Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Outstanding forward contracts

We had the following outstanding foreign currency forward contracts as of June 30, 2023 (in millions):

Foreign currency contracts qualifying as cash flow hedges:	Notional amount
Euro	EUR	74.2
British pound	GBP	18.1
Japanese yen	JPY	727.2
Chilean peso	CLP	11,199.0
Kenyan shilling	KES	1,960.7
Korean won	KRW	8,000.0

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 June 30, 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:	June 30, 2023		December 30, 2022		June 30, 2023		December 30, 2022		June 30, 2023		December 30, 2022
Asset derivatives:
Prepaid expenses and other current assets	$	1.2	$	—	$	4.7	$	—	$	5.9	$	—
Other noncurrent assets	—		—		9.5		15.8		9.5		15.8
Total asset derivatives	$	1.2	$	—	$	14.2	$	15.8	$	15.4	$	15.8
Liability derivatives:
Accounts payable and accrued expenses	$	3.9	$	6.5	$	—	$	—	$	3.9	$	6.5
Other noncurrent liabilities	—		0.2		—		—		—		0.2
Total liability derivatives	$	3.9	$	6.7	$	—	$	—	$	3.9	$	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 and six months ended June 30, 2023 and July 1, 2022 (U.S. dollars in millions):

	Net amount of gain (loss) recognized in other comprehensive income (loss) on derivatives
	Quarter ended				Six months ended
Derivative instruments	June 30, 2023		July 1, 2022		June 30, 2023		July 1, 2022
Foreign exchange contracts	$	(0.4)	$	2.2	$	4.5	$	19.8
Interest rate swaps, net of tax	4.7		4.4		(0.2)		24.6
Total	$	4.3	$	6.6	$	4.3	$	44.4