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Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended
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Sep. 28, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Foreign Currency Forward Contracts | Notional amounts of foreign currency forward contracts were as follows (in millions):
|  | September 28, 2024 |  | December 31, 2023
British Pound (GBP) |  | $ | 144.6 |  |  | $ | 72.4 |
Swedish Krona (SEK) |  | 90.5 |  |  | 36.5 |
European Euro (EUR) |  | 59.7 |  |  | 79.9 |
Danish Krone (DKK) |  | 64.3 |  |  | 5.9 |
United States Dollar (USD) |  | 83.8 |  |  | 22.1 |
Canadian Dollar (CAD) |  | 37.7 |  |  | 7.1 |
Chinese Yuan (CNH) |  | 34.2 |  |  | 14.1 |
Polish Zloty (PLZ) |  | 30.2 |  |  | 3.8 |
Norwegian Krone (NOK) |  | 5.3 |  |  | 4.4 |
Hungarian Forint (HUF) |  | 5.6 |  |  | 3.9 |
Other |  | 8.7 |  |  | 3.5 |
Total |  | $ | 564.6 |  |  | $ | 253.6 |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The balance sheet location and gross fair value of our derivative instruments were as follows (in millions):
| Balance Sheet Location |  | September 28, 2024 |  | December 31, 2023
Designated derivative assets: |  |  |  |  |
Foreign currency forward contracts | Prepaid expenses and other current assets |  | $ | 1.3 |  |  | $ | — |
Foreign currency forward contracts | Other non-current assets |  | 0.7 |  |  | 0.4 |
Interest rate swap agreements | Other non-current assets |  | 1.8 |  |  | 30.5 |
Total designated derivative assets |  |  | $ | 3.8 |  |  | $ | 30.9 |
Non-designated derivative assets: |  |  |  |  |
Foreign currency forward contracts | Prepaid expenses and other current assets |  | $ | 0.6 |  |  | $ | 0.2 |
Total non-designated derivative assets |  |  | $ | 0.6 |  |  | $ | 0.2 |
Designated derivative liabilities: |  |  |  |  |
Foreign currency forward contracts | Other accrued liabilities |  | $ | 2.1 |  |  | $ | — |
Foreign currency forward contracts | Other non-current liabilities |  | 0.2 |  |  | — |
Cross-currency swap | Other accrued liabilities |  | — |  |  | 75.1 |
Cross-currency swap | Other non-current liabilities |  | 152.6 |  |  | 96.9 |
Interest rate swap agreements | Other non-current liabilities |  | 31.3 |  |  | 11.7 |
Total designated derivative liabilities |  |  | $ | 186.2 |  |  | $ | 183.7 |
Non-designated derivative liabilities: |  |  |  |  |
Foreign currency forward contracts | Other accrued liabilities |  | $ | 1.6 |  |  | $ | 2.7 |
Interest rate swap agreements | Other non-current liabilities |  | 14.3 |  |  | — |
Total non-designated derivative liabilities |  |  | $ | 15.9 |  |  | $ | 2.7 |
Amount of Gain/(Loss) Recognized against Earnings | The amounts of (income)/expense recognized in earnings related to our non-designated derivatives on the Consolidated Statements of Operations were as follows (in millions):
|  |  |  | Three Months Ended |  | Nine Months Ended
Non-Designated Derivatives |  | Income Statement Location |  | September 28, 2024 |  | September 30, 2023 |  | September 28, 2024 |  | September 30, 2023
Foreign currency forward contracts |  | Other (income) expense, net |  | $ | (0.9) |  |  | $ | (0.3) |  |  | $ | (4.2) |  |  | $ | (4.7) |
|  | Interest expense, net |  | — |  |  | (1.6) |  |  | — |  |  | (2.2) |
|  |  |  | $ | (0.9) |  |  | $ | (1.9) |  |  | $ | (4.2) |  |  | $ | (6.9) |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | The following tables summarize the effect of derivative instruments designated as hedging instruments in AOCI (in millions):
