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Financial Instruments (Tables)

9 Months Ended

Sep. 28, 2024

Fair Value Disclosures [Abstract]

Schedule of Estimated Aggregate Fair Value and Carrying Value of Debt Instruments

The estimated fair value, as well as the carrying value, of the Company's debt instruments are shown below (in millions):

			September 28, 2024						December 31, 2023
Estimated aggregate fair value (1)			$	2,526.3					$	2,464.5
Aggregate carrying value (1) (2)			2,750.0						2,750.0

(1) Excludes "other" debt

(2) Excludes the impact of unamortized debt issuance costs and unamortized original issue premium (discount)

Schedule of Reconciliation of Cash, Cash Equivalents

A reconciliation of cash and cash equivalents reported on the accompanying condensed consolidated balance sheets to cash, cash equivalents and restricted cash reported on the accompanying condensed consolidated statements of cash flows is shown below (in millions):

			September 28, 2024						September 30, 2023
Balance sheet:
Cash and cash equivalents			$	763.9					$	979.7
Restricted cash included in other current assets			2.1						1.9
Restricted cash included in other long-term assets			1.7						1.6
Statement of cash flows:
Cash, cash equivalents and restricted cash			$	767.7					$	983.2

Schedule of Reconciliation of Restricted Cash

A reconciliation of cash and cash equivalents reported on the accompanying condensed consolidated balance sheets to cash, cash equivalents and restricted cash reported on the accompanying condensed consolidated statements of cash flows is shown below (in millions):

			September 28, 2024						September 30, 2023
Balance sheet:
Cash and cash equivalents			$	763.9					$	979.7
Restricted cash included in other current assets			2.1						1.9
Restricted cash included in other long-term assets			1.7						1.6
Statement of cash flows:
Cash, cash equivalents and restricted cash			$	767.7					$	983.2

Schedule of Marketable Equity Securities

Marketable equity securities, which the Company accounts for under the fair value option, are included in the accompanying condensed consolidated balance sheets as shown below (in millions):

			September 28, 2024						December 31, 2023
Current assets			$	6.6					$	4.8
Other long-term assets			82.6						68.5
			$	89.2					$	73.3

Schedule of Notional Amount, Estimated Aggregate Fair Value and Related Balance Sheet Classification of Foreign Currency Derivative Contracts

The notional amount, estimated aggregate fair value and related balance sheet classification of the Company's foreign currency and net investment hedge contracts are shown below (in millions, except for maturities):

			September 28, 2024						December 31, 2023
Fair value of foreign currency contracts designated as cash flow hedges:
Other current assets			$	21.9					$	137.2
Other long-term assets			3.5						19.9
Other current liabilities			(58.7)						(1.8)
Other long-term liabilities			(51.7)						(0.5)
			(85.0)						154.8
Notional amount			$	2,486.0					$	2,352.3
Outstanding maturities in months, not to exceed			36						24
Fair value of derivatives designated as net investment hedges:
Other long-term liabilities			$	(2.1)					$	(1.1)
Notional amount			$	150.0					$	150.0
Outstanding maturities in months, not to exceed			18						27
Fair value of foreign currency contracts not designated as hedging instruments:
Other current assets			$	4.5					$	5.8
Other current liabilities			(2.7)						(1.2)
			1.8						4.6
Notional amount			$	518.7					$	569.9
Outstanding maturities in months, not to exceed			1						1
Total fair value			$	(85.3)					$	158.3
Total notional amount			$	3,154.7					$	3,072.2

Schedule of Pretax Amounts Recognized in and Reclassified from Accumulated Other Comprehensive Loss and Net Losses Expected to be Reclassified into Earnings

Pretax amounts related to foreign currency and net investment hedge contracts that were recognized in and reclassified from accumulated other comprehensive loss are shown below (in millions):

			Three Months Ended												Nine Months Ended
			September 28, 2024						September 30, 2023						September 28, 2024						September 30, 2023
Gains (losses) recognized in accumulated other comprehensive loss:
Foreign currency contracts			$	(81.2)					$	(8.8)					$	(140.4)					$	183.2
Net investment hedge contracts			(4.7)						3.3						(1.0)						—
			(85.9)						(5.5)						(141.4)						183.2
(Gains) losses reclassified from accumulated other comprehensive loss to:
Net sales			(0.8)						(0.9)						(3.3)						(0.5)
Cost of sales			(11.8)						(56.0)						(96.1)						(125.3)
Interest expense, net			0.6						0.6						1.8						1.8
Other expense, net			—						—						—						0.4
			(12.0)						(56.3)						(97.6)						(123.6)
Comprehensive income (loss)			$	(97.9)					$	(61.8)					$	(239.0)					$	59.6

During the next twelve-month period, net losses expected to be reclassified into earnings are shown below (in millions):

Foreign currency contracts			$	36.8
Interest rate swap contracts			2.4
Total			$	39.2

Schedule of Fair Value Measurements and Related Valuation Techniques and Fair Value Hierarchy Level

Fair value measurements and the related valuation techniques and fair value hierarchy level for the Company's assets and liabilities measured at fair value on a recurring basis as of September 28, 2024 and December 31, 2023, are shown below (in millions):

			September 28, 2024
			Frequency						Asset (Liability)						Valuation Technique						Level 1						Level 2						Level 3
Foreign currency contracts, net			Recurring						$	(83.2)					Market/ Income						$	—					$	(83.2)					$	—
Net investment hedges			Recurring						(2.1)						Market/ Income						—						(2.1)						—
Marketable equity securities			Recurring						89.2						Market						89.2						—						—

			December 31, 2023
			Frequency						Asset (Liability)						Valuation Technique						Level 1						Level 2						Level 3
Foreign currency contracts, net			Recurring						$	159.4					Market/ Income						$	—					$	159.4					$	—
Net investment hedges			Recurring						(1.1)						Market/ Income						—						(1.1)						—
Marketable equity securities			Recurring						73.3						Market						73.3						—						—

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