Hedging Transactions and Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Fair Value Hedging Instruments

The following amount was recorded on the Consolidated Balance Sheets related to hedged item as of March 30, 2024:

(in millions of U.S. dollars)	March 30, 2024
Line Item in Consolidated Balance Sheets in Which the Hedged Item Is Included	Carrying Amount of the Hedged Liability
Long-term debt 1	$	(486.1)

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1Carrying amount is gross of unamortized debt issuance costs as of March 30, 2024.

Schedule of Derivative Assets at Fair Value

The fair value of our derivative liabilities included in Other long-term liabilities as of March 30, 2024 was as follows:

(in millions of U.S. dollars)	March 30, 2024
Derivative Contract	Assets		Liabilities
Foreign exchange contracts	$	—	$	(11.4)

Schedule of Derivative Liabilities at Fair Value

The fair value of our derivative liabilities included in Other long-term liabilities as of March 30, 2024 was as follows:

(in millions of U.S. dollars)	March 30, 2024
Derivative Contract	Assets		Liabilities
Foreign exchange contracts	$	—	$	(11.4)

Schedule of Foreign Exchange Contracts, Statement of Financial Position

The amount of gains or (losses) recognized in Other income, net in the Consolidated Statements of Operations for fair value hedging relationships, presented on a pre-tax basis, for the three months ended March 30, 2024 is shown in the table below:

(in millions of U.S. dollars)	For the Three Months Ended March 30, 2024
Foreign exchange contracts
Hedged Item	$	13.4
Derivative designated as hedging instrument	$	(8.3)
Amount reclassed from AOCI to expense (amortized)	$	(2.2)

The amount of gains or (losses), net of tax, recognized in our Condensed Consolidated Statements of Comprehensive Income (Loss) for fair value hedging relationships for the three months ended March 30, 2024 is shown in the table below:

(in millions of U.S. dollars)	For the Three Months Ended March 30, 2024
Foreign exchange contracts
Amount excluded from the assessment of effectiveness1	$	(2.3)

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1Amount is net of tax impact of $0.8 million.