v3.26.1
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)
 6 Months Ended
Jun. 27, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Foreign Currency Forward Contracts
Notional amounts of foreign currency forward contracts were as follows (in millions):
June 27, 2026December 31, 2025
European Euro (EUR)$397.9 $50.1 
United States Dollar (USD)111.3 160.6 
British Pound (GBP)106.1 148.1 
Polish Zloty (PLZ)58.3 43.3 
Danish Krone (DKK)39.4 56.8 
Canadian Dollar (CAD)15.1 21.2 
Swedish Krona (SEK)11.2 48.6 
Hungarian Forint (HUF)11.2 11.0 
Chinese Yuan (CNH)11.0 16.3 
Norwegian Krone (NOK)— 4.6 
Other(1)
8.5 18.1 
Total$769.8 $578.7 
(1) Number consists of notional amounts of various currencies, none of which individually exceed $10.0 million in either year presented.
Schedule of Balance Sheet Location and Gross Fair Value of Derivative Instruments
The balance sheet location and gross fair value of our derivative instruments were as follows (in millions):
Balance Sheet LocationJune 27, 2026December 31, 2025
Designated derivative assets:
Foreign currency forward contractsPrepaid expenses and other current assets$0.9 $0.3 
Interest rate swap agreements Other non-current assets— 1.1 
Total designated derivative assets$0.9 $1.4 
Non-designated derivative assets:
Foreign currency forward contracts Prepaid expenses and other current assets$2.0 $2.1 
Total non-designated derivatives$2.0 $2.1 
Designated derivative liabilities:
Foreign currency forward contractsAccrued derivative liabilities$2.2 $1.1 
Cross-currency swapsAccrued derivative liabilities70.1 — 
Cross-currency swapsOther non-current liabilities122.7 265.6 
Interest rate swap agreementsOther non-current liabilities8.7 22.0 
Total designated derivative liabilities$203.7 $288.7 
Non-designated derivative liabilities:
Foreign currency forward contractsAccrued derivative liabilities$13.9 $13.4 
Interest rate swap agreementsOther non-current liabilities9.0 10.8 
Total non-designated derivative liabilities$22.9 $24.2 
Schedule of Amounts of (Income)/Expense Recognized in Earnings Related to Non-Designated Derivatives on the Consolidated Statements of Operations
The amounts of (income)/expense recognized in earnings related to our non-designated derivatives on the Condensed Consolidated Statements of Operations were as follows (in millions):
Three Months EndedSix Months Ended
Non-Designated DerivativesIncome Statement LocationJune 27, 2026June 28, 2025June 27, 2026June 28, 2025
Foreign currency forward contractsOther (income) expense, net$19.2 $0.3 $21.4 $(0.8)
Interest rate swap agreementsInterest expense, net$— $0.2 $— $0.4 
Schedule of Effect of Derivative Instruments Designated as Hedging Instruments in AOCI
The following tables summarize the effect of derivative instruments designated as hedging instruments in AOCI (in millions):
Gain or (Loss) Reclassified from AOCI into Earnings
Related to Amounts Included in Effectiveness TestingRelated to Amounts Excluded from Effectiveness Testing
Amount of Gain or (Loss) Recognized in OCI(1)
Location of Gain or (Loss)
Amount Reclassified(2)
Location of Gain or (Loss)
Amount Reclassified(2)
Three Months Ended June 27, 2026
Cash flow hedges
Interest rate swap agreements$1.7 Interest expense, net$0.2 Interest expense, net$— 
Foreign currency forward contracts(0.3)Net sales0.2 Net sales— 
Cost of sales(0.4)Cost of sales— 
Other (income) expense, net— 
Total Cash flow hedges$1.4 $— $— 
Net investment hedges
Cross-currency swaps$19.1 Interest expense, net$8.6 
Euro Notes Due 20324.3 
Total Net investment hedges$23.4 $8.6 
Six Months Ended June 27, 2026
Cash flow hedges
Interest rate swap agreements$11.5 Interest expense, net$1.4 Interest expense, net$— 
Foreign currency forward contracts(1.2)Net sales0.1 Net sales0.1 
Cost of sales(1.1)Cost of sales— 
Other (income) expense, net— 
Total Cash flow hedges$10.3 $0.5 $0.1 
Net investment hedges
Cross-currency swaps$74.3 Interest expense, net$16.8 
Euro Notes Due 203212.5 
