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Derivative Financial Instruments (Tables)
 12 Months Ended
Dec. 29, 2023
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 29, 2023 (in millions):
Foreign currency contracts qualifying as cash flow hedges:Notional amount
British poundGBP5.9 
EuroEUR67.8 
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 29, 2023 and December 30, 2022 (U.S. dollars in millions):
 
Derivatives designated as hedging instruments(1)
 Foreign exchange contractsInterest rate swapsTotal
Balance Sheet location:December 29, 2023December 30, 2022December 29, 2023December 30, 2022December 29, 2023December 30, 2022
Asset derivatives:
Prepaid expenses and other current assets$0.1 $— $2.1 $— $2.2 $— 
Other noncurrent assets— — 5.8 15.8 5.8 15.8 
Total asset derivatives$0.1 $— $7.9 $15.8 $8.0 $15.8 
Liability derivatives:
Accounts payable and accrued expenses$0.4 $6.5 $— $— $0.4 $6.5 
Other noncurrent liabilities— 0.2 — — — 0.2 
Total liability derivatives$0.4 $6.7 $— $— $0.4 $6.7 
(1) See Note 18, “Fair Value Measurements,” for fair value disclosures.
We expect that $2.3 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 $2.1 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 29, 2023 and December 30, 2022 (U.S. dollars in millions):

Net amount of (loss) gain recognized in other comprehensive income on derivatives
Derivative InstrumentsDecember 29, 2023December 30, 2022
Foreign exchange contracts$4.0 $7.5 
Interest rate swaps, net of tax(6.2)39.4 
Total$(2.2)$46.9