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Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended
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Dec. 29, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Interest Rate Derivatives | The following table summarizes the Company’s interest rate derivative agreements as of December 29, 2024, all of which were interest rate swaps:
Notional Amount (In millions) |  | Description |  | Hedge Designation |  | Effective Date |  | Expiration Date
$ | 550.0 |  |  | Pay 3.765% fixed, receive floating rate (1-month USD-SOFR) |  | Designated cash flow hedge |  | December 30, 2022 |  | May 27, 2027
$ | 200.0 |  |  | Pay 3.7725% fixed, receive floating rate (1-month USD-SOFR) |  | Designated cash flow hedge |  | December 30, 2022 |  | May 27, 2027
$ | 300.0 |  |  | Pay 3.7675% fixed, receive floating rate (1-month USD-SOFR) |  | Designated cash flow hedge |  | December 30, 2022 |  | May 27, 2027
$ | 400.0 |  |  | Pay 3.7575% fixed, receive floating rate (1-month USD-SOFR) |  | Designated cash flow hedge |  | December 30, 2022 |  | May 27, 2027
$ | 350.0 |  |  | Pay 3.7725% fixed, receive floating rate (1-month USD-SOFR) |  | Designated cash flow hedge |  | December 30, 2022 |  | May 27, 2027
Schedule of Currency Hedging Instruments | The following table provides details of the currency hedging instruments outstanding as of December 29, 2024:
Description |  | Notional Amount (In millions) |  | Hedge Designation
Foreign currency forward contracts |  | $ | 630.1 |  |  | Cash Flow Hedge
Foreign currency forward contracts |  | $ | 764.0 |  |  | Non-designated
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) | The following table summarizes pre-tax gains and losses from designated derivative and non-derivative instruments within AOCI for fiscal years ended December 29, 2024, December 31, 2023 and January 1, 2023:
| Designated Hedging Instruments
(In millions) | Amount of Loss (Gain) Recognized in OCI on Hedges |  | Location of Amounts Reclassified From AOCI Into Income |  | Amount of Loss (Gain) Reclassified From AOCI Into Income
Fiscal Year Ended December 29, 2024 |  |  |  |  |
Foreign currency forward contracts (sales) | $ | (13.0) |  |  | Total revenues |  | $ | 2.5 |
Foreign currency forward contracts (purchases) | $ | 0.7 |  |  | Cost of sales, excluding amortization of intangibles |  | $ | 0.3 |
Interest rate derivatives | $ | (44.8) |  |  | Interest expense, net |  | $ | (25.5) |
Fiscal Year Ended December 31, 2023 |  |  |  |  |
Foreign currency forward contracts (sales) | $ | 7.0 |  |  | Total revenues |  | $ | 4.3 |
Foreign currency forward contracts (purchases) | $ | (2.5) |  |  | Cost of sales, excluding amortization of intangibles |  | $ | 1.9 |
Interest rate derivatives | $ | (13.4) |  |  | Interest expense, net |  | $ | (30.1) |
Fiscal Year Ended January 1, 2023 |  |  |  |  |
Foreign currency forward contracts (sales) | $ | 1.3 |  |  | Total revenues |  | $ | (2.9) |
Foreign currency forward contracts (purchases) | $ | 3.5 |  |  | Cost of sales, excluding amortization of intangibles |  | $ | (0.6) |
Interest rate derivatives | $ | (11.4) |  |  | Interest expense, net |  | $ | (1.7) |
Schedule of Net Investment Hedges | The effect of the Company’s net investment hedges on OCI and the Consolidated Statements of (Loss) Income are shown below:
| Net Investment Hedging Relationships
(In millions) | Amount of Pre-tax Loss (Gain) Recognized in OCI |  | Amount of Pre-tax (Gain) Loss Recognized in Other Expense, Net for Amounts Excluded from Effectiveness Testing
Fiscal Year Ended December 29, 2024 |  |  |
Foreign exchange contracts | $ | (29.6) |  |  | $ | (11.6) |
Fiscal Year Ended December 31, 2023 |  |  |
Foreign exchange contracts | $ | 8.5 |  |  | $ | (1.0) |
Schedule of Derivative Assets at Fair Value | The following table summarizes the fair value of designated and non-designated hedging instruments recognized within the Consolidated Balance Sheets as of December 29, 2024 and December 31, 2023:
(In millions) | December 29, 2024 |  | December 31, 2023
Designated cash flow hedges |  |  |
Interest rate derivatives: |  |  |
Prepaid expenses and other current assets | $ | 1.3 |  |  | $ | 0.2 |
Other assets | 12.4 |  |  | — |
Other liabilities | — |  |  | 6.9 |
Foreign currency forward contracts: |  |  |
Prepaid expenses and other current assets | 11.0 |  |  | 3.2 |
Other assets | 9.1 |  |  | — |
Other current liabilities | 3.3 |  |  | 9.4 |
Other liabilities | 1.4 |  |  | 8.5 |
Non-designated hedging instruments |  |  |
Foreign currency forward contracts: |  |  |
Prepaid expenses and other current assets | 2.8 |  |  | 3.5 |
Other current liabilities | 0.7 |  |  | 2.7 |
Schedule of Derivative Liabilities at Fair Value | The following table summarizes the fair value of designated and non-designated hedging instruments recognized within the Consolidated Balance Sheets as of December 29, 2024 and December 31, 2023:
(In millions) | December 29, 2024 |  | December 31, 2023
Designated cash flow hedges |  |  |
Interest rate derivatives: |  |  |
Prepaid expenses and other current assets | $ | 1.3 |  |  | $ | 0.2 |
Other assets | 12.4 |  |  | — |
Other liabilities | — |  |  | 6.9 |
Foreign currency forward contracts: |  |  |
Prepaid expenses and other current assets | 11.0 |  |  | 3.2 |
Other assets | 9.1 |  |  | — |
Other current liabilities | 3.3 |  |  | 9.4 |
Other liabilities | 1.4 |  |  | 8.5 |
Non-designated hedging instruments |  |  |
Foreign currency forward contracts: |  |  |
Prepaid expenses and other current assets | 2.8 |  |  | 3.5 |
Other current liabilities | 0.7 |  |  | 2.7 |

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