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Derivative Instruments and Hedging Activities (Tables)

3 Months Ended

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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- 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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