Derivative Instruments and Hedging Activities (Tables)

3 Months Ended

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)