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Financial Instruments Financial Instruments (Tables)
 9 Months Ended
Sep. 27, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Fair Values of Derivative Instruments
As of September 27, 2025, December 31, 2024, and September 28, 2024, the fair values of the Company’s derivative instruments were:
(in millions)Fair Value
Asset DerivativesSeptember 27, 2025December 31, 2024September 28, 2024
Derivatives Designated as Cash Flow Hedges
Foreign exchange contracts$5.6 $13.2 $1.0 
Commodity contracts6.4 0.8 2.1 
Total$12.0 $14.0 $3.1 
Derivatives Designated as Net Investment Hedges
Cross-currency swaps$0.1 $5.1 $— 
Other Hedging Activity
Foreign exchange contracts$1.3 $3.0 $— 
Liability Derivatives
Derivatives Designated as Cash Flow Hedges
Foreign exchange contracts$12.6 $5.8 $8.6 
Commodity contracts0.7 0.4 0.1 
Total$13.3 $6.2 $8.7 
Derivatives Designated as Net Investment Hedges
Cross-currency swaps$43.6 $— $7.2 
Other Hedging Activity
Foreign exchange contracts$1.3 $3.2 $2.8 

As of September 27, 2025, December 31, 2024, and September 28, 2024, 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 nine months ended September 27, 2025 and September 28, 2024 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 EndedNine Months Ended
Derivatives Designated as Cash Flow Hedging InstrumentsSeptember 27, 2025September 28, 2024September 27, 2025September 28, 2024
Foreign exchange contracts$3.4 $(7.5)$(17.9)$(2.4)
Commodity contracts2.2 0.6 8.3 1.1 
Total$5.6 $(6.9)$(9.6)$(1.3)
Derivatives Designated as Net Investment Hedging Instruments
Cross-currency swaps$1.8 $(9.0)$(43.7)$(2.2)

The amount of gain (loss) reclassified from Accumulated other comprehensive loss into earnings was as follows:
(in millions)Three Months EndedNine Months Ended
Derivatives Designated as Cash Flow Hedging InstrumentsLocation of Gain (Loss)September 27, 2025September 28, 2024September 27, 2025September 28, 2024
Interest-rate contractsInterest expense$— $— $0.1 $0.1 
Foreign exchange contractsCost of sales(2.1)(0.3)0.4 4.1 
Commodity contractsCost of sales1.8 (0.2)2.9 (1.2)
Total$(0.3)$(0.5)$3.4 $3.0 

The amount of gain (loss) on derivatives recognized directly into earnings was as follows:
(in millions)Three Months EndedNine Months Ended
Other Hedging ActivityLocation of Gain (Loss)September 27, 2025September 28, 2024September 27, 2025September 28, 2024
Foreign exchange contractsCost of sales$(1.5)$(2.3)$(12.7)$1.2 
Foreign exchange contractsOther expense, net0.1 (0.2)9.5 (5.1)
Total$(1.4)$(2.5)$(3.2)$(3.9)