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Derivative Instruments (Tables)

12 Months Ended

Dec. 29, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments Notional Amounts Outstanding and Fair Values on the Consolidated Balance Sheets

The following is a summary of notional amounts outstanding under foreign currency forward contracts, cross-currency swap agreements and their respective fair value amounts recorded in the consolidated balance sheets (in millions):

			December 29, 2024												December 31, 2023
			Notional amount						Fair value						Notional amount						Fair value
Derivatives designated as hedging instruments
Foreign currency forward contracts
Other current assets			$	—					$	—					$	116.5					$	3.7
Other non-current assets			$	—					—						$	70.5					2.4
Accrued liabilities			$	69.4					(2.5)						$	—					—
Other non-current liabilities			$	13.9					(0.5)						$	—					—
Cross-currency swap agreements
Other current assets			$	—					—						$	—					0.1
Accrued liabilities			$	—					—						$	172.6					(21.3)
Total derivatives designated as hedging instruments									$	(3.0)											$	(15.1)
Derivatives not designated as hedging instruments
Foreign currency forward contracts
Other current assets			$	271.4					$	1.0					$	329.9					$	14.2
Accrued liabilities			$	703.4					(13.9)						$	467.6					(3.2)
Total derivatives not designated as hedging instruments									$	(12.9)											$	11.0
Total derivatives									$	(15.9)											$	(4.1)

Schedule of Effect of Derivative Instruments Designated as Cash Flow Hedges

The following is a summary of the gain (loss) included in the consolidated statements of income (loss) and comprehensive income (loss) related to the derivative instruments described above (in millions):

			2024						2023
Net gain (loss) recognized in AOCI - foreign exchange contracts (a)			$	(8.2)					$	19.3
Net gain (loss) reclassified from AOCI into revenue/cost of sales - foreign exchange contracts			$	1.1					$	(6.2)
Net gain (loss) reclassified from AOCI into interest expense - foreign exchange contracts			$	(17.9)					$	7.6
Net gain (loss) reclassified from AOCI into interest expense -interest rate contracts			$	—					$	0.6
Net gain (loss) reclassified from AOCI into other income and expense, net - foreign exchange contracts (b)			$	22.7					$	8.0
Net gain (loss) recognized in other income and expense, net – foreign exchange contracts			$	(43.6)					$	13.7

(a) Effective portion

(b) Amount reclassified to offset earnings impact of liability hedged by cross currency swap

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- References

No definition available.

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- Definition

Tabular disclosure of gain (loss) on derivative and nonderivative instruments designated and qualifying as cash flow hedge recorded in accumulated other comprehensive income (AOCI) and reclassified into earnings.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C

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- Definition

Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4B

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