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Financial Instruments Financial Instruments (Tables) | 9 Months Ended
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Sep. 27, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Fair Values of Derivative Instruments | As of September 27, 2025, December 31, 2024, and September 28, 2024, the fair values of the Company’s derivative instruments were:
(in millions) |  | Fair Value
Asset Derivatives |  | September 27, 2025 |  | December 31, 2024 |  | September 28, 2024
Derivatives Designated as Cash Flow Hedges |  |  |  |  |  |
Foreign exchange contracts |  | $ | 5.6 |  |  | $ | 13.2 |  |  | $ | 1.0 |
Commodity contracts |  | 6.4 |  |  | 0.8 |  |  | 2.1 |
Total |  | $ | 12.0 |  |  | $ | 14.0 |  |  | $ | 3.1 |
Derivatives Designated as Net Investment Hedges |  |  |  |  |  |
Cross-currency swaps |  | $ | 0.1 |  |  | $ | 5.1 |  |  | $ | — |
Other Hedging Activity |  |  |  |  |  |
Foreign exchange contracts |  | $ | 1.3 |  |  | $ | 3.0 |  |  | $ | — |
Liability Derivatives |  |  |  |  |  |
Derivatives Designated as Cash Flow Hedges |  |  |  |  |  |
Foreign exchange contracts |  | $ | 12.6 |  |  | $ | 5.8 |  |  | $ | 8.6 |
Commodity contracts |  | 0.7 |  |  | 0.4 |  |  | 0.1 |
Total |  | $ | 13.3 |  |  | $ | 6.2 |  |  | $ | 8.7 |
Derivatives Designated as Net Investment Hedges |  |  |  |  |  |
Cross-currency swaps |  | $ | 43.6 |  |  | $ | — |  |  | $ | 7.2 |
Other Hedging Activity |  |  |  |  |  |
Foreign exchange contracts |  | $ | 1.3 |  |  | $ | 3.2 |  |  | $ | 2.8 |
As of September 27, 2025, December 31, 2024, and September 28, 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 and nine months ended September 27, 2025 and September 28, 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 |  | Nine Months Ended
Derivatives Designated as Cash Flow Hedging Instruments |  | September 27, 2025 |  | September 28, 2024 |  | September 27, 2025 |  | September 28, 2024
Foreign exchange contracts |  | $ | 3.4 |  |  | $ | (7.5) |  |  | $ | (17.9) |  |  | $ | (2.4) |
Commodity contracts |  | 2.2 |  |  | 0.6 |  |  | 8.3 |  |  | 1.1 |
Total |  | $ | 5.6 |  |  | $ | (6.9) |  |  | $ | (9.6) |  |  | $ | (1.3) |
Derivatives Designated as Net Investment Hedging Instruments |  |  |  |  |  |  |  |
Cross-currency swaps |  | $ | 1.8 |  |  | $ | (9.0) |  |  | $ | (43.7) |  |  | $ | (2.2) |
The amount of gain (loss) reclassified from Accumulated other comprehensive loss into earnings was as follows:
(in millions) |  |  |  |  |  |  |  | Three Months Ended |  | Nine Months Ended
Derivatives Designated as Cash Flow Hedging Instruments |  | Location of Gain (Loss) |  |  |  |  |  | September 27, 2025 |  | September 28, 2024 |  | September 27, 2025 |  | September 28, 2024
Interest-rate contracts |  | Interest expense |  |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | 0.1 |  |  | $ | 0.1 |
Foreign exchange contracts |  | Cost of sales |  |  |  |  |  | (2.1) |  |  | (0.3) |  |  | 0.4 |  |  | 4.1 |
Commodity contracts |  | Cost of sales |  |  |  |  |  | 1.8 |  |  | (0.2) |  |  | 2.9 |  |  | (1.2) |
Total |  |  |  |  |  |  |  | $ | (0.3) |  |  | $ | (0.5) |  |  | $ | 3.4 |  |  | $ | 3.0 |
The amount of gain (loss) on derivatives recognized directly into earnings was as follows:
(in millions) |  |  |  |  |  |  |  | Three Months Ended |  | Nine Months Ended
Other Hedging Activity |  | Location of Gain (Loss) |  |  |  |  |  | September 27, 2025 |  | September 28, 2024 |  | September 27, 2025 |  | September 28, 2024
Foreign exchange contracts |  | Cost of sales |  |  |  |  |  | $ | (1.5) |  |  | $ | (2.3) |  |  | $ | (12.7) |  |  | $ | 1.2 |
Foreign exchange contracts |  | Other expense, net |  |  |  |  |  | 0.1 |  |  | (0.2) |  |  | 9.5 |  |  | (5.1) |
Total |  |  |  |  |  |  |  | $ | (1.4) |  |  | $ | (2.5) |  |  | $ | (3.2) |  |  | $ | (3.9) |

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