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Financial Instruments (Tables)
9 Months Ended
Sep. 29, 2024
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 condensed consolidated balance sheets as of September 29, 2024 and December 31, 2023 were:

(U.S. Dollars presented in millions)LocationSeptember 29, 2024December 31, 2023
Assets:
Foreign exchange contractsOther current assets$— $3.0 
Total assets$— $3.0 
Liabilities:
Foreign exchange contractsOther current liabilities$5.8 $0.1 
Total liabilities$5.8 $0.1 
Effects of Derivative Financial Instruments on the Consolidated Statements of Income
The effects of cash flow hedging financial instruments included within the condensed consolidated statements of comprehensive income for the thirteen and thirty-nine weeks ended September 29, 2024 and September 24, 2023 are presented in the table below. When the hedged item affects earnings, amounts are reclassed out of accumulated other comprehensive loss and recognized as a component of cost of products sold.
Amount Recognized in Statement of Comprehensive
Income for Cash Flow Hedging Relationships
13 Weeks Ended39 Weeks Ended
(U.S. Dollars presented in millions)September 29, 2024September 24, 2023September 29, 2024September 24, 2023
Foreign exchange contracts:
Unrealized holding (losses) gains arising during period$(4.1)$1.6 $(8.0)$8.1 
Less: reclassification adjustment for gains included in net income2.0 (3.1)0.7 (8.6)
Unrealized losses on derivatives$(2.1)$(1.5)$(7.3)$(0.5)

The effects of fair value hedging financial instruments included in other income, net on the condensed consolidated statements of income for the thirteen and thirty-nine weeks ended September 29, 2024 and September 24, 2023 were:

Amount of (Gain) Loss Recognized in Earnings
 on Fair Value Hedging Relationships
13 Weeks Ended39 Weeks Ended
(U.S. Dollars presented in millions)September 29, 2024September 24, 2023September 29, 2024September 24, 2023
Foreign exchange contracts:
Hedged items$0.1 $1.3 $— $(0.7)
Derivatives designated as hedging instruments(0.1)— — 3.4 
Net losses recognized in earnings$— $1.3 $— $2.7