|  |  |  | Gain or (Loss) Reclassified from AOCI into Earnings
|  |  |  | Related to Amounts Included in Effectiveness Testing |  | Related to Amounts Excluded from Effectiveness Testing
|  | Amount of Gain or (Loss) Recognized in OCI(1) |  | Location of Gain or (Loss) |  | Amount Reclassified(2) |  | Location of Gain or (Loss) |  | Amount Reclassified(2)
Three Months Ended September 28, 2024 |  |  |  |  |  |  |  |
Cash flow hedges |  |  |  |  |  |  |  |  |  |
Interest rate swap agreements |  | $ | (28.4) |  |  | Interest expense, net |  | $ | 8.9 |  |  | Interest expense, net |  | $ | — |
Foreign currency forward contracts |  | (0.1) |  |  | Net sales |  | (0.3) |  |  | Net sales |  | (0.3) |
|  |  |  | Cost of sales |  | 0.2 |  |  | Cost of sales |  | (0.2) |
|  |  |  |  |  |  |  | Other (income) expense, net |  | (0.3) |
Total Cash flow hedges |  | $ | (28.5) |  |  |  |  | $ | 8.8 |  |  |  |  | $ | (0.8) |
Net investment hedges |  |  |  |  |  |  |  |  |  |
Cross-currency swap |  | $ | (72.9) |  |  |  |  |  |  | Interest expense, net |  | $ | 6.9 |
Euro Notes Due 2032 |  | $ | (1.8) |  |  |  |  |  |  |  |  |
Nine Months Ended September 28, 2024 |  |  |  |  |  |  |  |
Cash flow hedges |  |  |  |  |  |  |  |  |  |
Interest rate swap agreements |  | $ | 11.7 |  |  | Interest expense, net |  | $ | 25.3 |  |  | Interest expense, net |  | $ | — |
Foreign currency forward contracts |  | (0.6) |  |  | Net sales |  | (0.4) |  |  | Net sales |  | (0.8) |
|  |  |  | Cost of sales |  | 0.3 |  |  | Cost of sales |  | (0.7) |
|  |  |  |  |  |  |  | Other (income) expense, net |  | 0.3 |
Total Cash flow hedges |  | $ | 11.1 |  |  |  |  | $ | 25.2 |  |  |  |  | $ | (1.2) |
Net investment hedges |  |  |  |  |  |  |  |  |  |
Cross-currency swap |  | $ | (6.6) |  |  |  |  |  |  | Interest expense, net |  | $ | 21.1 |
Euro Notes Due 2032 |  | $ | (1.8) |  |  |  |  |  |  |  |  |
Three Months Ended September 30, 2023 |  |  |  |  |  |  |  |
Cash flow hedges |  |  |  |  |  |  |  |  |  |
Interest rate swap agreements |  | $ | 17.7 |  |  | Interest expense, net |  | $ | 6.4 |  |  | Interest expense, net |  | $ | — |
Foreign currency forward contracts |  | (6.8) |  |  | Net sales |  | (0.2) |  |  | Net sales |  | 0.2 |
|  |  |  | Cost of sales |  | 0.2 |  |  | Cost of sales |  | 0.1 |
|  |  |  |  |  |  |  | Other (income) expense, net |  | — |
Total Cash flow hedges |  | $ | 10.9 |  |  |  |  | $ | 6.4 |  |  |  |  | $ | 0.3 |
Net investment hedges |  |  |  |  |  |  |  |  |  |
Cross-currency swap |  | $ | 40.1 |  |  |  |  |  |  | Interest expense, net |  | $ | 6.4 |
Nine Months Ended September 30, 2023 |  |  |  |  |  |  |  |
Cash flow hedges |  |  |  |  |  |  |  |  |  |
Interest rate swap agreements |  | $ | 20.9 |  |  | Interest expense, net |  | $ | 16.2 |  |  | Interest expense, net |  | $ | — |
Foreign currency forward contracts |  | (17.0) |  |  | Net sales |  | — |  |  | Net sales |  | 0.4 |
|  |  |  | Cost of sales |  | 0.4 |  |  | Cost of sales |  | 0.1 |
|  |  |  |  |  |  |  | Other (income) expense, net |  | (0.5) |
Total Cash flow hedges |  | $ | 3.9 |  |  |  |  | $ | 16.6 |  |  |  |  | $ | — |
Net investment hedges |  |  |  |  |  |  |  |  |  |
Cross-currency swap |  | $ | (0.1) |  |  |  |  |  |  | Interest expense, net |  | $ | 19.2 |
(1) Net income of $17.7 million is expected to be reclassified out of AOCI into earnings during the next 12 months. (2) For additional details about the effect of the amounts reclassified from AOCI refer to Note 14.
