Quarterly report pursuant to Section 13 or 15(d)

Derivative Instruments & Hedging Activities (Tables)

v3.23.1
Derivative Instruments & Hedging Activities (Tables)
3 Months Ended
Apr. 01, 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

 

April 1, 2023

 

December 31, 2022

 

 

Location

 

April 1, 2023

 

December 31, 2022

 

Derivatives designated as hedging instruments:

 

 

 

 

 

 

 

 

Interest rate swap contracts

Other assets

 

$

8.8

 

$

11.1

 

 

Other non-current liabilities

 

$

0.8

 

$

 

Derivatives not designated as hedging instruments:

 

 

 

 

 

 

 

 

Forward foreign exchange contracts

Other current assets

 

 

0.5

 

 

1.0

 

 

Other current liabilities

 

 

0.3

 

 

 

Forward foreign exchange contracts

Other assets

 

 

0.1

 

 

 

 

Other non-current liabilities

 

 

 

 

0.3

 

Total derivatives

 

 

$

9.4

 

$

12.1

 

 

 

 

$

1.1

 

$

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

The amount of gains and losses related to the Company’s derivative financial instruments for the three months ended April 1, 2023 and April 2, 2022, are presented as follows:

 

 

Amount of Gain or (Loss) Recognized in
Other Comprehensive Income on Derivatives (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)

 

 

 

April 1, 2023

 

April 2, 2022

 

 

into Earnings (Effective Portion)

 

April 1, 2023

 

April 2, 2022

 

Derivatives in cash flow hedging relationships:

 

 

 

 

 

 

 

 

Interest rate swap contracts

 

$

(3.1

)

$

7.4

 

 

Interest expense, net

 

$

1.8

 

$

(1.1

)

Interest expense presented in the Consolidated Statements of Operations, in which the effects of cash flow hedges are recorded, totaled $6.2 and $3.8 for the three months ended April 1, 2023 and April 2, 2022, respectively.

 

 

 

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

 

 

Location of Gain or (Loss) Recognized

 

 

April 1, 2023

 

April 2, 2022

 

 

in Earnings on Derivatives

Derivatives not designated as hedging instruments:

 

 

 

Forward foreign exchange contracts

 

$

(0.3

)

$

1.6

 

 

Foreign currency transaction gain / loss, net