Financial Instruments Financial Instruments (Tables)

3 Months Ended

Mar. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Fair Values of Derivative Instruments

As of March 30, 2024, December 31, 2023 and April 1, 2023, the fair values of the Company’s derivative instruments were:

(in millions)	Fair Value
Asset Derivatives	March 30, 2024		December 31, 2023		April 1, 2023
Derivatives Designated as Cash Flow Hedges
Foreign exchange contracts	$	9.3	$	4.1	$	12.9
Commodity contracts	0.4		0.9		0.3
Total	$	9.7	$	5.0	$	13.2
Other Hedging Activity
Foreign exchange contracts	$	0.7	$	0.2	$	0.7
Liability Derivatives
Derivatives Designated as Cash Flow Hedges
Foreign exchange contracts	$	2.4	$	6.1	$	6.0
Commodity contracts	0.7		0.8		1.0
Total	$	3.1	$	6.9	$	7.0
Derivatives Designated as Net Investment Hedges
Cross-currency swaps	$	1.0	$	5.0	$	—
Other Hedging Activity
Foreign exchange contracts	$	4.3	$	1.8	$	0.9

As of March 30, 2024, December 31, 2023 and April 1, 2023, asset derivatives are included within Prepaid expenses and other, 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 March 30, 2024 and April 1, 2023 is shown in the tables below.

The amount of gain (loss) on derivatives recognized in Accumulated other comprehensive loss was as follows:

(in millions)
Derivatives Designated as Cash Flow Hedging Instruments	March 30, 2024		April 1, 2023
Foreign exchange contracts	10.8		3.3
Commodity contracts	(1.1)		(0.2)
Total	$	9.7	$	3.1
Derivatives Designated as Net Investment Hedging Instruments
Cross-currency swaps	$	4.0	$	—

The amount of gain (loss) reclassified from Accumulated other comprehensive loss into earnings was as follows:

(in millions)
Derivatives Designated as Cash Flow Hedging Instruments	Location of Gain (Loss)	March 30, 2024		April 1, 2023
Interest-rate contracts	Interest expense	$	—	$	(0.1)
Foreign exchange contracts	Cost of sales	1.9		7.5
Commodity contracts	Cost of sales	(0.8)		(0.6)
Total		$	1.1	$	6.8

The amount of gain (loss) on derivatives recognized directly into earnings was as follows:

(in millions)
Derivatives Designated as Fair Value Hedging Instruments	Location of Gain (Loss)	March 30, 2024		April 1, 2023
Interest-rate contracts	Interest expense	$	—	$	0.2
Other Hedging Activity
Foreign exchange contracts	Cost of sales	$	2.0	$	(0.7)
Foreign exchange contracts	Other expense, net	(2.7)		(0.1)
Total		$	(0.7)	$	(0.8)