Schedule of Classification of Gain (Loss) Recognized in Earnings on Fair Value and Cash Flow Hedging Relationships | The classification and amount of gain/(loss) recognized in earnings on fair value and hedging relationships were as follows (in millions):
|  | Net Sales |  | Cost of Sales |  | Interest Expense, net |  | Other (Income) Expense, net
Three Months Ended September 28, 2024 |  |  |  |  |  |  |  |
Total amounts of income and expense line items presented on the Condensed Consolidated Statements of Operations in which the effects of fair value or cash flow hedges are recorded |  | $ | 1,087.5 |  |  | $ | 683.1 |  |  | $ | 57.6 |  |  | $ | (4.1) |
Gain (loss) on cash flow hedging relationships |  |  |  |  |  |  |  |
Foreign currency forward contracts |  |  |  |  |  |  |  |
Amount of gain or (loss) reclassified from AOCI into earnings |  | $ | (0.3) |  |  | $ | 0.2 |  |  | $ | — |  |  | $ | — |
Amount excluded from effectiveness testing recognized using a systematic and rational amortization approach |  | $ | (0.3) |  |  | $ | (0.2) |  |  | $ | — |  |  | $ | (0.3) |
Interest rate swap agreements |  |  |  |  |  |  |  |
Amount of gain or (loss) reclassified from AOCI into earnings |  | $ | — |  |  | $ | — |  |  | $ | 8.9 |  |  | $ | — |
Nine Months Ended September 28, 2024 |  |  |  |  |  |  |  |
Total amounts of income and expense line items presented on the Condensed Consolidated Statements of Operations in which the effects of fair value or cash flow hedges are recorded |  | $ | 3,235.1 |  |  | $ | 2,078.3 |  |  | $ | 144.7 |  |  | $ | (0.5) |
Gain (loss) on cash flow hedging relationships |  |  |  |  |  |  |  |
Foreign currency forward contracts |  |  |  |  |  |  |  |
Amount of gain or (loss) reclassified from AOCI into earnings |  | $ | (0.4) |  |  | $ | 0.3 |  |  | $ | — |  |  | $ | — |
Amount excluded from effectiveness testing recognized using a systematic and rational amortization approach |  | $ | (0.8) |  |  | $ | (0.7) |  |  | $ | — |  |  | $ | 0.3 |
Interest rate swap agreements |  |  |  |  |  |  |  |
Amount of gain or (loss) reclassified from AOCI into earnings |  | $ | — |  |  | $ | — |  |  | $ | 25.3 |  |  | $ | — |
Three Months Ended September 30, 2023 |  |  |  |  |  |  |  |
Total amounts of income and expense line items presented on the Condensed Consolidated Statements of Operations in which the effects of fair value or cash flow hedges are recorded |  | $ | 1,123.8 |  |  | $ | 712.6 |  |  | $ | 43.5 |  |  | $ | (0.6) |
Gain (loss) on cash flow hedging relationships |  |  |  |  |  |  |  |
Foreign currency forward contracts |  |  |  |  |  |  |  |
Amount of gain or (loss) reclassified from AOCI into earnings |  | $ | (0.2) |  |  | $ | 0.2 |  |  | $ | — |  |  | $ | — |
Amount excluded from effectiveness testing recognized using a systematic and rational amortization approach |  | $ | 0.2 |  |  | $ | 0.1 |  |  | $ | — |  |  | $ | — |
Interest rate swap agreements |  |  |  |  |  |  |  |
Amount of gain or (loss) reclassified from AOCI into earnings |  | $ | — |  |  | $ | — |  |  | $ | 6.4 |  |  | $ | — |
Nine Months Ended September 30, 2023 |  |  |  |  |  |  |  |
Total amounts of income and expense line items presented on the Condensed Consolidated Statements of Operations in which the effects of fair value or cash flow hedges are recorded |  | $ | 3,498.7 |  |  | $ | 2,245.6 |  |  | $ | 131.1 |  |  | $ | (9.6) |
Gain (loss) on cash flow hedging relationships |  |  |  |  |  |  |  |
Foreign currency forward contracts |  |  |  |  |  |  |  |
Amount of gain or (loss) reclassified from AOCI into earnings |  | $ | — |  |  | $ | 0.4 |  |  | $ | — |  |  | $ | — |
Amount excluded from effectiveness testing recognized using a systematic and rational amortization approach |  | $ | 0.4 |  |  | $ | 0.1 |  |  | $ | — |  |  | $ | (0.5) |
Interest rate swap agreements |  |  |  |  |  |  |  |
Amount of gain or (loss) reclassified from AOCI into earnings |  | $ | — |  |  | $ | — |  |  | $ | 16.2 |  |  | $ | — |

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