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Financial Instruments (Tables)
12 Months Ended
Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
Fair Values of Foreign Exchange Derivative Instruments on the Consolidated Balance Sheets
The fair values of foreign exchange derivative instruments on the consolidated balance sheets as of December 31, 2023 and December 25, 2022 were:
(U.S. Dollars presented in millions)LocationDecember 31, 2023December 25, 2022
Assets:
Foreign exchange contractsOther current assets$3.0 $3.7 
Total assets$3.0 $3.7 
Liabilities:
Foreign exchange contractsOther current liabilities$0.1 $0.5 
Total liabilities$0.1 $0.5 
Effects of Derivative Financial Instruments on the Consolidated Statements of Income
The effects of cash flow hedging financial instruments included within the consolidated statements of comprehensive income in 2023, 2022 and 2021 were as presented in the table below. When the hedged item affects earnings, amounts are reclassed out of accumulated other comprehensive loss and recognized as a component of cost of products sold.
Amount Recognized in Statement of Comprehensive
Income for Cash Flow Hedging Relationships
(U.S. Dollars presented in millions)202320222021
Foreign exchange contracts:
Unrealized holding gains arising during period
$9.6 $7.2 $0.5 
Less: reclassification adjustment for gains included in net income
(10.2)(4.5)(2.9)
Unrealized (losses) gains on derivatives$(0.6)$2.7 $(2.4)
The effects of fair value hedging financial instruments included in other expense, net on the consolidated statements of income in 2023, 2022 and 2021 were:
Amount of Gain (Loss) Recognized in Earnings
 on Fair Value Hedging Relationships
(U.S. Dollars presented in millions)202320222021
Foreign exchange contracts:
Hedged items$(1.3)$— $— 
Derivatives designated as hedging instruments5.9 (7.2)(0.5)
Net gains (losses) recognized in earnings$4.6 $(7.2)$(0.5)