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Derivative Instruments and Hedging Activities (Tables) | 3 Months Ended
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Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Effect of Derivative Instruments Designated as Cash Flow Hedges | The effect of derivative instruments designated as cash flow hedges in the condensed consolidated financial statements for the first quarter ended March 31, 2024 and April 2, 2023 was as follows (in millions):
| First Quarter |  |
| 2024 |  | 2023 |  |  |  |
Net gain (loss) recognized in AOCI - Foreign Exchange Contracts (a) | $ | 0.7 |  |  | $ | 13.6 |  |  |  |  |
Net gain (loss) reclassified from AOCI into revenue - Foreign Exchange Contracts (a) | $ | 0.7 |  |  | $ | (1.9) |  |  |  |  |
Net gain (loss) reclassified from AOCI into other income and expense, net - Foreign Exchange Contracts (b) | $ | 3.7 |  |  | $ | 10.1 |  |  |  |  |
Net gain (loss) reclassified from AOCI into interest expense - Foreign Exchange Contracts | $ | 1.9 |  |  | $ | 1.5 |  |  |  |  |
Net gain (loss) reclassified from AOCI into interest expense - Interest Rate Contracts | $ | — |  |  | $ | 0.6 |  |  |  |  |
(a) Effective portion, pre-tax (b) Amount reclassified to offset earnings impact of liability hedged by cross currency swap
Schedule of Notional Amounts of Outstanding Foreign Currency Contracts | As of March 31, 2024, the Company had foreign currency forward contracts not designated as accounting hedges primarily in the following types and pairs (in millions):
Contracts to Buy |  | Contracts to Sell
Currency |  | Amount |  | Currency |  | Amount
Canadian Dollars |  | $ | 301.2 |  |  | U.S. Dollars |  | US$ | 222.1 |
Canadian Dollars |  | $ | 12.6 |  |  | Euros |  | € | 8.6 |
Danish Krone |  | DKR | 154.8 |  |  | U.S. Dollars |  | US$ | 22.5 |
Great Britain Pounds |  | £ | 5.3 |  |  | Euros |  | € | 6.2 |
Great Britain Pounds |  | £ | 70.4 |  |  | U.S. Dollars |  | US$ | 88.9 |
U.S. Dollars |  | US$ | 17.0 |  |  | Euros |  | € | 15.8 |
Norwegian Krone |  | kr | 179.0 |  |  | U.S. Dollars |  | US$ | 16.9 |
Swedish Krona |  | SEK | 284.3 |  |  | Euros |  | € | 26.1 |
Swedish Krona |  | SEK | 310.4 |  |  | U.S. Dollars |  | US$ | 29.3 |
Schedule of Fair Values of Derivative Financial Instruments | The fair values of the Company’s derivative instruments are presented below. All fair values for these derivative instruments were measured using Level 2 inputs in the fair value hierarchy (in millions):
Asset/(Liability) Derivative Instruments | Balance sheet location |  | March 31, 2024 |  | December 31, 2023
Derivatives designated as hedging instruments: |  |  |  |  |
Cash flow forward contracts | Other current assets |  | $ | 1.2 |  |  | $ | 3.7 |
Cash flow forward contracts | Other non-current assets |  | 0.6 |  |  | 2.4 |
Interest rate contracts | Other current assets (accrued interest) |  | 0.1 |  |  | 0.1 |
Cash flow cross currency swap | Other current assets |  | (17.3) |  |  | (21.3) |
Total derivatives designated as hedging instruments |  |  | (15.4) |  |  | (15.1) |
Derivatives not designated as hedging instruments: |  |  |  |  |
Non-designated forward contracts | Other current assets |  | 1.5 |  |  | 14.2 |
Non-designated forward contracts | Accrued liabilities |  | (3.3) |  |  | (3.2) |
Total derivatives not designated as hedging instruments |  |  | (1.8) |  |  | 11.0 |
Total derivative instruments, net |  |  | $ | (17.2) |  |  | $ | (4.1) |

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