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Financial Instruments | 3 Months Ended
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Apr. 04, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Financial Instruments | Financial Instruments The Company operates globally with manufacturing and sales facilities around the world. Due to the Company’s global operations, the Company engages in activities involving both financial and market risks. The Company utilizes normal operating and financing activities, along with derivative financial instruments, to minimize these risks. See Note 12 in the Notes to Consolidated Financial Statements in the 2025 Form 10-K for further details regarding the Company's financial instruments and hedging policies. The following table summarizes the notional values of the Company's derivative instruments as of April 4, 2026, December 31, 2025, and March 29, 2025:
(in millions) |  | Notional Value
Instruments |  | April 4, 2026 |  | December 31, 2025 |  | March 29, 2025
Cross-currency swaps |  | $ | 500.0 |  |  | $ | 500.0 |  |  | $ | 400.0 |
Commodity contracts (A)(B) |  | 41.1 |  |  | 38.5 |  |  | 31.6 |
Foreign exchange contracts (B)(C) |  | 762.7 |  |  | 706.1 |  |  | 701.5 |
(A) Commodity contracts outstanding as of April 4, 2026 mature through 2027. (B) The amount of gain or loss that is expected to be reclassified from Accumulated other comprehensive loss to earnings in the next twelve months is immaterial. (C) Forward contracts outstanding as of April 4, 2026 mature through 2027 and mainly relate to the Euro, Australian dollar, Canadian dollar, and Norwegian krone. 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. 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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