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Derivative Instruments and Hedging Activities (Tables)
 6 Months Ended
Jun. 29, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Foreign Currency Forward Contracts
Notional amounts of foreign currency forward contracts were as follows (in millions):
June 29, 2024December 31, 2023
British Pound (GBP)$123.6 $72.4 
Swedish Krona (SEK)72.2 36.5 
European Euro (EUR)58.8 79.9 
Danish Krone (DKK)51.4 5.9 
United States Dollar (USD)50.9 22.1 
Canadian Dollar (CAD)29.9 7.1 
Chinese Yuan (CNH)22.9 14.1 
Polish Zloty (PLZ)18.8 3.8 
Norwegian Krone (NOK)4.2 4.4 
Hungarian Forint (HUF)3.7 3.9 
Other (1)
3.0 3.5 
Total$439.4 $253.6 
(1) Number consists of various currencies notional amounts, none of which individually exceed $10 million in either period presented.
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value The balance sheet location and gross fair value of our derivative instruments were as follows (in millions):
Balance Sheet LocationJune 29, 2024December 31, 2023
Designated derivative assets:
Foreign currency forward contractsPrepaid expenses and other current assets$1.1 $— 
Foreign currency forward contractsOther non-current assets0.3 0.4 
Cross-currency swapOther non-current assets3.3 — 
Interest rate swap agreementsOther non-current assets14.9 30.5 
Total designated derivative assets$19.6 $30.9 
Non-designated derivative assets:
Foreign currency forward contractsPrepaid expenses and other current assets$0.8 $0.2 
Total non-designated derivative assets$0.8 $0.2 
Designated derivative liabilities:
Foreign currency forward contractsOther accrued liabilities$2.1 $— 
Cross-currency swapOther accrued liabilities12.3 75.1 
Cross-currency swapOther non-current liabilities65.2 96.9 
Interest rate swap agreements
Other non-current liabilities11.1 11.7 
Total designated derivative liabilities$90.7 $183.7 
Non-designated derivative liabilities:
Foreign currency forward contractsOther accrued liabilities$0.7 $2.7 
Amount of Gain/(Loss) Recognized against Earnings
The amounts of (income)/expense recognized in earnings related to our non-designated derivatives on the Consolidated Statements of Operations were as follows (in millions):
Three Months EndedSix Months Ended
Non-Designated DerivativesIncome Statement LocationJune 29, 2024July 1, 2023June 29, 2024July 1, 2023
Foreign currency forward contractsOther expense (income), net$(2.6)$(3.1)$(3.3)$(4.3)
Interest expense, net— — — (0.6)
$(2.6)$(3.1)$(3.3)$(4.9)
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)
The following tables summarize the effect of derivative instruments designated as hedging instruments in AOCI (in millions):
Gain/(Loss)
Reclassified from AOCI into EarningsRelated to Amounts Excluded from Effectiveness Testing
Amount Recorded in OCI(1)
Classification
Amount(2)
ClassificationAmount Recognized in Earnings on Derivatives
Three Months Ended June 29, 2024
Cash flow hedges
Interest rate swap agreements$6.6 Interest expense, net$8.6 Interest expense, net$— 
Foreign currency forward contracts(0.5)Net sales— Net sales(0.2)
Cost of sales0.1 Cost of sales(0.2)
Other (income) expense, net— 
Total Cash flow hedges$6.1 $8.7 $(0.4)
Net investment hedges
Cross-currency swap$17.4 Interest expense, net$6.8 
Six Months Ended June 29, 2024
Cash flow hedges
Interest rate swap agreements$40.1 Interest expense, net$16.3 Interest expense, net$— 
Foreign currency forward contracts(0.4)Net sales(0.1)Net sales(0.5)
Cost of sales0.1 Cost of sales(0.4)
Other (income) expense, net(0.1)
Total Cash flow hedges$39.7 $16.3 $(1.0)
Net investment hedges
Cross-currency swap$66.3 Interest expense, net$14.1 
Three Months Ended July 1, 2023
Cash flow hedges
Interest rate swap agreements$28.9 Interest expense, net$5.5 Interest expense, net$— 
Foreign currency forward contracts(5.8)Net sales(0.2)Net sales0.2 
Cost of sales0.4 Cost of sales0.1 
Other expense (income), net(0.6)
Total Cash flow hedges$23.1 $5.7 $(0.3)
Net investment hedges
Cross-currency swap$(25.0)Interest expense, net$6.4 
Six Months Ended July 1, 2023
Cash flow hedges
Interest rate swap agreements$3.3 Interest expense, net$9.8 Interest expense, net$— 
Foreign currency forward contracts(10.3)Net sales0.2 Net sales0.2 
Cost of sales0.1 Cost of sales0.1 
Other expense (income), net(0.5)
Total Cash flow hedges$(7.0)$10.1 $(0.2)
Net investment hedges
Cross-currency swap$(40.2)Interest expense, net$12.9 
(1) Net income of $13.4 million is expected to be reclassified out of AOCI into earnings during the next 12 months.
