v3.26.1
Financial Instruments Financial Instruments (Tables)
 6 Months Ended
Jul. 04, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Fair Values of Derivative Instruments
As of July 4, 2026, December 31, 2025, and June 28, 2025, the fair values of the Company’s derivative instruments were:
(in millions)Fair Value
Asset DerivativesJuly 4, 2026December 31, 2025June 28, 2025
Derivatives Designated as Cash Flow Hedges
Foreign exchange contracts$10.0 $4.8 $4.8 
Commodity contracts5.9 7.9 5.3 
Total$15.9 $12.7 $10.1 
Derivatives Designated as Net Investment Hedges
Cross-currency swaps$— $— $0.1 
Other Hedging Activity
Foreign exchange contracts$0.6 $0.6 $1.6 
Liability Derivatives
Derivatives Designated as Cash Flow Hedges
Foreign exchange contracts$6.4 $11.9 $17.1 
Commodity contracts0.6 0.1 — 
Total$7.0 $12.0 $17.1 
Derivatives Designated as Net Investment Hedges
Cross-currency swaps$40.3 $45.5 $45.5 
Other Hedging Activity
Foreign exchange contracts$2.5 $0.7 $1.4 

As of July 4, 2026, December 31, 2025, and June 28, 2025, asset derivatives are included within Prepaid expenses and other and Other long-term assets, and liability derivatives are included within Accrued expenses and Other long-term liabilities in the Condensed Consolidated Balance Sheets.
Effect of Derivative Instruments on the Condensed Consolidated Statements of Comprehensive Income
The effect of derivative instruments on the Condensed Consolidated Statements of Comprehensive Income for the three and six months ended July 4, 2026 and June 28, 2025 is shown in the tables below.

The amount of gain (loss) on derivatives recognized in Accumulated other comprehensive loss was as follows:
(in millions)Three Months EndedSix Months Ended
Derivatives Designated as Cash Flow Hedging InstrumentsJuly 4, 2026June 28, 2025July 4, 2026June 28, 2025
Foreign exchange contracts$1.9 $(16.3)$6.5 $(21.3)
Commodity contracts(0.6)2.9 5.6 6.1 
Total$1.3 $(13.4)$12.1 $(15.2)
Derivatives Designated as Net Investment Hedging Instruments
Cross-currency swaps$(2.8)$(33.1)$5.2 $(45.5)

The amount of gain (loss) reclassified from Accumulated other comprehensive loss into earnings was as follows:
(in millions)Three Months EndedSix Months Ended
Derivatives Designated as Cash Flow Hedging InstrumentsLocation of Gain (Loss)July 4, 2026June 28, 2025July 4, 2026June 28, 2025
Interest rate contracts Interest expense$0.1 $0.1 $0.1 $0.1 
Foreign exchange contractsCost of sales(2.8)0.8 (5.2)2.5 
Commodity contractsCost of sales4.1 0.6 7.2 1.1 
Total$1.4 $1.5 $2.1 $3.7 
The amount of gain (loss) on derivatives recognized directly into earnings was as follows:
(in millions)Three Months EndedSix Months Ended
Other Hedging ActivityLocation of Gain (Loss)July 4, 2026June 28, 2025July 4, 2026June 28, 2025
Foreign exchange contractsCost of sales$(0.2)$(6.5)$(1.7)$(11.2)
Foreign exchange contractsOther expense, net(2.6)4.3 (6.4)9.4 
Total$(2.8)$(2.2)$(8.1)$(1.8)