Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 28, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Outstanding forward contracts

We had the following outstanding foreign currency contracts as of June 28, 2024 (in millions):

Foreign currency contracts qualifying as cash flow hedges:	Notional amount
Euro	EUR	64.1
British pound	GBP	2.7
Kenyan shilling	KES	1,052.2

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 28, 2024 and December 29, 2023 (U.S. dollars in millions):

	Derivatives designated as hedging instruments (1)
	Foreign exchange contracts				Interest rate swaps				Total
Balance Sheet location:	June 28, 2024		December 29, 2023		June 28, 2024		December 29, 2023		June 28, 2024		December 29, 2023
Asset derivatives:
Prepaid expenses and other current assets	$	1.8	$	0.1	$	—	$	2.1	$	1.8	$	2.2
Other noncurrent assets	—		—		9.1		5.8		9.1		5.8
Total asset derivatives	$	1.8	$	0.1	$	9.1	$	7.9	$	10.9	$	8.0
Liability derivatives:
Accounts payable and accrued expenses	$	—	$	0.4	$	—	$	—	$	—	$	0.4
Total liability derivatives	$	—	$	0.4	$	—	$	—	$	—	$	0.4

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 28, 2024 and June 30, 2023 (U.S. dollars in millions):

	Net amount of gain (loss) recognized in other comprehensive income on derivatives
	Quarter ended				Six months ended
Derivative instruments	June 28, 2024		June 30, 2023		June 28, 2024		June 30, 2023
Foreign exchange contracts	$	1.4	$	(0.4)	$	5.1	$	4.5
Interest rate swaps, net of tax	(0.4)		4.7		1.7		(0.2)
Total	$	1.0	$	4.3	$	6.8	$	4.3