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Financial Instruments (Tables)

3 Months Ended

Mar. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Fair Values of Derivative Instruments

The fair values of derivative instruments on the consolidated balance sheets as of March 30, 2024 and December 30, 2023 were as follows:

				Fair Value
(In millions)		Location		March 30, 2024				December 30, 2023
Assets:
Foreign exchange contracts		Other current assets		$	1.2			$	0.8
		Total assets		$	1.2			$	0.8
Liabilities:
Foreign exchange contracts		Other current liabilities		$	2.1			$	2.7
		Total liabilities		$	2.1			$	2.7

Effects of Derivative Financial Instruments on Statements of Comprehensive Income

The effects of derivative financial instruments on the statements of comprehensive income for the thirteen weeks ended March 30, 2024 and April 1, 2023 were as follows:

(In millions)		Classification and Amount of Gain (Loss)    Recognized in Income on Fair Value and    Cash Flow Hedging Relationships
		March 30, 2024
		Cost of products sold				Interest expense				Other expense, net
Total amounts per Consolidated Statements of Comprehensive Income		$	622.0			$	30.1			$	0.1
The effects of fair value and cash flow hedging:
Gain (loss) on fair value hedging relationships
Foreign exchange contracts:
Hedged items			—				—				0.8
Derivative designated as hedging instruments			—				—				(1.9	)
Gain (loss) on cash flow hedging relationships
Foreign exchange contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income			0.1				—				—
Commodity contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income			—				—				—
Interest rate contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income			—				3.2				—
(In millions)		Classification and Amount of Gain (Loss)    Recognized in Income on Fair Value and    Cash Flow Hedging Relationships
		April 1, 2023
		Cost of products sold				Interest expense				Other income, net
Total amounts per Consolidated Statements of Comprehensive Income		$	631.7			$	26.8			$	6.3
The effects of fair value and cash flow hedging:
Gain (loss) on fair value hedging relationships
Foreign exchange contracts:
Hedged items			—				—				1.3
Derivative designated as hedging instruments			—				—				(0.8	)
Gain (loss) on cash flow hedging relationships
Foreign exchange contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income			2.0				—				—
Commodity contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income			0.2				—				—
Interest rate contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income			—				1.1				—

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- References

No definition available.

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- Definition

Tabular disclosure of the effective portion of the gains and losses on derivative instruments designated (and non-derivative instruments) designated and qualifying in cash flow hedges and net investment hedges that was recognized in other comprehensive income (loss) during the current period.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-Subparagraph (b)
-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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