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Derivative Instruments and Hedging Activities (Tables)
 6 Months Ended
Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Effect of Derivative Instruments Designated as Cash Flow Hedges The effect of derivative instruments designated as cash flow hedges in the condensed consolidated financial statements for the second quarter and six months ended June 30, 2024 and July 2, 2023 was as follows (in millions):
 Second QuarterSix Months
 2024202320242023
Net gain (loss) recognized in AOCI - Foreign Exchange Contracts (a)$0.2 $3.1 $0.9 $16.8 
Net gain (loss) reclassified from AOCI into revenue - Foreign Exchange Contracts (a)$0.2 $(1.8)$1.0 $(3.7)
Net gain (loss) reclassified from AOCI into other income and expense, net - Foreign Exchange Contracts (b)$1.2 $0.6 $4.9 $10.7 
Net gain (loss) reclassified from AOCI into interest expense - Foreign Exchange Contracts$2.0 $2.2 $3.9 $3.7 
Net gain (loss) reclassified from AOCI into interest expense - Interest Rate Contracts $— $— $— $0.6 
(a)    Effective portion, pre-tax
(b)     Amount reclassified to offset earnings impact of liability hedged by cross currency swap
Schedule of Notional Amounts of Outstanding Foreign Currency Contracts As of June 30, 2024, the Company had foreign currency forward contracts not designated as accounting hedges primarily in the following types and pairs (in millions):
Contracts to BuyContracts to Sell
CurrencyAmountCurrencyAmount
Canadian Dollars$276.4 U.S. DollarsUS$202.3 
Danish KroneKr.167.4 U.S. DollarsUS$24.4 
Great Britain Pounds£6.4 Euros€7.5 
Great Britain Pounds£107.3 U.S. DollarsUS$136.4 
U.S. DollarsUS$4.1 Euros€4.1 
Norwegian Kronekr218.2 U.S. DollarsUS$20.8 
Swedish Kronakr174.9 Euros€15.3 
Swedish Kronakr467.6 U.S. DollarsUS$44.3 
Schedule of Fair Values of Derivative Financial Instruments
The fair values of the Company’s derivative instruments are presented below. All fair values for these derivative instruments were measured using Level 2 inputs in the fair value hierarchy (in millions):
Asset/(Liability) Derivative InstrumentsBalance sheet locationJune 30, 2024December 31, 2023
Derivatives designated as hedging instruments:
Cash flow forward contractsOther current assets$0.4 $3.7 
Cash flow forward contractsOther non-current assets0.2 2.4 
Cash flow forward contractsOther current liabilities(0.3)— 
Currency / interest rate contractsOther current assets (accrued interest)0.1 0.1 
Currency / interest rate contractsOther current liabilities(16.5)(21.3)
Total derivatives designated as hedging instruments(16.1)(15.1)
Derivatives not designated as hedging instruments:
Non-designated forward contractsOther current assets2.9 14.2 
Non-designated forward contractsAccrued liabilities(5.0)(3.2)
Total derivatives not designated as hedging instruments(2.1)11.0 
Total derivative instruments, net$(18.2)$(4.1)