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Derivative Financial Instruments (Tables)
 12 Months Ended
Dec. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Outstanding Foreign Currency Forward Contracts that were Entered into to Hedge Forecasted Cash Flows We had the following outstanding foreign currency forward contracts as of December 30, 2022 (in millions):
Foreign currency contracts qualifying as cash flow hedges:Notional amount
British poundGBP11.0 
Chilean pesoCLP20,287.1 
EuroEUR42.2 
Japanese yenJPY2,500.8 
Korean wonKRW18,750.0 
Kenyan shillingKES46.6 
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 December 30, 2022 and December 31, 2021 (U.S. dollars in millions):
 
Derivatives designated as hedging instruments(1)
 Foreign exchange contractsInterest rate swapsTotal
Balance Sheet location:December 30, 2022December 31, 2021December 30, 2022December 31, 2021December 30, 2022December 31, 2021
Asset derivatives:
Prepaid expenses and other current assets$— $0.5 $— $— $— $0.5 
Other noncurrent assets— — 15.8 — 15.8 — 
Total asset derivatives$— $0.5 $15.8 $— $15.8 $0.5 
Liability derivatives:
Accounts payable and accrued expenses$6.5 $8.1 $— $— $6.5 $8.1 
Other noncurrent liabilities0.2 6.1 — 29.4 0.2 35.5 
Total liability derivatives$6.7 $14.2 $— $29.4 $6.7 $43.6 

(1) See Note 18, “Fair Value Measurements,” for fair value disclosures.
We expect that $1.0 million of the net fair value of our cash flow hedges recognized as a net gain in accumulated other comprehensive loss will be transferred to earnings during the next 12 months, and the remaining net gain of $7.2 million over the following 5 years, along with the earnings effect of the related forecasted transactions.
Effect of Derivative Instruments on the Consolidated Statements of Income The following table reflects the effect of derivative instruments on the Consolidated Statements of Comprehensive Income for the years ended December 30, 2022 and December 31, 2021 (U.S. dollars in millions):
Net amount of gain recognized in other comprehensive income on derivatives
Derivative InstrumentsDecember 30, 2022December 31, 2021
Foreign exchange contracts$7.5 $(8.1)
Bunker fuel swaps— (1.7)
Interest rate swaps, net of tax39.4 18.5 
Total$46.9 $8.7