(2) For additional details about the effect of the amounts reclassified from AOCI refer to Note 13.
Schedule of Classification of Gain (Loss) Recognized in Earnings on Fair Value and Cash Flow Hedging Relationships
The classification and amount of gain/(loss) recognized in earnings on fair value and hedging relationships were as follows (in millions):
Net SalesCost of SalesInterest Expense, netOther (Income) Expense, net
Three Months Ended June 29, 2024
Total amounts of income and expense line items presented on the Condensed Consolidated Statements of Operations in which the effects of fair value or cash flow hedges are recorded
$1,065.5 $670.8 $44.1 $3.4 
Gain (loss) on cash flow hedging relationships
Foreign currency forward contracts
Amount of gain or (loss) reclassified from AOCI into earnings$— $0.1 $— $— 
Amount excluded from effectiveness testing recognized using a systematic and rational amortization approach$(0.2)$(0.2)$— $— 
Interest rate swap agreements
Amount of gain or (loss) reclassified from AOCI into earnings$— $— $8.6 $— 
Six Months Ended June 29, 2024
Total amounts of income and expense line items presented on the Condensed Consolidated Statements of Operations in which the effects of fair value or cash flow hedges are recorded$2,147.5 $1,395.1 $87.1 $3.8 
Gain (loss) on cash flow hedging relationships
Foreign currency forward contracts
Amount of gain or (loss) reclassified from AOCI into earnings$(0.1)$0.1 $— $— 
Amount excluded from effectiveness testing recognized using a systematic and rational amortization approach$(0.5)$(0.4)$— $(0.1)
Interest rate swap agreements
Amount of gain or (loss) reclassified from AOCI into earnings$— $— $16.3 $— 
Three Months Ended July 1, 2023
Total amounts of income and expense line items presented on the Condensed Consolidated Statements of Operations in which the effects of fair value or cash flow hedges are recorded
$1,193.1 $765.1 $44.0 $(9.7)
Gain (loss) on cash flow hedging relationships
Foreign currency forward contracts
Amount of gain or (loss) reclassified from AOCI into earnings$(0.2)$0.4 $— $— 
Amount excluded from effectiveness testing recognized using a systematic and rational amortization approach$0.2 $0.1 $— $(0.6)
Interest rate swap agreements
Amount of gain or (loss) reclassified from AOCI into earnings$— $— $5.5 $— 
Six Months Ended July 1, 2023
Total amounts of income and expense line items presented on the Condensed Consolidated Statements of Operations in which the effects of fair value or cash flow hedges are recorded$2,374.8 $1,532.9 $87.6 $(9.0)
Gain (loss) on cash flow hedging relationships
Foreign currency forward contracts
Amount of gain or (loss) reclassified from AOCI into earnings$0.2 $0.1 $— $— 
Amount excluded from effectiveness testing recognized using a systematic and rational amortization approach$0.2 $0.1 $— $(0.5)
Interest rate swap agreements
Amount of gain or (loss) reclassified from AOCI into earnings$— $— $9.8 $—