v3.25.2
Derivative Instruments and Hedging Activities (Tables)
6 Months Ended
Jun. 28, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Open Forward Foreign Currency Contract
The Company enters into foreign exchange contracts in an effort to mitigate the risks associated with currency fluctuations on certain foreign currency balance sheet exposures. These foreign exchange contracts do not qualify for hedge accounting. The Company recognizes the change in fair value of its foreign currency forward contracts in the condensed consolidated statements of operations.
The notional amounts of our derivative instruments were as follows:
(In millions)
Derivatives designated as hedging instruments:June 28, 2025December 31, 2024
Interest rate swap contract - cash flow hedge$750.0 $750.0 
Fair Value, by Balance Sheet Grouping
The fair values of our derivative instruments included in the condensed consolidated balance sheets were as follows:
(In millions)Derivative Assets
Derivatives designated as hedging instruments:Condensed Consolidated Balance Sheets LocationJune 28, 2025December 31, 2024
Interest rate swap contract - cash flow hedgeOther current assets$2.6 $7.1 
Schedule of Other Operating Cost and Expense, by Component
The following table summarizes the effects of our derivative instruments on our condensed consolidated statements of operations:
Loss (gain) recognized in Condensed Consolidated Statements of Operations
(In millions)Three months endedSix months ended
Derivatives designated as hedging instruments:
Condensed Consolidated Statements of Operations Location
June 28, 2025June 29, 2024June 28, 2025June 29, 2024
Interest rate swap contract - cash flow hedgeInterest expense$2.5 $(6.4)$(5.1)$(17.7)
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)
The following table summarizes the effects of our derivative instruments on Accumulated other comprehensive loss:
Loss recognized in Accumulated other comprehensive loss
(In millions)Three months endedSix months ended
Derivatives designated as hedging instruments:June 28, 2025June 29, 2024June 28, 2025June 29, 2024
Interest rate swap contract - cash flow hedge$(1.6)$(2.7)$(3.5)$(3.7)