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Financial Instruments Financial Instruments (Tables)
 6 Months Ended
Jun. 29, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Fair Values of Derivative Instruments
As of June 29, 2024, December 31, 2023 and July 1, 2023, the fair values of the Company’s derivative instruments were:
(in millions)Fair Value
Asset DerivativesJune 29, 2024December 31, 2023July 1, 2023
Derivatives Designated as Cash Flow Hedges
Foreign exchange contracts$4.6 $4.1 $10.5 
Commodity contracts1.3 0.9 — 
Total$5.9 $5.0 $10.5 
Derivatives Designated as Net Investment Hedges
Cross-currency swaps$1.8 $— $— 
Other Hedging Activity
Foreign exchange contracts$0.7 $0.2 $0.4 
Liability Derivatives
Derivatives Designated as Cash Flow Hedges
Foreign exchange contracts$6.1 $6.1 $7.2 
Commodity contracts0.2 0.8 3.0 
Total$6.3 $6.9 $10.2 
Derivatives Designated as Net Investment Hedges
Cross-currency swaps$— $5.0 $— 
Other Hedging Activity
Foreign exchange contracts$3.0 $1.8 $0.8 

As of June 29, 2024, December 31, 2023 and July 1, 2023, 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.
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 and six months ended June 29, 2024 and July 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)Three Months EndedSix Months Ended
Derivatives Designated as Cash Flow Hedging InstrumentsJune 29, 2024July 1, 2023June 29, 2024July 1, 2023
Foreign exchange contracts$(5.7)$(0.2)$5.1 $3.1 
Commodity contracts1.6 (3.0)0.5 (3.2)
Total$(4.1)$(3.2)$5.6 $(0.1)
Derivatives Designated as Net Investment Hedging Instruments
Cross-currency swaps$2.8 $— $6.8 $— 
The amount of gain (loss) reclassified from Accumulated other comprehensive loss into earnings was as follows:
(in millions)Three Months EndedSix Months Ended
Derivatives Designated as Cash Flow Hedging InstrumentsLocation of Gain (Loss)June 29, 2024July 1, 2023June 29, 2024July 1, 2023
Interest-rate contractsInterest expense$0.1 $— $0.1 $(0.1)
Foreign exchange contractsCost of sales2.5 4.1 4.4 11.6 
Commodity contractsCost of sales(0.2)(0.5)(1.0)(1.1)
Total$2.4 $3.6 $3.5 $10.4 

The amount of gain (loss) on derivatives recognized directly into earnings was as follows:
(in millions)Three Months EndedSix Months Ended
Derivatives Designated as Fair Value Hedging InstrumentsLocation of Gain (Loss)June 29, 2024July 1, 2023June 29, 2024July 1, 2023
Interest-rate contractsInterest expense$— $0.1 $— $0.3 
Other Hedging Activity
Foreign exchange contractsCost of sales$1.5 $(1.5)$3.5 $(2.2)
Foreign exchange contractsOther (expense) income, net(2.2)(0.4)(4.9)(0.5)
Total$(0.7)$(1.9)$(1.4)$(2.7)