Total Net investment hedges$86.8 $16.8 
Three Months Ended June 28, 2025
Cash flow hedges
Interest rate swap agreements$(5.0)Interest expense, net$4.4 Interest expense, net$— 
Foreign currency forward contracts2.8 Net sales0.1 Net sales(0.1)
Cost of sales0.1 Cost of sales— 
Other (income) expense, net(0.1)
Total Cash flow hedges$(2.2)$4.6 $(0.2)
Net investment hedges
Cross-currency swaps$(169.0)Interest expense, net$9.5 
Euro Notes Due 2032(31.0)
Total Net investment hedges$(200.0)$9.5 
Six Months Ended June 28, 2025
Cash flow hedges
Interest rate swap agreements$(16.1)Interest expense, net$9.1 Interest expense, net$— 
Foreign currency forward contracts3.3 Net sales0.1 Net sales(0.1)
Cost of sales0.4 Cost of sales0.1 
Other (income) expense, net(0.1)
Total Cash flow hedges$(12.8)$9.6 $(0.1)
Net investment hedges
Cross-currency swaps$(228.9)Interest expense, net$18.9 
Euro Notes Due 2032(47.4)
Total Net investment hedges$(276.3)$18.9 
(1) Net income of $35.1 million is expected to be reclassified out of AOCI into earnings during the next 12 months.
(2) For additional details about the effect of the amounts reclassified from AOCI refer to Note 13.
Schedule of Classification and Amount of Gain/(Loss) Recognized in Earnings on Fair Value and Hedging Relationships
The classification and amount of gain/(loss) recognized in earnings related to fair value and hedging relationships on the Condensed Consolidated Statement of Operations were as follows (in millions):
Net SalesCost of SalesInterest Expense, netOther (Income) Expense, net
Three Months Ended June 27, 2026
Total amounts of income and expense line items presented on the Condensed Consolidated Statements of Operations in which the effects of fair value or cash flow hedges are recorded
$1,022.8 $708.9 $38.4 $(120.5)
Gain (loss) on cash flow hedging relationships
Foreign currency forward contracts
Amount of gain reclassified from AOCI into earnings
$0.2 $(0.4)$— $— 
Amount excluded from effectiveness testing recognized using a systematic and rational amortization approach$— $— $— $— 
Interest rate swap agreements
Amount of gain reclassified from AOCI into earnings
$— $— $0.2 $— 
Six Months Ended June 27, 2026
Total amounts of income and expense line items presented on the Condensed Consolidated Statements of Operations in which the effects of fair value or cash flow hedges are recorded$1,992.0 $1,352.6 $79.3 $(126.5)
Gain (loss) on cash flow hedging relationships
Foreign currency forward contracts
Amount of gain reclassified from AOCI into earnings$0.1 $(1.1)$— $— 
Amount excluded from effectiveness testing recognized using a systematic and rational amortization approach$0.1 $— $— $— 
Interest rate swap agreements
Amount of gain reclassified from AOCI into earnings$— $— $1.4 $— 
Three Months Ended June 28, 2025
Total amounts of income and expense line items presented on the Condensed Consolidated Statements of Operations in which the effects of fair value or cash flow hedges are recorded
$1,056.3 $693.4 $39.6 $2.6 
Gain (loss) on cash flow hedging relationships
Foreign currency forward contracts
Amount of gain reclassified from AOCI into earnings
$0.1 $0.1 $— $— 
Amount excluded from effectiveness testing recognized using a systematic and rational amortization approach$(0.1)$— $— $(0.1)
Interest rate swap agreements
Amount of gain reclassified from AOCI into earnings
$— $— $4.4 $— 
Six Months Ended June 28, 2025
Total amounts of income and expense line items presented on the Condensed Consolidated Statements of Operations in which the effects of fair value or cash flow hedges are recorded$2,100.2 $1,345.0 $78.6 $2.2 
Gain (loss) on cash flow hedging relationships
Foreign currency forward contracts
Amount of gain (loss) reclassified from AOCI into earnings
$0.1 $0.4 $— $— 
Amount excluded from effectiveness testing recognized using a systematic and rational amortization approach$(0.1)$0.1 $— $(0.1)
Interest rate swap agreements
Amount of gain reclassified from AOCI into earnings$— $— $9.1 $—