Hedging Transactions and Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 28, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative instruments, gain (loss)

The following table summarizes the notional values 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 28, 2025 and March 29, 2024 ($ in millions):

	Notional Amount		Loss Recognized in OCI
Three Months Ended March 28, 2025
Foreign currency denominated debt	$	379.0	$	(16.6)
Foreign currency contract	150.0		(4.7)
Total	$	529.0	$	(21.3)

	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

Schedule of notional amounts of outstanding derivative positions

The following table summarizes the notional values 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 28, 2025 and March 29, 2024 ($ in millions):

	Notional Amount		Loss Recognized in OCI
Three Months Ended March 28, 2025
Foreign currency denominated debt	$	379.0	$	(16.6)
Foreign currency contract	150.0		(4.7)
Total	$	529.0	$	(21.3)

	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

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 28, 2025		December 31, 2024
Derivative assets:
Other long-term assets	$	1.2	$	5.9
Nonderivative hedging instruments:
Long-term debt	$	379.0	$	362.4