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Hedging Transactions And Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 29, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

The following table summarizes the notional values as of March 29, 2024 and March 31, 2023 and pretax impact of changes in the fair values of instruments designated as net investment hedges in accumulated other comprehensive loss (“OCI”) for the three months ended March 29, 2024 and March 31, 2023 ($ in millions):



	Notional Amount		Gain Recognized in OCI
Three Months Ended March 29, 2024
Foreign currency denominated debt	$	377.8	$	8.6
Foreign currency contract	150.0		3.3

Total	$	527.8	$	11.9



Three Months Ended March 31, 2023	Notional Amount		Loss Recognized in OCI

Foreign currency denominated debt	$	225.5	$	(2.8)
Foreign currency contract	150.0		—

Total	$	375.5	$	(2.8)

Schedule of notional amounts of outstanding derivative positions



	Notional Amount		Gain Recognized in OCI
Three Months Ended March 29, 2024
Foreign currency denominated debt	$	377.8	$	8.6
Foreign currency contract	150.0		3.3

Total	$	527.8	$	11.9



Three Months Ended March 31, 2023	Notional Amount		Loss Recognized in OCI

Foreign currency denominated debt	$	225.5	$	(2.8)
Foreign currency contract	150.0		—

Total	$	375.5	$	(2.8)

Schedule of derivative instruments in statement of financial position, fair value

The Company’s derivative instrument, as well as its non-derivative debt instrument designated and qualifying as net investment hedges, were classified in the Company’s Condensed Consolidated Balance Sheets as follows ($ in millions):


	March 29, 2024		December 31, 2023




Derivative liabilities:
Accrued expenses and other liabilities	$	—	$	—
Other long-term liabilities	$	—	$	3.3

Nonderivative hedging instruments:

Long-term debt	$	377.8	$	386.4