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DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)
 3 Months Ended
Mar. 29, 2025
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):
March 29, 2025December 31, 2024
British Pound (GBP)$109.6 $101.3 
United States Dollar (USD)74.4 97.9 
European Euro (EUR)52.6 54.9 
Swedish Krona (SEK)51.1 66.5 
Danish Krone (DKK)46.9 57.8 
Polish Zloty (PLZ)30.8 26.7 
Chinese Yuan (CNH)24.7 31.9 
Canadian Dollar (CAD)19.8 35.5 
Norwegian Krone (NOK)9.3 6.8 
Hungarian Forint (HUF)8.2 6.3 
Other(1)
18.1 16.9 
Total$445.5 $502.5 
(1) Number consists of various currencies notional amounts, none of which individually exceed $10.0 million in either year 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 LocationMarch 29, 2025December 31, 2024
Designated derivative assets:
Foreign currency forward contractsPrepaid expenses and other current assets$1.3 $2.1 
Cross-currency swapsOther non-current assets— 14.2 
Interest rate swap agreements Interest rate swap agreements 5.3 9.3 
Total designated derivative assets$6.6 $25.6 
Non-designated derivative assets:
Foreign currency forward contracts Prepaid expenses and other current assets$0.8 $3.4 
Total non-designated derivatives$0.8 $3.4 
Designated derivative liabilities:
Foreign currency forward contractsOther accrued liabilities $3.0 $4.1 
Cross-currency swapsOther accrued liabilities 51.1 — 
Cross-currency swapsOther non-current liabilities47.4 46.8 
Interest rate swap agreementsOther non-current liabilities17.5 9.0 
Total designated derivative liabilities$119.0 $59.9 
Non-designated derivative liabilities:
Foreign currency forward contractsOther accrued liabilities$2.6 $1.5 
Interest rate swap agreementsOther non-current liabilities12.9 13.6 
Total non-designated derivative liabilities$15.5 $15.1 
Amount of Gain/(Loss) Recognized against Earnings
The amounts of (income)/expense recognized in earnings related to our non-designated derivatives on the Condensed Consolidated Statements of Operations were as follows (in millions):
Three Months Ended
Non-Designated DerivativesIncome Statement LocationMarch 29, 2025March 30, 2024
Foreign currency forward contractsOther (income) expense, net$(4.8)$(2.1)
Interest rate swap agreementsInterest expense, net$0.2 $— 
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)
The following tables summarize the effect of derivative instruments designated as hedging instruments in AOCI (in millions):
Gain or (Loss) Reclassified from AOCI into Earnings
Related to Amounts Included in Effectiveness TestingRelated to Amounts Excluded from Effectiveness Testing
Amount of Gain or (Loss) Recognized in OCI(1)
Location of Gain or (Loss)
Amount Reclassified(2)
Location of Gain or (Loss)
Amount Reclassified(2)
Three Months Ended March 29, 2025
Cash flow hedges
Interest rate swap agreements$(11.1)Interest expense, net$4.7 Interest expense, net$— 
Foreign currency forward contracts0.5 Net sales— Net sales(0.1)
Cost of sales0.4 Cost of sales0.1 
Total Cash flow hedges$(10.6)$5.1 $— 
Net investment hedges
Cross-currency swaps$59.9 Interest expense, net$9.4 
Euro Notes Due 2032(16.4)
Total Net investment hedges$43.5 $9.4 
Three Months Ended March 30, 2024
Cash flow hedges
Interest rate swap agreements$33.5 Interest expense, net$7.8 Interest expense, net$— 
Foreign currency forward contracts0.9 Net sales0.1 Net sales(0.3)
Cost of sales— Cost of sales(0.2)
Total Cash flow hedges$34.4 $7.9 $(0.5)
Net investment hedges
Cross-currency swaps$48.9 Interest expense, net$7.3 
(1) Net income of $25.3 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 March 29, 2025
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
$1,043.9 $651.6 $39.0 $(0.4)
Gain (loss) on cash flow hedging relationships
Foreign currency forward contracts
Amount of gain or (loss) reclassified from AOCI into earnings$— $0.4 $— $— 
Amount excluded from effectiveness testing recognized using a systematic and rational amortization approach$(0.1)$0.1 $— $— 
Interest rate swap agreements
Amount of gain or (loss) reclassified from AOCI into earnings$— $— $4.7 $— 
Three Months Ended March 30, 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
$1,082.1 $724.4 $43.0 $0.4 
Gain (loss) on cash flow hedging relationships
Foreign currency forward contracts
Amount of gain or (loss) reclassified from AOCI into earnings$0.1 $— $— $— 
Amount excluded from effectiveness testing recognized using a systematic and rational amortization approach$(0.3)$(0.2)$— $— 
Interest rate swap agreements
Amount of gain or (loss) reclassified from AOCI into earnings$— $— $7.8 $—