Derivative instruments and hedging activities (Tables)

12 Months Ended

Jan. 02, 2022

Derivative Instruments, Gain (Loss) [Line Items]

Schedule of Fair value gains and losses of derivative contracts

Gains and losses from designated derivative and non-derivative instruments within AOCI during the fiscal years ended January 2, 2022 and January 3, 2021, are recorded as follows:

Designated Hedging Instruments	Amount of loss (gain) recognized in OCI on hedges			Location of amounts reclassified from AOCI into income	Amount of loss (gain) reclassified from AOCI into income
Fiscal Year Ended January 2, 2022
Cash flow hedges:
Foreign currency forward contracts	$	(4.2	)	Cost of revenue	$	2.3
Interest rate derivatives		(7.5	)	Interest expense, net		26.9
Net investment hedges:
Foreign currency-denominated debt (a)		(9.4	)	N/A	N/A
Fiscal Year Ended January 3, 2021
Cash flow hedges:
Foreign currency forward contracts	$	2.3		Cost of revenue	$	(5.3	)
Interest rate derivatives		47.1		Interest expense, net		(1.0	)

(a)The amount of loss (gain) recognized in OCI for the foreign-currency denominated debt is presented within the CTA component of OCI. These gains and losses will remain in CTA until the related hedged item affects earnings, which would occur upon disposal or complete or substantial liquidation of the underlying hedged entities.

Fair value (gains) and losses of derivative contracts, as determined using Level 2 inputs, that do not qualify for hedge accounting treatment are recorded in other expense, net and were as follows:

	Fiscal Year Ended
Non-designated hedging instruments	January 2, 2022			January 3, 2021			December 29, 2019
Interest rate cap derivatives	$	(0.2	)	$	1.5		$	16.0
Foreign currency derivatives		32.1			(2.1	)		(1.8	)
Cross currency swaps		(24.0	)		6.0			—

Schedule of Interest Rate Derivatives

The following table summarizes the interest rate derivative agreements as of January 2, 2022:

Effective date	Expiration date	Interest rate cap amount	Notional amount (a)		Hedge designation
December 31, 2020	December 31, 2023	3.5%	$	1,500.0	Not designated

Effective date	Expiration date	Description	Fixed rate	Floating rate	Notional amount(a)		Hedge description
September 27, 2019	December 31, 2023	Pay fixed, receive float	1.635%	1-month LIBOR rate	$	1,500.0	Cash Flow hedge

Schedule of Currency Hedging Instruments Outstanding

The following table provides details of the foreign currency forward contracts outstanding as of January 2, 2022:

Description	Notional amount		Hedge designation
Foreign currency forward contracts	$	434.2	Cash Flow Hedge
Foreign currency forward contracts	$	204.0	Not designated

Schedule of Designated Derivative Instruments within Interest Expense, Net and Cost of Revenue in Statements of Operations

The following table presents the effect of the Company’s designated derivative instruments within Interest expense, net and Cost of revenue in the consolidated statements of operations:

	Fiscal Year Ended January 2, 2022					Fiscal Year Ended January 3, 2021
	Interest expense, net		Cost of revenue			Interest expense, net			Cost of revenue
Total amount of line item in consolidated financial statements of operations where effects of hedges were presented:	$	146.0	$	1,006.8		$	198.2		$	908.2
Effects of cash flow hedging relationships
Loss (Gain) on cash flow hedging relationships:
Foreign currency forward contracts:
Amount of gain reclassified from AOCI into income	N/A		$	(2.3	)	N/A			$	(5.3	)
Amount reclassified from AOCI into income due    to a forecast transaction that is no longer probable of occurring	N/A			—		N/A				—
Interest rate derivative contracts:
Amount of loss (gain) reclassified from AOCI into income	$	26.9	N/A			$	(1.0	)	N/A
Amount excluded from the assessment of effectiveness    recognized in earnings based on changes in fair value		3.7	N/A				—		N/A

Location and Fair Values of Designated and Non-Designated Hedging Instruments Recognized within Consolidated Balance Sheets

The following table presents the location and fair values of designated hedging instruments recognized within the consolidated balance sheets. The fair values of designated hedging instruments have been determined using Level 2 inputs.

	January 2, 2022		January 3, 2021
Interest rate derivatives:
Accrued liabilities	$	—	$	0.1
Other liabilities		13.9		44.1
Foreign currency forward contracts:
Other current assets		4.5		4.2
Accrued liabilities		4.3		10.0

The following table presents the location and fair values of non-designated hedging instruments recognized within the consolidated balance sheets. The fair values of non-designated hedging instruments have been determined using Level 2 inputs.

	January 2, 2022		January 3, 2021
Interest rate derivatives:
Accrued liabilities	$	—	$	0.1
Other liabilities		5.2		11.1
Foreign currency forward contracts:
Other current assets		0.9		0.3
Accrued liabilities		1.1		0.1
Cross currency interest rate swap contracts:
Other current assets		—		2.0
Other liabilities		—		10.8