 30, 2022		October 1, 2021
Foreign exchange contracts	$	(2.6)	$	(6.7)	$	17.2	$	(0.1)
Bunker fuel swaps	—		(1.4)		—		(0.5)
Interest rate swaps, net of tax	14.2		2.4		38.8		12.9
Total	$	11.6	$	(5.7)	$	56.0	$	12.3