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Financial Instruments Financial Instruments (Tables) | 3 Months Ended
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Apr. 04, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Fair Values of Derivative Instruments | As of April 4, 2026, December 31, 2025, and March 29, 2025, the fair values of the Company’s derivative instruments were:
(in millions) |  | Fair Value
Asset Derivatives |  | April 4, 2026 |  | December 31, 2025 |  | March 29, 2025
Derivatives Designated as Cash Flow Hedges |  |  |  |  |  |
Foreign exchange contracts |  | $ | 8.4 |  |  | $ | 4.8 |  |  | $ | 5.4 |
Commodity contracts |  | 10.4 |  |  | 7.9 |  |  | 3.2 |
Total |  | $ | 18.8 |  |  | $ | 12.7 |  |  | $ | 8.6 |
Other Hedging Activity |  |  |  |  |  |
Foreign exchange contracts |  | $ | 1.7 |  |  | $ | 0.6 |  |  | $ | 2.1 |
Liability Derivatives |  |  |  |  |  |
Derivatives Designated as Cash Flow Hedges |  |  |  |  |  |
Foreign exchange contracts |  | $ | 8.4 |  |  | $ | 11.9 |  |  | $ | 4.5 |
Commodity contracts |  | 0.2 |  |  | 0.1 |  |  | 0.2 |
Total |  | $ | 8.6 |  |  | $ | 12.0 |  |  | $ | 4.7 |
Derivatives Designated as Net Investment Hedges |  |  |  |  |  |
Cross-currency swaps |  | $ | 37.5 |  |  | $ | 45.5 |  |  | $ | 12.3 |
Other Hedging Activity |  |  |  |  |  |
Foreign exchange contracts |  | $ | 5.6 |  |  | $ | 0.7 |  |  | $ | 0.2 |
As of April 4, 2026, December 31, 2025, and March 29, 2025, 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 April 4, 2026 and March 29, 2025 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 |  | April 4, 2026 |  | March 29, 2025 |  |  |  |
Commodity contracts |  | $ | 6.2 |  |  | $ | 3.2 |  |  |  |  |
Foreign exchange contracts |  | 4.6 |  |  | (5.0) |  |  |  |  |
Total |  | $ | 10.8 |  |  | $ | (1.8) |  |  |  |  |
Derivatives Designated as Net Investment Hedging Instruments |  |  |  |  |  |  |  |
Cross-currency swaps |  | $ | 8.0 |  |  | $ | (12.4) |  |  |  |  |
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) |  |  |  |  |  | April 4, 2026 |  | March 29, 2025 |  |  |  |
Foreign exchange contracts |  | Cost of sales |  |  |  |  |  | $ | (2.4) |  |  | $ | 1.7 |  |  |  |  |
Commodity contracts |  | Cost of sales |  |  |  |  |  | 3.1 |  |  | 0.5 |  |  |  |  |
Total |  |  |  |  |  |  |  | $ | 0.7 |  |  | $ | 2.2 |  |  |  |  |
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) |  |  |  |  |  | April 4, 2026 |  | March 29, 2025 |  |  |  |
Foreign exchange contracts |  | Cost of sales |  |  |  |  |  | $ | (1.5) |  |  | $ | (4.7) |  |  |  |  |
Foreign exchange contracts |  | Other (expense) income, net |  |  |  |  |  | (3.8) |  |  | 5.1 |  |  |  |  |
Total |  |  |  |  |  |  |  | $ | (5.3) |  |  | $ | 0.4 |  |  |  |  |

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