Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 27, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Outstanding forward contracts

We had the following outstanding foreign currency contracts as of September 27, 2024 (in millions):

Foreign currency contracts qualifying as cash flow hedges:	Notional amount
Euro	EUR	89.4
British pound	GBP	11.6
Japanese yen	JPY	1,396.0
Kenyan shilling	KES	526.7

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 September 27, 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:	September 27, 2024		December 29, 2023		September 27, 2024		December 29, 2023		September 27, 2024		December 29, 2023
Asset derivatives:
Prepaid expenses and other current assets	$	0.4	$	0.1	$	—	$	2.1	$	0.4	$	2.2
Other noncurrent assets	—		—		—		5.8		—		5.8
Total asset derivatives	$	0.4	$	0.1	$	—	$	7.9	$	0.4	$	8.0
Liability derivatives:
Accounts payable and accrued expenses	$	2.6	$	0.4	$	—	$	—	$	2.6	$	0.4
Total liability derivatives	$	2.6	$	0.4	$	—	$	—	$	2.6	$	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 nine months ended September 27, 2024 and September 29, 2023 (U.S. dollars in millions):

	Net amount of gain (loss) recognized in other comprehensive income on derivatives
	Quarter ended				Nine months ended
Derivative instruments	September 27, 2024		September 29, 2023		September 27, 2024		September 29, 2023
Foreign exchange contracts	$	(3.8)	$	2.5	$	1.4	$	7.0
Interest rate swaps, net of tax	(2.5)		2.3		(0.9)		2.1
Total	$	(6.3)	$	4.8	$	0.5	$	9.1