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Financial Instruments (Tables) | 12 Months Ended
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Dec. 28, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Fair Values of Derivative Instruments | The fair values of foreign exchange and commodity derivative instruments on the consolidated balance sheets as of December 28, 2024 and December 30, 2023 were:
|  |  |  |  | Fair Value |
(In millions) |  | Location |  |  | 2024 |  |  |  | 2023 |
Assets: |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  | Other current assets |  |  | $ | 3.8 |  |  |  | $ | 0.8 |
Net investment hedges |  | Other current assets |  |  |  | 2.0 |  |  |  |  | — |
Net investment hedges |  | Other assets |  |  |  | 2.8 |  |  |  |  | — |
|  | Total assets |  |  | $ | 8.6 |  |  |  | $ | 0.8 |
Liabilities: |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  | Other current liabilities |  |  | $ | 2.7 |  |  |  | $ | 2.7 |
|  | Total liabilities |  |  | $ | 2.7 |  |  |  | $ | 2.7 |
Effects of Derivative Financial Instruments on Consolidated Statements of Income | The effects of derivative financial instruments on the consolidated statements of income in 2024, 2023 and 2022 were:
(In millions) |  | Classification and Amount of Gain (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships |
|  | 2024 |
|  | Cost of products sold |  |  | Interest expense |  |  | Other expense, net |
Total amounts per Consolidated Statements of Income |  | $ | 2,542.7 |  |  | $ | 120.5 |  |  | $ | 11.9 |
Gain (loss) on fair value hedging relationships |  |  |  |  |  |  |  |  |
Foreign exchange contracts: |  |  |  |  |  |  |  |  |
Hedged items |  |  | — |  |  |  | — |  |  |  | 6.8 |
Derivative designated as hedging instruments |  |  | — |  |  |  | — |  |  |  | (10.1 | )
Gain on net investment hedging relationships |  |  | — |  |  |  | — |  |  |  | 1.8 |
Gain (loss) on cash flow hedging relationships |  |  |  |  |  |  |  |  |
Foreign exchange contracts: |  |  |  |  |  |  |  |  |
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income |  |  | (0.4 | ) |  |  | — |  |  |  | — |
Interest rate contracts: |  |  |  |  |  |  |  |  |
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income |  |  | — |  |  |  | 12.6 |  |  |  | — |
(In millions) |  | Classification and Amount of Gain (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships |
|  | 2023 |
|  | Cost of products sold |  |  | Interest expense |  |  | Other income, net |
Total amounts per Consolidated Statements of Income |  | $ | 2,714.8 |  |  | $ | 116.5 |  |  | $ | 19.5 |
Gain (loss) on fair value hedging relationships |  |  |  |  |  |  |  |  |
Foreign exchange contracts: |  |  |  |  |  |  |  |  |
Hedged items |  |  | — |  |  |  | — |  |  |  | 2.0 |
Derivative designated as hedging instruments |  |  | — |  |  |  | — |  |  |  | (0.4 | )
Gain (loss) on cash flow hedging relationships |  |  |  |  |  |  |  |  |
Foreign exchange contracts: |  |  |  |  |  |  |  |  |
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income |  |  | 5.2 |  |  |  | — |  |  |  | — |
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 |  |  | — |  |  |  | 9.0 |  |  |  | — |
(In millions) |  | Classification and Amount of Gain (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships |
|  | 2022 |
|  | Cost of products sold |  |  | Interest expense |  |  | Other income, net |
Total amounts per Consolidated Statements of Income |  | $ | 2,790.1 |  |  | $ | 119.2 |  |  | $ | 12.0 |
Gain (loss) on fair value hedging relationships |  |  |  |  |  |  |  |  |
Foreign exchange contracts: |  |  |  |  |  |  |  |  |
Hedged items |  |  | — |  |  |  | — |  |  |  | (22.4 | )
Derivative designated as hedging instruments |  |  | — |  |  |  | — |  |  |  | 21.3 |
Gain (loss) on cash flow hedging relationships |  |  |  |  |  |  |  |  |
Foreign exchange contracts: |  |  |  |  |  |  |  |  |
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income |  |  | 4.8 |  |  |  | — |  |  |  | — |
Commodity contracts: |  |  |  |  |  |  |  |  |
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income |  |  | (7.3 | ) |  |  | — |  |  |  | — |
Interest rate contracts: |  |  |  |  |  |  |  |  |
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income |  |  | — |  |  |  | 3.6 |  |  |  | — |

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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 -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C + Details
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