Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Outstanding forward contracts

We had the following outstanding foreign currency forward contracts as of March 31, 2023 (in millions):

Foreign currency contracts qualifying as cash flow hedges:	Notional amount
Euro	EUR	93.8
British pound	GBP	18.4
Japanese yen	JPY	1,820.2
Chilean peso	CLP	14,547.9
Kenyan shilling	KES	2,949.6
Korean won	KRW	13,150.0

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 March 31, 2023 and December 30, 2022 (U.S. dollars in millions):

	Derivatives designated as hedging instruments (1)
	Foreign exchange contracts				Interest rate swaps				Total
Balance Sheet location:	March 31, 2023		December 30, 2022		March 31, 2023		December 30, 2022		March 31, 2023		December 30, 2022
Asset derivatives:
Prepaid expenses and other current assets	$	0.8	$	—	$	—	$	—	$	0.8	$	—
Other noncurrent assets	—		—		9.3		15.8		9.3		15.8
Total asset derivatives	$	0.8	$	—	$	9.3	$	15.8	$	10.1	$	15.8
Liability derivatives:
Accounts payable and accrued expenses	$	3.8	$	6.5	$	—	$	—	$	3.8	$	6.5
Other noncurrent liabilities	—		0.2		—		—		—		0.2
Total liability derivatives	$	3.8	$	6.7	$	—	$	—	$	3.8	$	6.7

(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 ended March 31, 2023 and April 1, 2022 (U.S. dollars in millions):

	Net amount of gain (loss) recognized in other comprehensive income (loss) on derivatives
	Quarter ended
Derivative instruments	March 31, 2023		April 1, 2022
Foreign exchange contracts	$	4.9	$	17.6
Interest rate swaps, net of tax	(4.9)		20.2
Total	$	—	$	37.8