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Financial Instruments (Tables)

12 Months Ended

Dec. 27, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Fair Values of Derivative Instruments

The fair values of derivative financial instruments on the Consolidated Balance Sheets as of December 27, 2025 and December 28, 2024 were:


					Fair Value
(In millions)		Location			2025					2024
Assets:
Foreign exchange contracts		Other current assets			$	1.2				$	3.8
Net investment hedges		Other current assets				—					2.0
Net investment hedges		Other assets				—					2.8
		Total assets			$	1.2				$	8.6
Liabilities:
Foreign exchange contracts		Other current liabilities			$	1.6				$	2.7
Net investment hedges		Other current liabilities				2.9					—
		Total liabilities			$	4.5				$	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 2025, 2024 and 2023 were:


(In millions)		Classification and Amount of Gain (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships
		2025
		Cost of products sold				Interest expense				Other income, net
Total amounts per Consolidated Statements of Income		$	2,473.8			$	115.2			$	4.1
Gain (loss) on fair value hedging relationships
Foreign exchange contracts:
Hedged items			—				—				(0.5	)
Derivative designated as hedging instruments			—				—				(3.4	)
Gain on net investment hedging relationships			—				—				2.7
Gain (loss) on cash flow hedging relationships
Foreign exchange contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income			1.3				—				—
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
		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				—