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Derivative Instruments and Hedging Activities (Tables) | 3 Months Ended
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Mar. 29, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Open Forward Foreign Currency Contract | The Company enters into foreign exchange contracts in an effort to mitigate the risks associated with currency fluctuations on certain foreign currency balance sheet exposures. These foreign exchange contracts do not qualify for hedge accounting. The Company recognizes the change in fair value of its foreign currency forward contracts in the condensed consolidated statements of operations. The notional amounts of our derivative instruments were as follows:
(In millions) |  |  |
Derivatives designated as hedging instruments: | March 29, 2025 |  | December 31, 2024
Interest rate swap contract - cash flow hedge | $ | 750.0 |  |  | $ | 750.0 |
Fair Value, by Balance Sheet Grouping | The fair values of our derivative instruments included in the condensed consolidated balance sheets were as follows:
(In millions) |  | Derivative Assets |  |  |  |
Derivatives designated as hedging instruments: | Condensed Consolidated Balance Sheets Location | March 29, 2025 |  | December 31, 2024 |  |  |  |
Interest rate swap contract - cash flow hedge | Other current assets | $ | 4.7 |  |  | $ | 7.1 |  |  |  |  |
Schedule of Other Operating Cost and Expense, by Component | The following table summarizes the effects of our derivative instruments on our condensed consolidated statements of operations:
|  | Gain recognized in Condensed Consolidated Statements of Operations
(In millions) |  | Three months ended |
Derivatives designated as hedging instruments: | Condensed Consolidated Statements of Operations Location | March 29, 2025 |  | March 30, 2024 |  |  |
Interest rate swap contract - cash flow hedge | Interest expense | $ | (2.6) |  |  | $ | (11.3) |  |  |  |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | The following table summarizes the effects of our derivative instruments on Accumulated other comprehensive loss:
| Loss recognized in Accumulated other comprehensive income (loss)
(In millions) | Three months ended |  |
Derivatives designated as hedging instruments: | March 29, 2025 |  | March 30, 2024 |  |  |  |
Interest rate swap contract - cash flow hedge | $ | (1.9) |  |  | $ | (1.0) |  |  |  |  |

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