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Financial Instruments (Tables) | 6 Months Ended
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Jun. 28, 2025
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):
| June 28, 2025 |  | December 31, 2024
Estimated aggregate fair value (1) | $ | 2,393.3 |  |  | $ | 2,373.2 |
Aggregate carrying value (1) (2) | 2,700.0 |  |  | 2,700.0 |
(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):
| June 28, 2025 |  | June 29, 2024
Balance sheet: |  |  |
Cash and cash equivalents | $ | 887.9 |  |  | $ | 950.3 |
Restricted cash included in other current assets | 5.4 |  |  | 1.8 |
Restricted cash included in other long-term assets | — |  |  | 1.5 |
Statement of cash flows: |  |  |
Cash, cash equivalents and restricted cash | $ | 893.3 |  |  | $ | 953.6 |
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):
| June 28, 2025 |  | June 29, 2024
Balance sheet: |  |  |
Cash and cash equivalents | $ | 887.9 |  |  | $ | 950.3 |
Restricted cash included in other current assets | 5.4 |  |  | 1.8 |
Restricted cash included in other long-term assets | — |  |  | 1.5 |
Statement of cash flows: |  |  |
Cash, cash equivalents and restricted cash | $ | 893.3 |  |  | $ | 953.6 |
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):
| June 28, 2025 |  | December 31, 2024
Other current assets | $ | 7.2 |  |  | $ | 6.6 |
Other long-term assets | 88.0 |  |  | 82.6 |
| $ | 95.2 |  |  | $ | 89.2 |
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):
| June 28, 2025 |  | December 31, 2024
Fair value of foreign currency contracts designated as cash flow hedges: |  |  |
Other current assets | $ | 51.6 |  |  | $ | 16.1 |
Other long-term assets | 60.6 |  |  | 0.5 |
Other current liabilities | (10.2) |  |  | (105.4) |
Other long-term liabilities | (4.4) |  |  | (61.6) |
| 97.6 |  |  | (150.4) |
Notional amount | $ | 2,568.3 |  |  | $ | 2,605.7 |
Outstanding maturities in months, not to exceed | 36 |  | 36
Fair value of derivatives designated as net investment hedges: |  |  |
Other long-term assets | $ | — |  |  | $ | 7.1 |
Other current liabilities | (11.2) |  |  | — |
Other long-term liabilities | $ | (5.9) |  |  | $ | — |
| (17.1) |  |  | 7.1 |
Notional amount | $ | 300.0 |  |  | $ | 150.0 |
Outstanding maturities in months, not to exceed | 47 |  | 15
Fair value of foreign currency contracts not designated as hedging instruments: |  |  |
Other current assets | $ | 3.0 |  |  | $ | 2.3 |
Other current liabilities | (0.3) |  |  | (6.1) |
| 2.7 |  |  | (3.8) |
Notional amount | $ | 494.2 |  |  | $ | 481.7 |
Outstanding maturities in months, not to exceed | 1 |  | 1
Total fair value | $ | 83.2 |  |  | $ | (147.1) |
Total notional amount | $ | 3,362.5 |  |  | $ | 3,237.4 |
Schedule of Pretax Amounts Recognized in and Reclassified from Accumulated Other Comprehensive Loss and Net Gains (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 |  | Six Months Ended
| June 28, 2025 |  | June 29, 2024 |  | June 28, 2025 |  | June 29, 2024
Gains (losses) recognized in accumulated other comprehensive loss: |  |  |  |  |  |  |
Foreign currency contracts | $ | 152.5 |  |  | $ | (120.7) |  |  | $ | 235.1 |  |  | $ | (59.2) |
Net investment hedge contracts | (18.1) |  |  | 0.8 |  |  | (24.2) |  |  | 3.7 |
| 134.4 |  |  | (119.9) |  |  | 210.9 |  |  | (55.5) |
(Gains) losses reclassified from accumulated other comprehensive loss to: |  |  |  |  |  |  |
Net sales | — |  |  | (1.1) |  |  | (0.5) |  |  | (2.5) |
Cost of sales | 0.9 |  |  | (40.9) |  |  | 13.4 |  |  | (84.3) |
Interest expense, net | 0.6 |  |  | 0.6 |  |  | 1.2 |  |  | 1.2 |
| 1.5 |  |  | (41.4) |  |  | 14.1 |  |  | (85.6) |
Comprehensive income (loss) | $ | 135.9 |  |  | $ | (161.3) |  |  | $ | 225.0 |  |  | $ | (141.1) |
During the next twelve-month period, net gains (losses) expected to be reclassified into earnings are shown below (in millions):
Foreign currency contracts | $ | 41.4 |
Interest rate swap contracts | (2.4) |
Total | $ | 39.0 |
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 June 28, 2025 and December 31, 2024, are shown below (in millions):
| June 28, 2025
| Frequency |  | Asset (Liability) |  | Valuation Technique |  | Level 1 |  | Level 2 |  | Level 3
Foreign currency contracts, net | Recurring |  | $ | 100.3 |  |  | Market/ Income |  | $ | — |  |  | $ | 100.3 |  |  | $ | — |
Net investment hedge contracts | Recurring |  | (17.1) |  |  | Market/ Income |  | — |  |  | (17.1) |  |  | — |
Marketable equity securities | Recurring |  | 95.2 |  |  | Market |  | 95.2 |  |  | — |  |  | — |
| December 31, 2024
| Frequency |  | Asset (Liability) |  | Valuation Technique |  | Level 1 |  | Level 2 |  | Level 3
Foreign currency contracts, net | Recurring |  | $ | (154.2) |  |  | Market/ Income |  | $ | — |  |  | $ | (154.2) |  |  | $ | — |
Net investment hedge contracts | Recurring |  | 7.1 |  |  | Market/ Income |  | — |  |  | 7.1 |  |  | — |
Marketable equity securities | Recurring |  | 89.2 |  |  | Market |  | 89.2 |  |  | — |  |  | — |

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