Hedging Transactions and Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 26, 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 nine months ended September 26, 2025 and September 27, 2024 ($ in millions):

	Three Months Ended
	September 26, 2025				September 27, 2024
	Notional Amount		Gain Recognized in OCI		Notional Amount		Loss Recognized in OCI
Foreign currency denominated debt	$	526.6	$	0.7	$	390.7	$	(15.7)
Foreign currency contract	150.0		0.3		150.0		(5.9)
Total	$	676.6	$	1.0	$	540.7	$	(21.6)

	Nine Months Ended
	September 26, 2025				September 27, 2024
	Notional Amount		Loss Recognized in OCI		Notional Amount		Loss Recognized in OCI
Foreign currency denominated debt	$	526.6	$	(48.9)	$	390.7	$	(4.3)
Foreign currency contract	150.0		(16.0)		150.0		(1.6)
Total	$	676.6	$	(64.9)	$	540.7	$	(5.9)

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 and nine months ended September 26, 2025 and September 27, 2024 ($ in millions):

	Three Months Ended
	September 26, 2025				September 27, 2024
	Notional Amount		Gain Recognized in OCI		Notional Amount		Loss Recognized in OCI
Foreign currency denominated debt	$	526.6	$	0.7	$	390.7	$	(15.7)
Foreign currency contract	150.0		0.3		150.0		(5.9)
Total	$	676.6	$	1.0	$	540.7	$	(21.6)

	Nine Months Ended
	September 26, 2025				September 27, 2024
	Notional Amount		Loss Recognized in OCI		Notional Amount		Loss Recognized in OCI
Foreign currency denominated debt	$	526.6	$	(48.9)	$	390.7	$	(4.3)
Foreign currency contract	150.0		(16.0)		150.0		(1.6)
Total	$	676.6	$	(64.9)	$	540.7	$	(5.9)

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

The Company’s derivative instruments, 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)

	September 26, 2025		December 31, 2024
Derivative assets:
Other long-term assets	$	—	$	5.9
Derivative liabilities:
Other long-term liabilities	$	10.1	$	—
Non-derivative hedging instruments:
Long-term debt	$	526.6	$	362.4