v3.25.2
Derivative Instruments and Hedging Activities (Tables)
 6 Months Ended
Jun. 29, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Effect of Derivative Instruments Designated as Cash Flow Hedges
The following is a summary of the gain (loss) included in the condensed consolidated statements of income (loss) and comprehensive income (loss) related to the derivative instruments described above (in millions):
 Second QuarterSix Months
 2025202420252024
Net gain (loss) recognized in AOCI—Foreign Exchange Contracts (a)
$3.5 $0.2 $4.3 $0.9 
Net gain (loss) recognized in AOCI—Cross-Currency Swap Contracts (a)
$(32.0)$— $(37.5)$— 
Net (gain) loss reclassified from AOCI into revenue/cost of sales—Foreign Exchange Contracts (a)
$(0.1)$0.2 $0.8 $1.0 
Net gain (loss) reclassified from AOCI into other income and expense, net—Foreign Exchange Contracts (b)
$— $1.2 $— $4.9 
Net gain (loss) reclassified from AOCI into interest expense—Foreign Exchange Contracts
$— $2.0 $— $3.9 
Net gain (loss) recognized in other income and expense, net—Foreign Exchange Contracts
$29.1 $(2.8)$40.5 $(12.1)
(a) Effective portion, pre-tax
(b) Amount reclassified to offset earnings impact of liability hedged by cross-currency swap, used to hedge debt
Schedule of Notional Amounts of Outstanding Foreign Currency Contracts
The following is a summary of notional amounts and fair values of the Company’s derivatives recorded in the condensed consolidated balance sheets presented by instrument type and use (in millions):
Notional Amount
Fair Value Asset
Fair Value Liability
June 29, 2025December 29, 2024June 29, 2025December 29, 2024June 29, 2025December 29, 2024
Derivatives designated as hedging instruments
Foreign currency forward contracts$67.1 $83.3 $2.1 $— $— $(3.0)
Cross-currency swap agreements526.5 — 6.9 — (42.5)— 
Total derivatives designated as hedging instruments$593.6 $83.3 $9.0 $— $(42.5)$(3.0)
Derivatives not designated as hedging instruments
Foreign currency forward contracts664.0 974.8 9.3 1.0 (1.7)(13.9)
Total derivatives$1,257.6 $1,058.1 $18.3 $1.0 $(44.2)$(16.9)