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Financial Instruments (Tables) | 3 Months Ended
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Mar. 29, 2025
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 29, 2025 and December 28, 2024 were as follows:
|  |  |  |  | Fair Value |
(In millions) |  | Location |  |  | March 29, 2025 |  |  | December 28, 2024 |
Assets: |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  | Other current assets |  |  | $ | 1.9 |  |  | $ | 3.8 |
Net investment hedges |  | Other current assets |  |  |  | 1.7 |  |  |  | 2.0 |
Net investment hedges |  | Other assets |  |  |  | 2.5 |  |  |  | 2.8 |
|  | Total assets |  |  | $ | 6.1 |  |  | $ | 8.6 |
Liabilities: |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  | Other current liabilities |  |  | $ | 2.9 |  |  | $ | 2.7 |
|  | Total liabilities |  |  | $ | 2.9 |  |  | $ | 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 29, 2025 and March 30, 2024 were as follows:
(In millions) |  | Classification and Amount of Gain (Loss) Recognized in Income on Hedging Relationships |
|  | Thirteen Weeks Ended March 29, 2025 |
|  | Cost of products sold |  |  | Interest expense |  |  | Other income, net |
Total amounts per Consolidated Statements of Comprehensive Income |  | $ | 578.4 |  |  | $ | 28.6 |  |  | $ | 1.0 |
Gain (loss) on fair value hedging relationships |  |  |  |  |  |  |  |  |
Foreign exchange contracts: |  |  |  |  |  |  |  |  |
Hedged items |  |  | - |  |  |  | - |  |  |  | 3.0 |
Derivative designated as hedging instruments |  |  | - |  |  |  | - |  |  |  | (2.5 | )
Gain on net investment hedging relationships |  |  |  |  |  |  |  |  | 1.0 |
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 |  |  | - |  |  |  | 3.1 |  |  |  | - |
(In millions) |  | Classification and Amount of Gain (Loss) Recognized in Income on Hedging Relationships |
|  | Thirteen Weeks Ended 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 |
Gain (loss) on fair value hedging relationships |  |  |  |  |  |  |  |  |
Foreign exchange contracts: |  |  |  |  |  |  |  |  |
Hedged items |  |  | - |  |  |  | - |  |  |  | 0.8 |
Derivative designated as hedging instruments |  |  | - |  |  |  | - |  |  |  | (1.9 | )
Gain on net investment hedging relationships |  |  |  |  |  |  |  |  | - |
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 |  |  |  | - |

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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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- 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 + Details
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