Hedging Transactions and Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 27, 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 and six months ended June 27, 2025 and June 28, 2024 ($ in millions):

	Three Months Ended June 27, 2025				Three Months Ended June 28, 2024
	Notional Amount		Loss Recognized in OCI		Notional Amount		Gain Recognized in OCI
Foreign currency denominated debt	$	527.3	$	(33.0)	$	375.0	$	2.8
Foreign currency contract	150.0		(11.6)		150.0		1.0
Total	$	677.3	$	(44.6)	$	525.0	$	3.8

	Six Months Ended June 27, 2025				Six Months Ended June 28, 2024
	Notional Amount		Loss Recognized in OCI		Notional Amount		Gain Recognized in OCI
Foreign currency denominated debt	$	527.3	$	(49.6)	$	375.0	$	11.4
Foreign currency contract	150.0		(16.3)		150.0		4.3
Total	$	677.3	$	(65.9)	$	525.0	$	15.7

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 and six months ended June 27, 2025 and June 28, 2024 ($ in millions):

	Three Months Ended June 27, 2025				Three Months Ended June 28, 2024
	Notional Amount		Loss Recognized in OCI		Notional Amount		Gain Recognized in OCI
Foreign currency denominated debt	$	527.3	$	(33.0)	$	375.0	$	2.8
Foreign currency contract	150.0		(11.6)		150.0		1.0
Total	$	677.3	$	(44.6)	$	525.0	$	3.8

	Six Months Ended June 27, 2025				Six Months Ended June 28, 2024
	Notional Amount		Loss Recognized in OCI		Notional Amount		Gain Recognized in OCI
Foreign currency denominated debt	$	527.3	$	(49.6)	$	375.0	$	11.4
Foreign currency contract	150.0		(16.3)		150.0		4.3
Total	$	677.3	$	(65.9)	$	525.0	$	15.7

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)

	June 27, 2025		December 31, 2024
Qualifying Net Investment Hedges:
Derivative hedging instruments:
Other long-term liabilities	$	10.5	$	—
Other long-term assets	$	—	$	5.9
Non-derivative hedging instruments:
Long-term debt	$	527.3	$	362.4
Non - Designated Hedge Derivatives:
Accrued expenses and other liabilities, net	$	0.1	$	—