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Comprehensive Income and Equity (Tables) | 3 Months Ended
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Mar. 30, 2024
Equity [Abstract] |
Schedule of Changes, Net of Tax, in Accumulated Other Comprehensive Loss | A summary of changes, net of tax, in accumulated other comprehensive loss for the three months ended March 30, 2024, is shown below (in millions):
| Three Months Ended March 30, 2024 |  |
Defined benefit plans: |  |  |
Balance at beginning of period | $ | (107.3) |  |  |
Reclassification adjustments | (0.3) |  |  |
Other comprehensive income recognized during the period (net of tax benefit of $0.3 million ) | 0.4 |  |  |
Balance at end of period | $ | (107.2) |  |  |
Derivative instruments and hedging: |  |  |
Balance at beginning of period | $ | 107.9 |  |  |
Reclassification adjustments (net of tax benefit of $9.3 million) | (34.9) |  |  |
Other comprehensive income recognized during the period (net of tax expense of $13.1 million) | 48.4 |  |  |
Balance at end of period | $ | 121.4 |  |  |
Foreign currency translation: |  |  |
Balance at beginning of period | $ | (689.4) |  |  |
Other comprehensive loss recognized during the period (net of tax expense of $0.6 million) | (79.8) |  |  |
Balance at end of period | $ | (769.2) |  |  |
Total accumulated other comprehensive loss | $ | (755.0) |  |  |
A summary of changes, net of tax, in accumulated other comprehensive loss for the three months ended April 1, 2023, is shown below (in millions):
| Three Months Ended April 1, 2023 |  |
Defined benefit plans: |  |  |
Balance at beginning of period | $ | (95.7) |  |  |
Reclassification adjustments | (0.3) |  |  |
Other comprehensive income recognized during the period | 0.3 |  |  |
Balance at end of period | $ | (95.7) |  |  |
Derivative instruments and hedging: |  |  |
Balance at beginning of period | $ | 33.4 |  |  |
Reclassification adjustments (net of tax benefit of $4.6 million) | (17.8) |  |  |
Other comprehensive income recognized during the period (net of tax expense of $19.5 million) | 76.2 |  |  |
Balance at end of period | $ | 91.8 |  |  |
Foreign currency translation: |  |  |
Balance at beginning of period | $ | (742.8) |  |  |
Other comprehensive income recognized during the period (net of tax benefit of $0.2 million) | 41.9 |  |  |
Balance at end of period | $ | (700.9) |  |  |
Total accumulated other comprehensive loss | $ | (704.8) |  |  |
Schedule of Common Stock Repurchase Program | Share repurchases in the first three months of 2024 and the remaining repurchase authorization as of March 30, 2024, are shown below (in millions, except for share and per share amounts):
Three Months Ended March 30, 2024 |  | As of March 30, 2024
Aggregate Repurchases (1) |  | Cash Paid for Repurchases (2) |  | Number of Shares |  | Average Price per Share (3) |  | Remaining Purchase Authorization
$ | 30.1 |  |  | $ | 44.6 |  |  | 215,774 |  |  | $ | 139.50 |  |  | $ | 1,469.9 |
(1) Excludes excise tax (2) Includes $16.6 million of 2023 share repurchases paid for in the first quarter of 2024 and excludes $2.1 million of first quarter 2024 share repurchases to be paid for in the second quarter of 2024 (3) Excludes commissions
Schedule of Dividends Declared and Paid | Dividends declared and paid are shown below (in millions):
| Three Months Ended
| March 30, 2024 |  | April 1, 2023
Dividends declared | $ | 44.9 |  |  | $ | 46.7 |
Dividends paid | 45.5 |  |  | 46.8 |

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