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Derivative Instruments and Hedging Activities (Tables) | 3 Months Ended
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Mar. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Effect of Derivative Instruments Designated as Cash Flow Hedges | The following is a summary of the gain (loss) included in the condensed consolidated statements of income (loss) and comprehensive income (loss) related to the derivative instruments described above (in millions):
| First Quarter |  |
| 2025 |  | 2024 |  |  |  |
Net gain (loss) recognized in AOCI—Foreign Exchange Contracts (a) | $ | 0.8 |  |  | $ | 0.7 |  |  |  |  |
Net gain (loss) recognized in AOCI—Cross-Currency Swap Contracts (a) | $ | (5.5) |  |  | $ | — |  |  |  |  |
Net gain (loss) reclassified from AOCI into revenue/cost of sales—Foreign Exchange Contracts (a) | $ | (0.9) |  |  | $ | 0.7 |  |  |  |  |
Net gain (loss) reclassified from AOCI into other income and expense, net—Foreign Exchange Contracts (b) | $ | — |  |  | $ | 3.7 |  |  |  |  |
Net gain (loss) reclassified from AOCI into interest expense—Foreign Exchange Contracts | $ | — |  |  | $ | 1.9 |  |  |  |  |
Net gain (loss) recognized in other income and expense, net—Foreign Exchange Contracts | $ | 11.4 |  |  | $ | 9.3 |  |  |  |  |
(a) Effective portion, pre-tax (b) Amount reclassified to offset earnings impact of liability hedged by cross-currency swap, used to hedge debt
Schedule of Notional Amounts of Outstanding Foreign Currency Contracts | The following is a summary of notional amounts and fair values of the Company’s derivatives recorded in the condensed consolidated balance sheets presented by instrument type and use (in millions):
|  | Notional Amount |  | Fair Value Asset |  | Fair Value (Liability)
|  | March 30, 2025 | December 29, 2024 |  | March 30, 2025 | December 29, 2024 |  | March 30, 2025 | December 29, 2024
Derivatives designated as hedging instruments |  |  |  |  |  |  |  |  |
Foreign currency forward contracts |  | $ | 99.6 |  | $ | 83.3 |  |  | $ | 0.6 |  | $ | — |  |  | $ | (1.9) |  | $ | (3.0) |
Cross-currency swap agreements |  | 324.0 |  | — |  |  | 2.7 |  | — |  |  | (7.9) |  | — |
Total derivatives designated as hedging instruments |  | $ | 423.6 |  | $ | 83.3 |  |  | $ | 3.3 |  | $ | — |  |  | $ | (9.8) |  | $ | (3.0) |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |  |  |
Foreign currency forward contracts |  | 689.3 |  | 974.8 |  |  | 16.7 |  | 1.0 |  |  | (2.7) |  | (13.9) |
Total derivatives |  | $ | 1,112.9 |  | $ | 1,058.1 |  |  | $ | 20.0 |  | $ | 1.0 |  |  | $ | (12.5) |  | $ | (16.9) |

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