Annual report pursuant to Section 13 and 15(d)

Derivative Instruments & Hedging Activities (Tables)

v3.24.0.1
Derivative Instruments & Hedging Activities (Tables)
12 Months Ended
Dec. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Fair Value of Derivative Financial Instruments Included in Consolidated Balance Sheets

The fair value of the Company’s derivative financial instruments included in the Consolidated Balance Sheets is presented as follows:

 

Asset Derivatives

 

 

Liability Derivatives

 

 

Balance Sheet

 

Fair Value (1)

 

 

Fair Value (1)

 

 

Balance Sheet

 

Fair Value (1)

 

 

Fair Value (1)

 

 

Location

 

December 30, 2023

 

 

December 31, 2022

 

 

Location

 

December 30, 2023

 

 

December 31, 2022

 

Derivatives designated as hedging instruments:

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate swap contracts

Other assets

 

$

6.7

 

 

$

11.1

 

 

Other non-current liabilities

 

$

 

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives not designated as hedging instruments:

 

 

 

 

 

 

 

 

 

 

 

 

Forward foreign exchange contracts

Other current assets

 

 

 

 

 

1.0

 

 

Other current liabilities

 

 

 

 

 

 

Forward foreign exchange contracts

Other assets

 

 

 

 

 

 

 

Other non-current liabilities

 

 

 

 

 

0.3

 

Total derivatives

 

 

$

6.7

 

 

$

12.1

 

 

 

 

$

 

 

$

0.3

 

(1) See Note 4 for information regarding the inputs used in determining the fair value of derivative assets and liabilities.

 

 

Schedule of Gains and Losses Related to Derivative Financial Instruments

Gains and losses related to the Company’s derivative financial instruments for the 2023, 2022 and 2021 years are presented as follows:

 

 

Amount of Gain or (Loss) Recognized in Other Comprehensive Income on Derivative (Effective Portion)

 

 

Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income

 

Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings (Effective Portion)

 

 

 

December 30, 2023

 

December 31, 2022

 

January 1, 2022

 

 

into Earnings (Effective Portion)

 

December 30, 2023

 

December 31, 2022

 

January 1, 2022

 

Derivatives in cash flow hedging relationships:

 

 

 

 

 

 

 

 

 

 

Interest rate swap contracts

 

$

(4.4

)

$

12.8

 

$

6.0

 

 

Interest expense, net

 

$

7.0

 

$

(0.2

)

$

(4.2

)

Interest expense presented in the Consolidated Statements of Operations, in which the effects of cash flow hedges are recorded, totaled $31.2, $16.7 and $16.9 for the years ended December 30, 2023, December 31, 2022 and January 1, 2022, respectively.

 

 

Amount of Gain or (Loss) Recognized
in Earnings on Derivatives

 

 

Location of Gain or (Loss) Recognized

 

 

December 30, 2023

 

December 31, 2022

 

January 1, 2022

 

 

in Earnings on Derivatives

Derivatives not designated as hedging instruments:

 

 

 

Forward foreign exchange contracts

 

$

(0.3

)

$

4.0

 

$

4.7

 

 

Foreign currency transaction gain / loss, net