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Financial Instruments Financial Instruments (Tables) | 3 Months Ended
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Mar. 29, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Fair Values of Derivative Instruments | As of March 29, 2025, December 31, 2024 and March 30, 2024, the fair values of the Company’s derivative instruments were:
(in millions) |  | Fair Value
Asset Derivatives |  | March 29, 2025 |  | December 31, 2024 |  | March 30, 2024
Derivatives Designated as Cash Flow Hedges |  |  |  |  |  |
Foreign exchange contracts |  | $ | 5.4 |  |  | $ | 13.2 |  |  | $ | 9.3 |
Commodity contracts |  | 3.2 |  |  | 0.8 |  |  | 0.4 |
Total |  | $ | 8.6 |  |  | $ | 14.0 |  |  | $ | 9.7 |
Derivatives Designated as Net Investment Hedges |  |  |  |  |  |
Cross-currency swaps |  | $ | — |  |  | $ | 5.1 |  |  | $ | — |
Other Hedging Activity |  |  |  |  |  |
Foreign exchange contracts |  | $ | 2.1 |  |  | $ | 3.0 |  |  | $ | 0.7 |
Liability Derivatives |  |  |  |  |  |
Derivatives Designated as Cash Flow Hedges |  |  |  |  |  |
Foreign exchange contracts |  | $ | 4.5 |  |  | $ | 5.8 |  |  | $ | 2.4 |
Commodity contracts |  | 0.2 |  |  | 0.4 |  |  | 0.7 |
Total |  | $ | 4.7 |  |  | $ | 6.2 |  |  | $ | 3.1 |
Derivatives Designated as Net Investment Hedges |  |  |  |  |  |
Cross-currency swaps |  | $ | 12.3 |  |  | $ | — |  |  | $ | 1.0 |
Other Hedging Activity |  |  |  |  |  |
Foreign exchange contracts |  | $ | 0.2 |  |  | $ | 3.2 |  |  | $ | 4.3 |
As of March 29, 2025, December 31, 2024 and March 30, 2024, asset derivatives are included within Prepaid expenses and other and Other long-term assets, and liability derivatives are included within Accrued expenses and Other long-term liabilities in the Condensed Consolidated Balance Sheets.
Effect of Derivative Instruments on the Condensed Consolidated Statements of Comprehensive Income | The effect of derivative instruments on the Condensed Consolidated Statements of Comprehensive Income for the three months ended March 29, 2025 and March 30, 2024 is shown in the tables below. The amount of gain (loss) on derivatives recognized in Accumulated other comprehensive loss was as follows:
(in millions) |  | Three Months Ended |  |
Derivatives Designated as Cash Flow Hedging Instruments |  | March 29, 2025 |  | March 30, 2024 |  |  |  |
Foreign exchange contracts |  | $ | (5.0) |  |  | $ | 10.8 |  |  |  |  |
Commodity contracts |  | 3.2 |  |  | (1.1) |  |  |  |  |
Total |  | $ | (1.8) |  |  | $ | 9.7 |  |  |  |  |
Derivatives Designated as Net Investment Hedging Instruments |  |  |  |  |  |  |  |
Cross-currency swaps |  | $ | (12.4) |  |  | $ | 4.0 |  |  |  |  |
The amount of gain (loss) reclassified from Accumulated other comprehensive loss into earnings was as follows:
(in millions) |  |  |  |  |  |  |  | Three Months Ended |  |  |  |  |  |
Derivatives Designated as Cash Flow Hedging Instruments |  | Location of Gain (Loss) |  |  |  |  |  | March 29, 2025 |  | March 30, 2024 |  |  |  |  |  |  |  |
Foreign exchange contracts |  | Cost of sales |  |  |  |  |  | $ | 1.7 |  |  | $ | 1.9 |  |  |  |  |  |  |  |  |
Commodity contracts |  | Cost of sales |  |  |  |  |  | 0.5 |  |  | (0.8) |  |  |  |  |  |  |  |  |
Total |  |  |  |  |  |  |  | $ | 2.2 |  |  | $ | 1.1 |  |  |  |  |  |  |  |  |
The amount of gain (loss) on derivatives recognized directly into earnings was as follows:
(in millions) |  |  |  |  |  |  |  | Three Months Ended |  |  |  |  |  |
Other Hedging Activity |  | Location of Gain (Loss) |  |  |  |  |  | March 29, 2025 |  | March 30, 2024 |  |  |  |  |  |  |  |
Foreign exchange contracts |  | Cost of sales |  |  |  |  |  | $ | (4.7) |  |  | $ | 2.0 |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  | Other income, net |  |  |  |  |  | 5.1 |  |  | (2.7) |  |  |  |  |  |  |  |  |
Total |  |  |  |  |  |  |  | $ | 0.4 |  |  | $ | (0.7) |  |  |  |  |  |  |  |  |

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