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Financial Instruments (Tables)

6 Months Ended

Jun. 29, 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 June 29, 2024 and December 30, 2023 were as follows:

					Fair Value
(In millions)		Location			June 29, 2024				December 30, 2023
Assets:
Foreign exchange contracts		Other current assets			$	1.5			$	0.8
Interest rate contracts		Other current assets				-				-
Net investment hedge contracts		Other assets				1.0				-
		Total assets			$	2.5			$	0.8
Liabilities:
Foreign exchange contracts		Other current liabilities			$	1.0			$	2.7
		Total liabilities			$	1.0			$	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 twenty-six weeks ended June 29, 2024 and July 1, 2023 were as follows:

(In millions)		Classification and Amount of Gain (Loss)    Recognized in Income on Hedging Relationships
		Twenty-Six Weeks Ended June 29, 2024
		Cost of products sold				Interest expense				Other income, net
Total amounts per Consolidated Statements of Comprehensive Income		$	1,320.9			$	62.4			$	3.6
Gain (loss) on fair value hedging relationships
Foreign exchange contracts:
Hedged items			-				-				1.9
Derivative designated as hedging instruments			-				-				(2.8	)
Gain on net investment hedging relationships											0.3
Gain (loss) on cash flow hedging relationships
Foreign exchange contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income			0.4				-				-
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			-				6.3				-
(In millions)		Classification and Amount of Gain (Loss)    Recognized in Income on Hedging Relationships
		Twenty-Six Weeks Ended July 1, 2023
		Cost of products sold				Interest expense				Other income, net
Total amounts per Consolidated Statements of Comprehensive Income		$	1,327.2			$	54.6			$	11.6
Gain (loss) on fair value hedging relationships
Foreign exchange contracts:
Hedged items			-				-				4.4
Derivative designated as hedging instruments			-				-				(2.9	)
Gain (loss) on cash flow hedging relationships
Foreign exchange contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income			4.0				-				-
Commodity contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income			(0.1	)			-				-
Interest rate contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income			-				2.6				-

The effects of derivative financial instruments on the statements of comprehensive income for the thirteen weeks ended June 29, 2024 were as follows:

(In millions)		Classification and Amount of Gain (Loss)    Recognized in Income on Hedging Relationships
		Thirteen Weeks Ended June 29, 2024
		Cost of products sold				Interest expense				Other income, net
Total amounts per Consolidated Statements of Comprehensive Income		$	699.0			$	32.3			$	3.7
Gain (loss) on fair value hedging relationships
Foreign exchange contracts:
Hedged items			-				-				1.1
Derivative designated as hedging instruments			-				-				(0.9	)
Gain on net investment hedging relationships											0.3
Gain (loss) on cash flow hedging relationships
Foreign exchange contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income			0.3				-				-
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			-				3.1				-
(In millions)		Classification and Amount of Gain (Loss)    Recognized in Income on Hedging Relationships
		Thirteen Weeks Ended July 1, 2023
		Cost of products sold				Interest expense				Other income, net
Total amounts per Consolidated Statements of Comprehensive Income		$	695.6			$	27.7			$	5.2
Gain (loss) on fair value hedging relationships
Foreign exchange contracts:
Hedged items			-				-				3.1
Derivative designated as hedging instruments			-				-				(2.1	)
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			(0.3	)			-				-
Interest rate contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income			-				1.5				-

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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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