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Derivative Instruments and Hedging Activities (Tables)
 9 Months Ended
Sep. 28, 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):
September 28, 2024December 31, 2023
British Pound (GBP)$144.6 $72.4 
Swedish Krona (SEK)90.5 36.5 
European Euro (EUR)59.7 79.9 
Danish Krone (DKK)64.3 5.9 
United States Dollar (USD)83.8 22.1 
Canadian Dollar (CAD)37.7 7.1 
Chinese Yuan (CNH)34.2 14.1 
Polish Zloty (PLZ)30.2 3.8 
Norwegian Krone (NOK)5.3 4.4 
Hungarian Forint (HUF)5.6 3.9 
Other8.7 3.5 
Total$564.6 $253.6 
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 LocationSeptember 28, 2024December 31, 2023
Designated derivative assets:
Foreign currency forward contractsPrepaid expenses and other current assets$1.3 $— 
Foreign currency forward contractsOther non-current assets0.7 0.4 
Interest rate swap agreementsOther non-current assets1.8 30.5 
Total designated derivative assets$3.8 $30.9 
Non-designated derivative assets:
Foreign currency forward contractsPrepaid expenses and other current assets$0.6 $0.2 
Total non-designated derivative assets$0.6 $0.2 
Designated derivative liabilities:
Foreign currency forward contractsOther accrued liabilities$2.1 $— 
Foreign currency forward contractsOther non-current liabilities0.2 — 
Cross-currency swapOther accrued liabilities— 75.1 
Cross-currency swapOther non-current liabilities152.6 96.9 
Interest rate swap agreements
Other non-current liabilities31.3 11.7 
Total designated derivative liabilities$186.2 $183.7 
Non-designated derivative liabilities:
Foreign currency forward contractsOther accrued liabilities$1.6 $2.7 
Interest rate swap agreements
Other non-current liabilities14.3 — 
Total non-designated derivative liabilities
$15.9 $2.7 
Amount of Gain/(Loss) Recognized against Earnings
The amounts of (income)/expense recognized in earnings related to our non-designated derivatives on the Consolidated Statements of Operations were as follows (in millions):
Three Months EndedNine Months Ended
Non-Designated DerivativesIncome Statement LocationSeptember 28, 2024September 30, 2023September 28, 2024September 30, 2023
Foreign currency forward contractsOther (income) expense, net$(0.9)$(0.3)$(4.2)$(4.7)
Interest expense, net— (1.6)— (2.2)
$(0.9)$(1.9)$(4.2)$(6.9)
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 or (Loss) Reclassified from AOCI into Earnings
Related to Amounts Included in Effectiveness TestingRelated to Amounts Excluded from Effectiveness Testing
Amount of Gain or (Loss) Recognized in OCI(1)
Location of Gain or (Loss)
Amount Reclassified(2)
Location of Gain or (Loss)
Amount Reclassified(2)
Three Months Ended September 28, 2024
Cash flow hedges
Interest rate swap agreements$(28.4)Interest expense, net$8.9 Interest expense, net$— 
Foreign currency forward contracts(0.1)Net sales(0.3)Net sales(0.3)
Cost of sales0.2 Cost of sales(0.2)
Other (income) expense, net(0.3)
Total Cash flow hedges$(28.5)$8.8 $(0.8)
Net investment hedges
Cross-currency swap$(72.9)Interest expense, net$6.9 
Euro Notes Due 2032$(1.8)
Nine Months Ended September 28, 2024
Cash flow hedges
Interest rate swap agreements$11.7 Interest expense, net$25.3 Interest expense, net$— 
Foreign currency forward contracts(0.6)Net sales(0.4)Net sales(0.8)
Cost of sales0.3 Cost of sales(0.7)
Other (income) expense, net0.3 
Total Cash flow hedges$11.1 $25.2 $(1.2)
Net investment hedges
Cross-currency swap$(6.6)Interest expense, net$21.1 
Euro Notes Due 2032$(1.8)
Three Months Ended September 30, 2023
Cash flow hedges
Interest rate swap agreements$17.7 Interest expense, net$6.4 Interest expense, net$— 
Foreign currency forward contracts(6.8)Net sales(0.2)Net sales0.2 
Cost of sales0.2 Cost of sales0.1 
Other (income) expense, net— 
Total Cash flow hedges$10.9 $6.4 $0.3 
Net investment hedges
Cross-currency swap$40.1 Interest expense, net$6.4 
Nine Months Ended September 30, 2023
Cash flow hedges
Interest rate swap agreements$20.9 Interest expense, net$16.2 Interest expense, net$— 
Foreign currency forward contracts(17.0)Net sales— Net sales0.4 
Cost of sales0.4 Cost of sales0.1 
Other (income) expense, net(0.5)
Total Cash flow hedges$3.9 $16.6 $— 
Net investment hedges
Cross-currency swap$(0.1)Interest expense, net$19.2 
(1) Net income of $17.7 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 14.
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 September 28, 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
$1,087.5 $683.1 $57.6 $(4.1)
Gain (loss) on cash flow hedging relationships
Foreign currency forward contracts
Amount of gain or (loss) reclassified from AOCI into earnings$(0.3)$0.2 $— $— 
Amount excluded from effectiveness testing recognized using a systematic and rational amortization approach$(0.3)$(0.2)$— $(0.3)
Interest rate swap agreements
Amount of gain or (loss) reclassified from AOCI into earnings$— $— $8.9 $— 
Nine Months Ended September 28, 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$3,235.1 $2,078.3 $144.7 $(0.5)
Gain (loss) on cash flow hedging relationships
Foreign currency forward contracts
Amount of gain or (loss) reclassified from AOCI into earnings$(0.4)$0.3 $— $— 
Amount excluded from effectiveness testing recognized using a systematic and rational amortization approach$(0.8)$(0.7)$— $0.3 
Interest rate swap agreements
Amount of gain or (loss) reclassified from AOCI into earnings$— $— $25.3 $— 
Three Months Ended September 30, 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
$1,123.8 $712.6 $43.5 $(0.6)
Gain (loss) on cash flow hedging relationships
Foreign currency forward contracts
Amount of gain or (loss) reclassified from AOCI into earnings$(0.2)$0.2 $— $— 
Amount excluded from effectiveness testing recognized using a systematic and rational amortization approach$0.2 $0.1 $— $— 
Interest rate swap agreements
Amount of gain or (loss) reclassified from AOCI into earnings$— $— $6.4 $— 
Nine Months Ended September 30, 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$3,498.7 $2,245.6 $131.1 $(9.6)
Gain (loss) on cash flow hedging relationships
Foreign currency forward contracts
Amount of gain or (loss) reclassified from AOCI into earnings$— $0.4 $— $— 
Amount excluded from effectiveness testing recognized using a systematic and rational amortization approach$0.4 $0.1 $— $(0.5)
Interest rate swap agreements
Amount of gain or (loss) reclassified from AOCI into earnings$— $— $16.2 $—