v3.25.2
Financial Instruments (Tables)
6 Months Ended
Jun. 28, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Fair Values of Derivative Instruments

The fair values of derivative instruments on the consolidated balance sheets as of June 28, 2025 and December 28, 2024 were as follows:

 

 

 

 

 

 

Fair Value

 

(In millions)

 

Location

 

 

June 28,
2025

 

 

December 28,
2024

 

Assets:

 

 

 

 

 

 

 

 

 

Foreign exchange contracts

 

Other current assets

 

 

$

1.0

 

 

$

3.8

 

Commodity contracts

 

Other current assets

 

 

 

0.1

 

 

 

-

 

Net investment hedges

 

Other current assets

 

 

 

0.6

 

 

 

2.0

 

Net investment hedges

 

Other assets

 

 

 

-

 

 

 

2.8

 

 

Total assets

 

 

$

1.7

 

 

$

8.6

 

Liabilities:

 

 

 

 

 

 

 

 

 

Foreign exchange contracts

 

Other current liabilities

 

 

$

0.7

 

 

$

2.7

 

Net investment hedges

 

Non-current liabilities

 

 

 

2.1

 

 

 

-

 

 

Total liabilities

 

 

$

2.8

 

 

$

2.7

 

 

Effects of Derivative Financial Instruments on Statements of Comprehensive Income

The effects of derivative financial instruments on the statements of comprehensive income for the twenty-six weeks ended June 28, 2025 and June 29, 2024 were as follows:

 

(In millions)

 

Classification and Amount of Gain (Loss)
   Recognized in Income on Hedging Relationships

 

 

 

Twenty-Six Weeks Ended June 28, 2025

 

 

 

Cost of
products sold

 

 

Interest
expense

 

 

Other income, net

 

Total amounts per Consolidated Statements of Comprehensive Income

 

$

1,238.7

 

 

$

59.8

 

 

$

8.2

 

Gain (loss) on fair value hedging relationships

 

 

 

 

 

 

 

 

 

Foreign exchange contracts:

 

 

 

 

 

 

 

 

 

Hedged items

 

 

-

 

 

 

-

 

 

 

4.4

 

Derivative designated as hedging instruments

 

 

-

 

 

 

-

 

 

 

(2.6

)

Gain on net investment hedging relationships

 

 

 

 

 

 

 

 

1.7

 

Gain (loss) on cash flow hedging relationships

 

 

 

 

 

 

 

 

 

Foreign exchange contracts:

 

 

 

 

 

 

 

 

 

Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income

 

 

-

 

 

 

-

 

 

 

-

 

Commodity contracts:

 

 

 

 

 

 

 

 

 

Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income

 

 

-

 

 

 

-

 

 

 

-

 

Interest rate contracts:

 

 

 

 

 

 

 

 

 

Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income

 

 

-

 

 

 

6.3

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

(In millions)

 

Classification and Amount of Gain (Loss)
   Recognized in Income on Hedging Relationships

 

 

 

Twenty-Six Weeks Ended June 29, 2024

 

 

 

Cost of
products sold

 

 

Interest
expense

 

 

Other income, net

 

Total amounts per Consolidated Statements of Comprehensive Income

 

$

1,320.9

 

 

$

62.4

 

 

$

3.6

 

Gain (loss) on fair value hedging relationships

 

 

 

 

 

 

 

 

 

Foreign exchange contracts:

 

 

 

 

 

 

 

 

 

Hedged items

 

 

-

 

 

 

-

 

 

 

1.9

 

Derivative designated as hedging instruments

 

 

-

 

 

 

-

 

 

 

(2.8

)

Gain on net investment hedging relationships

 

 

 

 

 

 

 

 

0.3

 

Gain (loss) on cash flow hedging relationships

 

 

 

 

 

 

 

 

 

Foreign exchange contracts:

 

 

 

 

 

 

 

 

 

Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income

 

 

0.4

 

 

 

-

 

 

 

-

 

Commodity contracts:

 

 

 

 

 

 

 

 

 

Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income

 

 

-

 

 

 

-

 

 

 

-

 

Interest rate contracts:

 

 

 

 

 

 

 

 

 

Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income

 

 

-

 

 

 

6.3

 

 

 

-

 

 

 

The effects of derivative financial instruments on the statements of comprehensive income for the thirteen weeks ended June 28, 2025 were as follows:

 

(In millions)

 

Classification and Amount of Gain (Loss)
   Recognized in Income on Hedging Relationships

 

 

 

Thirteen Weeks Ended June 28, 2025

 

 

 

Cost of
products sold

 

 

Interest
expense

 

 

Other income, net

 

Total amounts per Consolidated Statements of Comprehensive Income

 

$

660.1

 

 

$

31.2

 

 

$

7.3

 

Gain (loss) on fair value hedging relationships

 

 

 

 

 

 

 

 

 

Foreign exchange contracts:

 

 

 

 

 

 

 

 

 

Hedged items

 

 

-

 

 

 

-

 

 

 

1.4

 

Derivative designated as hedging instruments

 

 

-

 

 

 

-

 

 

 

-

 

Gain on net investment hedging relationships

 

 

 

 

 

 

 

 

0.7

 

Gain (loss) on cash flow hedging relationships

 

 

 

 

 

 

 

 

 

Foreign exchange contracts:

 

 

 

 

 

 

 

 

 

Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income

 

 

0.4

 

 

 

-

 

 

 

-

 

Commodity contracts:

 

 

 

 

 

 

 

 

 

Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income

 

 

-

 

 

 

-

 

 

 

-

 

Interest rate contracts:

 

 

 

 

 

 

 

 

 

Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income

 

 

-

 

 

 

3.2

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

(In millions)

 

Classification and Amount of Gain (Loss)
   Recognized in Income on Hedging Relationships

 

 

 

Thirteen Weeks Ended June 29, 2024

 

 

 

Cost of
products sold

 

 

Interest
expense

 

 

Other income, net

 

Total amounts per Consolidated Statements of Comprehensive Income

 

$

699.0

 

 

$

32.3

 

 

$

3.7

 

Gain (loss) on fair value hedging relationships

 

 

 

 

 

 

 

 

 

Foreign exchange contracts:

 

 

 

 

 

 

 

 

 

Hedged items

 

 

-

 

 

 

-

 

 

 

1.1

 

Derivative designated as hedging instruments

 

 

-

 

 

 

-

 

 

 

(0.9

)

Gain on net investment hedging relationships

 

 

 

 

 

 

 

 

0.3

 

Gain (loss) on cash flow hedging relationships

 

 

 

 

 

 

 

 

 

Foreign exchange contracts:

 

 

 

 

 

 

 

 

 

Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income

 

 

0.3

 

 

 

-

 

 

 

-

 

Commodity contracts:

 

 

 

 

 

 

 

 

 

Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income

 

 

-

 

 

 

-

 

 

 

-

 

Interest rate contracts:

 

 

 

 

 

 

 

 

 

Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income

 

 

-

 

 

 

3.1

 

 

 

-