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Comprehensive Income (Loss) and Equity (Tables) | 6 Months Ended
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Jun. 28, 2025
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 in the three and six months ended June 28, 2025, is shown below (in millions):
| Three Months Ended June 28, 2025 |  | Six Months Ended June 28, 2025
Defined benefit plans: |  |  |
Balance at beginning of period | $ | (91.5) |  |  | $ | (91.1) |
Reclassification adjustments (net of tax benefit of $1.0 million and $1.1 million in the three and six months ended June 28, 2025, respectively) | 0.9 |  |  | 0.6 |
Other comprehensive loss recognized during the period | (2.9) |  |  | (3.0) |
Balance at end of period | $ | (93.5) |  |  | $ | (93.5) |
Derivative instruments and hedging: |  |  |
Balance at beginning of period | $ | (58.6) |  |  | $ | (133.7) |
Reclassification adjustments (net of tax expense of $0.2 million and $2.9 million in the three and six months ended June 28, 2025, respectively) | 1.3 |  |  | 11.2 |
Other comprehensive income recognized during the period (net of tax expense of $31.7 million and $49.1 million in the three and six months ended June 28, 2025, respectively) | 120.8 |  |  | 186.0 |
Balance at end of period | $ | 63.5 |  |  | $ | 63.5 |
Foreign currency translation: |  |  |
Balance at beginning of period | $ | (799.6) |  |  | $ | (908.9) |
Other comprehensive income recognized during the period (net of tax benefit of $3.8 million and $5.1 million in the three and six months ended June 28, 2025, respectively) | 190.0 |  |  | 299.3 |
Balance at end of period | $ | (609.6) |  |  | $ | (609.6) |
Total accumulated other comprehensive loss | $ | (639.6) |  |  | $ | (639.6) |
A summary of changes, net of tax, in accumulated other comprehensive loss in the three and six months ended June 29, 2024, is shown below (in millions):
| Three Months Ended June 29, 2024 |  | Six Months Ended June 29, 2024
Defined benefit plans: |  |  |
Balance at beginning of period | $ | (107.2) |  |  | $ | (107.3) |
Reclassification adjustments (net of tax benefit of $0.1 million in the three and six months ended June 29, 2024) | (0.1) |  |  | (0.4) |
Other comprehensive income recognized during the period (net of tax benefit (expense) of ($0.2) million and $0.1 million in the three and six months ended June 29, 2024, respectively) | 0.6 |  |  | 1.0 |
Balance at end of period | $ | (106.7) |  |  | $ | (106.7) |
Derivative instruments and hedging: |  |  |
Balance at beginning of period | $ | 121.4 |  |  | $ | 107.9 |
Reclassification adjustments (net of tax benefit of $8.0 million and $17.3 million in the three and six months ended June 29, 2024, respectively) | (33.4) |  |  | (68.3) |
Other comprehensive loss recognized during the period (net of tax benefit of $25.2 million and $12.1 million in the three and six months ended June 29, 2024, respectively) | (95.5) |  |  | (47.1) |
Balance at end of period | $ | (7.5) |  |  | $ | (7.5) |
Foreign currency translation: |  |  |
Balance at beginning of period | $ | (769.2) |  |  | $ | (689.4) |
Other comprehensive loss recognized during the period (net of tax expense of $0.2 million and $0.8 million in the three and six months ended June 29, 2024, respectively) | (46.0) |  |  | (125.8) |
Balance at end of period | $ | (815.2) |  |  | $ | (815.2) |
Total accumulated other comprehensive loss | $ | (929.4) |  |  | $ | (929.4) |
Schedule of Common Stock Repurchase Program | Share repurchases in the first six months of 2025 and the remaining repurchase authorization as of June 28, 2025, are shown below (in millions, except for share and per share amounts):
Six Months Ended June 28, 2025 |  | As of June 28, 2025
Aggregate Repurchases (1) |  | Cash Paid for Repurchases (1), (2) |  | Number of Shares |  | Average Price per Share (1) |  | Remaining Purchase Authorization
$ | 50.0 |  |  | $ | 47.5 |  |  | 534,120 |  |  | $ | 93.61 |  |  | $ | 1,049.9 |
(1) Excludes excise tax and commissions (2) Excludes $2.5 million of second quarter 2025 share repurchases to be paid for in the third quarter of 2025
Schedule of Dividends Declared and Paid | Dividends declared and paid are shown below (in millions):
| Six Months Ended
| June 28, 2025 |  | June 29, 2024
Dividends declared | $ | 86.1 |  |  | $ | 89.6 |
Dividends paid | 84.5 |  |  | 89.1 |

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